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finantiat
The
ginwrial
RC US
VOL. 130.
SATURDAY,JUNE 7 1930.
NO.3389.
however, as far as our knowledge goes, has made no
previous public declaration of his opinion on the
PUBLISHED WEEKLY
matter, though Benjamin M. Anderson, Jr., the
Terms of Subscription—Payable in Advance
Economist
of the phase National Bank, took the
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00 same ground Mr. Wiggin has now taken in an adIn Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories
13.50
7.75 dress before the North Carolina Bankers' AssociaThe following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year; for all the others is tion, at Pinehurst, N. C., barely a month ago, and
$5.00 per year each. Add 50 cents to each for postage outside the United
States and Canada.
which we published in full in our issue of May 10,
COMPENDIUMS-MONTHLY PUBLICATI.ONS-p. 3251, and in what he then said he must be assumed
Pontre UTturv—(semi-annually)
BANE AND QUOTATION RECORD
RAILWAY & INDUBTRIAL--(fOUP year) MONTHLY EARNINGS RECORD
to have reflected Mr. Wiggin's own views, as it is not
STATE AND MutumpAL—(seml-ann.)
to be supposed that Mr. Anderson would take a stand
Terms of Advertising
Transient display matter per agate line
45 cents in opposition to that of his chief on a banking prinContract and Card rates
On request
Cniceao Omez—In charge of Fred. H. Gray, Western Representative. ciple of such vital concern as group or branch bank208 South La Salle Street. Telephone State 0613.
Lormotr Orrzez—Edwards & Smith. 1 Drapers' Gardens, London. E. C. ing. Mr. Wiggin is not given to making public
utterances as a rule, and presumably had no desire
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
to see his name in print with reference to the matter,
but appeared on the invitation of the Committee,
Published every Saturday morning by WILLIAM B. DANA CO M PA
NY:
President and Editor, Jacob Seibert: Business Manager, William D. Riggs,
Treas., William Dana Seibert: Sec., Herbert D.Seibert. Addresses of all, Office of Co. who wanted his views to appear in the records of
the hearing of the Committee.
What Mr. Wiggin has to say is of special interest
because on Monday of the present week the Chase
National Bank took over the Equitable Trust Co.
and the Interstate Trust Co., through which absorpChange of Address of Publication.
tion the Chase National Bank becomes the largest
The Commercial & Financial Chronicle,
bank, not only in the United States, but in the world.
having long suffered from inadequate
It is refreshing to find the head of such a large
facilities for handling its growing size
banking institution taking a strong position against
and growing subscription list, has moved
monopolistic tendencies, such as are involved in
into new and larger quarters, and is now
chain or group banking, and such as would unqueslocated at
tionably result if the National banks were given
William Street, Corner Spruce,
authority to engage in nation-wide branch banking
New York City.
or even in branch banking within trade areas such
P. 0. Box 958, City Hall Station.
as advocated by the Comptroller of the Currency
John W. Pole. We rely upon the "United States
Daily" for our account of Mr. Wiggins' testimony.
Mr. Wiggin prefaced his remarks, we are told, by
saying
that he was expressing his own personal
The Financial Situation.
opinion, and that the Chase National Bank, as such,
Two of the city's banking heads have testified the had no position on
the subject under consideration.
present week before the Banking and Currency Com- "There is
just as much reason," Mr. Wiggin affirmed,
mittee of the House of Representatives at Washing- "for the Chase National
Bank to have a branch in
ton, at the hearing on branch, group and chain bank- Kansas
as in Connecticut." If a start is made,
ing, and it is gratifying to know that both express there is no limit,
short of nation-wide branch bankthemselves opposed to that form of banking, and ing, in
his opinion. He did not consider that
both declare themselves strongly in favor of the con- branches widely
separated from the parent bank
tinuance of the present correspondent system of unit could be
advantageously operated. Under the
banking. The two banking heads referred to are present system
of correspondent relationship with
George W. Davison, President of the Central Han- country banks, the same service
is rendered to the
over Bank & Trust Co., who appeared before the Middle West and the South as to the nearby State
committee on June 3, and Albert H. Wiggin, Chair- of Connecticut, and under branch banking that
situaman of the Governing Board of the Chase National tion would have to be continued. National banks
Bank of the City of New York. Mr. Davison has should be given identical branch privileges with the
given previous expression to his views on the subject, State banks, and vice versa, he contended. In his
having delivered an address before the American opinion, there is a marked difference in the developBankers' Association at its meeting at San Fran- ment of group banking and branch banking, in so far
cisco last autumn, and we commented favorably as the necessity for the banks of New York
City
upon what he had to say at the time. Mr. Wiggin, to enter into competition is concerned. He
sees no
finatuial Chronicle
3932
FINANCIAL CHRONICLE
need for New York banks to enter group banking.
He advanced the view that, if widespread branch
banking were permitted the Chase authorities would
find it necessary to fall in line.. "I do not want to
see a system of branch banking established," he said,
"which means city banks going out in competition
to buy up country banks in small towns. I do not
want to see that come. I think it isn't the way to
build up the banking business."
Mr. Wiggin also stated that he felt there would
be a good deal of difficulty in determining what
trade areas are for the purpose of branch bank extension, and that once State lines are crossed many
difficulties are encountered. Correspondent banking will not stop bank failures, Mr. Wiggin declared,
and neither will anything else. "We will always
have bank failures," he averred.
Mr. Davison, President of the Central Hanover
Bank & Trust Co., was no less emphatic in expressing
views to the same effect. The system of correspondent banking which has developed in the United
States, and under which independent unit banks
exist in the smaller cities and towns and maintain
connection with the larger centers by means of a
correspondent relationship with one or more of the
city banks located there, was declared by him to be
preferable to group or chain or branch banking.
Correspondent banking, Mr. Davison stated, has all
of the alleged advantages of branch banking, and in
addition leaves to the local bank and local community control of the supply of credit and its disposition. No legislation should be enacted, in Mr.
Davison's opinion, which would foster the development of any other system, and bring about any
revolutionary change in American banking practices. While the country is over-banked in the sense
of having too many banking institutions, he expressed the belief that the situation is adjusting
itself. Group banking started as a stock promotion
proposition, according to Mr. Davison, but since the
stock market depression the prime purpose of group
formation has been self-protection, and because of
the fear growing out of the report that "Washington" favors branch banking, he added, in response
to a question from Representative McFadden (Rep.),
Chairman of the Committee, that by "Washington"
he meant the Comptroller of the Currency and the
Secretary of the Treasury. The source of the proposal for branch banking has caused banks to combine as a measure of self-defense, he declared, and
not because of any belief in the wisdom of group or
branch banking.
If the Comptroller's suggestion for trade area
branch banking were adopted, a wild orgy of buying
stocks of outlying banks would result, he predicted,
that would make last year's speculation look pale.
A great many bankers, he declared, are extremely
anxious about what is going to happen, and are all
in a tremor about what is coming. Mr. Davison
made a distinction 'between city branches and
branches throughout a wider territory. His own
bank, the Central Hanover Bank & Trust Co., has
branches in the Borough of Manhattan, he stated.
He opposed the extension to such places as Newark
or Poughkeepsie, he declared, although admitting
that there might be more reason for branches of New
York City banks in Jersey City than in Newark. As
between branch banking and group or chain banking, Mr. Davison prefers branch banking, because
of the greater 'degree of responsibility.
[VoL. 130.
The traditions of our country are wholly against
the concentration of power, and particularly banking and money power, Mr. Davison declared. He
stated his belief that the independent unit bank,
locally owned and with local responsibilities, had
been a tremendous force in the development of the
nation. The United States and its people cannot be
compared to Continental countries and their peoples,
he asserted. In branch banking countries, moreover,
he continued, there have been serious banking difficulties, and the necessity in some cases for Government aid.
The claim that branch banking will prove helpful
to the small rural communities has no great merit,
in Mr. Davison's opinion. Group banking, he declared, has not been a help to the failing banks, only
profitable institutions being taken over by the
groups. He added that present transportation facilities make it unnecessary for the very small communities to have banking offices. The great difference between correspondent banking and branch
banking, Mr. Davison said, is that under the corre.
spondent system the local'bank sends its funds to the
city bank on its own initiative and not because it
is told to do so. It is a transaction between principals, not between employer and clerk. He outlined
the services which a city bank gives to its country
correspondents, such as loaning money on collateral
which is not rediscountable at the Reserve banks,
giving advice on the purchase of securities, investing
surplus funds in commercial paper or in the call
money market, and a variety of other functions.
Trade developments are again marked by the
absence of little of a favorable nature, while concurrently new adverse features keep constantly cropping out. The iron and steel trade, however, while
showing a further falling off in production, does not
appear altogether devoid of encouraging features.
According to the "Iron Age" this week the fact that
the month's output of pig iron was the smallest for
any May since 1925, and production for the first five
2% below the performance for the
months was 141/
in 1929, suggests the possiperiod
corresponding
recession may not be severe.
summer
the
that
bility
Continuing in this strain, the "Age" goes on to say:
"Although present market conditions seem to offer
little hope for any slackening in the downward tendency of production before August or September,
heavy melting steel scrap at Pittsburgh, always
regarded as an important barometer, has made the
first upturn since the middle of February, advancing
50c. a ton. To this good omen may be added the
observation that finished steel prices, although still
weak, are steadier than a week or two ago, and steel
ingot output, while showing wide variations among
different companies and producing districts, averages 72% for the country at large, a decline of only
one point from the 73% rate of a week ago. Continued expansion of pipe line business, placing of
additional ship steel, and a large volume of reinforcing bar business are the bright spats in the current
market situation. Among the minor outlets fop
steel, the radio industry shows signs of a turn for
the better after having been virtually idle since the
first of the year. And the advance in heavy melting
scrap at Pittsburgh is the only upward price re.
vision of that grade in the entire country. The ex.
ceptional character of the change is emphasized by
further reductions of 50c. a ton at Cleveland and
JUNE 7 1930.]
FINANCIAL CHRONICLE
Birmingham and 25c. at St. Louis. Yet it is not
unusual for the most important scrap market to lead
the way for other centers."
In other directions also the news has been far
from reassuring. The price of silver this week
tumbled still lower, following the huge drop last
week and the almost uninterrupted decline that has
been going on for years. On Saturday last the
quotation at London fell to 17 7/16d. per ounce; on
Monday the price dropped to 17 3/16d.; on Tuesday
to 16 5/16d., and on Wednesday it touched
15 13/16d., recovering to 16Y2d. yesterday. Then on
Tuesday raw silk broke to new low records in the
history of the National Raw Silk Exchange. Various reports from Japan were stated to have been
largely instrumental in bringing about renewed
weakness in silk. According to the Raw Silk Exchange, exports from Japan to the United States
for May 16 to 31 were reported in Yokohama cables
at 7,626 bales, a sharp decline from the 23,320 bales
exported to this country in the same period last year.
Stocks continue to pile up in Japan, holdings on
May 31 being reported at 129,000 bales, as compared
with 27,000 bales on hand on the same date last
year. On Thursday, although Yokohama cables
showed an advance as high as 36 yen, prices broke
further in every position with the exception of the
current month, the market closing with June five
points advance, the other months registering five
to 10 points decline. As illustrating the extent of
the drop in silk futures during recent weeks, June
delivery, which had sold up to $4.86 per pound
earlier in the year, closed on June 4 at $3.45, with
July selling down on Thursday to $3.40 from a peak
of $4.56 in the life of the contract; August, which
sold at $4.49 earlier in the season, touched $3.33,
with September $3.30 as compared with the peak of
$4.45, and October at $3.35 as contrasted with a high
of $4.27 earlier in the year.
In the case of rubber the story is the same. Record
low prices were established on the Rubber Exchange
of New York on Monday when a renewal of selling
sent the future months down 50 points. July
delivery fell to a record low price at 13.50 a pound,
followed by further reductions on succeeding days,
so that the close was at 12.82@12.91. Tin also continued to suffer. On Tuesday, June 3, the National
Metal Exchange reported that heavy stocks of tin
in the United States and Europe, the largest in all
time, amounting to 39,771 tons at the end of May,
had sent the price of tin futures on the National
Metal Exchange to new low levels. Tin for June
and July delivery is now available at approximately
30c. per pound, compared to $1.05 in May
1918,
when metals were in great demand and small supply
because of the war. Later in the week some recovery
from these low figures occurred.
3933
in the nine weeks preceding before the stock market
collapse.
One feature in these brokers' loans which is
steadily becoming more conspicuous should not
escape attention. More and more these brokers'
loans are getting to be loans made by the reporting
member banks on their own account, with the outside loans constituting a steadily diminishing portion of the whole. The past week the loans made
by the reporting member banks in New York City on
their own account have further risen from $1,777,000,040 to $1,911,000,000, and at the latter figure
these loans for own account are over a billion dollars greater than at the corresponding date a year
ago, when the amount was no more than $837,000,000. On the other hand, the loans made for
account of out-of-town banks moved up only from
$988,000,000 to $995,000,000, comparing at that
figure with $1,513,000,000 a year ago on June 5 1929,
while loans "for account of others" actually further
decreased, falling from $1,257,000,000 May 28 to
$1,195,000,000 June 4; on June 5 1929 the loans "for
account of others" aggregated no less than
$2,934,000,000.
The grand total of these loans on securities to
brokers and dealers in the three categories combined
stands at only $4,101,000,000 June 4 1930 against
$5,284,000,000 on June 5 1929. Thus while the total
of brokers' loans shows a contraction of $1,183,000,000, the loans made by the reporting member
banks in New York City for their own account have
jumped up in amount of no less than $1,074,000,000.
The explanation is of course very simple. With the
call loan rate on the Stock Exchange down to only
3%, the outside lenders are retiring from the brokerage loan business and the New York City banks are
taking over these loans to a rapidly increasing
extent.
Through the voluntary action of the Reserve
Banks themselves, the volume of Reserve credit outstanding the past week has been increased in amount
of roughly $20,000,000, the total of bills and securities outstanding having risen from $958,776,000
May 28 to $978,652,000 June 4. We say this addition to the amount of Reserve credit outstanding,
at a time when money is almost unlendable, the rates
for bankers' acceptances having been further marked
down the present week, was the result of the voluntary action of the Reserve Banks, because it has
been brought about, not by increased borrowing by
the member banks (the discount holdings of the 12
Reserve institutions, which reflect member bank
borrowing, having actually been reduced from $247,046,000 to $239,728,000), but by enlarging the holdings of acceptances purchased in the open market
and also by enlarging their holdings of United States
Government securities. These holdings of Government securities have been increased from $529,Brokers' loans are again steadily increasing, even 770,000 to $543,834,000. The
whole of the increase
if only slowly. This is in face of the stagnation
on is found in the holdings of "certificates and bills,"
the Stock Exchange. The present week the further which have risen during the week
from $244,868,000
increase is $79,000,000, and it follows $7,000,000 in- _ to $261,010,000. "Certificates
and bills" here means
crease last week and $8,000,000 increase the week certificates of indebtedness and Treasury bills
sold
before, making $94,000,000 increase for the three on a discount basis. As the two are lumped together
weeks combined. This, however, follows a reduction it is impossible to say whether the increase
repreof $267,000,000 in the two weeks preceding, such con- sents larger holdings of bills or larger holdings
of
traction reflecting the liquidation which occurred in certificates, but presumably the former, as no recent
the crash on the Stock Exchange. The $267,000,000 issue of certificates has come upon the market
while
contraction in turn followed no less than $785,- the Treasury did dispose of an additional
issue, as
000,000 expansion, it seems well enough to recall, is known, of $104,600,000 of Treasury
bills. By the
3934
FINANCIAL CHRONICLE
voluntary action of the Reserve Banks, also, holdings of acceptances purchased in the open market
have been increased from $175,560,000 May 28 to
$189,240,000 June 4.
These purchases of acceptances in the open market
are getting to be a farce. Rates for acceptances in
the open market are constantly being reduced, there
having been a further reduction of 1/
4 of 1%, bringing rates for the shorter maturities down to 214%
bid and 21/
8% asked, which indicates very plainly
that a growing market for acceptances is being developed, which is as it should be. At such a time,
however, the Reserve Banks are constantly obliged
to lower their buying rate for acceptances, the present week having marked it down to 21/
4%. 'But,
with no need existing for adding to the volume
of Reserve credit outstanding, since banking credit
is in superabundant supply, the Reserve Banks
ought to retire entirely from the acceptance market,
leaving it to take care of itse]f. As it is, the Reserve
Banks are running up the price of the bills on themselves. It is to be noted that the holdings of acceptances purchased by the Reserve institutions for
their foreign correspondents also increased during
the week from $461,853,000 May 28 to $464,439,000
June 4. Consequenty, the Reserve Banks are holding for themselves and for their foreign correspondents $653,679,000 of the outstanding volume
of acceptances. To that extent the acceptance market, even though getting broader all the time, as it
should, is artificial. The Reserve Banks should leave
the acceptance market to itself, and remove the prop
which they have so long extes.ded to it. Certainly
they ought to discontinue the practice of running
the market up on themselves, and making investments at the absurdly low figure of only 2/
1
4%.
[Von. 130.
much larger liabilities this year. Trading defaults
in May numbered 1,530, with a total indebtedness
of $21,285,493, and manufacturing 501 for $23,133,319, while in the section embracing agents and
brokers the number was 148, involving $11,122,650.
In May of last year there were 1,266 trading failures
for $18,191,399; manufacturing, 515, involving $18,953,812, and agents and brokers, 116, for $4,070,654.
Of the 14 leading classifications into which the trading division is separated, 11 report a larger number
for May this year than occurred a year ago (these
14 sections include just three-fourths of all trading
failures). The large class embracing dealers in
clothing made the most unsatisfactory showing last
month, both as to the number of defaults and as to
liabilities. There is also a considerable increase
for May this year for dealers in jewelry, dealers in
dry goods,in shoes,in furniture, in hardware, drugs,
papers and stationery, and in tobacco. Liabilities
last month, too, were quite heavy in dry goods lines,
as well as for dealers in furniture. On the other
hand, the large grocery division for the month just
closed again reports a reduction in failures, with
smaller liabilities. There were, also, fewer defaults
among general stores. Insolvencies for hotels and
restaurants continue numerous and involve quite
heavy indebtedness.
In the manufacturing division, where there is a
decrease in the total for May, 10 of the 14 leading
classifications show fewer failures this year than in
May of last year. Only two manufacturing divisions
report any increase of consequence, and these embrace machinery and tools, and the class in which
printing and engraving are included. The large
lumber division shows quite a reduction in the number of defaults for the past month, although, owing
to some large failures, the liabilities for that class
Insolvencies in May reached a new high level for were very heavy in May. In the leather goods line,
that month, as to the number of business failures, which embraces shoe manufacturing, one large desuch having been the case for three of the five months fault occasioned a considerable increase in the
of the current year to date. According to the rec- amount of defaulted indebtedness. Liabilities were
ords of R. G. Dun & Co., there were 2,179 insolven- also quite heavy for the class including machinery
cies in commercial lines in the 'United States for and tools, as well as in cotton goods manufacturing.
the month just closed, with liabilities of $55,541,462. There was a marked reduction in the clothing manuThese figures compare with 2,198 similar defaults facturing section in May from a year ago; also for
in April involving $49,059,308, and with 1,897 in bakers.
May 1929 for $41,215,865. There is trifling reducThe large failures show some increase last month
tion in the number of failures in May this year from' as they have in each month back to October. There
the number the preceding month, whereas in six of were in all for the month just closed 83 such defaults
the 10 years prior to 1930 the reduction in May has in May this year, each one involving liabilities of
been very marked, in some instances being more $100,000 or more, the total as to the latter for the
month being $30,328,445. These figures compare
than 10%.
Compared with May 1929, the increase in com- with 72 insolvencies involving $20,065,962 in May
mercial defaults this year has been 14.9%; for April 1929. As to the large failures, conditions are somethe increase was 8.8%. For the five months of this what reversed in the comparison with a year ago,
year to date there have been 11,745 business failures for it is in the manufacturing division that most of
reported, with liabilities of $272,958,321, against the increase appears, the large trading defaults in
10,405 insolvencies during the same period of 1929 May this year having been less nunierous than they
for $200,754,175. These figures do not include bank- were a year ago, and for a somewhat smaller amount.
ing defaults. The increase in the number this year There were 43 large manufacturing failures last
to date over last year is 12.9%, which compares with month, involving $15,589,417, against 33 for $12,.
an increase of 14.9% for May. As to liabilities, these 159,167 a year ago. A number of quite large deshow an increase this year to date of 36.5%, and faults are also included in the brokerage class, and
have been heavy each month, although not as large for a heavy total.
as in the corresponding period of one or two of the
There has been little to the stock market the
early years of the past decade.
It is in the trading division that the increase present week. Trading has been of meager proporoccurred in the number of failures for May this year tions, and while the course of prices has been more
over a year ago. There was a reduction in the manu- or less irregular and movements up and down rather
facturing class. All three sections, however, show confused from day to day, the market on the whole
Julys 7 1930.]
has kept constantly sagging. If, on the one hand,
there has been little evidence of liquidation on a
large scale, on the other hand buying orders have
also been limited. In these circumstances very little
selling served to bring about substantial reductions
in prices. The Stock Exchange was closed on Saturday last in continuation of the Memorial Day holiday Friday. The opening of the market on Monday
was somewhat lower and showed trading to be of
very limited nature, the sales on the Stock Exchange
reaching less than 2,000,C00 shares. The news after
that was mostly unfavorable, and, accordingly,
prices weakened. The steel shares were depressed
by reason of the unfavorable reports concerning the
steel trade, while the copper stocks suffered because
of the further dividend reductions announced by
the copper producing companies. The rubber stocks
yielded to the reduction in tire prices. Call loans on
the Stock Exchange, as has been the case for some
time, never deviated from 3%, while in the outside
1
2%. In the
market loans could be obtained at 2/
present state of things there is little to suggest any
revival of activity in the near future.
Trading on the Stock Exchange has continued
relatively light. On Saturday last the Exchange
was closed following tbe Memorial Day holiday on
Friday. On Monday the sales on the New York
Stock Exchange were 1,710,880 shares; on Tuesday,
1,750,450 shares; on Wednesday, 1,694,020 shares;
on Thursday, 2,392,850 shares, and on Friday,
2,154,860 shares. On the New York Curb Exchange
the sales on Monday were 598,600 shares; on Tuesday, 629,800 shares; on Wednesday, 857,600 shares;
on Thursday, 1,193,500 shares, and on Friday,
1,016,100 shares.
As compared with Friday of last week, prices are
irregularly changed, but mostly lower. Fox Film A
closed yesterday at 51/
1
2 against 541/
8 on Thursday
of last week; Warner Bros. Pictures at 61% against
% against 841/
64%; General Electric at 793
8; Electric Power & Light at 86% against 943%; United
Corp. at 421/
2 against 453%; Brooklyn Union Gas at
148 against 158; North American at 120/
1
2 against
127; American Water Works at 109 against 115½;
Pacific Gas & Elec. at 66% against 68%; Standard
Gas & Elec. at 114/
1
2 against 1187
/8; Consolidated
Gas of N. Y. at 126 against 1317
/
8; Columbia Gas &
Elec. at 79% against 837
/8; International Harvester
at 95 against 96%; Sears, Roebuck at 83 against
87½; Montgomery Ward at 44 against 44%; Woolworth at 63 against 63½; Safeway Stores at 94%
against 99; Western Union Telegraph at 181 against
184; American Tel. & Tel. at 225% against 2317
/
8;
Int. Tel. & Tel. at 61% against 641%; American Can
at 141 against 1481/
8; United States Industrial Alcohol at 82 against 89%; Commercial Solvents at
281/
4 against 30½; Corn Products at 104% against
1081
/
2; Shattuck & Co. at 441/
4 against 463%, and
Columbia Graphophone at 22/
1
2 against 28.
Allied Chemical & Dye closed yesterday at 305
against 315 on Thursday of last week; Davison
1
2 against 351/
Chemical at 33/
8; E. I. du Pont de
2; National Cash
Nemours at 125% against 1301/
Register at 61% against 61; International Combustion Engineering at 7 against 10; International
Nickel at 30% against 33%; A. M. Byers at 94%
1
2 against 3714;
against 100; Simmons & Co. at 34/
Timken Roller Bearing at 70 against 74; Mack
/8; Yellow Truck & Coach
Trucks at 71 against 717
at 25y8 against 27%; Johns-Manville at 104 against
3935
FINANCIAL CHRONICLE
1111
/
4; Gillette Safety Razor at 84% against 87%;
/
s against 61%; NaNational Dairy Products at 583
tional Bellas Hess at 14 against 15%; Associated
Dry Goods at 40% against 44%; Lambert Com8 against 96%; Texas Gulf Sulphur
/
pany at 947
4
at 59 against 60%, and Kolster Radio at 41/
against 4%.
The steel shares have been especially weak. United
States Steel closed yesterday at 167% against 1735
/
8
on Thursday of last week; Bethlehem Steel at 93
against 951/
8, and Republic Iron & Steel at 545
/
8
against 54%. The motor stocks have continued to
show a downward trend. General Motors closed yes8 against 51 on Thursday of last week;
terday at 481/
Nash Motors at 40 against 41%; Chrysler at 34
against 36%; Auburn Auto at 150 against 168;
8;Hudson Motor
Packard Motors at 16% against 171/
1
2, and Hupp Motors at 18
Car at 41% against 43/
against 185
/
8. The rubber stocks have been weak
on the cut in tire prices. Goodyear Rubber & Tire
closed yesterday at 83 against 86 on Thursday of
1
2 against 40/
1
2;
last week; B. F. Goodrich at 37/
United States Rubber at 28/
/
8, and the
1
2 against 317
preferred at 50 against 56/
1
2.
Railroad stocks showed little resistance to the
downward trend. Pennsylvania Railroad closed yesterday at 757
/8 against 78% on Thursday of last
week; New York Central at 171% against 175; Erie
RR. at 42% against 46%; Del. & Hudson at 1713%
against 173; Baltimore & Ohio at 111 against 113%;
New Haven at 110% against 113%; Union Pacific
at 2247
/8 against 226%; Southern Pacific at 118%
against 120½; Missouri-Kansas-Texas at 49 against
51; Missouri Pacific at 81 against 80 bid; Southern
Railway.at 105% against 106; St. Louis-San Fran/8; Rock Island at
cisco at 108 ex-div. against 1137
112 ex-div. against 115; Great Northern at 88 against
87 bid, and Northern Pacific at 80/
1
2 against
80 bid.
The oil shares have followed the course of the general market. Standard Oil of N. J. closed yesterday
at 76% against 80% on Thursday of last week;
Simms Petroleum at 26% against 27%; Skelly Oil
at 34% against 36; Atlantic Refining at 41%
against 435
/
8; Texas Corp. at 57 ex-div. against 58%;
Pan American B at 60/
1
2 against 63%; Phillips Petroleum at 37 against 38; Richfield Oil at 21%
against 22%; Standard Oil of N. Y. at 35% against
37, and Pure Oil at 22% against 227
/8The copper stocks have felt the further announcements of dividend reductions. Anaconda Copper
1
2 against 60% on Thursday
closed yesterday at 56/
of last week; Kennecott Copper at 46 against 481/
8;
1
2; Andes CopCalumet & Hecla at 18% against 19/
per at 251/
8 against 27½;Inspiration Copper at 18%
bid against 19%; Calumet & Arizona at 60 ex-div.
against 64; Granby Consolidated Copper at 30
against 32%; American Smelting & Refining at 693
%
against 72%, and U. S. Smelting & Refining at 26
1
2. In the following we furnish a list of
against 27/
stocks which the present week have touched new low
figures for the year, and also those which have
touched new high points:
STOCKS MAKING NEW HIGHS.
Industrial and Miscellaneous—
Air Reduction
Amerada Corp.
Associated Oil
Childs Co.
Coca Cola
Equitable Office Building
Foster-Wheeler
Grigsby-Grunow
Indus. and Miscell. (Concl.)
Kinney Co.
Kraft Cheese
Madison Square Garden
McKeesport Tin Plate
National Dairy Products
Procter & Gamble
United Stores class A
Zenith Radio
3936
FINANCIAL CHRONICLE
STOCKS MAKING NEW LOWS.
Railroads—
Indus. and Miscell. (Concl.)—
Erie
Glidden Co.
Internat. Rys. of Central America Graham-Paige Motors
New York State Rys.
Great Western Sugar
Seaboard Air Line
Gulf States Steel
Twin City Rapid Transit
Houdaille-Hershey class B
Wabash
Interlake Iron
Industrial and Miscellaneous—
Internat. Mercantile Marine
Alaska Juneau Gold Mines
Internat. Paper da Power class A
American Commercial Alcohol
Internat. Printing Ink
American Encaustic Tiling
Lehn ez Fink
American Metal
Lima Locomotive Works
Amer. Radiator & Stand. Sanitary Manhattan Shirt
American Rolling Mill
Mengel Co.
American Solvents & Chemical
National Enameling & Stamping
Auburn Automobile
New York Air Brake
Bayuk Cigars
Prairie Pipe Line
Bloomingdale Bros.
Pullman, Inc.
Butte Copper & Zinc
Punta Alegre Sugar
Cannon Mills
Reis (Robert) & Co.
Chickasha Cotton Oil
Simmons Co.
Columbia Graphophone
Standard Commercial Tobacco
Consolidated Cigar
United Paperboard
Continental Baking class A
U. S. Industrial Alcohol
Continental Diamond Fibre
U. S. Smelting, Refining & Mining
Coty
Vadsco Sales
Willys-Overland
Elk Horn Coal
General Gas dt Electric class A
[VOL. 130.
Derby on the Epsom Downs, and the volume of business declined still further. Prices continued to
droop, British industrials, gilt-edged securities and
international stocks all receding slightly. South
African gold shares were an exception to this rule,
gains being recorded on Johannesburg buying.
Although business remained small Thursday, some
improvement appeared in a number of individual industrial issues, giving the market a better tone.
Maintenance of the bank rate caused further reaction
in the gilt-edged section, however, while other departments of the market were uncertain. Business
at London was very small yesterday, owing to the
three-day holiday suspension which begins to-day.
Prices were soft in almost all departments.
The Paris Bourse was dull and heavy at the opening Monday, but a little improvement appeared
toward the close because of the extraordinary cheapne§s of money. Arrangements for the fortnightly
settlements were made at 3
/
4 of 1%. In a dispatch
to the New York "Herald-Tribune" it was explained
that the Paris market is flooded with money which
has been kept on hand awaiting the issue of the
annuity bonds which has now again been postponed.
Professional selling appeared Tuesday, and the market fell sharply for lack of support. Money in Paris
can be had for "practically nothing," one report said,
but there was nevertheless no disposition to take on
commitments. The professionals, accordingly, had
things their own way and the market moved off de.
cidedly. The selling movement was resumed at the
opening Wednesday, but some important buying soon
appeared and the market was turned sharply about.
Many stocks showed gains at the close of the day.
Business increased, a report to the New York
"Times" said, but the activity was "vigorous only by
comparison with the almost complete stagnation of
previous sessions." The Bourse again turned weak
Thursday and prices drifted irregularly lower. Professionals again took command of the situation and
their selling depressed the entire market. The downward movement was continued in yesterday's session, with business very quiet.
The Berlin Boerse began the week with the dullest
session in several months,this market also declining
for sheer lack of interest. A few selling orders caused
declines of one to two points in a number of securities, giving the market a generally unfavorable tone.
Only in one or two issues of the electrical group was
there any improvement. The downward movement
was resumed Tuesday, as announcement was made of
the closing of important copper works and the dismissal of numerous employees of steel plants. When
German gold purchases at London became known
late in the day, some improvement appeared. The
Boerse was again dull and heavy Wednesday and the
general price levels declined several points. Securities of international interest were sold most heavily,
and prices at the close were the lowest for the day.
A pronounced change for the better appeared Thursday, however, chiefly on the basis of an announcement by Accumulatoren Fabriken of a special dividend of 10% in addition to the regular 8% payment.
Other electrical issues also were aided by this development, and the improvement gradually spread
to the rest of the market. The Berlin market was
irregular yesterday.
Stock exchanges in the important European finan
cial centers have been extremely quiet in all sessions
of the current week. Developments in the commodity
markets and in the general business situation are followed by traders everywhere with the closest attention, but securities are neglected in the absence of
any definite indications of general improvement.
Share prices are rather heavy in all markets as a
result, with only occasional improvement as some unexpected favorable development produces a little interest. The sharp declines in commodity price levels
continue to cause most perturbation in European
centers, particularly in instances such as silver
where international trade is unfavorably affected.
The opinion is widely held that the end of the price
decline in foodstuffs, raw materials and metals will
coincide to some extent at least with a turn for the
better in the business situation. Some indications
of a "smoothing out" of the declining commodity
price curve have appeared, in the opinion of some
observers, but as a rule it is not thought that any
substantial betterment is likely until early next year.
The widespread and increasing unemployment in the
larger industrial countries is also causing grave concern, particularly in view of the political repercussions. Money rates remain extremely easy in all
markets, as is usual in such circumstances and some
comfort is taken in this factor. There was much discussion at London,Paris and Berlin of the possibility
of further reductions in the discount rates of the respective central banks, but no actual cuts were
announced.
The London Stock Exchange witnessed no advance
in business Monday over the very quiet sessions of
previous weeks. Week-end reports from New York
were lacking, owing to the three-day closing occasioned by Memorial Day, and the international list
was thus also idle at London The trend of quotations generally was downward, with the gilt-edged
list furnishing the only noteworthy exception. This
department of the market was stimulated by the
great ease in money and by expectations of a lower
discount rate at the Bank of England. Speculative
interest was again depressed Tuesday by further falls
in commodity prices, notably tin, silver, rubber
and raw silk, and prices showed additional mild recessions. The gilt-edged list was firm much of the
day, but important German purchases of gold on the
London market caused a reaction here also toward
Major political struggles centering around the
the close. Many members of the Exchange were
London
naval armaments treaty developed this week
absent Wednesday to attend the running of the
Juisin 7 1930.]
FINANCIAL CHRONICLE
in all of the three countries chiefly concerned, with
"big navy" elements everywhere voicing unrelenting
opposition to the accord. Very similar criticisms
were made in the United States, Great Britain and
Japan, all of the critics maintaining that their respective navies will suffer under the pact while the
other navies will benefit in relative strength.
Friends of the treaty pointed out, in reply, that the
principle of limitation for all classes of vessels embodied in the accord represents a very substantial
achievement on a broadly equal basis, since the more
militaristic parties in all countries object to it. This
view was voiced officially by Prime Minister Ramsay
MacDonald of Britain, who observed that the best
assurance he had received of the common sense of the
naval treaty was that it had been attacked by the
die-hards in every country. Opponents of the treaty
in Washington made a determined effort to delay
consideration of the pact by the Senate until late this
year, while grave difficulties have also appeared in
Tokio. In London, however, a Parliamentary test
resulted Monday from the attacks in the House of
Commons, and as the Labor Government was sustained all question of British acceptance is considered to have been removed. Moreover, ultimate
acceptance by the United States Senate and the
Japanese Privy Council is also considered assured,
observers reporting the majority sentiment of both
bodies favorable to the accord.
Public hearings on the naval treaty having been
terminated last week by the Senate Committee on
Foreign Relations, this body met Monday to begin
drafting its report to the Senate. The State Department laid before the Committee paraphrased copies
of cable correspondence exchanged between President Hoover and Prime Minister MacDonald, but
members of the Committee expressed dissatisfaction
and demanded all the documents in their original
form. Senate leaders tried to secure Presidential
approval of a plan for delaying action on the treaty
until November and a political dispute arose on this
point also. President Hoover has insisted on early
action by the Senate, informing Senate leaders that
he would call a special session immediately after
adjournment of the present Congress if necessary.
This threat was met by the proposal that Mr. Hoover
call a special Senate session next November, just in
advance of the regular meeting of Congress. Mr.
Hoover declined this expedient and early Senate consideration of the treaty is thus assured, although it
is suggested in some Washington reports that action
may be postponed until late this year notwithstan
ding the President's wishes.
Discussion of the treaty in the London Parliament
was forced Monday by Conservative members of
the
House of Commons, although it had been the
intention of the Labor Government to await
American
ratification before permitting open debate.
Baldwin, former Prime Minister and leaderStanley
of the
Conservative Party, presented a motion for
reference
of the treaty to a special committee for examinatio
n,
and the discussion that followed developed into
a
full dress debate. Mr. Baldwin expressed no violent
objections to the pact, but he asked for a careful
and
secret inquiry something like that which has been
going on in Washington. The problem would be
simple, be remarked, if the United States were a
member of the League of Nations, as the present situation "opens up possibilities of great difficulties in
the future with regard to blockades." Prime Minis-
3937
ter MacDonald refused the special inquiry requested.
pointing out that the procedure is an ordinary one
in Washington whereas in London it would be an
innovation. He remarked that it-was only the men
who in every country wished to prepare for war who
condemned the treaty, and he was happy to see the
naval agreement opposed by the diehards everywhere. He asked the House to reject the motion for
a special committee of inquiry. Winston Churchill,
former Conservative Chancellor of the Exchequer,
followed with a determined attack on the "sinister
provisions" of the treaty, which established what
Mr. Churchill conceived to be British inferiority on
the sea. The debate was closed by a division in
which the Labor Government was sustained by a
vote of 282 to 201.
In Tokio a complicated situation developed this
week when it became known that Admiral Takarabe,
Minister of the Navy in the Hamaguchi Cabinet, had
reversed his attitude and sided with Admiral Kato,
Chief of the Naval Staff, in opposition to the London
pact. The changed attitude of the Naval Minister
was expressed at a meeting of the Supreme Military
Council late last week. Premier Hamaguchi and his
colleagues in the Cabinet found this development
very disturbing, a report to the New York "Times"
said, as it intensified the conflict between the Gov
ernment and the navy general staff. The members
of the Military Council had decided, the report said,
that the Government should have obtained the approval of the naval staff before accepting the treaty.
The "Times" dispatch added, however, that "senior
naval men are believed not to be opposed to the
treaty itself, holding that it is probably the beat
available, and are merely desirous of strengthening
the national defense within the treaty limits."
Some remarks on the Italian demand for parity
with France and on the present state of the naval
negotiations between these countries were made in
the Italian ,Senate Tuesday, by Foreign Minister
Dino Grandi, who headed the Italian delegation to
the London conference. 'Signor Grandi contended
that parity alone could ensure European equilibrium,
and he presented documentary evidence intended to
show that the Italian thesis is in line with the stand
taken by the Rome delegation to the earlier Washington conference. He told the Senate, an Associated
Press dispatch reported, that Italy desired a special
meeting of Italo-French representatives and expects
to clear up the naval difficulties of the two powers,
but that France had refused on the ground that
future negotiations must be conducted through the
regular diplomatic channels. Signor Grandi made
one comment that appears to conflict directly with
the recent assertions of Premier Mussolini to the
effect that the Italian naval construction program
will be carried out ton for ton. The Foreign Minister said the Italian Government would have consented, in the course of the negotiations, to follow
the French Government step by step in the suspension of approved construction for the current year.
Arrangements for the first public offering of annuity bonds continued to occupy bankers of the
several capital markets concerned at meetings in
Paris this week, delay being encountered on technical points notwithstanding the understood desire of
the bankers to place the offering on the markets as
quickly as possible. The Young plan having been
brought into full legal operation, bankers of
nine
3938
FINANCIAL CHRONICLE
nations met at Paris May 23 to perfect the tentative
arrangements for the initial flotation of commercialized annuity bonds. Since the flotation is likely to
be followed by a series of similar offerings over a
period of years, much importance attaches to the
preparation of the issue now under consideration.
Additional legal documents also are required, such
as the German Government's guarantee for the bonds
and special contracts between the bankers on the one
hand and the Bank for International Settlements
and the German Government on the other. In order
to speed the adjustment of such matters, the Paris
committee appointed last Sunday a subcommittee of
four bankers, as follows:. Montagu Norman, Governor of the Bank of England; Arthur M. Anderson
of J. P. Morgan & Co.; Dr. Hans Luther, President
of the Reichsbank, and Robert Masson, Director of
the Credit Lyonnais. This smaller group continued
the study of the problems, and it is now understood
that agreement has been reached not only among
the bankers, but also in principle between the
bankers and the Reich Government.
The bankers committee of the Bank for International Settlements is to meet next Tuesday for a
final review and, presumably, for public announcement of the forthcoming flotation. The date of the
simultaneous offering in nine countries has been successively postponed, but informed circles now consider that the bonds will reach the market toward
the close of next week or the beginning of the following week. The first flotation will consist of
$200,000,000 of annuity bonds proper, and an qddi.
tonal $100,000,000 for the German railway and postal service. Reports of the probable terms and conditions and of the probable allotments to the various
markets remain substantially unchanged, but it is
not believed that these will be definitely announced
until the very eve of the offering.
Diplomatic conversations on Foreign Minister
griand's suggestions for the formation of a European federation are proceeding among various European members of the League of Nations, but no official reply has yet been made by any of the 26 nations
to the French Minister's memorandum of May 17.
H. Briand is said to be optimistic about the results
of his action as the diplomatic conversations and the
attitude of the press in various countries are believed
to give assurance that there will at least be general
agreement to participate in further discussions at
the League Assembly meeting next September. Discussion of his plan at the League meeting is the immediate objective of the Quai d'Orsay, a dispatch to
the New York "Times" states. It is admitted, however, that grave difficulties stand in the way of early
practical realization of M.Briand's plan for political
and economic union of the European members of the
League of Nations. The British attitude, distinctly
cool from the beginning, has not changed. It is understood, however, that Britain has agreed to attend
the discussion of the memorandum, while reserving
all rights for future consideration of the situation
with regard to the Dominions. Germany, which is
considered the pivotal state in the proposed federation, has expressed willingness to attend the discussion, but it is understood Berlin will attach conditions to the official acceptance which are certain
to be greeted in Paris with decided coolness. A report to the New York "Herald-Tribune" indicates
that Germany will ask permanent neutralization of
Fou 130.
the Dantzig corridor, and special economic exchange
privileges for her nationals in trade with Poland.
Italy has given no indication of her attitude as yet,
it is stated, but the discussion will proceed even if
Rome makes no reply.
Cabinet changes of considerable importance were
announced by the MacDonald Government in London this week in consequence of the bitter criticism
directed against the Labor regime because of its
failure to mitigate the growing evil of unemployment in England. Conservative critics of the Government forced a vote in the House of Commons on
the issue last week, owing to the increase of more
than 500,000 in the ranks of the unemployed during
the past year. Prime Minister MacDonald won in
this test, giving virtual assurance that the Laborites
will remain in office for some months longer at any
rate. Persistent debate on the problem will probably
follow, however, as the important problems of for.
eign relations to which Mr. MacDonald put his first
energies have now been largely settled. The Labor
Government came into office a year ago chiefly on
the basis of its promises to alleviate unemployment,
and it was recognized from the beginning that the
life of the Government would depend on its success
in these endeavors. The problem was delegated by
the Prime Minister to one of the mbst brilliant men
in the Labor Party, J. H. Thomas, who was appointed Lord Privy Seal. Only nominal steps, such
as those previously initiated by the Conservative
Cabinet, were taken by Mr. Thomas and much dissatisfaction arose, particularly in the more radical
Laborite ranks. These "left-wingers" were joined
several weeks ago by Sir Oswald Mosley, who resigned a post in the MacDonald Cabinet in protest
against the unemployment policies of the Government. The matter thus became again a political
issue of major importance and it promises to remain
in the forefront of discussion.
Reconstruction of the Cabinet and the organization of a special Cabinet committee to act on unemployment was started by Prime Minister MacDonald
last Tuesday. The first change announced by the
Prime Minister in the House of Commons was the
shifting of Mr. Thomas from the post of Lord Privy
Seal to that of Secretary of State for the Dominions.
Lord Passfield (Sidney Webb) had previously held
this post as Secretary of State for Dominions and
Colonies. Dominion and colonial affairs are now to
be separated, however, with Lord Passfield retaining the post of Colonial Secretary. Mr. MacDonald
contended himself with the bare announcement of
the formation of a committee for the unemployment
problem, but it is understood that Mr. Thomas will
take a major part in its deliberations, while the
Prime Minister himself will also share the burden.
In explanation of the separation of the Dominion
and Colonial offices, Mr. MacDonald stated that he
desired Mr. Thomas to devote more time to the cultivation of the Dominion contacts already established by him, with a view to the more effective use
of the office for inter-imperial purposes and in connection with the purely English unemployment problem. Lord Passfield, Mr. MacDonald remarked further, would be able under the new arrangement to
pay closer attention to the preparations for the coming Imperial Conference, planned for next October.
The post of Lord Privy Seal, which was vacated by
Mr. Thomas, was filled Wednesday by the appoint-
JUNE 7 1930.1
FINANCIAL CHRONICLE
ment of Vernon Hartshorn to the office. Mr. Hartshorn also will take an important part in the intensified campaign to be waged against unemployment,
and he will answer in the House of Commons any
questions put on the subject. One of the plans by
which unemployment might have been relieved to
some extent was definitely discarded this week when
the Committee of Imperial Defense vetoed the project
for construction of a tunnel under the English
Channel.
3939
capital of the United Provinces, developed late last
week until it assumed all the proportions of a
pitched battle between British troops and the Indian
Nationalists. Eight persons were killed and fifty
wounded in this encounter. Raids on the salt works
were again organized, the Nationalists making
efforts for a particularly impressive demonstration
against the salt monopoly as the approaching season
of monsoon rains will put a stop to such raids. The
salt pans at Dharasana were raided last Saturday,
while a force of 15,000 volunteers rushed the police
lines at the Wadala salt works last Sunday. Beyond
the usual breaking of heads, no casualties resulted
from these encounters. With the spectacular salt
raids terminated, attention was turned in greater
degree by the Nationalist leaders to violation of
other laws, to non-payment of land taxes, and to the
spreading boycott against foreign merchandise.
Picketing of foreign cloth shops was intensified,
while rumors were circulated to the effect that the
fat of cows, bullocks and buffaloes—sacred to the
Hindus—is used to size the cloth in Manchester mills.
Long processions of Moslems paraded the streets
of Bombay at intervals, indicating that the followers of Mohammed, who had previously remained
aloof from the campaign, were joining the Nationalist movement in increasing numbers. Serious riots
also developed at Worli prison on the outskkirts of
Bombay, when Nationalists tried to release the 1,000
political prisoners confined there. A further development that caused much concern among the
authorities is the growing menace to the Northwest
frontier from tribal malcontents. This movement
is only distantly related to the civil disobedience
campaign. Afghan tribesmen are apparently making the most of the opportunity afforded by the disturbed condition of India, and some sharp encounters were reported betwep British forces and the
insurgent tribesmen.
An eagerly awaited political address was made at
Dijon, France, by Premier Andre Tardieu last Sunday, special interest attaching to the occasion owing
to the general expectation that M. ,Tardieu would
touch in some way on the bellicose addresses recently made in Italy by Premier Mussolini. The remarks of the Italian leader were considered in Paris
to have been directed mainly against France. In
accordance with usage, M. Tardieu 'Made no specific
mention of Italy in his speech at Dijon, but confined
himself to a declaration of calm confidence in French
democratic institutions and French national
strength. He recalled Foreign Minister Briand's
long efforts to achieve peace, but added that although
the French Government is passionately interested
in this work, "it has neglected nothing which would
enable France to participate actively by vigilantly
safeguarding her security." He asserted further that
"France to-day is in a position which frees her both
from the need to fear or to boast." After outlining
France's policy for national defense, M. Tardieu
added that "as before the World War, we wish
peace through stability and organization, with the
will to remain in all situations masters of our destiny if there should arise unexpected difficulties."
It was remarked in a week-end report from Paris
to the New York "Times" that Signor Mussolini's
speech making was responsible for the sudden departure of a "notable number of French Ministers"
on tours of inspection of the defensive state of the
Active encounters between the main armies of
country.
Chinese troops have developed this week in the
struggle for supremacy waged by the Northern
A • cabinet crisis developed in Sweden this week coalition against the Nanking Nationalist Governwhen the government formed in October 1928, by ment. Fighting began on May 8, with but a few
Rear Admiral Arvid Lindman was overthrnwn in thousands of men engaged, but it is now reported
both chambers of the Riksdag on a proposal to in- in Associated Press dispatches that half a million
crease the tariff on wheat imports. The measure was troops are facing each other in Honan Province.
advocated by the Cabinet as a means for combating The area of operations extends into Shantung Provthe depression in Swedish agriculture. Premier ince on the east, while on the west it takes in the
Lindman forced the question to a vote of confidence, Wuhan cities on the Yangtze River. Uneasiness is
Monday, notwithstanding the fact that his Conserva- reported among foreigners in important cities on
tive Government did not have a majority in either the Yangtze, but British, American and Japanese
house of the legislature. Thd two major parties op- gunboats are available for their protection. Chiang
posed the increased levy on grain, and Premier Kai-shek, President of the Nationalist Government,
Lindman promptly presented the resignation of the is directing the military operations in person, while
Cabinet to King Gustav after the adverse vote. The the Northern armies are commanded by Chang FaSwedish monarch requested the Ministers to retain kwei, with Feng Yu-holm:1g and Yen Usi-shan supcontrol of affairs during the formation of a new porting him. Both sides make claims of huge gains,
Cabinet. The task of forming a new Government but the reports of "smashing" victories are not conwas entrusted Tuesday to Carl Gustaf Ekman, Di- sidered very reliable. Shanghai observers placed
rector of the Public Debt, and leader of the People's some credence in a report that Chiang Kai-shek was
Party. Mr. Ekman accepted and indicated that he wounded in the arm by a fragment of an aerial bomb.
would attempt to organize a new regime on a broad Manchuria remains neutral in the struggle, with
parliamentary basis.
both factions openly courting the allegiance of
Chang Hsueh-liang, military lord of the Three
Disorders on a wide scale have continued in India Eastern Provinces.
this week under active prosecution of the campaign
for civil disobedience to British rule which Mahatma
The Government of Bolivia was delegated to the
Gandhi inaugurated on April G. A riot at Lucknow, Cabinet of that country on May 28, when Dr. Her.
3940
FINANCIAL CHRONICLE
[Wm.130.
nando Siles resigned the presidency for "high rea- £1,201,066. The discount rate remains 3%. Below
sons of state." The sudden action of the executive we give a comparison of the different items for five
caused much astonishment throughout South Amer- years:
ica, but the conclusion was quickly reached that the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1929.
1928.
1926.
1927.
resignation was merely a coup d'etat designed to
June 4.
June 5.
June 6.
June 9.
June 8.
evade a constitutional provision which prohibits tin
Circulation
361,576,000 135.661,000 137,333,090 140,379,910
President from succeeding himself. Although his Public deposits 8359,797,000
8,878,000 8,511,000 8,852,000 12,549.985 9,774,648
Other deposits
term expired Aug.6 next, Dr. Siles some months ago Bankers' accounts107,990,702 106,292,485 100,273,000 102.389,238 108,214,031
71,081,853 70,346,971
issued a decree suspending indefinitely the elections Other accounts_ _ _ 36,908,849 35,945,514
Government secure_ 58,380,909 43,106,855 36,187.000 52,585,975 39,455,328
at which his successor was to be chosen. Two years Other securities
19,192,897 27,215,003 52,578,000 45,605.940 68.002.121
& advances 6,476,057 6,215,002
ago he closed the Congress, deported 40 prominent Disct.
Securities
12.716,840 20,999,901
Bolivians, including his own Vice-President and Reserve notes de coin 57,080,000 62,274,000 48,167,000 34.527,601 28,353,257
Coin and bullion
several members of Congress, and then issued a de- Proportion of reserve156,879,085 163,851,130 184,079,965 152,110.691 148.983,167
to liabilities
48.84%
54.25%
40.43%
30.04%
cree stating that reasons of state made it imperative Bank
24.03%
rate
3%
4M %
535%
43%
5%
that he assume a limited dictatorship. Only brief
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
and non-commital reports of the present occurrence note issues, adding at that time £234,199.000 to the amount of Bank of England
have come from La Paz. In a Buenos Aires dis- notes outstanding.
patch of May 30 to the New York "Times" it is made
The statement of • the Bank of France for the
clear, however, that arrangements for the return of
Dr. Siles to the presidency are to be made. It is week ended May 31 shows a gain in gold holdings
indicated that elections are to be held late this month of 6,452,790 francs. Gold now aggregates 43,808,to choose delegates to a convention in July which 866,426 francs, as against 36,596,432,580 francs at
will draw up a new Constitution. "Dispatches from the corresponding date' last year. The items of
La Paz indicate the keystone of the new Constitu- credit balances abroad and bills bought abroad reveal
tion will be a clause permitting the President to decreases of 6,000,000 francs and 12,000,000 francs,
succeed himself," the report adds. "El Norte," the respectively. French commercial bills discounted
semi-official newspaper of La Paz, is assuring its record a large decline, namely 1,129,000,000 francs.
readers in daily editions, reports state, that Dr. Notes in circulation show an expansion of 2,172,000,Siles will return to the presidency next August after 000 francs, raising the total of notes outstanding to
the necessary reforms are made in the Constitution. 73,078,689,425 francs, which compares withI64,The present Constitution provides for assumption of 316,907,140 francs a year ago. A decrease appears
the presidency by the Vice-President in a situation in advances against securities of 81,000,000 francs
like the present one. Abdon Saavedra, who holds and in creditor current accounts of 3,350,000,000
the post of Vice-President, has been living in exile francs. Below we compare the various items in the
in Buenos Aires. He announced his intention early Bank's statement for the week ended May 31,
this week of returning to La Paz to assume the presi- with the previous week and the corresponding week
dency, but in La Paz this announcement was not a year ago. We also publish a similar table for the
taken very seriously.
week ended May 24, this having been omitted from
our issue of last week.
BANKoF ChangesFR
hoidin
'
S
6A4N
o COMPARATIVE STATEMENT.
5279
There have been no changes this week in the disStatus as of
count rates of any of the European central banks.
May 31 1930. May 24 1930. June 11929.
for Week.
Francs.
Francs.
Francs.
Francs.
Rates remain at 5/
1
2% in Austria, Hungary, Italy Gold
43,808,866,426 43,802,413_,_,636t36 596,432,580
and Spain; at 41
‘d_D=t00,01)0 6,872477.347 6,878477.347
/
2% in Germany and Norway; at 'Credit Nils. abr.
French commercial
4% in Denmark and Ireland; at 31/
2% in Sweden; bills discounted_Dec1129,000,000 7,635.881,774 8,764.881,77416.072,010,136
Bills bought abr'd_Dec. 12,000,000 18,662,350,221 18,674,350,221 18,388,469,101
at 3% in England, Holland, Belgium, and Switzer- Adv.agst.
secure_ _Dec. 81,000,000 2,540,029.026 2,621,029,026 2,443,483,040
land, and at 2/
1
2% in France. In the London open Note circulation- _Inc2,172,000,000 73,078,889,425 70.906,689,425164,316,907,140
Cred, eurr. sects_ _Dec 3350000000 15.425,384.419 18,775.384,419 18,807,488,542
market discounts for short bills yesterday were
BANK OF FRANCE'S COMPARATIVE STATEMENT.
2 3/16%, the same as on Friday of last week, and
Changes
Status as o
May 24 1930. May 17 1930. May 25 1929.
for Week.
also 2 3/16% for long bills, the same as on the previFrancs.
Francs.
Francs.
Francs.
ous Friday. Money on call in London yesterday was Gold holdings---.me. 615,093,858 43,802.413,636 43,187,319,778 36,590,276,561
Credit bale. abr'd_Deo. 18,000,000 6,878,477,347 6,898,207,941 7,893,029,776
1/
1
2%. At Paris the open market rate continues at French commercial
bills discounted Inc.4,195,000,000 8.764,881,774 4,584,284,828 7,102,835,848
2/
1
2%; at Switzerland it is 2/
1
4%.
Bills bought abr'd _ Dec. 7,000,000 18,674,350,221 18,681,152,086 18,381,852,994
The Bank of England statement for the week ended
June 4 shows a loss of £1,237,614 in gold holdings.
Circulation expanded £3,667,000 and this together
with the loss of bullion brought about a decrease of
£4,905,000 in reserve. The Bank ,now holds £156,879,085 of gold in comparison with £163,851,130 a
year ago. Public deposits fell off £4,364,000 while
other deposits increased £23,120,124. The latter includes bankers accounts and other accounts which
increased £22,118,123 and £1,002,001 respectively.
The reserve ratio is now 48.84% compared with
54.25% a year ago. A week ago the proportion was
57.73%. There was shown an increase of £12,803,0.00
in loans on Government securities and one of £871,630 in those on other securities. Other securities
oonsist of "discounts and advances" and "securities."
The former decreased 029,436 while the latter rose
Adv.agst.secure_ _Dec. 57,000,000 2,821.029,028 2,678,371,021 2,321,419,213
Note circulation_ _Dec. 224,000,000 70,906,689,425 71,130,307,425 62,653,739,910
Cred. curr. acets.Ino. 4,876.000,000 18,775.384,419 13,899.068,236 19,507,436,630
In its statement for the final week in May the Bank
of Germany reported an increase in note circulation
of 766,700,000 marks. Total note circulation now
stands at 4,752,451,000 marks, as compared with
4,606,388,000 marks the same week last year and
4,816,906,000 marks two years ago. Other daily
maturing obligations declined 279,102,000 marks
while other liabilities increased 18,425,000 marks.
On the asset side of the account gold and bullion
expanded 5,276,000 marks. Reserve in foreign currency rose 8,166,000 marks during the week. Silver
and other coin, notes on other German banks, and
other assets fell off 39,162,000 marks, 19,825,000
marks and 22,136,000 marks, while deposits abroad
remained unchanged. Gold holdings are now 2,-
3941
FINANCIAL CHRONICLE
JUNE 7 1930.]
Prime bank acceptances in the open market were
in fairly good demand during the week, and while
the offerings were in larger volume following the
8 of 1% on Wednesday the supply quickly
cut of 1/
diminished when the second cut was announced on
Thursday. Quotations were unchanged on Monday
1
2 of 1% on all
and Tuesday, but were reduced /
REICHSBANK'S COMPARATIVE STATEMENT.
maturities on Wednesday, after the Federal Reserve
Changes
May 31 1930. May 30 1929. allay 31 1928.
for Week.
Reichmarks. Reichsmarks. Reichsmarks. Bank had reduced its buying rate for acceptances
Reichsmarks.
Assets—
Inc. 5,276,000 2,591,135,00 1,764.529,0002,040,784,000 /
1
2% on Thursday for all
Gold and bullion
1
2%,and reduced another/
149,788,000
59,257,000
85,626,000
Of which depos. abr'd. Unchanged
Reeve in for'n curr Inc. 8,166.000 250,635,000 299,147,000 274,051.000 maturities after the Reserve Bank had made another
Bills of each.kehecks.Inc. 438,561.000 1.856,223,000 3,004,819,000 2,469,399,000
/
1
2% in its buying rate. No further reduction
75,960,000 cut of
Silver and other coin_ _Dec. 39,162.000 128.604,000 108,100,000
3,272,000
7,582,000
1,025,000
19,825,000
oth.Ger.bks.Dec.
on
Notes
was made on Friday. The New York Reserve Bank's
42,992,000
Inc. 134,401,000 177,748,000 254.776,000
Advances
92,899,000
94,004,000 buying rate for bills of 30. to 90 days maturity is
Dec.
58,000 101,067,000
Investments
Dec. 22,136,000 545,751,000 458,695,000 666,721,000 now down to 21
Other assets
/
4%. The Reserve Banks increased
Liabilities—
Notes in circulation Inc. 766,700,000 4,752,451,00 4,606,388,000 4,486,906,000 their holdings of acceptances during the week from
Oth.dally matur.oblig.Dec.279.102,000 325,868,000 628,170,000 581,523,000
$175,560,000 to $189,240,000. Their holdings of
Inc. 18,425,000 207,756.000 207,573,000 197,936,000
Other liabilities
acceptances for their foreign correspondents inEasing tendencies developed in important depart- creased from $461,853,000 to $464,439,000. The
ments of the New York money market this week, posted rates of the American Acceptance Council
1
2% asked for bills running
although rates in general were maintained virtually are now 21/i% bid and 2/
and 90 days; 23
/
8% bid and
and
also
for
60
30
days,
unchanged. The ease appeared chiefly in bankers'
0
and
2
/
1
2
%
bid
and 2%7
asked
for
120
days,
DA%
1
2% Wednesbills, rates on all maturities being cut/
180
days.
The
Acceptance
asked
for
150
days
and
Thursday,
dealers
in
both
1
2%
day and a further /
instances announcing the cuts in yields after corre- Council no longer gives the rates for call loans
sponding reductions by the Federal Reserve Bank in secured by acceptances, the rates varying widely.
its bill-buying rates. Other departments of the mar- Open market rates for acceptanees have also reket reflected this tendency to only a very moderate mained unchanged, as follows:
degree. Call loans were fairly tight at 3% on the
SPOT DELIVERY.
Stock Exchange Monday, as withdrawals of about
—180 Days—
—150 Days—
—120 Dogs—
Bid.
Asked.
BM. Asked.
Bid.
Asked.
$35,000,000 were made by the banks. There were, Prime
24
234
eligible bus
234
234
234
234
accordingly, no outside offerings at a concession
—90 Days—
—80 Days—
—80 Days—
Md. Asked.
Md. Asked.
Bid, Asked.
from the official rate. Further withdrawals of
Prime eligible btas
234
23.4
234
234
134
234
$30,000,000 were made early Tuesday, but the very
FOR
DELIVERY
WiTHEti
THIRTY
DAYS.
slight tension occasioned by the heavy month-end
Eligible member banks
234 bid
needs disappeared in the course of the session. The Eligible non-member banks
234 bld
1
2%
official call money rate of 3% was shaded to 2/
in the outside market. In all succeeding sessions
The Federal Reserve Bank of Cleveland yesterday
these conditions were repeated, the official rate nil- (June 6) lowered its discount rate from 4% to
ing at 3% for all transactions, while funds were 3/
1
2%. The 4% rate had been in force since Mar. 15
1
2%. Time 1930. There have been no other changes this week
available in the Street market at 2/
money rates were unchanged all week. Two com- in the rediscount rates of the Federal Reserve Banks.
pilations of brokers' loan totals were made public The foiliwing is the schedule of rates now in effect
this week. The comprehensive Stock Exchange com- for
e various classes of paper at the different
pilation for the full month of May showed a drop R • •rve Banks:
of *315,299,447 in these loans, while the Federal
SWUM' RATES OF FEDERAL RESERVE BANKEIION/ALL CLASSES
Reserve tabulation for the week ended Wednesda
AND MATURITIES OP ELIGIBLE PAPER.
night showed a gain of $79,000,000. Gold m eRole In
ments for the week ended Wednesday consisted of
Date
Federal Reser,' Bank.
Effect on
Precious
June 7.
Established.
Eau.
imports of $194,000 and exports of $50,000, while
May 8 1930
Boston
334'
4
the stock of the metal held ear-marked for foreign New York
3
May 2 1930
234
4
Mar. 20 1930
Philadelphia
44
account decreased by $1,000,000.
June 7 1930
314
Cleveland
4
591,135,000 marks, as compared with 1,764,529,000
marks a year ago. An increase appeared in bills of
exchange and checks of 438,561,000 marks and in
advances of 134,401,000 marks, while investments
decreased 58,000 marks. Below we give a detailed
comparative statement for the past three years:
Dealing in detail with the call loan rates on the
Stock Exchange from day to day,it is only necessary
to say, as has been the case for several weeks past,
that the rate remained unaltere51 day after day, at
3%,this including renewals. Time money has been
without special demand, with the rate each day
23
/
4@3% for 30 days, 3(g31/
4% for 60 days and also
4@3/
1
2% for four months and also
for 90 days, 31/
1
2@34% for six months.
for five months, and 3/
The demand for commercial paper was sluggish during the fore part of the week, showed slight improvement on Wednesday, and again dropped into the
doldrums during the remainder of the week. Rates
1
2% for extra choice names on
were unchanged at 3/
four to six months' maturities, and 3/
1
2@4% for
names less well known, and shorter choice names.
s•eei
Richmond
Atlanta
Chicago
St. L4M115
Minneapolis
Kansas City
Dallas
Ban Francisco
4 '
4
4
4
4
4
4
4
Apr. 11 1930
Apr. 12 1930
Feb. 8 1930
Apr. 12 1930
Apr. 15 1930
Feb. 15 1930
Apr. 8 1930
Mar.21 1930
43-4
414
434
434
434
43-4
414
434
Sterling exchange has been dull and irregular, at
first fractionally lower and then fractionally higher
than last week. The range this week has been from
1 for bankers' sight bills, compared
4.85 7-16 to 4.85Y
with 4.85 11-16 to 4.85 29-32 last week. The range
for cable transfers has been from 4.85 21-32 to
4.85 31-32, compared with 4.85 15-16 to 4.86 3-32
a week ago. In Tuesday's trading, when sterling
cable transfers opened at 4.85 21-32, the lowest level
was reached since the latter part of September. The
hesitance in the market has been due largely to
the
general expectation that the Bank of England
might
reduce its rate of discount from the present 3%
to
3942
FINANCIAL CHRONICLE
[VoL. 130.
214%. The market was also looking for a reduction ended June 4, as reported by the Federal Reserve
in the rate of the Bank of France from the present Bank of New York, was as follows:
low rate of 23/2%. However, when Thursday ar- GOLD MOVEMENT AT NEW YORK,MAY 29-JUNE 4 INCLUSIVE.
Imports.Exports.
rived the Bank of England failed to announce any
9194,000 chiefly from Latin America.1950,000 to Argentina.
change and on the contrary published the most unNet Change in Gold Earmarked for Foreign Account.
favorable statement of position in recent weeks, a
Decrease 91,000,000.
fact which alone might be expected to preclude any
The Reserve Bank reported that $4,638,000 gold
possibility of a change in the London rate in the im- was received at San Francisco during the week, of
mediate future. Despite the fact that the Bank of which $4,388,000 came from Japan and $250,000
England made no change in its rate, the foreign ex- from China.
change market continues hesitant until the future
Canadian exchange has displayed greater steadicourse of money rates may be more clearly deter- ness and firmness than in many weeks. From
mined both here and in London.
Saturday until Tuesday Montreal funds were quoted
Bank acceptance rates were reduced A of 1% in at a discount of 1-16 of 1%, on Wednesday at
New York on Thursday, so that 30 to 90 days bills 1-32 of 1% discount, but before noon on Thursday
1
Meanwhile the open the quotation was at par, the highest since April 2
were quoted to yield 2/%.
market in London was giving some indication of a 1930. Following the earlier quotation of par, Monttrend toward firmness. The fact that throughout the real funds moved to a slight premium for the first
week sterling exchange has been ruling easier with time since the middle of March. On Friday the
respect to French francs and German marks is also quotation remained at par.
an influence making for hesitancy and dullness in
Referring to day-to-day rates, sterling exchange on
trading. The firmness of the mark with respect to Saturday last showed weakness. Bankers' sight was
the pound enabled Berlin to draw down from London 4.855
/s®4.859j; cable transfers, 4.85/. On Monthe largest volume of gold it has taken in several day sterling was under pressure. The range was
weeks. On Wednesday the London bill rate moved 4.853/
2®4.85 11-16 for bankers' sight and 4.85 23-32
up slightly so that bankers on both sides began to ®4.85 13-16 for cable transfers. On Tuesday sterspeculate on the possibility that the next few weeks ling continued weak. The range was 4.85 7-16®
may see the 3% rate on the Bank of England effec- 4.85% for bankers' sight and 4.85 21-32®4.85 13-16
tive through the marking up of open market quota- for cable transfers. On Wednesday sterling was
tions. This is considered particularly significant in steadier. Bankers' sight was 4.85 9-16®4.85 11-16;
view of the fact that the Bank of England has been cable transfers 4.85 13-16®4.85 29-32. On Thursday
compelled to make successive reductions in a vain sterling was stronger. The range was 4.85 9-16®
attempt to secure an effective rate. A majority of 4.853
4 for bankers' sight and 4.85 13-16@4.85 31-32
banking opinion, it would seem, is now satisfied that for cable transfers. On Friday the market continued
international money rates despite the plethora of quiet and was easier. The range was 4.85%®
funds in Paris have reached their lowest levels for the 4.853
% for bankers' sight and 4.85 27-32@4.85 29-32
time being and that a reversal of trend is most likely for cable transfers. Closing quotations on Friday
to take place. This week the Bank of England were 4.85 11-16 for demand and 4.85% for cable
shows a decrease in gold holdings of £1,237,614, the transfers. Commercial sight bills finished at 4.85 9-16,
total standing at £156,879,085, which compares sixty-day bills at 4.833/2, ninety-day bills at 4.82 9-16,
with gold holdings of £163,851,130 on June 6 1929. documents for payment (60 days) at 4.833/2, sevenThe Bank's ratio of reserves for June 5 was down to day grain bills at 4.85. Cotton and grain for pay48.84, compared with 57.33% on May 29 and with ment closed at 4.85 9-16.
54.25% a year ago. On Friday of last week
Exchange on the Continental countries has been
(Memorial Day holiday in the New York market)
dull
and inclined to ease. German marks, while
bought
0,196
in
England
sovereigns,
of
Bank
the
received £8,100 in gold bars from abroad, sold £221 in quoted fractionally lower on average throughout the
sovereigns, and set aside 050,000. On Saturday week, are nevertheless firm, and perhaps the most
the bank bought £57 in gold bars and £7 in foreign active of the Continental exchanges in the New York
gold coin, and set aside £100,000 in sovereigns. On market. Closing quotations this week of 23.85U for
Monday the Bank sold £151,546 in gold bars. On cable transfers compares with dollar parity of 23.82.
Tuesday the Bank of England sold 084,630 in gold As noted above, marks are exceptionally firm with
bars. London bullion dealers stated that of the respect to sterling exchange, so that the bulk of the
£640,000 gold available in the London open market gold taken from London this week has been for
on Tuesday Germany secured £538,000, the balance German account. The Reichsbank is in an excepbeing absorbed by the trade and India at the price tionally strong position, with demand on its credit
2d. The £151,546 in gold bars sold by the facilities light. The statement for the week ended
of 84s. 113/
Bank on Monday, together with Tuesday's sale of May 31 shows gold holdings at 2,591,135,000 marks,
084,630, were taken for Germany. On Wednesday an increase over the previous week of 5,276,000
the Bank received £70,000 in sovereigns from abroad marks and an increase over a year ago of 826,600,000
and sold 0,585 in gold bars. On Thursday the marks. Opinion is still divided as to the probability
of a cut in the Reichsbank rate of rediscount, since
Bank'sold £151 in gold bars.
such
a reduction would not help the flow of long-term
movement
gold
for
the
York
At the Port of New
capital
into Berlin and short-term funds are plentiful.
as
reported
by
inclusive
4
-June
the week May 29
the
On
other
hand,if gold imports should assume large
York,
consisted
New
of
Bank
the Federal Reserve
proportions
a
reduction in the rate may become imAmerica.
Latin
from
chiefly
$194,000,
of imports of
perative.
The
last cut in the rate to 43'% on May
The
Reserve
Argentina.
to
$50,000
Exports totaled
inducing
Bank reported a decrease of $1,000,000 in gold ear- 19 has had absolutely no effect in the way of
bank's
The
business
to
resort to Reichsbank credit.
marked for foreign account. In tabular form the
banking
In
market.
is
now
rate
well
above the money
gold movement at the Port of New York for the week
JUNE 7 1930.]
FINANCIAL CHRONICLE
circles in Berlin it is thought that President Luther
of the Reichsbank before taking action wishes to
ascertain the effect of the projected reparations loan
on international markets. Furthermore the stagnation in the deposit account of commercial banks as
shown by the latest monthly balance sheets indicates
that German repayments of foreign short credits has
been considerable. The Berlin money market continues uninterruptedly easy. Private discounts
remain unchanged at 33%. Foreign funds continue
to•be offered, but the banks are unwilling to accept
them as there is practically no prospect of imminent
trade revival.
French francs are steady though dull. The Bank
of France statement for the week ended May 30
shows an increase in gold holdings of 6,452,000 francs,
the total standing at 43,808,000,000 francs. This
compares with 36,596,000,000 francs a year ago. The
ratio stands at 49.50%, compared with 48.84% on
May 23, with 44.13% a year ago, and with the legal
requirement of 35%. Extreme abundance of money
in Paris and absence of demand resulted in a carryover rate on the official market on Monday of 4
3 of
1%, a rate unprecedented within the memory of
operators. The plethora of money is primarily due
to the fact that the 8 billion francs lately tied up in
subscriptions to the Bank for International Settlements are still flowing back to the market. Paris
opinion is that the heavy gold imports of many weeks
past are now considered ended, but there is no indication of a natural reversal of the movement. It
is pointed out that neither interest rates nor demand
for funds in foreign markets are much, if at all,
greater than at Paris, and this provides no inducement for the return of capital lately recalled. French
as well as other bankers are expecting that from now
on the heavy requirements of tourist traffic will give
firmness to all European exchanges. However, shipping agents on this side point out that advance bookings this season are far below normal.
Italian lire have been steady though in comparatively light demand. At a recent meeting of the
Italian Bankers' Association in Rome Giuseppi Bianchini, President of the Association, said that the past
year has been a difficult one for the Italian banks and
that in addition to the strain of internal readjustment
had come the complications on the markets abroad.
He condemned the constantly recurring rumors of
revision of the lira and the argument that the shrinkage in the reserves indicated that the lira was in
danger. If the Bank allowed its reserves to decline,
he said, that was the best proof that it did not fear
any trouble.
The London check rate on Paris closed at 123.89 on
Friday of this week,against 123.93on Thursday oflast
week. In New York sight bills on the French centre
finished at 3 92 1-16 against 3.92 1-16 on Thursday of last week, cable transfers at 3.92 3-16, against
3.92 3-16, and commercial sight bills at 3.91%,
against 3.913
%. Antwerp belgas finished at 13.95
for checks and at 13.96 for cable transfers, against
13.943/b and 13.953/
2. Final quotations for Berlin
marks were 23.843% for checks and 23.85%
3 for cable
transfers, in comparison with 23.86 and 23.87 a week
earlier. Italian lire closed at 5.23 11-16 for bankers'
sight bills and at 5.233/i for cable transfers, against
5.237
4 and 5.24 on Thursday of last week. Austrian
schillings closed at 143, against 143; exchange on
Czechoslovakia at 2.96 9-16, against 2.96%; on
Bucharest at 0.60, against 0.60; on Poland at 11.25,
3943
against 11.25, and on Finland at 2.52, against 2.52.
Greek exchange closed at 1.30 for bankers' sight bills
and at 1.303 for cable transfers, against 1.30 and
1.303.
Exchange on the countries neutral during the war
has been on the whole steady, with Holland guilders
selling slightly lower than a week ago, while Swiss
francs continue to show fractional appreciation. The
weakness in guilders, if it could be called such, is
nothing more than a sympathetic relation to the
lower sterling quotations and the low rates for money
at all centers. Bankers are still inclined to look for a
reduction in the Bank of the Netherlands rediscount
rate from the present 3% to 23/2%, but now that the
prospect of a lower rate in London is more remote,
it is thought that no change will be made in Amsterdam even though the German Reichsbank may yet
be obliged to reduce its rate. The firmness in Swiss
francs as during the past several weeks is due largely
to the transfer of funds to the Bank for International
Settlements. Spanish pesetas are again exceptionally
weak, owing almost altogether to uncertainties entertained with respect to the official attitude on peseta
exchange and stabilization.
Bankers sight on Amsterdam finished on Friday
at 40.20, against 40.22 on Thursday of last week;
2, against 40.233/2, and
cable transfers at 40.213/
commercial sight bills at 40.17, against 40.183/2.
Swiss francs closed at 19.35 for bankers' sight bills
and at 19.36 for cable transfers, in comparison with
19.343/2 and 19.353/2. Copenhagen checks finished
at 26.74 and cable transfers at 26.753/2, against
26.743/2 and 26.76. Checks on Sweden closed at
2
26.833/2 and cable transfers at 26.85, against 26.823/
and 26.84, while checks on Norway finished at 26.75
and cable transfers at 26.763/2, against 26.743/2 and
26.76. Spanish pesetas closed at 12.10 for bankers'
sight bills and at 12.11 for cable transfers, which
compares with 12.20 and 12.21 a week earlier.
Exchange on the South American countries is dull,
with both Argentine pesos and Brazilian milreis inclined to ease. The comparative ease in the South
Americans, as well as the dullness in trading,is partly
due to the generally lower ruling rates for all the
major exchanges, although arising also from special
causes, such as the lower commodity prices affecting
adversely Brazilian coffee and Argentine wheat and
meat products. Argentina's exports at the tnd of
April were $120,882,102 less than for the first four
months of last year, a drop of 32.7%, according to a
report published by the Ministry of Finance. The
tonnage of exports declined 37%, or 2,226,461 tons,
from the total of the first four months of 1929.
Compared with last year's prices, wool shows a decline of 40%, sheep skins 36% and hides 16%.
It is of interest to note that the United States of
Colombia has invited Prof. E. W. Kemmerer of
Princeton, just back from China, to make a study
of that country's present financial and economic
situation. The President-elect of Colombia at the
request of the Cabinet has appointed a financial
commission consisting of four experts on budget,
taxes, customs, and public credit.
Argentine paper pesos closed at 38 for checks as
compared with 38 3-16 on Thursday of last week and
at 38 1-16 for cable transfers, against 3814. Brazilian milreis finished at 11.72 for bankers' sight and
at 11.75 for cable transfers, against 11.80 and 11.85.
3944
FINANCIAL CHRONICLE
[VoL. 130.
Owing to a marked disinclination on the part of
Chilean exchange closed at 12 1-16 for checks and
at 123' for cable transfers, against 12.10 and 12.15; two or three leading institutions among the New
Peru at 4.00 for checks and at 4.01 for cable transfers, York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to disagainst 4.00 and 4.01.
continue the publication of the table, we have been
Exchange on the Far Eastern countries continues giving for so many years showing the shipments and
demoralized, under the cloud of falling silver prices. receipts of currency to and from the interior.
Under the circumstances it is surprising that Japanese
As the Sub-Treasury was taken over by the Fedyen should be ruling steady and comparatively firm. eral Reserve Bank on Dec. 6 1920, it is also no longer
The silver situation becomes daily more gloomy, with possible to show the effect of Government operations
record low prices for the metal and the Chinese in the Clearing House institutions. The Federal
exchanges. Buying orders for silver seem nowhere Reserve Bank of New York was creditor at the Clearin evidence. Some months ago at the low 40-cent ing House each day as follows:
level it was thought that buying would develop and DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
bring about some stabilization, but now with silver
around the 35-cent level the market despairs of Saturday, 1 Monday, Tuesday, Wednesd'y, Thursday, Friday.
Alaneoate
May 31.
June 5.
June 6.
June 4.
for Week;
June 3.
June 2.
favorable developments. China is badly hurt by
I
$
$
$
the depreciation. The present collapse began on 181,000.000 127,000,000 207,009,000 191,000.000 190,000.006 181,000,000 Cr 1.0774000,000
-The foregoing heavy credits reflect the huge mass of checks which come
May 5, when silver was quoted in New York at to Note.
the New York Reserve Bank from all parts of the country in the operation of
Federal Reserve System's par collection scheme. These large credit balances.
42M cents per ounce, Shanghai taels at 46.88 and the
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
Hong Kong dollars around 37g. In Wednesday's In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
market silver was quoted at 34 cents in New York, not
pass through the Clearing House but are deposited with the Federal Reserve
Shanghai taels 36M@36% and Hong Kong dollars Bank for collection for the account of the local Clearing House banks.
at 31. Japanese trade suffers as a result of the deThe following table indicates the amount of bulcline in Chinese purchasing power, as China is
lion
in the principal European banks:
Japan's largest single customer. The firmness in
June 6 1929.
June 5 1930.
yen is the more surprising as the condition of the Banks of
Total.
Gold.
Silver.
Total.
Gold.
I Silver.
Japanese textile industries is most unsatisfactory.
£
£
£
£
£
Silk has been heavily hit by the world-wide decline England.- 156,879,085
163,851,130
156,879,085 163,851,130
292,771,460
350,470.939292,771,460
d
(d)
350,470,039
in commodity prices. Silk for spot delivery is France
Germany b 122,067,350
094,600 123,061,950 85,263,600
994,600 86,258,200
_ _ _ 98,815,000 28,706,000 127,521,000 102,416,000 28.798.000131,212,000
selling at approximately $1 a pound under a year Spain
Italy
55,434.000
58.279.000 55.434.000
56,279,000
35,993,000 2,235,000 38,228,000 36,419,000 1,744,000 38,163,000
ago. The Japanese cotton industry is also hampered. Netherl'ds
Nat, 13e1g_ 34,194,000
34,194,000 27,523,000 1,270,000 28,793,000
Switzer]'d 23,153,000
23,153,000 19,845,000 1,587,000 21,432,000
Yen, of course, are finding strong support as a re- Sweden
13,012,000
13,511,000 13,012,000
13,511,000
Denmark _ 9,567,000
443,000 10,038,000
9,567,000 9,595,000
sult of the heavy gold exports from Tokio to this side Norway
8,144,000 8,156,0
8,156,000
8,144,000
Total week 909,073,374 31,935,600941,008,974814,288,19 34,834,600849,120,790
and to London.
Prey.
31,625,60094l.598.1581808,449,10 34,633,600 843,082,752
Closing quotations for yen checks yesterday were a week,909,972,558
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
/@49M, against 49/
493
3 s@49M. Hong Kong closed abroad,
the amount of which the present year is £7.489,000. c As of Oct. 7 1924
at 313@317A, against 33%@33 13-16; Shanghai d Silver is now reported at only a trifling sum.
2@40%; Manila at 49%,
at 37/@37%, against 403/
against 49%; Singapore at 56 3-16@56M, against
The Supreme Court and the Hoch-Smith
Resolution.
56 3-16@56M; Bombay at 36 3-16, against 36 3-16,
and Calcutta at 36 3-16, against 36 3-16.
The decision of the United States Supreme Court,
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
handed down on Monday,construing the Hoch-Smith
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 31 1930 TO JUNE 6 1930, INCLUSIVE.
resolution, is one for which the railways of the counNoon Buying Rate for Cable Transfers On New York.
try,
and particularly the holders of railway securiValue On United States Money.
Country and Monetary
an.
ties,
are entitled to be grateful. For more than five
June
.3.
June
June
2.
4.
June 5. June 6
May 31.
years
the resolution has been hanging over the rail$
$
$
$
$
$
EUROPEI .140888 .140876 .140885 .140885 .140869 .149876
Austria,sehilling
way
jeopardizing alike the rate struccorporations,
Belgium. belga
4 .139539 .139528 .139502 .139513 .139523 .139531
Bulgaria. lev
I 007218 .007211 .007208 .007205 .007206 .007208
ture
and
the
ability
to earn a satisfactory return on
Czechoslovak1a, krone .029655 .029651 .029648 .029651 .029655 .029656
Denmark. krone
I 267513 .267455 .267431 .267478 .267485 .267510
property
of the roads, and raising
investment
in
the
England. pound
4.858735 4.857514 4.857173 4.858227 4.858011 4.858671
sterling
questions
regarding
the
bearing
of the resolution
.025175
.025175
.025175
.025170
.025175
.025173
Finland, markka-039205 .039197 .039201 .039205 .039203 .039212
France. franc
upon the Interstate Commerce Act and the various
Germany, reichsmark .238626 .268607 .238562 .238599 .238573 .238577
I .012959 .012957 .012957 £12955 .012956 .012957
Greece, drachma
.402082 .402045 .402095
amendments thereto relating to rate making. As far
Holland, guilder
I .402189 .402088 .402011
.174766 .174746 .174750 .174750 .174751 .174771
Hungary. Mg°
as the relation of the resolution to railway rates is
052391 .052382 .052379 .052387 .052381 .052380
Italy, lira
.267539 .267511 .267511 .267539 .207559 .267605
Norway, krone
.112005
.112010
.112010
.111990
concerned,
.111990
the situation appears to be largely, if not
112135
Poland, zloty
044870 .045045 .044929 .044979 .045012 .045012
Portugal. escudo
fully, clarified by the opinion written by Associate
005958 £05944 .005951 .005945 .005948 .005946
Rumania,leu
121680 .121261 .120902 .121042 .121350 .121238
Spain. Peseta
268288 .268250 .268311 .268340 .268360 .268361
Justice Van Devanter and concurred in without disSweden,krona
.193443 .193434 .193519 .193541 .193545
.193497
Switzerland, franc-sent by the Supreme Court.
Yugoslavia, dinar-- .017649 .017658 .017860 .017655 .017656 .017660
ASIAIn order to appreciate the force of the decision, it
adna-Cbefoo tad__ .419375 .418541 .381666 .365833 .385000 .388333
414375 .415000 .378593 .359062 .383125 .383437
Hankow UN
403392 402500 .369107 .352053 .372946 .372857
will
be well to recall the text of the Hoch-Smith resoShanghai tael
425625 .425625 .387708 .370833 .391250 .390833
Tientsin tadl
lution.
Hongkong dollar- .330357 .326607 .314821 .301428 .312857 .309285
The resolution, a joint resolution of the two
.266562
.253437
.266250
.266562
.289687
.291250
Mexican dollar
houses of Congress approved Jan. 30 1925, reads as
Tientsin or Pelyald
.268333 .254583 .268750 .268333
.291250
291250
dollar
.288333 .288333 .265416 .251666 .265833 .265416
follows:
Yuan dollar
.359946 .359789 .359746 .359732 .359732 .359732
India,rupee
.493987 .493856 .493868 .493831 .493843 .493831
"Resolved ... That it is hereby declared to be the true
Japan. yen
dollar .559041 .559041 .558941 .559041 .559141 .559141
Bingapore(S.8).
NORTH AMER.Canada. dollar
Cuba, peso
Mexico, peso
Newfoundland, dollar
SOUTH AMER.Argentina. peso (gold)
Brazil, milrele
Chile. peso
Uruguay. Dea0
Colombia, peso
999301
999937
474900
.996750
.999283 .999319
.999906 .999968
.474766 .474662
.996625 .996750
.866082 .864571
.117960 .117475
120770 .120759
.916002 .914250
966200 .966200
.999457 .999824
.999843 .999781
.473800 .473800
.996935 .997204
.862446 .863201
.117030 .117010
.120765 .120774
.915062 .914666
.966200 .966200
.863590
.116890
.120764
.914125
.968200
.999894
.999843
.473812
.097156
.863093
.116910
.120769
.914750
.968200
policy in rate making to be pursued by the Interstate Commerce Commission in adjusting freight rates, that the conditions which at any given time prevail in our several industries should be considered in so far as it is legally possible
to do so, to the end that commodities may freely move.
"That the Interstate Commerce Commission is authorized
and directed to make a thorough investigation of the rate
Jura: 7 1930.]
FINANCIAL CHRONICLE
structure of common carriers subject to the Interstate Commerce Act, in order to determine to what extent and in
what manner existing rates and charges may be unjust,
unreasonable, unjustly discriminatory, or unduly preferential, thereby imposing undue burdens, or giving undue advantage as between the various localities and parts of the
country, the various classes of traffic, and the various
classes and kinds of commodities, and to make, in accordance with law, such changes, adjustments, and redistribution of rates and charges as may be found necessary to
correct any defects so found to exist. In making any such
change, adjustment, or redistribution the Commission shall
give due regard, among other factors, to the general and
comparative levels in market value of the various classes
and.kinds of commodities as indicated over a reasonable
period of years, to a. natural and proper development of the
country as a whole, and to the maintenance of an adequate
system of transportation. In the progress of such investigation the Commission shall, from time to time, and as expeditiously as possible, make such decisions and orders as
it may find to be necessary or appropriate upon the record
then made in order to place the rates upon designated
classes of traffic upon a just and reasonable basis with
relation to other rates. Such investigation shall be conducted with due regard to other investigations or proceedings affecting rate adjustments which may be pending before
the Commission.
"In view of the existing depression In agriculture, the
Commission is hereby directed to effect with the least practicable delay such lawful changes in the rate structure of
the country as will promote the freedom of movement by
common carriers of the products of agriculture affected by
that depression, including livestock, at the lowest possible
lawful rates compatible with the maintenance of adequate
transportation service; Provided, that no investigation or
proceeding resulting from the adoption of this resolution
shall be permitted to delay the decision of cases now pending before the Commission involving rates on products of
agriculture, and that such cases shall be decided in accordance with this resolution."
It was clearly the expectation of those who framed
and supported the resolution, as the debates in the
Senate and House of Representatives show, that its
adoption would result in lowering freight rates on
farm products. The resolution was intended, in
short, as a measure of farm relief, and was passed
at a time when the principles and methods of the
McNary-Haugen bill were engaging the attention of
Congress and the country. 'It was conceded that the
Interstate Commerce Commission already possessed
all necessary authority to reduce or adjust freight
rates, and some doubt was expressed as to whethe:
there could properly be such a thing as a "lawful"
rate that was not also reasonable and just, but the
promoters of the resolution felt it opportune to remind the Interstate Commerce Commission of "the
principle which should underlie rate making in basic
commodities."
Acting under the authority of this resolution, the
Commission made an order reducing the rates on deciduous fruits of California consigned to points east
of the Mississippi River. Against this order the Ann
Arbor Railroad Company appealed, the case being
argued in ;the Federal District Court for Northern
California. The California Growers and Shipperg
Protective League joined with the government in
opposing the contention of the railway company.
In reversing the decision of the California District
Court, which had upheld the order of the Commission, the Supreme Court not only interprets and applies the Hoch-Smith resolution, but in unmistakable
terms tells the Commission it erred in its construction of its powers. In ordering reduced rates on
California fruits, Justice Van Deventer declares, the
Commission so interpreted the resolution as to make
3945
it modify the provisions of the Interstate Commerce
Act as to justify placing farm products, or these
particular products, in a favored classification; and
this notwithstanding, as the opinion points out, that
most of the railways affected by the order "have not
as yet made the fair return for which Section 15A
of the Interstate Commerce Act makes provision as
a means of securing the maintenance of an adequate
transportation system."
"We are of the opinion," Justice Van Devanter
continued, "that the Commission's construction cannot be supported." Referring, apparently, to that
part of the resolution which directs the Commission
to "effect with the least practicable delay such lawful changes in the rate structure of the country as
will promote the freedom of movement ... of the
products of agriculture ... at the lowest possible
lawful rates compatible with the maintenance of
adequate transportation service," the Court said:
"Considering the connection in which these words
are brought into the sentence, we think they fall
much short of supporting the construction adopted
by the Commission. They are more in the nature of
a hopeful characterization of an object deemed desirable if, and in so far as, it may be attainable, than
a rule intended to control rate-making.... Of course,
they should not be lightly disregarded. Neither
should they lightly be accepted as overturning positive and unambiguous provisions constituting part
of a system of laws reflecting the settled legislative
policy, such as the Interstate Commerce Act. If
they mean no more than that the depressed condition
of the industry is to be given such consideration as
may be reasonable, considering the nature and cost
of the transportation service and the need for maintaining an adequate transportation system, they
work no change in the existing law. But if they
mean more, and are intended to require that rates
be reduced to some uncertain level below that standard, they give rise to a serious question respecting
the constitutional validity of the paragraph of which
they are a part."
There can be no mistaking either the meaning or
the force of this decision. The fundamental basis of
the rate-making power is laid down in the Interstate
Commerce Act and the various acts supplementary
to the original statute. One of the rights accorded
by that law to the railways is that of earning a certain designated percentage on their valuation befor3
their earnings become subject to recapture. In the
opinion of the Supreme Court, it is not within the
power of the Commission lawfully to deprive any
railway of the opportunity to earn the indicated percentage of profit by enforcing a low rate upon a
particular class of commodities, nor to classify commodities, for the purpose of rate-malKing, on a basis
which discriminates in favor of particular commodities or particular sections of the country. Under
Justice Van Devanter's decision the Hoch-Smith
resolution, the only substantial purpose of which was
to "do something" for agriculture, becomes tainted
with constitutional doubt because of its repugnancy
to the Interstate Commerce Act, while its "hopeful
characterization of an object deemed desirable"
leaves to it only the useless honor of an idle form
of words.
Nearly two years ago, writing in this place (see
the "Chronicle" for Sept. 15 1928, volume 127, page
1434), we expressed the opinion that the Hoch-Smith
resolution, which at the moment had come under dis.
3946
FINANCIAL CHRONICLE
cussion in railway and investment circles, gave to
the Commission no such power to discriminate in
favor of agriculture, by altering railway rates on
agricultural products, as many seemed to fear, for
the reason that whatever authority in the matter the
resolution might confer was conditioned by the requirement of the "maintenance of an adequate transportation service." One of the elements of such a
service, we further suggested, was the establishment
of rates which would return to the railways a reasonable profit. We are glad to find in Justice Van
Devanter's opinion a complete justification of the
views which we then expressed.
The decision of the Supreme Court is more than a
setting aside of an order issued without proper authority; it is a pointed reminder to the Commission
and its legal advisers that the provisions of the Interstate Commerce Act are not to be interpreted in the
light of political clamor, and that "depressed" industries are not to be made profitable at the expense of
the railway rate structure of the country. The guarantee of a specified profit before recapture begins to
operate constitutes an implied contract between the
government and the railways, and the Supreme
Court has now made it clear that the contract is not
to be impaired. In view of the lowered earning
power of the railways of the country.at present, the
railway corporations may well find satisfaction in
a decision which at least protects them against an
infringement of such earning power as they have.
"Trade Areas" and Branch Banking.
As against nation-wide branch banking, it is proposed to confine the branches to certain so-called
"trade areas." We talk in meaningless terms unless
we can clearly and definitely define a trade area.
Upon what is it to be based? A "trade" may consist
in the exchange of articles and products by the
medium of money or its equivalent, or, more definitely, in the selling of these to the buyers thereof—
the central bank of this loosely named area as the
nucleus of the banking operations. But all -them
trades overlap as far as specific territory is concerned. The Federal Reserve Banks represent an
attempt to define "trade areas," but an attempt
woven about central banks in populous cities and
being marked out, in the main, by State boundaries.
In fact, their scope or area was arbitrarily established in the end.
But suppose we attempt to designate permissible
branch banking upon the concentering of things
grown or mined or made. First, our center must be
a populous commercial city. We must start with
central banks, though we attempt to outline our
areas by principal products, and predominating
products. Thus in agricultural territory we shall
start with cotton, or corn and wheat, or live stock
or citrus fruits, and so on. In mining territory we
shall start with coal or iron or copper or lead and
zinc, or gold and silver, wherever these are most
heavily produced. Or,if we consider manufacturing
we shall select the regions where the mills are thickest and strongest. But in every instance as we draw
our maps we shall find that these products and
articles of use exchange for each other and overlap
each other in original production—and that the
central banks, parents to the branches, are the agents
of all of them—the bank checks arising from the
business transactions crossing each other in transit
and finally lodging in the larger banks of the larger
[VoL. 130.
cities as now constituted. It follows that since we
cannot define our branch bank areas to certain preponderating lines of business, we cannot confine our
branches legitimately to definitely bounded areas.
What other basis have we for geographical
"areas"? We might obtain a suggestion from the
freight lines indicated by the railroads—we soon run
past State or commerce areas here, and find ourselves tending in the direction of seaboard cities and
great foreign shipping centers, with payments running in both directions, but mainly in transcontinental lines east and west. We find many difficulties in arranging our "areas." At the outset, if we
are to have central banks with branches confined
to trade areas we will find ourselves including portions of States with varying commercial laws, a
feature that adds no strength to this form of centralized banking. Always, however, we must come
back to our principal banks in our principal cities.
These are already established and in operation and
cannot be left out of the picture. Unfortunately,
this prevents us from eliminating the domination of
the centers of capital. All the branch banking
"areas" that may be conceived cannot steal from
New York City its financial dominance, though they
may somewhat diminish its commercial prestige.
All other big cities are, in the end, tributary to the
"money power" of New York City, define the term
as you please. It would seem, therefore, if branch
banking is to come, New York City, with nation-wide
branches for its colossal banks, will be a logical
outcome.
And we might add to this, due to the conflict of
State charters and State commercial laws, that
National banks will eventually become best progenitors of branches. But we are considering "tradp
areas" in their relation to central banks and
branches. In one very material sense, "branches"
are 60 many antennae drawing into a fixed center
the substance of integral communities. The very
commercial rivalry of our interior cities is at war
with "trade areas," for branch banking founded upon
industrial and commercial products therein.
Take St. Louis as an example. It is situate in
the midst of corn, cotton and wheat territory. It
has adjacent mines of coal, lead, zinc, and iron.
• It is itself a manufacturing city of prominence.
Railroads and rivers flow by and through it. In
banking it has long demonstrated its solidity. But
what of Chicago on one side and Kansas City on
the other? Can a "trade area" be established that
will shut out these centers from contending for
the privilege of "branch banking," without detriment to the free trade of the people?
No, "trade areas" are natural, not arbitrary.
And a "branch banking system" so outlined and confined will not facilitate business but cramp and
cabin it. The correspondent banking system, now
existent, escapes these defects. For the independent
unit bank chooses its correspondent in one of these
cities or in each of them, and allots its own surplus
according to the demands of its own customers, a
natural form of service that is best for all. It is
not supposed that St. Louis banks, with branches
in a legally fixed "trade area," will permit these
branches to deposit in Kansas City or Chicago central banks with other legally fixed trade areas. We
are talking at random without this essential definition. After nearly three-quarters of a century of
National banks growing with and by the growth of
JUKE 7 1930.]
FINANCIAL CHRONICLE
3947
the country, and alongside State banks without correspondent bank system has not failed to serve
serious interference, it is proposed to superimpose the people well, and will not do so. Scarcely any of
a system of branch banking by "trade areas" that our large central banks have failed as it is; in the
Northwest and other regions, the fact is, as so often
must be arbitrary and therefore futile.
Furthermore, these central banks with branches pointed out, that the communities rather than the
must in the nature of things become clearing houses small banks failed. Present "groups" have not had
for checks representing "trade," and thus will come time to demonstrate their superior (?) service or
in conflict with Federal Reserve Banks now estab- their invincible safety. "Chains" have failed, and
lished in other and differing "trade areas." The we may dismiss them. In one great and isolated
two systems cannot exist on a parity. Even the Fed- State on the Pacific, with sparse population and
eral Reserve Banks have not ousted the central peculiar and big-value industries, a combination of
correspondent banks. And the only law by which ambition and daring has established a large branch
we can appraise this radical proposal is the law of banking enterprise, but New York and Massachuthe natural advance in trade, which has nothing in setts, with rich and varied industries and congested
common with a law of Congress. Take the triangle populations, have shown little interest in the scheme.
of three cities we have selected for illustration, Chi- Which shall we follow? Let us beware lest we emcago, St. Louis and Kansas !City! Just what are broil the people by Congressional action in somewe proposing to do? If it be nation-wide branch thing they do not want or need!
banking—do we expect the central banks of each of
these cities to plant a village branch on the doorThe First Year of President Hoover.
step of the others, or two or three of them? If it is
to be branch banking by "trade areas," how bound
Around and about the fourth of March many
them in this interior city triangle? How allot ex- articles were written in appraisal of the first year
clusive territory to each? Will Chicago or St. Louis of President Hoover's administration. They were
be content to become a banking suburb of the grow- none too complimentary. If sensitive, and some say
ing Kansas City with its railroads and stockyards the President is peculiarly so, a number of these
and grain exchanges? And must the great banks in commentaries must have caused pain. If behind
New York City, now writing the universal currency the outer calm there is an intense fighting spirit
of the country in checks, supinely allow themselves some of them must have caused a concealed resentto be shut off from the whole country around them ment that may yet bear fruit in reprisals not now
by "trade area" branch banking?
indicated. For ourselves, we believe Mr. Hoover is
No. This banking development is urged on mainly courageous and confident enough to continue to
by personal ambition It does not emanate from a pursue his own way.in the course he first set out
demand by the individual depositors throughout the for himself. But, chronologically, we would end
country. It has little argument to support it. As the first year of his administration with the adjourn.
for chain banking—a chain is no stronger than its ment of the present session of Congress, which is the
weakest link. Group banking is independent unit creature of his own calling. That this special sesbank individual control, centralizing deposits with- sion was a mistake on his part we are inclined
out fixing responsibility in the centripetal central strongly to believe. Going into office on a much
bank. And branch banking of any form and scope vaunted "prosperity," alleged to be due largely to
is not consonant with the free character of our "busi- Republican rule; on the heels of strong political
ness" either from a commercial or financial stand- campaign promises in behalf of the farmer; and at
point. It takes on a revolutionary tendency. It the insistence of Senator Borah; the session was
deprives communities of their natural rights. It convened—a session that has been little credit to
begins at the top when it should evolve its own lines Congress, and less to the President.
from the bottom up. It will destroy the efficient
A recent magazine writer, in summing up the
and satisfactory natural correspondent bank system results of the year, finds that Mr. Hoover has been
which picks its own territory, does not overcrowd. changed in character by the events and conditions
and preserves the natural right of free banking.
he has encountered. He thinks that individually
One banker, discussing the problem, says that if the man is brave and eager in great undertakings
some banks must fail it is better for scattered units wherein he must be dependent on himself. Witness
to close their doors at different times than that the his great work in the war and his endeavors in the
parent bank failing the numerous "branches" all Department of Commerce. But when it comes to
shut down at once. We affirm our abiding belief delegating work to others who are under the domithat the correspondent bank system has not failed, nance of practical politics, he becomes timid and
and the unit banks that have gone down are the shies away from the task—because being an engiresult of war conditions more than individual man- neer he is not a politician and does not himself
agement. Do we want restricted and hide-bound work well in that harness. Thus he has in part
banking at the will of a single man, the Comptroller, acquired a reputation for indecision, and is critior free and liberalized banking at the will of free cized for lack of leadership. This writer, Walter
communities? Are there too many small banks? Lippman, in June "Harper's," points out that the
Perhaps so, but the unneeded ones will in time dis- President, in his message, lauded prosperity and
appear. Do unit or country banks pay? If they predicted its continuance only to meet in less than
do not, neither will branches on the same ground. a year the autumn stock "smash" which set the
Let the inquiring Congressional Banking Commit- nerves of business on a sharp edge. That he did the
tees inquire into the prices paid for unit banks which best that could be done by the business men's conare converted into branches and compare that with ferences he admits. Then, the writer avers, he prethe book value of the shares.
dicted great legislative help for the farmer only to
Whoso tampers with the savings of the people receive the Federal Farm Board, which
at once
tampers with their comfort and happiness. The attempted to fix prices which priorly
Mr. Hoover
3948
FINANCIAL CHRONICLE
had declared must not be. And third, although
standing firmly for the benefits of the high protective tariff, he declared in his message for a
strictly limited revision, only to find Congress take
the bit in its teeth and straightway provide for a
general revision.
Perhaps these intimations are all true. But do
they reflect upon the acumen and ability of iIr.
Hoover or are they to be assessed to the zeal and
domination of the legislative division. Mr. Hoover,
even in the campaign, occupied an anomalous
position in that he stood for the independent initiative of the individual and the freedom of enterprise,
while proclaiming the virtues of high protection.
Since taking office, and while asserting the desirability of the complete separation of government and
business, he has called "conferences" and appointed
commissions that impinge on commerce and trade
until in the latter case his proclivity has become
something of a joke. We have said before and we
may say again that this commission "craze" seems
to us like playing with fire. Why use the power
of office to create these commissions? Why call
them out of the mouth of the Chief Executive, if
they are not to be empowered by subsequent laws
to do something? There was always danger that
the experiences of Mr. Hoover in performing huge
tasks would not fit him to work where divided
responsibility must be endured.
But we do not agree that these things prove weakness, or a lack of leadership; rather, •a different
method, innate in mind and the education of events.
When Congress has finally adjourned to await the
regular session (we speak not now of the Senate
session and the London treaty), when the people
are freed from the politics of this grave and revered
body—what will be the verdict on the whole attitude
of the President? If we mistake not (though the
campaign will somewhat alter our conclusion) the
people will meet the President in an attitude of fair
play and will not condemn viciously from a partisan
and over-critical standpoint. He has shown firmness in declaring several opinions (notably his condemnation of the debenture clause in the tariff bill),
but he has refrained from trying to impose his own
will upon Congress, or to suggest new and spectacular legislation. It is our belief that Congress, in
the coming campaign, must stand on its own record.
Congress, not the President, is to be elected. The
Prohibition question will enter many States and
districts. It will bring about sharp divisions
among the voters. But it will be impossible
to range the two parties in full opposition on this
subject.
Here, again, the President is in a dilemma. He
has called Prohibition a "noble experiment." He
has asked for legislation to aid in enforcement. He
would transfer to the Department of Justice from
that of Internal Revenue under the Treasury that
enforcement which he is pledged by his office to
secure. Without much doubt, the tide is turning
against the Amendment, though actual repeal may
be far away. What more, or less, can he do? The
trouble is that in Tariff and Prohibition the party
of the President stands committed to each. And
whether he will or not, he is in the toils of his party.
Yet he is understood to be only a mild partisan.
Much of the hammering he has received in this session of Congress has been for political purposes. A
coalition tetweeh insurgents with socialistic tend-
[VoL. 130.
encies and Democrats with an election ahead of
them is not based on the highest form of statesmanship. Political expediency is not a carefully critical
attitude for legislation. Arraigning one nominee
for a Supreme Court Judgeship because he followed
his higher court's opinion, and his own convictions
on the law of injunctions in labor cases, and defeating him, is hardly consistent with unanimously confirming another who is alleged to have said the
Eighteenth Amendment makes a police statute out
of the Constitution. But such is the record. Congress, or the Senate, must answer for this, not the
President.
The people are volatile. Unfortunately, they
listen too much to the "loud-speaker" day by day.
They soon forget. They are less partisan as the
years go by. They are honest, absorbed in their
own affairs. There are three more years for Mr.
Hoover as President. The first year is a year of
trial, and possibly of error. Separation of the Legislative and Executive divisions of government is
eminently desirable. When the fires of the campaign die down there will be a few months' respite,
then another and a regular, but short, session.
What will it do? Grind out endless laws as heretofore? If so, there is still the executive power of
veto. He who laughs last, laughs best. We are
not attempting a brief for Mr. Hoover. We are not
contending that all the blame should be saddled on
Congress Our last campaign, by its eagerness to
promise aid to the farmer, possessed elements of
farce. What the fall campaign will do no one can
predict. We hope that subsequently,there will be
fewer laws and no special sessions. But in our attitude toward men in office let us be fair and just.
It is no easy job to be a Senator or a President, and
when we can wipe out party antagonism we will
be able to see more clearly.
Thomas W. Lamont of J. P. Morgan & Co. Says Greater
Strength of Reparations Settlement Under Young
Plan Is Germany's Voluntary Acceptance of Obligations Arranged Thereunder.
Answering the contentions of Representative McFadden
that Germany would not fulfill her obligations under the
Young plan, Thomas W. Lamont, of J. P. Morgan & Co.,
declared on June 2 that "the greatest strength of the Reparations Settlement reached at Paris lies in Germany's voluntary
acceptance of the obligations arranged under that settlement." Mr. Lamont presented figures which he said "give
point to our belief that Germany's liability as now determined is not unduly burdensome upon her." He added that
"with normal conditions restored, Germany should encounter
no very serious difficulty in meeting this newly arranged
public debt." The savings for Germany under the new
plan were cited by Mr. Lamont, who said that "the German
budget will receive average relief in the next three years of
750,000,000 marks per annum,and in 5 years an aggregate
of 3,400,000,000 marks." Mr. Lamont alluded to the
forthcoming German Reparations loan in stating that "just
as the American investment public showed its wisdom
534 Years ago in materially assisting, through the Dawes
plan loan, to put Germany upon its feet, so now they are
showing their readiness to co-operate in the new German
Icon." Mr. Lamont's remarks on the subject were made
before the Academy of Political Science at the Hotel Astor, in
introducing.the guest of honor at the Academy's luncheon,
Sir Josiah Stamp. The latter was the British representative
on both the Dawes and Young Reparations Committees.
Mr. Lamont was one of the American bankers serving on the
International Committee of Experts which evolved the
Young Reparations plan. A lengthy discussion by Mr.
Lamont of the Young Reparations plan and the Bank for
International Settlements appeared in our issue of March 29,
page 2133. In his remarks this week before the Academy
of Political Science Mr. Lamont did not specifically mention
JUNE 7 1930.]
FINANCIAL CHRONICLE
3949
the name of Representative McFadden, merely referring
to him by inference. We give herewith in full Mr.Lamont's
remarks before the Academy:
times called the Father of new Germany, approved the law in a message of
great logic and power. As for the prediction attributed to Herr Stresemann, examination fails to disclose any utterance of his, even remotely
supporting this Congressman's astonishing accusation.
The officers of the Academy have asked me to say a word as to
In fact, the greatest stength of the Reparations settlement reached
the
at
nature of the task achieved at Paris last year by the Committee of
Experts Paris lies in Germany's voluntary acceptance of the obligations arranged
on German reparations, working under the brilliant chairmanship
under
that settlement. One could almost say that not until 1929,
of Mr.
10
Years
Owen D. Young, with Sir Josiah Stamp acting as one of its most important after the Paris Peace Conference
which wrote the Versailles Treaty, did all
and effective members. It is interesting to note that the American
visit the statesmen of the creditor governments fully realize that one could collect
of our guest of honor to-day, Sir Josiah Stamp, coincides with
a final step war damages only with the consent of the debtor nation; and Germany in
being taken in settlement of the German reparations question,
with which turn realized that she had incurred a just debt which. with all internal super•
Sir Josiah has had much to do. That step is the mobilizatio
n and sale vision removed and her full liberty of action restored, she was desirous of
(In the form of a direct German Government bond), upon
all the leading voluntarily assuming and discharging.
investment markets of the world, of certain of the
German annuity payments. That is to say, this step is the first outward
Another Helpful Settlement.
and visible sign that
from now on the German payments are no longer in the
Another recommendation which the Young Committee experts made and
political class but
are in the process of being commercialized; are taking
their proper place in which has been finally carried out through the actions of the Governments
the great mass of commercial transactions moving
about the world of affairs. at the second Hague Conference was the settlement of all the enormously
confused questions of the so-called Eastern Reparations, that is to say, the
Taking Reparations Out of Politics.
Reparations to be paid by the Succession States. Here was a whole mass of
It is natural and proper that the question of German
reparations should obligations that were known to be mostly uncollectible; and yet the mere
be transferred for all time from politics to
commerce. In fact, that was one thought of their legal existence hung like a cloud over all Eastern Europe.
of the main objectives of the experts' conference
which sat for four low; That cloud has now been dispelled. Austria,for instance, has been relieved
months at Paris last year. The experts at that
conference got away com- of all further Reparations burdens; the charges which Hungary must meet
pletely from the idea of assessing upon Germany
anything in the nature of are deemed most reasonable, and the so-called Optants' question has repunitive damages for Germany's part in the War.
On the contrary, those ceived just settlement. The conflicting problems arising in the re-distribuexperts, under Mr. Young's leadership, sought to
make a fair and final tion of Austria's pre-war indebtedness, all those problems that were causing
assessment of the European costs of the Great War.
They sought to ar- Ill feeling as among the States of Poland, Czecho-Slovakia, Austria, Hunrange, so far as lay within their power, an equitable
and final readjustment gary, Roumania, Jugo-Slavia and Italy have been settled.
of the financial burdens of the War as among
France, Germany, Great
A great many stones have been thrown at the second Hague Conference.
Britain, Italy, Belgium and so on. To this end
they naturally took into but considering the complexity of the various problems with which it had
account the important question of comparativ
e debt and taxation burdens to deal, the conflicting interests, political and economic, among fifteen or
among these countries. To those critics who
wonder whether the experts twenty different States represented at the Hague, the degree of justice
did not lay an undue burden upon Germany,
I beg to point out that the which characterized the final plan of settlement is quite extraordinary.
public debt of Great Britain to-day is approximat
ely equivalent to 37 Independent experts, it is true, made the frame-work of all these settlebillion dollars; that of Prance to 135i billion
dollars. that of Germany ments, and without their skill and patience such settlements could not
(including all its reparation payments) under 11 billion
dollars. Assuming have been devised. But upon the politicians was laid the responsibility
for purposes of calculation that all Germany's
annuity payments could be of having the settlements adopted by their various Parliaments. And I
paid in a capital lump sum to-day to the creditor
s, even then think it is only fair to say a good word for the work of the politicians or
Great Britain's debt would be reduced only from government
37 to 35 billion dollars; statemen in carrying through their Parliaments these difficult solutions.
France's from 133.6 to 9 billion.
I mention these figures to give point to our belief
Economic Peace in Europe.
that Germany's liability
as now finally determined is not unduly burdensome
It is because of the interest being shown in these questions by many
upon her. To be sure
her public debt will be external and that of the
other countries that I have Americans today that in my introduction to Sir Josiah I have ventured
mentioned largely internal. In that way and to
that extent the other briefly to touch upon them. But what (with the permission of Mr. Young
countries are certainly in more advantageous
position; because with them who is a guest here today) I would wish most to emphasize in the work of
the question of exchange transfer is of much
lesser importance. Even so, the Young Committee is that it was designed to bring final settlement to
however, with normal conditions restored,
Germany should encounter no the whole problem of German reparations which for so many years followvery serious dificulty in meeting this newly
ing the war kept all Europe in a state of unrest, and had unhappy economic
arranged public debt.
repercussions even as far as America. Now at last the statesmen of Europe
Savings for Germany Under New Plan.
are justified in saying that strife, be it in the Ruhr or elsewhere, is ended;
As bearing upon this point I may recall
to you that Germany's payments that the world may now look forward to an orderly and tranquil carrying
to the creditor powers for the
last year of the Dawes Plan were approxi- out of the last of the great post-war operations for reconstruction.
mately $590,00,000.
Under the first year of the Young Plan,
The growth of mutual confidence in Europe since the first of those
now officially designated as the New Plan,
reconstructive efforts was undertaken in 1923 (namely, the rehabilitation
Germany's payments
mately $400.000,000, being one-third less. The saving drop to approxi- of Austria), has been slow, but
it has been sure. But the Stresemanns.
to Germany under
the first ten years of the
New Plan, as contrasted with the Dawes
Plan, the Briands, the Chamberlains and MacDonalds—they have always known
is very great,in present value something
like a billion dollars. The German that the Locarno Treaty, the Kellogg Pact, the draft treaties of mutual
budget will receive average relief in
assistance could never be deemed fully workable so long as there remained
the next three years of 750,000,00
0
marks per annum, and in five years
an aggregate of 3,400,000,000 marks. grave danger of economic disorder in Europe. That danger, through the
beneficent mechanisms of the Dawes and Young Plans, supplemented by
Certain Charges Unfounded.
further important measures taken at the Hague and Baden Baden ConA few months ago a congressman at Washingto
n made two serious charges ferences, has been ended. It is for that reason that American bankers.
against a friendly State, namely the German
Government. Ile charged following the precedent which they had set for themselves in the previous
first that Germany had gone beoynd the
law in accepting the obligations operations for European reconstruction since the war, have taken the lead
under the New Plan; and second that the late
Herr Stresemann, one of the In this last step— which at the same time is the initial operation for the
most enlightened of modern statesmen, whose
untineiy death France and commercialization of reparations, under the mechanism set up by the
the other creditor nations are still deploring,
had declared that Germany Young Plan.
would not fulfill her obligations
under the New Plan. No more unfounded
Final Step in Reconstruction.
or unjust accusations than
these directed against a friendly people could well
Just as the American investment public showed its wisdom five and a
be imagined. On the contrary,
Germany has been most scrupulous in half years ago
in materially assisting, through the Dawes Plan loan, to
seeing to it that every step of
her procedure of acceptance should conform to put Germany upon
the law. First there
its feet, so now they are showing their readiness to
was held a national referendum, initiated by a
cooperate
small
in
the
new German loan; believing that their action will be
group opposed to the acceptance
of the New Plan. This was overwhelm- another step
in reaffirming Germany's credit; in the assistance given to
ingly defeated; only about
11% or 12% of the people voting for this measure. America's
foreign trade; in making concrete and effective the Locarno
Next the Reichstag by a
large majority, after long and thorough debate, treaties;
but most of all in the final liquidation of the war and in building
voted decisively to adopt
the Plan. Finally President Hindenburg,some- firm foundation
for the new epoch of economic and political peace in Europe
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOM
E.
Friday Night, June 6 1930.
It is still a fact that trade is on only a fair scale in
this
country. With the recent rise in temperatures,
with 90
degrees day after day in New York, 96 degrees
in Boston
and more seasonable temperatures in the West
and South,
there has been some increase in the retail trade.
The low
temperatures in the latter part of May,it is well
known,hurt
trade, especially in all retail lines. Of late the
high temperatures have stimulated business in light-weight
clothing.
There has also been some increase in the demand
in wholesale and jobbing lines. Nowhere is there any
activity.
The slowness of some of the big industries in May continue
s
month
the
of June. This is plainly noticeable in iron
in
and steel, in the automobile business, in lumber output and
in cotton manufacturing all over the country. Steel scrap
has
- advanced, but there-is no C
oubt
that
áiitiii1iile
industry's buying of steel is disappointingly small. New
prices
have been made for sugar, rubber, silk
low record
and silver. The decline in silver is still one of the outstanding features of business throughout the world. It of course
lessens the buying power of 400,000,000 people in China, to
go no further, and therefore it is more &Moult to sell goods
to China. In Japan some people seem to be hopeful that
the decline in silver will culminate before long, now that the
Mexican mines have been closed. In this country the
great desideratum is seasonable weather. It has been long
delayed. And a good deal of water has gone over the dam.
In other words, a good deal of trade no doubt has been lost.
But if summer temperatures which have latterly prevailed
continue, no doubt they will make for better business in a
good many lines. The export trade in wheat later in the
year may increase noticeably as the estimates of the European crops are smaller. Italy and France have suffered
from adverse weather conditions and their wheat crops
may be noticeably smaller than those of last year. The
American winter wheat crop may be somewhat smaller
than that of 1929 and the Canadian 125,000,000 bushels
larger, while the East Indian, according to smile estimates,
may be 50,000,000 bushels larger. But of late the weather
has been unfavorable for the spring wheat Prop of this
country and Canada. They need more rain. Meanwhile,
Argentina has only 37,000,000 bushels of the old wheat crop
left for export. Foreign buying of American wheat, how-
3950
FINANCIAL CHRONICLE
ever, is still small. Chinese exchange dropped to a new
low record at one time, but rallied sharply in the middle of
the week with a noticeable advance in silver metal.
Collections, it is said, are somewhat better. Car loadings are a trifle larger than in the previous week, but very
much smaller than those of last year. In fact they are the
smallest since 1924 and 83/2% smaller than in the same week
last year. The smallness of the traffic indeed has caused
two railroads, the Baltimore & Ohio and the Atchison, to
reduce time and forces.
Raw silk has declined. Recently selling has been on an
unprecedentedly large scale in the Japanese markets at falling prices, but the Tokio Stock Exchange was active and
stronger to-day and some there predict better times in the
silk trade and higher prices for silver as the Mexican mines
have been closed. Iron and steel have been quiet, but according to some reports prices for finished steel have been
steadier and heavy melting steel advanced 50 cents a ton the
first rise since February. The tendency to reduce production of steel however is expected to continue for a time,
possibly for a couple of months partly because the demand
from automobile companies is small. The May output of
pig iron fell off 13
4% and 143' % as compared with May last
year. But it is noticed that while the total output in May
was the smallest for that month in five years it was only
50,100 tons below the total for May 1928.
Wheat made only a small net decline despite continued
dullness of export trade for the reports from the spring wheat
belt of the Northwest and Canada have not been altogether
favorable owing to the absence of sufficient rain. The average winter wheat crop from private sources was 544,000,000
bushels or 34,000,000 smaller than that of 1929 though about
20,000,000 higher than the government estimate of last
month. But as already intimated, unfavorable crop reports have come from Europe and on the whole the outlook
for the North American spring wheat crop has been unfavorable. Corn advanced about 13e. though weather
conditions have been in the main favorable but on the other
hand the country offerings have been rather small current
price is considered cheap and professional traders persistently
oversell the market. Oats were well sustained without any
trading on any conspicuous scale. The crop is estimated by
private sources at 1,339,000,000 bushels; May ended at the
low6st price of the season. The oats belt has needed rain and
some of the crop news has not been favorable. Rye declined
moderately in company with wheat. Rye is called cheap,
but the trouble is that cheap or not it is above an export
basis. Provisions have declined slightly. Sugar futures are
s shade higher owing to a better demand for prompt raws
which has lifted the price to 13,c. c. & f. despite what looks
like steady selling by Cuban interests. Coffee has advanced
slightly in futures though spot coffee has been dull and
lower. Brazil seems disposed to sell and prices are lower
than when the loan of $100,000,000 was granted. The conditions imposed on Brazil were stringent and they mean it
seems a decided modification of the "defense" campaign.
But there is evidently a firmer undertone, partly traceable
to the growing belief that factors inimical to the price have
been discounted and also to the tendency to oversell the
market. Rubber was hard hit by increased Malayan shipments, a reduction in the price of tires and declining foreign
markets and new low prices have been reached. The rubber
market emphasizes anew the futility of fighting the law of
supply and demand. And now three tire and rubber companies on the 5th inst. announced what are said to be the
lowest prices for tires in the history of the business.
3 c. owing partly to better
Cotton declined some M to 4
and more cheering prospects for the coming crop and partly
to liquidation of July and partly dulness of trade. Textiles
show no improvement and the actual cotton is hard to
sell. Manchester is depressed and Worth Street not far
from a similar condition. Talk is beginning to be heard to
the effect that still greater curtailment of the cotton goods
output is necessary if prices are not to sink to a lower level.
As it is, 383' -inch 64x60s print cloths are dull at 5'8c.
Wool has been quiet and steady after the successful recent
London auction sales and the firmness at the Brisbane sale,
which ended on the 5th inst. All non-ferrous metals have
been dull. Copper sales for export in May were nearly
110,000 tons. Tin and antimony were lower.
The stock market on the 3d inst. was lower with sales of
only 1,710,000 shares. The New York Stock Exchange reported a decrease of $315,299,447 in member borrowings
between April 30 and May 29, compared with a gain the
[VOL. 130.
previous month of $406,829,020. Stocks that declined
noticeably on the 3d inst. included U. S. Steel common,
Radio, Westinghouse Electric, General Electric, American
Can, Air Reduction, Continental Baking A,Johns-Manville,
Worthington Pump and American Tobacco. Only about
half a dozen active stocks resisted the downward current
and made some advance. Silver again declined and this
was not disregarded on the Stock Exchange. Shanghai
taels declined 3e. and the Hong Kong dollar 1%e. Stocks
on the 5th inst were very generally lower. The more active
issues were down 1 to 5 points. They included J. I. Case,
Worthington Pump and Auburn Auto. There was a moderate rally in the later trading. Sales rose to nearly 2,400,000 shares. Bank stocks rallied in good style. But liquidation was in the main the order of the day. Trade does not
increase much. The outlook for copper seems a bit dubious.
Steel and iron are for the most part quiet, perhaps rather
more so than is to be expected at this time. Money is
cheap, but this seems to be largely because trade does not
need it. Brokers' loans increased $79,000,000, or nearly
$95,000,000 in three weeks. There was a cut in bill rates
of one-eighth of 1%, or %% in two days.
To-day stocks declined 1 to 5 points in a listless
mar173riTe
sales approximating 2,150,000 shares. Cotton was lower,
copper dull and some copper companies are cutting dividends.
General wholesale trade unsatisfactory, and money accordingly is still cheap. The call rate was still 3% and outside it
was 23/2. One perfumery concern, the Coty, has just passed
its dividend and the stock fell 13
4 to a new low of 21%. In
its way this incident is somewhat significant. Dull times
usually press more or less severely on luxuries. To some
extent they are a trade barometer. As regards active stocks,
U. S. Steel and General Electric yielded and rather more
conspicuous declines took place in Columbia Graphophone,
Allied Chemical, American Can, Rolling Mills, American
Tobacco, Diamond Fibre, Houdaille, Hershey Lambert,
McKeesport Tinplate, Peoples Gas, United Carbon, Industrial Alcohol, Johns Manville and Westinghouse. Few
were the stocks that resisted the downward trehd. Bonds
were quiet as regards railroad issues and some were a little
lower, while others were firm or advanced a trifle. Liberty
bonds were the feature. They advanced to new high prices.
First Liberty and Fourth Liberty 43s reached the new highs
for 1930 and Treasury 4s and 3NA advanced noticeably although trading was small.
Fall River, Mass., still reports trade very light. In fact,
there are no signs of improvement at any of the big cotton
manufacturing centres either in New England or at the
South. Bradford, England, cabled that a majority of
803% of workers in the woolen textile mills there are in
favor of continuing their wage dispute with the operators,
a ballot revealed, but a few days later the strike ended,
many thousands returning to work. London cabled that
general conditions in Manchester cloth markets were unimproved and while aggregate business showed a slight
increase, India and China markets were practically
idle.
Detroit advices say that for 10 successive weeks output of
automobiles and trucks showed virtuallY no change from
the 100,000 mark, with trend slightly upward. The Ford
Motor Co. announced reductions in prices of Ford cars and
trucks ranging from $5 to $25. F. W. Woolworth Co.'s
sales in May aggregated $25,309,730, a decrease of 11.43%
from the total of $28,576,753 in May last year. Commenting on this drop, H. T. Parson, President, said May sales
last year were abnormal because of the celebration in that
month of the 50th anniversary of the company. The sales
in May 1929 were 24.27% higher than in May 1928, but
extra selling costs more than absorbed the merchandise
profit on the sales.
On the 3d inst. the temperature here suddenly ran up to
87 by 5 p. m. Overnight Boston had 56 to 92, Chicago
64 to 88, Cincinnati 56 to 88, Detroit 64 to 86, Kansas City
58 to 86, Los Angeles 56 to 70, Milwaukee 64 to 86, St.
Paul 58 to 80, Montreal 60 to 84, New York 62 to 87,
Omaha 66 to 84, Philadelphia 64 to 90, Portland, Me.,
54 to 90, Portland, Ore., 48 to 58, San Francisco 56 to 68,
Seattle 46 to 60, St. Louis 62 to 88, Winnipeg 42 to 60.
While on the 4th inst. it was 90 degrees here and a number
of persons were killed or prostrated, it was wintry cold at
Conneaut Lake Park, Pa., a Lake Erie resort. Snow fell
there early in the morning for the second time in a week,
but even there the mercury by noon was up to 74. On the
4th inst. the hot wave continued here with maximum tern-
f
JUNE 7 1930.]
FINANCIAL CHRONICLE
peratures 90 and the minimum 66. It was 68 to 94 at
Boston, 68 to 88 at Chicago, 60 to 88 at Cincinnati, 70 to
88 at Cleveland,66 to 86 at Detroit,68 to 86 at Kansas City,
5'6 to 76 at Los Angeles, 78 to 80 at Miami, 68 to 86 at
Milwaukee, 64 to 74 at Minneapolis, 62 to 84 at Montreal,
64 to 92 at Philadelphia, 68 to 92 at Portland, Me., 52
to
66 at San Francisco and Portland, Ore., 48 to 66 at Seattle,
68 to 88 at St. Louis, and 42 to 70 at Winnipeg. On
the
5th inst. maximum temperature here was still 90. To-da
y
it fell to 85 in the afternoon and the forecsat is for
showers
and cooler to-morrow. At Albany it was 68
to 96, at
Atlantic City 62 to 98, Baltimore 70 to 94,
Boston 68 to
96, Montreal 66 to 90, Philadelphia 70 to 90,
Chicago 54 to
84, Cincinnati 66 to 86, Milwaukee 50 to 74,
Kansas City
54 to , St. Paul 52 to 74.
3951
needed thorough overhauling, is shorn of its excess fat, and
trained down
once more to fine competitive form. This country is passing
through that
process at the present time, and once the process is completed
will be on
a vastly sounder basis than a year ago.
The Joint Responsibility of dll Classes.
Precisely how long this period of readjustment and reorganization
will
take in any given instance depends a great deal on how much
resistance is
acoorded to the forces working to reestablish an equilibrium.
Since all
business in the last analysis consists of an exchange of products and services,
it follows that any group seeking special advantages for itself in
defiance
of economic law by holding out against the trend constitutes a disturbing
element which tends to retard the recovery of business as a
whole. The
demonstration has been made repeatedly that efforts of this sort
fail of
their purpose, usually with magnified losses to all concerned, yet such
is the
reluctance of mankind to be guided by experience that there are always
some ready to make the attempt anew.
Nowhere is this realization of the joint responsibility for maintaining
stability in industry more imperative than in the relations between Labor
and Capital. There is an obligation upon both to have regard for the
public welfare and to work in good faith and willing cooperation to secure
largest and best results. Moreover, this policy involves no sacrifice
the
tional City Bank of New York Points
Out That Wit
to either party. Labor has a larger interest in actual wages than in nominal
Extent of Overproduction Last Year
and Unprece- wage rates, and wages are far more dependqnt upon fundamental conditions
dented Scale of Speculation, Slow
an upon the efforts of the unions. The rise of the standard of living
Recovery Is to
ways has been dependent upon the increasing efficiency of the industrial
Be Expected—Warns Against Pessimism.
organization as a whole.
Commenting on the fact that general business
Situation in the Building Industry.
continued
unsatisfactory in May, the National City Bank
It is usually recognized that fluctuations in the construction industry
of New York,
In its June ,bulletin points out that
are a vital factor in determining the activity of business in general. And
"considering the extent the activity of building, in turn, is conditioned
quite largely on coats,
of overproduction in some important
lines, the unprecedented in which labor is the predominant element. During the years immediately
scale of stock speculation, and the degree
following
war
the
building
industry
the
was
pressure of a heavy
under
of disorganization
accumulated demand, and wages in the building trades rose steadily above
resulting from these extravagances, it is
not surprising that the war time peak. While in recent years builders have had the advantage
recovery should be slow." According to
the bank the thing of some decline in the cost of building materials, wages have continued to
"to be guarded against at the present
of building wages comtime is an excess of be pushed up and in 1929, according to the index
puted by the Federal Reserve Bank of New York, averaged 237% of the
pessimism, just as an excess of optimism
was the basis of 1913 level.
danger a year ago." The bank thus
Due principally to this high level of wages and to the many restrictions
discusses general business conditions.
imposed by the unions which have prevented offsetting economies, building
costs have been maintained at levels which not only act as a brake upon
The condition of general business
has continued unsatisfactory
new construction but are responsible for the enormous increase in rents
May, and business men who have
been hoping for signs of a definite during which bears so heavily upon the population of our cities, including the
the situation have had to reconcile
turn in
themselves to further waiting.
indeed, has shown a progressive increase
Business, wage earners themselves. Could it be done economically, there is an
in activity as compared with
early months of the year, but this
the enormous potential field for building in the eradication of the slums of
has to be viewed in the light
our great cities, and appeals are constantly made to builders and lenders
normal seasonal tendency which is
always upward during the spring. of the of capital to become interested in "model housing" projects which would
When
allowance has been made for this seasonal
factor it is not clear that
in the way of general business
much provide modern, hygienic and attractive homes within reach of people of
improvement can yet be claimed.
limited means. There is no question as to the desirability of such building,
All of which is in accord with experience
that
it
requires time for indus- both from the social point of view and for its effects on business, but
try to rid itself of unsound
conditions which invariably creep
in during unfortunately, with building costs what they are to-day, such projects cannot
periods of extended prosperity. That
the pace of business and
be made to pay. Under such circumstances must Capital alone assume
last year was excessive is now clear
to everyone. Considering speculation
responsibility? Is it not a fair question to ask what Labor has to contribute,
the
of overproduction in some important
extent
lines, the
speculation, and the degree of disorganization unpteeedented scale of stock particularly in view of the fact that it is the wage earning class that stands
resulting from these extrava- to benefit most from such construction?
gances, it is not surprising that recovery
should be slow.
Furthermore, it is to be considered that this upward trend of wages in
The thing, however, to be guarded
against at the present time is
an the building industry has been maintained in the face of a high degree of
excess of pessimism, just as an excess of
optimism was the basis of
unemployment among building trades workers. According to a recent report
a year ago. Last year a great many
people could see no limit to thedanger
possi- of the American Federation of Labor, 40% of the membership of Its
bilities for expansion; now, some of these
same people seem to have
lost affiliated building trades unions were out of work on April 1 this year; a
all confidence in the country's capacity
for recovery. Undoubtedly
the year ago the figure was 29% and two years ago 32%. Following is a
one viewpoint is as unwarranted as the other.
It is true that the situation table oomparing these figures with those for other trades and for the entire
is not without serious complications,
including the world-wide scope of
the Federation membership, which indicates the building trades unemployment
reaction, the fall in commodity prices and accumulation
of
materials. We do not wish to minimize these difficulties, stocks of raw to have been consistently above the average.
but we are impressed with the recuperative powers of the country
UNEMPLOYMENT IN THE UNITED STATES.
as demonstrated repeatedly in the past.
Per cent of union members unemployed.
So long as prices are falling it is natural
Apra 1929:3: E7 Aprf1161928.
April 1930.
for buyers to hold off, both All trades
12
20
because of lack of confidence engendered by the fall and
32
29
because
Building
trades
40
of
a desire
to buy at the lowest possible levels.
12
5
19
During this period of suspended Metal trades
5
activity stocks pile up in the hands of
4
Printing
trades
6
producers or primary distributors,
_12
other trades
where they acquire an exaggerated significance
by reason of their being in All
and
off,
fall
to
began
country
this
business
in
the show window of "visible supplies."
Summer
last
early
as
As
Once, however, prices are believed
to have touched bottom, and buyers who
market break of last October has been on a distinctly
have been holding off come in to ever since the stock
replenish their depleted stocks, it is often surprising
subnormal basis. Experience has shown that this is a long period for busihow quickly the bugaboo
down without at least the commencement of the
of excessive stocks is dissipated. Only
recently we have seen how this ness in this country to be
works in the case of copper. With the cut in
up-trend.
the price of the metal to
1214 cents, orders placed during May were
It will be seen upon examination of the records that at no time during
the largest for any month in the
years (with the possible exception of 1914 when the war
history of the industry. While the stocks continue large,
the situation in the the past thirty business, commencing depression in one year, failed to at
copper industry has been materially improved by this
broke out) has
breaking of the deadlock between producers and consumers.
least begin recovery before the close of the following year. In some cases
this upturn was more marked than in others. Generally, however, by some
Periods of Recession Inevitable.
time in the second year following, business had regained full normal activity,
It is a common saying that such and such a person
could not stand pros- while the third year usually marked the peak of the cycle once more.
perity, and experience has shown that the business
It is true that going back of 1900 reveals several instances of more procommunity cannot
stand prosperity indefinitely. Such periods induce heavy
depressions notably the years following the panics of 1873
investments of tracted business
capital for increasing production, and the industrial
and 1893, and the years 1884 and 1885. It should be remembered, however,
always maintained. Management, lulled to a false sense equilibrium is not that the business of the country was far less diversified at that time and
of security by easy
profits, tends to relax that constant vigilance over costs
which is the price lacked the recuperative power demonstrated in more recent years. Moreof economical operation, permitting carelessness,
extravagance and neglect over, these former times were marked by constant agitation over the money
of sound business principles to undermine efficiency. Costs
and prices rise, question, which tended to shake business confidence and delay recovery. This
speculation develops, and the business situation becomes
1896 when alarm over the silver question led to an
honeycombed with was particularly true in
weak spots which give way under strain.
outflow of funds from this country, with consequent heavy loss of gold and
It is characteristic of good times that a great body of
market
at a time when business was just struggling
money
indebtedness is tightening of the
created to be paid in the future. The expenditure of these
back to normal.
capital
sums
is one of the features of the good times, but if the investments
Above all, business has in its favor at the present time one of the most
prove unprofitable or not promptly remunerative this price of
recovery—easy money. That the conexpenditures cannot important influences predisposing to
maintained,
and reaction follows. It is an old saying
be
dition of credit is among the principal influences affecting business Is
that
into debt in good times and pay their debts under pressure of badpeople go generally recognized. With the money factor an favorable as now, and with
times.
depressions so suggestive of the country's ability to regain
As a result of such condition, industry loses the fine
adjustment of the record of pastseems reason for confidence
that business will soon begin
relationship which we have seen to be the condition of prosperity.
A boom its stride, there normal prosperity.
While this tendency may not be very
period commits errors which have to be corrected and paid for, and
the climb back to
the
period of recession which follows is a period of readjustment and reorgan- marked during the summer months it ought to be apparent during the fall,
ization. The whole industrial organization slows down to recover its normal assuming normal agricultural yields.
equilibrium. Business men go through their shops with a keen eye to
reducing costs. Uneconomical methods and loose practices that have grown up
Ohio Savings Bank & Trust Company of Toledo Sees
during the tolerant times of prosperity are thrown out. Surplus personnel
Ground Work for Business Recovery.
is dispensed with and waste motion eliminated wherever possible. Management and technical staffs redouble their efforts to find ways of producing
In its June "Review" surveying business conditions the
the same or better product more cheaply. Business, in short, undergoes a Ohio Savings Bank & Trust Company of
Toledo, Ohio, says:
3952
FINANCIAL CHRONICLE
[VoL. 130.
and public utilities exceeded last year, but residential building lagged
behind. The comparative figures for contract; awarded during these
periods were: Non-residential building this year $923,000,000 against
$996,000,000 last year; public works and public utilities $550,000,000
against $447,000,000 last year; residential building $460,000,000 against
$867,000,000 last year.
Total building contracts for all classes this year to May 23 were
$1,934,000,000 as against $2,310,000,000 for 1929 and $2,679,000,000
for 1928. (The building contract figures are from F. W. Dodge Corp.)
Awards for concrete pavement for April totaled 18,570,000 square yards
against 16,654,000 square yards in April 1929.
A report on the status of public building projects of the Federal Government outside the District of Columbia as of May 1 indicates contracts
let for 121 buildings; at specifications stage for 34 buildings; at drawings
stage for 45 buildings; sites acquired but drawing stage not reached, 32;
other projects authorized and contemplated in various stages, 95.
On highway construction contracts reports from the Governors of 35
States to Secretary of Commerce Larnont, covering almost 75% of the
country, show contracts awarded during the first quarter of a value of
$114,000,000 against $51,000,000 for corresponding period of last year.
April permits for additions, alterations and repairs in 292 cities show
Chairman Barnes of National Business Survey Conferover
ence Finds Industry Carrying Out Construction 5% increase in value for April over March, and March was 48%
February.
Work Planned in December—Continued Ease in
Reports on shipments of building materials for April show that on sand,
Credit Market Noted—Improved Retail Trade— stone, and gravel, and structural steel there were sharp increases over
March
of this year but somewhat under April of a year ago. Cement
World Business Conditions Reviewed.
shows a sharp increase in April over March of this year and was larger
On June 2 Julius H. Barnes, as Chairman of the National than April a year ago.
The plate glass industry is operating at about 70% of capacity. Stocks
Business Survey Conference, made public the results of a
held by distributors are reported as low. Window glass sales for May are
business conditions survey just completed. Mr. Barnes reported
at 10% below last May.
Paint and varnish raw materials are selling in apparently normal volume.
tated that the summary of reports obtained by the Business
Lumber production continues to run below last year's similar period.
Survey Conference on important lines of business and indusStocks continue to increase. Production of lumber for the first 20 weeks
try suggests certain significant phases:
in 1930 as compared with the similar period in 1929 showed a decrease
First, that large American industry continues to carry out the con- of 11%. Shipments for the same period show a decline of 18%, and
truction programs forecast last December.
new orders a decline of 20%.
Second, continued large capital improvements supported by large-scale
The average price index for building materials indicate no change in
financing evidence a confidence in enlarged future earning power and May as compared with April, except a decline of about 1% in lumber.
preparation for it.
Railroads.—Class I railroads for the first quarter of 1930 show capital
Third, in America and in Europe there are evidences of increasing reser- expenditures of $224,000,000, compared with $127,000,000 in the first
voirs of accumulated credit with consequent decreases in interest rates, quarter of 1929.
and resulting benefits for production and distribution.
On May 1 railroads have on order 33,723 new freight cars, against 44,429
Among other things, the Survey states that "the short- in 1929, but had placed in service during the first four months 34,725 new
cars compared with 15,927 in 1929. Locomotives on order on
time credit market shows continued ease"; that for the freight
May 1 were 362, compared with 346 on May 1 1929, while in the first
first time in any month this year capital issues exceeded four months 283 new locomotives were placed in service as compared with
those for the corresponding month last year; that retail 166 for the similar period of 1929.
Carloadings for the first 19 weeks of 1930 showed a decrease of about 8%
conditions show substantial improvement; that non-resi- below
1929, an dabout 4% below 1928.
dential building was nearly up to last year's volume; that
Total employees on Mar. 15 on Class I railroads were 1,547,000 against
expenditures this year, on account of public works and 1,504,000 on Feb. 15, and against 1,628,000 last year.
Electric Railways.—The total number of passengers carried showed a
public utilities, exceeded last year, but that residential decrease of about 7% for April under April 1929, but an increase of about
building lagged behind. There is also included a review of 1% over April 1928. The construction and maintenance program is reported
forecast of last December.
world business conditions in which it is stated that "de- as going forward in accordance with the
Shipping.—Etnployment in shipyards continues to expand. Shipyards are
pression continues in many world markets with few bright receiving contracts for important new ocean construction following recent
ocean mail awards.
spots." The survey, in full, follows:
Telegraph and Cable.—Telegraph business continues approximately at
Short-Terra Credit.—The short-time credit market shows continued ease.
Cable business generally was
Two Federal Reserve Banks further reduced discount ratet in May. Cus- the comparative volume of earlier months.
in South American cable business.
tomer rates at commercial banks in important centers now appear to be lower, but there has been an increase
were less than in 1929,
April
installations
in
Telephone.—New telephone
about the same as two years ago, and there is evidence of moderate lowerthis year. April long-distance teleing of rates by about /
1
2% to 1% in the group of least favorably situated but showed the largest month's gain
1929 by about 10%. Capital expenditures
interior cities. Member bank borrowings from the Federal Reserve are phone messages exceeded April
continue in line with projected programs providing substantially larger
negligible.
than in 1929.
Long-Term Credit—For the first time capital issues during a month of outlays for plant and equipment
Postal Receipts.—Postal receipts at 50 selected large poet offices in
1930 exceeded those for the corresponding month last year, the April 1930
March, and the highest monthly figure
over
increase
flotations being 15% greater than those for April 1929. For the first April showed a slight
slightly over April of last year.
four months the volume of new capital obtained by domestic producing this year, and were also
Electric Power and Gas.—The latest advices indicate that the construcand distributing corporations totaled $2,100,000,000, and, in addition,
contemplated last December will probably be exceeded in
borrowings by public authorities were $460,000,000, as compared with tion program
1930. The output of electric power for the first quarter exceeds 1929
$339,000,000 for the corresponding period last year.
manufactured gas in April exceeds last April by
Mortgage agencies‘indicate loans are being made on a conservative by about 3%. Sale of
about 2%.
basis and at gradually decreasing rates for first class loans, but investors
Gasoline.--The conservation movement continues to gain. Refining
continue to show a tendency to confine loans to building projects for
operations are not adding to accumulated stocks, while there is evidence of
which there is a demonstrated economic need.
consumption of refined products for this year.
Reports from 32 life insurance companies carrying about four-fifths of marked increase in
Coat—Production of bituminous coal in recent weeks continues approxithe total assets of legal reserve life insurance companies and about fourbelow
fifths of the total mortgage loans of life insurance companies indicate mately the same as the corresponding weeks of 1928, but about 8%
tons during
that on April 30 such total loans were $5,885,000,000, against $5,791,- 1929. Stocks of coal in consumers' hands decreased 7,200,000
the first quarter. Production and shipments of anthracite during April
000,000 on Dec. 31 last.
Building and Loan Assockaions.—There is continued improvement in the were somewhat in excess of March, but are below the level of last year.
Metals.—The second price reduction of copper in May stimulated foreign
financial situation of building and loan associations. Withdrawals are
generally reported now to be normal, and associations in nearly all sections and domestic buying, resulting in large sales from accumulated stocks and
demand
funds
exceed
which
available
the
some
in
stiffening in price.
have ample funds. Instances
prices.ead and zinc show little change in volume of business, in stocks, or in
for satisfactory loans are increasing in number.
Savings.—The usual seasonal April decrease is lees than in the corre- prices.
Iron and Steel Industries.—Pfg iron production for the first four months
sponding month last year. Generally, there is little change in savings
of 1930 was about 14% under 1929, and approximately the same as in
totals as a whole.
about
1928. Steel ingot production for April has only been exceeded in 1929
Life Insurance.—New life insurance purchased during April was
6% greater than the amount purchased during April of last year. Total and 1928. Automobile demand runs about 25% under last April. Line
insurance
pipe demand is heavy and first half of May orders for plates have caused
group
industrial,
and
ordinary,
covering
companies
sales by 44
plate mills to operate close to 90%. Steel prices have declined moderately.
totaled in April nearly $1,200,000,000.
Fire Insurance.—Reports from the more important fire insurance com- Indices show employment in April about 5% under 1929, and larger than
was 1928, but smaller payroll totals than 1928.
panies indicate that the income through premiums for April 1930
months of 1929, while fire
Automobiles.—April motor vehicle production of 467,000 units exceeds
about 9% lower than for the corresponding
the all previous Aprils except 1929. Dealers' stocks of both new and used
fire
in
Losses
by
approximately
18%.
losses showed an increase of
with
$43,000,000
compared
total
of
a
reached
cars are reported below normal for this time of year. Foreign sales in
United States for April
March were 71,000 cars, but in the first quarter of 1930 foreign shipments
$37,000,000 reported through the same sources for April 1929.
debits for cities outside of New declined 46% below the first quarter of 1929.
Bank Debits.—The figures for bank
Payroll indictee of automobile manufacturers indicate April 4% over
part of 1928 is being maintained,
York indicate that the level of the first
under the level for the corresponding March.
this level being approximately 10%
and
Tire3
250odpruetioninA
arpyril of 4,494,910 increased about 15% over March
part of 1929.
over February.
finance
paper
handled
by
installment
of
volume
Installment Finance.—The
Tire price index was slightly lower than in March. Payroll index for
March, but moderately less
companies in April was somewhat more than in
Delinquencies and repos- April was about 9% over March.
year.
last
of
month
corresponding
than in the
Reports indicate automobile parts and accessories continue active.
months immediately preceding.
sessions are declining as compared with the
Machinery.—The general level of machinery sales has shown little change
this year,
The Construction Industries—For the period ending May 23
works for two months. April machine tool orders increased slightly over the
non-residential building was nearly up to last year's volume; public
Business during the first five months of 1930 has failed to make the
mprovement expected by many early in the year. At the same time the
extreme ease of credit and indications that the consumption of goods has
not fallen so rapidly as production in certain important lines, are factors
laying the groundwork for later recovery. Meanwhile, compared with
1929, most lines are substantially behind in activity, but the comparison
with other preceding years is more favorable. Out-of-door employment,
including building,road work and agricultural activities has helped to relieve
the unemployment situation.
In the industrial situation, one of the outstanding characteristics has
been the pronounced weakness of commodity prices. This has been
particularly notable for steel and copper. Prices of some important steel
products have fallen to the lowest level since 1915. Copper, which was
held at the level of 18 cents a pound for many months, was cut to 12)4
cents. It Is significant that this low price stimulated a large amount of
purchases with a resulting small rebound in the quotation.
Low commodity prices, reduced outputs and easy credit have in the past
always been forerunners of renewed activities following an industrial
recession.
is
JUNE 71930.]
FINANCIAL CHRONICLE
3953
level of February and March. Machine tool plants are running with reduced
World Business Conditions.—Depression continues in many world marforces and short hours. Employment indicies show larger forces than in kets, with few bright spots.
Adverse factors include low commodity prices,
1928, but smaller payroll totals than 1928.
import restrictions, political disturbances, and recent unfavorable weather.
Heavy machinery builders are fairly busy. Construction machinery Favorable factors looking toward
business recovery rest primarily on lower
industry so far in May reports slightly lower than in April.
discount rates and increasing reservoirs of credit. For example, the German
Farm Implements.—After having a first quarter in domestic business bank discount rate
is now the lowest since 1914, and French and Belgian
better than last year. the farm implement industry now shows some falling bank rates are also at
their lowest point since pre-war.
off. Exports of farm implements, including tractors, for the first four
In England there is depression in the coal and textile industries, the
months of 1930 totaled $61,000,000, against $49,000,000 in 1929, but for iron and steel
industry is below normal, and the woolen industry is disApril alone exports were less than in April 1929.
organized by labor troubles. April exports were 25% below April 1929.
The April employment index shows more employees than in 1928, but
The decline in British foreign trade has been aggravated by Australian
total payroll about 6% under 1928, and this April shows falling off restrictions and political disturbances
in India.
from March.
In France trade and industry increased somewhat in April, but industrial
Hardware.—For the first four months of 1930 hardware retail sales
were production slowed up slightly in May, although there was no material
3% under the same period of 1929. In April alone the decline from a increase in unemployment.
Among the more important European countries,
year ago was 6%. In May there was a seasonal increase for lawn, garden,
France continues to enjoy probably the best business conditions.
and sporting goods. Road-building increased demand for heavy hardware.
In Germany depression continues, but business in general shows more
There is no improvement in demand for builders' hardware and hand
tools. confidence, partly due to a belief in the increasing stability of comInventories are reported lower now than in 1929. Payrolls of hardware
modity prices.
manufacturers indicate more employees than in 1928, but lower
payroll
Industry in Belgium continues at a low level, principally owing to
total.
restricted foreign markets.
Chemical4.—Sales of fertilizer in cotton-growing States are approxiHolland's trade was maintained during April, but the agricultural industry
mately the same as a year ago. In heavy chemicals some seasonable
items is depressed.
show good demand. Dyestuffs and tan-stuffs are affected by
curtailed
Business in Spain failed to manifest the expected spring activity, and
operations among tanners. Fine chemicals report excellent
business. there was a tendency toward hand-to-mouth buying in most lines.
Wholesale drugs show 1% decline in April under April a year ago.
In Italy underlying conditions improved in April, although unemployEmployment indicies show employees slightly more than 1928, but
payroll ment increased somewhat. Recent unfavorable weather indicates the
total slightly under 1928.
exceptional harvest heretofore expected may not be reealized.
Electrical Manufactures.—Electrical refrigeration is active. Radio
sales
In Czechoslovakia business has not revived as hoped for, but there are
are reported materially below last April. Other electrical equipment is
indications of a slowly improving trend.
generally less active. April exports were 9% under March, but 8%
above
In Austria depression continues in the textile, lumber, and coal
April 1929. Employment and payroll indicies for April were slightly
under industries.
April 1929, and materially larger than April 1928.
In Denmark the industrial situation and the money market are reported
Loather and Leather Products.—Production of footwear for the first
as satisfactory as a year ago, while Danish foreign trade for the first
quarter of the year was about 5% under the first quarter of 1929. Emquarter of 1930 exceeded the previous high record set in 1928.
ployment and payroll indices for April were slightly under April 1929, but
In Norway business activity is slightly below normal.
materially larger than April 1928.
In Sweden business is affected only slightly by the current depression
Printing and Publishing.—Payroll indices in book and job printing plants
foreign markets and by lower commodity prices.
declined 3% in April as compared with March, and show slightly larger of
In Argentiina business continues quiet, with usual seasonal dullness.
than April 1929. Employment and payrolls in newspaper printing for
The rains have improved winter pastures and the prospects for the liveApril are substantially the same as for March and about 2% over April 1929.
stock industry are better. Crop planting continues. The export movement
'Paper and Pulp.—Newsprint demand for April was equal to that of a
grain falls considerably below last year.
of
year ago. Book paper production was at a fairly high rate. Paperboard
In Brazil conditions are somewhat improved in sections. Credit conoperations in April were below last year. Writing paper operations con&ions in the interior are reported somewhat better, with easier collections.
tinue at a high rate. Wrapping paper production was slightly lower
than Stocks in most lines are reported low, and the wholesale demand below
last year. Kraft paper conditions were unsettled. Paper and pulp
industry normal. Retail demand is spotty. The effects of the coffee problem
as a whole was apparently only slightly below 1929. Payroll
were fully maintained in April as against March, and as against Aprilindices continue. Packing-plant activities have been reduced.
1929.
In Mexico business conditions continue quiet, with collections slow. The
Advertising.—Magazine advertising for May indicates an increase
of 6% depression continues in the mining industry.
compared with May of last year. Newspaper advertising lineage for
In Australia general rains have improved the agricultural situation.
was about 4% under last April. Radio advertising in April was about April
41% Improved wool prices have contributed a better tone. Unemployment is
over April 1929. National advertising in leading farm magazines in
May more general, however. Depression continues in the agricultural implewas equal in volume to May of last year as against smaller
volume in ment trade. Smaller imports have been received since the emergency tariff
earlier months of this year.
restrictions became effective on April 4. The chief decreases were in
Testiles.—Cotton industry is curtailing production in an effort at
stabilization. Silk production is decreasing. Wool situation shows some wearing apparel, textiles, automotive products, and iron and steel.
In Canada there is evidence a some improvement in business, attributed
signs of improvement.
largely to seasonal influences. Customs tariff changes made on May 2
For cotton goods the payroll indices in April were approximately
the tended to unsettle import trade. Shipments are chiefly in small quantities,
same as March, 16% under last April, but 8% larger than April 1928.
In silk the payroll indices for April show 5% less than March, 14% less merchants following a hand-to-mouth buying policy. Industrial activity is
fairly well maintained.
Than April 1929, and 14% under April 1928.
In Japan industrial conditions remain unchanged, with restricted proThe payroll indices for wool and worsted goods in April show 6%
under duction and falling commodity prices still apparent. The financial
situaMarch, about 30% under April last year, but only 2% under April 1928.
Carpet and Rug Production.—In the carpet and rug industry inventories tion has been eased by recent loans in New York and London. Heavier
with
stocks,
fewer
buyers,
have
depiessed
raw
silk
prices.
are reported low, the result of some months of curtailed production. EmIn China trade prospects are dependent upon the political and military
ployment in April in numbers was about the same as 1928, but payroll
totals were about 8% under 1928 and both were materially lower than situation. Foreign importers are faced with an acute problem with the
exchange.
falling
April 1929.
In India general business is further depressed by serious political disFood Products.—Supplies of fruits and vegetables have been slightly
turbances. Money remains tight, and collections are reported poor.
below normal and prices maintained.
.
Mr. Barnes''review of a month ago was given in our issue
Consumption of pork in April was 7% more than last year, with
prices
8% lower than last year. Beef consumption in April was 4% below
last of May 3, page 3065.
year and prices 8% lower. Payroll index in meat-packing industry
for
April shows practically unchanged from March and the same as April
1929.
Wholesale egg prices were 3c. to Sc. lower than month
before, and
National City Bank of New York on Corporation
10c. lower than in 1929, with stored stocks unusually heavy.
Poultry prices are lower than last month and materially lower
Profits—Decrease of 21% in First Quarter as Comthan
last year, with unusually heavy stocks.
pared with Last Year in Case of 300 Companies—
Milk consumption for first four months of 1930 was about 2%
below
Percentage of Profits to Dividend Requirements.
same period of 1929.
Butter prices are approximately 20% lower than a year ago and
In our issue of May 3, page 3067, we published a compilastocks
are large.
tion by the National City Bank of'New York dealing with
Ice cream manufacturers report decreased volume of business in
April,
but sharp increase during first half of May, with April payrolls 8%
corporations in the first quarter of 1930 in
above the profits of
March, but 4% under last year.
revealed
that "the reports of 200 corporations
which
was
it
In the baking industry payroll indioes show April unchanged
from engaged in a wide variety of lines of business shows combined
March and practically the same as a year ago.
In flour milling payrolls were 4% lower than in March but 3%
net profits this year of $293,333,000 as against $362,851,000
higher
than in April 1929.
in the corresponding period of 1929, representing a decline
In confectionery the payroll index is 3% under March but
about the of approximately $69,000,000, or 19%." In its June
some as April 1929.
bulletin the bank presents further statistics for the first quarThe glass container industry reports new orders were 5%
greater than
April last year.
ter of the year and states that figures for 300 companies repreRetail and Wholesale Trade.—Retail conditions show substantial
improve- senting numerous lines of industry and trade have now apment. In spite of lower prices, many stores and groups of stores
show peared in the press, and show a decrease of 21%
for the first
gains over the same period last year. Reports indicate inventories
are
low in the hands of retailers. Both retailers and wholesalers continue
quarter in 1930 as compared with the first quarter in 1929,
a
policy of cautious buying.
the aggregate net profits for all companies combined declinHotel Business.—Hotel Wetness for April fell 6% below April 1929.
from approximately $438,000,000 to $344,000,000.
ing
Trade.—Exports
for
April
Foreign
at $334,000,000 were about 10%
below the value for March 1930, and about 21% below the value for The bank states that "actual net profits came to $339,000,000
April 1029. The April exports show a decline of about 16% below the so that current dividends were earned and there was a margin
five-year average for April 1925-29. Total exports for four months at
of 28% to carry forward to surplus account." We quote as
$1-,463,000,000 are about 21% below a similar period of 1929.
Imports for April at $304000,000 were 2% above the imports for follows from the Bulletin:
March 1030, but 25% below the imports for April 1929. The imports
1930 Profits and Dividends.
for April were about 18% under the five-year average.
Since our tabulation of first quarter profits
Imports fos the four months at $1,201,000,000 were about 22% under considerable number of additional reports have was published last month a
been issued but do not change
the similar period of 1929.
the general showing to any great extent. Figures for 300
compan
The April exports were the lowest in walee sinoe April 1923, and the representing numerous lines of industry
and trade have now appeared in t
April imports the lowest since April 1922.
press, and show a decrease of 21% for the first quarter in 1930
as compel' 1
[VOL. 130.
FINANCIAL CHRONICLE
With the first quarter in 1929, the aggregate net profts for all companies
combined declining from approximately 8438,000,000 to 8344,000,000. In
the corresponding quarter in 1928 the same companies had total Profits
of $327,000,000, so that the current year is still 5% ahead of two years ago.
Another measure of business profits, which perhaps will be more readily
appreciated by the average investor, is the extent to which they cover the
dividends that are being currently paid out. We are presenting the summary of such an analysis covering all the available first quarter reports,
classified according to broad industrial groups, but not including railroads
and public utilities.
Of the 300 companies studied, 27 were not paying any dividends on either
common or preferred stocks and were taken out of the general table and
shown as a separate item at the end. The remaining 273 companies were
paying dividends, common and (or) preferred, that would call for approximately $265,000,000 during the quarter. Actual net profits came to
8339,000,000,so that current dividends were earned and there was a margin
of 28% to carry forward to surplus account.
In going down the list of individual industries it will be observed that a
"majority of the groups are earning their current dividends with something
to spare, and this is strongly reassuring in view of the sharp slump that occurred in earnings. In all tabulations of this sort one of course must bear
in mind that a few, or even one, outstanding company may substantially
Improve the showing for its group. Therefore, the "averages" are sometimes deceptive, in that the surplus profits of some-companies cannot be
applied to help other companies that are not earning their dividends. This
Year 31 of the companies had net deficits aggregating $8,641,000, which
were deducted in arriving at the totals. A count of the dividends paying
companies reveals that about seven out of every ten earned their requirements during the quarter, while three did not.
The records of more than 100 important industrial companies for which
a series of quarterly reports is available for several years back show that,
on the average, the first quarter Contributes about 24% of the full years'
profts, the second quarter 28%, the third 26 and the fourth 22%. This
division is of course subject to modifcation in case there is a marked change
in business conditions during any one year, and if the last half of the current
year brings an expansion in activity the volume of profits should show an
Increase over the first half, instead of the normal slight decrease.
SUMMARY OF FIRST QUARTER NET PROFITS AND DIVIDEND REQUIREMENTS OF CORPORATIONS PAYING DIVIDENDS, BASED ON
RATE IN EFFECT AT BEGINNING OF YEAR.
No. of
Companics.
6
15
1
22
8
6
17
6
11
18
8
22
18
4
12
6
7
19
8
4
3
5
8
6
33
273
27
me
Net Profits
(in 000s)
Industry.
Amusements
Autos (except G. M.)
Autos-General Motors).Auto accessories
Baking
Building materials
Chemicals
Coal mining
Electrical equipment
Food products
Household supplies
Iron and steel
Machinery
Merchandising
Mining-Non-ferrous
Office equipment
Paper products
Petroleum
Printing and publishing
Railway equipment
Realty
Restaurant
Textiles and apparel
Tobacco
Miscellaneous
Dividend payers
Non-dividend payers
(trend total
1930 Div. 1930 Profits
to DistRequirements
dends
(in 0005) Per Cent.
1929.
1930.
$13,328
37,754
60,318
22,854
9,432
3,149
44,129
1,781
23,841
27,940
2,869
73,841
9,626
4,352
23,257
6,108
1,716
26,532
8,921
4,607
2,709
1,700
1,344
2,407
20.590
$19,978
10,293
44,969
12,482
8,498
1,992
35,124
1,066
21,375
28,375
1,568
60,728
8,294
3,568
12,435
4,728
2,580
21,875
9,439
5,421
2,367
1,930
674
1,948
17,686
$7,417
19,153
34,995
10,068
6,920
2,238
24,451
1,177
16,322
22,371
2,954
36,509
5,266
2,837
16,172
3,893
3,168
18,689
6,055
3,600
1,594
1,118
515
2,230
15,309
269
54
129
124
123
89
144
91
131
127
53
166
158
126
77
121
81
117
156
151
148
173
131
87
116
$435.105
2,594
$339,393
4,649
$265,021
128
_-
$437.699
$344.042
Business Profits in First Quarter of 1930 Fall 22%
Below Same Period in 1929, According to Federal
Reserve Bank of New York.
' In its June 1 Monthly Review the Federal Reserve Bank
of New York states that"the earnings report of 257industrial
and mercantile companies available at this time show that
first quarter net profits this year were smaller than in 1929
by 22%. The Bank goes on to say:
however, remained 5% larger
The aggregate profits of these companies,
groups of companies shown in the
than in the first quarter of 1928. Of the 19
a year ago.
table below, 14 reported smaller net income than
profits was suffered by the
The largest reduction in actual amount of
one of the largest pershowed
automobile companies, and this group also
a whole were down 43%
centage reductions. Profits of the industry as
General Motors Corporation,
from the first quarter of 1929, and excluding
remaining Companies
whose net return was 27% lower, the profits of the
The profits of the autoWhich so far have reported, were 75% smaller.
about half of those of a year
mobile parts and accessories industry were only
shrinkage of over 50%•
ago, and the copper companies likewise reported a
the net income of maThe next largest percentage declines occurred in
and miscellaneous
tobacco,
chinery, oil, building supply, office equipment,
profits showed a conmining and smelting concerns. Steel companies'
all concerns, and the
traction somewhat smaller than the average for
reductions of only 6
chemical and electrical equipment groups reported
products group showed unusual
and 10%,respectively. The food and food
than 1%. Motion picture
stability in earning power,with net profits of less
quarter net profts of
companies continued to expand earnings; the first
than in 1929, and three
reporting companies in this group were 39% larger
profits were in excess of a
times as large as in 1928. Other groups whose
paper, printing and publishing, and
coke,
and
coal
the
included
ago
year
railroad equipment concerns.
indicates, industrial corAs the first part of the accompanying diagram
below those of the last
poration profits in the first quarter of 1930 were
period. In each of the
that
in
decrease
large
a
following
1929,
quarter of
been larger than those of the
Past three years, first quarter profits have
I railroads, depicted
preceding quarter. Net operating income of Class
considerably further in the first
in the second part of the diagram, declined
year ago, and the
three months of this year, to an amount 32% below a
companies and other
smallest since the first quarter of 1922. Telephone
quarter of 1930 than
large public utility corporations earned less in the first
movement, but
In the preceding quarter, contrary to the usual seasonal
total public utility profits were slightly above the level of a year ago.
(Net profits in thousands of dollars.)
First Quarter.
Number.
1928.
1929.
1930.
15
88,686
93,484
52,945
28
25
13
29
14
8
7
12
5
10
14
8
6
7
6
6
4
40
10,971
12,435
34,216
34,168
5,867
6.016
1,482
6,163
4,841
2,912
15,193
16,400
4,596
3.579
7,207
5,394
1,701
41,527
19,167
23,970
68,424
38,959
7,764
15,321
1,869
10,612
10,428
3,797
20,169
22,265
6,173
2,650
81,310
7,215
1,965
47,033
9,149
16,939
56,562
38,595
5,099
6,545
2,539
7,596
14,516
2,622
19,057
20,160
4,655
4,205
9,228
8,629
1,521
37,231
257
303,354
409,395
317,793
106
95
62,700
226,100
69,600
263,000
*66,000
270,000
201
288,800
332,600
336,000
172
217,400
2i9,300
178.300
Corporation Groups.
Automobile
Automobile parts and accessories (exclusive of tires)
Oil
Steel
Food and food products
Machinery
Copper
Coal and coke
Other mining and smelting
Motion picture
Building supplies
Chemical
Electrical equipment
Office equipment
Paper
Printing and publishing
Railroad equipment
Tobacco
Miscellaneous
Total 19 groups
Telephone (net operating income)
Other public utilities (net earnings)
Total public utilities
Class 1 railroads(net operating income)_ _
• March 1930 estimated.
New York Federal Reserve Bank's Indexes to Business
Activity.
According to the June 1 "Monthly Review" of the Federal
Reserve Bank of New York "general business activity showed
little change between March and April, and remained at a
relatively low level." The Bank states this in presenting its
Monthly indexes of business activity and adds:
Car loadings of merchandise and miscellaneous freight increased moderately over the level of March, and loadings of bulk freight were practically
unchanged when usually there is a sharp decline, but both remained considerably under the levels of recent years. Foreign trade showed no conslstent change from March, and remained substantially lower than a year
ago.
Department store sales in the Second [New York] District increased more
than usual between March and April, even after allowance for the fact that
this year's Easter business was done in the latter month. The number of
business failures declined less than usual in April, however,and after seasonal adjustment were as numerous as in any month in about eight years. The
number of new corporations formed in New York State showed only a
seasonal change, and was much smaller than in 1929.
(Adjusted for seasonal variations and usual year-to-year growth)
Primary DistributionCar loadings, merchandise and miscellaneous_ _ __
Car loadings, other
Exports
Imports
Panama Canal traffic
Distribution to ConsumerDepartment store sales, 2nd District
Chain store sales. other than grocery
April
Feb.
March
1929.
1930.
1930.
April
1930.
102
94
91
94
102
100
122
91
89
84
97
80
77
879
92p
79
87
819
99p
-105
101
94
99
96
104
93
Life insurance paid for
Advertising
102
97
106
89
109
87
90p
103
89
General Business ActivityBank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N. Y. City
Velocity of bank deposits, N. Y. City
Shares sold on N. Y. Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts, 37 States r
New corporations formed in N. Y. State
Real estate transfers
General price level*
Composite index of wages*
Cost of living*
109
170
124
195
304
85
102
103
112
117r
112
82
179
226
171
98
126
115
143
267
79
94
94
116
90r
• 101
69
173
226
170
101
142
116
159
299
98
136
111
150
396
73
80
91p
93
118
88r
93
70
173
228
168
-93
121
83r
94
lii
226
--
V Preliminary. *1913 averasi=100. r Revised.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the weekly statement of the Department of
Commerce,for the week ended May 31,business,as measured
by the volume of checks presented for payment, was lower
than the preceding week and below the level of June 1 1929.
Contracts awarded for new building for the latest reported
week were fewer than for the preceding week and the corresponding period in 1929.
Wholesale prices, showed but slight change from the previous week, and were lower than the last week in May 1929.
The composite iron and steel price, remaining unchanged
from the preceding week, was 9% lower than a year ago.
Bank loans and discounts showing no change from the week
ended May 24, were more than 4% greater than the week
ended June 1 1929. Prices for stocks, showing an upward
trend, were higher than the preceding week but lower than
the corresponding week, a year ago.
Interest rates, remained unchanged from the preceding
week and were materially lower than last year. Business
failures during the week ended May 31 were fewer than the
previous week but greater than a year ago.
JUNE 7 1930.]
FINANCIAL CHRONICLE
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-25=100.)
1930.
1929
May May May May June May May May
31. 24. 17. 10.
1.
25. 18. 11.
k.k.b;-.42
000w0cgWcoNCO.40).4-4WOk0 Q0NON
ONOIJW...Q.W.00CWOOCW.0 co ,
D0OW
Steel operations
98.7 100.0 125.0 125.0 126.3
Bituminous coal production..
___- 85.3 *83.8 85.0 86.5 *95.3 92.9
Petroleum produc'n(dally average) ____ 123.9 125.2 124.6 130.2 129.1 126.9
Freight car loadings
97.0 97.4 101.4 110.7 109.2
a Lumber production
90.8 93.7 94.6 ____ 101.7 106.9
Building contracts, 37 States
Wally average)
86.5 124.1 117.2 182.6 108.6 131.7
Wheat receipts
59.3 38.5 38.4 57.4 52.4 51.3
Cotton receipts
48.8 49.6 32.3 30.8 •37.3 27.7
Cattle receipts
70.9 71.2 71.8 63.0 71.2 76.3
Hog receipts
76.0 76.0 78.0 77.0 85.7 76.1
Price No. 2 wheat
77.5 76.0 74.4 72.9 77.5 79.8
Price cotton middling
59.9 60.3 60.7 61.0 68.0 71.7 72.4
Price Iron and steel, composite
81.1 81.1 81.7 82.0 89.6 89.7 89.7
Copper, electrolytic, price
92.8 92.0 89.9 129.0 129.0 129.0
Fisher's index (102R=100)
87.8 88.4 88.7 89.0 95.6 95.9 95.9
Check payments
113.1 121.6 120.4 136.3 127.1 135.6 134.2
Bank loans and discounts
134.7 134.5 134.5 134.8 129.6 129.5 130.4
Interest rates, call money
722.7 72.7 72.7 76.6 145.5 157.6 218.2
Business failures
102.2 117.9 127.0 129.0 91.9 100.7 116.7
Stock prices
234.1 231.7 234.9 228.6 241.8 249.8 256.4
Bond prices
106.4 106.3 106.3 106.1 104.3 104.9 105.3
Interest rates, time money
88.6 88.6 89.1 91.4 205,7 211.4 205.7
Federal Reserve ratio
107.0 107.7 107.9 107.1 96.1 97.9 96.9
It Detroit aninInonffint
-----------------I11 .c
127 2
• Revised. a Relative to weekly average 1927-1929 tor week shown. & Data
available semi-monthly only.
Continued Decline in Commodity Prices Reported By
National Fertilizer Association.
For the second week commodity prices have declined only
1-10th of 1%, according to the wholesale price index of the
National Fertilizer Association. The statement issued June
2 by the Association adds:
Four groups declined and four advanced. Of the items 29 declined and
21 advanced. The only important declines were butter and lard in the group
of fats, and cotton, wool and silk in textiles. Tile only important
group
advance was in grains,feeds and livestock.
Based on 1926-1928 as 100 and on 476 quotations, the index stood at
89.9 for the week ended May 31; 90.0 for May 24: 90.1 for May 17; and
90.6 for May 10.
3955
favorable basis than it was during the piping times of 1929. Figures of
the Federal Reserve Board for April show an increase in retail trade over
1929 for the first time this year. In 10 reserve districts sales topped last
year by from 1 to 12%. The average gain for all districts was 8%•
This substantial gain in retail trade, which is usually taken as one of the
surest barometers of general buying, finds its immediate explanation in
the fact that Easter occurred in April this year and in March in 1929.
Comparing the combined March-April retail volume of each year, however.
it is found that 1930 sales are only 2% behind the very large turnover of
1929. Viewed in conjunction with the much more substantial shrinkage
in general business activity this showing may be said to be good.
Another indication that the people of the country have money to spend
for purchases which they feel to be warranted is seen in life insurance sales.
Life companies this year are surpassing all previous records for new business
written. April sales were 6.4% larger than those of April, 1929,as compared
with an 8.7% increase for 1929 over 1928. The total of new insurance sales
reported by principal companies to the U. S. Commerce Department was
$4,415,031,000 to May 1.
Turning to the production side, the automobile industry in particular
is cited as one line in which output has dropped more sharply than demand.
Since the close of 1929, it is pointed out, the combined domestic and export
sale of American cars has exceeded production. As a result the large stocks
accumulated from the unprect?dented output of 1929 have been largely
cleared and dealers' inventories now are comparatively low. A similar
condition, it is claimed, although perhaps to a less marked degree, exists
or soon will exist in a number of lines, since the general rate of industrial
production has for some months been below the theoretical normal.
March Gas Sales and Output Higher.
The generally depressed state of business and industry
during the first quarter of 1930, together with unusually
mild weather conditions prevalent throughout most sections
of the country, combined to affect the operations of the
gas industry during this period, reports the statistical department of the American Gas Association. According to
returns from companies representing nearly 90% of the
manufactured gas division of the industry, sales for the
first quarter aggregated 97,233,000,000 cubic feet, or an
increase of 2.3% from the corresponding period of the preceding year. This is considerably less than the usual
year to year increase experienced by the manufactured gas
part of the industry. The Association's statement follows:
Loading of Railroad Revenue Freight Still Small.
A group of the larger natural gas companies, representing approximately
Loading of revenue freight for the week ended on May 24 60% of the public utility distribution of natural gas, report sales of 118,totaled 931,472 cars, the Car Service Division of the American 355,260.000 cubic feet for the first quarter of 1930, as compared with
cubic feet sold by the same companies in the first three
Railway Association announced on June 3. This was an 123,779,935,000
months of 1929, a decrease of 4.4% in sales of natural gas.
Such data should, however, be viewed in conjunction with the decline
increase of 1,468 cars above the preceding week, but a
reduction of 130,616 cars below the same week in 1929. It in-general industrial and economic activity during the quarter, the magnitude of which may be partially indicated by data on pig iron production,
also was a reduction of 89,931 cars under the same week in which declined 14% from
the first quarter of 1929, or the volume of building
contracts awarded, showing a drop of more than 12%, and decreases of
1928. The figures are summarized as follows:
10% in bituminous coal production, 7% in freight car loadings, 33%
Miscellaneous freight loading for the week of May 24 totaled
364,272
cars, 55,064 cars under the same week in 1929 and 32,111 cars
under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to
246.276
cars, a decrease of 15,961 cars below the corresponding week last year and
13,488 cars below the same week two years ago.
Coal loading amounted to 139,863 cars, a decrease of 20,645 cars below
the same week in 1929 and 23,054 cars below the same week in 1928.
Forest products loading amounted to 51,235 cars. 17,864 cars under the
same week in 1929 and 17.274 cars under the corresponding week in
1928.
Ore loading amounted to 58,897 cars, a decrease of 14.588 cars below the
same week in 1929 but 46 cars above the corresponding week two years
ago.
Coke loading amounted to 9,368 cars, a decrease of 3,261 cars below
the
corresponding week last year and 545 cars below the same week in
1928.
Grain and grain products loading for the week totaled
38,759 cars, a
decrease of 609 cars below the corresponding week in 1929 and
157 cars
below the same week in 1928. In the western districts alone,
grain and
grain products loading amounted to 25,182 cars, a decrease of 85
cars below
the same week in 1929.
Live stock loading totaled 22,802 cars, 2,624 cars under the same
week in
1929 and 3.348 cars under the corresponding week in 1928. In the
western
districts alone, livestock loading amounted to 17,524 cars, a
decrease
of
2,538 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 1929, but also with the
same period
In 1928.
Loading of revenue freight in 1930 compared with the two
previous years
follows:
1930.
1929.
1928.
Four weeks in January
3,349,424
3,571,455
3,448,895
Four weeks in February
3,505,962
3,766,136
3.590,742
Five weeks in March
4,414,625
4.815,937
4,752,559
Four weeks in April
3,619,293
3,989,142
3,740,307
Week ended May 3
942,899
1.051,935
978,053
Week ended May 10
933.931
1,048,960
1,002,411
Week ended May 17
930.004
1,046,594
1,003,288
Week ended May 24
931,472
1,062,088
1,021,403
Total
18,627,610
20,352,247
19.537.658
in the production of passenger automobiles and a decline of 10% in bank
debits outside of New York City.
These factors are reflected in a decrease of more than 5% in natural
gas sales for industrial purposes, with corresponding declines in the same
class of manufactured gas sales, as Indicated by a decrease of over 11%
for industrial sales in Massachusetts, with industrial sales for New England
as a whole showing a drop of nearly 6%. In Indiana industrial sales
were down nearly 3%, in Michigan over 6%, and Wisconsin nearly 1%.
Illinois was one of the few States to register a gain in industrial sales of
manufactured gas for the quarter, the increase amounting to 4.4% over the
dame period of 1929.
The decline of some 4% in sales of natural gas for domestic purposes
may be attributed in large part to the unusually mild weather prevalent
throughout most sections of the country during the first quarter of 1930.
as an appreciable proportion of the domestic consumption of natural gas
Is devoted to househeating purposes, and is, therefore, greatly affected
by climatic and weather conditions.
COMPARATIVE STATISTICS OF 147 MANUFACTURED GAB COMPANIES
IN UNITED STATES.
Month of March1929.
1930.
P. C.Inc.
Customers
8,863,507
8,669,138
2.2
Gas sales (cubic feet)
31,252,084,000
30,658,742,000
1.9
Revenue
$32,270,728
$32,777,760
1.8
Gas Produced (Cubic Feet)Water gas
17,654,333,000
17,412,865,000
1.4
Coal gas
2,735,535,000
2,680,862.000
2.8
011 gas
700,941.000
780,028,000
-10.4
Coke oven gas
4,076,070,000
3,925,616,000
3.8
Reformed oil still gas
157,692,000
Total gas produced
Gas Purchased (Cubic Feet)Coke oven gas
011 still and natural gee
25,324,571,000
24,779,371,000
2.2
9,686,348,000
262,297,000
8,759,084,000
268,821,000
10.6
-1.7
Total gas purchased
9,948,645,000
Total gas produced & purchased 35,273,216,000
Three Months Ended March 31Customers
Gas sales (cubic feet)
97,233,300,000
Revenue
$101,673,100
Gas Produced (Cubic Feet)Water gas
53,201,958,000
Coal gas
8,038,431,000
011 gas
2,552,134,000
Coke oven gas
12,005,542,000
Reformed oil still gas
456,615,000
9,025,905,000
33,805,276.000
10.2
4.3
95,064,667,000
3100,167,746
2.3
1.5
56,516,485,000
8,172,143,000
2,606,727,000
11,394,189,000
-5.9
-2.1
5.3
Present Favorable Relation Between Production and
Consumption Cited By Chatham Phenix National
Total gas produced
76,254,680,000
78,689,524,000
-3.1
Gas Purchased (Cubic Feet)Bank & Trust Co., As Indication of Improved Coke
oven gas
28,654,531,000
24,474,555,000
17.1
Business Conditions.
Oil still and natural gas
797,394,000
844.848,000
-5.6
Total gas purchased
29,451,925,000
25,319,403,000
"The true key to the business prospect at this stage of the Total
16.3
gas produced dc purchased_105,706,605,000
104,008,927,000
1.
cycle lies in the relation of production to consumption and
purchasing power," according to the May "Outline of BusiAnnalist Weekly Index of Wholesale Commodity Prices.
ness" issued by Chatham Phenix National Bank and Trust
The Annalist weekly index of wholesale commodity
institution
its
Review
in
The
Co.
says:
prices stands at 132.5, an advance of 0.3 point from last
There are many indications that the National capacity to buy has contracted in measurably smaller ratio than has the output of goods and that week (132.2), and compares with 143.9, the index on
the
the relation between production and consumption is now on a much more corresponding date last
year. The Annalist continues:
3956
FINANCIAL CHRONICLE
For four consecutive weeks now the advances in the farm and food products groups have balanced sharp declines in metals, textiles, chemicals
and miscellaneous. During these four weeks prices of farm commodities
have advanced 1.5% and food products have advanced 2%; but all other
groups have made declines, with that in textiles as great as 2%.
The index this week shows the same situation of being precariously
supported by one class of commodities, livestock in the farm products
group and meats in the food products group. When these items are
eliminated the index shows decided signs of weakness. Grains, on the
whole, are lower and cotton at 16 cents a pound is back again to the support level of the Farm Board, and is 20 points lower than last week. This
week's collapse in silk prices, 20 cents lower on spots and 30 cents lower on
futures, comes after eight months of constant declines. The spot price
this week at $4.00 a pound compares with $4.90 on the corresponding
date last year. This drastic decline is of major consequence to the purchasing power and prosperity of the Far East, and, in number of persons
affected, is second only to the new break in silver, which is attracting
world-wide attention as the money of 400,000,000 persons in China plunges
downward in a dramatic decline. Moreover, the decline in purchasing
power for cotton goods in Japan and China will affect the income of 2,000,000
cotton producers in the United States. Sugar and coffee have again
touched new all-time lows, and rubber, in spite of heroic measures by
producers to stop tapping during May,has touched a new bottom.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
[VOL. 130.
(The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.)
Dun's Report of Failures for May.
The insolvency exhibit for May, in point of total number
of commercial failures in the United States, represents the
best showing of any month this year. Data compiled by
R. G. Dun & Co. still disclose a mortality above the average
but last months' 2,179 defaults were the lowest reported
since last December. A declining trend at this season is to
be expected, and the fact that it is less sharply defined than
usual is not surprising when it is considered that business
has been passing through a period of severe strain. The
insolvencies last month were fully 21% below January's high
record, yet in May of only one other year-1928-has the
2,000-mark been reached. From the 1,897 failures of May
1929 the increase approximates 15%, but adverse comparisons with the figures of the earlier year are to be looked for
now.
Considerable fluctuation in the liabilities of commercial
June 3 1939. May 271930. June 4 1929.
defaults has appeared this year, and the indebtedness,
Farm products
127.0
126.3
138.5
137.2
136.2
Food products
144.8
after decreasing sharply in April, rose appreciably in
124.7
Textile products
125.1
148.1
155.1
Fuels
May. Thus, last month's total was $55,541,462 as against
155.0
163.4
113.4
Metals
113.5
128.3
$49,059,308 for April. That increase of about 13.2% did
148.8
Building materials
148.8
153.1
Chemicals
129.7
129.7
135.2
not, however, raise the amount to the level of March, and
109.2
Miscellaneous
110.5
130.7
1225
1/99
Inn
the May liabilities show a contraction of nearly $5,645,000,
or fully 9%, from those of last January. A year ago, on
Production of Electric Power in the United States in the other hand, the aggregate debts were much smaller than
April 1930 Approximately 1% Ahead of That for the in the present instance, at $41,215,865.
Monthly and quarterly failures, showing number and liaSame Month in 1929.
bilities, are contrasted below for the periods mentioned:
According to the Division of Power Resources, Geological
Survey, the production of electrical power by public utility
Number.
Liabilitit.t.
plants in the United States for the month of April 1930
1928.
1930.
1930. 1929. 1928.
1929.
totaled about 7,960,223,000 k.w.h., an increase of approx2,179 1,897 2,008 $55,541,462 $41,215,865 $36,116,990
imately 1% over the corresponding month last year, when May
April
49,059,308 35,269,702 37,985,145
2,198 2,021 1,818
output was around 7,882,000,000 k.w.h. Of the total for
March
2,347
1,987
2,236
$56,846,015
836.355,691 $54,814,145
April of this year, 4,687,666,000 k.w.h. were produced by February
2.262 1,965 2,176
51.326,365 34.035,772 45,070,842
2,759 2,535 2,643
61,185,171 53,877,145 47,634,411
fuels and 3,2.2,557,000 k.w.h. by water power. The Survey's January
let quarter... 7.368 6,487 7,055 8169.357,551 $124,268,608 8147,519,198
statement follows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT-HOURS).
February.
March.
April.
Change in Output
from Previous Year.
March.
0%
+6%
-2%
+13%
+2%
+4%
+6%
-5%
+2%
-3%
+2%
-4%
+16%
-3%
+8%
+8%
-3%
+3%
7,618,238,000 8-370,493,000 7,960,223,000
+2%
+1%
1930.
8,240,000,000
7,431,000,000
7,992,000,000
7,882,000,000
8,088.000,000
7,768,000,000
8,072.000.000
8,316,000-000
8,062.000.000
8,709,000,000
8.212,000,000
8,512,000,000
8,652,000.000
7,618,000,000
8,170,000,000
7,960,000,000
09 2A2 Ann 000
5%
3%
2%
1%
____
----
Produced by
1Vater Power.
1929.
1930.
33%
33%
39%
42%
43%
40%
38%
3407
35%
40%
41%
------_-__
- --
13%
b12%
10%
15%
14%
11%
13%
11%
11%
10%
6%
8%
31%
31%,
32%
32%
____
II%
36%
____
_
a Revised- b Bawd on outPut for 28 days.
on the operation of all power
The quantities given in the tables are based
month, engaged in generating
plants producing 10,000 k.w.h. or more per
stations and electric railway
electricity for public use, including central
plants. Reports are received from plants representing over 95% of the
not submit reports is
total capacity. The output of those plants which do
consumption as reported
estimated; therefore the figures of output and fuel
basis.
100%
on
a
in the accompanying tables are
1929.
1928.
1927.
567,465,114 $40,774,160 551,062,253
52,045,863 40,601.435 36,146,573
31,313,581 34,990,474 36,235,872
5,804
5,813 $150,824,558 $116,366,069 $123,444,698
1,568
1,762
1,752
1,635
1,852
1,723
1,573
1,708
1,756
3d quarter-. 5,082
June
May
April
$34,124.731 $33,956,686 $32,786,125
33,746,452 58,201,830 39,195,953
32,425,519 29,586,633 43,149,974
5,210
5,037 $100,296.702 8121.745,149 8115,132,052
1,787
1,897
2,021
1,947
2.008
1,818
1,833
1,852
1,968
5.685
5.773
5.653 0107.860.328 8103,929,208 5125,405,665
$31,374,761 529,827,073 834,465,165
41,215,865 36,116,990 37,784,773
35.269,702 37,985,145 53,155,727
FAILURES BY BRANCHES OF BUSINESS-MAY 1930.
Number.
Liabilities.
1930. 1929. 1928.
ManufacturersIron, foundrbes and nails_ _ _
Machinery and toots
Woolens. earPets & knit gds
Cottons, lace and hosiery
Lumber, carpenters and
coopers
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving_
Milling and beam
Leather, shoes & harness
Tobacco &c
;Bass, earthenware & brick
All other
Total manufacturingTraders3eneral stores
3roceries, meat and fish
Hotels and restaurants
Tobacco, &e
Aothing and furnishings._ _
Dry goods and carpets
Blocs, rubbers and trunk-s_ _
Furniture and Crockery......
iardware, stoves & tools._
-:hendeals and drugs
,
aints and oils
Fewelry and clocks
hooks and papers
bats, furs and groves
Lil other
Total trading
)ther commercial
Total United States
1930.
1929.
1928.
8
35
3
3
11
19
3
2
9
27
__
2
573,100
1,904,808
533,418
1,106,317
$136,902
284,033
165,060
1,017,409
$80,100
577,935
94
34
17
5
77
43
12
6
6,115,175
374,513
272,121
286,662
11
31
14
6
9
223
811,814
194,989
3,282,667
103.111
519,019
7,555,609
4,966,513
778,900
470,480
139,300
5,000
231,826
213,813
217,817
721,532
3,216,513
6,388,715
4,312,073
625.307
456,616
185,820
21
29
14
4
13
221
103
44
18
10
1
15
35
15
12
12
215
.o wownw.o.i.wwwwm.no
..4
10 cor...0..mowocovan*
-.
w
wO
January... _ _
February--March
April
May
June
July
August
September_.
October
November
December...
1929 a
4th quarter-- - 5,655
September
August
July
2d quarter__
The average daily production of electricity by public ut lity power plants
in the United States for April was 265,300,000 k.w.h. about 1% larger than
the daily output for March.
The change from March to April in the daily production of electricity
shown by the records for the last 10 years has been a reduction, ranging
from 2 to 9% and averaging nearly 6%. As the daily output for April of this
year was about 1% greater than that for March, It may be considered that
there was a marked increase in the demand for electricity in April, which
was sufficient to more than counteract the usual seasonal decrease. These
figures indicate that there was an improvement in general business conditions In April as compared with March. The total production of electricity
in April of this year was about 1% larger than that in April of last year.
The output of electricity by the use of water power in April was the same
as for April a year ago and was 41% of the total output of the month.
This percentage indicates that the output of electricity by the use of water
power is probably close to normal,in as much as the production of electricity
by public utility power plants in April was about the same as a year ago.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1929 AND 1930.
Increase Increase
1929
1930
Over
Over
1028.
1929.
1927.
2.162
1,864
1,787
April.
529,437,000 553,456,000 520,802,000
New England
Middle Atlantic_ _ _ 2,003,966,000 2,098,139,000 2,013,596,000
East North Central_ 1,813.329,000 1,936,189,000 1,871,325,000
West North Central_ 447,897,000 488,523,000 498,587,000
964.607,000 1,086,313,000 1,014,663,000
South Atlantic
East South Central_ 281,098,000 306,841.000 300,975,000
WestSouth Central_ 378,426,000 397,053,000 408,493,000
277,840,000 305,923,000 309,732,000
Mountain
921,638,000 998,056,000 1,022,050,000
Pacific
Total for U. S
1928.
1,943
1,838
2,023
w
hp .w
w
.., wwwwww.o-4=
welqwwvocsowwom...w.
,-, 1
Total by Water Power and Fuels.
Division.
1929.
2,037
1,796
1,822
December
November
October
212,000
178,833
187,407
339,759
62,400
312,667
6,698,813
470 823,133,319 518,953,812 $14,220,730
93
310
80
18
198
99
65
63
52
64
a
49
14
2
295
8912,762
1,684,422
1,695,923
272,507
3,012,074
2,428,033
651,904
2,047,315
676,515
677,120
92,603
675.965
188,527
79,364
6,190,459
$803,782 $1,200,205
2,002,002 1,584,675
1,389,725 1,983,602
175,900
167,700
1,921,604 2,102,227
1,490,502 2,014,844
750,755
655,383
1,602,368
867,461
1050,829
982,506
632,232
859,900
44,235
270,595
745,443
198,000
78,200
118,800
33,600
1,169,000
4,327,637 5,807,731
1,530 1,266 1,407 821,285,493 518,191,399 5)8,900,104
148 116 131 11,122,650 4,070,654 2,987,156
2.179 1.897 2.008 355.511 462 511.215.865 $36,116,000
Dun's Price Index.
Monthly comparisons of Dun's index number of wholesale
prices, based on the per capita consumption of each of the
many commodities included in the compilation, follow:
JUNE 7 1930.]
FINANCIAL CHRONICLE
Groups- June 1 1930. May 1 1930. June 1 1929. June 1 1928. June 1 1927
Breadstuffs
30.546
30.484
29.671
39.273
33.933
21.243
Meat
22.084
23.236
21.885
19.039
Dairy and garden_ 19.983
21.145
19.959
21.113
21.682
17.944
Other food
18.107
19.227
19.974
19.737
Clothing
31.265
31.447
34.500
36.269
33.049
Metals
20.006
21.297
20.286
20.735
22.308
Miscellaneous35.253
35.369
36.780
36.442
37.473
Total
176.240
177.736
185.856
195.691
187.221
3957
age for April or that for May 1929. The Bank likewise
says:
Building contracts let in April showed a gain of about 47% over the preceding month but were 37% below those of a year earlier. Comparative
figures showing the value of contracts awarded in this district and in some
of the leading cities during the first four months of this year follow:
BUILDING CONTRACTS AWARDED
Per Cent Change from
Business Activity in Buffalo, N. Y., in April Below
First Four
Months
1930.
1925-28
That of a Year Ago, According to University of
1929.
Average.
Buffalo.
Philadelphia
$75,397,000
1-7.7
i-0.9
The Bureau of Business and Social Research of the Uni- Reading
1,000,000
--80.7
--40.1
Scranton
1,386.000
4-17.3
-F8.8
versity of Buffalo, N. Y., states in its May Statistical Survey Camden
1,973.000
--71.0
--34.4
1,017.000
--41.2
-59.2
that "all of the indices of business activity in Buffalo Show Trenton
Wilmington
2,994,000
--42.0
+77.2
for Philadelphia Federal Reserve Disthat the April business volume was considerably smaller Total
trict, including all cities
136,203,000
--15.5
-9.8
than the same month of 1929 with the exception of flour
Source: F. W. Dodge Corporation.
milling and postal receipts." Summarizing conditions the
As to the real estate market, the Bank in its Business
Bureau says:
Review June 2, states:
The present month was no exception to the declining tendency in business activity during the first third of the year in Buffalo, and most of the
Important indices were declining at about the same rate. Most of the indicaticms, furthermore, showed more extensive declines for this city than for
the country as a whole. Postal receipts, which have not been in harmony
with recent business changes, and flour milling, an industry in an exceptional
condition, were the only gains recorded over last year's April figures. Life
insurance sales were lower than the previous year for the first time in 1930.
In the real estate field, the number of dwellings for rent continued the
favorable showing of last month, but no other indices show any tendency
toward improvement. While mercantile credit conditions seem not to be
alarming, it is evident that care should be exercised in connection with
credit sales. The employment situation remains about the same, and improvement in twenty lines of industrial activity was counterbalanced by
declines in two others. A surplus of workers renders labor highly stable.
Relief afforded to dependents continues to exceed the aid extended in 1929,
while marriages were less frequent than a year ago.
The real estate market continues unsatisfactory, although the renting
demand for dwellings shows a slight betterment. In industrial sections of
Philadelphia, there 800MB to be a more active demand for six-room houses
with a bath renting at $25 to $30 a month, and in some of the residential
sections the demand for six or seven-room dwellings renting at 240 to $60 a
month appears to show improvement. Analysis of the various estimates
indicates that there is more than an ample supply of houses and apartment
space for rent. Some further reductions in rents for houses and apartments
have occurred in the past three months and they are appreciably lower than
a year ago.
The sale of houses as a rule continues smaller than last year. Prospective
home buyers are finding it difficult to finance their purchases, owing partly
to an increased requirement for initial cash payments and partly to a selective placement of mortgages.
The volume of financing for new commercial construction and residential
building remains noticeably smaller than a year ago. Most of the present
loans on homes are for owners. There has been no change in interest rates
on mortgages during the past three months.
The number of deeds and the value of mortgages recorded in Philadelphia
declined between March and April and was smaller than in April, 1929. In
the first four months of this year deeds declined about 12% from those in
the same period last year and were nearly 13% fewer than in 1928. Mortgages also declined about 34% in the first four months and were nearly
50%
less than in the same period in 1928.
The number of court writs issued for sherriff sale of properties in May
amounted to 1,330. a decline of nearly 3% from March but an increase of
almost 16% over those in April 1929. The significance of these writs is
enhanced by the fact that each writ covers anywhere from one to twenty or
more properties.
New England Activity in First Four Months This Year
According to Boston Federal Reserve Bank Compares Unfavorably with Similar Period of Last
Five Years-Slight Decline in Employment in
April.
In its June 1 Monthly Review the Federal Reserve Bank
of Boston states that "New England industrial activity
during the first four months of the current year not only
remained at a level considerably below the record level Business Conditions in Philadelphia Federal Reserve
District--Activity Compares Favorably WithRecent
which was maintained in the corresponding period a year
Years Other Than Abnormal 1929 Period-Trend
ago, but has compared unfavorably with the average during
of
Installment Trade.
the first four months of the past five years." The Bank
Stating that few changes other than season aloccurred in
also has the following to say in reviewing the situation:
There was little change other than seasonal during the period from Janu- Fourth (Cleveland) District business or credit conditions in
ary through April, and in New England, as elsewhere in the country,
the April or early May, the Federal Reserve Bank of Cleveland
spirit of caution continued to prevail. The failure of industrial production
in its June 1 Monthly Business Review says:
to recover promptly from the sharp decline which took place during
the latter
part of 1929 probably has been one of the chief causes for the cautious
attitude. An upturn in business has always followed any period of recession
In the past, but the actual turning point can usually be located only by a
review of facts which have become historical. During 1928 and
1929
industrial production increased at a more rapid rate than did consumption
of goods. Such a condition seems to be indicated in a survey prepared
by
the National Credit Office, which shows that inventories of raw
materials,
semi-manufactured goods, and finished products were heavier in
the first
quarter of 1930 than in the corresponding period of 1929, and that
there was
also a decline in sales and profits by representative units in many
industries,
a reduction in unrilled orders and new business, and an increase in
overdu
accounts during this period. In New England production in
the textile
Industry has continued to reflect a quiet demand, although silk
machinery
activity during the first four months this year exceeded that of
the similar
period a year ago. Consumption of raw cotton and wool by New
England
mills in the period from January through April this year, however,
was considerably less than a year ago. The building industry in this
district improved in April from March, particularly in the commercial and
industrial
group, but the total value of building contracts awarded in New
England
during the first four months of 1930 was materially less than
that during
the corresponding period in 1929. The demand for workers at
state employment bureaus in Massachusetts and Rhode Island was somewhat
better
in April than in March, while in Connecticut there was little
change. In
an identical number of Massachusetts manufacturing
establishments in
April.as compared with March, there was a decrease of 1.9% In
the number
of wage-earners,a decrease of 2.9% in the aggregate payroll, and
a
1% In the average weekly earnings per person. Sales of reporting decline of
stores in New England in April were about 10% larger than in department
April 1929,
and for the first four months were approximately 1% larger in
total volume
than during this period a year ago.
Money rates are low, but banks report little commercial demand and industry and trade generally might be termed "quiet."
The chart below [this we omit.-Ed.], presents graphically some of the
more important indicators of business in this District in April and the first
four months of 1939, compared with the same period of 1929. Excluding
the number of commercial failures (which showed a decrease of 6% so far
this year from 1929), declines of varying amounts are shown. With the
exception of department store sales (abnormal in April because of Easter),
the declines of the month very closely approximate those of the January-toApril period.
If, however, the abnormal records of 1929 are excluded, it is found that
activity in the District has compared rather favorably with other recent
years, particularly 1928, which from the standpoint of industrial earnings
at least, was the second best year in history. Bank debits so far this
year were only 2% below the same period of 1928. This is less than the
decline in the general price level. Pig iron output has slightly out-distanced
1928, but steel ingot moduction fell short of that period by 3%. Automobile production, new passenger car registrations, and coal output were
all larger than two years ago. Building compared less favorably with 1928
(or any recent period, for that matter) than any other item and was 12%
under the first four months of 1928.
Individual lines showed some varying changes during the past month.
Small, miscellaneous manufacturing concerns, especially in the central part
of the District, have been operating at rather satisfactory levels, particularly for a period of general recession. Iron and steel operations have
declined seasonally, the second general falling-off reported this year. A
curtailment of steel buying in preparation for new automobile modelsl
and price readjustments caused by freight rate revisions, were two disquieting elements. Despite the unfavorable factors experienced this year,
earnings of the larger steel companies in the first quarter were only 15%
below 1929 and were 70% ahead of the same period of 1928.
Employment is still generally unsatisfactory. The seasonal increase in
outside work has been offset by seasonal declines In the demand for industrial
labor. The shoe industry is depressed. Warm weather has increased
travelling with a consequent greater demand for replacement tires. Coal
shipments at Lake ports have aided mine operations slightly.
Collections are reported favorable by many concerns, but the majority
state that it is more difficult to obtain payments on bills than a year ago.
Recent general rains have benefited agricultural communities and
although work IB somewhat more advanced than at this time last year, the
condition of the crops is not as good as a year ago. Fruit prospects are
generally poor.
Real Estate and Building Conditions in Philadelphia
Federal Reserve District.
In surveying building operations in its District the Federal
Reserve Bank of Philadelphia states that "construction
activity has expanded further since the middle of last month,
reflecting largely a higher rate of operation in public works
and utilities and to some extent commercial and residential
buildings." This, the Bank notes, has been especially eviFrom the Review of the Cleveland Reserve Bank we take
denced by a further increase in employment and wage pay- the following concerning installment sales:
ments in building trades. Nevertheless, the value of conPeriods of business inactivity revive discussion of the trend and effect of
tracts awarded in the first half of May in this section, com- installment selling. While the total volume of such sales has no doubt
increased in the past few years, data furnished by stores in this
District
puted on a daily basis, was materially smaller than the aver- indicate
that the ratio of installment to total sales, in the department
store
3958
[VoL. 130.
FINANCIAL CHRONICLE
for which such data are available at least has actually declined. Purchases
of goods on the deferred payment plan at the department stores are limited
to, among other less important things, furniture, including musical instruments and household appliances, clothing and jewelry and do not include the automobile which probably represents the bulk of installment
buying. There has also been an Increase in the number of concerns who
do most of their business on deferred payment plan which might account
in part for the falling-off in such sales at department stores, but about
which no definite information is available.
The figures of department stores, while not all-inclusive, furnish evidence
of one branch of installment buying in relation to all purchases. The
accompanying chart this we omit---Ed.] shows a downward trend in the
ratio of installment to total sales in about 20 large stores from the middle of
1926 to date. This is in direct contrast to the course of regular 30-day ac
counts. A chart showing the rather rapid increase in the ratio of all charge
(including installment and 30-day accounts) to total sales was published
in the January issue. In the last nine months of 1926 this ratio averaged
57.8%; in 1927 it was 59.5 and in 1928 and 1929 it had increased to 61.2
and 63.3% respectively. If regular 30-day accounts alone are used, the
increase in the last four years has been somewhat sharper than the increase
In total credit sales. Installment sales alone, on the other hand, in 1927
were 7.1% of total sales, in 1928, 5.7 and in 1929.6.2%.
The downward trend, however, appears to have been reversed in the last
six months. Beginning with Nov. 1929 in each mouth the ratio of installment to total sales has exceeded the corresponding month of the previous
Year. The abnormal increase in the March ratio was caused by special
sales of goods sold on the installment plan at Cleveland.
That there is a very definite seasonal swing in installment sales is clearly
evident. February and August are the months of largest sales, brought
about by the special sales of furniture, furs and clothing which occur is
these two months. The lowest month of the year is December.
While there has been a slight increase in the ratio of installment to total
sales in the past few months, the series is not long enough to permit any
conclusions as to the trend of installment buying in periods of low business
activity.
The experience of department stores in regard to collections on installment
accounts is also quite interesting and is shown on the second chart at the
bottom of the page. Here again there is a decided contrast between collections on installment accounts and regular 30-day accounts. In 1926 the
ratio of collections on regular accounts outstanding at the end of the preceding month averaged 44.6%. By 1929 this had declined to 41.8%.
Collections on installment accounts in 1926 averaged 17.3%, declined to
17.1 and 16.9% in 1927 and 1928. but Increased to 17.6% in 1929. As
noticed on the chart, there was a slight falling-off in collections in late
1927 and early 1928, which rather closely coincided with the drop in business,
but improvement occurred but improvement occurred in late 1928 and the
first part of 1929. In the last half of 1929,installment collections were about
at the same level as earlier in the year and did not show the continued
falling-off that was experienced in collections on regular accounts receivable.
Slight Improvement in Business Conditions in Philadelphia Federal Reserve District in April
The Federal Reserve Bank of Philadelphia reports that
trade and industry in its district "as a whole showed a slightly
higher level of activity in April than in March, though continuing below the exceptionally large volumes of a year ago."
In its "Business Review" June 2 the bank further indicates
conditions in the District as follows:
erations were cut down. Production of hosiery has declined almost steadily since the high point In November. Stocks of finished hosiery have been
accumulating. Price trends of textile fibres and finished products have
continued downward during the past month.
Activity in industries making various food products remains well sustained at a level generally below that of last year. Seasonal improvements
are evidenced in such branches as sugar refining, output of creamery products and to some extent in animal slaughterings, particularly lamb and
veal. Canning and preserving again declined in April as was to be expected.
Production of cigars increased appreciably in April, while that of other
tobacco products declined.
Tanneries and shoe factories, while curtailing their operations seasonally,
continue working at higher rates than those prevailing In several years past.
The output of shoes declined in April but was substantially above that in
the same month In the past five years. The hide market is quiet,as is usual
at this time, although prices have shown a little strength lately. The
market for goatskins is only fair, and prices show little variation.
Business in chemical and allied products generally shows seasonal expansion, although the output of certain Industrial chemicals and thug
showed a slight decline in April. The output of paints and varnishes, gasoline, lubricants, and asphalt Increased appreciably.
The market for rubber tires and tubes has broadened seasonally, while
the demand for mechanical rubber goods shows little change. Conditions
In the paper Industry remain rather steady in spite of a slight decline in the
rate of activity during April.
Production of cement increased materially in the month and was about
two% larger than in April, 1929. Stocks of cement are somewhat heavy,
but they are being worked off gradually. Activity of lumber and planing
mills, on the other hand,continues sluggish; this is also true of brick, plumbing supplies, and pottery. Quotations for building materials generally have
been lower in the past month.
Increase in Consumption of Electric Power By Indus-.
tries in Philadelphia Federal Reserve District During April-Sales For Lighting Purposes Declined.
Daily production of electric power by eleven systems was
nearly 2% smaller in April than in March, according to
figures compiled by the Department of Statistics and Research of the Philadelphia Federal Reserve Bank. This
decline was due to smaller output by the hydro-electric
stations and in the amount of electricity purchased; production by steam, on the other hand, was larger than in the
preceding month. In comparison with April 1929, the generated output was about 5% larger. The bank further says:
Sales of electricity for power purposes increased slightly in the month In
spite of the fact that the consumption by street cars and railroads was smaller
than in March. The use of electrical energy by Industries and municipalities showed gains of about 2% each. The sale of electricity for lighting
purposes, on the other hand, declined.
Compared with a year ago, purchases by all groups of consumers have
Increased. Sales to industries, which are the largest consumers of electric
power, were more than 5% above the quantity sold in April 1929, when
computed on the basis of working days.
Electric Power
Philadelphia Federal Reserve District
11 Systems.
April
Total for Month.
Change
from
March
1930.
Changes
from
April
1929.
At present most industries, allowing for the usual seasonal let-down, are
balding their ground.
Daily a mays.
-0.0% +4.5%
1,792,000 kw.
Credit conditions remain easy, with an ample supply of funds for business Rated generator capacity
18,369,000 kwh.
-1.8
+5.8
purposes, and little change during the past month In interest rates charged Generated output
-1.0
6,711,000 "
Hydra-electric
+7.6
commercial customers. Banks report some increase recently in the item
+11.5
Steam
7,938,000 "
+6.4
-16.8
-9.0
3,720,000 "
which Includes commercial loans, though such loans continue in smaller
Purchased
-0.0
+8.7
18,599,000 "
volume than in the middle of April. The reserve ratio of the Federal Reserve Sales of electricity
-2.8
3,282,000 "
+9.1
Lighting
Bank is much higher than a year ago and the borrowings of member banks.
-9.0
346,000 "
+10.6
Municipal
month,
are
In
the
past
relatively
small
volume.
in
despite a slight increase
-2.0
2,936,000 "
+8.9
Residential and commercial
Power
12,589,000 "
+6.0
+0.7
Manufacturing.
268,000 "
+1.7
+42.4
Municipal
1,967,000 "
-6.1
Street cars and railroads
+5.8
Conditions in manufacturing industries on the whole showed slight Im10,354,000 "*
s+2.1
Industries
*+5.3
provement in April but since then the available evidence points to recessions All other
2,728,000
sales
"
-0.2
+22.7
character.
The
demand
for
manuwhich in most cases are of seasonal
• Working days averagefactured products in the first fortnight of May was less active than a month
ago and continued well below last year.
Prices of finished commodities in this District, asin the country, have de- Slight Improvement in Michigan Business Conditions
clined further. Raw materials, on the other hand, showed some strength
According to First National Bank of Detroit.
in April after a prolonged period of decline. This was probably due to an
advance in certain farm products. Non-agricultural commodities in the
A slight improvement in business conditions in Michigan
country continued the downward trend.
occurred during the past month, compared with a month ago,
The volume of orders on the books of local manufacturing concerns as a
rule has decreased since the middle of last month. Stocks of manufactured the "Michigan Graphic," published by the First National
although
goods held by industrial plants at large do not appear excessive,
Bank in Detroit, declares in its current issue. "However,"
there has been some accumulation at certain individual plants. In comparison with a year ago, all groups have reported smaller supplies of fin- the "Graphic" points out, "a marked decrease is still shown
ished goods.
National inventories of manufactures at the end of the first quarter of this
according to the
year were slightly larger than at the same time last year
principindexes of the Department of Commerce. This Increase was due
of raw materiInventories
ally to a very large gain in non-ferrous metals.
since then
als reached an unusually large peak at the end of last year, but
chiefly
they have been declining gradually; foodstuffs and textiles were
responsible for this increase.
declined
have
Factory employment and wage payments in this section
Last year
between March and April by about the usual seasonal amounts.
exceptionally high level,
at the same time, when manufacturing was at an
employemployment and payrolls were naturally larger, but comparisons of
favorable.
ment and wages in April this year with other recent years are
barring
seachange,
Fabrication of Iron and steel products shows little
of operation
sonal influences. In April several industries had a higher rate
the first of the
than in March and in April, 1929. While production since
same period of last
year in general has been running noticeably below the
Manuyears.
Year. it compares more than favorably with other recent
trucks,ships and
facturers of such transportation equipment as commercial
than in March.
boats,locomotives and cars operated at a higher rate in April
iron has fallen
Metal prices generally have declined further. Foundry pig
off 50 cents a ton at eastern Pennsylvania furnaces.
activity In
Productive
The textile situation continues unsatisfactory.
than seathe cotton, and woolen and worsted industries has declined more
sonally. The output of silk manufactures, which reached an exceptionally
high level in March, was curtailed rather sharply in April. Carpet and rug
mills reported improvement in April, but In the first two weeks of May op-
from the same period for last year, while In some cases an
improvement over the 1928 period is noticeable. Production
of electric energy, Industrial consumption of electric power
and number of automobiles manufactured, still considerably
below 1929, are somewhat improved over 1928. Building
awards, cement production and member bank clearings all
showed a decrease from the respective amounts reported for
the same period of 1929 and 1928." The bank also mid in
part:
"According to bank clearings reported by member banks in seven
Michigan cities, business conditions are unchanged from a month ago.
April clearings were 18.1% below the 1929 total and approximately the
same as the amount for 1928. The first four months of 1930 showed a
20.2% decline from the reported amount for 1929 and an increase of .5%
over the 1928 amount for the same period. Building contracts awarded
showed a marked positive change in this activity for April, the total being
69.5% greater than last month. Improved conditions in building construction are evident from this increase in contracts awarded. With a substantial improvement, however, April 1930 is still 39.2% below 1929 and
20.2% below 1928. Public works and utilities, and non-residential, with
14.4% and 27.9% respectively, showed a smaller margin of decline from
the April 1929 figures than was the case for last March. Residential,
JUNE 7 1930.]
FINANCIAL CHRONICLE
however, with 59.9% decrease from April 1929 evidenced a larger marginal decline than for the preceding month. The four-month total for
1930 is 45.1% below that of 1929 and 44.6% below 1928. Here, also
residential, with 51.9% and 64.6%, showed a larger decline from the 1929
and 1928 totals, respectively, than the other two divisions. The cumulative totals of both public works and utilities and non-residential showed
a smaller margin of decline from the totals for the same period of 1929
and 1928 than was the case a month ago."
Daily Hosiery Production in Philadelphia Federal
Reserve District in April 10% Below March.
Daily production of hosiery in the Philadelphia Federal
Reserve District was nearly 10% smaller in April than in
March, according to percentages tabulated by the Department of Statistics and Research of the Philadelphia Federal
Reserve Bank from data collected -by the Bureau of the
Census from 138 identical establishments. In making this
known the Bank says:
This decline was due principally to a substantial drop in the output of
women's full-fashioned hose, although the percentage declines in men's
seamless and boys', misses', and children's hose were greater than that in
full-fashioned women's hose.
Shipments also showed a decrease of about 6%,owing to declines in men's
seamless, and boys', misses', and children's, and infants' hose. Orders
booked during April were about 13% larger than in the preceding month
but unfilled orders on April 30 were 7% smaller than on the same date a
month earlier. Only men's full-fashioned hosiery showed a gain in orders
on the books of reporting concerns over March.
The statistics furnished by the Bank follow:
PERCENTAGE CHANGES FROM MARCH TO APRIL 1930.
Women's
Boys'
Men's
Misses'
Pull- Seam- Full- Seam- and
InTotal. fashion, less, fashion less. ChiPtts. fangs.
Hosiery knit during
Month
*
Net shipments during
•
month
Stock on hand at end of
month, finished and In
the gray
Orders booked during
month
Ratio of cancellations
during April to unfilled orders on hand
at end of March
Unfilled orders at end of
month
-9.5
+5.4 -14.4
-8.5 +15.8 -18.8
-5.5
+6.4 -18.9
+1.6
+2.0
+1.0 +13.1
+0.7
+13.0 +36.9 -10.2 +21.0
+4.6
-8.2
-4.5
-9.4 +13.4 -11.6
1.4
1.3
4.1
0.9
-7.0 +6.9
*Calculated on working day basis.
-1.0
-6.4
-3.7
2.9
-4.3
+1.4 -21.5 -20.7
1.4
0.5
-7.3 -37.8
Building Operations in Kansas City Federal Reserve
District.
The following is from the June 1 Monthly Review of the
Federal Reserve Bank of Kansas City:
3959
Building permit statistics reported regularly to this bank from 20 cities
in the Sixth District declined substantially in April compared with the
total for March, and were smaller than for April of last year. There was,
however, an increase in the total of contracts awarded in this district in
April as compared with March, according to statistics compiled by the
F. W.Dodge Corp., although contract awards were also in smaller volume
than at the same time last year.
Total building permits issued during April at these 20 reporting cities
amounted to $4,002,540, a decrease of 38.7% compared with the total for
March, and 51.6% smaller than the total for April 1929. Increases over
March were reported from Miami, Mobile, Montgomery, Orlando, Pensacola, Augusta, Savannah and Anniston, but there were large decreases
shown for Atlanta, New Orleans, Tampa, Knoxville, Macon,and decreases
in smaller volume at other points. Chattanooga, Augusta, Columbus,
Orlando and Pensacola reported increases over April last year, but other
cities shown In the statement reported decreases.
Cumulative totals for 1930 through April amount to $17,285,861, compared with $30,084,289 for the first four months of last year, showing a
decrease for the period of 42.5%.
Contract awards in the Sixth District as a whole during April amounted
to $21,745,165, an increase of 4.1% over the total of $20,898,493 for
March, but were 41.8 smaller than the total of $37,387,263 for April 1929.
Figures for the different states of the District show increases in April over
March in Florida, Georgia, Mississippi and Tennessee, but declines in
Alabama and Louisiana, and increases in Mississippi and Tennessee over
April last year, but decreases in the other four states. State totals compiled by the F. W. Dodge Corp. are shown in the table which follows.
Parts of the Louisiana and Mississippi figures, however, apply to other
Federal Reserve Districts.
March
Per Cent
April
Per Cot
April
1930,
1929.
1930.
Change.
Change.
Alabama
$2,714,300
$3,839,800 -30.9
$4,816,600 -43.6
Florida
3,871,200
2,388,500
+62.1
5,317,300 -27.2
3,943,000
+3.6
Georgia
3,805,600
4.530,000 -13.0
Louisiana
2,154,000
6,144,800-64.9
18,667,400-88.
MissIssippl
3,267,600
2,280,000
+43.3
2,533,900
+29.0
Tennessee (Sixth Dist.) 8,079,900
7,957,000
+1.5
5,120,500
+57.8
These Dodge statistics also contain contract figures for 10 individual
cities in the Sixth District, and 4 of these, Atlanta, Nashville, Palm Beach
and St. Petersburg, show increases in April over March, but decreases are
shown for New Orleans, Jacksonville, Birmingham, Knoxville and Miami.
Nashville, Palm Beach and St. Petersburg also show increases over April
1929, but other points show decreases compared with that month.
Cumulative figures for the first four months of 1930 indicate a total of
contracts awarded in the Sixth District during that period amounting to
$83,602,684, a decrease of 24.6% compared with the total of $110,8'.'3,551
for the corresponding period last year.
For the 37 states east of the Rocky Mountains contract awards during
April amounted to $483,251,700 6% larger than for March, and larger
than for any other month since August of last year, but 25% smaller than
for April 1929. For the first four months of 1930 total contract awards
have amounted to $1,580,398,900, a decrease of 17% compared with the
total of $1,897,889,800 for the corresponding part of 1929. Of the April
total $149,669,900, or 31%, was for public works and utilities, $123,141,900, or 25%, was for residential building, $73,241,100, or 16%, was for
commercial structures. and $38,120,600, or 8%.was for industrial buildings.
In the table are shown building permit statistics for reporting cities of
this District, and index numbers appear on the last page of this Review.
-April1930- -April 1929- Per Cent
Number.
Value.
Number.
Value. Change.
AlabamaAnniston
25
236,925
29
$43,350 -14.8
Birmingham
389
325,106
394
3,306,416
-90.2
49
Mobile
78,786
121
130,932 -39.8
136
Montgomery
117,033
226
292,447 -60.0
Florida334
254,640
Jacksonville
375
461,355 -44.8
Miami
890
247,000
284
303,906
-18.7
58
50,625
72
Orlando
25,820
+96.1
78
115,420
134
Pensacola
74,489
+54.9
Tampa
272
66,901
286
264,188 -67.2
*Lakeland
9
1,600
13
3,575 -55.2
43
*Miami Beach
354,954
53
475,280 -25.3
Georgia876,241
Atlanta
317
1,097,148
339
123,457
167
90,183
+36.9
143
Augusta
Columbus
41
37
95,800
+5.8
101,399
Macon
137
67,403 -16.1
263
56,527
Savannah
24
76,625 -52.2
18
36,620
Louisiana495,309 -42.7
New Orleans
134
283,683
191
93
69,715 -16.3
Alexandria
58,344
80
Tennessee+48.2
304,954
Chattanooga
329
451,836
351
48,550 -69.4
23
14,875
Johnson City
9
522,246 -56.8
Knoxville
189
225,360
106
552,275 -12.8
Nashville
481,762
318
234
$8,263,111 -51.0
Total 20 cities
3 449 $4,002,540
3,746
73.4
Index No
25.6
• Not included in totals or index numbers.
Statistics of building contracts awarded in 37 states compiled by the
F. W. Dodge Corporation and subdivided by districts by the Federal
Reserve Board's division of Research and Statistics show the value of
contracts awarded in the Tenth District in April totaled 220,754,472, of
which $4,027,702 was for residential construction. This total value of
building contracts awarded compares with $35,973,650 for March and
$22,365,202 for April last year. Total building contracts awarded during
the four months of 1930 was $89,721,119, compared with $73,760,465 for
the like period in 1929, an increase for the current year of $15,960.654 or
21.6%.
A report of the F. W. Dodge Corp. said that during April contemplated
work reported in this District totaled $41,663,400, as against $39.561.000
for March and against $38,001,600 or the amount reported in the corresponding month of last year.
Official reports of engineering departments of 20 cities in this District
show the value of building permits issued in April to have been $9,473,429,
an increase of $883,511, or 10.3% above the March total of $8,589,918,
but $1,655,824, or 14.9% below last year's April total. The reports show
fewer permits were issued in April than in the corresponding month last
Year. Of the 20 cities reporting, the value of April permits was larger for
9 cities and smaller for 11 cities than in April 1929. Building permits
issued In these cities during the first four months of 1930 had a value of
$27.979,797, which was $3,348,769, or 10.7% below the $31,328,566 reported for the four-month period in 1929.
Manufacturing Operations in Kansas City Federal
APRIL PERMITS IN 20 CITIES IN THE TENTH DISTRICT.
Estimated Cost- Per Cent
-PermitsReserve District During April at Practically Same
1930.
1930.
1929.
1929.
Change
Albuquerque, N. M
$214,253
92
74
$139,803
Levels as in March-Gains Reported in Retail
+032
Casper, Wyo
46,342
10
17
40,200
Lines-Improved Agricultural Conditions.
Cheyenne, Wyo
137,990
38
83,165
54
+66.0
Colorado Springs, Colo
72
73
37,420
83,575 -55.2
The Federal Reserve Bank of Kansas City states in Its
Denver, Colo
562,550 2,0asoo
547
779
Hutchinson, Kens
985,364
68
57
867 +147
671
Review that "while manufacturing operaJoplin, Mo
200,350
17
32
101,575
+97.2 June 1 Monthly
Kansas City, Hans
91
258,505
105
101,755 +154.1 tions continued through April at substantially the same
Mo
Kansas City.
233
279
2,562,250 1,048,450 +1444
Lincoln, Nebr
86
133
168,165
411,025 -59.1 levels as in March, there was a slight upturn in mineral
Muskogee, Okla
20
22
31,910
88409 -63.9
Oklahoma City, Okla
329
1,848,213 2,235.300 -17.3 production, except coal, as compared with the earlier months
362
Omaha, Nebr
82
157
572.493
588,314
-2.7
137
Pueblo. Colo
144
116,097
157,807-26.4 of the year. On the whole, production of both manufacturers
Salina, Hans
29
26
86,807
43,495
+99.6
wore smaller than in April last year." The
44,537
Shawnee, Okla
37
69
172.795 -74.2 and minerals
St. Joseph, Mo
51
51
384,985
106A76 +260.2 Bank's survey of conditions also says:
88
119
171,855
Topeka, Rena
298,915 -42.3
253
351
665,011 2,165,605 -69.3
Tulsa, Okla
Conditions for agriculture improved between Apr. 15 and May 15, owing
208
277
378,332 1,153,822 -67.2
Wichita, Kane
to frequent heavy and well distributed rains which filled the surface soil
increased the subsoil moisture in practically all sections of the Tentk
2,504
and
cities)
3,165
$9,473,429
Total April (20
$11,129,253 -14.9
7,506
8,802
27,979,797 31,328,566
Four months (20 cities)
-10.7 (Kansas City) Federal Reserve District. In the closing days of May,
plantings of corn, cotton and other crops, which in many sections had been
delayed by unfavorable weather and wet soil, was rapidly approaching
Building Conditions in Atlanta Federal Reserve Dis- completion.
Winter wheat, with the harvest near at hand, was making
trict During April-Declines as Compared With excellent growth. While yields would be short in parts of "The Belt"
affected by dry weather in early spring, official reports indicated this
Previous Month and Year Ago.
year's crop would be slightly below the 255 million bushels produced in
In its Monthly Review, dated May 31, the Federal Re- this
District in 1929.
serve Bank of Atlanta has the following to say regarding
The better prospects for farm production reflected quickened activity in
several lines and branches of business. Retail sales of department stores in
building conditions in its District:
FINANCIAL CHRONICLE
cities, with complete figures for April available, showed a decided expansion over the earlier months of the year and were larger than in April
last year, this being the first month of 1930 to show an increase in department store sales over a corresponding month in 1929. Wholesale distribution of merchandise continued at practically the same level as in March
but the combined sales of the firms reporting was still below last year's
April sales.
The grain trade was unusually heavy for this time of the year. Market
receipts of wheat, corn, oats and barley were substantially larger than a
year ago. Farmers were reducing reserve stocks of wheat in advance of
the new crop. Livestock receipts at primary markets in this District were
smaller than in April last year for all classes except sheep, which showed
the largest April total of record.
Unusually large highway construction and engineering projects now under
way in this District, exceeding that for last year, was an outstanding feature
of the April reports.
Building contracts awarded, as reported by the F. W. Dodge Corporation,
showed declines in April compared with the preceding month and the corresponding month last year. However, contracts awarded during the first
four months of the year exceeded those for the like period last year by
nearly 16 million dollars, or 21.6%, while the value of building permits
In cities for the four-month period showed a decrease of a little over three
million dollars, or 10.7%.
The Bank reports as follows regarding wholesale and
retail trade.
Trade.
Retail trade at 88 department stores in cities of the Tenth District
expanded during April. Their combined sales for the month in dollars
were 7.8% higher than in March and 1.8% higher than in April a year
ago. April was the first month of the current year to show an increase in
department store sales over a corresponding month of the preceding year.
Twenty-three stores reported larger sales and 15 stores reported smaller
sales than a year ago. Total sales for the first four months of 1930 were
4.9% lower than for the like period in 1929.
Sales of single line retail stores reporting for April reflected small declines in sales of men's and women's apparel, and shoes, as compared with
April last year. In the retail furniture line sales averaged 7% lower than
In April a year ago.
Stocks of department stores on April 30 were slightly lower than one
month earlier, and averaged 8.2% lower than on April 30 last year. Retail
furniture stocks at the end of April were 3% lower than a year ago.
Collections of department stores during April amounted to 40.3% of
their outstandings as of Mar. 31. This figure compares with March collections of 40.6% of outstandings as of Feb. 28, and with last year's April
collections of 41.8% of outstandings as of Mar. 81 1929.
Wholesale distribution of merchandise by firms in five lines which reported to the Federal Reserve Bank of Kansas City, continued through April
on about the March level, but their combined sales for the month were
6.3% below those for the same month last year.
Sales of groceries in April by wholesale firms reporting averaged 2.6%
higher than in March and 2.1% higher than in April last year. Sales of
drygoods, hardware and furniture by reporting wholesale firms were smaller
for April than for the preceding month or the same month last year. Wholesalers of drugs reported an increase of 6.5% over March but a decrease of
2.8% as compared with April of last year.
Stocks of all reporting interests at the close of April were lower than
on Mar. 31, with the exception of a small increase in hardware. As compared with a year ago, stocks of all lines reporting showed moderate
decreases.
Wholesalers of millinery reported their April sales averaged about 5%
above those for March and about 7% above those for April a year ago.
Wholesale distribution of implements and farm machinery during April
averaged slightly lower than in April last year which was a high month
for distribution.
Business Conditions in Atlanta Federal Reserve
District-Increases in Retail Trade--Wholesale
Trade Lower.
Increases in April over March are shown in statistics of
retail trade, in the consumption of cotton and production of
cotton cloth, in the output of coal in Alabama and Tennessee,
and in building contracts awarded in the Atlanta Federal
Reserve District, but declines are reported for wholesale
trade, building permits, and output of pig iron in Alabama.
We quote from the District Summary published in the May
At31 "Monthly Review" of the Federal Reserve Bank of
say:
to
on
lanta, which goes
[Vol.. 130.
ago. Loans on securities were somewhat larger than a year ago, but
"All Other Loans" on May 14 were the smallest for any weekly reporting
date in recent years. Borrowings by these weekly reporting member
banks on May 14 had increased from the low level reporting for April
9, but were substantially less than at the same time last year. Savings
deposits in April were slightly less than for March, but showed a small
increase over April 1929. Debits to individual accounts at 26 clearing
house centers of the district averaged 2.4% less in April than in March,
and were 14.1% less than in April last year.
In detailing conditions in wholesale and retail trade the
Bank says:
Retail Trade.
There was a further seasonal increase in the volume of retail trade in the
sixth (Atlanta) district in April over preceding months, as reflected in
sales statistics reported to the Federal Reserve Bank of Atlanta by department stores located through the district. April sales by these stores were
also slightly larger in total volume than during April of the two preceding
years. These favorable comparisons for April, however, should be attributed
largely to the late date of Easter, April 20, while in 1929 Easter came on
March 31 and in 1928 it was on April 8, so that a larger part of the Easter
buying came in April this year than in either 1929 or 1928, and In those
two years total sales were smaller in April than in March. Combined sales
by reporting stores in this district for March and April taken together so
as to include the Easter selling of both months, were 8.9% smaller this
year than in 1929.
Combined sales by 43 reporting department stores located in 23 cities
of the district averaged 11.2% larger in April than in March, and 0.4%
larger than in April last year. Increases over April last year were reported
from Atlanta, Nashville and other cities, but sales at Birmingham, Chattanooga and New Orleans were in smaller volume. All reporting cities
showed increases over March excepting Birmingham where sales declined
2.9%. Cumulative sales by these reporting firms from January through
April were smaller than for that period last year at all cities included
individually in the statement, and averaged 8.8% less for the district.
!Stocks of merchandise reported on hand at the end of April averaged
2.2% larger than a month earlier but were 8.0% smaller than at the same
time a year ago. Stocks were larger than at this time last year at Birmingham, Chattanooga and Nashville, but smaller at Atlanta, New Orleans and
other cities. The rate of stock turnover in April was slightly more than
for March or for April 1929, but for the, first four months of 1930 it was
the same as for that period last year.
Accounts receivable at the end of April increased 1.4% over the month
before, and were 7.1% larger than for April last year. Collections during
the month increased 1.6% over those in March, but averaged 7.8% smaller
than in April 1929. The ratio of collections during April to accounts
receivable and due at the beginning of the month for 33 reporting firms
was 31.8%; for March this ratio was 30.7%, and for April last year it
was 33.3%. For April the ratio of collections against regular accounts for
33 firms was 33.9%, and the ratio of collections against instalment accounts
for 9 firms was 16.7%.
Wholesale Trade.
After increasing in March, following decreases in the four preceding
months, aggregate sales reported by 119 wholesale firms in the sixth district
decrea.sed 4.2% in April compared with March, and were 13.5% less than
In April last year. There were decreases shown also in the combined
figures for stocks on hand, at the end of April, and for collections during
the month, as compared with the month before and with the corresponding month a year ago. Accounts receivable, however, showed a fractional
increase over March and averaged 2.2% larger than for April 1929.
In only one of the eight reporting lines of wholesale trade, hardware,
PULS the volume of sales in April larger than in March, and this increase
was only two-tenths of one per cent. In the other seven lines of decreases
ranged from 2.3% in drugs to 15.9% In furniture. Compared with April
1929, sales in April this year were smaller in all of the eight lines, the
decreases ranging from 4.2% in drugs to 24.7% in shoes. April collections
by reporting wholesale furniture firms were 7.0% greater than in March,
but in other lines the comparison was unfavorable. Collections by furniture
and drug firms were larger than in April last year.
Recessions in All Lines Except Retail Trade Reported
by Federal Reserve Bank of St. Louis.
The St. Louis Federal Reserve Bank states in its May 31
Monthly Review that the moderate betterment in trade and
industry noted in its preceding report "failed to continue
during the past 30 days." "With the exception of retail
trade in the chief centers of population, which showed a
substantial gain over a year ago, virtually all lines investiMarch, and gated
The volume of retail trade increased 11.2% in April over
showed recessionary tendencies," according to the
to the later date of
was 0.4% greater than in April last year, due largely
Bank, which in its May 31 Review also says:
store
department
year
the
of
months
four
Easter this year. For the first
corresponding period of 1929.
sales have averaged 8.8% less than in the
firms declined
Following a seasonal increase in March, sales by wholesale
4.2% in April, and were 13.5% less than in April last year.
declined
district
the
in
Building permits statistics reported from 20 cities
considerably less than
in April compared with the previous month, and were
whole, however,
for April last year. Contract awards in the district as a
than in April 1929.
Increased 4.1% over those in March, but were 41.8% less
April
Consumption of cotton in the cotton-growing states increased in
of cotton cloth
over March, but was less than a year ago, and production
over March, and
by reporting mills in the Sixth (Atlanta) district increased
decreased in comparison
was smaller than in April last year. Output of yarn
with March and with April 1929.
In April over
Production of coal in Alabama and Tennessee increased
last year, but proMarch, and Alabama output was smaller than in April
iron in Alabama
duction in Tennessee was slightly larger. Output of pig
declined in comparison with both of these periods.
peaches In Georgia,
The outlook for citrus fruits in Florida, and for
the same time last
Florida and Alabama, was better on May 1 than at
with a year
year. Farm work on that date was well advanced, compared
were retarded
ago, but germination of seed and growth of planted crops
by the dry cool weather in April.
larger
Discounts by the Federal Reserve Bank for member banks were
time
on May 14 than five weeks earlier, but much less than at the same
last year. Total loans by weekly reporting member banks, however,
were smaller on Ma4 14 than on April 9, or at the same time a year
Output of most manufacturing lines was smaller in April than in March,
and this curtailment extended to certain lines which ordinarily increase their
production at this particular time of year. Reports covering the first half
of May reflect little, if any betterment over the average daily rate prevailing in April. Extreme conservatism is the rule in purchasing, both by the
public and merchants. As a result of this policy, manufacturers are holding
down their operations, and are making up only such goods as they are able
to apply on orders actually booked or for which there is definite inquiry.
In a large majority of wholesaling lines investigated, April sales were
sharply below those of the same month in 1929, also under those of the
preceding month this year. A considerable part of the decrease in the
yearly comparison was accounted for by smaller advance sales. Dry goods,
millinery, clothing and boot and shoes interests attribute their decreased
volume of sales partly to price uncertainty and to unseasonable weather.
In the country purchasing has been held down by the depression in values
of wheat, corn, cotton and other agricultural products. As an indication
of the disposition to purchase only for immediate requirements, wholesalers
cite the unusually large number of mail orders received, also the numerous
orders transmitted through the usual channels which specify immediate
delivery. While retail stocks are universally small, merchants are hesitant
about replenishing and completing their full lines.
An important factor in the gain in department store sales in April
over those a year ago was the fact that Easter was unusually late, and
much shopping ordinarily done in March was carried into the following
month. Special sales involving price concessions, accompanied by extensive
JUNE 7 1930.]
FINANCIAL CHRONICLE
advertising campaigns also figured in the increase. Distribution of automobiles decreased as compared with the preceding month and a year ago,
and generally through the iron and steel industry activities were at a slightly
lower rate in April than March. The melt of pig iron was smaller, and
though shipments of finished materials decreased, the volume of unfinished
orders on May 1 was smaller than a month earlier.
Taken as a whole the employment situation showed no marked change as
contrasted with the preceding month. Gains in the number of workers
engaged In outdoor occupations about offset increased idleness occasioned
by curtailed schedules in industrial plants. Conditions through April and
early May were in the main very favorable for agricultural operations,
and spring farm work is considerably ahead of the seasonal average. In
some sections moisture was insufficient for promoting growth and development of planted crops, and the low prices of wheat, corn, cotton and other
important products tended to emphasize conservatism in the rural areas.
Combined sales of all wholesale lines investigated showed a decrease of
16.8% in April sales under those for the same month in 1929. As reflected
by sales of department stores in the principal cities, the volume of retail
trade in April was 9.8% larger than a year ago. The value of authorised
new construction in the five largest cities in April was 145.3% greater than
In March, but 16.3% smaller than in April 1929. Debits to checking
accounts in April, as reported by the large centers, were 2.0% smaller than
in March, and 11.5% less than the April 1929 total. The amount of savings deposits increased 1.6% between April 2 and May 7, and on the latter'
date reached the highest figure this year. The total, however, was 3.4%
smaller than on May 1 1929.
The volume of freight traffic handled by railroads operating in this district continued to run below that of a year and two years earlier. The
seasonal increase in the movement of vegetables and fruits from the south
was more than offset by decreases in all other classifications. The tonnage
of forest products, coal and coke and ore was sharply below that of a year
ago. For the country as a whole, loadings of revenue freight for the first
18 weeks this year, or to May 3, totaled 15,832,203 tons, against 17,194,805
tons for the corresponding period in 1929, and 16,510,556 tons in 1928.
The St. Louis Terminal Railway Association which handles interchanges
for 28 connecting lines, interchanged 211,707 loads in April, against 220,296
loads in March, and 241,881 loads in April 1929. During the first nine
days of May the interchange amounted to 61,545 loads, against 64,523 loads
during the corresponding period in April, and 72,140 loads during the
first nine days of May 1929. Passenger traffic of •the reporting roads was
9.0% smaller in April than in the same month a year ago. Estimated
tonnage of the Federal Barge Line, between St. Louis and New Orleans, In
April, was 100,700 tons, the largest since last November, and comparing
with 71,087 tons in March, and 134,747 tons in April 1929.
While continuing rather spotted and irregular, collections developed
some improvement over the preceding 80 days. Large wholesaling lines,
notably boots and shoes and dry goods, with which April is an important
settlement month, reported payments during the last half of that month
much better than indicated during the opening weeks, with the result
that total returns compared favorably with a year ago. Retailers in the
large cities reported moderate improvement in April and during the first
half of this month. In the country, however, there are still numerous complaints from retailers of backwardness in collections, particularly in areas
where farmers are intensively engaged in spring field work. In the iron
and steel building material industries payments are still reported below
the seasonal average. Answers to questionnaires addressed to representative
interests in the several lines scattered through the district showed the following results
.
:
Excellent.
Fair.
Good.
Poor.
Apr. 1930
12.4%
1.5%
22.6%
63.5%
Mar. 1930
14.1%
1.4%
59.2%
25.3%
Apr. 1929
2.6%
36.7%
10.1%
50.6%
3961
The 344 identical softwood mills report unfilled orders as 809,531,000
feet, on May 31 1930, as compared with 1.100,591.000 feet for the same
week a year ago. Last week's production of 457 identical softwood mills
was 272.780,000 feet, and a year ago it was 280.718,000; shipments were
respectively 265,606,000 feet and 333,533,000; and orders received 245,046,000 feet and 291,953,000 feet. In the case of hardwoods. 197 identical
mills reported production last week and a year ago 28,526,000 feet and
35,504,000;shipments 25,160,000 feet and 38,715,000; and orders 23,899,000
feet and 31.716,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 210 mills reporting for the week ended May 31 totaled
152,207,000 feet, of which 62,059.000 feet was for domestic cargo delivery,
and 25,906,000 feet export. New business by rail amounted to 51,963,000
feet. Shipments totaled 158,988,000 feet, of which 50,470,000 feet moved
coastwise and intercoastal, and 36,160,000 feet export. Rail shipments
totaled 60,059.000 feet, and local deliveries 12,279,000 feet. Unshipped
orders totaled 543,827,000 feet ,of which domestic cargo orders totaled
211,359.000 feet, foreign 196,802,000 feet and rail trade 135,666,000 feet.
Weekly capacity of these mills is 245,681,000 feet. For the 21 weeks ended
May 24, 139 identical mills reported orders 7.5% below production, and
shipments were 6.2% below production. The same mills showed an
increase in inventories of 12.1% on May 24, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 132
mills reporting, shipments were 7% above production, and orders 7%
below production and 14% below shipments. New business taken during
the week amounted to 49,476,000 feet, (previous week 51,933,000 at 143
mills); shipments 57,225,000 feet, (previous week 50,883.000): and production 53,480,000 feet, (previous week 55,085,000). The 3-year average
production of these 132 mills is 66,904,000 feet. Orders on hand at the
end of the week at 101 mills were 138,054.000 feet. The 110 identical mills
reported a decrease in production of 11%, and in new business a decrease
of15%,as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reported
production from 88 mills as 51,060,000 feet, shipments 35,919.000, and new
business 36,933,000. Sixty-four identical mills reported a decrease of 9%
In production, and of 26% in new business, when compared with last year.
The California White & Sugar Pine Manufacturers Association, of San
Francisco, reported production from 17 mills as 20,827,000 feet, shipments
15,219,000 and orders 15,279,000. The same number of mills reported
Production 8% less, and orders 8% less, than that reported for 1929.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 7 mills as 5,711,000 feet, shipments 6,005,000
and new business 3,985,000. The same number of mills reported a decrease
in production of 27%,and an increase in orders of 36%,in comparison with
a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 18 mills as 1,844,000 feet, shipments 1,399,000 and orders 859,000. Seventeen identical mills reported
an increase in production of 3% and a decrease in orders of 46%, when
compared with last year.
The North Carolina Pine Association, of Norfolk. Va., reported production from 107 mills as 8,961,000 feet, shipments 8,112.000 and new business 6,708,000. Forty-five identical mills reported a 16% decrease in
Production and an 11% decrease in new business, in comparison with the
same period of 1929.
The California Redwood Association, of San Francisco, reported production from 14 BABB as 5,614,000 feet, shipments 6,925,000 and orders
5,178,000. The same number of mills reported a 28% decrease in produoLion, and a 30% decrease in orders, when compared with the corresponding
week a year ago.
Hardwood Reports.
Commercial failures in the Eighth Federal Reserve District in April,
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
according to Dun's, numbered 128, involving liabilities of $4,114,163,
against 183 failures in March with liabilities of $2,419,565, and 128 fail- Production from 258 mills as 32,926,000 feet. shipments 29,197,000 and
new business 28,015,000. Reports from 180 Identical mills showed producures for a total of $1,992,982 in April 1929.
tion 17% below, and new business 19% below, that reported for the same
period of last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Larger Percentage of Lumber Production Absorbed. Oshkosh,
Wis., reported Production from 18 mills as 3,239.000 feet, shipOrders for lumber, both hardwood and softwood, showed ments 2,150,000 and orders 1,249,000. Seventeen identical mills reported
some improvement over recent weeks in their relation to a decrease in production of 38%, and a decrease in orders of 67%, in
comparison with 1929.
production, during the week ended May 31, according to CURRENT RELATIONSHIP
OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED MAY 30 1931 AND FOR 22 WEEKS
reports from 856 mills to the National Lumber ManuTO DATE.
facturers Association. Total production of these mills
amounted to 334,764,000 feet, and orders were reported
10% and shipments 4% less than this figure. A week
earlier 898 mills reported production of 376,494,000 feet
with orders 81% and shipments 88% of that amount.
Unfilled orders at 481 softwood mills on May 31 were the
equivalent of 18 days' production, the same equivalent
reported by 521 mills a week earlier. As compared with
last year, 457 identical softwood mills gave production as 3%
less, shipments 20% less and orders 16% less than for the
same week in 1929; for hardwoods, 197 identical mills
reported production 20% less, shipments 35% less and orders
25% under the volume for the week a year ago.
Lumber orders reported for the week ended May 31 1930,
by 598 softwood mills totaled 270,912,000 feet, or 9% below
the production of the same mills. Shipments as reported
for the same week were 290,100,000 feet, or 3% below
production. Production was 298,599,000 feet.
Reports from 276 hardwood mills give new business as
29,264,000 feet, or 19% below production. Shipments as
reported for the same week were 31,347,000 feet, or 13%
below production. Production was 36,165,000 feet. The
Association's statement further shows:
Association.
Produonon
M Ft.
Ship- P. C
of
mods.
M Ft. Prod
Southern Pine:
57,225 107
53,480
Week-132 mill reports
1,326,075 1,235,535 93
22 weeks-3,122 mill reports
West Coast Lumbermen's:
151,102
159,296 105
Week-215 mill reports
3.572,958 3,331,121 93
22 weeks-4,697 mill reports
Western Pine Manufacturers:
35,919 70
51.060
Week-88 mill reports
855,187 766,638 90
22 weeks-1,957 mill reports
California White & sugar Pine:
20,827
15,219 73
Week-17 mill rePortc
455,428 148
306,988
22 weeks-555 mill reverts
Northern Pine Manufacturers:
5,711
6,005 105
Week-7 mill reverts
75,296
92,875 123
22 weeks-179 mill reports
No.Hemlock&Hardwood(softwoods):
1,844
1,399 76
Week-18 mill reports
75,358
49,858 66
22 weeks-704 mill reports
Northern Caroline Pine:
8,961
8,112 91
Week-107 mill reports
217,188 200,167 92
22 weeks-2,442 mill reports
California Redwood:
5,614
6.925 123
Week-14 mill reports
164,773
147,666 90
22 weeks-325 mill reports
Softwood total:
Week-598 mill reports
22 weeks-13,981 mill reports
Hardwood Manufacturers Inst.:
Week-258 mill reports
22 weeks-5,525 mill reports
Northern Hemlock & Hardwood:
Week-18 mill moons
22 weeks-704 mill reports
Orders
M Ft.
P. C,
of
Prod.
49,476
1,230,423
93
93
152,494
3,385,657
101
94
36,933
748,132
72
87
15,279
484,322
73
151
3,985
85,703
70
114
859
48,547
47
64
6,708
171,214
75
79
5.178
151,987
92
92
298,599 290,100
6,593,823 6,279,286
97
95
270,912
6,265,985
91
95
29,197
713,190
89
90
28,015
705,992
86
89
3,239
2,150
193,724
114,791
Unfilled Orders.
Hardwoods total:
36,165
31,347
Week-276 mill reports
Reports from 481 softwood mills give unfilled orders of 898,249,000 feet,
98.5,803 827,981
22 weeks-6,229 mill reports
on May 31 1930, or the equivalent of 18 days' production. This is based
upon production of latest calendar year-300-day year- and may be Grand total:
compared with unfilled orders of 521 softwood mills on May 24 1930, of
334,764 321,447
Week-856 mIll reports
92 wa.k9.--19.506 mill reports__ 7.579.62E1 7.1(57.2117
967,772,000 feet, the equivalent of 18 days' production.
66
59
1,249
102,044
39
53
87
84
29,284
808,036
81
82
32,926
792,079
96
04
300 178
90
'7 dwinoi• no
3962
FINANCIAL CHRONICLE
Cut in Tire Prices by Goodyear and Other
Manufacturers.
Price schedules for tire casings and tubes were cut approximately 5% by the large manufacturers on June 6, effective
immediately. According to the New York "Journal of Commerce" companies which openly announced reductions were
the Goodyear Tire & Rubber Co., the General Tire & Rubber
Co. and the Kelly-Springfield Tire Co. The paper quoted
also said in part:
Other manufacturers made no definite announcement, but indicated
that the price reduction, the first to be made this year, would be followed.
Lower costs for raw materials and improved manufacturing methods made
the reductions possible, according to President P. W. Litchfield of the
Goodyear company.
The action of the manufacturers follows a similar reduction named by
the mail order houses on May 16 last, when tire prices in the midsummer
catalogues were reduced 4 to 6%, bringing Ford balloon sizes down to
around $5.55, the lowest in history. It was stated in Akron at that time
that the action of the mail order firms would have little if any effect on
prices of the large tire companies.
-
[VoL. /30.
fourth quarter of 1929 and 20.3% under the first quarter last
year. Consumption of crude rubber for the first quarter of
1930 is estimated at 101,610 long tons, an increase of 19.7%
over the fourth quarter of 1929, but 20.9% under the unusually active first quarter of 1929.
Stocks of crude rubber on hand in the United States on
March 31st amounted to 144,642 long tons, an increase of
33.3% over Dec. 31 1929 and 44.5% over March 31st a year
ago. In this connection, it is interesting to note that reasonably reliable reports from the Middle East indicate a reduction of about 30,000 tons in the probable world's production
of crude rubber during 1930 due to the so-called May Tapping
Holiday. The Association's statement adds:
While the price of crude rubber has been fairly stable for some time
past at a comparatively low level for the commodity, the spot price quotations appearing in the daily press do not reflect the actual cost of rubber
being consumed by tire and other rubber goods manufactured because the
greater part of the total tonnage necessarily is bought on futures, which
are almost invariably higher than the spot prices. Manufacturers genPassenger Sizes Lowered.
erally anticipate their rubber requirements months in advance as a protecPrices of 4-ply passenger car sizes will be reduced approximately 5%. tion to the public and themselves against any undue fluctuation in market
Tubes will carry a similar reduction. There will be only a slight reduction levels and to assure a steady supply of raw material. In addition, the
in the price of Goodyear heavy duty passenger car tires, while the Path- published spot prices do not reflect the actual cost to the manufacturer
finder heavy duty line will be increased in price in some sizes.
because both spot and future prices for actual deliveries of physical rubber
Mr. Litchfield stated:
are invariably higher than those covering speculative transactions in con"This price change Is in line with Goodyear's practice of passing along nection with which deliveries are seldom consummated. Furthermore, the
to the public the benefits of its savings in manufacturing and raw material published prices are not truly representative of the cost of the higher
costs. It means that the tire buyer to-day can buy Goodyear tires at the grades of rubber. For example, fine pare is quoted at approximately 15c,
lowest prices in the history of the industry, with mileages considerably but due to a weight shrinkage of almost 20%, the net cost to the manugreater than over before."
facturer for this grade of rubber is about 18e a pound.
Goodyear's premier tire is the Double Eagle, on which prices have
apparently been maintained. The next in line is the heavy duty, on which
reductions are slight. The major reduction of 5% is in the nest line,
known as the "regular" line, in which category the 4-ply passenger car Vice-President McCampbell of Association of Cotton
tire lies. The Pathfinder line is generally known as the second grade line.
Textile Merchants Finds Substantial Progress
The fact that prices in this line have been increased in some sizes apparently
belies the assumption that the current reduction has been made to meet
Toward Normal Conditions in Cotton Manufacthe mall order tire reductions announced some time ago.
turing Industry.
The reduction in tire prices by Sears, Roebuck & Co. and
Substantial progress toward normal and healthy conMontgomery Ward & Co. was noted in our issue of May 17, ditions is being made in the cotton manufacturing industry
page 3450.
with "ample evidence that over-production has run its
course," according to an analysis of current developments
Prices of Ford Cars and Trucks Reduced-Chrysler in the industry by Leavelle McCampbell, Vice-President
Corp. Announces New Model and Price Changes.
of the Association of Cotton Textile Merchants of Now York,
Effective June 2, reductions ranging from $5 to $25 have published June 3. Mr. McCampbell believes that the indusbeen announced by the Ford Motor Co. Following are the try has undergone such changes in recent years that make
new and old prices for Ford cars and trucks:
it possible to forecast the end of most of its major difficulties.
New
Old
New
Old
"It is not conceivable," he says, "that we can take care
Price.
Price.
Price.
Price.
of increasing consumption and at the same time progressively
Standard coupe
$49.5
$500. Pick-up closed cab.. $455.
$460.
Sport coupe
525.
530. Mod."A" panel del- 570.
590.
destroy the equipment with which we make our goods.
545.
Deluxe coupe
550. DeLuxe delivery- --- 545.
550.
Tudor sedan
495.
500. Station wagon
640.
650.
Somewhere
these lines must cross. Sometime there must come
3-window Fordor sed - 600.
625. Model "A" chassis_
345.
350.
DeLuxe sedan
640.
650. Mod. "AA" truck
an end. When it does there is likely to come a textile boom
Town sedan
660.
670.
chassis, 131
greater than any we have known, for it will find, us with a
Cabriolet
625.
645.
wheel base
510.
520.
435.
435. Model "AA" truck
Roadster•
plant gone beyond the possibility of quick rehabilitation."
440.
Phaeton *
440.
chassis. 157 - inch.
425.
Pick-up open cab
430.
wheel base
*535.
With respect to the much repeated complaint that the
Model"AA"panel del. 780.
800.
industry has over produced, Mr. McCampbell states:
•New model.
Note.-All prices f.o.b. Detroit.
The Ford Motor Co. of Canada, Ltd. has reduced prices of
its Ford cars and trucks ranging from $15 to $55. The new
prices f.o.b. East Windsor and the amounts of the reductions
follow:
Fordor sedan $720, reduced $55; cabriolet $750, town sedan $795, both
reduced $40; model "AA" 1.3-i-ton truck chassis $610, reduced $35; coupe
$595, sport coupe $630, and Tudor sedan $595, all reduced $25; roadster
$520, phaeton $530, and model "A" commercial chassis $415, all reduced
$20,and deluxe coupe $655 and light delivery $510, both reduced $15.
Since the Cotton-Textile Institute was founded, voluntary curtailment
has been preached from the house-tops. In principle every mill executive
accepts this doctrine. In practice they "let George do it". The record is
before you. Possibly like bad boys they run for the sole reason that the
teacher says not to. If the Institute pleaded with them to lengthen their
running time maybe they would as promptly shorten it. This stubborn
streak in human nature frequently crops out. President Hoover tells us
that the depression is over and hundreds promptly dump their stocks.
Perhaps if we quit talking about the evils of night running there will be
lass of it.
Whether curtailment be voluntary or involuntary there is ample evidence
that over-production has run its course. The ability of the industry to
Increase Its running time by two hundred working hours, nearly a solid
month,in 1929 was amazing, but even so the total failed to reach either that
of 1927 or that of 1923. It is unlikely that we ever again shall see such a
spurt. If not, stabilization has arrived. One hundred billion spindle
hours is a dead-line that probably will not again be crossed until our house
is in order and the sale of cotton cloth rewards those who make it with a
reasonable profit.
Just how much longer the practice of Increasing running time will continue is a difficult question to answer. Most well informed members of
our industry are agreed that it is nearing its zenith, and that fewer and
fewer mills will take part in such a program.
The Chrysler Corp. announces the addition of a convertible coupe with rumble seat at $925 factory to its new
low-priced Chrysler Six line. This brings the total models
in this series to six body styles, offered at $795 up, the lowestprice range that Chrysler has ever offered a six-cylinder car.
The Chrysler Corp. in May announced price cuts on
closed models of the "77" line from $200 to $350 throughout
the country. Prices on the "70" and "66" models and on the
Mr. McCampbell shows that the actual measure of overnew "6" lines remained undisturbed. A new model to replace
the "77" is to be put out this summer, it was said. The production during the past two years, based upon statistics
price cut went into effect immediately and was made to for production and shipment of standard cotton cloth has
been 1.34%. "The penalty exacted in the shape of price
clear out inventories for the new model.
concessions for this infraction of economic law," he adds,
"has been out of all proportion to anything gained by such
Sales of Manufactured Rubber Products Declined lower costs as
were thus obtained."
to
Revised
Figures
According
Quarter,
During First
The
analysis
also takes exception to the frequently exIssued By Rubber Manufacturers Association, Inc. pressed opinion
that
the cotton industry has suffered griev-Consumption of Crude Rubber About 21% Below ously from
lack
of
demand.
It includes statistics indicating
Higher.
-Inventories
Similar Period Last Year
that the average annual increase of consumption has
Based on data more complete than heretofore available, amounted to more than 150 million yards during the past
The Rubber Manufacturers Association, Inc. has issued re- 30 years, and showing that per capita consumption of cotton
vised estimates covering the industry's statistical position cloth has increased from 57 yards in 1899 to 69 yards in
for the first quarter of the year. Sales of manufactured 1929. Mr. McCampbell's analysis reveals that deteriorarubber products for the first quarter of 1930 amounted to tion and demolition of available equipment have been
approximately $218,315,000, a decrease of 6.6% under the proceeding much more rapidly than new building. An
JUNE 7 1930.]
FINANCIAL CHRONICLE
3963
The Mohawk reduced prices on seamless velvets were Norwood, fringed,
$20.75($22): Gotham,fringed, $16.50 ($17), and Sagamore $15.25 ($15.50).
Offer New Winans.
M. J. Whittall Associates, Ltd., made no changes in prices on regular
lines, but announced the addition of seven new wiltons. These included
the "Anglo Amerikan," a seamless, washed, extra high-pile worsted rug
at $250 in the 9 by 12 size; "Anglo Assyrian" at $217.50:"Anglo Ramadan':
at $185, "Anglo Lustre." a seamed, washed high-pile worsted at $175:
"Anglo Irastan," a seamless ,six-frame, worsted at $165; "Anglo Caspian,"
seamless, three-shot worsted, $150;"Windsor Wilton." a seamless high pile,
three-shot wool at $117.50, and the "Edgeworth Wilton," a seamed, threeshot worsted wilton at $100. A new hooked rug, in a seamed looped highpile wool fabric, is also offered at $135.
No price changes were made by A. & M. Karagheusian, Inc., although a
were added to their regular offerings.
If we take the current rate of 326,688 new spindles a year and assume large number of new patterns
The Karastan Rug Mills introduced a new rug, the "Karashah,' quoted
that not a single spindle is added to the number we have, it will require
Karastan rug remains unchanged at S195.
something over a hundred years to reconstruct our present plant. Surely at $135 in the 9 by 12- The
Both linoleum and felt-base rug manufacturers held to their spring prices,
this is a most inadequate program of renewal and one which cannot conbuyers.
tinuo without greatly accelerating the passing of the machinery now in but offered new patterns to attract
place.
In its issue of June 5 the "Times" had the following to say
Buyers now in the market to inspect fall lines of floor coverings have
In discussing increased running time, Mr. McCampbell
a greater interest in carpets than was anticipated. Both plain
states that this policy of double shift operation is responsible displayed
and figured patterns, have enjoyed a good demand, selling agents report.
for the increase in running time in hours per active spindle The call, however, has been chiefly for low-end goods. Despite price reducfrom 2,501 hours in 1922 to 3,073 hours in 1929, a gain of tions made on velvet rugs, purchases of that type are reported as small.
far buyers have sampled the new low-priced sheen type rugs but have not
572 hours. Still more disturbing is the fact that the year So
placed any volume orders.
analysis of available data shows that during the past four
years available machinery has been reduced at the net rate
of 865,052 spindles a year, or 2.37%. This he regards as a
major development, especially since new building is totally
inadequate to offset this rapid scrapping. Since 1925
average annual installation—including new building, additions and replacements—has been but 326,688 spindles.
It is therefore manifest that increased consumption and decreased equipment are subtracting from the capacity of the
Industry to over produce at a rate exceeding 4% of the total
production. He says:
1929 shows a clear gain of 200 hours over 1928—a period
during which the crusade against the evil of night running
was enlisting its staunchest and more articulate adherents.
"It is not a pleasant thing," Mr. McCampbell writes, "to
contemplate unemployment, the passing of fine old names,
the destruction of values, but Survival of the Fittest is a
law that knows no mercy. Any reasonable analysis of our
Industry shows beyond question that its forces are at work.
Slowly, surely they will bring about the balance of supply
and demand."
Unsatisfactory Conditions in World Cotton Trade As
Viewed By New York Cotton Exchange Service.
The mill situation abroad continues to reflect the generally
unsatisfactory condition in the world cotton trade, the New
York Cotton Exchange Service reported June 3, in a review
of developments in England and on the Continent during
the last week. The report follows:
"The generally unsatisfactory mill situation abroad showed no change
for the better during the past week. In England, yarn and cloth demand
continued very slow with sales estimated as being only 60% of the current
restricted production. Curtailment is slowly increasing. No turn for the
better is expected in Lancashire until the situations in India and China
Improve.
"On the Continent some seasonal recession in yarn and cloth demand is occurring. German spinners and weavers are at present finding business insufficient to move their sharply curtailed production and expect no immediate improvement. Spinners are striving to keep their output in line with demand. In France, spinning activity has declined slightly to about 95% of
regular full normal due to a slowing down of demand in recent weeks. However, spinners are fairly well sold through the Summer. French weavers
are still doing well.
"Italian mill activity, both in the spinning and weaving sections, is being
curtailed due to slow business. Polish spinners, by organized curtailment,
have worked off their accumulated stocks of yarn and have improved their
margins. In Czecho-Slovakia, spinning activity is being maintained at
about 75% of normal, but business is very slow and further curtailment is
expected. Japan cables that spinners have decided on a further 10%
curtailment, probably effective July I."
Prices Unchanged on Floor Coverings—Mills Open Fall
Lines at Spring Levels—Buyers to Delay Orders.
Fall prices on popular lines of rugs, carpets and hardsurfaced floor coverings opened to the trade on Monday,
June 2, by the mills showed no change from spring levels,
said the New York "Times" which further stated:
Million Electrified Farms Within Next Four Years
Predicted by Middle-West Utilities Company.
Electric service will be extended to.a total of 1,000,000
farms in the United States within the next four years, it is
declared by the Middle West Utilities Co. in "Harvests and
Highlines," a 112-page study of electric power in agriculture,
which was published May 28. Rural electric lines 150,000
miles in length are now in service and the number of farmelectric customers reached in the last eight years is almost
as great as the number of all kinds of electric users, at the
end of the first 25 years of the history of the electric light
and power industry, the book states.
While American farms in the aggregate have the largest
power equipment of any other industry except the railroads,
it is declared that electricity is the first effective application of power to the farmer's "chore" work, a comparatively neglected area of "farm problem" discussion which
contains probabilities of marked improvement in agricultural prosperity. This kind of farm work, especially when
concerned with livestock raising, offers the best present
returns to the farm besides assuring future benefits through
soil conservation, the study maintains. "In providing a
constant stream of pure water by automatic pumping, in
feed grinding, in silage cutting, in hay hoisting, hay drying,
and the preparation of poultry food, in the hatching and
brooding of chicks, the milking of cows, the refrigeration of
milk, and in scores of other barnyard functions, electrical
practice is now well established," it is said.
The study traces much of the disparity between agricultural and industrial prosperity to the differences in the
layout of power plant in farming as compared with the
factory. The farmer's work is spread both in time and space,
whereas manufacturing can be arranged and directed for
maximum effectiveness in the application of power, the
book points out. It likewise says:
One reason why the farmer's accomplishment has been difficult, and none
too well rewarded in so many cases, may be found in the nature of his power
plant and how it must be used both in space and time.
Because of the scattered jobs he must do and the kind of power available
for and fitted to such jobs, the farm power plant of 50,000.000 horsepower
The addition of new sheen type rugs which will retail in the neighborhood aggregate capacity is divided into something like 24,612,300 units, animal
of $100 and some reductions on velvets by several of the mills, were features and machine. The average capacity per unit is therefore only a trifle more
of the opening. The attendance of buyers was heavier than expected, than two horsepower.
It thus comes about that despite its enormous aggregate of power,farming
but the volume of sales yesterday was limited, as most of the buyers were
still requires nearly two man hours of labor for every horsepower hour of
busy comparing the various lines.
work delivered by its vast multitude of animals and machines. On our
The Mohawk Carpet Mills, Inc., announced a new sheen type
rug
named the "Viceroy," which was priced to the trade at $65 in the 9 by 12 farms every year about 30 billion man hours of work are required for every
size, and W.& J. Sloane, selling agents for C. H. Masland & Sons. Inc., 16 billion horsepower hours delivered by animals and mechanisms. At
offered the ..makara," a washed rug of the same size
estimate the work of women in the farm home totals another 15
priced at $76.85. the lowest
Reductions averaging from 25 cents to $2.65 on 9 by- 12 velvet rugs billion 'women hours'.
The division of the farm power plant into so many millions of units and its
were announced by both Mohawk and. W. & J. Sloane. The Bigelowdispersion in space is of course the inevitable result of the scattered layout
Sanford Carpet Company, Inc., maintained its price.
of the farming industry. It follows that to a great extent the handicaps of
The Designs Featured.
agriculture as compared to manufacturing in the utilization of power are
Persian, Oriental and period designs were outstanding in the new patterns mere reflections of the different layouts of the respective industries. Elecshown by the mills. The majority featured small all-over designs.
tric power, however, is applicable to the conditions of farm work.
Buyers visting the show rooms expressed themselves as pleased with
Family-Unit Farm to Remain.
the now offerings and showed keen interest in the low-priced sheen types.
The study also points out that even if the number of farms
Those representing retail stores indicated, however, that they would not be
ready to place regular orders until next month.
were reduced by the combination of small farms into large
New rugs included in the Bigelow-Sanford lines included the "Sultan,"
ones the situation would not be greatly changed because the
a wilton priced at $122.50 at the mill, in the 9 by 12 size, the "Azdebil
work would still necessarily be dispersed over broad areas
wilton," priced at $58.50 and the new tapestry rug at $15.30.
W. & J. Sloane, selling agents for the Alexander Smith & Sons Carpet and also highly variable seasonally. From this the conBarrymore
Seamless
Wiltons,
the
Inc.,
Company,
and C. H. Masland &
clusion is drawn that the small farm stands to benefit parSons, Inc., announced a new rug in the Barrymore line, the "Barazak,"
ticularly from the application of electricity to agriculture
In plain colors, which is priced in Zone 1 at $120.55 for the 9 by 12.
New prices on the Smith seamless velvet rugs, based on the 9 by 12. and that the family unit farm is likely to persist instead of
old
prices
the
in
parentheses: Colonial $30.55 ($33).
were as follows, with
replaced to any great extent by mammoth farming
Palisade $24.75 ($26.25), Katonah $19.75 ($20.35) and Katonah $18.85 being
enterprises. The book also says:
($19.45). All are fringed except the last.
3964
FINANCIAL CHRONICLE
[vol.. 130.
Because electric power is divisible and possesses the distinctive ability Atlantic
States. The farm price declined about 1% in the North Atlantic
to reach small and scattered operations, users of small amounts of power States due to
the decline in prices paid to Maine producers.
can command as efficient a power supply as users of large quantities. In
Scarcity of old potatoes and indications of a decline in the condition of
the application of electric power to agriculture, this is greatly to the advan- the early
potato crop are cited as the principal factors favoring the price adtage of the family-unit size offarm. So far as his power supply is concerned,
vance. Total carlot shipments in the 4-week period which ended May 17
the farmer need not adopt industry's large-scale methods at the very time were
about 7% less than shipments in a similar period which ended April
that industry is taking advantage of the opportunity to modify them-an 19 and
were 10% lower than a year ago. Shipments of late potatoes, a
opportunity presented to it by the divisible and mobile type of power now large part of
which came from Maine. were 41% lower during the 4 weeks
at its command, and now being increasingly put at the command of the ended May
17 than in the preceding four weeks. The reported condition of
farmer as well.
early potatoes in 10 Southern States declined from 75.3% of normal on
April I to 74.2% on May 1.
After a temporary recovery in April, the United States average farm
Growth of Electric Power-Output Increased Twelve
price of cotton
showed a slight decline on May 15. Prices were only
Times as Rapidly as Population Since 1922 Ac- about 0.2 centsagain
per pound lower than on April 15. The decline is attributed
to weak foreign demand and a continued low rate of domestic consumption.
cording to New York Trust Co.
The
decline in the farm price of wool continued from April 15
The exceptional growth of electric power within the last to Mayprolonged
15 with an additional drop of approximately 8.5%. The price paid
ten years reflects our country's industrial expansion and im- producers throughout the country on May 15 averaged 19.6 cents per pound
compared with 21.4 cents a month earlier, and 31.3 cents per pound
proved standard of living, states the "Index" published by aasyear
ago. Consumption of wool is reported at a comparatively low level,
the New York Trust Co., which states that output has in- and the cutting
of men's and boy's wool garments Is said to be less than last
year.
creased since 1922 twelve times as rapidly as the population,
until to-day the United States uses as much electrical energy
as all the rest of the world combined. The "Index"also says: Raw Silk Imports Drop Sharply-April Deliveries to
American Mills Reach New Low Figures.
Last year's sales of electric energy by commercial light and power enter-prises in the United States established a new high record of approximately
According to the Silk Association of America,Inc.,imports
seventy-six billion kilowatt hours. If the energy generated by traction companies and private enterprises is added, total production amounted to of raw silk again fell off during the month of May, amountninety-seven billion kilowatt hours, an increase of 11-12 %over the previous ing to 22,596 bales. This compares with 49,894 bales in
high record of 1928.
the same month last year and 37,515 bales in April 1930.
Constant reduction of rates during the past several years has prevented
gross revenue from increasing in proportion to the gain in consumption. Approximate deliveries to American mills in May 1930
Combined earnings of 95 electrical utilities, serving 9% of the population, amounted to 40,823 bales as against 41,584 bales in the
were only 3.5% above the 1928 total. Net revenues of the same companies
preceding month and 49,121 bales in May 1929. Stocks of
however, increased 13%, testifying to the increased efficiency in operation
raw silk at June 1 1930 totaled 35,477 bales, as compared
that has characterized electrical utility development during recent years.
This efficiency has been due to a number of factors. One of the most with 53,704 bales at May 1 last, 57,773 bales at April 1 1930
important is the marked conservation in the use of fuel. During the past
decade, the amount of coal consumed per kilowatt-hour has been reduced and 39,898 bales at June 1 1929. The Association's statefrom 3.2 to 1.6 pounds. A significant factor, likewise, has been the marked ment follows:
increase in industrial consumption during "off-peak" hours. Consolidation
RAW SILK IN STORAGE JUNE 1 1930.
of small units into large groups with uniform management has been another
[As reported by the principal warehouses in New York City and Hoboken.]
means of economy in operation.
(Figures in Bales.)European. Japan. AN Other.
Total.
39,704
Electric power is becoming increasingly important both to industry and Stocks, May 1 1930
1,327
12,673
53,704
2,068
4,327
16,201
22,596
the home. Only half the domestic requirements for industrial power in Imports, month of May 1930.x
factory operations are as yet provided by the electrical utilities. The inTotal available during may
55,905
3,395
76,300
17,000
creasing use of electric appliances-refrigerators, washing machines, Stocks, June 1 1930.z
26,189
1,175
8,113
35,477
vacuum cleaners, &c.-offers a wide market for power. Furthermore,
Approximate deliveries to American mills
the advent of radio broadcasting and of the direct-current radio set is an
during May 1930-y
2,220
8,887
29,716
40,823
important factor in the future demand for electricity.
SUMMARY.
Farm Prices Drop 3% Between April 15 and May 15Sheep and Lambs Lowest for Month Since 1921.
The general level of farm prices on May 15 was 3 points
lower than on April 15, and, at 124% of the pre-war level,
the index of prices paid to producers was 12 points lower than
on May 15 a year ago, the Bureau of Agricultural Economics,
U. S. Department of Agriculture, announced in a statement
issued May 28.-The Bureau adds:
Lower prices for cotton, grains, meat animals and dairy and poultry
products accounted for the decline from April 15 to May 15. Potatoes,
apples, and cottonseed were the only commodities which rose in value per
unit during the month.
On May 15 indices of farm prices of poultry and poultry products were
7 points lower than on April 15; farm prices of grains were down 5 points;
meat animals, 4 points; dairy products, 3 points; and farm prices of cotton
and cottonseed, down 1 point. As compared to April 15 the May 15 index
of farm prices of fruits and vegetables was the only sub-group to show an
advance. This advance amounted to 6 points.
Compared to a year ago, the May 15 farm price index for cotton and
cottonseed was down 29 points;farm prices of poultry and poultry products
were down 24 points; meat animal prices down 22 points; dairy products,
down 16 points; and farm prices of grains, down 8 points. Grain prices
were the lowest since October 1922.
The United States average farm price of hogs declined approximately
2% from April 15 to May 15; as a result, the farm price was about 10%
lower than a year ago. Lower farm prices of hogs are a reflection of the
weak demand for pork and pork products in both the domestic and the
foreign market.
The corn-hog ratio for the United States declined from 11.7 on April 15
to 11.6 on May 15, due to a greater decline in average prices of live hogs
than in average farm prices of corn. The ratio for Iowa advanced from
13.3 to 13.4 during the same period.
The continued decline in the farm prices of sheep and lambs is attributed
by the bureau to a somewhat weaker demand. The United States average
farm price of sheep on May 15 was approximately 9% lower than on April
15. The May 15 average price of lambs was only about 1% lower, a 2%
advance in the North Central States being almost enough to offset a farm
price decline of 4% in the South Atlantic Division and a 3% decline in the
Far West. May 15 farm prices of lambs were 30% lower than a year ago;
sheep prices were about 28% lower; and prices of both sheep and lambs
were the lowest for the month since 1921.
Farm prices of corn, as of May 15, averaged 77.7 cents per bushel for the
United States as compared to 78.3 cents a month earlier and 86.2 cents per
bushel In May 1929. Farm prices advanced about 1% from April 15 to
May 15 in the Southern States where supplies are usually limited at this
time of the year; but corn prices declined slightly elsewhere,due to the weakness in wheat and commodity prices in general.
Continued poor foreign demand for wheat and the possibility of a carryover, even larger than in 1929, are given as the principal factors favoring
the 6% decline in the farm price of wheat from April 15 to May 15. The
May 15 farm price averaged 87.5 cents per bushel as compared to 93.4 cents
on April 15, 90.1 cents a year ago, and a May average of 90.3 cents per
bushel from 1910 to 1914.
The average farm price of potatoes, at 81.50 per bushel on May 15, was 4
cents higher than on April 15 and 91 cents per bushel higher than a year
ago. From April 15 to May 15, potato prices advanced approximately
9% in the Far West, 7% in East North Central States, 2% in the West
North Central and South Central Divisions and about 0.5% in South
Imports During the Mosel
Storage at End of Months
1930.
1929.
1928.
1930.
1929.
1928.
43,175
42,234
39.990
37,515
22,596
58,384
43,278
48,103
47,762
49,894
54,031
46.795
65.516
59.970
66.514
62.885
58,479
46,408
44,828
50,520
36,555
52,972
45.090
38,670
62,930
47,286
48.857
48,134
44.128
76,264
68,646
57,773
53.704
35,477
49,943
46,993
45.218
39,125
39.898
47.425
42,596
48,408
55.104
64,129
76.452
90.772
47.528
41,677
40.186
35,483
42,088
41,127
38,866
50.975
50,464
49,381
49,806
48.908
Total
18.5,510
Average monthly__ 37,102
661.611
55,134
566,378
47.198
58,373
53,839
44,707
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Deliveries
to American Mills.,
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Amount of Japan
Silk in Prowl( Between Japan
and NewYork End ofMonth.
1930.
1929.
1928.
1930.
1929.
1928.
57,683
49,852
50,863
41,584
57.349
46,228
49,878
53.855
49.121
46.504
61,624
59,704
53,274
57,489
50.562
44,159
52,420
50.679
52.011
41,258
46.367
46.051
40,931
50,821
47,797
49.940
47,709
45.026
37.000
24,000
17,800
8,000
7,700
31,000
30.000
29.000
30,700
28,000
21,200
34,100
41,600
39,000
49,000
41,000
38,000
25.000
23,500
19,200
28,500
24,000
17.600
32,300
27,500
25.600
31,200
22,800
42,500
Total
240.805 619.747 571,010
Average monthly__ 48,161
51,646
47.584
18,900
26,642
34,383
x Imports at New York during ourren month and at Pact le ports previous to
the time allowed in transit across the Continent (covered by Manifests 90 to 125.
Inclusive). y Includes re-exports. z Includes 2,177 bales held at railroad terminals
at end of month. Stocks in warehouses include National Raw Silk Exchange
certified stocks. 2.810 bales.
Review of Meat Packing Industry By Chicago Federal
Reserve Bank-Gain in Production During April
as Compared With March.
With regards to the meat packing industry the Federal
Reserve Bank of Chicago, in its Monthly Business Conditions
Report May 31 says:
Production at slaughtering establishments In the United States gained
3% in April over March but fell 5% below a year ago. Payrolls at the close
of the month showed approximately the same number of persons employed in the industry as at the end of March and recorded an increase
of 2A % in hours worked and of 1A % in total earnings. Trade in domestic
markets averaged good for smoked meats and dry salt pork, in anticipation of the Easter trade, but was rather slow for other packing-house
products. Sales billed to domestic and foreign customers increased 6% in
April, which is unusual for the month, but aggregated 4% less than for
the corresponding period of 1929. Lamb, veal, carcass beef, and pork
loin prices declined from March, while those for other commodities remained
practically unchanged. Lard quotations, however, trended downward
during the period, although the average for the month as a whole was higher
than in March. Some further reduction in inventories was shown on May
1. A fair to good domestic demand was reported following the close of the
JUNE 7 1930.]
FINANCIAL CHRONICLE
Lenten season. April shipments for export totaled considerably less in
volume than a month earlier, and there was a decline in consignment inventories abroad. Demand from Europe was limited, principally because
of the low prices prevailing for competitive vegetable fats. Quotations in
European markets-especially in the United Kingdom-ruled somewhat
under United States parity.
3965
for the reduction of this year's crop in order to meet a crisis
which the industry is facing. It is added that a resolution
was adopted for drastic curtailment of tobacco planting as
well as a careful leaf selection on all plantations in order to
assure better grade tobacco at the next harvest.
$2,000,000 Texas Fur Crop-1929 Taxes Collected
Totaled $50,096, Paid by 31,371 Trappers.
Petroleum and Its Products-Curtailment General in
Bradford Field-Nation's Production Drops-CaliThe following from Dallas appeared in the "Wall Street
fornia Situation Remains Unsettled-Oklahoma
Journal" of June 2:
Conservation Progressing, Hoover Is Told.
Although Texas is not generally considered a fur-producing State, value
of last season's wild fur crop is placed at $2,000,000. Accurate check is
The
crude oil situation displayed no startling changes
made possible by the recent law which places a tax on all furs.
Unofficial estimates place value of the fur crop at nearer $3,000,000. during the past week. The South Penn Oil Co. has agreed
Fur taxes collected last season in Texas totaled $50,096, paid by 31,371 to the 20% curtailment of crude oil production in the Bradtrappers. By limiting trapping of all animals which prey on poultry and
game birds to the winter months value of these pelts has been greatly ford, Pa., field, and most of the smaller companies have
increased. says J. G. Burr, head of the Texas Game, Fish and Oyster joined with the larger ones in prorating. The prorating was
Commission.
decided • upon when crude prices were recently reduced.
Adjacent fields are watching the Bradford situation closely,
First Wheat of 1930 Crops Brings $1.20 at Fort Worth.
as their future depends largely upon the outcome of the
Associated press advices from Fort Worth, Tex. May 31 present program. Production throughout the country
published in the New York "Times"said:
totaled 2,609,000 barrels on daily average, this being 102,000
The first carload of wheat of the 1930 crop was marketed here to-day at
barrels daily less than during the corresponding period in
$1.20 a bushel. It tested 59.6 lbs. to the bushel. It broke local records
1929. During April stocks of crude and refined oils defor early marketing.
The wheat was grown on the farm of Jake Smith, near McGregor, creased 1,894,000 barrels. California producers have not
McLennan County.
yet adjusted conservation to a basis which would warrant
a return to the former price basis, and the entire industry
India's Wheat Crop Increased.
of the country is watching with keen attention developCanadian Press advices from Ottawa, Canada, May 30, ments on the Pacific Coast.
state:
The action of the Standard of California in so cutting
The Dominion Bureau of Statistics reports the receipt of a cablegram from
the Indian Director of Statistics at Calcutta stating that the second official prices after producers had displayed an apparent inability
estimate of the production of wheat in India for 1930 is 386,848,000 bushels to co-operate on reduction schedules indicates the adoption
from 31,178,000 acres, as compared with 317,595.000 bushels from 32,001,- of a fixed policy by this company in those fields where over000 acres, the final estimate for 1929, and with 328,429,000 bushels from
production threatens the entire oil structure. While the
31,384,000 acres, the annual average for the five years ended with 1928.
major companies have heretofore attempted to secure the
Texas Wool Pool Bids-All Offers Rejected by Mohair help of independent producers in restricting crude oil production by mutual co-operation, it is thought, from the
Association-One Accumulation Sold.
Advices from San Angelo to the "Wall Street Journal" of Standard's statement, that hereafter disciplinary action in
the form of price cuts will probably be used. While drastic
May 29 said:
All bids on the Texas Wool & Mohair Association's 6,035.000 lb. pool of it is felt that this plan will go a long way towards making
eight month's wool, offered at sealed bid auction here Tuesday on an "all enforcement of conservation easier and more effective.
or none" basis, were rejected.
Crude oil conservation in Oklahoma is steadily progressing,
Failure to sell this, the largest wool pool ever offered here,caused directors
it
was declared by William C. Skelly, head of the Skelly
to reopen the sale in the afternoon on an accumulation basis. Buyers
were
privileged to bid on any accumulation. As a result, March Bros. of San Oil Co., in a visit to President Hoover this week.
Angelo sold their accumulation of 110,000 lbs. to H. D. Allen for
Charles J.
No price changes were announced in crude this week.
Webb Sons Co., Inc., of Boston for 253.1c. a lb.
Remainder of warehouses interested in the pool offered their accumulations thrown back into a single pool, which is open to bids by any buyer
between now and June 17 on an "all or none" basis. If not sold by then,
another auction will be held here.
D. E. Hughes, representing Studley & Emory of Boston, made the high
bid on the entire pool at the morning auction. Amount of the bid was
not disclosed.
April Output of Natural Gasoline Exceeds that of a
Year Ago-Inventories Again Increase.
According to the United States Bureau of Mines, the
production of natural gasoline during April 1930 amounted
to 186,000,000 gallons, a daily average of 6,200,000 gallons
or the same daily average as in March. Production in the
Oklahoma City field increased materially over March. The
comeback of the Seminole district in natural gasoline production was continued during April. Santa Fe Springs
showed a material decline in natural gasoline production in
April, the total falling to 16,600,000 gallons from 21,400,000
gallons in March. Stocks of natural gasoline held at the
plants continued to increase and amounted to 29,791,000
gallons as compared with 28,281,000 gallons on hand the
first of the month. The Bureau's statement further shows:
PRODUCTION OF NAruttAL GASOLINE (THOUSANDS OF
GALLONS
Production.
Stocks End of Mo.
Jan. to
April
1930.
April
1930.
March
1929.
8,200 38,000
1.200
5,100
57,000 204,600
3,000 11,200
33,400 154,300
4,700 27,200
2,700 10,200
4,000 15,900
64,900 275,300
4,328
530
11,472
969
9,116
635
361
598
1,782
4,462
493
11,291
999
7,583
986
291
630
1,546
186,000 192,200 179,100 741,800
Total
6,200
6,200
Daily average
5,970
6,180
4,576
Total(thousands of bbis.)-- 4,428
4,264 17,682
148
148
Daily average
142
147
29,791
28,281
709
675
Appalachian
Illinois, Kentucky, dtc
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
April
1930.
March
1930.
8,100
1,100
53,800
3,000
40,200
6,000
2,700
4,500
66,600
9,800
1,300
53,500
2,800
40,200
7,500
2,700
4,400
70,000
April
1929.
Cubans to Cut Tobacco Output-Crisis in Industry.
According to Havana advices June 2 to the New York
"Times" an extraordinary meeting of tobacco growers of
Pinar Del Rio Province was held at San Luis to discuss plans
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P.1. degrees are not shown.)
Bradford, Pa
$2.30 SIIIRCk0Ter, Ark., 24 and over
Corning. Oble
1.75 Smackover. Ark. below 2
Cabell. W.Vs
1.35 Eldorado, Ark., 34
tamale
1.45 Urania. La
Western Kentucky
1.33 Salt Creek, Wyo.,37
Midoontinent, Okla., 87
1.23 Sunburst, Mont
Corsicana, Texas. heavy
.80 Artesia, N. M
Hutchinson.Texas. 35
.87 Santa Fe Springs, CAUL 83
Luling, Texas
1.00 Midway-Sunset, Calif.. 22
Soindietop,Texas, grade A
1.20 Huntington. Calif.. 26
Spindistop, Texas. below 25
1.05 Ventura, Calif., 30
Winkler. Texas
63 Petrone. Canada
9.90
.75
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
REFINED PRODUCTS-CONSUMPTION OF GASOLINE REACHING NEW
HIGH RECORDS-TANK WAGON PRICE ADVANCE RUMORED_
KEROSENE WEAK, DEMAND DULL-MARINE FUEL OILS ACTIVE
-ROYAL DUTCH JOINS IN PATENT POOL.
Consumption of gasoline continues to establish new high
records in all parts of the country. It has been estimated
that consumption to date this year exceeds by 10% that of
the same period last year. Motoring weather has been
unusually favorable.
It is freely reported here that tank wagon gasoline prices
will be advanced in the New Jersey area within a few days.
Jobbing activity has reflected the consumption volume, and
considerably more business is being placed now than was
the case last year at this period. Prices are holding firmly,
4c. per gallon had
despite rumors that some offerings at 83
been made.
Kerosene continues sluggish. Some companies will sell
41-43 water white at 7c. flat, it is understood. Quotations
40, in tank cars at local
generally rule from Mc. to 73
refineries.
Marine fuel oils show no change. Activity is normal and
prices strong. Grade C is held at $1.15, at refineries, and
Diesel continues at $2, also at refineries. Heating oils are
active, with a good demand noted for No. 1 oil at 83c.-90.
per gal., tank wagon delivered. Prices for No.6 range from
40. to 43c., same basis.
It is announced that the Royal Dutch Co. is to participate
in the working of the hydrogenation patents held by the
Standard Oil Co. of New Jersey and I. G. Farbenindistrie,
for the manufacture of refined oils from crude petroleum,
liquefied coal, shale oil and coal tars. In announcing this
step the company stated, in part:
3966
FINANCIAL CHRONICLE
"Reference has been made in previous reports to inventions of processes for the manufacture of synthetic benzine
either from coal or from oil to which we have given the greatest attention. It has now been decided to pool our interests
with those of the Standard-I. G. combine in order to exchange experience and patents in this direction and to work
the hydrogenation patents jointly."
Prices show no change this week.
Gasoline, U. S. Motor, Tank Car Lots, F.O.B. Refinery,
Na Y.(Bayo'n)Lawn)
Beacon 011
.09
Los Angeles. export .074
Stand 011. N J ___ .09
Carson Pet
.09% Gulf Coast,export_ .084
Stand 011, N Y ___ .10
Crew Levick
.09
North Louisiana_ __ .07%
Tide Water 011 Co .09
West Texas
.06% North Texas
06%
Richfield 00 Co__ .10
Chicago
.08
00% Oklahoma
Warner-Quin105Co .10
New Orleans
09%
.07% Pennsylvania
Pan-Am Pet Co__ .094 Arkansas
.06%
Mall Eastern Pet. .10
California
.083
Gasoline. Service Station, Tax Included.
New York
Minneapolis
3.183 Cincinnati
3.19
11 182
Atlanta
21
Denver
16
New Orleans
198
Baltimore
.22
Detroit
.188 Philadelphia
21
Beaton
.20
.18
Houston
San Francisco_ .251
Buffalo
.24
Spokane
15
Jacksonville
.195
Chicago
15
Kansas City
.179 St. Louis
16
Kerosene, 41-43 Water White. Tankcar Lots, F.O.B. Refinery.
3.0534 New Orleans
3.07%
SiT.(Bayonne)..-.117411.07li Chles50
North TOSS/
.05g Los Angeles,'sport .05% Tulsa..
.06%
Tod OM 111-22 Degree, F.O.B. Refinery or Teradual.
New York(Bayonne)31.15 I Les Sardis*
5.85 Gulf Coast
5.7t
Diesel
2.00INaw Orleans
.95 Chicago...
55
Gas Oil, 32-34 Degree, F.0. B. Refinery or Terminal.
N. Y.(Bayonne)_ --5.05X iChissito
$.031T11138
1.03
[Vol,. 130.
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended May 31, was 1,575,050 barrels, as compared with 1,536,800 barrels for the preceding week, an increase of 38,250 barrels. The
Mid-Continent production, excluding Smackover (Arkansas) heavy oil.
was 1,538,350 barrels, as compared with 1,507,650 barrels, an increase of
30,700 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-Week EndedEast Central TexasMay 31. .1fay 24
Oklahoma
-May 31. May 24. Van Zandt County
22,700 21,600
Bowlegs
28,600 21,700
Bristow-Slick
15,600 15,900
Southwest TexasBurbank
16,450 16,450 Darst Creek
27,400 27,000
Carr City
7,200
7,650 Luling
9,100
9,250
Earisboro
38,450 37,550 Salt Flat
20,950 21,500
F.ast Earlsboro
24.550 31,050
North LouisianaKonawa
16,450 19,350 Sarepta-Carterville
3,250
3,350
Little River
49,650 37,800 Zwolle
2,900
3,250
East Little River
15,750 18,500
ArkansasMaud
3,900
4,850 Smackover,light
5,150
4,400
Mission
9,450
9,350 Smackover,heavy
36,700 29,150
Oklahoma City
Coastal Texas126,650 114,950
St. Louis
27,450 35,250 Barbers Hill
22,550 20,000
Searight
10,650 11,650 Raccoon Bend
11,950 12,000
Seminole
28,000 22,150 Refuglo County
36,200 37,400
East Seminole
11,800 12,100
4,700
3,300 Sugarland
KansasCoastal LouisianaSedgwick County
1,900
1,900
19,400 18,950 East Hackberry
Voshell
1,250
1,300
23,700 23,100 Old Haekberry
WyomingPanhandle TexasCreek
31,650 29,450
Gray County
79,000 72,800 Salt
MontanaHutchinson County_ 23,300 23,300 Kevin-Sunburst
5,800
5,600
North TexasNew MexicoArcher County
19,350 19,300 Balance of Lea and Eddy
Wilbarger County
25,600 24,450
14,950 17,800
Counties
1Vest Central TexasCaliforniaYoung County
49,000 47,000
17,800 17,500 Elwood-Goleta
West Texas28,500 28,600
Huntington Beach
Crane & Upton Counties. 42,300 42,600 Inglewood
17,300 17,200
Rotor County
15,300 15,300
15,100 13,900 Kettieman Hills
Howard County
91,700 97,000
34,600 35,650 Long Beach
Reagan County
65,500 65,500
17,500 16,300 Midway-Sunset
Winkler County
112,000 117,000
70,700 70,900 Santa Fe Springs
Yates
20,500 22,700
113.700 113,900 Seal Beach
Balance Pecos County__ 4,300
47,000 49,000
4,000 Ventura Avenue
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
aggregating 3,521,900 barrels, or 95.7% of the 3,683,400
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
May 31 1930, report that the crude runs to stills for the
week show that these companies operated to 72.8% of their
Utah Copper Co. Cuts Miners Wages.
total capacity. Figures published last week show that companies aggregating 3,521,900 barrels, or 95.7% of the 3,678,Under date of June 2 an Associated Press dispatch from
900 barrel estimated daily potential refining capacity of all gait Lake City, Utah, stated:
1
plants operating in the United States during that week, but
The Utah Copper Co. posted to-day a --wage reduction, effective June 10,
which operated to only 73.5% of their total capacity, con- affecting all mine and mill employees. Workers receiving $4.50 a day
a day.
less, 40 cents
tributed to that report. The report for the week ended and more will be cut 50 cents a day and those receiving
----May 31 1930, follows:
A previous cut in wages by the Utah Copper Co. was
CRUDE RUNS TO STILLS. GASOLINE AND GAS AND FUEL OIL STOCKS noted in our issue of May 10, page 3267.
WEEK ENDED MAY 31 1930.
(Figures In Barren of 42 Gallons.)
Per Cent
Potential
Capae'y
ReportIns.
Crude
Runs
to
Stills.
Per Cent
Oper.
of Total
Capae'y
Report.
100.0
East Coast
91.0
Appalachian
Indiana. Illinois, Kent'ky. 99.6
89.8
Olds.. Kansas. Mireouri
90.8
Texas
Louisiana-Arkaness
96.8
93.6
Rocky Mountain
99.3
California
3,364,000
596,000
2,287,000
2,174,000
4,007,000
1,222,000
439,000
3,875,000
79.3
73.0
85.7
74.8
80.0
66.6
45.0
62.1
9,039,000
1,807,000
8,355,000
4,861,000
7,423,000
2,495,000
2,787,000
15,839,000
95.8
17,964,000
2,566,300
18,112,000
2,587,400
72.8
52,606,000
137,978,000
95.7
73.5
52,482,000
137,563,000
100.0
100 n
2,956,000
839 000
80.2
81.3
6,205,000
2 057 non
7,458,000
District.
Total week May 31
Daily average
Total week May 24.Daily average
Texas Gulf Coast
rxhitla1•Ttm 11.1 If nnsiat
Gasoline
Stocks.
Gas
sad
Fuel
oil
Stacks.
7,729,000
835,000
3,896,000
4,442,000
10,340,000
1,835,000
1,127,000
107,774,000
620 Mil
crude runs to stills and stocks figures follow exactly the present Bureau
Note
Of Mines definitions. In California stocks of heavy crude and all grades of fuel oil
are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
Crude Oil Output in United States Continues Below
That of a Year Ago.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States,
for the week ending May 31 Imo, was 2,609,450 barrels, as
compared with 2,579,500 barrels for the preceding week, an
increase of 29,950 barrels. Compared with the output for
the week ended June 1 1929 of 2,711,650 barrels daily, the
current figure represents a decrease of 102,200 barrels
per day. The daily average production east of California
was 2,004,350 barrels, as compared with 1,960,800 barrels,
an increase of 43,550 barrels. The following are estimates of
daily average gross production, by districts.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
May 31 '30. May 24 '30. May 17 '30. June 1 '29.
Weeks Ended686,850
660,500660,150
681,050
Oklahoma
131,400
118,150
133,150
135,050
Kansas
76,200
103,500
106,600
112,700
Panhandle Texas
83,950
80,900
81,650
82,950
North Texas
59,350
52,650
58,000
58,650
West Central Texas
365,550
310,550
305,950
307,350
West Texas
19,500
40,050
36,400
38,100
East Central Texas
78,350
65,400
69,650
69,000
Southwest Texas
35,150
41,000
40,000
37,100
North Louksiana
71,450
57,600
44,900
53,100
Arkansas
125,100
182,600
180,350
183,400
Coastal Texas
18,500
22,45021,900
21,050
Coastal Louisiana
105,450
126,000
125,200
126,000
Eastern (not 1r5c1. Michigan)__ _ _
10,300
10,950
10,900
10,400
Michigan
52,650
,90
50
2,3
50
51,600
54,550
Wyoming
11,750
0,350
9,650
Montana
7,300
4,300
4,500
4,650
Colorado
2,600
17,900
21,050
18,200
New Mexico
790,200
632,100
618,700
605,100
California
Total
2,609,450
2,579,500
2,607,900
2,711.650
Copper Pits-Shut
German Miners Strike-Mansfield
Down in Wage Cut Campaign.
A wireless message June 2 from Berlin to the New York
"Times" said:
The closing of the Mansfield copper mines at Eisleben, Thuringia, was
ordered by the management to-day as the first shot in what promises
to be a big battle for a general reduction of wages, a program demanded
in connection with the company's plan to reduce prices.6',
The Mansfield copper mines had decreed a 15% reduction in all wages
and salaries, beginning June 1, and had threatened to shut down the works
if the employees opposed the measure. According to the Socialist "Vorwaerts," only 5% of the employees, totaling 14,000, went to the mines
this morning. Therefore the mines were closed completely.
Steady Prices Rule in Copper and Lead Trade-Tin and
Silver Make New Lows-Intimony Lower.
General dullness marked the trading in all non-ferrous
metal markets during the last week, "Metal and Mineral
Markets" reports, adding:
A contributing influence Was the Memorial Day holiday. A little more
copper was sold than in the preceding week, but the total was small. Demand for lead and zinc dropped off materially, but prices were steady.
Silver, tin and antimony were lower.
Business in copper has been slack, both in the domestic and foreign
markets and may continue so for several weeks after the large tonnage
booked in May. Export copper sold last month totaled slightly more than
108,000 long tons. The majority of present bookings are for prompt shipment and In some instances consumers are asking to have July purchases
shipped this month.
Duo chiefly to uncertainty as to the future course of the market, buying
of lead during tho week was on a reduced scale. Prices were unchanged
at 5.50 cents, New York. A feature in the week's transactions was the
apparent need for immediate deliveries. Lead shipments to consumers
during May, approximating 50,000 tons, ran somewhat below the average.
Zinc prices continue to waver between 4.60 and 4.65 cents, St. Louis.
The higher price is the general level of quotations and the lower figure rules
when the seller has the opportunity to dispose of a good tonnage at an
inside price.
Tin dropped to 30 cents a pound, New York,on continued selling pressure
in London, based on unfavorably May statistics and the realization that
little has been done so far in connection with regulation of production. The
volume of business, taking the week as a whole, was moderate.
New Contract For Copper Trading Proposed By National Metal Exchange-Would Virtually Be on Same
Basis as London Making Possible Arbitrage Dealings Between Two Exchanges.
Members of the National Metal Exchange will vote at a
special meeting June 23rd on amendments to the By-Laws
involving a new copper contract. The announcement made
by the Exchange says:
JuNn 7 1930.]
3967
FINANCIAL CHRONICLE
Under the new trading form, if adopted by the Exchange, the contract
for copper futures will be practically on the same basis as that of the London
Metal Exchange, and a more active market is anticipated. Arbitrage
business between the two Exchanges will be possible and it is expected that
considerable buying and selling by American firms in the past done on the
London Exchange will be transferred to the National Metal Exchange.
The chief feature regarding the now contract is that rough or blister
copper, assaying 99% or better, is made the basis grade. Under the old
contract, now in effect, prime electrolytic copper has been the contract
grade and trading has been held to a minimum because a free market supply
of the basis grade was not always available. With rough or blister copper
as the basis a more free market, it is thought, will be made possible. The
premium grades include electrolytic and lake copper.
The vote of the members of the Exchange, it is anticipated will be favorable. If this is true trading under the new copper contract will begin at
12 o'clock noon on July 1 but no trades specifying delivery in any month
prior to August will be made. Likewise, trading under the present copper
contract will cease June 30.
Trading in copper on the National Metal Exchange began May 15 1929.
Up until that time attention had been given exclusively to tin, in which a
free and open market exists.
Commenting on the new copper contract, Ivan Reitler,
President of the National Metal Exchange, said:
"The Board of Directors feels that the new facilities to be provided for
trading in copper will be of inestimable value to everyone interested in the
copper industry. Producers, consumers and dealers alike will be able to
hedge their position both ways as the trend of the market dictates. Consumers, particularly when they become familiar with hedging or price insurance, should make wide use of the facilities offered by the Exchange.
Of particular interest to consumers is the fact that they will be able to protect their requirements for far distant futures, as trading is to be in the
current and eleven succeeding months. While they will not buy their
actual requirements of copper on the Exchange, they will be able to hedge
by buying future contracts and selling these when they subsequently Purchase the particular grade of copper necessary for current operations. In
the meantime they will be protected against any loss due to advancing
prices. Conversely, any inventory losses can be minimized by a sale of
futures contracts in the event of a decline, and buying these in at the lower
Producers and dealers can
levels against sales of the inventory metal.
Protect themselves by similar procedure. Persons interested in the new
copper contract can obtain full details by applying direct to the Secretary's
office."
Although the contract grade under the new grading provisions is to be rough or blister copper, it is announced that
several other grades may also, at the option of the seller, be
tendered at various premiums or discounts. The premium
grades will include prime electrolytic copper (except cathodes) prime lake copper, prime electrolytic copper cathodes
and casting copper. Discount grades will include rough or
blister copper assaying under 99% but not under 94%. No
copper assaying less than 94% shall be a good delivery.
The new copper contract will be for 56,000 pounds against
the old contract provision of 50,000 pounds. Fluctuations
will be in hundredths of a cent and the limit for fluctuations
for any one day will be 2 cents above or below the previous
day's close.
tons at May 31 1929. The Institute's statement further
shows:
Metal sold, not yet delivered, at the end of May totaled 30,375 tons;
the average number of retorts operating May. 51,216; the number of
retorts operating at the end of May, 51,488. (Retort capacity relates
only to prime Western and a small quantity of brass special and high-grade
zinc production.) A comparative table shows'
PRODUCTION. SHIPMENTS OF PERIOD AND STOCKS AT END
(Figures In Short Tons.)
Month of1930.
January
February
March
April
May
First 5 mos. 1930._
1929.
December
November
October
September
August
July
June
May
April
March
February
tanuarY
Total In 1029._
1928.
December
November
October
September
August
July
June
May
April
March
February
January
Total In 1021._
Total
Stocks
Shipments. End of Ms.
Proauction.
Domestic
Shipments.
51.133
44,924
47,573
43,080
43,991
40,442
42,148
44,225
40,634
38,669
20
6
17
26
31
40.482
42,154
44,243
40,660
38.700
130,701
206,119
100
206,219
48.590
47,620
50,938
53,285
55,290
54,441
52,953
56,958
54,653
55,471
48,154
49.709
34,378
41,636
47,117
46,287
50,610
46.570
47,973
56.614
66,558
56,267
51,057
47.677
11
39
67
1,488
969
681
1,874
1,105
1,489
1,862
1,895
2,055
34.389
41,675
47,184
47,755
51,579
47,251
49,847
57,720
58.027
58,129
52,952
49.732
77.262
63,061
57,116
53,363
47,833
44,122
36.932
33,827
34,588
37,963
40,420
45,418
828,062
582,744
13.496
596,240
----
50.591
50,260
50,259
49,361
52.157
50,890
50,825
53.422
53.493
55,881
50,042
52,414
49,625
48,698
50.126
44,103
47.050
49,510
49,780
49,818
46.517
51,856
45.754
45,771
2,067
1,088
1,980
1,759
2,901
3,638
1,802
3,138
3,746
3.786
4,134
5,231
51,592
49,786
52.106
45,862
49,951
53,148
51,582
52,956
50.263
55,642
50.888
51,002
45,441
48,561
46.065
47,915
44,416
42,210
44,468
45.225
44,759
41,529
41,290
42,153
519.595
579.808
35.270
814.878
Exports.
87,933
90,703
94,033
96,453
101,744
Steel Output Recedes Another Point-Pig Iron Price
Again Declines.
Although present market conditions seem to offer little
hope for any slackening in the downward tendency of production before August or September, heavy melting steel
scrap at Pittsburgh, always regarded as an important
barometer, has made the first upturn since the middle of
February, advancing 50c. a ton, the "Iron Age" of June 5
says in its review of iron and steel market conditions. To
this good omen may be added the observation that finished
steel prices, although still weak, are steadier than a week or
two ago and steel ingot output, while showing wide variations among different companies and producing districts,
Producers
Tin
by
Associaaverages 72% for the country at large, a decline of only 1
Move
of
Possibility
Report
tion for Shut Down.
point from the 73% rate of a week ago. The "Age" adds:
Continued expansion of pipe line business, the placing of additional ship
Street
"Wall
Journal"
on
the
From its London bureau
steel and a large volume of reinforcing bar business are the bright spots in
June 3, reported the following:
the current market situation. Contracts for 250,000 tons of steel for a
Drastic steps by the Tin Producers Association are believed to be imminent following further weakening in price of the metal, which now is
lowest in 16 years owing to the unsatisfactory statistical position revealed
by the May figures. These show an increase of 3,809 tons in viAble supplies despite curtailment in output. It is believed that the Association
will recommend a complete shut-down of the mines for one, two or three
months.
Tin Producers Form Committee to Regulate Output.
The Council of the Tin Producers Association announces
the appointment of a special committee to deal with regulation of output throughout the world. The following have
accepted office: F. J. Houwert and J. Van den Broek of
the Billiton Co., Dutch East Indies; F. E. Mair and C. V.
Stephens, representing the Tin Producers Association,
Malayan section; Antenor Patino and Martinez Vargas,
representing Bolivia, and John Howeson, representing the
Tin Producers Association, Nigerian section. The special
committee held its first session in London May 30, when
it is stated complete agreement was reached on all points
under discussion.
Shipments of Slab Zinc Again Fall Off-Inventories at
New High Figure.
According to the American Zinc Institute, Inc., the total
domestic production of all companies in May, including
electrolytic and high-grade zinc, amounted to 43,991 net
tons, as against 43,080 tons in the preceding month and
56,958 tons in May 1929. Shipments fell from 40,660 tons
in April to 38,700 tons in May, and also compares with
57,720 tons in May 1929. Stocks reached a new high
figure at May 31 1930, amounting to 101,744 tons, as
compared with 96,453 tons at April 30 1930 and 33,827
double line from the Texas Panhandle to Chicago are now being closed, and
the Phillips Petroleum Co.has doubled its recent order for 350 miles of 10-In.,
raising the amount of steel required to 75,000 tons.
New
Thirty thousand tons of plates and shapes has been bought by the
York Shipbuilding Corp. for two vessels to be built for the United States
on
bidder
Lines. The Newport News ShIbuilding & Dry Dock Co. Is low
tons
two ships for the Eastern Steamship Lines, calling for a total of 10.000
of plates and shapes.
Pig iron production in May was 3,232,760 tons, or 104,283 tons a thy,
compared with 3,181,868 tons, or 106,062 tons a day in April. The decline
of 1,779 tons, or 1.7%, in the daily average was not unexpected, in view of
the recent trend of steel output and current indications of a seasonal contraction in demand. A net loss of three active blast furnaces,seven having
been put out as against four lighted, is corroborative evidence that operations are in a downswing, though obviously not a sharp one. The fact that
the months' output was the smallest for any May since 1925 and production
for the first five months was 14;5% below the performance for the corresponding period in 1929 suggests the possibility that the summer recession
may not be severe. The 180 furnaces active on June 1 were producing at
a rate of 103,425 tons a day, compared with 183 stacks on May 1 making
104,770 tons daily.
The "Iron Age" composite price for pig iron dropped Sc. from last week.
to $17.50 a gross ton, but the finished steel composite remained at 2.214c.
a lb., as the following table shows:
rig Iron.
Finished Steel.
June 3 1930. 317.58* Omen Toe.
Juee 3 1930, 2.214e. a Lb.
587.58
2.214e. One week ago
One week ago
17.57
2.228e. One month ago
One month ago
18.71
year
2.412e.
One
ago
One year ago
Based on average of basic iron at Valley
Based on steel bars, beams, tank plates.
Chicago.
wire, rails, black pipe and black sheets, furnace and foundry Irene atand
Shin.
These products make 87% of the United Philadelphia. Buffalo. Valley
Ingham.
States output of finished steel.
Low.
High.
Low.
High.
117.50 June 3
1930-2.382e. Jan. 7 2.214e. May 20 1930---$18.21 Jan.
1929_2.412c. Apr. 2 2.382e. Oct. 29 1929.- 18.71 May 14 18.21 Dee. 17
27
Nov.
17.04 July 24
18.59
1928....
3
Jan.
2.314e.
11
Dec.
1928_2.391c.
1927_2.4530. Jan. 4 2.293c. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. 1
1925_2.453e. Jan. 5 2.403e. May 18 1926___ 21.54 Jan. 5 19.45 July 13
1925-2.560e. Jan. 6 2.396c. Aug. 18 1925.-- 22.50 Jan. 13 18.96 Jilti 7
Excepting eastern Pennsylvania as to districts and pipe
and plates as to products, activity in iron and steel continues to diminish, the "Iron Trade Review" of Cleveland
reports June 5. Consumers generally are covering only
their urgent needs, new projects requiring steel in tonnage
3968
FINANCIAL CHRONICLE
(VOL.130.
proportions are scarce, and the markets appear to be sinking April. Production of coke pig iron in May was 3,232,760
into a dull summer, continues the "Review," which further gross tons or 104,283 tons per day for the 31 days. In April
goes on to say:
the output was 3,181,868 tons or 106,062 tons per day for 30
Pipe mill backlogs have been lengthened this week by 18,000 tons booked days. The decline
in May was therefore 1,779 tons per day
by the A. 0. Smith Corp. for the Southern Natural Gas Corp. and 15,000
tons reported taken by the Youngstown Sheet & Tube Co. for the Phillips or 1.7%. It was the third largest this year and just under
Petroleum Corp. At many mills heavier schedules are in effect. Pipe the March rate of 104,715 tons per day. It compares with
producers have figures out on many large projects which are slow to close.
125,745 tons per day in May 1929, the largest rate on record.
Plate mills have been quickened by heavy ship orders in the East, the
If comparisons are made with other periods,it is found that
29,000 tons for the two United States Lines vessels being divided between
Steel corporation subsidiaries and Bethlehem,and in the West by oil country the May daily rate is the smallest for that month since May
bookings. Chicago mills entered 10,000 tons for Southwestern tanks
1925, when it was 94,542 tons. For the first five months the
and received a like amount of new inquiry. Structural steel fabricators
booked only mediocre business this week,but many have moderate backlogs. production this year was 15,327,183 tons. This is 14.5% less
Automotive requirements, however, are slackening perceptibly. Ford than the 17,923,735 tons for the sametive months last year.
has scheduled 180,000 units for June, or 10,000 fewer than in May. is
It is only a little under the 15,438,921 tons to June 1 1928.
reducing his inventory and may be closed two weeks in July. Chevrolet
The net loss in furnaces was three for May-four blown in
Is scaling down from 110,000 units in May to 100.000 in June. Save
for Buick and Chrysler, starting on new models, other automotive manu- and seven shut down. This
compares with seven blown in
facturers also are curtailing. Middle West mills also are rapidly working
and nine shut down in April with a net loss of two. Previous
off their car steel specifications and face a narrower market on implement
to April and May there were gains each month this year.
and tractor requirements.
The preponderance of depressing factors is evidenced by the recession The "Age" further states:
in
Ingot production of the United States Steel Corp. has been
reduced nearly 5% during the past week, stated the "Wall
Street Journal" of June 3. The present rate of 75% of
capacity,compared with better than 7934% in the preceding
week and a shade under 80% two weeks ago. This is the
largest change recorded in some time. The "Wall Street
Journal" goes on to say:
Leading interests were looking for a letdown in operations with the approach of summer weather, particularly as new buying has been negligible.
The sharp reduction by the Steel Corp. however, Is due to the substantial
curtailment in the Chicago district, where the Illinois Steel Co. is down to
nearly 70%, which compares with a high of 90% only a few weeks ago.
Independent steel companies also show some reduction, but to a smaller
extent than the leading interest. The larger concerns in this group are
running at about 67% %,contrasted with 69% in the preceding week and
70% two weeks ago..
For the entire industry the average is slightly under 71%,against 73%%
a week ago and about 75% two weeks ago.
At the beginning of June, last year, the Steel Corp. was still running in
excess of its theoretical capacity, with independents at 92% and the average
Was 95%. At this time in 1928 the Steel Corp. was at 82%%, with the
independents about 76% and the average for the industry was 79%.
The "American Metal Market" this week says:
Operating Rate on June 1.
There were 180 furnaces active on June 1 with an estimated operating
rate of 103.425 tons, comparing with 104,770 tons per day for the 183 furnaces active on May 1.
Of the four furnaces blown in last month, two were Steel Corp. and two
were independent steel company stacks. The seven furnaces shut down
were as follows: Five credited to independent steel companies and two to the
Steel Corp. No merchant furnaces were blown in or out.
Loss in Steel-Making Iron.
A small loss was made in steel-making iron-84,310 tons per day for May
as against 85,489 tons for April,a loss of 1.3%. In merchant iron there was
also a small loss-19,973 tons per day in May as compared with 20,573 tons
daily in April.
Large Ferromanganese Output.
A new high for this year in ferromanganese was made in May at 30.296
tons. The next largest this year was 27,777 tons in April. The May total
is the largest since the 31.866 tons last November.
Furnaces Blown In and Out.
Four furnaces were blown in during May as follows: No. 4 Ohio furnace
of the Carnegie Steel Co. in the Mahoning Valley: one furnace of the Otis
Steel Co. and one furnace of the National Tube Co. in northern Ohio, and
No.3 Iroquois furnace of the Youngstown Sheet & Tube Co. in the Chicago
district.
Among the furnaces blown out or banked during May were the following:
One furnace at the Bethlehem plant of the Bothelhem Steel Corp. in the
Lehigh Valley: No. 4 Edgar Thomson furnace of the Carnegie Steel Co. in
the Pittsburgh district; one furnace at the Sparrows Point plant of the Bethlehem Steel Corp. in Maryland: the Betty furnace of the Republic Steel
Corp. in central Ohio; one furnace of the Wisconsin Steel Co. and one Gary
furnace in the Chicago district, and one furnace of the Colorado Fuel & Iron
Co. of Colorado.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1925-GROSS TONS.
January
February
March
April
May
June
First six months-- _
July
August
September
October
November
December
12 months'average
1926.
1927.
1928.
1929.
1930.
106,974
104,408
111.032
115,004
112,304
107,844
109,680
103.978
103.241
104.543
107,553
107.890
99,712
107.043
100,123
105,024
112,368
114,074
109,385
102.988
107.351
95.199
95,073
92,498
89,810
88.279
86,960
99,266
92.573
100,004
103,215
106,183
105,931
102.733
101.783
99,091
101.180
102.077
108.832
110,084
108.705
103.382
111,044
114,507
119,822
122,087
125,745
123.908
119,584
122,100
121,151
116,585
115,745
108,047
91,513
115.851
91.209
101,390
104.715
106,082
104,283
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
Steel Works.
Merchants.*
Total.
1928-January
69,520
92,573
February
78,444
100,004
March
83,489
103.215
April
85,183
108,183
May
85,576
105,931
June
81,630
102,733
July
79.513
99.091
August
82.642
101.180
82,590
September
102,077
October
88,051
108,832
November
88.474
110,084
December
85,415
108,705
1929-January
85,530
111,044
February
89,248
114,507
March
95,461
119.822
April
95.680
122,087
May
100,174
125,745
June
99.993
123,008
July
98,044
122,100
August
98,900
121,151
September
95,426
116,585
October
93,644
115,745
November.
83,276
106,047
December
68,152
91,513
1930-January
71,447
91,209
February
81.850
101,390
March
83,900
104,715
April
85,489
106.062
Q A 'I III
vr.v
1 rut 952
•Includes pig iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
BEGINNING JULY 1 1927-GROSS TONS.
Finished steel markets have lost more in activity in the past week than in
previous weeks and are rather dull all around. Regularly at this time of
year there are seasonal declines in some lines of consumption, while there
is lighter buying in the second quarter partly from force of habit. This
Year the decline in buying has been less marked as there was not so much
anticipatory buying, but in consumption seasonal decreased are developing
in the agricultural implement and automotive industries. General building
operations have proved very disappointing, there being very light demand
for sheets, nails and pipe in connection with building.
Several finished steel products formerly quotable at price ranges are now
Quotable at the minumum of the ranges, there being shading in most cases
on particularly desirable business. There are possibilities that prices will
1928.
bold at present levels, rather than actual promise. Lap weld pipe is very
Jan- 2,869,761
steady by reason of the large amount of business recently booked.
Feb-- 2,900,126
Mar
3,199,674
Apr-- 3.185,504
May.. 3,283,856
Lower.
Production
Rate
May Pig Iron
June-. 8.082,000
Reduction in daily pig iron output developed last month for
the first time this year, reports the "Iron Age" of June 5.
The decline was 1.7% as against an increase of 1 1-3% in
1925.
108.720
114,791
114,975
108,632
94,542
89,115
105,039
85.938
87,241
90,873
97,528
100,767
104,853
99.735
+NI.2.0.4WWINNINNNNIMoNNNWIN.NIN
D00CCw1010.10 .CoImbP.0C CO
0000tOr,0r,C....W
D0A0W14V.4 10101,40.WN7TWOOTI
t0.00,
.....
CDPW
steelmaking operations this week to about 71%% compared with 73-74
last week. Steel corporation units are at 75 to 80%, with independents
at 68, both slightly decreased from last week. Chicago mills have slipped
almost to 80%, Youngstown is at 65% or down two points. Cleveland
is off nine points to 70%, while Pittsburgh is barely holding at 70. BY
contrast, the leading independent is slightly increasing its rate this week.
In this downward tendency pig iron production is now participating.
After rising slowly but consectuively since December,the daily rate declined
In May, when the average was 104.509 gross tons, compared with 106.371
tons in April and 126,753 tons last May. The rate of May 1928, which
was 106,219 tons, was practically duplicated last month. The May total
of 3,239,772 tons brought the five-month total for 1930 to 15,368,401
tons, against 17,922,433 tons in 1929. Again compared with 1928, when
15,428,123 tons were made in the first five months, 1930 shows a parity.
At the close of May 179 blast furnaces were blowing, a net decline of
three from April 30.
Interest in the third quarter has cropped out only in pig iron and strip,
but little blame attaches to the price situation. In finished steel, prices
are little discussed, and some believe present levels will survive any further
decline in demand. Semi-finished steel at Pittsburgh, which declined
two weeks ago from $33 to $31, has rebounded to $32. Steel scrap is
slightly stronger at Pittsburgh on the strength of consumer buying.
Pig iron, on the other hand, is generally weak. Southern producers are
making still lower prices for nothern business, and silvery iron is off 21.
At Chicago, northern iron is now $18.50 to $19, virtually a decline of
50 cents. Warehouse prices on cold-finished steel have declined $1 to $8
per ton.
May freight car awards, at 1,286, Were the lowest of the year, bringing
the five-month total to 31,076, comparing with 56,930 in the comparable
period of 1929 and 25.912 in 1928. Canadian Pacific has ordered 150
cars and is inquiring for 20 locomotivse. Thirty-four hundred freight
cars are on inquiry. Norfolk & Western may buy 40,000 tons of rails.
Highway work continues to bring heavy business to concrete bar Producers, Illinois alone this week buying 2,000 tons. Structural inquiry is
fair, but this week's awards totaled only 25,000 tons, compared with 37,880
tons last week and 59,660 tons a year ago. For 1930 to date structural
awards have aggregated 798,104 tons; last year 976,789 tonss.
Partly due to a late start,iron ore shipments on the Great Lakes to June 1,
at 7,087.132 tons, were 41% below the like period of 1929.
A reduction in pig iron at Chicago is more than washed out by a rebound
in semi-finished steel at Cleveland, Pittsburgh and Youngstown, giving
the "Iron Trade Review" composite its first advance since December.
This index Is up 8 cents this week to $33.64.
1929.
3.442,370
3,206,185
3,714.473
3,662.625
3,898.082
8.717.225
;4 yr-18,520,921 21,840,980
1930.
2,827.464
2,838,920
3,246.171
3,181.888
3,232,780
1927.
July..2,951,160
2,947.276
Aug
Sept.. 2,774,949
Oct.__ 2,784,112
2,648.376
Nov
2,695.755
Dec
1928.
3.071,824
3,136,570
3,062,314
3,373,806
3,302,523
3,369,848
1929.
3.785,120
3.755,880
3,497,564
3.588,118
3.181,411
2,836,918
Year•_38,232,306 37,837.804 42.285.789
• These totals do not include chareoa pig iron. The 1929 production of this
iron was 138,193 gross tons,88 compared with 142.960 gross tons in 1928.
JUNE 7 1930.]
FINANCIAL CHRONICLE
3969
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS
1929
208.630,000 net tonsj1927
230,241,000 net tons
1928
192,721,000 net tons11926
219,217,000 net tons
As already indicated by the revised figures above, the total production
Ferromanganese.:
of soft coal for the country as a whole during the week ended May 17 Is
estimated
at 8,169,000 net tons. Compared with the output in the pre1928.
1929.
1930.
1928.
1929. 1930.
ceding week,this shows a decrease of 116,000 tons. or 1.4%. The following
2.155,133 2,651.416 2,214,875 22,298 28,208 27,260 table apportions the tonnage by States and gives comparable figures for
January
2,274,880 2,498,901 2,284,234 19,320 35.978 21,310
February
2.588,158 2,959,295 2,600,980 27,912 24.978 23.345 other recent years:
March
Estimated Weekly Production of Coal by States (Net Tons).
7,018,171 8,109.612 7,100.089 69,530 79,164 71,915
3 months
Week Ended
May 1923
2,555,500 2,826,028 2,564.681 18,405 22,413 27,777
April
StateMay 17'30 May 10'30 May 18'29 May 19'28 Average.a
2,652,872 3,105,404 2,613,628 29,940 25,896 30,296 Alabama
May
274,000
289,000
330.000
343.000
398,000
2,448,905 2,999,798
June
32,088 33,363
Arkansas
11,000
13,000
14.000
22.000
20,000
Colorado
107.000
99,000
110.000
155.000
168,000
Half year
14,675,448 17,040,842
149.963 160.836
Illinois
756,000
754,000
805,000
637.000 1.292,000
2,464,896 3,039,370
July
32.909 31.040
Indiana
261,000
261,000
286,000
201,000
394,000
August
2,561,904 3,065,874
24.583 28,461
Iowa
45.000
46,000
54.000
51,000
89,000
September
2,477,695 2,862,799
22,278 27,505
Kansas
30,000
26.000
31,000
26,000
75.000
Kentucky9 months
22.179,943 26,008,885
230.733 247,842
Eastern
787,000
775.000
860.000
850,000
679,000
October
2,729,589 2,902.960
23.939 31,108
Western
158,000
155,000
185.000
221.000
183,000
November
2,654,211 2.498,291
29,773 28,285
Maryland
37.000
39,000
42,000
43,000
47,000
December
2,647.863 2,112,704
28,618 28.564
Michigan
4.000
7,000
13,000
11,000
12,000
Missouri
49,000
47,000
57,000
56.000
56,000
r Year
30.211 666 33.522R40
312.081 338700
Montana
40,000
35,000
39.000
44,000
42,000
New Mexico.32.000
31,000
45,000
50.000
x Includes output of merchant furnaces,
57.000
North Dakota
16,000
15,000
13,000
7,000
14,000
Ohio
439,000
425,000
391,000
226,000
860,000
Oklahoma
23.000
24,000
33,000
53,000
46,000
Settlement of West Virginia Coal Strike at Mines of Penna. (biturn.). 2,389,000
2,448,000 2,670.000 2,261.000 3.578.000
Tennessee
96,000
126.000
94.000
97,000
121,000
A. K. Althouse & Co.
Texas
9,000
8,000
17,000
20,000
22.000
Utah
45,000
57,000
53,000
55,000
74,000
Associated Press accounts from Cumberland, Md., May Virginia
188,000
201,000
236,000
192,000
250,000
Washington
34,000
30 had the following to say:
31,000
43,000
43.000
44.000
West VirginiaA three weeks' strike in the coal mines of A. K. Althouse & Co. in
Southern_b_ _ _ 1.626,000 1,648,000 1,857.000 1,844,000 1,380,000
Northern_c- 628,000
Allegany County has been settled and more than 500 men affected will
650,000
862.000
683,000
717,000
84,000
74.000
110,000
95,000
85,000
return to work by Monday, it was accounced to-day. Five mines were Wyoming
1.000
1.000
2.000
5.000
5,000
idle during the strike, called when a wage scale based on a long ton of 2,240 Other States_dpounds instead of 2,000 pounds was posted. Under a settlement reached
Total bitum's_ 8,169.000 8,285,000 9,058,000 8,315,000 10,878,000
Penn.anthracite 1,257,000 1.406,000 1,442,000 1,664,000 1,932,000
yesterday the men are to receive 65 cents a long ton.
Total Pig IronSpiegel and Ferromanganese.
Ruhr Coal Producers Cut Prices and Wages.
The New York"Journal of Commerce"reported the following from Frankfort on the Main, May 30:
The Ruhr coal producers' combine has followed the example of the iron
and steel industry in deciding upon a simultaneous reduction in prices and
wages. In this way it is expected that production can be stimulated and
operations restored to a more profitable level.
Bituminous Coal and Pennsylvania Anthracite Production Continues Below Rate at This Time Last
Year.
According to the United States Bureau of Mines, Department of Commerce, output of bituminous coal and Pennsylvania anthracite is still below rate last year. For the week
ended May 24 1930 a total of 8,312,000 net tons of bituminous
coal and 1,257,000 net tons of Pennsylvania anthracite were
produced, as compared with 9,286,000 tons of bituminous
coal and 1,542,000 tons of Pennsylvania anthracite in the
week ended May 25 1929 and 8,169,000 tons of bituminous
coal and 1,161,000 tons of Pennsylvania anthracite in the
week ended May 17 1930.
For the calendar year to May 24 1930 there were produced 189,369,000 net tons of bituminous coal, as against
208,630,000 net tons for the calendar year to May 25 1929.
The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended May 24 1930.
Including lignite and coal coked at the mines, Is estimated at 8,312,000
net tons. Compared with the output in the preceding week, this shows
an increase of 143.000 tons, or 1.8%. Production during the week in 1929
corresponding with that of May 24 amounted to 9,286,000 tons.
Estimated Enticed States Production of Bituminous Coal (Net Tons),
1930
-Cal. Year
Cal, Year
Week EndedWeek.
Week.
to Date.
to Date.a
May 10
8,285,000 172,888.000
9.264.000 190.286,000
Daily average
1,381.000
1,556,000
1,544,000
1.713.000
May 17_13
8,169.000 181,057,000
9,058.000 199,344,000
Daily average
1,362.000
1,546,000
1,510,000
1,704,000
M8y 24_c
8.312,000 189,369,000
9.286.000 208,630,000
Daily average
1,385,000
1,638.000
1,548,000
1,696,000
a Minus one day's production first week in January to equalize number
ofdays in the two years. b Revised since last report. c Subject to revision
The total production of soft coal during the present calendar year
to
May 24 (approximately 123 working days) amounts to 189,369,000 net
tons. Figures for corresponding period in other recent years are given
below:
Total all coal- 9.426,000 9,691,000 10,500,000 9.979,000 12,810.000
a Average weekly rate for the entire month. b Includes operations on
the N.& W.. C.& 0.. Virginian, and K.& M. c Rest of State, including
Panhandle. d This group is not strictly comparable in the several years
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
May 24 is estimated at 1,257,000 net tons. Compared with the output in
the preceding week, this shows an increase of 96,000 tons, or 8.3%• Production during the week in 1929 corresponding with that of May 24
amounted to 1,542,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
19301
920
Daily
Daily
Week EndedWeek.
Awe.
Week.
Arge.
May 10
1,406,000
234,300
1,253.000
208,800
May 17
1,161.000
193.500
1,442,000
240,300
May 24-a
1,257,000
209,500
1,542,000
257,000
a Subject to revision.
Bituminous Coal and Anthracite in May 1930 Continued Below the Rate in the Corresponding
Month Last Year.
According to the United States Bureau of Mines, preliminary estimates for May 1930 show that a total of 35,884,000
net tons of bituminous coal, 5,834,000 net tons of anthracite
and 299,400 net tons of beehive coke were produced in that
month, as compared with 35,860,000 tons of bituminous coal,
4,916,000 tons of anthracite and 301,700 tons of beehive coke
in the preceding month and 40,706,000 tons of bituminous
coal, 6,308,000 tons of anthracite and 597,400 tons of beehive coke in the month of May 1929.
The average daily rate of production in May 1930 was
1,359,000 net tons of bituminous coal, as against 1,390,000
tons in the previous month and 1,542,000 tons in May last
year. The Bureau's statement follows:
Total for
Month.
(Net Tons).
No. of Average per Cal. Year to
Working Working Day, End Or lifttg
Days. (Net Tons). (Net Tons).
May 1930 (Prellmlnary)_a:
Bituminous coal
35,884,000
26,4
1,359.000
196,850,000
Anthracite
5.834,000
26
224,000
28,496,000
Beehive coke
299,400
27
11,089
1,483,900
April 1930 (revised):
Bituminous coal
35.860,000
25.8
1,390,000
Anthracite
4,916.000
... 197,000
25
Beehive coke
301,700
Me 11,603
26
May 1929:
Bituminous coal
40,706,000
26.4
1,542,000
217,996,000
Anthracite
6,308,000
26
243,000
31,800,000
Beehive coke
597,400
27
22,125
2,517,900
a Slight revisions of these estimates will be Issued In the weekly:coal report
about the middle of the month.
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 4, as reported
by the 12 Federal Reserve banks, was $1,035,000,000, an
increase of $70,000,000 compared with the preceding week
and a decrease of $309,000,000 compared with the corresponding week of 1929. On June 4 total Reserve bank
credit outstanding amounted to $1,004,000,000, an increase
of $28,000,000 for the week. This corresponds with an increase of $65,000,000 in member bank reserve balances less
increases of $15,000,000 in Treasury currency and $7,000,000
in monetary gold stock and a decrease of $15,000,000 in
money in circulation. After noting these facts, the Federal
Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills for the week were
decreases of $4,000,000 each at the Federal Reserve banks of New York
and Cleveland, and 53,000,000 each at Boston and Philadelphia, and an
Increase of 54,000,000 at Atlanta. The System's holdings of bills bought
In open market increased 514,000,000, of Treasury certificates and bllls
$16,000,000, and of U. S. bonds $3,000,000, while holdings of
Treasury
notes declined $5,000,000.
Beginning with the statement of May 28 the text accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of
Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock
and money in circulation. The Federal Reserve Board's
explanation of the changes, together with the definition of
the different items, was published in the May 31 1930 issue
of the "Chronicle" on page 3797.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 4012 and 4013.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ending
June 4 1930 were as follows:
or Decrease (—)
Increase (+)
Since
June4 1930. May 28 1930. June 51929.
240.000,000 —7,000,000
189,000,000 +14,000,000
544,000,000 +14,000,000
+7,000,000
31,000,000
—738,000,000
+76,000,000
+397,000,000
—34,000,000
TOTAL RES. BANK CREDIT--1,004,000,000 +28.000,000
+7,000,000
4,523,000,000
Monetary gold stock
1,782,000,000 +15,000,000
Treasury currency adjusted
4,476,000,000 —15,000,000
Money In circulation
2,412,000,000 +65.000,000
Member bank reserve balances
Unexpended capital funds, non-mem421.000,000
ber deposits, 10
—299,000,000
+220,000,000
—3,000,000
Bins discounted
Bills bought
United States securities
Other Reserve bank credit
—191,000.000
+91,000,000
+19,000,000
Returns of Members Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday,before which time the statistics covering the entire body of reporting member banks in the different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows an increase of
$79,000,000, the total of these loans on June 4 standing at
$4,101,000,000 as compared with $5,284,000,000 on June 5
1929. The loans "for own account" have increased during
the week from $1,777,000,000 to $1,911,000,000 and loans
"for account of out-of-town banks" from $988,000,000 to
$995,000,000, while loans for account of others has fallen
from $1,257,000,000 to $1,195,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 4 1930. May 28 1930. June 5 1929.
$
8
134,000,000 7,903,000,000 7,236,000,000
al
Loans and Investments—tot
6,122,000,000 5,928,000,000 5.409,000,000
Loans—total
3,753,000,000 3,565,000,000 2,678,000,000
securities
On
2,389,000,000 2,383.000.000 2.731,000,000
All other
2,012,000,000 1,975,000,000 1,827,000,000
Investments—total
1,066,000,000 1,078,000,000 1,049,000,000
U.S. Government securities
946,000,000 897,000,000 778,000,000
Other securities
784,000,000 780,000,000 728,000,000
13ank—
Reserve
Federal
Reserve with
57,000,000
57,000,000
46,000,000
Cash in vault
5,641,000,000 5,508,000,000 5,208,000,000
Net demand deposits
1,377,000,000 1,388,000.000 1,152,000,000
Time deposits
24,000,000
18,000,000
10,000,000
Government deposits
96,000,000
98.000,000
101,000,000
Due from banks
1 027,000,000 927,000,000 813,000,000
Due to banks
15,000,000 123,000,000
22,000,000
Borrowings from Federal Reserve BankLoans on occur. to brokers & dealers;1,911,000,000 1,777.000,000 837,000,000
For own account
995,000,000 988,000,000 1,513,000,000
For account of out-of-town banks
1,195,000,000 1,257,000,000 2,934,000,000
For account of others
Total
On demand
On time
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
4,101,000,000 4,022,000,000 5,284,000.000
3,469,000,000 3,380,000,000 4,938,000,000
632,000,000 642,000,000 347,000,000
Chicago.
1,904,000,000 1,889,000,000 1,803,000,000
1,518,000.000 1,510,000,000 1,516,000,000
926,000,000
593,000,000
912,000,000
598,000,000
836,000,000
680,000,000
388,000,000
379,000,000
377,000,000
156,000,000
229,000,000
158,000,000
221,000,000
169,000,000
208,000,000
182.000,000
13,000,000
173,000,000
14,000.000
169,000.000
14.000,000
1,271,000,000 1,264,000,000 1,164,000,000
Net demand deposits
554,000,000 542,000,000 535,000,000
Time deposits
6,000,000
2,000,000
1,000,000
Government deposits
126,000,000 114,000,000 120,000,000
Due from banks
343,000,000 321,000,000 306,000,000
Due to banks
66,000,000
Borrowings from Federal Reserve Bank..
[VoL. 130.
FINANCIAL CHRONICLE
3970
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 Thursdays,
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
reporting member banks of the Federal Reserve System for
the week ended with the close of business on May 28:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on May 28 shows increases for the week
Of $65,000,000 in loans and investments, $27.000,000 in time deposits and
$24,000,000 in borrowings from Federal Reserve banks, and a small decrease in net demand deposits.
Loans on securities increased $99,000,000 at all reporting banks,increases
of 8102,1:00.01)1) and $12,000,000. respectively, in the New York and
Boston districts being partly offset by a decrease of $12,006.060 in the
Cleveland district. "All other" loans declined $31,000,000 in the New
York district,$14,000,000 In the Boston district,$13,000,000 in the Chicago
district and $68.000,000 at all reporting banks.
Holdings of U. S. Government securities declined $18,000,000 In the
New York district, $13,000,000 in the St. Louis district and $6.000,000
In the Chicago district, and increased $7,000.000 in the Atlanta district,
all reporting banks showing a net reduction of $31,000.000. Holdings of
other securities increased $35,000.000 in the St. Louis district, $14,000,000
In the New York district, $7,000,000 in the Cleveland district, $6,000.000
in the Boston district and $65,000,000 at all reporting banks.
The principal change in borrowings from Federal Reserve banks for
the week was an increase of $20,000,000 at the Federal Reserve Bank of
New York.
A summary of the principal assets and liabilities of weekly reporting
the year ended
member banks, together with changes during the week and
May 28 1930 follows:
Increase (+) or Decrease (—)
Since
May 28 1930. May 21 1930. May 29 1929.
$
$
$
+65,000,000 +726.000,000
Loans and investments—total— _22,726,000,000
+32,000,000 +635,000,000
16,837,000,000
Loans—total
On securities
All ether
8,421,000,000
8,416,000,000
+99.000.000 +1.309,000.000
—68,000.000 —874,000,000
5,889,000,000
+34,000,000
+91,000,000
2,811,000.000
3,078,000,000
—31,000.000
+65,000,000
—85,000.000
+176,000,000
Reserve with Federal Res've banks 1,742,000.000
235,000,000
Cash in vault
—15,000,000
+22,000.000
'+95,000,000
—7,000,000
13,381.000,000
7,159,000,000
51,000.000
—n2,000.000
+27.000.000
a
+590,000,000
+394,000,000
—48,000,000
1,137,000,000
2,798,000.000
—50,000,000
—27,000,000
+125,000,000
+409,000,000
67,000,000
+24,000,000
—613,000,000
Investments—total
U. S. Government securities_
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks-
• May 29 1929 figures reased. a May 21 figures revised.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication June 7 the following summary of market
conditions abroad, based on advices by cable and radio:
CANADA.
The Dominion Parliament was prorogued on May 31 after passing
legislation to amend the customs tariff, the special war revenue and income
tax Acts, and to provide for a bounty on bituminous coal. The legislation
conforms in general with the budget changes outlined in the May 12 Commerce Reports but 48 changes have been made in the tariff items and eta
new Items have been added, covering building stone, feldspar, grape Juice,
wood handles and a drawback on steel billets. A general election has been
scheduled for July 28. The wheat situation is improving with higher
prices and increased shipments from the Head of the Lakes. Exports since
May 15 have averaged over 4.000,000 bushels weekly. From the opening
of navigation to May 29 Lake shipments of grain aggregated 26,000,060
bushels, mostly wheat. Crop conditions in the Prairie Provinces are good
With a large percentage of wheat above ground and seeding of coarse grain
almost completed. General trade remains considerably below last year's
volume although It compares more favorably With 1928: material improvement is not expected before autumn. Current reports from St. John
indicate a satisfactory level there but other centers are only fair with
Edmonton somewhat improved over previous reports. Cold wet weather
Is retarding retail movement In Eastern Canada. The Canadian Government's report of employment on May 1, based on returns from 7,200 firms,
shows 976,000 persons employed on that date. This is 31,000 more than
the number employed on April 1, construction and transportation being
the largest Contributors to the gain. The employment index for May 1
of 111.4 compares with 116.2 on that date of last year. April imports of
passenger automobiles were over 55%, and of motor trucks, nearly 40%
smaller than 1929 Imports for the same month. Tractor imports were 31%
larger. Lumber, paints and varnishes were substantially smaller as were
which
petroleum and petroleum products excepting gasoline and paraffin°,
less than
increased. April sales of new passenger automobiles were 53%
last year's in Ontario and 40% less in Quebec. Ten new aircraft were
to
registered during the month, bringing the total registered In Canoda
with few
414. Hardware sales are reported to be increasing only slowly
lines.
large orders from retailers. The price trend is downward in many
Demand for turpentine and linseed oil has improved somewhat since prices
United
States,
the
have been reduced. Imports of canned vegetables from
imposed at
especially asparagus, have been affected by the higher duties
prices on this article
the beginning of the month. Canadian canners opening
dollar a bushel
are the same as a year ago. Western Ontario beans are a
JUNE 7 1930.]
FINANCIAL CHRONICLE
higher. The flour market is weak a further decline of 30 cents a barrel
having been made. Spring wheat first patent flour is now down to $7.30
at Montreal. Recent bond issues include an offering of $3,000,000 by the
Province of Manitoba.$200,000 by Prince Edward Island, $432,000 by the
City of Hamilton, Ontario, and $15,750,000 equipment trust certificates
by the Canadian National Railways.
CHINA.
General import and export business in Shanghai is practically at a complete standstill, with extreme pessimism and depression ruling in all markets.
Credit conditions are strained,due to failures ofseveral large Chinese banks,
which In turn involved conmradors of foreign firms, thus threatening the
positions of several leading foreign import and export firma. Conditions
mentioned aforesaid are a result of a recent heavy slump in silver, lack of
demand for foreign import goods, and a marked absence in demand from
abroad for China products. Foreign banks report a considerable amount of
outstanding import bills, and many small firms are In a precarious position.
Uncertainty of the political situation, and a still further heavy decline in
silver values, are proving severe obstructions to import trade in North
China. New consumers' taxes on kerosene have been imposed on agents
along the Peking-Hankow Railway and various other emergency tax
measures are being instituted by the Northern Group,such as the collection
of shop taxes in North China cities several months in advance. Crop
prospects continue highly favorable in the North China coastal plain region.
Bad famine conditions are reported in Shensi and Kansn Provinces.
CZECHOSLOVAKIA.
Little change took place in the general business situation during May;
the anticipated revival has not materialised, but the downward tendency
ofrecent monthsseemsended. Unemploymentincreased slightly to 115,000.
The net losses from failures and reorganization again declined and stood at
72.000,000 crowns for April. The average daily car loadings increased to
15,270 during April. The National Bank reduced its rediscount rate effective May 26 from 5 to 4%% in response to urgent demands for easier credit,
but the commercial banks seem indisposed to follow suit in view of the
retention of the current rate of
% on savings deposits by the savings
banks, making it almost impossible for commercial banks to pay less. Good
crop conditions indicate a further drop in the prices of agricultural products.
A bill increasing the livestock tariff has been submitted to Parliament and
may be passed during June in conjunction with higher duty rates on cereals.
Czechoslovakia has notified the League of Nations of its willingness to
ratify the Geneva Convention for the abolition of import and export restrictions, contingent upon Poland's ratification. Formal action of Parliament may be delayed three or four weeks until the new agricultural duties
have been agreed upon. Negotiations are now in progress to increase
Czechoslovak automobile duties, following removal of the import quota
system.
FINLAND.
General business conditions are revealing signs of improvement, partly
due to the influx of foreign capital which has served to relieve to some extent
the money stringency prevailing during the past 18 months. Part of the
proceeds have been used to redeem certain short term foreign indebtedness.
The position of the Bank of Finland also has been strengthened. Advance
sales of lumber were estimated at 560,000 standards (1,108,800,000 board
feet) at the end of May, compared with 500,000 standards (990,000.000
board feet) a month ago. The plywood market is somewhat disturbed by
uncertain prices, while unsatisfactory conditions prevail in the pulp and
pulpboard market. Newsprint shows practically no change but greaseproof, fine print, and wrapping paper record a downward tendency. The
number of unemployed was further reduced to 7.274 at the close of April
against 10,062 on March 31.
GREAT BRITAIN.
Depressed conditions continued to prevail generally throughout British
industry during May and sales of both domestic and imported merchandise,
especially raw materials and semi-manufactures, are reported to have been
at sub-normal levels. Prices remain weak and a general waiting attitude
characterizes most industries although some brighter spots appear and some
trades believe that the worst period has been reached. April trade returns
show a declining total for oversee commerce, with both imports and exports
adversely affected. The adverse situation in India and China is undoubtedly
an important contributing factor in the existing depression in the United
Kingdom's industry. The Board of Trade index of British industrial production for the first quarter of the year is 110.9 as compared with 113.9
for the last quarter of 1929 and 110.5 for the first quarter of that year. (The
index is based on 1924 production at 100.) Production in the first quarter
of 1930 showed a decline of 3.6% in manufacturing industries as compared
with that of the previous quarter, but the decline is partially offset by an
Increase in mining production. The general retail trade is less active owing
to unseasonable weather. Retail prices continue to decline and show a
large difference between results for 1929 and 1930, this making maintenance
of previous years' business difficult. The higher class trade is feeling the
depression most severely.
The iron and steel trade is believed to be fast approaching another period
of increased depression as demand continues on a hand-to-mouth basis and
with prospects exceedingly poor and orders urgently needed as present
contracts are expiring. The trade has found little comfort in an order for
45,000 tons of rails for South Africa. Demand for shipbuilders is extremely
poor and that from building trades is only average. Approximately 145
blast furnaces are operating but further reduction Is anticipated. The
coal trade remains generally depressed throughout the country, with not
many signs of improvement in export business or in domestic requirements.
Export prices are generally at the minimum of the schedule level and are
being undercut by continential producers from whom competition is being
increasingly felt. Coal output in the four weeks ended May 10 (which
included the Easter holidays) aggregated 17,920,500 tons, as compared
with 20,507,600 tons in the corresponding period of last year. The number
of wage earners working in industry has decreased steadily during the past
two months, with the total falling from 959,700, to 937,800. The textile
machinery trade continues slow. Several firms show unsatisfactory balance
sheets. The export trade in this line is affected by the political situation
in the principal consuming countries. The electrical equipment industry
is only fairly well employed, principally in the National grid scheme and for
export requirements.
INDIA.
Increasing political unrest continues to depress general business activities
and there are no indications of relief in sight at the moment. The piecegoods market is stagnant, and all other commodities are quiet. Bazaar
business is almost completely demoralized. Riots at Rangoon have reached
serious proportions.
ITALY.
The principal features of the general economic situation which have prevailed over the past few months continued during May. With few exceptions all branches of industry and commerce are depressed, money is scarce,
3971
collections slow, protested notes and small failures frequent. All these
features, however, were slightly less aggravated during May. The decreases in unemployment are largely seasonal and the declining index of
living costs is making conditions somewhat easier for the great mass of the
people, though the margin between wages and living costs is still extremely
small. One of the prime necessities facing the country at the present moment
Is a reduction in production costs, and notwithstanding the small part
which wage scales play in these ultimate costs in Italy, there is no chance
for wage increases in the near future. Though general production is low,
certain lines, notably electric power, cement, rayon, superphosphates and
paper, continue to increase. Railway and port movements, despite the
low wheat imports,showed an increase in April over March and were greater
than the April traffic of 1929. The heavy industries lowered their production during March as compared with the corresponding period of last year,
with sheet production at /41,000 tons and pig iron at 45,000 tons. During
April steel production stood at 143,000 tons. All of these figures are from
20 to 25% below those for last year. Production of electric power during
March stood at 783,000,000 kilowatt hours as compared with 728,000,000
kilowatt hours during March last year. Although not approaching 1929
records the metallurgical industry as a whole is improving over the earlier
months of this year. The imports of merchant products were heavier than
for the last two years, although pig, copper, lead, zinc, and scrap show
declines. Imports of metal working wood working and agricultural machinery continued to increase but the takings of textile machinery showed a
decline. The increasing shipbuilding activities should materially assist
the metallurgical industry. Cotton spinning and weaving both show further
declines, the largest figures giving spindle activities at 90% and loom 86%.
Exports of cotton piece goods during the first quarter were 10% below last
year's period. The woolen industry also is further depressed with Marl=
orders for winter goods. Domestic demand is slow, but foreign askIngs are
slightly better. Combing machines are working at 95% capacity, woolen
spindles 79%, worsted spindles 85% and looms 75%.
JAPAN.
Industrial inactivity in Japan Is being accompanied by increasing unemployment and labor unrest with a number of protests against wage
reductions. Shipping is quite dull and additional ships are being tied up.
Further curtailment of production in the cotton industry is probable. No
new important company financing is reported. Sentiment in the stock market continues bearish. Raw silk prices are the lowest in 15 years.
MEXICO.
Business remains quiet without any changes of importance. Uneasiness
in the mining industry continues owing to the downward trend of silver
prices. Reorganization of the National Railways is proceeding and new
appointments are being made for the principal offices. Airman service
between Mexico and South America is to be inaugurated June first.
NEWFOUNDLAND.
The House of Assembly opened on May 28 when the Government's
legislative program for the session, including a new trade agreement with
Canada, was outlined in the speech from the Throne. The annual codfishery is getting under way with daily departure of crews for Labrador.
Paper mills are operating at capacity and Bell Island ore shipments to
Germany and Nova Scotia for May were 267,000 tons or 100,000 tons In
excess of shipments for the same month last year. Trade is now dull but
the outlook is brighter for June.
NORWAY.
Norwegian industry, with few exceptions, appears only slightly affected
by the general world depression. The machinery industry is well occupied
and reports a satisfactory supply of orders on hand. A further increase in
production is also noted in the electro-chemical industry while shipments
of mining products and lumber are above the level of last year. Paper exports are well maintained but prices show a downward tendency. Greater
shipments of mechanical pulp are reported, while prices of chemical pulp are
weak and exports declining. Wage agreements have been concluded in most
branches of industry, assuring labor peace throughout the current year and
1931. Unemployment Is gradually being reduced and on May 15, numbered
16,376, a decline of 4,000 since April 15. Late reports from the fisheries
indicate that the total fishing catch for the spring season is below that of last
year. The usual marked improvements in shipping during the spring
failed to appear, although conditions are somewhat better than a month
ago. Freight rates are rather low, and laid up tonnage, which amounted
to 365,000 dead weight tons on May 15, still presents a serious problem.
The official wholesale index was 144 on May 15,having dropped offone point
since April 15.
SOUTH AFRICA.
Except for winter lines in which early cold weather developed a brbk
demand during the month, May trade in South Africa has been generally
quiet with depression still marked in the Orange Free State, Cape and Transvaal Provinces. Some improvement Is noted in Natal on account of the
holiday season. Rhodesian conditions also appear to be on the upgrade as
the result of continued heavy purchasing by copper mining companies.
However,country trade everywhere is very slack with maize prices very low
and other farm products selling below normal. An exception in the export
line is citrus in which packing has begun and which is reported to be in firmiegir
demand. The mining and engineering industries at the end of the month
reported a normal activity. Gold production during April of 868,848 fine
ounces absorbed £3,690,000 of the valuation of total mineral output during
the month—f4,113,000. (This figure excludes diamonds, not reported).
Construction activity, however, is falling off rapidly in the dwelling house
line with a consequent recession in the demand for lumber and other construction materials.
SWITZERLAND.
The recession in European business is reflected in the Swiss industrial
situation for the first four months of 1930. In 1,847 enterprises employing
231,497 workers, the co-efficient of activity stands at 99 as against 103 last
year; production is decreasing in the watch, embroidery,linen and wool industries, but advancing slightly in other textile lines including clothing.
A sharp increase in the number of people employed in building activities is
only seasonal; in general working hours are being lessened in all industries.
At,the end of April, the wholesale price index was down to 90.4 taking 1926
as 100, representing a drop of 1.2% from March and of 7.6% from April
1929. This movement indicates a probable drop in retail prices as wages
are generally stable and even increasing in some industries. Imports in
April, 1930, were valued at 216,000,000 francs, or 27,000,000 francs below
the figure of April, 1929. Exports were lower by 14,000,000 francs and
totaled 161,000,000 francs; the latter figure is, however, the highest so
far this year, with watches and foodstuffs accounting for almost the entire
Increase over March. In prevision of the new tariff in the United States,
the watch exports to the united states are growing. Continued bad weather
is causing much harm to the hotel trade. At best it is expected that this
season will be a short one.
3972
FINANCIAL CHRONICLE
URUGUAY.
Business during March continued to be depressed. Excessive rains closed
the interior arteries of communication and caused some damage to rural
properties. Imports were light and exports registered a further decline.
Stocks on hand were reduced, but no replacement orders were placed except
for immediate needs. Stocks of wool were somewhat reduced, but it appears
that this year's carryover will be heavy. Exports of wool during the first
quarter of 1929 amounted to 104,691 bales as compared with 105,020
bales during the corresponding period of the previous year. Prices, however, were somewhat better than during the previous month. Sales of drY
cattle hides improved slightly, but were below the normal seasonal level.
The wet salted cattle hide market was the same as during the previous
month. Comparatively few cattle were sent to the market, and prices
were maintained at the level of the previous month. Prices of lambs declined, and offerings as well. The frigorificos have reduced their operations
in response to an unfavorable outlook in the foreign meat market.
The commercial banking situation was quiet. Money was plentiful
and owing to the absence of a demand for accomodations, the interest
rates were slightly below those usually prevailing at this time of the year.
Collections continued to be slow. Customs revenues for the first 10 months
of the fiscal year were about 350,000 pesos less than during the corresponding period of the previous fiscal year.
[VoL. 130.
Chancellor Snowden of Great Britain Explains War
Debt Baalnce—Income from Britain's Debtors
$7,000,000 More Than Payment to United States
This Year—We Obtained £33,038,000.
A cablegram from London May 28 to the New York
"Times" from its London correspondent Edwin L. James,
says:
In a written reply to the House of Commons it was stated to-night on
behalf of Philip Snowden, Chancellor of the Exchequer, that this year
Great Britain will receive from her war debtors sufficient to meet British
payments to America under the Anglo-American war debt settlement with a
surplus of about $7,000,000.
The question addressed to Mr. Snowden was whether he could state the
annual sum now being paid to the United States Government in respect
to the war debt; what were the receipts from the Allies for their respective
war debts to England, and what was the annual amount received at present
by Great Britain under Germany's reparations plan.
Figures on Debt Payments.
Pethwick Lawrence, Financial Secretary to the Treasury, gave the following figures for 1930:
Receipts from allied war debts, £17,700,000.
PHILIPPINE ISLANDS.
Receipts from German reparations, £16,800,000.
Philippine business conditions continue below normal with no tangible
Total receipts, £34,500,000,
indication of immediate improvement. Credits are very cautiously given
Payment to the United States, £33,038,000.
and collections are increasingly difficult. There have been four failures of
This leaves a surplus of receipts by Britain for the year of more than
Chinese textile dealers during the last 10 days and several other firms are
£1,400,000, or about $7,000,000.
considered in danger. Existing economic conditions in Central and Southern
The figure for receipts from Germany represents an allowance of some
Lucon are reflected in the statement of freight handled by the Manila
£2,000,000 which go to the British dominions from the amounts received
Railroad during the week ended May 17. Total freight carried amounted
to 14,000 metric tons compared with 19,000 tons for the corresponding by London, and the figure includes the extra sums obtained by Mr. Snowweek last year. An official report on the leaf miner situation in coconut den from the settlement with the former allies made at The Hague last year.
Under the Balfour plan Britain pledged herself to collect no more from
areas estimates a loss of 7% in the present year's crop, on the basis of the
average crop for the last three years. The value of the loss is placed around her war debtors than she must pay to America. However, although Britain
$1,500.000. It is believed that effects of the pest will continue for three received in 1929 from her debtors sums representing also about $7,000,000
Years, even in the improbable event of the pest being wiped out during this more than she paid America, since 1923 she has paid the United States
year. New trees coming into bearing, however, should offset part of the much more than she collected. In fact, she has a balance of some $700,loss in the present crop. The copra market is weak, with Cebu, Manila 000,000 not covered by incoming payments. Against this will be applied the
and Legaspi prices of warehouse grade resecado at 10 pesos per picul of amounts Britain receives above what she pays currently to America.
139 pounds, and Hondagua, 9.875 pesos. (Peso equals $0.50). Four oil
mills are operating. Arrivals of copra at Manila from the first to the
Snowden Explains Situation.
27th of May totaled 183,534 sacks and arrivals at Cebu from the first
This situation was explained by Mr. Snowden in a written reply made
to the 23rd amounted to 201,608 sacks.
to a member of the House of Commons on May 19. While England began
to pay America in 1923, she did not begin to receive payments from her
former Allies to any important degree before 1926, and only when the
Announcement by J. P. Morgan & Co. Regarding Pay- Dawes plan began operation did she collect regularly from Germany.
Mr. Snowden stated that prior to 1924 England paid America £77,784,ment of Interest in Arrears on Chinese Govern- 000;
in 1924, £38,416,000; in 1925, £33,268,000; in 1926, £33,089,000;
ment Loan of 1911.
in 1927, £32,845,000; in 1928, £3 3,164,000; in 1929, £32,998,000.
Prior
to 1924 she had received from her debtors £15,300,000; in 1924,
A notice as follows was issued June 5 by J. P. Morgan &
£8,200,000; in 1926, £17,025,000 ; in 1927, £24,200,000; in 1928,
Co.:
£31,350,000; in 1929, £34,450,000. This makes £279,564,000 Britain
New York, June 5 1930.
has paid America against £135,025,000 received or a balance of £144,Imperial Chinese Government 5% Hukuang Railways
539,000 (about 8700,000,000).
Sinking Fund Gold Loan of 1911.
However, for the future, as long as the Young plan works and the InterFollowing the receipt of funds from China, we shall be prepared on and national Bank collects from Germany, Britain will receive from Basle and
Monday.
June
16,
to
pay
the
following
after
interest:
from her former allies slightly more than sufficient to meet her current
Coupon No. 32, due June 15 1927:
payments to the United States.
On bonds of the American, British and French series; and
On unredeemed bonds of the American, British and French series
drawn for redemption on June 15 1926.
Young Plan Loan Further Delayed—Issue June 16 at
Coupon No.31, due Dec. 151926:
On bonds of the German series; and
Latest.
On unredeemed bonds of the German series, drawn for redemption on
It was stated in a Paris cablegram June 5 to the New York
June 15 1925 and June 15 1926.
No provision has yet been made by China for the payment of principal "Times" that the Committee of four charged with the duty
of any bonds of the American, British and French series drawn for redemp- of
drawing up the final terms of the general bond between the
tion in the sinking fund after Juno 15 1925, or of the German series after
bankers and the German Goverment has been meeting night
June 15 1924.
J. P. MORGAN & CO.
and day for nearly a week, but the approaching Pentecost
The Department's summary also includes the following
with regard to the Island possessions of the United States:
holidays, plus certain technical difficulties, have forced the
adjournment of the plenary session of the investment bankers
Dollar Unquoted on Paris Bourse.
until Tuesday morning. June 10. Continuing the cablegram
The dollar for the first time in the memory of exchange said:
brokers was not quoted on the Bourse on June 3, said Paris
The meeting had been tentaively arranged for to-day or to-morrow and
the signing for Saturday, the first anniversary of the signing of the Young
advices that date to the New York "Times" which added:
Business has been light and it happened that there were no official
transactions. The exchange committee, for purposes of settlement, however, established a rate of 25.5031, American banks did their usual business in the dollar, but took the London and New York quotations as the
ttAtstandard.
Italy's Budget Presented to Chamber of Deputies.
The Italian Government's budget presented to the
Chamber of Deputies at Rome, May 31 totals 19,349,000,000
lire (about $967,450,000), which is an increase of 778,000,000
lire (about $38,900,000) over 1929. Associated Press advices
reporting this said:
Senator Mosconi took pride in the year's gains, saying that the deficit
in the commercial balance had been reduced last year from 7,361.000,000
lire (about $368,050,000) to 6,411,000,000 lire (about $320,550,000). He
added that the currency circulation had been reduced, while the reserves
of the Bank of Italy had increased so that they represent 66% of the currency
and 59% of all debts at sight.
Provisional President Opposes New Dominican Loans.
From Santo Domingo (Dominican Republic) June 3
Associated Press accounts said:
Provisional President, Estrella Urena to-day told the Chamber of Commerce of Santo Domingo that he favored extension of the Republic's debt
payments, but was opposed to contracting new loans. He declared the
sovereignty of the Republic was jeopardized by a $10,000,000 loan in the
United States, contracted by a previous administration.
Plan.
Under the new schedule the bankers will sign the agreement and fix
the price of the bonds and the date of issue at Tuesday's gathering. The
flotation of the loan, therefore, may be expected not later than Saturday,
June 14, or Monday. June 16.
Our Share $84,500,000.
The prices will vary in the different markets according to fiscal impositions. The New York portion of the loan is now announced as 384,500,000, and it will probably be offered at about 91 or 92. Four points
will be allowed to the banking syndicate handling the operation for profit
and expenses. The British price will approximate the American, but in
France, where the bonds will be tax exempt, the price will be about 98.
It is also definitely announced that Britain will take $50,000,000 in bonds
and retain the full amount as her share in the reparation division. However, in order to accommodate the needs of the British market, French
bankers are expected to purchase a portion of the $50,000,000 and resell
here. Inasmuch as this side of the deal can be carried out at a distinct profit
to the French bankers— the difference between the two issue prices will be
six or eight points—every one involved appears to be satisfied.
The repeated delays in the conclusion of the banking negotiations have
aroused not a little concern in financial quarters, while the buying public
is beginning to wonder why such a high-class investment should be surrounded by so much difficulty.
The participating bankers have explained that everything of vital importance to the success of the loan has been decided for some days but
that delicate juridical questions have provoked delays. An example of.
this is the translation of the prospectus for the loan in to six languages
To each of these must be affixed the signature of the German Finance
Minister, Dr. Moldenhauer,and since he must assume full responsibility for
the contents he has chosen to examine each word to see that it has received
the right meaning. This has caused innumerable telephonic consultations
between Berlin and Paris.
JUNE 7 1930.]
FINANCIAL CHRONICLE
Internationalization Abandoned.
The internationalization of the bonds has finally been abandoned and
instead they will be National in character in each country and payable in the
money of the issuing countries. There are several reasons, the chief one being
that has the coupons been payable at a fixed amount "pegged" in all the
markets, It would have placed an excessive burden upon Germany, which
has the highest money values. Another reason is the fact that internationalization would have resulted in a tendency eventually to concentrate the greater portion of the loan on one market, the American.
The Germans have compromised in the matter of their allotment and
have agreed to take $7,500,000. They wanted to limit their participation
to $5,000.000, while the French insisted that they take $10,000,000. The
other allotments have already been announced.
The bankers do not appear disturbed by criticisms of the approaching
loan heard in certain New York banking quarters. Advance indications
from each of the nine markets lead them to believe that the operation will
meet with the succeess such a high-class investment is held to deserve.
3973
An Associated Press dispatch from Washington yesterday
(June 6) said:
The State Department to-day advised a syndicate of New York bankers,
headed by J. P. Morgan & Co., that it would impose no objection to the
issuance in the United States of a part of the bonds of the Bank of International Settlement.
The par value of the bonds is $300,000,000 and the share of the United
States in the issue will be one-third. One-third of the issue is to be employed as a loan to Germany and the remainder will be used in the commercialization of German reparations bonds.
Yugoslavia Signs Paris Reparations Accords.
Associated Press accounts from Belgrade, Yugoslavia,
May 28, stated:
In its Paris cablegram June 1 referring to the sessions of
the four bankers the "Times" stated:
King Alexander to-day signed the law ratifying The Hague protocol
and the Paris agreement for Eastern reparations.
The four bankers are Montagu Norman, Governor of the Bank of England; Arthur Anderson of J. P. Morgan & Co.; Dr. Hans Luther, President
of the Reichsbank, and Robert Masson, director of the Credit Lyonnais.
While acting as a reduced committtee they were in fact assisted by all the
experts and jurists and a large number of the international banking representatives who have remained in Paris.
To-day's dicussions turned principally on phrasing Germany's guarantee
for the bonds, but progress was admittedly slow. Before Saturday the
committee hopes to reach agreement on the text of the accord between Germany and the Bank for International Settlements as trustee for the former
allied po.wers, the text of the special contracts between the German Government and representatives of the nine world markets where the bonds will be
issued, and, finally, the text governing the bonds which will be printed on
the coupons.
Unemployment Grows—Production 153y %
Below 1929.
From the New York "Times" we take the following from
Berlin, May 30:
German
Labor market conditions in Germany are now very bad. On May 15 the
number of unemployed was 1,200,000 more than at the same date in 1929.
The official index of volume of industrial production, which is based on 100
as the average for 1928, fell to 92 as compared with 109 in June last year.
The Institute for Studying Trade Fluctuations still contends that business is moving into the final stage of depression which normally precedes
recovery. Production at the rolling mills in April was only 737,355 tons as
against 974,560 in April 1929.
Report That State Department at Washington Approves Doles Give Germany $180,000,000 Deficit—Finance
Minister Admits Budget is Upset and Fears UnemSale of $100,000,000 German Reparations Bonds in
ployment Will Grow.
United States.
A cablegram from Berlin to the New York "Times"
The following is from the May 31 issue of the Baltimore
states that a further slump in the condition of the Reich's
"Sun":
Permission for the International Bank to sell one-third of the huge German finances was admitted May 31 by Paul Modenhauer, Minister
reparations bond issue to the American public has just been given by the of Finance, when he informed the Reichstag's
budget comState Department, it was learned to-day.
The State Department's approval was given to J. P. Morgan & Co., mission that the continuing falling off of Federal revenues
acting on behalf of the International Bank. Contrary to expectation no from taxes, customs duties, domestic imports and the conother bankers were associated with Morgan in making the application.
comitant rise of unemployment doles had completely thrown
The total bond issue is to be $300,000,000 and the portion to be floated
out of balance the Government's carefully calculated budget
in the United States is to be approximately $100.000,000.
of a month ago. The cablegram goes on to say:
Decision Is Informal.
The State Department's decision was informal, and it is expected that
more formal application will be made by Morgan when all the details of the
loan, which is now under discussion in Paris, have been determined.
Many officials consider the State Department's approval of the reparation bond issue to be the most important financial step the United States
has taken in years, since it is recognized as almost purely a political issue,
and one which gets the United States more deeply entangled in European
war finance than ever before.
The basis for this belief is partially founded upon a query which the
Treasury Department made to France through the State Department, asking
why the bonds were to be floated at this time. The query was prompted
by the fact that France, which is to be the chief beneficiary of the bond
flotation, is in less need of it than any other nation in the world, having
reduced its national debt last year by $90,000,000, having $1,500.000,000
In gold on deposit in London and New York and having a discount rate of
of 23%.
Wants Terms Stabilized.
The reply of the French Government, although couched in diplomatic
language, was to the effect that the bond issue was necessary in order to seta
precedent. In other words, France wants the terms of the Young Plan
made permanent by passing German bonds out of the hands of European
Goverments into the hands of individual Frenchmen. Englishmen and
Americans, with whom it will be possible to deal as a unit and who will
never consent to any further scaling down of the German war payments.
The larger the amount floated in the United States, therfore, the greater
the extent to which the American public becomes interested in perpetuating
Germany's reparation payments.
Despite the final favorable decision given J. P. Morgan & Co..the obvious
political nature of the bond issue caused some difference of opinion within the State Department and other branches of the Government consulted
regarding the loan.
Loans to Germany Cited.
It was pointed out that the United States had already loaned more money
to Germany than to any other country in the world save Canada— a total of
$2,000,000,000—and that it was not wise to concentrate too much money in
one area.
It was also pointed out that previous investments in Germany had
been made in good faith by Americans and that the reparation bond issue
priority over them in regard to service charges.
Another criticism of the bond issue was the fact that its proceeds are
largely non-productive and will place American money at the disposal of
European financial centers, thus detracting from American financial prestige and American trade. Because of British objection to the political aspects of the bond issue, Phillip Snowden, Chancellor of the Exchequer,
limited the amount to be floated in England to that part of the reparations
payments which England is to receive.
Object to French Maneuvers.
Finally, objection was made to the political uses which France has made
of her huge gold deposits in the past, having recently drawn $329,000,000
out of circulation and having threatened to withdraw her deposits from
the Bank of England, thereby upsetting the gold standard, in order to
force Snowden's hand at The Hague reparations conference.
Opposed to these objections were those who argued that the reparation
bond issue was being counted upon by the entire world, and that if the
United States held it up by declining to take its share, the result would be
citty.strous to the prosperity of the world.
Officials believe that formal announcement of the issue will be made
sometime in June and predict that it may take all summer to market the
bonds. Best information indicates that the bonds will be offered in France
in the neighborhood of 98,in Germany around 92 and 93 and the American
bonds at about 90.
Confronted with a visible deficit of $180,000,000 for the current fiscal
year, the Minister frankly admitted that the budget computation was
based on the assumption that the immediate future would not still further
complicate the Government's calculations, which apparently rested on the
assumption that the Spring business situation would improve both in
respect to recession of unemployment and steady flow of revenues. Neither
prospect has materialized and the Government's spokesman to-day frankly
admitted that the previous official estimates had sadly gone awry.
Dr. Moldenhauer now believes it will be necessary to provide support for
the "normal" army of unemployed of 1.600,000 Persons in the current
budget, whereas the present number of jobless men and women is well in
advance of 2,000,000.
The steady drain of unemployment doles alone has upset the Minister's
earlier calculations by $150,000,000 and there is no assurance that the doles
will not make still heavier demands on the Government.
Labor leaders held a conference to-day with Adam Stegerwald, the
Federal Minister of Labor, to impress on the Government the urgency of
adopting economic relief measures. The primary cause of the depression,
the labor leaders argued, was to be found in false measures of nationalization,in tariff policies which increased the cost ofliving and ruthless suppression of foreign credits to promote building and other enterprises which
would automatically absorb the unemployed.
Dr. Stegerwald replied that $1,500,000,000 would be required to provide
work for 2,000,000 men, a sum which he said no Government could raise.
He said he soon would seek the Reichstag's approval for measures calculatel
to give work to 150.000 unemployed.
Offering of $5,000,090 Bonds of City of Brisbane (Australia).
A new issue of $5,000,000 City of Brisbane, State of
Queensland, Australia, twenty-year sinking fund 6% bonds,
was offered June 3 by Lee, Higginson & Co. and The
National City Company at 964 and interest, to yield over
630%. An item concerning the proposed loan appeared
in our issue of May 31, page 3803. The bonds will be dated
June 1, 1930, and will mature June 1, 1950. The bonds of
this issue are not redeemable for ten years except for sinking fund. A cumulative sinking fund of 1% a year, payable
semi-annually is provided, sufficient to retire over 36% of
this issue before maturity. The bonds are redeemable as a
wholeo n June 1, 1940 or any interest date thereafter or in
part for sinking fund only on December 1, 1930, or any interest date thereafter at 100 and interest. The issue is guaranteed unconditionally by endorsement as to principal, interest and sinking fund by,the State of Queensland. Principal and interest (June 1 and December 1) will be payable in United States gold coin of the present standard of
weight and fineness at offices of Lee, Higginson & Co.,
Fiscal Agents for the loan, in Boston, New York, and Chicago. It is also stated that principal and interest will be
payable without deduction for any present or future taxes
or duties levied by the Brisbane City Council, the State of
Queensland, or the Commonwealth of Australia, or by or
3974
FINANCIAL CHRONICLE
within any political subdivision or taxing authority thereof,
and alike in time of war as in time of peace, irrespective
of the nationality of the holder or owner. The bonds are
in denominations of $1,000, registerable as to principal only.
Lee, Higginson Trust Company of Boston, is authenticating Agent and City Bank Farmers Trust Company, New
York, Registrar. It is announced that the proceeds of this
loan will be used for permanent improvements, including
roads, bridges and extension of electric service. Further
information regarding the issue says:
Security: These Bonds are the direct obligation of the Brisbane
City Council (the municipal corporation of the City of Brisbane) and
are guaranteed unconditionally, by endorsement, as to principal, interest, and sinking fund by the State of Queensland. They are authorized by resolution of the Brisbane City Council, and approved by
the Governor-in-Council of the State of Queensland, in accordance
with the City of Brisbane Act of 1924. This loan has been approved
by the Anstrlian Loan Council. The Brisbane City Council agrees
that if, in the future, it shall sell, offer for public subscription, or in
any manner dispose of any bonds or contract any loan secured by any
charge or pledge on or of any of its revenues or assets, the service
of this loan shall be secured equally and ratably with such bonds or
loan.
Finances: Net funded debt of the Brisbane City Council, excluding
this issue, is $84,328,031, all loans having sinking fund provisions.
As an offset to this the City Council owns property and investments,
including the electric supply system, tramways, and wharves valued
at $74,085,469. Aggregate unimproved value of taxable property,
$110,859,975. The City Council has unlimited taxing power.
Queensland's net funded debt as of June 30, 1929, was $551,642,108,
upon which interest charges average 4.8%. Of this, $283,481,222 or
51% represented loans invested in the State railways.
[Vou 130.
Sundsvalls Enskilda Bank, Sydsvenska Banken Aktiebolaget and C. G. Cervin. A substantial portion of the dollar
issue has been withdrawn for simultaneous offering in
Holland by M.Hope & Co.and Warburg & Co., Amsterdam.
The bonds are unconditionally guaranteed, as to principal
and interest, by the Kingdom of Norway.
The indenture provides for a cumulative sinking fund,
beginning June 1 1935, calculated to retire the entire issue
of bonds prior to maturity. In addition, the bonds are
redeemable as a whole or in part any time on and after
June 1 1940. The bonds will be dated June 1 1930 and will
become due June 1 1970. They are bearer bonds in denomination of $1,000. Principal and interest (June 1 and
Dec. 1) will be payable in New York City at the main
office of Bank of Manhattan Trust Co., fiscal agent, in
United States gold coin of or equal to the present standard
of weight and fineness free from and without deduction for
any Norwegian taxes, imposts, levies or duties, present
or future, except in ease of holders otherwise subject to
taxation thereon in Norway.
Portuguese Loan Closes—Issue of $4,510,000 for Developing
Ports Twice Oversubscribed.
The following Lisbon cablegram June 4 is from the New
York "Times":
The first of a series of five Portuguese internal loans of 100,000,000
escudos ($4,510,000) each was twice oversubscribed when the issue
closed to-night. This loan will be used for port improvements.
The other four loans will be issued at the discretion of the Minister
of Finances. The first loan bears 6.5% interest and is for a term of
thirty-five years.
Australia Loan Oversubscribed—Conversions and Cash
Subscriptions of March Issue Total $70,019,000.
The following from Sydney is from the "Wall Street
State Department at Washington Warns That Arms
Journal" of May 19:
Exports to China Need Permit—Notifies Shippers
Following the decision to close on April 7 the offer of conversion
of the December Commonwealth maturing loan of $300,000,000 into
They Must Conform to Presidential Proclamation
the seven-year 6% March conversion loan, the volume of subscriptions
of 1922.
increased appreciably and several large amounts were converted by
The State Drpartment at Washington on June 2 notified
financial institutions.
Final result of the March loan was as follows: Conversions $31,396,- exporters that the exportation of arms from The United
000; cash subscriptions $38,623,000; total $70,019,000, or $18,632,500
States to China was still governed by the Presidential proclain excess of the amount required.
The position of the December loan at June 30, 1929, was that mation of March 4 1922. Indicating this Washington
$303,894,500 was outstanding. Sinking fund purchases during the accounts to the New York "Times" stated:
present financial year have been $14,270,000. Excess subscriptions
The notice, in the form of a caution, was explained as due to misunderto the March loan, after providing for flotation expenses of the March standings that have arisen, although there has been no known case of illegal
and December loans, amount to $18,130,000, which will be used for re- shipment of war materials to China.
demptions of the December loan. Conversions of the December loan
Under the joint resolution it is unlawful to export to China, "except
have reached $170,000,000, these three amounts totaling $202,400,000. under such limitations and exceptions as the President prescribes, any
not
less
than
sinking
funds
of
$10,000,000
will be available in the arms or munitions of war from any place in the United States" until otherAs
next financial year for the redemption of December securities, the total wise ordered by the President or by Congress.
amount to be faced at maturity will be only approximately $90,000,000.
The Secretary of State, who is authorized to prescribe the limitations
In 1930, the commonwealth and states had to deal with record loan and exceptions to the application of the resolution, has announced that
maturities, aggregating approximately $545,000,000, of which the com- exportation of arms and munitions of war for the use of the Chinese Governmonwealth was responsible for $355,000,000 and the states $190,000,000. ment will be permitted when an application for license to export has been
Of the commonwealth loans, approximately $50,000,000 represented submitted by the firm in the United States which desires to make shipments and when the Chinese Legation at Washington has informed the
loans raised for the states.
In the rst three months of the year, approximately two-thirds of the Department of State that it is the desire of the Chinese Government that
total of $545,000,000 already has been converted, hypothecated by the shipment be authorized.
sinking funds or promised renewal. Satisfactory progress is being
made with the conversion of the states' maturing securities. The
problem is relieved by the fact that a large proportion of these are Bombay Group Votes to Defy Picketing Ban-5,000
held by state savings banks, superannuation funds, insurance companies
Women Posted at Cloth Shops to Set an Example
and other institutions, most of which are almost certain to renew their
to
Rest of India.
holdings. New South Wales has a large advance from the CommonUnder the above head the New York "Times" has the
wealth Bank, maturing in December, which comes within the same
category.
following to say in a wireless message from Bombay June 2:
All the maturing loans of commonwealth and states in 1930 are due
The ordinance prohibiting picketing was discussed by the All-India
in Australia, except a Queensland 3%% loan maturing in July in Nationalist Congress "war council" here to-day. The general opinion
London, amounting to $18,908,500, which the Australian Loan Council appeared to be that the challenge thrown down by the Viceroy should be
probably will be able to renew without difficulty, although a sub- taken up and that the Bombay Congress Committee should give an example
stantial increase of interest is inevitable.
to the rest of India by openly defying the ordinance.
A previous reference to the above appeared in our issue to More than 5,000 women picketed the cloth shops to-day. It is proposed
extend the picketing to liquor shops, which hitherto has not been atof April 19, page 2689.
tempted in Bombay, and to shops dealing in British goods.
A correspondent of the "Times" of India gives an example of the congress
propaganda methods. He says on Hornby Road, the principal business
American Loan For Greece.
thoroughfare of Bombay, he saw a crowd gazing at a poster surmounted
by a congress flag and carried by two men dressed in home-spun. The
state:
(Associated
Press)
Athens advices June 5
Poster depicted a squad of British troops firing point blank at defenseless
Finance Minister Maria and Mr. Rose, representing American banks, parties, including women and children. The foreground
was littered with
agreed today on an American loan for productive works consisting of bodies. Vernacular inscriptions described the incident as "an everyday
an advance of $7,500,000 at 5%% issued at 99.73 on the dollar, event of the British misrule in India."
expenses at the cost of the American banks.
The same correspondent says, judging from the spectators' faces, this
:latest news from the front" deeply impressed them and the half-hearted
attempts of the Sepoy police to induce the poster carriers to move on were
Offering of $5,360,000, 5% Bonds of Kingdom of Norway entirely disregarded by the two men, who were distributing inflammatory
pamphlets.
Municipalities Bank.
Offering is made yesterday (June 6) by the International
Manhattan Co., Inc., Lehman Brothers, and W. A. Harriman & Co., Inc., of the American half of the $10,720,000
loan of the Kingdom of Norway Municipalities Bank, which
was awarded to an internabonal banking group. The
American dollar issue consists of $5,360,000 guaranteed
5% sinking fund gold bonds of 1930, priced at 97 and interest,
to yield about 5.17%. The Swedish portion of the issue
was offered in Stockholm, June 4, at 98M and interest and
has since sold at a premium. The Swedish portion was
offered by Stockholms Intecknings Garanti Aktiebolag,
Russian Insurance Funds Tied Up Here—Appellate Court
Refuses to Release $6,000,000—Sustains Superintendent
Conway.
Albert Conway, New York State Superintendent of Insurance, was again sustained when the Appellate Division
of the New York State Supreme Court, First Department,
unanimously concurred, May 29, In a decision by Justice
John V. McAvoy, holding thatn early $6,000,000 of Russian
Insurance funds held by Mr. Conway shall continue to be
held by the Superintendent while the Soviet Government
JUNE] 71930.]
FINANCIAL CHRONICLE
3975
of Russia remains in power in Russia and continues unrecognized by the United States Government. In reporting France Pegs Piastre—President Signs Decree Stabilizing Monetary Unit for Indo-China.
this the New York "Journal of Commerce" said:
The
following
Paris cablegram May 31 is from the New
Justice McAvoy in an exhaustive opinion referring to the surplus
says: "It would seem that it would be the duty of our courts to
York "Times":
protect the nationals of Russia just as we protect the nationals of
other countries by keeping these funds for the ultimate owners until
such time as they may be ascertained. It is the duty of a sovereign
to recognize private rights existing and outstanding under a prior government, and the protection of private rights of nationals of Russia is
still the duty of this country."
At to-day's Cabinet meeting President Dournergue signed a decree
stabilizing the piastre as the official monetary unit in Indo-China.
The piastre is defined in the decree as composed of 655 milligrams of
gold or the equivalent of ten French francs as defined in the French
stabilization law passed in 1928. By to-day's decree the Bank of IndoChina at Saigon is bound to assure the convertibility of its notes into gold.
Refugee Directors' Claims
The refugee directors residing in Paris, France, who opposed the SupCharacters Now Barred From Use as Offense in
erintendent's plan for protection of these funds desired the court to Arabic
Turkey.
direct that the surplus moneys be turned over to them in Paris, France,
or that the surplus funds remaining after the liquidation of the domestic
Commencing June 1 the use of Arabic characters in Turkey
branch should be turned over to new insurance companies organized
in the State of New York under the control of these foreign refugee becomes forever forbidden, and disregard of the order is
directors. The directors also desired that the liquidation proceedings classed as a misdemeanor, punishable in the courts, accordshould either be enlarged so as to dispose of the claims of foreign
ing to advices to the New York from Istanbul, the new name,
creditors or that new proceedings should be instituted in court for the
purpose of permitting distribution of the surplus to those few foreign as we indicated last week (page 3304) for Constantinople.
creditors who might hear of the proceedings and present claims here.
The June 1 advices to the "Times" says:
The Superintendent opposed these suggested plans of the refugee
Ceder the provisions of the law which Latinized the alphabet two years
directors of these foreign insurance companies and asked that the ago, to-day war Se5 as the time limit
for effecting the change in the courts,
money remain with the New York State Insurance Department. He municipalities and all
official departments.
further claimed that it would be impossible to make any distribution at
this time. The court below in its orders directed that the funds should
remain in the custody of the Superintendent, but permitted foreign $50,000,000 Australian Loan To Be Floated Internally,
creditors to present claims. The Appellate Division in the opinion
Says Sydney Report.
just handed down by Justice McAvoy unanimously held that the Superintendent was the proper officer and trustee to hold the funds; that
The following is from the New York "Evening Post" of
he had successfully defended them thus far from attack, and that it June 6:
was his duty to retain them until they might properly find their way
The Commonwealth of Australia is preparing to float an internal loan
into the hands of the rightful beneficiaries, pointing out that under
present conditions in Russia ascertainment of creditors or distribution of about $50,000,000, according to reports from Sydney to-day.
The interest basis is expected to be slightly less than 6%.
was impossible.
The recent Bank of Petrograd decision by the Court of Appeals
was distinguished by the court as not applying to these foreign in- Tenders Asked for Purchase of Argentine Government
surance company funds in the hands of a trustee, the Appellate Division
Bonds for Sinking Fund.
holding that the Court of Appeals could not have intended that decision to apply to these trust funds in the hands of a public officer.
J. P. Morgan & Co. and the National City Bank, as fiscal
Conway Sustained
agents have issued a notice to holders of Government of the
The decision is a complete victory for Superintendent Conway and Argentine Nation external sinking fund 6% gold bonds,
upholds his views and recommendations stated to the court in his
various reports concerning the affairs of these companies. He has ssue of June 1 1925 and due Juno 1 1959, to the effect that
maintained throughout that, because of existing conditions
abroad, $293,880 in cash is available for the purchase for the sinking
the discontinuance of business by the company in Russia, the scattering fund of so many of these bonds as shall be tendered and
of directors, the nationalization and confiscation of its Russian property by the Soviet Government, the loss of its books and records, etc.— accepted for purchase at prices below par. Tenders of
such bonds with coupons due on and after Dec. 1 1930,
that all these conditions made it impossible to ascertain who
the
creditors or stockholders were or the extent of their claims and also should be made at a flat price, below par, and must be derendered it inadvisable and inequitable to recognize certain surviving
former directors who were attempting to set up an office at Paris, livered before 3 p. m. July 2 1930, at the office of J. P. Morgan & Co., 23 Wall St., New York, or at the head office of
France, to obtain these United States surplus funds.
Furthermore, that the private rights of citizens of Russia and other the National City Bank, 55 Wall St., New York. If the
countries abroad are impressed upon these surplus funds so that they
may not be transmitted abroad to the directors, nor may they be dis- tenders so accepted are not sufficient to exhaust the available
moneys, additional purchases upon tender, below par, may
tributed in these proceedings here.
Justice McAvoy further states:
be made up to Sept. 2 1930.
"These trust funds, which constitute the surplus of these liquidating
companies, under the commonly accepted law of nations are impressed
with those private rights. Since it is impossible to reach the owners Bonds of City of Porto Alegre Drawn for Redemption.
of these rights because of nonrecognition by the United States, or to
Ladenburg, Thalmann & Co., fiscal agents for the municiascertain who are such policyholders, creditors, or stockholders of these
companies, or who have succeeded to these rights as next of kin, it pality of Porto Alegre
have drawn $20,000 principal amount
would seem that the only proper method of preserving these private
of City of Porto Alegre forty-year 732% sinking fund gold
rights is to follow the plan of the Superintendent."
Legislative Council of Trinidad Decides to Grant
Sugar Export Loans.
From Port of Spain (Trinidad), May 31 a cablegram to
the New York "Times" announces that the Legislative Council on May 30 decided to grant a loan of £2 (about $10) a
ton on sugarr exported this year, on a 15-year basis. The
loan will be without interest up to £15. The first charge for
the loan will be on properties subject to existing mortgages.
Previous items regarding the proposed loan appeared in our
issues of May 24 page 3640 and May 31 page 3804.
bonds external loan of 1925, for redemption on July 1 1930,
at 102% and accrued interest, at the offices of Ladenburg,
Thalmann & Co., 25 Broad St., New York City. Interes
ceases on these drawn bonds on July 1 1930.
Bonds of Republic of Colombia Redeemed for
Sinking Fund.
Hallgarten & Co., and Kissel, Kinnicutt & Co., fisca
agents for the $25,000,000 Republic of Colombia 6% external sinking fund gold bonds, dated July 1 1927, announce
that the Republic of Colombia have delivered to them
$191,000 principal amount of bonds, which have been reVenezuela to Pay Off its Debt to Mark 100th Year of deemed for the sinking fund leaving $24,057,000 par value
Freedom.
of bonds outstanding.
Under date of May 31 a Washington dispatch (Associated
Press) to the New York "Times" stated:
Republic of Salvador Customs Collections and
A new way of celebrating a national historic event has just been
adopted
Debt Service.
by Venezuela.
That country, to commemorate the 100th anniversary of the establishment
As reported by the fiscal representative, collections of the
of its independence from Spanish rule, which took place under the leader- Republic of Salvador for May are as follows:
ship of Bolivar, has decided during the year to pay off its entire national
debt.
The total sum involved amounts to $4,700,000.
A reference to the authorization by the Venzuelan Congress of the payment of the country's foreign debt appeared
in our issue of May 24 page 3041.
Visitors to Cuba Not Required to List Cash.
Havana Associated Press advices June 1 said:
The Cuban Government has decided to abandon the practice of forcing
visitors to declare the amount of money they have before landing in Cuba.
Frequent controversies between customs men and visitors resulted from enforcement of the law last winter and numerous complaints were received
by steamship lines.
1930.
$695,750
May collections
80,964
Service on "A" and "Ti" bonds
614.786
Available for series "C" bonds
Interest and sinking fund requirements on series
70,000
"0" bonds
3,572,913
January-May collections
404,820
January-May service on "A" and "B" bonds
3,168,093
Available for series "C" bonds
Interest and sinking fund requirements on series
350,000
"C" bonds
1929.
$724,039
82.95'
641,0S2
70,000
4,042,155
414,785
3,627,370
350,000
F. J. Lisman & Co., in making public the above, state:
Collections for the first five months of 1930, after deducting service
requirements for the period on the "A" and "B" bonds, were equal to over
9times interest and sinking fund requirements on the series "C" bonds.
The bankers' representative collects 100% of the import and export
duties, all of which is available for bond service, if needed, and 70% of
which is specifically pledged for that purpose.
3976
FINANCIAL CHRONICLE
[vol.. 130.
!can cotton market requiring a stabilization operation such as is contemplated in Section 9, paragraph (d) of the agricultural marketing act.
The committee suggested that this function should be performed by a
corporation other than the American Cotton Co-operative Association
Accordingly, the cotton co-operatives have taken steps to set up a new nonstock corporation to be known as the Cotton Stabilization Corporation.
Articles of incorporation were filed in Delaware to-day, and the board of
directors will meet in Washington next Monday.
Established in February.
The meeting of the advisory committee for cotton at which the recommendation was made was held in Washington on May 16 and 17 with all
members present. The members include:
Bradford Knapp, President, College of Agricultural, Auburn, Ala.;
The President's salary, by token of this cut, will in the future be $1,000 Harry L. Bailey, Wellington.
Sears & Co., Boston, Mass.: U. B. Blalock,
General Manager,and Secretary-Treasurer, North Carolina Cotton Growers
a month, or $12,000 a year, instead of $25,000 a year.
Salaries of other Government officials also were reduced to enable the Co-operative Association, Raleigh, N. C.; H. Lane Young, Executive VicePresident,
Citizens & Southern National Bank,Atlanta, Ga.;and Chairman,
Secretary of the Treasury, Mario Ruiz Mesa, to keep within the $76,- Agricultural
Committee, National Bankers Association; A.H.Stone, Vice000,000 budget announced this morning, but the reductions were in no President, Staple Cotton Growers Association, Greenwood, Miss.; Lynn
Stokes, President, Texas Cotton Co-operative Association, General Manainstance in proportion to that visited on President Machado by himself.
Texas Farm Bureau Gin Company (co-operative), Dallas, Tex.; S. L.
Various members of the Cabinet objected to President Machado's move, ger,
Morley, General Manager, Oklahoma Cotton Growers Association, Oklasuggesting that the cut in his salary at least be kept commensurate with homa City, Okla.
those made in the pay of lesser officials, but he refused.
The Cotton Advisory Committee was established in February by the
As a result of the reforms in the budget adopted to-daY, expenses of cotton
co-operatives in accordance with the agricultutral marketing act.
the Government for the coming fiscal year are reduced about $12,000,000.
Mr. Bailey later was chosen by the co-operatives to succeed Mr. Robert
As the Cabinet adjourned, Dr. Mesa received a vote of congratulation Amory of
Boston, who was unable to serve because of the press of private
from the special Budget Commission on his satisfactory solution of the business.
He and Mr. Stokes were certified as "experienced handlers or
economic problems of the Government for the corning year.
processors."
Cuban President Cuts Salary 50% to Effect Reduction
in Budget.
President Gerardo Machado of Cuba took the initiative
on June 5 in reducing Cuba's national budget by 'appearing
before the Cabinet and voluntarily cutting his salary to
less than one-half its former figure. Associated Press advices, June 5, reporting this, said:
Earlier advices (June 2) from Havana to the New York
A reference to the proposed corporation in a Washington
"Times," said:
dispatch June 5 said in part:
The final report of the National Budget Commission recommending to
President Machado that economies should be introduced into the general
governmental budget for the coming fiscal year will be delivered tomorrow.
Reductions to be recommended represent a saving of $9,000,000, to be
Made with strict impartiality and to be based on the enforcement of a
Presidential decree reducing salaries of all Government employees 10 to 15%•
Suppression of certain bureaus and sections of departments was found
unnecessary.
In the absence of official information, it is understood that the new corporation is being formed to take the cotton holdings of the co-operatives,
just as was done in the case of the wheat grain co-operatives.
The amount that would be involved in the process cannot be estimated,
but up to March 15 last, the board had given commitments to the cotton
co-operatives to the amount of $50,548,000.
Delaware Charter Obtained.
This constitutes loans from the large revolving fund voted by Congress
From the "Times" of June 6 we take the following:
for the use of the Farm Board. Whatever losses the co-operatives would
fi The economic depression in Cuba is of long standing. Cuba is a "one- sustain would be
shifted to the Government's revolving fund.
crop" country, producing one out of every five pounds of sugar produced
While the organization at this time is not especially designed to cope with
In the world. For the past several years world economic forces have beaten the new cotton crop, nevertheless It will be in shape, it is believed, to serve
down the price of Cuban sugar.
for stabilization of the next crop, which begins marketing in the near future.
*This situation has resulted in unrest, which was given form on last
The American Cotton Co-operative Association, the $30,000,000 sales
March 20, by a 24-hour general strike against unemployment conditions. agency for cotton, is authorized by its charter to act as a stabilization corpThe strike was peaceful and apparently conducted without any definite oration when the Farm Board so decides.
feeling against the Government, which has made strenuous efforts at
The advisory committee, however, suggested to the Board that this be
retrenchment and has considerably reduced the public debt.
done by an independent corporation, and the co-operatives, through the
Farm Board,have taken steps to set up a non-stock corporation to be known
as the Cotton Stabilization Corporation, which was chartered under the
Havana Railways Unable to Meet Interest—Difficulties laws
of Delaware to-day.
Weaken Stock in London.
The board of directors of the new corporation is expected to be announced
after
a meeting here next Monday. The Board is expected to announce
The following from London, June 4 (Associated Press), also what
funds are at the disposal of the new corporation.
appeared in the New York "Times":
United Railways of Havana were a weak feature among foreign rails on
the Stock Exchange to-day on the company's announcement it will be
unable to meet the interest on its debentures and debenture stocks during
at least the current year except upon the 4% debentures and debenture
stocks.
The company has prepared an arrangement dealing with the situation
and is consulting with the trustees for the debentures and debenture
stockholders and with certain of the larger holders.
The 5% debentures fell 6 points to 30; the 4% registered debentures 13
to 48%, and the 5% preference 3 points to 163,6. The ordinaries dropped
3 points to 6 bid and 10 asked.
Action Was Urged in Congress.
Members of Congress from cotton States long ago urged the Farm Board
to use its surplus control powers to check declines in agricultural prices.
Several months ago when cotton declined,following statements by Chairman Legge of the Board, a storm of protest broke in Congress in which the
Board was severely criticized.
Governor General Davis announced yesterday, following a conference
at Baguio with the Secretaries of the Departments of Finance and Commerce and Communications, that the Philippine Government faces a deficit
of 900,000 pesos(about $450.000)in the insular and public works budgets for
1931. This is due to the cost of present undertakings and to decreased
revenues.
The Governor considers the problem is serious and will arrange conferences of legislative and executive officials before the session of the legislature in July with a view to averting the deficit.
normal loan on crops, which he defined as being from 75 to 80% of the
market value on staples such as wheat and cotton. He pointed out that
banks will loan only about two-thirds of the market value.
Mr. Legge declared that he had not heard anything in regard to a reported
Mexican tariff on American wheat. He added that he did not believe that
Americans were "dumping" wheat in that country, although he had heard
that 100,000 bushels of wheat had been sold to an exporter whose business
was mostly with that country.
The Board had been urged not to take an active part at this time in the
marketing of the apple crop by the committee of apple growers, he said, on
the grounds that more time was needed for formation of co-operative organizations.
Chairman Legge of Federal Farm Board Uncertain
as to Loam Program—Board to Retain Policy of
Normal Advances, He Says.
The Farm Board has not decided definitely as to its loan
Philippines Face. Deficit—Governor Will Call Confer- program, the Chairman of the Board, Alexander Legge,
ences to Avert Reported Budget Loss of $450,000.
stated orally June 5, according to the "United States Daily,"
A message from Manila,June 4,to the New York "Times," which went on to say:
said:
He added, however, that the Board would carry out its policy of making
Federal Farm Board Advised of Emergency in American
Cotton Market Requiring Creation of Stabilization
Corporation—Filing of Articles of Incorporation. Federal Farm Board to Assist in Organization and
Development of Regional Associations To Be
In an announcement issued June 6 the Federal Farm Board
Formed
by Apple Growers.
stated that a report to itfrom the Cotton Advisory Committee
An announcement issued June 4, by the Federal Farm
Market
American
Cotton
the
in
emergency
indicated "an
Board says:
requiring a stabilization operation." From the "United
For several months the Federal Farm Board has been working with
the
incorporation
for
of
articles
that
learned
is
Daily"
it
States
representatives of the apple industry in an effort to improve present disFrom
June
5.
were
filed
Corporation
tribution and sales methods and to develop a plan of marketing in accordCotton Stabilization
ance with the provisions of the Agricultural Marketing Act. In furtherance
the same paper (June 6) we take the following:
of this objective two conferences have been held with representatives of the
Board was
The Agricultural Marketing Act, under which the Farm
apple growers,
created, provides that when the Board determines that emergency conditions
The first meeting was held in Washington, D. C. on Jan. 14. At this
suitable agency as a general
exist in an agricultural industry, it may recognize a
conference co-operative leaders agreed that most of the more
crop
stabilization corporation and make loans to it with which the surplus
Important apple-producing areas were so unorganized co-operatively that
revolving fund they
may be taken off the market. The Board is provided with a
considered it inadvisable to suggest the setting up of an advisory
of $500,000,000 from which loans may be made.
commodity committee (under the provisions of the Agricultural Marketing
it was
Congress has appropriated $250,000,000 of this fund to the Board,
Act) for this fruit. They expressed a desire of "eventually working out the
dated orally at the Farm Board's offices, and of this, about $110,000.- handling of the commodity on a national basis" and recommended that a
available.
general committee, representative of the various important apple-growing
000 has been used, leaving $140,000,000
regions, be established to give the subject further study.
Prices Declined Steadily.
This was done, and the general apple committee composed of 15 men,met
Statistics made available at the Bureau of Agricultural Economics June 5 at the call of the Board in
Washington, D.C.,on May 14 and 15.
show the price of cotton has declined steadily since the early part of 1929
As a result of these two meetings,the Board is making detailed preparation
except for a small upturn in April 1930, which was partly maintained in for the organization of an
apple project in the fruit and vegetable section of
May. The index number for May shows the farm price of cotton for the the Division of
Co-operative Marketing. Kelsey B. Gardner is head of this
month averaged 117% of the average for the period 1909 to 1914.
section. Ralph W.Rees is in charge of the apple program.
The Farm Board's statement follows in full text:
In carrying out the apple project, the Board will assist growers in the
The cotton advisory committee has met and, after a thorough study, reported to the Federal Farm Board that there is an emergency in the Amer- development of local and regional co-operative marketing associations
JUNE 7 1930.]
FINANCIAL CHRONICLE
looking toward the "handling of the commodity on a national basis."
Federal and State agricultural agencies are invited to co-operate in this
undertaking. Immediate activities in connection with the apple project
are as follows:
1. The Federal Farm Board will encourage and assist in the organization
and development of local and regional associations in the apple-growing
districts of the Cumberland-Potomac-Shenandoah area, western New York
area, the New England States, the Mid-Western States, and the Mountain
States. The Board will aid in strengthening existing co-operative and will
help in the organization of new ones wherever local grower sentiment and
conditions are favorable to co-operative development and where the particular project offers reasonable promise of success.
2. Local co-operatives will be encouraged to unify their marketing
activities and establish regional sales agencies with the hope that eventually
there will be sufficient co-operative organization of apple growers to warrant
the development of a National sales program.
Federal Farm Board Approves Loans to Dairymen's
Associations.
The Federal Farm Board on May 29 announced tentative
approval of the following applications for loans:
1. The United Dairymen's Association, Seattle, Washington, a loan of
$900,000 for effective merchandising and the acquirement of additional
physical facilities needed in the marketing of the dairy products of members.
2. The Challenge Cream and Butter Association, Los Angeles, Calif., a
loan of 8450,000 for effective merchandising and acquirement of additional
physical facilities needed in the marketing of the dairy products of members.
In making this announcement the Board said:
These associations and the Lower Columbia Co-operative Dairy Association, Astoria, Ore., which was granted a loan by the Farm Board in Jan.,
Include in their present membership practically all of the dairy co-operatives
In the States west of the Rocky Mountains and will admit on equitable
terms new associations that are qualified co-operatives.
This is another step in the Federal Farm Board's program of assisting
existing co-operatives in the distribution of dairy products under the provisions of the Agricultural Marketing Act. Through these marketing
agencies there is insured an even flow of co-operative milk products to the
markets of the West Coast States and a proper distribution of any surplus
in the East through the regional association of Land O'Lakes Creameries,
Inc., Minneapolis, Minn.
3977
consistently than the old regulation and will afford ample time to permit
reappraisal before the expiration of the first year if the property is not
disposed of in the meantime.
In this connection, the new regulation provides that the board may require, whenever such action seems necessary, that a reappraisal of real
estate be made either before or after the expiration of the year following
Its requirement if, in the meantime, it has not been sold; and, if such reappraisal is made, the bank, if so required by the board, must not carry
the property as an asset at an amount exceeding its recovery value according
to the appraisal, or the amount of the bank's investment therein at the time,
or the amount of the bank's investment at the time of acquirement plus the
cost of subsequent permanent improvements, whichever is the lowest.
All reappraisals under the regulation must be made by a reviewing appraiser of the Farm Loan Board or an appraiser designated by a reviewing
appraiser or the board.
Cost of Improvements an Asset After a Year.
Under the revised regulation, the cost of any permanent improvements
that may have been made on real estate after its acquirement may not
be carried by a bank as an asset until the expiration of the first year, and
unless the reappraisal of the farm shows that the bank is justified in such
action, the regulation providing in this connection, as indicated above,
that the property shall not be carried as an asset at an amount exceeding
Its recovery value, according to the reappraisal, or the amount of the bank's
investment at the time of acquirement plus the cost of any permanent
improvements that may have been made since acquirement, whichever
is the lower, according to provisions of the amended regulations.
The regulation,further, provides that expenditures made for the rehabilitation of real estate following acquirement may be regarded as expenditures for permanent improvements insofar as such rehabilitation adds to
the recovery value of the property, but expenditures for the normal operation and maintenance of acquired real estate, as distinguished from rehabilitation, are not to be regarded as incurred for permanent improvements.
The operations of the banks under the revised regulation will have the
continued close supervision of the Farm Loan Board through its examination and appraisal divisions.
H. L. Bodman Elected President of New York Produce
Exchange on Independent Ticket.
The election held June 2 in the New York Produce Exchange for officers and managers for the ensuing year showed
the following results:
Federal Farm Loan Board Revises Regulations Deal
With Accounting and Carrying of Real Estate.
The Federal Farm Loan Board has amended its regulations,
effective June 1, relative to carrying acquired real estate as
an asset. This is noted in the "Wall Street Journal" of
May 29, which says:
President, Herbert L. Bodman of Milmine, Bodman & Co., running on
the independent ticket. Mr. Bodman received 348 votes, Winchester
Noyes, his opponent on the regular ticket, receiving 324.
Vice-President, A. C. Field of Field & Morgan, running on both tickets.
Treasurer, John E. Seaver of Seaver & Seaver, running on both tickets.
Board of Managers for two years: Carl F. Andrus of C. W. Andrus &
Son; R. W. Capps of Zimmerman, Alderson Carr Co., and L. C. Isbister
of Isbister & Schied, all running on both tickets: T. R. VanBoskerck of
Son, running on the regular ticket; P. S. Arthur
Essential features of the new rules are clarity, uniformity and complete- G. W. VanDoskerck &
Merritt of Bowing & Co., both running
ness, according to the interpretation held in Government circles. Amend- of Arthur Co. and Clifford B.
ment affects Federal Land and Joint Stock Land Banks. Since Federal on the independent ticket.
Beard of Managers for one year, Samuel S. Lerner of G.& A. Seligmann,
Intermediate Credit Land Banks, also part of the Farm Loan System,
tickets.
do not acquire real estate but loan on commodities, they are not included running on both
Trustee of Gratuity Fund, R. M. Morgan of Field & Morgan, runnning
within the provisions.
New rules embody the principle that at no time should acquired real estate on both tickets.
be carried as an asset at an amount greater than its recovery value it is
At the testimonial meeting held on the main floor of the
pointed out.
Exchange June 4 in honor of the retiring President,
Produce
Under the existing rules, a reappraisal of acquired land could be made
was presented with his
within six months of taking over the property. This has been extended to William Beatty, the Exchange
one year, but the bank is permitted to establish a recovery value prior to portrait, the painting of which was arranged through the
that reappraisal. This recovery value must not exceed the investment.
courtesy of George A. Zabriskie; the portrait will be hung
Amended Rules Are Specific.
Official views of the new rules stress the fact that previous methods were
general while amended rules are specific and clear. It is stated that the
revised regulations deal entirely with questions of accounting and the method
of carrying acquired real estate, and not with the sales policy of the banks.
Latter is aimed at finding desirable buyers and selling acquired properties
as soon as it is possible to do so on a satisfactory basis, considering each case
on its merits.
As revised, the regulation provides that when real estate is acquired by
a bank it may be carried as an asset at not more than the amount for which,
in the judgment of the executive committee, subject to the approval of the
board of directors of the bank, it can be sold within a reasonable time, but
not in excess of the amount of the bank's investment in such real estate at
the time of its acquirement.
If the property is not sold, the bank must obtain a reappraisal before the
expiration of one year. Thereafter it can carry it as an asset at an amount
not exceeding its recovery value according to such reappraisal, or the amount
of the bank's investment at the time of acquisition plus the cost of the bank
of any permanent improvements that may have been made thereon since
acquirement, whichever is the lower,it is said.
Regulations Before and After Amendment.
The regulation prior to amendment provided that acquired real estate
might be carried as an asset at the full amount of the bank's investment
for a period of six months, when the carrying value would be reduced to
the unpaid principal of the loan until the property was reappraised, when
It would be carried at the reappraisal value, or the principal of the original
loan, whichever was the lower. In other words, during the period immediately following acquisition of a farm, a bank was authorized to carry it
as an asset at its investment value without further limitation.
Under the revised regulation, however, as soon as a farm is acquired the
officers and directors of the bank will be required to give the matter careful
consideration and the carrying value may not exceed the amount for which.
in the judgment of the executive committee and the directors, the property
can be sold within a reasonable time with the further limitation that the
carrying value must not in any event exceed the bank's Investment. For
the first year after acquirement, the regulation places upon the officers
and directors of the bank the responsibility of determining the recovery
value of the property and the regulation further requires that all acts of the
executive committee and the board of directors of the bank in carrying out
the regulation be recorded in their minutes.
Directors Encouraged to Give Attention.
The Farm Loan Board, since its reorganization in 1927, as stated in its
annual reports, has made efforts to encourage the directors of the banks
to give close and constant supervision to the operations of the institutions
over which they preside, and the new regulation is in harmony with that
Policy, it is represented. It will, it Is believed, operate more logically and
in the Board of Managers' room. To Mr. Beatty was presented a complete service of silver, including candlesticks
and flower bowl. The presentations Were made by exPresident Elliot T. Barrows on behalf of the subscribers.
History and Functions of New York Curb Exchange.
The history and functions of the New York Curb Exchange
are described in the second of a series of articles on the Stock
Exchanges of the world written by Herrmann Herskowitz,
C.P.A., which are running in the "Financial Diary," edited
by S. S. Fontaine and published by Benjamin, Hill & Co.,
members of the New York Stock Exchange, and which
appears in the June number issued this week. Mr. Herskowitz tells of the rise of the New York Curb Exchange from
the time it started as an unorganized gathering of brokers on
the curb to the present time, when it is housed in one of the
palatial buildings in Wall Street, thoroughly equipped and
furnishing a market which has assumed marked activity
and world prestige.
Volume of Outstanding Brokers' Loans on New York
Stock Exchange Declines $315,299,447 in Month—
Total May 29, $4,747,831,912.
Outstanding brokers' loans on the New York Stock
Exchange declined during the month to the extent of $315,299,447, the total on May 29 amounting to $4,747,831,912,
and comparing with $5,063,131,359 on April 30. In the
May 29 statement of the Exchange demand loans are
shown as $3,966,873,034, against $4,362,919,341 on April 30,
while time loans, May 29 at $780,958,878 compare with
$700,212,018, April 29. The May 29 figures were made
public June 3, by the Stock Exchange as follows:
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business May 29
1930. aggregated $4,747,831,912.
3978
FINANCIAL CHRONICLE
The detailed tabulation follows:
Demand Loans.
(1) Net borrowings on collateral from New
York banks or trust companies
$3,464,195,580
(2) Net borrowings on collateral from
private bankers, brokers, foreign bank
agencies or others in the city of New
York
502,677.454
The par value of the bonds sold on the Exchange for the first five months
this year Is $18,136,000 as compared with $2,767.000 par value for the first
five months of 1929. Comparative figures for 1927. 1928, 1929 and
1930 follow:
Time Loans.
$674.821,378
106.137.500
$3.966.873,034 $780,958,878
Combined total of time and demand loans
$1,747,831,912
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The compilations of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follow:
1926—
Jan 30
Feb. 27
Mar.31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 31
1930—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 29
Demand Loans.
32,516,960,599
2,494,846,264
2,033,483,760
1,969,869,852
1,987,316,403
2,225,453,833
2,282,976,720
2,363,861,382
2,419,206,724
2.289,430,450
2,329,536,550
2,541,682.885
Time Loans.
3966,213,555
1,040,744,057
966,612,407
865.848,657
780,084,111
700,844,512
714,782,807
778,286,686
799,730,286
821,746,475
799,625,125
751,178,370
Total Loans.
93,513,174,154
3,536,590,321
3,000,096,167
2,835.718,509
2,767.400,514
2,926,298,345
2,996,759,527
3,142,148,088
3,218,937.010
3,111,176,925
3,129,161,675
3,292,860,253
2,328,340,338
2,475,498,129
2,504,687,674
2,541,305,897
2,873,993,079
2,756,968,593
2,764,511,040
2,745,570,788
3,107,674,325
3.023,238,874
3,134,027,003
3,480,779,821
810,446,000
780.961,250
785,093,500
799,903,950
783,875,950
811.098,250
877.184,250
928,320,545
896,953,245
922,898.500
957,809.300
952,127.500
3,138,786,338
3,256,459,379
3,289,781,174
3.341,209,847
3,457.860,029
3,568,968,843
3,641,695.290
3,673,891,333
3,914,627,570
3,946,137.374
4.091,836,303
4.432,907,321
3.392,873,281
3,294,378,654
3,580,425,172
3,738,937.599
4.070,359,031
3,741.632,505
3,767,694,495
4,093.889,293
4,689,501.974
5,115,727,534
5.814,388,360
5,722,258,724
1,027,479,260
1.028,200,260
1,059,749,000
1,168,845,000
1,203,687,250
1.156.718,982
1,069,653,084
957,548.112
824.087,711
763,993,528
777,255.904
717,481.787
4,420,352,541
4,322,578,914
4,640,174,172
4.907,782,599
5,274,048,281
4,898,351.487
4,837,347,579
5,051,437,405
5,513,639,685
5,879,721,082
6.391,644,264
6.439.740,511
5,982,672,411
5,948.149,410
6,209,998,520
8,203,712,115
8,099,920,475
8,444,459,079
6,870,142,664
7,161,977,972
7,831,991,369
5,238,028,979
3,297.293,032
3.376,420,785
752,491.831
730.396,507
594,458,888
571,218.280
585,217,450
628,762,195
603,651,830
719,641.454
717.392.710
870,795,889
719,305,737
613.089,488
6,735,164,241
6,878,545,917
8,804,457,108
6,774.930,395
6.665,137,925
7,071.221,275
7,173,794,294
7,881,619,426
8,549,383,979
6,108,824,868
4.016,598,769
3,989,510,273
[vol.. 130.
Month—
January
February
March
April
May
Total
January
February
March
April
May
Total
STOCK IN
1927.
713,875
714,225
623,635
842,470
839.500
SHARES.
1928.
1,708,694
1,348,659
2,503,976
3,096,460
3,451,000
1929.
6,829,000
5,321,000
4,896.000
3,961,000
4,912,000
1930.118
4,541,200
6,219,800
8,349.700
10,325,100
7,603,800
3,733,705
12,108,789
BONDS PAR VALUE.
81,146.100
8868,000
814,150
813,000
1,108,500
899,000
1,824,000
690,000
2,394,500
913.000
25,919,000
37,039,600
3551,500
470,000
657,500
504,500
583,500
$527,000
3,071,500
6,951,000
4,573,500
3,013,000
37,287,230
52,767,000
818,136,000
84,183,000
Ground Broken for New Building of Detroit Stock
Exchange.
Ground was broken June 2 for the new $500,000 home of
the Detroit Stock Exchange, which will be ready for occupancy in six months, according to present plans. The
three-story building will be occupied entirely by the Exchange. Particular study has been made of the acoustic
properties of the trading floor, which will be more than
twice the size of the present trading space.
New York Brokerage Firm of Jordan, Blake & Co.,
Inc., Enjoined from Trading—Have Agreed to
Liquidate.
Supreme Court Justice Mitchell May on a motion by
Deputy Attorney-General Garvey of the State Bureau of
Securities has enjoined Jordan, Blake & Co., Inc. of 170
Broadway, this city, from further dealings in securities,
according to the "Wall Street Journal" of May 28, which
went on to say:
The principals of the firm were Nathan Duboy of 720 West End Ave.,
and Carter 11. Jacobs of 310 W. 72nd St. The latter was served with the
injunction papers and the firm has agreed to liquidate its business within
30 days, or submit to the appointment of a receiver.
Greater New York Finance Corporation, Brooklyn,
Permanently Enjoined From Dealing in Securities.
Charged with obtaining more than $250,000 from many
Brooklyn residents by selling stocks on the instalment plan
and appropriating some of the first payments as "commissions" or "loans", Edward E. McMahon, Jr., President
3.528446.115
456.521,950
3,984,768.065 and three other officers of the Greater New York Finance
3.710.563.352
457,025,000
4,167488.352
4.052,161,339
604,141,000
4.656,302.339 Corp. of 4203 Utrecht Ave., Brooklyn, consented to a
4,362,919,341
700.212.018
5.063.131.359
permanent injunction on June 3, restraining them and
3,966,873,034
780.958,878
4,747,831,912
their corporation from further dealings in securities. The
New York "Times" of June 4, from which the above inR. Arthur Wood Re-Elected President of Chicago formation is obtained, continuing said:
Mr. McMahon's name has been mentioned in Assistant Attorney General
Stock Exchange.
Watson Washburn's inquiry into the Clinton Capital Cor., of which
On June 2 R. Arthur Wood was re-elected President of the County Judge W. Bernard Vause was head.
The order was signed in the Brooklyn Supreme Court yesterday by
Chicago Stock Exchange without opposition. It is Mr.
Justice Cropsey and a committee of stockholders was appointed to act as
Wood's fourth consecutive election as President of the the
receiver. According to Clarence Donovan, Deputy Asst. Attorney
Exchange, and marks the first time a President of the General, whose investigation at the State Bureau of Securities resulted in
the
injunction,
the concern sold approximately $490,320 worth of stock,
Exchange has been elected four times consecutively. Harold
of which
$257,620 was actually paid in. The company is hopelessly
E. Foreman was re-elected Treasurer. Members of the insolvent.amount
Mr. Donovan said, its assets amounting to about $39 In cash
as
follows:
elected
were
Committee
and thousands of dollars worth of virtually valueless notes, made out by
Governing
To serve one year: Talton T. Francis, Latham R. Reed. Virgil C.
Webster. The first two in this group are the Chicago Exchange's out-oftown Governors and were re-elected. Francis Is from St. Louts, a partner
of Francis, Bro. & Co., and Reed is from New York, a pastner of E. A.
Pierce & Co. Webster is a new member of the Governing Committee.
To serve two years: Ford R. Carter, James L. Martin, Benjamin F.
Stein. All three of these are new members of the Governing Committee.
To serve three years' James E. Bennett, Thaddeus R. Benson, John J.
Bryant Jr., Edward P. Molloy, Harry M. Payne, Charles C. Renshaw,
Paul B. Skinner, Wallace C. Winter. Of this group, John J. Bryant Jr.
and Edward P. Molloy are new members of the Governing Committee.
Members of the Nominating Committee were elected
as follows:
To serve one year: Gilbert Gross, Chairman: J. Clarke Dean, Walter
M. Giblin, Louis C. Seaverns, Frederick N. Webster.
the various officers and employees of the corporation as security for the
"loans."
Named as defendants together with Mr. McMahon, who lives at 85-81
148th St., Jamaica, were Clarence B. Koerner. Vice-President, 4704
18th Ave., Brooklyn; two other officers, George H. Lawson and Vrea L.
Pittarelli, and the corporation itself.
The company, originally organired under another name In 1924, subsequently changed its name and advised interested prospects that it expected to obtain a charter for a bank to help its business. Mr. Donovan
said that Koerner was the leading spirit in the enterprise, while the name
of McMahon, well known in Brooklyn, was used to assure prospective investors of the safety of the enterprise.
By various fraudulent representations. Mr. Donovan alleged, scores of
persons were persuaded to buy stock from it. The first instalment was
taken as commissions, or used for "loans" made to officers of the concern,
It was said. McMahon thus made $1,101 and Koerner, $51,923.50, according to records at the State Bureau of Securities.
According to the "Wall Street Journal" of June 4, a comTransactions on Chicago Stock Exchange in May 1930 mittee of the stockholders of the concern has been formed
to take over such assets as remain.
Exceed Those of Year Ago.
During May 7,603,800 shares of stock were sold on the
Chicago Stock Exchange as compared with 4,912,000 during Frank C. Thomas, President of Bankshares Corp. of the
United States, New York, Held For Perjury—
May of 1929, an increase of more than 54%, figures comStatutory Receiver For Concern Sells Control of
piled by the Exchange showed on June 2. The announceJournal Square National Bank at Auction—Conwent also says:
firmation of Sale May Be Opposed.
The par value of the bonds sold on the Chicago Exchange during May of
1930 was $3,013,000 as compared with $583,500 during May of 1929.
On June 3 Frank C. Thomas, bead of a New York group
The cumulative volume of stocks sold on the Chicago Exchange for the
first five months this year is 42% greater than the stock volume for the same that last December acquired control of the Bankshares Corp.
time a year ago. The volume for the first five months this year was of the United
States from the group headed by William
37,039.600 shares as compared with 25.919,000 for the first five months
Harris, of Newark; N. J., and who became President of the
a year ago.
JUNE 71930.]
FINANCIAL CHRONICLE
corporation, was arrested in Newark on June 3 on an indictment charging perjury, according to the New York
"Times" of June 4. Mr. Thomas was taken into custody
when leaving a hearing before Samuel I. Kessler, statutory
receiver for the Bankshares Corp. and Charles F. Lynch and
M. Caswell Heine, receivers for subsidiaries of that concern.
Later he furnished $15,000 bail. We quote further from the
paper mentioned as follows:
3979
Nebraska Failed Banks' Depositors to get $243,995—
First Dividends Mailed in New "Settlement" Fund
Plan System.
According to the Omaha "Bee" of June 1 first dividends
have been mailed in the new "settlement fund" system provided by the special session of the Legislature for depositors
in banks that failed during the insolvency of the Depositors'
Guaranty Fund, Clarence Bliss, State Secretary of Trade
and Commerce, announced May 31 at Lincoln. "The 'Bee"
adds:
Mr. Kessler was named statutory receiver for the Bankshares by John
H. Backes. Vice-Chancellor, in Newark on May 12. At that time Mr.
Backes ordered a transcript of the testimony sent to the County ProseThe "settlement fund" dividends amounted to $243,995.32.
cuter. He also denounced the deal whereby Thomas financed acquisition
This represents the only realization on assets in failed banks whose
of the company's voting stock.
had been paid in full by the guaranty fund prior to its insolvency.
depositors
Testifying before the receivers on May 23. Thomas admitted he had
The $2,900.000 assessments on State banks for the past two and a half
been in error in telling the Vice-Chancellor that the assets of the Knickerbocker National Corporation of New York, his own company, totaled years, have been levied by the State but not collected, pending appeal of
$250.000. He said the figure was based on a financial statement of Feb. the banks from the five-sixths of the assessments to the Supreme Court of
the United States. If and when this is collected, it will also go into the
18. but was not true when he testified.
He admitted further that he had been in error Instating that the Knicker- settlement fund.
On "Step-Up" Basis.
bocker possessed more than 10,000 shares of stock of British Type Investors, Inc.
The "settlement fund"law provides that dividends be paid on a "step-up"
to depositors whose claims have been allowed for at least a year.
A block of 3,140 shares, representing the controlling basis,
Some of the depositors now being paid, however, have been waiting for
interest in the Journal Square National Bank of Jersey four years and more.
The dividends from the settlement fund bring the percentage of claims
City, N. J., was auctioned off in Chancery Court in Newark
27 banks, paid, up to only 8%. In banks where 3% dividends were
on June 2 by Samuel L. Kessler, as statutory receiver for In
paid previously. 5% of each deposit was given. Where 6% was given
the Bankshares Corporation of the United States, a part previously, 2% was paid. In several no dividends had been given, and
of the assets of which consisted of this stock. The account 8% was paid.
of the matter appearing in the "Times" of June 3 said:
There were only two bidders for the stock, which brought $442,740.
The high bid at $141 was that. of John M. Enright, Jersey City lawyer,
who was understood to be acting on behalf of Frank Ferguson. President
of the Hudson County National Bank of Jersey City. The other bidder
was John J. Stamler, President of the New Jersey National Bank & Trust
Co. of Newark.
The auction was part of the receivership proceedings of the Bankshares
concern, being liquidated by Mr. Kessler under instructions of ViceChancellor Backes.
Attending the auction were the receivers of two subsidiaries of Bankshares, M. Casewell Heine for the Bankstocks Corporation of Maryland,
Charles F. Lynch for the Journal Square Securities Co. and Samuel Fisher
of Baltimore, ancillary Federal receiver for both these companies
Bidding was on the understanding that the stock would be delivered
free of all liabilities.
In its issue of June 3 the Jersey City "Jersey Observer"
stated that the several receivers present at the auction had
all said that the price was inadequate and that they might
oppose confirmation of the sale. Mr. Kessler was reported
as saying:
Individual holders of shares are holding their stock at $240 a share
and have been offered as high as $210, while the book value is S190 a share,
so you can readily see that the price of $141 is way below the true value
of the shares. There are 5,000 shares of the bank stock outstanding,
and the 3,140 shares represent a controlling interest in the bank. At
the close of business last Thursday the bank had deposits amounting to
$4.000,000.
The Jersey City paper also said in part as follows:
The Journal Square National Bank has had an unusual era of prosperity
since its organization, its shares having increased in value from $125 to
as high as $354 at the time the New Jersey Bankers Security Co. was
dickering with the former John Warren, its original President, for control
of the bank.
Items with reference to the affairs of the Bankshares
Corporation of the United States appeared in our issues of
May 10 and May 17 pages 3283 and 3462, respectively.
Clearing House Plan in Wisconsin—Milwaukee System
to Be Used as Model for Extending Banking Facilities in State.
A strong agitation is being conducted by the Wisconsin
Bankers' Association among banks of the State in favor of
regional clearing houses says Milwaukee advices published
in the "Wall Street Journal" of June 2, the account adding:
In many sections of the State there is being comidered the problem of
making banks safer as a result of 20 bank failures in Wisconsin during,the
present calendar year. It is significant that practically all the banks closed
have been small ones. catering primarily to the farm customers.
In line with broadening of the clearing house movement, the Milwaukee
Clearing House Association has voted to make all banks in Milwaukee
County eligible for membership. On the previous basis, smaller banks in
outlying districts could clear only through some member bank. The new
rule permits direct entry into the Clearing House Association. The new
rule will admit 17 banks into the Milwaukee Clearing House Association
and also will entitle all members to examination by the Clearing House
representatives.
Milwaukee Clearing House covering the County is to be used as a model
to extend regional clearing houses throughout the State. When the Wisconsin Bankers Association meeting is held in Milwaukee June 4, to June 6.
the operations of local clearing house will be open to study and inspection
by all members of the State.
The Wisconsin Bankshares group is being expanded rapidly in some sections of the State, many smaller banks having been taken in. There are
more than 30 banks in the system with approximately $300,0(X).000 of
resources in all. Many more banks are likely to loin during the year.
A sectional plan of organization has been worked out by which Madison.
Wis., will be the center for the banks in that section. Eau Claire may be
used as the regional center for banks in the Northwest section and Oshkosh
may be used as the regional center for banks in the Northwest section,
and Oshkosh may be the center for the Fox River Valley banks. This is
somewhat of a decentralizing influence which should bring the groups into
closer touch with their communities.
Iowa Bank Fraud Act Upheld by Decision—State Banks
Come Under.Law, Court Finds in Test Case.
The following from Des Moines, Iowa, May 20 is from the
"United States Daily":
The Iowa law against fraudent banking was upheld May 16 by the
Supreme Court of the State in an unanimous decision. It sustained the
conviction of S. H. Bevins, President of the First State Bank of Hawkeye,
for receiving deposits in an insolvent bank.
This case had been used as a test of the constitutionality of the act against
fraudulent banking of that type. One of the main arguments relied upon
by those who attempted to established the unconstitutionality of the act
was the fact that the Supreme Court of the United States had reversed the
conviction of a National banker under it.
In his opinion Justice Kind's held that,although the Iowa law making it a
crime for any banker to receive deposits In an insolvent bank had been held
inapplicable to National bankers, there is no good reason why it is not
valid when applied to State bankers.
"The Supreme Court of the United States, in the Easton case," he wrote
"did not declare the legislation void, but rather recognized the validity
of the statutes so far as they are applicable to State institutions.
"Furthermore, it is apparent that the Iowa legislature intended the act
to be applied even though National banks were excluded. The statutes
under consideration are valid and enforceable within the realm of State
jurisdiction.
"They are serviceable in application, and hence, applying the rules of
construction previously discussed, the invalidity is removed by enforcing
the law solely and alone against State banks and State bankers."
John E. Rovensky of Bank of America N. A. On Relation
and Interdependence of Interest Rates.
Likening the constant interplay of forces in the world's
money market to the relative movements of the planets of
the solar system, John E. Rovensky, Vice-Chairman of The
Bank of America N. A. and past president of the Stable
Money Association, addressing the Robert Morris Associates
at the Harvard Club in New York City on June 3, declared
that similarly the interest rates within the country move in
relation to one another while the country's money market
moves in relation to world money markets. Mr. Rovensky
declared that there are three distinct movements of the money
market: that of the entire world structure; that of the relative
positions of the various countries and that of the other component parts of each country's money market. He said in
part:
market of
"The rates of interest prevailing at a given time in the money
any one country vary widely for a number of good and sufficient reasons.
They are governed by the maturity of the loan; the nature of the collateral
or risk; the liquidity of the loan (I. e. the comparative certainty of its payment at maturity, as differentiated from the certainty of its ultimate payment); the relation of the borrower and lender; the expense of operating the
loan (I. e. the work involved in connection with the loan): the lag that exists
in the transfer of money from one part of the money market to another.
in
These factors cause a wide variety of interest rates to exist side by side
tends
each country and while there is a constant Interplay of forces that
response
the
delays
toward a relative equilibrium, the lag I have mentioned
of other rates to a change in the factors in any one or more parts of the entire
market.
"We thus have the internal movement of interest rates within the money
market of the country; we also have the movement of the entire money
market of a country. The factors that change the relative positions of the
various countries are numerous and at times difficult to apprasm. Political
and social as well as economic forces are quite often dominant. Supereminent over all this are the more constant movements of the world's money
market as a whole. Moved by worldwide, powerful and profound economic,
social and political forces,the entire structure moves in one direction during
one cycle and then turns as these factors change. Such factors were the
passing of the feudal system; the era of liberalization in the forms of government: the introduction of the factory system: the present century of inventions; the discoveries of gold fields; the introduction and extension of the use
of credit; the improvement in banking and merchandising methods, &e.
These affected the world structure and similar factors are now influencing
it and moving it as a wh
3980
FINANCIAL CHRONICLE
"There are numerous hybrid forms of financing. One of the most important of these is the acceptance market. Born of the Federal Reserve
Act of 1914, we are still experimenting with it by the trial and error method.
The fundamental money market is the world market—all others are
relative."
[VOL. 130.
and unless some provision of statute can be found which clearly evinces a
legislative intent to abandon or waive this preference right
of the State
it is the duty of the Courts to preserve rather
than to defeat it.
There is no statute of this State which, in my judgment, "clearly evinces '
a legislative intent to abandon or waive this preference right of the State"
and so the above language is especially applicable here.
It will be noted that this preference right is not based upon statute, but
upon the common law, which, in so far as it has not been contravened by
statute, is in force in this State. (Burns Annotated Indiana Statutes of
1926. section 244.)
The following additional cases among many others collected on page 837
of 52 A. L. It., supra, support the conclusion which I have reached.
In re Carnegie Trust Co. (N. Y.) 90 N. B. 1096: Woodward v. Sayre
(W. Va.), 24 A. L. R. 1497; Aetna Ace. & Liability Co.,v. Miller, Seer.
(Mont.), L. R. A. 19180, page 954.
In my opinion, therefore, the claims of the State as a depositor against
the assets of insolvent banks closed by order of the Banking Department
are preferred.
Trend of New York Bank Stocks Lower During May,
According to Hoist, Rose & Troster.
The movement of New York City bank stocks prices
during the month of May was highly irregular according to
records compiled by Hoit, Rose & Troster. The latter
states that yielding to reactibnary influences the decline in
the first week of May practically cancelled all of the gains
recorded during the first three months of the year. A
gradual recovery followed during the second week and
during the latter part of the month dullness prevailed with Reported Formation
of New Association by Investment
prices generally below the high levels of the month. OpenDealers for Financing of the South.
ing May 1 at 192, the Hoit, Rose & Troster weighted average
Associated Press accounts May 27 from Savannah, Ga.
of 14 leading bank stocks touched a low of 175 on May 3d,
stated:
but recovered to 190 on May 16, only to ease off slightly
The Savannah "Morning News" says leading investment dealers of nine
and settle at 186 at the end of the month. The range Southern cities met here to-day
as guests of the Citizens & Southern Co.
and formed an association for financing Southern industries of whatever
follows:
America
Bankers
Central Hanover
Chase
Chatham
Chemical
City
Corn Exchange
Guaranty
Irving
Manhattan
Manufacturers
New York Trust
Public
Weighted average
May 1.
139
173
390
164
134
8044
214
221
809
623
138
138
304
151
192
May 3.
137
152
377
156
129
74
190
197
725
57
126
126
273
137
May 16.
135
1674'5
396
168
141
7741
204
218
789
61.41
13646
138.45
303
148
175
190
size. The newspaper adds that they were in conference all day with
May 29. William
Murphy, President of the Citizens & Southern. The cities repre129
16241 sented were said to be Baltimore, Washington, Richmond, Winston-Salem,
390
Greensboro, Atlanta, Jacksonville, New Orleans and Savannah. The name
168( of the association and
its personnel were not given out.
13845
The association was said to include some of the largest investment houses
7541
in the South.
1963.
222
769
60
New Jersey Bankers Securities Co., Passaic,
134g
13041
297
13645
186
Annual Report of Northern New Jersey Clearing
House Association.
Total transactions of $5,131,379,210 for the year 1929-30
are shown in the tenth annual report of the Northern New
Jersey Clearing House Association. Covering the year
May 19 1929 to May 17 1930. For the year 1928-29 the
total transactions amounted to $4,107,366,252. The report,
made available by J. Heemsath, Manager, follows:
NORTHERN NEW JERSEY CLEARING HOUSE ASSOCIATION—TENTH
ANNUAL REPORT, MAY 19 1929 TO MAY 17 1930.
1929-1930.
1928-1929.
Exchanges
2,808,783,605.19 $2,313,720,757.41
Balances
2,322.595,604.81
1,793,645,494.89
Total transactions
$5,131,379,210.00 $4,107,366,252.30
Average Daily Transactions.
39,362,612.02
$7.686,779.93
7,741,985.34
5,958,955.14
Total average daily transactions
$17,104,597.36
$13,645,735.07
exchanges
day
Largest
on any one
during year:
Sept. 18 1929
34,581,135.70
Jan. 2 1929
17,769,770.45
Largest balance on any one day during year:
Sept. 18 1929
33,033,343.83
Jan. 2 1929
15,552,614.95
Exchanges
Balances
Largest transaction on any one day during year:
Sept. 18 1929
$67,614,479.53
Jan. 2 1929
Smallest exchange on any one day during year:
Mar.24 19313
83,835,269.68
May 6 1929
Smallest balance on any one day during year:
2,741,264.91
Mar. 24 1930
May 6 1929
Smallest transaction on any one day during year:
$6,576,534.59
Mar. 24 1930
May 6 1929
Average time for making exchanges
Total number of days exchanges made
21 minutes
300
$33,322,385.50
$4,512,818.29
3,251,988.14
$7,764,806.43
19 minutes
301
Ordered
Liquidated—John J. Stamler and Nicholas La
Vecchia Appointed Statutory Receivers—An Appeal To Be Taken.
Vice-Chancellor John H. Backes in Newark on May 29
ordered an injunction issued restraining the officers of the
New Jersey Bankers Securities Co. of Passaic (which was
thrown into receivership on July 25 last, the day following
the closing of the Hobart Trust Co. of Passaic, the stock of
which it at that time controlled) from exercising its franchise
and appointed statutory receivers for the company. The
New York "Times" of May 30, from which the above information is obtained, continuing said in part:
Unless reversed on appeal, Mr. Backes's decision will mean final liquidation of the company, founded in 1927, by Harry E. Weinberger, Newark
and Passaic lawyer. Isadore Glauberman, counsel for stockholders who
contended they had been elected directors and sought the return to the
company of its assets, announced that an appeal will be taken.
Mr. Backes named as statutory receivers John J. Stamler and Nicholas
La Vecchia, Newark lawyers, who have served as equity receivers since
July 25. The decision came at the close of a 5-day hearing on an order to
show cause.
Mr. Backes said it was evident from the testimony and the history
of the case that the company had operated at a loss from its foundation.
He held also that it could not continue to operate "with safety to the public
and advantage to the stockholders." FIe reviewed its history and scored
its incorporators. He said the public has been looted and the company's
money unlawfully wasted, close to $3,000,000 of it being used to "rig the
market" in its stock.
The receivership proceedings started the day after the closing, on July
24 last, of the Hobart Trust Company of Passaic, N. J., a bank controlled
by New Jersey Bankers Securities. It followed by a few weeks the kidnapping of Willard H. Elliott, then Vice-President and Treasurer of the
bank. The bank was later purchased by a Passaic group at a huge loss to
New Jersey Bankers Securities.
Weinberger is under indictment on charges of irregularities in stock
deals in the IIobart Trust and the New Jersey Bankers. Fifteen men were
indicted for complicity in the Elliott kidnapping, including Harry Juller,
a friend of Weinberger, and Joseph A. Jackovics and Frank C. Campbell.
former officers in the Hobart.
A new offer to take over the company by purchase of its stock for
$3
a share in cash or $3.20 a share in an exchange of stock of the General
Empire Corporation of New York City was announced by counsel for a
group of stockholders. Mr. Backes ordered the offer made a part of the
record without comment.
Indiana Termed Preferred Creditor in Banks of State
in Attorney General's Opinion to State Treasurer.
The State of Indiana is a preferred creditor in all State
banks in receivership or closed by the State Banking Dept., Minnesota Banks Form Independent Bankers' Assoaccording to an opinion of James Ogden, Attorney General,
ciation—Aim to Prevent Absorption by Groups
or Chains.
recently given at the request of the office of the State Treas.
The "United States Daily" of May 21 gives Mr. Ogden's
From the New York "Evening Post" we take the followopinion as follows:
ing from St. Paul, May 31:
I have before me your letter wherein you request an opinion as to whether
the claim of the State as a depositor against the assets of an insolvent bank
of the State closed by order of the banking department is preferred.
Opinions Not Uniform.
I have examined the cases on the subject, and while there is not an entire
uniformity in the decisions, in my opinion, the great weight of authority
is to the effect that such a claim is preferred. There are no decisions on the
subject by the Indiana Supreme or Appellate Court and my conclusion
is based wholly upon the reasoning of the cases from other Jurisdictions.
In the case of United States Fidelity and Guaranty Co. v. Bramwell (Ore.).
reported in 32 A. L. R., page 829, most of the prior cases are collected and
considered by the Court. I desire to quote from page 836 as follows•
The preference right of the State to priority in payment out of the effects
ofan insolvent debtor is based upon the common law and requires no statute
for its support. The existence and enforcement of the right are necessary
for the protection ofthe public revenue. That toe right would be of essential
Importance to the State if both the depositary bank and the surety company
should become insolvent is obvious. The right is, therefore, one that is
adopted to the circumstances, conditions and necessities of the people become essential to sustain the public burdens and discharge the public debts
The Independent Bankers Association, comprised of bankers of five
Congressional districts in Minnesota, will hold a meeting in St. Paul on
June 17 to consider a campaign to maintain independence of local
banks
from the group or chain banking movement which has made
headway in
the Northwest.
This is probably the first association of bankers in the country which has
for its direct purpose the building of an independent bankers' association, as
opposed to the group of chain banking development.
Harry Lee, Vice-President of the Bank of Long Prairie, Minn., is President of the new Association. Extension of the Association into other Congressional districts of Minnesota is probable.
Fearing that the independent or unit banks of Minnesota and the Northwest may be placed in a position where they would have to meet competition
similar to that experienced by the independent retail merchants as a result
of the chain store movement, J. M. Freeman of the Olivia State Bank of
Olivia, Minn., warned the Independent Bankers to guard against the control
of banking falling into the hands of a few men. He declared that overbanking in the Northwest is now a thing of
the past.
"How would the first settlers of the Northwest have been able to get their
start if it was not for the Independent Bankers?" he queried. "Bankers
JUNE 7 1930.]
FINANCIAL CHRONICLE
3981
that has precipitated the present unrest." Mr. Dawes observed that "the prices at which these stock in unit banks
are purchased by exchange for stock of the holding company
to a very considerable extent determine the responsibility
and the ability of the holding company to support its units.
* * * It is very rarely that bank stocks are acquired by
holding companies on their asset or book value basis. They
Florida Bankers Form West Coast Regional Clearing are absorbed rather on the basis of what it is hoped that
House Group To Help in Financial Development they will be able to earn in the future, the extent to which
of Hillsborough, Polk and Pinellas Counties.
they will strengthen the general organization and the fear
The following account from Tampa is from the "Wall that some competitor may absorb them. This has resulted
Street Journal" of June 2:
in a tremendous speculation in bank stocks, and this advance
The banks of three counties, Hillsborough, Polk and Pinellas, have
speculation has produced a dilution in the real asset
and
formed the West Coast Regional Clearing House Association to help in
the financial development of those three counties. George B. Howell values of the holding companies. It introduces definitely
of the Exchange National Bank, presided at the organization meeting, the promotional theory and stimulates speculation. It is
and the 30 bankers in attendance were welcomed by John 0. Perry, Presialtogether a sad departure from the stability and the dignity
dent of the Tampa Clearing House Association.
The officers of the new association are: T. E. Moody, Cashier of the which has always been a tradition of the banking profession,
Hillsborough State Bank, President and representative of Hillsborough
County on the executive committee; W. D. Gray, Cashier of the American and it is thoroughly inconsistent with the trustee relationNational Bank, Winter Haven, Vice-President and representative of ship." A brief reference to Mr. Dawes' views on the subject
Polk County; William F. Rehbaum, Assistant Cashier of the First National
as presented to the House Committee on May 29 appeared
Bank, Clearwater, Vice-President and representative of Pinellas County;
Roger W. Clapp, Assistant Cashier of the Exchange National Bank, In our issue of May 31, page 3811. The prepared statement
Tampa, Secretary; E. C. Schoen, Assistant Cashier of the First National read by Mr. Dawes to the Committee as given in the "United
Bank, Tampa, Treasurer. These five officers constitute the executive
States Daily" follows in full text:
committee.
advanced money, not on security but on character and their civil interest
in upbuilding the territory. Branch banking will be a cold, crystallized,
scientific matter of business. We know that Jones, who wants $150 to
buy a cow, will repay, but he will not get the loan from the scientific branch
banker.
"The remedy I suggest is the unification and the organization of the unit
bankers to maintain their institutions against the encroachment of the
branch and group bank."
Speakers at the organization meeting were Joseph It. Murphy of Atlanta,
former Secretary of the Georgia Bankers Association: E. P. Taliaferro,
Vice-President of the First National Bank, Tampa; and J. A. Griffin,
President of the Exchange National Bank, Tampa.
Trend of reports made at the meeting was that the three counties have
about completed a good season's marketing, both in citrus fruit and
vegetables, and that the outlook is immeasurably better than it has been
for months. All 35 banks in the three counties will be members of the
association.
California Commissioner of Corporations in Letter to
Stock Brokers Calls Attention to Regulations
Governing Trading in Foreign and Domestic Stocks.
Under date of May 23, F. G. Athearn, Commissioner of
the California State Corporation Department, addressed
the following letter to stock brokers and stock exchanges
in the State, calling attention to the regulations governing
trading in stocks of foreign and domestic corporations:
Sacramento, Calif., Mau 23 1930.
To All Stock Brokers and Stock Exchanges in the State of California:
For many of you this circular letter is not necessary as you are now
following the practice hereinafter set forth. As far as stock exchanges are concerned, this letter is sent to them merely for their information.
Ipe Effective on and after June 15 1930 the following special rules will be
enforced by the Commissioner of Corporations for the State of California:
(1) All corporations, both domestic and foreign, whose stocks are listed
or admitted to trading on any stock exchange in California, must appoint
and maintain a domestic registrar and a transfer agent, which registrar
and transfer agent must be approved by the Commissioner.
(2) No stock broker will be permitted to trade in any security of a foreign
corporation, regardless of whether said security is personally owned or
not, or to trade in any stock listed or admitted to trading on any California
stock exchange unless and until there shall have been submitted to the
Commissioner such data as will enable him to determine whether the sale
of such security will not be unfair, unjust or inequitable to the purchaser
thereof, and such security approved for trading by the Commissioner.
(3) No stock broker will be permitted to trade in an unlisted security
of a foreign corporation, whether personally owned or not, unless
there
shall have first been filed with the Commissioner sufficient data to
enable
him to determine that the sale of such security will not be unfair,
unjust
or Inequitable to the purchaser thereof and shall have been approved
for
trading by the Commissioner.
(4) No stock broker will be permitted to trade in the stock of a
corporation on the exchange where such trading is being done for the
purpose
of original financing.
The data which will be required by the Commissioner will be:
I. Copy of articles of incorporation and all amendments thereto.
2. Copy of by-laws and all amendments thereto.
3. Copy of stock certificates or other document evidencing the
4. Last available certified audit and profit and loss statement.security.
5. Copy of any indenture or contract under which a security is
issued.
6. Such additional information as may be required from
time to time
by the Commissioner.
Upon the filing of this data a notice will be sent to the
corporation or
company involved that the security has been approved for
trading. Such
approval, however, may be withdrawn at any time by the
Commissioner
for cause.
The failure of any stock broker to comply with the rules herein
set forth
will be deemed sufficient cause for the revocation of such
broker's license.
Every effort will be made to expedite approval for trading and I
sincerely
trust that I may have the active assistance and co-operation of each
of you.
Yours truly,
F. G. ATHEARN,
Commissioner of Corporations.
Henry M. Dawes on Branch Banking as Presented to
House Committee Inquiring Into Subject—Says
Development of Holding Company Control of Unit
Banking Probably Precipitated Present Unrest.
In presenting his views on branch and chain banking on
May 28 before the House Committee inquiring into the subject, Henry M. Dawes,formerly Comptroller of the Currency,
stated that "the recent development of holding Company
control of unit banking operations is probably the tendency
A casual scrutiny of the testimony which has been given before thie
Committee gives one the impression that centralized banking is being advocated solely because of an altruistic desire to serve that portion of our
citizenship which makes up the population of our small towns and villages.
Strange as it may seem, the pressure for this service does not seem to come
from the people who are to be served, but from certain ministers of grace
who are competing violently for the opportunity to exercise their benevolence. The question of self-interest or adequate return is touched upon
very lightly, but in my opinion may be safely assumed.
It is necessary in considering argutnents submitted to this Committee to
bear in mind the possibility of unavoidable prejudice, and your hearings will
not be complete with the testimony of bankers, as theirs will always be, to
a certain extent, ex parte statements. There is more involved in the issue
than the technique which is the province of the banker. The requirements
of industry, commerce and society are a concern of government and banking
is important only as it serves them.
There are two sources of advice and information whose frank expression
would be very valuable to anyone making a study of this question. They
are the managers of the very large city unit banks and the investment
bankers. It would be extremely difficult to get such an expression from
either. In the case of the very large institution, which has no ambitions
along syndicate lines, the banker would be asked to comment upon the
operations of his largest depositors.
Investment Banker in Difficult Position.
No matter how bitterly he may feel he will hesitate to say anything which
might result in the withdrawal of deposits. The investment banker is in an
even more difficult position. He must realize that this movement spells the
doom of his business. With the absorption of unit bank by centralized
groups, he will obviously lose them as outlets.
With the building up of these outlets, these centralized groups will, of
course, go into the origination of securities, so that the investment banker,
by their operation, is deprived at once of his source of supply and his outlet.
In the meantime, however, these groups are very fine customers and he has
to face the dilemma of losing a good present customer or submitting, without
protest, to the development of a movement which will result in his extinction.
Without in any way implying that deliberate and improper pressure will
be brought on anybody, the embarrassments of these two groups of the
large independent banker and the investment banker suggest that similar
inhibitions will be put upon a large proportion of those to whom you will
turn for information and opinion.
The duties of bankers are those of trustees of other people's funds and a
recognition of this has always characterized them in the past. They have
recognized that this imposes upon them certain limitations which do not
apply with equal force to other activities. When bankers begin to apply
some of the methods of other commercial enterprises and some of their
systems of finance, they are straying away from the straight and narrow
path that they have followed in the past.
Trustee Must Have Freedom of Control.
Responsibility is essential to trusteeship, and responsibility can not be
discharged by the trustee who does not have freedom of control. The manner
under which this control is acquired and the place where this control rests
will modify the whole course of a banker's operations. Before going into
a discussion of the principles of centralization it would be appropriate to
discuss the new banking from the standpoint of responsibility and control.
There are three manifestations of centralization in the United States. Up
to a few years ago the chain was the most widespread; then in certain
States branch banking developed, and recently the organization of holding
companies has combined the two principles and extended them.
The terrn chain banking is usually applied to banks in which there is an
interlocking ownership, although frequently this ownership constitutes a
minority interest, but always a practical control, due to the personality of
the head of the chain. The argument for this type of operation is that it
increases cooperation, improves management and secures diversification.
Many sound chains have been established, and are in operation. I believe,
however, that the general trend of banking thought is distinctly unfavorable
to them.
When banks are associated for the purpose of the exchange of securities it
is not usually the prime securities which are under consideration, and while
it must be conceded that a certain diversification of collateral is brought
about no very important good is accomplished as good collateral can always
be used by correspondents or discounted at the Federal reserve banks.
Bad Notes Circulated as Practical Result.
The practical result, therefore, as a rule, is the rapid circulation of bad
notes throughout the system. The dominant personality in the chain usually
sees that those members in which he owns the least stock are the ones which
get the worst collateral.
The collapse, about two years ago, of what was, so far as the number
of
Its membees was concerned, probably the largest chain that has ever
devel.
3982
FINANCIAL CHRONICLE
aped in this country, developed a situation which would be amusing if it
were not tragic. Certain members of this organization paid to the managing
control a large sum of money for instruction in those practical aspects of
banking in which the small banker is generally considered to be inexpert.
They acquired both knowledge and experience, and in some cases enough
bad securities to bankrupt the banks.
The device of transferring assets of local origination to different sections
by this method results In an exceedingly difficult task for the supervising
authorities. When small loans on real estate are switched from Florida to
New York, the New York bank examiner has an almost impassible task in
ascertaining their value.
The responsibility and the control in chains is often hard to locate, and
when located is, as a rule, more distinguished for its control than it is for
any financial responsibility.
Branch banking is concentration carried to the nth degree. It may be
said for it that the location of responsibility and control is much more
definitely ascertainable than is the case with either of the other forms of
syndicate operation. Branch banking in this country has not yet passed
State lines. If it does an interesting problem will develop as between
State and national control.
Plan Offers Problem in Examining Banks.
Any system of branch banking offers great difficulties in the matter of
examination, either private or governmental. The possibility of switching
assets from branch to branch can only be definitely prevented by having an
examiner in each branch at the time of examination. I have never heard
of a case where this has been done up to the present time, but branch
banking is in its infancy.
It would be utterly impracticable to have examiners in every branch of
an institution that, for example, had 1,000 branches. If absentee banking
is to be approved, and if centralization is desired, much is to be said for
the advantage of this form as compared with the others that involve the
same principle.
The recent development of holding company control of unit banking operations is probably the tendency that has precipitated the present unrest. To
recall the manner in which these holding companies are formed in many
cases is alone sufficient to emphasize the possibility for abuse under irresponsible management. The usual procedure is to issue stock of the holding
company in exchange for stock of the unit. Sometimes a majority of the
stock is secured in this way, and sometimes a minority, but it must be
either assumed that the stock is acquired for the purpose of speculation or
for the purpose of practical control.
The substitution of the holding company's assets for the financial responsibility of the previous stockholders results. This financial reeponsibility,
which must be depended upon in case of trouble and which must pay the
double liability on the stock of any unit which fails, is nothing more or
lees than the stock of other banks.
Various Causes May Lead to Bad Results.
Since all of the constituent banks, both a bank in trouble and the others
whose stock represent the assets of the bolding company, are under the
same management and are presumably operating in much the same territory,
they will, as a general thing, prosper or suffer at the same time. When an
emergency call is made by a subsidiary it will be at a time when the other
subsidiaries are in the poorest position to support it and when the stock of
the banks not directly involved is the least valuable as an asset.
It is rather interesting to hear the advocates of this system of banking
contend vigorously that they will always be in position to support a weak
unit, particularly to one who le conscious of the relationship between fundamental conditions in a district and the condition of the banks. The epidemic
which occurred a few years ago in the small banks of the Northwest and
which occurred more recently in Florida was not due to bad banking.
It was due to bad crops, low prices, hurricanes and conditions beyond
human control. The banking was not bad. It was simply not good enough
to combat the laws of nature.
The prices at which these stocks in unit banks are purchased by exchange
for stock of the holding company to a very considerable extent determine
the responsibility and the ability of the holding company to support its unite.
It is very rarely that the stock of a good and well organized bank sells at
as low a price as its book value.
Anything above book value is, in its last analysis of course, an estimate of
future earning rapacity. It is very rarely that bank stocks are acquired by
holding companies or their asset or book value basis. They are absorbed
rather on the baste of what it is hoped that they will be able to earn in the
future, the extent to which they will strengthen the general organization,
and the fear that some competitor may absorb them.
Traditions of Business Are Left Behind.
This has resulted in a tremendous speculation in bank stocks, and this
advance and speculation has produced a dilution in the real asset values of
the holding companies. It introduces definitely the promotional theory and
stimulates speculation. It is altogether a sad departure from the stability
and the dignity which has always been a tradition of the banking profession,
and it is thoroughly inconsistent with the trustee relationship.
To cite instances of the organizations which are sound and well officered
and constructive in their operation that has been organized by this system
of trading for stocks in holding companies by no means justifies a procedure
which is certain to result in bad practices on a large scale.
Up to last Fall anything could be consolidated through the holding company route, if not directly, and almost any profit, evidenced by stock in the
holding company, could be realized by the promoter. In the feverish search
to find earnings to capitalize the fruitful field of bank stocks was exploited
with other stock. It was not legislation but economic law which closed
this cycle.
The successful operation of a number of large, well organized companies
of this kind is freely conceded, although whether the individual good banks
principle
which compose them have been bettered Ls debatable, but if this
of indefinite centralization and consolidation by trading stocks is carried
to its logical and obvious conclusion ,the outcome will be that the banking
system of the United States will be in the control of a few organizations
which have contributed little if anything in the way of capital and which
owe their origin to the dexterity and skill of their officers as traders.
More Holding Concerns Are Said to Be Visioned.
Undoubtedly a great many bankers located in our large interior cities
have visions of developing holding companies which control the banking
situations in their sections, and the ambition eventually to become overlords
of feudal principalities, coextensive with the Federal reserve districts. They
can draw a most alluring picture and appeal most strongly to provincial
and sectional prejudice.
Personally, I have never been able to locate Wall Street very definitely,
except in a geographical sense, but whatever Wall Street may be they
For,. 130.
expect in this way to become emancipated from it. If it is feasible to
concentrate the banking of a Federal reserve district in one control in 12
districts, does it require any great stretch of the imagination to conceive
of a combination of these 12 districts and a new and real Wall Street?
Call it by any name you will, the concentrated comiol of banking in a few
hands is involved, and in spite of the size and reset rcea of our country the
number of hands will be very few.
There is an economical argument and a social excuse for industrial and
commercial consolidations, which, on account of the quality theory of production, can better supply the needs of the public, but credit is not a
commodity. No legitimate parallel can be drawn between the large industrial unit, covering a great territory, and the large banking unit with
distant ramifications. Your indu.strialist is dealing with a commodity
which be has bought and paid for; the banker is dealing with other people's
money.
Problem of Smaller, Unsound Banks Remains.
In those cases where the problem of the small unsound bank cannot be
solved, and their elimination has been brought about, the central organization
claims a great public service in offering to set up branches. The extent to
which it is feasible to establish branches where units cannot be profitably
operated is debatable, but the communities which will support a branch
and not a unit are in a small minority, and in a very large proportion of
those cases there is no great public convenience and no public need taken
care of.
The farmer who, in the old days, had a practical radius of perhaps 12
miles with his horse and buggy, today with his automobile can cover 100
miles. If he is deprived of a crossroads bank he can go to the county seat.
Conditions which, 30 years ago, justified the establishment of branches in
rural districts, have changed entirely today, and the district which can be
reached from a county seat bank with convenience to its customers is, in
most eastern States at least, practically the limits of the county.
There is at the present time much discussion of the principle of the chain
store, but the parallel between the chain store and branch bank is in one
respect only applicable. This is in the matter of the substitution of employe
for owner operation. Chain stores may or may not be an evidence of
progress, but the feat that they are dealing with commodities and not with
credit makes a comparison pointless.
If a chain store is able to deliver its wares to its customers more satisfactorily than the local merchant, it is because of an advantage over their
small competitor which the group banker does not have over the small
banker. If the chain store can sell more cheaply than the competitor, it is
because it can buy more cheaply because it buys in large quantities. Paying
less for its raw material, it is in a position to sell its product at a lower
price. This is the only advantage it has over the local merchant, because
its other operating expenses are as great or greater. The product with
which a banker deals is money.
Extent of Losses in Bad Loans Cited.
The price that he pays for money is interest, plus losses on bad loans_
As far as the depositor is concerned the small banker usually pays less
interest on deposits than does the big banker. The general price of money,
however, i.e reflected by the Federal Reserve rate and Federal Reserve funds
are available at the same rates and on the same terms for big and little
bankers. The big banker, therefore, does not get his stock in trade any
cheaper than the little banker.
The remaining factor in the cost of this raw material--money—is the
extent of losses in bad loans. Bad loans are due to either incompetence on
the part of the banker or a disposition on his part to render service to his
clients and to his community even though it involves a certain recognized
risk.
Let us analyze this question of incompetence. The complacent arrogance
of size and wealth asserts that the big operator, whether in banking or any
other commercial pursuit, is a better man than the little operator, allowing
for no fortuitous circumstances by which the big man may have achieved his
greatness. Assuming then that the big banker is a better man than the
little banker, he is handicapped in his operation because he knows lees
about his credit risk than does the little banker, especially if the big banker
is a chain banker and the little banker is a unit banker.
The unit banker, particularly in the smaller communities, is the personal
acquaintance and friend of the man who makes the loan. He is familiar
not only with the details of his business, but he kknows his character,
experience and ability. He has every advantage over the man who must
form his conclusion as the result of the recommendations of a minor employe
in a distant city.
The owner of a bank will make less bad loans than an employe whose
superior may be a thousand miles away. If, however, banks are to be
conducted as pawn shops, where standard collateral is the only basis for
loans, it makes no difference whether loans are made by financiers or clerks.
Anyone can apeiv the simple formulas.
Certain Risks Taken in Interest of Progress.
If banking is not considered as a social responsibility there is no excuse
for any bad loans. This is not the case, and certain risks must be taken
in the interests of progress and in response to the public interest. Remembering that the banker is a trustee for the community's funds, he has no
more right to withhold them unreasonably than he has to disburse them
carelessly. As a member and a product of the community in which he
operates, the unit banker is in a position to appraise the public needs and
to administer them more sympathetically and more intelligently than the
absentee banker.
In doing so it is not impossible that he may, at times, incur losses which
the absentee banker would not, but these lasses which are made in the
exercise of public responsibility will not, in the main, offset the saving he
effects over the operations of the chain institution because of the intimate
personal acquaintance with the creditor. In considering such losses of the
unit banker as may be the result of too great liberality to local enterprise,
it must be remembered that the money which is lost to the bank is not lest
to the community, that the brick and mortar upon which these funds may
have been expended are still in the community, whereas if the funds are
loaned by absentees to absentee the loss registered on the balance sheet Is
a loss to the community.
The big bank and the little bank, therefore, start with the same base in
the cost of raw material. Their additions to this in the way of losses are
not widely different, and the only advantage, therefore, of one over the
other must be economy in mechanical operation.
Economy in mechanical operations is a thing which can reasonably be
assumed for both the branch and unit system. Such advantages as there
are, however, in my opinion, rest entirely with the unit system.
Availability of Money Is as Important as Price.
The overhead era central organization and the red tape which is involved
in its operation, the delays in decision, the division of responsibility, etc.,
JUNE 7 1930.]
FINANCIAL CHRONICLE
3983
Liquidation Is Said to Face Unsound Banks.
ad infinitum, are inherent in size, and are a deadweight which the injection
The only thing that can be done for the unsound banks which are now
of specialists do not offset.
The availability of money is as important as the price thereof, as evi- in existence is for the supervising authorities, State and National, to help
denced by interest rates. It is conceivable that in the city of the central them to bring about liquidation in a way that will occasion the least loss
bank, on account of drawing funds from the smaller communities, more and to supervise the sound banks as carefully as possible and stop chartermoney would be available, but it hardly is in accordance with nature for ing too small institutions for which there is no need. The injection of the
the central office communities to pump its funds out to the smaller branches. branch and the chain system will only exaggerate a bad condition.
The inevitable results of centralization will be to restrict the activities of
The Federal reserve has been in successful operation for a matter of some
smaller centers, and to accelerate the concentration of population in the 12 years and it is natural to fall into the habit of thinking of it as though
larger cities.
it were an independent unit rather than as it actually is, a coordinating
Under the unit system of recent years the percentage of loss to depositors agent. It is merely the composite of the members of the system and autoIn large banks has been so small that it is practically negligible. The matically changes with any change of its constituents.
extent to which failures have been confined to smaller institutions is demonTo recall this obvious fact centers attention on the effect of changes
strated by the fact that in the eight years ended December, 1928, 63% of the which private banking innovations will have on the Federal reserve system.
total number of failures was confined to banks with a capital of $26,000 The operation of State and national banks and the Treasury Department
or less and that 88% of the total was banks of less than $100,000.
and the Federal reserve are inextricably interwoven and it is impossible to
Further, as showing the extent to which the trouble was confined to legislate in any matter affecting one independently of the other.
small municipalities, 40% of the total failures occurred in towns of 500
The Federal reserve was organized because of the ability of the Federal
population or less, 60% in towns of 1,000 or less, and 80% in towns of Government to enforce the more or less unwilling and certainly unenthusiastic
2,500 or less. The problem of safety is therefore largely a small-bank cooperation of the national banks. This was later followed by the timid
problem.
and tentative approach of the State banks, so that its membership at the
The group banker suggests that he will solve this by extending his present time is partly compulsory and partly voluntary.
branches or chains to the communities in which these little banks are located.
It is the final evolution of a century of finance and the solution of the
How does he intend to do this? Does he intend to buy up the good banks conflict of the years between the centralization theory and the independent
of the community and incorporate them in his chain? If so he hasn't unit theory. In a sentence, it consists in the application of coordination
improved the situation. Does he intend to buy the bad banks? I have not to independent units.
heard of them suggesting this. Does he intend to 4., mpete with the good
Holding Coe:venial Checked by States.
banks?
With the development of chain, branch and syndicate banks, the memberUnit Banks Cannot Survive Competition.
ship is being changed from that of independent, locally operated unite to
control. Every group which is organized
This would not be desirable, as it would substitute absentee control with centralized groups under absentee
number of men who, in its last analysis,
no compensating advantages. His answer would hardly be that he would along these lines decreases the
operations
of
the
system.
control
the
want to compete with the poor banks, as obviously that would quickly cause would
In the case of holding companies, the holding companies themselves are
their failure and injure the community. It seems to me that the only claim
banks are under the
must be, and it may be a fair and reasonable one, that his objective is to under the jurisdiction of State officials. The State
superintendents, and the national banks are the
eventually supply branch or chain banks to every community that needs supervision of 48 different
private institutions engaged in banking, over which the Government
banking facilities, and to the complete exclusion of the unit bank. If he only
direct control.
can operate as economically and serve the community as well as the unit has
This brief statement of fact makes clear that with the decline of the
bank he will soon eliminate the unit banks.
national banks, the direct influence of the Government on banking operaUnit banks cannot survive the competition of chain or branch banks.
the organization of groups,
They serve the community better, but it is at a serious disadvantage in two tions is decreased, and the further fact that with
which has characterized the operation of the Federal reserve
respects. In the one case certain clierits who are very profitable to a bank the democracy
curtailed.
are compelled to patronize the chain or branch institution in all matters system is being
It seems to me desirable, therefore, that the Government should do every
because they can serve them in some.
can, in justice to the State banks and the Federal reserve,
possible
thing
it
The management of a concern which operates in a number of different
strengthen and develop the national banks, through which it financed the
cities is very often associated in business enterprises with the men who are to
organized the Federal reserve system. The other matter of
conducting central institutions, and will, as a matter of course, patronize Cival War and
control of independent units involves a control of
their branches at the expense of the unit banks. When he is not associated the centralization of the
with them either socially or in a business way he frequently has to meet the Federal reserve system.
them in connection with the issuance of securities.
Monopolistic Tendency Is Declared Possible.
When he does this he incurs, either directly or indirectly, an obligation
When, in the logical development of this tendency, the control of banking
to patronize their branches. Whether he wants to or not, he is in a position in the United States gets into a very few hands, control of the Federal
where he feels that his interests require him to throw his business to the reserve system will go with it into the same hands. In discussing chain,
big chain rather than to his friend and neighbor. This class of patron group, and syndicate banking you are, therefore, discussing the whole fiscal
usually constitutes a large portion of the cream that is now coming to the system of the country, both private and governmental.
unit bank.
It seems to me that there is no room for compromise on this subject and
that a determination should be reached as to whether the United States
Operators of Small Enterprises Handicapped.
wishes to embrace a national system of branch banks or to preserve its
Furthermore, entirely outside of the banking relations, the operators of coordinated independent units. It cannot do both.
small commercial and business enterprises are very much handicapped in
When the greatest exponent of branch banking, both in practice and in
meeting their larger competitors if those competitors have the ear and the
theory, states that in his opinion the development of chain and syndicate
approach to the avenues of credit that can only be reached in central cities
banking is a step towards national and international branch banking, it
after the unit system has been discarded.
bears the weight of logic, as well as of his prestige. Rather than to temThe situation can not be ignored by the assertion that the chain bank can
porize and to attempt to compromise a fundamental issue, the interests of
offer facilities that the unit bank can not, because there had never been a
the public would in my opinion be better served by determination as to
time in the history of this country that, through the operation of the
whether or not branch banking is desirable.
correspondent system and the use of various methods of syndicating loans
Compromise and permissive legislation would have the effect of strengthIn financing, it has not been possible for the small banker to accommodate
ening the movement to such an extent that when, at some later time, the
his clients who are entitled to credit.
public rebelled against monopolistic tendencies, it would bring about a
The difference is that in the one cage the client is dealing with a friend
everyone.
and neighbor, and in the other he is dealing with a stranger in a distant convulsion which would hurt
city, and as every unit bank becomes attached to a chain the opportunity
for syndicating cooperative arrangements between others is narrowed.
Albert H. Wiggin of Chase National Bank of New York
It cannot, I think, be contended with justice, that when the country is
Favors Unit Banking System—Relationship as Correeventually under the centralized system these banking arrangements can be
made with more celerity, if at all. There are few business men who are
spondent Is Satisfactory Affiliation, He Says—Permisnot familiar with the red tape which is essential to safety in the operation
sion for Branch Banking on National Scale Would
of a very large organization.
Chase Bank to Enter Field.
Compel
Whatever the fundamental reasons, the fact remains, nevertheless, that
few localities can be shown where unit and chain banks or branches have
If nation-wide branch banking were authorized by Conexisted for a very long period in competition, and it is the centralized gress for national banks, the Chase National Bank of the
group that is the survivor, but it is not a case of the survival of the fittest,
unless the social aspects are disregarded. The issue is one of survival, and City of New York would feel compelled to establish branches
it is hopeless to attempt to compromise.
throughout the country, it was stated, June 4, by Albert H.
New Syndicates Fail to Solve Difficulties.
In spite of general claims to the contrary these new syndicates have done
little, if anything, to solve the difficulties of the unsound small bank whose
failure is being enlarged upon as an argument for the inauguration of a
new economic era. They can not solve this question, and it never will be
met except by the inexorable operation of natural laws.
Just as truly as there is a point at which too great size destroys efficiency,
there is a point below which the unit can not survive. There are hundreds
of banks of lees than $100,000 capital that are sound and strong, and have
every element of vitality inherent in them, but the measure of such banks'
ability to survive is not the size of their capital but the size of the resources
which the community can put into them.
Generally speaking, however, the banks with very small capital may be
assumed to have very small deposits, and the overhead cost of such an
operation is such as to prevent their thriving, and the principal reason for
their failure is the fact that they can not afford the expense involved in
securing the service of competent officers. To expect to secure a very
high class of talent for a salary of $2,500 to $3,000 a year, which is all that
a very small bank can pay, is unreasonable.
The responsibility for this rests primarily with Congress and the State
legislatures in permitting the chartering of too small institutions, and
secondarily with the authorities, both State and national, to the extent
that they should have exercised discretion in refusing charters where communities did not require them. The discontinuance of the issuance of
further charters below a reasonable limit would be constructive.
Wiggin, Chairman of the governing board of that institution, who testified before House Banking and Currency
Committee at the hearing on branch, group and chain banking. That action would have to be taken in the interest
of their stockholders, he declared. ,Advices to this effect
were contained in the United States Daily of June 5, from
which the following is also taken:
Branches Not Needed.
There is no objection on their part, he stated, to others entering
group or branch banking, but his bank does not want to enter either
field. For that reason he favors a continuance of the present system,
and sees no need for immediate legislation.
Mr. Wiggin prefaced his remarks to the Committee by the statement
that he was expressing his own personal opinion, and that the Chase
National Bank as such had no position on the subjects under consideration.
"There is jsut as much reason," Mr. Wiggins said, "for the Chase
National Bank to have a branch in Kansas as in Connecticut."
Nation-Wide Authorization.
If a start is made there is no limit short of nation-wide branch
banking, in his opinion. He did not consider that branches widely
separated from the parent bank could be advantageously operated, he
said.
3984
FINANCIAL CHRONICLE
Under their present system of correspondent relationships with
country banks, the same service is rendered to the middle West and
the South as to the nearby State of Connecticut, he stated, and under
branch banking that situation would have to be continued. National
banks should be given identical branch privileges with State banks
and vice versa, he contended.
Mr. Wiggin emphasized that he has no objection to others engaging
in either branch or group banking in trade areas.
"In certain districts, such as that surrounding St. Paul and Minneapolis," he said, "where they go into the towns they know, I think it
has strengthened the banking position.
Group and Branch Banking.
In his opinion, he said, there is a marked difference in the development of group banking and branch banking, in so far as the necessity
for the banks of New York City to enter into competition is concerned.
He sees no need for New York banks to enter group banking. He
advanced the view that, if widespread branch banking were permitted
they would find it necessary to fall in line.
"I do not want to see a system of branch banking established," he
said, "which means city banks going out in competition to buy up
country banks in small towns. I do not want to see that come. I think
it isn't the way to build up the banking business."
Representative Brand (Dem.), of Athens, Ga., asked Mr. Wiggin what
he would do for the small towns and rural areas in the agricultural
sections of the West and South, where there are no banking facilities
in whole counties in some instances.
Unit Banks Where Needed.
If there were opportunity for a bank to do a profitable business in
those sections, Mr. Wiggin replied, the people ought to form a unit
bank. He doubted that a city bank would be justified in establishing
a branch where a unit bank could not be profitably operated.
"If the community will support a bank," he declared, "the community
will start a bank."
It is impossible to express a preference between chain or group
banking and branch banking, unless those terms are more distinctly
defined, Mr. Wiggin said. He prefers, however, a continuance of the
present system of unit banks with a correspondent network.
He agreed with one of his questioners that, if branch banking were
permitted on a wide scale, the 34 offices of the American Express Co.
in this country could be readily transformed into branches of the Chase
National Bank, since that concern is a subsidiary of the bank.
(VOL.130.
In response to a query from Representative Busby (Dem.), of Houston,
Miss., Mr. Wiggin agreed that there was no legal obligation on the
city correspondent to help out its country correspondent that would
obtain in the case of a parent bank and branch.
Mr. Wiggin declared that, from both a banking standpoint and from
the standpoint of the public, he preferred the unit banking system.
Federal Reserve Bank Group Formed for Study of
Branch System—Several Reserve Institutions Represented on New Comprehensive Survey—Work
Apart From House Committee Probe—Aim to
Furnish Basis for Future Legislation.
A study of the subject of branch banking and its several
ramifications is now being made by a special group of Federal Reserve officials, it was learned in New York on June
4, says the New York "Journal of Commerce" of June 5
from which the following is also taken:
This study is designed at carrying out an investigation of the subject
with a view to helping in the formation of a national policy on the subject.
The study is being carried out by a "Group on Branch Bank of the
Federal Reserve System." Officials of several of the Federal Reserve
banks are taking part in the study as members of the group, and it is being
sponsored also by the Federal Reserve Board. In this way the whole
Reserve System has been placed behind the study in order to give its
results a broad basis of support. Offices are maintained by the group at
the local Reserve Bank and in Washington.
Independent Study.
The study of branch banking latterly inaugurated by the Federal
Reserve System is being carried on apart from that of the House Committee
on Banking and Currency, of which Congressman Louis T. McFadden Is
Chairman. The latter is currently holding meetings in Washington. The
Federal Reserve group does not propose to operate through the medium of
Public hearings, as does the Congressional Committee, but rather through
expert investigation and research. Through inclusion in the group of
representatives of several out-of-town Reserve banks, this statistical study
will be made to include banking conditions and experience in all parts of the
country.
No public announcement has been made of the organization or composition of the group. J. H. Riddle, formerly associated with S. Parker
Affiliations of Chase Bank.
Companies affiliated with the Chase National Bank, according to Mr. Gilbert in Berlin and later Vice-President of the Guardian Investors Corp..
Wiggin, are the Chase Securities Co., which originates and under- is acting as Its Secretary.
California Surrey Basis.
writes securities, and which has some twenty - offices in the United
It is learned that the group has considered the utilization, as the basis
States, as well as in London and Paris; the American Express Co.,
which maintains a travel bureau and sells travelers' checks in 34 cities for its work, of a report on branch banking prepared several years ago
of the United States, and 66 cities abroad; the American Express, Inc., under the auspices of an association of California bankers.
This report had included a comprehensive survey of statistics and other
which does a banking business abroad; the Equitable Eastern Banking
Co., with offices in Shanghai and Tokio; the Chase Bank, an Edge act data on various aspects of the subject, and copies of it were filed several
corporation, which operates the Paris office of the recently merged years ago with the Senate Committee on Banking and Currency, which was
Equitable Trust Co., with a branch in Mexico City, and the Chase Safe making an investigation of the matter at the time.
Expectations in banking circles here are that the Reserve Bankers'
Deposit Co.
He explained that there is in process of organization a new Equitable Group will prepare a report over the next few months, which will be
Trust Company for the purpose of protecting the name and to do some published and presented as a basis for further discussion of the problem and
Possible legislation. However, sentiment in the financial district here is
trust and banking business.
The Chase National Bank, he said, has 46 branches in New York not strong for branch banking powers being materially extended at this
City and 4 abroad, in Havana, Panama, Cristobal, and, since May time. It is especially feared that a competitive race for control of unit
banks might result, which would be very burdensome under present con.
31, in London.
ditions of depression and inactivity in the security markets. ThereforeCorrespondents Over Country.
keen interest is being shown in what the Reserve Bankers' Group will do.
The Chase National Bank has something like 7,000 bank correspondents scattered throughout the country, according to the testimony of
Mr. Wiggin.
Mr. Wiggin told Representative Luce (Rep.), of Massachusetts, that
he does not fear the disappearance of the individual holder of bank
stock. Mr. Luce had referred to the fact that much bank stock is
reputed to be held by investment trusts.
Management is the important thing in banking, said Mr. Wiggin, and
not stock ownership. He agreed with Mr. Luce that State lines are of
little real significance in determining the limits of branch bank permission and stated that a branch of the Chase National Bank could be
operated in Jersey City as well as in Harlem.
He stated, however, that he felt there would be a good deal of
difficulty in determining what trade areas are for the purpose of branch
bank extension, and that once State lines are crossed, many difficulties
are encountered.
In response to a query from Representative McFadden (Rep.), of
Canton, Pa., Chairman of the Committee, Mr. Wiggin denied that the
Chase National Bank had any interest in the Trans-America Corporation.
Perhaps some Trans-America interests own stock in the bank, but
he did not know of it, he said.
Failures Not to Be Stopped.
Correspondent banking will not stop bank failures, Mr. Wiggin
declared, and neither will anything else. "We will always have bank
failures," he said.
Representative Seiberling (Rep.), of Akron, Ohio, asked if it were
not true that the main reason for his opposition to branch banking is
because it would mean a loss of country correspondents to the Chase
National Bank and make the rest of the country generally more independent of New York in financial matters.
"Not at all," Mr. Wiggin replied. "I would not advocate the present
system if I did not believe it for the best interests of the country."
Mr. Seiberling stated that, as he viewed it, the system of correspondent banking was a purely business arrangement, for the profit of the
city bank. Mr. Wiggin replied that they considered their banking
correspondent business good business and profitable, but that it was
a mutually beneficial arrangement, and that many services were given
to their country bank correspondents.
Death of Brig.-Gen. Herbert M. Lord, Formerly Director
of the Budget.
Brig.-Gen. Herbert M. Lord, formerly Director of the
U. S. Budget, died at his home in Washington on June 2.
Gen. Lord, it is said, had suffered impaired health since his
resignation a year ago, to which latter, reference was made in
Our issue of July 6, page 67. Regarding his career, we quote
the following from the Washington "Post":
Disbursed Iluge War Sum.
As Director of Finance for the War Department, Gen. Lord disbursed
more than $24,000,000,000 during the 20 months that this country engaged
in the World War. When his military career ended he became Director of
the Budget. He assumed this position July 1 1922, succeeding Brig. Gen.,
and later Vice-President Charles G. Dawes.
Gen. Lord was noted for his remarkable memory. He could quote figures
Involving millions without reading from manuscript. He spent long hours
at the Treasury Building considering where money could be trimmed from
the budget to keep within the stated figure.
Ile was born in Rockland. Me., in 1859 and was graduated from Colby
University in 1884. He engaged in teaching, but later turned to editorial
work in newspapers in Rockland, Denver, Colo., and Cardiff, Tenn.
Was Clerk at Capitol.
He came to this city as a clerk at the Capitol. He was serving as a clerk
of the House Ways and Means Committee at the outbreak of the SpanishAmerican war. He entered the army as major and paymaster of volunteers.
He continued in this commissioned capacity until his appointment as
Budget Director.
All his army service was in connection with financial affairs. President
Roosevelt called him to aid in the drafting of the Payne-Aldrich tariff bill
and President Wilson selected him as disbursing officer of governmental aid
for Salem, Mass.,fire sufferers in 1914-1915.
With the entry of this country into the World War, he was finance officer
of the quartermaster corps. Later he was made finance director. He
was awarded a Distinguished Service medal for his handling of war finances.
Discount Rate of Cleveland Federal Reserve Bank
Loans to Country Banks.
Mr. Seiberling stated that correspondent banking did not reach the
Reduced From 4 to 3%.
root of the trouble which is under consideration by the Committee;
It was announced yesterday (June 6) that the Federal
that is, bank failures. Mr. Wiggin replied that, while bank failures
could not be averted entirely, their bank and other city banks did loan Reserve Bank of Cleveland had reduced its discount rate
money to solvent country banks to tide them over crises.
from 4 to 33%. The 4% rate had been in effect at the
Mr. Seiberling suggested that the collateral they took for such loans
left the depositors of the country bank in even worse condition in case Cleveland bank since March 15 1930. The 4% rate is
of failure.
maintained at all the Reserve banks except New York,
JUNE 7 1930.]
FINANCIAL CHRONICLE
which has a 3% rate, Boston and Cleveland, whose rates
are 3M%.
Banks in Federal Reserve System Called Upon to
Make Daily Report of Cash in Vault During Month
of June.
The Federal Reserve Bank of New York has issued the
following notice to member banks.
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 981, May 29, 1930.)
Daily Report of Vault Cash for June 1930.
To All Member Banks in the
Second Federal Reserve District.
A study is being made of the changing demand of the public for currency and the fluctuation in circulation. In order that more accurate data
may be obtained regarding the day to day changes in vault cash requirements of member banks in different geographical regions, all member
banks of the Federal Reserve System are being requested to report the
amount of cash in vault as at the close of business each day during the
month of June 1930.
Enclosed will be found blank forms for the tabulation of these figures.
Will you kindly complete the report and mail one copy to this bank as early
as practicable after June 30 1930.
Please accept our thanks for your courtesy in preparing and forwarding
this report.
Very truly yours,
J. H. CASE,
Federal Reserve Agent.
G. W. Davison, of Central Hanover Bank Sr Trust Co.
of New York, Before House Committee, Urges
Correspondent Plan of Banking—Deems It Preferable to Group, Chain,or Branch Systems—Comptroller's "Trade Area" Plan Would Bring "Wild
Orgy" of Stock Buying.
The system of correspondent banking, which has developed in the United States, under which independent unit
banks exist in the smaller cities and towns and maintain
connection with the larger centers by means of a correspondent relationship with one or more of the city banks
located there, was declared to be preferable to group or
chain or branch banking by George W. Davison, President
Central Hanover Bank & Trust Co., New York City, who
appeared June 3 as a witness before the hearings being
conducted by the House Banking and Currency Committee.
The "United States Daily," from which the foregoing is
taken, further reports as follows what Mr. Davison had
to say:
Correspondent banking, he stated, has all of the alleged advantages of
branch banking, and in addition leaves to the local bank and local com.
munity control of the supply of credit and its disposition.
Overbanking Admitted.
No legislation should be enacted, in Mr. Davison's opinion, which would
foster the development of any other system, and bring about any revolutionary change in American banking practices. While the country is over.
banked in the sense of having too many banking institutions, he expressed
the belief that the situation is adjusting itself. He agreed to present to
the Committee in a memorandum later suggestions he may have for
legislation which will give Congress some control over the development of
group and chain banking.
Group banking started as a stock promotion proposition, according to
Mr. Davison, but since the stock market depression the prime purpose of
group formation has been self-protection, and because of the fear growing
out of the report that "Washington" favors branch banking, he added, in
response to a question from Representative McFadden (Rep.), of Canton,
Pa., Chairman of the Committee, that by "Washington" he meant the
Comptroller of the Currency and the Secretary of the Treasury. The source
of the proposal for branch banking has caused banks to combine as a
measure of self-defense, he declared, and not because of any belief in the
wisdom of group or branch banking.
Rankers Are Anxious.
If the Comptroller's suggestion for trade area branch banking were
adopted, a wild orgy of buying stocks of outlying banks would result, he
predicted, that would make last year's speculation look pale. A great
many bankers, he declared, are extremely anxious about what is going to
happen, and are all in a tremor about what is coming.
Mr. Davison made a distinction between city branches and branches
throughout a wider Ltritory. His own bank, the Central Hanover Bank &
Trust Co., has branches in the Borough of Manhattan, he stated. He
opposed the extension to such places as Newark or Poughkeepsie, he
declared, although admitting that there might be more reason for branches
of New York City banks in Jersey City than in Newark. As between
branch banking and group or chain banking, Mr. Davison prefers branch
banking, because of the greater degree of responsibility.
The traditions of our country are wholly against the concentration of
power, and particularly banking and money power, Mr. Davison declared.
He stated his belief that the independent unit bank locally owned and with
local responsibilities had been a tremendous force in the development of
the nation. The United States and its people cannot be compared to
Continental countries and their peoples, he asserted. In branch banking
countries, moreover, he continued, there have been serious banking difficulties, and the necessity in some cases for Government aid.
E ficient Transportation.
The claim that branch banking will prove helpful to the small rural
communities has no great merit, in Mr. Davison's opinion. Group banking,
he declared, has not been a help to the failing banks, only profitable
institutions being taken over by the groups. He added that present transportation facilities make it unnecessary for the very small communities to
have banking offices.
3985
The great difference between correspondent banking and branch banking,
Mr. Davison said, is that under the correspondent system the local bank
sends its funds to the city bank on its own initiative and not because it
is told to do so. It is a transaction between principals, not between
employer and clerk.
He outlined the services which a city bank gives to its country correspondents, such as loaning money on collateral which is not rediscountable
at the reserve banks, giving advice on the purchase of securities, investing
surplus funds in commercial paper or in the call money market, and a
variety of other functions.
Responsible to Depositors.
The prime responsibility of a bank is to its depositors, Mr. Davison
declared. If that responsibility is properly discharged, it will result in
profit to shareholders as well. The Central Hanover Bank & Trust Co., he
stated in reply to a question from Mr. McFadden, has a capital of
$21,000,000, surplus of $69,000,000, undivided profits of $25,000,000, and
deposits of $400,000,000 to $500,000,000. They do a general banking
business, he stated, including foreign banking.
They have no affiliated companies, and have no securities for sale.
Branches are operated in the Borough of Manhattan and agencies are maintained in Berlin, Paris, and London. A substantial part of their business
is in trusts and estates, he added. No shareholder, he thinks, owns more
than 21
/
2% of the stock of the bank.
Mr. Davison stated that he saw no objection to the supervision of
affiliated companies of banks by the Comptroller and by State banking
supervisors. He sees no immediate need for a liberalization of the rediscount provisions of the Federal Reserve Act.
Equal Privileges Forecast.
One of the main spurs to group and chain banking so far, according
to Mr. Davison, has been the possibility of eventually selling out to New
York interests. He was amazed, he said, at the San Francisco convention
of the American Bankers' Association last October to hear so much talk
about the price of shares of banks and of bank holding companies.
One of the principal purposes, be added, has been stock promotion or
speculation, and if the door is opened by legislative sanction of branch,
group, or chain banking, there will be more.
Mr. Davison said that he could see very little, if any, practical advantage in either National banking or State banking over the other system.
Ile agreed that eventually it would probably be necessary to give to
National banks the same branch privileges that the States give to State
banks.
New York to Dominate.
Representative Seiberling (Rep.), of Akron, Ohio, asked Mr. Davison
how many of the 3,000 correspondents of the Central Hanover Bank & Trust
Co. had failed during the period 1920-1929, and what his bank had done
to prevent failures among its country correspondents. Mr. Davison did
not know how many had failed, but knew that several of them had. Loans
had been advanced to some correspondents, he added, in an effort to keep
them from failing.
Mr. Seiberling remarked that trade area branch banking would probably
result in the loss of a number of country correspondents to New York
banks. Mr. Davison doubted that branch banking would be detrtmental
to New York's interests because eventually probably New York would
come to dominate the branch systems, and even if they did not, the few
number of country correspondents might carry larger total balances.
Mr. Davison declared that the speculative fever of last year was bad
for the country, "and we do not yet know how bad." Speculation cannot
be prevented, in his opinion, however, and while subject to excesses, has
its advantages.
In response to a question from Representative Pratt (Rep.), of New
York City, he stated that the pressure does not come so much from New
York City, but results rather from the eagerness of the people in other
sections to share in stock market profits.
Mr. Davison filed with the Committee for the record a speech which
he delivered Oct. 3 1929 at the convention of the American Bankers'
Association in San Francisco.
E. C. Stokes of First Mechanics National Bank of
Trenton and Former Governor of New Jersey,
Declares Branch and Chain Banking Contrary to
Spirit of American Independence.
In the opinion of Edward C. Stokes, former Governor of
New Jersey and Chairman of the Board of the First Mechanics National Bank of Trenton, N. J., "the system of
chain or branch banking is contrary to the spirit of American
independence, which prompted us to throw off the vassalage
to a foreign government, and our local communities would
resent becoming vassal and tributary to a metropolitan
banking institution, however fine." Mr. Stokes in making
this statement went on to say:"And here allow me to point
out from the history of this country that we should all
foresee—and what we should hesitate to invite—the disastrous consequences that will follow a concentration of
money power in defiance of the independent spirit of the
American voter." Mr. Stokes thus expressed his views before the Pennsylvania Bankers Association at the closing
session of its annual convention at Atlantic City on May 23.
According to the account of his remarks in the New York
"Times" Mr. Stokes extolled the virtues of the unit bank
and declared that most of the bankers of the country favoring the unit system are not opposed to the establishment of
additional offices within the limits of the home city of the
parent bank. That paper further quoted Mr. Stokes as
follows:
"After more than 65 years of experience, dating from the inauguration
of the National Banking System, no American Bankers' Association at
any of its sessions has declared for branch banking, and its only recorded
action is in opposition to that system." he said.
3986
FINANCIAL CHRONICLE
Says 20 States Bar Branches.
"The laws of our States on this subject are equally conclusive. In six
States the law is silent. Twenty States do not permit branches, or even
branch offices. Twelve States permit branch offices only in the home
city and county of the parent banks. This makes 32 States of legal inhibition of branches, and only 10 States permit the system."
Mr. Stokes went on to say that "the independent banking system of our
country has worked with the individual and helped him to grow industrially,
educationally, inventively and commercially."
Linking the chain store system with the branch bank idea, the speaker
said:"The chain store—I do not criticize them nor claim they do not serve
a useful purpose—has almost entirely eliminated the local merchant who
dealt in the same commodities they do, but they are like exotica among the
native flowers of the garden. The branch banks would eliminate the
local banks as surely as the chain store has eliminated the local merchants."
Pointing out that the branch and chain banking system
is European rather than American, Mr. Stokes urged that
Europe ought to copy the American system of individual
banks rather than that bankers here seek to copy the European system. The New York "Sun" of May 23, which
quoted him to this effect, further reported his remarks as
follows:
For.. 130.
The same account said:
"J. G. Zelezny, Vice-President of the Twenty-Sixth Street State Bank,
disputed Mr. Carroll's ideas relative.to the inevitability of branch banking,
stating that, in his opinion, unit banks had a distinct place in the community's banking structure and, if properly managed, would continue
indefinitely as a prominent factor in aiding the business world.
Senator Glass Heads Subcommittee of Senate To
Investigate National and Federal Reserve Banking
Systems—Inquiry To Be Undertaken in Fall.
Senator Carter Glass (Dem.) of Virginia will head the
Senate Banking and Currency subcommittee of five which
will make a thorough investigation of the National and
Federal Reserve banking systems with a view to recommending amendments to existing banking statutes. The
resolution was adopted by the Senate May 5, and its text
was given in our issue of May 10, page 3288. In noting
the names of those comprising the subcommittee,the"United
States Daily" of May 31 said:
The inquiry will be made under authority of a Senate resolution (8. Res.
"The distinguishing feature of America's financial system has been its 71) which was framed by Mr. Glass, a co-author of the Federal Reserve
stood
has
fact
"This
said.
he
banks,"
individual
t
independen
numerous
Act and former Secretary of the Treasury.
out in a marked contrast to the European system. America has over
by
Mr. Norbeck Names Group.
24,000 practically independent banks, each locally owned and managed
Senator Norbeck (Rep.) of South Dakota, Chairman of the Banking
a local board of directors and officers who use the funds of the bank legitimately for the development of the community. Contrast this with Great and Currency Committee, named the subcommittee May 29, after the
Britain, that has 23 main banks and 9.476 branches, and with France, Committee earlier in the day had adopted a motion of Senator Glass
"that the Chairman of the Committee be authorized to appoint a subcomwith 19 main banks and 1,351 branches."
Ex-Governor Stokes credited the system of local banking with a large part mittee of five, of which the Chairman of this Committee shall be one."
In addition to Senators Glass and N'orbeck, the investigating committee
in the financial development of America, pointing out that local banks,
considering initiative, ability and character as assets, are constantly render- will comprise Senators Walcott (Rep.) of Connecticut, Townsend (Rep.)
business
into
who
quickly
develop
of Delaware, and Bretton (Dem.) of New Mexico.
ing financial aid to capable but poor men,
/leaders.
Senator Glass said orally that the survey will not be undertaken until
Personal Contacts.
the regular session after the elections next fall. Both Senators Glass and
a
Norbeck emphasize that the inquiry will be more in the nature of study
Mr.Stokes emphasized the benefits of personal contact between the execu- of the existing systems with a view to prescribing the proper remedies,
men,
tives of the local bank and the local business man and of having local
rather than what they term "a wild-eyed" investigation.
with local pride, at the executive posts of banks. He cited the case of the
Will Introduce Bill.
John
of
by
Carl
J.,
head
N.
Roebling,
Roebling,
in
founded
Roebling Bank,
Mr. Glass said that he will introduce on June 2 a bill which he has had
A. Roebling's Sons Company, as an example of the local bank, serving Its
dollars.
under preparation for many months, proposing certain amendments to
small community admirably, and with assets of more than a million
s
The speaker noted that local banks are willing to seek the advice of the banking statutes which he expects to make the basis of the Committee'
big metropolitan banks which are their correspondents and are eager to work.
This measure, among other things, would increase the profits of member
lend the aid of their credit to other banks, when the latter become involved in difficulties, but he pointed out that this assistance is given by banks of the Federal Reserve System, increase the required deposits of
a
to
ruler.
by
vassal
a
not
and
member banks in Federal Reserve branches, give to National banks the
one sovereign to another
of
"The branck banking system is European. not American," he said. "The same fiduciary powers enjoyed by State banks, remove the Secretary
unit system is American, not alien or foreign. In England everything is the Treasury from membership in the Federal Reserve Board, authorize
Berlin,
to
Reserve
tributary to London, in France, to Paris, in Germany partially
State-wide branch banking, and amend the provision of the Federal
an Act
which allows banks upon their own notes, with 'United States bonds
but with a wholly different picture, where the bank becomes a partner in
enterprise.
and securities, to borrow money for 15 days from the Federal Reserve
Industrial
"Two recommendations have recently been advanced for branch banking System.
—one that it would improve the mechanics of banking, creating a highly
specialized body of experts who could give the branches the benefit of advice
Bill Amendfrom the parent institution. The answer to that is manifest. It fails to House Committee Orders Favorable Report
consider the human side of the banking function. A bank is a personal
ing Federal Reserve Act to Enable National Banks
institution.
to Voluntarily Surrender Trust Powers.
Best Administrators.
Act to enable
An amendment to the Federal Reserve
"It does not sell goods or manufacture material products. It deals
the right to exercise
exclusively with persons and their possessions and thus it can only be wisely National banks voluntarily to surrender
administered by people on the ground familiar with local conditions."
be relieved of compliance with the law
thus
and
trust
powers
bank
that
it
prevent
will
tend
to
banking,
The second argument for chain
fall governing such powers is proposed in a bill (S. 3627) passed
failures, Stokes attacked as untenable, pointing out that banks which
s by
communitie
their
the
from
business
drawing
,
institutions
small
the Senate April 14 and just favorably reported to the
are mostly
are due to depression in the business
about them,and that the bank failures
by the Banking and Currency Committee. A referHouse
banker.
of
the
any
fault
of the community, and not to
of
be
period
a
to
in
not
fail
affected
could
to
ence
world
the Senate action appeared in our issue of April 19,
the
in
"The best banking
in a stock market crash that drags page
From the "United States Daily" of June 2 we
industrial or agricultural depression or
2700.
those formerly prosperous," he declared.
down and makes bankrupts of
:
following
take
the
t,
managemen
would
any
banks
under
and
"In any country, under any system
affairs."
The Federal Reserve Board is advocating this proposed legislation and a
suffer under this condition of
proof of his argument the fact that the measure sponsored by the Board is awaiting action on what is known as
Former Governor Stokes offered as
expected to keep interest rates down the consent calendar of the House.
was
which
System,
Reserve
Federal
available, failed to prevent a stock market
The Board's view, outlined to Congress, is that National banks seeking
and make cheap credit always
and failed to prevent higher average interest relinquishment of trust powers want relief from the necessity of maintaining
panic "utterly unnecessary,"
the
period of time.
separate Bete of books and records for their trust departments and of
rates than had occurred in a long
Governor attacked bank holding required submission of such books and records to inspection by the State
former
the
banking,
chain
with
Along
by obtaining control of banks in States authorities, and that they want release from the State authorities of such
companies which violate the law
. banks may have deposited with the State to protect private
he
"curitiesastth
which prohibit chain banking.
or Court trusts.
In a few States—notably Pennsylvania, Wisconsin and Florida—accordChairman
ing to a letter of the Governor ofthe Board,Roy A. Young,to the
Bank Plan is of the House Committee on Banking and Currency, Representative McJ. A. Carroll of Chicago Says Branch
of
(Rep.), of Canton. Pa.. outlining its views for the information
Inevitable—Urges Cook County Leaders to Accept Fadden
Congress, the State authorities have suggested that National banks relinquish their trust powers as a condition precedent to the State releasing
Destiny.
on a these securities. Governer Young said the law does not provide any method
States
United
the
in
e
inevitabl
is
banking
Branch
by
a National bank once obtaining a permit to exercise trust Powers
May 22 by John A. maywhich
lawfully surrender such permit and have it cancelled, and tho Federal
large scale, according to a forecast
National
wood
Reserve Board has never felt justified in issuing any certificate of surrender
not
Carroll, President of the Hyde Park-Ken
and cancellation. He added the result is that several National banks
Chicago
other
three
of
board
exercising any trust powers at all have securities deposited with the State
Bank and Chairman of the
busithe
banking
at
meeting
their
annual
which they desire, but cannot get, to use in conducting
banks, in an address before the
of the Cook County division of the ness.
Medinah Athletic Club
Chicago "Journal of
Illinois Bankers Association. The
Representative McFadden Again Seeks Attitude of State
saying:
as
Carroll
Mr.
Commerce" quotes
Department On German Bond Sale—Also Requests T.
bankers might as well becofne reconciled
"A large number of the unit
far
W. Lamont to Indicate Whether $100,000,000 Will Be
the not
it appears certain to come in
to the idea of branch banking, as
of the unit bank in
function
American Public.
Offered
"The
Carroll.
Mr.
distant future," said
the
s has largely passed, because of
ative McFadden (Rep.), of Pennsylvania, in a
efficiently servicing rural communitie communication facilities. Even in
Represent
Improvement in transportation and
eventu- speech in the Rouse June 5, suggested that the Departwilling to forecast the guess that
larger cities such as Chicago, I am
operating with head- ment of State should inform Congress and the American
systems
branch
five
than
ally we will see not more
assumes in regard
quarters in this city.
The Investing public what position it actually
banking as it is now carried on.
"I am not a proponent of group
no double to the legality and sale of the bonds being recommended
have
banks
for
s
corporation
act that stockholders of holding
in my opinion, an insuperable by Thomas W. Lamont for sale by J. P. Morgan & Co. to
liability in the possible event of failure, is
handicap to the long-time success of group banks."
JUNE
7 19301
FINANCIAL CHRONICLE
American investors. The advices in the United States Daily
June 6, from which we quote, goes on to say:
He said Mr. Lamont should make clear to the American investing
public whether he proposes to sell $100,000,000 worth of the proposed
commercialized German reparation bonds. Mr. Lamont, he said, should
make it clear whether the Morgan company proposes to sell the American
public the $100,000,000 worth of bonds representing an advance by the
bankers to the German government for the development of German railways and postal services which are secured only the German budget.
Mr. McFadden is chairman of the House Committee on Banking and
Currency. His speech was in reply to the publication in the New York
Sun of June 2, which quoted Thomas W. Lamont in criticism of Mr.
McFadden's recent statements regarding the Young plan of reparations.
Mr. McFadden said that he has not in any of his speeches charged the
present German government or the German people with bad faith and
had not stated that Germany "went beyond the law."
'The statement made by Mr. McFadden follows in full text:
Mr. Thomas \V. Lamont is quoted by the New York Sun of June 2, 1930,
as stating before an assembly of the Academy of Political Science at
the Hotel Astor that "Chairman McFadden of the House Committee on
Banking and Currency had made 'unfounded and unjust accusations'
against Germany in connection with the Young plan of reparations."
The Sun further states (quoting) "he represented Mr. McFadden's statement that Germany went beyond the law in accepting the obligations
under the new plan and that the late Herr Stresemann had declared
that Germany could not fulfill the obligations." I am astonished that
Mr. Lamont should raise the question of good faith at this late date.
Mr. Lamont is laboring under an illusion. Mr. McFadden in none
of his speeches charged the present German government or the German
people themselves with bad faith, nor did he state in any of his addresses
that "Germany went beyond the law." What Mr. McFadden did say was
to quote Herr Stresemann in a speech delivered by him before the
reichstag on June 24, 1929, with which the investing public of the
United States are thoroughly familiar and which statement is as follows:
"Do you think that any member of the government regards the Young
plan as ideal? Do you believe that any individual can give a guaranty
for it fulfillment? Do you believe that anybody in the world expects
such a guaranty from us? The plan would only represent in the first
place a settlement for the coming decade. The point is whether it loosens
the shackles which fetter us and lightens the burdens which we have
yet to fulfill."
And what Mr. McFadden further said was that the reparations bonds,
having grown out of the illegal clauses in the Armistice upon which the
illegal clauses in the Treaty of Versailles rest and from which the German
reparations commission, as well as the present Bank for International
Settlements derived their authority, constituted an illegal barrier to
the commercialization of the present bonds which the American public
are now requested to purchase.
What is generally understood by all international lawyers and in which
I thoroughly concur is that the only forum in which a purchaser of these
bonds could recover in the event of the failure or impossibility on the
part of the German people keeping up their payments and thus defaulting
upon the payment of principal and interest, would be in a German court
in which the principles of German law would be applied, and even if
the German courts were persuaded to adopt the law of nations as a guide
in their rulings upon the question, it would still be impossible for
any German court to decide otherwise than that the bonds were a
result of duress and bad faith on the part of the Allies in the Armistice
and all its subsequent dictating policies and instrumentalities which
bring these bonds now into the markets of the world. Therefore, it is
not a question of the bad faith of Germany at all, but the question of
bad faith on the part of the Allies which lies at the base of these
bonds and entirely destroys their validity in any court of international
law even if the rules thereof be applied in the local courts of Germany.
By referring to the dispatch from Paris in the New York Times
of June 3 by Carlisle MacDonald, it will be noted that already efforts
are being made for some arrangement by the bankers with the authorities in Germany to overcome the manifest illegality of the bonds now
offered and that so far nothing satisfactory has been invented to
overcome this difficulty.
Mr. Lamont can not by misquoting me, nor by his present attempt
to appear sympathetic with the German people, reverse his previous
attitude and place the burden upon others of proving the Allies innocent
in forcing Germany to submit to terms and thus issue bonds which
under the law of nations and the common promptings of humanity
should never have been done. It is up to Mr. Lamont to excuse his
previous attitude and to show conclusively by legal authority that the
bonds he now sneks to market in this country are at least capable
of being recommended by lawyers of repute. Common honesty demands
this at least.
Now, particularly this paragraph in the New York Times report is
significant; it says: "The matter of the price of the bonds in the
various markets is still being worked out, but there are indications
that American investors will have the opportunity of purchasing them
at a very attractive price. One suggestion is that the price will be around
85 or 86 to yield near 6/
3%. That the American price will be approximately at this figure is borne out by the dispatches Irons Washington published here today to the effect that the State Department
has given its informal consent to the flotation in America of 'onethird of the loan,' or $100,000,000. Previous estimates of the American
share have fixed the amount at $85,000,000, but when this was pointed
out in responsible American banking quarters, it was explained that
if the American issue price was around 85 it would be necessary to
sell $100,000,000 worth of bonds to complete the American allotment
of $85,000,000."
Delicate Problems.
The quote further, and this is significant: "It will be recalled that
one of the main problems inherited by the committee of four was the
delicate question of the services of two portions of the loan; that is
to say, the $200,000,000 destined for the allied treasuries and guaranteed as to the interest and principal by a portion of the unconditional
annuities of the Young plan, and the third $100,000,000 which the
bankers, with the consent of the allied powers, are lending to Germany
for the development of her railways and postal services. The latter
is secured only by the German budget. It was said today that a strong
'legal formula' had been reached under the terms of which each portion
of the loan will bear an equal guarantee as to interest and principal,
thus removing any doubts which prospective investors might have had
regarding the security for (what) the $100,000,000 to be paid to
Germany."
3987
The Committee on banking and Currency of the House of Representatives has through its chairman requested from our State Department information which has not been forthcoming—the chairman
is still insisting and waiting—yet we find that the State Department,
if the above statement be true, has been co-operating with and keeping
fully informed the foreign interests which are now seeking to market
their securities in this country. Is it not about time, in view of
these recited occurrences, that the State Department now inform
Congress and the American investing public what position it does
actually assume in regard to the legality and sale of the bonds now
being recommended by Mr. Lamont which are to be sold by J. P.
Morgan & Co. to the American investors? Mr. Lamont should also
now make clear to the American investing public whether he proposes
to sell $100,000,000 worth of the proposed commercialized German
reparation bonds which require a strong formula for their support,
or whether J. P. Morgan & Co. propose to sell to the American public
the $100,000,000 worth of bonds representing an advance by the
hankers to the German government for the development of her railways and postal services which are only secured by the German
budget.
Recognizing the fact that the American people have long memories,
there are few of our own investors in Liberty Loan and Victory Bonds
who will fail to recall bonds of this great country, for which they
paid 100 cents on the dollar, fell after the Armistice to 82 cents on
the dollar. Remembering this, it is a matter of caution, suggested by
common sense, that reputable bankers see clearly a solid legal basis for
offering such securities in their own home markets.
Question of Legality.
Remember, if you please, that Mr. Lamont and his conferees have
been advocating to the world that $300,000,000 worth of German
reparation payments was to be commercialized and sold in the nine
countries of the world in accordance with the terms of the agreed upon
Young plan, whereas 11019 we find that only $200,000,000 of German
reparation loans are to be commercialized and sold in these countries
and that the bankers are granting now a separate loan to Germany of
$100,000,000 which is to be secured outside of reparation payments.
It is interesting to note, in this connection, during the discussions
that have been taking place since I raised the question of the legality
and security back of these bonds that England has persistently opposed
the taking on of England's quota of these bonds until the question of
legal and ample security was fully determined; Mr. Snowden, the
chancellor of the exchequer, last week intimated that if England was
forced to take this issue in order to save a break-down of the Young
plan, the amount should be credited on account of reparation payments
due from Germany to England and in case of default would then become a mere bookkeeping entry.
Mr. Lamont has failed to explain to the public the incident of a large
portion of these bonds which were to be subscribed by the Dutch
bankers, as well as of those allotted to the Japanese and Swiss bankers,
and of the $5,000,000 additional allotted to Germany which, when
Germany protested. France agreed to assume—he has failed to explain
these incidents which are so far suspended in midair that the American
people are wondering what their destiny will ultimately be. A whole
new chapter has been written in these various conferences abroad
since I raised the question of the validity of these bonds and the
security back of them. This is now a matter of such importance that
the enlightened mind of Mr. Lamont could be better directed towards
its solution than misrepresenting an American citizen who is attempting to defend the interests of his own countrymen.
Will Mr. Lamont submit "this strong legal formula" so as to remove
the doubts which American investors now have respecting the validity
of the $100,000,000 issue which is to be floated in this country?
First Part of Conference Report on Tariff Bill Returned
to Conference—Vice-President Curtis Sustains
Point of Order That Conferees Exceeded Authority
in Increasing Rates on Cheese, Cherries, Rayon
and Watches—President Maintains "Open Mind"
on Bill.
The first part of the conference report on the tariff bill
followed the course of the supplemental portion containing
the flexible provision in being returned to conference. As
indicated in our issue of May 31, page 3813, the supplemental
portion of the conference report, containing the compromise
flexible provision, was returned to conference, after VicePresident Curtis on May 27 sustained a point of order made
against this portion of the report by Senator Barkley (Dem.)
of Kentucky,on the ground that the conferees, in authorizing
the Tariff Commission to proclaim tariff rate adjustments,
if the President has not acted upon their recommendations
within 60 days, inserted new matter which was contained
neither in the House nor the Senate bills. On May 29, a
new flexible provision, as our item of a week ago stated, was
agreed to by the conferees. Predictions were made on May 31
by Senator Smoot, Chairman of the Finance Committee
that another point of order would be sustained by VicePresident Curtis on the first part of the conference report
on the tariff when it was raised this week by Senator Barkley
of Kentucky against the rates on rayon, cheese, cherries and
watches. A May 31 dispatch to the New York "Times"
stating this added that this obstacle would be quickly overcome by the conferees, Senator Smoot believed and the
report would be corrected to conform to the expected ruling.
The move whereby this part of the report was sent back to
conference was described as follows in the Washington dispatch, June 5, to the "Times":
The tariff bill went back to conference again to-day when the first report
to the Senate, containing the bulk of agreements In conference on rates and
administrative features, was held out of order by Vice-President Curtis
3988
FINANCIAL CHRONICLE
on the ground that the conferees had exceeded their authority in making
changes on four items. Both the House and the Senate reappointed their
conferees.
Representative Garner of Texas, Democratic floor leader in the House,
took advantage of the situation there to move that the House instruct its
delegates to agree to the Senate action in replacing hides, leather and shoes
on the free list. The motion lost by a vote of 181 to 140.
Only the rate report will be before the conferees. The supplementary
report, containing the flexible provision, the compromise in conference
In the duty on soft wood lumber and a few other disputed items, remains
before the Senate.
Senator Smoot, Chairman of the Finance Committee and chief Senate
conferee, said he would call a session of the conference committee tomorrow. He expressed the view that the necessary corrections could be
made at once and the bill be reported back last to-morrow or Monday.
Debate will be resumed in the Senate on both reports, and an attempt will
be made by the Democrats to have both voted on as one.
Points Sustained By Curtis.
The Vice-President sustained points of order made by Senator Barkley,
Democrat, of Kentucky, on rates on cherries, cheese and watch jewels,
volunteered a point of order himself against the rate on rayon and sustained a point of order made by Senator Hayden, Democrat, of Arizona,
against a provision regarding the time limit for pasturage of cattle coming
across the Canadian and Mexican borders without payment of duty.
In sustaining the first point, the Vice-President agreed that the conference had raised the rates on cheese made from sheep's milk "beyond
the rate carried in the House or Senate bills."
Three points of order were made by Mr. Barkley against the rates on
watches. On one of these Mr. Curtis sustained the point on the ground
that the conferences had "added a new classification of jewels by providing
a rate for 'unset' jewels, when the word 'unset' does not appear in either
Senate or House bills."
Senator Fees the Republican whip, broke into Senator Barkley's discussion to say that it appeared to him that certain rates in the bill were
unjust, such as the duty on manganese.
"I think that these inequalities can easily by corrected by the Tariff
Commission and the President acting under the flexible provision," he said.
His remarks drew from Senator McKellar, Democrat, of Tennessee, an
attack on the compromise flexible tariff provision.
Action in the House.
The House action came immediately after that body had been notified
that the Senate had voted to send the bill back to conference. Chairman
Hawley of the Ways and Means Committee moved to follow the Senate's
course, but Mr. Garner's motion was held by Speaker Longworth to be
"preferential" and so was voted upon.
The duties in the bill are: Hides, 10%; leathers, 123 to 20%; shoes.
20%.
Republicans who voted with the Democrats to instruct for free shoes,
leather and hides were Representatives Andersen, Browne, Burtness.
Campbell of Iowa, Christgau, Christopherson, Clague, Dowell, Fitzgerald, Garber of Oklahoma, Goodwin, Guyer of Kansas, Halsey, Haugen,
Roth, Hope, Hall of Wisconsin, Kopp, La Guardia, Lambertson, McFadden. O'Connor, Ramseyer, Robinson, Schneider. Sparks, Stone, Summers of Washington, Welch of California and Williamson.
Democrats who voted against the returning of shoes, hides and leather
to the free list were Connery. Douglass of Massachusetts, Grandfield,
Kemp, Lea. McCormack of Massachusetts and O'Connor of Louisiana.
The following, detailing the ruling of Vice-President
Curtis on the several points of order is from the "United
States Daily" of June 6:
[VOL. 130.
Point 2.
Point No. 2. (A) That the conference report eliminate the words "if,
having any type of stem, rim," &c., in paragraph 367 (A).
This point of order is apparently based on the assumption that the conference report transfers certain articles from paragraph 367 to paragraph
368, with resultant higher rates, by reason of the omission of the words
if having any type of stem, rim or self-winding mechanism."
It seems to the Chair that the removal of words of limitation can not be
construed as narrowing the scope of the paragraph.
If it be a watch movement no transfer has taken place, because watch
movements are under paragraph 367 both in the House bill and the conference report; if it be a clock movement, the omission of the language has
not had the result of making any transfer from paragraph 368 to paragraph
367. for the reason that the language in paragraph 368 of the conference
reports, "clocks, clock movements," is more specific than the general language in paragraph 367," timekeeping, &c., mechanisms, &c., if less than
1.77 inches wide."
Point Overruled.
This point is overruled.
Point 3.
Point No. 3: That the conference inserted the word '‘unset" after the
word "jewels" in paragraph 367 (3)(D) and added to Paragraph
(C) (3)
the following:
"Each assembly or subassembly (unless dutiable under clause (1) of this
paragraph), consisting of two or more parts or pieces of metal or Other
material joined or fastened together, shall be subjected to a duty of 3 cents
for each such part or piece of material, except that In the case of jewels the
duty shall be 20 cents instead of 3 cents."
House Provision.
The House provision subsection "D"reads as follows:"Jewels suitable for
use in any movement, &c., 10%."
The Senate provisions reads: "All jewels for use in the manufacture of
watches and &c.. 1()%•"
The conference: "Jewels, unset, suitable for use in any movement
and &c."
The word unset does not appear in the measure as it passed the House,or
as it passed the Senate but was added in conference—thereby creating a
new classification of jewels. The point of order is sustained.
Point 4.
Cherries: Under the Tariff Act as it came to the Senate from the House.
cherries in their natural state carried a duty of 2 cents per pound, paragraph
737 S. D. 1.
Under Senate amendment 448 cherries frozen, if not sweetened, were
dutiable at 2 cents per pound.
Under the four subdivisions of Article 737, in the measure as it came from
the House, maraschino, candied and &c.. carried a duty of 5)i cents per
pound and 40% ad valorem.
As amended in the Senate "frozen cherries, if sweetened," were added
by amendment 454 and the duty increased from 534 cents per poundtand
40% ad valorem to 9)4 cents per pound and 40% ad valorem.
Conference Amendment.
In the conference amendment 448 "frozen cherries if not sweetened"
were eliminated and in amendment 454 the words "If sweetened" were
omitted. This left frozen cherries whether sweetened or not carrying a
duty of 93i cents per pound and 40% ad valorem.
If frozen cherries are to be considered as cherries in their natural state
as is indicted in amendment 448, then the change made in conference
would be subject to the point of order, but if frozen cherries are to be considered as coming under clause 4, cherries prepared and &c., as is contended
by the Senator from Oregon (McNary) the change made would not be subject to a point of order—the Chair is in doubt on the question—and as the
report goes back to conference on other points raised, the question is not
passed upon.
Livestock: amendments 848 and 849: It seems to the Chair that the conferees exceeded their authority in amendment 849 by separating the boundaries and prescribing different time limits from those carried in either the
Act as it came from the House or as it passed the Senate. This point of
order is sustained.
Authority Exceeded.
"The Chair feels that it is his duty to call the attention of the conferees
to the rayon amendments numbered 657, &c., although the point of order
has not been made in reference thereto," Vice President Curtis said after he
had ruled on the points presented. "The Chair has had submitted quite a
number of briefs on the question but is thoroughly of the opinion, after a
most careful consideration, that the conferees exceeded their authority in
changing the rates in that schedule."
Senator Barkley then formally made the point, explaining that some confusion had prevented him from doing so before, and the Chair sustained it,
clearing away any doubt as to procedure.
Ruling of Vice-President.
In ruling on these points of order, Mr. Curtis said:
Cheese amendment 424; paragraph 710: The rates on cheese as carried In
the tariff Act are as follows:
House: Cheese and substitutes therefor, 7 cents per pound, but not less
than 34% ad valorem. (This included all cheese and substitutes.)
Senate: Cheese and substitutes therefor, 8 cents per pound. but not less
than 42% ad valorem.
Cheese made from sheep's milk &c., 8 cents per pound. Feta white, 5
cents per pound.
Conference: Cheese and substitute's therefor, 8 cents per pound, but not
less than 40% ad valorem.
It will be seen from the above that the duty on cheese made from sheep's
milk &c., and feta white is increased beyond the rate carried in either the
House or Senate, therefore, this point of order is sustained.
Points of order on paragraph 367 and 368: Three points of order are made
against paragraphs 367 and 368, the watch and clock schedules of the
tariff bill.
Point 1.
A Washington dispatch yesterday (June 6) to the "Wall
Point No. 1. That the conference substituted the words "all the foregoing designed to be, or such as ordinarily are worn or carried on or about Street Journal" stated:
the person" in paragraph 367 (a) for the words "whether or not designed
Senate tariff conferees have reached an informal agreement In all rates
to be worn or carried on or about the person."
on which points of order were made, except in respect to watches.
The
new agreement will not be made public, however, until later In
Mr. Barkley's Claims.
the day.
It is claimed by the Senator from Kentucky, Mr. Barkley. that the
Respecting the attitude of the President toward the
changes made would transfer watches not designed to be worn on the person
from paragraph 367 to paragraph 368, with resultant rate higher than those pending Bill, the "United States Daily" of June
5 said:
applied in either the House bill or the Senate bill. The Senator from KenDespite reports that President Hoover will approve the Tariff Bill if it
tucky exhibited certain watches which he claimed would be so transferred.
cornea to him in its present form, there is no certainty that he will do so.
The statement in the conference report submitted to the House seems to It
was stated orally at the White House on June 4.
sustain this contention (seep. 56, par. 1.).
The President, it was said, is keeping an open mind on the Tariff Bill
"(L.) The amendment takes out of the operation of the paragraph all even
though It has been implied that the adjusting of the flexible provisions
time-keeping and time-measuring mechanisms not designed to be or such of
the measure more nearly to conform to his views and the elimination of
as are not ordinarily worn on or carried about the person,"
the export debenture provision would cause him to approve the measure.
It is contended by the Senator from Utah, Mr. Smoot, that no transfer of
When the Tariff Bill reaches him,if it does,President Hoover will examine
watches results from the change in language for the following reasons:
carefully
the specific rates as well as other provisions of the measure before
(1) All commercial watch movements are specifically provided for by determining his course
of action on the measure, It was stated.
name in paragraph 367 of the House bill, the Senate bill, and the conThe Bill, it was said, will be sent through the regular routine of invesference report, and are not removed from the operation of the paragraph tigation by the
various departments concerned and, in addition, the Presiby any changes In descriptive language, such as "whether or not designed, dent plans to make a
minute study of it that may require considerable time.
(2) All commercial clock movements are specifically provided for by
name in paragraph 368 of the House bill, the Senate bill, and the conference
report. These provisions are more specific than the descriptive language 29 Nations Fight Tariff as Menace—Senate Makes Public
In paragraph 367, "time-keeping mechanisms, dtc., not designed to be
161 Notes of Customer Countries—British Possesworn on the person, &c." Hence, no movements or mechanisms have been
sions Lead Plea for Lower Wall of Duties.
removed from the operation of paragraph 368 at any time.
Chair in Doubt.
Chair is in doubt on this point, but inasmuch as the report goes back to
conference, it would seem that the amendment objected to might well be
made more definite and certain.
According to the New York "World" of May 31, the Senate Finance Committee made public on May 30 the text of
161 protests and observations on the pending Tariff Bill,
Jura]7 1930.]
FINANCIAL CHRONICLE
3989
Spain, whose chief exports to this country are cork, almonds, onions,
olives, olive oil, fruit pulp and imitation pearls, also voices complaint.
"We can say that all the Spanish trade," the protest reads, "suffers a
big increase in duty and, if we make a vague calculation, we can state
that the Spanish export to the United States will decrease in the same proportion as the increases of customs taxes on Spanish articles; that is to
and
trade
syndicates
governments,
foreign
by
These protests were made
say, from 25 to 35%."
Belgium,
Austria,
in
Argentina,
manufacturers
and
producers
individual
As it affects Switzerland, the tariff bill contains "enormous increases
the Czechoslovakia Republic, Denmark, the Dominican Republic, Finland, affecting the two nationally and economically most important industries
France, Germany, Great Britain, Greece, Guatemala, Honduras, the Irish of Switzerland, to wit, the watch and embroidery industries," Swiss Minister
Free State, Italy, Japan, Latvia, Mexico, the Netherlands, Norway, Para- Marc Peter protests to Secretary Stimson. "It is not surprising, therefore,
guay, Persia, Portugal, Roumania, Spain, Sweden, Switzerland, Turkey that the developments of this situation should be followed by the whole
and Uruguay.
public opinion in Switzerland with deep concern."
Perhaps the longest communications pleading for lower tariffs were
received from members of the British Commonwealth, including Australia,
the Bahamas, India, Scotland, and the West Indian colonies. These pro- French Warn of Tariff War if U. S. Rates Rise—Two
tests, transmitted through the former Ambassador, Sir Esme Howard, to
Industrial Groups Call on Government to Protest
former Secretary of State Kellogg, cover such items as cotton and woolen
New American Bill—Retaliation Against Export
textiles, manufactured in Yorkshire, England; cashew nuts, grown in
Trade Hinted.
India; Bermuda onions, celery, kale, beets, parsley and other vegetables;
sponges, from the Bahamas; wool, skins and hides, sausage casings and
From the New York "Herald Tribune" we take the
pearl shell from Australia; limes from the West Indies, and such products
other
manufactures.
and
glue
following (copyright) from Paris June 5:
as Manila rope and twine, steel specialties,
an
A letter of protest against projected American tariff increases and
Protest&
Strongly
Bermuda
appeal for remonstrance by the French Government were addressed to-day
a
tariff
of
of French ProIn the case of Bern-rude, whose vegetable production receives
to the Ministry of Commerce by the General Confederation
100%, the protest is particularly vehement.
duction and National Association of Economic Expansion. These organizaSir
Esme
to
Kelwrites
in
Mr.
France. The
colony,"
associations
the
on
industrial
placed
thus
"The hardship
tions are the most influential
logg, referring to Bermuda, "is accentuated by the fact that the Bermudan former represents 26 French industries with a membership of several hunproduce exported to the United States amounts to a negligible percentage dred leading firms in such fields as steel, textiles, mining and automobiles.
of the total amount of any of these vegetables consumed in the United
The letter foresees danger of a tariff war and says:"The proposed increase
and in
States; moreover, the continuance of the present volume of American ex- in duties would affect especially our great industries of exportation
importation.
ports to Bermuda depends largely on the continuance of the purchasing many cases would be equivalent to a veritable prohibition of
"Respectful as we are of the sovereignty of each State [Nation]regarding
power of the Berumda grower, not only on his good will."
such a danger not
In transmitting these protests from various British colonial Cham- its tariff policy, it is impossible for us in the presence of
industry and combers of Comorrece, trade associations and governmental bureaus, Sir Esme to protest in the name of the various branches of French
often intimates, albeit in tactful language, that reprisals would be sure to merce."
other
The note then draws attention to the possibility of retaliation by
follow in case the proposed tariff schedule is passed by Congress.
has outstripped consumption in the
Through Edgar Prochnik, its Minister to Washington, Austria lodges a countries and warns that production
America.
for
necessary
be
will
commercial expansion
strong protest, maintaining its exports to the United States under the United States, so that
increased tariff rates would be made impossible in such products as Four- It continuos:
in this contradictory attitude, closing the doors to
persists
America
"If
drinier wires, smokers' articles made of artificial resin, hats and bodies for
development of its exports, how can it be surprised if France, with other
hats, bovine hides and skins, glues and gelatines, hand-made ladies' fancy
Certain
nations, resigns herself to take necessary measures of protection_
shoes and tapestries.
countries already have envisaged measures of reprisal. Thus looms the
Trade Balance Favors United States.
menace of a tariff war,dangerous to the peace and prosperity of the world."
"While American statistics," says an attached memorandum, "show a
trade balance in favor of America, the Austrian statistics, on the other Cuban Chamber of Commerce in Message to Senator
hand, show that the imports from the United States by far exceed the
Copeland Voices Opposition to Tariff Bill.
exports from Austria to the United States, the amount being $16,420,000."
Claiming that American imports into France have shown a continued
following is from the New York "Times" of June 6:
The
increase, while French imports to the United States "justify discontent,"
Cuban Chamber of Commerce here, through its President, Carlos
The
vigorous
a
protest
lodged
with
year
the
Senator
the French EMbassy in May last
G.Garcia, announced that it is sending the following telegram to
State Department. East French citizen, says the memorandum, annually Copeland:
representing
States,
United
the
in
buys $6.39 worth of American products and each citizen of the United
Commerce
"The Cuban Chamber of
Cuba.
States consumes only $1.32 of French merchandise.
forms and individuals doing half billion dollars annual trade with
"Under these circumstances," it continues, "the announcement of the views with serious concern threatened destruction of trade and goodin
appearing
the
American will if new tariff is enacted.
project to raise the greater part of the duties
the world as
tariff caused real consternation in commercial circles, and, although France
"In normal years Cuba ranks fifth among the nations of
law,
there
customs
are
the
of
certain a consumer of American merchandise. The friendly relations between
items
Is affected by almost all the
Latin
of them whose proposed changes touch it most especially."
the two peoples are an outstanding example of cordiality between
These items, as enumerated there, are alfalfa seeds, crimson clover seeds, America and the United States. Proposed increase in duty on Cuban
of
ability
reduce
materially
nuts and green walnuts, gloves, agate buttons, silk velvets, brier pipes, sugar equivalent to 146% ad valorem will
Cuban people to purchase American goods. We believe that sugar schedule
plate glass, artificial' flowers, and metallic fabrics.
alone justifes your vote against the tariff."
Japan Presents Its Argument.
In his memorandum, prepared by Japanese merchants, forwarded to the
Failure
State Department in July 1929, the Japanese Ambassador shows that his A. P. Sloan Jr. of General Motors Corp. Believes
country ranks fourth as a market for American goods and second in
Would Have Helpful Influence—
Bill
Tariff
of
exports to the United States. The proposed bill, it says, would increase
Says Bill Has Had Injurious Reaction on Our
duty on Japanese goods ranging between 5 and 200%.
Commercial Relations with Other Countries.
"Thus on a closer analysis," the memorandum states, "it can be seen
that several proposals have the effect of closing the American market to
In a statement issued May 29 with regard to the proposed
many Japanese products. Such advances seem neither to benefit the Amerin the tariff, Alfred P. Sloan, Jr., President of the
changes
United
States.
the
of
On
the
revenue
ican industries nor to add to the
contrary, they appear to mean increased burden on a large number of the General Motors Corp. says:
have a helpful inAmerican consuming public, especially of smaller means."
I feel that the failure of the proposed tariff bill would
Among articles of Japanese manufacture hit by the pending tariff are: fluence. It would serve notice to the world at large that the United States
is to sell. The
it
if
buy
and
glassware, china recognizes the important principle that it must
Natural refined camphor, menthol, earths, earthenware
measure
and porcelain, lily bulbs, dried beans and peas, mushrooms, silk, imitation long discussion incident to the development of the proposed tariff
on our commercial
pearls, straw hats and celluloid toys and dolls.
has been unfortunate. It has had an injurious reaction
retaliatory
up many
relationships with other countries; it has started
effect and others are
Italians Protest Loudly.
movements, some of which have already come into
upon the gooddependent
are
we
that
through
producers
remember
Italian
Ambassador bound to follow. We must
Another loud protest comes from
Giacomo de Martino, citing figures that show while American exports to will of overseas countries for our export trade. They are essentially our
Italy during 1928 increased by 23%, Italian sales in the United States have customers and are becoming increasingly important customers. Therefore,
of the United
decreased by 7%. Among Italian shipments to this country adversely hit looking at the question from the standpoint of the prosperity
section or any particular
by the new rates the principal are classified as foodstuffs, such as cheese, States as a whole without regard to any particular
proposed revision upward
dried fruits, lemons, olive oil, peeled tomatoes and tomato sauce; silk, Industry, I come to the conclusion that the
upon sound business
artificial silk and high-grade textiles and hemp, first grade hats and straws, Is in the wrong direction; that it is in no sense predicted
busipolicies and, after all, Government is nothing more than the biggest
marble and its products, and raw hides.
"It must be apparent," the protest concludes, "that if the Congress of ness of all.
the United States adopts a new Tariff Act in the form in which it has
In his statement Mr. Sloan also said:
passed the House of Representatives the direct effect of this measure can
can be no disagreement on the fundamental fact that the economic
There
but only diminish Italy's purchase of agricultural products and other raw position of the United States has completely changed during the past two
impair
Italy's
consequently
this
and
in
market
materials
economic interfiscal policies
decades. This makes it essential that we should modify our
now exist. This is
national position."
in harmony with the altered set of circumstances that
Belgium's complaint seems to be especially directed against the boost particularly true of our tariff policy.
countries of the world
in the tariff of plate glass, which it considers an "embargo 'de fait'
The commercial relationships of the various
especially directed against an articles which figures amongst the vital are extremely complicated and involved. While an obligation incurred
gold or its equivalent,
in
items" in its foreign trade.
through an ipdividual transaction is discharged
lose sight of the fact that collectively, over a period,exports can
not
must
we
Crisis.
Industrial
Fear
Czechs
merchandise or services
only be paid for in imports or, in other words,
The significance of such a tariff increase to Czechoslovakia, a memorandum rendered of one kind or another. We can not sell unless we buy. We have,
As a creditor nation
to
be
nation.
would
"throw
states,
thousands
of people into during the past 20 years, become a creditor
from that country
countries on acthe ranks of unemployed and bring a crisis to Czechoslovak industry caus- relatively large amounts are due us yearly from overseas
' of count of interest charges and return on investments. These obligations
ing a general depression and of necessity decreasing the buying power
or indirectly of
likewise must be discharged through purchase, directly
the people and diminishing imports even of the most necessary articles."
tends to increase the necessity of overseas
Both Guatemala and Honduras show great alarm at the threatened goods or services, all of which industrial organizations due to labor
saving
our
Increase in duty on bananas, while Greece protests against the high duty trade. The productivity of
facilities, has been greatly expanded in recent
on olive oil, olives and currants, and Turkey against such rise on dried machinery and increase of production per man-hour and the
so-called
years. Higher efficiency in
fruit, tobacco, entrails, hides, skins and rags.
received from 29 foreign countries by the State Department
until August 1929. More than 50 other protests, also transmitted to the State Department, will not be made public
until later. The "World" continued:
3990
technological unemployment factor adds
Its influence to the general picture'
All these circumstances and others, which
I have not mentioned, should
make us realize that additional restrictions
, In the way of raising the height
of the tariff wall, in principle introducin
g barriers in the currents of our
world trade, are bound to have an
adverse influence on our domestic prosperity through reducing our ability
to produce, hence adding to unemployment.
Internal Revenue Bureau Rules on United States
Tax in Stock Transfers—Holders Certain Consolidations Are Subject to Federal Levy Against New
York Concern.
Certain,stock transfers resulting from the merger or consolidation of corporations are subject to the Federal transfer tax, according to a decision issued by General Counsel
C. M. Charest of the Internal Revenue Bureau on June 2.
A Washington dispatch to the New York "Journal of
Commerce," in which this is noted, says:
Two companies had been merged last year in
New York under the
stock corporation law of that State. Representatives
of these corporations contended that in effect one of the companies
had been wiped out
and its business absorbed by the other, the belief being that
there had been
no merger or consolidation that would involve a transfer
of stock.
"It is held that the transfer of stock of other corporations owned
by
merging or consolidating companies to the name of
the merged or consolidated corporation Is subject to the transfer tax and that it is
immaterial
whether the stock so held is owned absolutely or is held as
a trustee,"
Mr. Charest said.
"In all such cases some action by interested parties invariably is required. Boards of directors must act. Stockholders
must approve.
An agreement for the merger or consolidation must be executed. All
these acts by the parties in interest are required in order to accomplish
the merger or consolidation, with the result that the transfer of stock
owned
by the merging or consolidating corporation is not affected
wholly by
operation of law, but is brought about, in part at least, by
acts of the
parties."
In the merger under consideration one of the companies owned
the
entire common stock of the other. The representatives of the
corporations contended that the transfer was brought about by State
instrumentality, under the New York stock corporation law. The
matter was
put up to the Department of Taxation of New York, resulting in
an opinion
by the State Attorney-General, upon which Mr. Charest based
his decision
Swedish Cabinet Resigns on Tariff—Ministers Quit
After Riksdag Refuses Duty Rise on Imported
Wheat.
The Swedish Cabinet resigned to-day as a consequence of
the Government's defeat in both chambers of the Riksdag
Saturday on the proposal for increased tariff on imported
wheat says Stockholm advices (Associated Press) June 2.
The New York "Evening Post" commenting on the above
stated:
The Cabinet, headed by Admiral Arvid Lindman, was
appointed Oct. 2
1928. The Cabinet has been of Conservative
complexion, although the
moderates have not had a majority in either chamber.
King Gustave asked the Conservative Ministry to continue pending
the
formation of a new government. He then summoned
the presidents of
both chambers and the leaders of the opposition parties
for consultation.
Vatican City Sets Up Tariff—Tobacco Price Up 75%.
The following Associated Press account from the Vatican
City May 31 is from the New York "Times."
Dwellers in Vatican City who previously have enjoyed relatively
cheap
tobacco will smoke at dearer rates beginning Monday.
The new Vatican City customs duties, effective next week, increase the
price of tobacco 75%.
In its comments the "Times" said:
Prior to the treaty of Feb. 2 1929, by which Italy recognized the temporal
power of the Popes, the latter as sovereigns had never ceased to claim the
right of collecting tolls. From 1870 until the Lateran Treaty no tariff was
exacted, but certain articles were prohibited from entering the grounds of
the Vatican.
Tobacco, matches and playing cards may not enter Italy in any circumstances, as they are government monopolies. Whether these commodities
consigned to the Vatican State may now cross Italian territory under seal
and enter the new Papal dominion on the payment of the Papal tariff is a
question that has not yet come up. In the circumstances the foregoing
dispatch probably refers to Italian fabricated tobacco.
Porto Rico Collects $50,000 Tariff on Dominican Cargo
of Sugar Shipped to United States.
From the New York "Times" we take the following from
San Juan, Porto Rico June 4:
The insular treasury has received $50,000 as duty collected on a shipload
of sugar which was en route from Santo Domingo to New York and made
Its first stop here.
Manuel V. Domenech, Insular Treasurer. asked Treasury officials at
Washington to have the importation entered here. With the United
States tariff in force, a special law diverts to the island duties collected on
foreign imports.
The sugar was delivered duty paid in New York.
Canadian Tariff as Amended Put into Effect by Parliament—Measure Passed May 28 Provides for Drawback of 99% of Duty on Steel Billets Used for Tube
Manufacture—Sales Tax Reduced.
The Department of Commerce at Washington is informed
by its Ottawa office that the new Canadian tariff act, with
da-
FINANCIAL CHRONICLE
[VOL. 130.
certain changes and amendments, has become
law, according
to advices from the commercial attache, Lynn
W. Meekins,
made public June 5. This is learned from
the United States
Dairy, from which the following is also taken:
The amendments include the insertion
of one item providing for a drawback of 99% of the import duty on steel
billets when used in the manufacture of seamless pipe, tubes
and flues, and other products.
The act also provides for a bounty of
4956 cents per ton on bituminous
coal mined in Canada and used
in the iron and steel industry. The Department's announcement follows in full
text:
The Canadian tariff changes
provided for in the budget speech of May
1930, affecting iron and steel, machinery,
fruits, vegetables, and grains.
and a few miscellaneous
products, and subsequent amendments, were
passed by the Canadian parliament
before adjournment on May 30 1930,
according to a dispatch telegraphed to
the Department of Commerce by
Commercial Attache Lynn W. Meekins,
Ottawa.
Further amendments providing for a few
changes in wording of some of
the items, and six new items,
had been passed by the House of Commons
and the Senate on May 28. These
include:
New Items.—The new items affect grape
juice, feldspar, building stone,
wood handles or sterns for handles
for agricultural implements or machinery.
and provide for a drawback of 99%
of the duty on steel billets when used
in the manufacture of seamless
pipe, tubes and flues, intended for the
manufacture or repair of pressure parts of boilers,
pulp-mill digostors and
vessels for the refining of oil; and when
used in the manufacture of welldrilling machinery and apparatus.
Amended Items.—The changes in wording affect
principally crushed or
frozen fruit pulp, sugar and syrups,
gelatin capsules, zinc strip, bars
Imported by manufacturers of chain, sheets
for the manufacture of hollow
ware coated with vitreous enamel. roller
chain, copper and zinc sheets,
ball bearings and gasoline engines and
electric motors for use in the manufacture of washing machines or wringers, and
bagasse of sugar cane.
Sales Tax.—The amendment to the special war
revenue act providing
for a reduction in the basic sales tax from 2%
to I% was approved.
Bounty on Bituminous Coal.—The bill granting a bounty
of 493. cents
per ton on bituminous coal mined
in Canada, and used In the iron and steel
industry, was passed by the House of Commons on May
28 and given
approval.
Reference to the new Canadian tariff rates appeared in
these columns May 10, page 3291, and May 24, page 3649.
Textile Converters' Association Voices Objection to
Pending Tariff Bill in Letter to President Hoover—
Says Bill Will Work to Disadvantage of Every
Industry.
Through its President, H. G. Lauten, the Textile Converters' Association has addressed a letter to President
Hoover voicing objections to the pending tariff bill. The
association contends that the bill, if enacted into law, will
be disadvantageous not merely for the textile industry, "but
every industry at large, and the country as a whole." The
letter follows:
May 29 1930.
His Excellency the President of the United States,
Washington, District of Columbia.
Sir —As President of the Textile Converters' Association
, I take the
liberty of addressing you on the subject of the proposed
Hawley-Smoot
Tariff Bill, which, from present indications, will undoubtedl
y reach you
for action in the near future.
This association Is a trade organization whose members arc in the business
of converting cotton textiles and such.membership consists
of a very large
proportion of the more important members of the industry and, as a whole,
representative of the industry in its various branches.
At a meeting of the board of Directors of this association
, I was instructed to communicate with you to bring to your attention the objections
of this association to the ratification of the bill in question,
as, in our opinion, it will be disadvantageous not merely for the industry
here represented,
but every industry at large, and the country as a whole.
We feel that
Particularly the bill in question if enacted into law, would greatly
injure all
of those engaged in an export business in that it would
cause retaliation on
the part of foreign countries in the form of higher dutues
thereby causing
further shrinkage in our exports; and this would not only
directly injure
those engaged in the export business but would likewise work
equal hardship
to those engaged in production in the domestic market
as the merchandise
theretofore exported would then have to find a domestic market, increasing
the already severe competitive conditions now prevailing.
It is needless
to observe that the productive capacity of the United
States is far greater
than its consumptive capacity.
I have further taken the liberty of listing in detail, but
in summary fashion
the objections to the bill voiced by our board of directors
and this I enclose
on sheet hereto annexed.
It is earnestly hoped by our board that should this bill come
before you.
you will find it possible to veto the same.
Very respectfully yours,
TEXTILE CONVERTERS' ASSOCIATION,
H. G. LAITTEN, President.
The list of objections follows:
Objections to the Proposed Tariff Measure Known as the Hawley-Smo
ot Bill
now under Consideration by Congress.
I. It betrays an unjustified fear of foreign rivalry and competitio
n instead of thinking in terms of international trade and good-will.
2. It will benefit a small minority at the expense of the
largo majority
of our citizens.
3. It will tend to create ill-will against us abroad. Inviting and
provoking
resentment and reprisals at a time when overy effort should
be in the
opposite direction, that of international amity.
4. It will cause retaliation on the part
of foreign countries, thereby
diminishing our sales to these foreign markets now
so essential to the
United States with its enormous productive capacity.
5. It carries to an extreme a protective theory, restrictive of internation
al
trade, perhaps needed when we were a debtor nation creating and building
up our industrial enterprises, but no longer tenable now that we
are the
world's leading creditor nation
efficient industrial structure. and possess the world's strongest and most
6. It will not create new labor but will tend rather to cause more
unemployment by reducing our exports.
JIINH 7 1930.]
FINANCIAL CHRONICLE
3991
7. It will increase the cost of living to the average citizen, particularly commission reducing rates on deciduous fruits from California to
blanket points in the East. Cut ordered was from $1.73 per 100
the farmer and the average wage-earner throughout the nation.
S. It will not aid the farmer as his problem is not that of foreign com- pounds to $1.60 per 100 pounds.
petition in the domestic market but is the problem of the disposal of surplus
A further account of the decision in the "Wall Street
crops.
0. Under the already sufficiently high present tariff law, the majority Journal" of June 3, said in part:
of our industries have shown enormous forward strides in the last eight
Commenting upon the decision, a qualified attorney declared it
years, proving a higher and more protective tariff unnecessary.
amounts to "wiping the Hoch-Smith resolution off the books."
Justice Van Devanter began his decision by pointing out the
sections of the Inter-State Commerce Act which prohibits unjust
International Congress of Seed Dealers at Budapest and discriminatory rates. He then quoted the Hoch-Smith resolution
Protests Against U. S. Tariff on Imported Seeds.
laying particular emphasis on the last paragraph which called atto the existing depression in agriculture and directed InterThe International Congress of Seed Dealers on May 28 tention
State Commerce Commission to effect "such lawful changes in the rate,
dispatched a telegram to the United States Senate protesting structure" as will aid agriculture.
"The original and supplemental opinions of the commission show
against the proposed increase in duties on imported seeds,
plainly that the commission based the order entirely upon the
according to a Budapest message to the New York "Times." quite resolution,"
the opinion said.
joint
American Importers and Exporters Association in
Message to President Hoover Urges Tariff Veto.
In a telegram drawn up at a special meeting of its tariff
committee the American Importers and Exporters' Association on June 5 besought President Hoover to prevent the
Hawley-Smoot bill from becoming law. Reporting this
action the "Times" said:
The measure was described as an "ill-considered bill" which "has caused
and will continue to cause ill-will and reprisals" that will make it impossible
to develop the export trade of this country.
A copy of a resolution adopted by the organization's board of directors
on May 23,in which the directors urged that future tariff revisions be made
"after study and recommendations by a non-partisan board of experts,"
was included in the telegram.
The protest read:
"Concerning the report in this morning's press that you are preserving
an open mind concerning the Tariff Bill, we respectfully repeat to you the
resolution adopted on May 23 by this association:
"'Whereas after 15 months of effort on the part of both Houses of Congress the tariff bill is still in dispute; and
"'Whereas, while bringing no real benefit to our farmers and manufacturers and bringing real harm to our consumers of this country, that
tariff bill has caused and will continue to cause ill-will and reprisals which
will make it impossible for us to develop the export trade necessary to
the continued prosperity of the United States; now, therefore, be it.
"'Resolved, That the American Exporters and Importers' Association
urges that the so-called Hawley-Smoot tariff bill be not enacted into law;
and be it further
"'Resolved, That this Association urges upon Congress that all future
revisions of the tariff be made after study and recommendations by a
non-partisan board of experts.'
"Our membership has intimate trade dealings with every country in
the world, and through their own offices and correspondents we know
that the formal protests against this bill received through diplomatic and
other regular channels represent the real feelings in every country. We
plead with you in the intereats of our foreign trade, without which no
real American prospertity is possible,to prevent this ill-considered bill from
becoming law."
The Association has a membership of several hundred Importing and
exporting companies and is headed by Charles E. Bingham of Bingham
& CO.
U. S. Supreme Court Sets Aside Fruit Rate Cut Ordered
By Inter-State Commerce Commission—Holds Commission Erred in Construction of Hoch-Smith Resolution—Railroads Fought Order.
Acting on a test case under the Hoch-Smith resolution,
the U. S. Supreme Court on June 2 ruled that the InterState Commerce Commission erred in issuing its recent
order reducing the freight rates of deciduous fruits, according to the New York "Journal of Commerce" from which
the foregoing • is taken, the high court, in handing down
this decision, which it is believed will have far-reaching
effect on railroad rates, held that the powers of the Commission are specifically defined and restricted by the Inter.
State Commerce Act. The effect of the ruling is construed
to mean that the Commission must apply general law
governing the regulation of rates. The paper quoted likewise said:
Intended to Relieve Depression
The Hoch-Smith resolution was adopted by Congress in an effort to
relieve depression in agriculture and directed the I. C. C. to conduct
investigations with a view to rate revision on commodities and
in
sections where these depressed conditions existed. The Commission's
order on fruit rates resulted and was attacked in the Federal District
Court of Northern California, three judges upholding the Commission.
Appeal was taken directly to the Supreme Court by the Ann Arbor
Railroad et al., with the result of the reversal ordered by the
high
court today.
The "Wall Street Journal" in its issue of June 2 reporting
the conclusions of the Supreme Court said:
The Court held that the reduced rates ordered were confiscatory and
that the Commerce Commission had misapplied the resolution, when it
undertook to lower rates on agricultural products without first instituting an investigation in order to ascertain whether the existing
rates on deciduous fruits were unreasonable or otherwise unlawful.
Court said Hoch-Smith resolution did not justify a reduction of
rates which would be in conflict with the Inter-State Commerce Act.
I. C. C. Misconstrued Resolution, View
The Inter-State Commerce Commission had misconstrued the resolution in interpreting it to justify the rate cut and its interpretation was
in conflict with existing law, opinion held. Decision upsets order of
Decision Analyses Hoch-Smith Resolution
"The question presented is whether the resolution changes the subprovisions
of existing laws relating to transportation rates,
stantive
and particularly whether rates which would be lawful under those
laws are made unlawful by it."
The decision then analyzed the Hoch-Smith resolution paragraph
by paragraph. The court pointed out that the third paragraph was construed by the Commission as making a change in the basic law by
placing agriculture products in a most favored class and requiring it to
condemn existing rates as unreasonable and unlawful although they
had been upheld under authority of the Inter-State Commerce Act.
Change in Basic Law
"It is said in the opinions that the 'joint resolution was primarily
relied upon' by the complainants; that while a violation of the InterStates Commerce Act was alleged in the complaint 'no great reliance
was placed upon that allegation'; that the 'primary issue to be determined' was whether the existing rates were in accord with the
resolution; that the resolution affected a change 'in the basic law'; and
that this change operated to eliminate a decision made June 25, 1925,
in another proceeding between the same parties wherein the Commission found the same rates neither unreasonable nor unduly preferential and sustained them as lawful rates.
"The joint resolution is the outgrowth of several measures proposed
in Congress but not adopted. Some of the measures may have been
designed by their proposers to make real changes in existing laws
relating to transportation rates. But they are not before us. The
measure that is before us is the joint resolution which emerged from
the legistlative deliberations and proceedings. It is brought here to
the end that we may determine its proper construction, which of course
is to be done by applying to it the rules applicable to legislation in
general."
"We are of the opinion," the Court said, "that the Commission's
construction cannot be supported. The paragraph does not purport to
make any change in the existing law, but on the contrary requires that
that law be given effect. Nor does it purport to make unlawful any
rate which under the existing law is a lawful rate, but on the contrary, leaves the validity of the rate to be tested by that law.
Only "Lawful Changer' Required
"The paragraph requires only 'that lawful changes' in the rate
structure be made and we find in it no sanction for any other change
unless the paragraph can be said to give its own definition of a lawful
change, reference must be had to Section 15, paragraph one, of the
existing law which shows under what condition and how a lawful
change of rate may be effected by the Commission."
The court pointed out that the Commission had stressed the provision of the Hoch-Smith resolution directing rates on agricultural
products at the lowest rates compatible with the maintenance of adequate transportation service. The Court held that these words fall
much short of supporting the Commission's construction.
'They are more in the nature of a hopeful characterization of an
object deemed desirable if, and insofar as, it may be obtainable, than
of a rule intended to control rate making. Of course, they should
not lightly be disregarded. Neither should they lightly be accepted
as overturning positive and unambiguous provision constituting part
of a system of laws reflecting a settled legislative policy, such as
the Inter-State Commerce Act. If they mean no more than that the
depressed condition of the industry is to be given such consideration
as may be reasonable considering the nature and cost of the transportation service, and the need for maintaining an adequate transportation system, they work no change in the existing law. But if
they mean more and are intended to require that rates be reduced
to some uncertain level below that standard, they give rise to a
serious question respecting the constitutional validity of the paragraph
of which they are a part."
As a result of the decision, Commerce Commission is confronted
with a serious situation. Among other questions, ruling raises the issue
whether previous decisions by Commission in which the Hoch-Smith
resolution relief theory was accorded consideration will have to be
modified accordingly. Ruling likewise may affect some pending matters before commission. Included in the latter category may be the
case involving grain rates in the entire territory west of the Mississippi
River, which is receiving active consideration of the Commission.
Postdating of Check Held to Be Legal—Appellate
Division of New York Supreme Court Reverses
Conviction of Man Who Dated One 27 Days in
Advance.
The Appellate Division of the New York Supreme Court
decided on May 29 that it is not a crime for a person to issue
a postdated check. We quote from the New York "Times"
of May.31 which also said:
The court reversed the conviction of Aaron Maseloff in Special Sessions.
Maseloff was prosecuted on the complaint of John J. Morrissey, a wholesale dealer in vegetables, from whom Maseloft had borrowed $1,000 on a
note.
Justice McAvoy, writing the Appellate Division opinion, said that after
Maseloft had made one payment on the note he gave to Morrissey a check
3992
FINANCIAL CHRONICLE
on account, which was dated Oct. 30 1929, but issued on Oct. 3. The
court quoted the criminal law covering the issuance of a check by a person
who has knowledge that he has insufficient funds in bank, and said that
the law "does not recite postdated checks among the prohibited items,"
but describes the instruments as a "check, draft or order." Justice McAvoy
quoted the legal "definition of a check" and said a postdated check does not
come within such legal meaning. The court concluded:
Fraud cannot be predicated upon non-performance of a future promise, and a
postdated check is mere promise to discharge a present obligation at a future date.
We think the legislative mandate does not make manifest an intent to Include a
postdated check among the prohibited Instruments described in that section, and
that the implication of giving a postdated check is that the maker has not presently
funds on deposit, rather than that he has.
The Appellate Division concurred unanimously in dismissing the information against Maseloff.
U. S. Supreme Court Declines to Review Mortgage
Cases—Refuses to Consider Railroad Foreclosure
Suits in Proceedings Involving Minneapolis & St.
Louis RR.
The U. S. Supreme Court declined on May 19 to review
a number of cases arising out of mortgage foreclosure suits
brought by the trustees under six bond mortgages issued
by the Minneapolis & St. Louis Railroad Co. or its predecessors. The New York "Journal of Commerce" from which
we quote further stated:
riroL. 130.
Twenty car repairers will be laid off at Clifton Forge for an indefinite
period. The shops at Clifton Forge, Huntington and Russell will reopen
on June 9.
Boston & Albany RR. Shops Resume Work After TenDay Suspension.
Associated Press advices from West Springfield, Mass.,
June 2 stated:
The Boston & Albany railroad shops, employing 420 men, resumed
operation to-day after a shutdown of 10 days due to slack conditions. The
shops will run on a 5-day schedule as before the shutdown.
Baltimore & Ohio RR. Adopts 40-Hour Week Instead
of 44-Hour.
Shopmen of the Baltimore & Ohio RR.will go on a 40-hour
week next Saturday, instead of the 44-hour week they have
been working for the last several months, it was announced
June 3 by railroad officials. An Associated Press dispatch
from Baltimore indicating this, also said:
About 7.000 men throughout the system are affected.
"This action has been made necessary by the railroad budget requirements," F. X. Milholland, Assistant to the Senior Vice-President said.
"It has been agreed to by officials of the labor unions as the most satisfactory arrangement and as preferable to furloughing groups of men. No
date has been set for termination of the arrangement."
Reduced earnings caused the arrangement, it was said.
The 40-hour week will be effected by not working on Saturdays.
The question arose in each of the foreclosure suits whether the mortgages
covered property acquired by the railroad after the issuance of their respective bonds.
The Court also denied bondholders of the Minneapolis & St. Louis RR.
a review in the case in which it contests the validity of $2,495,000 of refund- St. Louis & San Francisco Ry. Recalls 1,000 Men Laid
ing and extension bonds of the road, which were pledged as security with
Off at Springfield, Mo. Workshops.
the Government for settlement of claims arising out of Federal control,
St. Louis-San Francisco Ry. has recalled 1,000 men to work
and for loans made under the Transportation Act of 1920.
The Guaranty Trust Co. of New York brought suit as trustee of the re- at the Springfield, Mo., workshops, according to St. Louis
funding and extension mortgage issued by the Minneapolis & SC Louis
No. 4 (the immediate predecessor of the present Minneapolis & St. Louis adviees to the "Wall Street Journal" of June 2, which also
Railroad Co.) on Jan. 11912, when it acquired the properties of the Iowa said:
Central and of the Minnesota, Dakota & Pacific line. The Central Hanover
Most of the men are journey-men and were laid off temporarily owing to a
Bank & Trust Co. filed suit as trustee of the Minneapolis & St. Louis first slump in heavy classified repair department, about two weeks ago.
and refunding mortgage which had been issued by the Minneapolis No. 4
Renewed activity is in a large part due to reconditioning of rolling stock
back in 1899 before it acquired the other railroads. This company also ap- in preparation for distribution of grain following the harvest.
peared as trustee of the Iowa Central first and refunding mortgage which
was issued by that railroad in 1901, before it was acquired by the Minneapolis & St. Louis No. 4. The Central Hanover Bank & Trust Co. also Couzens Resolution Designed to Delay Railroad
appeared as trustee of the Des Moines & Fort Dodge first mortgage, which
Mergers and Expansion of Holding Companies
was issued in 1905, 10 years before the Des Moines & Fort Dodge was acOpposed by National Association of Owners of
quired by the Minneapolis & St. Louis No. 4
The Bankers Trust Co. appeared as trustee of the Iowa Central first
Railroad and Public Utility Securities.
mortgage and the New York Trust Co. as the trustee of the Minneapolis
Registering disapproval of the Couzens resolution dealing
& St. Louis first consolidated mortgage issued In 1894 In connection with the
reorganization of that company.
with the suspension of railroad mergers and the further ex-
Owen J. Roberts Sworn in as Associate Justice of U. S.
Supreme Court.
Owen J. Roberts, of Philadelphia, was sworn into office
as an Associate Justice of the U.S.Supreme Court on June 2.
When he had taken the oath the bench again had its full
membership of 9 for the first time since February. Mr.
Roberts succeeds the late Justice E.T.Sanford, of Tennessee
as announced in these columns May 24, page 3652. Regarding the ceremonies incident to the induction of the new
Associate Justice into office, Associated Press accounts from
Washington, June 2, said:
Simple ceremonies, following a form laid down years ago, attended the
ascension of the new Justice to the highest court.
Having taken the constitutional oath in the robing room near by, Justice
Roberts entered the courtroom at the end of the processioaa of the justices,
which was led by Chief Justice Charles Evans Hughes.
After his associates had taken their seats on the bench, and Court was
opened by the crier, the Chief Justice announced the appointment of
Justice Roberts and his presence in Court.
Justice Roberts stood at the desk of Clerk Charles E. Cropley, who read
the commission and administered the oath. Marshal Green then escorted
Justice Roberts to his seat on the extreme left of the bench, and the court
took up its routine business of delivering opinions.
Mr. Roberts is 55 years old. He made a national reputation as special
Government counsel in the celebrated Naval Oil Reserve cases. Like
Justice Sanford, his predecessor, he is a Republican.
On June 3 Justice Roberts it is learned from Associated
Press accounts, was assigned to the Third Circuit and
delegated to act on cases arising in New Jersey, Pennsylvania and Delaware during periods when the Supreme
Court is not in session. Justice Brandeis, who had the
circuit, was transferred to the Fifth Circuit, comprising
Georgia, Florida, Alabama, Mississippi, Louisiana, Texas
and the Canal Zone, which had been held by the late Justice
Sanford.
Operations at Three Units of Chesapeake & Ohio Ry.
Shops To Be Suspended For Seven Working Days.
In its issue of May 31 the "Wall Street Journal" reported
the following from Richmond, Va.:
The Chesapeake & Ohio By. Co. will suspend operations in its general
repair shops at Clifton Forge, Huntington, W. Va., and Russell, Ky., beginning May 29, for a period of seven working days, but the Fulton shops
In Richmond will not be affected.
Temporary suspension Is due to the fact that the road's cars and locomotives are in such good condition, much of it being new equipment, that
the railroad does not have enough work for its shop men at this time.
pansion of railroad holding companies, passed on May 21 by
the Senate and now before the House, the National Association of Owners of Railroad & Public Utility Securities on
May 28 published its analysis of the resolution, stating in
opposition that the resolution is fundamentally unsound and
that it halts all progress made in railroad unification since
1920.
The Association 'claims that the passage of the resolution
would throw a cloud of uncertainty over the entire railroad
Industry because it attempts to make illegal acquisitions of
control of one road over another, legally made and deemed to
be in the public interest. The Association also contests the
right of Congress to pass any retroactive legislation. The
effect of the Couzens resolution would be retroactive because
it suspends railroad mergers made since Feb. 28 1920. In
its statement the Association also says:
Should this resolution be passed it would defeat the efforts of all interests 'endeavoring to bring about consolidations along logical lines. At a
moment when railroad credit is in a fair way to reach its old, gilt-edge
status, the whole forward movement would be retarded, perhaps for years.
The good effects of an incalculable amount of work must be lost certainly
for the time being and probably for some time to come.
Work of Years Upset.
Now, when the nation the security holders and the government are favorable to a great, epochal
'reorganization of the carriers, the Couzens resolution would stop the movement in the very hour of fruition.
The first part
of the resolution suspends the power of the Commission
to authorize consolidations conflicting with the Sherman antitrust laws until Mar. 4 1931.
Should the Couzens resolution pass the House, and be signed
by the President,
it would tie the hands of the Commission beyond appeal.
The second part of the resolution seeks to undo some of the
notable things
accomplished, declaring unlawful the unification of any lines effected or
exercised since Feb. 28 1920, but not approved by the Commission.
In
certain cases where unification has taken place great
carrier systems would
be disrupted if the absorbed lines should be disjoined.
unificaYet these
tions have been fully in accord with the provisions
of the Transportation
Act that provide for logical combinations of the
weaker and the stronger
roads.
The consolidation clauses of the Transportation
Act do not state that
unification shall be unlawful unless the authority
of the Commission luts
been obtained. They provide that the
Commission shall have Power to
approve unification in public interest,. But it
would appear that such
approval is unnecessary except in cases where existing laws might be
violated. The Commission has recognized at least
one consolidation brought
about under state laws, a decision uphold by the United states Supreme
Court.
Effect on Commission.
Bearing these precedents in mind, all of them involving accomplished
facts, the effects of the Omens resolution would be astonishing. It would
JUNE 7 1930.1
FINANCIAL CHRONICLE
transfer jurisdiction over unification plans from the Commission, where
Congress first invested it, to the courts. Then no one would know how
or when the antitrust laws were violated until the courts ruled upon them. A
vast muddle would result. If non-competing roads should wish to unite,
they could proceed under state laws. The Commission would be powerless
to interfere. If competing railroads moved to unite, the Commission could
order hearings and issue a decision. But this certainly would be disregarded
and the case referred to the courts. Instead of an expert body like the
Commission endeavoring to adjust the railroad problem, it would be thrown
Into the courts, already over-burdened and in no way prepared to undertake this added responsibility. The Commission, in fact, Is a judicial body
set up for this very purpose.
It would be possible to recite endless instances of the confusion that must
result. The fact that the resolution is limited to Mar. 4 1931, has little
significance. It could be easily extended and most probably would be.
Whatever virtues the resolution may have, or any good results that it might
produce, are insignificant compared to the damage which would result.
The era of consolidations is a national economic movement. The $25,000,000,000 of invested capital in the lines represents an economic stake that
nothing should be permitted to imperil. It is held by competent authorities
that the carriers have reached a point where consolidations—immediate
and progressive consolidations—are essential to the transportation of the
country.
Holding Companies Necessary.
The resolution condemns railroad holding company operations, without distinction. This is believed to be unwarranted and unsound and wholly at
variance with the practices of modern business. When the holding company is active in almost every field of industry, no reason appears why it
should be debarred in the railroad field, which has the greatest need of
such assistance.
The Commission, in its report for last year, recommended that legislation
be adopted regulating holding companies. The House has ordered an extensive investigation. Funds have been appropriated and a transportation
specialist engaged to study the subject. This inquiry will supply the basis
for legislation placing the holding companies under Federal control, to
which no one objects. It is merely another step to supervision of the
roads by the Commission, in all particulars.
Large
'
,elders of securities, as represented by the National Association of
Owners of Railroad & Public Utility Securities, are convinced that the
enactment of this resolution would be a backward step at a critical time.
Although the carriers are struggling against decreased travel and car loadings, their economics of operation have largely offset present conditions.
Moreover, their credit is sound and improving. The arc of security prices
is upward. But all of these happy conditions would be reversed by passage
of the resolution, leading to an almost inevitable decrease amounting to
untold !millions, in the prices of rail securities.
A reference to the Couzens' resolution as passed by the Senate appeared
in our Issue of May 24, page 3652.
3993
of the Georgia Banker's 39th annual Convention. The
convention of the two associations will be held at Savannah,
Georgia, June 7, and at the conclusion of the business
sessions, the combined group will sail for New York on the
S. S. City of Birmingham, arriving the morning of June 10.
The afternoon will be devoted to a sight-seeing tour. The
party will assemble at the Central Hanover entrance at
5:45 o'clock and proceed to the second floor for the reception.
Immediately after the reception, a dinner will be served the
visiting bankers in the Central Hanover dining room on
the 17th floor. The entertainment will conclude with a
theatre party. The group will sail for Savannah on the
return voyage the next day.
The Central Hanover Bank & Trust Co.,formally opened
its London West End Representative Office on June 2. The
new office is located at 27 Regent St., Piccadilly, and is
designed to serve both traveling and resident clientele.
William Alfred Nichols, who has had 12 years banking
experience, is in charge. Mr. Nichols served as an officer
of the Coldstream,Guards during the War. The new West
End office will supplement the activities of the City office
at 1 Gracechurch St. in charge of C. Noel Hume, who will
exercise general control over Central Hanover's London activities.
At its meeting held on June 5, the board of directors of
the Bailee. Commerciale Italians Trust Co. of New York
declared a dividend of 32.50 per share, payable July 1 1930
to stockholders of record June 16 1930,for the second quarter
of the current year.
The Irving Trust Co., of New York, has announced that
Matthew S. Sloan, President of the New York Edison Co.
and a member of the Irving's board of directors, has become
a member of the Brooklyn Advisory Board which co-operates
with the management of the Irving's seven banking offices
in that Borough. Mr. Sloan has long been an outstanding
figure in industrial, commercial and civic life. He is President of the Brooklyn Edison Co., Inc.; a director of Bush
Terminal Co.; President of the Amsterdam Electric Light,
Heat & Power Co.; a trustee of the Consolidated Gas Co.,
of New York; director of the Bronx Gas & Electric Co.,
director of the Consolidated Telegraph & Electric Subway
Co.; President of the Edison Construction Co.; President of
the Electric Light & Power Installation Co.; treasurer of
the Electric Testing Laboratories; President of the New
York & Queens Electric Light & Power Co.; director of the
Sloss-Sheffield Steel & Iron Co.; director of Southern Bond
& Share Corp.; President of the United Electric Light &
Power Co.; director of the Westchester Lighting Co.; President of the Yonkers Electric Light & Power Co.; director of
the United States and International Security Corp.; director
of the Guaranty Trust Co.; trustee of the Bowery Savings
Bank; director of the New York Title & Mortgage Co.;
director of the Morristown Securities Corp., and an officer
in many other organizations.
The Marlboro office of the Irving Trust Co. opened June 2
at 311 Kings Highway, Brooklyn. This is the seventh Irving
banking office in Brooklyn, four of which have been opened
within four months. The Marlboro Office will be conducted
under the supervision of H. A. Mathews, Vice-President
and Stanley T. Wratten, Assist. Vice-President. John D.
Newhouse will be in immediate charge. Other Irving
offices which have been opened recently in Brooklyn are at
444 Eighty-Sixth Street, 27-28 Newkirk Plaza and 681
Nostrand Ave. The company also has banking offices
on Flatbush Ave. at Linden Boulevard, New Utrecht Ave.
at 53rd Street and in the Chamber of Commerce Building
at Court and Livingston Streets. There are seventeen
Irving banking offices in Manhattan and three in the Bronx.
Ludwig Schiff, younger brother of the late Jacob H.
Schiff, financier and head of Kuhn, Loeb & Co., died at
Frankfort-on-Main, Germany, June 3, according to the
Jewish Telegraph Agency, whose advices printed in the
New York "Times" went on to say:
George E. Turnure and Clinton D. Burdick have been
elected directors of the Corn Exchange Bank Trust Co.
Mr. Burdick is President of the Title Guarantee & Trust
Co. and Mr. Turnure is a member of the firm of Lawrence
Turnure & Co.
Mr. Schiff was known throughout Germany as a philanthropist. He
was an honorary citizen of Frankfort University and an active member of
leading Jewish organizations, chief among them the executive committee
of the Central Union of German Citizens of the Jewish Faith.
Mr. Schiff was an uncle of Mortimer L. Schiff and of Mrs. Felix M.
Warburg, both of New York.
The Guaranty Trust Co. of New York announces the
appointment of Marshall B. Hall, formerly Assistant Treasurer, as a Second Vice-President of the Co.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Robert M. MacLetchie was elected Executive Vice-President of the Harriman National Bank & Trust Co. of New
York at a meeting of the board of directors held June 5.
Mr. MacLetchie, formerly a member of the staff of Peat,
Marwick, Mitchell & Co., New York, and specializing in
corporate investigation, was later associated with the Southeastern group of public utilities, serving as Treasurer of the
Alabama Power Co., and more recently, as Comptroller of
the Southeastern Power & Light Co., now merged with the
Commonwealth and Southern Corp.
Harry H. Fiedler attached to the Union Square Office of
the Bank of Manhattan Trust Co., has been elected an
Assistant Trust Officer.
William S. Irish, Vice-President of the Bank of Manhattan
Trust Co. in charge of the Brooklyn offices, announces that
a permit has been received from the Superintendent of Banks
to establish an office at 76-22 Third Ave., Brooklyn, to be
known as the Bay Ridge office which will be opened as soon
as alterations are completed.
Leopold Zimmermann, head of the banking firm of ZimMr.Schiff, who was 75 years of age,was,says the"Times",
the last survivor of four brothers, all bankers, well known mermann & Forshay, on June 3 celebrated his 77th birthday
as philanthropists. He had made his home in Frankfort all at the place of his birth, Oberseemen, near Frankfort on
Main. • Mr. and Mrs. Zimmermann, who three years ago
his life. He occasionally had visited Jacob Schiff here.
celebrated their golden wedding anniversary, left about
The Central Hanover Bank & Trust Co., of New York six weeks ago for their first trip abroad since 1920.Employees
has received requests for 200 reservations for the reception of the firm here observed Mr. Zimmermann's birthday with
and entertainment to be tendered the Georgia Bankers As- a celebration in his honor.
sociation and Georgia Fiduciaries Association as a feature
3994
FINANCIAL CHRONICLE
Robert C. Adams, who since 1916 was affiliated with the
Equitable Trust Co. and the Equitable Corp. as Vice-Pros.
in charge of the bond department of those organizations,
has been elected a Vice-President and Director of the Baneamerica-Blair Corp., Hunter S. Marston, President of the
latter institution announced June 2. Mr. Adams, assumed
his new duties effective June 2, will make his headquarters
in New York City. Mr.Adams at an early age was Secretary
of a traction company in Scranton, Pa., and when reaching
the age of 21 he was a Director or officer in approximately 50
companies. He later became Treasurer and Director of the
Spring Brook Water Co. Upon joining the Equitable organization in 1916 he dropped most of his corporate connections,
but still maintains a directorship in several large companies.
The consolidation of The Chase National Bank, The
Equitable Trust Co. of New York and the Interstate Trust
Co., which was ratified by stockholders of the three banks
at special meetings held on April 24, formally took effect
at the close of business on Saturday, May 31. The enlarged
bank opened for business Monday, June 2, under the name
and charter of The Chase National Bank of the City of
New York. The consolidation is responsible for an innovation in banking management—the creation of a governing
board composed of senior executive officers of the enlarged
bank. Albert H. Wiggin as chief executive of the institution
will be Chairman of this board. John McHugh, Chairman
of the executive committee; Charles S. McCain, Chairman
of theboard of directors; Robert L. Clarkson, Vice-Chairman
of the board of directors; Winthrop W. Aldrich, President
of the bank, and other senior officers will be members of
the board of governors. Details of the merger plans have
.
a-Grady been given in these columns—in our issues of
March 22, page 1961; April 26, page 2903, and May 3, page
3102. Total resources of The Chase National Bank of the
City of New York at the close of business on Monday,
June 2, the first business day after giving effect to the consolidation of The Equitable Trust Co. and the Interstate
Trust Co. with the Chase, amounted to $2,551,435,063.
Deposits of the enlarged institution totaled $1,916,236,313.
In its first financial statement the enlarged bank reported
cash on hand and due from banks of $592,458,308, loans
and discounts of $1,435,359,900, United States Government
securities of $228,710,596, and other securities of $106,580,632. At the first meeting of the directors of The Chase
National Bank following the consolidation with The Equitable Trust Co. and Interstate Trust Co. the directors voted
to authorize a charge to undivided profits account covering
furniture, fixtures, safe deposit vaults and equipment and
also certain readjustments in other assets and reserves.
The bank's policy, as heretofore stated, is not to carry in
its published statement such items as furniture, fixtures
and vaults, although they represent a considerable invest,ment. Summaries of the histories of the banking institutions involved in the merger state in part:
Folk 180.
President the bank's capital was only 35,000,000 compared to its present
$148.000,000, while its deposits were $92.382,000 contrasted with $1,106.677,736 shown In its latest statement of March 27 1930, before giving
effect to the present consolidation.
Relatively few mergers have contributed to the upbuilding of the Chase
National Bank. The bank's first expansion in this direction took place
in 1921 with the acquisition of the Metropolitan Bank, which gave it the
nucleus of a local chain of branches. A consolidation with the Mechanics
& Metals National Bank was effected in 1926. uniting institutions with
combined resources of more than $900,000,000 and representing the largest
bank merger which had taken place up to that time. The Mutual Bank
was taken over in 1927.
The position of Chase wasfurther strengthened in 1929 by three notable
developments. These were a consolidation with the Garfield National
Bank in January, affiliation with the American Express Co. in July and
consolidation with the National Park Bank of New York in August. The
Mechanics & Metals merger brought to the Chase a new President in the
person of John McHugh, now Chairman of the executive committee, while
through the National park merger the bank obtained the services of Charles
S. McCain, who first became President and is now Chairman of the board
of directors. The new President of The Chase National Bank, Winthrop
W. Aldrich, was formerly President of the Equitable Trust Co.
Affiliated with The Chase National Bank and occupying a position of
great importance in the investment field is Chase Securities Corp., which
was formed in June 1917 with a capital of $2,500,000.
Celebrating its fiftieth anniversary in 1927, the bank broke ground that
year for a new home, the 38-story structure on the corner of Pine and
Nassau Streets, which it now occupies. During its existence it has outgrown five homes. With the present consolidation the Chase bank also
acquires the 42-story building erected by The Equitable Trust Co. at
11 Broad St. In 1927, where a complete unit of the bank will continue in
operation.
As presently constituted, The Chase National Bank has 47 offices in
New York City and foreign offices located In London (two), Havana,
Cristobal, Panama City. The Chase Bank, organized under the auspices
of The Chase National Bank, has acquired the assets and business of
former Equitable Trust branches in Paris and Mexico City. The affiliated
American Express Co. has 34 offices and many agencies in the United
States and Canada and 66 offices in foreign countries. The affiliated
E
Tice
sui
ntain.
table Eastern Banking Corp. has offices in Hongkong, Shanghai and
THE EQUITABLE TRUST CO. OF NEW YORK.
The Equitable Trust Co. of New York, merging its identity with that of
The Chase National Bank, brings to the Chase an organization representing
a fusion of 16 banks and trust companies during the past 30 years. The
most recent and the most important of these mergers came in 1929, when
The Seaboard National Bank was consolidated with The Equitable Trust
Co. This merger united one of the most ably managed commercial banks
of New York with a trust company occupying an outstanding position both
at home and abroad.
The Equitable Trust Co. was the outgrowth of a small bank organized
in 1871 with paid-in capital of only $16,000. It MA with the chartering
of The Traders Deposit Co. in April 1871 that the history of The Equitable
actually commenced. The original trustees were: E. Bonclinot Colt,
Simeon Fitch, Samuel Flatten, Sidney Ashmore, Charles B. Alexander,
C.du P. Brack, G. H. Campbell Jr., A. D. Hepburn and J. B. LaMere.
For two or three years The Traders Deposit Co. grew quite rapidly.
Capital increases brought the original capital up to 3500,000 by 1874,
but from that time until 1902 the company made comparatively slow progress. In 1895 its name was changed to The American Deposit & Loan
Co., a title which was retained until 1902.
In that year the name of The Equitable Trust Co. of New York was
adopted and the activities of the bank were expanded to include event
banking and trust function authorized by the State laws. Coincident
with the change in name the following men were added to the directorate:
E. H. Harriman, T. H. Hubbard, Bradish Johnson, J. Henry Smith,
H. It. Winthrop, Otto H. Kahn, Marcellus Hartley Dodge, William T.
Cornell, Henry C. Frick. Mr. Winthrop and Mr. Kahn still are members
of the board of trustees.
The paid-in capital stock was increased to $1,000,000 in April 1902.
It was in 1903 that Alvin W. Krech entered the history of The Equitable
and started the company on an era of remarkable expansion. Thereafter,
for almost 25 years, Mr. Krech guided the destinies of the Equitable. He
came to the bank as President after a wide experience in milling and railTHE CHASE NATIONAL BANK.
roading and general financial affairs.
A notable history of more than half a century has marked the rise of
In 1903 the capital was increased to 53,000.000. Larger quarters were
The Chase National Bank from an institution with a modest capital of secured, new departments were organized and the foundations were laid
3300,000 in 1877 to its present position of eminence in the banking world. for rapid progress. Mr. Krech led the Equitable through many crises to
Throughout this period many illustrious names in the field of finance have a high position before he died on May 3 1928.
been identified with its management.
Between 1909 and 1912 a series of mergers took place which resulted
Founded on Sept. 12 1877, the bank was named for Lincoln's Secretary in expanding the facilities of the company. The Bowling Green Trust Co.
of the Treasury, Salmon P. Chase, "the father of all national banks." Its was absorbed in 1909 and The Madison Trust Co. in 1911. Then in 1912
five original stockholders and directors were John Thompson, Samuel C. a consolidation was effected with The Trust Co. of America, which repreThompson, Isaac W. White, Francis G. Adams and Lewis E. Ransom, sented a previous merger of The Trust Co. of America, the North America
and in the succeeding years such prominent figures as George F. Baker, Trust Co. and the City Trust Co. This merger occurred soon after the
James J. Hill, Henry White Cannon, A. Barton Hepburn and the present company had been driven from its quarters in Nassau St. by the fire that
head of the bank, Albert H. Wiggin, contributed to its remarkable growth. destroyed the Equitable Building in January 1912. Temporary offices
The bank formally opened for business on Sept. 20 1877 with Samuel C. were secured at 115 Broadway. One of the reasons for the merger with
Thompson as its first President. When its first report was issued at the The Trust Co. of America was to secure the banking headquarters of that
close of that year, its total resources exceeded 31,000,000, an impressive company at 37 Wall St.
In 1917 the capital was increased from 33.000,000 to 36,000,000. At
figure in those days. The progress of the bank since that time is partially
reflected in the following figures, showing its capital increases and the this time the company's surplus was $10,500,000 and undivided profits
growth in total resources:
31,843,000. The uninterrupted growth of the company's business within
Year—
Capital.
Total Resources.
Year—
Capital.
Total Resources. the next few years necessitated a capital increase in 1919 to $12,000,000
$300,000
61.042,009 1921
1877
320,000,000
3425,285,549 and in 1922 to $20,000,000.
11,676.9861928
500.000
1887
40,000,000
918,915,628
In 1920 Mr. Krech invited Arthur W. Leasby, President of the First
38,239,476 1927
1,000,000
1897
50,000,000 1,001,292,727
73,241,969 1928
5,000,000
1906
60,000,000 1,158,340,254 Trust & Deposit Co.of Syracuse, to become a Vice-President of the Equitable.
301,157,282 1929
10,000,000
Three years later when Mr. Krech became Chairman of the board,
105,000,000 1,497,878,998
1916
517.999,840 1930
15,000,000
148,000,000 *2,400,000,000 Mr. Loasby was elected President, a position he held until 1929,
1920
when he
became Chairman of the board at the time of the Equitable-Seaboard
*Approximate figures of consolidating banks as of March 27 1930.
merger.
The Importers & Traders National Bank, one of the eldest and most
The regime of the Thompsons, marking the formative period of the
bank's history, lasted for nine years. Henry White Cannon, now the highly regarded banks in Now York, joined the Equitable by merging hl
senior director of the Chase National Bank, assumed the Presidency in 1923. On that occasion the capital was expanded to $23,000,000, and in
1886 and undertook a vigorous policy of expansion which has continued 1925 a further increase to 330,000,000 was accomplished.
One of the most important aspects of the phases of the Equitable's growth
• without interruption to the present day.
A. Barton Hepburn,destined to be the third President of the institution, since the war was in the field of foreign banking. Offices in Paris and LonJoined the bank In 1897 and succeeded to the Presidency in 1904, when sion contributed notably to this development. The Equitablo, aus operated
a branch in Mexico City, and through its subsidiary, The Equ.ts:)le Eastern
Mr. Cannon became Chairman of the board.
The year 1904 also marked another important event in the bank's history Banking Corp., built up a large clientele in the Far East.
a
Vice-Pres
as
Wiggin
When the Equitable moved into its new building early in 1928 iti deposits
H.
Albert
ident
and
—the addition to its forces of
director. Seven years later, In 1911, Mr. Wiggin assumed the Presidency were approximately $445,000,000 as compared with 3206,000,000 in 1920
of the bank, and under his direction there began a period of growth un- and $66,000,000 in 1913. Eleven floors of the new building were rzservel
paralleled in the history of American banking. At the time he became by the bank for its own use, but only a year later, when the Sea'vard-
ft
JuNn 71930.]
FINANCIAL CHRONICLE
3995
Equitable merger was consummated, space for expansion of departments $100,000, now has a surplus of $175,000 and
undivided profits
again was at a premium.
The Seaboard National Bank was organized in 1883 for the primary of $40,000, and total resources of $2,500,000. The "Courant"
purpose of making loans on warehouse receipts and pipe-line certificates, furthermore stated that at the same meeting on June 3 the
which other banks did not then do. In 1922 the Seaboard and The Mercantile Trust Co. were merged under the Presidency of the late Chellis A. trustees declared the regular quarterly dividend of 1%%
Austin, who had organized the Mercantile Trust Co.in 1917. Mr. Austin with an extra dividend of 1%, both payable July 2 to stockhad won an enviable reputation as a bank executive. When the Seaboard holders of record
June 20.
and the Equitable consolidated in September 1929 he was elected President
of the institution.
The business of the Metropolitan Trust Co. of Philadelphia
Shortly thereafter the company raised $44,800,000 of new capital,
$25.000,000 of which was assigned to The Equitable Corp., a subsidiary is now consolidated with that of the
Bankers Trust Co. of
securities company. Within a few days after the program of capital
expansion had been successfully completed, Mr. Austin died suddenly of Philadelphia under an agreement approved by the boards of
a heart attack at his home at Montclair, N. J.
directors of both companies and more than two-thirds of the
Winthrop W. Aldrich was elected President as his successor. Mr.
Aldrich was a member of the firm of Murray, Aldrich & Webb, counsel for stock of the Metropolitan Trust Co. The Bankers Trust Co.
The Equitable Trust Co., and had been active in the company's affairs for now has over $29,000,000 in deposits, nearly $40,000,000 reseveral years. He is the son of former Senator Nelson W.Aldrich of Rhode
sources, and is doing business with more than 75,000 cusIsland and a brother-in-law of John D. Rockefeller Jr.
tomers in twelve offices located throughout Philadelphia. At
INTERSTATE TRUST CO.
a special meeting of the Board of Directors of the Bankers
Interstate Trust Co., which has been merged with The Chase
National
Bank, opened its doors for business at 59 Liberty St. on Oct. 14 1926,
and Trust Co. on May 29 Frank H. Tuft, President of Metroduring the three and one-half years of operation its record of growth
has politan Trust Co., was appointed a Vice-President of the
been one of the outstanding achievements among the so-called
smaller Bankers Trust Co., and Wilmer S. Baum an
banks in New York City. The trust company was sponsored by
Assistant TreasGeorge S.
Silzer, its first President, who was former Governor of New Jersey,
with urer. All directors of the Metropolitan Trust Co. have been
whom were associated prominent banking and business
executives in made members of the Metropolitan advisory committee of
New York and New Jersey.
the Bankers Trust Co. What heretofore has been the main
Announcement was made on May 29 that the directors of office of the Metropolitan Trust Co. at Eighteenth and Marthe Power City Bank and the Niagara Falls TrUst
Co., both ket Streets, will be operated as a branch of the Bankers
members of the Marine Midland Group, have decided
to Trust Co., while the business of the Metropolitan's branch
merge the two banks into a single institution, to be
known at 252 South Broad Street will be transferred.to the main
as the Power City Trust Co., with total deposits in
excess office of the Bankers Trust Co. and that branch closed.
of $35,000,000. The announcement said:
Samuel H. Barker is President of the Rankers' Trust Co.
The merger will give Niagara Falls a bank, which in size and resources
will be in keeping with the greater industrial and economic
It Is
is learned from the Baltimore 'Sun" of May 28 that
development
of Niagara Falls. Because of this growth of the city and its rich
diversity
than
of manufacturing, there is need for a bank capable of handling the expand- the Union Trust Co. of Baltimore has acquired more
ing financial requirements of both its Individual business men and the
the capital stock of the Monumental City Bank of
of
75%
great
industries that Niagara Falls natural advantages attract to itself.
Baltimore, according to an announcement by John M. DenCapitalization of the Power City Bank, at the close of nis, President of the trust company on May 27. Stockbusiness Mar. 27 1930, was $1,000,000 and surplus $1,000,000. holders of the acquired hank will receive one share of
Total resources were $20,216,462. Capitalization of
the Union Trust Co. stock for each seven shares held. Upon
Niagara Falls Trust Co., at the close of business Mar. 27 the exchange of the shares, the Monumental City Bank will
1930, was $2,000,000 and surplus, $750,000. Total resources be liquidated and operated as a branch of the enlarged Union
were $17,326,014.
Trust Co., giving the latter 13 branches in addition to its
The Niagara County National Bank & Trust Co., Lockport,
N. Y., a member of the Marine Midland group of banks, is
Increasing its capital and surplus to $1,900,000. A total of
8000 additional shares of capital stock are being issued, increasing the capital, surplus and undivided profits $600,000.
Deposits of the bank are $8,800,000 and its total resources
Officers of the Niagara County National Bank & Trust Co. are: C. M. VanValkenburgh, Chairare over $11,000,000.
main office.
Resources of the Monumental City Bank are
approximately $750,000, and its capital is $200,000 of the par
value of $10 a share. The acquisition of the institution will
give the Union Trust Co. capital resources of over $8,000,000
and total resources in excess of $60,000,000. The Board of
Directors of the acquired bank, Mr. Dennis stated, will continue to direct its policy as heretofore with such assistance
as the trust company may furnish. The Monumental City
Bank was founded in 1927. Bernard Langeluttig is Presi-
man of the Board; John T. Symes, President; Calvin G.
Harry W.Hofferbert, Vice-President, and S. M. Matter,
Sutliff, Vice-President; Karl W. Strauss, Cashier, and Mark dent;
Cashier.
It is located at Gay and Exeter Streets.
E. Darrison, Trust Officer.
The proposed consolidation of the Union National Bank
of Lowell, Mass., and the Old Lowell National Bank was
consummated on May 31. The resulting institution, the
Union Old Lowell National Bank,is capitalized at $1,000,000.
The approaching merger of these banks was indicated in our
issues of Apr. 12, Apr. 26 and May 24, pages 2521, 2904 and
3656.
Clark T. Durant, a Vice-President of the Hartford-Connecticut Trust CO., Hartford, died at his home in that city
on May 31 after a prolonged Illness. Mr. Durant was born
In Albany, N. Y., and was graduated from Yale University in
1890. During the World War he served as legal adviser for
the Food Administration in Connecticut under Robert Scoville, Federal Food Administrator. Twelve years ago he became law officer for the Hartford-Connecticut Trust Co.
and subsequently a Vice-President, the office he held at his
death. Mr. Durant was 61 years of age.
From the Hartford "Courant" of June 4 it is learned that
meeting of the stockholders of the West Hartford
a special
That plans are under consideration looking toward a consolidation of three Baltimore banks, namely the Maryland
Trust Co., Continental Trust Co. and Drovers'& Mechanic's
National Bank, was reported in Baltimore advices yesterday,
June 6, to the "Wall Street Journal," which continuing said:
If present plans go through, new bank will be known as Maryland Trust
Co. and will be the second largest bank in Maryland.
Maryland Trust Co. has capital of $1.000.000, surplus and profits of
$1,011,900, and deposits of $11,241,000. Continental Trust Co. has capital
of $1,350,000, surplus and profits of $827,050, and deposits of $9,057,840.
Drovers' & Mechanics' National Bank has capital of $1,000,000. surplus
and profits of $1,474,100, and deposits of $17,733,300F. Earl Steffey, a Vice-President of the investment banking
firm of Barroll, Winter & Co., Baltimore, will head the
People's Bank of Reisterstown, Md., a new institution which
was to open for business on June 4, according to the Baltimore "Sun" of June 3. Mr. Steffey, it was said, was formerly Cashier of the Pikesville National Bank, Pikesville,
Md. The new bank begins with a capital and surplus of
$50,000. Other officers of the institution are: Hope H.
Barroll, Jr. and Joseph F. Wineke, Vice-Presidents, and John
F. Wineke, Cashier.
Trust Co., West Hartford, will be held on June 24 to vote on
a proposed increase in the bank's capital from $150,000 to
$200,000, recommended by the trustees on June 3. Stock-
Announcement was made on June 2 by Julius F. Stone,
President of the BancOhio Corporation, Columbus, Ohio,
that four Zanesville, Ohio, banka have joined the corpora-
holders of record June 3 will be given the right to subscribe
to the new stock (500 shares of the par value of $100 a
share) in the ratio of one new share for every three shares
tion, bringing the total resources of the organization to more
than $100,000,000. The acquired institutions are the Citizens' National Bank, the People's Savings Bank and its
of old stock held, at the price of $175 a share. The increase
will add $37,500 to the bank's surplus account. Subscriptions will be payable in full July 15. The company, which
affiliated institution, the Guardian Trust & Safe Deposit
Co., and the Zanesville Bank & Trust Co. Eleven banks
and companies (including the new acquisitions) are now
opened for b'usiness in recember 1926 with a capital of
operated under the BancOhio Corporation plan. The others
3996
FINANCIAL CHRONICLE
are the First Citizens' Trust Co., Ohio National Bank,
BancOhio Securities Co., Fifth Avenue Savings Bank and
the Morris Plan Bank, all of Columbus; First National
Bank & Trust Co. of Springfield, and the First National
Bank and the Valley Savings Bank Co. of Chillicothe. The
Columbus "Dispatch" of June 2 in reporting the matter furthermore said:
Simultaneous with this announcement it also was revealed that negotiations are under way with several other large banking institutions in
central and southern Ohio.
Of the Zanesville banks, the old Citizens' National Bank is the largest,
having resources of approximately $6,000,000. Officers of this bank include
Henry J. Knoedler, President; Ralph Gorsuch, Vice-President; V. C.
LeFevre, Cashier; F. V. Welsh and F. M. Tague, Assistant Cashiers, and
G. R. Ruker, Auditor.
$2,000,000 RESOURCES.
The People's Savings Bank, with $2,000,000 resources and its associate
institution, the Guardian Trust & Safe Deposit Co. are headed by Col.
T. P. Spangler and William J. Atwell, President and Cashier, respectively.
The fourth of the financial institutions, the Zanesville Bank & Trust
Co., with W. L. Timmons as President, has resources of approximately
$1,300,000.
While it was indicated that there might be a consolidation of these
banks later they will continue operations for the present under the direction of their own officers.
[Vol,. 130.
Insurance Co. joined the group of nine companies which make up the Insurance Securities Co., Inc., with the home office in New Orleans. Of the nine
companies, the Detroit Life is the only one which does a strictly life insurance business. W. Irving Moss resigns as President to become Chairman
of the Board.
John A. Reynolds is particularly well known among life insurance executives because of his development of the life insurance trust. Through his
American Bankers Association appointments, he has co-operated with mimerous committees from the American Life Convention, an association of
life insurance executives, and has been generally looked upon as the outstanding leader in the co-operative development of the life insurance trust.
Mr. Reynolds was born in Detroit, and is a graduate of the University of
Detroit with the degrees of Master of Arts and Bachelor of Law. He has
been affiliated with the Union Guardian Trust Co. since 1916 and was
elected Vice-President several years ago.
Mr. Reynolds is Chairman of the industrial committee of the Detroit
Board of Commerce, Chairman of the business development committee of
the American Bankers Association, and is a member of the trust development committee cf the Financial Advertisers Association.
The following changes in the personnel of the Farmers'
& Mechanics' Bank of Ann Arbor, Mich., took place recently, according to the "Michigan Investor" of May 17:
Fred T. Stowe, heretofore Cashier of the institution, was
promoted to the Presidency, succeeding Herbert A. Williams
who was chosen Chairman of the board, newly created office.
Mr. Williams had been President of the bank for 18 years.
A special meeting of the stockholders of the Central Sav- Courtney A. Maulbetsch,formerly an Assistant Cashier, was
ings & Loan Co. of Youngstown, Ohio, will be held on June advanced to Cashier, to succeed Mr. Stowe. The paper
14 to consider the sale of the company's assets, according to mentioned continuing said:
a Youngstown dispatch on June 4, printed in the New York
"Journal of Commerce" of June 5. The company recently
completed and now occupies a new 17-story building, known
as the Central Towers, erected at a cost of $1,650,000, and
has deposits aggregating $4,030,016. Since Monday of this
week, the company has been refusing to accept deposits.
The dispatch furthermore stated that the Home Savings &
Loan Co. and the Federal Savings & Loan Co. (both of
Youngstown) have been negotiating to take over the Central.
All three officers have long records of service with the Farmers' &
Mechanics' Bank. Mr. Williams, at the time of his retirement from the
Presidency, was the oldest bank President in Ann Arbor in point of years
of service in this capacity. He began his career with the bank as a teller in
1892, became Cashier in 1908, and elected President in 1912.
Mr.Stowe has been associated with the bank for 29 years, having entered
the bank's employ in 1901 as a bookkeeper, succeeding Mr. Williams as
Cashier in August 1912. Mr. Maulbetsch started with the State Street
Branch in November 1914, as collector, worked as bookkeeper, teller and
Assistant Cashier until his election to the office of Cashier.
It was understood the desire of certain stockholders to transfer stock
led to the request for the closing. W. W. Boland is President.
The bank was organized in 1902 under a State charter and converted into
a National bank in 1903. It has been under the management of A. C.
Wiper, its President, continuously since its organization.
The bank is capitalized at $25,000 with surplus and undivided profits of
$8,219.26 and total resources of $406,272.60. It resources have practically
doubled since the World War.
P. J. Leeman, Vice-President and General Manager of the
First Bank Stock Corp., (headquarters St. Paul and MinThe Corn Exchange Bank of New Richmond, Ind., a pri- neapolis) on June 5 announced the affiliation of the First
vate institution capitalized at $40,000, was closed May 29 by National Bank of Bowbells, N. D., the 106th member of
the Indiana State Banking Department, according to the the group and the 21st affiliate in North Dakota. His announcement said:
Indianapolis "News" of that date, which went on to say:
That two Anderson, Ind., banks—the Anderson Banking
Co. and the Madison County Trust Co.—were to be consolidated on or before July 1, was reported in a dispatch from
Mr. Leeman at the same time announced the consolidation
that city on June 4 to the Indianapolis "News." The con- of the First State Bank of Bisbee with the First National of
solidated bank will be located in the Anderson Banking Co.'s Cando, N. D., a member of the group.
new building. Charles E. Wilson, formerly of Anderson,
The Bisbee Bank is the second Towner county institution to merge with
having been taken over in
Vice-President of the General Motors Corp., Detroit, will the Cando Bank, the First National of Egeland
The First State of Bisbee has been owned by Willmar, Minn. men.
be Chairman of the board and President of the enlarged March.
The Bank was capitalized at $25,000 with surplus of $10,000. Its deposit
bank, while Linfield Myers,President of the Madison County liability has been assumed by the First National of Cando which took over
Trust Co., will be Executive Vice-President. The dispatch assets to cover the liability, the remaining assets reverting to the stockholders of the Bisbee Bank.
furthermore said:
According to the Minneapolis "Journal" of May 29, affiliaThe capital stock of the bank will be increased to probably $400,000.
Bank of Langdon, N. D., with the
Jesse L. Vermillion, President of the Anderson Banking Co., will retire for tion of the Northwestern
a rest, following 40 years of banking business but will retain an interest in First Bank Stock Corp., was announced on that date by
the consolldated banks.
L. W.&holes, Vice-President of the holding company. The
Langdon bank becomes the 20th North Dakota institution
The First National Bank of Jasonville, Ind., capitalized at
to affiliate with the organization and the 105th member of
$50,000, and the Citizens' Trust Co. of the same place, with
the group, it was stated.
capital of $25,000, were consolidated on May 31 under the
title of the former. The new institution is capitalized at
Advices from Independence, Kan., on May 20 to the Topeka
$50,000.
"Capital" reported that the Liberty State Bank of Liberty,
Kan., 12 miles Southeast of Independence, had not opened
A consolidation of two Kokomo, Ind., banks—the Citizens' that
morning, following a meeting of its directors the preNational Bank and the Howard National Bank—has been vious
night at which it was decided to quit business. The
announced by the respective directors of the institution,
Bank Commissioner at Topeka was asked to take charge of,
according to Associated Press advices from Kokomo June 2, the
institution. C. A. Bechtel, the Cashier, was reported
printed in the Indianapolis "News" of the following day. as
saying that depositors would not lose a penny. The cause
The dispatch continuing said:
of the bank's trouble was attributed to "slow withdrawals
The business of the Howard National Bank will be taken over by the
Citizens' National Bank. The Howard Bank has been in operation here of deposits and inability to collect on outstanding paper."
' 52 years and is capitalized at $200,000. The Citizens' Bank is capitalized The institution was capitalized at $20,000 with surplus of
at $350,000. Combined deposits of the two banks will total $6,500,000. $5,750, and at
the time of the closing had deposits approxiAbout five years ago the Citizens' Bank took over the Kokomo Trust &
mately $45,000. In the same issue of the Topeka paper,
Savings Co.
H. W. Koeneke, the State Bank Commissioner, was reported
W. Irving Moss, President of the Insurance Securities Co., as saying that the
failure of the Liberty State Bank was
Inc., announces the appointment of John A. Reynolds, Vice- due to its funds being tied up in
the Commercial National
President of the Union Guardian Mist Co., Detroit, as Bank of Independence, which was closed in March of this
President of the Detroit Life Insurance Co., which is a con- year by Federal bank examiners. R. B. Schwartz, Deputy
stituent unit of the Insurance Securities Co., Inc., of New State Bank Commissioner, was in charge of the Liberty
Orleans and New York. The announcement goes on to say: bank, it was said.
When Mr. Reynolds resigns his trust company affiliation to begin his
new duties on June 15, he will be 36 years old, one of the youngest life
insurance company presidents in the United States.
The Detroit Life Insurance Co. was founded 20 years ago and now his
$75,000,000 of life insurance in force. In April 1929, the Detroit Life
P. H. McAfee, former President of the defunct People's
State Bank of Fort Scott, Kan. (the closing of which on
May 1 was indicated in our issue of May 10, page 3299)
JUNE 71930.]
FINANCIAL CHRONICLE
pleaded "guilty" on June 2 to an indictment of 25 counts,
charging embezzlement, forgery, violation of the State banking laws, and fraud, and was sentenced by Judge Charles
F. Pringle to serve from 16 to 223 years in the State penitentiary, according to Associated Press advices from Fort Scott
on June 2, printed In the New York "Times" of the following
day. The shortage at the bank is estimated at $213,000, the
advices stated.
3997
tained the following additional information regarding the
merger:
The combined institution will occupy a skyscraper building, plans for
which have been submitted and construction of which is expected to begin
within a month, at the southeast corner of Ninth and Main Streets. The
building, officials said, will be either 30 or 32 stories in height.
Under plans for the merger, officials said, Henry C. Fowler will be
Chairman of the Board, John F. Downing Chairman of the Executive Committee and Lester Hall President of the institution. P. W. Goebel, President of the Liberty National Bank, will be a member of the Executive Committee of the combined bank and will be president of the Fidelity Savings
Trust Co.
Effective April 30, the Fir- st National Bank of Britton,
S. D., with capital of $50,000, was placed in voluntary liquiThe respective stockholders of the First National Bank
dation. The institution is succeeded by the First National
the Farmers' & Merchants' Bank, both of New Castle,
and
Bank in Britton.
Va., will vote on July 4 on a proposed consolidation of the
As of May 31, the Oklahoma State Bank of Clinton, Okla., institutions, according to advices from Richmond on May 27
changed its title to the Oklahoma National Bank of Clinton. to the "Wall Street JournaL"
Charles A. Ferguson, form- er Vice-President and active
head of the closed State Savings Bank of Springfield, Mo.,
pleaded "guilty" in the Circuit Court at Springfield on May
26 "to converting the funds of the institution illegally" and
was sentenced by the Court to five years in the Missouri
penitentiary, according to an Associated Press dispatch from
that city on the date named, appearing in the St. Louis
"Globe-Democrat" of the next day. The dispatch went on
to say:
The Edgecombe National Bank of Tarboro, N. C., capitalized at $100,000, was placed in voluntary liquidation on May
26. The institution was taken over by the North Carolina
Bank & Trust Co., head office Greensboro, N. C.
In its issue of May 30, the Raleigh "News & Observer"
stated that the People's Bank of Sanford, N. C., which closed
its doors on April 7 upon the discovery of a $48,109 defalcation by its Cashier, H. C. Newbold, would reopen the next
Ferguson's plea, assuming full guilt for the collapse of the company,
May 31 under authority of the State Corporation Comday,
and
which dealt chiefly in real estate, road bonds
trust funds, had been
mission, which, after conference with bank officials and
anticipated.
The State, following Ferguson's plea, announced dismissal of similar citizens of Sanford, had decided that "the best way to pay
charges against E. N. Ferguson, brother of Charles, and E. N. Ferguson, Jr.,
would be to continue business." The paper mentioned
Secretary of the company. All three had been indicted by a grand jury out
continuing said:
this spring.
Losses to investors through the collapse of the company were estimated
at $200,000. A Federal investigation of the failure still is being made.
The bank will open with the agreement of 90% of its depositors not
to withdraw their funds in the bank when it closed before May 1 1933.
This agreement, however, does not affect any new deposits.
As Newbold's bond was $25,000, the loss actually did not amount as
On charges growing out of the failure of the State Bank of
much as first appeared, and bank officials expressed confidence that with
'Bevier, Mo., J. Prank Richards and Dr. W. P. Rowland, the non-withdrawal pledges, the institutions could operate to better advanformer President and Vice-President, respectively, of the tage of all interested as a going concern rather than by being liquidated
this time.
institution, were arrested on May 28, according to a dispatch atF.
R. Snipes is president of the bank, which has resources of $324,000.
by the Associated Press from Macon, Mo., on that date, which
furthermore said:
Closing of the institution was reported in the "Chronicle"
of April 19, page 2714, and reference made to its affairs in
Richards is charged on two counts with embezzlement, one for $1,200
issue of May 3, page 3105.
and the other for $3,500. A third charge against him is that he received our
on deposit a draft for $2,755.35 Feb. 24 1930, while the bank was insolvent.
Richards furnished $3,000 bond.
The National Bank of Honea Path, S. C., with capital of
Dr. Rowland is charged with permitting deposits to be received while
the bank was insolvent. He furnished $1,000 bond. Both men are to $100,000, was placed in voluntary liquidation on April 8. As
appear for hearings June 30.
noted in our issue of March 1 last, nage 1382, the institution
There are four complaints against William R. Rowland, former Cashier,
Shoals,
to
converting
his
and
own use a was absorbed by the Bank of Ware Shoals, Ware
charging him with receiving on deposit
S. C.
draft for $2,755.25 and various other checks.
Failure of the bank was attributed to frozen assets and bad collections.
Its affairs are still under investigation.
S. C., an institu-
Closing of the State Bank of Bevier on Feb. 25 was noted
In the "Chronicle" of March 8, page 1584.
Louis E. Dehlendorf, former President of the Twelfth
Street National Bank of St. Louis, on June 1 became VicePresident and Trust Officer of the Lindell Trust Co. of that
city, according to the St. Louis "Globe-Democrat" of that
date. Mr. Dehlendorf, it was said, was one of the organizers of the Cass Avenue Bank, St Louis, and served as its
Cashier for 18 years, following which he became affiliated
with the Twelfth Street National.
of Springfield,
The First National Bank
tion capitalized at $50,000, was placed in voluntary liquidation on May 6. It was absorbed by the Peoples State Bank
of South Carolina, Charleston, S. C.
Effective May 8, the First National Bank of Greer, S. C.,
was placed in voluntary liquidation. The institution, which
was capitalized at $50,000, was taken over by the Planters'
Savings Bank of Greer.
A charter was issued by th-e Comptroller of the Currency
on May 26 for the Citizens' National Bank in Marietta, Ga.,
with capital of $100,000. The new bank represents a conversion of the Citizens' Bank of Marietta. J. R. Fowler is
The Liberty National Bank of Kansas City, Mo., was
and Fred Legg, Cashier of the new institution.
President
merged with the Fidelity National Bank & Trust Co. of
that city, the consolidation going into effect May 31, accordDirectors of the Union Bank & Trust Co. of Montgomery,
ing to the Kansas City "Star" of that date. The new bank
-Ala., on May 27 recommended a 100% stock dividend on its
is capitalized at $6,200,000 and has total deposits of approxi1,000 Shares of capital stock outstanding of the par value of
mately $60,000,000. The enlarged Board of Directors, it was
$100 a share, according to the Montgomery "Advertiser" of
stated, held their first meeting at which P. IV. Goebel,former
May 28. The banks stockholders will vote on the proposed
President of the Liberty National Bank, was made a memincrease and also on a proposed reduction of the par value
ber of the executive committee and the appointments of
of the bank's shares from $100 to $10 a share at a special
T. T. Cook and Charles S. Alves, former Vice-Presidents of
meeting on June 27. If favorable action is taken by the
the Liberty National Bank, to similar positions in the en- shareholders, the capital of the institution will be increased
larged bank were confirmed. We quote further from the
from $100,000 to $200,000, represented by 20,000 shares of the
Kansas City paper as follows:
par value of $10 a share. The Union Bank & Trust Co.,
The election of Mr. Goebel to the presidency of the Fidelity Savings
was founded in 1901, is headed by Michael Cody. We
which
the
of
institution
enlarged
subsidiary
bank) will follow.
Trust Co. (a
quote further in part from the paper mentioned, as follows:
The Fidelity institution in its present size combines several banks, the
more recent additions being the Liberty, the Western Exchange Bank
and the New England National Bank and Trust Co.
There was no physical change to-day (May 81) at the various banking
rooms embraced in the Fidelity operation.
A Kansas City dispatch May 29 by the Associated Press,
printed in the St. Louis "Globe-Democrat" of May 30, con-
The actual value of this "melon," cut by the Union Bank and Trust
could not be ascertained last night. Shares have been quoted by WardSterne & Co. at $350 but they are closely held and no transaction has been
recorded in the past two years.
As the directors hold a majority of the stock, the submission of the propacs1 to a meeting of the shareholders is merely a formality which is
required by law.
3998
FINANCIAL CHRONICLE
The bank is now carrying a surplus of $100,000
and undivided profits of
approximately $80,000.
(VOL.130.
poration, Banca d'America e d'Italia in Italy and
various affiliated financial organizations. Resources of institutio
ns under Transamerica control
aggregate more than $1,750,000,000. ,Stock
of the Corporation is owned
by 175,000 stockholders, distributed in
every State in the Union as well
as in many foreign countries.
That the Florida Bank of Winter Park, Fla.,
a new institution with paid-up capital of $50,000, has
acquired the
Union State Bank of Winter Park, one of the
oldest banking
The Marine Central Bank and
the Marine State Bank,
Institutions in Orange County, was reporte
d in Orland, Fla., both of Seattle, and both member
s of the group of banks
advices on May 27 to the "Wall Street Journal
." The dis- owned by the Marine Bancorporation
of Seattle, became
patch continuing said:
National institutions on June 2 under the names
A prominent group of retired Winter
of the CenPark capitalists will serve as tral Nationa
directors of the new institution, including Harry
l Bank of Commerce and the Washington NaP. Bonties J. H. Dickinson,
George Kraft, D. K. Dickinson and Judge
J. L. Hackney,
formerly member tional Bank of Commerce, respectively. Nationalization of
'
of the Indiana Supreme Court. Other
directors are J. C. Chase, President these two banks of the
Marine group is thought by Andrew
Florida Citrus Exchange, and Irving Bacheller
, Author.
Price, President of the Marine Bancorporation
Under the terms of the sale, the Florida bank
takes over all the assets
, as typical of
of the Union Bank and will honor all
obligations of the latter institution. a National trend towards placing all institutions
in the various financial groups now existing
through
out
country
the
From the Dallas (Tex.) "News" of May 28 it
is learned under either National or State control The Seattle
"Daily
that announcement was made the previous day, followi
ng a Times" of May 23 in quoting Mr. Price on the subject, said
special meeting of the stockholders of the People's Finance in part:
Co. of that city, that the assets of the company had
been pur- andThe arrangement by which some banks in a group may be Nationalized
others may be
chased by the Mercantile Bank & Trust Co. of Texas,
State supervision is open to objections, the Seattle
Dallas, banker says, whichunder
are being carefully considered at this time by leaders
the business to be operated by the personal loan departm
ent of these combinations.
of the bank. W. P. Page, President of the People'
•
•
•
s Finance
"There are obvious advantages to the adoption of
Co., who made the announcement, was further reporte
a single form of cond as trol and supervision," Mr. Price
points out. "This arrangement should
saying that the acquired company was capitalized
at $125,- make for greater uniformity of methods and practices of operation because
the examiner—in our case, representing the national
000 and the business would change hands on June 2.
system—has supervision
over all constituent banks.
whole picture
Whenever be elects to visit them, the
is spread before his eyes in every detail, as he has control
A syndicate headed by Harold G. Ferguson has purchas
ed over all institutions in the group. Increased protection is thereby afforded
to both depositor and stockholder.
control of the Western National Bank in Los Angeles
from
George L. Alexander, Wade E. Hampton and
"It is my belief that the strongest set-up for a group of affiliated
Charles W.
banks,"
List. Associated with Mr. Ferguson in this
transaction are he continued, 'is one where they are either all National or all State. I
always have espoused this cause, so far as the Marine Bancorporation is conFrank C. Mortimer, Dain Sturges and a number
of prominent cerned. By this arrangeme
nt, the group courts the closest supervision,
Los Angeles men. Harold G. Ferguson,
President of the scrutiny and regulation that can be offered by the examining body of either
corporation bearing his name, is widely known
system."
in financial
and realty circles. In 1920 he organized the Califor
nia Trust
Co. for the Californ!. Bank and served as first
trust officer THE WEEK ON THE NEW YORK STOCK EXCHANGE.
of this financial insti:ution. He is Chairman of
the Board
Trading on the New York Stock Exchange the present
of the Harold G. Ferguson Finance Co., Ltd.,
President week has been extremely quiet with irregular changes in
of Ferguson-Smith Co., Ltd., investment
securities; prices,but with the drift downward most of the time. There
Harold G. Ferguson Engineering Corporation;
Del Norte have been occasional spurts in some special stocks, but most
Land Co.; California Stock Exchange and the
Los Angeles of these soon petered out. The weekly statement of the
Realty Board. At a meeting of the Board of
Directors on Federal Reserve Bank made public after the close of business
May 28, Mr. Mortimer was made a director and
appointed on Thursday showed an increase of $79,000,000 in brokers'
President and Mr. Sturges was made a director
and Execu- loans. Call money renewed at 3% on Monday and was untive Vice-President. The following additional
directors were changed at that rate throughout the week.
also chosen: Marc Mitchell, Attorney-at-Law;
The stock market opened slightly lower on Monday followHarold G.
Ferguson, and C. A. Myers, Director of
Firestone Tire & ing three days holiday, most of the movements being within
a comparatively narrow range. Merchandising stocks were
Rubber Co.
the best of the day, Abraham & Straus advancing 5% points
In its issue of May 29 the Los Angeles "Times" stated
that
to 65, Montgomery Ward improving about 1% points, folas of March 27, its last statement of condition, the Wester
n lowed
by Sears, Roebuck which registered about the same
National Bank in Los Angeles reported total
assets of gain.
J. C. Penny and May Department Stores were also
$2,604,910, deposits of $1,771,815, and surplus , profits
and higher.
Air reduction was a strong feature of the trading
reserves of $130,190. The bank's capital is $500,000.
With
regard to the banking careers of Mr. Mortimer and Mr. and moved into new high ground for 1930. Standard stocks
such as United States Steel, Westinghouse and General
Sturges, the new President and Executive Vice-President,
Electric moved slowly downward during the most of the
respectively, of the acquired bank, the paper mentioned said:
afternoon, and the trend of prices in the
Mr. Mortimer was an officer of the National City Bank of New York
for several years, and for the past five years has been a Vice-President of
the Citizens' National Bank of Los Angeles. Both Messrs. Mortimer and
Sturges resigned frcAn the Citizens' National recently to become President
and Vice-President, respectively, of the Harold G. Ferguson Finance Co.
Mr. Sturges started his banking career 29 years ago with the Interstate
National Bank of Kansas City, and 20 years ago joined the old Loa Angeles
National Bank. He is Vice-President of the School Savings Association and
Treasurer and Director of the Downtown Business Men's Association.
Confirmation of an announcement from the Pacific Coast
was given •here in New York on Wednesday, June 4, by
Elisha Walker, Chairman of the Board of the Transamerica
Corporation, San Francisco, that the latter is negotiating
for the acquisition of a controlling interest in the First
National Bank of Portland, Ore., and its affiliated institution, the Security Savings & Trust Co. An announcement in
the matter says in part:
Aggregate resources of more than $50,000,000 are represented in the
Portland institutions. At an early date all stockholders of the First
National Bank will be extended the privilege of exchanging their First
National Bank holdings for Transamerica stock, on a basis similar in terms
to those offered to the controlling interest in the Bank. The First National
Bank of Portland, founded in 1866 three years after the enactment of legislation establishing National Banks, is the oldest national bank west of the
Rocky Mountains. Its original capital was $100,000, subscribed when
the City of Portland had a population of 6,000. It has paid dividends continuously since 1871. The bank ranks to-day among the largest and moot
conservative financial institutions on the Pacific Coast.
Transamerica corporation, with approximately 25,000,000 shares of stock
outstanding, has a market worth of more than a billion dollars. It owns
controlling interests in Bank of Italy, N. T. and S. A., Bank of America,
N. A., New York, Bank of America of California, Bancarnerica-Blair
Cor-
railroad stocks, oil
issues and specialties was generally toward lower levels.
A
real break developed in J. I. Case Threshing Machin
e which
dropped about 14 points and closed at 27334. A few of the
more active stocks showed moderate gains at the close, the
list including among others, Woolworth 1 point, Union
3 points to 226, Eastman Kodak 2% points to
Pacific 2%
24234, Brooklyn Union Gas 2% points to 15934, Goodye
ar
Tire & Rubber 234 points to 8834 and Pacific Lightin
g 1
point to 987
4. Copper shares suffered sharp reductions all
along the line and motor accessories were practica
lly at a
standstill.
On Tuesday7the chief characteristic of the
stock market
was dullness. Speculative interest was at
an extremely
low ebb and most of the active stocks
made little or no
progress either way. Motor stocks were
weak, General
Motors dipping below 50 while Chrysler dropped
below 34.
United States Steel common was down a point
or more and
Bethlehem Steel was off 134 points. At the
close only a
very few stocks showed gains. These include among others
d
Foster Wheeler, which improved about 334
points to 101,
J. I. Case Threshing Machine, which sold up to 279 at its
top for the day and closed at 276 with a gain of
234 points,
Crown Cork & Seal Co., which moved ahead 234
points to
49, and Motor Products, which closed at 60 with a gain of
points.
2
Some of the more important stocks to close lower
were Radio Corporation, Westinghouse Electric, General
Electric, American Can, Worthington Pump, Johns Manville and Air Reduction.
3999
FINANCIAL CHRONICLE
JUNE 7 1930.1
Price movements were somewhat irregular on Wednesday, to 139, the close to-day being at the low figure. Central
though the drift was toward higher levels, and the losses of States Elec. com. sold down from 35 to 3034 and ends the
the previous session were in a large measure regained. Oil week at 31. Elec. Bond & Share corn. dropped from 108%
stocks attracted considerable attention during the day, to 10031. Commonwealth-Edison fell from 320 to 295.
Houston Oil having a sharp run up of 534 points to 108, Nevada-Calif. Elec. lost over six points to 143 on few transfollowed by Standard Oil of New Jersey with a gain of 1% actions. Northern States Power corn, rose from 168 to
points and Pierce Oil pref. with an advance of 334 points to 17134, though it reacted finally to 17034. United Light
42. Some of the so-called specialties showed considerable & Power declined from 5334 to 473.1. Oils were dull.
strength, particularly McKeesport Tin Plate and Foster Humble Oil & Ref. sold down from 10534 to 9934 and at 100
% to 7634, the close
'Wheeler, both of which moved into new high ground for finally. Ohio Oil moved up from 725
the year. J. I. Case also spurted upward about 9 points to-day being at 7634. Standard Oil (Ohio) cora, weakened
to 285. Prominent in the list of stocks closing higher were from 9134 to 8734. Cosden Oil corn. at first advanced from
% but fell back to 5834. Gulf Oil of Pa. declined
United States Steel, Columbian Carbon, National Cash 5534 to 647
Register, United Aircraft; North American, General Elec- from 15034 to 147 and closed to-day at 148. Investment
trusts were weak. Goldman Sachs Trading fell from 3234
tric, Radio Corporation and Vanadium Steel.
On Thursday the market was generally weak, the brisk to 27. Blue Ridge and Shenandoah preferred stocks were
selling movement that developed around the noon hour particularly weak. Transamerica was off 4134 to 37 with
carrying a number of the market leaders to lower levels with the final transaction to-day at 3834. A. 0. Smith Corp.
losses ranging from 1 to 5 or more points. There were a few was conspicuous for an improvement from 227 to 23934,
stocks of the specialty type that moved against the trend, though it reacted finally to 234. Technicolor sold down
notably American Car & Foundry pref. which made an over- from 5934 to 52.
A complete record of Curb Exchange transactions for
4, Atlas Powder which imnight gain of 33.4 points to 983
proved 134 points and Continental Baking pref. which closed • the week will be found on page 4033.
at 79 with a gain of 2 points. The principal losses were
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
American Power & Light 434 points to 104, J. I. Case 11
Bonds (Par Value).
points to 274, Auburn Auto 734 points to 15634, Columbian
Stocks
Foreign
(Number of
Week Ended
Carbon 634 points to 153, Eastman Kodak 534 points to
Total.
Domestic. Goeernment.
Rights.
June 6.
Shares).
240, and Westinghouse 334 points to 17634. United States
HOLI DAY
Saturday
%,Worthington Pump was Monday
Steel was off about 2 points at 1685
$408,000 $2,762,000
92,600 $2,354,000
.598,600
319,000 2,787,000
164,300 2,468.000
629,800
down 7 points to 633.1, General Motors dipped nearly a point Tuesday
244,400 2,223,000
253,000 2,476,000
857,600
Wednesday
331,000 3.512,000
484.000 3,181,000
1,193,500
to 493.1 and General Electric receded 234 points to 813(. Thursday
302,000 3,281,000
1,016,100
419,300 2,979,000
Railroad stocks were down and coppers and oils moved within Friday
4,295.600 1,404,600 $13,205,000 $1,613,000 814,818,000
Total
a narrow range.
Persistant selling pressure again forced prices downward on
Friday and many of the leading speculative issues dropped
to new levels for the year. The day's transactions again
Bank clearings this week will show a decrease as compared
dropped below the 2 million mark, the total sales barely
reaching 1,700,000 shares. United States Steel was weak with a year ago. Preliminary figures compiled by us, based
throughout the session and at one time was down to 16734. upon telegraphic advices from the chief cities of the country,
Many other of the market leaders registered losses, the list indicate that for the week ended to-day (Saturday, June 7)
including such stocks as Westinghouse, General Electric, bank exchanges for all the cities of the United States from
American Can and Worthington Pump. Many new lows which it is possible to obtain weekly returns will be 4.1%
for the year were also recorded among the so-called specialties below those for the corresponding week last year. Our
such as Columbia Graphophone, American Rolling Mill, preliminary total stands at $11,992,756,165, against $12,Commercial Alcohol, American Radiator and International 508,381,957 for the same week in 1929. At this centre there
Mercantile Marine. The final tone was weak.
is a loss for the five days ended Friday of 2.1%. Our
comparative summary for the week follows:
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Course of Bank Clearings.
DAILY. WEEKLY AND YEARLY.
Week Ended
June 6.
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tafel
State, ‘
Municipal ck
For'n Bonds.
United
States
Bonds.
Total
Bond
Sales.
HOLIDAY
$2,945,000
2,169,000
2,054,000
1,897,000
1,600,000
"
$360,000 $8,883.000
120,500 7,562,500
406,000 7,987,000
663,000 8,797,000
311,000 8,394,000
0 705 nen 120 OcIR non 510.665.000
81.860.500 1.41 ft9n nen
1,710,880
1,750,450
1,694,020
2,392,850
2.154,860
Sales at
New York Stock
Exchange.
Stocks-No,of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
Rallroad,
etc.,
Bonds.
$5,578,000
5,273,000
5.527,000
6,237,000
6,483,000
Week Ended June 6.
1930.
1929.
Jan. Ito June 6.
1930
1929.
9,703,060
17,316,400
425,798,520
485,636.640
$1,860,500
10,665,000
29,098,000
82.075,000
14,496,000
39,308,000
849.430,500
297,168,000
931,876.500
856,005,050
273,645,650
792,823,000
841,623.500 355,879,000 81,278,475.000 31,122,473,700
1930.
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
86,669,000,000
534,863,481
455,000,000
345,000,000
103,028,032
109,400,000
147,508,000
149,288,000
142,531,107
128,836,445
115,400,626
82,021,314
30,751,242
56,809,000.000
671,664,327
506,000,000
404,000,000
117,877,005
126,400,000
. 161,294,000
160,476,000
165,186,189
181,955,273
119,708,604
84,857,944
41,177,281
-2.1
-6.4
-10.1
-14.6
-13.6
-13.5
-8.5
-7.0
-13.7
-31.2
,-3.6
-3.3
--25.3
Thirteen cities, 5 days
Other cities, 5 days
$9,012,628,247
981,335.224
89,449,596,623
1,106,817,215
-4.6
-11.2
Total all cities, 5 days
All cities, 1 day
$9,993,963,471 $10,556,413,838
1,951,968,119
1,998,792,694
-5.3
+2.4
$11.992,756.165 $12,508,381,957
-4.1
Clearings-Returns by Telegraph,
Week Ending June 7.
Total all cities for week
Complete and exact details for the week covered by the
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
foregoing will appear in our issue of next week. We cannot
BALTIMORE EXCHANGES.
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
Philadelphia.
Boston.
Baltimore.
Week Ended
Accordingly, in the above the last day
June 6 1930.
Shares. BandSales, Shares. BondSates. Shares. Bond Sales. until noon to-day.
week has in all eases had to be estimated.
the
of
Saturday
HOLI DAY
HOLT DAY
HOLI DAY
86.000
Monday
*25,504
833,000 a63,435
In the elaborate detailed statement, however, which we
b2,013
$25,100
Tuesday
*25,576
8,600 a67,691
18,100
61,252
34,000
further below, we are able to give final and complete
6,100
Wednesday
*22,279
18,000 a59,048
81,059
20,400 present
*25,722
Thursday
15,000 a98,984
12,000
82,036
14,000 results for the week previous-the week ended May 31. For
29,067
22,175
15,000
8,000
Friday
81,932
61,000
that week there is a decrease of 23.2%, the aggregate of
Total
121,256
$89,500 318,225
850,200
8,292 $154,500
clearings for the whole country being $8,554,615,517, against
Pray, week revised 141.820
581.850 367.472
563.900
1 775
ea 'Inn
$11,131,393,480 in the same week of 1929. Outside of this
* In addition, sales of rights were: Monday, 13,169; Tuesday, 29,821 Wednesday,
city the decrease is 14.1%, while the bank clearings at this
2,039; Thursday, 2,144.
a In addition, sales of rights were: Monday. 23,400; Tuesday, 23,100; Wednesday, centre record a loss of 27.5%. We group the cities now
2,200; Thursday, 33,900. Sales of warrants were: Monday, 1,100; Tuesday, 1,000;
Wednesday, 600: Thursday, 2,000.
according to the Federal Reserve districts in which they are
In addition, sales of rights were: Monday, 965; Tuesday, 818: Wednesday, 139
:
located, and from this it appears that in the New York
Thursday, 190; Friday, 540. Sales of warrants were: Monday, 17.
Reserve District, including this city, the totals show a
falling off of 27.3%, in the Philadelphia Reserve District of
THE CURB EXCHANGE.
15.7% and in the Boston Reserve District of 12.6%. In
Curb trading was very dull this week with the course of the Cleveland Reserve District the totals are smaller by
prices downward though losses were not large. Utilities 11.5%, in the Richmond Reserve District by 4.8% and in
were weak. Amer. Gas & Elec. com, receded from 1493
% the Atlanta Reserve District by 14.3%. The Chicago
4000
FINANCIAL CHRONICLE
[VOL. 130.
Reserve District suffers a loss of 19.1%, the St. Louis
Our usual monthly detailed statement of transactions on
Reserve District of 2.4% and the Minneapolis Reserve the New
York Stock Exchange is appended. The results for
District of 11.5%. The Kansas City Reserve District May and
the five months of 1930 and 1929 are given below:
shows a decrease of 11.4%, the Dallas Reserve District of
20.0% and the San Francisco Reserve District of 16.2%.
Month of May.
Fire Months.
Description.
In the following we furnish a summary by Federal Reserve
1930.
1929.
1930.
1929.
Stock, number of shares. 78,340.030
districts:
91,283,550
416,075,460
468,320,270
SUMMARY OF BANK CLEARINGS.
Inc.or
Week End. May 31 1930.
1930,
1929.
Dec.
1928.
1927.
Federal Reserve Dists.
s
$
s
%
$
1st Boston ____12 cities
400,339,649
457,900,238 -12.6
514,120,487
525,412,915
2nd NeW York__11 "
5,544,802,919 7,622,483,001 -27.3 7,768,304,247 6,733,596,012
3rd Philadelpla 10 "
436,209,330
517,399,957 -15.7
552,829,597
556,241,143
4th Cleveland-- 8 ••
342,126,393
386,413,336 -11.6
379,397,662
364,327,374
5th Richmond _ 6 134,318,148
141,086,749 -4.8
160,758,039
178,979,398
6th Atlanta____12 "
128,735,375
150,174,544 -14.3
158,517,294
133,597,293
7th Chicago -.20 "
681,834,320
843,257,740 -19.1 1,048,831,843 1,047,096,140
8th St. Louis... 8 "
190,526,140
195,132,320 -2.4
200,437,597
211,125,189
9th Minneapolis 7 "
101,936,18 -11.5
90,294,567
111,464,939
106,035,295
10th KansasCity 10 "
146,890,244
165,706,46 -11.4
171,394,500
184,613,830
Ilth Dallas
6 "
45,188,213
56,496,43 -20.0
59,728,908
55,459,063
12th San Fran 17 "
413,350,219
493,406,51 -16.2
528,090,082
441,940,885
Total
126 cities 8,554,615,517 11,131,393,480 -23.2 11,653,875,195 10,538,424,537
Outside N. Y. City
3,125,357,415 3,638,194,123 -14.1 4,017,623,993 3,947,021,583
naneala
91 .I•1..
..,... An.. A.II,
nr,rs rnr• 11111
In ,
elm n,n nave
Railroad& misc. bonds_ _
$171,705,500
State, foreign, &c., bonds $166,062,700
46,203,500
U. S. Government bonds 47,490,500
6,879,000
8,968,450
Total bonds
$220,432,200 $226,877,450 $1,235,950,400 24,066,595,200
The volume of transactions in share properties on
the
New York Stock Exchange each month since Jan. 1
for the
years 1927 to 1930 is indicated in the following:
1930.
1929.
.1928.
1927.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March
62,308.290 110,805,940
67,834,100 77,968,730
96,552,040 105,661,570
1st quarter
56.919,395
47.009,070
84,973,869
34,275,410
44,162,496
49,211,663
226,694,430 294.436.240 188,902,334 127.649,569
Month of April
May
•An ncn el•
3
$753,515,000
259,150,150
53,930,050
$902,778,500
285,602,500
47,569,400
111,041,000
82.600,470
80,478,835
79 240 Mil
Al 992 cF11
R9 ass 724
49,781,211
dR
007 Rlfl
We also furnish to-day a summary by Federal Reserve
The following compilation covers the clearings by months
districts of the clearings for the month of May. For that since Jan. 1 in 1930 and 1929:
month there is a decrease for the entire body of clearing
MONTHLY CLEARINGS.
houses of 14.2%, the 1930 aggregate of the clearings being
Clearings, Total All.
$49,519,321,081 and the 1929 aggregate $56,792,517,534. Month.
Clearings Outside New York.
The New York Reserve District has suffered a loss of 14.3%,
1930.
1929.
1930.
1929.
the Boston Reserve District of 6.6% and the Philadelphia
Jan_ _ _ 51,499,101,142 65,989,378,189 -22.0
19,467,796,592 22,085,712,319 --11.6
Reserve District of 8.0%. In the Cleveland Reserve Dis- Feb._ 42,418,215,982
54,552,094,040 -22.3 16,430,567,075 18.622,335,710 --11.7
trict the totals have decreased 10.9%, in the Richmond Re- Mar -- 51,980.155,673 63,091,118,610 -17.6 18,215,097,546
20,772,279,932 --12.3
serve District 5.1% and in the Atlanta Reserve District 1st qt!. 145,897 472797 183632590 839 -20.5 54,113,461,213 61.480,327,961 -12.0
Apr.-- 51.685,808,082 55,044,972,704 -6.3 18,149,669,550
20.047,419,300 -9.5
11.1%. In the Chicago Reserve District the decrease is May-- 49,519,321,081 56,792.517,534 -14.2
18.090,403,161 20,010.577,942 -9.6
11.5%, in the St. Louis Reserve District 10.4% and in the
The course of bank clearings at leading cities of the country
Minneapolis Reserve District 4.1%. The Kansas City Reserve District has suffered a shrinkage of 11.3%, the Dallas for the month of May and since Jan. 1 in each of the last
Reserve District of 18.4% and the San Francisco Reserve four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
District of 10.9%.
Federal Reserve Mats.
let Boston ____14 cities
2nd New York__14 "
3rd Philadelpla 14 "
4th Cleveland__ 15 "
5th Richmond _10 "
6th Atlanta____18 "
7th Chicago ---29 "
8th St. Louts._ _10 "
9th Minneapolls13 10th KsnsasCity 18 "
11th Dallas
11 "
12th San Fran 28 "
May
1930.
May
1929.
Inc.or
Dec.
May
1928.
May
1927.
$
2,230,153,419
32,201,020,198
2.458,8E4,684
1,833,532,755
760,226,715
735,724,781
4,016,137,647
885,690,836
528,925,668
1,005,983,260
434,790,934
2,428 250,184
$
2,3E9,048,811
37,597,448,486
2,671,173,686
2,058,338,736
801,091,159
827,567,843
4,540,869,640
963,732,007
551,622,863
1,133,467,692
532,417,963
2,724,938,648
%
-6.6
-14.3
-8.0
-10.9
-5.1
-11.1
-11.5
-10.4
-4.1
-11.3
-18.4
-10.9
$
2,668,019,887
37,461,481,534
2,724,788,625
1,953,848,775
846,133,093
851,847,219
6,190,727,316
992,623,259
558,768,801
1,091,962,305
497,656,572
2,941,116,326
$
2,485,412,331
25,398,9E6,345
2,4544,169,408
1,798,583,024
845,062,665
878,816,681
4,677,586,776
929,753,668
487,665,460
1,062,371,101
479,222,241
2,329,155,078
Total
192 cities 49,519,321,081 58,792,517,534 -14.2 57,778,974,312
Outside N. Y. City
18,090,403,161 20,010,577,942 -9.6 21,073,987,445 43,861,714,778
19,118,594,341
Atli.' 1
In0111111/1
21
RIO 990 <142
9 151 997 401
-149
91.9,1 010
1 014 404 i MC
We append another table showing the clearings by Federal
Reserve districts for the five months back to 1927.
5 Months
1930.
5 Months Inc.or 5 M3nths
1929.
Dec.
1928.
.., Months
1..27.
Federal Reserve Mats.
$
$
$
%
$
la Boston ____14 clties 11,337,392,599 12,108,271,089 -6.4 12732,964,07/ 12,082,009,7E2
2nd New York_ _14 • 160,442,449,437 197,841,678,920 -19.9 165,534,998,985 131,870557,535
3rd Philadelpla 14 " 12,691,517,793 13,826,437,604 -8.2 13,041,911,818 12,630,526,916
4th Cleveland...15 "
9,031,814,317 10,046,542,948 -9.1 9,205,352,378 9,106,851,127
6th Richmond _10 "
3,056,772,580 3,997,311,847 -3.5 4,082,735,113 4,250,661,962
6th Atlanta......18 "
3,808,182,600 4,287,787,345 -11.2 4,290,556,243 4,591,768,734
7th Chicago ....29 " 19,527,549,068 23,550,728,797 -17.1 23,124,578,572 21,745,867,805
8th 55. Louls__10 "
4,425,908,121 4,938,592,895 -8.1 4,886,180,399 4,812,632,235
9th Minnespolls13 "
2,511,077,599 2,740,965,838 -9.4 2,675,950,352 2,379,873,926
10th KansasCIty 16 "
5,068,755,387 5,621,460,206 -9.8 5,387,176,456 5,395,94,017
llth Dallas
11 "
2,333,781,552 2,806,089,616 -16.9 2,531,090,305 2,667,263,207
12th San Fran 28 " 12,067,401,907 13,704,213,372 -12.0 13,398,290,400 12,061,229,756
Total
192 cities 247,102,601,960 295,470,081,077 -16.4 260,892785,098 223,596,155,692
Outside N.Y. City
92,353,533,924 101,538,325,203 -11.0 98,825,496,674 95,038,688,970
on
Man•Alk
.11.1,,e•
0 "an ruse ene
IA IGII rim, •/1/G
117 AI
n cc,all 0.1
7c701,,an
May
Jan. 1 to May 31
(000,000s
1930. 1929. 1928. 1927. 1930. 1929. 1928. 1927.
omitted.)
$
$
$
New York
31.429 36,782 36,705 24,743 156,749 193,932 162,066 128,557
Chicago
2,585 2,849 3,614 3,277 12,646 15,370 15,899 14,908
Boston
1,979 2,099 2,342 2,231 10,062 10,657 11,300 10,828
Philadelphia
2,302 2,491 2,532 2,312 11,906 12,917 12,121 11.719
St. Louis
648
616
640
594 2,688
3,076 3,110 3,07
Pittsburgh
801
851
845
762 3,955 4,134 3,826 3.953
San Francisco
827
888 1.062
766 4,292 4,460 4,824 4,025
Baltimore
399
433
471
473 2,065 2,143 2,248 2,321
Cincinnati
274
330
333
313 1.409
1,645
1,660
1,583
Kansas City
521
588
568
589 2,682 2,895 2,803 2,997
Cleveland
582
873
571
527 2,881
3,214 2,704 2,603
Minneapolis
351
354
343
294 1,646
1,704 1,626
1,398
New Orleans
193
206
248
1,046
217
1,141
1,248
1,212
Detroit
823 1,030
877
730 3.913 4,879 3,911
3,522
Louisville
170
155
166
148
840
845
837
771
Omaha
187
200
942
193
170
968
938
846
Providence
60
73
75
58
308
358
341
293
Milwaukee
135
136
180
190
660
734
885
932
Los Angeles
821
936
996
767 3,967 4,887 4,406 4,010
Buffalo
241
267
249
1,128
221
1,298
1,126
1,094
St. Pau
104
108
124
116
503
621
639
611
Denver
145
163
147
133
650
810
725
666
Indianapolis
101
112
107
100
476
524
498
499
Richmond
189
178
185
187
949
918
927 1,012
Memphis
76
87
86
87
430
475
448
453
Seattle
176
220
220
188
865 1,095 1,038
946
Salt Lake City....
76
82
74
70
383
391
375
354
Hartford
67
100
80
65
364
434
424
324
Total
46,162 52,987 54,053 40,328 230,405 276,525 242,953 205,511
Other cities
3,357 3,805 3.726 3,534 16,698 19,464 19,045 18,086
Total all
49,519 56,792 57,779 43,862 247,103 295,989 261,098 223,597
Outside N.Y.City.18,090 20,010 21,074 19,119 90,354
102,057 99,032 95,040
We now add our detailed statement showing the figures
for each city separately for May and since Jan. 1 for
two
years and for the week ended May 31 for four years:
CLEARINGS FOR MAY,SINCE JANUARY 1, AND FOR WEEK ENDING MAY
31.
Month of May.
Clearings as1930.
1929.
$
$
First Federal Rese rve District.- -Boston.Maine-Bangor
2,966,381
2,829,883
Portland
17,512,007
17,782,114
Mass.-Boston
1.979,000,000 2,098,738,239
Fall River
5,167,618
5,662,660
Holyoke
2,525,023
2,822,429
Lowell
4,338,616
5.502,162
New Bedford
4,263,293
5,587,533
Springfield
20,928,830
20,633,681
Worcester
15,722,413
17,125,929
Conn.-Hartford
80,207,136
67,272.408
New Haven
36,874,665
38,064,694
Waterbury
10,877,400
12,127.600
Ft. 1.-Providence_ _ _
59,603,000
73,119,800
N. H.-Manchester-3,101.765
3,644,971
Five Months Ended May 31.
Inc. or
Dec.
1930.
%
$
Ended May 31.
1929.
1930.
1929,
Inc. or
Dec.
1928.
$
%
$
8
%
$
13,384,253
13,736,078 -2.6
+4.8
82.637,435 +0.3
82,856,374
-12.6
-5.7 10,061,758.084 10,656,265,716 -5.5
29,381,466 -10.8
26,213,018
-8.7
12,428,440
13,615,056 -8.7
-10.5
27,501,877 -21.5
21,599,359
-21.2
26,891,776 -15.7
22,682,696
-33.7
124,240,090 -15.6
104,809,135
-21.5
80,775,241 -5.2
76,575,167
-8.2
433,988.194 -16.0
-16.1
364,497.943
189,665,133 -6.2
177,816,927
-3.1
56,028,900 -12.9
48,824,700
-10.4
307,757,500
-18.5
357,731,300 -14.0
15,812,827 +2.3
16,189,003
-14.9
Total(14 cities)._ 2,230,153,419 2,389,848,811 -6.6
We
Inc. or
Dec.
11,337,392,599 12,108,271,089
-6.4
1927.
$
441,881
3,098,641
360,000,000
868,068
496,571
3,742,781
407,000,000
1.010,807
864,479
717,267
3,962,152
2,610.768
10,888,626
6400,063
1,023,532
1,081,076
5,036,727
3,083,908
14,511,529
7,583,125
-15.6
-33.7
-21.3
-15.3
-25.0
-19.6
1,089,311
860,293
5,438.693
3,242,380
17,013,153
11,707,207
1,041,222
1,142,548
5,721,709
3,414,351
14,926,908
7,732,398
10,171,400
615,404
12,651,600 -20.0
678,582 -9.2
14,547,600
728,182
11,251,700
769,873
400,339,649
457,900,238 -12.6
514,120,487
525,412,915
-11.0
643,182
-17.2
3.925,019
-11.5 453,000,000
-14.1
1,954,467
929.282
3,691,318
473,000,000
1,791,608
JUNE 7 1930.]
FINANCIAL CHRONICLE
4001
CLEARINGS-(Continued.)
Month of May.
Clearings at
1930.
1929.
$
i
Second Federal Re serve District -New YorkK. Y.-Albany
28,384,242
32,696,274
Binghamton
6,142,668
5,742,879
Buffalo
241,062,703
266,761,763
Elmira
4,628,054
5,397,398
Jamestown
5,775,782
5,734,100
New York
31,428,917,920 36,781,939,592
Niagara Falls
5,236,561
6,895,432
Rochester
51,358,712
69,120,137
Syracuse
26,393,480
33,725,010
Conn.-Stamford16,273.475
23,900,790
K. J.-Montclair
3.600,014
4,164,826
Newark
163,025,688
157,233,221
Northern N.J
208,178,879
200,334,563
Oranges
7,729,988
8,105,533
Five Months Ended May 31.
Inc.or
Dec.
1930.
%
i
Week Ended May 31.
1929.
Inc. or
Dec.
1930.
1929.
Inc. or
Dec.
1928.
1927.
$
%
$
$
%
I
$
+15.1
136,514,595
143,045,742
-13.0
29,721,261
31,737,617
-9.6 1,128,330,101 1,297,892,646
-14.2
26,090,181
21,443,885
+0.7
29,020,220
27,888,033
-14.6 156,749,068,036 193,931,755,874
-24.1
32,921,024
25,310,659
-25.7
-267,386,928
344,163,515
-21.7
156,004,924
123,348,928
-31.9
95,370,350
87,344,852
-13.5
16,970,221
21,137,439
+3.7
700,691,618
763.805,128
+3.8 1,022.648,292
999,161,270
-4.6
30,136,571
39,211,847
+4.8
6,457,975
5,315,034
-6.3
1,146,977
1,056,116
-13.0
43,656,793
53,181,506
-17.8
1,298,915
1,132,545
-3.9
1,248,258
1,315,483
-18.2 5,429,258,102 7,493,199,357
-23.1
-22.3
9,528,619
13,309,167
-21.0
8,035,295
6,073,908
-8.4
4,181,347
5,307,263
644,400
-20.0
771,754
+8.8
+2.3
41,348,238
41,820.366
-7.8
Total(14 cities)
32,201,020,198 37,597,448,486 -14.3 160,442,448,437 197,841,678,920 -19.9 5.544,802,919
7,622,483,001
Third Federal Res erve District -Philadelphi aPa.-Altoona
6,050,844
6,624,260 -8.7
32,217,318 -9.5
29,214,803
1,087,493
1,183,726
Bethlehem
19,533,251 -6.1
18,365,672
118,158,341 -14.0
101,614.247
4,815,908
5,065,251
Chester
5,128,869
5,822,313 -11.9
21,921,207
25,963,478 -15.6
890,499
1,165,615
Harrisburg
20,211,544
21.099,004 -4.2
103,329.348 -7.1
96,090,234
Lancaster
8,443,653
8,505,166 -0.7
45,521,278
47,047,899 -3.2
1,543,710
1,764,265
Lebanon
3,148,152
3,020,827 +4.2
15,103,861
13,678.774 +10.5
Norristown
3,241,359
4,094,687 -20.8
16,045,546
19,407,404
-17.3
Philadelphia
2,302,000,000 2,401,000,000 -7.6 11.916,000,000 12,917,000,000 -7.8 414,000,000
479,000,000
Reading
17,259,532
21,165,179 -18.5
80,441,721
95,361,940 -15.6
2,911,422
3,967,550
Scranton
20,277,044
28,650,028 -29.2
105,211,499
140,806,238
-25.3
3,585,837
5,422,205
Wilkes-Barre
15,618,330
17,625,157 -11.4
74,347,484
87,563,700 -15.1
2,682,708
3,677,907
York
9,386,685
9,728,166 -3.5
44,440,357
47,988,006 -7.4
2,005,614
1,717,753
N.J.-Camden
10,046,000
11,659,549 -13.8
49,074,556
54.022,681 -9.2
Trenton
19,707,000
22,648,090 -13.0
96.491,000
123,894.497 -22.8
2,974,000
4,147,826
Total(14 cities)
2,458,884,684 2,671,173,686 -8.0 12.691,517,793 13,826,437,604 -8.2
436,209,330 517,399,957
Fourth Federal Re serve District -Cleveland-01110-Akron
22,011,000
33,779,000 -34.8
104,577,000
155,644,000 -32.9
4,999,000
6,388,000
Canton
18,631,609
21,189,214 -12.1
94,392,100
102,238,322 -12.1
3,140.241
3,729,655
Cincinnati
273,813,510
330,258,996 -171 1,409,371,640 1,645,111,441 -14.4
52,234,000
65,533.572
Cleveland
581,739,616
672,709,452 -13.6 2,881,472,599 3,218,348,079 -10.5 112,837,976 120,117,032
Columbus
70,918,700 -4.1
68,040.800
343,114,200
369,132,200 -8.0
13,017,800
18,021,900
Hamilton
3,133,606
5,550,323 -43.5
21,167,240
26,160,264 -19.2
Lorain
1,457,473
1,745.575 -16.5
7,668,555
9,461,548 -19.0
Mansfield
8,901,229
9,044.425 -1.6
41,011,054
45,194,267 -9.3
1,797,887
1,532,797
Youngstown
23,032,222
25,201,641 -5.4
117,331,308
136,433,883 -14.0
6,360,211
5,593,010
Pa.-Beaver County1,913,431
2,279,778 -16.0
9,504,253
12,721,243 -25.3
Franklin
686,893
987,362 -30.4
3,908,063
4,520,324 -13.5
Greensburg
6,056,166
6.786,673 -10.8
21,444,394
31,054.649 -41.9
Pittsburgh
801,449.855
850.637.793 -5.8 3,855.378.610 4,133,818,901 -4.3 147,739,278 165,497,370
Ky.-Lexington
5,620,089
6,411,462 -12.3
41.162,227
57,079,787 -27.9
W. Va.-Wheeling
16,245,456
20,838,342 -22.0
80,313,074
103,624,102 -22.5
Total (10 cities).-
766,226.715
801,091,159
Sixth Federal Rese rve District- AtlantaTenn.-Knoxville_
12,892,790
11,358,000
Nashville
100,834,623
106,136,339
Ga.-Atlanta
248,161,760
203,419,548
Augusta
8,540,429
7,188,148
Columbus
5,659,852
4,539,363
Macon
7,151,968
6,212,886
1'la.-Jacksonville-71,964,666
02,582,004
Miami
12,295,000
11,962,000
Tampa
14,872,117
7,772,668
Ala.-Birmingham-104,686,702
92,080,583
Mobile
8,381,845
8,248,609
Montgomery
7,182,047
3,884,852
Miss.-Hattiesburg.7,448,000
0,190,000
Jackson
7,794,818
9,085,082
Meridian
3,355,051
2,820,689
Vicksburg
1,267,951
754,986
La.-14ew Orleans_
205,809,960
192,979,288
Total(17 cities)
735.724.781
ilLWILLI!!!!!+! 0
Total (15 cities).- 1,833,532,755 2,058,338,736 -10.9
Fifth Federal Rose rve District- RichmondW.Va.-Huntington_
5,184,923
5,340,170 -2.9
Va.-Norfolk
17,312,561
20,527,690 -15.6
Richmond
188,907.000
177,638,879 +6.4
N.0.-Raleigh
11,224,233
11,309,695 -0.7
S. C.-Charleston_ -9,512,462
9,756,533 -2.5
Columbia
11,277,951
11 325,142 -0.5
Md.-Baltimore
432,580,930 -7.7
398,958,442
Frederick
2,084,868
1,931,033 +7.9
Hagerstown
2,709,238
3,838,898 -29.4
113.055.037
D. C.-Washington
126.836.189 -10.9
827.587,843 -11.1
Seventh Federal R eserve Distrie t-ChicagoMich.-Adrian
1,185,192
1,082,859
Ann Arbor
4,725,858
3,894,346
Detroit
823,387,628 1,030,268,807
Flint
20,345,062
13,341,549
Grand Rapids
25,004,780
30,338,416
Jackson
4,289,778
8,290,757
Lansing
17,624,764
14,727,925
Indiana-Ft. Wayne10,781,462
16,304.393
Gary
25,097,213
26,777,864
Indianapolis
101,325,000
112,263,000
South Bend
12,410,683
14,083,811
Terre Haute
21,933,986
23,231,164
Wiseonsin-Madisun 10,800,447
13,745,884
Milwaukee
134,759,868
135,808,665
Oshkosh
3,372,015
4,059,037
Iowa-Cedar Rapids_
13,272,110
13,063,388
Davenport
60,822,303
54,569,551
Des Moines
39,724,808
45,750,612
Iowa City
2,146,284
2,117,334
Sioux City
26,835,292
31,148,226
Waterloo
6,759,729
7,557,206
Illinois-Aurora
4,954,190
5,506,388
Bloomington
8,631,037
8,620,932
Chicago
2,585,321,914 2,848,588,993
Decatur
5,910,622
5,510,854
Peoria
23,130,321
27,778,988
Rockford
14,840,464
18,882,777
Springfield
12,264,827
12.035,826
9,031,814,317 10,646,542,948
+21.5
5,883,068
5,696,953
+8.5
1,122,020
1.396,000
-17.9
49,440,523
49,406,283
+14.5
1,061,602
968,065
-5.1
1,256,948
1,381,648
-27.5 7,636,251,202 6,591,402,974
-32.4
-0.6
-21.2
-16.5
16,039,809
9,501,417
3,249,571
1,531,649
19,250,991
9,772,640
3,787.824
1,461.659
-1.1
42,966,438
49,070,975
-27.3 7,768,304,247 6,733,598,012
-9.0
-4.9
-23.6
1,524,379
4,945,736
1,152,096
1,795,379
4,182,912
1,399,959
-12.5
1,586,985
1,977,753
-13.6
-28.6
-33.9
-27.1
-14.4
520,000,000
4,180,150
5,986,455
4,117,932
2,258,322
526,000,000
4,077,10r1
5,318,857
3,739,886
5,996,027
-28.3
7,077,542
5,996,027
-15.7
552,829,597
556,241,143
-21.8
-15.8
-20.3
-6.1
-27.8
6,250,000
3,389,964
84,370,084
116.689,717
16,506,900
5,956,000
3,179,697
62,829,382
109.952.652
16,054,500
+17.3
+13.7
1.484,820
4,983.571
1,660,687
4,223,392
-10.7
165.687,606
160,471.064
-9.1
342,126,393
386,413,336 -11.5
379,397,662
364,327,374
24,302,220
90,731,252
948,995,599
48,735.981
45.287,278
50,234,386
2,064,997,547
10,055,643
13,462,812
559.969,862
25,388,314 -4.3
103,155,678 -12.0
917,956,807 +3.4
53,878,369 -9.5
48,251,517 -6.2
53,290,023 -5.8
2,142,939,069 -3.7
9,495,488 +4.8
15,937,083 -15.5
627,019,499 -10.7
957,057
2,951.780
37,043,000
1,155,643 -17.2
4,459,457 -33.8
35,130,000 +5.4
1,248,624
4,767,215
36,791,000
1,281,865
5,907,173
37,414.000
*1,700.000
82,000,000 -14.0
25.131.449
30,079,911
3,856,772,580
3,997,311,847
-3.5
134,318,148
141,086,749
-4.8
160,758,039
178,979,398
65,240,334
484,354,586
997,584,658
38,170,494
23,072,774
31,414,400
341,240.836
76,971,000
44,884,710
493,957,238
42,282,690
26,913,803
32,435,000
43,157,385
16,175.966
4,521,896
1,045,804,830
69,746,566
524,449,510
1,211,013,247
45,996,791
26,356,157
36.997,255
370,896,406
72,614,000
75,683,081
524,080,300
39,638,537
36,340,653
37,320,000
48,027,786
19,094,860
8,720,916
1,140,811.280
-6.5
-7.7
-17.7
-18.0
50.4
-15.1
-8.0
+6.0
-40.7
-5.7
+6.7
26.0
-13.1
-10.2
15.3
-49.2
-8.3
1,712,504
16,033,721
38,357,021
1,510,784
2.570,245
18,439,822
46,399,542
1,818,464
-33.4
-13.0
-17.3
-17.0
3,019,210
18,752,916
43,945,269
1,637,826
3,300.000
16,524,543
40,899,917
1,754.222
1,220,275
10,582,004
1,873,000
1,318,435 -7.5
13,555,685 -21.9
2,272,000 -17.6
1,816,068
14,963,682
2,571,000
1,526.194
15,596,347
3,889,768
17.734.801
1,740,196
20,527,245 -13.6
1,616,564 +7.7
21,912,808
1,669,366
18.500.000
1,926,826
-9.3
1,214.000
1,322.000
122,716
36,483,723
223,174 -45.0
39,930.368 -8.6
316,891
46,698,258
304,510
28,252,966
3,808,182,600
4,287,787,345 -11.2
128,735,375
150,174,544 -14.3
158,517,294
133,597,293
176,703
810,375
144,517.896
211,661 -16.5
866,652 -6.5
190,475,116 -24.1
223,023
1.132,631
183.398377
291,181
957,395
148.919.782
4,447,000
6,126,212 -27.4
•
3,440,000 -33.6
3,126,880 -13.6
7,852,126
7,561,886
2,285,033
2,700,982
2,933,023
3,035,213
2,344,901
2,909,852
17,151,000
1,797,370
3,646,815
26,-26-1:000 -15.3
2,492,521 -28.1
4,191,671 -13.0
19,379.000
2,845.600
4,262,435
21,317,000
2,869,400
4,460,423
23,385,899
29,051,295 -21.5
35,562,303
40,426,546
-8.7
4,984,168
6,235,786
-17.6
20,087,856
23,081,314
-20.1 't or v v .933
4,878,577,599
-34.6 -.---.-17
66,604,252
91,990,352
-17.6
122,230,842
177,660,614
-49.3
31,488,987
46,939,751
-16.5
78,190,510
82,860,507
-2.9
74,095,322
80,438,068
.-6.3
114,373,038
118,511,639
-11.8
475,722,000
524,350,000
-11.9
58,438,309
70,413,198
-5.6
113,657,067
118,381.161
-21.3
61,335,750
71.968.196
-1.2
659,553,187
733,895,229
-17.1
17.158,294
21,036,783
-1.6
86,920,708
60,862,551
+11.5
275,549,140
274,085,043
-13.2
214,405,942
211.170,331
+1.4
10,404,432
10.682,45
-13.8
137,683,024
156,711,18
-10.6
32,997,430
35,112,52
-10.0
28,868,91
24,320,353
+0.1
40.600,859
44,511,83
-9.1 12,645,601,147 15,370,074,30
+7.3
28,022.57
27,071,991
-16.7
129,786,84
110.110,427
-21.4
85,945,98
72,600,815
+1.8
62,554,03
58,045,285
71,546,492
20,119,819
1,304,630
74.871,964
-4.5
23,469,685 -14.3
1,503,000
1,875,402
1,886,085
90,944,349
102,410,384
-21.0
-13.0
-19.8
-27.6
-31.2
-32.9
-5.6
-7.9
-3.5
-9.3
-17.0
-4.0
-14.8
-10.1
-18.5
-19.9
+0.5
+1.6
-2.6
-12.1
-6.0
-15.7
-8.8
-17.8
-3.4
-15.2
-15.4
-7.2
1,641,435
455,375,586
891,845
3,916,112
2,732,466
2,049,708
2,057,994
550,855,054
1,099,471
4.798,340
3,642,954
1,762,699
Total(28 cities).- 4,016,137,647 4.540.869,640 -11.5 1
9,527,549,068 23,550,728,797 -17.1
681,834,320
843,257,740 -19.1 1,048,831,843 1,047,096.140
Eighth Federal Re serve District -St. Louis'
22,671,000
Ind.-Evansville
26,152,249
6,690,491
New Albany
790,267
547,772,109
Mo.-St. Louis
616,179,567
169,689,892
Ky.-Louisville
154,984,895
1,286,664
Owensboro
1,570,008
9,717,664
Paducah
9,495,714
Tenn.-Memphis--75,961,235
87,066,128
Ark.-Little Rock
51,017,885
58,913,208
991,803
Ill.-Jacksonville--1,992,015
5,892,093
Quincy
6,587,956
Total (10 cities)-
885,690,836
963,732.007
-13.3
-12.6
-11.1
+9.4
-18.1
+2.3
-12.8
-13.4
-50.2
-10.6
98,759,768
3,474.243
2,687,898,137
840,469,321
10,480,851
48,096,800
429,693,705
272,244,815
5,127,190
29,663,291
20,044,366
3,891,592
3,076,317,593
844,979,986
9,539,500
57,160,663
475,447,412
310.211.929
8,727,869
32,271,985
-8.1
4,425,908,121
4,938,592,895 -10.4
-17.7
-10.7
-28.9
-0.5
+10.0
-15.9
-9.6
-12.3
-41.2
-8.1
2,647,608
2,499,204
+5.8
2,793,565
2,675,922
5,724,932
9.105,292 -37.1
8,415.396
11,036,196
4,946,079
989,476
5.825,417 -25.1
1,368,307 -32.5
6,296,095
1,372,206
6,540,795
1,504.883
1,565,726
755,519,415
1,266,139
4,978,944
3,416,192
2,484,634
1.500.193
779,317,174
1,364,000
4,677,539
3.620.465
2,790,607
-20.2
-17.4
-22.9
-17.5
-24.0
+16.3
3,586,784
4,357,585 -17.7
4,224,015
6,181,172
129,700,000
33,940,291
211,076
132,100,000 -1.8
29,269,614 +16.0
292,726 -27.9
138,400,000
29,187,236
294,877
143,700,000
30,917,560
324,249
12,984,790
8.859.998
116,276
1,126,945
15,777,390
11,766,105
366,734
1,202,166
-17.7
-24.8
-56.4
-13.5
15,917,695
10,776,552
308,462
1,328,760
1,602,95C
11,499,359
416,119
1,483,781
190,526,140
195,132,320
-2.4
200,437,597
211,125,181
4002
FINANCIAL CHRONICLE
(VoL. 130.
CLEARINGS-(Concluded.)
Month of May.
Clearings at1930.
Fire Months Ended May 31.
Inc. or
Dec.
1929.
$
$
Ninth Federal Res erve District- -Minneapolis-%
Minn.-Duluth
19,853,723
33,227,042 -40.2
Minneapolis
351,092,527
353,742,811 -0.8
Rochester
2,583,445
2,758,525 -6.4
St. Paul
107,573,015 -3.7
103,596,049
N. flak -Fargo
9,228.358
9,028.109 +2.2
Grand Forks
6,886,000
5,017,000 +37.3
Minot
1,885,405
2,250,120 -16.2
S. Dak-Aberdeen
4,314,239
5,397,391 -20.1
Sioux Falls
8,809,532
8,622,023 +2.2
Mont.-Billings
2,825,003 -1.3
2,787,520
Great Falls
4,641,910
5,702,752 -18.6
Helena
12,836,083
14,904,273 -13.9
Lewistown
410,877
574.799 -28.5
Week Ended May 31.
1930.
1929.
Inc. or
Dec.
$
$
%
1930.
Inc. or
Dec.
1939.
$
$
1928.
1927.
$
%
$
99,180,025
1,646,042,520
12,360.403
503,092,780
43.066,017
32,317,000
8,107,820
21,513,379
43,789,433
13,338.281
22,320,886
63,153,159
2,795,896
144,443,399
1.703,758,194
12.672,528
621,108,573
43,512,920
28,622,000
9,225,338
24,353,685
40,210,089
14,167,970
26.023,559
70.213,537
2,654,046
-31.4
-3.4
-2.5
-19.0
-1.0
+12.9
-12.1
-11.6
+8.9
-5.9
-14.1
-10.1
+5.3
4,035.068
61.494.497
5,927,589 -31.9
88,995,137 -10.9
6,481,568
72,281,239
8,198,216
66,900,065
19.467,067
1,474,408
20,869,937 -6.7
1.657,742 -12.0
26,586,107
1,646,000
24,916,995
1,785,966
839,394
1.077,590 -22.1
1,148,003
1,083,371
-4.1
2,511,077,599
2,740,965.838
Tenth Federal Res erve District- -Kansas City Neb.-Fremont
1,731.876
1,632,149 +6.1
Hastings
2.455,469
2.675,956 -8.2
Lincoln
14,926,197
19,205,800 -22.3
Omaha
199,604,944 -6.3
187,230,388
Ran.-Kan. City
8,954,241
8,925.277 +11.2
Topeka
12,564,330
14,801,295 -16.1
Wichita
30,171,261
34,350,194 -12.2
Mo.-Joplin
4,281,739
5,673,707 -24.6
Kansas City
521,154,536
587,727,175 -11.3
St. Joseph
29.822,314 -18.9
24,189,347
Okla.-Tulsa
52 463,687 -20.9
41,512,534
5.467,520
Colo.-Col. Springs
5,986,404 -8.7
144,516,178
Denver
162,922,263 -11.3
8,827,644
Pueblo
7,676,527 -11.1
7,819,968
11,327.866
77,730,539
942,116,537
48,657,206
71,422,758
153,511.313
22,345,657
2,681,599,393
129,574.580
213,036,049
25,895,321
649,933,820
33,784,390
1,005,983,260 1,133,467,692 -11.3
Eleventh Federal Reserve Distr ct-DallasTexas-Austin
6,283.777
7,663,512 -18.0
Beaumont
7.696,000
9,200,000 -16.3
Dallas
169.373.000
216,624,838 -21.9
El Paso
28,997,196
27,769,431
+4.4
Fort Worth
42,272,299
58.392,457 -27.6
Galveston
11,347.000
18.666,000 -39.2
Houston
134,543,333
156,311,206 -13.9
Port Arthur
*3,500,000
3,679,491 -4.9
Texarkana
1,833,335
2,331,373 -21.4
Wichita Falls
8,333,000
10,546,000 -21.0
20,611,994
La.-Shreveport
21,233,655 -2.9
515,743
538,186
480,682
2,468,390
2.872.000 -14.1
2.823,000
2,670,000
-9.4
90,294,567
101,936,181 -11.5
111,464,939
106,035,295
8,569,032
13,527,999
96,516.007
968,060,104
45.878,370
76,087,736
172,725,003
30,500,636
2,894,679,815
153,257,709
283,548,565
31,853,366
810,261,245
35,996,219
-8.8
-16.4
-19.5
-2.7
+6.0
-6.1
-11.2
-26.8
-7.4
-15.5
-24.9
-18.7
-19.8
-6.1
269,734
*450,000
2,414,879
34,035,249
333.365 -19.1
539,006 -16.5
2,968,868 -18.7
37,065.931 -8.2
341,905
491,251
4,041,683
38,397,262
407,964
443,869
5,109,398
38,087.655
-4.6
--2.2
2,910,394
8,639,662
2,607.195
6,933,976
109,045,131 -13.9
4,796,508 +8.7
111,295.302
5,553.350
122,516,544
6.403,487
5,068,755,387
5.621,460,806
-9.8
34,146.513
43,361,000
918,541,686
138,604,515
235,606,925
75,220,290
696.611,647
16,291,001
11,566,261
46,589,000
117,241,814
42,776,406
49,252,000
1,174,460,171
135,729,279
288,585,905
112,016,000
803,032,647
16.430,794
13,011.702
56,332,246
114,462,466
-20.2
-12.0
-21.8
+2.1
-1.2
-32.8
-13.2
-0.4
-11.1
-17.4
+2.4
2,333,781,552
2,806,089,616
Twelfth Federal R eserve Distric t-San Franc iscoWash.--BelUngham
*4,100,000
3,582,000 +14.5
21,290,000
176,400,985
Seattle
220,090,518 -18.9
865,113,929
46,004,000
Spokane
52,768,000 -12.9
237,760,000
4,144,999
Yakima
6,102.628 -32.1
24,460,331
Idaho-Boise
5,739,603
5,300,139 +8.3
27.415,409
1.999,200
Dregon-Eugene
2,362,800 -15.4
9,308.875
169,047,228
Portland
184,298,575 -8.3
743,409,637
Utah-Ogden
6,289,966
6,801,920 -8.4
33,418,109
75,726,556
Salt Lake City
81,958,326 -7.6
382,753,641
trisona-Phoenix
18,430,000
21,042,000 -12.5
95,282,000
7.719,162
7,a1.-Bakerstield
5,979,973 +29.1
35,567,750
20,358,211
Berkeley
21,175,696 -6.9
101,504,411
Fresno
11,929,559
15,359,735 -22.3
68,802,150
31,808.853
Long Beach
38,396,703 -17.2
160,051,711
820,894,000
Los Angeles
938,194,000 -12.3 3,966,716,000
4,356,513
Modesto
3,827,079 +13.8
21,401.680
73,013.977
Oakland
88,771,451 -17.8
341,587,126
25,377,962
Pasadena
33,696,557 -24.7
133.708,571
5,387,028
Riverside
5.781,666 -6.8
23,945,347
28,414,860
Sacramento
29,652,437 -4.2
148,843,279
24,536,054
27,386,946 -10.4
San Diego
124,529,900
826.717,382
San Francisco
887,631,000 -6.9 4,292,059,772
14,150,922 -12.9
12,320.333
San Jose
64,936,941
9.052,032
8,636,197 +4.8
Santa Barbara
43,590,616
8,475,474
9,462.452 -10.4
Santa Monica
42,338,189
1,989,257
2,476.528 -19.7
Santa Rosa
10,261,033
8,017,100
11,634,400 -31.1
Stockton
47,345,500
18,088,000
1,095.458,123
265.902,000
31,010,652
25,680,599
10,623,934
810,388,374
33.389,156
391,293,010
105.839,000
30.278,647
106,828,920
75,060,302
196,815,357
4,886,623,000
19,240,168
424,257,904
172,461,615
28,567,095
158,231,608
132.839,095
4,460,476,736
67.540,843
43,558,131
47,942,590
10,911,713
54,488,800
Total(13 cities)-
528,925,668
Total(14 cities)._
Total(11 cities)--
0000' t.000000000000000.0000000.00000000
t.-0000 0C1'0. 000000-00000 0000O,-00{
Outside New York
532,417,963 -18.4
77TT+TIVITITNT7T1111+1IT
Total(28 cittes)
Grand total (192
cities)
434,790,934
551,622,863
00
494,022
o
-3.8
2,428,250,184 2,724,520,648 -10.9 12,067,401,907 13.703,795,372 -12.0
2,333,660
6,191,754
93,987,095
5,215,319
2,444,466
6,327,403
857,261
674.782 +27.0
509,724
906,019
1,135,293
1.511,157 -18.3
1,213,967
1,197,723
146,890,244
165,706,467 -11.4
171,394,500
184,613,830
899,621
1,267,230 -31.0
1,660,594
1,364,401
29,950,271
38,316,812 -21.8
38,166,164
35,266,431
8,536,983
1,323,000
9,456,534 -9.7
3,259,000 -44.3
11,161,126
4,528,139
9,560,576
5 288,000
3.978,338
4,196,856
-5.2
4,212,885
3,979,855
45,188,213
56,496,432 -20.0
59,728,908
55,459,063
32,865,010
18,890,000
782,674
43,416,807 -24.3
10,179,000 -1.5
1,222,553 -37.0
45,108,080
11,915,000
1,336,273
21,888,756
11,082,000
1,424,378
29,239,715
32,198,843 -11.2
33,823,783
31,221,399
15,032,457
15,772.206
-4.9
15,882,097
14.955,408
2,3011,346
5.770,026
138,495,000
2,471,978 -4.3
6,415,226 -10.2
168,229,000 -17.7
2,744.533
6,329,348
172,403,000
3,034,374
8,002.640
150,577,000
12,958,068
3,938,724
15,753.612 -23.7
5,247,126 -25.0
18,019,014
5,186,467
15,875,516
6,147.848
*4,000,000
3,533,712
139,339,145
1,868.485
1.357,621
1,473,236
4,365,238
4,679,929
166,848,996
2,343,896
1,473,477
1,739,130
-8.4
-24.5
-16.5
-20.3
-79
-15.3
4,265,224 I_ 6,817,403
4,144.612
4,848,911
199,656,000 160,613,000
2,411,261
2.524,565
1,294,778
1,200,156
1,901,212
1,931,931
1,440.000
2,049,500 -29.7
1,669,400
1,755,800
413,350,219
493,406,513 -18.2
628,090,082
441,940,885
49,519,321,081 56,792,517,534 -14.2 247,102,601,960 295,470,081,077 -16.4 8,554,615,517 11131393,480 -23.2
11653875,195 10538 424,537
18,090,403,161 20,010,577,942 -9.6
-11.0 3,125,357,415 3,638,194,123 -14.1 4,017,623,993 3,947,021,663
90.353,533,9241101,538,325,203
CANADIAN CLEARINGS FOR MAY, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 29.
1930.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Thatham
Sarnia
Otal (31 ritlevl _ _
e14,11.124.ted.
$
653,945.548
565,166.486
214,601,642
88,372.018
34,337,783
31,643,278
14,876,253
27,355,402
35,920.945
11,755,436
11,269,763
15.040,029
27,441,963
20,101,019
2,184,102
2,440,182
9,600.888
7,860,388
4,989.573
3,919,695
3,859,945
1,376.926
4.067,781
4,523,795
5,324,971
23,128,099
1,855,388
4,564,557
3.494,149
2,684,749
3,518,189
1929.
Five Months Ended May 31.
Inc. or
Dec.
$
%
704,771,135 -7.2
703,083,828 -19.6
280,275,828 -23.5
113,042,877 -23.7
38,329,060 -10.4
31,597,014 +0.2
18,392,095 -19.2
32,337,097 -15.4
55,076,135 -34.8
14,192,269 -17.2
13,626,296 -17.4
16,008,868 -6.0
30,855,894 -21.1
27,807,551 -27.7
2,985,771 -26.8
2,782,204 -12.2
11,720,094 -18.1
5,908,107 +33.0
6,328,718 -21.2
4,485,524 -12.6
4,408,692 -12.5
1,886,218 -27.1
4,339,615 -6.3
5,004,812 -9.6
6.104,355 -12.8
29,493,242 -21.6
2.173,127 -14.6
4,217,229 +8.2
3,733,978 -6.4
3.327,830 -19.3
3,620.246 -2.2
1 520 220 042 2 151 017 709 -15.7
1930.
$
2,912,667,792
2,625,076.528
943,277,058
428,815,506
154,783,097
133,489,716
68,881,156
131,924,082
194,905,013
51,573,617
51,874,142
69,036,450
124,280,469
94,614,054
10,267,148
10,424,853
45,004.179
25,674,152
23,898,777
17,099,279
18,004,935
6,674,004
18,588,169
19,774,573
26.270,855
101,466,399
9,034,812
19.920,496
16,496,006
13,342,546
15,726,732
1929.
3
3,297.787,354
3,370,859,728
1,150,225,567
540,844,399
184,574,929
144,621,749
82,843.853
142,776,366
298,909,687
64,383,504
61,646.771
74,089,793
144,783,194
121,545.270
13.039,274
14,012,191
52,768.294
28,049,235
31,243,994
18.590,676
20,751,315
9,914,746
21,543,338
22,319,847
28.571,238
134,063,336
10,134,300
20,178,169
17,996,213
17,970,017
16,654,304
Week Ended May 29.
Inc.orInc.
or
Dec.
I
1929.
1930.
Dec.
%
-31.5
-22.1
-17.6
-20.7
-16,1
-7.8
-16.9
-7.5
-34.8
-18.9
-15.9
-6.8
-14.2
-22.2
-21.3
-25.6
-14.7
-8.5
-23.5
-8.1
-12.0
-32.7
-13.8
-11.4
-8.1
-24.3
-10.9
-1.2
-8.3
-25.8
-5.6
8.387.926,595 10,157,692,65t_17.4
3
107,326,353
106,739,598
43,823,533
16 168 440
5:179;880
4,182,875
2,504.297
5,262,513
6,555,271
2,138.800
2,160,589
2,622,779
4,758,083
3,866,516
375,820
592,628
1,647,833
3,962.649
910,891
941,082
778,139
234,370
781,460
796,069
1,098,793
5,262,513
346.505
803,658
631,718
460,167
523,612
333,437.432
oomoocawom.-cow
wommolocowcoolDoo.
o.co'cl5O-oom
,covw.00...m.--qoc.owoom,000w..woomvo.i.
Month of May.
,
Clearings at-
%
-9.6
-10.7
-11.7
7-24.6
-14.0
-26.4
-34.7
-11.6
-37.4
-22.0
-8.8
+2.6
-7.2
-36.3
-32.2
+5.9
-21.5
+274.1
-21.2
+28.8
-8.0
-31.5
-4.3
-6.9
-11.3
-6.3
-5.2
-1.2
-9.4
-31.6
+45.2
379.239.400 -12.1
1928.
$
164,144,770
168,210,040
77,602,570
19,353,034
7,322,965
6,978,123
3,561.187
6,548,655
25,531,554
3,294,263
2,317,504
3,689,129
6,439,442
4,815,929
557,035
790,123
2,426,237
1,255,756
1,344,135
969,465
879,484
452,331
886,268
943,548
1,370,406
5,250,672
398,431
1,038,563
1,067.802
872,249
601,407
510.933.075
1927.
$
160,388,765
137,707,089
56,798,284
17,796,511
6,814,831
10,043.345
3,442,349
5,531,744
6,982,251
2,527,538
2,734,662
3,286,920
5,440,326
3,761.702
538,684
488,329
1,751,554
1,166,296
1,217,579
978,123
865.784
267,050
838,025
1,082,165
2,277,330
4,982,630
349,318
928.259
807.031
820,779
645,766
443,260.514
4003
FINANCIAL CHRONICLE
JUNE 7 1930.]
PRICES ON PARIS BOURSE.
THE ENGLISH GOLD AND SILVER MARKETS.
Quotations
of representative stocks on the Paris Bourse
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of as received by cable each day of the past week have been
as follows:
May 21 1930:
May 31 June 2 June 3 June 4 June 5 June 8
GOLD.
The Bank of England gold reserve against notes amounted to £162,383,588 on the 14th inst. (as compared with £163,572,470 on the previous
Wednesday), and represents an increase of £16,423,504 since Jan. 1 last.
Gold from South Africa to the value of £824,000 was available in the
open market yesterday. At the fixed price of 84s. Ild, per fine ounce,
£400,000 was taken for Germany and £306.000 for a destination not disclosed but believed to be Belgium. India took £50,000, the Continental
trade £30,000 and the Home trade £28,000.
At the Bank of England heavy withdrawals of gold for France were
a:gain a feature during the past week, being exceptionally large on the 16th
and 17th inst. when the sales of £1,787,781 and £2,662.867 respectively,
were announced. Altogether, withdrawals totalled £5,902,556, of which
about £5,360,000 was in bar gold for France and £520,833 in sovereigns set
aside. Receipts included £1,000,000 in sovereigns from Australia. The
net efflux during the week under review is £4,902,113. It is believed that
the withdrawals for account of France were mainly due to the need for
funds by applicants for the French share of the capital of the Bank for
International Settlements, the subscription lists of which closed yesterday.
The French exchange is now considerably firmer, rendering further shipments of gold from London unprofitable for the present.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 12th inst. to mid-day on the 19th inst.:
ExportsImportsAustralia
£2,000,000 France
£2,434,491
British South Africa
936,411 Germany
421,930
British West Africa
42,542 Switzerland
22.200
Other countries
18,554 British India
118,328
Other countries
7,433
.62,997,507
BondsFrancs Francs Francs
French Rentes 3% Perpetual__
87.45
87.15
101.60 101.45
French Routes 4% 1917
101.45 101.55
French Rentes 5% 1915-16
Banks23,225 22,550
Banque de France
2,955
2,900
Banque de Paris et des PaYs Bea3,185
3,125
Credit Lyonnais
1,505
1,500
Union des Mines
Canal18,350 17.910
Canal Maritime de Suez
Railroad2,430
2,400
Chemin defer du Nord
Mines1,382
Hell1.420
Mines ae Courrieres
1,175
1,136
day
Mines de Lens
951
945
Soc Miniere et Metallurglque
Public Utilities3,460
3,375
Cle. Generale d'Electricite
3,050
2,955
Soc. Lyonnalse des Faux
Cie. Francalse des Precedes
878
845
Thomson-Houston
1,283
1,110
Union d'Electricite
industrials2,155
2,120
Tretileries & Laminoirs du Havre
932
894
Societe Andre Citroen
315
308
Ste. Francais° Ford
1,010
1.000
Coty, S. A
3,235
3,150
Pechiney
1,940
1,990
l'Alr Liquids
1,000
998
Etabltssements Kuhlmann
187
170
Galeries Eafayette
0U4,100
4,125
Royal Dutch
£3,004,382
SILVER.
Although there have been fluctuations in silver prices, the market has
shown a marked downward tendency. News was received on the 16th
Inst. of an order made by the Chinese Government prohibiting the export
of gold bars and the import of foreign silver coin. Hesitation on the part
of sellers, possibly whilst considering the effects of this measure, and a
demand from some bears to cover their commitments caused a sharp rise
of gd., prices being quoted at 19d. and 19 3-16d. for cash and two
month's delivery respectively. Subsequent movements, however, were
downward, and after two successive falls of gd., prices touched 18gd.
and 18 11-16d. on the 19th inst. There was a slight reaction of 1-16d.
yesterday, but to-day with further selling and a lack of support, quotations lapsed to 18gd. and 18 9-154. for cash and two months' delivery
respectively, which price for cash is equal to the lowest on record.
China selling has been the chief cause of the weakness, but the Indian
Bazaars were also inclined to take a bearish view, making fresh forward
sales besides purchases for near delivery. America too has been a seller
offerings on occasion having been made with some freedom.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 12th inst. to mid-day on the 19th inst.:
ExportsImports£30.343British India
France
£79,038
United States
17,484 Other countries
2,305
Netherlands
8,300
Other countries
8,660
£64,787
£81,343
INDIAN CURRENCY RETURNS.
May 15.
May 7. Apr.30
(In Lacs of Rupees)17341
Notes in circulation
17342
1739
11011
11012
Silver coin and bullion in India
11060
Silver coin and bullion out of India
_Gold coin and bullion in India
3228
3228
---3227
Gold coin and bullion out of India
Securities (Indian Government)
3058
3058
---3073
Securities (British Government)
44
44
30
The stocks in Shanghai on the 17th inst. consisted of about 98,300,000
Saigon
ounces in sycee, 143,000,000 dollars, 16,900,000
dollars and 11,620
silver bars, as compared with about 98,000.000 ounces in sycee, 144,000,000 dollars, 15.900,000 Saigon dollars and 12,760 silver bars on the 10th inst.
Quotations during the week:
-Bar Silver per Oz. Std.
Bar Gold per
2 Mos.
Cash.
Ounce
May 15
18 15-16d.
I9d.
845 1134d.
May 16
193-16d.
19)d.
84s. llgd.
May 17
18 15-16d.
190.
84s. 11,14d.
May 19
18 1146d.
183d.
84s. llgd.
May 20
18gd.
18 13-154.
84s. 11d.
May 21
18 9-16d.
18,
,gd.
84s. llgd.
Average
18.9061.
18.844d.
84s. 11.42d.
The silver quotations to-day for cash and two months' delivery are
respectively 7-164. and Md. below those fixed a week ago.
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:
Sat.,
May 31.
Silver, p. oz_d_ 17 7-16
Gold, p. fine oz
Consols, 2345-/3ritIsh 58----British 4 Ms.__
French Rentes
(in Paris)-fr.
84.11 X
----___
____
J7
tlees.,
3.
Wed.,
Mon..
Thurs.,
Fri.,
June 2.
June 4.
June 5.
June 6.
17 3-16
16 5-16
15 13-16 1634
16g
84.1134
84.1134
84.1134
84.1134
84.1134
56)4
55%
'5514
55
55g
102g
102X
102
102
102g
98
9814
98(
98
98g
---
87.40
87.12
French War L'n
(in Paris)-fr. --
101.35
101.55
87.90
102
87.80
87.65
101.95
101.95
The price of silver in New York on the same days has been:
Silver In N.Y., per oz. (cts.):
Foreign
37)4
36g
35
34
3634
35g
Francs
88.05
101.45
102.00
Francs Francs
87.85 87.80
101.45 101.45
102.00 102.00
22.740
2,910
3.150
1,500
22,605 22,485
2,885
2,860
3,125
3,110
1,500
1,500
18,130
18,080
17,930
2,390
2,405
2,385
1,376
1,110
969
1,390
1,110
970
1,405
1,129
869
3,390
2,975
3,360
2,945
3,330
2,905
843
1.175
850
1,150
840
1,155
2,135
894
305
980
3,175
1,925
1,000
168
2,125
850
310
985
3,125
1,901
1,000
168
2,110
851
303
955
3.025
1.799
987
168
4,095
4,080
4,065
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.
May June June June June
31.
2.
3.
4.
5.
Per Cent of Par
115
115
115
115
115
Eat. Deutsche Credit (Adca)(8)
177
176
174
172
174
Berlin. Ilandels Ges.(12)
152
152
150
149
150
Commerz-und Privat-Bank (11)
232
230
229
228
228
Darmstaedter U. Nationalbank (12)
141 141
141 140 140
Deutsche Bank U. Disconto Ges.(10)
142
142
141
141
141
Dresdner Bank (10)
292
292
295
295
294
Relsehsbank (12)
103
102
102
97
98
Algemeene Kunetzthle Unie(Aku)(18)
168
166
163
164
168
Aug. Elektr. Ges.(A.E.G.)(9)
220
220
224
220
(10)
Co.,
Bertha
Motor
Ford
138
137
137
136
136
Gelsenkirchen Bergwerk (8)
165
165
160
161
167
Gesfuerel (10)
112
111
109
108
110
Hamburg-American Line(HaPag)(7)
139
139
138
_-Hamburg Electric Co.(10)
57
56
___
Heyden Chemical (5)
127
125
125
124
124
Ilarpener Bergbau (6)
141
141
141
141
142
Hotelbetrieb (12)
186
186
182
184
I. G. Farben-Indus.(Dye Trust)(12)*„... 188
160
158
158
158
158
Kali Chemie (7)
133
133
131
128
130
Karstadt (12)
109
108
107
106
101*
Mannesmann Tubes (7)
113
111
110
109
110
North German Lloyd (8)
100
98
97
94
___
Phoenix Bergbau (6)4)
296
294 293 287
2710
Polyphonwerke (20)
181
180
179
177
178
Rhein. Westf. Elekt.(It. W.E.)(10)
116- 116
115
113
113
Sachsenwerke Licht u. Kraft (714)
243
247
248
240
245
Siemens & Halske (14)
104
103
105
99x
Stoehr ris Co. Kammgarn Spinneret(10)- 104
160
161
155
158
161
Leonhard Tietz (10)
96
95
93
94
Ver.Stahlwerke(United Steel Works)(6)_. 97
June
6.
115
173
150
228
140
141
293
99
165
225
137
161
112
138
61
126
142
174a
158
129
103
113
95
269
179
113
246
99
157
94
•ex-div. 7%. a ex-div. 14%. o ex-div. 20. x ex-div. 5%.
(5,ontinericialiand74iscalautons Ams
Breadstuffs figures brought from page 4092.-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:
Flour.
Receipts at-
Wheat.
Corn.
Oats.
Barley.
Rye.
,bls.196lbs bush. 80195.bush.56 tbs.bush. 32 lbs.bus. 48 lbs bus.56 lbs.
Chicago
Minneapolis_
Duluth
3.Ii1waukee__ Toledo
Detroit
Indlanapolia_
St. Louis_ _ _ -
Peoria
104,000
11,0
98,000
37,000
Kansas City_
Omaha
St. Joseph_
Wichita
Sioux CityTotal wk. '30
Same wk. '29
Same wk. '28
310,000
445,000
419,000
530,000
937,000
787,000
9,000
332,000
4e,000i
108,0001
408,0001
35,OOe
440.000
79,000
49,000
91,000
14,000
1,663,000
164,000
1,000
110,000
34,000
8,001
670,000
546,000
486,000
399,000
267,000
118,000
26,00
20,000
1,384,000
139,000
89,000
38,000
32,000
16,000
188,000
278,000
76,000
124.000
104,000
34,000
4,000
24,000
45,000
259.000
29,000
270,001
1,000
3,839,000
4,564,000
4,322,000
4,512,000
2,862,000
6,500,000
2,530,000
2,372,000
3.142,000
667,000
631.001
622,000
2,000
88,000
501,000
1,000
10,000
10,000
50.000
3,000
602,000
276,000
421,000
Since Aug.118,444,000331,009.000227,522.000123,471,00060,863,000 22,713,000
1929
1928
20,964,000440,115,000237,038,000128,417,00087,848,00024,761,000
20,875.000420,051.000277,212,000141.145,00067,006.00034,623,190
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 31, follow:
4004
Receipts atNew York__ Philadelphia__
Baltimore___.
Newport News
Norfolk
New Orleans *
Galveston
Montreal_-_
Boston
FINANCIAL CHRONICLE
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bis.1961bs. bush.60 lbs.bush.56 lbs.bush, 32 lbs.bus.48 lbs.bus. 56183
255,000
785,0001
26,000
28,0001
20,000
29,000
I
2,000
4.0001
16,001
103,0001
16,000
5,000
56,000
1,000
32,000
51,000
59,0001
18,000
14,000
25.0001
1,000
62,000 3.088,0001
17,000 103,000
20,000
12,000
Total wk. '30 434,000 4.148,0001
63,000
63,000
123,000
17,000
Since Jan.1'30 10,581,000 37.778.000f 2,070,000
2,122,000 330,000 285,000
Week 1929
430,000 2,360,0001
83,000
67,000 271,000
68,000
Since Jan.1'2911,511,000 70,155,0001 14,362,000
8,700,00012,624,000 2,338.000
* Receipts do not include
on through bills of lading. grain passing through New Orleans for foreign ports
[Vol,. 130.
New York City Realty and Surety Companies.
(AU prices dolksre per share.)
Bond & Mtge Guar
Home Title Insurance
Lawyers Mortgage
Par Bill 'Ask
Par
lAsk
20 105 108 Lawyers Title & Guar--_100 270 278
25 61
87 Lawyers Weetcheat M&T100 200 250
20 51
5212 Westchester Title
135 155
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate,
Bid. Asked.
Maturity.
June 10 1930-- 434% 100182 1004n Sept 151930-32
Sept.15 1930._ 334% 1004n 1001on Mar. 15 1930-32
Dec. 15 1930-- 334% 10011n 10014n Dee. 151930-32
lat.
Rate.
Bitl.
Asked.
334% 10014n 10014n
334% 10014n 10014n
334% 10014n 10014n
National Banks.-The following information regarding
The exports from the several seaboard ports for the week
ending Sat., May 31 1930, are shown in annexed statement: national banks is from the office of the Comptroller of the
Currency, Treasury Department:
ExportsfromWheat.
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
Montreal
Houston
Corn.
Bushels. Bushels.
1,153,000
60,000
46,000
276,000
32,000
56,000
100,000
311,000
40,000
3,088,000
40,000
Total week 1930__ 5,202.000
Same week 1929____ 6,169,000
78,000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
71,173
4,000
2,000
1,000
4,000
10,000
34,000
62,000
17,000
205,173
168,322
CHANGE OF TITLE.
May 31-The Oklahoma State National Bank of Clinton,
to "The Oklahoma National Bank of Clinton." Okla..
6,000
6,000
708,000
103,000
17,000
103,000
56,200
17,000
850,400
The destinat'on of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 toMay 31 July 1
1929.
1930.
Wheat.
Week
May 31
1930.
Corn.
Since
July 1
1929.
CHARTER ISSUED.
Capital.
May 26-Citizens National Bank in Marietta, Georgia
Conversion of the Citizens Bank of Marietta, Ga $100,000
President, J. R. Fowler; Cashier, Fred Legg.
Week
May 31
1930.
Since
July 1
1929.
Barrels. Barrels.
Bushels.
Bushels.
United Kingdom- 60,522 3,444,008 1,214,000 50,805,000 Bushels. Bushels.
34,000
Continent
132,246 3,879,087 3,952,000 83,735,000
6,000
So.& Cent. Amer_ 3,000
873,300
3,000
734,000
51,000
West Indies
7,000
908,900
44,000
274.000
Brit. No.Am.Col
____
39,100
Other countries__ _ 2,405
590,853
33,000 1.080,000
Total 1930
205,173 9,735,228 5,202,000 136,398,000
365,000
Total 1929
168.322 10.266.063 6.169.000 263.747.418
78000 23 74.6 322
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 31, were as follows:
VOLUNTARY LIQUIDATIONS.
May 26-The First National Bank of Chatham. Virginia
Effective May 24 1930. Liq. Agent, Edwin S. Rein, 25,000
Chatham, Va. Absorbed by Chatham Savings Bank,
Chatham, Va.
May 27-The Edgecombe National Bank of Tarboro, N.C
100.000
Effective May 26 1930. Liq. Agent, W. G. Clark,
Tarboro, N. C. Absorbed by North Carolina Bank
& Trust Co., Greensboro. N. C.
May 28-The National Bank of Commerce of Frederick, Okla50,000
Effective Aprll 26 1930. Liq. Agent, R. L. Case,
Frederick, Okla. Absorbed by the First National
Bank of Frederick, No. 8140.
May 29-The First National Bank of Britton, S. Dak
50.000
Effective April 30 1930. Lin. Agent, C. C. Anderson,
Britton, S. Dak. Succeeded by First National Bank
in Britton. No. 13.460.
CONSOLIDATIONS.
May 31 The Union National Bank of Lowell, Mass
350,000
The Old Lowell National Bank, Lowell, Mass
200,000
Consolidated under Act of Nov.7 1918 under charter of
the Union Natioral Bank of Lowell, No.6.077, and under the corporate title of "Union Old Lowell National
Bank." with capital stock of $1,000,000. A branch
located at No. 421 Middlesex St., Lowell, which was
a branch of the Union National Bank of Lowell, and
which was authorized since Feb. 25 1927, was reauthorized for the consolidated
May 31-The First National Bankbank.
of Jasonville, Ind
50.000
Citizens Trust Co., Jasonville, Ind
25,000
Consolidated under Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter and corporate title of
The First National Bank of Jasonville," No. 7,342,
With capital stock of $50,000.
May 31-The Chase National Bank of the City of
New York-105,000,000
The Equitable Trust Co.of New York, N.Y
50,000,000
Interstate Trust Co.. New York, N. Y
7.188,700
Consolidated under Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter and corporate title
of "The Chase National Bank of the City of New
York," No.2,370, with capital stock of $148,000,000.
The consolidated bank has 22 branches all located in
the City of New York, which were branches of the
Chase National Bank of the City of New_ York. and
which were in operation on Feb. 25 1927. Five
branches of the Chase National Bank which were authorized since Feb. 25 1927 were reauthorized for the
consolidated bank.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
May 21-The Hamilton National Bank of Chattanooga, Tenn.
Location of Branch, 1424 McCallie Ave., Chattanooga.
May 31-The Chase National Bank of the City of New
York, N. Y. Lo
cation of branches:
11 Broad Street. Borough of Manhattan
37 Wall Street, Borough of Manhattan
115 Broadway. Borough of Manhattan
Franklin and Hudson Streets, Borough of Manhattan;
40 Worth Street, Borough of Manhattan;
Fifth Avenue at 14th Street, Borough of Manhattan;
338 West 23rd Street, Borough of Manhattan;
Madison Avenue at 28th Street, Borough of Manhattan;
40 West 34th Street, Borough of Manhattan;
Madison Avenue at 41st Street, Borough of Manhattan;
Seventh Avenue at 41st Street, Borough of Mant
130 West 42nd Street, Borough of Manhattan; attan;
Lexington Avenue at 43rd Street, Borough of Manhattan;
Lexinston Avenue at 59th Street, Borough of Manhattan;
Madison Avenue• at 45th Street. Borough of Manhattan;
Madison Avenue at 79th Street, Borough of M anhattan;
Madison Avenue at 96th Street, Borough of Manhattan;
Broadway at 110th Strelt, Borough of Manhattan;
Wadsworth Avenue at 181st Street, Borough of
368 East 149th Street. Borough of the 13roxn; Manhattan;
96 East 170th Street. Borough of the Bronx;
301 East Fordham Road, Borough of the Bronx
Avenue M and East 17th Street, Borough
.Jamaica Avenue at 217th Street, Borough of Brooklyn;
of Queens;
(Ail located in the City of New York).
GRAIN STOCKS.'
Wheat,
Corn,
Oats,
Rye,
Barley,
United Statesbush,
bush,
bush,
bush.
bush.
New York
746,000
75,000
60,000
41,001)
22.000
Boston
142,000
6,000
1,000
Philadelphia
370,000
5,000
95,000
1,000
24,000
Baltimore
967,000
30,000
47,000
21,000
120,000
Newport News
412,000
New Orleans
1,070,000
92.000
92,000
4,000
188,000
Galveston
500,000
39,000
Fort Worth
2,158,000
97,000
99,000
5,000
91,000
Buffalo
7,936,000 2,215,000 1,272,000
973,000
378,000
"afloat
75,000
132,000
Toledo
1,758,000
15,000
255,000
3,000
2,000
Detroit
123,000
18.000
31,000
10,000
3,000
Chicago
15,946,000 2,725,000 3,346,000 8,418,000
196,000
Milwaukee
592,000
401,000
534,000
238,000
100,000
Duluth
26,188,000
2,000 1,968,000 3,389,000
738,000
Minneapolis
25,970,000
71,000 3,968,000
936,000
3,134,000
Sioux City
325,000
248,000
77,000
14,000
Kansas City
19,603,000 1,327,000
24,000
5,000
59,000
St. Louis
2,650,000
429,000
268,000
36,000
9,000
Wichita
690,000
25,000
Hutchinson
1,235,000
23,000
St. Joseph, Mo
2,464,000
993,000
108,000
28,000
Peoria
2,000
27,000
31,000
35,000
Indianapolis
746,000 1,202,000
131,000
13,000
Omaha
3,819,000
804,000
165,000
4,000
118,000
On Lakes
120.000
Total May 31 1930_116,532,000 10,824,000 12,652,000 12,106,000 5,416,000
Total May 24 1930_118,177,000 11,762,000 12,139,000 12,038,000 5.637,000
Total June 1 1929____96,425.000 14,259,000 9,280,000 6,537,000 5,994.000
Note.-Bonded grain not included above: Oats, New York, 168,000 bushels;
Baltimore, 5,000; Buffalo, 81,000; Duluth, 5,000; total, 259,000 bushels, against
572,000 bushels in 1929. Barley, New York, 454,000 bushels; Buffalo,
Duluth, 75,000; total, 2,376,000 bushels, against 3,789,000 bushels in 1929.1,847,000;
Wheat,
New York, 200,000 bushels; Boston, 1,305,000; Philadelphia, 2,610,000; Baltimore,
3,076,000; Buffalo, 4,828,000; Buffalo afloat, 1,777,000; Duluth, 39,000; on Lakes,
624,000; Canal, 1,674,000; total, 18,133,000 bushels, against 25,480,000 bushels
In 1929.
CanadianMontreal
6,483,000
926,000
530,000
546,000
Ft. William dr Pr. Arthur_38,082,000
1,774,000 4,640,000 13.787,000
Other Canadian
12,865,000
2,447,000 1,099,000 1,204,000
Total May 31 1930_ _ _57,430.000
5,147,000 6,269,000 15,537,000
Total May 24 1930___62,528,000
6,365,000 6,280,000 15,467.000
Total June 1 1929____71,044,000
9,692,000 2,572,000 6,955,000
SummaryAmerican
116,532,000 10,824,000 12,652,000 12,106,000 5,416,000
Canadian
57,430,000
5,147,000 6,269,000 15,537,000
Auction Sales.-Among other securities, the
following,
Total May 31 1930_173,962,000 10,824,000 17,799,000 18,375,000 20,953,000 not
actually dealt in at the Stock Exchange, were sold at
Total May 24 1930-170,705,000 11,762,000 17,504,000 18,318,000 21,104,000
auction
in
1929_167,46
New York, Boston, Philadelphia and Buffalo
9,000 14,259,000 18,972,000 9,109,000 12,949,000
Total June 1
on
WednesThe world's shipments of wheat and corn, as furnished by day of this week:
Broomhall to the New York Produce Exchange, for the week
By Barnes & Lofland, Philadelphia:
ending Friday, May 30, and since July 1 1929 and 1928, Shares. Stocks.
ner Sh. Shares. Stocks.
3 per Sh.
10 Citizens Bk. dc Tr. Co., $ew
are shown in the following:
N
52 Franklin Trust Co., par 310_....- 55)d
Wheat.
Exports-
Week
May 30.
1930.
Since
July 1.
1929.
Corn.
Since
July 1.
1928.
Week
May 30.
1930.
Since
July 1.
1929.
Since
July 1.
1928.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
40,0001 3,389.000 33,240,000
North Amer. 6,583,009294,294,000504.740,000
Black Sea_._
144,009 23,915,009 2,600,000 1,301,0001 26,539,000 1,827,000
Argentina_ __ 2,085.000152.367,000191,299,000 1,134,000162,419,000 223,731,000
Australia _- 1,600,000 60,181,000104,353,000
India
320,000 1,112,00
0th. countr's 792,000 41,124,0001 41,900,000
85.0001 28,393,000 28,115,0011
Total
11,204,009572,065,000846,004.000 2,874,000220.054.000286,913,000
Bern, N. C.; 163 Eastern Bk. &
Tr, Co., New Bern, N. C.,
350; 12 Seaboard Citizens par
Nat.
Bk., Norfolk, Va
$2,500 lot
9 Phila. Nat.Bank, par 1120
1343d
40 Central Nat.Bank, par S10
67
3 Amer. Nat.Bank, Camden,N.J.145
10 Del. Co. Nat. Bk., Chniter,
Pa.. 403d
100 Bankers Trust Co., par50
$_ _ _ 7334
73 Real Estate Land Title &Tr.
Co., par $IO
40x
100 Franklin Trust Co., par 810
5535
10 Broadway Menlo. Tr. Co..
Camden, N. J., par $20
55
20 Hatboro Tr., Hatboro, Pa
130
100 Beth. Fdy.& Mach. Co.. corn.. 5
18 Beth. Fdy. & Mach. Co., Pret-- 15
2
1 Pennsylvania Academy
30 Plaza Trust
4
1 Tulpehochken Nat.(par 100)-- 20
Bonds.
Per Cent.
$3,000 Pa. State Water Corn., 1st
lien 540,ser. A, March 1 1952-- 89Sb
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Sh.!Shares. Stocks.
$ per
100 Assets Realization Co
$2 lot
Labor Temple Assn. of Buffalo Sh•
1,000 Bidgood Cons. Mines. par SI. - 3e 5 and
Vicinity, Inc., pax 155----50c. lot
Jura]71930.]
FINANCIAL CHRONICLE
By Adrian H. Muller & Son, New York:
4005
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Federal Water Service, $6 pref.(guar.)-- $1.50 July 1 Holders
of rec. June 10
Sc yi preferred (guar.)
51.625 July 1 Holdres of rec. June 16
$7 preferred (guar.)
$1.75 July: 1 Holders
Florida Power & Light, pref.(guar.)-- 144 July 1 Holders of rec. June 16
of rec. June 10
Foreign Power & Light, let pt.(qtr.)-$1.50 July 1 Holders of rec. June 20
Frankford & Southern Phila.Pass.(qu.)- $4.50 July 1 June
2
to July 1
General Public Utilities, $7 pref.(quar.) $1.75 July I Holders
of rec. June 14a
Great Western Power of Cal., pf. A (qu.)'
134 July 1 *Holders of
7% preferred (guar.)
•134 July 1 *Holders of rec. June 5
rec. June 5
Greenwich Water & Gas System,pf.(qu.) 1% July 1 Holders
of rec. June 20
Haverhill Gas Light(guar.)
56e. July 1 Holders
Indianapolis Power & Light, pf.(qu.) - 134 July 1 Holders of rec. June 168
of rec. June
International Superpower
25c. July 1 Holders of rec. June 5
16
Stock dividend
e235 July 1 Holders of rec. June
Interstate Power,$7 pref.(guar.).
$1.75 July 1 Holders of rec. June 16
5
$6 preferred (quar.)
$1.50 July 1 Holders
Jersey Cent.Pow.& Light,7% pf.(qu.).. 134 July 1 Holders of rec. June 5
of rec. June 16
6% preferred (guar.)
134 July 1 Holders
Kentucky Securities Corp., corn.(guar.) *154 July 1 *Holders of rec. June 16
of rec.
20
Preferred (guar.)
*1-35 July 15 *Holders of rec. June
June 20
Lone Star Gas (guar.)
*250. June 30 *Holders of rec. June 14
Long Island Ltg. pref. A (quer-)
I% July 1 Holders of rec. June 16
Preferred B (guar.)
135 July 1 Holders of roe. June 16
Mackay Companies, cont.(guar.)
*154 July
1 *Holders of rec. June 12
Preferred (guar.)
July 1 *Holders of rec. June 13
Manhattan Ry.guar.(guar.)
'154 July 1 *Holders of rec. June 20
Metropolitan Edison, cl. A(qu.)
June 30 *Holders of rec. June 10
- $1
$O preferred(quar.)
*81.50 July I *Holders
Minnesota Power & Light,7% pf.(qu.)_ *1% July 1 *Holders of rec. May 31
of rec. June 14
6% preferred (quar.)
•135 July 1 *Holders of rec. June 14
Nat. Elec.Power,7% pref.(guar.)
354 July 1 Holders of rec. June 16
6% preferred (quar.)
134 July 1 Holders
By Wise, Hobbs & Arnold Boston:
National Gas & Electric, pref.(quar.)...* 81.625 July 1 *Holders of rec. June 16
of rec. June 20
hares. Stocks"
Nat.Pub.Service, pref. A (quar.)
8 per Sh. Shares. Stocks.
131 July 1 Holders of rec. June 17
Per
8
Sh.
25 First National, par $20.
New England Gas & Elec.$534 pf.(qu.)- $1.375 July 1 Holders
117
56 Fall River Gas Wks., par $25._ 5734
of roe. May 29
10 Associated Textile Cos
New
England
Power
Assn.,
Greenfield
(qu.)..
core.
Tap
35
&
Die Corp.,8%
15
*.50e. July 15 *Holders of rec. June 30
e
22 Amoskeag Co., pref
Preferred (guar.)
preferred
6534
July
100
1
&
*Holders
•154
div.
of rec. June 12
44 West Point Mfg, Co
New Eng.Pub.Serv., corn.(guar.)
100
10 Plymouth Cordage Co
25c. June 30 Holders of rec. June 15
82
17 Associated Textile Co
$7 preferred (guar.)
35-3634 2 W. L. Douglas Shoe Co. pref.-- 67%
$1.75 July 15 Holders of rec. June 30
10 Naumkeag Steam Cotton Co _ 84
Adj. preferred (guar.)
50 United Secur. Trust AssOciates__ 37
51.75 July 15 Holders of rec. June 30
11 Hamilton Woolen Co
$6 preferred (guar.)
40
21 Rockland L.& Pow., corn, v.t.c.
$1.50 July 15 Holders of rec. June 30
25 Naumkeag Steam Cotton Co
New Jersey Water Co.,7% pf.(qu.)- - - 84-88
par $10
144 July 1
26
10 New Engl. So. Corp., pr. pref_ _$2 lot
Northern Ohio Pr.& Lt.,6% pref.(qu.) *134 July 1 Holders of roe. June 20
Bonds.
Per
*Holders of rec. June 13
13 Mass. Ltg. Cos.. corn.(undep.)_13035 $1,350 coll, note of Robert A. Cent.
7% preferred (guar.)
*131 July 1 *Holders of rec. June 13
1 Columbian Nat. Life Ins. Co--_ _400
Northport Water Works Co., pref. ((pr.) 134 July 1
Brown with int. at 6% due from
Holders of rec. June 16
3 Mass,Ltg, Cos.,6% pfd.(undep.)103
Ohio Bell Telephone, pref. (guar.)
Aug. 10 1929, secured by 13 she.
134 July 1 Holders of rec. June 20
0 Quincy Mkt. Cold Stge.& Wine.,
Pacific Gas & Elec., cum.(quar.)-mtge, invest. tr., cl. A.: 55 shs.
•50c. July 1 *Holders of rec. June 20
Pacific Telep. & Teleg., corn.(guar.)
preferred
60
mtge. invest. tr. cl. B; 39 shs.
June 30 *Holders of rec. June 20
10 New Bedford Gas & Edison Lt.
Preferred (guar.)
mtge. invest, tr., pref
*114 July 1
$100 lot
of rec. June 30
Co., par $25
Penn Central Lt.& Pr.,85 pref.(guar.)- $1.25 July 1 *Holders
11534
RightsS
Right.
per
Holders of rec. June 16
25 Brockton G.L., v.t. c., Par $25. 4634 139 Mass.LightLng Cos
$2.80 preferred (guar.)
70c. July 1 Holders of rec. June 16
18
50 Eastern UM Assoc..cony.stock_ 1635
Peoria Water Co.,7% pref.(qu.)
IR July 1 Holders of ree. June 20
Philadelphia Elec.Power prof.(guar.).- _
50c. July 1 Holders of rec. June 100
By R. L. Day & Co., Boston:
Postal Telegraph & Cable, pref.(quar.)134 July 1 Holders of rec.
Power
Corp.
Shares. Stocks.
Canada,
of
pref.(guar.) - 134 July 15 Holders of roe. June 13
$ per Sh. Shares. Stocks.
8
June 30
Per
Sh.
Participating pref.(guar.)
25 Webster & Atlas Nat. Bank--226
75e. July 15 Holders of rec. June 30
20 Federal Aviation Corp. with
Quebec Power (guar.)
7 Federal Nat. Bank, par $20
*6235c July I *Holders of reo. June 27
100
warrants for 10 gibs. stock
$80
lot
Second 8: Third Sts.Pass. Ry.,Phila.(qu) $3
17 Boston Nat,Bank
140
July 1 June 2 to July 1
3 Metropolitan Ice Co.,pref
100
Shawinigan Water & Power (guar.)_ - - *6235c July 10 *Holders
2 Exchange Trust Co
22534 10 Lamson & Hubbard Corp., pref. 47
Southern Canada Power, pref. (quar.).... 134 July 15 Holders of rec. June 13
5 Exchange Trust 03
22735 15 Beacon Portia., Inc.. pref A-- 1
of rec. June 20
534
50 Beacon Trust Co.. par $20
n Gas & Elec., pref. (qu.)
Rights134 July 1 Holders of roe. June 16
5134
$ per Right. Southwester
200 U.5.Trust Co., par $25
Springfield Gas & Elec., pref. A (quar.)_
75e.
100
75 Mass. Lighting Co
1734 Tri-State Telep. & Teleg., corn.(quar.)- *51.50 July 1 Holders of rec. June 14
5 Framingham Nat. Bank
215
11 Mass. Lighting Cos
July I *Holders of rec. June 15
17
8 York Mtg. Co
Union d'Electricite (Paris)
*12
Bonds
834
Per Cent. United Light & Power
20 Merrimack Mfg.Co.,corn
$11,000 Eastern Mich.Rys.adj. Os,
54
Common A and B new (guar.)
5 Richmond Lace Co
25e Aug. 1 Holders of ree. July 156
8
July 1958, coup. Oct. 1929 &
82 Hamilton Woolen Mills
Common A and B old (guar.)
$1.25 Aug. 1 Holders of rec. July 156
40
sub.on
$625 lot
21 Whitman Mills
$6 first preferred (guar.)
81.50 July 1 Holders of rec. June 16a
734 $5,000 United Carr Fastner Corp.,
Utah Power & Light, $7 prof. (guar.)
16 Central Vermont Ry
$1.75 July 1 Holders of roe. June
$2 lot
6s, Sept. 1939
87c.int.
5
5 Saco Lowell Shops, 1st pref
$6 preferred (guar.)
$1.50 July 1
$3,000 Insur. Exch. Bldg., 634s,
35
Western Penn Elec. Co., el. A (guar.)- $1.75 June 30 Holders of rec. June 5
42 Mass.Bonding dr Ins. Co.,$25._124
Feb. 1943
Holders of rec. June 17
90 & int.
Class A (guar.)
$1.75 Sept.30 Holders of rec. Sept. 17
7% preferred (guar.)
Aug. 17 Holders of rec. July 19
6% preferred (guar.)
DIVIDENDS.
135 Aug. 15 Holders
West. Penn Power Co., 7% Pref.(guar.) 131 Aug. 1 Holders of roe. July 19
of rec. July 5
Dividends are grouped in two separate tables. In the 6% preferred (guar.)
134 Aug.
of rec. July 5
first we bring together all the dividends announced the West Texas Utilities Co.,$6 pref.(guar.) *$1.50 July 11 *Holders
Western United Gas dr Elec.,6% pf.(qu.) *1H July 1 Holders of rec. June 16
*Holders of rec. June 14
current week. Then we follow with a second table, in
•1%
% preferred (guar.)
1 *Holders of rec. June 14
which we show the dividends previously announced, but Westmoreland Water Co.,$6 pref.(qu.) $1.50 July
July 1 Holders of rec. June
Winnipeg Electric Co., prof.(guar.)
1% July 1 Holders of rec. June 20
which have not yet been paid.
6
Wisconsin Power & Light, pref.(guar.). '154 June 15 *Holders
of rec. May 31
The dividends announced this week are:
Banks.
When
Books Closed
Per
Bank of America N. A.(quar,)
Name of Company.
Days Inclusive.
Cent. Payable.
Bancamerica-Blair Corp
51.125 July I Holders of rec. June 14
Chatham Phenix Nat'l Bk.& Tr.(qu.)_ *El
July 1 *Holders of rec. June 13
Railroads (Steam).
National City Bank (guar.)
Ann Arbor RR., corn. (yr. 1929)
June 10 Holders of rec. June 7
6
National City Co.(guar.)
*81
July
1 *Holders of roe. June 7
Preferred (for year 1929)
June 10 Holders of rec. June 7
5
City Bank Farmers Trust (guar.)
Atch., Topeka & Santa Fe., pref.
*235 Aug. 1 *Holders of reo. June 27
Trust Companies.
Belgian Nat. Rys., Am.sirs. panic. prat *81.38 June 25 *Holders of rec.
Banco Commerciale Itallana Trust (qu.) 2% July 1 Holders
June 13
Buffalo & Susquehanna pref
of rec. June 16
June 30 Holders of rec. June 14a Bankers (quar.)
2
75c. July 1 Holders of rec. June 11
Lehigh Valley, corn. (quar.)
873Ie July I Holders of rec. June 14
Guaranty (guar.)
5
30
June
Preferred
Holders
of
rec. June 13
$1.25 July 1 Holders of rec. June 14
Irving (guar.)
40e. July 1 Holders of rec. June 3
Little Schuylkill Nay. RR.& Coal
$1.13 July 15 June 14 to July 15 Manhattan (The) Company (quar.)
5
July 1 Holders of rec. June 16a
Northern Securities(guar.)
434 July 10 June 21 to July 10
Manufacturers(quar.)
•31.50 July 1 *Holders of rec. June 16
Old Colony (guar.)
*131 July 1 *Holders of rec. June 14
States (guar.)
•15
July 1 *Holders of roe. June 20
Pitts. On. Chic. & St. Louis
4.2% July 19 *Holders of rec. July 10 United
Extra
*10 July 1 *Holders of rec. June 20
Wheeling & Lake Erie, prior lien
June
757
June 14
11 to June 14
Fire Insurance.
Public Utilities,
•
Brooklyn (guar.)
*30c. July 1 *Holders of rec. June 20
Amer. Cities Power & Lt. el. A (qu.).. *(nr) Aug. 1 *Holders of rec.
July
5
Rossia
Ins.
Co. of America (guar.)
•550. July 1 *Holders of rec. June 14
Class D (quar.)
*(n1) Aug. 1 *Holders of rec. July 5
Amer.Electric Power $7 pt.(qu.).
$1.75 June 15 Holders of rec. May 29
Miscellaneous.
Amer.& Foreign Pow.$7 pref.(qu.)
$1.75 July 1 Holders of rec. June 14
Aetna Rubber, pref.(guar.)
July 1 *Holders of rec. June 15
$6 preferred (guar.)
$1.50 July 1 Holders of reo. June 14
Alan Wood Steel Co., pref.(guar.)
Second pref.,series A (guar.)
July 1 Holders of roe. June 10a
$1.75 June 30 Holders of rec. June 14
Allen & Fisher (Inc.)(guar.)
Amer. Gas dr Elec., corn.(guar.)
July 1 *Holders of rec. June 16
25e. July 1 Holders of rec. June 12
Allied
Mills,
Inc.
(guar.)
July 1 *Holders of rec. June 16
Corn.(1-50th share corn.stk.)
July 1 Holders of rec. June 12
(r)
Aluminum Co. of Amer.,6% pref. (qu.)
Preferred (guar.)
July 1 *Holders of rec. June 14
$1.50 Aug. 1 Holders of reo. July 8
Aluminum Industries, corn.
Amer. Natural Gas, 2d pref.(guar.)
June 16 *Holders of rec. May 31
81735c July I *Holders of rec. June 20
Amer. Bakeries Corp., class A (guar.)
American Power & Light,$6 pref.(guar.) $1.50 July 1
July 1 *Holders of rec. June 17
Holders of rec. June 14
7% preferred (guar.)
$5 preferred (guar.)
July 1 *Holders of rec. June 17
8735c. July 1 Holders of rec. June 14
Amer.
Car
dr
Foundry,
corn.
(guar.)
American Public Service, prof. (guar.)
$1.50 July 1 Holders of rec. June 16
*131 July 1 *Holders of rec. June 16
Preferred (guar.)
154 July 1 Holders of rec. June 16
Amer.Public UtilitiesAmerican Cigar, Prof. (quar.)
154 July 1 Holders of rec. June 14
Prior pref. and panic. Prof.(guar.) _
134 July 1 Holders of
June 14
Amer.'Cyanamid, corn. A & B (guar.)
40c. July 2 Holders of rec. June 14
Associated Gas & Electric, allot. certifs_ _ *84 July 1 *Holders of ree.
rec. May 31
Amer. Encaustic Tiling, com.(guar.)._ _ *25c. June 30
Associated Tele.CUL $7 pref.(guar.)_ _ _ $1.75 June 15 Holders of rec.
*Holders of rec. June 16
American Express (guar.)
May 31
$1.50 July 13 *Holders of rec. July 1
136 preferred (guar.)
$1.50 June 15 Holders of rec. May 31
Amer.
Furniture
Mart Bldg., pref.(qu.) 134 July 1 Holders
Birmingham Elec. Co., $7 pref. (quar.)_ *31.75 July 1 *Holders of rec.
of rec. June 20
Amer. Hair dc Felt (guar.)
June 14
*2
July 1 *Holders of rec. June 20
$6 preferred (guar.)
41.5(1 July 1 *Holders of rec. June 14
American News (bi-monthly)
*50c. July 15 *Holders of rec. July 5
Brazilian Tr.L.& Pow.pref.(qu.)
134 July 2 Holders of rec. June 16
Salamandra
Amer.
Corp. (guar.)
750. July 1 Holders of rec. June 20
British Columbia Pow.,el. A (quar.)
50e. July 15 Holders of rec. June 30
American Snuff, corn. (guar.)
3
July 1 Holders of rec. June 12a
Calif -Oregon PoW.7% Pref.(qu.)
134 July 15 Holders of rec. June 30
Preferred (guar.)
134 July 1 Holders of rec. June 150
135 July 15 Holders of rec. June 30
(3% preferred (guar.)
Amer..3: Scottish Invest., corn.(quar.)
*30e.
Sept.
1 *Holders of rec. Aug. 15
Utilities,
$7
(qu.)
pref.
Cent.States
$1.75 July 1 Holders of rec. June 5
Anchor Cap Corp., corn. (guar.)
60e. July 1 Holders of rec. June 20
Citizens Water of Washington,Pa.
$6.50 preferred (guar.)
31.625 July 1 Holders of rec.
1%
July
(qlian)
Preferred
1
20
Holders of rec. June 20
7%
Asch Limited, pref. (guar.)
131 June 15 Holders of rec. June
412-30 June 15 Holders of rec. June 1
May
Cities Serv.Pow.& Lt., $5 pf (mthly.)
Associated Brew., Canada, corn. (qu.) _
50c. June 30 Holders of rec. June 31
Com pagnia Generale D ElectricIte14
Preferred (quar.)
131
July
1
Holders
of
shs
bear.
rec.
(n)
June
A
16 Holders of rec. June 9
June 14
Am. dep. rcts. for
Austrian Credit-Anstalt, Amer. shares-- *$3.82 June 18 *Holders
of rec. June 12
*750. July 1 *Holders of rec. June 14
Connecticut Elec. Service (guar.)
Andian National Corp
$1
June 21 Holders of rec. June
Continental G.& El. Corp.com (qu.) _ $1.10 July 1 Holders of rec. June 12a
11
Bearer shares
$1
June 21 Holder of
$1.75 July 1 Holders of rec. June 12a Associated Oil (guar.)
7% prior preference(quar.)
*50c. June 30 *Holders ofcoupon No.3
Continental Pass. Ry.,Philadelphia_ _ _ $2.50 June 30 Holders of rec. May 31a Auburn Automobile (guar.)
rec. June 13
•51
July 1 *Holders of rec.
July
1
Tramway
3734e.
Denver
Corp., pref
Holders of rec. June 14a
•6,2
Stock dividend
July 1 *Holders of rec. June 20
July 15 Holders of rec. June 20
2
Detroit Edison Co.(guar.)
Frackstay Well (stock dividend)
June 20
*el
July 1
s3
June 16 *Holders of rec. June 5
El Paso Electric Co. (titian)
Bancroft(Joseph)& Sons Co., corn.(qu.) 62350. June 30 *Holders of rec. June 20
Holders of rec. June
July 15 Holders of rec. June 7
Elec.Bond & Share, corn.(qu.).
Beatrice Creamery, corn,(guar.)
16a
*31
July 1 *Holders
Exeter & Hampton Electrlo Co.(guar.)- *$2.50
Preferred (guar.)
*1.31 July 1 *Holders of rec. June 15
of rec June 15
Shares. Stocks.
g per Sh.
300 Bank of N.Y.& Trust Co----755
25 Fifth Avenue Bank
3250
Sundry promissory notes aggregating approximately $392,890.09,
$5,000 lot
60 Amer. Reserve Insurance Co___ 58
1,000 J. D. Johnson Co., Inc.,
common
100.
2,110 New Columbia Co.(Mass.).
par $10
$20010
7,500 Amalgamated Silver Mines
of Helena, Mont.; 40 U. S. Gasoline Mfg. Corp. (Va.) temp. ctf.
par $25; 100 Crystal Copper Co.
old stock (Maine)
$8 lot
5,000 Goldfield Deep Mines Co.,
par Sc
$1 lot
2 Goshen Inn Co
$10 lot
10 Ky. Trotting Horse Breeders'
Assn., par $200
$115 lot
2 Lakewood Hotel & Land Assn..-- 40
750 Wyko Projector Corp. pref.;
10,000 common, par $5
$26 lot
$200 B.CI. Hull loan. Jan. 22 1925_$8 lot
$375 Nora 0. Pollard promissory
note, Dec.2 1926
$26 lot
SOO Alto Gasoline dr Oil Co.(Texas)
Par $5; 100 Benmo 011 Co.(Del.),
Dar 810; 100 Consol. Homestead
Mines (Ariz.), par $1; 1,900
Home 011 Refg. Co. of Texas,
temp. Ws.. par $10; 100 Inspiration Needles Copper Co.(Ariz.).
Shares. Stocks.
g Per Sh.
par $1; 20 Life Preserver Suit Co.
Inc. (N. Y.), Par $50; 22 Nat.
Life Preserver Co. (Wyo.),
Dar $50; 110 Nat. Life Preserver
Co.(Wyo.),Par $I:40,000 Sliver
Zone Extension Mines Co.(Nev.)
par 10c.; 100 Smith Motor Truck
Corp. (Va.), corn., temp. ctfs.,
par 810; 700 Victory Metal Co.
(Ariz.) corn., par $10
$10 lot
BondsPer Ceut.
$26,000 Chicago Utilities Co. 1st
30-yr. 58, 1942,ser. A,April 1915
&subseg.COUP.attached,stmpel.$3 lot
$12,000 Directors Building Corp.
1st 20-yr. s. 1. 1335s; Aug. 1943,
Aug. 1930 dr subs,coup. attached 8934
$5,000 East Hampton Elec. Lt. Co.
1st 25-yr. 65, 1935. July 1930 .4
subsequent coupons attached.- 80
$25,000 Steinway Ry. Co. of L. I.
City 1st Os, 1922, Jan. 1922 &
subs, coupons attached-31,850 lot
$500 Larchmont Yacht Club reg.
s. f. deb. 6s, Sept. 1 1944
53
$6,000 Goshen Inn Co.deb. 52 reg.,
Feb. 1 1945
$405 lot
$40,000 Carthage Fuel Co. 10-yr.
1st & coll. tr. 68. 1916, Dec. 1909
& subs,coupons attached
$13 lot
$25,000 Weiser Valley Land dr Water Co. 1st ref. 68, 1918, Jan.
1915 dr subs,coup.attached.._ _ _$21 lot
4006
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Belding-Cortice111, Ltd., corn. (quar.)
15
1)4 Aug. 1 Holders of me. July 31
Preferred (guar.)
n June 14 Holders of rec. May
BeIgo Canadian Paper, pref.(quar.)_..,. 114 July 2 Holders of rec. June 4
Bentley Chain Storm, com.(guar.).-- *300. June 1 'Holders of rec. May 20
Bishop 011 Corp
8c. June 30 Holders of rec. June 16
Blayney-Murphy Co.. pref. (quar.)*11$ June 1 "Holders of rec. May 15
Blumenthal(Sidney)& Co.,Inc., pf.(qu) •114 July 1 *Holders of rec. June 14
Bonner(The) Co., class A (guar.)
3715e. June 30 Holders of rec. June 15
Brill(J. G.) Co., pref.(guar.)
"114 Aug. 1 'Holders of reo. July 30
Brunswick-Balke-Collender, pref. (ou.). 11$ July 1 Holders of rec. June 20
Bush Service Co., 1st pref.(qu.)(No 1.)
June 2 Holders of rec. May 26
Bush Terminal, corn. (guar.)
*6234c Aug. 1 'Holders of rec. June 27
4,1,‘ July 15 *Holders of rec. June 27
Debenture stock (guar.)
Bush Terminal Bldgs., pref.(guar.).- •11$ July 1 *Holders of rec. June 13
Byers(A.M.)Co.,Prof.(guar.)
•114 Aug. 1 *Holders of rec. July 15
"1M Nov. 1 *Holders of rec. Oct. 15
Preferred (quar.)
Calamba Sugar Estate. com.(quar.)
•40c. July 1 *Holders of rec. June 14
Preferred (guar.)
"35e. July 1 *Holders of rec. June 14
Canada Malting (guar.)
37340. June 16 June 1 to June 14
Canadian General Elec.,corn.(on.)
75e. July 1 Holders of rec. June 14
8714e. July 1 Holders of rec. June 14
Preferred (quar.)
Canadian Silk Products, class A (quar.)_ 3734c. June 1 Holders of rec. May 15
Cannon Mills (guar.)
•
*40c.
Carreraa, Ltd.
Amer. dep.rights for A & B ord
"w15 June 25 *Holders of rec. June 2
Amer. dep,rights for ord. reg. ohs-- *rol5 June 25 "Holders of rec. June 2
37140 July 1 Holders of rec. June 18
Central Aguirre Associates(guar.)
July 1 Holders of rec. June 150
1
Century Electric (guar.)
Chicago Pneumatic Tool. pref.(quar.) _ _ •87)4c July 1 *Holders of me. June 20
omitted
-dividend
Oil
Chickasha Cotton
*21.25 June 15 "Holders of roe. June 5
Cleveland Cliffs Iron, pref.(guar.)
*31 June 20 'Holders of rec. June 10
Cliffs Corp., corn.(guar.)
Cluett,Peabody & Co.,Inc., pref.(qua - 11$ July 1 Holders of rec. June 20
Coats(J.& P.) Ltd.. Am.dee rights ord
July 7 Holders of reo. May 26
9 pence, plus bonus6 pence
3714e. Aug. 1 Holders of rec. July 15
Cockshutt Plow (emu.)
50e. June 30 Holders of rec. June 10
Commercial Credit Co.. corn. (guar.)._
114 June 30 Holders of rec. June 10
614% first pref.(guar.)
114 June 30 Holders of rec. June 10
7% first preferred (guar.)
June 30 Holders of rec. June 10
2
8% class B pref.(guar.)
75e. June 30 Holders of reo. June 10
COM% pref. clam A (guar.)
25e. July 1 June 17 to June 30
Conduits Co., Ltd., corn. (guar.)
11$ July 1 June 17 to June 30
Preferred (guar.)
Consolidated Film IndustriesCommon and preferred (guar.)
•500. July 1 *Holders of rec. June 16
•300 July 1 'Holders of rec. June 11
Container Corp. of Amer.e.l. A (qu.)
July 1 "Holders of rec. June 11
Preferred (guar.)
32 July 1 Holders of rec. June 120
Continental Baking Corp., pref.(guar.)_
50e July 1 Holders of rm. June 10
Cooper-Bessemer Corp.. com.(qu.)
75c July 1 Holders of rec. June 10
Preferred (guar.)
$1.50 July 1 Holders of rec. June 14
Coronet Phosphate
•e114 June 20 *Holders of rec. June 2
Corporation Sec.of Chic. an stock)
Ceti+.Inc.-dividend omitted
*33.50 Aug. 1 *Holders of rec. July 15
Cuba Company, preferred
Crosby Radio--ellvidends omitted
'67e. June 16 "Holders of rec. May 31
Crown Cork & Seal, pref.(quar.)
June 30 Holders of rec. June 14
$1
Cuban Tobacco. corn
214 June 30 Holders of rec. Juno 14
Preferred
"3714c June 16 *Holders of rec. June 10
Delsel-Wemmer-Gilbert Co. (guar.)
•75e. Sept. 2 *Holders of rec. Aug. 15
Dictaphone Corp.,corn.(guar.)
Sept. 2 *Holders of me. Aug. 15
*2
Preferred (quar.)
11$ July 1 Holders of reo. June 14
Douglas(W. L.) Shoe, pref. (quar.)
_
_
(guar.)
'134 July 1 *Holders of rec. June 18
Dunham (J.H.)& Co.,corn.
•15..6 July 1 "Holders of rec. June 18
First preferred (guar.)
July 1 *Holders of rec. June 18
Second preferred (guar.)
"El July 15 *Holders of rec. July 1
Dunhill International (guar.)
July 15 *Holders of ref. July 1
*1
Stock dividend
July 1 Holders of rec. JUA0 14
2
Duplan Silk Corp., pref. (quar.)
Eagle (C. K.) & Co.-Dividend passed.
3734c.July 1 Holders of rec. June 20a
Eastern Rolling Mill (guar.)
Eastern Steamship Lines, co m.(guar.)-- *50e. July 1 *Holders of rec. June 21
"8714e July 1 *Holders of rec. June 21
Preferred, no par (guar.)
•1% July
1 *Holders of rec. June 21
First preferred (guar.)
Sc. July 1 Holders of rec. June 10
Ecuadorian Corp., Ltd., corn. (guar.)-3)4 July 1 Holders of rec. June 10
Preferred
25e. June 16 Holders of rec. June 2
Employers Group Associates
$1.25 July 1 Holders of rec. June 18
Endicott Johnson Corp., corn. (qtrar.)
114 July 1 Holders of rec. June 18
Preferred (guar.)
$1 Aug 1 Holders of rec. July 15
Eureka Pipe Line (guar.)
•20e. July 1 Holders of rec. June.20
Ex-Cello Aircraft & Tool(guar.)
(guar.)
2)4 June 15 Holders of rec. June 1
corn
Co.,
Fear (Fred) &
Sc. July 1 Holders of rec. June le
First American Corp. (guar.) (No. 1)- •40e. July 25 Holders of rec. June 20
General Electric, common (quar.)
*15e. July 25 *Holders of rec. June 20
Special stock (guar.)
1;4 July 1 Holders of rec. June 14a
General Mills, Inc., pref. (guar.)
General Motors, $5 Preferred (quar.)--- $1.25 Aug. 1 Holders of roe. July 7
General Printing Ink., com. (quar.)___. .62 Mc July 1 *Holders of rec. June 14
"51.50 July 1 *Holders of rec. June 14
$6 preferred (guar.)
"$1.50 July 1 *Holders of rec. J111:10 18
General Steel Castings, pref.(quar.)
134 June 30 Holders of rec. June 20
General Tire & Rubber, pref.(guar.)General Trustees Corp.-Div. passedJune 20 *Holders of rm. June 7
Glen Alden Coal. corn.(guar.)
Globe Wernicke Co., common (guar.)._ "114 July 1 'Holders of rec. June 20
omi
tted-Div.
Corp.
Goldman Sachs Trading
50c. July 1 Holders of rec. June 17
Godchaux Sugars, Inc., class A (guar.)_ _
51.75 July 1 Holders of rec. June 17
Preferred ((luar.)
June 30 "Holders of rec. June 14
(guar.).
"115
Great Lakes Towing,common
•11( July 1 "Holders of rec. June 14
Preferred (guar.)
1 *Holders of rec. June 10
July
"62140
common
Invost.,
Great Northern
Or 214% in common stockJuly 1 Holders of rec. June 10
*114
Preferred (guar.)
*50c. June 30 *Holders of rec. June 16
Guardian Detroit Union Group (quar.)
"300. June 30 *Holders of rec. June 16
Extra
AlabastineGypsum, Lime &
37340. July 2 Holders of rec. June 16
Canada. Ltd.(guar.)
134 July 1 Holders of rec. June 21
Hahn Deaartment Stores, prof.(guar.)-*50e. July 1 *Holders of rec. June 18
Hazel-Atlas GIBBS (guar.)
•25e. July 1 *Holders of rec. June 18
Extra
*$1.50 May 91 *Holders of rec. May 22
Hooker Electrochemical (guar.)
*25e. July 1 'Holders of rec. June 15
Intercoast Trading (guar.)
of reo. June 20
International Equities Corp., Cl. A (qU.) 8714e. July 1 Holders of rec. June 14
July 1 "Holders
•750.
International Shoe, corn. ((uar.)
reo. Aug. 1
of
Holders
50e. Aug. 15
Intertype Corp., coin. (guar.)
July 1 Holders of reo .June 16
2
First preferred (quar.)
Sept. 25
rec.
of
Holders
1
Oct.
2
First Preferred(
(Marl
of reo. June 16
3 July 1 Holders
Second preferred
June 10
rm.
of
Holders
15
June
15e.
(guar.)
Investment Fund of N.J.
*$1.25 July 1 Holders of rec. June 20
Kalamazoo Stove (guar.)
20
a134 July 1 Holders of rec. June 5
'
Stock dividend (quar.)
Holders of coup. No.
12
Karstadt (Rudolph) A. G.(Hamburg)
20
June
rec.
"Holders of
Kelsey Hayes Wheel, common (guar.)._ •50c. July 1
June 12
75e. July 1 Holders of rec.
Kennecott Copper(guar.)
26
May
rec.
of
Holders
June 2
1
Romp Film Laboratories. pf.(monthly)11
*134 July 1 'Holders of rec. June 17
Koppers Gas & Coke, pref.(quar.)
July 1 Holders of rec. Juno
Lambert Co., common (guar.)
5
June
rec.
June 15 Holders of
Lamson & Sessions (guar.)
16
July 1 Holders of ree. June
Lane Bryant. Inc., common (quar.)
15
June
rec.
Of
olders
.July 1 *H
Lehigh & Wilkes Barre Coal, pf. A (qu.)
July 3 Holders of rec. June 20
Lehman Corp.(guar.)(No. 1)
June 16 Holders of rec. June 6
Lerner Stores Corp.. common (quar.)
2
June 15 'Holders of roe. June
Leslie-Callfornia Salt (guar.)
13
July 1 Holders of rm. June 16
Libby, McNeil & Libby, prof
June
rec.
of
Holders
1
July
Lorillard (P.). Pref. (quar.)
July 3 *Holders of rec. June 19
Ludlum Steel. common (guar.)
19
July 3 "Holders of rec. June 16
Preferred (guar.)
June 30 Holders of rec. June
Mack Trucks. Inc.. common (quar.)June 16
rec.
of
"Holders
1
July
Manhattan Shirt, pref. (guar.)
July 10 Holders of rec. June 20
Margay Oil corp.(guar.)
14
July 1 Holders of rec. June
Maytag Co., common (guar.)
July 1 Holders of rec. June 20
McGraw-Hill Publishing, com.(guar.).1.0
June
rec.
of
"Holders
July 1
Meletlo Sea Food,common
[VOL. 130.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Merchants dv Mfrs. Secur.. el. A (guar.) *3714c July 1 *Holders of rec. June 16
Prior pref. (guar.)
*31.75 July 1.5 *Holders of rec. July 1
milertm (H.) a, Bros.. Inc.. peel.(guar.) $1.75 July 1 Holders of rec. June 18
Mitchell(J.8.) Co., Ltd., Vet(guar.)-- 11$ July 2 Holders of rec. June 16
Monroe Chemical, common (quar.)---- "3714c July 1 *Holders of rec. June 14
Preferred (guar.)
•8714c July I 'Holders of rec. June 14
Montreal Cottons, Ltd.,common (guar.) 114 June 15 Holders of rec. May 31
Preferred (quar.)
134 June 15 Holders of rec. May 31
Morrison Brass Corp., Ltd., pref.(gu.)- 114 June 2 Holders of rec. May 28
Mother Lode Coalition Mines
*100. June 30 *Holders of rec. June 16
40e. July 1 Holders of rec. June 14a
Mountain Producers (qua?.)
National Candy, com.(guar.)
*50c. July 1 "Holders of rec. June 12
First preferred (guar-)
•11$ July 1.'Holders of rec. June 12
*11$ July 1 *Holders of rec. June 12
Second preferred (guar.)
75e. July 15 Holders of rec. June 30
National Cash Register, corn. A (quar.)134 June 30 Holders of rec. June 16
National Licorice, pref. (guar.)
National Refining. pre.(quax.)
July 1 "Holders of reo. June 15
*2
National Standard Co.(quar.).
•75e. July 1 'Holders of rec. June 20
50e. July 1 Holders of rec. June 14
National Tea, common (guar.)
Nevada Cense!. Copper Co.(quota-- 3714c June 30 Holders of rec. June 13
New York Investors, Inc., lit peel
July 15 Holders of rec. July 5
8
•25e. June 30 'Holders of rec. June 20
Nlles-Bement-Pond (extra)
•500 July 1 Holders of rec. June 15
Noranda Mines, Ltd.(guar.)
Oil Royalty Investment, pref.(monthly) •100. June 15 "Holdere of rec. May 31
Oliver United Filters, Cl, B (guar.)
"50e. July 1 *Holders of rec. June 20
•50c. July 1 *Holders of rec. June 20
Ontario Mtg.,corn,(guar.)
*25e June 30 *Holders of rec. Juno 19
Parke, Doyle & Co.(guar.)
.
100. June 30 *Holders of rec. June 19
Extra
*$1.75 July 1 *Holders of rec. June 14
Pennsylvania Glass Land (guar.)
Petroleum Corp. of America (quar.)--- 3714e. June 30 Holders of rec. June 20
Pie Bakeries of Amer., class A (quar.)
50c. July 1 Holders of rec. June 14
114 July 1 Holders of rec. June 14
Preferred (guar.)
•11$ July 1 'Holders of rec. June 15
Pittsburgh Steel Fdy., pref. (quar.)
Pittston Company,corn
37140. July 1 Holders of rec. June 14
Port Alfred Pulp & Paper, pref.(qu.)... 11$ June 16 Holders of rec. June 4
Porto Rican Amer. Tobacco., el. A (au.) •11$ July 10 "Holders of rec. June 20
75e. July 1 Holders of rec. June 18
Reynolds(R.J.) Tob., el. A & B (qu.)_.
439(e. Aug. 1 Holders of rec. July 5
RichfieldOil, pref. (guar.)
Roach (W.11.)& Co., pref.-dividend pa seed.
Rose Gear & Tool (guar.)
*75e. July 1 'Holders of rec. June 20
11$ June 14 Holders of rec. May 31
Ruddy (E. L.) Co., Ltd., pref.(guar.).25e. July 1 Holders of rec. June 9
Royal Baking Powder, corn. (qua?.)...
Preferred (guar.)
134 July 1 Holders of rec. June 9
*$1.20 July 1 Holders of rec. June 12
Safeway Stores, com.(guar.)
•114 July 1 Holders of rec. June 12
6% Preferred (guar.)
•11$ July 1 Holders of rec. June 12
7% Preferred (guar.)
St. L.-Rocky Mt.& Pa,c. Co.. com.(qu.)
50e. June 30 Holders of rec. June 60
114 June 30 Holders of rec. June 6a
Preferred (guar.)
St. Maurice Valley Corp., Pref.(111.)..- - 11$ July 2 Holders of rec. June 13
•40c. July 1 "Holders of rec. June 20
Sally Frocks. com. (guar.)
Salt Creek Consol. Oil (guar.)
*10e. July 1 *Holders of roc. June 14
Holders of coupon No,2
Sarotti (A. S.) (Berlin)
10
July I *Holders of rec. June 12
*2
Schulte Retail Stores (guar.)
Scoville Mfg. (guar.)
•111 July I *Holders of rec. June 16
Seaboard Utilities Shares
1234c. July 1 Holders of rec. June 6
Selected Industries, Inc., prior stk.(go.) 81.375 July 1 Holders of rec. June 140
Sheffield Steel Corp., pref.(guar.)
"11$ July 1 'Holders of roe. June 20
25c. June 30 Holders of rec. June 13
Sparks-Withington Co., corn.(qua?)....
Preferred (guar.)
114 June 16 Holders of rec. June 6
Standard 011sharee of Amer., pref.(qua
50c. June 16 Holders of rec. May 31
Stand. Royalties Wettunka, pf.(mthie.)
he. June 16 Holders of rec. May 31
Stand. Royalties Wewoka, pref.(mthly.)
Sc. June 16 Holders of rec. May 31
le. June 16 Holders of rec. May 31
Stand. Royalties Wichita, pref. (mthly.)
June 30 *Holders of rec. June 20
Standard Steel-Spring (guar.)
•51
State Theatre (Boston) pref.(guar.).
July 1 'Holders of ree. June 13
*2
Stein (A.) & Co., pref.(qua?.)
31.625 July 1 Holders of rec. June 16
partio.A(qu.)
•27.14e July 1 'Holders of rec. June 23
Superior Portland Cement,
July 1 Holders of rec. June 10
Swift & Co., old $100 par (guar.)
2
50o. July 1 Holders of rec. June 10
New $25 par (guar.)
250. July 1 Holders of rec. June 10
Taggart Corp., MM.(guar.)
50c. July 1 Holders of rec. J11116 10
Claes A (guar.)
$1.75 July 1 Holders of rec. June 10
Preferred (guar.)
Tennessee Products, com.(go.)(No. 1). *250 July 10 *Holders of rec. July 1
July 10 'Holders of rec. July 1
*15
Corn.(payable in com.stock)
•11$ June 14 *Holders of rec. June 10
Thew Shovel, pref. (quar.)
July 1 Holders of rec. June 10
$1.50
Thompson's Spa, Inca Pref.(quar
)
'
•114 July 1 "Holders of rec. June 13
Tide Water Associated Oil. prof.(guar.)
•20e. June 30 *Holders of rec. June 13
Tide Water Oil (qua?.)
•200 July 1 'Holders of rec. June 20
Timken-Detroit Axle, coin. (qu.)
•62340 July 1 'Holders of roe. June 12
Trloo Products (guar.)
Tr -Continental Corp., pref.(quar.)
114 July 1 Holders of rec. June 16
30e. July 1 Holders of rec. June 13
Tri-Utilltles Corp., com.(guar.)
July 1 Holders of reo. June 13
fl
Common (payable in common stock).750. July 1 Holders of rec. June 13
Convertible pref.(guar.)
Union Metal Mfg., common (guar.) -- •500. July 1 *Holders of rec. June 20
•25e. July 1 *Holders of rec. June 20
Common (extra)
75a. July 1 Holders of rec. June 100
United Aircraft Transport, prof.
*50e. July 1 *Holders of rec. June 14
United Carbon, com. (qua?.)
134 July 1 Holders of rec. June 130
United Dyewood Corp., Pref. (quar.)
134 Oct. 1 Holders of ree. Sept.12a
Peelerred (guar.)
June 21 "Holders of rect. June 6
United Molaeses, Amer.dep.rets. for pref Mo3
*75e. July 1 "Holders of rec. June 16
Warren Bros. Co., cony. Pref. (quar.)
West Boylston Mfg.-dividend deferred.
White Star Refining, common (quar.)-- 6214e. July 1 Holders of rec. June 16
July 1 Holders of rec. JUIN. 16
$1
U.S.Tobacco, corn.(guar.)
111 July 1 Holders of rec. June 16
Preferred (guar.)
June 30 Holders of rec. June 13
12
Utah Copper Co.(guar.)
14e. July 1 Holders of rec. June 6
Utilities Hydro & Hall Shares, corn.(qu.)
"300.
30 Holders of rec. June 16
June
Waltt & Bond, class B (Misr.)
•114 July 1 Holders of rec. June 20
Walgreen Co., pref. (guar.)
Webster Eisenlohr Inc., pref.-dividend °mitt ed.
Wells-Newton Nat. Corp.(quar.) (No.1) •500. July 15'Holders of reo. July 1
June 30 Holders of rec. June 25
"51
Western Electric Co. (guar.)
Weston Electrical Instrument, coni.(qua •25e. July 1
*50c. July 1
Class A (guar.)
Wheeler-Osgood Co.-dividend passed.
11$ July 1 Holders of rec. June 12
Wilson & Co., Inc., pref.(guar.)
July 1 Holders of rec. June 10
$1
Yale & Towne Mfg.(guar.)
Below we give tne 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.
Railroads (Steam).
Alabama Great Southern ordinary
Ordinary (extra)
Preferred
Preferred (extra)
Atlanta & West Point
Atlantic Coast Line Co.(guar.)
Atlantic Coast Line RR.. corn
Common (extra)
Bangor & Aroostook, com.(Qua?.)
Preferred (quar
Boston & Albany (guar.)
Boston & Maine. corn. (guar.)
Prior preference (guar.)
6% preferred (guar.)
Fleet preferred, class A (guar.)
First preferred, class B (guar.)
First preferred, clam C (guar.)
First preferred, class D (guar.)
First preferred, clam E (guar.)
Canadian Pacific common (guar.)
Chesapeake Corp., com.(guar.)
Chesapeake & Ohio, corn.(guar.)
Preferred
When
Per
Celli. Payable.
Boats Closed
Days Indusire.
24
az June 28 Holders of rec. May
$1.50 June 28 Holders of ree. May 24
Aug. 15 Holders of rec. July 11
$2
0 Holders of tee. July 11
51.50 Au5. 15
Jun. 30
10 June 21 to June 30
I July
.$2.50
June 10 *Holders of rec. May 31
1 Holders of reo. June 12a
334
1% July 10 Holders of reo. June 121
87e. July 30 Holders of roe. May She
31a
194 July 1 Holders of rel. May
lders of rec. May 31
Ho 14 June
July 1
1
2
lders of reo. June 14a
Ho
July 1
1154
Holders of roe. June 14
Holders of rm. June 14
July
11 Holders of rec. June 14
13i July 1
Holders of reo. June 14
July
2
1 Holders of rec. June 14
114
2
Holders of roe. June 14
July
14
114 July 1 Holders of tee. June 291
2
75.. June 30 Holders of rec. May
July 1 Holders of rec. June Ila
2
July 1 Holders of rec. June Ila
3M July 1 Holders of rec. June 7a
JUNE 7 1930.]
Name of Company.
Railroads (Steam) (Concluded)
Chicago Burlington & Quincy
Chicago & North Western, corn. (guar.)
Preferred (guar.)
ChM.It. I. & Pao.common (quar.)
6% preferred
7% preferred
CM. New Oct. & Tex. Pao., common
Colorado & Southern, lot pref
Consolidated Bits. of Cuba pref. (guar.)
Cuba ER. common
Preferred
Preferred
Delaware & Hudson Co (guar.)
Erie RR., let and 2nd preferred
First and second preferred
Great Northern
Gulf Mobile & Northern, pret. (guar.)._
Illinois Central, leased lines
Louisville & Nashville
Maine Central. corn.(mar.)
Mo.-Kansas-Texas, corn. (No. 1)
Preferred A (guar.)
Preferred A (guar.)
Preferred A (guar.)
Missouri Pacific. pref. (attar.)
Mobile & Birmingham, preferred
Morris & Essex
N.Y. Chic. At St. L., corn. & p1.
N. Y.Lackawanna & Western (guar.)-N.Y. N H & Hartford, corn.(guar.).-Preferred (quar.)
Norfolk & Western. corn. (quiz.)
Pere Marquette, corn. (quar.)
Prior preferred and Pref.(guar.)
Pittsb. Ft. Wayne & Chic. coin. (qu.)..
Preferred (guar.)
Pittsburgh & West Va.(guar.)
Reading Co.. first pref.(guar.)
2nd pref. (guar.)
Rensselaer & Saratoga
St. Louis-San Francisco common (qu.)_
Preferred (guar.)
Preferred (guar.)
St. Louis Southwestern. pref. (guar.)- Southern Pacific Co.(guar.)
Texas & Pacific corn. (guar.)
Preferred
Union Pacific common ((mar.)
United N. J. RR. & Canal Co.. (qu.)..
Quarterly
Quarterly.
Wabash fly., pref. A (quar.)
Western Railway of Ala
FINANCIAL CHRONICLE
When
Per
Cent. Payable
Books Closed
Days Inclusite.
*5
June 25 *Holders of rec. June 18
I% June 30 Holden; of rec. June 5a
143 June 30 Holders of rec. June 5a
134 June 30 Holders of reo. June 6a
3
June 30 Holders of rec. June 6a
34 June 31) Holders of reo. June Oa
*4 June 24 *Holders of rec. June 6
2
June 30 Holders of rec. June 18a
144 July 1 Holders of rec. June 100
$1.20 June 27 Holders of rec. June 27
3
Aug. 1 Holders of rec. July 150
3
Feb2'31 Hold, of rec. Jan.15'31a
234 June 20 Holders of rec. May 28a
2
June 3() Holders of rec. June 140
2
Dec. 31 Holders of rec. Dec. 130
24 Aug. 1 Holders of rec. June 25a
14 July 1 Holders of rec. June 140
2
July 1 Holders of rec. June lla
334 Aug. 11 Holders of rec. July 15a
14 July 1 Holders of rec. June 16
31
June 30 Holders of rec. June 50
134 June 30 Holders of rec. June 140
113 Sept.30 Holders of rec. Sept. 5
114 Dec. 31 Holders of rec. Dec. 5
14 July 1 Holders of rec. June 130
2
July 1 Holders of rec. June 20
51.75 July 1 Holders of rec. June 7a
14 July 1 Holders of rec. May I50
134 July 1 Holders of rec. June 14a
11e July 1 Holders of rec. June 70
134 July 1 Holders of rec. June 70
234 June 19 Holders of rec. May 310
134 June 30 Holders of rec. June 9a
133 Aug. 1 Holders of rec. July 5a
134 July 1 Holders of rec. June 10a
134 July 8 Holders of rec. June 10a
134 July 31 Holders of rec. July 15
50c JULIE 12 Holders of rec. May 22a
50e July 10 Holders of rec. June IQa
.4
July 1 *Holders of rec. June 15
2
July 1 Holders of rec. June 2a
114 Aug. 1 Holders of rec. July la
134 Nov. 1 Holders of tee. Oct. la
134 June 30 Holders of rec. June 120
134 July 1 Holders of rec. May 260
114 June 30 Holders of rec. Juno 14a
'134 June 30 *Holders of rec. June 14
214 July 1 Holders of rec. June 20
024 July 1 *Holders of rec. June 20
.214 Oct. 1 ellolders of rec. Sept. 20
e214 Jan1'31 *Holden of rec. Dee.20'30
13-4 Aug. 25 Holders of rec. July 250
4
June 30 June 21 to June 30
Public Utilities
Alabama Power 57 pref.(guar.)
31.75 July 1 Holders of reo. June 14
31.50 July 1 Holders of rec. June 14
$0 preferred (quar.)
$1.25 Aug. 1 Holders of rec. July 15
$5 preferred (uuar.)
American Commonwealth Power Corp.
(214 July 25 Holders of rec. Juno 30
Corn. A & 13 D-40th share corn.
$1.75 Aug. 1 Holders of rec. July 15
First preferred series A (guar.)
e1.62 Aug. 1 Holders of rec. July 15
$6.50 1st preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 15
$6 1st preferred (Quar.)
Second preferred series A (guar.)---- $1.75 Aug. 1 Holders of rec. July 15
Amer. Community Pow., tat pref.(qu.). $1.50 July 1 Holders of rec. June I5a
Preference (emu.)
51.50 July 1 Holders of ree. June 15a
American Superpower. 1st pref., (qu.)..- 31.50 July 1 Holders of rec. June 14
51.50 July 1 Holders of rec. June 14
56 preference (quar.)
American 'Pelee. & Teleg. (quar.)
213 July 15 Holders of rec. June '200
Amer. Water Wks. & El. 16 pref. (qu.) 51.50 July 1 Holders of rec. June 12a
Associated Gas & Elec.. $5 prof. (guar.) $1.25 Juno 10 Holders of reo. May 15
$7 preferred (guar.)
51.75 July 1 Holders of reo. May 31
Original series preferred (quar.)
874e July 1 Holders of roe. May 31
Associated Teleg. Utilities (quar.)
*e2
July 15 *Holders of rec. June 30
Bell Telem of Canada common (quar.)__
July 15 Holders of rec. June 230
2
Boston Elevated, corn. (quar.)
134 July 1 Holders of rec. June 10
First preferred (quiz.)
4
July 1 Holders of roe. June 10
34 July 1 Holders of rec. Juno 10
Preferred
Brooklyn Union Gas (guar.)
$1.25 July 1 Holders of rec. June 2a
Canada Northern Power common (qu.)_
I5c. July 25 Holders of rec. June 30
14 July 15 Holders of rec. June 30
Preferred (guar.)
Central Gas & Elec., 2d pref.(quar.)--- $1.75 July I Holders of rec. June 18
Central III. Pub.Serv., 56 pref.(guar.)._ .51.50 July 15 *Holders of rec. June 30
Central Public Service Co., pref.(quiz.). 51.75 July 1 Holders of rec. June 18
Central Pub.Serv. Corp.. cl. A (quar.).. 4313c June 16 Holders of rec. May 26
$4 preferred (quar.)
July 1 Holders of rec. June 11
$1
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 11
$7 Preferred (guar.)
$1.75 July 1 Holders of rec. June
Central & South Weet UtilitiesCommon (payable in corn. stock)
(1 34 July lb Holders of rec. June 30
Central States Eleo. Corp.. corn.(qu.)..
10e. July 1 Holders of rec. June 5
Common(payable In common stock). (21e July 1 Holders of rec. June 5
7% preferred (quar.)
114 July 1 Holders of rec. June 5
6% preferred (quar.)
134 July 1 Holders of rec. June 5
Cony. pref. series of 1928 (quar.).... (z) July 1 Holders of rec. June 6
Cony. pref. series of 1920 (guar.).- (a) July I Holders of rec. June 5
Central States Pow.& Light, pref.(qu.) 51.75 July I Holders of rec. June 5
Chicago Rap. Tran., pr. pf. A (in'thly)- •650. July 1 *Holders of rec. June 17
Prior preferred A (monthly)
•65e. Aug. 1 'Holders of rec. July 15
Prior preferred A (monthly)
•650. Sept. 1 *Holders of rec. Aug. 19
Prior preferred II (monthly)
•60c. July 1 *Holders of rec. June 17
Prior preferred 13 (monthly)
*60c. Aug. 1 *Holders of rec. July 15
Prior preferred B (monthly)
•60c. Sept. 1 'Holders of rec. Aug. 19
Cities Serv. Pow.& Lt., $6 pt. (niftily.)
•50c. June 15 *Holders of rec. Slay 31
$7 Preferred (monthly)
•58 1-3e June 15 *Holders of rec. May 31
Columbia Gas & Electric, corn
(1) June 30 Holders of rem May 24a
Columbus Elec.& Pow., prof.13 (guar.) _
134 July 1 Holders of rec. June 14
Preferred C (guar.)
114 July 1 Holders of rec. June 14
Preferred D (quar.)
114 July I Holders of rec. June 14
Second preferred (guar.)
134 July 1 Holders of rec. June 14
Commonwealth & Sou. Corp.$6 Preferred (quar.)(NO. 1)
$1.50 July 1 Holders of rec. June ill
Con.sol. Gas, El Lt.& P., Balt. 00111.(qu.) .000. July 1 *Holders of reo. June 14
•1 34 July 1 *Holders of rec. June 14
5% Preferred Series A (quer)
.•13.4 July I *Holders of rec. June 14
6% Preferred series D (guar.)
54% preferred series E (guar.)
•11.4 July 1 *Holders of rec. June 14
Consolidated Gas of N. Y.corn.(guar.). $1
June 16 Holders of rec. May 9a
Consumers Power, $5 pref.(guar.)
$1.25 July 1 Holders of rec. June 14
6% preferred (guar.)
1 ee July 1 Holders of roe. June 14
6.6% preferred (qar.)
1.05 July I Holders of reo. June 14
7% preferred (Quer.)
134 July 1 Holders of res. June 14
6% Preferred (monthly)
50e. July 1 Holders of reo. June 14
GAM preferred (monthly)
55e. July I Holders of reo. June 14
Continental Gas & Elec. common (qu.)- $1.10 July 1 Ilolders of rec. June 12
Prior preference(guar.)
$1.75 July 1 Holders of rec. June 12
Duquesne Light. lot pref. (guar.)
14 July 15 Holders of rec. June 14
East Kootenay Power, pref.(guar.).- I% June 16 Holders of rec. Slay 31
Electric Power & Light pref.(guar.).- $1.75 July 1 Holders of roe. June 12
Empire Power Corp., $6 pref. (guar.).- $1.50 July 1 Holders of rec. June 16
$3.04 July 1 Holders of rec. Juno 16
Participating stock
60e July 1 Holders of roe. June 170
Engineers Public Service. corn. (quar.)__
$1.25 July 1 Holders of roe. June 17a
$5 preferred (quar.)
$1.375 July 1 Holders of rec. June 17s
$5.50 preferred (guar.)
Federal Light & Tract., corn. (quar,)___ 374c July 1 Holders of ree. June 13a
July 1 holders of rec. June I3a
Common (payable In common stock). 11
General G.& E.corn, A At 13 (qu.)(No.1) r74c. July 1 Holders of reo. May 2ea
$1.75 July 1 Holders of reo. May 29a
$7 Preferred A (quar.)
$2
July 1 Holders of rec. May 23s
$8 preferred A (hmar.)
51.50 June 10 Holders of rec. May 15a
Convertible pref. A (qu.)
Gulf Power, pref. (guar.)
51.50 July 1 Holders of rec. June 20
Illinois Bell Telephone (guar.)
.2
June 30, IIolders of rec. June 28
Name of Company.
4007
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Illinois Power Co.6% pref.(guar.)
134 July 1 Holders of rec. June 16
7% preferred (guar.)
134 July 1 Holders of rec. June 16
114 June 16 Holders of rec. May 81
Indiana Hydro-Elec.Power pref.(qu.)
Indianapolis Water, pref. A (guar.)._
134 July I Holders of rec. June 12s
Internat. Utilities, class A (guar.)
8734c July 15 Holders of rec. June 30
51.75 Aug. 1 Holders of rec. July 18
57 preferred (quar.)
.$1.75 July 1 *Holders of rec. June 5
Interstate Power, $7 pref. (guar.)
*31.50 July 1 'Holders of roe. June 5
$6 preferred (guar.)
1)4 July 2 Holders of rec. June 13
Jamaica Public Serv. pref.(guar.)
Kansas City Pr.& Lt., 1st pf. 13 (guar.). $1.50 July 1 Holders of rec. June 14a
24 June 16 Holders of ree. June 25
Laclede Gas Light common (quiz.)
21e June 16 Holders of rec. June 20
Preferred
(e)
Hold.of rec. Feb.2 1931
Lone Star Gas,corn.(In corn.stk.)
Louisville Gas & Elec.. corn. A ciz (On.) 4340. June 2b Holders of rec. May 310
Memphis Power & Light,57 pref.(qu.)
$1.75 July 1 Holders of rec. June 14
51.50 July 1 Ilolders of rec. June 14
56 preferred (guar.)
.4334 June 15 *Holders of rec. June
Middle Western Telep.. corn. A (qui •43340 Sept. 15 *Holders of rec. Sept. 5
Common A (guar.)
•434c Dec. 15 *Holders of reo. Dee. 5
Common A (guar.)
Monongahela W. Penn Public Service4313c July 1 Holders of rec. June 16
7% preferred (guar.)
Montreal Light. Heat & Power Cons.
38c July 31 Holders of rec. June 30
New no par corn.(quar.)(No. 1).....
134 July 1 Holders of rec. June 16
Nassau& Suffolk Ltg. Pref• (guar.)
National Power & Light,$7 pref. too.).. 51.75 July 1 Holders of rec. June 14
400. June 15 Holders of rec. May 27
National Public Service. com. A (guar.)
.51. June 10 *Holders of rec. May 31
Newark Telephone (quiz,)
Quarterly
.51 Sept. 10'Holders of roe. Aug. 29
*31 Dec. 10 *Holders of reo. Nov.30
Quarterly
New England Pub. Set. $7 pr. pt. (WI.). 31.75 June 16 Holders of rec. May 31
2
June 30 Holders of rec. June 10
New England Telco.& Telm.(quar.)
New York Steam Co., $7 pref.(quiz.).. 51.75 July 1 Holders of rec. June 14a
51.50 July 1 Holders of rec. June 14a
$6 preferred (guar.)
lei July 15 Holders of rec. June 20
New York Telephone pref.(guar.)
New York ‘Vater Service pref. (guar.)._ 51.50 June 15 Holders of roe. June 5
10e. June 30 Holders of rec. June 5
Niagara ,St Hudson Power, corn.(guar.).
q234 July 1 Holders of rec. June ba
North American Co., corn. (quiz.)
750. July 1 Holders of rec. June 50
Preferred (guar.)
North American L.& P., pref.(quiz.).. $1.50 July 1 Holders of rec. June 20
North Amer. 1.;linty Scour., lot pfd.(qu.) 31.50 June 16 Holders of rec. May 31
Northern Ontario Power common (qu.).
50c. July 25 Holders of rec. June 30
134 July 25 Holders of rec. June 30
Preferred (guar.)
$1.50 July 1 Holders of rec. June 14a
Northwestern Telegraph
Ohio River Edison, 7% pref.(quar._
134 July 1 Holders of rec. June 14
Ohio Telephone Service, pref. (quar.)___ *lee June SO 'Holders of rec. June 23
'1 34 Sept.30 "Holders of reo. Sept. 23
Preferred (guar.)
*134 Dec. 31 *Holders of reo. Dec. 24
Premed (timer.)
Oklahoma Gas & Elec.. pref.(quar.). 1% June 16 Holders of reef. May 31
035e. July 1 *Holders of rec.. June 14
Peninsular Telephone, corn.(quar.)
•350 Oct. 1 *Holders of reo. Sept. 15
Common (quiz.)
.350 Jan 1'3 'Hold. of rec. Dee. 1531
Common (Sum.).
Pennsylvania-Ohio Pow.&L.,$0 pf.(qu.) $1.50 Aug. 1 Holders of rec. July 21
113 Aug. 1 Holders of rec. July 21
7% preferred (quar.)
60c. July 1 Holders of rec. June 20
7.2% preferred (monthly)
60c. Aug. 1 Holders of rec. July 21
7,2% preferred (monthly)
53e. July 1 Holders of rec. June 20
6,6% preferred (monthly)
53c. Aug. 1 Holders of rec. July 21
6.6% Preferred (monthly)
Penna. Power & Lt. $7 pref. (quar.)____ 51.75 July 1 Holders of rec. June 14
51.50 July 1 Holders of rec. June 14
$6 preferred (guar.)
$1.25 July 1 Holders of rec. June 14
$5 preMrred (guar.)
The. July 1 Holders of rec. June 13
Pennsylvania Water & Power (guar.)._
July 1 Holders of rec. June 120
3
Peoples Gas Co.. preferred
2
July 17 Holders of rec. July 3a
Peoples Gas Light & Coke (guar.)
1.60c. July 1 'Holders of rec. June 7
Peoples Light & Power, class A (quar.)
31
July 31 Holders of rec. July la
Philadelphia Co., common (guar.)
75e. July 31 Holders of rec. July la
Common (extra)
Phila. Suburban. Water Co., pref.(qu.) 134 Sept. 1 Holders of rec. Aug. 12a
85c, June 30 Holders of rec. Slay 31a
Pub. Serv. Corp. of N. J. corn.(guar.)._
2
June 30 Holders of reo. May 31a
8% preferred (guar.)
114 June 30 Holders of rec. May 31a
7% preferred (guar.)
51.25 June 30 Holders of rec. May 31a
$5 preferred (guar.)
50c. June 30 Holders of rec. May 31a
6% preferred (monthly)
Pub.Saw. Elec. & Gas 7% pref.(guar.) I% June 30 Holders of rec. June 2
13.4 June 30 Holders of rec. June 2
6% preferred (guar.)
South Carolina Power $6 pref. (quiz.).. $1.50 July 1 Holders of rec. June 21
50c. July 15 Holders of rec. Juned20
Southern California Edison,orig. pr.(qu)
3434 July 15 Holders of rec. June 20
554% preferred series C (guar.)
434e. June 15 Holders of me. Slay 20
Preferred series A (guar.)
374e, June 15 Holders of rec. May '20
Preferred series B (guar.)
134 June 16 Holders of roe. May 31
Southern Colorado Power, pref.(quar.)_
.2
July 15'Holders of reo. June 30
Southern N. E. Tclep. (guar.)
Southwestern Light & Power pref.(qu.)_ •51.50 July 1 *Holders of rec. June 16
Standard Gas & Elec. 34 pref.(guar.)._ 51
June 16 Holders of rim. Slay 310
Tennessee Electric Power Co.
5% Met preferred (quar.)
134 July 1 Holders of rec. June 14
114 July 1 Holders of rCI). June 14
6% first preferred (guar.)
14 July 1 Holders of rec. June 14
7% first Preferred (guar.)
51.80 July 1 Holders of rec. June 14
7.2% first preferred (guar.)
530. July 1 Holders of rec. June 14
6% first preferred (monthly)
600. July 1 Holders of rec. June 14
7.2% first preferred (monthly)
Tr -State Tel. & Tel.. 6% pref. (guar.). *15e. Dec. 1 *Holders of rec. Nov. 15
July 15 Holders of rec. July la
Twin City Rap. Tr., Slinneapolls. coin... g2
Ile July 1 Holders of rem June 12a
Preferred(guar.)
Union Natural Gas of Canada (quiz.).. eu400. June 10'Holders of roe. Apr. 15
750. July 1 Holders of rec. June 55
United Corp., $3 pref. (guar.)
United Gas & Electric Corp.. pref.(qu.) 1% July 1 Holders of rec. June 16
30c. June 30 Holders of rec. May 310
United Gag Improvement win.(guar.)
$1.23 June 30 Holders of rec. May 31a
Preferred ((luar.)
Utilities Power & Light, corn.(guar.)--- 1i25c. July 1 Holders of rec. June 5d
ti50e. July I Holders of rec. June 5
Class A (guar.)
it25e. July 1 Holders of rec. June 5
Class B (guar.)
1)4 July 1 Holders of rec. Junel 5
7% preferred (guar.)
p5Oe. July 1 Holders of rec. June 50
Class A (guar.)
Virginia Elec. & Power,7% pref.(guar.) 14 June 20 Holders of rec. May 31a
14 June 20 Holders of rec. May 31a
6% preferred (quiz.)
134 July 15 Holders of rec. June 30
Western Power Corp.. pref.(guar.)
•114 July 1 *Holders of rec. June 6
Winnipeg Electric, pref. (quar.)
Wisconsin Pub. Sere., 7% pref. (qu.)._
134 June 20 Holders of rec. May 31
13-4 June 20 Holders of roe. May 31
634% preferred (quar.)
134 June 20 Holders of rec. May 31
6% preferred (guar.)
Banks.
Chase National (quar.)
Chase Securities (Quiz.)
Public Nat. Bank & Trust (quar.)
Trust CompaniesFederation Bank & Trust (Quiz.)
Irving (quit'.)
Trust Companies.
Chelsea Bank & Trust Co. (quit.)
Continental Bank dr Trust (guar.)
Fire Insurance.
North River Insurance (quiz.)
Quarterly
Miscellaneous.
Abitibi Power & Paper 7% Pref.(guar.)_
6% preferred (guar.)
Abbott Laboratories (quiz.)
Adams Express, coin.(guar.)
Preferred (guar.)
Addressograph Internat. Corp.(quar.)
Allegheny Steel, corn.(monthly)
Common (extra)
Common (monthly)
Common (monthly)
Common (monthly)
Preferred (quar.)
Preferred (quar,)
$1
July
1 Holders of tee. June 4a
"51
July
I "Holders of rec. June 20
1
3
June 30 Holders of rec. June 30
40c. July 1 Holders of rec. June 3
624c. July 1 Holders of rec. June 6
30c. June 15 June 6 to June 15
50c, June 14 Holders of rec. June 4
50c. Sept. 15 Holders of rec. Sept. 5
lye July 42 Holders of rec. July 420
lye July 21 Holders of rec. July 10a
.62140 July 1 *Holders of tee. June 16
40c. June 30 Holders of rec. June 140
134 June 30 Holders of rec. June 14a
*3734c July 10 *Holders of rec. June 21
15e. July 18 Holders of rec. June 30a
25e. July 18 Holders of rec. June 30a
15c. Aug. 18 Holders of rec. July 31a
15c. Sept.18 Holders of rec. Aug. 30a
15c. June 18 Holders of rec. May 31a
"113 Sept. 1 *Holders of rec. Aug.
•113 Dec. 1 *Holders of ree. Nov. 15
15
4008
Name of Company.
LV0L. 130.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Coal. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Central Cold Storage. common (quit.).... .400 June 30 *Holders of reo. June 25
Agnew-Surpass Shoe, pref. (guar.)
1M July 1 Holders of rec. June 16
Centrifugal Pipe Corp.(guar.)
15e. Aug. 15 Holders of me. Aug. 5
Alliance Investment Corp.. corn.(qu.)
20c. July 1 Holders of rec. June 13
15e. Nov. 15 Holders of reo. Nov. 5
134 Sept. 1 Holders of reo. Aug. 20
Quarterly
Alliance Realty. pref. (guar.)
June 7 Holders of coup. No. 1
Chemie (I.(L)(Basle, Switzerland)_...... 12
134 Dec. 1 Holder" of reo. Nov.20
Preferred (guar.)
June 7 Holders of coup. No. 1
2
Bonus
1M July 1 Holders of rec. June lla
Allied Chemical & Dye,pref.(guar.)
June 30 Holders of rec. June 9a
31
Chesebrough Mfg. Cons.(guar.)
Allied Motor Industries, pref.(quar.)
July 1 *Holders of rec. June 16
*31
50e. June 30 Holders of roe. June 90
Extra
Allied Products common (guar.)
*50c. July 1 'Holders of reo. June 16
Chicago Flexible Shaft, corn. (quiz.).... "30e. July I *Holders of roe. June 20
'87ISc July 1 *Holders of reo. Juno 16
Class A (guar.)
•30e. Oct. 1 *Holders of me. Sept. 20
Common (guar.)
Aluminum Mfrs., Inc.. corn. (guar.)- - - *50e. June 30 'Holders of rec. June 14
250. July 1 Holders of roe. June 200
Chicago Yellow Cab (monthly)
Common (guar.)
*50e. Sept. 30 *Holders of rec. Sept. 15
25e. Aug. I Holders of rec. July 210
Monthly
Common (guar.)
*50e. Dee. 31 *Holden of rec. Dec. 15
The. Sept. 2 Holders of tee. Aug. 20a
Monthly
•IK June 30 *Holders of reo. June 15
Preferred (guar.)
15
June 10 Holders of rec. May 230
Sept.
600.
Childs
(guar.)
common
roe.
Co.,
of
*Holders
30
Sept.
Preferred (Quiz.)
•11i
1M June 10 Holders of rec. May 230
Preferred (guar.)
*15I Dec. 31 *Holders of rec. Deo. 15
Preferred (guar.)
75e. June 27 Holders of rec. June 13a
50e. July 1 Holders of rec. June 10a Chill Copper Co.(Qum.)
American Bank Note common (quar.)_
The. June 30 Holders of roe. June 20
75e. July 1 Holders of rec. JUDO 10a Chrysler Corp.(quar.)
Preferred (guar.)
154 July 1 Holders of rec. June 160 City Ice & Fuel,com(payable in com.stk.) j1I4 Aug. 31 Holders of rec. Aug. lba
American Can, pref.(guar.)
75e. June 16 Holders of rec. May 29,
1K June 30 Holders of roe. June 20a Clark Equipment, corn.(quar.)
American Chain, pref. (guar.)
Claude Neon Elec.Prod..corn & Pf• (:111.) "250. July 1 Holders of rec. June 20
•50e. July I *Holders of rec. June 12
American Chicle (guar.)
July 1 Holders of tee, Jan. 20
*3
Stock dividends
•25e. July 1 *Holders of reo. June 12
Extra
12
June
23Se July I Holders of rec. June 14
Cities
rec.
Service common (monthly)
30
of
Holders
June
60c.
Amer. Colortype Co., corn. (quar.)-Common (payable in common stock)-- f34 July 1 Holders of rec. June 14
134 Sept. 1 Holders of rec. Aug. 14
Preferred (guar.)
50e. July I Holders of rec. June 14
Preference and pref. B B (monthly)._
Jun.d14 Holders of rec. June 5
American Fork & Hoe, ann.(quar.). 2
Sc. July 1 Holders of rec. June 14
Preference B (monthly)
350. July 1 Holders of rec. June 140
American Home Products (monthly)....•250. July 15
Coca Cola Bottling See.(quar.)
American International Corp.
*25c. Oct. 15
Quarterly
Oct. 1
Common (payable in common stook)-- ./2
31.50 July 1 Holders of reo. June 12a
41
June 30 Holders of rec. June 130 Coca-Cola Co.,corn.(guar.)
Amer. Locomotive, corn.(guar.)
31.50 July 1 Holders of rec. June 12a
1K June 30 Holders of tee. June 130
Class A (semi-annual)
Preferred (guar.)
July 1 Holders of rec. June 12,
$3
(guar.)
1
Aug.
Internat..
Coca-Cola
corn.
(quar.)134
Amer. Machine & Fdy.. prof.
July 1 Holders of reo. June 12a
$3
Class A
July 1 June 10 to June 30
1
American Manufacturing. corn. (quar.)
1
Colgate-Palmolive-Peet Co., corn.(qu.).. 6234c July 15 Holders of rec. June 200
Oct. 1 Sept. 16 to Sept. 30
Common (guar.)
Preferred (quar.)
I
Deo. 31 Deo. 16 to Dec. 30
134 July 1 Holders of roe. June 100
Common (guar.)
134 July 1 June 10 to June 30
Columbia Pictures, corn. (011.) (No. 1)_ 3734e July 2 Holders of reo. June 1945
Preferred (guar.)
stock).
30
Oct. 2 Holders of reo. Sept. 3a
Sept.
Common
I
common
In
Oct.
f234
1I4
to
10
Sept.
(payable
Preferred (guar.)
40e July 1 Holders of rec. June ba
lIS Dee. 31 Dec. 10 to Dee. 30
Commercial Invest. Trust, corn.(quar.)..
Preferred (guar.)
Common (payable in common stock)_ /134 July 1 Holders of tee. June ba
Amer. Pneumatic Service, 1st pref. (qu.) 8754e June 30 Holders of rec. June 20
7% first preferred (guar.)
134 July 1 Holders of rec. June ba
75e. June 30 Holders of rec. June 20
Preferred (guar.)
19,i July 1 Holders of rec. June ba
634% first preferred (quar.)
Amer. Radiator di Stand, Sanitary Mfg.
(z) July 1 Holders of reo. June ba
3734e. June 30 Holders of roe. June lie
Convertible preference (quar.)
Common (guar.)
250. June 30 Holders of rec. June 10
50o. July 15 Holders of reo. June 30a Commercial Solvents corn. (quar.).........
American Roiling Mill (quiz.)
e5
July 30 Holders of tee. July la Community State Corp.. class A (guar.) •12I4e June 30 *Holders of reo. June 26
Stock dividend
10
June
Sept. 30 *Holders of reo. Sept 26
•12340
June
*31.25
rec.
30
of
Class
*Holders
A
(guar.)
(guar.)
Razor
Safety
Amer.
50e. July 1 Holders of rec. Juno 140
'1234c Deo. 31 *Holders of reo. Dec 26
Class A (guar.)
American Storm Co. (guar.)
lIS July 2 Holders of reo. June ba
'12340 3131131 *Hold,of rec. Mar. 2631
Class B (guar.)
Amer. Sugar Refg., corn. (guar.)
•1234c June 30 Holders of reo. June 28
Class B (guar.)
134 July 2 Holders of rec. Juno 5a
Preferred (guar.)
'1234e Sept. 30 Holders of roe. Sept.26
31.50 June 30 Holders of tee. Juno 14a
Class B (guar.)
American Surety Co.(guar.)
•1234o Dec. 31 Holders of reo. Dec. 26
Class B (guar.)
1234c. July 1 Holders of rec. May 31a
American Thread. preferred
June 30 *Holders of tee. June 14
1)4 July 1 Holders of rec. June 10a Congress Cigar, corn. (guar.)
.31
American Tobacco pref.(guar.)
June 30 Holders of rec. Juno 20a Consolidated Dairy Products (quar.)
•50c. July 1 *Holders of reo. June 16
31
Amer. Writing Paper, pref.(guar.)
25c. July 1 Holders of rec. June 120
Amer. Zinc, Lead & Smelt.. Pref.(cm.). 31.50 July 1 Holders of rec. June 1345 Continental Shares, Inc., corn.(quiz.)....
•25e July 2 *Holders of rec. June 14
1)4 June 16 Holders of rec. June' 1
Convertible Prof. de prof. 11 (guar.).
Amoekeag Mfg., common (gum.)
*25e. Oct. 2 *Holders of rm. SePt• 13
June 16 Holders of rec. May 31
1
Cooksville Co.. Ltd.. Prof. (guar.)
Common (guar.)
5
•20c.
15
July
July
25e. July 15 Holders of rec. June 16
rec.
of
'Holders
Copper
Range
Co.
(guar.)
Angle Steel Stool (guar.)
134 July 1 Holders of rec. June 100 Corporate Trust Shares
*35e. June 30
Armour dr Co. of Del.. pref. (quiz.)__ 134 July 1 Holders of reo. June 100
•95c. June 30
Extra
Armour & Co. (Illinois) Pref.(quar.)
*50c. July 1 *Holders of reo. June 17
Corporation Securities Co. of ChicagoArmstrong Cork (guar.)
Corn.(3-200ths share porn. stk.)
(f) June 20 Holders of rm. June 2
Associated Dry Goods, corn.(guar.)-- 630. Aug. 1 Holders of rm. July 12a
1IS Sept. 1 Holders of rec. Aug. 90 Cete. Inc., stock dividend
June 30 Holders of roe. June 160
e3
First preferred (guar.)
9a
lIS
Aug.
1
Sept.
43f4c June 16 Holders of rm. May 31
Holders of rec.
Crane Co. common (guar.)
Second preferred (quar.)
June 30 Holders of roe. June 20
Preferred (guar.)
134 June 16 Holders of rec. May 31
Associates Investment Co.. corn. (qu.). $1
$1.75 June 30 Holders of rec. June 20
Crowley, Milner & Co., common (mum.) *50e. June 30 *Holders of rec. June 20
Preferred (guar.)
25e. July I Holders of reo. June 100
Atlantic Gulf & W.I. S.S. Lines. pf.(qu.) 134 June 30 Holders of reo. June 110 Crown Cork International, el. A (quit.).
I Si Sept. 30 Holders of reo. Sept. 10a Crown Willamette Paper lot pref. (qu.)_ 31.75 July 1 Holders of rec. June 130
Preferred (guar.)
11
31
Dec.
Dec.
rec.
July 1 Holders of reo. June 13
31.50
134
of
Holders
Second preferred (guar.)
Preferred (guar.)
25c. Juno 16 Holders of rm. May 210 Crown Zellerbach Corp.,corn.(quiz.)...
25e. July 15 Holders of roe. June 30
Atlantic Refining, corn. (guar.)
25e. June 16 Holders of tee. May 210 Crucible Steel prof.(guar.)
134 June 30 Holders of rec. June 100
Common (extra)
134 June 16 Holders of rec. June 5
June 30 Holders of rec. June 20
2
Crum & Forster, Prof. (guar.)
Atlantic Terra Cotta prior pref. (quiz.)_
1
June 25 Holders of me. Juno 5
Crum k Forster Ins. & Shares Corp.
Preferred (guar.)
31
June 10 Holders of rec. May 29s
134 Aug. 30 Holders of tee. Aug. 20
Preferred (guar.)
Atlas Powder, corn. (guar.)
134 Nov. 29 Holders of roe. Nov. 19
Preferred (guar.)
Austin. Nichols hi Co.
75e. Aug. 1 Holders of tee. July 150 Cumberland Pipe Line (guar.)
June 16 Holders of rec. May 31
$1
Prior A stock (guar.)(No. I)
2
5
June 16 Holders of tee. May 31
June
15
June
(guar.)
$14
rec.
of
Holders
pref.
Co.,
Extra
Autocar
75e. July I Holders of rec. June 100 Cuneo Press, pref. (guar.)
•1M June 15 *Holders of rec. June 1
Auto Strop Safety Razor,class A (guar.)
40c. Aug 1 Holders of rec. July 10
Curtis Mfg., corn.(guar.)
6234 c July 1 Holders of rec. June 14
Class B (guar.)
"75e. June 28 *Holders ot rec. June 10
50e. July 2 Holders of reo. JUDO 206
Curtis Publishing, corn. (monthly)
Balaban & Katz, corn. (guar.)
•1K June 2. *Holders of rec. June 16
31.75 July I Holders of rec. June 20a
Preferred (quiz.)
Preferred (guar.)
common
7a
June 14 Holders of rec. June ba
June
87I4c
Works
July
88e.
1
reo.
of
(quiz.)...
Holders
Locomotive
common
Cutler-Hammer,
Inc.,
Baldwin
3IS July 1 Holders of rec. June 7a David de Frere, Ltd.(Canada), cl. A (qu)
57e. June 16 Holders of reo. May 31
Preferred
5
"3734c June 30 *Holders of rec. June 20
Depr
ck
Baldwin Rubber, class A (guar.)
&.)Cohn. corn. (quiz.).... *50e. Juno 14 *Holders of rec. June 20
00
500. July 1 Holders of rec. June 140
•154 Sept. 2 *Holders of rm. Aug.
eefrer A
ed
lfr(egdu)
Barker Bros., corn. (guar.)
30e. July 1 Holders of tee. June 14
31.625 July 1 Holders of roe. June 14a Deere & Co., new corn. (qu.)(No• 1)--$6.50 preferred (guar.)
•25e. July 1 "Holders of tee. June 30
Common (payable in common stook). /134 July 15 Holders of roe. July 14
Beaton & Caldwell Mfg.(monthly)
*50e. July 1 *Holders of rec. June 15
Del. Lackawanna & Western Coal (qu.).. *32 Juno 16 *Holders of rec. June 2
Beatty Brothers (guar.)
75e. July 10 Holders of tee. June 250 Denver Union Stock Yards. corn.(qu.)- - "31 July I "Holders of reo. June 20
Beech-Nut Packing, corn. (quar.)
50e. July 1 Holders of roe. June 100
*31 Oct. 1 'Holders of reo. Sept. 20
Common (guar.)
Bend's Aviation Corp.(guar.)
300. July 1 Holders of roe. June 20
*31 Jan 1'31 *Held. of reo. Dee. 20'30.
Common (guar.)
Berry Motor (guar.)
Ap.1 81 *Hold, of reo. Mar. 20'31
*31
50e. June 16 Holders of rec. May 230
Common (guar.)
Beet & Co.(quiz.)
$1.50 Aug. 15 Holders of reo. July 18a Detroit Gasket & Mfg., common (guar.)
30c. July 1 Holders of rec. June 20
Bethlehem Steel, common (guar.)
134 July 1 Holders of roe. June 6a Detroit de Cleve. Navigation (quar.)---20c July 1 Holders of tee. June 14
Preferred (guar.)
•200 June 14 *Holders of rec. May 29
*3735c Aug. 15 'Holders of rec. Aug*. 9
Detroit Motor Bus
Bloch Bros.. common (guar.)
June 16 Holders of roc. May 310
2
•3734c Nov. 15 *Holders of rec. Nov. 10
Diamond Match (guar.)
Common (guar.)
•11.‘ June 30 *Holders of rm. June 25
Di Giorgio Fruit Corp.. pref. (guar.)•134 July lb *Holders of rec. June 14
Preferred (guar.)
30
25
Sept.
Sept.
'1)4
July 21 Holders of rec. June 300
250.
reo.
of
*Holders
Dome
Mines, Ltd. (guar.)
Preferred (guar.)
, IIS July 2 Holders of rec. June 16
(qu.)
•134 Dec. 31 'Holders of reo. Deo. 26
Dominion Glass, Ltd., corn.
Preferred (guar.)
The. July 1 Holders of rec. June 13a Dominion Stores. corn. (guar.)9"
30e. June 30 Holders of rec. June 170
Bohn Aluminum & Brass (guar.)
July 31 Holders of rec. July 15a
June 30 Holders of rec. Juno 170
/2
$1
Common (payable in corn. stock) _
Bon Ami Co., class A (quiz.)
July 31 Holders of roc. July 150 Dominion Textile, corn.(Mum.)
$1
31.25 July 2 Holders of me. June 14
Class A (extra)
1
19
July
July
June
154
rec.
of
Holders
15 Holders of roe. June 30
50e.
Preferred
(guar.)
(guar.)
Class B
July 1 Holders of rec. May 21
31
500. July 1 Holders of rec. June 19
Draper Corp. (quar.)
Class B (extra)
'134 July 1 'Holders of rec. June 20
*51.75 July 1 'Holders of rm. June 16
Driver-Harris Co., pref. (guar.)
Borg-Warner Corp., pref. (guar.)
Du Pont(E, I.) de Nem.& Co.com.(qu) $1
3)4 June 30 Holders of rec. June 2
Juno 14 Holders of rec. May 290
Boston Wharf
134 July 25 Holders of rec. July 100
Debenture stock (quan)
Boston Woven Hose & Rub., corn. (qu.) 31.50 June 16 Holders of rec. June 2
2
June
rec.
of
Holders
16
June
3
1 *Holders Of rec. June 10
July
•87I4e
Eastern
(guar.)
prof.
Mfg..
Preferred
Eastern Utilities InvestmentBrandram-lienderson, Ltd., pref. (qu.). 134 July 2 Holders of roe. June 1
$1.25 July 1 Holders of reo. May 31
50c. June 30 Holders of rec. June 20a
35 prior preferred (guar.)
Briggs dr Stratton Corp.(guar.)
•31..4 June 2 *Holders of roe. May 19
$1.25 July 1 Holders of rec. May 310
Eastman Kodak common (guar.)
Brill Corp., pref.(guar.)
75e. July 1 Holders of rec. May 3I0
50c. July I Holders of rec. June 160
Common (extra)
Drillo Mfg..class A (guar.)
134 July 1 Holders of roe. May 310
Preferred (guar.)
British-Amer. Tobacco, ord. (bearer)._ (o) June 30 Holders of coup. No. 135
(0
note
See
30
June 14 Holders of roe. May 31
June
(v)
Edison
154
(guar.).prof.
Brothers Stores.
Ordinary (registered)
3734c June 14 Holders of reo. May 28
Brockway Motor Truck Corp.. Pf• (Q11.) 1I4 July 1 Holders of tee. June 10a Eisler Electric Corp
S
28
Apr.
roe.
of
Holders
14
June
assed
31
pref.-dividend
P
EitIngon-Schild
Co.,
(guar.)
Line
Pipe
Buckeye
25e July 1 Holders of reo. May 270 Electric Auto-Lite Co., corn. (quar.).._.. '31.50 July 1 *Holders of rec. June 14
Bucyrus Erie Co.. Common (guar.)
"1.M July 1 *Holders of roc. JUDO 14
Preferred (guar.)
134 July 1 Holders of reo. May 27a
Preferred (guar.)
31.25 July 1 Holders of roe. June 20
July 1 Holders of tee. May 270 Elec. Controller de Mfg. corn. (quar.)
02)40.
Convertible preferred (guar.)
25e. June 30 Holders of rec. June 100 Eleo. Slot. Batt, corn. dr Pref. (quar.)...... $1.25 July 1 Holders of tee. June 70
Budd Wheel, corn. (guar.)
1I4 June 30 Holders of roe. June 10a Emporium Capwell Corp. (guar.)
50c June 24 Holders of reo. May 31
Preferred (guar.)
750. June 30 Holders of reo. June 10a Equitable Invest. Corp. corn. A (quar.)_ f134 June 16 Holders of rec. May 29
Preferred (extra)
40c. June 30 Holders of rec. June 18a Equitable Office Bldg. common (quiz.)..
75o. July 1 Holders of rec. June 140
Bullard Co..common (quar.)
July I *Holders of rec. June 16
*2
Preferred (guar.)
134 July 1 Holders of roe. June 140
Burger Bros., pref.(gum.)
Ewa Plantation (guar.)
Oct. 1 *Holders of reo. Sept. 15
•2
•1300. Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
Fair (The) common (guar.)
*u20 June 19 *Holders of rec. May 20
60e. Aug. I Holders of tee. July 2I45
Erurmah Oil, Am.dep. rots. ord. reg
134 July 1 Holders of roe. June 130
Preferred (guar.)
131 Aug. 1 Holders of tee. July 2I45
Burns Bros., pref. (guar.)
Fairbanks, Morse & Co.. corn (guar.)- The. June 30 Holders of rec. June 120
134 Aug. 1 *Holders of tee. July 15
Byers(A. M.) Co.. pref.(guar.)
131 Nov. 1 *Holders of rec. Oct. 15
Famous Players Caned.Corp.,com.(qu.)
50e. June 23 Holders of tee. June 9
Preferred (guar.)
*Holders
1
15
Sept.
Aug.
reo.
•e2
of
Faultless Rubber, corn.(guar.)
dividend__..
ully 1 Holders of rec. June 16
1 4Se J0,e
02
Byron Jackson Pump,stock(guar.)
.50c. July 1 'Holders of rec. June 21
Federal Mining dr Smelt. pref. (quar.)
16 Holders of roe. May 260
B
California Ink, class A & (quar.)
31a
May
June
31
rec.
of
Holders
Federal
16
Motor
1 *Holders of rec. June 1
corn.
July
Truck,
•20e.
(guar.)
California Parking. cow.
500. June 23 Holders of rec. June 60 Federal Screw Works (guar.)
75c. July 1 *Holders of rm. June 15
2
:
(guar.)
Calumet dr Arizona Mining
3I0 Federal Terra Cotta (guar.)
'Holders of rec. JUDO 6
30
June
May
50e.
rec.
of
(qu.)
Holders
Co.
16
June
Copper
131
Cons.
Calumet & Hecht
1M June 30 Holders of rec. May 31
Feltman & Currne Shoe. pref.(quar.)....
1 Holders of rec. June 1
100. July 30
Canada Cement, pref.(guar.)
Fifth Ave. Bus Securities (guar.)
Holders of me. June 130
Juno 15 Holders of roe. May Si
$1
Juno
-(qUar.)A
class
Cable.
Canada Wire &
Firstbrook Boxes,Ltd.,Toronto. pf.(qu) .0122100 June 15 Holders of tee. June 2
25e. July 2 Holders of rec. June 14
Canadian Canners, Ltd., corn. (quit.)
of rec. June 160
14
Holders
First
1X July 2 Holders of rec. June
Nat. Stores, corn. (guar.)
July 1
First preference (guar.)
First Trust-Bank Stock Corp. (quar.)
25e. July 2 Holders of rec. June 14
June 10 *Holders of rec. Apr. 30
Convertib.e preference (quar.)(guar.).
tee. Apr. 30
of
*Holders
26
June
(guar.)
rec.
of
Holders
10
July
44e.
1
10
June
y
14
•1I4
Preferred
Canadian Car & Foundry. prof.
Holders of reo. June 160
Florsheim Shoe, pref. (guar.)
1M July 4 Holders of tee. June 21
Canadice Cotton, pref. (quar.)
of tee. May 31a
Holders
Follansbee
14
10
June
Holders
18
June
June
Co.
reo.
Bros.
of
75e.
common
1
1X
(guar.).Carter (William) Co., pref.(guar.)
Preferred (gum.)
June 14 Holders of rec. May 31
1X July 1 Holders of reo. June 120
Case (J. I.) Co., common (guar.)
650. juno 16 Holders of tee. June 5
1% July 1 Holders of me. June 120 Foote-Burt Co. common (guar.)
Preferred (guar.)
Ford
June 23 Holders of rm. June 2
of
Motor
16
June
Canada
51.20
rec.
of
A
class
B
dr
Holders
I
July
50C.
Chatham-Phenix Allied Corp.(No. 1)
Class A and B (extra)
30e. June 23 Holders of reo. June 2
350. July 1 Holders of rec. June 160
Checker Cab Mfg. Corp. (monthly)
JUNE 7 1930.]
Name of Company.
FINANCIAL CHRONICLE
Pee
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
•500. July 1 *Holders ef roe. June 15
Formica Insulation (quar.)
•500. Oct. 1 *Holders of roe. Sept. 15
Quarterly
•500. Jan1'31 *Holders of roe. Dee. 16
Quarterly
50o. July 1 Holders of reo. June 12a
Foster Wheeler Corp.. corn. (qua?.)_..._
51.75 July 1 Holders of rec. June 120
Preferred (quar.)
•154 July 1 *Holders ef roe. June 15
Frank (A. B.) Co., pref. (guar.)
*1% Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
34 June 16 June 1 to June 16
French (Fred F.) Investing pref
354 June 14 Holders of rec. June 4
French (Fred F.) Security Co. Pref
Fuller (Geo. A.) Co.. pr. pref.(guar.)- 61.50 July 1 Holders of res. June 10a
51.50 July 1 Holders of rec. June 100
Participating second Pref. (quar.)
Gamewell Company common (guar.)... 51.25 June 16 Holders of rec. June 60
75o. July 1 Holders of rec. June 20
Gardner-Denver Co.. corn. (quar.)
Garlock Packing common (quar.)
30e. July 1 Holders of roe. June 14
General Alloys Co.,cons.(quar.)
20e. July 1 Holders of lee. June 20
General American Investors pref. (qu.)_ 14 July 1 Holders of ree. June 200
*51
General Amer. Tank Car (quar.)
July 1 *Holders of rec. June 13
51
General Asphalt common (quar.)
June 16 Holders of rec. June 26
General Development
25e. June 30 Holders of rec. June 16
General Motors corn. (quar.)
75e. June 12 Holders of rec. May 100
155 Aug. 1 Holders of roe. July 7a
7% preferred (quar.)
6% preferred (gun.)
154 Aug. 1 Holders of rec. July 7a
14 Aug. 1 Holders of rec. July 7e
6% debenture stock (guar.)
General Public Service cons.(In stock)_ /3
June 30 Holders of rec. June 2a
•51.50 Aug 1 *Holders of rec. July 10
$6preferred (qinn)
$5.50 preferred(quar.)
• 51.375 Aug 1 *Holders of rec. July 10
General Railway Signal,common (qu.)-- $1.25 July 1 Holders of roe. June 10a
Preferred (quar.)
14 July 1 Holders of reo. June 10a
Giant Portland Cement, prof__
51.75 June 16 Holders of rec. June 2
Gibson Art, common (quar.)
•65e. July 1 *Holders of res. June 20
Common (extra)
*20e. July 1 *Holders of rec. June 20
Common (quar.)
•650. Sept. 1 *Holders of res. Aug. 20
Common (qua?.)
*650. Dec. 1 *Holders of roe. Nov.'20
Common (quar.)
•650. Apr 1'31 *Hold. of roe. Mar. 20'31
Gilbert(A. C.) Co., corn. (Qua:.)
*25e. June 30 *Holders of roe. June 18
Preferred (quar.)
'87340 July 1 *Holders of roe. June 20
Gleaner Combine Harvester corn.(quar.)
50e. July 1 Holders of reo. June 16
Glidden Co., corn. (guar.)
50e. July 1 Holders of reo. June 18e
Preferred (quar.)
151 July 1 Holders of rec. June 18a
Godman(H. C.) Co.second pref
$1.75 June 10 Holders of rec. June 1
Goldberg (8. M.) Stores,(sem. (Qua?.)..
25e. June 16 Holders of roe. June 2
Preferred (quar.)
51.75 June 16 Holders of tee. June 2
Gold Dust Corp., pref. (quar.)
51.50 June 30 Holders of ice. June 17a
Golden Cycle Corp. (quar.)
400. June 10 Holders of roe .May 31
Golden State Milk Prod. (In stock)
•e2.6 June 30 *Holders of roe. May 15
Goodrich (B.F.) Co.preferred (guar.)
1% July 1 Holders of res. June 14.
Goodyear Tire de Rubber, cons.(qua?.).
1.25 Aug. 1 Holders of rec. July la
Preferred (qua:.)
55 July 1 Holders of roe. May 31a
Gorton Pew Fisheries (guar.)
*75o. July 1 *Holders of rec. June 20
Grand Rapids Stores Equip. pf.(qu.)
*1734o Aug. 1 *Holders of rec. July 20
7% preferred (quar.)
'17)4e Nov. 1 *Holders of roe. Oct. 21
Grand Rapids Varnish (quar.)
•250. July 1 *Holders of reo. June 20
Grand (F. & W.)-Silver Stores. Ina.
Common (payable in common stook)- /1
June 25 Holders of rec. June 2a
Granger Trading Corp. (quar.)
.400. June 21 *Holders of rec. June 6
Grant(W.T.) & Co.. corn. (quar.)- - 25c. July 1 Holden of roe. June 12a
Great Western Sugar common (quar.)
•350. July 1 *Holders of rec. June 16
•13.4 July
Preferred (quar.)
1 *Holders of rec. June 16
Greenileld Tap & Die,6% pref.(qua:.). 14 July 1 Holders of rec. June 14
2
8% preferred (guar.)
July 1 Holders of rec. June 14
Grief Bros. Cooperage,class A (quar.)
d80o. July 1 Holden of rec.Juned13
Grier (S. M.) Stores common (quar.)._. •25e. Juno 16 *Holders of rec. June 2
$7 preferred (qua?.)
*81.75 June 16 *Holders of ree. June 2
Gruen Watch, common (qua:.)
*500. Sept. 1 *Holders of rec. Aug. 20
Common (quar.)
•50e. Dee. 1 *Holden of rec. Nov.20
:.ommon (qua:.)
*50e. Marl 31 *Hold,of rec. Feb. 20'31
. referred (qua:.)
*1% Aug. 1 *Holders of rec. July 20
Preferred (quar.)
.5134 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
•155 Feb 1 31 *Hold. of rec. Jan. 20'31
'37)4c July 1 *Holden of res. June 20
Gulf 011 Corp.(qear.)
Quarterly
'8734e On. 1 *Holders of ree. Sept. 20
Quarterly
•3754e Janl 51 *Hold, of roe. Dee. 20'30
Gulf States Steel cam.(quar.)
$1
July 1 Holders of ree. June 160
let pref.(qua:.)
155 July 1 Holders of rec. June 16e
First preferred (qua:.)
Oct. 1 Holders of roe. Sept. 15a
First preferred (guar.)
154 Jan2111 Holders of roe. Dee. 15e
Hablrshaw Cable dr Wire (quar.)
25e. July 1 Holders of reo. May 31a
Hall (C. M.) Lamp.(quar.)
5.37540 June 16 *Holders of ree. June 2
Hanna(M. A.) Co., lot pref.(quiz.)
1% June 20 Holders of rec. June 5a
$1.75 June 20 Holders of rec. June 5a
57 Preferred (guar.)
Hanes(P.H.)Knitt., preferred (quar.).- •155 July 1 *Holders of rec. June 20
Harbauer Co.common (quar.)
45e. July 1 Holders of roe. June 24
•155 July 1 *Holders of roe. June 20
Preferred (qua?.)
Harbison-Walker Refract., pref. (qua:.)
50e. June 2 Holders of roe. May 23a
Preferred (qua:.)
134 July 19 Holders of roe. July 04
Hart-Carter Co., oom.(quar.)
*250. June 10 *Holders of rec. June 1
Hayes Wheels & ForgIngs. corn.(quar.). •50e. July 1 *Holders of reo. June 20
Heels Mining (qua:,)
•25e. June 15 *Holders of reo. May 15
Helms(Geo. W.) Co., corn.(quar.)51.25 July 1 Holders of rec. June 10a
Preferred (guar.)
155 July 1 Holders of rec. June 10a
Hercules Powder, corn. (quar.)
750. June 25 Holders of roe. June 14a
Hibbard,Bonne.Bartlett & Co.(mthly) 85o June 27 Holders of roe. Jun* 20
Higbee & Co..first preferred (quar.)---- 4,1% Aug. 1 *Holders of roe. July 20
•19i Nov. 1 *Holders of rec. Oct. 10
First preferred (qua:.)
Second preferred (quar.)
*2
Sept. 1 *Holders of ree. Aug. 20
Second preferred (Guar.)
Dee. 1 *Holders of roe. Nov.21
*2
Holland Furnace (quar.)
624e July 1 Holders of tee. June 16e
Preferred.
*34 July 1 *Holders of roe. June 16
Hollinger Consol. Gold Mines(monthly)
5o. June 17 Holders of rec. June 2
Honolulu Consolidated Oil (qua?.)
•50e. June 16 *Holders of rec. June 6
Hudson Motor Car (quar.)
$1.25 July 1 Holders of roe. June Ila
Humble 011 & Refining (quar.)
50o. July 1 Holders of rec. May 31
Hydro-Electric Securities (qua:.)
50e. June 14 Holders of rec. May 8
Hyerade Lamp,corn.(guar.)
25o July 1 Holders of roe. June 10
Preferred (guar.)
81.625 July 1 Holders of reo. June 10
Illinois Brick (Qua:.)
•60e. July 15 *Holden of roe. July 8
Quarterly
*60e. Oct. 15 *Holders of ree. Oct. 3
Illinois Pipe Line(adjustment dividend)_ •$4.50 June 14 *Holders of roe. May 22
Imperial Chemical IndustriesAmerican deposit receipts
sar5
June 7 *Holders of res. Apr. is
Imperial Tobacco of Canada, ord
'854c June 30 *Holders of rec. June 12
Industrial Finance CorpCommon (payable In common stook)_ _ 1234 Aug. 1 Holden of tee. Apr. 18
Common (payable in common stock).. 1254 Nov. 1 Holders of ree. Apr. 18
Common (payable in common stook)... 1234 Feb1111 Hold,of roe. Apr. 15'SO
Ingersoll-Rand Co.. pre
July 1 Holders of roe. June lia
3
Inspiration Con. Copper Co.(quar.)
50o. July 7 Holders of rec. June
Inaull Utility Invest., corn. an stock).. */154 July 15 *Holders of reo. July 19a
1
Common (payable In common stooki_ 59154 Oct. 15 *Holders of roe. Oct. 1
Insuranshares Certificates (quar.)
15o. June 15 Holders of tee. May 31
Interlake Iron (Qum.)
250. June 25 Holders of rec. June 10
Internat. Business Machines (quar.)
$1.50 July 10 Holders of rec. June 21a
Internat. Carriers, Ltd. (No. 1)
25o. July 1 Holders of rec. July 16a
Internat. Cement,cons.(qua:.)
Si
June 27 Holders of rec. June 11 a
Internat. Harvester common (guar.)._ 62540 July 15 Holders of rec. June 20a
Internat. Match, corn. & pref.(guar.)._ 51
July 15 Holders of rec. June 256
Internat. Nickel, cons. (guar.)
250. June 30 Holders of rec. Juno 2e
International Paints, Ltd., Canada750. Allie 15 Holden of rec. June 2
Class A and B
25e. June 16 Holders of coup. No.25
Internat. Petroleum, Ltd., bearer shares
25e. June 16 June 1 to June 16
Registered shares
International Proprietaries, Cl. A (qu.)... ,135o. June 15 Holders of rec. May 28
100. June 15 Holders of rec. May 28
Class A (participating dividend)
2
July 1 Holders of ree. June 16a
International Salt (guar.)
195 July 1 Holders of rec. June 120
International Silver, prof.(quar.)
75e. July 1 Holders of roe. June 10
International Textbook
Interstate Bakeries, corn.(gni (NO.1)-- *250. July 1 *Holders of res. June 18
• $1.625 July 1 *Holders of rec. June
Preferred (guar.)(No.1)
18
50o. July 1 Holders of roe. June 16a
Investors Equity (guar.)
Jewel Tea. Inc., corn.(qua:.)
750. July 15 Holders of roe. July la
51
June
16
Common (extra)
Holders of reo. June 2a
Name of ComPers11.
4009
Per
When
Cent. Payable.
Books Closes,
Days Iseliisive.
Miscellaneous (Continue!).
75e. July 15 Holden of rec. June 24
Johns-Manville Corp., corn.
155 July 1 Holders of roe. June 10
Preferred (qua?.)
Jones & Laughlin Steel Corp., pref.(qu.) 145 July 1 'Holders of res. June 130
1% July 1 Holders of rec. June 10
Kaufman Department Storm pref.(qu.)_
Kidder Participations. Inc., common... '663(0 Aug. 1 *Holders of reo. July 17
KidderParticipations No.2, prof.(extra) •256. Oct. 1
Kimberly-Clark Corp., corn.(qua?.)
6254e July 1 Holders of Tee. June 120
154 July 1 Holders of roe. June 12
Preferred (guar.)
25e. July 1 Holders of roe. June Ille
Kinney(G.R.) Co.. COM.(quar.)
•19,i June 10 *Holden of res. May 310
Kirby Lumber (qua?.)
*1St Sept. 10 *Holders of rec. Aug. 30
Quarterly
41%
Dec. 10 *Holders of rec. Nov.29
Quarterly
Klein (D. Emil) Co.(guar.)(No. 1)
*25c. July 1 *Holders of ree. June 15
*SI June 16 *Holders of rec. May 15
Knox Hat,corn.(quar.)
}lenge (S. S.) Co.. corn.(quar.)
400. June 30 Holders of roe. June 106
155 June 30 Holders of rec. June 106
Preferred (qua:.)
Kreuger & Toll Co., American shares... $1.60 July 1 Holders of rec. June 60
Kroger Grocery & Baking. let pref.(MO •1% July 1 *Holders of rec. June 20
•155 Aug. 1 *Holders of rec. July 21
Second preferred (qua:.)
el
Sept. 1 Holders of roe. Aug. 110
Stock dividend
July 1 Holders of rec. June 21a
Kuppenheimer (B.) & Co., common.... $1
30e. June 16 Holders of rec. June 2
LakeShore Mines, Ltd.(qua?,)
Landis Machine, common (quar.)
*750. Aug. 15 Holders of roe. Aug. 5
•75o. Nov. 15 *Holders of roe. Nov. 5
Common (qua?.)
July 1
Laurens Cotton Mills
•70e. June 30 *Holders of tee. June 18
Lawyers Mortgage Co. (qua?.)
•250 June 80 *Holders of reo. June 20
Leath & Co., common (qum.)
•25e. Sept.30 *Holders of rec. Sept.20
Common (qua?.)
•8755C July 1 *Holders of roe. June 16
Preferred (qua:.)
55 July 1 Holders of roe. June 14a
Lehigh Portland Cement, pref. (quiz.).
75o. July 1 Holders of roe. June 126
dLehIgh Valley Coal Corp., pref.(guar.)
90e. June 30 June 13 to June 30
Lehigh Valley Coal Sales
35e. June 30 Holders of rec. June 11
LessIng's, Inc. (quar.)
345 July 1 Holders of roe. June 13
Libby. McNeil & Libby, prof
Dn. 21
•el.
Liberty Share Corp.. stook dividendLiggett & Myers Tobacco. prof.(qu.)--- 1% July 1 Holders of rec. June 106
Lily-Tulip Cup Corp.. corn.(quar.)._.. 37540 June 16 Holders of tee. June 6
$1.75 June 30 Holders of tee. June 6
Preferred (gear.)
•17540 June 14 *Holders of rec. June 10
Lindsay Light. pref.(qua:.)
Loew's. Inc.. common (quar.)
750. June 30 Holders of rec. June 146
Lord & Taylor, corn.(quar.)
234 July 1 Holders of rec. June 176
.750. July I *Holders of roe. June 13
Loudon Packing, corn.(quar.)
I% Aug. 15 Holders of rec. Aug. la
Louisiana Oil Refg. pref. (qua?.)
Lunkenheimer Co. common (quar.)...•3754c June 14 *Holders of rec. June 4
•I
July 1 *Holders of roe. June 21
Preferred (Qua?.)
•144 Oct. 1 *Holders of roe. Sept.20
Preferred (qua:.)
•1% Jan 1'31
Preferred (qua:.)
Lynch Glass Machine(quar.)
•50c. Aug. 15 *Holders of rec. Aug. 5
*el
Stock dividend
Aug. 15 *Holders of reo. Aug. 5
Macy(R. H.) & Co.. cons. (extra)
July 2 Holders of rec. June 136
$1
*14 Aug. 15 *Holden of roe. Aug. 5
Magnin (I.) Co., prof.(quar.)
*14 Nov. 15 *Holden of res. Nov. 5
Preferred (guar.)
Mallinson(H.R.)& Co., Inc., So.(qu.)
155 July 1 Holders of reo. June 20a
Manisehewits (Hi Co., pref. (quar.)
.6134 July 1 *Holders of roe. Mar.20
Mansfield Theatre Co.(Toronto), prof.. 34 July 31 Holders of recs. June 30
Mapes Consolidated Co.(qua?.)
75e. July 1 Holders of rec. June 13
25e. July 1 Holders of roe. June 13
Extra
Marine Midland Corp. (quar.)
30e. June 30 Holders of reo. June 2
Mathieson Alkali Works, cons.(qua:,)..
50e. July 1 Holders of res. June 136
155 July 1 Holders of res. June 136
Preferred (qua:.)
•154 Aug. 15
Matson Navigation (guar.)
Quarterly
•154 Nov. 15
May Department StoresCommon (Payable In common stook). 1144 Sept. 2 Holders of re0. Aug. 150
Common (payable in common stook). 114 Doe. 1 Holden of reo. Nov. 150
Mayflower Associates, Inc.(quar.)
50e. June 15 Holders of rec. June 3
Stock dividend
June 15 Holders of rec. June 3
el
McColl-Frontenao Oil, cam.(quar.)
150. June 15 Holders of roe. May 15
McKee(Arthur G.)& Co..class B (au,). 874e. July 1 Holders of rec. June 20
124e.July 1 Holders of rec. June 20
Class B (extra)
McKeesport Tin Plate, COM.(qua:.).... Si
July 1 Holders of rec. June 140
Common (extra)
50e. July 1 Holders of roe. June 146
McKesson & Robbins, pref. A (guar.).- 87540. June 16 Holders of res. AMC 24
Melchers Distilleries(Canada) A (quar.)
50e. June 16 Holders of rec. June 2
Mengel Co.. COM.(guar.)._
50e. July 1 Holders of reo. May gla
Merck COrPor81100, pref. (qua:.)
2
July 1 Holders of roe. June 17
Mergenthaler Linotype (guar.)
51.50 June 30 Holders of roe. June 40
Mesta Machine, common (quar.)
•400. July 1 *Holders of reo. June 14
*10c. July 1 *Holders of rec. June 14
Common (extra)
Preferred (guar.)
511.50 July 1 *Holders of rec. June 14
Metal package Corp., COM. (guar.).- 51
July 1 Holders of roe. June 14
Metro-Goldwyn Pictures, pref.(qu.)
473(0 June 14 Holders of roe. May 200
Metropolitan Paving Brick pref.(qu.)._
155 July 1 June 16 to June 30
Michigan Steel (extra in stock)
el July 21 Holders of roe. June 306
Midland Royalty $2 pref.(guar.)
/.50e June 16 *Holders of ree. June 5
Midland United Co., corn.(In corn.)
/154 June 24 Holders of rec. May 31
Pref.class A (qua?.)(No.1)
k75c. June 24 Holders of roe. May 31
Midvale Co.(guar.)
$1 J123
, 1 Holders of reo. June 14
Miller & Hart. Inc.. cony. pref.(quar.). •8740 July 1 *Holders of Teo. June 15
Miller (I.) & Sons, Inc.. cow.(quar.)....
50c July 1 Holders of rec. June 20
July 15 Holders of rec. June 30
Moloney Electric, class A (guar.)
51
Monarch Royalty Corp. of. A (mthly.)_ 1254e June 10 Holders of roe. May 31
Preferred (monthly)
1550. June 10 Holders of rec. May 31
Monighan Mtg., class A (qua?.)
•45e. July 1 *Holders of roe. June 20
Monsanto Chemical (guar.)
314e July 1 Holders of roe. June 10
Stock dividend
14 July 1 Holders of rec. June 10
Montgomery Ward & Co.. el. A (quar.). 511.75 July 1 *Holders of rec. June 20
Montreal Loan & Mtge.(quar.)
3
June 16 Holders of rec. May 310
Morrell (John) dr Co., Inc. (quar.)
51.10 June 14 Holders of rec. May 240
Motor Products Corp. corn. (quiz.)....
50e. July I Holders of rec. June 210
Motor Wheel Corp. corn.(qua?.)
750 June 10 Holders of rec. May 206
Muskogee Co
June 14 *Holders of rec. June 4
.14
Myers(F.E.)& Bros. Co., cons.(quar.)
50e. June 30 Holders of rec. June 140
14 June 30 Holders of rec. June 14
Preferred (quar.)
•154 May 81 *Holders of tee. May 10
National Baking, 7% pref. (quar.)
National Biscuit, new corn. (No. 1)...70e. July 15 Holders of rec. June 20a
National Bond & Share(No.1)
'25e. June 16 Holders of reo. June 2
National Breweries, common (qua?.)...
40e. July d2 Holders of rec. June 16
440. July 52 Holders of ree. June 16
Preferred(quar.)
National Brick, preferred (quar.)
154 June 16 Holders of rec. May 31
50e. July1 1 Holders of Teo. June 3a
Nat. Dairy Products. corn.(guar.)
Corn.(payable In corn,stock) (quar.). /1
July 1 Holders of reo. June 36
Corn.(payable in oom.stook)(qua:.). /1
Oct. 1 Holders of res. Sept. 36
•155 July 1 *Holders of reo. June Sa
Preferred A & B (qua?.)
50e. July 1 Holders of roe. June 166
Nat.Dept. Stores, corn.(qua:.)
255 July 1 Holden of ree. June 10
National Investors Corp.. reef
155 June 30 Holders of rec. June 130
National Lead, common (quar.)
1% June le Holders of rec. May 290
Preferred A(Oar.)
154 Aug. 1 Holders of rec. July 186
Preferred. class B (quar.)
Nat. Manufacture & Stores•51.75 July 1 *Holders of roe. June 14
Class A and pref. stocks (qua:.)
*50o. July 1 *Holders of reo. June 30
Notional Screen Service (guar.)
50o. July 2 Holders of rec. JUIN! 17
National Steel Car Corp (.2110X
50e. June 10 Holders of rec. May 31
National Steel Corp. (qua?.)
500. July 1 Holders of reo. June 2
Nat. Sugar Refining (quar.)
155 June 30 Holders of roe. June 20.
Nat. Supply pref. (quar.)
51.25 July 1 Holders of roe. June 170
National Surety (qua?.)
'25e. June 16 *Holders of rec. May 31
National Transit (qua:.)
1.314 July 1 Holden of rec. June 15
Nehl Corp. first preferred (quar.)
40e. July 1 Holders of tee. June 146
weisney Bros., Inc.. common (qua:.)...
40e. Oct. 1 Holders of roe. Sept. 15a
Common (guar.)
400. Jan1111 Holders of res. Dee. 15a
Common (gust.)
Neptune Meter. class A & B (quar.)- -- .500. June 16 *Holders of roe. June 2
Newberry (J. J.) Co. common (guar.)._ •274e July 1 Holders of roe. June 16
3754e July 1 Holders of roe. June 24
New Haven Clock (qua:.)
2
June 10 Holders of roe. May 21
New Jersey Zinc (extra)
400. July 15 Holders of red. June 20
New York Transit
•50o. June 28 Holders of roe. June 15
New York Transportation (quar.)
Nichols Copper Co.,class A (quar.)....' 4354c. July 1 Holders of roe. June 20
NoblIte-Sparks Industries an stock).... *MK July 1 Holden of no. June 20
*el% Got. 1 Holders of roe. Sept.20
Stock dividend
4010
Name of Company,
When
Per
Cent. Payable
Books Closed,
Days Ineinstre.
Miscellaneous (Continued).
Niles-Bement-Pond,common (quiz.)
*500. June 30 *Holders of reo. June 20
Common (quar.)
•500. Sept. 30 *Holders of reo. Sept.20
Common (guar.)
*500. Dee. 31 *Holders of reo. Dee. 20
North Amer. 011 Consul.(monthly).•10c. June 28 *Holders of reo. May 20
North Central Texas Oil pref.(quiz.)... 1M July 1 Holders of rec. June 10
Northern Disc.. pref. A (monthly)----• 86 2-ac July 1 *Holders of reo. June 15
•88 2-30 Aug. 1 *Holders of tee. July 15
Preferred A (monthly)
• 662-3c Sept. 1 *Holders of reo. Aug. 15
Preferred A (monthly)
• 662-3 Oct. 1 'Holders of reo. SePt. 15
Preferred A (monthly)
• 662-30 Nov. 1 *Holders of ree. Oct. 15
Preferred A (monthly)
• 88 2-30 Deo. 1 *Holders of reo. Nov. 16
Preferred A (monthly)
Northern Paper Mills common (quar.). •50c. June 30 *Holders of rec. June 14
Northern Pipe Line
July 1 Holders of rte. June 13
52
Ogglesby Paper. preferred (guar.)
'11.50 Aug. 1 *Holders of rec. July 20
.51.50 Nov. 1 *Holders of tee. Oct. 20
Preferred (quiz.)
Ohio Oil common (Quiz.)
June 14 *Holders of roe. May lb
'II
New preferred (guar.)(No. 1)
'$1.50 June 14 *Holders of tee. May 22
Oliver Farm Equip., partic. stk.(qu.)
750. July 1 Holders of tee. June 100
51.50 July 1 Holders of rec. June 100
Prior preferred (quiz.)
Oneida Community. corn. & pref. (qm.)._ •4334c June 14 *Holders of reo. May 31
July 1 Holders of rec. June 130
2
Omnibus Corp. pref. (quar.)
•50e. July 1 'Holders of rec. June 20
Ontario Mfg., corn. (quiz.)
•14 July 1 *Holders of rec. June 20
Preferred (quit.)
134 July 15 Holders of rec. June 306
Otis Elevator. pref.(guar.)
134 Oct. 15 Holders of roe. Sept. 308
Preferred (quiz.)
1,4.1 an15'31 Hold, of res. Dee.11'3011
Preferred (quit.)
62 M c July 1 Holders of rec. June 19a
Otis Steel, com.(quar.)
Prior preferred (guar.)
154 July 1 Holders of reo. June 19a
1,5 July 1 Holders of rec. June 15
Owens Illinois Glass, pref.(guar.)
700. June 30 Holders of reo. June 14
Pacific) Commercial Co.(guar.)
,June 12 Holders of rec. May 154
Packard Motor Car (Quiz.)
.31.50 Aug. 15 *Holders of rec. Aug. 8
Paepcke Corp., corn. (quiz.)
*$1.75 July I *Holders of tee. June 23
Preferred (quar.)
$1 June 27 Holders of rec. June 17
Paraffine Cos.(guar.)
2 June 27 Holders of reo. June 17
Stock dividend
July 1
750. July 1 June 21 to
Paragon Refining class A (guar.)
June 28 Holders of tee. Jane 6,2
Paramount Publlx Corp. corn. (quar.),. 51
Parmelee Transportation corn.(mthly.). 1234c June 10 Holders of rec. May 29a
25c. June 17 Holders of reo. June 5a
Penick & Ford, Ltd.. corn.(guar.)
154 July 1 Holders of rec. May 28a
Preferred (guar.)
75e. June 30 Holders of roe June 20a
Penney (J. C.) Co.,com.(quar.)
Preferred (quar.)
134 June 30 Holders of reo. June 20a
250. July 1 Holders of tee. June Lia
Peoples Drug Co.,corn.(guar.)
144 June 16 Holders of reo. June 2a
Preferred (quit.)
37 Mc. July 1 Holders of reo. June 10a
Pe t Milk Co.,corn.(quar.)
1,4 July 1 Holders of tee. June 10
Preferred (quit.)
75c. July 1 Holders of tee. June 60
Phelps Dodge Corp.(quiz.)
Phila. Dairy Products, prior pref.(qu.)• $1.825 July 1 *Holders of tee. June 20
500. June 30 Holders of rec. June 100
Phillips Petroluem Co.,corn.(quiz.)
Pittsburgh Plate Glass (guar.)
•50c. July 1 'Holders of rec. June 10
•31
July 1 *Holders of rec. June 23
Pittsburgh Steel. com.(quit.)
50c. June 30 Holders of rec. June 18
Plymouth Oil (quiz.)
- •1% July 1 *Holders of rec. June 15
Powdrell & Alexander. Pref. (guar.).
50c. June 30 Holders of rec. May 310
Prairie Oil & Gas (guar.)
75c. June 30 Holders of rec. May 31a
Prairie Pipe Line (quar.)
500. June 30 Holders of rec. May 31a
Extra
•$1
July 1 *Holders of rec. June 16
Pratt & Lambert Co. common (qu.)
"250. July 1 "Holden of rec. June 14
Praised Metals of Amer. corn. (quar.)
Pressed Steel Car pref.(quar.)
154 June 30 Holders of rec. June 20
14 June 14 Holders of reo. May 24a
Procter et Gamble 5% pref.(guar.)
250. June 16 Holders of tee. May 16
Publie Investing Co. (guar.)
100. June 18 Holders of rec. May 15
Extra
"$1.40 July 15 "Holders of rec. June 30
Public Service Trust Shares
11.4 July 1 Holders of rec. June 10
Pure 011 Co.,534% pref.(quar.)
114 July 1 Holders of rec. June 10
6% preferred (guar.)
2
July -1 Holders of rec. June 100
8% preferred (quar.)
'Si
July 15 "Holders of reo. July 1
Quaker Oats Co.. corn. (quar.)
Preferred (quar.)
'134 Aug. 30 *Holders of reo. Aug. 1
87340. July 1 Holders of reo. June 20
Radio Corp. of Amer.. pref. A (quar.)
11.25 July 1 Holders of reo. June 20
Preferred B (guar.)
*100. June 16 *Holders of rec. June
Radio Secur. Corp.(No. 1)
12340 June 16 Holders of reo May 190
Railroad Shares Corp.(quar.)
'3734c June 15 'Holders of rec. June 1
Rapld Electrotype, com.(guar.)
.85
July 15 *Holders of tee. July 1
Stock dividend
650. June 16 Holders of rec. May 31a
Raybestos-Manhattan, Inc. (quar.)$1.25 July 1 Holders of tee. June 130
Real Silk Hosiery, com.(quit.)
1,4 July 1 Holders of rec. June 13a
Preferred (quar.)
July 1 Holders of rec. June 18
Reliance Mfg. (quar.)
51
400. July I Holders of reo. June 7a
Remington Rand. Inc., corn. (quar.)
First preferred (quar.)
154 July 1 Holders of rec. June 7a
July I Holders of rec. June 7a
2
Second preferred (guar.)
20c. July 1 Holders of reo. June 100
Hen Motor Car ((mar.)
•$1.24 Aug. 1 *Holders of rec. July 12
Republic Steel Corp. common
"IJi July 1 *Holders of rec. June 12
Preferred (quar.)(No. I)
•750. July 15 "Holden of rec. July 1
Republic Supply (quiz.)
•750. Oct. 15 *Holders of rec. Oet. 1
Quarterly
July 1 Holders of rec. June 100
Revere Copper & Brass, class A (quar.) El
$1.75 Aug. 1 Holders of rec. July 10a
Preferred (quar.)
131
June 14 *Holders of rec. May 31
Ruberold Co.(guar.)
•85e. Aug. I "Holders of ree. July 20
Ruud Manufacturing(atm.)
500. June 20 June 10 to June 20
St. Joseph Lead Co.(guar.)
250. June 20 June 10 to June 20
Extra
500. Sept. 20 Sept. 10 to Sept.21
Quarterly
250. Sept. 20 Sept. 10 to Sept.21
Extra
• 500. Dec. 20 flee. 10 to Dee. 21
Quarterly
Dee. 20 Dee. 10 to Dee. 21
250.
Extra
•134 Aug. 15 'Holders of rec. Aug.
Savage Arms,second pref.(quar.)
500. June 15 Holders of rec. May 31
Schiff Co., common (guar.)
134 June 15 Holders of rec. May 31
Preferred (guar.)
35c June 30 Holders of reo. June 16a
Scott Paper. common(
(Mar.)
June 30 Holders of reo. June 16a
_
stock)
common
/2
in
(payable
Common
el
Aug. 1 Holders of rec. July 15a
Sears, Roebuck & Co.,stock div.(au.)
Nov. 1 Holders of reo. Oct. 15a
el
Stock dividend (quiz.)
31.25
1 Holders of reo. June 10a
July
(guar.)
Second National Investors. Pref.
'Si July 1 *Holders of rec. June 14
Selected Stocks, Inc
1 *Holders of rec. June 14
July
•e4
dividend
Stock
*w334 June 7 *Holders of rec. May 16
American deposit receipts
Segal Lock At Hardware corn.(quit.)...'1240 June 16 *Holders of rec. May 31
250. July 10 Holders of rec. June 200
Shattuck (Frank G.) Co.(guar.)
Sheaffer(W. S.) Pens. common (guar.). *S1 Sept. 15 *Holders of res. Aug. 25
350. June 30 Holders of rec. June 40
Shell Union 011 Corp. coin. (quar.)
134 July 1 Holders of reo. June 100
Preferred (guar.)*
29
Signal Oil & Gas. el. A & B (quar.)___-. - •500. June 10 *Holders of rec. May 29
•50c. June•15 'Holders of rec. May
Signal Royalties (quar.)
400. Juno 14 Holders of rec. May 29.
Simms Petroleum (quit.)
50o. July 15 Holders of rec. June 14a
Sinclair Consol. Oil common (quar.)....
Singer Manufacturing. Ltd.
June 13 *Holders of tee. May 23
*ten
Amer.dep. receipts ord. reg. abs
50o. June 16 Holders of reo. May 158
Skelly 011 (Oust.)
Solar Refining-dividend omitted.
•756. June 15 *Holders of reo. June 10
Southern Acid & Sulphur(guar.)
"500. June 30 'Holders of reo. June 14
South Penn Oil (quiz.)
•12140 June 30 'Holders of reo. June 14
Extra
350. July 1 Holders of rec. June 100
South Porto Rico Sugar. com (quar.)
July 1 Holders of reo. June 100
2
Preferred (quar.)
July 1 Holders of reo. June 16
$1
Lines
Pipe
(quar.)
South West Pa.
50o. July 15 Holders of reg. June 300
Spalding(A. G.)& Bros.. corn.(quar.)
*Holders of reo. June 14
Spans. Chalfant & Co., pref. (Quit.)... "$1.50 July 1 *Holders of rec. June 19
•25e. June 30
Spencer Trask Fund (NO. I)(quar.)
750. July 15 Holders of rec. July 2a
Spicer Manufacturing. pref.(guar.)
*Holders of rec. June 20
Square D Co.. com. B (quar.)(NO. 1)- *500. June 30 *Holders of rec. June 20
*2 June 30
Common B (payable in stock)
90
3734c July 1 Holders of rec. June 90
Standard Brands, corn. (quar.)
June
51.75 July 1 Holders of reo.
Preferred A (quar.)
28
May
tee.
June 28 Holders of
SI
Standard Chemical, Ltd
16a
62340 June 16 Holders of reo. May
Standard Oil (California)(guar.)
16
'62340 June 18 *Holders of rec. May 246
Standard Oil (Indiana) (guar.)
50e. June 18 Holders of rec. May
Standard 011 (Kansas) (quar.)
•40e. June 30 *Holders of rec. June 16
Standard 011(Ky.)(quiz.)
•200. June 30 *Holders of rec. June 18
Extra
90
$2.50 June 80 Holders of rec. June
Standard 011 Export Corp.. pref
[VOL. 130.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Standard Oil(Nebraska)(quiz.)
62340. June 20 May 25 to June 20
250. June 20 May 25 to June 20
Extra
250 June 18 Holders of reo. May 176
Standard 011 Co.(N. J.) $25 par (quar.)
250 June 16 Hold-ra of reo. May 17a
$25 par (extra)
June 16 Holders of rec. May 17
I
$100 par (guar.)
June 16 Holders of rec. May 17
I
$100 par (extra)
40e. June 16 Holders of rec. May 98
Standard Oil(N. Y.)(guar.)
dStandard Oil,(Ohio) oommon (quiz.).. 6234c July 1 Holders of rec. June 13
75c. July 1 Holders of rec. June 16
Starrett Corp.. Prof.(quar.)
Stearns(Frederick) Co.,com.(monthly)' 16 2-3e June 30 *Holders of reo. June 20
"37340 Sept. 1 *Holders of rea. Aug. 15
Stir. Baer & Fuller. common (quar.)
•3734c Doe. 1 *Holders of tee. Nov. 15
Common (guar.)
Stone(H.0.) & Co.
July 1 "Holders of reo. June 16
.15
Common On coin. irk.)
July 15 Holders of rec. June 176
51
Stone & Webster. the.(quar.)Stmwbrldge & Clothier. Pref.(guar.).- •151 July 1 *Holders of rec. June 15
750. July 1 Holders of rec. June 20
Stroock (S.) & Co. (quar.)
250. June 18 Holders of reo. May 264
Sun Oil Co.. com.(guar.)
•20e. July 1 'Holders of rec. June 20
Telephone Corporation (monthly)
•200. Aug. 1 *Holders of tee. July 20
Monthly
*200. Sept. 1 *Holders of reo. Aug. 20
Monthly
*200. Oct. 1 *Holders of rec. Sept. 20
Monthly
•20c. Nov. 1 'Holders of res. Oct. 20
Monthly
"200. Dec. 1 'Holders of tee. Nov. 20
Monthly
25c. June 16 Holders of ree. May 316
Tennessee Copper & Chem.(guar.)
75c. July 1 Holders of rec. June ea
Texas Corporation (quar.)
June 18 Holders of rec. June 28
Texas Gulf Sulphur (quit.)
$1
25c. July 1 Holders of rec. June 10
Tenon Oil & Land, common
July I Holders of rec. June 108
Third National Investors Corp.. corn... SI
Thomson-HoustonCo. (Paris)(5D) July 21 Holders of rec. July 14
Amer. dep. receipts A bearer shs
60e. July 1 Holders of rec. June 200
Thompson Products, corn. (quwr.)..July 1 Holders of rec. June 11
87140
Thompson-Starrett Co., pref.(quar.)
300. Aug. 15 Holders of rec. July 316
Tide Water Associated 011, semi-annual_
June 20 *Holders of rec. June 5
.111
Todd Shipyards Corp.(quit.)
*750. July 1 'Holders of rec. June 13
Torrington Co.(quar.)
*50c. July 1 *Holders of rec. June 13
Extra
*eh July 25 *Holders of rec. July 5
Transamerica Corp.stock dividend
Traung Label dr Lithograph, cl. A (Gui- .3754c June 15 *Holders of reo. June 1
•37340 Sept. 15 *Holders of reel. Sept. I
ana A (quar.)
•37340 Dec. 15 *Holders of roe. Dee. I
Class A (quar.)
30c. July 15 Holders of rec. June 288
Truscon Steel, corn. ((roar.)
June 18
3 June 18 June 1 to
Tudor City Eighth Unit. Inc., prof....
July 1 Holders of rec. June 20
354
Ulen & Co., pref
Underwood-Elliott-Fisher Co.
$1.25 June 30 Holders of tee. June I2a
Common (guar.)
151 June 30 Holders of reo. June 12a
Preferred (quar.)
650. July 1 Holders of rec. June 24
Union Carbide & Carbon (quar.)---•
Aug. 15 *Holders of reo. Aug. 1
•82340
Union Storage Co. (guar.)
'6234e Nov. 15 *Holders of reo. Nov. 1
Quarterly
United Amer. Utilities. too.
June 10 Holders of reo. May 16
Corn.(I-40th share corn. stk.)(No. 1)
United Amusement. Ltd.. el. A Jr B (au.) "500. June 15 *Holders of tee. May 31
United Aircraft Jr Trans. Corp.. Pfd.(qu) *75e. July 1 *Holders of rec. July 10
40o. Sept. 1 Holders of rec. Aug. 180
United Biscuit, corn. (quar.)
14 Aug. 1 Holders of rec. July 170
Preferred (quar.)
July 1 *Holders of tee. June 13
*31.4
United Carbon, preferred
•75e. June 24'Holders of rec. June 11
United Elastic (quar.)
(cc) July 1 Holders of rec. May 31
United Founders Corp., com.(quar.)
July 1 Holders of reo. June 26
United Fruit (guar.)
$1
United Hellenic Bank Shane. Inc.10c. July 1 Holders of rec. May 31
Corn. & pref. (quiz.)(No. 1)
"31.25 July 1 *Holders of rec. June 20
United Loan Corp., Bklyn.(guar.)
506. Aug. 1 Holders of roe. July 164
United Piece Dye Works. ooln.
500. Nov. 1 Holders of the. 005. 154
Common (guar.)
134 July 1 Holders of rec. June 208
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept.206
Preferred (quiz.)
134 Jan2'31 Holder. of reo. Dee. 208
Preferred (quar.)
U. S. Distributing, preferred
$3.50 July 1 Holders of rec. June 11
250. July 1 Holders of rec. June 146
U.S. Foil, corn. A Jr B (quar.)
151 July 1 Holders of rec. June 140
Preferred (quar.)
750. June 10 llolders of rec. May 294
U. B. Freight (guar.)
••
•40c. June 30 *Holders of rec. June 14
U. S. Gypsum common (guar.)
•Iyi Juno 30 *Holders of too. June 14
Preferred (qunn)
U.S. Leather, prior pref.(quit.)
134 July 1 Holders of rec. June 100
U. S. Pipe Jr Foundry. Oom.(quiz.).... 24 July 20 Holders of leo. June 300
1
214 Oct. 20 Holders of tee. Sept. 20,
Common (quar.)
234 Ja20'31 Holders of rec. flee. 310
Common (quiz.)
308
June
rec.
of
Holders
20
July
30e.
First preferred (guar.)
30e. Oct. 20 Holders of tee. Sept. 806
First preferred (quiz.)
300. Ja20'31 Holders of res. Dee. 310
Mina preferred (quit.)
t30o. July 20 Holders of rec. June 300
Second preferred (guar.)
1300. Oct. 20 Holders of reo. Sept. 300
Second preferred (quar.)
t300. Ja20'31 'Holders of roe. Dee. 310
Second preferred (guar.)
July 1 *Holders of tee. June 20
*SI
U. S. Playing Card (quar.)
•50c. July 1 *Holders of rec. June 20
U. S. Print. Jr Lithograph., corn.(au.)
•75e. July 1 *Holders of rec. June 20
Preferred (guar.)
$1.25 June 16 Holders of rec. May 168
U.S.Realty Jr Impt.(guar.)
154 June 28 Holders of reo. May 294
U.S. Steel Corp.. Corn.(guar.)
June 20 Holders of rec. May 31
$1
Vacuum Oil (guar.)
134 July 10 Holders of rec. July 5
Valvoline Oil, corn.(quar.)
July 1 ;Holders of reo. June 18
*2
Preferred (quit.)
Van de Kamp's Holland Dutch
•3734c July 1 *Holders of rec. June 10
Bakers (quiz.)
*1234c July 1 *Holders of rec. June 10
June 30'Holders of rec. June 20
"31
Vanadium
ttra
Alloys Steel (guar.)
•14 June 10 *Holders of roe. June I
(guar.)
prof.
Vapor Car Heating.
•151 Bent. 10 *Holders of reo. Sept. 1
Preferred (guar.)
•151 Dee. 10 *Holders of rec. Dee. I
Preferred (quit.)
26 1-30 June 7 holders of rec. June, 40
Vick Chemical
*600. June 15 *Holders of reo. May,31
Viking Pump, pref.(quar.)
50c. July 1 Holders of rec. June 14
Vogt Mfg, corn.(guar.)
•500.
July 1 *Holders of reo. June 20
Vortex Cup Co.,com.(quit.)....
8234c. July 1 *Holders of rec. June_20
Class A (guar.)
July 21 Holders of rec. July 54
I
(QuiA
corn.
Vulcan Detinning, corn. Jr
154 July 21 Holder)) of rec. July 64
Preferred and preferred A (quar.)___
•134 July 1 *Holders of rec. June 20
Wagner Electric, Pref.(quiz.)
3734c July 1 Holders of rec. June 200
Waldorf System, Inc., corn. (quar.)
20c. July 1 Holders of rec. June 20
Preferred (guar.)
Walker (Illrarn)-GoOdernam Jr
250. June 16 Holders of rec. May 23
Worts (Ltd.) (quiz.)
•134 July 1 *Holders of ree. June 21
Waltham Watch, pref. (quiz.)
Oct. 1 *Holders of rec. Sept.20
'14
Preferred (guar.)
50e. June 16 Holders of rec. June 56
Walworth Co. common (guar.)
•75c. June 30 *Holders of reo. June 20
Preferred (quar.)
134 July 1 Holders of tee. June 17.
Ward Baking. pref.(quiz.)
50c. July 15 Holders of rec. June 300
Warner Co., com. (quar.)
25c. July 15 Holders of rec. June 300
(extra)
Common
51.75 July 1 Holders of rec. June 140
First and second pref. (guar.)
"250. July 3 *Holders of rec. June 12
Warner-QUinlan (quar.)
75c. July 1 Holders of rec. June 18a
Warren Bros., new corn.(qIL)(No. 1)..
25c. July 1 Holders of .eo. June Itla
New 11.-st pref.(quar.)(No. I)
291,e July 1 Holders of rec. June 16
New second pref.(Quiz.)(No. 1)
•50c. July 1 *Holders of rec. June 13
Warren Foundry& pipe (quar.)
•50. June 15 'Holders of rec. May 31
Wellington Oil (guar.)
*50. June 15 'holders of tee. May 81
Extra
50e. July 1 Holders of rec. June 140
Wesson 011 Jr Snowdrift, corn.(quiz.)..
*51.50 July 5 *Holders of rec. June 25
West Coast Oil(quir.)
West. Maryland Dairy Prod. pf.(qu.) •$1.50 July 1 *Holders of tee. June 20
*8730 Sept. 1 *Holders of reo. Aug. 20
Prior preferred (guar.)
Western Reserve Investing 8% pf.(qu.)_
134 July 1 Holders of reo. June 13
134 July 1 Holders of reo. June 13a
8% Partic. pref. (guar.)
Western Tablet Jr Stationery, corn.(CLUJ *50c. Aug. 1 *Holders of rec. July 21
'154 July 1 "Holders of rec. June 20
Preferred (quar.)
Westinghouse Electric Jr Mfg.
$1.25 July 31 Holders of rec. Julyd30a
Common and preferred (quar.)
30o. July 1 Holders of rec.Juned14a
Westmoreland. Inc. (quit.)
West Va. Pulp Jr Paper.com.(quiz.).. *50e. July 1 *Holders of rec. June 21
•134 Aug. 15 *Holders of reo. Aug. 5
Preferred (guar.)
'134 Nov. 15 *Holders of reo. Nov. 5
Preferred (Quiz.)
Western Grocers, Ltd., pref.(quar.).... '154 July 15'Holders of rec. Jan. 20
F.
JUNE 7 1930.]
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Books Closed,
Days Inclusire.
Miscellaneous (Concluded).
Western Royalties, class A (mthly.)
_ *10c. June 6 *Holders of rec. May 15
Wheatsworth, Inc. (quar.)
•25e. July 1 •Holders of rec. June 20
White Motor Co., corn.(quer.)
50c. Juno 30 Holders et rec. June 12
White Motor Securities, pref.(quer.).
1% June 30 Holders of rec. June 12
White Rock Mineral SPgs.. corn.(qu.)-- $1
July 1 Holders of rec. June 18a
First preferred (quer.)
July 1 Holders of rec. June 18
Second preferred (quer.)
July 1 Holders of rec. June 18
5
Wilcox Rich Corp., class A (quer.)
°6214c June 30 *Holders of rec. June 20
Class B (quar.)
•50c. June 30 *Holders of rec. June 20
Will & Balmer Candle, pref. (quer.)
2
July 1 Holders of rec. June 2
WiIlys-Overland Co.. Prof.(Ouar.)
1)1 July 1 Holders of rec. June 18a
Winsted Hosiery (guar.)
*235 Aug. 1 *Holders of rec. July 15
Extra
*50e. Aug. 1 *Holders of rec. July 15
Quarterly
*2% Nov. 1 *Fielders of rec. Oct. 15
Extra
*50e. Nov. 1 *Holders of rec. Oct. 15
Wrigley (Wm.) Jr. Co.(monthly)
250. July 1 Holders of rec. June 20a
Worthington Pump & Machy., pf. A (qu)
July 1 Holders of rec. June 100
Preferred A (acct. accum. diva.)
51)4 July 1 Holders of rec. June 100
Preferred B (quer.)
134 July 1 Holders of rec. June 100
Preferred B (acct. accum. diva.)
11..; July 1 Holders of rec. June 100
Yellow Taxi Corp, N. Y
*75c. June 16 *Holders of rec. June 5
Young(L. A.) Spring & Wire, corn.(qu.)
The. July 1 Holders of rec.
Youngstown Sheet & Tube, corn.(qu.)_ _ $1.25 July 1 Holders of rec. June 120
June 13
Preferred ((Mar.)
1% July 1 Holders of rec. June 13
•From unofficial sources. t The New York Stock Exchange has
ruled that
stock will not be quoted ex-dividend on this date and not until further
notice.
t The New York Curb Exchange Association has ruled that stock will
not be quoted
ex-dividend on this date and not until further notice.
Peomes Light & Power dividend optional.60C. cash or 1-50th sh.
class A stock.
a Transfer books not closed for this dividend.
Correction. e Payable In stock.
Payable In common stock. a Payable In scrip. h On account of
accumulated
dividends. J Payable in preferred stock.
it Midland United Pref. A dividend Is payable in cash, or at option
of holder,
1-40th share of common stock.
One share Columbia Oil & Gasoline, corn. v. t. c., for each five shares
Columbia Gas & Electric. common.
m Amer. Cities Power & Light dividends are payable as follows: On class A
stock
The, cash, or 1-32d share class B stock; on class B stock 2)4%
in class B stock.
a DIVIdend is 29.3375 francs per share less deduction for expenses of
depositary.
o Libby McNeil & Libby dividend is in payment of three years
accumulated
dividends and is payable in new second preferred stock.
P Utilities Power & Light class A dividend will be paid 1-40th share in class A
stock unless holders request cash.
.7 North American Co. common stock dividend Is payable In common stock
at
rate of one-fortieth share for each share held.
r General Gas & Electric common A & 13 dividends are payable in class A
stock
and scrip certificates at rate of $5 per share unless written notice of
election to take
cash Is received by June 20.
I Payments on 2nd pref. stock of U. S. Pipe & Foundry Co. subject to
uance in the event of the redemption of that stock before all dividendsdiscontinare paid.
u Union Natural Gas of Canada dividend payable either 40c. cash or 2%
stock.
o British American Tobacco dividend Is 10d. per share. On registered
stock all
transfers received In London on or before June 7 will be in time for
payment
of
dividend to transferees.
to Less deduction for expenses of depositary.
x Central States Electric cony. pref. stock dividends will be payable in
stock at rate of 3-32nds common for each share optional series of 1928 andcommon
common for each share optional series 1929, union holders notify company 3-64ths
of their
desire to take cash, $1.50 per share.
y Lone Star Gas stock dividend Is one share for each seven held.
z Commercial Investment Trust cony, preference dividend is payable In
common
stock at rate of 1-52d share common stock for each share of preferred.
Holders desiring cash ($1.50 per share) must notify company to that effect on or before
June 16.
bb Thomson-Houston Co. dividend is 22.49 francs less deduction for
exPenses
of depositary.
I
cc United Founders dividend is 1-70th share common stock.
if Unless notified by the close of business June 16 that holder desires cash,
utilities
Power & Light elatiS A de 13 diva, will be paid as follows: Class A stock, 1-40th
Class A stock; class B stock, 1-40th share common stock: common stock, 1share
-40th
share common stock.
Weekly Return of New York City Clearing House.Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF TI1E NEW YORK CLEARING
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, May
31 1930.
•Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
Clearing House
Members.
*Capital.
Bank of N.Y.& Tr. Co__
Bk.of Manhattan Tr. Co_
Bank of Arner.,Nat.Assn_
National City Bank
Chemical 13k. & Tr. Co
Guaranty Trust Co
Chat. Phen.N.B.&Tr.Co.
Cent. Hanover 13.&Tr.Co.
Corn Exch. Bank Tr. Co_
First National Bank
Irving Trust Co
Continental 13k. & Tr. Co.
Chase National Bank
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar.& Trust Co...
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Confl Nat. Ilk. & Tr. Co_
Harriman N.B. & Tr.Co.
$
6,000,000
22,250,000
38,775,300
110,000,000
15,000,000
90,000,000
16,200.000
21,000.000
12,100,000
10,000,000
50,000,000
6,000,000
105,000,000
500,000
50,000,000
25,000,000
10,000,000
8.000,000
3,000,000
12,500,000
7,000,000
2,000,000
Clearing Non-Members
City Bank Farmers Tr. Co
klech. Tr. Co., Bayonne_
10,000,000
500,000
09A R9n 3011
S
$
14,512,400
59,851,000
43,707,300 186,855,000
41,293,100 170,268,000
130,559,400 a1034432,000
22,348,600 212,749.000
205,035,100 b877,202,000
19,492,800 188,265,000
84,128,000 339.253,000
23,115,300 179,857,000
105,614,300 215,844,000
84,197,900 365,415,000
11.345,700
11,208,000
138,568,700 c757,899,000
3,793,600
23,471,000
63,916,300 d474,515,000
84,295.800 e411,520,000
24,671,900
37,624.000
5,695,100
45,823,000
4,694,300
22,680,000
34,851,100 162,351,000
9,105.300
48,218,000
2,395,700
32,322,000
13,014,600
893,900
1
5,411,000
3,188.000
171 940 900 n 504 9.1
nnn
Time
Deposits
Average.
$
12,431,000
43,171,000
64,016,000
233,301,000
22,397.000
114,360,000
41,289,000
46.7.50.000
32,917.000
22,806,000
62,205.000
213,000
09,811.000
1,322,000
79,269,000
81,791,000
1.484,000
5,288,000
2,447,000
28,112,000
9,028,000
7,429,000
5.418,000
neN,............
• •
•
•As per official reports: National, March 27 1930; State, March 27
1930; trust
Companies, March 27 1930.
Include; deposits in foreign branches as follows: a 8326,019,000; b
8149,745,000;
C $14,791,000; d $128,230,000; e $71,664,000.
4011
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending May 30:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING
OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 30 1930.
NATIONAL AND STATE BANKS-Average Figures.
OtherCash Res, Dep., Dep. Other
Including N. F. and Batiks and
Gross
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
Loans.
Manhattan5
Bank of U. S____ 223,360,000
Bryant Park Bk.. 2,712,000
Grace National__ 20,380,361
Port Morris
3,453,000
Public National_ 153,135,000
BrooklynBrooklyn Nat'l
9,401,700
PIVITIIINZ National
7400000
$
$
$
$
S
15,000 3,369,000 30.081,000 2,117,000 217.638,000
127,800
332,000
2,147.900
3,000
65,695 1,882,986 1,437,129 18,507,540
18,:300
93.300
200,000
2,972,800
28,000 1.691,000 9,106,00027,278,000 158,181,000
19,000
5 000
102,700
108.000
615,800
.547.000
596,700
124.000
6,865,200
7.300.000
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
Invest.
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Manhattan$
$
$
American
48,608,300 8,835,400
816,100
Bk. of Europe & T. 15,908.750
811.520
106,710
Bronx County
25,241,953
634,883 1,562,993
Chelsea
21,625,000 1,265,000 2,251,000
Empire
81,122,200 *5,034,800 5,367,600
Federation
19,347,290
114,078 1,512.415
Fulton
19,231,800 *2,095,000
246.900
kfanufaeturers
374,297,000 2,611,000 44,646,000
United States
77,571,288 3,300,000 7,729,447
BrooklynBrooklyn
125,397,000 2,107,000 24,993,000
Kings County
29,657,014 2.373,904 3,523,430
Bayonne, N.J.Meehnniee
0066.416
221.869
855.931
Gross
Deposits.
$
$
21,000 46,289,500
14,849,397
24,934.096
20,392,000
3,176,600 78,792,100
85,846 19.200,361
16,231,600
2,091,000345.225,000
59,878,637
1,000 129,829,000
28.780.268
350.788
9.018.300
a Includes amount with Federal Reserve Bank as follows: Empire, $3,398,800
Fulton, $1,978,400.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
June 4
1930.
Changes from
Previous Week.
May 28
1930.
May 21
1930.
S
$
s
s
Capital
95,825,000 Unchanged
95,825,000
95.825,000
Surplus and profits
102,431,000 Unchanged
102,431,000 102,431,000
Loans, disets St invest'ts_ 1,062,013,000 -9,836,000 1,071,849,000 1,055,428,000
Individual deposits
651,610,000 -6,480,000 658,090,000 647,961,000
Due to banks
140,961,000 +4,379,000 136,582,000 142.224,000
Time deposits
273,055,000
-122,000 273.177,000 261,864,000
United State deposits
3,849,00
-488,000
4,337.000
4,339,000
Exchanges for Clg. House
26,771,000
21,835,000
+4,936,000
22,326,000
Due from other banks.._
88,089,000
88,287,000
-198,000
87,526,000
Res've In legal deposityles
79,956,000
79,701,000
+255,000
79,803,000
Cash in bank
6,975,000
-72,000
6,987,000
7,047,000
Heave in excess in F.R.Bk
1.015.000
+755.000
260.000
636,000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending May 31, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended May 31 1930.
Two Ciphers (00)
omitted.
Members of
Trust
F.R.System. Companies
$
60,470,0
Capital
220,285,0
Surplus and profits
Loans, discts. St invest. 1,089,660,0
36,655,0
Exch. for Clear. House
100,698,0
Due from banks
145,621,0
Bank deposits
Individual deposits- 618,970,0
254,797,0
Time deposits
1,019,388,0
Total deposits
72,317.0
Res. with legal depos
Res. with F. R. Bank_
10,104,0
Cash in vault*
82,421,0
Total rtss. & cash held_
Reserve required
Excess reserve and cash
In vault
Map 24
1930.
May 17
1930.
Total.
$
7,500,0
67,970,0
67,970.0
67,970,0
16,714,0 236,999,0 236,999,0 236,999,0
66,286,0 1,155,946,0 1,149,429,0 1,151,446.0
293,0
36.948,0
35.438,0
39,512,0
13,0 100,711,0
96,846,0 100.337,0
3,987,0 149,608,0 149,011,0 151,294,0
27,606,0 646,576,0 636,330,0 469,153,0
18,528,0 273,323,0 269,287,0 285,450,0
50,119,0 1,069,507,0 1,054,628,0 1,065,897,0
5.601,0
72,317,0
71,739,0
72,331,0
5,601,0
4,250,0
4,265,0
1,523,0
11,627.0
11,599,0
11,755,0
7,124,0
89,545,0
87,588,0
88.351,0
*Cash in vault not counted as reserve for Federal Reserve members.
[VOL. 130.
FINANCIAL CHRONICLE
4012
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday atternoon, June 5,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding wqek last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 39693 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 4 19s0
June 4 1930. 3fay 28 1930. May 21 1930. May 14 1930. May, 7 1030. Ayr. 301930. Apr. 231930. Ayr. 16 1930. June 5 1929.
$
$
I
$
$
$
$
$
8
RESOURCES.
1,603,714,000 1,596.714,000 1,621.714,000 1.610,814.000 1,659.814,000 1,642,214.000 1.651,164,000 1,688,084,000 1,393,555,000
Coltliwith Federal Reserve agents
67,988,000
40.722.000
39,483.000
11.097,000
41,245,000
41,142,000
37,857,000
41,097,000
Gold redemption fund with U. B. Tress37.856,000
Gold held exclusively &gat. F. R. note* 1,641,570.000 1.634,571,000 1,661,197,000 1,681,536,000 1.700,911.000 1.683.311,000 1,695,306,000 1729,329,000 1,371,543.000
Gold settlement fund with F. R.Board.. 523,375,000 635,513,000 614.457,000 597,981,000 598,889.000 634,847.000 615,295,000 592,097,000 679,733,000
Gold and gold oertIficatee held by banks. 795,634,000 787.226,000 800.802,000 794.565,000 768.369.000 764,502.000 735,799,000 710,065,000 792,692,000
Total gold reserves
Reserves other than gold
3,060,579,000 3.057,310,000 3,076.456,000 3.074,082,000 3,068,169,000 3.072.660.000 3,046400000 3,031.191,000 2,843,968,000
164,710,000 163.519,000 171,595,000 174.177,000 173,955,000 178,037.000 178,376,000 177,413,000 141,383,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,225,289.000 3,220,829.000 3.248,051,000 3.248,259,000 3,242,124.000 3.251.597.000 3,224,776.000 3,208,904,000 2,985,351,000
79,385,000
69,096.000
65.027.000
66,349,000
66,357,000
62,607.000
66,396,000
63,890,000
67,210,000
91,297,000
148,431,000
101,743.000
145,303,000
76,379.000
133,620,000
83,543,000
126,943.000
100,620,000
130,828,000
105,979,000
127,473,000
93,129,000
118,362.000
98,649,000
117,155,000
508,912,000
468,532,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
239,728,000
189,240,000
247,046,000
175.560,000
209.999,000
186.884,000
210.486.000
171.035,000
237,448,000
175,203,000
233,452,000
209.564.000
211,491,000
256,869,000
213,804,000
302,414,000
977,444,000
112,747,000
50,050,000
232,774,000
261,010,000
46,936,000
237,966,000
244,868,000
41,776,000
194,687,000
291,857,000
52.431.000
193,816.000
281,655,000
55,145.000
186,749,000
285,950.000
06.136,000
175,401,000
287,882.000
66.184,000
176,525,000
284,679,000
68,478,000
177.583,000
289,332.000
48,625,000
85,295,000
13,408,000
Total U.S. Government securit1ee
Other securities (tee note)
Foreign loans on gold
543,834,000
5,350,000
529,770.000
6.400,000
528,320,000
6,400,000
527,902,000
10.600,000
527,844.000
10.600,000
529.509,000
9.700.000
527,388.000
9,215,000
535,393,000
9,865,000
147,328,000
9,917,009
Total bills and securities (see natal _
0010 held abroad_
Due from foreign banks(see Cole)
Uncollected items
Federal Reserve notes of other banks
dank premises
All other resources
973,652,000
958,776,000
931,603,000
020,023,000
951,095,000
982,225.000 1,001,963.000 1,061,476,000 1,247,436,000
709,000
609,104,000
22,064,000
58,671.000
12,495,000
709.000
564,916,000
10,054.000
58,671,000
12,194,000
710,000
610,080,000
20,958,000
58.646,000
12,204,000
712,000
724,116,000
711,000
607.416,000
711,000
000,610,000
711.000
699,170,000
711,000
736.580,000
58,580,000
12,369.000
58,580,000
12,202,000
58,580,600
11,542,000
58,580,000
11,199.000
58.500,000
11,006,000
727,000
704,333,000
19,372,000
58,595.000
8,119,000
4,973,470,000 4,902,359,00014,951.348,000 5,030,438.000 4,936,018,000 4,073,881,000 5,016.056,000 5,142,213,000 5,103,318,000
Total resources
LIAVILITIES.
F. R. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
1,457,317,000
1.465,867,0001 1,452,663,000 1.464,897.000 1,402,904,000 1.507,268.000 1.518,344,000 1,547,869,000 1,647,435,000
2,411,730,000 2,348,798,000 2,374.166,000 2,379,360,000 .2349 446,000 2,384,721,000 2,363,314,000 2,3140,128,000 2,321,343,000
16,023,000
36,736,000
37,088,000
35,200,000
12,837.000
22,674,000
27,246,000
49.771,000
33,794.000
6,744,000
5,730,000
5,497,000
5.775,000
5,526.000
5,489.000
5.387,000
5.365,000
5,337.000
21,668,000
20,538,000
22,160,000
23,107,000
17,897,000
20,054,000
21.173.000
18,893,000
24,132.000
Total deposits
Deferred avallardlity items
Capital paid in
Illurplus
All other liabilities
.
2,464,519,000 2,420,849,000 2.438,911.000 2.420,830.000 *2413 009,0002,433,933.000
584,850,000 548.376,000„
674.399.000 .559,800,000 562,760,00(1
170,572,000 170,515,000 174,240,000 174,154.000 174,185,000 174,209,000
276,936,000 276.936,000 276,936,000 276.930,000 278,936.000 276.936,000
10.702,000
19,276,000
10.222.000
18.766,000
19,816,000
19.094.000
2.422.188 2.493.132,000 2,365,778,000
605,006,000 681.164,000 649,782,000
174,243,000 174.153,000 157,507,000
276,936,000 270,936,000 254,398,000
28,418,000
18.959.000
19,341,000
4,973,470,000 4,902,359,000 4,951,348,000 5,030,4351,000 4,936,018.000 1,973,881,000 5,016,058,000 5,142,213.000 5,103,318,000
Total liabilities
Ratio of gold reserves to deposits and
70.8%
75.9%
79.1%
79.0%
77.0%
78.0%
78.6%
77.9%
78.5%
F. R. note liabilities combined
Ratio of total reserves to deposits and
74.4%
80.4%
81.8%
83.6%
82.2%
83.5%
82.5%
82.9%
83.0%
F. R. note liabilities combined
Contingent liability on bills purchased
464,439,000 461,853,000 401,131,000 471.648,000 468,574,000 165,458,000 459,983.000 459.446.000 392,415,000
for foreign correspondents
-—
8
$
$
3
$
3
3
$
3
Distribution by Maturities—
56,415,000
86,374,000
99,090.000 110.370.000 147.584.000 190.529,000
1-15 day bills bought In open market-. 116,554,000 103.869.000 103,146,000
143,410,000 152,044,000 120,809,000 121,065,000 153,260.000 149.980,000 133.350.000 141,044,00(1 756,686,000
1-15 days bills discounted
4,194,000
1,640,000
1.580,000
26.091,000
26,000,000
26.000,000
1-15 days U. S. certif. of Indebtedness.
15,000
15.000
1-15 days municipal warrants
27,290,000
47.760,000
54,041,000
44,200,000
32,293,000
36,754,000
38,448,000
29,069,000
30,334,000
18-30 days bills bought in ()Pen market
50,478,000
17,888,000
18,305,000
19,815.000
20,736,000
17,202,000
23,492,000
18,838,000
19,154,000
18-30 days bills discounted
9,000
26,000,000
47,188,000
1.000
13,474,000
18-30 days U. S. certif. of indebtedness
102,000
warrants
municipal
days
18-30
17,909,000
48.709,000
35,084,000
37,118,000
32.573,000
39.064,000
33,890,000
36,375,000
29,864,000
51-60 days bills bought in open market_
84,847,000
24.958.000
27,417,000
31,074,000
29,723.000
30,563,000
33,329,000
30,082,000
29,991,000
31-60 days bills discounted
1,000
45,108.000
48,350,000
50.802,000
44,500,000
49,612,000
40,000,000
54,973.000
31-60 days U. S. certif. of indebtedness.
81-60 days municipal warrante
9,027,000
12.370.000
16,158.000
11,913,000
12,082,000
9,417.000
9,212,000
9.177,000
7.126.000
81-90 days bills bought In(Men market
53,173,000
16,693.000
17.351,000
17,202.000
18.878.000
19,962,000
16,254,000
18,431,000
16,183.000
81-90 days bills discounted
92,385,000
62,500.000
52.363.000
39,500,000
60,689,000
63,213,000
48.355,000
48.350,000
51-90 days U. S. certif. of Indebtedness_
51-90 days municipal warrants
2,106,000
4.002,000
3,046.000
654,000
3,157,000
1.336,000
872,000
121.000
1,874,000
Over 90 days bills bought in open market
32,260,000
15,068.000
13,221,000
21,099.000
17.573,000
22,301,000
22,506.000
20,031.000
18,826.000
Over 90 days bills discounted
9,205,000
176,981.000
129,730,000
195.306,000
143,950.000
15
170.000.000
128,181,000
7.657.000
Indebtedness....
156,627.000
Over 00 days certif. of
300,000
Over 90 days municipal warrants
3.054.437,000 3.071,992,0003,090.1108,000 3,100.743,000 3,112,259.000 3.140,216,000 3,487,024,000
1,260,620,000 1,271,117,000 1,275,416,000 1,273,750,000 1.265,917,000 1,275,751,000 1,402,482,000
F.R. notes received from Comptroller_
P. R. notes held by F. R.Agent
Issued to Federal Reserve Banks
1,779,033,000 1,786,040,000 1,703,817,000 1,800,875.000 1,815,100.000 1,826,987.000 1,846,342.000 1,864,495.000 2,084,542,000
—
How Secured-402,008,000 402,008,000 402,008,000 402,108.000 402.108.000 402,103.000 402.108.000 402,028,000 372,895,000
By gold and gold certificates
101,776,000
3018 redemption fund
1,201,706,000 1.194,708.000 1.219,708.000 1.238,706.000 1.257,706.000 1.240.106.000 1,252,056,000 1,286,056,000 828,884,000
3010 fund—Federal Reserve Board __
421,180,000 412.148.000 386,821,000 367.661.000 405,267,000 430.807,000 460,096,000 494,433,000 1,050,631,000
13, eligible raper
—
-- ___.— —. ..„ .
.........
... ....
.
_ .
„
,
„. .
,
.
.
.
.
„ ,
• Revised figures.
1925, two new items were added in order to show separate y the amount of balances held abroad and amounts due
NOTE.—P.eginning with the statement of Oct. 7 "Au
other earning assets. • previously made up of Foreign intermediate Credit Bank debentures, was changed to
.
foreign correspondents. in addition, the caption
'to -Total bills and securities." The latter item was adopted PA a more accurate description of the total of
assets.
"Other securities,” and the caption, -Total earning
provision of SC(.9.13and 14 of the Federal Reserve Act. which, It was stated,are the only items Incl“ •eo, e-rrein.
the
Under
acquired
the dIscounts, acceptances and securities
OF EACH GE THE 12 FEDERAL RESERVE. BANKS AT CLOSE OF BUSINESS JU. E 4 1930
IEZEKLY STATEMENT OF RESOURCES AND LIABILITIES
00
Two ciphers (00) omitted.
Federal Resew Rank of—
Total.
Bolton
Iwo
Clevaand Richmond Attanta. Chicago St. Louis. Meineap. Kau.DIty. Dallas. Safi Praia
—
$
4
3
$
$
$
$
$
$
$
$
rr
258,594,0 140,000,0 190,0°0,0 69,000,0 107,000,0 249,000,0 67,245,0 53,845,0 75,000,0 28,800,0 109,763,0
899,0 6,281,0
903,0 1,592,0
15,006,0 2,893.0 2,204,0 1,333,0- 2,378,0 1,594,0 1,817,0
New York.
—
$
i
RESOURCES.
Gold with Federal Reserve Agent 1,603,714,0 164,917,0
37,856,0 1,156,0
Gold redo fund with U.S. Treat
Gold held excLages.F.R, note. 1,641,570,0 166,073,0
Gold settle':fund with F.R.Board 623,375,0 38,254,0
Gold and gold ette.heild by banks. 795,634,0 36,718,0
273,600,0 142,693,0 192,754,0 70,333,0 109,378,0 250,594,0 69,062,0 54,748,0 76,592,0 29,699,0 206,014,0
167,751,0 48,673,0 73,800,0 17,284,0 15,546,0 115,806,0 29.079,0 15,689,0 33,466,0 20,244,0 47,783,0
485.368,0 30,871,0 54,459,0 9.293,0 6,070,0 112,519,0 8,570,0 5,146,0 9,575,0 9,268,0 27,777,0
3,060,579,0 241,045,0
164,710,0 11,738,0
—
3,225,289,0 252,783,0
66,396,0 6,096,0
926,719,0 222,237.0 321,013,0 96,910,0 130,994,0 478,919,0 106,711,0 75,583,0 119,633,0 59,211,0 281,604,0
54,369.0 7.639,0 11,562,0 7,487,0 14,175.0 16,493,0 12,361,0 4,173,0 8,042,0 5,978,0 10,693,0
292,297,0
931,088.0 229,876,0 332,575,0 104,397,0 145,169,0 495,412,0 119,072,0 79,756,0 127,675,0 65,189,0 5,154.0
17,024,0 4,172,0 4,824,0 4,110,0 4,083,0 9,557,0 4,228,0 1,697,0 1,923,0 3,528,0
Totalgold reserves
Reserve other than gold
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U.S. Govt. obligations
Other bills discounted
32,553,0 13,307,0 10,703,0 4,275,0 2,002,0 6,943,0 6,113,0
16,017.0 14,896,0 7,221,0 14,432,0 30,786,0 11,448,0 15,014,0
643,0 2,607,0
2,979,0 12,672,0
1,201,0
8,442,0
239,728,0 16,586,0
189,240,0 14,595,0
48,570,0 28,203,0 17,924,0 18,707,0 32,788,0 18,391,0 21,127,0
74.653,0 3,352,0 11,447,0 7,776.0 11,896,0 17,727,0 7,043,0
3,622,0 15,279,0
7,429,0 6,049,0
9,643,0 8,888.0
4,792,0 22,482.0
678,0
7,497,0
8,874,0
655,0
8,448,0
9292,0 20,967,0
8,641,0 15,073,0
Total bills discounted
Bills bought In open market
U. 53. Government securities:
Bonds
Treasury notes
Certificates and bills
50,050,0 1,614,0
232,774,0 17,778,0
261,010,0 22,085,0
Total U. S. Gov't securities
033 R34 0
3,594,0
5,294,0
7,356,0
9,230,0
91,297,0
148,431,0
41.477.0
7,857,0 1,311,0 1,096,0
68,205,0 21,639,0 28,261,0
106,818,0 24,370,0 22,205,0
1,422,0
5,679,0
6,404,0
171,0 21,104,0
759,0 4,937,0
8,242.0 23.169,0 13,569,0 10,176,0
3,515,0 28.287,0 5,929,0 8,809,0
17,049,0 26,379,0 36,695.0
182.880.0 47,320,0 51,562,0 13,500__0.928,0 72,860,0 20,257,0 23,922,0
JUNE 7 1930.]
RESOURCES (Cotteluded)Two Ciphers (Gth muted.
Boston.
Total
Dther securities
Forel-n loans on gold
New York.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kon.Citg. Dallas. dasPros.
Phila.
s
$
3,850,0
$
1,000,0
$
5,850,0
Total bills and securities
6103 from foreign banks
Uncollected items
F. R. notes of other banks
Bank premises
another resourc,es
4013
FINANCIAL CHRONICLE
$
a
$
s
$
$
$
$
$
1,000,0
309,953,0 79,875,0 80,933,0 39,988,0 54,612,0 108,978,0 48,427,0 34,973,0 38,377,0 40,814,0 68,064,0
26,0
16,0
30,0
26,0
95,0
21,0
21,0
49,0
233,0
69,0
71,0
170,748,0 55,260,0 57,719,0 44,557,0 15,327,0 75,792,0 28,622,0 12,107,0 33,783,0 21,461,0 29,467,0
711,0 3,624,0 1,373,0
986,0 1,184,0
7,754,0
474,0 2,468,0
447,0 1,348,0 1,450,0
15,664.0 1,787,0 7,059,0 3,204,0 2,658,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,747,0
421,0
300,0
618,0 3,286,0
497,0
298,0
410,0
506,0
4,660,0
239,0 1,175,0
978,652,0 73,658,0
52,0
709,0
609,194,0 64,351,0
245,0
22,064,0
58,671,0 3,580,0
12,495,0
85,0
4,973,470,0 400,850,0 1,507,124,0 371,725,0 485,704,0 198,354,0 225,872,0 702,174,0 205,859,0 132,050,0 207,233,0 133,773,0 402,752,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1,457,317,0 154,790,0 185,381,0 131,363,0 183,084,0 67,500,0 125,556,0 219,253,0 74,409,0 55,554,0 72,262.0 32,190,0 155,975,0
Deposits:
Member bank-reserve awl 2,411,730,0 145,851,0 999,538,0 142,332,0 195,682,0 65,077,0 62,082,0 344,415,0 79,637,0 52,740,0 88,376,0 60,190.0 174,810,0
825,0 2,041,0 1,476,0 1,365,0 1,909,0 1,303,0
27,246,0 2,519,0
3,967,0 3,390,0 1,732,0 2,590,0 4,129,0
Government
736,0
198,0
126,0
165,0
165,0
379,0
198,0
Foreign bank
5,489,0
407,0
1,802,0
231,0
533,0
549,0
178,0
71,0
26,0 7,661,0
44,0
565,0
336,0
68,0
89,0
Other deposits
20,054,0
8,870,0
49,0 2,097.0
Total deposits
Deferred availability items
3ap1tal paid in
lupins
Iii other liabilities
2,464,519,0
584,850,0
170,572,0
276,936,0
19,276,0
148,845,0 1,014,177,0
63,329,0 154,814,0
11,822,0
66,252,0
21,751,0
80,001,0
313,0
6,499,0
146,304,0 200,060,0 67,987,0 66,453,0 346,541,0 82,212,0 54,520,0 89,977,0 62,290,0 185,153,0
49,522,0 55,944,0 43,531,0 15,417,0 73,377,0 31,532,0 10,843,0 31,112,0 25,226,0 30,203,0
16,745,0 15,899,0 5,874,0 5,374,0 20,222,0 5,281,0 3,089,0 4,330,0 4,349,0 11,335,0
26,965,0 29,141,0 12,496,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
390,0
783,0
572,0
901,0
966,0 2,215,0 2,687,0 1,548,0
826,0 1,576,0
Total liabilities
4,973,470,0 400,850,0 1,507,124,0 371,725,0 485,704,0 198,354,0 225,872,0 702,174,0 205,859,0 132,050,0 207,233,0 133,773,0 402,752,0
Memoranda.
69.0
85.7
Eteserve ratio (per cent)
72.5
78.7
76.0
82.2
83.3
81.8
75.6
87.6
77.1
82.8
86.8
301111138mM liability on bills purchased for foreign correspondls 464,439,0 34,369,0 152,792.0 45,052.0 46,445,0 19,507,0 16,720,0 62,237,0 16,720,0 10,682,0 13,934,0 13,934,0 32,047.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Boston.
Total.
New York.
Phila.
$
$
Two Ciphers (00) omitted$
$
Federal Reserve notes:
Issued to P.R. bk. by F.R. Agt 1,779,033,0 181,481,0
Held by Federal Reserve bank_ 321,716,0 26,691,0
$
S
$
$
$
$
$
$
$
243,895,0 155,918,0 214,199,0 87,880,0 150,510,0 253,919,0 89,075,0 62,480,0 81,872,0 39,690,0 218,114,0
58,514,0 24,555,0 31,115,0 20,380,0 24,954,0 34,666,0 14,666,0 6,926,0 9,610,0 7,500,0 62,139,0
185,381,0 131,363,0 183,084,0 67,500,0 125,556,0 219,253,0 74,409,0 55,554,0 72,262,0 32,190,0 155,975.0
In actual circulation
1,457,317,0 154,790,0
Collateral held by Agt.as security
for notes issued to bank:
Gold and gold certificates
402,008,0 35,300,0
Gold fund-F. R. Board
1,201,706,0 129,617,0
421,180,0 31,101,0
Eligible paper
Total collateral
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. San Peas.
229,968,0 39,900,0 15,550,0 5,000,0 6,000,0
14,300,0 35,000,0
9,145,0 11,845,0
28,626,0 100,100,0 175,000,0 64,000,0 101,000,0 249,000,0 58,100,0 42,000,0 75,000,0 14,500,0 164,763,0
120,063,0 29,649,0 28,001,0 26,423,0 44,518,0 35,942,0 27,757,0 10,944,0 21,241,0 14,286,0 31,255.0
378,657,0 169,019,0 218.551.0 95,423,0 151.518.0 284,942.0 95.002.0 64.789.0 96,241,0 43,086,0 231,018;0
2,024,894,0 196,018,0
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 hanks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the tatest week appears in our department of "Current Events and Discussions," on page 3970. 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 San. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were Included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans On securities being given. Furthermore, borrowing at the Federal Reserve is not any More subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted; in its place the number of cities included (then 101) 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 to the San Francisco district with loans and Investments of $135,000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 28 1930 (In millions of dollars)•
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. *Chicago. St. LOU48. Minneap. Kan. My Dallas. Sas/rm.
Loans and investments-total____
$
22,726
$
1,505
$
9,206
$
1,207
S
2.180
Loare--total
16,837
1,152
6,873
904
8,421
8,410
530
622
4,045
2,828
472
432
On securities
All other
Investments-total
U.S. Government securities Other securities
Reserve with F. R. Bank
Caah in vault
Rot demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
643
607
$
3,248
697
360
656
452
$
1,964
1,519
479
469
2,578
492
241
438
344
1,347
732
787
194
285
152
317
1,282
1,295
220
272
89
152
140
298
116
228
449
898
$
$
$
$
$
5,889
353
2,333
304
133
670
204
119
218
109
616
158
196
1,198
1,135
77
226
661
313
348
164
2,811
3,078
74
89
69
68
305
365
48
156
66
53
94
124
65
44
342
274
1,742
235
92
15
848
71
72
15
136
28
38
11
39
9
256
37
46
7
26
5
54
11
34
8
101
18
13,381
7,159
51
877
502
4
6,118
1,966
19
702
304
3
1,069
969
4
334
250
5
313
244
4
1,911
1,206
2
363
231
1
219
128
480
180
1
283
151
3
714
1,027
5
1,137
2,798
51
109
141
996
65
156
112
251
63
91
66
94
195
448
51
112
46
70
115
177
73
82
160
212
67
4
22
5a
9
11
4
4
4
1
3
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the
In comparison with the previous week and the corresponding date last year:
RuosrossJold with Federal Reserve Agent
Gold redemp.fund with U. S. Treasury
Jane4 1930. May 28 1930. June 5 1929,
3
258,594,000 258,591.000 265,927,000
15,006,000
15.006,000
14,250,000
Gold held exclusively WM*. r. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
273,600.000
167,751,000
485,368,000
273,000,000
214,517,000
477,101,000
Total gold reserves
Reserves other than gold
926,719,000
54,369,000
965,218.000
53,779,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligationsOther Ulm discounted
Tot,I bills discounted
Bills bought in open market
U.13. Government securitiesBonds
'Treasury notes
Certificates and bale
Total U.S. Government securitiesOther securities (See note)
Foreign loans on gold
280,177,000
201,957,000
494,549,000
-976,683,000
42,024,000
981,088,000 1,018,997,000 1,018,707,000
17,024,000
16,528,000
34,800,009
32,553.000
16,017,000
37.262,000
15.565,000
119,363,000
90,580,000
48,570,000
74,653,000
52,827,000
47,325,000
209,943,000
18,169,000
7,857,000
68,205,000
106,818,000
4,357,000
84,539,000
90,152,000
5,818,000
13,968,000
3,805,000
Isgon
17?
1,Vg,.(
01)
)0
0
23,591,000
1,915,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Federal Reserve notes of other banks
Bank premises
All other resources
Total resources
LtabtititesFed'I Reserve notei In actual circulation_
Deposits-Member bank, reserve fleet-Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combinedContingent liability on bills purchased
for foreign correspondence
close
of business June 4 1930
June 4 1930. May 28 1930. June 5 1929
$
$
233,000
170,748,000
7,754,000
15,664,000
4,660,000
232.000
154,873,000
5,610.000
15,664,000
4,299,000
220,000
196,102,000
5,535,000
16,087,000
1,328,000
1,507,124,000 1,499,803,000 1,526,397,000
184,330,000
990,889.000
15,225,000
1,787,000
9,050,000
270,285,000
941,174,000
3,181,000
2,104,000
6,846,000
1,014,177,000 1,016,951,000
154,814,000 145,614,000
66,252,000
66.202,000
80,001,000
80,001,000
6,499,000
6,705,000
953,305,000
166,731,000
57,305,000
71,282,000
7,489,000
185,381,000
999,538.000
3,967,000
1,802,000
8,870,000
1.507,124,000 1,499,803,000 1,526,397,000
81.8%
84.8%
83.3%
309,953,000 283,600 000 253,618,000
Total bills and securities (See Note)
152,792,000 159,677,000 119,084,000
NOTE.--Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due
to
foreign correspondents. In addition, the caption "All other earning meets,- previously made UP or Federal Intermediate Credit bank debentures, was changed t
o
POther.tecurItles," and the caption "Total earning mists" to ''Total bills and •;araritie3." The latter tern was tycout,,,i A., A fliers accurate description of the total
of the
discount acceptances and securities acquired under the ors,IMODA of Sections 18 ant 14 of the Federal Reserve Act. which. It was stated,are the only items included therein.
4014
FINANCIAL CHRONICLE
STOCKS.
Week Ended June 6.
Vankers' Gazette.
Wall Street, Friday Night, June 6 1930.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 3999.
Following are sales at Stock Exchange this week of shares
not represented in our detailed list on pages which follow:
STOCKS.
Week Ended June 6.
Sales
for
Week. I
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
RailroadsPar. Shares
per share. $ Der share. $ Per share.$ per share.
Bull & Susquehannal0
Jan 8934 June
400 89% June 4 89;4 June 4 71
Certificates
Feb 8934 May
2,100 8934 June 4 89% June 5 77
100
Preferred
May
Jan 90
200 90 June 2 90 June 5 75
June
Preferred ctfs
Apr 91
100 91
June 5 84
June 5 91
Canadian Pacific new 25 17,500 4954 June 3 51% June 2 4934 Jun 52% May
Mar
Caro Clinch & Ohlo_100
1 90 June 3 90 June 3 86% Apr 92
Ctrs stamped _ _ __100
Jan 101% June
7010134 June 2101% June 6 96
Mar
Cleve & Pittsburgh_ 100
20 7534 June 2 75% June 2 7434 Feb 76
Mar
100
Cuba RR pref
10 70 June 2 70 June 2 5734 Mar 70
III Cent leased line 100
10 8034 June 4 80% June 4 7134 Jan 8034 June
Hudson & Manh pf_100
100 82 June 2 82 June 2 75
Feb 8234 Apr
Manhat Elev Guar_100
80 59% June 5 60 June 2 51% Jan 6834 Apr
Market St Ry 2d pf-100
Feb
200 4
June 6 4 June 6 4 Jun
6
MSEP&SS
300 5134 June 2 52 June 3 50
Mar 5534 Mar
PL-100
N Y State flys pref_100
2201 2 June 3 2 June 3 2
Ma
394 Feb
Pacific Coast 2d pf _100
10 16
June 2 16
June 2 15
Feb 1934 Afar
Renselaer &Saratog-100
50 14254 June 6 14234 June 6 136
Mar 14234 June
Wheel & L Erie pref.100
600.110
June 6110% June 4 110
Jan 110% June
Indus. & Misccil.Allegheny Steel
*
100, 65 June 5 65 June 5 57
Apr
May 72
•
100 100 June 4 100
June 4 95
Alliance Realty
Apr
Apr 104
Amalg Leather pref_100
101 21
June 6 21
June 6 20
Jan 26% Feb
100 2734 June 6 2734 June 6 25
Amer Beet Sugar pf_100
Mar
May 45
• 1,300, 5434 June 5 5634 June 2 54
Amer Chain
May 6934 Apr
100
400 80
June 5 8334 June 3 80 June 8734 Jan
Amer Ice pref
Am Mach & Fdry pf 100
80115% June 2115% June 2 112
Jan 119% Apr
10 5
Amer Plano pref __ _100
June 3 5 June 3 3 May 9% May
33,10 1-64 June 2 1-16 June 3 1-64 May 2
Am Roll Mill rts
Feb
_ __100
10 2134 June 2 2134 June 2 2134 June 2734 Feb
Am Tel &
CableMidpf 100
Arch Daniels
30 105
June 5105 June 5 10334 Mar 110
Apr
200 26
Art Metal Construct-10
June 5 26
June 5 2434 Jan 28% Feb
* 6.700 3334 June 6 3534 June 2 3134 Mar 37 May
Atlas Stores
Beech-Nut Packing--20
100 5731 June 6 57% June 6 57% June 70% Jan
Blaw-Knox Co
• 1,300 3834 June 4 39% June 2 3434 May 4134 Apr
50 35% June 3 3531 June 3 2234 Jan 41
Brit Emp Steel 1st Pf100
Apr
Brown Shoe pref _ _ _100
Mar
1011734 June 311734 June 311334 Jan 119
500 66 June 6 70 June 2 60
Celotex Co pref_ ....100
May 8434 Apr
Cert-T Prod let p1-100
100 25 June 4 25 June 4 25
Ap 4534 Mar
* 2,700 6034 June 6 6254 June 2 59
colgate-pairo-Peet
May 6434 May
100
200 99% June 6100 June 4 97
Preferred
Mar
Mar 100
Colonial Beacon 011___*
700 16
June 3 1734 June 5 16
May 2034 Apr
50 24 June 3 24 June 3 2234 Jan 2534 Apr
Comm Cred pret (7)-25
Commonw & South pf _* 4.800 103% June 210434 June 6 99
Feb 10454 June
30 88
Consol Cigar pf (7).100
June 4 88
June 4 7634 Jan 93% May
Cuban Dernin Sugar__*
200 134 June 4 134 June 3 1
Ap
234 Jan
230 100
Duplan Silk pre:- _100
June 210034 June 2 97
Feb10234 Mar
53.900 134 June 4 lilis June 2 I% May 1% May
Du Pont rts
390 50 June 2 51
Durham Sloe M pf__100
June 3 4434 Feb 5734 Feb
Eastman Kodak pf_100
126% June 212734 June 212034 Feb 12754 May
300 5% June 6 634 June 4 534 June 14
Elk Horn Coal pret-50
Jan
79 100 June 4 100 June 4 98
Federa Min&Smcl p1100
Jan 10034 Mar
Fourth Nat Investors-* 1,900 41% June 5 42% June 3 38
Apr
May 50
*
30 84 June 2 85 June 2 80
Fuller Co 2d pref
Feb
Jan 86
Gamewell Co rts
12,600
54 June 4
34 June 6
34 June
56 June
General Cigar pref100
50 117 June 2 118
June 2 11234 Jan 118
Apr
1,200 3834 June 5 3934 June 2 3854 Jun 44% Feb
Gen Milan Edison_
Gen Motors p1(5) w-1-• 8,200 9434 June 6 9634 June 2 9434 June 9651 June
Gen Realty &Utilities.* 11,800 1534 June 3 17% June 5 13% May 1934 Apr
200 9434 June 5 95 June 5 91
Preferred
Apr
May 100
600 99
June 4 9934 June 2 99
Gen Steel Cast pref___*
Mar
May 101
*
Gold Dust pref
100109% June 6109% June 6 100
Jan 109% June
Gotham Silk Hosiery Pt
100
170 75 June 3 77 June 6 65
exwarrants
Jan 79
May
10 20
June 2 20
Guantanamo Sug pt 100
June 2 20
Mar
Ap 27
Hackensack water rts__ 1,980 134 June 6 134 June 3 134 June 134 June
50 135
June o135 June 5 1235
Helmc(0 NV) pref_ _l00
% Jan 135
Apr
Hercules Powder p1_100
7012234 June 312334 June 4 117
Jan 23% June
20 122
June 2122 June 2 122
Ingersoll Rand pret_100
Jan 122
May
Internet Carriers Ltd-. 1,700 1434 June 6 15 June 3 13% May 1934 Mar
200 55 June 4 55 June 4 53
Apr 62
May
Int Comb Eng pref ctts.
500119% June 4120 June 5 116
Apr
Internal Niche! pf_ _100
Feb 123
Kansas City Pow&LtJune
2
114
•
June 4 108
Jan 115
Mar
7011334
1st pref ser B
June 3114
June 6 10834 May 114
6 111
Apr
Kresge (58) Co pf_100
* 5,300 8634 June 6 9034 June 2 80% May 9734 Apr
Lehman Corp
40121% June 512234 June 3118% Jan 126
Mar
Loose-W Bis 1st p1.100
June 2 9234 Jan 99
300 9834 June 2 99
May
Lorillard Co pref _100
June 4 70 June 4 70 June 80
10 70
Jan
Mallinson Co pref_ 100
May 4834 Apr
Marshall Field & Co_• 3,100 43 June 6 44 June 3 43
June 5 83
June 5 85
Jan 0234 Feb
10 85
Mengel Co pref _ ___100
2
2334
June 4 2634 June
Jan 2634 May
800 26
Metro Goldw Pic pref27
June 5 176
Apr 180 June
10 180 June 5180
Mexican Petroleum_100
Feb
Feb 110
Mid St Prod 1st 1:4_100 1,1001 9634 June 5 9734 June 2 90
Jan
Jan 110
10105% June 5 105 34 June 5 103
1111w Elec By & L p1100
Jan
June 3 70 June 3 65
Mar 82
100 70
Nat Bell Hess pret__100
Mar
500145% June 2146% June 2 14234 Jan 148
Nat Biscuit pref____100
Jan 54
* 1,000 5134 June 4 5334 June 6 43
Apr
Nelsner Bros
May 32
Apr
700 2754 June 61 2834 June 3 22
N Y Investors
• 13,300 10% June 5l 1154 June 2 934 May 1434 Apr
No Amer Aviation
Apr
June 21 80 June 2 7354 Mar 83
100 80
Omnibus Corp pret_100
Apr
Mar 56
June 6 43
June 6 48
100 48
Oppenla, Collins & Co-*
Apr
Mar 110
100
20 10734 June 6110734 June 6 102
Outlet Co pref
Park & Tilford
• 5,200 2734 June 61 3034 June 2 2034 May 3534 Apr
Jan
Jan 110
10100% June 610934 June 6 107
Penick & Ford pret_100
May 6034 Apr
1,3001 53 June 6 54% June 4 53
Peoples Drug Stores_
June 4106 June 107% May
June 4 106
Preferred
i00106
*
Petrol Corp of Amer....* 82,700 2534 June 3 2734 June 5 2534 June 27% June
May
Jan 50
Phila Co 5% pref. _50
50 June 2 50 June 2 47
June 1% May
June 6 134 June 2 1
Phillips Petroleum rts,_ 86,500 1
Apr
June 5 6934 Feb 82
300 7634 June 5 77
Pierce-Arrow Co pf_100
Jan
100
30 9834 June 5 9934 June 2 9834 May 103
Pitts Steel prof
Jan
Mar 45
June 6, 36
June 6 41
210 41
Pitts Term Coal p1_100
Jan
Jan 103
700 10154 June 6 10134 June 5 97
Postal Tel&Cable p1100
Star
Jan 40
10 7'. June 3 35 June 3 31
Prod & Ref Corp pt. 50'
June 2 9234 Jan 9834 May
June 6 98
800 97
Pub Ser of NJ pf (5)--*
June
9734
June
3
June
9734
100 97% June 3 9734
Preferred (5) w 1
Jan 11434 Mar
10011234 June 3 112% June 3 107
Republic Jr As St p1.100
Jan
May 72
100 6634 June 5 6634 June 5 61
Revere Copp&Brass A •
Mar
Apr 104
100
3010034 June 2 100 34 June 2 100
Preferred
June 6 3334 June 21 2834 May 3494 Apr
• 5,5001 31
Reynolds Metal
100 3,500 9534 June 6 9954 J tie 3, 9534 June 9934 June
Skelly Oil pref
Mar
120 54 June 6 56 June 2 54 June 82
Sloss-Sheff StArlr pt_100
Mar
200 2854 June 3 27 Jun: 3' 1854 Jan 27
Southern Dairies CIA_*
Feb
a
Jan
1034
240 736 June 4 734 Jun: 2 6
Spear & Co
400110% June 2 II 34 June 311034 May 111% June
Stand Gas & El p1(7)-*
June
May
100%
100
June
3
June 210034
Preferred (6)
* 1.500100
Apr
Stand 011 of Kansas_25 7,800 3994 June 4 4234 June 5 3734 Mar 49
Jan
June 121
June 3110 June 3 108
270 108
So Porto Rico Sug p1100
June
2234
26%
May
Thermoki Co
*14,700 2234 June 4 2434 June 2
June 2 3634 May 4634 Apr
Third Nat Invests_
400 3754 June 6 38
June 39% Apr
Thompson Products, • 1,700 28
June 6 3234 Jose 21 28
Mar 18% Mar
June 21 11
Thompson-Starrett
• 5.400 1434 June 5 16
Jan 4954 Mar
111 Preferred
600 44 June 6 4434 June 2 40
Apr 634 Jan
254
6
TobacProddlvct1sAli
June
1,500 5
June 2 6
Jan 634 Jan
June 5 33
Div ctfs B
200 5 June 2 6
I
Div ctfs C
June 5 2% Jan 634 May
200 5 June 2 6
....l
[VoL. 130.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. I.
Lowest.
Highest.
Ind. & MIse.(Canc.)Par Shares $ per share. $ per share. 5 per share. Per share.
United Business Pub_..*
10 2234 June 5 2234 June 5 22% June 30
Jan
United Cigar Stores new
200 854 June 5 834 June 5 8% June 834 June
United Dyewood___100 1,580 6 June 5 10 June 5 5% Jan 11
Feb
Preferred
1
40 56
Juno 6 58 June 6 50
Mar 58 June
Vadsco Sales prof
100
200 55 June 4 55 June 4 55 June 69% Apr
Va El dr Pow pf (6)_100
130 103% June 2104 June2 00% Jan 105% May
Va Iron Coal & Coke100
110 1334 June 2 13% June 2 12
Jan 14% May
Vulcan Detinn pf A_100
10 98
June 2 98
June 2 90
May
Feb 98
Wilcox-Rich B ctts
1,600 2454 June 2 2634 June 3 22
May 26% June
Wrigley Co
3,304 7256 June 4 73% June 5 67% Apr 7334 June
•No par value.
New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks.
New YorkPar Bid
America
25 123
American Union•
100 110
Broadway Nat Bk & Tr_100 110
Bryant Park*
20 42
Chase
20 161
Chat Phenix Nat Bk & Tr 20 135
Commercial Nat 13k & Tr 100 500
Fifth Avenue*
100 3200
First
100 5750
Grace
100 600
Harriman Nat Ilk & Tr_100 1500
Industrial
100 185
Lelcourt Nat Bk & Tr ___I00 110
Liberty Nat Bk & 17_100 120
National City
20 180
Penn Exchange•
100 100
Port Morrie*
10 45
Public Nat Bk dr Tr
25 120
Seward Nat Bank & Tr_ 100 105
Sterling Nat Bli & Tr___ _25 50
Straus Nat Bk & Tr____100 270
United States'
25 53
Yorkvillo
100 145
Yorktown*
100
BrooklynBrooklyn
50 103
Peoples
100 450
Trust Companies.
New York (Conch.)- Par Bid Ask
Bankers
10 15012 152
Bronx Co Trust
20 65
73
Cent Hanover Ilk & Tr_ 20 380 385
Chelsea Bank & Trust ___25 50 54
Chemical Bank dr Trust-10 70
72
Continental Iik & Tr__ __10 34
3512
Corn Each 13k & Trust ___20 216 218
Rights
22
22%
County
100 220 235
Empire
20 00
93
1600 Fulton
100 620 650
200 Guaranty
100 714 717
120
Hibernia
100 175 185
130 International
20 52 54
182 Internal Mad Bk & Tr_ _25 43
48
110 Irving
10 5434 5512
55 Lawyers
100
123 Manhattan
20 12512 12i115 Manufacturers
25 117 120
54 Mutual (Westchester)_.l00 375 425
290
N Y Trust
25 281 285
541, Pacific
100 185 205
180 Plata
100 105 115
200 Times Square
100 60 65
Title Guar & Trust
20 161 166
118 United States
100 4275 4375
'50 Westchester
100 1000 1100
Ask
125
120
120
50
162
137
515
3400
5850
Trust Companies.
New YorkPar
BrooklynAmerican
100
Brooklyn...
100 790 810
Amer Express
190
Globe Bank & Trust ___100 192 210
Bones Commerciale Ital_100 350 358 Kings Co
100 3175 3400
Bank of N Y & Trust. __100 730
50 MIdwood
100 190 200
•Slate banks. t New stock.
Ex-dividend. g Ex-stock dlv. V Ex-rights.
New York City Realty and Surety Companies.-p. 4004.
Quotationsfor U.S.Treas. Ctfs. of Indebtcciness.-p.4004
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. May 31 June 2. June 3. June .1. June 5. June 6.
First Liberty LoanHigh
334% bonds of 1923-47_ _{LowClose
334)
Total sales in $1,000 units__
Converted 4% bonds of f High
1932-47 (First 4s) _
ILow(Close
Total sales in 51,000 Units_..
Converted 434% bonds{High
of 1932-47 (First 4318) LowClose
Total sales in 31.000 units __ _
Second converted 4 54 TI103
bonds of 1932-47 (First LowSecond 434s)
Clone
Total sales in $1,000 units __ _
Fourth Liberty Loan
, Illgh
434% bonds of 1933-38_ Low(Fourth 454s)
Close
Total sales in 31.000 units__
Treasury
lifigh Hon435e. 1947-52
3,0w_ day
Close
Total sales in 51.000 units __ _
(High
45. 1944-1954
{1ow_
(Close
Total sales n 31,000 Units...
CLohM
334s. 1948-1956
w_
Close
Total sales in 31.000 units__
{High
354, 1943-1947
Low_
Close
Total sales in ELMO units _ _ i High
ssie; 1940-1943
Low_
Tntni ..... s- •• nnn
close
•
10033n 100",,
____
1004n 10048
__-____
10033n 10013n
23
------------------_-----------------10133
.10133u 10153ri
10133
.101",, 10134.,
10133,, 10133” 1012311
23
14
9
---------------------------------102",, 102.
13
10233,1
1024” 102in 1024.:
1020,, 1024,, 10233ri
91
230
267
1120.2 11200 1120i,
1121.8 1121tu 1121 sit
1121irr 11214u 11214rt
4
1
112
1084n 108441 108.31
1083rt 1084:1 1081,,
108trr 108411 1081.2
2
1
16
10533n
___
____
10543,1
--__
_-__
105w.
_-__
____
10113u
101In
1013:,
Si
101338
101',,
1011.32
____
____
____
____
- __
__--_-__
--__
---____
1003.11 10015n
100334.
1001,3” 10033
10",(First .
44
8
-------------------10134:4 102
101421, 101wir
10133n 102
19
22
------------------ _
1023421 10213:1
10213ir 10233,2
1023312 1023.3st
190
60
1122irr 113
11223n 112331,
112iirt 11230il
51
240
10833,, 10817u
108in 10833ss
1081022 1081in
34
11
10533rt 106'14
10533
.106
105wn 1063n
101
25
10113
.10133ri
10113u 101"n
101"” 101"al
1
50
1014n 101",,101n
101.8 101",,
101its 101,1.1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st434s.
to 101150
5 4th 434.3
102In to 1021343
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.859-4©
4.85% for checks and 4.85 27-32(104.85 29-32 for cables. Commercial
on banks, sight, 4.85% ®4.85 9-16; sixty days, 4.8334; ninety days,
4.82 9-16P4.82%, and documents for payment, 4.83@4.833-4. Cotton
for payment, 4.85, and grain for payment, 4.85.
To-day's (Friday's) actual rates for Faris bankers' francs were 3.920
3.9234 for short. Amsterdam bankers guilders were 40.19348440.2034
for short.
Exchange for Paris on London, 123.89; week's range, 123.94 francs high
and 123.89 francs low.
The week's range for exchange rates follows:
Sterling. ActualCables.
Checks.
High for the week
4.85 31-32
4.853/
Low for the week
4.85 21-32
4.85 7-16
Paris Bankers' FrancsHigh for the week
3.9234
3.92 1-16
Low for the week
3.92
3.91%
Germany Bankers' MarksHigh for the week
23.86%
23.86
Low for the week
23.8534
23.84
Amsterdam Bankers' GuildersHigh for the week
40.23
40.22
40.20
Low for the week
40.18
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 PageHIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 31.
Monday.
June 2.
Tuesday.
June 3.
Wednesday. Thursday.
June 5.
June 4,
Friday.
June 6.
$ per share $ per share $ Per share $ per share $ per share 3 per share
222 22412 224 227% 22478 22534 224 225
223 22412
•106 10612 10612 106% 10618 10658 106 10633 10612 10612
.169 170 .169 170
169 170
170 170
168 168
112 112% 112 11234 11138 112
111 11114 111 11 114
*8212 83
8212 8212 8212 8212 .8212 83
8212 8278
80
80
78% 7834 7712 77,2
8033 8018 80
80
*11212 11614 *115 11614 11614 116% 115 11614 .115 11614
.97 101
.97 100
100 100 .97 10012 *97 10012
•I338 1412 1338 1378 .1312 141 .1312 14
14
14
*6014 64 .6014 64
6312 6312 .6014 61
*6014 64
70
70
7014 7014 6834 6933 6914 6914
69
691
*91
9312 .91
9312 sol
031s 9112 9112 9212 Nis
21
2078 21
2012 21
21.
21
.20
21
202 20378 198 20112 1991420114 199 20034 19912 200
213 213
211 213
212341213
212 213
210 2,11
6% 6% .6,4 7
*614 612
64 712
.614 7
1378 6% *614 7
.64 7
.514 7
634 7,8
*1814 2134 •1814 21
*1814 21
*1814 21
.1814 21
.4014 4112 .40
411
42
40
40
.40
40
40
1378 14
1334 13g 1312 1334 13
1378 14
1312
4712 4818 4678 4712 47
4618 4678 4538 4633
471
1914 19% 19
1812 1878 1818 1812
1958 1812 19
31.38 32
3078 3112 3078 3138 3038 3034 30% 30%
8112 8134 8112 8112 8158 811 x80
80
80
80
.139 140,
4 14034 14034 *137 141. *13514 141 *13512 141
11612 11612 11612 11612 11318 11313 112 112 x112 112
109 109 •10812 109 .10812 109
109 109 .105 108
103 103
10234 10234 *102 104
10334 10334 98
98
*78
82
.77
82 .7712 82 .77
82 .77
82
77
77 .77
78
•77
78
78 .77
78 .77
•67
69 .67
69 .67
89
65
67
65
67
6178 62 .60
62 .60
62
6034 6034 60
601
.173 17412 172 175
173 173 .17134 17212 17134 172
125 126
12614 126,4 12512 126 .124 12512 122 12334
.67
69 .67
68
*6814 69
68
68
68% 6814
4518 4612 4518 4512 45
4514 44
4414 4212 4378
6312 6312 6334 6414 64
64 .6378 84,8
64
64
.5814 59 .5814 59
69 .57
*57
59
*57
59
8712 8712 S712 87,2 8712 8712 8712 8814 88
8814
Stock
.85
8612 *85
87
.85
86
8612 .83
.83
86
ki
.37
38 .3612 3712 *38
3712 3534 3534 3534 3534
[Exchange .96 9712 *96 97% .96 9612 *95 971 .96 9712
*378 6
.378 6
*378 6
.31
.37s 5
6
Closed
.58
57
____ 5733
z .---- 5712
.460 505 *461 505 .460 505 .461 505 .461 505
Extra
4838 4838 *48
48
4812 48
48% .48
4714 4714
12812 12834 128 128,4 123 129
127 128
127 127
Holiday
75,4 75,4 7538 77
*75
77% *76
77 .76
77
.2534 303 *29% 30
3058 *2912 30
3058 3058 30
28
28 .25
28
28 .25
.25
25
25
28
.7018 73
*7018 73
701s 7018 7018 7018 7018 7018
7214 7214 .7214 7318 .7214 7514 .7214 7514 7214 7214
.69
6934 69
69
.68
*69
6958
69
7018 69
.74
76
*73
74
•73
74
.7258 74 .73% 74
134 135
13412 11112 13478 13514 .133 135
1347* 13478
3112 311 .2938 4301 •30
3114 3058 3058
30% 30
*2312 241, .2312 .241 .2312 2412 23% 2312 23
2312
112 112
112 112 .138
*112 1$4 .11
112
13
.25
28 .23
28
28 .23
28 .25
28 .23
.56
5812 56
55
55
56
*5412 5812 .5412 5812
50,8 5134 5012 5138 5013 5158 x4912 5014 4858 4958
10612 10612 10678 1077 107 10718 10858 10758 10634 10634
83 1 , 8478 .80
84 .80
81
8458 81
84 .81
*13134 134 *13134 134
132 133 ` 13134 13134 13134 132
*8234 ' 8534 .8234 841 .8234 8412 .8234 8534 *8234 8512
*119 c120
119 119
120 120 .119 120
119 119
78
78
4.78
•7,
1
tig
*7
I
I
174 175
173 1743 17318 17438 17214 17412 17112 173
*11612 118 *115 118 .115 118
11712 11712 11518 11518
10912 10912 10934 1093 *1091 110 .10914 10934 10912 10912
.230 24912 .230 2491 •232 24912 202 232 *220 232
11312 114
11278 113
11212 113 I 11234 11312 x110 111
12238 12238 12218 12238 12238 12212 .12134 123 .12144 123
.1218 1314 .1218 13,4 .1212 1314 12% 1212 12
1218
.214 212 .214 212 .214 212 *214 2%
214 214
•118
I% *118
114
1
1
1
118
1
1
2038 20,
8 .18
2038 .18
201,
2012 .18
201z .18
*236 241
239 239
23912 23912 23812 23812 23714 23812
.8614 8812 .8618 8812 *86% 8812 8614 8614 86
8618
8018 8134 8012 8012 8033 8058 8012 8012 8012 8012
7934 793.4 8018 8018 7914 791 .
78
7914
79,8 817
.15
17
*15
17 .15
17
•15
*15
17
17
78
7812 7712 7814 7712 78
7655 7778 7578 7638
•15
20
.15
20
.15
20
20 .15
.15
20
.140 150 •140 145
140 140 .130 140
140
100 100
100 100
100 100
•9912 100
100 100
9714 9714 .
9534 9734 97% 97% *9534 0734 •95,
4 9734
.95 101
.95 101
.95 101
.95 101
*95 101
•116 120 .116 120 .116 120
116 116
116 116
49
49 .48
50
49
49 .48
50
49
49
*49
54
*49
54
*49
54
*49
54
*49
54
.51
55
51
51 .47
5212 .40
52% .45
5218
511212 11212 11118 111,2 10934 111
109 11012 103 109
99
9914 9918 9918 99
9918 9914 9914 99
9914
72
73% *7213 7312 .72
7212 7234 7234 69
70
92 .86
*86
91
91
91
*85
.86
•86
91
9
9
834 834
8
818 834
812
8
8
•1912 2034 *1912 2034 .1912 20 .17
20
.17
20
11912 12012 12018 121
12012 12112 12015 12114 11812 12018
10618 10712 107 10778 10612 107
106% 107
10518 10614
9814 98,4 9818 9818 98
9814 9818 98% 9818 9818
*133 140 •132 140 •132 140 •132 140 •132 140
11
*11
11
1112 11
11 .1012 1112 1018 1012
.1718 18
•1718 18
•1718 18
17
1718 1638 1838
71
70 .70
70
.70 • 72 .70
72
70
70
122258 226
22533 22614 224 225
224% 22912 223 225
86
8038 8614 8612 86
8618 86,8
86
86
8812
52
4912 5014 46
4912 4912 .50
4914 4618 4812
8214 82,4 .8212 85
82
8214 81
8114 *75
82
3134 2918 31
2912 3034 2834 30
31
28
2878
.30
31
•30
35
35
*31
30
30
.26
32
2412
.23
.23
2412
.2212 2412
23
23
2212 2212
47% 4718 *47% 49
•4718 48
47
47
*47
49
zn
31
81
31
81
.31
*80
32
81
.31
81
32
81
•Rid and asked prices: no ealesaon this days
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares
Railroads
Par
3,000 Atch Topeka & Santa Fe..100
100
2,100 Preferred
700 Atlantic Coast Line RR__ _100
5,200 Baltimore ,f4 Ohio
100
1,100 Preferred
100
500 Bangor & Aroostook
50
00 Preferred
100
200 Boston dr Maine
100
700 Brooklyn & Queens Tr_No pa
200 Preferred
Vs par
2.500 Bklyn-Manh 'Fran v t e_No pa
200 Preferred v t c
No pa
1,100 Brunswick Term & By Sec_100
8,100 Canadian Pacific
100
3,100 Chesapeake & Ohio
100
1,400 Mimeo & Alton
10
1,100 Preferred
10
Chic & East Illinois RR_ _._100
600 Preferred
10
4,400 Chicago Great Western- 100
6,000 Preferred
10
5.000 Chicago Milw St Paul & Pac__
10,200 Preferred new
1,800 Chicago & North Western_100
100 Preferred
100
1,100'Chleago Rock Iel & Pad:10_100
300 7% Preferred
100
400 6% preferred
100
Colorado dc Southern
100
20 First preferred
100
40 Second preferred
100
1,000 Consol RR of Cuba pref
100
2,000 Delaware & Hudson
100
3,700 Delaware Lack & Western_ 100
200 Deny.& Rio Or West pref_100
9,700 Erie
100
1,600 First preferred
100
Second Preferred
100
3.300 Great Northern preferred_100
Pref certificates
100
400 Gulf Mobile & Northern
100
Preferred
100
Havana Electric Ry___No par
Preferred
100
Hocking Valley
100
400 Hudson & Manhattan
100
3,400 Illinois Central
100
190 RR See Stock certificates__
7001Interboro Rapid Tran vi 0.100
60 let Rys of Gent America_ _100
90 Preferred
100
500 Kansas City Southern
100
200 Preferred
100
600 Lebigh Valley
50
400 Louisville & Nashville
100
2,300 Manhat Elev modified guar 100
300 Market St By prior pref_100
700 Minneapolis & St. Louis
100
Minn St Paul & S S Marte_100
40 Leased linen
100
19,500 Mo-Kan-Texas RR_ __No Pa
2,300 Preferred
100
1,500 Missouri Pacific
100
1,400 Preferred
100
Morris ,k Essex
6
120 Nash Chatt & St Louls____100
300 Nat Rys of Mexico 25 pref_100
7,000 New York Central
10
300 NY Chick St Louie Co_10
400 Preferred
100
70 N Y & Harlem
50
5,100 NYNH Hartford
100
600 Preferred
400 NY Ontario A Western_100
100 N Y Railways pref____No par
460 N Y State Rys
100
100 Norfolk Southern
100
1,400 Norfolk .4 Western
100
150 Preferred
100
1,900 Northern Pacific'
100
900 Certificates
100
Pacific Coast
100
50
14,700 Pennsylvania
100
Peoria & Eastern
100
100 Pere Marquette
100
340 Prior preferred
100
200 Preferred
Pittsburgh & West Va
100
50
1,000 Reading
50
400 First preferred
50
Second Preferred
100
100 Rutland RR pref
1.600 St Louis-San Franc1sco
100
100
2,100 1st prof paid
100
900 St. Louis E3outhwestern
Preferred
100
100
7,400 Seaboard Air Line
100
Preferred
100
5,100 Southern Pacific Co
100
6,700 Southern RallwaY
100
1,100 Preferred
100
Texas & Pacific
100
400 Third Avenue
400 Twin City Rapid Transit 100
100
40 Preferred
100
3.900 Baton Pacific
100
7.800 Preferred
100
2,100 Wabash
100
900 Preferred A
100
14,600 Western Maryland
100
200 Second preferred
100
200 Western Pacific)
100
300 Preferred
Industrial & Miscellaneous
3112 3112 .31
NO Par
32
400 Abitibi Pow & Pap
.8012 8212 •8012 81,2
100
300 Preferred
0,50% stook dividend paid.
I Ex-rights.
x Ex-dividend.
PER SHARE
Range for Previous
Year 1929.
Lotoest.
Highesi.
Highest.
-$ per share 1 per share I per share
24212 Mar 29 19518 Mar 29838 Aug
99 May 10478 Dec
107 May 7
17512Mar 18 161 Nov 20912 July
12238 Mar 31 10514 Nov 14518 Sept
75 June 81 Dec
8412Stay 14
Oct 9038 Sept
55
8412 Mar 29
11614June 4 100314 Oct 115 Sept
85 Apr 145 July
112 Feb 8
7 Nov
15 Dec
1578May 22
44 Nov 65 Sept
6612May 29
Oct 817a Feb
40
7838 Mar 18
7612 Nov 923s Feb
94 May 29
412 Oct 4418 Jan
3332 Apr 23
22834 Feb 10 185 Dsx 26978 Feb
24134 Mar 28 160 Nov 27934 Sept
1934 Feb
4 Nov
10 Apr 2
2534 Feb
3% Nov
1058 Apr 11
15 Dec 43 Feb
28 Mar 26
3634 Dec 6678 Feb
5278 Mar 26
2378 Feb
7 Nov
1734 Mar 31
5233May 16
1712 Nov 8355 Jan
18 Nov 4472 Aug
2655 Feb 7
2812 Nov 6858 Aug
4514 Feb 10
75 Nov 10812 Sept
8978 Feb 8
14034J1l1le 3 134 Apr 145 Feb
PER SHARE
Range Since Jan. 1
On basis of 10(0-share lois
Lowest.
$ per share
216 May 2
10255 Jan 3
16112Slay 1
11018Slay 5
7814 Feb 10
63 Jan 3
109 Feb 28
95 Apr 29
10 Jan 11
63 May 3
63 Jan 2
8478 Jan 6
1412 Feb 17
18738 Jan 3
20112May 5
414 Jan 8
534 Jan 20
1414 Jan 7
36 Jan 2
11s8Nlay 5
34 Feb 25
18 May 3
3018June 6
7912May 1
13814May 2
109 May 1
107 Jan 2
298 June 6
7818May 20
6834 Jan 3
65 Jan 23
49 Jan 2
16112 Jan 3
121 May 5
60 Jan 2
4212June 6
61 May 3
5612kIay 23
87 May 5
8312May 5
32 Apr 29
94 Jan 14
378May 10
58 May 9
450 Jan 25
4638 Jan 16
128 May 8
70 Jan 2
2038 Jan 3
25 June 1'
6134 Jan 2
7112Nlay 3
6718 Jan 6
70,4 Jan 27
128 Jan 2
2914May 20
17 Jan 16
112 Feb 27
2712May 14
64 Jan 3
4678 Jan 2
103 Jan 3
70 May 5
125 May 5
8534 Jana)
118 May 4,
34 Feb 5
167 Jan 8
11212.May 5
108 Slay 5
180 Jan 6
10538 Jan 20
119 May 3
1055May 5
2 Jan 7
I Juno 4
1834 Jan 8
228 Jan 4
83 Feb 3
78 May 1
7712May 1
7 Jan 3
7218 Jan 8
1714 Feb 28
140 June 4
9434 Jan 31
95 Jan 7
983451ay 6
110,8May 1
441e Mar 11
4734 Jan 4
5018May 5
10738 Jan 3
92 Jan 2
68 May 5
85 May 7
8 June 5
2034May 12
116 May 1
10112Slay 1
9712May 1
117 Jan 6
812may 5
1638June 6
6434 Apr 17
215 Jan 8
8214 Jan 17
46 June 5
81 June 5
2114May 5
2312Nlay 3
2014Nlay 6
4012 Jan 2
3912 Mar 18
3212 Jan 16
7334May 7
8538 Mar 29
70 Apr 16
847,s Mar 31
13812 Apr 4
4012 Mar 18
2512 Feb 13
218 Apr 5
85 Feb 7
6912 Feb 21
6633 Apr 14
10838 Mar 27
9812Mar 6
1451251ar 6
84 Apr 11
132 Mar 25
114 Jan 11
19234 Feb 14
144 Feb 10
11034May 14
324 Feb 3
12812 afar 29
13512Mar 21
1714 Star 31
418 Jan 18
212 Feb 8
3312 Feb 14
265 Feb 18
8814May 29
97 Feb 21
9838 Feb 21
1978 Apr 9
8838 Mar 31
2412 Mar 31
16412 Apr 10
101 May 17
99 Apr 15
12134 Feb 11
14112 Feb 6
53 Fab 21
57 Feb 6
emmar 5
11878 Mar 27
101 Apr 2
7634May 16
9014May 21
1212 Feb 15
28 Feb 7
127 Feb 10
13834 Jan 13
101 Star 20
145 Apr 24
151z Mar 20
3112 Jan 29
79 Feb 3
24234 Mar 29
8612 Mar 29
6738 Apr 1
8914 Apr 8
36 Mar 29
38 Mar 28
3012 Mar 29
6312 Mar 19
101 Nov
100 Nov
9478 Nov
8614 Dec
6512 Oct
64 Apr
45 Nov
14112 Oct
12014 June
49 Oct
4112 Nov
5512 Nov
52 Nov
8514 Nov
8512 Nov
18 Nov
70 Nov
612 Dec
65 Feb
370 Nov
3412 May
118 Nov
70 Nov
15 Oct
25 Nov
6114 Dec
60 Oct
63 Nov
55 Nov
Oct
110
24 Oct
1412 Nov
114 Nov
35 May
51 Dec
2718 Nov
9378 Nov
46 Nov
105 Nov
7538 Oct
173 Nov
Oct
1
160 Nov
110 Nov
100 May
155 Oct
8078 Jan
11438 Jan
8 Nov
112 Dec
Oct
1
1412 Dec
191
Jan
82 Nov
7518 Nov
75 Nov
478 Dee
7233 Mar
17 Dec
140 Nov
94 Nov
90 Nov
90 Nov
101/2 May
4112 Apr
433s May
4978 Oct
101 Nov
87 Nov
50 Nov
84 Oct
912 Dec
1614 June
105 Nov
109 Nov
93 June
115 Nov
612 Nov
2014 Dec
75 Dec
200 Nov
80 Nov
40 Nov
82 Nov
10 Oct
1433 Nov
15
Oct
3712 Nov
14312 Sept
Oct
109
10314 Nov
135 July
SO
Jan
7212 Mar
2 Jan
70,
226 July
16934 Sept
7734 Feb
9312 Sept
6614 July
637 July
12814 July
12214 July
59 Feb
103 Jan
1112 Apr
7334 Dee
Oct
800
Ws Jan
15312 July
8018 Feb
5838 Feb
59 Jan
8014 Jun
10878 July
7012 Jan
10214 Feb
15434 Sept
5712 Jan
3912 Jan
334 Jan
6112 Sept
Jan
66
6534 July
10712 Ala
10138 July
Oct
149
863s Jan
240 Aug
338 Jan
25612 Aug
19255 Aug
110 Dec
Jan
379
13212 Oct
13434 Aug
32 Feb
978 Feb
1414 Mar
4812 Feb
290 Sept
8714 May
11872 July
11432 July
43 Feb
110 Aug
35 July
260 Aug
101 Mar
Jan
97
14834 Jan
14734 Sept
50 Sept
6034 Sept
7414 Sept
13334 Aug
9612 Feb
11534 Feb
94
Apr
2134 Mar
4138 Oct
15712 Sept
16218 Sept
100 Dec
181 May
39 Feu
5514 JIM,
100
Jan
29733 Aug
8512 Sept
8138 Jan
10478 Jan
54 ecti
5312 Fets
6
47
13
7s
4J
M
ua
lyr
22 Jan 18
6472 Jan 17
42's Apr 9
8612 Apr 8
3414 Dec
69 Nov
5712 Aug
Ws Jan
12518 Feb 14
11018 Mar 20
108 Feb 7
95 Feb 13
78 May 20
75 Apr 23
62 Apr 10
181 Feb 8
153 Feb 8
80 Mar 28
6334 Feb 14
6732 Feb 19
6212 Feb 19
102 Mar 29
9914 Feb 21
4612 Feb 17
9514 Mar 10
8% Jan 17
73 Jan 2
525 Mar 29
5338 Mar 25
136,
4 Apr 22
77 May 13
4016
New York Stock Record-Continued-Page 2
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.
May 31.
Monday.
June 2.
Tuesday.
June 3.
Wednesday. Thursday.
June 5.
June 4.
Friday.
June 6.
$ Per share 8 per share $ per share $ per share $ per share $ per share
60
65
*5412 64
*56
64
*57
58
64
58
*108% 10912 *10812 _ _ _ _ *10812 10912 *10812 109 *10812 109
3114 3238 3112 31% 31% 3158 3118 3138 2934 31,4
*91
9334 *91,2 9314 *91
93,4
9314 *91
9314 *91
*30
3038 30
30% 31
30
30
3034 31
30,2
*17
18
*17
165*
*17
18
1612 16% 16
18
*30
32
32
32
28
32
32
*30
28
•30
78
78
78
78
/
1
4
34
34
34
34
34
152 156% 15112 15518 151% 156
150 15438 145 15214
2913 3018 29
28
2812 28
29% 2858 2938 28
112 112
112 158
1% 11
112 158
112 1%
618 61
6% 612
6% 612
658 6/
6% 7
1
4
11
*1013 H
11
11
*1012 11
*1012 11
11
2614 2634 2614 2612 2614 2634 2512 2612 25
253
100% 10034 10012 10012 *100 10012 10012 10012 100 100
9518 9518 94
9458 9414 9434 943 948 *9414 947
*9214 9313 92
91
91
92
9218 *91
92
*91
314 318
305 310
312 31412 310 312 *30812 312
12512 12512 *124/
1
4 12512 *12434 125,2 12514 12514 *125 1251
Sales
for
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Railroads (Con.)
Par
600 Abraham & Strausa____No par
Preferred
100
15,800 Adams Express
No par
Preferred
100
2,100 Adam' Millis
No per
500 Advance Rumely
100
200 Preferred
100
1,300 Ahumada Lead
1
50,600 Air Reduction, Inc
NO Pa
7,000 Air-Way Eleo ApplianceNo pa
3,800 Ajax Rubber,Inc
No pa
6,200 Alaska Juneau Gold Min__ .10
200 Albany Pert Wrap Pap_No par
34,000 Alleghany Coro
No par
800 Pie! A with $30 warr____100
1,200 Pref A with 840 warr____100
400 Pref A without vrarr____100
2,200 Allied Chemical 4 Dye_No par
200 Preferred
100
16,800 Allis-Chalmers Mfg ____No par
6138 59,2 6114 5812 60
6134 6214 6114 62
61
322 3312 *31
400 Alpha Portland eminentNs par
3178 3178 31
31
3312 *3018 3312
71,400 Amerada Corp
2812 2958 2914 3112 3033 3114 29% 31
28
30
No Par
714
612 7
800 Amer Agricultural Chem__100
7
7
7
738 *7
634 7
900 Preferred
31
31
30% 301
3134 3014 3014 3034 3034 31
100
1,500 Amer Bank Note
91
90
90
8814 90
89
9014 90
8912 90
10
60 Preferred
*6514
65
65 . 65
65
*6514 -- .6514
50
s7
200
American Beet Sugar__No par
7
7
8
712 7% *7
8
*712 8
500 Amer Bosch Magneto__No par
*3812 3834 *3734 38
3312 393 *38
39
*3778 39
1,200 An, Brake Shoe & FNo par
45% 4578 *45
4518 4512 *45
45/
1
4 4534 46
451
50 Preferred
*121 12234 *121 122
122 12214 •122 1221
121 121
100
20
1938 1934 19
20% 1914 2018 1938 20
1938 6,900 Amer Brown Boyer' El_No par
380 Preferred,
79
7912 7934 7734 7734 78
77
78
7618 761
100
14718 14838 146 14838 14514 14712 14318 14658 141 14438 67,200 American Can
25
14634 14634 146/
700 Preferred
146% 147
1
4 14634 *14618 14612 14612 14612
100
*5212 5312 53
5312 541 5412 5412 55
5538 5512 1,400 American Car & Fdy__No Par
1,600 Preferred
99
100 100
09
954 9514 9834 9834 99
100
100
100 American Chain prof
*9714 9812 *9718 9812 *9612 9812 97
97
*98
9712
100
4334 4412 4418 4412 45
*4312 4412 2,800 American Chicle
4534 4434 45
No par
1712 1713 *1712 18
17
1718 147 1534 7,400 Ara Comml Alcohol__ _No par
1758 16
19% 2012 1914 1934 18% 20
1,100 Amer Encaustic TIling_Ne par
1818 183s 20
20
48
4834 4734 4734 4612 4714 46
4714 *4512 46,2 1,500 Amer European Sec's No par
86
8818 86% 88
09,400 Amer & For'n Power.__No Par
87% 8212 367
86
8118 81
111 111
111 111 •111 11112 11138 11138 .1153. nits
300 Preferred
No par
99
9878 99
09
99
1.00
99
9912 1001 4 9914 997
2d preferred
No par
23% 25
*2312 2538 24
24
800 Am Hawaiian S S CO
24
2418 *2313 247
10
*43
*4
5
5
*4% 5
*4
*43
5
5
American Hide & Leather_100
*23
26
*23
25
*23
25
*23
*23
26
26
100
Preferred
63
62% 631
2,700 Amer Home Products_-No Par
6138 61
6312 62
61
62,2 61
*3714 373 *3714 3758 3735 3712 3712 3713 37% 3758 1,500 American Ice
No par
45% 45% 4434 45% 4318 4518 4314 4334 13,300 Amer Internat Corp
4512 46
NO par
212 212
2s 212
212 21
GOO Amer La Franca & Foamite_10
212 2,2 *212 258
*217
*2478 293 *2478 2934 *2478 2934
29/
1
4 *247 2934
Preferred
100
58
58
591
1,500 American Locomollve_No Par
57
58,4 5718 58
*5714 58
57
102 102 *100 10238 *100 10214 102 102
103 103
600 Preferred
100
*256 263 *256 267 *255 267 *255 267
200 Amer Machine & Fdy_ _No par
255 256
1
4 41
40% 405 •40/
40
40
39
40
3918 398 2,800 Amer Metal Co Ltd___No Par
Stock
11258 11234 *11112 115 *11112 117
800 Preferred (6%)
111 11112 11112 11112
100
90
9012 90
90% 90
990 Amer Nat Gas pref____No Dar
90% 90
00
*90
00Iz
Exchange
1
1%
1
1
1
1
1
118
1
118 5,400 American Plano
No Par
108
108 10938
109
10712 10812 10212 108
No per
10134 10312 11,300 Am Power 4 Light
Closed
10538 10578 *10558 10614 1057 10618 10534 106
10514 106
1,400 Preferred
Na per
*83/
84
1
4 84
84
*8334 84
200 Preferred A
84
84
*8314 85
N.par
Extra
*8714 8712 86% 8712 *8638 87
900 Prof A stamped
87
No par
87
*87
8734
3238 3234 3134 3212 3158 3134 3112 3214 30
315* 37,200 Am Had & Stand &Wry Na par
Holiday
26
2612 2514 25,4 *2512 26,2 2512 27
1,400 American Republica
*2514 26
NO Dar
6914 7038 68% 70
36,200 Amer Rolling Mill
6838 6914 6618 6878 6418 67
25
*65
6512 65
6558 *65
651
500 American Safety Raaor_No Par
65
65
65
65
*15
16
16
16 *____ 16
100 Amer Seating•t e
*14
No par
16 *__ 16
17
1% 2
I%
17s 17
178
178
178
178 1,000 Amer Ship & Comm. N0 par
5114 52
517 52
5178 54
450 Amer Shipbuilding new_No par
5412 5412 *5412 55
72% 7334 7112 7234 71
11.000 Am Smelting & Refining__100
715* 6914 7113 6918 70
139 139
13878 13878 13878 139
13818 13778 13934 13934 1,700 Preferred
100
4212 4212 *4212 43
*4212 43
100 American Snuff
*42
*42
43
43
25
*104 10412 *104 10412 *104 1041 •104 1041y *104 10412
100
Preferred
1112 1112 *12
13 I *12
123
200 Amer Solvents & CheroNo par
12
12
*11
1212
26
27/
1
41 27/
2812 *27
1
4 273 *27
700 Preferred
23
27
27
No par
4314 447 *4314 441 *4212 43
43
43
10,200 Amer Steel Foundries No par
42
43
113 113 .*11312 114 *1135 114 *11312 114
*113 114
20 Preferred
100
*4918 50 I 49,8 491
49
49
49
4912 4812 4812 1,100 American Stores
No par
63
63
63
x61
63
61
1,300 Amer Sugar Refining
*6214 63
60
61
100
400 Preferred
108/
1
4 108/
1
4 10918 10918 *10034 110 *10734 10814 10734 108
100
*1434 16 I 13% 1458 1334 14
16
*15
1312 1312 1,700 Am Sumatra Tob
No per
27,100 Amer Telep & Tele(
/
4 232,2 23014 232,4. 230% 23138 22734 23034 22534 228
2311
100
2118 2138 20% 2114 207 21,2 2012 2078 20% 2012 121,400 Rights (expire Aug 1)
259 259
260 261 I 258 258
3,200 American Tobacco corn____50
251 255
26012 262
25318 26212 25518 260
20,000 CCM:MUM class B
266/
1
4 26812 26112 26612 26214 264
50
400 Preferred
*123/
1
4 124,4 124 1245* *123% 12412 12378 12378 *12378 12412
100
130 130
300 American Type Foundera 100
127 126
*130 134 *130 134 *130 134
200 Preferred
11378 11378 11378 11378 11238 11238
11312 114
113 113
100
1
4 11638 11214 11634 109 1131 1 23,500 Am Wat Wks A EL __ _No par
11534 118,2 11518 11712 114/
300 let preferred
1054 1054 10514 1055* *10614 106% •10514 1051s *10538 10618
600 American Woolen
14
*1312 14% 1312 1312 13% 1312
100
*14
1412 14
1,100 Preferred
37
36/
37
1
4 37
*3612 38
37
100
3712 8312 37
8
81 4 8%
812 1,200 Am Writing Paper ctts_No Par
9
9
8/
1
4 0
812 834
*3712 41
400 Preferred certificate_ __ _100
40
39
42
*40
42
*40
42
*40
1034 10/
12
1034 11
1
4 1012 1012 1038 1114 2,000 Amer Zinc, Lead & Smelt_25
11
70
*65
70
*65
Preferred
25
70
*65
70
70
*65
*65
74,000 Anaconda Copper Min
57
5712 5912 5512 5712 56
50
59% 6112 5914 60
1,200 Anaconda Wire & Cable No Par
36
3512 34% 3518 *35
3512 35
35
I*35
36
1,200 Anchor Cap
47
48
No par
I*48
49% •481s 4933 4318 49
4934 *48
100 Preferred
No par
*111 114 11312 11312 *11012 114 *111 114 *111 114
*2712 2812 *2734 28,2 2614 2734 24% 26% 2518 2518 1,600 Anders Copper Mining No par
24
2314 23/
2438 2438 24
1
4 2314 2314 2334 2334 1,000 Archer, Danis, MIcrld.No par
8312 3,600 Armour & Co (Del) pref_100
8278 *82
7612 7612 78
78,4 7812 8118 81
612 634
63s 638 6,800 Armour of Illinois class A___25
1
4
612 6/
612 6%
614 6%
312 334 7,300 Class 13
25
314 312
334 3%
3% 3%
3,2 3,2
3,800 Preferred
66
65 .63
100
65
6218 63% 6378 65
6112 62
700 Arnold Constable Corp_No Par
0,2 *834 012 *834 9
914 9,2 *834 9,2 •9
Artloom Corp
20
*14
16
*14
No par
*13
*15
*14
20
20
20
3912 3758 38% 5.200 Associated Apparel Ind No par
4038 41% 4014 41
40
4012 39
1
4 41% 6,900 Assoc Dry Goode
No par
4278 40/
41
43% 4434 43
4414 *4314 44
70 Associated Oil
•50s 51
51
25
51
51
*49
60 3 51
60
*56
200 Ati0& W I S S Line___No par
60/
1
4 6078
62
621s 62% *61
6212 *61
623* *61
200
Preferred
100
*60
6012 6014 6014 6034 6034 *6014 6034 *6014 6034
25
4318 44
4218 4318 4158 4278 12,200 Atlantic Rafting
425* 4312 4258 433
100 Atlas Powder
83%
*81
Na par
82
82
85
*82
85
*82
85
*82
50 Preferred
100
10478 1047s 105 105 *103 101% *103 104% *103 104%
100 Atlas Tack
8
No par
*6
614
*6
64 *6
614 614 *6
614
148 15612 9,000 Auburn Automobile__ _No par
168 171
154 164
160 171
159 164
200 Amnia, Nichols
/
4 6
'Jo par
*518 614 *51
6
*6
6
618
*518 6
•33i2 40
Preferred non-voting ____100
*3312 40
40
*33
*3118 40
*3118 40
Austrian Credit Anstalt
*5512 5738 *5612 573* *5612 573 *5612 5738 *5012 5732
900 Autofiales Corp
No par
514 538 *512 61
512 512
*512 618
512 512
Preferred
20
*15
21.
50
*15
20
*15
21
20
*15
*15
5512 1.300 Autoetr Sat Razor A ___No par
55
5412 55
5472 5.17
5334 5438 5334 54
634 631 12,100 Aviation Corp
Vo par
718
718 714
714
6/
1
4 7
73*
7
4,100
Baldwin
Loco
Wks
No par
2714 271
2712 2738 2734 2778 2712 277 22612 2738
270 Preferred
100
107 10712
11114 11114 111 11178 110 11014 11114 113
180 Barnberger(L)& Co pref 100
108 108
10812 1087 *10812 109
10812 108's 108 103
20
Barker
Brothers
17
No par
17
*1634 17
*1634 17
*1634 17
*1634 17
Preferred
100
*7238 00
*7238 80
*7238 90
*7238 793 *7238 90
Barnett Leather
No par
*3
5
5
5
5
*3
5
*3
*3
*3
25
27
27
2612 271
2634 27
26% 27,4 2618 2638 6,300 Barnsdall Corr class A
•Bid and asked prices: no sales on this day. p Ex-dly. p Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 101) share tots
Lowest.
Per share
45 Jan 2
104 Jan 11
234 Jan 20
8514 Feb 4
23 Jan 23
1112 Jan 6
22 Jan 4
13 Jan 4
118 Jan 22
21 Jan 13
1% Jan 2
618June 6
84 Jan 21
23 Jan 8
9512 Jan 3
94 June 3
8914 Jan 27
25534 Jan 8
121 Jan 2
494 Jan 3
2818 Mar 7
18 Jan 16
514May 5
26 Feb 20
77 Jan 2
61 Feb 3
7 Jan 4
34 May 5
44I4May 19
11814 Jan 14
8% Jan 16
6013 Jan 3
1174 Jan 2
14014 Jan 27
52 May
9514June 4
7573 Jan 3
36% Jan 2
1478111110 6
18%June 5
35 Jan 8
65 May 5
107 Jan 3
95 Mar 12
1978 Jan 2
4,s Jan 30
2218May 16
5538 Jan 1
354 Feb 7
3533 Jan 20
2 Jan 20
30 Jan
5412May 2
102 June
210 Jan 1
39 June
110 Feb
65 Jan 2'
12 Feb
77 Jan
100 Jan 28
75 Jan
80 Jan
30 June
2012 Jan 21
64,8June 6
59 Jan 16
16 May 10
1,2 Feb 25
4678May 22
65',May 5
13313 Feb 6
41 May 3
10018 Jan 3
1112.1une 2
24/
1
4May 5
4014May 5
11013 Jan 7
4614May 5
60 May
104 Jan 6
121sMaY 3
218 Jan 2
1953May 5
197 Jan 8
197 Jan 8
120 Feb 3
125 Jan 22
106 Feb 5
8813 Jan 2
9913 Jan 4
713 Jul 2
1934 Jan 2
5 Jan 20
2912 Jan 17
8 May 3
56 Jan 6
521811la9 6
3158N1ay 27
35 Jan 2
105 Jan 2
2134May 6
2213 Mar 6
7414 Mar 14
514 Jan IS
258 Jan 20
55 May 5
6/
1
4 Feb 8
1313Niay 15
33%May 8
28 Jan 4
3212 nib 27
59Y8May 9
59 Jan 7
3614 Jan 17
78 May 5
101 Jul 20
6 May 8
148 June 6
6 Apr 30
24 Jan 2
56 Jan 10
413 Jan 20
15 Jan 11
37 Jan 2
434 Jan 20
245sMaY 5
107 June 6
107 Jan 3
1618 Jan 15
7312 w b 11
2% Feb 18
2012 Feb 13
Highest.
$ per sitars
55 Apr 21
110 Feb 11
37% Mar 31
92 Mar 27
32 Mar 31
2314 Jan 24
4114 Jan 29
158 /gar 28
15638,J11nc 2
36 Mar 24
212 Jan 9
918 Jan 7
1512 Feb 17
3514 Mar 31
10712 Feb 11
9934 Apr 11
9614 Feb 24
343 Apr 17
12614 Apr 1
68 Mar 11
4214 Mar 27
3112June 3
1033 Mar 31
39 Apr 1
973
,Mar 27
6634 Jan 31
12 Jan 16
54% Feb 14
5453 Mar 20
128 Feb 13
21/
1
4 Apr 25
8034May 26
15612 Apr 16
147 June 2
8213 Feb 6
116 Jan 4
101 Mar 28
5114 Apr 3
33 Jan 16
30% Mar 31
5912 Mar 31
101/
1
4 Apr 16
ill% Apr 29
10014June 5
33% Mar 19
7 Apr 10
34% Apr 11
6934 Mar 20
4178 Mar 27
5538 Apr 2
4 Apr 2
35 Feb 14
105 Jan 6
11812 Mar 1
28434 Apr 30
5112 Feb 7
116 Feb 18
95 Mar 27
278 Mar 31
11933 Apr 1
107 Mar 24
85 Mar 20
6834 Mar 21
391
/
4 Apr 7
37 Mar 25
10078 Feb 17
6738 Apr 26
2612 Feb 18
338May 6
5412June 5
7913 Apr 2
141 Apr 8
4378 Jan 27
10734 Apr 22
2212Mar 7
3314 Mar 5
5214 Mar 20
116 Feb 25
5512 Apr 16
8978 Mar 28
110 Apr 24
26/
1
4 Feb 10
27414 Apr 17
2258 Apr 17
264141%lay 23
26912May 23
12412N1ay 22
14134 Apr 1
11438 Apr 4
12478 Apr 23
10612 Apr 15
2014 Feb 17
44., Feb 18
9 May 29
4434 Feb 27
1773 Feb 3
79% Jan 20
8112 Apr 2
534 Feb 6
5134 Apr 21
11518 Apr 14
3714 Apr 2
2914 Apr 5
82%June 5
818 Mar 26
4% Mei' 28
65 June 4
1334 Apr 21
2918 Apr 28
4618 Mar 10
50% Apr 15
61 June 2
80% Jan 30
6514 Feb 26
5138 Apr 7
10434 Mar 21
Ion Mar 22
812 Mar 5
26334 Apr 1
7 May 14
35% Apr 23
60 Jan 13
1038 Mar 3
25 Mar 4
58% Apr 28
9% Apr 15
38 Feb 18
116 Jan 21
11012 Feb 4
2034 Mar 5
01 Mar 31
7% Apr 11
34 Mar 28
l'ER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ Per share $ per share
43 Dec 15912 Jan
10012 Nov 11212 Oct
20 Nov 34 Nov
Jan
84 Nov 96
19 Nov 3578 Jan
7 Oct 1047a May
Oct119 May
15
478 Feb
38 Dec
77 Nov 223% Oct
1818 Dec 487s May
1114 Jan
1 Dec
414 Nov
1014 Jan
17
5 Oct 25 Jan
Nov
56% Sept
90 Nov 11834 July
____ _
197 Nov
11812 Nov
3518 Nov
23 Nov
1712 Oct
4
Oct
18 Nov
65 Nov
57 July
54 Dec
27 Nov
4012 Nov
113 Nov
418 Oct
4934 Jan
86 Nov
13318 Nov
75 Nov
11012 Oct
7014 May
27 Nov
20
Oct
1814 Nov
23 Nov
50
Oct
10112 Nov
8614 Oct
1712 Dec
312 Dec
2314 Nov
40 Nov
Oct
29
29% Nov
212 Oct
2712 Nov
00 Nov
11114 Nov
142 Nov
3112 Nov
106 Nov
68 Nov
BA Dec
6414 Nov
92/
1
4 Oct
70 May
72% Nov
28
Oct
1212 Nov
60 Nov
44 Nov
17 Dec
% Oct
82
1234
38
98
35454 Aug
125 Apr
7513 Sent
23 Nov
42% Jan
2358 Jan
73/
1
4 Jan
Oct
157
1
4 June
65/
2012 Jan
7612 Sept
62 Feb
12612 Mar
34/
1
4 June
101 June
18412 Aug
145 Duo
10612 Jan
120
Jan
9518 Oct
81% Sept
55 may
47/
1
4 Feb
9812 Bert
19914 Bert
10812 Feb
103 Feb
42 Ain
10 Jan
524 Aug
8538 Jan
5312 Aug
0634 Sept
878 Jan
75 Feb
136 July
120 Dee
279/
1
4 Oct
8118 Feb
135 Feb
9814 Jan
17% Jan
17534 Sept
105 Feb
80 Feb
8418 Feb
553s Bert
61/
1
4 Jan
144% Bert
7134 Jan
41% Mar
7 Feb
Nov 13014 sept
Jau
Nov 139
Oct 49 July
Jan
Nov 112
353 Oct 7978 Feb
110 June 114 Mar
40 Oct 35 Apr
56 Nov 9434 Jan
99 Nov 111
Feb
18 Nov 60
Jan
19314 Jan 31014 Sept
160
160
114%
115
Mar
Oct
Nov
Nov
103 Nov
50 Nov
97 Jan
5% Oct
1512 Nov
4 Nov
28 Nov
7 Nov
49/
1
4 Nov
6714 Dec
46 Dec
25 Oct
06 Nov
30 Oct
1812 Nov
75 Oct
5's Oct
234 Nov
57 Nov
614 Dec
1658 Nov
34 Nov
25 Nov
3411 Dce
3218 Feb
4534 Feb
Oct
30
67 Nov
'JO Nov
5 Nov
120 Oct
_
18 Nov
4912 Nov
4 Dec
13 Dec
34 Nov
412 Dec
15 Oct
10912 Nov
9312 Nov
16 Dec
70 Nov
22 Dec
20 Oct
232'2 Oct
Oct
235
12114 Jan
181 ciept
112 Apr
199 Sept
Jan
104
2773 Jan
58% Jan
1618 July
46 Mar
4914 Mar
11118 Mar
140 Mar
8934 Sept
Oct
80
15412 Oct
68% Mar
4912 Mar
Jan
95
1818 Jan
104 Jan
Jan
80
40% Jan
30 Feb
5834 JUDO
7034 Jan
4714 3
.02
8613 00.
6278 Sept
77% July
140 Nept
10612 Jan
17% July
514 Sept
12-18 Jan
Jan
65
3512 Aug
45% Aug
50 Jan
20 Aug
6058 Aug
125 Apr
11013 Feb
33/
1
4 Jan
97
Jan
2814 Jan
49% Map
New York Stock Record-Continued--Page 3
4017
For sales during the week of stocks not recorded hero, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 31.
Monday.
June 2.
Tuesday.
June 3.
Wednesday. Thursday.
June 5.
June 4.
Friday.
June 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share Iota.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ Per share $ Per share Shares Indus. & &fiscal. (Con.) Par $ per share $ per share 5 per share 5 per share
'59
60 .59
59
60
59
59
59
*59
60
No par 59 June 4 88 Feb 4
300 Bayuk Cigars, Inc
55 Nov 11334 Jan
*98
9934 98
98
*98
9934 *9812 9934 *9812 9934
100 97 Mar 3 9934 Feb 21
10 Flint preferred
95 Oct 10634 Jan
Beacon Oil
No par 13 Feb 18 2058 Apr 9
1212 Dec 327 July
i'ilil -87-7-s "85 II% gi .
Witi
1634 ia
8£1
iii
ioo Beatrice Creamery
50 6712 Jan 18 92 Apr 14
69 Dec 131
Oct
• _ _ *10812 _ _ *10612. _ *10612 _ _ *10612
100 10114 Mar 20 106 May 15 100 Dec 106% Aug
___ - _ - Preferred
*108.
412 .
478 *4
-47.
8 *4
-47.
8 *412 -434 *412 --4-34
700 Belding Hem'way Co__No par
411 Dec
438 Jan 3
68s Jan 17
1734 Apr
84
8418 837 8378 *8334 8414 *8334 8414 *83% 84
-- 80 Jan 8 8512Mar 19
400 Belgian Nat Rys part
75 Nov 8478 Jan
42% 4314 417 4212 4158 4214 41
42
40
41
pref_No par
6,000 Bendix Aviation
Ws Jan 18 5738 Apr 7
25 Nov 10438 July
5314 5214 54
53
5412 5254 5414 53
5158 5234 18,100 Best is CO
No par 3118 Jan 8 5614 Apr 25
25 Nov 12317 Sept
7
95
9558 93
9514 9338 9414 9318 9418 93
9334 29,600 Bethlehem Steel Corp
100 9158May 5 11014 Apr 1
7814 Nov 14034 Aug
131 131
13114 13158 13158 13184 13134 13214 213112 132
2,100 Beth Steel Corn PI(7%) 100 12214 Jan 13 134 Mar 22 11658May 128 Sept
.2114 2812 *2114 2612 *2214 24
2114 2114
"2114 22
2234 Dec 617g Apr
200 Bloomingdale Bros-__No par 21I4June 6 2978 Apr 24
*98__ 100 100
*98 100
"98 100
*98 100
100 99 May 12 103 Mar 8 100 Oct 111
10 Preferred
Jan
*7214 -73
*7214 73
*7214 83
*7214 83 "7214 83
Blumenthal & Co prof
100 74 Feb 7 90 Apr 7
7018 Dec 118
Jan
5534 5534 *54
56
5334
54
54
54
54
52
900 Bohn Aluminum &Br__No par 478 Jan 22 69 Apr 7
37 Nov 13684 Man
"71
75
*71
76
*71
75
*71
75
*71
75
No par 70 Mar 7 78 Apr 5
Bon Ami class A
70 Oct 8912 Jan
*358 372
358 358 *318
334 *314 334 *314 334
100 Booth Fisheries
5 Mar 26
318May 20
No pa
3 Dec 1134 Jan
*20
25 '318
25
*18
24
*20
24
*15
25
100 20 May 20 3314 Jan 3
jet preferred
18 Dec 6334 Jay
89
90% 8858 8912 8812 89'4 8718 89
8612 8814 26,800 Borden Co
25 6018 Jan 8 9038May 29
53 Oct 10012 July
37
3758 3733 38
37
371
3614 3714 3612 37
5,900 Borg-Warner Corp
10 327s Jan 2 5012 Mar 27
26 Nov 14338 Mai
*312 334 4312 372
312 al
43% 312 *314
312
100 Botany Cons Mills class A50
212 Dec 1512 Feb
3 Jan 14
5 Mar 27
22
2278 22
2212 217 23
21
2234 2014 2138 6,4200 Briggs Manufacturing_No par
1312Mar 8 2418May 24
812 Nov 6318 Jan
*28
30
*28
30
*28
30
*28
30
*28
30
• 2114 Jan 2 3512 Apr 4
Briggs & Stratton
1734 Dec 4312 July
'2
212 *2
218 *2
218
Zs 218 "2
212
100
112 Dec
4 Apr 8
158 Jan 30
678 Jan
200 British Empire Steel
*434 534 *434 512 *434 51
37 Nov
*434 558
5
5
418 Mar 10
1312 Jan
WO
81 Apr 10
200 2d preferred
*2038 21
20
20
1912 1978 1914 1914 1834 1914 1,900 Brockway Mot Tr
14 Nov 737 Jan
No par 18 Jan 3 2214May 19
*8012 85
*33
85 '
383
85 .83
85
*83
85
Preferred 7%
100 68 Jan 11 85 Apr 24
7114 Dec 145 Jan
215734 15912 157 15734 *155 153
153 153
148 150
2,400 Bklyn Union Gas
99 Nov 24812 Aug
No par 131 Jan 8 17814Mar 3
*40
4034 040
*4012 41
*40
41
41
.40
41
Brown Shoe Co
36 Oct 5112 Sept
No par 40 Jan 30 42 Feb 18
2018 2012 20
2034 1978 20
1912 1958 18
1914 6,300 Bruns-Balke-Collender_No par 131s Jan 15 301g Mar 31
1814 Nov 5514 Jan
2538 2618 2618 2618 *2514 26
26
26
2514 26
Oct 4234 Jan
1,400 Bucyrus-Erie Co
10 22% Jan 24 3178 Mar 24
14
*39
40
39
40
3914 397
398 397 *39% 40
10 3318 Jan 7 43 Mar 25
2612 Oct 50 Feb
800 Preferred
*11317 116
11312 11312 11312 11312 *11312 116 *11312 118
60 Preferred (7)
100 10734 Jan 3 115 Apr 15 10734 Dec 117 Apr
1158 1172 1112 1158 1112 11% 1018 1114 10
11
10,500 Budd (E 0) Mfg
812 Dec 2278 Oct
8111 Jan 3 1834 Apr 15
No par
14
14
1334 1334 137 14
1314 1334 1318 1314 5,100 Budd Wheel
734 Dec 121 Dec
8% Jan 2 1434 Feb 8
No par
32
3214 3112 3134 29
3018 2812 307
3134 29
9,200 Buiova Watch
No par 2618 Jan 17 43 Mar 31
2114 Nov 34 Dec
7
5134 53
48
52
4812 5014 4718 4914 4518 47
26,400 Bullard Co
No par 2972 Jan 16 74 Apr 2
25 Nov 5452 July
9912 9912 *9912 100
9912 9912 *99 100
99
99
400 Burns Bros new cl AcomNo par 99 May 3 11018 Apr 2
88 Nov 127 Jan
2258 23
*2258 23
*2212 23
2212 22'l 22
22
600 New class B com
No par
17 May 5 35 Apr 2
2234 June 39 Jan
*98
9834 "96
9834 *96
984 9334 984 *9812 99
Preferred
100 93 Feb 1 100 Feb 19
88 Nov 10514 Jan
4118 4114 4118 4214 4112 4112 41
4218 3834 4014 3,300 Burroughs Add Mach_No par 37 May 3 5178 Mar 1
Oct32934May
29
4218 4312 4313 4314 427 427
4238 4234 *404 42
1,600 Bush Terminal
No par 36 Jan a gilz Mar 5
3114 Nov 8918 Feb
1058 1057s 104 10512 10512 106
10518 10518
10578 106
240 Debenture
100 10014 Jan 2 110 Mar 15
9118 Nov 11012 Mar
1147 11478 3114 115
114 114
115 115
1143411434
60 Bush Term Bldge prof
100 10918 Feb 10 118 Apr 7 10534 Nov 11812 Feb
*258 23
258 238
258 234 *234 2%
27
2%
258May 5
400 Butte & Superior Mlnlng___iO
438 Dec 1238 Jan
614 Jan 6
27
23
278
234 *234 3
"234 278
3
3
91 Jan
300 Butte Copper & Zinc
234June 3
5
2 Oct
414 Feb 20
2114 23
*20
22
*20
22
*20
22
*20
22
700 Butteriek Co
100 1612 Jan 17 2934 Feb 24
1712 Dec 41 Jan
9914 10134 98 10078 9738 9934 9514 10078 9418 97
39,800 Byers & Co(AM)
No par 70 May 5 11238 Apr 26
Nov 192% Jan
50
__ *112
_ _ 112 112
112 112 *112
-40 Preferred
100 109 Jan 27 114 Jan 26 105 Apr 12114 Jan
*112-6818 6918 8912 6.0-1
6914 693 *67
6712 6718 -69
2,300 California Packing___No par 6558May 6 7717 Mar 5
6312 Oct 8478 Ater
*28
35
*28
35
*28
35 .28
35
"28
35
California Petroleum
25 28 Jan 22 2958May 6
25 June 3412 Aug
*118
114
118
11
'
311
114 *13 134
118118
700 Callahan Zino-Lead
4 Jan
10
1 Jan 2
Oct
1
218 Feb 3
6117 6438 6138 62's 61
621
60
62
25834 61
Arizona Mining_20 50I8May 22 8978 Jan 9
&
8,800
Calumet
Nov 13634 Aug
7312
1914 191
1812 1918 18
1884 18
1814
1818 1814 3.100 Calumet & Hecht
817
2 Mar
25
1618May
Oct
5
25
Jan
7
3334
2518 2614 25
257s 25
2578 2434 2512 2358 2478 4,100 Campbell W dr C Fdry_No par 19 Jan 2 30 Mar 25
19 Dec 4912 Aug
6834 70
6812 69
6818 6828 6834 6934 6712 691
Dry
4,200
Ginger
Canada
Ale
No
par
983
4
5712MaY
Oct
45
July
Mar
10
75%
7
Stock
25
2612 2418 2478 2414 241 *2412 2678 2412 2458 4,400
Cannon Mills
No par 2418June 3 3414 Mar 18
27 Dec 4834 Sept
3.2212 231 *23
2311 23
23
*23
2312 23
23
300 Capital Admirals cl A_No par 1838 Jan 18 284 Apr 4
Oct
6518
17
Nov
Exchange *37
33
*37
38
*37
38
*37
*37
Preferred A
60 31 Jan 2 42 Mar 19
29 Nov 397 Oct
27312 285's 269 279
278 28814 27114 2-87
207 2-7-7
52:500 Case Thresh Machine ctfs..100 18214 Jan 2 36234 Apr 23 130 Nov 467 Sept
Closed
•129 130
130 130
13012 1301 *130 13012 13012 13012
300 Preferred certificates_ --100 115 Jan 16 132 Mar 25 113 Nov 12312 Dec
75
75
74
75
7414 75
74
7412 7312 74
7,000 Caterpillar Tractor____No par 54 Jan 2 7934 Apr 28
5014 Dec 61 Dec
Extra
*712 9
'
372 81
*712 8
*712 814 *717 814
Cavannagh-Dobbs Ine_No par
8 May 7 137k Jan 11
614 Dec 42% Feb
*65
731 *85
67
*65
67
*65
67
65
65
110
Preferred
100
62
Jan
2
75
Jan
18
58 Dec 10512 Mar
Holiday
33
357
3312 343
31% 33
31
32
29
3158 39,300 Celotex Coro
No par 20 May 7 60 Mar 19
31 Oct 7938 Feb
*2612 27
26
*2612 27
261
2512 2512 25
2512 1,500 Central Aguirre Asso No par 2312 Feb 19 3017 Met 31
21
Oct 4854 Jan
---- ---- ---- --- ---- --- ---- ---- ---- ---No par 3034 Jan 2 35 Apr It)
Central Alloy Steel
2818 Nov 5934 Oct
100 10514 Feb 7 11058 Apr 10 10534 Apr 11212 Jan
Preferred
*414 5
*412 47
cira 11
414412 *434 1
ioo Century Ribbon MIlla_No par
334 Feb 4
814 Mar 27
3 Oct 2018 Jan
*5334 6712 *5334 672 *55
8712 61
671 *55
61
10 Preferred
100 51 Feb 27 6212 Apr 7
5014 Dec 82 Jan
5412 5514 5314 5414 53
5214 53
543
53
53
.4,200 Cerro de Pasco Copper_No par 5114May 8 6534 Jan 6
5214 Nov 120 Mar
012 912
912 934
912 91
958 978
912 92 1,100 Certain-Teed Produeta_No par
812May 16 1572 Feb 6
107e Dec 32 July
44
44
43
4312 4314 44
438 4334 43
43
1,200 City Ice & Fuel
No par 4018 Jan 3 49 Feb 4
3912 Dec 6234 Jan
9438 948 9278 9412 93
9334 9112 92
*9112 9212
360 Preferred
100 9112June 5 9834 Feb 11
Sept10514 Jan
96
46
441
5
44
45
458
4353 4434 4312
40% 43
6,700 Checker Cab
No par 36 Jan 2 6778 Mar 27
18
Oct8034 Sept
6712 8778 8712 68
6778 68
6758 63
6814 8712 3,900 Chesapeake Corp
No par 6312 Jan 3 8212Mar 29
4218 Nov 112 July
2114 2138 21
2114 2038 2118 203 208 20
20
1,600 Chicago Pneumat Tool_No par 1712May 5 87 Mar 31
Oct47
14 Sept
21%
*4914 50
*4912 50
497 497 *49
49'z 49% 49%
300 Preferred
No par 4834May 26 5578 Mat 14
47 Nov 61 Bent
27I4 2812 *2714 2812 *27
2812 *27
273 *27
2734
Chicago Yellow Cab
No par
168 Feb I 32 Mal 20
2172 Oct36 Jan
2114 2178 2018 21
20
2018 2018 201
20% 2012 2,00$ Chickasha Cotton 011
10 20 June 4 3212 Apr 10
25 Dec 50 Jan
6514 6578 6512 658 6414 6534 65
6618 6534 6758 13,300 Childs Co
No par 53 May 5 6758June 6
4412 Nov 7578 Sept
*50
70 '
350
70
*50
70
.50
70 .50
70
Chile Copper
25 51 Apr 30 65 Feb 6
53 Nov 12712 Mar
23518 3534 3334 3514 338 3512 3418 358 3312 3414 52,500 Chrysler
Corp
No par 3012May 5 43 Apr 11
28 Nov 135 Jan
918 10
914 934
914 938
914
9
9
9
714 Oct27 Feb
3,500 City Stores New
No par
1314 Apr 25
758 Mar 21
*3617 41
*37
39
*37
41
*37
39
*3712 39
Clark Equipment
No par 33 Jan 20 4412 Apr 21
25 Nov617s Oct
*4314 48
*4317 45
*4312 44
4212 43
41
42
900 Cluett Peabody di Co No par 30 Feb 1 60 Apr 5
3412 Dec 7234 Jan
*9534 9934 *9538 98
*9558 98
9538 98
*9583 93
30 Preferred
100 9114 Jan 2 105 Apr 8
9012 Dec 119 Jan
1847s 185
18238 184
18238 18618 18518 16138 18518 18634 12.800 Coca Cols Co
No par 13314 Jan 8 19185June 4 101 Nov15412 Aug
5134 5134 52
*517
52
52
3'52
517 52
5212
Class
A
800
4434 Oct 50 Feb
Mar
21
No
8
par
53
4812
Jan
2918 2918 28
28
2734 2734 2712 271
255s 28
800 Collins & Alkman
7214 Mar
10 Nov
No par
1458 Jan 2 3554 Feb 13
*9014 95
*9014 95
*9014 96
*9014 95
9014 9014
100 Preferred non-voting___100 73 Jan 3 92 May 24
65 Dec 10312 Fet
6412 68
6612 69
661z 6778 6512 6912 6538 677 61,500 Colorado Fuel & Iron
7812 Mai
2754 Nov
100 3612 Jan 2 77 Apr 8
16014 16234 156% 15084 156 159'z 153 15814 14512 153
14 6,700 Columbian Carbon v t cNo par 12817May 5 199 Mar 11 105 Nov 344
Oct
8312 8414 83
84
8212 8138 8114 831 1
7955 8117 89,100 Colum Gas & Elea
-- --- --- -No par 69 May 5 87 Apr 10
10978 110
10934 10934 109 109
10814 14914 10838 10834 1,300 Preferred
100 10414 Jan 31 110 Apr 11 -991.2 Nov 109 July
2818 2834 2714 2818 26
2714 2534 267
2118 2658 120,400 Columbia Graphophone
1618 Nov 8834 Jan
2118June 6 37118 Apr 28
3012 311
3212 3134 3178 8,100
3012 30'a 3012 301
31
18 Nov 6238 Jan
Commercial Credlt____No par 2334 Jan 2 4034 Apr 1
*38
3955 3912 391 *3834 398
J73 40
39
3934
700 Class A
28 Nov 511 Sept
50 3178 Jan 2 4434 Apr 1
2614 2514 *25
2514 25
2514 7512 2512 25
25
25 22 Jan 6 28 Apr 29
320 Preferred B
28 June
203e Nov
9084 88
*89
88
*8914 903 *8914 90% "8914 9034
10 let preferred (6 Iai %)____100 7614 Jan 18 95 Mar 29
70 Oct 10534 Jar
4118 421 *41
42
4114 4114 24014 4014 40
40
1,000 Corn Invest Trust
2818 Nov 79
No par 3618 Jan 20 55 Mar 6
Oct
*8218 85
8212 821
*81
8212 83
85
8034 81
No par 8034June 6 87 Mar 28
1,600 Cony pref
*11
17
*11
141 *11
17
*11
17
*11
17
100 11 Jan 8 2314 Mar 5 .
Warrants
1 -Dec -891-2 Sept
2934 301
2934 301
2918 3014 29
29
2914
2912 38.000 Comm Solvents
2018 Oct 63 Oct
No par 251811lay 5 38 Apr 11
1778 18
1712 173
1734 18
1712 1734 17
1717 47.600 Commonwealth&Sou'rnNo par 1234 Jan 2 2014 Apr 7
10 34ct 2434 Oct
*4714 471 *47% 47 '
34714 4734 4714 4714 *47
4714
100 Conde Nast Publica_ No par 44 Mar 8 57 Mar 27
35 Nov 93 Jar
1458 147
1472 1484 1418 1434 1414 1414
1355 1514 8,800 Congoleum-Nairn Inc_ _No par
1318May
3
19
3
4
Mar
24
11
Oct 3534 Jar
40
398 40
40
*3838 40
*39
3934 *39
3934
No par 35 May 5 6678 Mar 11
500 Congress Cigar
43 Nov 9258 Fet
*38
1
*38
58
*31$
1
*38
18
*38
18 __
% Jan 18
Tin Foil stpd_No par
1
Comley
Mar
24
14
Nov
112 Fet
42
42
*41
43
40
401
3934 4018 3912 4118 3,500 Consolidated Cigar
No par 3912June 6 508 Mar 17
40
Oct 9614 Jar
7034 7334 7012 7012 73
73
73
74
*7312 74
100 67 Jan 22 80 Mar 25
340 Prior preferred
63 Nov 96 Jar
2334 24
24
24
2334 24
2334 24
*2312 24
1512 Jan 3 2738 Mar 11
1,200 Consol Film Indus_ _ __No par
10 Get 2584 Sep
233 24
237 24
*2334 24
2314 2314 2314 2378 2,300 Consol Film Ind pref__No par
18 Jan 3 2814 Jan 10
1518 Oct 3034 MI
13114 13338 13118 133
13058 132
12755 13138 1251z 12834 136,900 Consolidated GRAM Y)No par 9658 Jan 2 1388 Apr 26
8018 Nov 18334 Sett
10234 103
10234 103
10318 1031a 103 10314 103% 10314
No par 9923 Jan 28 10378May 17
1,500 Preferred
9212 Nov 10012 Der
118
118
118
118
118
114
4118
114
118 2,600 Consolidated Textlle
No par
118
1 Jan 2
2 Jan 27
65 Jar
58 Dec
*1558 16
1534 1534 *157 16% 158 157 *153
4 1614
200 Container Corp A vot_No par 12 Jan 2 2212 Feb 24
12 May 2312 Jar
578 578 *57
512 57
6
•512 6
6
6
No par
414 Jan 2
111 Jar
1,900 C1188 B voting
812
Feb
20
318
Nov
29
321s 2434 2712 26
2814 2714 2838 27
28
43,400 Continental Baking ral ANo par 2434June 3 5212 Feb 17
25% Oct 90 July
455 478
4
412
414 42
4% 412
483 458 16,600 Class B
4 May 5
No par
7 Feb 17
1514 July
458 Oct
7712 79
74
7714 7414 77
77
79
79
7912 9,200 Preferred
100
74
June
3
647
8
Feb
17
7917 Nov WC/ June
6512 668 6534 67
6512 6683 65
6614 6314 6514 18,500 Continental Can Inc___No par 5018 Jan 2 7158 Mar 31
4011 Oct 92 Sept
2334 248 238 2412 2358 24
2314 24
21
2314 13,200 Conti Diamond Fibra_No par 21 June 6 3738 Apr 21
2034 Nov 3312 Dec
64
64
6334 641
6378 637a 6412 657
10 58 May 5 77571Mar 31
6312 61
4618 Nov 11014 Bepl
3.200 Continental Ins
513
514
5
Ws 513
541
5
518
5
434May 5
518
418 Dec 231% Jar
814 Feb 19
50 Continental Motors_ __No par
2712
2612 27
277
34 2814 271
2612 2714 26
par 1912 Feb 4 3012 Apr 24
265
No
Oil
8
ContInental
18
Nov 3784 Atli
21:900
3112
32
327
2814
'III
3134 331
q
No par 2738 Jan 21 4078 Apr 1
-- 8 -3
3134 32'z 30,300 Continental Shares
2612 Dec 4572 Des
10781 10834 10858 108
' 106'4 10834 10514 10858 1041 1061 15.100 Corn products Refining____25 8712 Jan 3 11134 Apr 23
70 Nov 12658 Ora
*14414 14434 14414 14414 1448 14434 14434 147
100 140 Feb 10 14712May 20 137 Nov 1448
145 145
240 Preferred
2618 261
2634 2738 2634 27
2212 26% 2118 22
No par 2118June 8 33 Feb 3
18 Dec 8214 Jet
48,000 Coty Inc
33
3338 33
33
3278 327s 323 3234 .
of Wheat
321s 33
No par 2512 Jan 6 3538 Mar 20
Cream
1,600
24 Nov
31 Not
181
*1518 18
1512
*1512 18
"1512 1812 15
100
9 Jan 22 2918 Mar 5
151
15 Dec 5734 API
100 Crex Carpet
1312 1811 1812 1818 18's 178 1312 1618 1717
18
Corp___No
par
1014 Jan 17 22 Jan 2 , 15 Dec 125 FRI
3.000,CrealeY Radio
I
I
• Bid and asked prices no sales on this day:
i Er-DITIdandi
II Ex-dividend and Ex-rights.
4018
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.
Saturday.
May 31.
Monday.
June 2.
Tuesday,
June 3.
Wednesday. Thursday. I
June 5.
June 4.
Friday.
June 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan, I.
On basis of 100-share 10111
Lowest.
Highest.
5 Per share $ Per share 5 per share
465 49
*4812 47
•15
1512 *15
1512
*7612 7734 7812 7612
114 11434 11454 11434
18
1834 18
18
*312 4
•33s 4
PER SHARE
Range for Preview,
Year 1929.
Lowest.
Highest.
$ per share $ per share 5 per share Shares Indus. & Miscall.(Con.) Par 5 per share 3 per share $ per share $ per WW1
700 Crown Cork & Seal___No par 43 Jan 2 5958 Apr 7
*47
49
49
*47
*4714 49
3718 Nov
79 Aug
Crown Zellerbach
1512 *15
1512 *15
*15
1512
15 May 5 1812 Feb 19
No par
17
Oct 2534 Jan
7612 7634 7638 768 7634 7734 1,600 Crucible Steel of America_100 7514May 8 9358 Mar 25
71 Nov 12134 Aug
310 Preferred
11212 115 *11212 115
Us us
100 1094 Feb 7 117 Mar 13 103 Nov 11634 Feb
1712 1712 17
18
1714 1712 4,400 Cuba Co
No par
9 Jan 2 1912May 29
5 Nov 2412 Jan
700 Cuba Cane Products
33ii 3
7 Mar 3
312 334
,
8
312 Mar 28
No par
333 358
Cuba Cane Sugar
118 rob 2
No par
-512 Jan
114 Jan 2
134 Aug
.
___
Preferred
4 Mar 3
100
2 Jan 7
15 Dec
187 Jan
MO Cuban-American Sugar____10
612May 10
9 Fob 4
612 -6-12
Jan
6-34
678 Dec 17
*iiI2 -64
•liTii _6
-3
4
4958 4958 4914 4914 *49
230 Preferred
4834 49
49
4912 49
100 4834June 6 6528 Feb 11
Jan
56 Dec 95
4314 438 4314 437
1,200 Cudahy Packing
4312 437
50 4112May 8 48 Jan 2
36 Nov 6778 Jan
438 4333 433 435
•123 12334 123 125 *119 125 *119 123 *119 123
300 Curtis Publishing Co___No par 113 Jan 27 1261SMay 29 100 Nov 132
Oct
*11912 120
400 Preferred
120 120
No par 11478 Jan 29 12118 Mar 19 11210 Nov 12134 Ma7
11912 11912 *119 120 *119 120
812 834 102,300 CurtIss-WrIght
913 934
912 97o
84 878
812 938
1478 Apr 7
612 Jan 31
No par
638 Dec 301s Aug
125 13
12
1278 108 12
1112 1218 1112 1178 26,900 Class A
100 1078June 4 1934 Apr 2
1314 Dec 37% Aug
*74
77
300 Cutler-Hammer Mfg___No par 64 Jan 25 9012 Mar 31
7414 7478 *74
75
*7318 7334 7318 7318
35
3514 34
3534 35
3412 34
3412 3312 3312 1,700 Davison Chemical
2-114 Oct - 6918 -Jan
No par 2833 Jan 2 4338 Mar 31
2518 2518 *24
400 Debenham Securities
24
24
26
26
*24
*24
26
54 22 Mar 25 30 Apr 14
20 Dec 4678 Jan
*24
2412 24
2438 24
200 Deere dr Co pref new
24
2334 2334 *2212 2312
'
,
0 2334Junc 5 2412May 24
1,100
23234 233 *230 23234 *230 233
Detroit
230
229
Edison
232 23318
100 19538 Jan 3 25534 Apr 23 161 Nov 385
Aug
*37
3812 3734 3812 *36
600 Devoe & Raynolds A__No par 3078 Jan 24 4234 Mar 4
*3612 3712 *36
37
24 Nov 6478 Feb
37
20 1st preferred
*11214 11434 *11214, 11434 *11214 11434 *11214 11212 11214 11214
100 10634 Jan 14 11412May 13 In.' Dec 11512 Jan
900 Diamond Match
*218 225 421612 220
213 213
21912 21012 215 216
100 139 Jan 13 237 Apr 24 117 Nov 16412 Jan
2,100 Dome Mines. Ltd
87s 878
*878 9
878 878
9
9
87ii 9
Oa Jan 18
No par
1114 Aug
634 Jan 3
8 Nov
2458 2478 24
1,800 Dominion Stores
2412 *24
24
25
24
24
24
12
No par 20 Mar 28 3033 Apr 5
Oct 5414 July
8312 8414 8312 8438 8314 8334 8218 8312 8118 8212 25.500 Drug Inc
No par 76 Jan 2 8738 Mar 10
69 Nov 12618 Feb
3414 3514 3378 3414 34
3418 3338 3434 3312 3334 3,000 Dunhill International_No par 2734May 5 4312 Apr 7
Jan
25 Oct 92
*1518 1712 *1518 1712 *1518 1712 *1518 171 *1518 1612
Dupan Silk
10 Nov
No par 15 Jan 4 1812 Apr 4
2878 Jan
_
400 Duquesne Light lot pref___100 100 Jan 7 10312May 26
10212 103
103 103 *10234__ *103 10414 *103
4912 Jan 10078 Mar
200 Eastern Robing N1111_ _No par
*1712 21
18
*17 -1-919 1-9
18
19
19
*17
17 May 5 2513 Jan 31
Oct 3912 Sept
241 24612 24112 247
24218 24533 239% 244% 23312 24134 25,000 Eastman Kodak Co
No par 17534 Jan 9 25514 Apr 25 150 Nov 26434 Oct
2918 31
307g 321s 3012 3114 303o 31
18 Nov 768 Feb
2910 3014 24,400 Eaton Axle & Spring
No par 2418May 5 3714 Feb 20
32,300 El du Pont de Nem
13014 13178 12918 13012 129 13012 9126 129
12512 127
SO
Oct 231 Sept
20 11218 Jan 11 14514 Apr 10
700 6% non-vet deb
12018 12018 *12012 12034 *12012 12034 11934 120
11934 11934
100 11412 Feb 4 121 Slay 15 10712 Nov 11934 Aug
*6
718' 718 71s *6
718
*6
7
818 3,700 Eitingon Schild
7
4 Dec 3938 Jan
6 May 29 1078 Feb 6
No par
500 Preferred 63-4%
*40
40
401
4012 *40
43
40
40
*40
40
39 Dec 113
Jan
100 40 Apr 30 62 Feb 5
9112 9212 90
8814 90
50
8733 9934 10,200 Electric Autollte
9012 8918 91
No par 81 Jan 7 11472 Mar 29
Oct 174 JulY
20 Preferred
*10812 10934 *10812 10934 *109 10934 10934 10934 *10934 110
100 10614 Jan 6 11034 Jan 7 10234 Nov 115 Apr
512 534 1,900 Electric Boat
934 Mar 31
314 Oct 183i Mar
533 578
No par
533 533 *534 578 *534 578
412 Jan 4
9312 9512 9234 9434 92 4 94
2978 Nov 865* Sept
88% 9312 8612 91 180,600 Electric Power & Lt
No par 491.4 Jan 2 103 Apr 23
11012 11034 110 11012 11012 11012 11018 11034 11012 11012 2,000 Preferred
98 Nov 10914 Feb
Vo par 10612 Jan 3 112 Apr 25
Certificates 60% Pahl
12614 Jan 9 153 Apr 4 106 Nov 14012 June
7038 7lSo x6978 6978 2,900 Elec Storage Battery_No par 66 Slay 16 7914 Feb 10
72
7078 71, 7034 72
72
64 Nov 10412 Op
*212 312 *212 312 *212 3
200 Elk Horn Coal Corp..__No par
212June 5
212 212
212 212
10,2 Oct
318 June
512 Mar 24
Emerson-Brant class A_NO par
314 Oct 2212 Feb
*312 37s *312 378 *312 37s *314
312 Apr 21
75s Jan 21
378
37
*314
500 Endicott-Johnson Corp__ --50 50 May 12 5938 Jan 22
*50
50
50
51
51
50
*4918 50
50
*50
4914 Nov 8338 Jan
100 Preferred
*11214 116 *11212 116
11212 11212 *11214 116 *11214 118
100 10712 Jan 7 113 Apr 23 10814 Sept 12414 Feb
6312 63'2 6128 6228 3,100 Engineers Public Serv_No par 3914 Jan 2 6712 Apr 7
63
6312 *6312 6334 *6312 64
Oct 795* Aug
31
200 Preferred 35
106 106 *105 106 *105 106
106 106
*105 106
80 Nov 12314 Aug
No par 945* Jan 8 10718May 28
700 Preferred (534)
*10238 10312 10212 10212 1028 102% *102 10212 101 102
Oct
84114 Oct 109
No par 9412 Jan 2 10433 Apr 21
48
4714 48
49
4812 5034 4934 5034 4812 4978 10,700 Egultable Office Bldg_No par 3934 Jan 3 5034.June 4
3114 Jan 41 May
*23
24
*23
2312 24
25
800 Eureka Vacuum Clean_No par 21 Slay 5 4358 Mar 5
23
23
*2212 25
3612 Dec 54 Feb
400
*1518 1514 1518 1518 15
*1434 15
Evans Auto Loading
1513 *1434 1478
7334 Mar
5 1314Slay 9 3034 Feb 18
15 Nov
290 Exchange Buffet Corp_No par 22 Jan 2 2631 Mar 3
*2414 2412 2412 2412 2414 2414 24
24
24
24
2214 Jan 2712 July
*4
200 Fairbanks Co
418 4% *4
5
97 Jan 6
4
4
433
*4
5
1334 Dee
358May 22
334 Nov
25
14
14
1438 *1334 1412 *1334 1412 *1334 1412
13
100 Preferred
Jan
11 Apr 35
100 12 May 13 3934 Jan 20
47
4838 47
49
48
Stock
4758 4634 4758 45,
8 4678 9,100 Fairbanks Morse
2934 Oct 5478 Sept
No par 3412 Jan 6 5012May 17
108 108 *108 110 •108 110
*108 110
130 Preferred
108 108
100 102 Jan 7 111.12May 16 10112 Dec 11078 Jan
Exchange •1412 1534 *1412 1512 *15
1512 15
15
*1434 1512
200 Fashion Park Assoc___No par
1418May 5 2714 Feb 27
22 Dec 7233 Mar
*7034 72
*7034 72
72
*72
100 Federal Light & Tree
72
75
*7112 75
(3012 Nov 10E1 June
15 595* Feb 6 9014 Mar 18
9614 9614 *9514 97
*9614 97
Closed
*9514 97
210 Preferred
97
Feb
07
90 Nov 11)4
No par 91 Jan 13 9934 Apr 22
1014 *10
1012 *10
•10
1018 10
400 Federal Motor Truck_No par
10
10
10
5 Oct 2233 Feb
734 Jan 17 1214 Feb 28
3618 3618 36
361s 37
Extra
1,500 Fed'i Water Service A_No par 3212 Jan 3 43 Mar 19
36
355* 36
35,
8 367
28 Nov 5614 Sept
5
2
*33
33
34
3518 33
33
34
33
500 Federated Dept Stores_No par 29 Jan 4 38 Apr 16
3234 3234
2512 Dec 33 Dee
11011day
76
76
76
76
7518 7518 7512 76
75
75
1,300 Fidel Phan Fire Ina N T___10 6512 Jan 2 8934 Mar 31
4712 Nov 123 Sent
*9
91, *9 e- 912 *9
912 *3
9t
•9
912
Fifth Ave Bus
6 Oct 1334 Mat
7 Feb 11 1012 Apr 4
No par
*31
38
*31
38
*31
38
*31
38
*31
Filene's Sons
38
30 Dec 9812 Feb
No par 33 Apr 3 4012 Jan 22
96
.96
96
97
*9614 97
9614 97
230 Preferred
9612 9612
Jan
84 Dec 107
100 92 Mar 15 98 Slay 3
2378 24
237s 2378 2314 2312 23
217 2212 2,400 Firestone Tire 4r Rubber___10 21585tay 5 331* Jan 7
23
2412 Dec 37 Dee
7712 767 77
78% 77
785* 7878 78
75
8358 Dec 89% Dee
7633 2.200 Preferred
100 75 JUTIC 6 8778 Mar 24
56% 55% 5733 5618 58'2 5734 5834 30,600 First National Stores_No par 505* Jan 2 6138 Jan 30
5611 5712 58
4412 Nov 90 Sept
34 334
338 358
338 334
312 358
8 3,600 Fisk Rubber
312 3,
2% Dec 2018 Jan
512 Apr 2
3 Jan 2
No par
13
1434 1434 1314 14
1314 13
1318 1112 13
810 let preferred
8 Dec 7212 Jan
100 1112June 6 21 Apr 2
1412 1412 *1334 1512 *12
1512 *1334 151
110 1st prat convertible
135 133
8 Dec 8212 Jan
100 1212May 3 213 Apr 11
*45
48
48
46
.45
46
46
200 Florsheim Shoe class A_No par 4212 Jan 4 527k Mar 21
Jan
46
38 Nov 54
*46
48
*9812 99
*9812 99
*9812 99
*9812 99
*9812 99
9018 Oct 1025* Jan
Preferred 6%
100 9512 Apr 12 100 Feb 3
3512 *34
*3418 3614 *341s 3614 *34
351 *34
3218 Nov 8234 Aug
Follarusbee Bros
3512
NO par 31143.1ay 8 5078 Mar 25
7
9614
99
10112 10134 10412 99 10412 9818 10134 70,500 Foster-Wheeler
9814
33 Nov 95 Sept
No par 6012 Jan 3 10412June 4
21
21
21
*20
*20
22
*19
100 Foundation Co
20
1234 Nov 6958 Apr
*19
20
No par 1518 Jan 6 2834 Apr 14
5458 5112 5312 5112 5312 518 5414 5118 53
53
79,000 Fox Film class A
1918 Dec 10533 Sept
1618 Jan 3 575* Apr 25
No par
50% 4014 543g 49
48
5034 35.400 Freeport Texas Co
4734 48
4734 48
54% Jan
2334 Nov
No par 3818 Feb 25 551 Apr 11
9134 no
9131 *90
9134 *90
.90
913 *90
Fuller Co prior pref
8212 Nov 107'i May
9134
No par 85 Feb 14 9512 Mar 6
8
*8
8
814
818
8
8
700 Gabriel Snubber A
8
5 Oct 337 Feb
*712 8
558 Jan 2 1134 Apr 9
No par
69 .6834 75
69
80
*70
100 Gameweli Co
75
*70
*69
75
6512 Nov 83% Ally
No vat 89 May 20 80 Mar 28
414 414
414 414
414 414
1,100 Gardner Motor
5
4
418 413
73.4 Feb 18
3 Dec 25 Jan
312 Jan 16
5
1212 1233 1212 1212 1212 1212 1212 1212 *1212 13
700 Gen Amer Investme___No par
12 Jan 23 1612 Feb 18
*98
99% *98
9934 *98
100 Preferred
9934 98
9934 *98
98
100 90 Jan 23 105 Apr 25
10312 10433 10334 10-178 10312 10438 10014 10314 19,500 Gen Amer Tank Car__No par 9938 Jan 2 11172 Apr 4 116 Nov 12312 Oos
104 105
6012 5778 60
585s 5912 59
6.500 General Asphalt
5712 59
/5912 60
4214 Nov 9434 Aug
100 4918 Jan 7 7112 Apr 7
30 Gen Baking pre(
115 115 *11118 119 *11118 119 *11118 119 *11118 119
No par 105 Mar 4 125 J0015 121 Nov 140 Feb
3012 293 3038 3,700 General Bronze
3112 3158 3112 3112 3012 3112 30
24 Nov 6934 June
No par 2512 Jan 7 381 Feb 15
*19
1978 20
1978
400 General Cable
.22 2312 *22 2312 22 22
23 Nov 81 Feb
No par 1712alay 5 3412 Mar 7
*53
57
57
1,200 Class A
54
*56
5734 59
58
59
59
6312 Dec 12012 Feb
No par 51 May 7 744 Feb 5
5118 5014 5034
51
1,500 General Cigar Inc
Oct 71 Feb
42
No par 5014May 21 61 Mar 7
5133 5178 5112 5178 *5118 52
84% 8134 8312 8134 84% 8058 834 7012 8118 255,900 General Electric
83
No par b 6433 Jan 29 053s Apr 10 16818 Nov 403 Aug
1134 Feb
Jan
11
1134 1178 1134 1134 1154 1134 1134 1178 1178 1178 2,900 Special
10 1132 Jan 2 117g Apr 5
5914 6078 5834 5978 81,500 Gen Foods
5812 6012 5912 6012 5938 61
36
No par 4618 Jan 17 6114May 1
Oct 7778 July
1338 19,300 Gen'
. Gas & Elea A
13 June 6 1838 Apr 10
1334 1378 132s 1378 1312 134 1338 135* 13
No par
90
1,500 Cony prof ser A
9012 90
9012 9012 *9014 9112 90
93
No par 8534May 5 10612 Apr 16
*91
10 Preferred A (8)
Feb
No par 115 Mar 19 122 Apr 2 in% July 135 Feb
*121 12434 121 121 *120 12434 *120 123 *120 123
30 Preferred A (7%) No par 104 Feb 19 111 Apr 9
*10634 10934 10634 10834 10812 10812 *10612 10938 10612 10612
Oct 11612 Jan
119
500 General Mills
48
4814 48
48
48
4912 48
493 *48
*47
50
Oct 8918 Jan
No par 4518May 5 5938 Apr 12
Jan
Preferred
*9078 9212 *9078 9212 *9078 9212 *9078 9212 •9078 9212
100 90 Mar 20 95 Mar 22
8734 Dec 100
3312 Oct 913 Mar
5018 5118 48% 5053 4918 5058 49% 5038 4818 4938 271,500 General Motors Corn
10 3712 Jan 16 5414 Apr 10
127% 12818 10,000 7% preferred
12818 12834 128 12814 12712 128
12812 129
100 11712 Jan 24 13112May 8 112 Nov 12612 Jan
500 Can Outdoor Adv A___No par 32 May 26 4118 Apr 14
*3314 35
Jan
*3311 35
30 Oct 52
3312 3312 03314 35
3312 34
800 Common
1318 13%
*1378 15
14
15
15
No par 1318May 6 218 Apr 3
14
*14
*14
4478 4518 4314 4414 1,800 Gen Public Service_No par 3238 Jan 2 5272 Apr 7 -20 Nov -98 -Aug
x47
47
4512 4512 4538 457
9214 9312 9114 9214 1,700 Gen Ry Signal
Oct 12612 Aug
70
No par 8512May 5 10078Mar 28
9412 9514 9333 9438 *9312 94
3,900 General Refractories
83
8158 82
54
No par 67 Jan 2 90 Mar 28
Oct 8812 Aug
834 844 8312 8438 83% 8334 82
46
47
4512 4612 4512 4614 4552 4612 443 4634 13,400 Gen Theatres Equip.. Na par 3934 Jan 31 5114 Apr10-80 Nov 143 Cot
8634 8818 87
8778 8634 88
854 868 8414 8614 18,300 311Iette Safety Bazor_No par 8018 Apr 24 10618 Jan 16
1614 7,100 lmbel Bros
1012 Nov 4818 an
1112 Jan 20 207k Apr 14
1814 1838 1718 1714 1612 1718 1614 1634 16
No par
Oct
400 Preferred
56 Dec 94
100 6678 Jan 30 82% Apr 25
8 7814 7814 *7818 7814 7818 7818 *7718 781s
7833 78,
Oct 6418 July
26
2412 2478 2358 2412 2058 2318 2012 2118 17,600 Glidden Co
2434 25
No pa* 2012June 6 38 Mar 20
1,800 Prior preferred
97
97
100 95 May 14 10518 Mar 27
98
95 Nov 10618 Al r
9812 OS
9814. NIX 97% 9812 *98
918 Nov 66 Feb
135* 1418 10,000 Gobel(Adolf)
13 Jan 16 19 Feb 7
No par
1331 145
13
1318 13
138 14
141
Jan
3112 Oct 82
4438 4518 45
457
45
4544 4414 4534 4312 4478 36,200 Gold Dust Corp v t c....No par 3734 Jan 2 477k Apr 28
3814 Dec 10534 Jan
No par 38 Slay 5 5812Niar 25
3712 3912 8,800 Goodrich Co (11 F)
4014 4138 4033 41
4014 4053 38% 40
11518
Feb
Preferred
100
Dec
20101
96
9512
*94
7
1041
9538
Jan
100
28
96
95
*94
*94
*92
96
96
96
18,800 Goodyear T & Rub____No par 62 Jan 2 96% Mar 31
80 Oct 15412 Mar
3334 8612 8258 84
8612 8812 85% 87% 8512 87
800 let preferred
87 Nov 104% Feb
*9934 100
No par 90 Jan 3 10214 Apr 30
*9934 1001 100 100
9938 9934 9978 100
Gotham
1,800
Sil
Sloe
14 Nov 60 Apr
1418
1412 1412 1438 14% 14
113401ay 29 28% Mar 8
No par
1238 123o 1314 15
50 Preferred
68 Dec 10114 Jan
79
100 70 Jan 10 8212 Apr 4
*75
79
75
7512 7512 •75
7234 7234 75
Gould
Coupler
2,300
A
4 Oct 14 May
No
par
23
9
153
712
8
9
Jan
Apr
2
918
9
934 1018
*1014 1012 1018 10%
Vs Oct 54 Jan
Mimic 6 1338 Apr 1
734 818 5,000 Graham-Paige MotOrs_No par
8
8
8
8% 812
834 87
814
200 Certificates
7 Nov 4912 Jan
9
No par
*8
7 May 28 1034 Apr 1
*8
0
814 814
712 712 *8
834
Nov 10271( Mar
Granby
Cons
4614
M
1,400
2
Sm
Apr
dr Pr_100 27 May 6 5978
30
30
32
30
32
3212 32
32
33
*32
3212 Dec 4478 Dec
600 Grand Silver Stores
No par 3214 Jan 22 52 Apr 2
43
4312 43
43
4312 4312 *4312 44
54312 44
Dec 9812 Mar
_ Grand Stores
33
1
Mar
100
33%
4512
Feb
6
- ---- ---- _____ Grand
3378 Jan
Union Co
800
918 Nov
1614
1333 Jan 18 205* Feb 13
-1-6C12 16
No par
-133
Oct 645s Jan
30
1,100 Preferred
No par 37 Jan 2 4312 Apr 10
407
40
3918 304 *391 40
4018 40% 40
40
Grantee
Nov
633
City
32
c env(
800
Steel
3
Apr
2
50
3
No
par 37
an
4034
41
41
4134 414 4014 4014 *40
41
41
.u.,.
ai:, -6-.2
-1- ,-, iia- -1-61; -iii- IC' ;ia-
• ma and asked price:: no sales 00 this day. S Ex-dlyidend, b Ex-dividend ex-r g ts,
y 3 aO,llhlonal ahares toe each sne-e .• - 1.
New York Stock Record-Continued-Page 5
4019
For sales d urtng the week 01 stock• not recorded here. see fifth page precedin•t
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday.
May 31.
Monday.
June 2.
Tuesday.
June 3.
Wednesday. Thursday.
June 4.
June 5.
Friday.
June 6.
Sales
for
thek.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER WARR
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share S per share Shares Indus. & MIscel. (Con.) Par $ per
share
per share $ per short $ per share
$
3614 37
36
3634 36
3612 3038 3658 35
3638 9,400 Grant(W T)
No
par
3214114ay
6
43
Jan 9
3212 Dec 144/
1
4 Feb
2114 2134 2112 2112 2118 2114 21
21
21
2113 7.900 Glt Nor Iron Ore Prop_ _No par
1978 Jan 3 2533 Mar 25
19
Oct 3914 Feb
2138 2212 2118 2112 2118 2158 2112 2158 2112 2212 4,400 Great Western Sugar.
_No par 21 18June 3 344 Jan 16
2S Nov
44
11214 113
Jan
113 113
113 113 .113 114
113 113
Preferred
170
11058May
100
27
120 Mar 14 105 Nov 11912 Feb
2738 28
26
2738 2512 2612 244 2638 24
2514 197,500 Grigsby- Grunow
No par 1212 Jan 18 28 June 2
1414 Nov 70 Sept
1
1
1
1
1
1
.1
114
114 *1
Cluantatamo Sttgar
300
No
par
12
Mar
7
4
Feb
1
4
Nov
.53
512 Jan
57
*54
55
*54
57 .54
57
51
53
500 Gulf States Steel
100 51 June 6 80 Feb 19
42 Nov
79 Mar
*10514 107 *10514 107 .10514 107 *10514 107 .10514 107
Preferred
100 9813 Jan 17 109 Apr 30
994 Dec 109 Feb
3012 3012 92913 2912 *2858 2914 *2858 29
2812 2813
Hackensack Water
200
25
26
Jan
32
4
May
2312 Nov
9
35 Au2
*2712 28 .2712 2738 2712 28 .2712 28
28
so Preferred A
25 26 Jan 6 29 Apr 17
26
Jan 30 Aug
1878 1938 1834 1878 1812 1834 1778 1812 *2712
174 1734 7,500 Hahn Dept Stores
No par
1258 Jan 2 2314 Apr 17
12
Oct 5634 Jan
8412 8412 *8312 8678 *8312 8518 *8312 85
*8312 85
Preferred
100
100
7118
Jan
3
8613 Apr 17
7134 Dec 115 Jan
*25
2614 .25
2614 25
25
26
26
24
24
1,100 Hall Printing
10 24 Mar 17 3134 Mar 25
27 Dec 297g Dec
*10312 104
10312 10312 .10312 104 *10312 ----*10312 ---10 Hamilton Watch pref
100 99 Jan 7 10434May 21
99 No, 10558 Jan
89
9112 91
95
95
93
*9312 95
95
95
pref
Hanna
1,390
new
par
No
85
Jan 16 98 Apr 14
*6212 6312 6212 6212 6214 6214 .62
6212 614 62
400 Harbison-Walk Refrae_.Vo par 55 Mar 12 724 Apr 21
Jan 877 Oct
64
1578 16
15
1534 *1514 1578 *15
1512 *15
1512
Hartman Corp class B_No par
1334 Jan 15 20 Feb 6
15 Oct 4178 Aug
2'3
23
*2214 2312 *2214 2312 *2214 2312 *2214 2312 3,500 Class
A
500
No par 2012 Jan 17 2314May 24
167
8
Oct
31 Sept
*5512 5612 *55
5934 *5512 56
*55
5934 *5512 59341
Hawaiian Pineapple
20 54 Jan 14 61 Feb 13
55 Dec 724 Aug
10
1018 10
10
10
818
10
938 941
5,600
Corp
Body
Hayes
953
par
Na
54
Feb
614
24
173
4
Apr
Nov
4
68
/
1
4May
85
85
85
85 .83
85 .83
85 1 *83
85
200 Hahne(0 W)
.5 81 May 3 9258 Feb 19
84 Nov 11812 Jar
*2612 28
*2612 27
*2612 27
2612 2613 2612 2612
200 Hercules Motors
No par 22 Jan 3 31 Apr 11
2112
Dec
3313
Oct
10712 10814 10714 10373 10618 103
10512 10712 10418 10.512 11,300 Hershey Chocolate
Vs Par 70 Jan 2 109 May 28
45 Nov 143/
1
4 Oct
107 10812 108 10834 *106
10512 10614 *102 106
1,9001 Preferred
No par 8312 Jan 2 10834June 3
605s Nov 14314 Oct
107 107 *107 10714 *107 10714 *107 10714 *107 1071
100 Prior preferred
4
100 10414 Feb 21 10718May 28 104
Jan 10638 Oct
.16
17
*1512 17 .1512 17
2 17
1514 1512
300 Hoe (R) & Co
No par
15 Jan 15 2514 Feb 27
1234 Dec 33 Aug
39
39
3812 39
374 3814 3614 3878 3712 38
3,500Holland Furnace
par 2614 Jan 14 414 Mar 28
21
Nov
61 Mar
*812 914 .84 914 .8
914 .8
918 *8
918
Hollander & Seat (A)__No
N parr
812 Feb 27 1258 Jan 29
1312 May 2458 Aug
77
77
*76
78
*7714 78
*7714 78
*7714 78
100 Homestake Mining
100 7412May 5
65 Nov 93 Aug
1814 19
1814 1878 18
1814 17
1814 1478 184 20,900 Houdallie-flerehey el B'No par 1478June 6 80 Feb 1
29 Feb 5
13 Nov
5234 May
56
5634 5634 574 5634 5712 5712 5712 58
63
1,900 Household Finance part pf_50 49 Mar 5 63 June 6
45 Aug 5214 Sept
Household Prod Inc__No par 524 Jan 25 6114 Mar 10
Oct 7912 Jan
40
100T2 10458 102T4 1048 ioi" 10834 10658 llO7g 10714 1107* 1127.
.8
10
00 Houston Oil of Tex tern etfs 100 5214 Jan 17 116/
1
4 Apr 25
26 Oct 109
Apr
3312 3312 *3212 33
3213 324 3218 3258 *32
3278
Rowe Sound
No par 2612May 5 4178 Feb 7
3434 Nov 8212 Mar
4312 4312 4218 4313 424 43
4214 43
4112 4218 7.600 Hudson Motor Car
No par 4118Afay 5 6278 Jan 6
Nov
934
38
Mar
1812 1914 1814 1812 1818 1813 1814 1814 18
1838 8,300 Hupp Motor Car Corp
10 1718May 5 2858 Apr 11
18 Nov 82
Jan
26
26
2512 2534 254 2618 2414 25
244 2814 5,400 Independent Oil ..4 Gas No par 204 Feb 19 32 Apr
714 712
1734 Oct 394 May
7
718 738
634 738
718
7
534 634 8,800 Indian Alotocycle
par
'to
Jan
5
3
'
eI
4
.35
312 Oct 3211 Jan
43 .31
43
*32
43
37
37
*37
38
Preferred
10
100
30
Jan
Mar 3
25 Nov 9534 Feb
1814 1858 18
184 18
1838 1612 18
1634 174 34,500 Indian Refining
10 16 May 3 2832 Mar 22
1318 Oct 53 Aug
1778 18
1738 1734 1712 1734 16
1738 1612 161 2 15,900 Certificates
10 1518May 5 2734 Mar 22
1113 Oct 614 Aug
102 102
101 10114 101 101
101 101 1.101 109
600 Industrial Rayon
No par 90 Feb 11 124 Jan 10
6812 Nov 135
Jan
22212 22634 222 22512 219 222
21712 21713 211 215
2,900 Ingersoll Rand
No par 15414 Jan 8 239 Apr 24 120
Jan 22312 Oct
*8578 88
8578 8578 *854 88 .86
88
8534 8534
200 Inland Steel
No par 704 Jan 6 98 Mar 11
Dec
71
113
Aug
2013 2078 20
204 1953 1978 10
1978 .1812 19
3,400 Inspiration Cons Copper__ 20 1618Alay 6 3072 Feb 7
Oct 6612 Mar
22
1314 1378 13
13
1318 1318 .13
14
13
134 1,000 Insuranshares Corp__No par 13 May 29 1738 Mar 10
12 Dec 16 Nov
*412 5
458 458 .412 5
44 434 *434 5
200 intercont'l Rubber
No par
414 Jan 2
712 Apr 1
2 Nov
144 Jan
*214 23 .2212 23
224 2273 *2214 2234 22
2214 1,100 Interlake Iron
par
No
22
June
6
2878 Apr 2
64 613
64 678
7
7
7
8
718 74 14,800 Internal Udell!
No par
413 Jan 2
812
"1"
Apr
Oct
7
1-7-7; Jan
*61
62
63
62
62
62
6234 6234 6213 621
600 Prior preferred
100 5413 Mar 8 674 Apr 9
40 Nov 8812 Jan
193 19534 19214 19214 191 19113 18912 19114 .191 1911
1,700 Int Businees Machines_.Vo par 15212 Jan 18 19712May 28 109 Nov 255
Oct
6712 6614 6712 *66
*66
67
66
66
66
66
500 International Cement_ -No Par 5534 Mar 6 7538 Apr 2
48 Nov 10234 Feb
813 10
858 914
812 9
74 834
634 75 57.300 Inter Comb Eng Corp_No par
5 Jan 2 1412 Mar 26
414 Dec 10312 Feb
6112 67 .6013 6112 5912 6113 5812 59
*5512 56
2,000 Preferred
100 33 Jan 2 78 Apr 1
1812 Dec 121 Feb
9414 9678 9378 9614 95.38 9818 9514 9713 9478 981
1
4 Jan 7 1154 Apr 16
65 Nov 142 Aug
14334 14414 *144 14412 *14418 14414 14418 14418 14418 1441 26,800 Internal Harvester____No par 78/
1,100 Preferred
100 14012 Feb 10 14412 Mar 14 137 Aug 145
Stock
4613 4758 4638 4738 4612 4758 46
Jan
4714 44
451 17,500 Int Hydro-El Sys Cl A_No par 3112 Jan
54 Apr 11
23 Nov 5912 Sept
8234 83
83
8312 8258 83
8214 83
82
83
3,400 International Match prof___35 6512 Jan
92 Apr 24
Exchange
47 Nov 10212 Jan
2512 2673 2512 2513 25
2512 2334 25
23
235
Mercantile
8
Marine
9,500
Int
ethi..100 23 June f 33 Apr 17
184 Nov
3918 Oct
23258 3333 3158 3238 3112 3218 304 3178 3033 311
85,700 Int Nickel of Canada__No par 3014May 5 441
/
4 Apr 4
Closed
25 Nov 7234 Jan
International Paper-,_.No par 58 Jan
05 Mar 21
57 Dec 112
"ill 161;
Oct
160 Preferred (7%)
100 7834June
86 Apr 29
Extra
77 Nov 9413 Jan
.26
2614 26
26
.26
2614 26
26
25
25
800 Inter Pap & Pow el A__No par 25 June 6 3114 Afar 22
20 Nov 4414 Oct
*1734 1812 .1712 18
1712 1712 174 184 18
187
8
1,200
Class
B
par
No
2234 Apr 14
1514 Jan
Holiday
12 Nov 3378 Oct
14
14
1334 14
1334 1334 1334 1334 1334 133
1.300 Class C
No par
124 Jan
18 Apr 14
9 Nov 2618 Oel
79
7958 .784 80
82
*78
7834 7912 *79
791
Preferred
900
100
4June
783
5
86
Mar
26
Nov 95 Oct
77
*46
48
*46
47 .46
47
46
46
*4558 46
100
Printing
Corp__No
Ink
par
Int
June
46
5
543
4
Apr 5
40 Nov 6833 Oct
.9312 9412 .9312 9438 9312 9312 .94
96
94
94
110 Preferred
100 9312 Feb 7 101 Apr 12
914
Nov
108 Mar
11814 14834 14758 14814 14834 15114 1504 152
15014 15212 7,000 International Salt
100 69 Jan 30 153 Slay 23
554 Jan
9034 Feb
*5612 57
*56
57
*56
57
5614 .5618 57
56
400 International Shoe_ _ __No par 56 Slay 17 62 Jan 15
64
Oct
7712 Sept
.89
95
*89
95
*89
95
*89
95
*85
95
International Silver
l(N) 95 May 8 119 Feb 1
95 Nov 15913 Aug
.1094 110 *1094 110 •1094 110 *10918 110
10918 10918
Preferred
20
100
Feb
105
26
11214
Feb
17 10314 Oct 119 Jan
6358 6458 6278 634 6234 6312 6212 6413 6158 6314 49,100 Internal Telep Teleg_No
par 5814A1ay 5 7738 Apr 24
de
53 Nov 1494 Sept
26
2634 2534 2578 2558 2534 2514 2558 25
25,4 2,900 Interstate Dept Stores_No par 24 May 5 40 Feb 4
2518 Oct 934 Jan
.70
70
75
70 .694 70
*6938 70
*6938 70
70 Preferred ex-warranta.,,.,100 70 May 9 7514 Feb 6
74 Dec 97 May
2638 2638 *2578 29
*2578 30 *2578 2912 *254 30
400 Intertype Corp
No par 22 Jan 2 32 Apr 9
17 Nov 384 July
2112 2134 2114 214 21
211
2012 21
20
2014 2,100 Investors Equity
No par
17 May 5 29 Feb 19
1212 Nov
7212 Aug
.3512 3612 .3512 36
3534 3534 3534 3534 3514 3512
500,Island Creek Coal
3434A1ay 7 43 Mar 19
39
Oct 69 Mar
5912 6114 58
581_ .5814 59'2 57
58
*57
58
2,3001Jewel Tea Inc
No par 43 Jan 20 664 Apr 30
39 Nov 16214 Feb
110 11134 108 11012 107 109
10558 10312 10314 10714 10,300 Johns-Alanville
5
may
98
par
No
14838 Feb 5
90 Nov 24234 Feb
*12058 ____ *12034 ____ *122
*122
__ •122
Preferred
100 11814 Feb 24 123 Mar 21 118 Nov 123
122 12218 *122 123
121 122
121 12118 12278 12278
330 Janes & Laugh Steel pre1 100 11812 Jan 6 12312 Apr 11 117 June 126 May
Oct
24 234
212 258
212 21
214
212
238 238 2,400 Jordan Motor Car
No par
2 Jan 22
513 Apr 9
112 Oct 164 Jan
*1212 1278 *1214 1234 1178 12
12
1214 12
12
3,100 Karstadt (Rudolph)
1112 Mar 17 1312 Jan 16
1078 Nov
134 Nov
*18
1834
1818 1818 *1712 183 .1713 18
18
18
6001Kaufmann
Dept
2012
Stores_312.50
18
Mar
Jan
1714
7
7
Dec 3718 Feb
2734 2734 2758 2938 28
28s 2713 2812 2712 2812 6,800 Kayser (J) Co v t e____No par 243
85lay 27 4113 Jan 2
30 Nov 5812 July
.
4212 45
*42
45 .42
45
*42
4934 .40
493
1Kelth-Albee-Orpheum _No par 21 Jan 8 45 Apr 23
154 Nov 46 Jan
•1284 149 .126 140 .126 140 *12512 140 *125 140
Preferred 7%
100 85 Jan 7 150 Apr 24
70 Nov 138
Jan
44 438
414 44
418 2,100 Kelly-Springfield T.re__No
4
418 414
414 414
par
618 Apr 10
Xs Jan 2
3. Dec 2378 Jan
*2618 30 .2618 30 .2618 30
*2512 30
25
2512
50 8% preferred
100
42
16
3
Jan
Jan
2012
24
Dec
*3518 50 .3518 50
917
8
Jan
.3518 50
3518 3518 .3518 ____
10 8% preferred
29 Jan 2 55 Jan 25
26 Dec 100 Feb
3512 3512 3458 35 .34
341
3212 2,900 KelseyllayesWheel____ No 100
3178 3312 32
par 221
59* May
Jan
3912
1858
/
4
3
Apr
11
Nov
24
25
2314 2414 2338 233
2314 2334 2212 2314 26,100 Kelvinator Corp
No par
1
4 Apr 25
6 Oct 194 Feb
711 Jan 2 26/
80
8258 *7858 83
*7853 83
7858 7858 *7853 8212
40 Kendall Co pref
No par 7858June 5 89 Mar 21
75 Nov 96 Feb
4714 49
4738 48
47
4734 464 4738 46
4673 58,600 Kennecott Copper
No
par
493
8 Nov 10478 Mar
624
414AlaY
*55
Feb
7
56
6
*55
56 .55
55
56
55
55
55
200 Kimberley-Clark
No par 49 Jan 7 69 Mar 31
454May 6714 Oct
40
404 .3912 40
40
40
401
40
40
4014 3,100 Kinney Co
No par 20 Jan 29 4012June 4
Nov 4413 July
214
90
90
*89
91
*89
91
90
90
.90
01
30 Preferred
100 86,8 Feb 26 97 Apr 17
458 478
80 Oct 10954 Mar
458 478
458 5
413 43
4'4 458 9,400 Holster Ratite Corp___No par
134 Jan 18
812 Apr 14
312 Dec 784 Jan
5434 554 544 55
5453 55
5473 55
544 544 17,8005'Kraft Cheese
No par 3818 Jan 6 5518June 2
27 Nov 764 Oct
•1107
_ 1104 11078 .11078 ____ 111 111 *11118
200 Preferred
100 98 Feb 6 111 June 5
31 8-317
95 Apr 10578 Oct
_- 8 3113 3118 31
314 3078 3118 304 31
8,200 Kresge (S 5) Co
10 2934May 6 3014 Jan 2
*58
28 Nov
6114 .5814 6012 *5634 8112 *57
5712 Mar
584 •5612 58,1
Kress Co
No par 55 May 5 70 Jan 24
834 Nov 114
32
3214 3178 324 3158 3178 3178 3214 23012
Jan
304 44,300 Kreuger & Toll
2334 Jan 2 354 Apr 10
33
3438 324 3312 33
2212 Nov
4653
Mar
3318 33
334 33
33
,
4
Kroger Grocery & Bkg_.Vo par 304 Apr 30 484 Jan 23
*24 2534 2413 2413 *24 2512 .24 26 .24 251 5,200
3814 Nov 12212 Jan
200 Logo Oil dr Transport__No VCR 2114 Jan 11 2618 Apr 7
2
9612 974 9,31, 97
1612 Nov
3838 June
9812 9714 9653 97,8 9411 9678 12,200 Lambert Co
No par 93 May 28 113 Apr 1
712 712
8018 Nov 15714 Mar
74 718 .7
712
64 7
*54 7
Lee Rubber vt Tire
1,900
No
par
814
3,358 3614 3618 3618 *35
Mar
Jan
11
25
2
5 Oct 25
Jan
37
36
36
*34
500 Lehigh Portland Cement-50 34 Jan 4 42 Apr 1
10812 10813 108 10818 .108 10812 10814 10814 1075 37
30 Nov 65 Feb
8 108
200 Preferred 7%
100 105 Jan 2 10812May 24 100 Nov 11034 May
104 1012 1012 1013 *104 11
1053 104 11
11
700 Lehigh Valley Coal____No par 10 May 29 1712 Afar 17
10 0
,
3".; 32
Oct
*2712 31
29
29 .2733 3012 .2738 294 29
29
200 Preferred
50 2814May 28 3712 Mar 19
274 2838 2512 26
31 Dec 404 July
2414 2512 2514 2712 274 2738
5.600
&
Lehn
Fink
No par 2414June 4 36 Apr 14
23
23
23
23
28
6812
Nov
23
Feb
23
23
2318 *23
25
1,900 Libby-Owera Glass
No par
1934 Jan 4 3112 Mar 20
107 107 *105 107 *10412 10612 105 105
17 Oct 43 Aug
10114 1044
500 Liggett & Myers Tobacoo___25 p9112 Feb 13 113/
1064 10712 10618 10078 106 10612 1054 10678 10118
1
4 Apr 1
8014 Nov 106
Oet
10514 28,200 Series B
25 0914 Feb 10 1144 Apr 1
*3312 3334 3313 3312 3318 3312 3278 33
80 Nov 10814 Oct
800 Lima Locomot Works__No par 3012June 6 4914 Feb 15
*41
4212 4112 4214 42
30 Nov 57l Joy
4214 .41
42 .
40
112 4
3
2
2
14
Co
Belt
Link
No
800
par
39
Jan 14 4533 Feb 21
7358 7412 7312 754 75
3758 Nov 61 Feb
78
7712 8053 75
79
17,000 Liquid Carbonic
No par 524 Jan 3 8178 Mar 28
894 9114 8858 9018 884 91
Oct 1134 Jan
40
8914 9212
44,100 Loew's Incorporated
No par 4218 Jan 2 9534May 14
11113 11238 11058 112
112 112
32
Oct 3412 Feb
11118 112,4 117
81 11.2
4
18
1111
9
Preferred
No
1,300
par 8558 Jan 17 1123211,no 3
9514 9514 9514 0514 9518 9533 9518 9512 9513 9512
Oct 11034 Jan
80
1,300 Preferred ex-warrantallo Dar 7858May 5 9612Alay 24
413 458
413 44
413 434
8034 Nov 95 Mar
412 458
438 412 2.600 Lot' . orporated
No par
318 Dee
313 Jan 27
6/
1
4 Feb 19
1112 *8
1112 .8
*8
1112 Apr
1113 .8
1112 *8
1112
r e-g Bell Lumber A,,.No par 9 May 28 1534
Mar 22
12 Dec 3212 Jan
694 6834 6934 673k 6938 6534
664 6833 68
6734 22,500 Loose-Wiles Biscuit
25
5012
Jan
4
7014
Apr
2
394
2412
Nov 8778 Sept
244
25
243
2438
8 2412 2358 2438 2253 24
Lorillard
17,700
25
164
938 10
Jan
2
284 Mar 3
1414 Oct 314 May
912 10
.933 978
9,4 94
938 94 2,200 Louisiana Oil
No par
8 Feb 28 12 Apr 2.8
7 Oct 18
.8018 9213 *804 9212 .804 90
Jan
8804 00
Preferred
100 84 Jan 7 8912 Feb • 80 Nov 1004 Feb
4418 4458 444 4473 4312 44,8
4413 45
4
*83"
Louisville
C&
4,200
El
A----No
493°11
Par 3814 Jan 18 514 Apr 25
28
3578 364 3558 364 3514 3578 3358 3512
Oct
724
Sept
3112 3438 13,700 Ludlum Steel
No par 28 May 5 4478 Mar 12
22 Nov 1034 July
485
90 .35
90
*8 5 90 .85
90
2
Preferred
Vs par 85 May 19 9934 Mar 18
76 Nov
18 June
2812 2878 *Ms 2912 *885
2813 2334 *281 29
29°34
900 MacAndrews & Forbes_No par 28 Feb 28 3934 Apr 3
304 Oct 46
6912 7134 7058 72
72
72
Jan
7058 71
7034 71
No pat) 6518Alay 8 8812 Afar 27
3,400 Mack Trucks Inc
551
/
4 Nov 1143 Feb
141 1414 13834 14017 137 1381, 1301s 117
1141, 11412 2.100 Macv Co
No nar 125 Slav 5 1594 Feb a 110 Nov 2551,
Ron*
•Bid and asked_prices; no sales on this days v E1-d1y.-Ex-r1811t
ai
New York Stock Record-Continued-Page 6
4020
For sales during the week of stocks not recorded here, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 31.
Monday.
June 2.
Tuesday.
June 3.
Wednesday. Thursday.
June 5.
June 4.
Friday.
June 6.
Sales
for
sh.
STOCKS
NEW YORK STOCK
EXCHANGE.
Week.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highoct.
Lowest.
PER SHARE
Range Jo, Pinions
Year 1929.
Highest.
Lowest.
Per Wire Per awl
Per share $ per share
$ per share $ per share Shares Indus. & Miseel.(Con.) Par
1112 Nov 24 Feb
1034May 8 1538June 6
13% 1538 17,700 Madison Sq Garden-__No par
1414 15
35 Nov 8212 Mar
700 Magma Copper
3214May 7 523* Jan 7
3514 3878 35
3518
6 Nov 39813 Jan
Mar
18
4
5
123
Mattison
par
pa
r
612May
(H
R)
o
20,800
& Co_No
N
1114 12
1114 12
3 Dec 26 Jan
8 Jan 29
334May 12
80 Manati Sugar
100
*4
41
4
4
8 Dec 50% Jan
197
Jan
28
220
50
Preferred
7
100
247
1514MaY
24%
25
25
Oct 3838 Mar
14
141
Mandel Bros
1334 Apr 12 15 Jan
15
*10
*10
15
1978 Nov 3714 Jan
2,200 Manh Eleo Supply-_.-No
No P
pa; 14 May 9 5518May 1
1512 16
1534 16
353 Jan
Dec
1914
Jan
10
1612June
5
2458
Manhattan
1,900
Shirt
25
1612 1658 *1614 161
30 Oct 897 May
par 397 Jan 2 55 Feb 28
1,600 Marlin-Rockwell
40
40
43
*40
Nov 104 May
19
Apr
9
Marmon
7
8
1714May
5
30
Motor
par
r
3,500
Car
N
No
18
18
18
/
1
4
18
Jan
18
212 Nov
6 May 19
200 Martin-Parry Corp__..No par
3 Jan 6
*434 5
*43
5
29 Oct 218 Feb
1,700 klathieson AIkaU WorksNo par 3712 Jan 2 5138 Mar 28
4414 4534 43% 44
Preferred
100 115 Jan 24 127 Apr 24 120 Jan 125 Jan
*12614
4512 Dec 10812 Jan
4:65 May Dept Stores
25 49 Jan 15 6138 Jan 31
5112 5112 50% 11-- -1538 Oct 2912 Aug
1818 Jan 2 23 Mar 26
No par
400 Maytag Co
1634 1718 1634 16%
2814 Dec 4914 July
7
Jan
2
4012
Apr
Preferred
par
2914
No
200
32
*31
32
*31
7512 Nov 9018 Jan
Pr
Prior preferred
No par 78 Jan 7 8412 Mar 26
7858
*75
7858 *75
Oct
3914 Dec 108
4038 Jan 14 50 Apr 1
par
"i(56 McCall Corp
44
44
*4312 44
74 Dec 113% Feb
A par 60 May 19 74 Jan 2
90 McCrory Stores class A N
*5912 63
60
60
1151
Fe?
Dec
70
16
Jan
70
Class
B
No par 60 Apr 10
*57% 67
*5712 67
86% Nov 120 Feb
100 Preferred
100 8912May 7 97 Mar 24
94
*93
93
93
Oct 48 Feb
30
McGraw-Hill Publica's No par 35 Jan 15 44 Apr 7
*36% 39
*3612 39
1212 Nov 231 Jan
Apr
23
McIntyre Porcupine Mines-5 1434 Jan 2 1912
*1834 1914 *1834 1914
54 Nov 82 Jan
49,400 McKeesport Tin Plate_No par 61 Jan 2 8912June 4
8938 8414 87
87
2115 Oct 59 Mar
2612 2678 267s 1,300 McKesson de Robbins_No par 25 May 5 3738 Apr 12
26
Oct 63 July
40
200 Preferred
50 4118 Mar 6 4914 Apr 8
*4114 43
*4114 43
Dee 59% Anil
1812
Jan
7
2014
May
5
14
McLellan
No
par
4,200
Stores
1414
15
15
.1434
Jan
Dec
72
261
,
16
Apr
8
42
Melville
par
3812 38
2814 Feb
Shoe
No
900
*38
38
9 Oct 341j Jan
par
1412June 6 2334 Mar 10
600 Mengel Co (The)
1412 15
15
15
Jan
94
Oct
693*
1
Apr
7
37
Mexican
i
Jan
18
a
16
Seaboa
44,900
011_
_
2810 30% 2758 29
20 Oct 6412 Mar
5 17 May 7 3378 Feb 6
rdCope
2112 2112 2,600 Miami
2112 22
44 Dec 12278 July
53 Jan 6 77 May 13
7478 74% 7212 73% 1,600 Michigan Steel
2218 Nov
397k Jan
Apr
7
33
24
Feb
Mid-Cont
2312
Petrol
6,000
2814
27% 2838 28
14 Nov
358 July
212 Mar 17
ro Mar 4
pp_aa-rr
112 2,400 Middle States 011 Corp N
c
N
to
o
ts..
1%
118
112
600 Midland Steel Prod
No Par =way 5 53 Feb 28
3512 3512
36
36
iiia
Mar
3
14
Dec
37
2
Apr
58
8
Jan
23
Miller
Rubber
59 Nov 12314 Sept
Minn-Honeywell Regu _No par 61 Jan 10 7634 Mar 19
ii34 ;a- 674
6734 ;i6"
8
;136- 865July
10
Oct
43
5
8
Apr
17
287
8
10
Jan
12%
Minn-Moline
M
e
par
r
o
e
p
9,000
line
Pow
ImpiN
N
No
O
2034 2114 19% 20%
2138 2238 2114 2112 2118 22
65 Nov 102 July
p
paar, 72 Jan 7 9214May 28
800 Preferred
*89
90
90
90
90
91
92
*91
92
1
4 mar
*91
35 Nov 80/
22 40 Jan 27
1818May
Mohawk
Carpet
Mills_Noo
N
800
2112
2114
*2112
22
*2112
22
22
213
4
2214 2214
47 Nov 8012 Oct
3,300 Monsanto Chem Wks_ -No Par 4838 Mar 15 6334 Apr 21
54
54
*S412 55
56
5614 56
56% 55
56
7
4238 Dec 15678 Jan
4514 88,150 Mont Ward &Co MCorp NoPar 3514 Mar 28 49 Jan 2
4512 4718 4514 4612 4514 4618 4414 4534 44
5 Oct
112 Oct
334 Jan 22 1612 Apr 2
10
1038 2,800 Moon Motor Car new _No par
1078 1078 1012 107
1012 101
1012 11
42 Oct813* Oct
100 Morrell (J) & Co
No par 58% Jan 7 72 Feb 5
*62
6212
62
6214 62
621 *62
621 *62
1 Mar
*62
Oct6
112
2
Jan
2
5
112May
112 112 5,200 Mother Lode Coalition_No Par
112 11
11
112
112 158
112 11
3/
1
4 Oct 3134 Aug
418 Jan 16 115a Apr 10
5% 5% 1,700 Moto Meter Gauge &MIN° par
558 578
578 57
*618 61
638
6
206
Mar
Nov
38
7
Apr
81
Fob
15
50
Motor
500
Products Corp-No Par
5718 581s
58
591
*58
60
60
60
63
*60
21 Nov 551 Aug
a
oorr 2612 Jan 2 34 Mar 19
No parr
900 Motor Wheel
27% 2712
2778 2778 *2712 273
27% 273
2738 271
Oct 817* Jan
10
Feb 14
20
1
4
2
Jan
127
8
Mullins
Mfg
500
Co
1612
1612
*1612
1718
1612
1612 1653
1612
1612 161
55 Dec 10214 Jan
57 May 12 647k Jan 31
Preferred
59
59 *____ 59
59
a---- 59
38 Nov 6184 May
46 Jan 3 531 Feb 10
100 Munsingwear Inc
*4712 49
*4712 49
*4712 49
421 4812 *4712 49
1478 Nov 10078 June
11
Apr
17
2514
Jan
18
par
8,900
MurrayBody
2058 217s
22% 2134 2218 2112 22
21% 2212 22
Oct 6712 Oct
30
25
4912Mar
arrr 3558 Jan 2
orE
NN000 aa
BC
Boros_ _ _N
*4734 4818 47 ' 477 *4512 4612 1,700 NashM yersmFotdz
48
46% 4814 48
40 Oct 11878 Jan
6
Jan
5812
5
3812klay
14,000
No
Par
3914
40
3912
40
4014
39
40%
41
3938
40%
Nov
417 July
1458
14
Feb
1678May
5
2614
National
1,600
Acme stamped ___ _10
1712 1778
18
1812 18
1812 1812 1812 *18
18
10 Dec 4814 May
11 Jan 13 3938 Apr 14
No Par
23
2314 1,300 Nat Air Transport
1
4 2434 243
25% 25% 2412 2514 2434 25/
Dec 71 Mar
9%
7
Apr
20
13
Jan
Nat
par
2:05r
95
8
No
5,500
Hellas
Heels
1314
143
137
8
1414
1414 14'2
1514 15% 1434 15
Stock
National Biscuit
177 Jan 2 22534 Mar 2/ 140 Nov 23684 Oct
654 Dec 73 Dee
71 Jan 2 93 May 29
i -9131-3 -1-3-6T4 918 -88i8 161-2 39,100 New
9118 1234 -4iExchange
59 Nov 14834 Mar
Nat
Cash
22,100
Register
A
w
I
6412
No Dar 5318May 5 8312 Feb 3
6114 6234
60% 6114 6012 6034 6012 6412 6112
38 Oct 8612 Aug
June
2
62
1
4 Jan 20
par 45/
6012 5912 6053 5838 5934 68,400 Nat Dairy Prod
25958 6078 60
6118 62
Closed
20 Dec 371 Mar
Feb 27
2412
26
May
Nat
19
par
ATO
300
Department
Stores
N
19
19
20
*19
20
*19
*19
20
19
19
Dec 96 June
89
27
90
Jan
4
Feb
lot
100
88
90
preferred
89
9012 *89
9012 89
*89
90
89
90
1889
Extra
15 Oct 58 June
1.800 Nat Distill Prod ctfs___No par 29 Jan 2 3912 Feb 6
33
3358 32
3512 3412 3412 3412 3412 23
35
2512 Dec 6214 Jan
Mar
1
3312
8June
6
Nat
Roam
241
&
200
Stamping_
-.100
2418
25
*2412
26
*25
2512
2512
2512 *20
*23
Holiday
Oa
National Lead
100 137 Jan 2 18912 Feb 7 12914 Nov 210
*14612 150 *14612 150 *14612 150 *14612 150 *14612 150
14112 Feb
190 Preferred A
100 138% Jan 3 143 May 13 138 Nov
140 140
140 141 *140 141 *140 144
*140 141
119 Apr 2 115 Oct12334 Apr
Jan
17
116
10
100
Preferred
B
1197
*118
*118
1197
8
118
118
*118
119%
*118 119%
23 Nov 7134 Aug
No Par 32 Jan 2 584 Apr 24
477 47,900 National Pr & Lt
477 488 4718 4918 46
4914 5038 47% 50
17 Jan
41 Jan 15
11 Dec
114 Jan 7
No par
100 National Radiator
214 21
*2/
1
4 2% *214 238 *214 238 *214 238
112 Dec41 Jan
Jan 15
11
2
Jan
4
par
200
Preferred
No
*414
514
*414 514 *414 51
*414 514
5
5
Jan
144
5
Nov
9812
Apr
7
124
16
May
101
60
500 Natlodal Supply
*117 11834 115 11858 11412 11412 *11012 11634 11234 11234
701
/
4 Dec 165 Feb
50 3012 Jan 7 9838 Mar 22
1,400 National Surety
*8312 85
84
8312 85
84
8714 8412 85
85
3118 Nov 9158 Mar
4
Feb
5
417
*
May
30
No
par
National
1,000
Tea
Co
32
3234 3234 3312 3112 3112 3112 3138 3012 3012
2314 Nov 6278 Mar
9,500 Nevada Consol Copper_No par 17 May 6 323* Jan 7
20
1934 2014 20
2012 2118 2014 2012 2014 2058
43 Mar 103 Sept
50 61 Jan 9 85 Mar 25
100 Newport Co class A
6978
64
*62
6978 *62
6978 64
6978 *64
*64
Dec 113 July
35
14
Apr
58
2
Jan
40
par
Newton
No
1,900
Steel
4714 48
4914 48
49
.50
5113 49
51
50
35% Oct 4934 Mar
No par 4018June 6 47 Feb 19
4134 404 41% 4018 4012 2,200 N Y Air Brake
4134 *41
*41
42
*41
33 Nov 58ss Feb
Apr 25
48
9
Jan
35
New
York
100
Dock
42
*38
*38
42
4214
4214 *38
*38
42
*38
8234 July 90 Apr
100 80 Feb 8 8812 Apr 24
Preferred
89
*85
89
*85
89
*85
8912 *85
89
*85
Jan
9312 Nov 103
240 NY Steam pref (6)____No par 100 Jan 2 104 May 13
10214 10214 103 103 *103 10314 103 10314
*10214 103
13 107 Nov 115 Aug
Mar
11612
5
Feb
1st
par
110
40
No
preferred
(7)
*1141
/
4
11434
1144 11434 *11414 11434
*11414 116 *11434 116
Sept
66%
Nov
1863
4
11
Apr
1327
8
18
39,600 North American Co__ No par 9338 Jan
12012 123
1258 129 212214 126
12512 127
126 128
48 Nov 5414 Jan
50 51 Jan 13 57 June 4
57
255
5512 5,512 5512 1,600 Preferred
5512 5513 5512 5534 56
98 Nov 10334 Jan
1,600 No Amer Edison pref__No par 10034 Jan 23 105 May 22
10418 10414 104 10412 10414 10414 10438 10438 10438 10412
4112 Dec 6414 Jan
45 Jan 7 55 May 14
700 North German Lloyd
5318
53
5218
5138
52
513
8
523
4
*51%
523
8
52%
4012 Dec 50 Mar
120 Northwestern Telegraph ___50 42 Jan 2 5018 Mar 14
46% 46% *4512 4534 4512 4534
4712 4712 4712 48
Mar
26
34 Ott
614 I eb
4
9
Jan
7s
GOO Norwalk Tire & Rubber-__-10
178 1%
134 134 *178 2
*134 2
11134 2
2 Dec
8 Feb
May
14
3
3
Feb
2
Nunnally Co (The)__--No Dar
*3
6
6
*3
6
*3
6
*3
*212 6
778 Dec 32 Jan
91 Jan 3 1514 Mar 21
900 011 Well Supply
25
*1034 12
1012 11
12
*11
1114 *1114 12
11
Jan
Apr
4
888
Dec
1061
Mar
10
93
86
760
91
100
Preferred
*90
90
90
91
9012 9112 9112 9112 90
8 Oct64% Apr
133* Jan 2 347 Apr 17
29% 2858 2934 2812 2914 9,300 Oilver Farm Equip___No par
29% 29
28% 2938 29
8 Apr
Oct69
3
46%
Apr
17
17
3
Jan
3118
par
1,800
Cons'
participating_No
40
4014
42
41
4012 4012 41
4010 4038 40
6412 Dec 99% May
700 Preferred A
No par 70 Jan 2 9034May 13
*8812 87
87
8718 87
87% 8758 87
88
88
888 Mar 31
2% Oct1078 Feb
234 Jan 3
518 5% 1,600 Omnibus Corp
553 55
No par
57
57
5% 5%
5% 5%
6
997
8
Apr
24
5018 Oct9534 Jan
Jan
63
800
pref
_100
96
98
Orpheum
Circuit, Ino
97
97
9778 98
9712 98
*9614 98
5
80
3
8
Mar
13
No par 6712May
721 7438 12,500 OW Elevator new
7514 7334 7434 7312 741 *12612
76
7618 74
.
20 Preferred
100 11818 Jan 23 12612June 2 HA -Oct 125 Jan
12612 12612 *12612 -12612 12612 *12612
2214 Nov 55 Oct
1,100 Otis Steel
No par 2938May 19 3878 Mar 31
30 "3-6
30
30
2912
2912
2912
2912
30
30
898 Nov 108 Feb
91 Jan 10 99 Apr 29
Prior
100
*92
9612
preferred
1192
9612
192
91518
9612
9612 *92
*92
s
Feb
7
43 Nov 8512 Bent
8
607
6014May
1,700
Co___25
Owens-Illinois
5214
Glass
52
5212 524
52
52% 5218 52
52
52
42 Nov 9834 Sept
9,600 Pacific, Gas & Elea
25 5218 Jan 2 7478 Mar 31
6818 6878 6712 687s 66% 675
68% 69% 6812 69
Jan 2 10778 Mar 28
581s Nov 14611 Sept
6,300
72
Pacific
Ltg
Corp
No
Par
973
4
953
4
97
963
4
9712 98
98% 9734 98
98
171 Nov 37 Apr
Feb
8
Jan
30
Pacific
21
50
Mills
100
2314 2314 *2314 24
24
2512 24
2512 1124
*24
Oct
___ Pacific Oil
1 Jan 2, 114 Jan 22
No par
n
13158 Nov 220
112 July
17
178
Feb
19
Mar
141
4
5
0
Pacific
--100
IliTelep
&
Teleg
•
142 1-43-1-2
14513 1-411-2 145 145 *1=-15r2144
Oct
100 Preferred
100 11612 Jan 6 145 Feb 21 11634 Jan 138
*12614 130
130
*12614
128
128
128
*12612
321 Sept
*12534 128
13 Nov
1538 Jan 18 2385 Mar 18
40,800 Packard Motor Car__ __No par
4
163
163
8
167
8
1612
ly
1718 17% 1634 17% 1634
4014 Feb 69 Aug
5612 5912 1,500 Pan-Amer Petr & Trans___60 5152 Feb 21 6414May 14
60
60
60
60
60
*59
60
60
4012 Feb 6914 Aug
50 5012 Jan 25 6712May 14
6312
62% 6314 6112 62% 6212 6338 6112
1512 Dec 21 Dec
2618 Mar 10
5
Pa
C
rm
1218May
6
4,100
0
l
ass
Transportala_No
par
elee
p
611'2
14
2
6
1
6
3
:
1
1
1412
1412 1478 14
15
15
1412 15
1514 Jan
3 Nov
4% Feb 14 1234May 14
1018 1034 1,900 Panhandle Prod & ref__No par
10% 11
11
11
11
Jan
471
11
1034 11
Feb 76
200 Preferred
100 4712 Jan 14 80 May 14
80
*72
80
7212 7218 7412 *72
Oct
*72
7412 *72
75%
Mar
31
Oct
7714
38
2
8
2
1
5
2
8
J
a
n
4
94,700
No
par
Paramount
Publlx
x8612 68%
Feb
43
8
137
Dec
3
6912 70% 694 704 6918 7058 6958 71%
Apr
7
31
1
212 212 3,400 Park Utah CM
212 212
253 238
258 234
1478 Jan
*234 2%
212 Dec
9 Apr 25
24 Jan 3
No Par
514 11,200 Pathe Exchange
5
53
514 514
5
518
5
412 Dec 30 Jan
514
5
5 Jan 2 1953 Apr 25
7,100 Class A
No par
10•4 1114 1012 11
11
1134 1078 1118 1012 11
2478 Oct 4734 Mar
3,600 Patin° Mines & Enterpr____20 1814May 1 327g Feb 5
20
20
20
194 20
2058 19
2138 21% 20
518 Oct 2212 Jan
618 Jan 7 14 Feb 3
50
7% 778 2,500 Peerless Motor Car
8
8
818
8
8
814
*814 838
22 Nov 6078 Sept
Penlck &
No par 2618 Jan 7 5538 Apr 10
5434 5014 53% 36,900 Penney Ford
5112 53% 5234 5414 x53
533
88 Nov 10514 Oct
52
Jan 22 80 Jan 3
625*
3,000
(J
C)
No
par
665
8
66%
33 Oct 97 Dee
6812 6753 67% 6634 6712 6612 671
67
100 Preferred
100 93 Jan 7 10058 Apr 26
Jan
*100 1001 100 100
312 Nov 27
*100 10012 *100 10012 noo 10018
618 Jan 4 12 Mar 8
500 Penn-Dixie Cement____No par
812 81
.84 9
912
9
912 912
2018 Nov 94 Jan
Mar 13
5512
Jan 2
Preferred
*812 912
3018
100
4518
*45
49
lit
*45
49
4404512
*45
Jan
49
*45
208
27
49
May
325
*45
17
100 230 Jan
306 31434 1,300 People's G L & C (Chic)
AJan
318 318 *308 315
18la Dec
318 31934 *313 320
No par 17% Apr 3 2134 Apr 30
300 Pet Milk
1912
191 *19
o t
75
973 May
31 Nov 28
3 Apr 7
1812 1812 *1812 1912 *19
1612 1912
6
44
Phelps
-Dodge
Corp
34141Vlay
2,400
25
37
3712 3612 373 23618 374
*3712 38
3712 38
Philadelphia Co (Pittsb)___50 22134 Jan 10 248 Apr 15 157% Apr
*210 250
54 Mar
4712 Nov
*225 245 *225 245 *225 250 *210 250
.50 5018 Jan 15 55 Mar 31
200 6% Preferred
5412
34 Jan
5418 *54
5414 *54
5412 54
*54
5458 *54
Phi%
& Read C & I__ --HO Par
113* Jan 17 2578May 23
34,500
8
2314
223
723314
223
4
233
4
8
4
243
233
11
2412
2412 24
24
84 Jan 8 1512 Mar
700 Phillip Morris & Co.. Ltd-10
1112 11%
May
19
9
511 NovNOoev1
18
Feb
1214 1134 1134 *1178 12
12% 12
27%
Phillips
Jones
*12
20
May
2
Corp___
_No
par
24
May
*20
96
Nov
24
*20
65
24
*20
24
11
Feb
*20
24
75
*2012
100 70 Feb 4
70 Phillips Jones met
7312
*70
70
7312 70
731s *70
7312 *70
*70
per share $ per share
per share $ per share
147
11% 1178 11% 1214 12
35% 35% *3514 3534
36
36
1014 1012 1012 1058 1014 1112
412
4% 4%
414 414 *4
25
2312 25% *2112 2612 25
15
•10
*12
15
*11
15
*1612 17
17
17
1818 17
1712
18
1712 1712 17
18
40
40
40
40
*41
43
19% 2012 1818 1912 184 18%
*434 5
478 5
*4% 514
46
4618 *4512 45% 4558 4538
_
*1261
*12612
*125
8 613
_- 4
--- 515452 -5218
52/
1
4 -6-3
*16% 173s *1658 1712 *1658 1712
32
31% 3134 3218 32% *31
7810
8018 *75
*75
8018 *78
4418
*4278 4414 *43
44
44
*5912 63
*5912 63
63
60
*5712 67
*5712 6118 *5V2 66
9412
9412 *93
9412 *93
*93
*3612 39
1136% 40
*3512 40
*184 1912 *1834 1914 *1834 1914
85
87% 8712 8912
85
83
2612 2612
27
2718 2714 27
4114 42% *4114 43
*4218 43
14% 1458 1412 1518 *1414 15
3812
38
*3812 39
*3812 40
15
15
15
1534 15
*15
303
3038 2918 30% 29
30
21% 21% 2178 22
2158 22
75
72
74
74
75
*74
2814 2812 27% 2814 277 2858
114 114 *114 112
114
114
37
37
37
3614 3718 *36
-dividend ind ex-rights, z Ea-dividend.
•Bid and asked prices no sales on this day. b Ex
y Ex-rights.
New York Stock Record-Continued-Page 7
4021
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 31.
Monday.
June 2.
$ per share $ Per hsose
38
3838
•15
52812 2714
158 134
*37
39
6
614
3134 3214
4414 4414
62 6214
•90 9473
*2034 21
22
2214
2712 2712
*65 6712
Bus 1212
46
481s
51
5134
914 912
*5314 58
7753 784
1038 1033
Tuesday.
June 3.
$ per share
3712 3818
*1412 1712
*2612 27
158
*38 40
61s 63s
3112 3134
4418 4438
"58 6214
90 90
2034 21
22
22
2712 2712
5115
8712
19
19
*4412 47
51
51
914 914
*55
57
76 7778
10
1034
Wednesday. Thursday.
June 5.
June 4.
Per share
3718 3814
1612 1612
*2612 27
11: 158
40 4214
614 612
3112 32
*4312 44
158113 62
9158
91
21
21
*22
2218
2713 2712
•85 8712
1734 18
4813 47
5034 51
914 914
*5414 57
78
7712
9
10
$ per share
374 38
1712 1712
"2612 2678
14 134
38
4034
618 61
3112 311
4334 4334
'58
61
"8718 95
21
21
2218 221
2712 2734
671
*65
174 18
4513 48
494 51
"914 94
*5414 58
781
75
913 913
Friday.
June 6.
Sales
for
the
Wail.
Per share
3634 3753
•18
18
"2813 27
112 112
*3558 38
618 638
3118 3118
*4334 44
'5813 62
*8718 95
2114
21
22
2218
27
2738
65 65
1812 1758
"4514 4578
4834 50
85s 9
•5414 5612
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares Indus.& Miscall.(Con.) Par
41,900 Phillips Petroleum----No par
300 Phoenix Hosiery
5
Pierce-Arrow Class A-No Par
6,400 Pierce Oil Corporation
25
1,300 Preferred
100
32,300 Pierce Petrorm
No par
1,400 Pillsbury Flour Mills_ _No par
1,200 Pirelli Co of Italy
200 Pittsburgh Coal of Pa----100
300 Preferred
100
1,000 Pittab Strew & Bolt__ _No par
2,400 Pittston Co
No Par
2,500 Poor & Co claw B
No par
500 Porto Elean-Am Tob cl A_100
2,700 Class B
No par
25
1,400 Prairie OH & Gas
25
10,000 Prairie Moe & Line
1,800 Pressed Steel Car
No par
Preferred
100
7418 7514 16,500 Procter & Gamble
No Par
918 2,600 Producers & Refiners Corp-50
9
Pro-pity-lac-tic Brush No par
11414 116
iiirs 11512 1128s 1-115i 1111 1-11- ititiis 1121-4 38.600 Pub
Ser Corp of N J-No par
112 11212 112 112 112 112
11218 11214 11214 11212 1,300 6% preferred
100
*12711 13214 130 131 *12834 -- •12834 131 '12834 131
400 7% preferred
100
156 158 5115534 15614 15534 15534 156 156
15614 15614
800 8% preferred
100
*10934 10978 10934 10954 10934 10978 110 110
10973 1097s
800 Pub Eery Eleo & Gas pref_100
7412 75
7378 73
7318 7378 73
,
8 7314 75
7353 15,000 Pullman, Inc
No par
2
218
112 pa 14,700 Punta Alegre Sugar
2
2
218
218
112 2
50
2234 23
2278 23
2234 23
2234 23
2234 2278 12,800 Pure 011 (The)
25
*113 114
113 113 1134 11312 11313 11312
114 114
130 8% preferred
100
7314 7312 72
7214 7058 72
7314 71
7012 7058 3.500 Purity Bakeries
52
4734 4978 602,500 Radio Corp of Amer---No par
534 5514 5118 534 5034 5238 49
*5512 56
*5512 57 *5512 57 "5512 57
*5513 57
Preferred
50
.8012 8184 *8012 81
81
8018 8034 1,400 Preferred B
8012 8012 80
No par
4234 4314 4178 4234 4134 43
39
4118 43
4114 170,600 Radio Keitlx-Orp ol A.-No par
40
404 4014 4158 4038 4114 394 4138 3858 3933 7,900 Raybeetos Manhattan.Nopar
53 54
5112 5113 4978 5034 50
51
52
5012 2,200 Real Silk Hosiery
10
*90
9612 *90 95 *90 95 '90
9812 '90
95
Preferred
100
34 312 1,800 Reis(Robt)& Co
318 318 *3
334
318
314 34
3
..No Par
*29
31
*25
*25
*27
*27
31
31
31
31
First preferred
100
3514 3814 3434 3512 3453 3512 3434 354 33312 3412 42,300 Remington-Rand
No par
*9914 9934 9918 9934 9914 9914 994 9913 *98
9912
800 First preferred
100
102 102
102 102
102 102 3101 101
102 102
220 Second preferred
100
1118 1118 11
1118 3,100 Reo Motor Car
1118 11
1118 11
1118 11
10
5458 5814 5718 5934 57
56
58
5812 5414 5658 27,600 Republic Steel Corp_ __ No par
95 95
95 951s 95 95
95
9518 95
95
3,800 Preferred cony 8%
100
*2212 2412 *2213 2412 152212 23 *2213 23 "224 23
Revere Copper & Brass No par
412 41
412 452,
414 45s
438 413 *414 458 1,700 Reynolds Spring
No par
5212 5178 5213 5178 5278 52
52
527s 514 5238 18,200 Reynolds(R J) Top class B_10
7312 70
*70
70 '70 734 "7112 7312 7112 711
70 Claas A
10
(
54213
*4234 4378 154234 4314
4318 84212 4318 *4212 4313
Rhine Westphalia Elea Pow__
2218 23
2233 22
22
2212 2178 2214 21
22
13,500 Richfield 011 of California-25
2118 2178 2078 2118 21
2112 21
2178 21
2153 8,300 Rio Grande 011
No par
47 47
1346
47 '46 47
4518 4558
46
47
800 Ritter Dental Mfg
No par
391s 397s *3812 3912 3938 394 3838 3918 38
3811 2,500 Rawls Insurance Co
10
Stock
5278 53
52
5258 53
5212 53
5278 524 523
8.500 Royal Dutch Co (N Y shares)
*43 44
424 424 4214 423
4314 4314 4212 43
1,300 Bt. Joseph Lead
10
Exchange
98 10012 98
9978 98 1004 98
9914 9334 983.1 11,100 Safeway Stores
No par
96
96
98
954 96
98
98
9812 98
96
100
400 Preferred (6)
Closed
109 109
10812 10812 10813 10812 108 109 *10812 109
200 Preferred (7)
100
2514 2512 2578 2573 2512 2812 2834 2878 *2612 2858 1,200 Savage Arms Corp____No par
Extra
878 914
9
958
838 834
9
812 834
93
6.300 Schulte Retail Stores-No par
•50 8434 *50 6434 5044 5014 *53
55
58
58
100
30 Preferred
lloliday
10
10
*10
101
1012 10
1012 •10
1012 •10
No par
500 Seagrave Corp
8734 893s 8712 8834 8614 8712 844 86
83
8438 16.600 Sears, Roebuck & Co_No par
1378 1378 "1312 1378 134 1312 •1338 14
1314 1333
500 Second Nat Investors No par
*701s 75 "7013 7358 '73 75 •7318 75
734 7333
200 Preferred
No par
2
2
2
2
2
*2
178 2
2
218
-No par
2.300 Seneca Copper
1012 1034 104 1012 1014 1012 1013 101
954 1014 20,800 Serval Inc
No par
47 48
453
4
4658 4712 46 4634 4534 4634 44
10.700 Shattuck (F GI)
No Par
*22
2378 *22
234 "25 2512 2334 2334 "2212 23
100 Sharon Steel Hoot:L.-No Par
184 214 2078 2118 2078 2078 1918 1918 19
20
No par
4,800 Sharp & Doleme
5913
80 80
5914 5914 5914 5914 59
5914 *58
800 Preferred
No pal
2058 214 2053 2118 22034 204 2012 21
2018 2038 20,200 Shell Union Oil
NO Par
"100 101
9978 99e
9978 100
10018 10012 100 10()
900 Preferred
100
2414 251
2434 2553 25 2534 24
244 22
233
8.100 Shubert Theatre Corp_No par
3653 371
383s 367s 3833 3738 364 364 34
3638 28,800 Simmons Co
No Par
2718 2718 2878 271
27
2853 2612 2678 3.200 Simms Petroleum
2814 27
10
2758 28
2714 2778 2734 2912 28
2914 2734 2834 97,800 Sinclair Cons 011 Corp_No par
"109 110 *109 110 *109 110
10978 110
109 110
1,500 Preferred
100
3638 363s 35
3412 3434 5,900 Skelly 011 Co
3578 3514 3614 3434 351
25
612 61
*818 812
64 64 *612 61
638 63s
400 Snider Packing
No par
"26
30 *26
30
30 *26
30 '26
30 *26
Preferred
No par
*11512 117 *11512 1163 11512 11834 *11312 1143 11312 11312
400 Solvay Am Inv Trust pref_100
*2113 22
2112 211
214 22
22
223s 2112 22
1,100 So Porto Rico Sug--No par
6614 8814 6533 8818 66 6614 65
651
6418 6534 5,400 Southern Calif Edlson
25
7
718
8
73s 9
814 81
814 814
8
2,400 Southern Dailies el B.-No par
"3818 40 .538114 40
*3818 40 *3813 40 *3818 40
Spalding Bros
No Pa
•110 113 *110 113 *110 113 *110 113 '110 113
Spalding Bros ist pref.-100
3413 35
3312 341
33
3314 3478 3412 351
3414 9,100 Bluing Chalfant &Co InoNo pa
9412 941
9314 9314 *9412 954 *9413 951 •9413 9514
20 Preferred
100
2612 271
2718 281
27
2514 2614 16,200 Sparks WIthIngton____No pa
2712 2818 271
2112 211
2112 211
211 *21
2112
2114 2112 21
600 Spencer Kellogg & Sons No pa
.2314 241
2314 2338 *2318 2314 234 231
23
23
600 Spicer Mfg Co
No pa
*4012 431 *4012 421 *4012 421
404 4012
4012 401
400 Preferred A
No pa
3358 36
34
353 *33
341
31
35 *33
3214 2.100 SP1ettel-May-Stern Co-No Pa
234 241
2313 237
2253 2314 32,200 Standard Brands
2353 2378 2314 233
No pa
121 121
121 121 *121 128 *121 128 15121 128
200 Preferred
No pa
*434 47
*434 47
434 43
*44 478
453 458
400 Stand Comm Tobacoo_No pa
11713 1191 11633 118
118 1181 11514 11858 114 1157s 14,700 Standard Gas & El Co_No pa
661
68
66
6838 *66 6814 6813 861
6814 6612
900 Preferred
50
*1012 11
1012 101
1014 1014 1014 101 *1014 1012
500 Stand Investing Corp-No pa
103 10338 10338 1031 10312 1031 10358 1031 10338 10338 3.400
Standard Oil Export pref_100
7014 711
7014 71
69
6918 71
7038 71
6913 14.400 Standard Oil of Cal--- _No pa
7953 8058 79 80
7612 781s 228.900 Standard 011 of New JerseY-2
7834 8014 7753 801
3658 37
3814 3714 3614 31378 354 367
3518 3534 31,500 Standard 011 of New York_25
114
114 11
114 114 1,000 Stand Plate Glass Co_No pa
Pa 114 '114 138
*33
4
34 37
378
*314 4
334 33
378 3714
50 Preferred
100
'6018 73 *6018 73 '6018 73 *8018 73
73
73
10 Stanley Co of Amerlea.No Pa
44
44
43 4438 4312 43,
4112 42
8 4213 421
1,200 Starrett Co (The L 8)__No pa
1714 1712 174 1714 17
17
17
17
1634 1878 5,100 Sterling Securities Cl A_No par
1358 14
14
14
1438 14
1358 137s 14
14
2,400 Preferred
20
4378 434 4418 45
4414 45 *44
45 *44
45
1,800 Convertible preferred
50
30
303
2914 3012 2914 2934 2853 2914 2818 2818 9,800
Stewart-Warn Sp Corp
10
99 10014 9712 9914 98 997s 98
954
mil
9938
Webster
No par
364 381
3818 3834 3512 3818 3558 357s 3514 3558 11,400 Stone & Corp (The) -No
par
*122 12233 51122 12238 122 122 '122 12233 "122 12233 4,100 Studeb'r
100
10 Preferred1514
58
68
38
58
12 1.400 Submarine Boat
53
58
-NO Par
854 851
*65 651
66 67
6814 671
6538 8538 1,200 Sun 011
_No par
*10412 1043 10412 1043 10412 1044 10413 1043 10412 10434
100
340 Preferred
714 712
738 71
718 71
712 75s
873 713 5,800 Superior 011
No par
224 2258 22
2212 23 152212 23
22 *2113 22
100
900 Superior Steel
12
1173 1218 12
1218 12
11
12
1178 114 2,000 Sweets Co of America
50
*312 41
4
41
4
4
4
*4
*313 412
No par
200 Symington
124 1218 1112 12
1218 131
1058 11
1112 1112
No Par
300 Class A
020
201
"19
20
2012
•1934 20
*1973
19
No par
19
500 TelautograPh Corp
14
1378 1414 14
1378 141 *137a 1414 1.300 Tenn CopP dc Chem-No par
*1413 143
5734 5814 5754 5838 5714 58 35658 6714 19,000
584 581
25
Texas Corporation
594 5958 5912 8012 594 6058 59
25912 597
5912 11,300 Texas Gulf Sulpbur___No par
1012 1034 1013 1053 1018 1038 10
1053 11
10
10
2,900 Texas Pacific Coal & 011
253
4
267
8
25
25
3
4
2612
2638 2678
2653 2412 2533 44,000 Texas Pao Land Trust
1
•ma and asked prices: no Ialaa.on this day.
s Ex-dividenlis. y Ex-rights,
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
$ per share
2918 Feb 17
1034 Mar 4
2112 Jan 13
1 Jan 4
2012 Jan 10
214 Jan 3
31 May 5
4334May 28
54 Apr 28
86 Apr 29
1753 Jan 22
2018 Feb 28
25 May 3
5934 Jan 14
12 Jan 10
45 Mar 6
4834June 6
772 Jan 2
52 Jan 2
5258 Jan 3
612 Feb 17
46 Jan 2
8111 Jan 2
10612 Jan 3
121 Jan 10
148 Jan 2
10714 Feb 5
73 Juno 5
112June 5
2118 Feb 25
11012May 6
88 May 5
343s Jan 29
53 Feb 4
68 Jan 24
19 Jan 2
33 Jan 4
431sMay 5
88 Jan 13
3 June 4
2712May 28
2558 Jan 2
92 Jan
95 Jan 4
1018May 5
5014May 5
95 Apr 22
22 May
4 Jan 10
49 May 5
70 Juno 3
41 Jan 7
2058Mar 5
1613 Feb 19
4434May 22
33 May 5
4914 Feb 20
4043day 3
88 May 2
94 Mar 28
10518 Jan 14
2412 Jan 17
414 Jan 2
35 Jan 2
954 Jan 24
79 May 5
912 Jan 2
5813 Jan 3
158May 8
778 Jan 13
3634 Jan 2
2214 Jan 18
17 Jan 2
64 Jan 2
2018May 5
9834May 19
85. Jan 2
34 June 6
227e Jan 22
2158 Feb 17
109 Jan 18
2878 Feb 18
513 Jan 2
2358 Jan 2
9513 Jan 6
2038May 17
5618 Jan 2
312 Jan 4
33 Jan 8
108 Jan 13
1973 Jan 2
92 Jan 20
131g Jan 18
2078 Feb 1
2112 Jan 2
3914 Jan 15
2934May 9
2112May 22
11712 Feb 3
458June 6
I0234May 5
64 Feb 6
10 Jan 2
98 Feb 8
5513 Feb 20
58 Feb 20
3114 Feb 19
14May 3
358 Apr 30
25 Jan 9
33 Jan 23
1018 Jan 8
12 Jan 2
3633 Jan 6
2533 Apr 28
77 Jan 22
354 Apr 30
116 Jan 21
512 Jan 4
53 Feb 20
10213 Jan 13
54 Feb 17
20 Jan 2
812 Jan 24
234 Jan 8
813 Jan 8
1558 Jan 25
13 Jan 3
507s Feb 24
5472 Jan 2
878 Mar 3
1338 Jan 2
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share
4434 Apr 30
2018 Apr 30
33 Apr 3
212 Mar 17
52 May 1
74 Apr 24
3734 Apr 11
507e Feb 27
7812 Jan 7
110 Jan 7
2278 Feb 18
2273 Apr 8
3433 Mar 18
7614 Mar 18
2714 Mar 10
54 Apr 1
8013 Feb 7
1653 Feb 18
7812 Feb 14
7878June 2
1178 Mar 17
55 Feb 27
12334 Apr 11
11212June 2
131 June 3
15812May 27
112 May 21
8918 ,Tan 3
812 Jan 17
2714 Apr 7
11414 Apr 8
8873 Feb 15
8938 Apr 24
57 Apr 21
85 Apr 2
50 Apr 24
5873 Apr 17
8473 Mar 28
100 Mar 29
57s Feb 3
37 Jan 28
4812 Apr 14
10078 Mar 28
102 Mar 10
1478 Mar 24
7912 Apr 16
9512May 5
30 Jan 3
713 Jan 29
5858 Mar 11
80 Jan 2
4558 Jan 21
2814 Mar 14
2554 Apt 7
5934 Feb 5
4834 Mar 3
5613 Apr 7
5714 Feb 6
12233 Jan 23
9978 Feb 7
10978 Mar 26
3134 Apr 2
1312 Jan 23
75 Jan 21
144 Mar 11
10053 Jan 31
23 Feb 17
8234 Mar 18
34 Jan 29
1312 Apr 25
52 Apr 21
3234 Feb 13
2734 Mar 10
6334 Mar 10
2512 Apr 7
10814 Apr 21
35 Apr 25
9472 Jan 2
37 Mar 24
32 Apr 7
11214 Apr 24
42 Apr 9
8 Jan 9
36114 Feb 24
12111 Apr 3
3034 Jan 16
72 Apr 14
9 Mar 3
45 Mar 17
113 Mar 15
3612 Mar 31
96 Jan 2
3012 Apr 10
25 Apr 15
3813 Feb 4
454 Mar 31
52 Feb 3
294 Feb 8
121 Juno 2
714 Feb 11
1291g Apr 15
67 May 28
154 Mar 27
10312May 17
75 Apr 25
8478 Apr 30
4033 Apr 28
3 Feb 19
1013 Mar 10
7313 Apr 23
4754 Apr 23
$ per share 8 Per shard
2414 Nov 47 Jan
1053 Oct 3758 Jan
18 Nov 3778 Jan
1
Oct
338 Mar
20 Oct 5112 Mae
572 Jan
12 Oct
30 Oct 6372 Jan
434 Oct 88 Aug
54 Nov 8334 Jan
8312 June 110 Oct
17 Dec 2712 Aug
2013 Mar 31
1434 Mar 31
48 Mar 18
47 Apr 5
11338 Apr 8
4714 Feb 6
125 Mar 18
lie Mar 31
70 Apr 7
10534 Feb 8
938May 12
2938 Mar 27
1578 Mar 28
7 Apr 23
1733 Apr 23
2614 Apr 7
17 Apr 10
6012May 1
8738 Mar 24
1411 Mar 18
112341 Mar 22
814 Nov 88 Sent
813 Nov 1572 July
31 Oct 5512 Sept
30 Oct 77 May
64 Nov 20112
3814 Nov 98 Jan
115 Nov 126 June
IS Oct
412 Mar
55 Dec 8638 Oct
100
@FedFRASER