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The
VOL. 132.
financial
SATURDAY, MARCH 14 1931.
Financial Chronicle
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The Financial Situation.
Conflicting influences and developments have
dominated the situation the present week, leaving
the outlook confused and the general feeling uncerthin and unsettled. There have been some decidedly
encouraging developments, but they have been offset
by others of the opposite nature. Early in the week
quite a number of large new bond issues were offered
on the market, and quickly gobbled up, and this,
following so closely the successes of last week when
$1,400,000,000 of United States obligations were
quickly oversubscribed and New York City had
similar success in placing $100,000,000 of long-term
securities, was hailed nearly everywhere as the
harbinger of better times to come, at least in the
bond market, an improvement in which is everywhere regarded as an indispensable prerequisite to
a revival of confidence in the financial markets generally, and through these markets a revival in general trade. It did not take long, however, to destroy
the illusion, a series of unfavorable influences coming along to nullify the good effects of the large new
bond flotations and the bright hopes that had been
built thereon.
NO. 3429.
Three of the principal new issues of the week
deserve special mention here by reason of their magnitude. As it happened, too, they were all offered on
the same day, namely, on Tuesday, Mar. 10. The
New York Central RR. Co. offered $75,000,000 of
refunding and improvement 4y2s; the Pennsylvania
came to mtirket with an issue of $50,000,000 of 4/
1
4%
bonds, and the Port of New York Authority placed
$66,000,000 of 4/
1
2% bonds. In the case of the two
railroad issues, subscription orders came pouring
in with such avidity that books were closed two
hours after the opening, while out of the $66,000,000
of Port of New York Authority bonds offered $55,000,000 were likewise placed on the same day. This,
it will be noticed, meant an aggregate of new bond
flotation in the case of these three issues alone of
$191,000,000. Other issues followed in rapid succession the rest of the week, and all apparently
found a ready market.
The next day, however—that is on Wednesday,—
there came disconcerting news in the action of the
New York Central RR. in reducing the dividend on
the outstanding capital stock of the company from
8% per annum to 6% per annum. This had the
immediate effect of causing a break in the stock
market, and it also had the effect, as the week progressed, of causing complete demoralization of the
bond markets, which easily stands as the most depressing feature of the week. Much had been made
recently of the steady recovery in bond prices which
occurred in January and February, following the
big break in the bond market in December, and now
all the good work in that respect was undone almost
in the twinkle of an eye through a most notable depredation in general bond values.
Additional significance attached to the action of
the New York Central RR. in cutting its dividend,
inasmuch as it came after similar reductions by
other railroads. Last week, for instance, as was
here pointed at the time, the Lehigh Valley RR.,
in declaring its quarterly dividend, reduced from
a basis of $3.50 a share per annum to $2.50 a share
(par value $50); the Chicago Rock Island & Pacific
reduced its quarterly dividend from an annual basis
of 7% to 5%, while the St. Louis-,San Francisco
deferred action altogether on the dividend on its
common shares. Somewhat earlier a few other railroads had in like manner reduced dividends or suspended them altogether. We say that these antecedent unfavorable moves on the part of other railroad companies invested the dividend reduction of
the New York Central RR. with additional significance. As a matter of fact, however, the cut by the
Central stands in a category all by itself. In the
public eye it carries a weight and significance all
its own. As was to be expected, it has produced the
1854
FINANCIAL CHRONICLE
deepest kind of impression in the financial markets—an impression beyond that which a similar
step by any other railroad concern could have produced. This is so because the New York Central is
looked upon as a premier railroad property, by
reason of its superb earning capacity and its financial strength, as well as the excellence of its management, its board of directors comprising some of the
most notable figures in the banking and railroad
world. When a board of such eminence and distinction finds it incumbent to lower its rate of distribution it may be taken for granted that the step was
imperative and that it was also the dictate of prudence, caution and conservatism. On that account
it has arrested attention, and will continue to arrest
attention as no other similar event in the railroad
World could have done.
The truth is, however,the reduction in the Central
dividend has been a foregone conclusion for some
time, and why anyone should feel surprised at the
action of the company, as has been the case in certain quarters, it is difficult to understand. During
1930 the railroads of the country suffered really
frightful losses in revenues as a result of the business
depression prevailing, and the New York Central
suffered its full share in the falling off. As compared with the calender year 1929, the Central's
gross earnings from railroad operations declined
in the huge sum of $111,090,276, and, though operating expenses were reduced in very substantial
fashion, the net income of the company fell off in
amount of no less than $41,346,930. This decrease
of $41,346,930 is equal to over 8% on the $500,000,000
stock, roughly, outstanding, the precise total of the
stock being #499,259,700. The result is that the
company earned only $7.21 per share in 1930 against
$16.70 per share in 1929.
The 1930 carnings per share were less than half
those of 1929. Moreover, the company failed to earn
the 8% per share which it has been paying, and in
times like the present it is pretty risky business to
pay out dividends in excess of current earnings.
Then, also, the end of the shrinkage in earnings is
not yet in sight. The figures for January of the
present year have recently made their appearance,
and from these it seems that gross earnings for the
month this year were almost $10,000,000 less than
in the same month last year, the amount the present
year having been only $33,820,786 against $43,139,671 in January last year, while net earnings
have diminished in amount of over $3,200,000, the
amount the present year, after the deduction of the
taxes, standing at only $3,118,380 as against
$6,324,615 in January 1930. It is thus evident that
the loss in revenues is still proceeding, and at the
present time the end is nowhere in sight.
The simple truth is that the railroads are in a
bad way, and the figures cited furnish evidence to
that end of a most unmistakable character. It is
time, too, that the fact be recognized and means
taken to improve the status of the roads. There is no
appreciation on the part of the community what it
means to let the railroads drift along in their present
condition. Even in the years of great prosperity the
'railroads of the country, speaking of them collectively, netted only a poor return on their investment,
and now their plight is pitiable. The New York
Central, the Pennsylvania, the Atchison, the Burlington & Quincy, and a few others have formed
exceptions to the rule, but now even these favored
[voi. 132.
systems are going the common way under the first
storm of adversity.
Something certainly must be done about it if
we are not to allow the country's whole railroad
system to go to rack and ruin, and this latter state,
everyone will admit, would mean ruin and disaster
for the country itself beyond even anything that is
being witnessed in the period of depression through
which the country is now passing. In the year 1930
the railroads of the United States netted a return
of only 3.36% on their property investment, and
even in 1929 they earned no more than 4.95% on
the capital invested in the operation of the roads.
In the month of January of the present year they
earned at the rate of only 2.28% per annum. We
repeat this is a situation that cannot be allowed
to continue if we would avoid the direst consequences.
But what is to be done about the matter? The
railroads have lost the greater part of their short
haul passenger traffic to the motor car and the
motor bps, and are in like manner now losing important portions of their short-haul freight traffic.
Their taxes are enormous and ever increasing, with
apparently no limit as to how high they may go.
The same issues of the daily papers in this city which
carried the announcement of the reduction in the
New York Central dividend contained on another
page the news that "the New York Central RR. was
the largest taxpayer in the city in 1930, it was
learned yesterday," so the statement ran, "when
William Reid, Jr., City Collector, announced that
the railroad had contributed $9,092,617.24 to the
municipal treasury." How many people stop to
think that this $9,092,617 is almost 2% on the entire
Central capital stock outstanding of $499,259,700?
The sum mentioned is what this great railroad system pays yearly in New York City alone.
With traffic and revenues falling off, as they have
been, reductions in expenses become an aboslute
necessity, and they will have to be cut a great deal
further than has already been done if insolvency is
to be averted. Economy and efficiency have been
carried to the farthermost limits, and there
appears to be little hope of further gain in that
direction.
Only one other means of relief seems to be open,
and that is a lowering of wage scales. Wages are
admittedly high in the railroad world, and the time
appears to be ripe for asking a concession on the
part of railroad labor in that respect for the common
salvation of all. There is nothing harsh or inequitable in such a request. Nor does a reduction in wage
scales involve a lowering of the standard of living—
the objection always urged against the suggestion.
The cost of living has very appreciably declined during the last 15 months. Nearly all retail prices are
very much lower. Accordingly, a given amount in
wages will buy considerably more than before. Railway unions—the big brotherhoods—will of course
oppose anything of the kind, but they ought in good
grace yield to the logic of necessity. The railway
brotherhoods are still getting war wages, there having been only one reduction from the peak figures
reached during the war period. But now, with the
price of everything else going down, no valid reason
can be assigned why railroad labor should not do
its part to bring about a restoration of business
activity, which is as essential for their existence as
it is for the country at large.
MAR. 14 1931.]
FINANCIAL CHRONICLE
Labor unions stand in their own light when they
oppose a policy of that kind. Labor unions in other
fields are pursuing a similar course of opposing decrease in wage scales, even though because of the
lowering of the cost of living it involves no hardship
to accept lower wage scales. In these private activities, however, the process of change is nevertheless
slowly going on. Take the case of the bricklayers,
for instance. The union scale for a bricklayer in
this city is 4112.60 a day. But now contractors are
finding no difficulty in hiring bricklayers at $8 a
day. What is more, labor leaders are winking at
this violation of the union scale. In the end, the
unions will bow to the inevitable and recognize existing conditions by making the union scale conform
to the actual facts. Thus, in private lines a readjustment of the inequalities between wages and other
things is already taking place. In the case of our
great transportation agencies, the railroads, no such
process of attrition is possible, and collective action
alone can accomplish the desired result
The railway unions must be made to see that by
their attitude they are obstructing the normal, the
inevitable, course of rectification, and in the end
are likely to suffer most by reason of their mistake.
Railroad managers should at once unite and take
steps to impress railroad employees with the idea
that out of a sense of duty they should act for the
common good and accept a moderate lowering of the
wage scale—at least, in proportion to the reduction
in the cost of living.
We have referred above to the collapse in the
bond market, which has been one of the conspicuous
features of the week following the news of the cut
in the New York Central dividend. There are sure
to be other reductions in railroad dividends, and
undoubtedly some suspensions of dividend payments
also. These dividend lapses are calculated to further weaken the bond market unless means be found
of lifting the railroads out of their dilemma through
co-operation on the part of employees in the way
indicated, with the view to restoring the credit of
the railroads generally, so that they can once more
borrow on advantageous terms.
With the general bond market continuing weak,
it will not be possible to repeat this week's experience of the New York Central and the Pennsylvania
with their large new loan issues. If the railroads
.do succeed in floating new issues, it will be at
s.teadily rising interest costs, thereby adding to the
.cost of operations instead of reducing them. We
have prepared the table below to show some of this
week's conspicuous declines in bonds. It will be
observed that in the case of some well-known issues
the decreases run as high as 4 to 6 points. Thus, St.
Louis-San Francisco 41/2s series A sold as low as
4 against 777
721/2, and closed yesterday at 731/
/
8 on
Friday of last week; the St. Louis-San Francisco
prior lien 4s got down to 813
/
4 and closed yesterday
at 82/
1
2 against 86/
1
4 on Friday of last week. New
York Chicago & St. Louis 4y2s series C sold down
to 88 yesterday and closed at 88/
1
4 against 921/
8
the close on Friday of last week; Missouri Pacific
general 4s dropped to 671/2 yesterday against 701/
8
the close on Friday of last week; Chic. Mil. St. Paul
2 yesterday, but closed
& Pac 5s series A touched 641/
1
2 on Friday of last week. Quite a
at 66 against 70/
number of other illustrations of the same kind
appear in the table which we now present
herewith:
1855
Closing
Price
Friday
Mar. 6.
rear:Rano.
Lowest.
Highest.
Closing
Prise
Friday
Mar.13.
Ches & Ohio ref 41113
1995 10134 9934 Jan. 13 10234 Jan. 20 100%
Chic Burl & Q ref 411s
1977 10234 100 Jan. 30 10354 Jan. 5 101%
1975
Chic Milw fit P & Pao 58
66
7034 6434 Mar. 13 76 Jan. 7
1949
89
8311 Mar. 12 93 Jan. 26
Chic & N W cond 41is
86%
9234 90 Mar. 12 95% Jan. 8
411 ser C
2037
91
1952
Chic Rock Isld & Pao 4116
9234 8911 Mar.12 95% Jan. 24 88931
87
8311 Mar. 12 9234 Jan. 23
Cony 411s
1960
84%
73 Mar. 12 8434 Jan. 21
1967
79
Erle ref & imp to
73%
78
7211 Mar. 12 84 Jan. 7
1975
74%
Ref & Imp be
92
90 Jan. 5 96 Jan. 16
1952
90%
III Cent col 4s
1979 a102 100% Mar.13 10434 Feb. 6 100%
Mich Cent ref & Imp 411s
1975
7034 6714 Mar. 13 75 Jan. 26
6711
Missouri Pacific gen 48
1949
94
531s ser A
9734 93 Jan. 2 101 Jan. 24
94% 93 Mar. 13 99 Jan. 9
1978
93
5s ser G
NYCbIo&StL434sserC.1978
9234 8734 Jan. 30 93 Feb. 20
88%
1943 b98% 9714 Mar. 10 9834 Feb. 25 e97%
Penn RR cons 4s
82%
St L& San Fran prior lien 4B-1950
8634 8134 Mar. 13 8911 Jan. 6
77% 7234 Mar. 12 86 Jan. 24
73%
1978
_1950 10034 97 Mar. 12 102 Jan. 6
97
Prior lien 58 ser 13
85%
StL& Elo West es
1989 18634 8534 Mar. 13 8611 Mar. 4
80 Mar. 13 80% Jan. 2
1978 c84
80
Wabash ref 411s ser C
9214
1946
9434 92 Feb. 9 97 Jan. 6
Western Pacific 156
a Mar.4. b Feb.25. c Mar. 2. d Mar.12. e Mar.10 f Mar.4. gMar.12.
It is to be hoped railroad employees will not fail
to heed the lesson which such a serious collapse in
the bond market, within the short space of A single
week, teaches and will by their co-operation undertake to bring the roads once more to a level of prosperity, rendering impossible hereafter the general market collapses which have been so frequent
of late.
Federal Reserve credit is now again going out in
increasing amount, not because the member banks
are increasing their borrowings at the Reserve institutions, but because the latter are putting it out
through their open market operations in the purchase of bankers' acceptances and United States
Government securities. During the week ending on
Wednesday night the member banks reduced their
borrowings at the Reserve institutions (as measured
by the discount holdings of the latter) from $190,576,000 to $172,550,000. On the other hand, the 12
Reserve Banks increased their holdings of acceptances from $100,555,000 to $151,402,000, while at
the same time they raised their holdings of United
States Government securities from $599,867,000 to
$604,704,000. The result altogether, therefore, is
that total bill and security holdings this week,representing the amount of Reserve credit afloat, are
$37,658,000 higher than a week ago, at $928,656,000
Mar. 11 against $890,998,000 Mar. 4. Federal Reserve notes in circulation fell during the week from
$1,459,837,000 to $1,445,855,000, while gold reserves
increased from $3,094,297,000 to $3,096,374,000.
Brokers' loans by the reporting member banks in
New York City now show very slight changes from
week to week, sometimes on one side of the account
and then on the other, with the grand total remaining all the time relatively small. This week there is
an increase again, namely,$29,000,000, the total having risen from $1,790,000,000 to $1,819,000,000. The
previous week there had been a decrease of
$8,000,000, while in the three weeks preceding there
had been each week an increase, the increase for the
three weeks combined having aggregated $82,000,000,
this, in turn, having followed a ,contraction of no
less than $1,506,000,000 in the 19 weeks preceding,
during which latter period there was an uninterrupted decrease, with the exception of one single
week in which there was a nominal increase. In the
distribution of the loans among the different categories the changes this time are at variance with
those in most of the preceding weeks for a long time
past. Loans for own account are smaller this week
at $1,236,000,000 as against $1,316,000,000 last week.
On the other hand, both the two classes of outside
loans, contrary to previous experience, have increased, the loans for account of out-of-town banks
1856
FINANCIAL CHRONICLE
ivou 132.
standing this week at $293,000,000 against $210,- to some large failures. Likewise, for the division
000,000 last week, and loans "for account of others" embracing manufacturers of cotton goods, the large
at $290,000,000 against $264,000,000.
failures swelled the indebtedness considerably, and
the same thing is true for printing and engraving.
Insolvencies in February were at the maximum For the latter, however, there were fewer defaults
for that month, and the liabilities were also very this year. Liabilities also increased for the clothing
heavy. There was naturally some reduction from division, and for that covering iron foundries, &c.
January,both in number and in the amount involved,
Most of the increase in the indebtedness in Februbut quite an increase appears in comparison with a ary of this year was due to the number of larger
year ago. Commercial failures in the United States defaults. There were 79 of the latter, for which
for the month just closed were 2,563 against 3,310 the indebtedness in each instance was $100,000 or
for January and 2,262 for February of last year. more, the total liabilities for these 79 failures being
The increase over February of last year was 13.3%; $29,567,462. In February of last year there were 75
for the preceding month the increase over January similar defaults, with liabilities of $25,596,445. The
1930 was 20.6%. Thus in that particular the show- increase this year over a year ago in the number of
ing was a little more favorable for February.
these larger defaults was wholly in the trading
In other respects, likewise, improvement appears division, it being more than doubled for that class
in the February return. Mercantile defaults in Feb- both in number and indebtedness.
ruary were less numerous than those for the preceding month, but the decline in February from January
The stock market this week. after last week's
of this year was greater, being 22.7%, whereas, a sharp decline, has been decidedly unsettled. On
year ago, the reduction in number for these two Saturday last and on Monday and Tuesday there
months was 18.0%. Fewer failures usually occur was quite a little manifestation of strength, with
in February, for one reason because of the shorter prices showing a rising tendency in the great mamonth, but then in January commercial defaults are jority of instances, but with the railroad share list
at the high point for the entire year. The figures for lagging, nevertheless. On Tuesday quite a stimulus
January of this year were a record for any month was given the railroad list by the great success
previously reported, and while for February they attending the flotation of three large offerings conwere in excess of any preceding February, there was sisting of $75,000;000 New York Central bonds and
an improvement, as shown above. Liabilities for a $50,000,000 Pennsylvania RR. issue, along with
January were also exceptionally high, but a con- $66,000,000 of the Port of New York Authority
siderable decrease is reported for the month just bonds. The appearance on that day, however, of
closed, the amount being $59,667,612 against $94,- the monthly statement of unfilled orders on the
608,212 for the preceding month,but comparing with books of the subsidiary corporations of the United
$51,326,365 in February 1930.
States Steel 'Corp., showing a falling off in such
An increase appears for all three divisions into orders for the second successive month, occasioned
which the insolvency record is divided, and for Feb- some weakness and had the effect of unsettling the
ruary the trading class again shows much the largest whole list again.
increase. The increase in January was wholly for
On Wednesday the market received a black eye
the trading class. There were 1,831 trading failures in the action of the New York Central RR.in reducfor the past month, with liabilities of $30,852,003; ing its dividend from 8% per annum to 6%,causing
583 manufacturing defaults, owing $25,303,533, and a renewed break in the railroad list and also demor149 failures of agents and brokers, for $3,452,079 of alizing the bond market, more particularly in the
indebtedness. In February of the preceding year case of the railroad issues, and the weakness in the
trading failures nunthered 1,605, involving $20,- railroad list dragged the whole market down both
908,939 of liabilities; manufacturing defaults 526 on that day and on Thursday, and likewise on Frifor $2/0,723,948, and agents and brokers 131 owing day. The weekly trade papers reported a further
$9,693,478. Ten of the 12 subdivisions into which slight increase in steel production, the steel mills
the trading classification is separated report larger now being reported as engaged to 55% of capacity
figures for February this year. These subdivisions as against 53% last week, and this served somewhat
include grocers, general stores, dry goods, shoes, as an offset to the falling off in the unfilled orders
furniture, hardware, drugs, jewelers, stationery, and of the U. S. Steel Corp. There have, however, been
books, and furs, hats and gloves.
other depressing influences;the price of copper again
The large clothing class in the trading division dropped lower, moving down from 101/
2c. a pound
reports a reduction in the number of defaults this to 10c., though in some instances with a recovery
year as compared with a year ago, but the liabilities later in the week to 10%c. The copper stocks natuthis year are very much heavier. That is also true rally were adversely affected by this lack of stability
of most of the other divisions among trading de- in the market price of the metal. The oil stocks
faults. Several large hotel failures added materially suffered more or less all 'through the week, because
to the indebtedness shown in that class for last of cuts in the price of oil and likewise in the price of
month over a year ago. Eight of the 14 leading gasoline.
classifications among manufacturing concerns conThere were other dividend reductions and other
tributed to the increase for that section. This was unfavorable income returns aside from those in the
mainly for the divisions embracing manufacturers railroad field, all of Which contributed towards unof clothing; for machinery and tools, for iron, and settling the market. The omission by the American
furs, hats, and gloves as well as leather lines, the International Corp. of the semi-annual dividend of
latter including shoe manufacturing, and for chemi- $1 in cash and 2% in stock was a depressing influcals. The lumber section shows a decrease in the ence. Among the poor income statements of the
'limber of defaults for February compared with a week were those of the Revere Copper & Brass Co.,
year ago, but the liabilities were very heavy owing which for 1930 showed a net income of $7,701 against
MAR. 14 1931.]
FINANCIAL CHRONICLE
$3,379,679 in 1929. The Colorado Fuel & Iron for
1930 showed net of only 41c.a common share against
$6.43 in 1929, and the Pittsburgh Plate Glass net
of only $2.19 a share in 1930 against $5.39 in 1929.
The Bank of America National Association and
Bancamerica-Blair Corp. declared quarterly dividendsaggregating 75/
1
2c.a share,placing the stock on
a $3 annual dividend basis against a previous basis
of $4.50. The call loan rate on the Stock Exchange
moved up on Monday from 11/2% to 2%, but on
Wednesday fell back again to 1/
1
2%.
Trading has been light. At the half-day session
on Saturday the sales on the New York Stock Exchange were 1,566,830 shares; on Monday they were
2,850,705 shares; on Tuesday, 3,241,210 shares; on
Wednesday,2,294,130 shares; on Thursday,2,489,792
shares, and on Friday, 2,378,475 shares. On the
New York Curb Exchange the sales on Saturday
were 284,600 shares; on Monday, 543,300 shares; on
Tuesday, 708,300 shares; on Wednesday, 481,300
shares; on Thursday, 430,600 shares, and on Friday,
414,400 shares.
As compared with Friday of last week, prices are
irregularly changed, some showing further declines
on top of last week's heavy losses, some showing
sharp recoveries, but the great majority only slight
changes one way or the other, with the railroad
stocks lower all around. General Electric closed
yesterday at 50% ex-div. against 50% on Friday of
last week; Warner Bros. Pictures at 13% against
12%; Elec. Power & Light at 55% against 5434;
United Corp. at 287
/
8 against 27%; Brooklyn Union
Gas at 123 against 121%; American Water Works
at 697
/8 against 71; North American at 83% against
84%; Pacific Gas & Elec. at 51% against 50%;
Standard Gas & Elec. at 82% against 82; Consolidated Gas of N. Y. at 1037
/
8 against 100; Columbia
Gas & Elec. at 41 against 41; International Harvester at 55% against 55; J. I. Case Threshing Machine at 1111/
8 against 1087
8; Sears, Roebuck & Co.
/
at 57 against 56; Montgomery Ward & Co. at 253
8
/
against 24%; Woolworth at 61% against 60%;Safeway Stores at 54 against 57; Western Union Telegraph at 135% against 133; American Tel. & Tel. at
193% ex-div. against 196; Int. Tel. & Tel. at 35%
against 33%; American Can at 1227
/8 against 120%;
United States Industrial Alcohol at 67% against
68%;Commercial Solvents at 19 against 19%;'Shattuck & Co. at 26% against 26%; Corn Products at
82% against 82, and Columbia Graphophone at 16%
against 137
/
8.
Allied Chemical & Dye closed yesterday at 152%
against 155 on Friday of last week; E. I. du Pont
de Nemours at 96% against 96 8; National Cash
Register at 33% against 35; International Nickel at
17% against 18; Timken Roller Bearing at 56%
against 53; Mack Trucks at 39% against 39%; Yellow Truck & Coach at 13% against 13; Johns-Manville at 72 against 68; Gillette Safety Razor at 32
against 29%; National Dairy Products at 46%
against 45%; National Bellas Hess at 81/
4 against
8%; Associated Dry Goods at 26 against 26; Texas
Gulf Sulphur at 521/
8 against 51%; American & Foreign Power at 44% against 43; General American
Tank Car at 68 ex-div. against 67%; Air Reduction
at 98% against 981/
8; United Gas Improvement at
35 against 32y8, and Columbian Carbon at 95%
8.
against 931/
In the steel shares, U. S. Steel closed yesterday
/8 against 144% on Friday of last week; Beth.
at 1437
1857
lehem Steel at 603
/
4 against 623
/
8; Vanadium at 663
4
against 66, and Republic Iron & Steel at 21 against
21%. General Motors closed yesterday at 43%
against 43 on Friday of last week; Chrysler at 23
against 22%; Nash Motors at 36% against 35;
Auburn Auto at 186% against 181%; Packard
Motor Car at 10 against 10%; Hudson Motor Car
at 21% against 21%, and Hupp Motors at 11%
against 11%. The rubber stocks are higher. Goodyear Tire & Rubber closed yesterday at 47% against
47 on Friday of last week; U. S. Rubber at 18%
against 151/
8, and the preferred at 331/
8 against 27.
The railroad stocks have been severely depressed.
Pennsylvania RR. closed yesterday at 59 against
59% on Friday of last week; Erie RR. at 31 against
33; New York Central at 113 against 117; Balti.
more & Ohio at 737
/8 against 76%; New Haven at
88% against 89%; Union Pacific at 189% against
194; 'Southern Pacific at 100 against 103%; Missouri-Kansas-Texas at 203
/
8 against 221/
8; Southern
Railway at 51% against 53; St. Louis-San Francisco
at 37% against 40%; Chesapeake & Ohio at 41%
against 421/
8; Northern Pacific at 52 against 54%,
and Great Northern at 62% against 66%.
The oil shares have again also been under pressure
owing to the cuts in the price of crude petroleum
and its products. Standard Oil of N. J. closed yesterday at 451/
8 against 46% on Friday of last week;
Standard Oil of Calif. at 45% against 45%; Simms
Petroleum at 8 against 8%;Skelly Oil at 8% against
8%; Atlantic Refining at 18% against 20; Texas
Corp. at 30% against 31%; Richfield Oil at 43
/
8 bid
against 4%; Phillips Petroleum at 11% against
11%; Standard Oil of N. Y. at 223
/
8 against 24, and
Pure Oil at 9 against 914.
The copper Shares are likewise lower, owing to the
renewed weakness in the price of the metal. Anaconda Copper closed yesterday at 37% against 39%
on Friday of last week; Kennecott Copper at
277
/8
against 28%; Calumet & Hecla at 9% bid against
10%; Calumet & Arizona at 40 bid against 41;
Granby Consolidated Copper at 19% against 20;
American Smelting & Refining at 50% against 52,
and U. S. Smelting & Refining at 24 against 22.
Stock markets in all the important European financial centers were extremely dull this week, with
price swings irregular and unimportant. Trading on
the exchanges at London, Paris and Berlin was confined largely to professional operators, as public interest was lacking. Developments in European
finance and industry showed no significant change
this week, while the expectation of a material improvement this spring also was continued. The
opinion is gaining ground, especially, that prices of
commodities are reaching bottom levels, and the
sharp upswing in silver bullion was encouraging
from this viewpoint. The numbers of unemployed in
the great industrial countries show no important
variations, but a drop is looked for when the agricultural season opens. There were, on the other hand,
a few special incidents which were not encouraging
to the British and French markets. Labor trouble
again threatened in the South Wales coal field this
week, on a question of wages. Miners were dissatisfied with the award of a conciliation board and
threatened to strike, but the decision was delayed
until later this month. The London market also was
perturbed by the illness of Chancellor of the Exchequer Snowden, which is considered especially unfor-
•
1858
FINANCIAL CHRONICLE
[VOL. 182.
tunate owing to the imminence of the budget presen- occasioned mainly by fears that the rise was too
tation. Mr. Snowden is to undergo an operation rapid, reports said. Trading in some of the steel
early next week. In the French market some tension and bank stocks was the heaviest of the year and
was caused Wednesday by the closing of three Par- most issues showed substantial gains at the close.
isian banks which are involved in the difficulties Although stocks were again higher on the Boerse at
of the Aero Postale Co. The banks that suspended the opening Wednesday, the best levels were not
and mapayments are the Credit Fonder du Bresil et maintained in most groups. Steel stocks
l and
electrica
the
but
l'Amerique du Sud,the Caisse Commerciale et Indus- chinery issues were favored,
and
setbacks
ble
considera
trielle de Paris and the Banque Bouilloux-LaFont potash groups suffered
Boerse
The
weak.
turned
also
shares
silk
Freres et Jay. The Credit Foncier issued a state- artificial
to
ment saying its suspension of payments would be was dull and irregular Thursday, owing partly
Liquidamarkets.
other
from
reports
ble
unfavora
only temporary.
The London Stock Exchange was inactive and gen- tion was heavy at times and most issues lost ground.
erally lower in the first session of the week. British An irregular trend developed on the Boerse
funds, home rail stocks and British industrial issues yesterday.
were all subjected to liquidation and virtually the
Terms of the naval agreement negotiated between
entire market turned soft. International stocks were
and Italy with the aid of British officials are
France
marked up in the early dealings, but the improveally in accord with the intimations given
substanti
ment was lost later on in most cases. Trends were
ely after announcement of the agreeout
immediat
the
uncertain in Tuesday's session at London, with
Feb. 28. Details of the settlement
made
was
ment
British
small.
volume of transactions again very
two Latin powers will limit their
Government issues moved up a little, but Indian whereunder the
ion programs were made public in
bonds declined. African gold stocks were the bright- naval construct
Rome last Wednesday. A joint
est feature, support coming into these issues on fa- London, Paris and
London by Foreign Secretary
in
issued
t
vorable output figures. British industrial stocks statemen
A. V. Alexander, First Lord
and
n
Henderso
Arthur
were soft and the international descriptions also lost
clear the results of the negomade
y,
of
the
Admiralt
ground. Further strength in British funds gave a
Italy in which the two
and
France
with
tiations
better tone to the market Wednesday. Home rails
•after
much preliminary
joined
s
Minister
British
list
l
industria
were lower, however, with the British
of
the
Craigie
Foreign Office.
L.
by
Robert
work
at
higher
were
stocks
indifferent. International
a
was
dum covt
memoran
statemen
the
d
to
Appende
Although
small.
were
the close, but the changes
t
signed
in
Paris
agreemen
the
of
British funds made further progress Thursday, the ering the bases
for
ly
naval
essential
French
provides
It
market was listless as a whole. Business was on a March 1.
Italy
acover
the
until
tons
150,000
of
ty
small scale and prices inclined to drop in most sec- superiori
the
e
these
In
meantim
1936.
31
Dec.
es
terminat
cord
tions. The British industrial list was depressed,
will construct substantially comparwith the exception of one or two bright spots, and two countries
about 130,000 to 135,000 tons each.
of
able
tonnages
funds
international issues also declined. British
France will have a fleet of 670,723
1936
of
At
the
end
Few
trading.
's
were slightly easier in yesterday
tons, including over-age vessels which do not affect
changes were recorded otherwise.
while Italy will have 441,256 tons
Trading on the Paris Bourse also was dull at the the London treaty,
over-age ships included.
opening Monday, with price variations slight. Re- with some
d consideration of the status of the
prolonge
After
ports from New York and London were considered
five leading naval powers, it apthe
by
accord
new
favorable, but these had no effect. Most stocks were
that it is mainly of Eurodecided
been
have
to
pears
heavy and in a few instances, such as Rio Tinto
ate to the London naval
subordin
and
.concern
pean
shares, declines were sizable. The Bourse was again
of the existing treaty
nce
Disturba
1930.
of
treaty
d
slowly
downwar
listless Tuesday and prices drifted
,
audit will thus prove
is
indicated
it
avoided,
be
will
just
rally
small
A
owing to sheer lack of interest.
the
slight
submit
to
alterations involved
ary
unnecess
the
of
all
not
but
part
before the closing wiped out
and
Italian
French
participation in the
in complete
losses. Announcement Wednesday of the suspension
to
the
treaty
United
States
Senate and the
London
of three French banks caused distinct weakness in
for
.
Diet
latory stateapproval
Congratu
Japanese
that session, all issues moving downward with the
of
n
the
t were issued
the
on
conclusio
agreemen
ments
exception of South African gold issues. Losses were
ton
by
t
week
last
Hoover and
Washing
Presiden
in
sharpest in the bank, utility, coal mining and steel
In
on the
further
y
Stimson.
comment
Secretar
greater
groups. The bank suspensions caused even
y
ranean
ay,
accord"
Secretar
"Mediter
Wednesd
were
There
declines on the Curb market in Paris.
d
e
it
vitally
that
expresse
does
confidenc
not
Stimson
being
trading
,
no dealings on the Bourse Thursday
trading alter any of the provisions of either the London or
suspended for the mid-Lent holiday. When
Washington treaties. Acceptance of the new accord
was resumed yesterday, most sections of the Bourse
by the Japanese Government was indicated in Tokio
were firm.
last Tuesday. An official message on the agreement
The Berlin Boerse was active and firm in the inisent to London on that date, Tokio dispatches
tial session of the week, owing partly to continued was
the general approval of the Japanese Cabimprovement in the exchange rate for marks. The said, and
d, although care was taken to set
expresse
was
inet
gilt-edged issues were in good demand, while equity
viewpoint that complications may
Japanese
the
forth
issues also showed substantial gains. Reichsbank
and Italian construction of new
French
from
arise
that
shares advanced six points as the belief spread
with relatively long lives, and from
the dividend rate this year will again be 12%. At capital ships
large submarine tonnage to France.
the opening Tuesday the Boerse was uneasy and allocation of a
t before the House of Commons in
many stocks dropped sharply, but confidence was In a statemen
Wednesday, A. V. Alexander, First Lord of
soon restored and the early losses were regained and London
admitted that it has shortcomings,
further advances registered. The initial drop was the Admiralty,
MAR. 14 1931.]
FINANCIAL CHRONICLE
but contended that it puts an end to competitive
building of all naval powers. "I think I should
say," he added,"that it may not be possible to insert
the new agreement into part 3 of the London naval
treaty until the results of the general disarmament
conference of 1932 are known."
The memorandum issued by the two British
Cabinet Ministers Wednesday sets forth that as
a result of.the recent negotiations in Paris and
Rome, complete agreement was reached on all
points. The terms of the settlement, however, were made dependent on the approval of
all the signatories of the London treaty. A slight
increase in the total tonnage of capital ships accorded to France and Italy under the Washington
Treaty will not in itself give rise to any new construction during the period of the agreement, it is
explained. The increase of 6,000 tons, to 181,000,
results mainly from technical considerations, and
concessions are to be made in return. It is further
indicated that the French and Italian Governments
"will reduce the calibre of guns on their projected
capital ships from 13 to 12 inches, and his Majesty's
Government in the United Kingdom will give the
French Government a written assurance that they
themselves favor a gun of a maximum calibre of 12
inches and a reduction in the existing maximum
displacement of 35,000 tons."
It is anticipated, the memorandum continues, that
France will possess in 1936 a large over-age tonnage
of 6-inch gun cruisers, but the temporary retention
of such tonnage confers on France no claim to its
ultimate replacement. In treating of submarines, it
is remarked that France has 81,989 tons of submarines built and building which will be under age
on Dec. 31 this year, and the French Government is
unwilling to rest on a lower figure. Both France
and Italy have agreed, however, not to include any
submarines in the 1931 program and not to lay down
any further submarine tonnage before 1933. The
submarine question will again be discussed at the
World Disarmament Conference next year, it is indicated, but if no settlement proves possible the right
of the British commonwealth of nations to increase
their destroyer figure under Article 21 of the London
naval treaty is specifically reserved. It is remarked,
finally, that the "French and Italian Governments
recognize the provisions of part three of the London
naval treaty in so far as they apply to members of
the British commonwealth of nations, the United
States of America and Japan, and accept in so far
as they are concerned those provisions which are of
general application and which do not conflict with
terms of the present arrangement."
An attached note on the bases of agreement deals
successively with the various classifications of naval
vessels. In the capital ship category it is remarked
that France and Italy may respectively complete
before Dec. 31 1936 two capital ships, the displacement of each of which will not exceed 23,333 tons
and gun calibre of which will not exceed 12 inches.
Completion of such ships is to be attended by scrapping in the case of France of ships in the Diderot
class, while Italy will scrap a total of 33,640 tons
of first-class over-age cruisers. In order to facilitate conclusion of the agreement, the total tonnage
of capital ships accorded to France and Italy is
increased from 175,000 to 181,000 tons. In aircraft
carriers, France and Italy may each complete 34,000
tons before Dec. 31 1936. Dealing specifically with
1859
the classes of vessels whose tonnage is regulated by
the treaty of London, it is remarked that France
and Italy will conform to certain rules in preparing
construction programs until Dec. 31 1936. No further construction of cruisers with guns of more than
6.1 inch calibre is to be undertaken after completion
of the 1930 programs. Tonnage of new cruisers with
guns of 6.1 inch calibre or less is not to exceed the
tonnage which is replaceable in this category before
Dec. 31 1936.
Turning next to destroyers, it is declared that for
the purpose of the arrangement members of the
British commonwealth of nations, and France and
Italy do not intend to undertake replacement before
Dec. 31 1936 of any destroyer which will be under
16 years of age on that date. Submarine construction is to be restricted to completion of the 1930
program and replacement of tonnage becoming overage after Dec. 31 1931. French submarine tonnage
may not exceed its present figure of 81,989 tons.
It is remarked here that members of the British
commonwealth of nations maintain that the figure
of 81,989 tons is too high in relation to their
destroyer figure -of 150,000 tons under the London
naval treaty, but no increase will be undertaken
through application of the escalator clause pending
general revision of the naval question at the 1932
World Conference.
Acting in rapid succession, the French and British
Parliaments completed within the past 10 days their
respective ratifications of the general arbitration
agreement adopted by the League of Nations Assembly on Sept. 26 1928, and the two nations thus
become the first of the great powers to accept the
General Act in its entirety. The French Senate
ratified the act unanimously Mar. 5, and as the
Chamber of Deputies had approved the agreement
previously this completed French ratification. This
action was taken at the specific request of Foreign
Minister Aristide Briand, who declared that "France
once more shows her willingness to make sacrifices
for peace, and the sincerity and good faith of
the
peace measures she desires to put into operation."
He referred to the French ratification as a "significant prelude to the general disarmament conference
next year, at which 60 nations will not fail to appreciate the importance of the French gestures."
The British House of Commons ratified the General Act last Monday without a division. The
measure was introduced by Foreign Secretary
Arthur Henderson, who declared that the arbitration agreement would make the Kellogg-Briand
treaty a living reality by completing the pacific
means of settling disputes between the countries
which have renounced war. Like his French colleague, Mr. Henderson also considered ratification
important in view of the coming general disarmament conference. "If that conference succeeds, the
future of constructive international co-operation
will be assured," he said, "but if it fails the consequences will be extremely grave." A motion opposing the act was introduced by Sir Austen Chamberlain, former Conservative Foreign Secretary, but
it was voted down by 221 to 139 votes, and ratification was voted without a further division. The
General Act constitutes a complete set of provisions
for conciliation, judicial settlement and arbitration
of international disputes. It was ratified previously, wholly or in part, by Belgium, Holland, Nor-
1860
FINANCIAL CHRONICLE
way, Sweden, Denmark, Czechoslovakia, Jugoslavia,
and Rumania. The French Senate also gave its
approval last week to the Geneva protocol amending
the statutes of the Permanent Court of International
Justice in accordance with the Root formula.
In a special communication, issued after the
regular monthly board meeting of the Bank for International Settlements, directors of that institution
re-affirmed last Monday the desirability of longterm lending by the important capital markets, as
against the prevailing tendency to engage mainly
in short-term operations. Similar statements have
been made on several previous occasions by Gates
W. McGarrah, President of the B.I. S., who pleaded
specifically for a resumption of long-term lending
to foreign borrowers by the French and American
markets. The directors now indicate that they are
prepared to take practical steps in that direction,
the first measure to consist of subscription by the
international institution to the bonds of the new
International Mortgage Bank, a private bank to be
founded in Basle by a group including American,
British, French, German, Swiss, and other banking
interests. It was indicated on the following day, a
Basle dispatch to the New York "Times" said, that
this action will not stand as an isolated gesture,
but will be merely the first concrete proof of a
definite change in the investment policy of the
B. I. S.
"The Board of Directors," the special communication said, "was unanimous in recognizing that one
of the fundamental prerequisites to the amelioration of general economic conditions is the re-opening
of the investment markets, with a view to facilitating
the conversion of short-term capital into long-term
capital and with a view to moving capital from
where it is not employed to markets where it is
required for desirable economic ends. The Board
is agreed that the Bank for International Settlements should foster and stimulate this objective,
and it is as a specific indication of its readiness to
encourage such movements of capital that the President has been authorized to subscribe to the bonds
of the International Mortgage Bank just founded
in Basle." It was remarked in the report to the
"Times" that the B. I. S. will subscribe only to a
small amount of the bonds of the new mortgage
bank, which are to be issued late this month for a
term of 15 years. "In admitting some long-term
investments, the B. I. S. has by no means abandoned
its policy of leaning backward to maintain its extreme liquidity," it was said. This encouragement
of long-term lending, moreover, was said to be far
short of what some of the bankers at the Basle
meeting considered desirable. The new mortgage
bank in which the B. I. S. will become an investor
will have for its primary aim the conversion of the
abundant short-term funds of France and Switzerland into long-term credits, chiefly to Germany.
Capital is $5,000,000, of which $1,000,000 has been
paid in. American participation will be chiefly
Securithrough Lee, Higginson & Co., and the Chase
ties Corp., it is said.
A new study of Russian affairs, which points
toward the formation of a sounder basis for trade
relations between the United States and Russia,
is to be undertaken by the State Department, according to disclosures made in Washington over the last
[Vol.. 132.
week-end. It was expressly denied by officials of
the State Department that the inquiry carries any
implication of a change in the American diplomatic
policy of non-recognition of the Soviet regime. The
decision to broaden the scope of the Department's
activities in this direction was due, dispatches said,
to the growing demands for embargoes on various
imports from Russia and the promulgation of Treasury rulings affecting trade with the 'Soviets. "Secretary Stimson, disposed to be sympathetic to the
promotion of trade, is now represented as being
willing to see some sort of arrangement worked
out by which commerce may continue on grounds
which will give some sense of certainty to those
participating in it," a Washington report of Monday
to the New York "Herald Tribune" said. Assurances
that no change in the official attitude of the United
States is contemplated were again given at the
White House Tuesday by a "Presidential spokesman." At the State Department it was said at the
same time that there is no special object behind
the contemplated study other than the desire of
Secretary Stimson to become thoroughly familiar
with the entire Russian problem.
This development follows several rulings issued
in February by the Treasury Department relating
to imports from Soviet Russia. Under the first ruling an embargo was placed on imports of pulpwood
and lumber from all exporting areas of Russia on
a finding that these products are not produced and
shipped entirely by free labor. The second ruling,
on manganese, was adverse to the plea of the American Manganese Producers' Association for an embargo on the Russian product owing to alleged
"dumping" on this market. The ruling on pulpwood
and lumber caused much interest in Russia,
especially because it placed on the importer the
burden of proof that the materials are produced by
free labor. Arrangements for a test shipment were
promptly made, and the Finnish steamer Anversoise
was dispatched from Leningrad for New York Mar.6
with a cargo of lumber consigned to the Amtorg
Trading Corp., the Soviet trade organization in the
United States. At the sixth All-Union Soviet Congress in Moscow, Premier Molotoff opened the proceedings last Sunday with a sharp attack on the
United States and other capitalistic countries. He
denounced the charges of dumping and forced labor
and warned of reprisals. "America must remember," be declared,"that the imports of the U. S. S. R.
depend upon its exports." Efforts are being made
by the Russians, meanwhile, to foster closer trade
relations with German commercial interests.
Substantial progress was made in India this week
toward placing in full effect the compromise agreement reached between Viceroy Lord Irwin and Mahatma Gandhi, whereunder the civil disobedience
campaign of the Indian Nationalists was discontinued. There were some party murmurings of
dissatisfaction regarding the compromise both in
India and England, but these did not assume the
proportions of a genuine threat to the agreement
which terminated a full year of peaceful defiance
of British authority by important sections of the
Indian peoples. News of the accord was received
with satisfaction by business men throughout India,
dispatches said, while Lancashire manufacturers in
England also welcomed the settlement. The AllIndia Nationalist Congress was active over the last
MAR. 14 1931.]
FINANCIAL CHRONICLE
1861
week-end in sending peremptory orders calling off table conference in the
autumn. He expressed the
the disobedience campaign. The local committees hope, however, that the
All-India Congress leaders
responded promptly, it was said. The Government and perhaps Mr.
Gandhi himself, will attend the
of India issued orders canceling three ordinances earlier meeting of the
Federal Relations Committee.
dealing with illegal assemblies, publication of news Viceroy Lord
Irwin has already been asked to
sheets and picketing, while preparations were arrange an early meeting
of this committee, he said.
promptly started for the release of prisoners confined on charges of non-violent disobedience. ApThe several military factions in Peru which
proximately 3,000 of the 25,000 political prisoners maneuvered
for control of the Lima Government
of India were realesed last Sunday and the authori- last week
reached an agreement Sunday for a reproties announced that a further 2,000 would be released sentative
regime under the Southern leader, Col.
forthwith. Mr. Gandhi addressed huge crowds of David
Samanez Ocampo, who assumed the prohis enthusiastic followers at New Delhi and Ahmeda- visional
Presidency Tuesday. The compromise
bad this week, and he also conferred with All-India ended
two weeks of political uncertainty during
Congress leaders regarding further steps in connec- which
Provisional President Luis M. Sanchez Cerro
tion with the new round table conference to be held was
deposed, to be followed by Ricardo Leoncio
on India. He urged especially that Hindus and Elias,
who also was forced to resign. Three military
Moslems unite on a common policy to be followed groups,
with respective headquarters at Lima, at
at the next gathering.
Arequipa in the South, and at Piura in the North
Indian extremists and radicals began last week a contend
ed for leadership, and a military struggle
campaign seeking to discredit the accord arranged
appeared possible for a time. This was avoided by
by Lord Irwin and Mahatma Gandhi, but no great negotia
tion, however, and a decision was reached to
progress attended such efforts. Some uncertainty
convoke general elections immediately and devise
regarding the attitude of the several British parlia- a
plan for a governmental system which would be
mentary parties was occasioned in England early
less overwhelmingly in favor of Lima. In the prothis week, however, when the reactionary Churchill
visional regime which is to function in the meantime
group among the Conservatives proclaimed measures the
Southern Junta receives not only the provisional
at a party meeting which appeared to be in oppopresidency but also two Cabinet posts, while Central
sition to any compromise. In the absence of the
Peru,the Northern district, the trans-Andean region,
party leader, Stanley Baldwin, the Indian com- the
army and the navy will each receive one Cabinet
mittee of the Conservatives adopted a resolution post.
Senor Sanchez Cerro, who headed the first
Monday welcoming "the decision of Mr. Baldwin of
the series of four military revolts that have
that the Conservative party cannot be represented occurre
d in Peru since last August, sailed for
at any further rould table conference to be held Europe
last Saturday, but he indicated that he
in India, as now foreshadowed by his Majesty's Gov- would
return for the presidential elections which
ernment." This action gave the first indication of are
expected to be called within the next few months.
any opposition among the Conservative leaders. Mr. The
Cabinet selected to serve with Provisional PresiBaldwin issued a clarifying statement Tuesday dent
Sam anez Ocampo follows:
which indicated that objections raised by him had
Minister of Foreign Affairs—Rafael Larco Herrera.
to do solely with procedure and did not mean any
Minister of War—Lieut.-Col. Gustavo Jimenez.
Minister of Navy and Aviation—Commander Frederic°
change in the party policy. The Conservative leader
Diaz Dulento.
Minister of Justice and Education—Jose Calves.
Minister of Police—Francisco Tamayo.
was especially anxious that the next round table conMinister of Public Works--Ulises Reategul Morey.
ference be held in England and not in India, it was
Minister of Finance—Manuel VineIli.
said. The earlier and erroneous impression of Mr.
Baldwin's attitude, when cabled to India, caused
Earthquakes in the Balkan countries and storms
much bitter comment among the Nationalist leaders and bitter
cold throughout most of Europe have
and the correction was welcomed.
occasioned much suffering in the past 10 days, as
Debate on the Indian question took place in the well
as widespread damage. The earthquakes
London House of Commons Thursday, and it was occurre
d late Mar. 6, but early reports were meager
quickly made clear by Mr. Baldwin that the official
owing to the disruption of communications. Full
position of the Conservative party remained unaccounts, sent out from Belgrade early this week,
changed. Co-operation of all political groups in
indicated that the towns of Strumitza, Valandovo
England on the Indian issue is essential, he declared. and
Udovo in Jugoslavia were almost completely
Wedgwood Bonn, Secretary of State for India, indestroyed by the tremors, while a dozen additional
formed the House that another Indian round table
towns in the surrounding countryside also suffered
conference will be held in England "at the
earliest heavily. Damage was confined largely to southern
practical date." Representatives of the Nationa
list Serbia, but some places within the Greek frontier
party of Mahatma Gandhi will be invited to partici- also
were in the earthquake zone. Estimates of the
pate in this meeting, he said. As soon as it is deterdead ranged as high as 700, but in most accounts the
mined when the Indian delegates are prepared
to figure was put at about 200. Some 10,000 were made
resume discussions, the work of the Federal Relahomeless,it was said, while property destruction was
tions Committee of the last round table conference
immense. Relief measures were hastily organized by
will again be taken up. "By this means, we hope, the
Belgrade Government, Bing Alexander taking
the whole problem will be ready for final discussion persona
l charge of the work. A heavy snowfall
early next autumn," Capitain Benn remarked. He blanketed
the entire Continent north of the Alps
endorsed the comments made by Mr. Baldwin, ex- this
week, and communications were further hamppressing the opinion that they would be read every- ered
by icy weather and severe storms. The Seine
where in India with relief and pleasure. Prime River
reached flood height early in the week and
Minister MacDonald confirmed late in the day that continu
ed to rise, causing fears that parts of Paris
the Government expecte-to convene the next round will again be inundat
ed. Great seas battered ship.
1862
FINANCIAL CHRONICLES
ping all along the British coast from the English
Channel to the Orkneys.
No changes occurred this week in the discount
rates of any of the European central banks. Rates
2% in Hungary, and Italy; 5%
1
are 6% in Spain; 5/
in Germany and Austria; 4% in Norway and Ireland; 31/2% in Denmark; 3% in England and
Sweden; 21/2% in Holland and Belgium, and 2% in
France and Switzerland. In the London open
market discounts for short bills yesterday were
2%@2 11/16% against 2 11/16% on Friday of last
week, and 2%70 for three months bills against
2 11/16% on Friday of last week. Money on call
4%. At Paris the open
/
in London yesterday was 13
and in Switzerland
4%,
/
13
at
remains
market rate
at 1%.
The Bank of England statement for the week
ended March 11 shows a slight loss in gold holdings
amounting to £32,853. Reserves, however, rose
£363,000 since note circulation contracted £395,000.
The total bullion now held by the bank is now £141,729,028 as compared with £152,622,838 a year ago.
Public deposits increased £930,000, while other
deposits decreased £7,281,165. Other deposits consist of bankers accounts and other accounts. The
former fell off £7,338,077 and the latter rose £56,912.
The reserve ratio is at 50.64% comparediwith 47.32%
a week ago and 59.36% a year ago. Loans on
government securities fell off £3,960,000 and those
on other securities £2,730,973, The latter include
discounts and advances and securities which decreased £1,400,415 and £1,330,558 respectively.
The discount rate remains 3%. Below we furnish
the various figures with comparisons for five years.
tvoL. 182.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as ofChanges
Mar.7 1931. Mar.8 1930. Mar.9 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings- - - _Inc. 159,140,207 56,082,737,848 42,753,011,108 34.023.887,557
11.476,024,679
6,959,689,365
Credit bale. abr'dDec. 50,000,000 6,954,887,397
French commercial
bills discounted.Deo.1946000.000 6,286,542,554 5,626,538,297 5,290,013,515
Bills bought abed_Ino. 50,000,000 19,329,347.609 18,715,678,942 18,297,156,939
Adv. agt. securs_Inc. 151,000.000 2.952,482,952 2,634,594,055 2,366,089,056
Note circulation—Dec. 559.000,000 78,388,949,540 70,373,157.180 63,414,800,320
Cred. curr. accts—Deo.965,000,000 23,337,342,848 15,576,485.212 18,838,815,049
The Bank of Germany in its statement for the
first week of March, reveals a loss in note circulation
of 283,160,000 marks. The total of circulation now
stands at 4,144,808,000 marks, in comparison with
4,480,231,000 marks the same time last year and
4,337,660,000 marks two years ago. Other daily
maturing obligations decreased 23,482,000 marks
while other liabilities went up 678,000 marks. The
asset side of the account shows increases in gold and
bullion of 285,000 marks, in reserve in foreign currency of 23,858,000 marks, in silver and other coin
of 5,737,000 marks, in notes on other German banks
of 11,069,000 marks and in other assets of 38,317,000
marks. Bills of exchange and checks, advances and
investments contracted 11,860,000 marks, 216,564,000 marks and 58,000 marks while deposits abroad
remain unchanged. Bullion now aggregates 2,285,393,000 marks, as compared with 2,462,149,000
marks last year and 2,682,829,000 marks the year
before. Below we furnish a comparison of the
various items for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Max. 7 1931. Mar. 7 1930. Mar. 7 1929.
Week.
Ream:arks. Retchsmarks. Retchsmarks.
Retchsmarks.
Assets—
285,000 2,285,393,000 2,462,149,000 2,682.829,000
Inc.
Gold and bullion
73,058.000
207,638,000 149,788,000
Of which depos. abr'd_ Unchanged
Ree've in for'n cum Ino. 23.858,000 189,424,000 301,792,000 127,938.000
1,770,509.000
2,043,111,000
1,933,180,000
11,860,000
Bills of exch.& checks.Deo.
Silver and other coin Inc. 5,737,000 166,163,000 138,446,000 113,260,000
17,140,000
12,243,000
21,257.000
Notes on oth.Ger. bke.Ino. 11.069,000
85,573.000 153,795,000
84,608,000
Dec. 216.564,000
Advances
93,136.000
93,246,000
58,000 102,264,000
Dec.
Investments
Ino. 38.317,000 549,833,000 516,814,000 506,095,000
Other assets
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1927.
1930.
1931.
LialdItttes—
Mar. 13.
Mar. 14.
Mar. 12.
Mar. 16.
Mar. 11.
Notes in circulation_ _Deo. 283,160,000 4,144,808,000 4.480,231,000 4,337,660.000
5
502,947,000
0th.
daily mat. oblig_Deo. 23,482,000 301,308,000 530.286,000
a350,327,000 350,457,635 355,004,507 134,402,250 136.706.105
Circulation
678,000 338,962,000 148,964,000 181,699,000
Inc.
liabilities
Other
11,933,957
9,770,395
8.987,199
19,183,864
8.757,000
Public deposits—
92.743,263 95,744,104 101,015,197 103,032,443 102,179,364
Other deposits
Bankers accounts 59,274,585 59,001,400 63,384,137
Other accounts._ 33,468,678 36,742,704 37,631,060
Governrn't securities 30.434.952 37,331,563 44,836.855 31,506,814 32,657,560
Other securities—. 37.947,359 23,530,114 29,326,701 56,982,388 73,230,664
7,959,833 12,517,418
Mot.& advances 9,238,678
28,708,681 15,570.281 16.809,283
Securities
Reserve note & coin 51,402,000 62.175,203 57,064,373 43,200,468 33,779,916
Coin and bullion —141,729,028 152,822,838 152.068,880 157,852,718 150,736,021
50.52%
38% 27 13-18%
59.36%
50.64%
Proportion of reserve
%
4%
534%
3%
5%
Bank rate
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
In its statement for the week ended Mar. 7, the
Bank of France reveals a further increase in gold
holdings, this time of 159,140,207 francs. The item
which now aggregates 56,082,737,848 francs is the
largest figure ever recorded in the history of the
bank. Gold last year amounted to 42,753,011,108
francs and the year before to 34,023,887,557 francs.
A decrease appears in credit balances abroad of 50,000,000francs and an increase in bills brought abroad
of 50,000,000 francs. French commercial bills discounted records a large decline, namely 1,946,000,000
francs. Note circulation contracted 559,000,000
francs, reducing the total of the item to 78,388,949,540 francs. Circulation a year ago stood at 70,373,157,180 francs and two years ago at 63,414,800,320 francs. Advances against securities show a
gain of 151,000,000 francs while creditor current
accounts fell off 965,000,000 francs. A comparison
of the various items for the past three years is given
below:
Money rates remained extremely easy in the New
York market this week. The very slight tightening
in the call money rate that occurred late last week
was carried over in the early sessions this week, but
funds were attracted in heavy volume by the modest
advance, and call funds again dropped to their
earlier level. The official rate for call loans on the
2% Monday, but withStock Exchange opened at 11/
drawals of about $30,000,000 by the banks occasioned an advance to 2% for new loans. Not all of
the funds offered at the latter figure were taken,
and an overflow occurred into the "Street" market,
where a rate of 11/2% was quoted. The official
figure Tuesday was 2% throughout, but "Street"
2%. Although re1
trades were freely done at 1/
newals were again 2% Wednesday, the official rate
2% for new loans, while in the
soon dropped to 11/
"Street" market some transactions were reported
at 1%. In the dealings Thursday and yesterday the
2% throughout, while accommo1
official figure was 1/
in the "Street" market at 1%.
available
dation was
stock and bond collateral
against
loans
Brokers'
advanced $26,000,000 in the week ended Wednesday
night, according to the tabulation of the Federal
Reserve Bank of New York. Gold movements for
the same weekly period consisted of imports of
83,180,000. There were no exports and no net
change in the stock of gold held earmarked for
foreign account.
1
MAR. 14 1931.]
FINANCIAL CHRONICLE
Dealing in detail with call loan rates on the Stock
Exchange from day to day, the renewal rate on
Monday, as noted above, was 11/2%, and from this
there was an advance on that day in the rate for
new loans. On Tuesday all loans were at 2%,including renewals. On Wednesday, after renewals had
again been effected at 2%,the rate fell back to 1/
1
2%,
and it remained at that figure the rest of the week.
In time money transactions are practically at a
standstill, very little business being done owing to
more satisfactory accommodation elsewhere. Quotations for 30-day accommodation have been entirely
eliminated. Quotations for other dates have been
each day 11/2@2% for 60 days, 2@)2y4% for 90-day
accommodations, 2@214% for four months, and
21/2@234% for five and six months. The market for
prime commercial paper has been very irregular the
present week, being at times very brisk, while at
other times practically no business was in sight.
Rates for choice names of four to six months'
maturity are 21/2@23
/
4%, while names less well
known are 23
/
4@3%.
1863
a week ago. Meanwhile the sterling rate on Paris
has moved up to new high ground and on Thursday
the London check rate on Paris was quoted at
124.16, so that the chances appear much brighter
for the Bank of England to secure the major portion
of open market gold next Tuesday, which has
apparently not been taken for forward French account. This week's open market gold arrivals in
London had already been taken for forward French
delivery, but on account of the upward movement of
sterling against francs, the French purchasers found
it more profitable to send this gold, amounting to
£863,380, to Brussels rather than to Paris. French
financial circles believe that the movement of
gold from London to Paris has about come to an end.
One reason for the firmness in sterling this week is
the movement of French funds to London because
of the higher interest rates prevailing there.
Cable advices from London indicate a much better
feeling there as regards the immediate future of
sterling. The changed outlook in India, and the
improvement in silver currencies, has been helpful
to the seasonal factors favoring higher sterling,
The market for prime bank acceptances has been although it is
admitted that the rate would be even
very quiet, and while there has been a good demand higher with
respect to the dollar at this season but
for prime bills, there has been only a very small for the hampering
influences of adverse world trade.
supply of satisfactory paper obtainable. Rates show According to
British Board of Trade estimates, comno change. The Reserve Banks increased their hold- parative returns
for 1930 with those of the preceding
ings of acceptances this week from $100,555,000 to two years show
that the final credit balance on cur$151,402,000. Their holdings of acceptances for for- rent accounts
has fallen by £99,000,000 from an estieign correspondents fell off from $462,261,000 to mated £138,000,0
00 in 1929 to £39,000,000. The
$460,945,000. The posted rates of the American major losses
which account for the reduction in the
Acceptance Council remain at 1%% bid and Ph% final credit
balance are attributable to the declines
asked for bills running 30 days, and also for 60 and in shipping income and in returns from
overseas in90 days; 134% bid and 1./
58% asked for 120 days, vestments. The net shipping receipts are
estimated
and 17
8% bid and 13
/
/
4% asked for 150 days and 180 to have dropped £25,000,000, while the returns
from
days. The Acceptance Council no longer gives the investments fell £35,000,00
0. Receipts from shortrates for call loans secured by acceptances. Open time interest and commissions also accounted for net
market rates for acceptances have also remained contraction of about £10,000,000. The President
unchanged, as follows:
of the Board of Trade, however,stated last week that
there are "small, hesitating and distant" signs of
SPOT DELIVERY.
..-180 Days-—160 Dave-—120 Day.—
the beginning of trade revival, although he added
Bid
Asked.
Bid. Asked.
Bid. Asked.
Prime rdigible bills
134
134
134
134
134
134 that the progress
may be disappointingly slow. This
—90 DOR-—60 Days—
—30 Days—
Md. Asked,
Bid. daed.
Bid. Asked. official
Prime eligible bills
caution and reticence is considered excusable
134 134
134
934
134
134
in view of past disappointments, but other unofficial
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
I% big
observers in London are becoming rather more posiEligible non-member banks
1j4 bid
tive in their predictions of business recovery.
There have been no changes this week in the redisThis week the Bank of England shows a loss in gold
count rates of the Federal Reserve Banks. The holdings of
£32,853, total bullion standing at £141,following is the schedule of rates now in effect for
729,028 compared with £152,622,838 a year ago and
the various classes of paper at the Reserve banks:
with the minimum of £150,000,000 recommended for
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL
CLASSES the Bank by the Cunliffe committee
. On Saturday
AND MATURITIES OF ELIGIBLE PAPER.
the Bank of England exported £4,000 in sovereigns.
Rate in Effect
Date
Prerions
On Monday the Bank exported £5,000 in sovereigns
!Meal Reim e Bank.
on Mar. 13.
Established.
Ras..
and
bought £87 in foreign gold coin. On Tuesday
Boston
Jan. 2 1931
H
3
NeNiPork
Dec. 24 1930
234
the Bank exported £30,000 in sovereigns and sold
Philadelphia
July 3 1930
a
ti
Cleveland
Do,
. 214 1930
314
Itiohmond
£1,747 in gold bars. As stated above, the bulk of
34
July 18 1930
a
Atlanta
Jan. 10 1931
334
the
UMW°
Jan. 10 1931
week's arrivals of £863,380 South African gold
334
St. Louie
Jan. 8 1931
334
MinnesPolit
on Tuesday was sold for forward French account,
Sept.12 1930
14
4
Kansas City
Aug. 15 1930
14
II
Dallas
ti
but because of the higher London rate on Paris, the
Sept. 9 1930
4
MAin Vranele00
Jan. 9 1931 I
314
French purchasers, according to London bullion
dealers, are reported to have disposed of the gold in
Sterling exchange, while dull, shows upon the Belgium. It
is understood that next weeks' open
whole, a firmer trend, due very largely to the advance market arrival of £867,723 gold has not been bought
of the season when exchange ordinarily turns in for forward French account and with spot and future
favor of London. The range this week has been franc rates well above the gold point, the market
from 4.85M to 4.85 13-16 for bankers' sight bills, hopes that the Bank of England will be able to
secure
compared with 4.853-i to 4.85% last week. The a large portion of the metal in the open market.
On
range for cable transfers has been from 4.85 23-32 Wednesday the Bank of England exported
£2,000
to 4.85 15-16, compared with 4.85 21-32 to 4.85 13-16 in sovereigns. On Thursday the Bank
released
1864
FINANCIAL CHRONICLE
£250,000 in sovereigns and exported £16,000 in sovereigns. On Friday the Bank exported £15,000
in sovereigns.
At the Port of New York the gold movement for
the week ended March 11, as reported by the Federal
Reserve Bank of New York, consisted of imports
of $3,180,000, of which $2,919,000 came from
Colombia and $251,000 chiefly from other Latin
American countries. There were no gold exports
and no change in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended March 11, as reported
by the Federal Reserve Bank of New York, was as
follows:
GOLD
MOVEMENT AT NEW YORK,MARCH 5-MARCH 11,INCL.
Imports.
$2,919,000 from Colombia
261,000 chiefly from other Latin
American countries
Exports.
None
$3,180,000 total
Net Change. in Gold Earmarked for Foreign Account.
None
The Reserve Bank's weekly report is as of the close
of business at 3 p. m. on Wednesday. On Thursday
the Federal Reserve Bank reported a decrease of
$3,000,000 in gold earmarked for foreign account.
During the week approximately $904,000 of gold
was received at San Francisco of which $600,000
came from Japan and $304,000 from China. The
Central Hanover Bank & Trust Co. announced that
the Banco de La Nacion Argentina had shipped a
consignment of $3,850,000 of gold on the S. S.
Western Prince, which sailed from Buenos Aires on
Monday.
Canadian exchange continues firm and ruled at
par on Saturday and Monday; on Tuesday it went
to a premium of 1-64 of 1%, at which rate it remained the rest of the week. With the approach
of the opening of navigation Canadian bankers are
feeling optimistic. According to present indications,
there should be an outward movement of gold from
New York to Montreal within the next few months.
Last year the export flow set in in July, although
the movement was looked for some time previous.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull and easy. Bankers' sight
was 4.853/
2@4.85%; cable transfers 4.85 23-32©
Monday exchange was quiet and slightly
On
4.853'.
The range was 4.85 9-16@4.85 13-16
tone.
in
firmer
for bankers' sight and 4.85 13-16 for cable transfers.
On Tuesday sterling was in demand. Bankers' sight
2@4.85%; cable transfers 4.85 25-32(4)
was 4.853/
4.85 13-16. On Wednesday sterling was firm. The
range was 4.85 9-16@4.85 11-16 for bankers' sight
bills and 4.85 13-16@4.85% for cable transfers. On
Thursday sterling was steady. The range was
4.85%@4.85% for bankers' sight bills and 4.85 27-32
@,4.85 15-16 for cable transfers. On Friday sterling
was easier; the range was 4.85 9-16@4.85 21-32 for
bankers' sight and 4.85 25-32@4.85 13-16 for cable
transfers. Closing quotations on Friday were 4.85%
for demand and 4.85 13-16 for cable transfers. Commercial sight bills finished at 4.853'; sixty-day bills
at 4.833/8; ninety-day bills at 4.82; documents for
payment (60 days) at 4.833,, and seven-day grain
bills at 4.85 3-16. Cotton and grain for payment
closed at 4.853/2.
[VOL. 132.
This week German marks have been a dominant
factor in the market, owing to exceptional firmness.
In Tuesday's trading marks were strong and moved
up to 23.823 for cable transfers, which equaled
the high of Dec. 31. Present average quotations
for mark exchange are the highest since the first
week in January. The improvement in the mark is
partly seasonal, but is no doubt due largely to the
fact that German funds have been returning from
other centres, particularly from Switzerland and
Holland, while other funds from these centres and
from Paris, London and New York seem to have
been going into Germany because of the higher
level of money rates prevailing there. The Reichsbank statement for the week ended March 7 showed
an increase of 285,000 marks in the gold reserve,
the total standing at 2,285,400,000 marks, as compared with 2,462,100,000 marks a year ago. French
francs have been under pressure both with respect
to the dollar and the hound sterling. Part of the
weakness in francs is attributed to the movement of
French funds to other markets on account of the
low money rates prevailing in Paris and the plethora
of unloanable funds. The weakness was somewhat
aggravated this week by the failure of three smaller
French banks in connection with the difficulties of
the Aero-Postale Co. While it is felt that the failures are due to a single cause and are not likely to
spread, some nervousness was felt in Paris lest the
failures be a forerunner of another heavy shifting
of French funds such as was witnessed last fall.
The foreign exchange market was but slightly interested in the loan arranged for Rumania in Paris,
which totaled 1,325,000,000 francs, approximately
$51,940,000. The coupons and principal are payable in Paris, London, New York, Berlin, Amsterdam, Zurich, Stockholm, Brussels, Vienna and
Prague. The American portion is believed to be
between $8,000,000 and $10,000,000. Exchange
on Bucharest is at all times quiet and of minor
importance in the New York market.
The London check rate on Paris closed at 124.13 on
Friday of this week, compared with 124.01 on Friday
of last week. In New York sight bills on the French
centre finished at 3.913, against 3.913/ a week ago;
cable transfers at 3.91%, against 3.915A, and commercial sight bills at 3.91 1-16, against 3.913t.
Antwerp belgas finished at 13.933. for checks and
at 13.94 for cable transfers, against 13.933 and
13.94. Final quotations for Berlin marks were
23.803 for bankers' sight bills and 23.80% for cable
transfers, in comparison with 23.763 and 23.773.
Italian lire closed at 5.23% for bankers' sight bills
and at 5.23 15-16 for cable transfers, against 5.23%
and 5.23 13-16. Austrian schillings closed at 14.05,
against 14.05; exchange on Czechoslovakia at 2.963/a,
against 2.96; on Bucharest at 0.59%, against 0.5914;
on Poland at 11.20, against 11.20, and on Finland
at 2.515
8, against 2.51%. Greek .exchange closed
/
at 1.293 for bankers' sight bills and at 1.293/i for
2.
cable transfers, against 1.293 and 1.293/
Exchange on the countries neutral during the war
shows rather mixed trends this week, though all the
neutral currencies are dull in the New York market
at present. It will be recalled that guilder exchange
has been showing marked ease for several weeks, but
this week exchange on Amsterdam developed a reExchange on the Continental countries is dull and verse tendency and moved up both in New York
irregular, with no definite trends thus far established. and in foreign markets. In Tuesday's trading guilder
MAR. 14 1931.]
FINANCIAL CHRONICLE
1865
cable transfers sold up to 40.101
/, which compared for cable transfers, against 8.25 and 8.30. Chilean
with closing quotations of 40.0834 on Friday of last exchange closed at 12 1-16 for bankers' sight bills
week. The relative firmness in the guilder seems to and at 123' for cable transfers, against 12 1-16 and
have arisen less from an active demand for the cur- 12313. Peru at 273, against 27.40.
rency than from a cessation of Dutch transfers to
other points. Holland's foreign trade returns for
Exchange on the Far Eastern countries so far as
1930 illustrate the effects of the lower price level the silver currencies are concerned, show decided
upon balance of payments. Dutch imports during improvement owing to higher levels for silver, but
1930 amounted to 2,418,000,000 florins, compared Japanese yen are inclined to ease. On Wednesday
with 2,752,000,000 florins in 1929, while exports silver moved up to 303'c. in New York and to
were valued at 1,719,000,000 florins against 1,989,- 13 15-16d. in London. Hongkong dollars and Shang000,000 florins, leaving a visible trade deficit of hai taels were prompt to register the improvement
699,000,000 florins compared with 763,000,000 florins in silver. Present silver prices are higher than at
in 1929. While the value of foreign trade showed any time since early in January. A record low level
substantial decline, quantity actually increased. of 25,3ic. was established here on Feb. 16. One
Thus, imports in 1930 amounted to 31,384,000 tons, reason for the silver price improvement is the truce
against 30,989,000 tons in 1929, while exports between the Indian Nationalists and the British
weighed 16,605,000 tons against 16,301,000 tons.
Government. On Monday Japanese yen dropped to
Spanish pesetas continue to develop firmness, as low as 49.38, bringing the exchange once more
owing to the apparent prospect of revalorization and definitely below the gold point for exports of gold
stabilization of the peseta at no distant date. An- from Japan to New York. It is not yet known
nouncement was made from Basle to the effect that whether the decline will result in gold shipments to
the Bank for International Settlements Board has any great amount. San Francisco reported on Monapproved the Spanish stabilization plans. General day that approximately $600,000 gold arrived from
uncertainty as to the rate at which the exchange is to Japan, but there was no word of fresh consignbe stabilized is probably the reason that pesetas ments. Japan has been losing gold steadily since
have not gone higher in view of knowledge that defi- the restoration of the gold standard more than a
nite action of some sort is being planned. Some year ago and has sent a total of approximately
time ago it was believed that the peseta would be $151,810,000 to this centre. Yen exchange may be
revalorized at around 40 to the pound, or the equiva- expected to remain fairly weak for some time, as
lent of $.12166. The present level, according to this this is the normal import season and the exchange
calculation, leaves plenty of room for appreciation of is receiving little help from the trade balance.
the peseta rate, but recent official statements have Closing quotations for yen checks yesterday were
been made that revalorization will be effected at a 49.35©493/, against 49.35(4)49 9-16. Hong Kong
2
level to be determined by the Spanish economic closed at 244@,25 1-16, against 234@,24 1-16;
index. The local market lacks a satisfactory ex- Shanghai at 323/
8@3234, against 30%@30%; Manila
planation for this index and is therefore proceding at 49%, against 49%; Singapore at 56 5-16@56 7-16,
cautiously. The Scandinavian, currencies are dis- against 56.25@.56 7-16; Bombay at 3634, against
playing an easier tone but this is due more to inactiv- 36 3-16, and Calcutta at 3634, against 36 3-16.
.
ity in trading than to any essential factors having a FOREIGN EXCHANGE RATES CERTIFIED By
FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
bearing upon these units.
MARCH 7 1931 TO MARCH 13 1931, INCLUSIVE.
Bankers' sight on Amsterdam finished on Friday
at 40.073/2, against 40.0734 on Friday of last week;
Noos Buying Raw for Can.* Transfers in New York.
Value Us Owned Stales Money.
and Monetary
cable transfers at 40.08, against 40.0834, and Conniff (AL
Mar.7. Mar.9. Mar.10. Mar.
.11. Mar.12. Mar.13.
commercial sight bills at 40.05, against 40.04
EUROPEI
I
g
$
II
I
Swiss francs closed at 19.24 for bankers' sight bills A ustrla.et
Illal1:g
.140465 .140488 .140575 .140542 .140539 .140553
Belgium,
139378 .139372 .139361 .139345 .139402 .139384
and at 19.243- for cable transfers, against 19.24 Bulgaria, ler
007175 .007175 .007175 .007165 .007166 .007169
Csewhoslorakia.
.029626 .029616 .029621 .029624 .029624 .029625
and 19.24%. Copenhagen checks finished at 26.74 Denmark. krone krone .267431 .287433 .267401 .267412 .267468
.267423
England, pound
marling
4.857281 .857708 4.857887 4.858281 4.858650 4.858025
and cable transfers at 26.75, against 26.733' and Finland,
.025182 .025178 .025176 .025173 .025176 .025175
markka
Emus,. trans
.039154 .039149 .039148 .039133 .039137 .039136
•
26.743/
2. Checks on Sweden closed at 26.7734, ome
Ge
r rmandy.ac
ehasmark .237755 .237959 .238120 .238107 .238049 .238013
sim
r rh
012947 .012951 .012949 .012941 .012947 .012947
and cable transfers at 26.7834, against 26.7734 and
400849 .400912 .400963 .400/199 .400885 .400810
.174448 .174428 .174448 .174343 .174390 .174373
Hungary. pengo
26.7834, while checks on Norway finished at 26.743/ Italy
lira
.052383 .052380 .052380 .052387 .052388 .052395
267458 .267458 .267427 .267461 .267520 .267488
and cable transfers at 26.75
against 26.74 and Norway, krone
y
.111977 .111954 .111972 .111996 .111897 .111959
Portugal. escudo
.044817 .044837 .044837 .044885 .044837
.044837
26.75. Spanish pesetas closed at 10.76 for bankers' Rumania.leu
.005949 .005951 .005951 .005944 .00)947 .005947
B9•111. peseta
.108669 .108611 .109411 .109393 .108571 .107331
sight bills and at 10.77 for cable transfers, com- Sweden,
krona
267733 .267726 .267666 .267700 .267750 .267765
Elw It seriand. franc... .192429 .192431 .192441 .192415 .192412 .192394
pared with 10.81 and 10.82.
YuAger
iA
la.017601 .017604 .017590 .017581 .017595 .017597
ela. dinar
111.111411(1. 111111(ler
P01111Id
SIDI
ChinaChefoo tadl
.321458
.330208
.336041 .331041 .332291
.315208
Exchange on the South American countries with Ban kow tadl
.310156 .317343 .325781 .330781 ,325781 .327031
Shanghai tael
.302500 .310178 .318928 .321785 .317500 .319583
tadl
319375 .325208 .333958 .339791 .334791 .337708
the exception of exchange on Buenos Aires is dull Tientsin
Bong Kong dollar__ .233541 .240535 .248392 .251785 .245357 .245535
Mexican dollar_ _ _ - .217916 .222812 .230312 .232812 .229375 .230312
and hesitant. Argentine pesos are in rather greater Tlentein
or Pelyang
dollar
.221666 .225833 .233333 .236666 .232500 .233333
demand and continue to display a firmer tendency. nxiiet
Yuan
niee
dpollar
.218333 .222500 .230000 .233333 .229166 .230000
359975 .360189 .360389 .360720 .360891 .360941
The firmness in the peso is due to growing confidence Japan. yen
.493564 .493518 .493596 .493606 .493671
.4910
38
Singapore
.560625 .560625 .560625 .560625 .560625
(5.6.)
dol
.560825
in business prospects in Argentina and is partly NORTH AMER.Canada.
1.000032 1.000050 1.000055 .999977
1.000009
dollar
.999986
due to the willingness of the Argentine Government Cuba, peso
1.000625 1.000500 1.000562 1.000500 1.000625 1.000562
Mexico, peso
.473333 .473000 .473633 .475066 .475400 .474666
to release gold from the conversion office to support Newfoundland. do .997500 .997500 .997531 .997531 .997500 .997500
SOUTH AMER.exchange in New York and London. Argentine Argentina.
Peso (gold) .755396 .760280 .778169 .789139 .791485 .790411
Brazil, m theta
082422 .081541 .080833 .080761 .081527 .081291
paper pesos closed at 34 7-16 for checks, against Chile, peso
.120560 .120560 .120552 .120556 .120736 .120689
Uruguay. Peso
.720783 .724596 .748685 .673329 .784953 .775173
965700 .965700 .965700 .965700 .965700 .965700
33 3-16 on Friday of last week and at 343/ for cable Colombia. peso
transfers, against 333/4. Brazilian milreis are nomiThe following table indicates the amount of bullion
nally quoted 8.20 for bankers' sight bills and 8.25 in the principal European banks:
•
FINANCIAL CHRONICLE
1866
March 13 1930.
March 12 1931.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
152,622.838
141.729.028152,622.83
England._ 141,729,028
342,024,088
(d)
d
448,661,902342.024,08
France a-- 448,661,902
994,600118,612.650
c994,60 104,882,3 115.618,05
Germany b 103,887,750
Spain ---- 96,625,000 28,379,0II 125,004,00 100,684,IS' 28.372,000 129,056,000
56.130,000
57.309,000 56.130,00
57,309,000
Italy
36.416.000
Netherl'ds. 37,170,000 2,607,III 39,777,000 38,416,III
1,289,000, 34,969.000
40,462,000 33,680,00
Nat'l Belg. 40,462,000
817.000 23,255,000
25,718,000 22,438,000
Switzeri'd_ 25,718,000
13,553,000
13,350,000 13,553,00
Sweden-- 13,350,00
398,01 1 9,971,000
9,573,00
Denmark _ 9,547,000
9,547,
8.145,000
8345.
8.134,0
Norway _ - 8,134,000
Total week 982,593,680 31,980,600 1014574280890,883,97 31.870,600 922,754,576
Prey. week931,342,962 31.882.600 1013225562890,480,018 31.902.600922,382.618
a Theso are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £10,331,900. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
British Labor Carries On—Indian Reform
and the Naval Agreement.
"I am not sure what would happen if this Government were deposed," Prime Minister Ramsay MacDonald was quoted as saying in an address on Tuesday,"but it is perfectly true that what has happened
in international affairs during the last 20 months
would not have happened had any other Government
been in office. There is a confidence reposed in the
Labor Government which is not reposed in any other
Government in foreign nations. They assume Labor
will do something straight. When our Indian friends
came to the conference they were full of suspicion.
They discovered the Government and other representatives did believe What they said. In the end the
conference became a co-operation of all sorts and
conditions of men." Mr. MacDonald is a confirmed
optimist, and his praise of the Government over
which he presides may have seemed a little exaggerated when read in other European capitals. It
is precisely in the fields of foreign affairs and India,
however, that the Labor Government has most to its
credit, and its successes in those directions have undoubtedly helped it to tide over some difficult and
precarious situations at home, and kept it in office
notwithstanding repeated attempts to unseat it.
The compromise which was reached on March 3
between Lord Irwin, Viceroy of India, and Mahatma
Gandhi is a typical illustration of the success with
which acute disagreements within the empire have
more than once been adjusted. In an agreement of
mutual concession, it was agreed that the campaign
of civil disobedience which for many months had
been distracting India should cease, that the thousands of political prisoners should be released, and
that the property of Indians which had been taken
over by the Government should be restored save
where valid transfers had been made to third parties.
The financial condition of the country made it impossible to make "substantial modifications" in the
salt tax, but the manufacture of salt in villages
"Immediately adjoining areas where salt can be collected or made" is to be permitted, with the privilege of selling the salt for domestic consumption in
such villages but not for sale or trading with persons
elsewhere. The way was thus paved for the participation of representatives of the All-India Congress,
the Nationalist organization, in further discussions
of the proposals for constitutional reform announced
at London on Jan. 19. It is still, perhaps, a question
whether Mr. Gandhi can completely control his followers, but the enthusiastic receptions which have
been accorded him as he has moved about the country would seem to indicate a widespread satisfaction
with the compromise that has been reached. There
will be further assurance of Nationalist acqui-
[vol.. 132.
escence if Mr. Gandhi accepts the invitation which
has been extended to him to attend in person a new
conference at London.
The reaction in England to the publication of the
terms of the agreement showed, as was to be expected, some difference of opinion regarding the
merits and wisdom of what had been done. The announcement in the House of Commons was greeted
with cheers from Labor and Liberal members, and
Mr.Lloyd George,the Liberal leader, associated himself with the congratulations tendered to Lord Irwin.
The Conservatives, notwithstanding Mr. Stanley
Baldwin's approval of the results of the Round Table
Conference, were less cordial, and on Monday the
country was surprised to learn that a meeting of the
Conservative party had welcomed "the decision of
Mr. Baldwin that the Conservative party cannot be
represented at any further Round Table Conference
to be held in India." The resolution appears to have
been the work of Winston Churchill, who had already
arrayed himself in bitter opposition to the India program and was believed to be using the situation to
try to dislodge Mr. Baldwin from the leadership of
the Conservative party. It was explained on Tuesday that Mr. Baldwin, while adhering to his original
approval of the Round Table agreement, regarded
the holding of an early conference in India as unwise, and that the pronouncement related only to
that. The significance of Mr. Churchill's attack did
not lie in any clear desire on the part of the Conservatives to make him the party leader, but in the
fact that revolt on the India question had been added
to the attacks which Mr. Baldwin has had to meet
from Lord Rothermere and Lord Beaverbrook with
their demand for empire free trade. The possibility
of a party split, however, which for some days had
seemed imminent, was apparently banished on
Thursday when Mr. Baldwin,speaking in the House,
made a spirited reaffirmation of his original position
and challenged the Conservatives to depose him as
leader if they were not satisfied.
The publication on Wednesday, after long delay,
of a memorandum setting forth the terms of the
Franco-Italian naval agreement confirms, in the
main, the forecasts that have been made of the details of the accord, and at the same time raises some
questions. The memorandum shows, as was suspected, that France comes out very well in the agreement, in that it retains substantially the amount of
excess tonnage in comparison with Italy that it has
all along demanded, and that the tonnage allowances
in the various categories of vessels will not materially diminish, if they do not materially increase,
its naval strength. The important feature of the
agreement is the abandonment of direct competitive
building by the two Powers, and the temporary laying aside of the issue of parity. The memorandum
makes it clear, on the other hand, that the tonnage
arrangement establishes no precedent for the relative naval strength of the two Powers after 1936,
and that the whole accord will come up for reconsideration at the disarmament conference next year.
What has been done, in other words, is to make a
temporary agreement which will enable France and
Italy to go into the disarmament conference without being at the time engaged in an out and out naval
armament race. Moreover, the agreement does not
leave Great Britain in a position where it cannot
invoke the escalator clause of the London treaty,
although it is announced that the clause will not
MAR. 14 1931.]
FINANCIAL CHRONICLE
be availed of pending a general revision of the naval
question in 1932.
While it was believed that the United States and
Japan would offer no objections to the agreement,it
seems more likely that the agreement will stand as
a three-Power undertaking, without formal incorporation in the London treaty. Secretary of State
Stimson was quoted on Friday as seeing no reason
why the United States should sign the pact. The
attack which Mr. Baldwin made upon the British
naval estimates on Mar. 6 has not yet revealed any
general opposition to the principles of the accord.
The British naval budget for 1931 calls for an
aggregate expenditure of over $258,000,000, or
$1,711,000 less than last year. Mr. Baldwin, in
his speech at Newton Abbot, charged that the
Government had "cut down to a dangerous point
the expenditure for the navy," and that in spite of
the naval agreement the country should not forget
its "world-wide responsibility" nor fail to insure that
the British navy was "the best in the world." The
decrease in the naval estimates, however, was accompanied by a decrease of $2,850,000 in the army estimates, although Tom Shaw, Secretary of State for
War, told the House of Commons that the Government could not undertake to reduce land armaments
further until other countries reduced theirs. "The
figures," he declared, "are against it, experience is
against it, and, in my opinion, the chances of peace
and disarmament in the future are against it." A
general reduction at the conference next year is, apparently, the only hope.
Qualified as they are, the India settlement and the
Franco-Italian accord redound to the credit of the
Labor Government and help to justify Mr. MacDonald's praise. The domestic record is less exhilarating.
The budget, which should regularly be presented in
April, is expected to show a deficit of $200,000,000
for the present year and perhaps $250,000,000 for
1931-32, and the likelihood of further taxes is being
seriously discussed. The trades disputes bill was
withdrawn from the calendar of the Commons on
March 3 after the Liberals had forced through
amendments in committee which so changed the
character of the measure that the Government could
no longer support it. On the other hand the electoral reform bill, introduced by the Government, it
is generally thought, as a means of insuring Liberal
support, passed the committee stage on March 5 by
a vote of 251 to 227, although many Labor members
refrained from voting and twelve voted with the
solid Conservative opposition. The bill provides for
a kind of proportional representation, and will, if it
becomes law, work as great a change in the British
electoral system as was wrought by the Reform Act
of 1832. An agricultural marketing bill of wide
implications has also, with the aid of the Liberals,
passed its second reading. The bill provides for the
creation of boards, nominated and chosen by farmers,
to whom will be entrusted, under the direction of the
Minister of Agriculture, the entire control of grading, marking, storing, advertising, transporting and
marketing farm products. A distinguishing feature
of the system is that it can be put into effect in any
district at the request of any number of farmers
which the Minister of Agriculture thinks "representative," whether a majority or not, and that, once
established, all the produce of the district must be
sold to the board. The announced purpose of the bill
is to eliminate the middleman, increase the farmers'
1 --.
1867
profits, and develop agriculture to a point
where the country will produce its own food instead of importing more than half of the annual
consumption.
If the arrangements for a further conference on
India proceed satisfactorily, and nothing develops
to prevent giving effeett to the Franco-Italian naval
agreement, there would seem to be no.reason why
the MacDonald Government should be greatly disturbed by personal or factional quarrels in the
Conservative ranks. The Liberals, in turn, if they
get the electoral reform for which they have
clamored, may be expected to offer no effective resistance to economic experiments such as the agricultural marketing bill or other measures of "rationalization" embody. The trouble is with the
radical Laborites, who are disgruntled over their
failure to obtain recognition, and who are willing,
as in the narrow escape of the Government in an
unexpected opposition attack on Friday, to vote
against the Government even at the risk of a dissolution. It becomes increasingly clear, however,
that Mr. MacDonald is relying heavily upon success
in foreign affairs to stabilize his precarious party
position at home, and that the disarmament conference is the largest issue at the moment. It
may well be quite as important an issue as Mr.
MacDonald thinks it to be, for if the conference
fails the whole question of disarmament is very
likely to be laid on the shelf for an indefinite time.
World opinion cannot be expected to maintain an
active interest in the subject, after long years of
empty debate, unless the whole matter is soon
brought to a head. If Mr. MacDonald, with India
quieted and France and Italy temporarily satisfied,
can carry through even a substantial portion of the
general reduction of armaments which is dear to
his heart, the prestige of success in that direction
may continue to defeat the sporadic outbursts of
opposition in the Labor ranks and offset a good deal
of drifting and uncertainty in domestic interests.
The Boomerang of the "Power Trust."
Making waterfalls light cities is a magic which
belongs to man—not to the State. There is no inventive genius in government. Law, as a rule of
right action, is generated, or should be, out of public
opinion, and has no creative power within itself.
We have strayed far from this original concept, but
we need not.consider that here and now, left to
itself, the State could never discover or chain or
control electricity. It is a product of the human
mind—more accurately a product of the divine mind.
Is the fiction of the State able to manage this elusive
power after man snatches it from the Unknown?
Inherently, nor The State, represented by its
officials selected by the people, uses the brains of
its creators and supporters through delegated
authority, the individualism of the man is still omnipotent. Not only can he, in a democracy, fashion
and control the State; he can abolish it. Yet the
State cannot, must not we say, abolish the man.
We think these fundamental truths are important
in considering the so-called "power trust".
They are important because no sooner does the
State employ its delegated power in the generation
and use of electricity than it is met by the initiative,
enterprise and inventive genius of all free men within
and without its borders in the production of some-
1868
FINANCIAL CHRONICLE
thing cheaper and better. With this mighty agency
of progress it cannot compete. Since it uses only
man's own ideas, if it by State ownership and operation eliminates man from the contest, it holds back
the march of invention, uses the old and outmoded
machinery, or is compelled to replace it at extraordinary expense. Not so whp man (or his representative the corporation) competes with all other
inventions in the open field of progress toward
something cheaper and better. At the moment the
State owns and controls an industry it becomes a
monopoly. It must shut out all competitors. Since
the State is in essence the people in a representative
democracy, it has no initiative, follows and does not
lead, retards development and improvement, and
enslaves the people by the monotony of its inertia.
Men, corporations, operating in the free competition
of the most and best at the least cost are not so
bound. They exist only by virtue of an ever-increasing service.
As a matter of fact, there is no such thing as a
united "power trust" in the United States. The
nuclei of generating plants are scattered over the
whole country. Streams are utilized, so are coal
mines; and there is a growing idea that it is cheaper
to transmit electricity on wires than to ship coal
on rails. Study the map showing the location of
the plants. It is hard to discover rhyme or reason
in their placing. The companies spring out of the
enterprise of associations and communities. Competition is not at its full because the employment of
current is sparse and discursive. Naturally communities cannot maintain competing lines of transmission, and equally so companies seek to supply
only paying territories. Already there is some exchange of power by the use of connecting lines of
transmission, but whatever element of monopoly
now exists is limited by the haphazard location of
cities, by the scattered placement of natural
resources, and more than all by the continuous flow
of inventions that enrich the world. Any year, any
day, the present machinery may be displaced by the
single idea theretofore undreamed of. It is better
for the State, or people, to lose the capital thus
made worthless, a State that has made no profit,
or a corporation that has made a profit and can
therefore better bear the loss?
"Water power", utilized by either State or private
corporation, has gone to waste for centuries. True,
there were windmills and water wheels. But until
the coming of electricity this power could not be
transmitted over wires for long distances. Impounding water in the hills, seizing the force of flowing
rivers, was useless without the electricity that runs
along wires and flashes into light, heat and power
when the current is broken. And steam turned the
first dynamo. While we discuss the transmission of
electricity by wire we are told that we may soon
transmit it by wireless. There can be no monopoly
to either State or corporation. To-morrow a new
form of energy and a new method of its distribution
may come upon us. So that those willing to take
the risk of being superseded are conferring a service
upon all the people, who escape taxation thereby.
They are utilizing what would otherwise go to waste
—the power of flowing and falling water. Even if
the State were a more skillful operator than the
corporation, the genesis of the enterprise takes no
real value or worth from the people at large. It is
merely a political theory that sees in these develop-
[VOL. 182.
ments a larceny from the people. Not only is there
no universal "trust", but there can be none!'
How did the Muscle Shoals project come into existence? Whence the conception of the far distant
Boulder Dam, making the Colorado River the friend
of seven States? Who first saw in the rapids of the
St. Lawrence River an inexhaustible cheap power?
Was it the Government that first harnessed Niagara
Falls? There is sophistry in trying to show that
private ownership and operation of these latent
forces is filching wealth from the people. The State
would never have undertaken these primal developments save for prior ingenuity and courage of associated men and corporations. Experience shows that
the State is fundamentally unfitted to conduct these
affairs. Management is forever subject to the
changes of partisan politics. If rivers are under
Federal control their power generation and transmission belongs to all the people and the plants must
be connected throughout the country. Until this is
complete the citizens of one State are taxed to
benefit those of another, which is contrary to the
spirit of government. If corporations are willing
to take all the risks, submitting to a minimum regulation as to rates, the increment of the enterprise
inures to the benefit, comfort and happiness of all,
without charge or cost to any. To try to make a
partisan political issue in the coming election out of
this problem is to foist on the people a fantasy, is a
reversal of reason.
Power is everywhere—and everywhere free for the
taking. The waves of the sea may be made to turn a
turbine. The tides will sometime be made to work
for man. A French engineer by sinking a long tube
into tropic waters is performing experiments looking to a new form of generation that at least are
encouraging. We may well believe the sun's heat
will sometime be imprisoned and made to heat our
winter homes. Chemistry is turning out marvels in
heat and cold every year. Physics is king in countless laboratories throughout the world. Those who
are great in these experimental sciences tell us that
we are on the threshold of discoveries more amazing
and more helpful than any that have gone before.
And it is but common sense to ask, shall those
who work at the common tasks of life be made,
through taxation, to pay for all this experimentation, halting and discursive as it must be when conducted by the State, or shall it be left to the "moneymaking" sense of those who are willing to risk capital and endeavor to produce ever something better
and cheaper? There can be but one correct answer.
Economics, and,if you will,"business",is the arbiter
of destiny, through the individualism that, energizing and sustaining all men, works for self, and
in and by self works for all. The State, being a
fiction by which we rule ourselves, is a dullard and
a sluggard in the advance!
We do ourselves harm by trying to convert economics into politics. It is puerile to try to make a
political issue out of a "power trust" that does not
really exist. A morbid feeling that the corporation
somehow sucks the blood of "the masses" is the
cause of this platform-building. Public ownership
of utilities and industries is a socialistic shibboleth
inconsistent with the principles of a representative
democracy. The people are no better because of the
tyranny of the State. When they work for the
State wages will be set by the opinion of all the
people. Heartless as a private corporation is some-
MAR. 14 1931.]
FINANCIAL CHRONICLE
times supposed to be, it is more responsive to human
need than the adamant of a public corporation, the
State, that is compelled to reduce all workers down
to a common level.
We are traveling a dangerous road to slavery
when we make all men subject to the will of the
State. We are slowing down the progress of the
world when we deprive men of the freedom of
initiative. We are making work a galley slave when
we turn machinery over to government to operate,
for it will be compelled to make the machine pay or
perish. We have become obsessed by a political
theorem that is born of cupidity and nurtured by
appeals to selfishness, and used by designing politicians to secure an office.
1869
public opinion, the people will have to prove their
mettle to live and prosper without Congress. Sole,
if not serene, will stand the Chief Executive of all
the laws already made. It is given out that the
present incumbent does not want an extra session
and will not call one. What, now, will "business"
do? Will it forge ahead with great enterprises?
Will it prove its independence and strength by
action? No one can tell, for it is already bound by
Boards and Commissions that it cannot escape. But
we are trying to analyze the people when thrown
upon their own resources. Will the people "dig in"
and wait for orders, or will they sally forth and
attack the "depression" in the open fields of individual endeavor?
We may seem to be threshing at straws and strikThe Blessed Interlude.
ing at windmills. Our questions are not futile,
Now that Congress has adjourned sine die, been albeit
they cannot be answered categorically. A
compelled to expire by limitation of law, it is inter- "campaign"
is in the making. If, in our emotional
esting to inquire what will be the effect on the Amer- tempera
ment as a people, we are to fix our minds on
ican people. It is often said that once the fierce con- the
sorties of the parties striving for points of
tests of election-time are over, the people retire into vantage
from which to prosecute next year's battle,
a slumbrous indifference and leave their destiny in how
shall we retire to our original individualism to
the hands of legislatures nothing loath to accept the live
according to our personal wills? How shall we
responsibility of governmental guidance and control work to surmou
nt want? How shall we reduce unof rights and liberties originally intended to be free employ
ment by helpful enterprises and commercial
and equal. There is good ground for this statement. endeavo
rs? It is not sufficient to point out that
It is not all that may be said, however. Dependence we
have always had politics and prospered despite
upon law and government has grown apace in latter its
encroachments on our freedom to think and plan!
years; lawmakers have been importuned by selfish We are
somewhat enervated by laws and liaisons
classes and interests for special privileges and pow- between governm
ent and business, as already stated.
ers; and from day to day the people have hung We now
have our chance to forge ahead by our own
expectant upon the news from the seat of govern- conceptions
of opportunity, our own estimates of
ment at Washington. In this blessed interlude what environment,
our own perception of economics and
will the citizens of the republic do with their leisure? natural laws.
Too blind a submission to politics
Will they rest contented in their own energies to in its modern
sense we cannot think will save us.
carve out careers of helpfulness to each other; will We are bound
to teach ourselves devotion to the
they turn to pursuits of culture and quietude; will inherent helpfuln
ess of great industry and trade!'
they fret and fume over imaginary wars between
More than this, if we "win out" over "depression"
capital and labor; will they embrace pleasure and we are bound
to exercise fear of future Congresses.
politics as ideals of normal existence?
We are bound by our business relations and endeavWhat will they do?410'.ie next eight or nine months ors to crystall
ize "public opinion" against all future
will assuredly tell. This interim from national law- interme
ddling by laws and government with our
making has not occurred for many years. We have rights
to pursue "business" as a means of living.
grown accustomed to a Congress in session. Some- We are
bound to reform ourselves first. Millions
how, we really know not how, there has come about of
Americans who look upon Congress with distrust
a mysterious rapport between the "people" and of
its powers, who contemn and condemn "govern"Congress". The latter thinks it divines the wants
ment in business", must resolve to work more inof the former and constructs laws to liberate, restrict
tensely at their tasks and to refute the idea in the
and relieve them. Hence a saturnalia of statutes.
minds of legislators that they are asking for relief.
When the mill stands idle, will the voters be satisCongresses have assumed too much. Unfitted by
fied? Will they learn self-dependence? Or, will
their very nature and personnel to guide and control
they be ill at ease, disgruntled that they can no
business, they can only be taught to retire from their
longer petition the throne of grace, ready to listen
unwarranted task by the courage, invention, proto the theoretical debaters and reformers who swarm
gressiveness of business itself. The "blessed interin the sunlight of rest and restoration? We shall
lude" is short, but long enough for an object lesson.
soon see. Deprived of immediate access to paternalYet to give the chance over to the whims and futiliism, will democracy resort to an individualism that
ties of sheer politics, is to destroy it.
initiates, sustains, and constructs, on planes
of perWe shall see what we shall see! There is to be
sonal liberty and unalienable rights, or will it seek
a huge void in our human thought. We are no longer
forgetfulness and nepenthe for discontent in
idle on the high wave of an "imperishable prosperity".
pleasures, in phantasms of organization and
equal- We are suffering from over-confidence in a country
ization, building Utopias of wealth and ease
out of that while it has almost exhaustless resources and a
impossible schemes?
people that have invincible energies, is not immune
The time is not long for a republic to live without
to the influences of international trade. We have
opportunity to lean on the long arm of the
projected a spell in which to study our former weaknesses and
law. Life moves faster as the decades go by. But
escape our former follies. We can now appraise our
since the old Congress heard the groundswell of get-rich
-quick obsession and strive for sober, comopposition to continuous sessions and by a quick
mon-sense methods of slow and sure accretion. We
change of front acceded to what it believed to be can build
in honest toil and trade a structure of
1870
FINANCIAL CHRONICLE
business that will be independent of Congress. We
can now show our freedom from "conferences" by
our interrelated individual enterprises. There is
little doubt we have woven most of the toils about
ourselves. Congress was not entirely wrong in its
assumptions that we were willing to be helped,
though it read only part of the story. And if now,
in our extremity, we do not show forth our right to
live by our own enterprises we will but pave the
way for more serious interferences in the future.
Democracy is not yet a perfect form of government, nor do we live in a pure democracy. Representative democracy is the only practical form to a
territory and people as large as ours. State and
local governments we will not surrender. As a consequence, there will always be minor conflicts in our
dual system. Rights reserved to the States and to
the people set a limitation upon legislation by
Congress. We are fast losing sight of this fundamental. Now that there is to be an interim we
must return to our State and local governments.
Many State Legislatures are in session; city governments are undergoing investigation, are presenting
new problems resulting on growth, on the prevalence
of crime within their borders, on the burdens of
taxation and budget. Politics here will sound the
tocsin of reform which it is unfitted to accomplish.
But these problems will occasion only limited local
excitement. They are fast becoming independent of
partisan party issues. The "blessed interlude"
which we envision is a time for sober reflection and
calm analysis freed from the national alarms
sounded in Congress.
A Word of Caution to Veterans.
In 12 years the boys who fought the battles in
Europe for the United States have become fullfledged men, and most of them have assumed the
responsibilities naturally falling upon heads of
families. They are pursuing usual peace-time avocations and have the customary desires and obligations of ordinary citizens.
A question naturally arises, therefore, as to the
disposition which the World War veterans will make
of the billion or more of dollars which the Federal
Government will advance to them.
A few no doubt will be swayed by the frivolities
of youth, continuing to prove the truth of the old
saying that "a fool and his money are soon parted."
Others, during this unusual period of distress, will
use their advancements to pay debts already contracted or to provide what they regard as necessities
for themselves or their families. There will remain
the great majority who will have at their disposal
the bulk of the billion or more dollars which Congress has directed shall be disbursed if it is sought
by those entitled to receive the funds.
Already numerous cases have been reported where
veterans have been robbed of the money they have
obtained from the Government. These instances are
conspicuous because of the ruthless acts of bandits,
but they serve as a warning to the veterans that
extreme caution should be exercised on their part
to take care of the money which has been advanced
by the Government and will not, therefore, be available either for the veterans or their families in 1945,
the date originally fixed for payments.
The point should be kept in mind that it will be
best to make such use of this money that the veterans and their families will be benefited, year after
L.
[You 132.
year, so that when 1945 arrives there will be no
reason to regret that the offer of the Government to
make an advance payment was accepted; otherwise
in a few years there may be remorse.
If a veteran is carrying a mortgage upon his home
and has a substantial equity in the property, above
the amount still remaining unpaid, a reduction of
the mortgage with the assent of the creditor might
be an excellent way to utilize the advance, since not
only would the debt be reduced but the annual interest would also be lessened. In making any reduction of the debt before maturity, however, a lawyer
should be consulted to see that the receipts fully
protect the interests of the debtor.
Should the veteran be in good circumstances which
would justify an investment,two doors are wide open
for this purpose. Owing to the depression since
November 1929 real estate values have declined, making lots and houses available at prices far below
those asked during the boom period. The exercise
of good judgment in the purchase of real estate,
at this time, especially if it is revenue-producing,
should bear fruit within a few years.
Bonds are selling at prices which give a buyer a
good yield upon an investment, and this affords a
wide field for the use of capital. Bonds have one
particular advantage over real estate, as they are
always marketable if listed at one of the more important Stock Exchanges, and, if active, their value
may he quickly ascertained by consulting the list
of daily sales. This feature helps to make - them
acceptable as collateral when the owner wishes to
pledge them as security for a loan, and borrowing
is not so cumbersome as when one has to execute a
mortgage upon real estate to protect a lender.
There are, however, as great a variety of bonds
as of stocks, and a buyer should know the terms of
an indenture under which the bonds are issued, including the property on which the mortgage is a
lien. Regard should also be had for the standing
and prosperity of the debtor corporation, all of
which may be ascertained labconsulting a reputable
investment house, bank or trust company.
The Purpose of U. S. Fleet and of Air Planes.
VIRGINIA MILITARY INSTITUTE,
Lexington, Va.
Mar. 12 1931.
•
Chronicle,"
Financial
and
al
"Commerci
To the Editor
New York, N. Y.
Dear Sir: I have just read with great interest the
editorial in the last number of your paper, entitled "Disarmament or War in the Air."
I am of the opinion that the writer has missed several
very important points with reference to the United States
Navy and the United States. The purpose of the United
to
States Navy or the United States Fleet is not so much
from
prevent war as it is to protect the United States
of
attack or invasion. With special 'reference to the use
geographical
hostile airplanes against the United States, the
to be
situation of the United States is the major feature
counconsidered. Great Britain and all other European
on a
based
airplanes
by
attack
to
tries would be subject
would be
hostile European country. The United States
power only
subject to such attack by a European or Asiatic
In case the airplanes could be brought across the Atlantic
States
or Pacific by ships to a nearby base. The United
Fleet, with its air components, if strong enough, could preby sea,
vent the hostile airplanes from being transported
and would prevent the occupation of an air base near its
shores. It is clearly the duty of the United States to maintain
a fleet adequate for the purpose mentioned. Very truly yours,
JOHN A. LEJEUNE,
Major•Generai, U. S. M. 0. (Retired), Superintendent, V. M. I.
MAR. 14 1931.]
FINANCIAL CHRONICLE
1871
Gross and Net Earnings of United States Railroads for the
Month of January
Nothing could be gained by attempting to gloss
over the character of the exhibit of the earnings of
United States railroads for the opening month of
the new year. It is dismal in the extreme. There
have been other recent months when the losses in
earnings, gross and net, have been larger in amount
and somewhat heavier in ratio, but the 1931 shrinkage carries added significance by reason of the fact
that comparison is with figures in January of last
year, which were themselves poor. In the early
months of last year the falling off was not of the
magnitude and extent which it reached later in the
year, but it was, nevertheless, substantial in amount
and ratio, and in the case of the results for January
of that year we referred to them as being distinctly
disappointing. How much more disappointing,
therefore, are the results for January 1931, showing
even greater losses than in this month of last year,
with the new losses piled up on top of those previously sustained!
Stated in a nutshell, our compilations for January 1930 registered $36,102,247 decrease in gross, or
7.41% (as compared with January 1929), and a
decrease of $23,005,176 in net earnings (before the
deduction of the taxes), or 19.55%, while now for
January 1931 it is found that there has been a further shrinkage of $85,314,308 in gross, or 18.93%,
and a further shrinkage of $22,883,171 in the net
earnings, or 24.13%. The total of the gross for
January 1931 is the smallest of any other January
back to 1923, while to get a total of the net as small
as that now shown for 1931 it would be necessary to
go back to January 1922.
1931.
Month of January—
1930.
Inc.(+) or Dec.(—).
Miles of road (170)
242,657
242,332
Gross earnings
$365,416,905 $450,731,213
Operating expenses
293,484,001 355,895,138
Ratio of expenses to earnings80.26%
78.93%
Net earnings
$71,952,904
394.838,075
+325 0.12%
—85,314,308 18.93%
—62,431,137 17.54%
+1.33%
—22,883,171 24.13%
Of course there is no mystery as to the reason for
the extremely unfavorable results here disclosed.
Business depression.of the severest type experienced
in a long series of years is the great underlying
cause, and it might almost be said the sole underlying cause, though this would ignore the fact that
the railroads are constantly suffering from the competition of other means of transport, such as the
motor truck and the motor bus and other similar
forms of conveyances, this competition extending
not alone to the passenger traffic, where it has been
simply working havoc with the steam roads, but also
to an increasing degree to the short-haul freight. As
between 1931 and 1930, however, trade prostration
and poor business generally, with the necessary consequence of a greatly reduced volume of traffic, has
been the potent factor in the general collapse which
has overtaken the railroads everywhere from one end
of the country to the other. This has been the great
overhanging cloud, from the influence of which no
section of the country, nor any class of roads, could
escape.
The statistics in support of this statement are
overwhelming and are of the same type and class
as those enumerated by us in explaining the poor
results for all other recent months. The automobile trade, as has been the case all along, has furnished the strongest evidence of the depression which
has been the common affliction of the whole country.
And no essential change in the condition of that
trade occurred during January, though there were
frequent intimations and rumors that prospects in
that line of industrial activity were growing
brighter. However, the number of motor vehicles
produced in the United States in January 1931 was
no more than 171,903 against 273,218 in January
1930 and 401,037 in January 1929.
Then,also,iron and steel production was far below
that of last year, while this latter in turn was heavily
reduced as compared with January 1929. The make
of iron in the United States in January 1931, according to the "Iron Age", was only 1,714,266 tons RA
against 2,827,464 tons in January 1930 and 3,442,370
tons in January 1929. In the two years combined,
it will be noticed, the decrease has been a full 50%.
Steel production in the United States, according to
the American Iron & Steel Institute, was only
2,483,206 tons in January 1931 as against 3,796,090
tons in January 1930 and 4,490,354 tons in the same
month of 1929,the shrinkage in this case being somewhat less than 50% and yet not so very far from it.
In the case of the mining of coal, the statistics
tell the same story of very heavy decline. Bituminous coal production in this country for January
1931 is reported by the Bureau of Mines at only
38,542,000 tons against 49,778,000 tons in January
1930 and 52,140,000 tons in January 1929, a falling
off for the two years combined of more than 13Y2
million tons. Anthracite production did not escape
in the general contraction, and the figures show that
the output of Pennsylvania anthracite in January
1931 was only 6,157,000 tons as against 7,038,000
tons in January 1930 and 7,337,000 tons in
January 1929.
The general paralysis which settled over industrial operations generally found reflection also in
the lessened work contracted for in the building
trades, where, according to the statistics compiled
by the F. W.Dodge Corp., it is shown that in the 37
States east of the Rocky Mountains the contracts
awarded for new buildings during January 1931 had
a money value of $227,956,400 as compared with
$323,975,200 for the first month of 1930 and $409,967,900 for January 1929. In certain lines of trade
great comfort was derived from the circumstance
that orders and shipments were running well in
excess of current production—the lumber trade and
the cotton textile trade being conspicuous instances
—but in such cases this was merely because of the
great curtailment of production. Thus the National
Lumber Manufacturers' Association, in reporting
for the week ended Jan. 31 that orders received had
been 32% in excess of production, and shipments
26% in excess, went on to say that this favorable
ratio was largely the result of the radically curtailed cutting that •had been in effect for several
months past, then adding: "The lumber movement
is still well below the level of this time a year ago,
reports by identical mills showing for soft woods
production 23% less, shipments 16% less, and orders
12% less than for the corresponding week in 1930,
and for hardwoods production 41% less, shipments
25% less, and orders 13% less."
Western roads also had to contend with small
shipments of grain, as a result, presumably, of the
poor export demand for grain and the low prices prevailing for the same. The movement to the Western
1872
FINANCIAL CHRONICLB
primary markets had shown a heavy contraction in
1930, and no portion of this loss was recovered in
1931, but rather the falling off was further increased.
The movement of wheat to market was on a freer
scale, but this was more than offset by a further
falling off in the figures for the other cereals. We
discuss the grain movement in greater detail further
along in this article, and will only say here that for
the five weeks ending Jan. 31 the present year, the
receipts of wheat, corn, oats, barley, and rye were
only 63,377,000 bushels as against 67,203,000 bushels
in the corresponding weeks of 1930, and 85,677,000
bushels in the same weeks of 1929.
The final result of all this contraction is seen
in the fact that the loading of revenue freight on
the railroads of the United States for the five weeks
ended Jan. 31 was only 3,490,542 cars as against
4,246,552 cars in the five weeks of January last year
and 4,518,609 cars in the same weeks of 1929. It
will not escape notice that the loss in this five-week
period, as compared with two years ago, is well in
excess of 2,000,000 cars. In other words, 2,000,000
cars less were loaded with freight on the railroads
of the United States in January the present year
than in the same period of 1929. And when this has
been said nothing further is necessary to explain the
great loss in revenue which the roads have sustained
during these two years.
The roads were fortunate in the fact that the
winter the present year has been mild and open, with
very little snow anywhere to obstruct the operation
and running of trains. Complaints on that score
have been fewer than for many years past—in fact,
have been almost entirely absent. In 1930, also,
however, the same thing was in large measure true.
Here in the East, January 1930 was quite mild, as
had been the case, indeed, in the years immediately
preceding. In the West, too, while temperatures
over extensive areas were quite low, there appear
to have been very few obstructions otherwise to
railroad operations, at least in the shape of heavy
snowfalls or extensive snow blockades.
With railroad earnings so heavily reduced on the
railroads collectively during January 1931, it follows as a matter of course that the separate roads
and systems suffered losses of equal magnitude.
These losses on the separate roads—very large losses,
too—are so numerous that it would be wearisome
to the reader to undertake to mention any considerable number of them. Accordingly, it must suffice to call attention merely to a few conspicuous
instances. The Pennsylvania RR. and the New York
Central, as would be expected, stand at the head of
the list, as they have done in other recent months.
The Pennsylvania reports $10,282,720 diminution
in gross and $3,418,706 in net, while the New York
Central falls behind $9,318,885 in gross and
$3,408,404 in net. If in this last instance if the operations of the Pittsburgh & Lake Erie and the Indiana
Harbor Belt were included, the loss in gross would
be raised to $10,080,438 and the loss in net to
$3,439,511. Southwestern roads come next in order,
the Southern Pacific reporting $3,846,903 decrease in
gross and $1,218,816 in net, and the Atchison
$3,292,889 decrease in gross and $965,865 decrease
in net. In the table below we show, as usual, all
changes for the separate roads and systems for
amounts in excess of $100,000, whether increases or
decreases, and in both gross and net. It will be
observed that there are no increases in gross for
prou 182.
$100,000 or more, but in the net, on the other hand,
the Rock Island Lines have $692,963 increase to their
credit, the Great Northern $232,551, the Northern
Pacific $101,255, and the Chicago Great Western
$116,733. These are instances—very rare instances
—where the roads managed to overcome heavy losses
in revenues by savings in expenses.
PRINCIPAL CHANGES IN CROSS EARNINGS FOR THE MONTH
OF JANUARY 1931.
Decrease.
Decrease.
$10,282,720 Col & Southern (2 rds.)- $444.387
Pennsylvania
436,260
a9.318.885 Detroit Toledo & Ironton
New York Central
430,894
Southern Pacific(2 rds.)- 3.846,903 New on Tex&Mex (3rds)
400,126
Atch Top & 8 F (3 rd.).. 3,292,889 St Louis Southwestern....
399,840
3,227,829 Chicago & Alton
Baltimore & Olalo
595,522
2,716,301 Virginian
Illinois Central
Lake
&
Wheeling
Erie.-394,188
2,407.259
&
Norfolk
Western
355.627
2,273,853 Maine Central
Southern Railway
348,041
Louisvide & Nashville-- 2,263,718 Los Angeles & Salt Lake..
342,673
Chic Milw St P & Pac-- 2,126.748 Central of Georgia
317,346
Chicago & North West-- 2,048,248 Nash Chatt & St LOUIB-.
317,027
Chesapeake & Ohio Lines 1,949,884 Ruff Roch & Pittsb279,148
1,881.049 Chicago Ind & I.ouisv-Missouri Pacific
270,681
1,744,474 ()Inc N 0 & Texas Pac-N Y N II & Hartford
260.153
1,665,351 Mobile & Ohio
St L-San Fran (3 rds.)
248,322
Rock Island Lines(2rds.) 1,610,820 Florida East Coast
243,354
1,377344 Kansas City Southern-Erie RR (3 roads)
134,589
1,358,119 Internal'! & Great Nor-Chicago Burl & Quincy
215,776
1,178,856 Bessemer & Lake Erie-Wabash
214.327
Union Pacific(4 roads).- 1,038,021 Term RR Assn of St L....
205.313
948,691 Chicago Great Western-Reading Co
199.366
941.612 Union RR (of Pa)
Del Lack & West
197.609
917,981 Western Maryland
Boston Sc Maine
195,498
904,137 Western Pacific
Seaboard Air Line
Alabama
181,336
Great
Southern
903.718
Jer-New
Central RR of
181,201
867,711 Denver & Salt Lake
N Y Chicago & St Louis165,832
837,002 long island
Pere Marquette
155.717
835.125 Minneapolis & St Louis-Northern Pacific
152,946
734.814 Belt Ry of Chicago
Missouri-ICam3as-Texas 70.3.222 Rich Fred & Putomac...151.280
Great Northern
147,849
670,681 Monongahela_
Grand Trunk Western
133,439
636.366 Illinois Terminal Co___.
Pitts dc Lake Erie
126,786
631,040 Loutslana & Arkansas_
Texas & Pacific
125.187
628,403 Indiana Harbor Belt__-.
Yazoo & Miss Valley-119,842
588.494 Detroit & Triedo Sh L..Lehigh Valley
117.204
566.011 Bangor & Aroostook-Delaware & Hudson
118.606
558,942 New Orl & Nor East__
Deny & Rio Gr West
114.787
558,441 Spokane Peal & Seattle..
Chic St P Minn & Om...
113.677
539.020 Gulf Mobile & Northern..
Minn St Paul & 98 M.
104,351
518.640 Norfolk Southern
Atlantic Coast Line
484,204
Chicago & Eastern Hi—
Total (98 roads)
$82,792,651
463,542
Elgin Joliet & Eastern-a These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result Is a
decrease of 510.080.438.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JANUARY 1931.
Decrease.
Increase.
8200.070
$692,963 Chicago & Alton
rds.)
(2
Rock Island Lines
245,911
232,551 Central R II of New Jer—
Great Northern..
239,877
116,733 Chicago & North West-Chicago Croat Western
Lake_
Salt
236.745
&
Angeles
LOS
101,255
Northern Pacific
234.217
N 0 Tex & Mot (3 rds.)130.884
Co
Residing
$1,143.502
(5
Total roads)
216.096
N Y Chicago & St Louis..
214.631
Decrease. Wabash
Om_
200,529
&
Minn
P
St,
Chic
$3.418,706
Pennsylvania
189.358
a3.408.404 Wheeling & Lake Erie_
New York Central
184.563
, Eastern-1,226.807 Elgin Joliet 5
Norfolk & Western..
Eastern
172.165
&
Chic-aim
1.218,816
Southero Pacific(2roads)
159,924
1,099.896 C010 & Southern (2 rds.)
Baltimore & Ohio
160,935
Coast
Fast
Florida
988.912
Railway
Southern
150.909
965.855 (Inc N 0 & Tex Pac--Atch Top & S Fe(3 rda.)
Ir0,575
801.141 Maine Central_
Chesapeake & Ohio___ -Pat
(or
RR
148.170
Union
722,572
filicois Central
147.919
606.534 Del Lack & Western
NYNHdt liartford---146.127
E38.845 Missouri Pacific
Louisville &
141.708
517,118 A t[antic Coast Line
Scab mrd Air I.ine
133.783
486,310 Denver & R 0 Wudern
St Louis-San Fran (3 rds.)
126,092
318.599 Denver & Salt Lake......
.
Yanto & Miss
121.789
307.764 Bessemer & Lake Erie
Grand Trunk Western-120.339
302,287 Buff Hoch & l'itts
Dotroit Toledo & Ironton
102.485
300.237 Bangor & Aroostook-Virginian
280.806
Union Pacific (4 roads).—
5^2,218.377
Total (55 roads)
263,067
Delaware & Hudson.-a These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $3,439,511.
It is needless to say, because it follows as a matter of course from our remarks above, that when
the roads are arranged in groups or geographical
divisions according to their location, all the different
districts, Eastern, Southern, and Western, and all
the different regions comprised in those districts,
record a falling off in gross revenues and net earnings alike. There is not a single exception to this
rule. Our summary by groups is as below. As previously explained, we group the roads to conform
with the classification of the Inter-State Commerce
Commission. The boundaries of the different groups
and regions are indicated in the footnote to the
table:
SUMMARY BY GROUPS.
Grote Earning,
District and Region.
1931.
1930.
Inc.(+)or Dec.( )
Month of January—
$
Eastern District—
New England region(10 roads)_.... 17,242,204 20.597.686 —3.355.482 16.28
72.736.643 90.786,978 —18.050.335 19.89
Great Lakes region (31 roads)
Central Eastern region (23 roads)._ 75,315,147 94,043,754 —18.728.607 19.92
105,293,994 205,428,418 —40,134,424 19.59
Total(64 roads)
MAR. 14 1931.]
FINANCIAL CHRONICLE
Gross Earnings
1939. Inc..(+) or Dec.
$
59,591.383 -11.953,855 20.08
24,298,638 -4,903,925 20.18
1873
5 Weeks End. Flour
Wheat
Jan. 31.
(Barrels) (Bushels)
DetroU1931
129.000
1930
133,000
Total (34 roads)
67.032,241 83,890,021 -16,857,780 20.11 Indianapolis and Omaha1931
2,914,000
Western District1930
1.264,000
Northwestern region(17 roads)
38,126,554 46,042,632 -7.916,078 17.21
Louts
St.
Central Western region(25 roads)_ 62,872,026 74.184,898 -11,312,870 15.25
1931
647,000 2,170,000
Southwestern region (30 roads)
32.092,090 41.185,246 -9,093.156 22.03
664.000 2,594,000
1930
Total(72 roads)
133,090,670 161,412.774 -28.322,104 17.61 Peoria1931
95,000
336,000
Total all districts (170 roads)
365,418,905 450,731,213 -85.314,308 18.93
1930
230,000
203,000
District and Region.
Net Earnings
Kansas CityMonth of January.-Mileage1930. Inc.(+) or Dec.(-)
1931.
7,552,000
1931
Eastern District1931. 1930.
$
3
%
1930
4,915,000
New England region__ 7.338 7,355 4,531.499 5,587.232 -1.055.733 18.91
St.
Joseph
Great Lakes region__ 27.893 27,950 13,280,056 18,231,116 -4,951.060 27.19
192.000
1931
Central Eastern region 24,228 24,290 12,463,750 18,679.275 -6,215,525 33.28
891,000
1930
Total
59,457 59,595 30.275,305 42,497,623-12222,318 28.77 Wichita1931
1,424.000
Southern District1930
1,054,000
Southern region
40,057 40,114 7,971.128 12,201,818 -4.230,688 34.68
Pocahontas region._ _ 6,032 6.010 6.746,640 9,113,245 -2,366,605 25.98 Sioux City38,000
1931
39,000
1930
Total
46,089 46,024 14,717,768 21,315,061 -6,597.293 30.98
Western DistrictTotal ARNorthwesternregion 48,947 48,949 5,381,704 5,598,835 -217,131 3.88
1,953,000 32,260,000
1931
Cent. Western region_ 52,789 52,571 14,693,037 16,939,489 -2,246,452 13.25
1.999.000 19.347.000
1930
Southwestern region_ 35,375 35,193 6,885,090 8,485,067 -1,599,977 18.86
Southern DistrictSouthern region (30 roads)
Pocahontas region (4 roads)
1931.
8
47,637,528
19.394.713
(-)
Total
137,111 136,713 26,959,831 31,023,391 -4,063,560 13.13
Total all districts_ _242,657 242.332 71,952,904 94,836,075 -22883.171 24.13
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
-confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region.-This region comprises the section on the Canadian boundary
between New England and the westerly Wore of Lake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern &Mon.-This region comprises the section south of the Great
Lakes Region, east of a line trout Chicago through Peoria to St. Louis and the
Missitslind River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va., and a !Me thence to We southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.-Thin region comprbsee the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas &Mon.-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Va.,and soot. of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Regrion.-Tbin region comprises the section adjoining Canada lying
the
Great Lakes region. north of a line from Chicago to Omaha and thence
west of
to Portland and by the Columbia River to the Pacific.
Central Western tlegion.-TtAi region comprises the section south of the Northwestern region, west eta line from Chicago to Peoria and thence to St. Louis. and
north of a line from St. Luis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the section tying between the tfle
siSsiPin River south of St. Louis and a line from St. Louis to Kausas City and thence
to El Paso and by the Rio Grande to the GuJ of Mexico.
The Western grain traffic in January the present
year, as we have already indicated, fell below even
the small movement in January 1930. While the
volume of wheat moved to the Western primary markets was considerably heavier than in the month
last year, the movement of all the other cereals was,
in greater or lesser degree, on a reduced scale. The
receipts of wheat at the Western primary markets
for the five weeks ending Jan. 31 1931 were 32,260,000 bushels as compared with 19,347,000 bushels
in the corresponding five weeks of 1930; but the
receipts of corn only 20,941,000 bushels as against
35,632,000 bushels; the receipts of oats 6,536,000
bushels against 7,531,000 bushels; of barley 2,702,000
bushels against 2,887,000 bushels, and of rye 938,000
bushels against 1,806,000. For the five cereals
(wheat, corn, oats, barley, and rye) combined, the
receipts for the five weeks in 1931 aggregated 63,377,000 bushells as against 67,203,000 bushels in the
corresponding period of 1930 and 85,677,000 bushels
in 1929. The details of the Western grain movement
in our usual form are set out in the table we now
subjoin:
WESTERN FLOUR AND GRAIN RECEIPTS.
Corn
5 Weeks End. Flour
Wheat
Oats
Barley
Rye
Jan. 31.
(Barrels) (Bushels) (Bushels) (Bushels) (Bushels) (Bushels)
Chicago1931
840,000
910.000 3,900.000 4.207,000
253.000
45.000
1930
489,000 10.275,000 1,665,000
1,027,000
484.000
869.000
Minneapolis1931
7.223.000 1,423.000 1.195,000 1,197.000
247.000
1930
4,615,000 2,137,000 1,091,000
986,000
441,000
Duluth415,000
1931
610.000
5.905.000
74.000
72.000
1930
384.000
438.000
2,086,000
218.000
421.000
Milwaukee1931
777,000
80.000
176.000
184.000
652.000
8,000
100,000
186,000
1930
81,000 1,454,000
729,000
35.000
Toledo770,000
1931
87,000
444.000
6.000
402,000
164,000
956,000
1930
2,000
4,000
Corn
(Bushels)
Oats
(Bushels)
29,000
48.000
Barley
(Bushels)
Rye
(Bushels)
92.000
5,000
4,000
27,000
2,090.000 1,546,000
2.969.000 1,481.000
187,000
89,000
5.000
1.000
826,000
3,231,000
258,000
478,000
224.000
359.000
555,000
6,000
3.295.000
4.062,000
254.000
444.000
1,851,000
1.713.000
148.000
46,000
5.000
2.000
498.000
506,000
26,000
20,000
6.000
183.000
1,110,000
186,000
128.000
6.000
15,200
48.000
68.000
5,065,000
674,000
7.579,000 1,084.000
2,000
20,941,000 6,536,000 2,702,000
938,000
35.632.000 7.531.000 2.887.000 1.806.000
Western roads also appear to have had a smaller
live stock movement than in January 1930. At
Chicago the receipts embraced only 19,968 carloads
as against 20,962 carloads in the month last year;
at Omaha but 6,579 carloads as compared with
8,212 cars, and at Kansas City only 6,605 carloads as
against 8,485 cars.
Coming now to the cotton movement in the South,
while gross shipments overland were somewhat
larger than in January 1930, the receipts of the
staple at the Southern outports were much smaller;
in fact, the smallest in many years. Gross shipments overland reached 111,104 bales against 74,315
bales in 1930, but comparing with 167,997 bales in
1929, 93,929 bales in 1928, 154,186 bales in 1927, and
166,115 bales in 1926. Receipts of cotton at the
Southern outports embraced only 458,398 bales in
January 1931 as against 476,836 bales in 1930,
735,209 bales in 1929, 535,905 bales in 1928, 1,033,906
bales in 1927, and 739,040 bales in 1926, as will be
seen by the table we now present:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF
JANUARY FROM 1926 TO 1931 INCLUSIVE.
Month of January.
Porta:
Galveston
bales
Texas City, &c
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
iVilmington
Norfolk
Jacksonville
Total
1931.
1930.
1929.
1928.
1927.
1926.
87.701
161,747
• 4.811
2.083
97.708
42.538
1.421
32.865
111.410
137.400
5.251
251.115
248.434
3.530
169.568
140.215
8.557
290,205
337.902
259.993
140.007
127.313
42,575
129
20,566
162,554
23,393
8
20.958
144,493
14,437
3
27.806
241,145
21,910
680
76,585
216.885
13,118
525
48,855
13.693
3.372
3.760
6,657
44
8.384
1.557
6.056
16,255
9.463
11,534
556
6.659
12.073
25.519
25.146
5.283
10,467
9.011
30,949
7,845
26,666
458.398
476.838
735.209
535.905 1.033.906
739.040
RESULTS FOR EARLIER YEARS.
It has already been noted that speaking of the roads
collectively (though the remark applies also to most of the
separate roads and systems) the heavy losses of January
1931, do not stand by themselves, but come after severe losses
in January 1930, business depression having been the main
underlying cause in both years. The falling off tn. January
1931, is $85,314,308 in gross and $22.883.171 in net and it
comes after $36,102,247 loss in gross and $23 005.170 in net in
January 1930. In 1929, however, our compilation showed an
Increase of $28,853,685 in gross and of $23,578,213 in net,
but this was subject to the qualification that it followed
decidedly poor results in January 1928, our compilation then
(January 1928) showing $30,161,749 loss in gross and $5.558,796 loss in net. It happens, too, that in January 1927 comparison was with decidedly Indifferent results. The increase
in the gross then was no more than $6,119,441, or only 1.27%,
while in the net there was actually a loss of $2,853,250, or
2.79%. As a matter of fact, results were indifferent, too,
in the previous year (January 1926), due to the strike then
prevalent at the anthracite mines, and the losses suffered
by Southwestern roads at that time because of the previous
season's poor winter wheat yield. In the gross our figures
1874
in January 1926 showed a trifling decrease, namely, $3,960,038, or not quite 1%; in the net there was an increase, but
equally diminutive, namely, $946,994, or also less than 1%.
As it happens, too, the exhibit for January 1925 was likewise
hardly up to the mark, while in January 1924 there were
actual losses in both gross and net.
As explained by us at the time, the showing made by our
compilations in January 1925 was satisfactory chiefly because of the renewed testimony it afforded of the increased
efficiency and economy with which the roads were being
operated. The gross earnings recorded moderate improvement, namely, $15,866,417, or 3.30%, but the improvement
in the net then reached $17,341,704, or 20.73%, expenses
having been slightly reduced. The gain in gross in January
1925 did not suffice to wipe out the loss in gross earnings
sustained in January 1924. On the other hand, the loss in
net in January 1924 was no more than $9,412,390. The mild
weather in 1924, as compared with the exceptionally severe
weather the previous year, enabled the managers greatly to
reduce expenses at that time, thereby offsetting the greater
part of the loss in gross receipts then sustained, while in
1925, as just shown, still greater efficiency of operation permitted a further saving in expenses. Moreover, it is to be
said, with reference to the 1924 losses in both gross and net,
that these were in comparison with extraordinarily favorable
results in January 1923. In reviewing the January statement of the last mentioned year we referred to it as the most
encouraging monthly exhibit it had been our privilege to
present in a long time. Revival in trade, we noted, had
added substantially to the traffic of the roads, thereby swelling the gross revenues, while at the same time operating
expenses, though showing continued augmentation, had not
increased to such an extent as to absorb the whole of the
gain in gross. As compared with the same month of 1922,
there was then an improvement of no less than $105,816,364
in the gross and of $35,012,892 in the net. On the other hand,
however, the very large gain in gross in 1923 was merely a
recovery of what had been lost in the gross in the two preceding years, namely, 1922 and 1921, though in the net the
1923 improvement was additional to an improvement in 1922.
the two successive gains in net reflecting the transformation
effected as regards expenses with the relinquishment of
Government control of the properties.
The reason for the loss in gross in January 1922 was, d
course, that at that time the country was still suffering
intense depression in business, and the falling off in January 1921, which amounted to $33,226,587, was due to much
the same circumstance. In January 1921 the United States
was in the earlier stages of that intense prostration of trade
from which the country was still suffering at the beginning
of 1922, and as a consequence there was a substantial reduction in the gross receipts in that month, notwithstanding
the much higher rate schedules, both passenger and freight,
put in force the previous August (1920). The shrinkage
in the gross in January 1921 was $33,226,587 and it was
followed by a further shrinkage of $75,303,279 in January
1922, and it should be noted that the January 1923 gain of
$105,816,364, though large, did not entirely wipe out the
antecedent loss. In the net, however, as already stated,
the 1923 Improvement followed a substantial improvement
in the net in 1922 also. We have already pointed out that
the gross in 1922 fell off no less than $75,303,279. That
reduction in gross revenues was accompanied by a cut in
the expenses in the prodigious amount of $104,392,928, yielding, hence, a gain in the net of $29,089.649. Contrariwise,
in 1921 the showing was a poor one, both in the gross and
in the net, and particularly in the latter. And it is the
poor results of that year and of the years preceeding that
made possible the better net the carriers established in succeeding years. The simple truth of the matter is that owing
to the prodigious expansion in the expenses, the net had got
down to the vanishing point. In brief, our statement for
January 1921 showed $33.226,587 loss in gross, nocwith
standing the much higher rates, and this was attended by
an augmentation of $27,124,775 in expenses, the two combined causing a loss in net in the huge sum of $60.351,362.
It is true, on the other hand, that there had been substantial gains in January of the two years immediately preceling,
namely, in January 1920 and January 1919. In January
1920 our compilations showed an increase over January 1919
of $101,778,760 in the gross, and of $49,809,654 in the net,
[Vol,. 132.
FINANCIAL CHRONICLE
though a special circumstance accounted for the magnitude
of the gains. In other words, in the January 1920 total
there was included an estimate covering back mail pay for
the years 1918 and 1919, accruing to the Railroad Administration as a result of a decision of the Inter-State Commerce
Commission on Dec 23 1919. The addition in that way was
roughly $53,000,000, and both gross and net were enlarged
to the extent of this $53,000,000. With that item eliminated
there would have been at that time instead of the $101,000,000 increase in gross an increase of only $48,000,000,
and the net earnings would have recorded an actual loss
of about $3,000,000. Below we furnish a summary of the
January comparisons for each year back to 1906. For 1911,
for 1910 and for 1909 we use the totals of the Inter-State
Commerce Commission, which then were more comprehensive than our own, but for the preceding years we give the
results just as registered by our own tables each year-a
portion of the railroad mileage of the country being always
unrepresented in the totals in these earlier years, owing to
the refusal at that time of some of the roads to give out
monthly figures for publication.
Na Earnings.
Gross Earnings.
Jan.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Year
Preceding.
3
$
$
$
$
1906 128,566,988 106,741,980 +21.824,988 38,673,269 28,996,772
1907 133,840,696 123.664,663 +10,176,033 36,287,044 37,096,918
1908 135,127.093 155.152,717 -20,025,624 29,659.241 41,155,587
1909 182,970.018 173,352,799 +9,617,219 50.295,374 41.036,612
1910 211,041,034 183,264,063 +27,776,971 57,409,657 50,491,080
1911 215,056,017 210,808.247 +4.248,770 53,890.659 57,373,968
1912 210,704.771 213,145.078 -2,440,307 45.940.705 52.960,420
1913 246.663,737 208,535,060 +38.128,677 64,277.164 45.495,387
1914 233.073,834 249,958,641 -16,884,807 52,749.869 65.201,441
1915 220,282.198 236,880,747 -16.598,551 51.582.992 52.473,974
1916 267,043,635 220,203,595 +46,840,040 78,899,810 51,552,397
1917 307.961,074 267,115,289 +40.845,785 87,748.904 79,069,573
1918 282,394,665 294,002,791 -11,608,126 17,038,704 83,475.278
1919 395.552.020 284,131,201 +111,420,819 36.222.169 13,881.674
1920494.706.125392.927,565 +101.778,760 85,908,709 36.099,055
1921 469,784,502 503,011,129 -33,226,587 28,451,745 88,803,107
1922 393.892,529 469,195,808 -75.303,279 57,421.605 28,331,956
1923 350.816.521 395,000,157 +105.816,364 93,279,686 58,266,794
1924 467,887,013 501.497.837 -33.610,824 83.953,867 93.366.257
1925 483.195,042 467.329.225 +15,866,417 101,022.458 83,680.754
1926 480.062,657 484.022,695 -3.960.038 102,270,877 101,323,883
1927 485,961,345 479,841,904 +6,119,441 99,428,246 102,281,496
1928 456,560,897 486.722,646 -30,161,749 93.990.640 99,549,438
1929 486,201,495 457.347,810 +28.853.68.5 117.730.186 94,151,973
1930 450,526,039 486,628,286 -36.102.247 94,759,394 117,764,570
1931 365.416 905 450 231 213 -85.314.308 71.952.904 94,836,075
Increase or
Decrease.
$
+11.676,497
-809,874
-11,496,346
+9,258,762
+6,918,577
-3.483.309
-7.019,714
+18,781.777
-12,451,572
-890,982
+27,347,413
+8,679,331
-68,436,574
+22,340,495
+49,809.654
-60.351,362
+29,089.649
+35.012.892
-9,412,390
+17,341.704
+946,994
-2.853.250
-5,558,796
+23,578.213
-23,005,176
-22.883.171
Note.-In 1908 the returns were based on 57,629 miles of road; tin 1909, 231.709
in 1910, 239,808; in 1911, 242,479; in 1912, 237,888; In 1913, 235,607; 1 1914,
243,732; in 1915, 246,959; in 1916, 247,620; in 1917, 248.477; In 1918, 204,046; In
1919, 232,655; In 1920, 232.511; In 1921. 232,492. In 1922, 235,395; in 1923, 235,678;
In 1924, 238,698; in 1925, 236,149; in 1926, 236.944; in 1927, 237,846; In 1928.
239,476; in 1929, 240,833; In 1930, 242,350; in 1931, 242,657.ya kagal
January being a winter month, the part played by weather
conditions must always be taken into consideration. It has
happened that in the more recent years the weather has
imposed no great hardships on the operation of the roads
or interfered seriously with the running of trains. It has
already been noted that this was the case the present year,
and it was also true of 1930, for while west of Chicago in
that year some extremely cold weather was experienced,
yet there seems to have been no serious interruptions from
extensive or prolonged snow blockades. In 1929, however,
though the roads between the Atlantic seaboard and Chicago
were comparatively free from weather disturbances, in the
Western half of the country some decided drawbacks appear
to have been encountered by reason of the severity of the
weather-low temperatures and extensive snow drifts. The
latter half of the month at that time (1929) newspaper
dispatches from numerous points in Wisconsin, Iowa, Colonado, Utah, Wyoming, Montana, Idaho, all the way west
to the State of Washington, spoke of snow 'drifts of one
kind or another, making the winter one of unusual severity.
On the other hand, neither in January 1928, nor in that
month of 1927 or 1926, did weather conditions impose much
of an obstacle to railroad operations over any large sections
of the country. Bad weather was somewhat of a drawback
in January 1925 on certain lines here in the East, though
not to any great extent for the country as a whole. There
were repeated, snow storms in these parts in the month in
1925, and in New York City the fall of snow was the
heaviest of any January in the history of the local weather
bureau, reaching 26.2 inches. A storm which came toward
the end of the month-that is, Thursday, Jan. 29, and
extending into Friday, Jan. 30-proved particularly mischievous in New York State. The New York Central RR.
reported it as the worst in its history, especially between
Albany and Rochester, causing considerable delay in the
running of trains. The Twentieth Century train from
Chicago was almost 16 hours late in reaching the Grand
MAR. 14 1931.]
FINANCIAL CHRONICLE
Central Terminal in New York City. It was due at
9:40 a. m., but did not arrive until 1:18 and 1:33 the following morning (Saturday), coming in two sections. The area
of disturbance, however, in this way was very much circumscribed, being confined largely to New York and New England, while elsewhere In the northern part of the country
the winter was comparatively mild, and little complaint
was heard of obstruction because of snow and ice or because
1875
of extreme cold. In 1924 mild weather conditions prevailed
nearly everywhere in January in the United States, though
in 1923, on the other hand, the winter during January, and
also a great part of February, was of exceptional severity,
heavy snowfalls having then made It difficult and unusually
expensive to operate the railroads all through New England
and the northern part of New York, as also to some extent
in other parts of the country.
The New Capital Flotations in the United States During the Month of
February and Since January.
Our compilations of the new capital issues brought out
during the month of February call for little comment.
There is not much to say, because, as a matter of fact, so
few offerings were made during the month. The reason
was that conditions were highly unfavorable for the floating
of new issues, and bankers, therefore, refrained altogether
in many instances from making offerings of any kind. It
will be recalled that during the latter part of January the
general bond market suffered a severe relapse, after having manifested growing activity and growing strength
during the first three weeks of the month. The reversal of
the course of the market was due to the sudden projection
of the soldier bonus proposition into prominence and a fear
of the consequences that would ensue should the proposition
In the form which it then appeared and which would have
meant the payment in cash of the whole face value of the
adjusted service certificates of the World War veterans,
outstanding to an aggregate of $3,400,000,000, be carried
through.
This soldier bonus proposal in the original form as here
Indicated had a blighting effect upon the general bond
market in January, and acted as a deterrent on the offerings of new capital issues during the closing days of that
month, substantially reducing the total of the new capital
flotations during January, and all this continued in the
same way to act adversely to the bringing out of new issues
during the whole of February, notwithstanding the soldier
bonus proposition eventually assumed a wholly altered character, being changed so as to authorize loans up to 50% of
the adjusted service certificates, which, according to the
estimates of the Treasury officials, will involve aggregate
cash payments, roughly, of only $1,000,000,000 as against the
$3,400,000,000 which would have been required if the scheme
had gone through in its original shape. But bankers and
Investment houses were reluctant to make appeals to the
investment market until clearer views could be obtained of
the ultimate effect of this new drain upon the resources of
the United States Treasury. Accordingly, the
flotations
during February, according to the tabulations we
present
to-day, proved exceedingly light—the lightest of any month
for nearly eight years.
For March, it is already apparent, the showing is
going
to be entirely different, even though barely half the
month
has yet elapsed. The stunning success which
Secretary
Mellon had last week in offering $1,400,00
0,000 of United
States obligations, short-term and long-term
, with the similar success of New York City in floating
$100,000,000 of
long-term bonds, has served in great measure
to revive confidence in the future of the bond market,
and this week the
New York Central RR. Co. offered $75,000,0
00 of refunding
and improvement 4/
1
2s, the Pennsylvania RR. has come
to
market with an issue of $50,000,000 of
4/
1
2% bonds, and the
Port of New York Authority has placed
$66,000,000 of 4/
1
2%
bonds, all being very quickly subscribe
d for, bespeaking a
very promising state of things for new
issues.
For February the new financing, as
revealed by the tabulations we present at the end of this
article, has been, as
already indicated, of very meagre
character and description. Our figures show that the total reached
no more than I
$221,497,966 as compared with $625,767,518 in February
1930 and $1,058,404,273 in February 1929. At $221,497,966
the new financing for February 1931 is the smallest of any
month of any year since July 1923—smaller even than in
any of the months immediately following the panic in the
autumn of 1929 and smaller than in the period of depression
during the summer of 1928, when the market was so badly
congested with new issues that the further placing of
other new issues had to be largely abandoned for the time
being.
Our compilations for the month, as usual, include the
stock, bond and note issues by corporations, by holding,
investment, and trading companies, and by States and
municipalities, foreign and domestic, and also farm loan
emissions. The grand total of the offerings of securities
in this country under these various heads during February
aggregated, as already stated, only $221,497,966. This compares with $648,635,186 in January, with $394,889,991 in
December, with $267,743,332 in November, with $449,357,451
in October, with $496,256,737 in September, with $290,999,219 in August, with $585,629,585 in July, with $778,180,103 in June, with $1,181,271,214 in May, when.the total
was swollen by two pieces of financing of exceptional size,
namely, the offering of $235,000,000 stock by the American
Tel. & Tel. and the offering of $120,000,000 Cities Service
Co. cony. deb. 5s of 1950, to stockholders of the company,
at par; it compares with $958,427,091 in April, and
with
$821,123,968 in March of last year.
Further emphasis is given the diminutive extent of the
new issues during February 1931 when it is noted
that
$119,972,022 out of the grand total of $221,497,966 of new
financing of all kinds for the month consisted of awards
by municipalities (States, cities, counties, towns, &c.)
in
the United States and $4,300,000 consisted of awards
by
Canadian municipalities disposed of in this country, while
an additional $9,000,000 comprised a farm loan
issue of the
Federal International Credit Bank. This left only
$88,225,944 of corporate issues, foreign and domestic, and
we
imagine that to find corporate financing of such extremely
small dimensions it would be necessary to go back all
the
way to 1919 in the period immediately following the signing
of the armistice in November 1918.
Investment trusts, trading and holding companies cut no
figure at all in the financing of the month the present
year, their contribution to the total in February 1931 having been only $2,050,000 against $16,390,000 in February
1930, and no less than $238,784,050 in February 1929. However, the investment trusts, as previously explained in
these
columns, have by no means disappeared, as is made plainly
evident by the fact that the advertising columns of the
daily newspapers are filled with new offerings by investment trusts. This was true even during February, the
results for which we are now passing under review. The
truth is that scarcely a week passes now that some new trust
does not spring into existence. These trusts, however, are
not of the type that was so prominent in 1928 and 1929. They
do not consist of large new capital issues offered for public
subscription in the way common prior to 1930 and in the way
always done by public utility, railroad, industrial and other
corporations. The practice now is to gather blocks of securities of one kind or another and to issue participating interest
In the same, split up into small units. These units are
then
disposed of over the counter by distributing groups or
syndicates. Judging from the liberal way in which
display
advertising placed by trusts of this type, or their distribut
ing
groups and syndicates, have been appearing, a
considerable
measure of success must be attending the offers
of such
1876
FINANCIAL CHRONICLE
[VoL. 132.
$7,500,000 to the Rhine-Westphalia Electric Power Corp.
(Germany). No details of this loan have as yet been made
public. On February 16 announcement was made of the
conclusion of negotiations by an international syndicate
whereby a new credit of approximately $30,000,000 was extended to Germany.
Lee, Higginson & Co. it is understood headed the portion
of the credit undertaken by the American financial institutions.
The largest corporate issue during February was $15,000,000 Central Illinois Electric and Gas Co. 1st & ref. mtge.
5s 1951, offered at 94/
1
2 yielding 5.45%. Other important
utility issues were: $10,000,000 Brooklyn Edison Co., Inc.
common stock offered at par ($100); $7,800,000 Southern
California Ltd. common stock offered at par ($25); $6,000,000 Cleveland Ry. Co. 1st mtge. 5s Mar. 1 1933 issued at par
and $6,000,000 LouisvilleGas & Electric Co. (Ky.) 1st & ref.
NEW FIXED TRUST OFFERINGS DURING FEBRUARY 1931.
1
2s C 1961 sold at 97 to yield 4.68%.
Business Recovery Trust Shares (Accumulation Type), offered mtge. 4/
by Stein Bros. & Boyce, N. Y., at price on application.
financing in February comprised $8,000,000 Pere
Railroad
Deposited Bank Shares, N. Y. Series A Trust Shares (Cumula1
2s C 1980 offered at 99/
1
2,
tive or distributive at option of holder), offered by Bank and Insur- Marquette Railway Co. 1st mtge.4/
ance Shares, Inc.. at $7X per share.
$4,000,000
Michigan
Central
R.R.
Co.
and
yielding
4.52%
Type),
(Distributive
offered
by
Lane,
Frontenac Trust Shares
/
2 to yield 4.35%. It
Piper & Jaffray, Inc., BancNorthwest Co.. First Securities Corp. of ref. & imp. 4/
1
2s C 1979 priced at 1021
Minn., Kalman & Co., and Wells-Dickey Co., at $17% per share.
Super-Corporations of America Trust Shares Series C (Distribu- was announced during February that the Baltimore & Ohio
tive Type), offered by S. W. Strauss & Co., Inc.. at SUM per share.
RR. Co. had disposed of $35,000,000 4% notes to mature
Super-Corporations of America Trust Shares Series D (Cumulative Type), offered by S. W. Strauss & Co., Inc., at $10,4 per share.
Aug. 1 1932. The notes were placed privately, and details
Only one issue floated in February carried a convertible are lacking as to the banking houses who participated in
privilege, a feature so popular at one time. In the detailed the business. This offering has not been included in our
enumeration of all the issues brought out during February, figures because it was presumably a bank loan.
given at the end of this article, we have put in italics the
Industrial and miscellaneous financing consisted of a
part relating to conversion right where it exists, this type scattering of small unimportant issues.
being used to desiginate the fact so that it may be readily
Included in the new issues of February was an offering of
detected by the eye. The one issue with this right in Feb- $9,000,000 Federal Intermediate Credit Bank 3% Debentures
ruary was:
dated Feb. 16 1931 and maturing 4 to 6 and 8 to 10 months,
CONSPICUOUS ISSUES FLOATED IN FEBRUARY WITH CON- offered at price on application.
VERTIBLE FEATURES OR CARRYING SUBSCRIPTION
The following is a complete summary of the new financing
RIGHTS OR WARRANTS.
$1,750,000 Appalachian Gas Corp. cony. deb. 6s, 1945, each $1,000 —corporate, State and city, foreign government, as well as
debenture convertible at any time prior to maturity, or earlier
the month of February and for the
redemption into 100 shares of common stock. Each $500 farm loan issues—for
debenture similarly convertible into 50 shares.
two months ending with February 28:
In analyzing the corporate offerings made during Feb- SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
ruary we find that public utilities showed the largest volume
New Capital. Refunding.
Total.
with $64.265,844 which, however, compares with no less than
$324,107,779 in January. Railroad financing was likewise
$
$
ii
MONTH OF FEBRUARY 1931—
of insignificant proportions in February amounting to only Corporate:
Domestic—
7.000.000
41.420,000
48.420.000
Long term bonds and notes
$12,000,000 as against $175,004,000 reported for January.
6,065.100
6.975.000
13.010,100
Short term
7.500.000
7.509,000
Preferred stocks
Industrial and miscellaneous emissions at only $11,960,100
19,256,844
19,256,844
Common stocks
for February were also well under the January volume of
Canadian—
Long term bonds and notes
$81,594,500.
Short term
Preferred stocks —
Total corporate offerings of all kinds during February
Common stocks
Other foreign—
were, as already stated, only $88,225,944 all of which was
Long term bonds and notes
Short term
domestic. Of this amount long term bonds and notes acPreferred stooks
counted for $48,420.000; stock issues aggregated $26,765,844,
Common stocks
while short term bonds and notes amounted to only $13,040,74,250,044
13,975,000
88,225.944
Total corporate
Government except Canada.
100. The portion of the month's financing raised for refund- Foreign
9.000.000
Farm loan isms
9.000,090
118,735.022
States. cities, &c
1.237,000 119,972,022
ing purposes was only $13,975,000 or about 16% of the total. Municipal.
Canadian
4.300.000
4,300.000
United States Possessions
In January the refunding portion was $180,858,000 or over
206,285.966
Grand total
15,212,000 221,497,966
31% of the total. In February of last year the amount for
refunding was $27,635,500, or less than 6% of the total. No
TWO MONTHS ENDED FEB. 28.
large issues were floated for refunding purposes in Feb- Corporate:
Domestic—
258.9113,000 181.692.000 440.655.000
Long term bonds and notes
ruary of this year.
311,204.850
23.067,850
13,141.000
Short term
34.012.779
34.012,770
Preferred stocks
The total of $13,975,000 raised for refunding in February
38.055,594
38.055.594
Common stocks
Canadian—
(1931) consisted of $7,000,000 new long term to refund exist70.000.000
70,000.000
Long term bonds and notes
ing long term, $4,995.000 new short term to refund existing
Short term
Preferred
stocks
long term and $1,980,000 new short term to replace existing
Common stocks
Othet foreign—
short term.
50.000.000
50.000.000
Long term bonds and notes
Short term
No foreign securities of any kind were brought out in
Preferred stocks
Common stocks
this country during February. However, a number of im474,099.223 194,833,000 668.932,223
portant foreign banking loans were arranged or in process
Total corporate
Government except Canada_
a negotiation. The National City Bank of New York was Foreign
14.500.000
14,500 000
Farm loan Isstlel.
167,1374.929
2.575,500 170,450.429
Stoles. cities,
reported to have agreed to lend the provisional government Municipal.
16.300.000
16.300.000
Canadian
United States POSSU3810113
of Santa Fe four million paper pesos (about $1,600,000)
574 7.7I 1,
,
in, Ana t.,•I
.e,d1 Ite/ II62
Grand total
accepting 7% provincial bonds, running six months as colIn the elaborate and comp'ehensive tables on ti e succeedlateral. The First National Bank of Boston was said to be
associated in the business. It was also reported that the ing two pages we compare the foregoing figures for 1.031 with
provisional government of Santa Fe had signed a contract the corresponding figures for the four years preceding, thus
with the Chemical Bank & Trust Co. of New York for a loan affording a five-year comparison. We also furnish a deof $5,000,000 for three months at 6% interest with option of tailed analysis for the five years of the corporate offerings,
renewal by the province. It was also reported during the Showing separately the amounts for all different classes of
month that the Nicaraguan government had been granted corporations.
a credit of $1,000,000 by the International Acceptance Bank
Following the full-page tables we give complete details
of New York. The National City Bank it was announced, of the new capital flotations during February, including
had completed arrangements during February for a loan of every Issue of any kind brought out during that month:
Investment units. Excepting two or three instances, however, no information of the extent of these sales is forthcoming, and being sales over the counter it is impossible to
make estimates regarding their amount.
Of course, in magnitude the disposals of this character
over the counter do not anywhere near approach those in
the old form and yet they can hardly be treated as entirely
insignificant, even though trust participations of this kind
have no proper place in compilations of new capital issues.
At all events, however, nothing definite is available as to
the extent of the sales of these investment trusts, or fixed
trusts as they are commonly termed. In this state of things,
the only way to indicate the presence of these trusts is to
enumerate the offerings made from month to month. In the
following table we show the different offerings made in
February:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING
FOR THE
MONTH OF FEBRUARY.
1931.
1930.
1929.
New Capital. Refunding.
CorporateTotal.
New Capital. Refunding.
Total.
New capital. Refunding.
Total.
Domestic$
3
Long term bonds and notes..
41.420.000
7,000.000
48.420.000
224,206.910
21,264,000
245.470.910
152,066.000
77,460,000 229.526.000
Shortterm
6.065.100
6.975.000
13.040.100
14,140.000
5,500.000
19.640.000
19,429.000
19,429.000
Preferred stocks
7.509,000
7.509.000
21.335.150
21.335.150
250,256.425
27,846,550 278.102,975
Common stocks
19.256,844
19.256,844
127.776.442
871,500 128.647,942
378.332,775
15,086,800 393,419.575
CanadianLong term bonds and notes_
42,300,000
42.300.000
16.000.000
16.000,000
Short term
Preferred stocks
1.500.000
1.500.000
Common stocks
Other foreign
Long term bonds and notes_
32,655.000
32.655.000
35,000.000
2,000,000
37,000.000
Short term
600.000
600,000
Preferred stocks
Common stocks
6.160.000
6.160.000
Total corporate
74,250.944
13.975.000
88.225.944
468.573.502
27.635.500 496.209,002
853,184,200 122,393,350 975,577,550
Foreign Govt.(except Canada).
40.000,000
40.000,000
10,000.000
Farm Loan issues
10.000,000
9.000.000
9.000.000
2.000.000
2.000.000
Municipal, States, cities, &c---- 118.735.022
1.237.000 119.072.022
80.421.516
1.137.000
81.558.516
68.483.723
1.418,000
66,bbi.723
Canadian
4.300.000
4.300.000
5.000,000
1,000.000
6.000.000
1.500,000
250,000
1,750,000
United States PIons......
1.175.000
1.175.000
Grand total
206.285.966
15.212.000 221.497.966
595.995,018
29.772.800 625.767.518
934.342.923 124.061.350 1,058.404.273
MONTH OF FEBRUARY FOR FIVE YEARS.
New Capital.
240,586.600
21,806.400
85,901,150
41,400,750
1928.
Refunding.
160,264.400
19,316.100
665,000
11,458,448
4,866,000
Total.
Total.
3
474.421,000
18.950.000
183.890.000
93,983,443
255,043,240
12.450.000
173.890.000
84,800,143
4,866,000
2,000,000
2,000,000
12.000.000
12,000,000
9,640,000
39,000,000
1,000,000
424.920.900
63.250,000
2300.000
129.764,623
4.500.000
201,343.948
54,101.000
626,264,848
117.351,000
2,300,000
133.823.923
4.500,000
624.735.523
259,504.248
884,239.771
700,000
540,883.383
74.669.500
4,450.000
76,111,729
696.114.612
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR
THE MONTH OF FEBRUARY FOR FIVE YEARS.
1931.
1930.
1929.
1928.
MONTH OF FEBRUARY.
New Capital.
Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
Long Term Bonds and NotesRailroads
$
8.000.000
4.000.000
12.000.000
104.316.000
13.900,000 118.225.000
4.695,000
7.000.000
11.695.000
20.570.000
31.646,000
52.216.000
54.795,740
Public utilities
29.350.000
3.000.000
32.350.000
111.295.000
6.935.000 118.230.000
69.017.500
68.740.000 137.757,500
111.063.800 104,748,200 215.812.000
Iron, steel, coal, copper, dm
71.478.500
1.500.000
1.500.000
16,910.000
940,000
17,850.000
16.250.000
2.000.000
18,250.000
Equipment manufacturers
2,900,000
900.000
900.000
Motors and accessories
2,320,000
780,000
3.100.000
Other industrial and manufacturing
55.460.910
55.460.910
11.200.000
575,000
11.775.000
36.462,500
3,578,500
011
40,041.000
61.897,000
20,000,000
20,000,000
Land, buildings, dm
1.800,000
3.590.000
3.590.000
15.290.000
15.290.000
34.048,500
34,048.500
39.840,000
39.840.000
43,298,000
Rubber
Shipping
9,400.000
9.400.000
by, trusts, trading, holding, &c__
21.500.000
21.500,000
7.000,000
7,000,000
9.500,000
Miscellaneous
480.000
480.000
1.000.000
420.000
1.420.000
45.695,000
2.205.000
47,900.000
41.306,300
48,458,000
7.151,700
23.374,000
Total
41.420.000
7.000.000
48,420.000
299,161.910
21,264,000 320,425,910
203,066.000
79,460.000 282.526.000
274.812.600 169,904,400 444,717,000 269,043.240
Short Term Bonds and NotesRailroads
6.000.000
23,000.000
17,000,000
Public utilities
3.300.000
6.225.000
9.525.000
6.000.000
2,500.000
8.500.000
2,525.000
2.525,000
7.400.000
7,400.000
3.050,000
Iron, steel, coal, copper. Ac
1,000.000
Equipment manufacturers
1,200.000
Motors and accessories
1.000.000
1.000.000
550.000
550,000
Other industrial and manufacturing
100.000
500.000
600.000
1.055.000
3.000.000
4.055,000
9.000.000
9.000,000
2.683.900
5,000.000
2,316.100
011
2.000,000
1.500,000
1,500.000
200.000
Land, buildings, Ice
2.565.100
250.000
2.815.100
1.035.000
1.035.000
6.004.000
6,004,000
3,072,500
3,072,500
2.300.000
Rubber
800.000
800.000
Shipping
Inv. trusts, trading, holding, &c_
1.000.000
1.000,000
Miscellaneous
100.000
100.000
1.750.000
1.750.000
2.500.000
2.500.000
3.100.000
3,100,000
2.700.000
Total
6.065.100
6.975.000
13.040.100
14,140.000
5.500.000
19,640.000
20,029,000
20,029,000
22,806,400
42,122,500
19.316.100
12,450.000
StocksRailroads
Public utilities
22,390.844
22.390.844
45.714.820
45.714.820
106.578.180
6.140,000 112.718,180
31,125,050
8,488,448
39.613.498 186,994.615
Iron, steel, coal, copper. Ac
1.056.500
1,056.500
19.678.490
11.260.000
30,938.490
3.324,350
1,200,000
4.524.350
150,000
Equipment manufacturers
Motors and accessories
13,531,620
978,950
14,510.570
25,000.000
Other industrial manufacturing
2.325.000
2.325.000
76.551.310
77.422.810
871.500
63.011.198
18,811,400
81.822.508
22.104.600
22,104.600
14,134,800
Oil
5,000,000
5.000,000
5.396.832
1,200,000
6.596,832
675,000
675.000
700.000
Land, buildings, &c
1.400,000
1.400.000
78.196.330
78,196.330
4,690.000
5,125,000
435.000
4,265.000
Rubber
25.840,000
25.840.000
700,000
700,000
Shipping
200,000
200.000
trusts, trading, holding, Sce
2.050.000
2.050.000
15.390.000
15.390.000
217.284.050
217.284,050
9.322,000
9.322,000
12,945,728
Miscellaneous
10.158.962
10.158.962
100.372.500
4.543.000 104.915.500
55,360.900
2,000.000
57.360.900
15.200,000
Total
26.765.844
26.765.844
155.271.592
156,143.092
871.500
630.089.200
42.933.350
673,022.550
127,301,900
12,123.448 139.425.348 259.390,143
TotalRailroads
8.000.000
4.000.000
12.000.000
104.316.000
13.909,000 118,225.000
4.695,000
7.000.000
11.695.000
26.570.000
48,646.000
75,216,000
54.795,740
Public utilities
55,040.844
9,225.000
64.265.844
163.009.820
172.444.820
9.435.000
178.120,680
74.880.000 253,000.680
149.588.850 113,236.648 262,825.498 261.523.115
Iron, steel, coal. copper, &c
2.556.5(10
2.556.500
36.588.490
12.200.000
48.788.490
19,574.350
3.200.000
22.774.350
4.050.000
Equipment manufacturers
900.000
900.000
1.200,000
Motors and accessories
1,000.000
1.000.000
13.531.620
978.950
14,510.570
2.870.000
780,000
3.650,000
25,000.000
Other industrial and manufacturing
2.425.000
500.000
2.925.000
133.067.220
3.871.500 136.938.720
83.211.198
19.386.400 102.597.598
61.251,000
5.894,600
67,145.600
78.031,800
Oil
6.500.000
6.500.000
5.396.832
1.200.000
6.596.832
675.000
20.000,000
20,675,000
2.700.000
Land, buildings, Ac
6.155.100
250.000
6.405.100
17.725.000
17.725.000
118.248.830
47,602.500
118.248.830
435.000
48.037.500
49.863,000
Rubber
800.000
800.000
25,840.000
25.840,000
700.000
700.000
Shipping
9.400.000
9.400,000
200.000
200,000
Inv. trusts, trading, holding, &c
2,050.000
2.050.000
16.390.000
16.390,000
238.784.050
238,784,050
16.322,000
16.322,000
22,445,728
Miscellaneous
580.000
580.000
12.908.962
13.328.962
420.000
148.567.500
6.748.000 155.315.500
99.767.200
9,151,700 108.918.900
41.274.000
Total corporate securities
88.225(144
13.975.000
74.250.944
468.573.502
27.635,500 496.209.002
853.184.200 122.393.350 975.577.550
424.920.900 201,343.948 626.264.848 540.883.383
1927.
Refunding.
400,851,000
41.122,500
86,566,150
52,859,198
29.360,000
1,000,000
4,059.300
New Capital.
219,377,760
6,500,000
10.000,000
9.183,300
1,018.500
700.000
785.944.443
74,669,500
4,450,000
77,130,229
216.079,560
942,194,172
1927.
Refunding.
$
77.076.260
95.751.500
3,250.000
131.872.000
167.230.000
6.150,000
245,061,060
30,500,000
Total.
5.500,000
92.397.000
1,800.000
48.798,000
7,300.000
219,377,760
9.500.000
30.674.000
488,421.000
2,500.000
5,550.000
1.000.000
1.200,000
4.000,000
6.000.000
200.000
2.300.000
6.500.000
2.700.000
18.950,000
15,000.000
201.994.615
150.000
4,083,300
100,000
25.000.000
18,218.100
700,000
4,365,000
19.183.300
12.945.728
15.200.000
278.573.443
77.076.260
113.251,5(10
3.250.000
5.600,000
131.872.000
374.774.615
7.300.000
1,200.000
25.000,000
116.615.100
2.700.000
55,463.000
7.300.000
245.061.060
22.445.728
48.574,000
785.944.443
38.583,300
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE TWO MONTHS ENDED FEB. 28 FOR FIVE YEARS.
1928.
1927.
1931.
TWO MONTHS ENDED FEB. 26.
1930.
1929.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateDomestic448,375,700
289,767.300
899,299,000
308.061.560
591,237,440
738.143,000
536,404.000
notes.
258.963,000
181.692,000
440,655,000
725.666,410
402
,240
,500
134,163.500
Long term bonds and
660.209,410
65,457,000
19,836,100
38,266,400
29.771,000
6,500,000
23.271,000
58,102,500
34.989,000
23.067.850
13,141,000
36,208,850
78.810,000
30.263,000
4,726.000
Shortterm
62,407,000
16.403,000
16.395.300 166,501,700 227,636,825
150,106.400
12,848,000 240.484,825
34,012.779
34,012,779
25,810,150
Preferred stocks
25,810,150
355,895.275
50,325.450 406,220,725
20.754.848 120.405.600 126,508.718
20,183,300 146,692.018
99.650.752
38,055,594
Common stocks
38.055,594
816,012.371
73,725,592 889.737,963
250,114.496
871.500 250.985,996
Canadian4,225,000
23.122.000
23,122,000
4,225,000
27,100,000
70,000,000
70.000,000
Long term bonds and notes_
55,300.000
18,000,000
73,300,000
27.100.000
Short term
1,000,000
1,000.000
7,400.000
Preferred stocks
7.400.000
Common stocks
Other foreign 76.100.000
19,618,500 100,750.000
76.100,000
81.131,500
41,000.000
50,000.000
Long term bonds and notes_
2,000,000
50,000,000
32,655,000
32,655.000
39.000.000
3,000.000
3.000,000
600,000
Short term
5,000.000
5.000,000
600.000
Preferred stocks
1.287 500
4,275,000
1.287,500
4,275,000
3,000.000
6.160.000
3.000,000
Common stocks
6.160.000
847,927,752 366,372,048 1.214.299,800 1,051.266,483 347,592.861 1,398.850,343
Total corporate
474,099.223 194,833,000 668,932.223 1.097.656,056 100,731.500 1,198.387,556 1,681,511,146 264,940.542 1.946,451,688
100,052,800
127.052.800
27,000.000
197.159,000
79.593,500
117,565,500
Foreign Govt.(except Canada)_
25,750,000
25.750.000
44.000.000
44,000,000
28.700,000
28,700,000
3,800.000
3,800,000
Farm Loan issues
14.500,000
14.500,000
9.000,000
2,000.000
5,147,500 284.008,204
228,208,250
5,959.300 234,167.550 278,860,704
142,275.846
Municipal, States, cities, &c
3,376.600 145,612.446
3,060.500 191,401,330
167,874,929
188,340.830
2.575.500 170,450.429
26,800.000
16.750.000
43,550,000
8,840.000
8,840,000
5,500,000
15,300.000
Canadian
4,000.000
1,500.000
12.142,000
3,158.000
16,300,000
16,300,000
1,385,000
1.385,000
1,000,000
1,000,000
1.495,000
1.495.00P
1.500,000
United States Possessions
1,500.000
Grand total
672,774,152 197.408,500 870,182,652 1.345.638,886 106.950,000 1,452,588.886 1.852,331.992 272.317.142 2.124.809.134 1.207,341.502 451.924,848 1,659,266,350 1,477,014.987 406,540.360 1,883,555,347
CHARACTER AND GROUPING 0F NEW CORPORATE ISSUES IN THE UNITED STATES FOR TWO MONTHS ENDED FEB. 28 FOR FIVE YEARS.
TWO MONTHS ENDED FEB.28. New Capital.
Long Term Bonds and NotesRailroads
130.160.000
174.591.000
Public utilities
15.250.000
Iron, steel, coal, copper, &c
300.000
Equipment manufacturers
Motors and accessories
50.492.000
Other industrial and manufacturing
Oil
7.190.000
Land. buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
980.000
Miscellaneous
378.963,000
Total
Short Term Bonds and NotesRailroads
17.875.000
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
300.000
Other industrial and manufacturing
709.000
Oil
4.083.850
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c..
100.000
Miscellaneous
23,067,850
Total
StocksRailroads
61.329.623
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
5.256.250
Other industrial manufacturing
Oil
1.032.500
Land, buildings. &c
Rubber
Shipping
2.050.000
Inv. trusts, trading, holding, &c
2.400.000
Miscellaneous
72.068,373
Total
Total130.160.000
Railroads
253.795.623
Public utilities
15.250.000
Iron, steel, coal, copper, &c
300.000
Equipment manufacturers
Motors and accessories
56.048.250
Other industrial and manufacturing
709.000
Oil
12.306,350
Land, buildings. &c
Rubber
Shipping
2.050.000
Inv, trusts, trading, holding, &c___
3.480,000
Miscellaneous
474.099.223
Total corporate securities
1931.
Refunding.
56.844,000
123.928.000
Total.
187.004.000
298.519.000
15,250.000
300.000
1930.
Refunding.
$
66.997,000
111.711.000
15,935.000
459.295,000
1.500.000
900,000
New Capital.
105.000
Total.
575.000
400.000
2,780.000
2.205,000
136.163.500
30.875,000
2,000,000
95.113.500
1.000,000
7.000.000
36,500.000
112.850.000
604,504.000
23,250,000
57.631,300
552,629,200
14,951,700
309,385,800
23.250.000
72.583.000
862,015.000
5.134.000
3.781.000
8.915.000
13,500.000
9,960.000
17,000.000
400,000
30,500.000
10,360.000
9,000,000
9,000,000
2,316.100
120.000
10.924.000
10,924.000
1,200.000
2,683.900
2,080,000
5.092.500
181.692,000
980.000
560,655.000
9.400,000
60.000.000
10.920.000
831,621,410
10,650.000
28.525.000
43.372.000
3.000.000
500.000
791,000
1,200.000
800.000
1,500.000
5,283.850
1.600,000
7.655.000
1.500,000
5,330,000
800.000
13.141.000
100,000
36,208,850
1,000.000
3.150.000
67.407.000
61,329,623
133.214,820
22.558.500
5.256.250
1.032.500
992.750
77.201.310
7.274.804
1.560.000
2.050.000
2.400,000
72.068.373
18.640.000
20,612.462
282.084.646
56.844,000
134.578.000
187.004.000
388 373.623
15.250.000
300.000
500.000
791,000
2,120,000
56.548.250
1,500.000
14,426.350
111.711.000
635,881,820
27.058.500
900,000
2.592.750
141.062.220
8.774.804
45.542,500
800.000
9.400,000
79,640.000
34.292.462
1.097.656.056
2,050.000
3.480.000
194.833.000 668.932.223
871.500
871.500
56.000.000
3,000,000
1.600,000
11.055.000
1.500.000
5,705,000
800.000
6.000.000
New Capital.
4,000,000
200.000
7.721.000
4.000.000
8,000.000
200,000
7,721.000
400.000
6.350.000
41,266.400
19.836,100
400.000
6.350,000
61.102,500
3.350,000
23,271,000
133.214.820
22.558.500
197.897.656
27.741.990
14.365,000
15.827,500
212.262.656
43.569.490
4,275,000
54.535.050
15,760,725
9,296.400
21,388.448
1,200.000
13.571,400
75.923,498
16,960.725
255,226,540
150.000
35.200,700
675.000
20.243.500
10,678.975
435.000
1,042.400
35.200.700
675,000
20.678.500
11,721.375
25.000,000
25,765,025
1,287,500
5,265.000
2,000.000
43.540,202
69.123.000
254,032,152
3.787.900
37,150,148
43,540.202
72.910.900
291.182,300
20,445.728
21.293.250
356,433,043
153,438,400
467,980.498
69,910.725
500.000
780,000
5,000.000
25,095,000 137,061,700
20.120.000
22,875,000
2.250,000 126,778,000
1.042,400
11.721.375
26,375.570
251,531.928
28,667.104
81,219.830
25.840,000
10,100.000
479.297,550
4.543.000 147.494.560
124.051,042 1.306,358.688
19.777.000
119.386.000
19.014,000
73.308.000
428.085.156
82.519.490
26.375,570
291,406.928
30.667,104
187.257,330
26.840,000
17,100.000
6,000,000
515,797.550
7.693.000 267.094,560
264.940,542 1,946,451.688
2.340,950
72,055.820
15,485.272
3.188.500
22,500,000
42,749.000
979.624,000
"SfAbK000
1,200.000
5,000,000
2.200,000
5.092,500
6,750.000
35,589.000
2,340.950
71,480,820
15,085,272
408,500
7.300,000
308.061.560
80,042,260
179,476,300
3.250.000
8,300.000
1,000.000
1,200,000
945,000
4,726.000
24,034.620
180,051.108
13.581,832
80.811.330
25.840.000
10,100,000
18.640.000
479.297,550
20.642.462
142.951,560
282.956.146 1,182,307.646
6.825.000
Total,
3
141,218.000
395.332.500
7,150.000
1.270.000
50.000.000
132,847.000
69,800,000
116.757,500
2,500,000
5.805,000
30,863,000
992.750
78.072.810
7.274,804
1.560.000
1927.
Refunding.
5,800,000
1.000.000
1,200.000
1.000,000
3.150.000
83.810.000
53.531,000
178,708.000
308.699,156
664.444,820
63.505,490
27.058,500
900,000
24.034.620
2.592.750
219,351,108
4.376.500 145,438.720
15.181.832
8.774,804
184.068.830
45,917.500
375.000
26.840,000
800,000
11,100,000
9.400.000
515.797.550
79,640,000
259.401.560
34.712.462
420,000
100.731,500 1.198.387.556 1,681.511.146
66,997.000
28.563,000
22,500,000
35,449,000
671,562.440
30,300,000
1.600.000
92,333.500
1,000.000
1,000.000
36,500.000
110,645.000
468,340,500
9,400.000
60.000.000
10.500.000
748.164,410
16.403,000
61.175.740
215.856.200
3.900,000
1 ,270.000
50,000.000
101.679,000
69.800,000
109.932.500
56.310.910
38.652.500
375.000
109,367.000
381,697.000
52,950,000
500.000
3.800.000
96,861.000
20.000.000
101,007,000
Total.
73.308,000
206.907,500
38.950,000
56.205.910
3,400,000
1928.
Refunding.
3
67.678,500
41,688.500
223,842,600 157.854,400
23,527.300
29.422.700
500.000
780.000
3.020.000
22.778,900
74.082,100
20.000,000
1,815,000
99,192,000
New Capital.
19.777.000
101,240,000
3,186,500
38,652.500
12,628.000
Total.
53.531,000
105.667,500
35.763.500
8.110.000
420,000
83,457.000
1929.
Refunding.
178.708,000
475,230.000
1.500.000
900.000
50.492,000
920,000
New Capital.
6.500.000
26,000.000
4,083.300
100.000
2.848,000
33.031.300
3,350.000
29,771,000
281.226,540
150.000
25.000.000
29,848 325
1,287 500
5,365,000
2.000.000
20.445.728
24.141,250
389,464.343
59,463.500
288,337.650
45,183,425
500.000
4,220,000
111,966,700
2,755.000
124,528,000
10,678.975
93,974,900
179.642.848
24.727.300
61.175.740
476.882,740
5,050,000
2,470,000
75,000,000
131,444,025
71.287,500
122.918,500
2.000,000
80,042,260 141.218,000
207.976,300 684,859,040
3.250,000
8,300,000
2,470.000
75,000,000
39.251.300 170,695,325
71,287,500
6,925,000 129,843,500
2,000.000
67,190.202
133.104.300
847.927.752
42,945,728
67.190,202
18.739,600 151.843.900
60.092.250
366.372,048 1,214,299.800 1,051.266.483
42,945,728
70.240.250
10.148,000
347,592,860 1.398.859,343
1879
FINANCIAL CHRONICLE
711AR. 14 1931.1
DETAILS OF NEW CAPITAL FLOTATIONS DURING FEBRUARY 1931.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads4.000,000 Refunding
To Yield
About.
1024
99
8,000,000 Additions, betterments, impts
Company and Issue, and by Whom Offered.
96
4.35 Michigan Central Railroad Co. Ref. and Impt. Mtge. C, 448, 1979. Offered by J. P. Morgan &
Co.: First National Bank and National City Co.
4.52 Pere Marquette Railway Company let Mtge. 48, C, 1980. Offered by J. P. Morgan & Co.:
First National Bank: Guaranty Company of New York, National City Co.: J. & W. Seligman
& Co., and Chase Securities Corp.
12,000.000
Public Utilities1,750,000 Acquire secure.; other corp. purp
Price on application Appalachian Gas Corp. Cony. Deb. 138, 1945. (Each $1,000 Debenture convertible, at any time
prior to maturity or earlier redemption, into 100 shs, ofcommon stack. Each $500 debenture similarly
convertible into .50 shares of common stock.) Offered by P. W. Chapman de Co., Inc.
5.45 Central Illinois Electric & Gas Co. let and ref. Mtge. be, 1951. Offered by Harris, Forbes & Co.:
15,000,000 Acquire Properties; addns.: trains- 944
H. M. Byllesby & Co., Inc.: Central-Illinois Co., Inc.; Chase Securities Corp.; Continental
Illinois Co., Inc.; West & Co.; E. H. Rollins & Sons, Inc., and Albert E. Peirce (1, Co., Inc.
5.44 Davenport Water Co. 1st Mtge. 55, A 1961. Offered by W.C. Langley dr Co., and Halsey, Stuart
934
1,600,000 Acquire properties
& Co.. Inc.
5.30 Jamaica Water Supply Co.(N. Y. C.) 1st M.54s. A 1955. Offered by Janney dr Co.
1024
500.000 Capital expenditures
5.14 Louisiana Pr. & Lt. Co. let M. 55, 1957. Offered by W. C. Langley & Co.; John Nickerson &
98
3,000,000 Additions; other Corporate Purp
Co., Inc.; Guaranty Co. of New York; the First National Old Colony Corp.; J. G. White & Co.:
J. & W.Seligman & Co., and Hale, Waters & Co.
4.68 Louisville Gas & Electric Co. (Kentucky) let & Ref. Mtge. 44s, C, 1961. Offered by Harris.
97
6,000,000 Extensions, additions
Forbes dr Co.; H. M. Byllesby & Co., Inc.; W. C. Langley & Co.; Guaranty Co. of New York.
A. C. Allyn & Co., Inc. and J. Henry Schroder Banking Corp.
5.10 North Shore Gas Co. lot M 5s, Feb. 1 1937. Offered by Central-Illinois Co., Chicago.
994
1,000,000 Additions, betterments, &c
4.72 Pennsylvania Water & Power Co. let Ref. Mtge, B,4)4e, 1968. Offered by Chase & Co., Boston;
3,500,000 Extensions; property acquis.; &c... 96
Joseph W. Gross & Co., Philadelphia; Minsch, Monell & Co.. Inc., and Aldred & Co.
32,350.000
Land, Buildings, &c6.00 Eastern Investors Co., Inc., Coll. Trust Os, A, 1941. Offered by C. H. Berets & Co., Inc.
100
1,000,000 Provide funds for loan purposes
5.00 Roman Catholic Bishop of Cleveland lot M.Is, 193242. Offered by George H. Burr & CO., and
500,000 Real estate mortgage
100
Stix & Co., St. Louis.
6.00 Rorabaugh-Wiley Theatre Building, let M.68, March 1 1933-46. Offered by the Wheeler Kelly
125,000 Finance completion of buildings100
Hagny Trust Co., Wichita, Kansas.
5.20 St. Mary's College and Academy let M.55, 1946. Offered by First Detroit Co., Ino., and Foreman500,000 Finance construction of building
98
State Corp.
5.50 Seventh Church of Christ Scientist, St. Louis, let M. 545, 193341. Offered by Festus J.
90,000 Real estate mortgage
100
Wade Jr. & Co., St. Louis.
5.00 Society of Sisters of Mercy of Wilkes-Barre, Pa. let M. 58, 193240. Offered by Mississippi
500,000 Real estate mortgage
100
Valley Co. and Kenneth H. Bitting & Co., St. Louis.
4.10-4.20 Trustees of Indiana University Union Building 1st M. 448, 1933-51. Offered by Fletcher
500,000 Construction & equipment of bldgAmerican Co.
6.0 Western Union Building (Jacksonville, Fla.) 1st M.68, 1932-42. Offered by Franklin-American
375,000 Finance construction of building... 100
Co., St. Louis.
3.590,000
Miscellaneous-4.875 Gatzert Co., Inc.. Metropolitan Chicago 44% Muss. Sec. Trust Ctfs.. I-M-4, 1936-41. Offered by
480,000 General corporate purposes
Gatzert Co., Inc., Chicago.
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
!amount.
Purpose of Issue.
Price.
Public Utilities2,800,000 Acquisitions, additions, &c,
To Yield
About.
9736
100
994
6.50 Southwest Util. Dairy Prods, Co. 1-yr. 6s, March 1 1932. Offered by Hoagland, Allum & Co.. Ine,,
964
6,000,000 Refunding; retire,short-term debt_ 100
500,000 Construction; working capital
225.000 Refunding
Company and Issue, and by Whom Offered.
96
6.35 Central West Public Service Co. 1st Lien Coll. 3-Yr. 5,s "C." Dec.15 1933. Offered by A.B. Leach
& Co., Inc. and Halsey, Stuart & CO., Inc.
5.00 Cleveland Ry. Co. let M.2-Yr. Is, March 1 1933. Offered by Hayden, Miller dc Co.; Union Cleveland Corp.: the Cleveland Trust Co.: Midland Corp.; the Guardian Trust Co. and Central United
Co., all of Cleveland.
7.35 Southern Union Gab Co. 2-Yr. 68, Feb. 10 1933. Offered by Peabody & CO.
6.00 Texas Power Corp. 1-Yr. as, Dec. 1 1931. Offered by Emery,Peck & Rockwood Co.
9,525,000
Other Industrial & mfg.600,000 Refunding; other corp. PurP
Land, Buildings. &c.
300,000 Finance constr. of building
1,000,000 Provide funds for loan purposes
100
100
375,000 Provide funds for loan purposes.., 100
100,000 Finance lease of property
51,600 Provide funds for loan purposes
100
100
500.000 Realestate mortgage
100
97.500 Provide funds for loan purposes... 100
141,000 Provide funds for loan purposes... 10036-102
250,000 Refunding
100
6.00 Aviation Building Corp. (Forth Worth, Tex.) quer. let Lshld. 68, Feb. 1 1932-36. Offered by
Republic Nat. Co. and Mercantile Securities Corp., Dallas, Texas.
6.00 Colonial Mtge. Investment Co. Coll. Tr.68 A4, March 1 1932. Offered by Colonial Bond & Share
Corp., Baltimore.
6.00 Greenebaum Sons Investment Co., let M. Coll. Tr. 6s, Feb. 1 1936. Offered by Greenebaum
Sons Investment Co., Chicago.
6.50 Lockwood-Thompson Co. 1st M.694s, Jan. 1 1932-36, Offered by The Milwaukee Company.
6.00 Mortgage Investment Corp. let Coll. Tr. 68, series 20, Aug. 1 1931-Feb. 1 1934. Offered by Bank
of Commerce & Trusts, Richmond, Va.
5.50 National Title Guaranty Co. guar. lot M.54% Ctfs. Offered by National Title Guaranty Co.
6.00 Notting First Mtge. Corp. 1st Coll. 'tr. 68, Aug. 1 1931-Feb. 1 1936. Offered by Frederick E.
Nolting & Co., Inc., Richmond, Va.
5.50 Richmond Mortgage & Loan Corp. let M. R. E. Coll. Tr. 6s, Feb. 1 1932-36. Offered by StatePlanters Bank & Trust Co., Richmond, Va.
6.00 University Realty Co., Inc., 1st M.68, Feb. 1 1933. Offered by Hibernia Securities Co., Inc.
2,815,100
Miscellaneous100,000 Working capital
Price on spells.
Granite Bituminous Paving Co. Sot. 1932-36. Offered by William R. Compton & Co., Inc., St. L.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Public Utilities
10,000,000 Capital expenditures
28,158shs Capital expenditures
170,000 Additions and Improvements
1,664,000 Additions and extensions
1,250.000 Acquisitiona; other corp. Purl)
7,800,000 Capital expenditures
510,000sha Capital expenditures
Other Industrial & Mfg.
500,000 New construction
1,250,000 Acquire mfg. rights, dris
*62,50081.18 Acquire mfg. rights, dro
•100,0005hs Expansion;0th. corp. Purposes-
aAmount
Involved.
Price
To Yield
Per Share. About.
10,000,000 100
506,844 18
170.000 100
1,669.000 25(par)
1,250.000 9836
7,800,000 25 (par)
1,000.000 100
-22,390,844
Brooklyn Edison Co.. Inc., Common. Offered by company to stockholders.
Central West Public Service Co. ClaSS"A" Stock. Offered by company to stkhldrs.
7.66 New Rochelle Water Co. 7% Cum. Pref. Stock. Offered by Hale, Waters & Co.
5.50 Pacific Gas & Electric Co. 54% let Pref. Stock. Offered by Company.
6.09 Pennsylvania Telephone Corp.6% Cum.Pref. Stock. Offered by Bonbright & Co.,Inc.
Southern California Edison Co., Ltd. Common. Offered by company to stkhldrs.
0.66 Washington Water Pr. Co. $6 Cum. Pref. Stock. Offered by company.
25 (par)
Chapman Valve mfg. co. Common. Offered by company to stockholders.
Internat. Automatic Supply Co., Inc., 7% Cum, Prof. Stock. Offered by Warren A.
Tyson & Co., Inc.; Jas. C. Willson & Co.; R. II. Manley & Co., and Chas. Messenkopf & Co.
International Automatic Supply C6., Inc., Common Stock. Offered by Warren
A. Tyson
Co., Inc.; Jas. C. Willson & Co.; R. II. Manley & Co., and Chas.
Messenkopf & Co.
Marathon Razor Blade Co., Inc. (Del.) Common. Offered by Harry Thompson a:
Co., Inc., N. Y.
500,000
I
1,375,000 lab. pfd.&4 eh.
corn. for $11.
450,000
44
2,325,000
Investment Trusts,Trading and
Holding Cos. (Not Primarily.
Controlling)
400,000 Provide funds for invest. purposes_
•200,0003hs Provide funds for Invest. purposes.
Company and Issue, and by Whom Offered.
%
400,000 100
1,650,000
894
7.00 Alliance Investors Corp. 7% Corn. Pref. Stock. Offered by D. A. Dobry Securities
Co., Davenport, Iowa.
Foreign Shares Corp. Fedi°. Pref. Stock. Offered by J. E.Drain & Co., Seattle, Wash.
2,050.000
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by.
Chas. R. Dunn, Fiscal Agent.
9,000,000 Federal Intermediate Credit Banks 3% Debi_ Price on applbs,
Dated Feb. 16 1931 and maturing 4 to 6 and
8 to 10 mos.(provide funds for loan Pure.)
•Shares of no par value.
at par, while preferred stocks of no par value and all classes of common stock are computed at their offering Priced.
a Preferred stocks of a stated par value are taken
1880
FINANCIAL CHRONICLE
[VOL. 132.
Canadian Stock Exchange Prices
MONTREAL-TORONTO
The Toronto Stock Exchange During 1930.
By W. Harold Mara, President of the Toronto Stock Exchange.
The volume of business on the Toronto Stock Exchange
during 1930 has shown considerable curtailment as compared
with 1929, total transactions amounting to slightly over
half of those of the previous year.
Trading in listed and Curb stocks, other than mining,
was cut in half, while mining transactions were only onethird of the 1929 total. In only one month-August, when
total listed stocks were 1,670,572-was the volume comparable with 1929. This noticeable increase over the previous month was the result of transactions in International
Nickel Rights.
A comparison with 1929 follows:
1930
Listed.
1929
Curb.
Listed.
Curb.
January
February
March
April
May
June
July
August
September
October
November
December
497,793
40.986
569,934
645,057
466,599
859,970
212,440
1.670,572
589,881
504,042
169,824
229,511
199,343
243,348
189,947
207,548
216,792
286.194
83,266
105,601
194,060
263,376
119,266
252,027
2,032,363
922,548
1,375,995
716,100
895.534
407,497
371,751
294,711
720,843
1,308,586
910,995
186,813
857,617
479,498
573,986
524,994
317,646
430.215
319,368
665.030
475,286
761.740
408,884
203,511
Total
6,824.609
2.360,768
10,143,736
5,917,505
smaller investors who were formerly debarred from becoming shareholders by the high price at which it sold.
Investment Yields Improve.
One favorable feature of the decline has resulted in many
stocks of undoubted merit selling at prices to yield on the
investment from 6 to 10%, yields which a year or two ago
were considered out of the question, or, if available, too
dangerous for consideration by the careful investor, and has
resulted in many new shareholders being added to the lists
of companies who will eventually benefit from the wider
distribution of their stock.
Canada, as a whole, has come through the year in better
condition than any other country in the world, in spite of
the fact that the greatest of our basic industries, farming,
has suffered so extensively, and at the moment is faced
with a large surplus of grain, for which there is no immediate
market, and prices for its products which do not compensate
for the labor of producing, and in many instances leaving
nothing with which to purchase the necessities of life for
the next several months.
The reaction from this condition has naturally been felt
in all lines, and, as other basic industries have also suffered
severely from overproduction and overexpansion, the fact
that we have had very few failures speaks well for the
underlying strength of Canada.
While many companies have been forced by stress of
circumstances to decrease or pass entirely their dividends,
on the other hand, many have this year inaugurated dividend payments for the first time, and others have increased
their payments to shareholders.
Banking Situation Favorable.
Canada is also singularly fortunate in its banking situation, and there has been no cause for alarm on that score.
The number and extent of the failures among the institutions in the country to the south of us, taken in conjunction
with the financial situation existing in many parts of our
own country, demonstrate quite clearly that our system is
eminently suited to the needs of this country, and tho
country owes much of its present prosperity to the ability
and farsightedness of those capable executives at the head
of our banks. Those of our institutions which have presented
their yearly reports indicate profits were maintained, and
no lessening in the liquid strength, which has always been
a feature of their statements.
While the outlook for an immediate revival in business is,
perhaps, not of the brightest, and there are still many
difficulties to be overcome, Canada, with her wonderful
possibilities and resources, should, in my opinion, see an
upturn in business before the end of 1931.
WOCCA.V.WW0CaMoW
1..43-0014W-41,41
.4CONOW0.0040
N4.0000.00-000
4417.Vt4WWW;-.W0I4
W.
At the close of 1929 the financial community was in a
hopeful mood after one of the most drastic market breaks
in many years, the opinion being prevalent that spring would
see a revival in business, and that conditions would be
normal by autumn.
Anticipating this condition, stocks gradually worked
higher until April, when it was realized that the recovery
had not been as satisfactory as had been hoped for, and that
any improvement could not occur before autumn.
Later in the summer the advance was again renewed, but
instead of improving conditions in the business world
steadily became worse, aggravated by the continual decline
in the price of all commodities to the lowest price in history
and the realization that the buying power of the consumer
was reduced so drastically as to defer any improvement
other than seasonal until well into the coming year.
This resulted in steady and continued liquidation, both
forced by those overextended, who had been hoping for an
opportunity to save something from the wreck, and also
by discouraged investors, who could see no hope for the
future, and continued without interruption almost until
the year's end, bringing price of representative stocks to
Monthly Record of Business Done on Montreal
levels lower than for many years and wiping out all the gains
Stock Exchange.
made since 1925.
Following is a summary of the business in shares and in
No Failures During 1930.
The Toronto Stock Exchange is to be congratulated on bonds on the Montreal Stock Exchange for each month of
having come through one of the most difficult and trying the last six years:
MONTHLY RECORD FOR THE YEAR. WITH COMPARISONS.
years since its organization without having to record the
failure of a single member, and while this happy condition
1930.
1929.
1927.
1926.
1928.
1925.
is no doubt due to the extreme care exercised by the member
Shares.
Shires.
Shares.
Sharer.
Shares.
Shares,
January
988.789 4.173,257 1,517,595
510.380
512.022
393.118
firms in the conduct of their business during this trying February
830,534 2,037,891 1,274.280
631.336
810,908
297,577
period, a great deal of credit must be given to the Stock March
1,133.969 2.157,613 1,393,589
622.040
581,524
265.342
April
1,601,864 1,117,477 1,603.615
700,130
189.070
323.094
Exchange audit inaugurated in 1929, and since continued May
1,088,587 1.287,879 1,727.793
8r8.605
335 398
354,476
1.389,470
944.721)
766.813 1,214.818
257,174
285,975
regularly. By this means any weakened or possibly June
July
308,399
419,177
928,841
700.127
290,402
270,542
August
558.387 2,103.138
924,940
627.009
967.070
427,009
dangerous situation which might arise would be discovered, September___
. 817.409 1,854,675
900,422 1,172,169
786,615
398,367
and immediate steps taken to remove the danger. In these October
1,350,604 3,609,402 2,308,349 1,179,565
637,444
735.135
November__
446,867 2,077,720 3.217.754 1,073,798
322,674
484.400
efforts the officials of the Exchange have had the hearty December
632,593 1,088.757 2,206,717 1,343,689
484,003
649,881
co-operation of the members and of the auditors of the
Total
11.047.472 23.203.463 18.990.039 9992.627 6.761.570 4.316.026
different brokers, and especially I would like to record our
Following is a summary of the business done in listed
done
by
the
work
excellent
Toronto
appreciation of the
bonds:
Stock Exchange auditors.
1927.
1928.
1930.
1929.
1926.
1925.
Although 1930 was not a year in which many new enter$
$
$
$
s
prises were inaugurated, consolidations and changes in January
982,525 1,135.700 2,658,500 1,292,900 1,775,850
capital formation resulted in new listings totaling 21,148,600 February
872,925 1,020.700 3,209,650 1.235,150 1,475,022
March
837,150 2,806,000 1,347.450 1,402,128
1,089 590
was
a
result
proportion
of
the April
shares, of which the largest
827.000 1,437.850 1.608,150 1,483,944
1,204,900
May
1.051,200
882,200 1,827.550 1,411,850 1,790,500
Canadian Pacific Railway changing its capital from shares June
467.100 1,200,050 1,089.400 1,155,800
933.400
973.725 1,183,250 1,055,000 1,513,15n 1,131,950
of $100 par value to stock of $25 par value. This change July
753,050 1,482,550
August
707,700 1,184.050
366.375
has resulted in greatly increased trading and a greater September_ _ ... 669,900 1,209,050
721 650 1,312,900 1.243,850
1,248.700
929.850 1,479,600
October
1,470,450
1.094,000
interest in Canada's premier company, and will eventually November__ -- 1 027.525 2,199,875 1,835,550 1,349,000 2,098,527
954.65i 2.234.750 1,303,200
753,960 1,282,380
mean a much wider distribution of the shares among the December
Total
11 023 025 13 212 555 20.139.200 16.077.600 17.807 021 17.715.603
investing public bringing the stock within the means of
/[AR. 14 1931.]
FINANCIAL CHRONICLE
The Montreal Curb Market During 1930.
By G. P. G. Dunlop, Assistant-Secretary Montreal Curb Market.
1881
parison of the total sales, both listed and unlisted, for the
years 1929 and 1930.
MONTREAL CURB MARKET-COMPARISON OF SALES FOR THE
The year 1930 on the Montreal Curb Market showed a
YEARS 1929-1930.
further large shrinkage in security values below the OctoberNovember break in 1929.
Stocks.
Mines.
Bonds.
There was also a large contraction in the volume of sales,
1929.
1930.
1929.
1930.
1929.
1930.
the total sales of miscellaneous stocks both listed and unlisted
for the period under review being slightly over 21A million January
763,935 279.885 958,591 435,295 654,340 6115,400
528,332 270,836 1,196.198 426.573
64.500
52,500
shares, as against a total of slightly over 7 million shares February
March
1,030.525 259,512 892,658 437.744
79,400
94,300
for the year 1929. The total sales in mining stocks were April
798,883 201,077 368.687 227.343
52,000
98,100
May
679,571 197,361 357,474 237.234
14.700
160.500
something over 3 million shares, being a little less than half
June
362,282 251,513 246,163 150.665
59,000
130,200
the turnover in 1929.
July
459,058 156,448 252,390
80,651
70.800
174.800
The activity in oil stocks continued to make up the bulk August
563,213 149,572 457.647 142.105 100,600
111.100
492,018 232.416 642,363 245,642
55.000
259,600
of the turnover, being something over 60% of the total sales. September
October
764,030 325.847 690.023 371,896 120,000
492,700
The most active stock was Imperial Oil Limited, with a November
442.487 133,767 317,480 147,376 108,000
139.700
December
243,920 157,027 342,482 206.456
70,700
210,600
turnover of 414,360 shares.
During the year under review, 120 listed issues were dealt
7.128.254 2.615.261 6.722.156 3.108.980 8849.040 62.039.500
in, six new issues were listed on the Exchange and four issues
During
under review the trading in all classes
the
year
were taken from the list on being transferred to the Montreal of
securities(exclusive of bonds), both listed and unlisted, was
Stock Exchange.
follows:
The conditions of the market during the year had a corre- as
Miscellaneous stocks
2,615,261 shares
sponding effect on the value of memberships, when a new Mining stocks
3,108,980 shares
low price of $5,500 was established, the last sale being $6,000.
Total
5,720,241 shares
The high price for memberships in 1929 was $50,000, and
contrasting
follows:
1929
as
year
with
the
the last sale $35,000.
Miscellaneous
7.128.254 shares
Herewith you will find a comparative summary of the Mining stocks stocks
6,722,156 shares
tales in listed stocks for the year 1930, together with a cornTotal
13.850,410 shares
MONTHLY RANGE OF PRICES ON THE TORONTO STOCK EXCHANGE FOR THE YEAR 1930.
For record of year 1929 see "Financial Chronicle" of March 15 1930, page 1768.
STOCKS
February
January
March
April
May
June
August September October
July
November December
High Low High Low High Lots High Low High Low High Low High
Low High Low High Low High Law High Low High Lato
$ per share $ per share $ per share $ per share $ per share $ per share
5 per share 5 per share $ per share $ per share $ per share $ per share
Abitibi common
3012 23
3212 26
3512 29
4214 33
3234 31
31
25
2714 25
814
2512 2112 2234 16
1112 9
16
11
9
Preferred
7713 65
7812 7614 84 7934 8612 83
8312 80
82 80
77 75
77 75
76 701 67 3614 47 3734 4112 38%
Alberta Pacific Grain corn
--------24 20
2112 2012 203s 19
19
1814
19
----15
13
9
1114 97s
918 5
_
634 63s 64 5
Preferred
90 90
91
90
9012 89% 8934 86
87
1
86
88 79 4 87 85 --------55 50 --------30 36
39 39
Asbestos Corp corn
Preferred
10
914 1334 132k
Associated Quality Canners__
18
18
18
17
1712 17
1838 17
1712
16 ii -16 io To
Atlantic Sugar corn
778 78 814 '814 634 634 81s 534 612 612 5
5 ____ ____ 5,2 5
1114 7
512 5
1714 lits
Preferred
4134 413 4134 4i4
-1-612 io ---------------10
Barcelona
Beatty Bros corn
---- ---- 26
2412 ------------------------2126i2
412 2412 20
2514 16 2114 18
Preferred
---- ---- 8812 88
88 87
87 85
87 85
85 80
75
80 80
SO
Belgo•Canadlan pref
200 100
Bell Telephone
iss 14812 iaa fa jai fii iaii2181 iai ii6 jai Lii jai' lid- iai.11612 15513 150 Ha iiii iia fii Hifi 116
Blue Ribbon corn
18
16
19
1412 17
15
15
15
13
1512 11
12
12
10
11
10
Preferred_ ___ „_____.
____
___ ____
_ ___ _ _ 3712 35
38 3612 36 35
34 3214 321z 31
3612 3012 36 32
32 28
30
31
Brantford Cordele pref
24 -23
2312 12- 23 -22- 23
20
2234 2212 23 22
2212
2112
22
20
22
20
20
21
20
20
21
21
5
Brazilian corn
41
36% 39 36
4814 36
551s 467g 5234 4214 503 37
41
3738 3712 2978 3714 32% 3512 20,2 26% 2412 26
193
Fractions
40 39
26
19
Brewers & Distillers
II C Fish & Pack Co new
British Columbia Packers cont_
1214 -11 --------733 64 9
6
7
7
7
7
-ii2
--__- --ii
1
i12 -234 a
iiis I
212 314 3
Preferred- 5712 56
5812 -56 - 5812 55
58 58
25 25
25 25
39
35
B C Power A
40 38
39 3634 40 3712 45 41
4E4 -403-4 4014 35
3614 3614 3534 3534 3914 36
3512 3512 3614 344
3612 33
B
2012 19
1714 1714 2012 1734 2512 2114 21 14 21
14 1714 _--- --- ____ - - --,,, _ __ 1314 11
17
13
13
1314
1314
British Empire Steel corn
138 132 --------3
1,2 2
2
212 2 __ __ _ _ __
114 -1-14 1% -13s 114 1% ---- ---- 1
1
1st preferred
2d preferred
5
5
5
42 434 4
8
434 612 512 a
-------- ii4 --------_ i silt 2-34 234
27 2512 2714 2534 2612 2434 3112 26
Brompton
2914 2414 2812 25
2814 27
2712 2714 __
_ -_ _ 21 12 21 12 --- ___ -_ ---Building Products corn
2912 27
29 2714 273 27
2712 25
26 24
2512 21
2212 2112 2212 2112 2414 -21
22 -20% 23 22
2234 20
Burt Co (F N) corn
56 5134 55 50 52 4934 54 50
50 48
49 4414 47 45
46 44
47 42
44 3512 4012 38
42 39
Canada Bread corn
A preferred
B preferred
Canada Cement Co corn
Preferred
Canada Dry Ginger Ale Corn. Canada Life
Can Steamships Co Ltd com__
Preferred
Canada Wire & Cable A
B
Canadian Bakeries class A
1st preferred
Canadian Brewing
Canadian Canners corn
1st preferred
2d preferred
Canadian Car & FdrY corn
Preferred
Canadian Dredging corn
Canadian Gen Electric com
Preferred
Canadian Industrial Alcohol
1912 18
19
17
1734 1512
118 112 115 115 118 116
106 102 105 102 101
9973
3
18
1614 1812 15
1812 1734
9512 93
94 9212 05 9234
71
6612 72 72
76 74
1812 16
18
15
1434 1214 12
11
1212 10
1112 1034 1012 812 912 712 8
120 118 --------115 115 ----------------1121210812
107 102 103 103 105
105 100 102 101 101
97 114 95 95 90
81
82 80 8518
90 77
90
1814 18
18
1634 1634 123 1512 1412 15
14
14%
1372 1914 1678 1814 137k 15
98 94
98 9633 98 92
96 93 96 94
96
92
9414
92
9112 90 9112
1
75 64 2 65 60
7
9933
8312
12
90
__ 1734 15
1814 1814 --- ---- ---- ---- --_- .
12T2 -1-/12 --------------------------------57
1578
____-733 73
7212 70
7114 5934 72 70
69 603 67,2 -61-3-4 58 4034 4212 3912 4014 3712 25 25
2012 20
19
1534
77
75 80 7434 80 7734 80 80
79
7812 80 7514 754 7514 75 75
74 7018 7112 70 --------0713 671s
39 2514 41
30
35 32
36 32
3414 32
34 30
32 2614 3412 32
3712 3414 35 27
30 2713 30 24
____ ___ 39 39
26 26
35 30
25 25 _ _
_ _
_ ____ _--- 20 20
11
22 18
11
12 12
99 -95
99 96
99 93,4 99 96
09 114
.1A
-641
4 5,3
.
72
-834 7,2 8
634 9
7
1112 73a 1012 9
932 634 724 612
24 6
2
10
53
4
9
3
4
712
63
4
22
19
22 21
2214 20
22,4 21
22
2034 21
1712 18
18
1512 1612 15,4 1512 1312 14
13
17
1714 18
88 86
8834 8612 90 88
9212 8912 94
92
95 9014 93 9112 92 9012 96 92
1
2
903
9312
96
91
91,
93
2
2212 1914 2214 21
22
20
22 21 14 2214 2034 2112 18
1812 18
1834 164 1714 1512 15,2 14
1412 1314
18.2 17
2914 2614 2934 26
2912 2534 30 25
26 2112 2434 18
22
1912 2112 20
1612 1814 1714 181s 16%
2378 1934 22
32 32
31
31
2914 2914 3212 32,2 .... „.. 28%
263
2114
4
2114
2312
25
25
--------28
2514
2812
257s
2614
38 35
36 30
304 32
43 36% 3912
3812 30
22
26 24
2712 24
28,2 32
3512 3112 3434 3314 37
285 260 280 260 350 300 400 355 400 -35
350 400 359 --------360 325 325 325 284 284 250 250 250 250
60 5814 61
59
61
68
62% 60
65 61
6512
64 6112 64 6214 6312 6114 63 60
61
58
61
734 7
5813
7 __,_
1214 10
r. 814
1013 9% 9
5.,8 6%
5,4 512 6112
5
834 7%
5,3
5,8 512
5,3 5
3,4 3
3:42 3
3:2
2 212 4
7
234 312 234
412
5
34 514
37s 4
B
Canadian Locomotive pref___ _
70 70 ----------------40 -4-0
25 25
30 30
35 35
-Canadian Oil corn
- z-34 33
-- 33 33 ---- --33 29
3312 27
33 30
3412 17 - 31
20
25 22
21
24
1713
21 -26- -2-0 - -201s 1712 2034 19
Preferred
123 120 120 120 123 120 123 123
Canadian Pacific R3'202 190 228 19912 215 200 214 200 120 11514 122 120 120 118 122 122 ----------------120 120 --- --208 197 204 184 190 185 187 16612 187 169 178 170 172 172 __- ---New
58 51 12 5412 52
5433 5034 53 4912 52 46
46 4114 44 4012 43 35
48 4612 47 4133 4712 41
City Dairy new corn
53 49
53 4812 5012 46
5112 46
65
60 5512 60 57
68 63 69 62 65 57
Preferred
128 123 125 122 125 122 125 124 155 4812 6512 5112 66 54
125 130 12012 125 120 135 130 --Cockshutt Plow
----24 22
---- ---- ---- ---- --23 1914 2014 18
2214 19
192 1712 1934 13
11
12
13
163
11
4
15
1812
2212
1138 9
2
147
8
143
4
17
,
Conduits corn
18
18 ---- -_ 1612 16
16
16
15
15
15
14
1612 13
15
13
15
14 __-- ---15
1314 13
15
Preferred
104 104 105 105
106 106 ____ _ _
104 104 107 107 ----------------107
2514 2312 25 2034 2212 2034 26 -22
Consolidated Bakeries co.__
-ii- 20- 21
1112 712 6
I 912 6
10% 1212 12
1514 10
1234 10
Consolidated Food corn
4
312 31,2 2
3
112 3
3
318 2
2
1
2
134 212 1
1
112 1
114 1
34 2
1
10 10 ----- ----- . _
_
_
6
3
512 3
Cons
A Mining & Smelt 575 par_ 265 222 280 22012 259 220 256 211
,2 HO" icEConsumers Gas
$100 183,4 175 18314 181 18312 178 180 175 17812 175 888" 1/8- 668" fol" 66O" fic io5- 170" 171 1/5 152 130 154 140
180 173 18212 179 185 18112 193 18512 190 182 188 184 188 178
1912 18
1712 15
Cosmos Imperial M1113 corn.... 2112 17
18
16
1412 14
14
14
814 1012 10
15 14
10
10% 10
1212 12
1212 11
Preferred
971 97
97 96
96 9434 96 0424 97 95
95 94
96 93 92 9114 94 9114
93 92
0318 9114 96 93
Crow's Net Pass Coal Co
Dominion Steel Corp pre(
Dominion Stores Ltd corn
Duluth•SuPerior
Eastern Steel Products corn
Preferred
Eastern Theatres corn
Preferred
Easy Washing Machine
Famous Players corn
Voting trust
Fanny Farmers corn
Preferred
Ford Motor Co new A
Frost Steel & Wire corn
Preferred
General Steel Wares
Goodyear Tire pre(
--------------------------85
68 2134 2412
35
98
34
30
97
30
34
98
29
10
7
7
21
30
97
29
2212 20
30
35 30
32
100 98
98
- - 3012
ia "81 85
7 ---- ---- 714
2212 2512 22
3014
07
3012
85
7
ii
ai iiii2 ii II i 17%
Yii
18
14
1534 1212 1512 1314
33 32
32 29
28
30 26 ____ ___- 28
31
31
31
30 30
98 98
9812 9712 98 98
98 98
98
97% 9712 10C1 99 100 98
_ _
____
_ ____ ___- ---- 29 2812 ---68 -6.
1" ..
i.
8 1i0Z
1172
---------,
-----___ ____
--914 7
7 - 9- 13
713 713 7- 313 313 --313 ----313
6334 4934 6234 55
5134 3914 5213 47
56 5214 55 4014 ------- ---- ---- ---- ---- ---- ---- ---- ---47
4712 3814 4814 4578 61
601.4 54
5614 5112 5314 5314 ____
__ ____
_
-- -- -17 1512 1812 1712 2112 1712 20,2 19
19
18
19
15
15 -1-5
1512 15-16- -1-4 - -14- -1-0-12- -1-1-3214 32
3212 32
3114 30
2934 29 ____ -__ 30% 3014 2932 2938 3012 30
35 29
3134 28
3334 30
3813 3312 38 3114 3614
2212 2514 1834 2234 1834
31
29
34 2914 33 -30
14
14
13
14
14
13
14
1334_
_ _
_
13 13 ................7
7
95 9312 95 0311 9713 94
97'3 96
9irz -9-7
. a/ lii-::: 2
97
98
97 97
2
23
16
2114 1834 20
1034 1514 12
1 4
12
1014 10
14
938 10% 7
7
712 7
1214 712 1114 10
107 106 108 108 109 10612 108 107 10712
106 107 105 107 106 10612 105 108 105 108 104 10513 102
28
98
-----
3512 3513
-IL- -11
34
30 2832
224 197s
10
10
98 97
712 7
105 10111
1882
[VOL. 1132.
FINANCIAL CHRONICLE
MONTHLY RANGE OF PRICES ON THE TORONTO STOCK EXCHANGE FOR YEAR 1930 (Concluded).
STOCKS
November December
October
February
March
May
August September
January
April
June
July
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Lots
Great West Saddlery corn
Preferred
Gypsum Lime & Alabastine
Hamilton Cottons pref
Hamilton Dairies coca
Preferred
Hamilton UnitedTheatrescom_
Preferred
Hayes-Wheels corn
Preferred
Hinde & Dauche
Hunts Ltd A
$ per share $ per share $ per share $ per share $ Per share $ per share $ per share $ per share $ per share $ per share 5 per share S per share
1
1
1
2
112 112 112 112 112 1
114 114 1
312 3
1
5
44 412 4
15
15
15 15
15
15
1212 "1318 161212 14
16
,
4 2214 23
20 18
,
4 18
2 244 224 254 2314 23
24 22
1954 1834 211 13
,
4 26 23,
18
1612 17 16
23 23
24 24
2312 23
2312 23
25 2412
—
28 27
27 25
26 26
25 24
99 96 100 99
43
__—
412
9
5 --812
934 6
6
5
412
7
5 s'513
11
612 8
__-82 75
76 72
76 75
65 65 85 65
64 64
24
-io" 16- 6 6
25 25
26
28 28
20
30 28
"ii" YE" 15'2 1484 -ii"
14,
31
28
4
80 80
93 9234
93 92
93 90
95 95
5
5
5
8
10
6
14
6
45s 5
8
14
6
7
814 5
17 16
6
6
18
25 25
28 24
1814 1714 18
23 20
19
21
21
1912 19
21
204 204 21
20
27 2612 2312 23
27 2412 25 25
22 20
23 22,
2612 23
19 19
19
19
4
30 25
88 ' 88
104 103 103 100
3512 30
3314 2014
47 44
46 40
1712 15
16
14
9
712 7
Eh
8212 80 8312 83
International Milling A
1st preferred
105 102 105 102 104 10312 10412 103
4 384 4412 34
3634 43,
Internat Nickel Co of Canada_ 384 3112 41
44
,
4 37
,
4 45 3812 51
37 34,
Internet Utilities class A
4 39
1214 10,
4 1714 1112 1912 15
712 7
11
10
11
6
6
5
7
4
Kelvinator corn
78
73 82 75 83 81
75 73
Preferred
40 40
King Edward Hotel
117s
1412 1212 14
12
1434 1012 15
Lake Superior
,
4 4114 4114
Lake of Woods Milling corn...... 4512 4512 4612 45
4612 4412
48 43
,
4 4712 43 46 43
LauraSecord corn
15,
4 1412
1412 12
12
1414 1114 14
Loblaw Groceteria corn
1212 1514 1414
1212 14
14
11
14
4012 40 45 45
40 40
40 40
Loewe Theatres corn
80 77
30 80
83 80
Preferred
Maple Leaf Miling corn
Preferred
10612 103
80 80
44
,
4 41
15
15
10414 103
26
103
13
96
3314 -3714
1414
424
47
1512
15
40
84
14
13
9614 92
42,4
44
1412
13,
4
38
84
i- 16"
914
8
4612
15
14
35
84
39
12
1112
35
75
3924
41
1312
1212
35
75
9
9
3814
42 42
33
1312 12
12
1112 1212 11
35
75
15
98
15
93
95
80
If387 3334 -5er4 iti" 5612
96
92
92 90
92 92
95 90
101 100 102 100 102 100 10118
27,
8 1918 2212
24 20
2618 23
45 40,
8 4$12
42 4112 42 39
1114 1114
11
11
5
5
5
412 8
—528
87
90 87
87 82
75
53
-1112
38,
4
41
13
1212
88
101
20
3712
7
334 5
87
-io"
2612
30
1012
10
--_-
36
394
1212
12
36
33
114
1114
88
9914 101- 101
19
12
,
4
17
37 30
34
04 672 453
6
2
4
73 73
90
99
1614
35
178 -1014
2934 2414
41
35
4
11,
11
11
10
28
71
la"
2834
4012
1112
11
____
"lo-
40
48
32
8
8
4212 37
9
35
2414
37
11
10
28
70
9
35
-ia-
14
9'2
24 -114 1812 1222
2822 26
274 19
25
90 90
65 60 60 58
55 55 -5612 54
27 2512 2812 2512 2812 26,
4
8 2612 2434 25 21
27 25
19
17
2212 16;
10'l 1712 TE31911 2014 1812 20
1 -ii
4 124 120 110 10912 101 11012 108 115 106 115 110 11211 110 111 10814
125 116 121 120 125 120 126 122 124,
15112 150 155 153 155 155 170 162 155 147 1504 125 135 125 123 123 125 12314 123 120 121 112 126 121
312 3
3
34 312 3
3
2,
4 4
3
2
2
252 214 214 2
2
2
214 212 212 212 212 2
Muirheads Ltd corn
,
4 812 8,
4 834 834 8,
812 812 8
,
4 8,
4 8
4
8.2 812
812 812
Preferred
10012 100 101 100 101 100
108 105 ioi" 106 110 108 log" 107
104 10314 10312 10112 105 102
National Grocers pref
89
,
4 8934
Northern Mexico corn
37 28 -56- 29 -513- 34
28 24 -ii 19 24 20 24 20
2918 27
28
35 27
Ont Equitable Life&Acc Ins_ 40 37 40 35
21
_
20
Ontario Steel Products corn
3
34
84
3
2
1
1
fi
1
2
3
2
,
4 3
222
Orange Crush corn
3
2,
4 23
63 62 60 60 50
50 50 60 45 65 45 66 65 60 60 ---- -56 54
A 1st preferred
-ii 61
77
1312
1312
10
1012
8
8
4
6
6
8
8
5
814 10
6
9
B 2d preferred
6
9
9
912 9
Massey•Harris corn
Preferred
Monarch Knitting pref
Moore Corp corn
A
104
,
4
99
,
4
2812
92
Page-Hersey corn
Penman's Ltd pref
Photo Engravers
Porto Rico Ry Co pref
Postal Telegraph
Pressed Metals corn
Pure Gold
Riverside A
Russell Motor Car corn
Preferred
24
25
25
100
St Lawrence Corp corn
Preferred
St Lawrence Paper
Preferred
Simpson's Ltd A
43
96 104
99'4
28
27
92
9512 10014 95 10114
25
28
26
jai- 101
9712
2721 25
87 85
2112 24 -1912 211814 24
23
2112 2412 2412
20
20
19
22 20
23
20
23
19
96 - 100
99
96
97
98,4 100
9734 9312 95 8112 92
5834
-.
04 -21'- -tiLit 20
22
84 84
1004 1004
2114 1812 1834 1412 "ii20
19
96 00
100 100
19 IO—
N 90 90
10014 100
8412 8912 83
58
,
4
20
21 "ii
1112
6912
55
3712
93
34
13
40
3
4833 4312 4812
40
41
40
312 312 5
Preferred
Standard Chemical corn
Standard Steel corn
Preferred
Stanfords Ltd corn
Steel Co of Canada corn
New preferred
Sterling Coal
104
67
50
37
89
25
11
40
,
4
94 10
6612 7112
50
55
3612 3612
9112 94
29
30
11
11
40
37
3
46 -4712
444
38
10
5
10
68
50
3512
92
25
912
38
11
70
50
3512
9512
29
1512
4112
95
;
66
50
8512
93
25
1012
40
SIg
71
50
3512
9512
25
13
63
50
35
9333
25
11
4312 4734 44
4822 44
374 4112 37
40 40
6
12
912 15
13
5353
35
,
4
94
25
12,2
424
48i
41
612
9012 7512 90
85
66
20
-io
16
"iirs
78
8712 80
18
19
17'l
---"Ii" "1212 -162; -ia" 921 1218 -1-634
i4i 14
15
1212
1712 1712 15 -11-112"B
-1712 "ii-1i1-2
85
100
90 90
9814 102 100
90
83
95
532
80,
4 79,
4
98
94 94
4
.
10
,
4
12
--5174 514
8
818 -16--156314 65 64 6312 65 6012 -5312 -581-2 334
45
50 45
60 49
50 50
50
30
3312
33 3012 31
3312 34 3312 3312 33
4 94
95 92 944 92,
9314 92 93 92
92
11
5
12
15 10
12
15
15
15
21
9
10
7
7
9
814 9
9
7
9
3614 3614
38 38
39
4
4
4
1
I
43
44 35
4112 49 42
4615 4012 46
39
39
,
4
44 39,4 42 33
39 39
38 38
38
6
612
834
11
68
55
3712
9312
28
1312
41
94
66
22
714
34
22
26 2
3.3
28
34 324 34 32
36 30
39 32
36 32
Tip Top Tailors corn
34 3112 3812 34
9812
105 102 104 102 104 10114 108 1004 10312 102 104 102 104,2 10112 98 95 99 9
Preferred
2
4
4
3
3
2
4
1
212 212 3
1
212 3
Traymore corn
10,
4
11
10
9
10
11
11
"iif4 16'- 11
12
9
1112 1112
Preferred
12
9
10
29,
4 2412 25 2212 22,
13 10,2 10,2
32 24
4 1912 20
10
12
10
Twin City corn
1713 17
111a 8
1112 912 10,
1312 912 13 11
734
4 9
1112 8,8 912 834 94 Vs 853
Walker's. G & W
19
1
24 20
22 20
24 23
25 22
1712 1812 1712 18
18
23 22
Western Canada Flour
2212 17
99
104 103 104 102 10214 101 103,
4 102 10212 102 103 100 10212 101 103 99% 9018 9
Preferred
32 334 3114
27 21
22 21
25 18
3714 22
35 3212 33 31
4412 34
4412 30
Westons Ltd corn
90
92 9
92 92
90 90 90 90 90
9112 89 91
90 89
90 90
91
91
Preferred
3614 3614 3512 3 4 29,4
4514 42 4434 41,
4914 30
,
4 4914 42
40,4 39
4412 39
4 44 42
Winnipeg Electric corn
102 100 101 10014 103 101 103 101,
101 100
,
8 10112 100 10438 100 102,4
4 103 1024
Preferred
72 72
Wood. Aleier &James Ltd pref_ 85 81
112 112 112 112 222 134 —14 --11
ii;134
---4
Zimmerknit corn
-172
;
25 154 22 18
16
10 "ii," 11 ---4
14
Preferred
14
98
112
10
7
5,4
17,4
97
30
89
1732
8952
18
89
,
4
2
11
11
712
1812
98
32
85
20
9012
80
-ii
93
4
10,
4 1112 11
12
3314 3211 WI;
45
34 3313
30
91
88
90
5
8 --814
3784 -iar2
3814
35
6
3814
12
88
2
1112
12
634
19
9512
304
82
2014
9212
11
85
2
II
9,3
54
17
89
27
,
2
82
13
,
4
80
13
85
112
10
7
613
17
,
4
97
30
85
174
8414
80
ii
MINES
7.95 7.20 8.00 8.00 9.25 7.00 8.95 8.75 9.00 8.00 8.85 8.65 8.00 7.85 8.00 7.60,10.20 8.00 8.75 8.10 8.80 8.15 9.00 8.25
Dome Mines Ltd
Hollinger Consolidated Mines_ 5.65 5.00 5.75 5.50 5.90 5.55 6.40 5.70 6.40 6.25 6.45 5.45 6.00 5.75 6.00 5.20, 6.25 5.85 6.25 5.65 6.05 5.75 6.55 5.95
24.0022.00 22.8022.50 23.2522.50 22.602200 22.7520.50 22.5022.00 23.5022.25,124.0022.90 23.7521.50 22.0021.00 24.0020.80
23.5020.00
Lake Shore
17.6515.05 19.0517.50 18.65 17.00 19.7518.50 19.2518.00 19.0517.50 18.2518.15 18.00 17.50'19.50 18.00 18.5018.00 18.00 17.50 20.50 17.60
McIntyre, par $5
---- I.65 1.65
1.10 1.10 ---Nipissing Mines. par $5
---Pioneer
1.40 1.32 27_ -_-_-_-_
-1:60 --iso To's .97
.85 -7i8
Vipond Consolidated
BANKS
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
275
243
235
322
350
315
262
LOAN AND TRUST
Canada Permanent siege no
Canadian General Investment.
CentralCanada Loan & Say.
Colonial Invest & Loan. pf $10
Economic Investment
Huron & Erie Mtge Corp
20% paid
Landed Banking &Loan-5100
$100
National Trust
Ontario Loan & Deben____ $50
$100
Real Estate Loan
Toronto General Trusts_ .$100
$50
Toronto Mortgage
$100
Union Trust
BONDS
Canada Bread
Canada Cement
13 of C Victory bonds
13 of C War Loan
245
225
226
315
320
295
245
268
240
244
314
331
314
262
262
235
234
307
325
309
250
251
230
240
303
320
302
250
260
235
244
315
328
308
253
250 260
231 235
237 242
306 312
32212 322
300 305
250 255
250
231
240
303
322
300
248
255 240
235 225
241 237
306 292
322'2315
302 290
248 245
249
226
234
303
318
293
245
240
225
227
290
315
290
237
225 220 230 222 228 217 220 218 220 218 224 218 217 216
80 78
75
7.5
330 330 345 325 525- iiE" Oil iii- OiO" iii- 527" iii"
240
228
218
293
318
290
235
248 238
233 226
24012 230
323 315
326 321
31014 290
246 237
242
229
237
307
321
306
240
127
118 118
123
1-1-i" 110
240
2
40
13
15
0
112 110 2
---- ---_ __--
iLi" iiii" Hi" iii- iii" Eci- ZHI" iRi- iii" i42-- 242
125 125
122 122
125 115 11014 109 110
11012 12
18
0
------------------------130
104 104
101
--_____
----
120
110
Tgo 1.00Tic) .65
7.00 7.00 -i:60 6.00
i5o- 230
2
1210 110 110
----
101
234
226
225
289
319
282
240
222
221
216
283
314
280
234
110 110
240 230
108 108
42
;
1_4.
18
6
1 i
!
Ii
1o
8
109
6
8
10824 109- 108
---- 125 125
10134 10118
100.75 .75
37
33
.20 -76i
2712 2712
222
216
217
280
314
272
215
212 206
90 289
5a264.
)
10012 1-661;
.10 .01
.35 .17
237
223
221
287
321
282
235
43 40
42 351;
38 38
150 150 150150 151 148
36
30
1 36
20
9
29 29
i2
0.6
9
187 187
10334 10334 103.40 .15
_ 103.25 .25
----
49 38
1.25 .06
.41 .24
-------
234
224
225
285
316
285
235
220 214 218 214 215 210 215 210
---300 290 300 290
____
i" "I"
55 li""LK 164 -Ei" "ici- -82- -ii- -LO- ..ii- 45 45 -ii 45 "ii- 44
156 150
150 150 ------------------------157 1311
29 29
(422 1'
i-5g12
-56- -21- 1 85
iii" fifii65- 189 187 187
3-7 - 374 373 558- 3'71)
--- Oil if6- 360 360 36184 360 358 358
580- iiii" 580" iii- Oil
118 118
130 130 --------127
RIGHTS
Bra ilian
Consolidated Smelters
International Nickel
Ontario Loan
St Lawrence
243
228
232
303
325
293
238
-a- 54
10312 10312
1934
1933
1931
263
237
245
313
329
309
253
-110108
18
0 230
2:0
3
----
98'2 98'2
Ku.14 1931.]
1883
FINANCIAL CHRONICLE
DATES OF HIGHEST AND LOWEST PRICES ON TORONTO STOCK EXCHANGE DURING 1930.
STOCKS
STOCKS
i Per share 8 per share
423 Apr 8% Dec
86% Arm 38% Oct
Oct
Feb 5
24
Nov
Jan 36
91
3% Mar 3)4 Mar
13% Mar 9% Feb
Sept
18% Apr 10
Sept
17% Dec 5
Oct
Dec 35
81
30
Barcelona
28
Beatty Bros corn
8814
Preferred
Beigo-Canadian pref
100
Bell Telephone
159
19
Blue Ribbon corn
Preferred
38
24
Brantford Cordage ore
Brazilian corn
5514
Fractions
54
Brewers & Distillers
2
B C Fish & Pack Co new corn 46
British Columbia Packers corn 1231
Preferred
5834
B C Power A
45
B
2534
British Empire Steel com
3
1st preferred
3934
2d preferred
8
Brompton
31%
Building Products corn
2914
June 21
July 18
June 75
Jan 100
Feb 140
Apr 10
May 28
Jan 20
Apr 199,4
Apr 19
34
June
May 46
Jan 234
July 25
Apr 33
Apr 11
Apr 1
May 343,4
Apr 234
Apr 21%
Jan 20
Oct
Dec
Nov
Jan
Dec
Nov
Nov
Apr
Dec
Dec
Nov
May
Nov
Nov
Oct
Oct
Dec
Apr
Nov
Oct
Oct
58
Burt Co(EN)corn
19%
Canada Bread com
A preferred
120
B preferred
114
Canada Cement Co corn
19%
Preferred
98
Canada Dry Ginger Ale corn
76
Life
Canada
800
Can Steamships Co Ltd corn_ 1834
Preferred
7314
Canada Wire & Cable A
80
B
41
Canadian Bakeries class A..- 39
1st preferred
99
Canadian Brewing
1134
Canadian Canners corn
2231
let preferred
96
2d preferred
2234
Canadian Car & Fdry com
30
Preferred
3214
Canadian Dredging corn
43
Jan 3534
Jan 7
Apr 9954
July 77
Sept 12
Apr 90
Mar 60
June 800
Mar 534
Jan 1551
Feb 6714
Feb 24
Feb 11
Jan 72
Apr 594
Mar 13
Sept 86
Jan 13%
Apr 1834
Apr 21%
Apr 22
Oct
Dec
Dec
Oct
Dec
Dec
May
June
Dec
Dec
Dec
Dec
Nov
Nov
Oct
Dec
Jan
Dec
Dec
Nov
Oct
Canadian Gen Electric corn 400
Preferred
653,4
Canadian Industrial Alcohol_ 1231
B
7
Canadian Locomotive pref._ 70
Canadian Oil corn
3434
Preferred
123
Canadian Pacific Ry
228
New
58
City Dairy new corn
69
Preferred
155
Cockshutt Plow
24
Conduits corn
18
Preferred
107
Consolidated Bakeries com
2(1
Consolidated Food COM
4
A
10
Cons Mining & Smelt $25 par_ 280
Consumers Gas
$100 193
Cosmos Imperial Mills corn... 2114
Preferred
97%
Crow's Net Pass Coal Co
46
Dominion Steel Corp pref.._ 5231
Highest
Lowest
Highest
Abitibi common
Preferred
Alberta Pacific Grain corn_
Preferred
Asbestos Corp corn
Preferred
Associated Quality Canners
Atlantic Sugar corn
Preferred
Summary
Summary
Summary
STOCKS
$ per share $ per share
Apr 124 Nov
Dominion Stores Ltd corn_ 30
Apr
Jan 1
3
Duluth-Superior
Jan 26
Eastern Steel Products corn 35
Oct
Jan
Mar 97
Preferred
100
Jan 28% Nov
34
Eastern Theatres corn
Mar
May 80
Preferred
98
10
Jan 3% Oct
Easy Washing Machine
Famous Players corn
635( Mar 35% Dec
Mar 38% Jan
Voting trust
61
Oct
Fanny Farmers corn
2134 Mar 10
Preferred
3234 May 2834 Dec
38% Apr 1851 Oct
Ford Motor Co new A
14
Jan 7
Frost Steel & Wire corn
Nov
Aug 93% Feb
98
Preferred
21% Jan 7 June
General Steel Wares
109
Mar 10134 Dec
Goodyear Tire pref
5
14 Dec
Jan
Great West Saddlery corn_
15
May 15
May
Preferred
Feb 10
Gypsum Lime & Alabastine 26
Dec
Hamilton Cottons pref
Hamilton Dairies corn
Preferred
Hamilt'n Unit.Theatr's corn
Preferred
Hayes-Wheels cow
Preferred
Hinde & Dauche
Hunts Ltd A
B
International Milling A_
let preferred
Internet Nickel Co of Can
Internet Utilities class A_
B
Kelvinator corn
Preferred
King Edward Hotel
Highest
Lowest
$ per share
Nov
12
71% Mar
Jan
55
37% Jan
95% Apr
Feb
34
15% Apr
42% June
4
Oct
49
Sept
44% Mar
May
15
$ per share
53 Sent
27% Dec
Sept
45
Oct
30
Dec
88
Nov
5
July
7
363.( Oct
1
Aug
Oct
35
Nov
35
314 Jan
Jan
Apr
Jan
Apr
Jan
Apr
Jan
Jan
May
Aug
Jan
Sept
Jan
Mar
Apr
Dec
Dec
Jan
Mar
Oct
594 Oct
Sept
16
89
Dec
18
Jan
Dec
82
1351 Dec
Dec
80
Sept
72
1% Jan
4 June
Lowest
25
28
100
11
82
31
95
17
28
30
95
105
4414
51
19%
11
90
40
Feb
Apr
Feb
Jan
May
Jan
Jan
Jan
Apr
Jan
July
Jan
Apr
Apr
Apr
Mar
Sept
Mar
16
24
96
3
64
6
80
454
17%
19
88
99
12%
30
4%
2
73
40
15
Lake Superior
Lake of Woods mming com_ 46%
Laura Secord corn
48
Loblaw Grocetcria corn_
15%
1531
B
Loewe Theatres corn
45
Preferred
84
Maple Leaf Miling corn_
26
Preferred
10614
80
B
449,3
Massey-Harris corn
Preferred
90
Monarch Knitting pref
65
2834
Moore Corp corn
126
A
170
B
Dec
Apr 250
4
Nov Mulrheads Ltd corn
June 58
Preferred
Jan 234 Oct
834
Nov
Mar 2
110
Jan 25 June National Grocers pref
8951
May 1714 Oct Northern Mexico corn
Jan 11531 May Ont Equitable Life&Acc Ins 40
Feb 16634 Aug Ontario Steel Products corn 21
3
Dec Orange Crush corn
Feb 35
66
A lat preferred
Mar
Sept 46
15%
B 2d preferred
May 120
July
104%
Dec Page-Hersey corn
Jan 9
Aug Penman's Ltd pref
9951
Jan 13
2834
Jan Photo Engravers
July 104
92
Apr 6
Dec Porto Rico Ry Co pref
101
51 Sept Postal Telegraph
Jan
24
Jan 3
Dec Pressed Metals corn
Feb 125
25
Oct Pure Gold
25
Sept 173 June Riverside A
96
Jan 834 Oct Russell Motor Car corn
102
Preferred
Jan 9131 Aug
Jan 25
851
Sept St Lawrence Corp corn
1114
Preferred
May 483.4 May
Feb
Feb
Jan
Apr
Apr
Apr
May
Mar
Jan
Jan
Jan
July
Mar
Mar
Apr
Apr
May
Feb
6%
24%
30
1014
10
28
70
8
32
80
934
90
54
1551
101
120
2
834
Nov 100
Feb 8954
Jan 19
Apr 20
Mar
11
Apr 45
Jan 4
Jan 7534
Jan 5834
Jan 16
Jan 84
Mar 10034
Jan 9)4
Jan 2134
Jan 1014
May 7994
Sept 93
Aug 3%
Dec 1051
Dec
Jan
Jan
Sept
Jan
Dec
Dec
Oct
Nov
Sept
June
Oct
Dec
Dec
Dec
Dec
Jan
Mar
St Lawrence Paper
Preferred
Simpson's Ltd A
B
Preferred
Standard Chemical com
Standard Steel corn
Preferred
Stanforda Ltd com
Steel Co of Canada corn
New preferred
Sterling Coal
39
Tip Top Tailors con,
108
Preferred
4
Traymore corn
12
Preferred
32
Twin City corn
1334
Walker's, G & W
25
Western Canada Flour
104
Preferred
4434
Weston. Ltd corn
92
Preferred
4911
Winnipeg Electric cow
1049,6
Preferred
Wood,Alex`r & James Ltd pref 85
214
Zimmerknit com
25
Preferred
11
85
1
9
7
MINES
10.20 Sept 7.00 Mar
Dome Mines Ltd
Hollinger Consolidated Mines 6.55 Dec 5.00 Jan
24.00 Feb 20.00 Jan
Lake Shore
20.50 Dec 15.05 Jan
McIntyre, par $5
1.70 Jan 1.10 Nov
Nipissing Mines, par $5
.11 Apr
.11May
Pioneer
.60 Feb
1.40 Aug
Consolidated
Vipond
BANKS
Dec
Jan 222
275
Dec Commerce
Dec
Jan 216
243
Dec Dominion
Nov
Mar 216
245
Oct Imperial
Dec
323
Sept 280
Oct Montreal
Dec
Jan 314
350
Oct Nova Scotia
Dec
315
272
Jan
Dec Royal
Dec
Jan 215
262
Dec Toronto
Nov
TRUST
AND
OctLOAN
Dec
Feb 206
Jan Canada Permanent Mtge $100 230
Jan
Feb 75
Dec Canadian General Investment 80
Dec
Feb 285
July Central Canada Loan & Say_ 345
July
Dec 2
Oct Colonial Invest & Loan. pf $10 3
Jan 3514 Dec
55
Dec Economic Investment
Dec
May 148
157
July Huron & Erie Mtge Corp
May 29 June
31
20% paid
Oct
Dec
Apr
Aug 180
Jan Landed Banking & Loan $100 190
Jan
Jan 340
$100 380
National Trust
Nov
Feb 118
Jan Ontario Loan & Deben___$50 130
July
$100 112 June 110
Feb Real Estate Loan
July
Jan 220
Oct Toronto General Truats.$100 255
Nov
Jan 108
$50 125
Apr Toronto Mortgage
Nov
May 125
$100 130
Dec Union Trust
Feb
BONDS
Dec
June
Apr 101
104
Oct Canada Bread
100% Sept 9834 Dec
July Canada Cement
Oct 13 of C Victory bonda____1934 103.75 Sept 101.90June
1933 103.25 Oct 103.25 Oct
May
1931 100.75 Nov 100.75 Nov
May D of C War Loan
Nov
RIGHTS
Jan
Aug
49 June 33
Nov Brazilian
.01 July
1.50 Apr
Nov Consolidated Smelters
.01 Aug
.41June
Dec International Nickel
7.00 Apr 6.00May
Oct Ontario Loan
2714 AUR 2714 Aug
Nov St Lawrence
RANGE OF PRICES ON UNLISTED STOCKS OF TORONTO STOCK EXCHANGE FOR 1930,
AND VOLUME OF BUSINESS.
Total
Sales.
MINES
1.23
Abana Mines Ltd
1.05 6,500
Amulet Mines Ltd
1.75
.29 10.420
Barry-Hollinger Gold M Ltd.. 23
734 4,600
.97
.40 17,200
nig Missouri
13
13
Central Manitoba Mines Ltd_
2,500
24.00 4.00 13,025
coast Copper Co Ltd
6.20
1.28 5,375
Falconbridge Nickel M Ltd
1.37 .1834 56,450
Howcy Gold Mines
Hudson Bay Mining & Smelt14.45
3.50 15,882
log Co Ltd
Kirkland Lake Gold Mining
.94
.40 42,100
Co Ltd common
28
28
100
Mandy Mines Ltd
3.50
.55 10,910
Mining Corp of Can Ltd
18
18
500
Newbec Mines
44.25 11.70 260,850
Noranda Mines Ltd
5.10
.59 5,825
Pend Oreille new common
1.52
.75 15,265
Premier Gold Mining Co Ltd
.55 58,355
3.40
Sherritt Gordon Mines
.50 28,110
5.25
Sudbury Basin
.40 11,600
.80
Sylvanite Gold Mines Ltd
5.00 78,020
7.25
Teo,Hughes Gold Mines Ltd
500
.85
.8.5
Towagmac Explora'n Co Ltd_
6.50
400
.75
Treadwell Yukon
1.50 13.300
3.45
Ventures Ltd
1.60 19,570
2.10
weight-Hargreaves Mines Ltd
OILS
2.90
Max 011 & Gas Ltd
23
British American Oil
.58
Com'wealth Petroleum Ltd
Crown Dominion Oil Co Ltd. 11
1.50
Foothills 011 & Gas Co
11.50
Home Oil Co Ltd
2951
Imperial Oil Ltd
24
International Petroleum
Co
Oil
Ltd
Frontenac
McColl
2854
Common
87
Preferred
2.20
Nordon Corp Ltd
16.00
North Star Oil Ltd common
5.00
Preferred
Prairie Cities Oil Co Ltd CIA. 14
60
Royalite Oil Co Ltd
.70
Southwest Petroleum Co Ltd
Supertest Pctroi'm Corp ord. 4314
45
Common
101
A preferred
3254
.r......... nr,...,ral Gas Co Ltd
.85 67,765
1234 374.354
500
.58
4
19,351
550
.40
2.00 14.140
15 343,697
1111 429,328
1494 29,135
1,308
7434
.36 203,950
4.00 8,613
4.90 5.200
3,245
3
1,459
17
600
.05
74,221
23
3,201
24
523
95
4,432
14
1930
High.
GENERAL
Beath & Son Ltd(WD)class A
Biltmore Hats Ltd corn
Preferred
Bissell Co Ltd ('FE) corn
Preferred
Canada Bud Breweries corn_.
Canada Machinery corn
Preferred
Canada Malting Co Ltd
Can Paving & Supply Corp
Ltd common
First preferred
Canada Power & Paper Corp_
Canada Vinegars Ltd corn...
Canadian Bronze Co Ltd....
Canadian Marconi Co
Canadian Wineries Ltd
Can Wireb'd Boxes Ltd Cl A.
Carling Breweries Ltd
ConsolidateJ Press class A__
Conaol Sand & Gravel Ltd pf
Corrugated Paper Box Co Ltd
Preferred
Cosgraye Export Brewery Ltd
1930
Low.
22%
10%
85
22
97
12
6
39
2034
14
1,685
134
80
65
54
14
855
88
41
8
28,698
6
1
30
10
12
22,897
20
91
18%
2634
5894
8)4
6%
18
634
34
87
2
65
434
18)4
46
3
3
13
114
26
80
90
134
82
.75
Do Forest Croaky Radio Ltd_
1234
De Haviland Aircraft Co of
Canada Ltd common
16
DIsher Steel Constr Co Ltd
Common
15
Preferred
18
Distillers Corp. Seagram, Ltd
1234
Dominion Bridge Co Ltd
82
Dorn Foundries & Steel corn_
14
Preferred
9011
Dom Power & Transm stubs_
19
Preferred
105
Dom Tar & Chem Co Ltd corn 2214
Preferred
97
Dominion Textile Co Ltd corn 7831
Dufferin Paving & Crushed
Stone common
25
Preferred
99
Durant Mot of Can Ltd corn_
10
Edmonton City Dry Ltd corn 19
Preferred
90
English Mee Goof Can Ltd
Common A
43
Common B
28
8
12
8
17
7%
4454
10
76
8
94
934
88%
7811
8
70
334
15
78
30
It
1930 1930
High. Low.
Total
Sales.
5.212
1,790
19,627
11,079
1,380
437
13,888
10,203
17.180
7,908
882
GENERAL (Concluded)
Farmers Dairy pref
Firstbrook Boxes Ltd pref A.
Fraser Co Ltd
Goodyear T & R Co Ltd cow_
Hamilton Bridge Co Ltd corn
Preferred
Honey Dew Ltd common
Preferred
Howard Smith Paper Mills Co
Common
Pref. rfr A
Ilumberatone Shoe Co corn...
Imperial Tobacco Cooed......
Loew's London Theatres COM
Preferred
Mercury Mills Ltd common
Preferred
Montreal Lt He & Pow Cons_
National Breweries Ltd corn..
National Distilleries Ltd corn
National Steel Car Corp
45 Ogilvie Flour Mills corn
1,235
Cumulative Preferred
Ontario Silknit Ltd corn
21,993 Pellssier's Ltd common
Preferred
85 Port Alfred Pulp & Paper
Corp preferred
293 Power Corp of Canada com_
1,628
First preferred
56,108 Robert Simpson preferred
2,541 Robinson Cons Cone Co Ltd_
310 Ruddy & Co Ltd (EL) pref
103
1.265 Service Stations Ltd con, A_
Preferred
1,141
827 Shawinigan Water & Power..
1,970 Sprucolite Corp of NJ corn A
25 Stand Pay & Matla Ltd corn....
Preferred
4,750 St Nlaurice Valley Corp Ltd pf
3,906 Tamblyns Ltd (G) common
Preferred
9,592
Thayers Ltd 1st preferred....
2,
625 Toronto Elevators Ltd corn
United Fuel Invests Ltd corn_
Preferred
4,378
0 070
W....Ann Mee Inn T tell rnrn A
.41
moo. ....0c4=1.m5
-mt4m...geboomw.m.0, opwpowo
o*wco-4 tagoop, .
xoo.ot.lcaocAo.o.o. ommom. www.a.00womco..mo aww .womaowo
44 X
4 X
XX
X X 4
XXX
g4X
4
ZX
1930 1930
High. Low.
Total
Sales.
251
9614
140
75
13%
725
85
4,074
10,862
15
661
74
5
1,680
55
1,076
6
81
18
150
85
495
9
15.116
251
10
4.70
34
25
2
206
5834
.53
5,918
2634 1,515
3
50
2951 6,281
275
14
124%
5
1,379
73.4
% 1,240
35
77
80
50
9714
100
15
82
70
9.270
112
1,311
1,616
833
29
81.465
90
4,251
48
8,079
2
85
1354 16,158
78
2,639
8254
262
41
2.769
97
732
25
6012
252
10
7
2,601
65
5,186
1884
FINANCIAL CHRONICLE
[VoL. 132.
RANGE OF PRICES ON MONTREAL STOCK EXCHANGE FOR YEARS 1930 AND 1929, WITH
VOLUME OF DEALINGS FOR 1930.
For record of year 1929 see "Financial Chrontcle" of March 15 1930, page 1772.
1929.
1930.
Sales.
Stock.
Open. High. Low.
Net
Last
Sale. Change
122.709 Abitibi
8
35
4254
24,575 Preferred
77
87
26
38
464 Old preferred
105
110
110
103
2,795 Agnew-Surpass
8
14
14
8
1,062 Preferred
95
95% 86% *88
18,262 Alberta Pac Grain. 27% 2755
5
1.381 Preferred
45
50
9034 91
1,110 Amal Electric
3
3
15
15
276 Preferred
19
19
20
20
16,842 Asbestos Corp.._
3-4
2%
331
4,412 Preferred
10
15
10 Assoc Tele!, pref._
8755
18,187 Atlantic Sugar.__
1334
1755
695
1,281 Preferred
72
40
40
75
11,629 Bathurst
2 BawIf Grain
15 Preferred
1,371 BeIgo Can Pap pf.._
32,271 Bell Telephone170 Brading Beweries_
2,888,010 Brazilian
22,190 B C Packers
75,655 B C Power
22.523
3,996 B E Steel
3,802 1st preferred
23,147 2d preferred- - - 23,499 Brompton
22,970 Bruck Silk
9,433 Building Products
10% 1055
5
534
26
7454 7454
83
83
81
100
10051 81
0150
15955 142 *142
22
*24
24
22
39% 55%
1931 21%
3%
2
1311
13%
*35
4555 32
•37
12
19% 2655 1031
1
1
2
41
21
26
21
3
251
5
8
10
•30
31% 10
711
355
20
2634
22%
28
29%
20
-27
-39
-7
'-6
---e
-23
-41
High. Low,
5851
88
115
14
94
6751
100%
35
72
112
14
94
25
89
--2
-11%
2255 2%
68
12
+695
+32
1951 5
70% 40
-4%
-19
-8
-3
-18
-9%
--1
-8%
-14
-6
-2
-17%
-12%
-4%
1930.
Sales.
10
31
94
107
183
3055
8135
32%
60
40
6%
42
14
49
3755
46
10
28
84
97%
147
22
3055
555
36
Is%
24
3%
25
20
22
Stock.
Open. High. Low.
1929.
Last
Net
Sale. Change. High Low.
121
88
252,742 Mont Power old... •130
162
126%
.30
2.10
1,791,938 Rights
2.10
.30
52% 5655
538.611
76% 77
New
4754
45
+251 55
53
50
1.402 Mont Telegraph
52
177
192 175
165
175
165
1,702 Mont Tramways
-10
153 100
11851 124
275 Nat Breweries old_ 11851 124
+5
29
315,178 New
-251 32
3034 35% 2435 •27
115
115
40 Preferred
120
130 122
120
25
29% 32
*29
5.867 New preferred_
8
3
12
2.264 National Brick
7
-9
3
15
28% 2834 15
22%
19
2.792 Preferred
-10
38
30
14294 30
*35
120,586 Nat Steel Car
59% 76
-24
21
17
17
20
20
730 Niagara Wire
-3
28
45
35
45
47
35
35
480 Preferred
-5
90
90
90
90
90 Nor Met Power
124 115
-25
8114 83
90
90
160 Preferred
95
95
-12
25
2254 2254
25
60 N S Steel pref
30
30
230 •285 -213
400
400
3,932 Ogilvie
650 495
12434 12755 -3
12454 130
564 Preferred
139 125
2154
2131
18
18
2,160 Ontario Steel
27
32
-12
105
20 Preferred
10151 87
98
1,579 Ottawa Power.... 87
120
89
+9
101 •103
105
101
983 Preferred
+1% 105% 102
34
30
30
697 Ottawa Traction _ 34
46
-16
60
70
4751 4754
Paramount Publix 70
77
53
74
3,434 Penman.
75
70
-1
107
100
101
10034 102
155 Preferred
109 103
50
1,301 Port Alfred pref- 9054 9055 50
92
-42
99
90
50
52
185.405 Power Corp
75
-2251 13951 68
41% •42
84
80
16,304 Price Bros
71
121
-38
105
95
*95
2.802 Preferred
100
105% 100
-5
7034 40
*42
67,278 Ouebec Power.... *67
53
99
-25
82% 47
300,203 Shawinigan
'78
*5054 -27
111
65
26
•26
9,697 Sherwin Williams. 34% 39
34
65
121
118 *119
•118
959 Preferred
+151 126 115
44% 15
20
14,888 Simon & Sons
38
-18
50% 29
100
90
90 - 531 106
100
807 Preferred
9534
50
50
50
50
60 Simpson. A
3451 35
3451 35
132
89% 92
*8954 95
2,905 Preferred
3734 24
30
13,776 So Can Power
35
-4
6434 34
255
9
251
18,298 St Lawrence Corp.
8%
751 1151
7,800 A
2751 27%
36
16
1651 -1951 50
1,450 St Lawrence Flour 36
28
8431 84% -2
86
86
246 Preferred
95
8634
4
13
4
41,047 St Lawrence Paper 11%
-755 25
10
27
71% 27
14,789 Preferred
87
50
50
90
1,282 St Maur V C pref.. 90
--40
98
90
35
39% --4
4411 49
84,237 Steel of Canada
6951 34
34
35
44
16,414 Preferred
.40
--6
6091 3754
24
24
28
28
487 Tooke Bros
--10
35
15
75
*75
80
5530
295 Preferred
-2% 82
89
190
290
290
*190
2,146 Tuckett
+75
215 121
114
125
125
115
1,555 Preferred
A-4
122 120
11
9%
24
3234
4,186 Twin City
--17
55
28
6
8
15
--2
4,796 Viau Biscuit
911
22
8
•72
72
80
80
637 Preferred
-1055 8531 84
35
35
40
35
455 Wabasso
--3
50
38
18
18
-5
23
802 Western Grocers.. 23
38
23
45
50
62
62
1,112 Preferred
-30
9351 80
100
106
West Kootenay Pt. 106
106
--%
17
17
Windsorlintel.... 25
25
9
3934 26
71
-9
81
1,392 Preferred
82% 70
91
75
1351 14% -3751 10954 40
77,950 Winnipeg Electric_ 52% 54
*80
-21
4,273 Preferred
10754 95
10055 10494 80
60
75
60
78
25 Woods Mfg pref... 74
75
150
-15
180 165
150
579 Calgary Power_ _ _ _ 15854 198
20
20
21
20
750 Rights
*8
11%
30
+1
691 10
6
14,193 Can Brewing
44% 57
34% -8% 94
39
33
28,860 Can Bronze
11055 111% 110
110
111 109
1,373 Preferred
27% 30
16
18% -8% 37
16
227,596 Can Car
*30
33
20
2111 *2451 -535 37
60,789 Preferred
13
1831 1955 11%
--5
14
49,834 Can Cement
36
94
*91
99% 90
98
90
11,176 Preferred
75
75
75
73
191 Can Converters._
106
75
50
50
110
944 Can Cottons
55
45
85
68
*65%
427 Preferred
73
101
65
85
83
97
83% 80
98
207 Can Fairbanks pt. 80
15
15
*18
20
28
1,895 Can Forgings
10
5
12
16
16
32
5
703
285
285
400
1,081 Can Gen Electric
275 136
285
*60
58
6455 58
3,219 Preferred
+155 61
57
73
92% 73
7,631 Can Hydro-Elec pf 82
-9
90
81%
3% -851 45
73,126 Can Ind Alcohol... *1211 12%
2%
5
2
6,764
40
2
*10
-9
10%
9%
70
28%
70
31
60
338 Can Iron Found?. 60
+39
80
87
--6 86 78%
90
80
268 Preferred
25
25
-33% 61
25
2.5
41
25 Can Locomotive
75
76
25 Preferred
76
91
70
76
18
•17
2054 14
8,166 Can Nor Power
+34 3555 17%
20955 228
6,809 Can Pow Ry
174 *184
00
-1315 200
57% 57% 35% 40
105,770 New
4
-15% 3955 17
292,318 Can Power &Paper 19% 1955
555 -1351 50% 17
17
19
5
5,017 Can Steamship
6955 73
16
16
11,391 Preferred
-5591 98
65
82
65
*6755 -13% 95
2,663 Can Wire & Cable_ 80
7011
26
+5
41
4635 25
2434 30
14,141
2451 24%
9
955 -1554 53
16
75,192 Cockshutt Plow
*260
120 *145 -105
280
575 210
59,128 Con Smelting
Rights
.01
1.80
1.80
.01
86,391
Mines2
2
2
7
2
-2
4
50 Cuban Can Sug PI4.90 6.50 4.90 *6.10 +L25 9.50 4.50
25,780 Hollinger
14
14
185 Detroit Ry
55
55
55
91
7455 83
44% 51%
318,727 Dominion Bridge
22% 117% 54
Banks1.30
1.65
1.15
1.60
120,576 Rights
+.40 3.60 1.00
1,976 Cansulienne
17134 175 168 188% -2% 189 170
70
55
70
50
-29
85
75
585 Dorn Coal pref
223
249
275
230
6,617 Commerce
-20
360 245
141
98 *102
220 120
-23
8,085 Dominion Glass... 126
233
233
233
233
37 Dominion
-36
269 269
121
114
115
120
-7
125 120
489 Preferred
239% 23955 -1554 255 255
240
240
104 Imperial
36
26
23
23
1,511 Dom Iron pref
-4
30
1055
320
325
275
290
12,187 Montreal
-35
425 295
52
52
50
50
60 Dominion Park_ _ _
314 *320
355
35.5
3.548 Nova Scotia
-50
405 365
48
25
25
1,921 Dominion Steel pf_
34% 52
-10
35
298
31451 272
272
21,878 Royal
-24
400 285
14
434
8%
50.934 Dom Steel &Coal B 1314
250
250
250
29 Toronto
250
-18
118
*81
8755 61
27751 260
74
+4
46,803 Dominion Textile. 75
118
125 115
120
120
118
+5
555 Preferred
Bonds1251 -1434 28
11
21
2794 27%
7.850 Donnacona
84
3145,500 Abitibi
88% 70
71
-1351 85
4
5
15
8291
15
26,544 Dryden
105
9.500 Asbestos Corp 55_ 105
9951 100
+10
90
23
-2
25
25% 25
23
90
773 East Kootenay Pow 25
81
81
36.500 First mortgage
46
46
-34
8
31
34
95% 80
6
-23
26
4.804 Enamel & Heating 3034
40
41
49.200 G 151
25
25
-20
8714 40
39
-351 80
63% 39
34
43
118.517 Famous Players_
Cottons
Can
2,000
85
85
85
85
-9
98
94
+8% 39% 32
69.620 Voting trust- _ _ _ 40% 61% 38% 47
1,500 Can Locomotives
96
98
96
96
36
10
10054 97%
10
7,288 Foreign Power Sec 30
2,357.650 C Power debs L S
7451 75% 28% 2854
89
8
22
8
70
-8
1654
16
16
3,332 Foundation Co._ _
744.700 W S
73
7454 29
30
80
2
-14
17%
88% 15
1
70
17
29,274 Fraser
102% 102% 10254 10251
7,500 Can Rubber
10154 101%
7% -13% 42
7
18
2114 21%
44,165 Gen Steel Wares_
St'mships
debs
Can
1,500
9851
98% 98% 9834
101
-3
10134 9854
110 10555
104
108
1,318 Goodyear pref.__ _ 100
24.400 Cedar Rapids
99% 102% 99% 102%
100
99
•'25
-155 4551 25
24
41
27
54,129 Gurd
103
2.500 Dom Canners
103
103
103
104 104
110 110
108 •I08
110
110
47 Preferred
Coal
Dominion
15,500
95% 9751 95% 9731
+3-6 9334 97
10
•1054 -1234 3255 18
26
24
52.859 Gypsum
3.55
80,970 McNish debs
3.55 2.50
2.50 -1.00 3.75 3.50
1515 -1734 79
15
2155
38%
34
46,432 Hamilton Bridge_ _
9855 100
8.000 Mont Power
98% 100
97
97
+3
94
87
73
-14
90
70
88
1,485 Preferred
157,500 Mont Tramways... 96% 10051 96
98
+1 95 9951 9451
70
60
50
12 Hillcrest
393.300 A
9351 9611 91
92% -151 984 90%
92
88%
*91
4 Preferred
92%
96
B
91
3o.700
91
-34 96% 9154
120
120
+1334 135 10655
120
120
25 Holt Renfrew
85% 89
8511 8751
40.405 C
+34 8834 8351
94
94
-4% 106
94
9855
94
105 Preferred
96% 96% 9351 94
4
7
-17% 29% 15
22
22
13,011 Howard SmithSteel_
6931 71
45,500 Nova Scotia
6351 63% -4% 72
68
90
*83
84
80
82
+2%
81
977 Preferred
100
100
100
100
3,096 Ogilvie A
101 100 a
80
80
80
101 Interco! Coal pref. 80
100
6,6001 B
100% 100
1001,4 -1%
4555 5351 23 23
41,979 lot Hydro-Elec A
100
103
100
103
3.000 C
+4% 102
98%
72
15
-17
25
12fi
3,032,101 Internat Nickel__ _
3234 4455
93
93
93
93
3,500 Porto Rico
+34 .....
.01
40
.16
.25
2,462,03!
Rights
93
93
93
93
2.000 Postal Tel
92
90
+3
42
29
2434
1555
15%
31
30
1,225 Int Paper & Pow A
osg 95% 9514 9531 +3-1 95% 9414
1,000 Rio de Janeiro
+34 2134 18
2055
1855 1855
2055
200
102
102
5,000 Riordan
10191 10151
-% 103% 102
11%
1451 -1015 25
1455
1655
16%
640
106
106
106
105
7,100 Steel of Canada__
107 105%
70
10 Int Paper pref..-S96% 98
88
86
91.100 Wayagamack
-1051 101
9651
42
42
2,680 lot P & P prof
82% 83
Electric_
Winnipeg
9831
1.000
98% 98% 98%
94% 93 4
+351
14
35
745
7%
18
6.058 Intnational Power 15
81
98
*69
• Ex-dlvldend.
69
89
4,876 Preferred
81
37% 29
40
33
43
2,395 Jamaica PS
33
115 112
108 *109
110
2,989 Preferred
109
DOMINION GOVERNMENT LOANS,
65% 43
24
24
47
12,643 Lake of the Woods 45
122 118
111% 111%
433 Preferred
122
120
9
2
1930.
481 Lake Ont Brewing35
91
1
1929.
49% 18
10
5,139 C W Lindsay
10
27
22
125
85
Sales.
Stock.
Last
813 Preferred
78 .
78
83
83
Open. High. Low.
48% 36%
25 MacKinnon Steel_
Sale. Change
40
Na
40
40
40
High. Low.
100
98
63'
-8
Preferred
96% 9654 8834 90
5191,700 Can Vn_1931 99.95 101.00 99.85 100.75
25 Maple Leaf pref
91% 9131 90% 90%
+.135 100.35 98.65
351,000
1937 100.90 105.75 100.90 104.25 +3.00 103.00 99.55
161,948 Massey-Harris
99% 32%
9% 10% -33
*43% 45
191,946 McColi-Frontenac
20% 1,973,450 Viet L'n_1933 101.60 103.65 101.60 103.00 +1.40 102.50 99.60
25
28% 14% 18% -554 45
595 Mexican Power..- _
1934 101.15 103.90 101.10 102.65 +1.60 102.60 09.50
1,670,850
120
86
-72
47
47
77
80
25 Preferred _
1937 103.90 109.60 103.90 107.00 +3.00 106.05 102.50
1,240,000
69% 69% 69% 693-1 -79!4
723 J S Mitchell
73
40
191,550 Renewal 1932 100.75 102.15 100.75 101.85 +1.15 101.45 99.45
40
40
40% 40
262 Preferred
105 104
148,900 Ref'd'g_1940 96.30 100.50 95.25 100.15 +4.15
104
104
104
104
98.40 93.90
1,547 Mont Cottons
1943 100.95 104.15 100.15 103.40 +2.75 102.85 99.10
502,200
137 110
-40
95
130
130
95
565 Preferred
1944 95.65 100.50 95.00 99.75 +3.65
244.000
120 117
-16
•110
110
101
97
98.50 03.65
370 Mont Loan
1946
186.400
50
95.65
100.50
51
95.65
*4955 50
-3
48
48
99.75 +3.25
98.70 93.90
MAR. 14 1931.]
FTNANCIAL CHRONICLE
1885
RANGE OF PRICES ON MONTREAL CURB MARKET FOR 1930, AND VOLUME OF SALES.
MISCELLANEOUS STOCKS.
Ascii. Ltd
Preferred
Associated Breweries of Canada
Preferred
Associated Oil & Gas
Anglo-Norwegian Holdings. Ltd
Bathurst Power & Paper Co.. Ltd., B
Belding Corticelil
Preferred
Branston Art. Silk deferred
British American Oil old
New
High.
Low.
Last.
48
38
39
8614 88
89
18
634
7
90
79
79
.20
1.90
.20
3
214
234
5
3
5
130
90
92
100
100
100
5234
223.4
3515
1234
38
16
Calgary & Edmonton Corp
1.36
2.35
1.36
Canadian Dredge & Dock. Ltd
4234 243.4 253.4
Canadian General Investment Trust. Ltd ---------Canadian Internat. Investment Trust. Ltd5
814
6
Preferred
82
6934 6914
Canadian Power & Paper Inv., Ltd
16
16
20
Canadian Vickers, Ltd
934
3
334
Preferred
20
20
30
Canada Vinegars, Ltd
1936 21
243.4
Canadian Wineries, Ltd
6
3
334
Catelli Macaroni Prod. Corp.. Ltd.. R
A preferred
12
12
25
Chemical Research Corp
2.50
2.50
8.50
Commercial Alcohols, Ltd
6
2
3
Commonwealth Petroleum, Ltd
.90
.42
.15
Cooksville Co., Ltd
30
30
30
Corporate Steel Products, Ltd
15
15
18
Cosgrave Brewery
1
.75
13.4
Canadian Foreign Investment Corp.. Ltd
10
20
10
Preferred
___ 90
90
90
Curtiss-Reid Aircraft Co., Ltd
4
1
1
Preferred
63.5
7
5
David & Frere, Ltd., B
1115
Distillers Corp. Seagrams, Ltd
123.4
Dominion Engineering Works, Ltd
82
Dominion Tar & Chemical Co
23
Preferred.,..
95
Eastern Dairies, Ltd
29
English Electric Co. of Canada A
4034
B
__
Federal Distillery, Ltd
.25
Foothills 011 & Gas
2.15
Home Oil Co., Ltd
11
Imperial Oil, Ltd
2934
Imperial Tobacco Co. of Canada. Ltd
1034
International Paints (Can.), Ltd., A
17
International Petroleum Co., Ltd
24
Lowery Petroleum, Ltd
2.20
Mitchell (Robert) & Co., Ltd
33
Montreal Exhibition Co., Ltd., A
9
National Distilleries, Ltd
5
Page-Hersey, Ltd
105
Paton mfg. Co., Ltd
32
Regent Knitting Mills
6
Reliance Grain Co
10
Sarnia Bridge Co., Ltd., A
20
R
12
Service Stations, Ltd., A
53
25
Standard Paving Materials, Ltd
Supertest Petroleum Corp., Ltd., ordinary.- 4334
13%
Walker-Gooderham
3934
Western Steel Products. Ltd
94
Preferred
9
Whittall Can Co., Ltd
9
Williams Alloy Products Co
PUBLIC UTILITY STOCKS.
Beauharnols Power Corp., Ltd.. A
Can. North. Power Corp., Ltd., preferred
Dominion Power & Trans. preferred
East Kootenay preferred
Hydro-Electric Securities Corp
International
Utilities common A
..
5
8
49
93.4
8834
1735
40
-.25
1.07
1.55
153.4
9
12
1134
.3
1334
3
1
75
25
2
3
6
5
3034
1534
30
534
25
94
9
8
1535
7
100
107
96
55
5034
In
92
.
213.4
30
4U
Sales.
PUBLIC UTILITY STOCKS
555
29
18,533
3.089
134,161
1.028
2,994
467
160
.01
90.845
135,751
1,870
2,711
533
1,001
461
8(
3,451
301
1,443
2,061
•11
3,71:
9,47(
2,63/
33,171
271;
441
2,76:5
1113
21,1
6,43:5
2,091
5
10
60
11
893,4
1934
40
-.2
1.25
1.75
1834
934
12
1434
.33
14
3
1
80
32
3
7
7
734
31
1554
3036
634
25
94
9
9
2.421
34,751
7,01:
11,80
3,91.
6,53
300
.32
511
2,08
209,53
414,36
81,24
80
252,31
1,705
9.309
4,067
3,614
9,761
805
4,135
3,548
79
725
4.06
1,30
31
119.27
3,044
189
21
87
734
105
57,34
3,35
•
78
17.11
21,28
:In fI79
55
24
31
01.4
8
(Con).
High.
Low.
Lass.
Sales.
Manitoba Power Co
2,501
20
20
20
Montreal Island Power Co
523
38
35
35
Municipal Service Corp., Ltd
•12
Ottawa River PowerCo•109
Power Corp. of Canada preferred (cum.)
3,568
105
101
96
Public Utility Investment
128
1634
169.4
163.4
Southern Canada Power preferred
4.245
107
104
105
United Securities, Ltd
2.146
67
34
40
Preferred
418
10536
10534 104
MINING STOCKS.
Abana Mines. Ltd
Aladdin Mines, Ltd
Amulet Mines, Ltd
Area Mines
Barry Hollinger
Castle Trethewey Mines, Ltd
Central Manitoba Mines
Coast Copper Co., Ltd
Coniarum
Dome Mines
Don Rouyn
Falconbridge Nickel Mines, Ltd
Gold Hill Mines
Keeley Silver Mines
1.4
.13
.3
.03
1.8
.24
.0'
.05
.2 .173.4
.1
.15
Lake Shore Mines, Ltd
Laval Quebec
McIntyre-Porcupine Mines, Ltd
Mining Corporation
Montreal Rouyn
Nipissing Mines
Noranda Mines
Pioneer
Premier Gold
Siscoe Gold Mines, Ltd
Stadacona
Sunloch Mines, Ltd
Teck-Hughes Gold Mines, Ltd
Towagrnac
Ventures. Ltd
Vipond Consolidated Mines
Wright-Hargreaves
PUBLIC UTIL. STOCKS TAKEN OFF LIST.
d Foreign Power Sec. Corp., Ltd
e Illinois Power & Light Corp., preferred
East Kootenay 75
Laurentide Power 534s
Manitoba Power 534s
Price Brothers 6s
Southern Canada Power 5s
Standard Clay Products 6s
Windsor Hotel 634s
•Odd lots.
a and b. Taken off list March 24
c Taken off list Jan. 25 1930.
d Taken off list Feb. 24 1930.
e Taken off list Sept. 12 1930.
24.00
.35
5.75
.35
5.75
.35
6.30
.02
.30
1.25
.02
.30
1.35
.02
.30
199,303
55,785
83,844
1.600
4,900
800
•12
551
500
•710
•100
4,830
1.000
1.400
24.00 20.30 23.50
.01
.01
.01
19.80 17.35 19.00
3.10
1.25
.70
.06
.034
.034
1.50
1.60
1.6
44.25 11.75 14.45
MISCELL. STOCKS TAKEN FROM LIST.
a Amalgamated Electric Corp., Ltd
b
Preferred
c Dryden Paper
BONDS.
Belgo Canadian Paper 434s
Bell Telephone 55
Brandram-Henderson 6s
Canadian Pacific Ry 5s
434.
Canadian Steamships 5s
Dominion Textile 6s
Duke Price 65
.14
.04
.30
.05
.20
.15
4,271
1,011
1.850
19,150
126,650
40(
443,383
.350
2,221
1.05
.40 1,129.250
16.550
.0234
.231
30.191
6.00
2,921
.20
14,421
.34
22.301
.84
7,181
1.68
1.55
.63
06
1,05
.2
.0
7.20
.9
3.3
1.4
2.10
3.20
.2
.3
.84
1.60
15
38
19
14
36
14
15
36
1435
231
381
1,261
37
25
30
3,57,
.82.
1943
1955
1939
1934
1944
1943
1949
1966
9915 94
10434 993.4
9054 88
10034 9934
9734 91
95
95
105
105
10634 10234
9834
10434
9134
10055
9534
95
105
10234
819.00
15,00
7,00
21,101
19,20
4,70
1,00
10,00
1942
1946
1951
1943
1955
101
101
9934
10334
1013.5
100
101
9334
10134
10034
100
101
9334
103
10034
1943 102
IlIGA
ml
19934
9934
25,10
5,00
6.00
11,50
3,10
.50
27,86
073.4
0714
22 70
1930. Listed on Montreal Stock Exchange.
Listed on Montreal Stock Exchange.
Listed on Montreal Stock Exchange.
Listed on Montreal Stock Exchange.
Indications of Business Activity j
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, March 13 1931.
With weather conditions more or less stormy over not a
little of the United States, trade has not improved much
during the past week. In fact in some sections it has slackened. The weather has been good for the winter wheat
crop, for the soil and also for replenishing depleted water
supply. It is noticed, too, that small gains in employment
have latterly taken place following an increase in February.
In parts of the country springlike:conditions have encouraged
field work and the planting of early crops. The winter
wheat crop is in excellent condition. When it comes to
general trade the old report, now almost sterotyped, is still
true. It is slow to fairly good. Indications are that the
business of chain stores, mail order concerns and department
stores has increased in volume, but not financially; that is
quantities have increased but lower prices have cut down
money returns as compared with a year ago. It is said that
payments of soldiers' bonuses have helped trade in some
sections of the country. But bank clearings are still noticeably smaller than those of 1930. There has been a better
demand for steel from automobile concerns and pipe lines,
and the capacity has increased somewhat. Wire has advanced slightly. But unfilled orders show an unexpectedly
large decrease. Some sorts of pig iron and steel scrap have
declined. For the Easter season the shoe industry is rather
more active. Cotton goods of late have been quieter after
almost uninterrupted activity for two months past, but
prices in the main have been firm with print cloths 383
inch 64x60s quoted at 5Vc. Unfinished cotton goods until
within a few days were active. Some of the business in
print cloths has been for quick delivery, hinting at depleted
stocks among consumers. Some of it has been for as far
ahead as October delivery which showed greater confidence
on the part of buyers. On a single day here the transactions
in print cloths were reported at as high as 300,000 pieces;
39 inch 68x72s sold at 63
4c. for spot delivery and 6/ to
65
/c.for later on. In sheetings the trading has been smaller
and in some cases prices have weakened a little. A fair
demand has prevailed for fine and fancy cloths, and the
fact that premiums continue to be paid for prompt shipments
of lawns, voiles and rayons suggest that consumers have
found their stocks unduly low. Broad silks were in smaller
demand. Raw silk was dull and lower. At the Exchange
silk futures however, show a rise of one to five points.
Cotton has declined $1.50 to $2 a bale under the weight
of liquidation and other selling, sentiment here being for
the most part bearish. Supplies are big the world over,
spinners takings are not at all impressive and speculation
is stagnant. Latterly Worth Street has been less active.
Manchester faces a rather dubious situation in India at
least for the time being. Picketing is still going on. The
deficit in exports is down to 340,000 bales as against nearly
half a million at the opening of February. But the fact
remains that exports are still unsatisfactory even by comparison with the low figures of a year ago. The report of
the Cotton Textile Merchants'was favorable, but it was
found to have been discounted. Crude petroleum prices
1886
FINANCIAL CHRONICLE
(VOL. IZt
have dropped. Copper is lower. Silver has advanced. the point now. The time has arrived it is said, when the
Pig iron orders in some sections are reported larger, though mills have a fair chance to make a sellers' rather than a
in this vicinity trade has remained dull.
buyers' market. Gastonia, N. C., reported that elimination
Wheat has on the whole acted steady, though it was lower of night operation in the combed yarn spinning industry of
to-day. Export demand has not as a rule been brisk, and the South was decided upon at a meeting of combed yarn
Russian and Argentine shipments have been large. More- spinners, there, those present representing 98% of the
over, the Farm Board has continued to offer wheat to Europe combed yarn industry of the Southern States in the gray
at attractive prices. Foreign markets, too, have latterly yarn trade. At East Burlington, N. C., the Alamance
declined. Beneficial snows have fallen in the Northwest Novelty Mills will increase its output. At Cherryville,
and in Canada. But there is another consideration which N. C., the Cherryville Manufacturing Co. is maintaining
has had a tendency to keep prices relatively steady. That an operating schedule of five days a week. The Rhyneis the technical position. Evidently too many people have Houser Manufacturing Co. at Cherryville is operating on a
been bearish on wheat and at the moment the market seems full-time day and night schedule manufacturing 60s to 800
to be oversold. Corn has declined somewhat, with the combed yarns.
cash demand disappointing and some weakness in wheat
At Athens, Ga.,300 operatives returned to work on March
also affecting this grain. But the statistics of supply are 9 at the Southern Manufacturing Co., after having been
such that on any favorable opportunity there would prob- laid off Jan. 17, when a temporary receivership was granted
ably be increased buying of corn. While the farm reserves in Federal Court. At Clearwater, Ga„ a mill is said to be
of wheat are bearish, those of corn are well known to be running at 110 hours a week. Spartanburg, S. C., advices
bullish. Oats show little change for the week and the said that the Arkwright Mills, idle for nearly three months
same is true of rye. There has been a foreign demand for resumed operations this week, on a full weekly daylight
American barley and some hints of export inquiry for rye, schedule, and 300 employees who have been out of work
but nothing definite has developed. Provisions have been since before Christmas will return. At Darlington, S. C.,
about steady,lard showing little change for the week. Coffee the Darlington Manufacturing Co. is preparing to increase
advanced 1 to 7 points on Rio futures and 34 to 47 on Santos production. At Honea Path, S. C., the Chiquota Manuwith the cables of late from Brazil better and reports of facturing Co. has increased the operating schedule from 55
Brazilian buying. Moreover, shorts have been covering in hours a week to 80 hours a week. At Knoxville, Tenn.,
a market which showed a better technical position and the Brookside Mills, manufacturers of corduroys, twill and
selling pressure has relaxed. Sugar advanced 3 to 4 points. specialties, are maintaining an operation schedule of four
It is still selling below the cost of production. The produc- days a week, giving employment to the full force of operation from Jan. 1 to March 1 this year is stated at only tives, numbering 1,100. The Knoxville Awning, Tent &
1,522,000 tons against 1,730,000 for the same time last year. Tarpaulin Co. is feeling the upward trend of business. The
But refined sugar has been dull at a decline to 4.40c. Java company has maintained its regular winter force of operatives
seems to be opposed to regulation of the sugar trade. Still and with the advance of spring and with good weather more
sugar is very cheap and it is believed would respond promptly employees will be added. Richmond, Va., wired that the
to anything of a stimulating character in the news. Rubber Liberty Union Cotton Mill of Maiden, N. C., which had
has latterly declined in spite of rather more favorable news been closed and in bankruptcy for some time has resumed
as regards restrictive measures. But rubber factories have operations under new management.
not been buying freely. Hides have advanced lc. on some
The adjusted index of cotton cloth production, it is stated,
large trading. Cocoa has risen 6 to 8 points.
has recorded a further substantial gain. For the week
The stock market has been rather draggy at times this ended Feb. 28 it stands at 86.0 against 83.5 for the preceding
week and the drop in the New York Central dividend to the week and 102.3 for the corresponding week last year. At
basis of $6 instead of $8 excited comment. Bonds have been Gadsden, Ala., the Dixie plant of the Goodyear Tire & Rubunfavorably affected and many issues have sharply declined. ber Co. is now manufacturing 6,500 tires per day, instead of
Call money is down to 134%. To-day prices on active 5,500 per day the previous schedule. At Manchester,
stocks were off 1 to 5 points net. Railroad stocks have lat- England, home business has been on a fair scale, but with
terly made the poorest showing, though miscellaneous India it has been either small or only moderate, with the
securities have also weakened in Some cases quite noticeably. political situation still more or less unsettled. At Columbia
Wabash preferred fell to-day to the lowest level in seven City, the Columbia Woolen Mills, after being closed since
years. Boston & Maine dropped noticeably on light trading. before Christmas, reopened to-day.
Not for seven years has St. Louis-San Francisco been as low
From Japan private cable advices stated that Japanese
as it was to-day. Baltimore & Ohio dropped 3 points, mills have been able to advance their prices for piece goods,
with some people questioning whether the old dividend will owing to a good demand, and are expected to make some
be maintained. Some took a rather pessimistic view of the good purchases of American cotton. London cabled the
matter, with or without reason. At such times as'these "Times" that although "legal" agitation for the sale of
mere rumor counts for more than it should. Bethlehem Indian made instead of imported textiles will continue by
and Crucible to-day dropped some 3 points. Copper stocks Mahatma Gandhi's supporters, Lancashire manufacturers
fell and oils were depressed. Shell Union declined sharply welcomed the news of the new Indian settlement. It is
and Texas Corporation on disappointing earnings was sold realized that Indian mills cannot cope with the demand for
rather freely. Public utilities declined in most cases 1 to 2 cloth and importing on a large scale must begin again as soon
points. Amusements stocks, as a rule, showed weakness. as the Indian stocks are cleared. The new Indian budget
A decline of 234 to 63' points was noticed in Worthington, duty of 5% on imported cotton and piece goods, however,
Vanadium, Manville, Eastman, Case and Auburn. Allied is held to be a big handicap to the Lancashire manufacturers,
Chemical declined to the lowest price seen since 1928. who will be faced with keen competition from the Japanese,
Brokers' loans increased $29,000,000, owing it is supposed who, with cut prices, will make a big bid for the market.
to the sharp increase in the offerings of new securities and
Detroit advices say that the trend of trade while showing
the early payment of income taxes.
a somewhat better feeling, indicates but a slow, spotty and
Fall River, Mass., reported that the local cloth market uneven gain. Payment of the Veterans bonus is showing its
has broadened considerably during the past week, the demand effect especially in the purchasing of automobiles. Several
having been shown for about every style of goods now being of the largest dealers announce that many new cars were
manufactured by the local mills and inquiries have also contracted for during the last week with bonus money and
been in the market for many styles formerly made by the indications are that this market will show a substantial inlocal mills of staple styles. Shelton, Conn., wired that crease during the coming month. Detroit wired that world's
strikers in shifts picketed the Sidney Blumenthal & Co., production of Ford cars and trucks in February was 85,109
Inc., textile plant from which 300 weavers walked out in units, the highest monthly production since last September.
protest against a wage cut and that double loom system; February production was an increase of 29,927 cars and trucks
strike leaders informed workers they might accept an in- over January and an increase of 40,077 over December.
vitation of the company to return to work if they desired Schedules for March call for larger output. Expansion in
but the answer was the organization of a picket line. Char- Ford production reflects increased sales, according to comlotte, N. C., wired that all of the important developments pany official, and sales in turn they said have been reflecting
in the textile situation continue on the bull side. A number the reduced prices announced in January.
of mill executives who have been saying for some time that
Washington wired that there was an increase in industrial
the mills were gradually working into a position where they employment last month over January of 1.4% in the number
can operate profitably, are putting renewed emphasis on of persons and 7.5% in wages. Secretary Doak said that
MAR. 14 1931.]
FINANCIAL CHRONICLE
an • expected seasonal improvement could not account for
such a general increase. "It looks to me like the first sign
of a general pick-up in industry." Later Chicago advices
said that trade leaders, who had been extremely optimistic
are in some instances finding that their expectations of trade
improvement have not been fully realized and the disposition
is more toward conservatism in forecasts. Boston wired that
the cotton industry may lead the way to ultimate recovery
of the country's prosperity as in 1921, according to a bank
expert. Cotton goods sales are increasing in volume with
indications of continuing. The textile industry, as a whole,
is in better condition. St. Louis reports said that the
agricultural territory promises good crops this year, due
to rains throughout the area. Gradual improvement in
business conditions exists, but the pick-up is so slow as to be
hardly perceptible. The influx of soldier bonus payments
helped the situation and was felt in retail circles, particularly
in the automobile trade. The weekly wholesale price index
showed an advance of one fractional point during the latest
week, according to the National Fertilizer Association. The
index now stands at 75.9,compared with 76.4 last month,and
91.2 for the corresponding week a year ago. Seven of the
14 groups in the index advanced and six showed no change.
Fuel and petroleum products was the only group that showed
Moscow cabled that resolutions recommending retaliatory
measures against nations which have imposed embargos on
Russian imports were approved on the 12th inst. by the
Sixth All-Union Soviet Congress.
Chicago wired March 8 that the heavy snow over practically all of the Middle West while it tied up traffic, was
welcomed by the farmers as it relieved the long drouth.
The blizzard also worked to the benefit of thousands of unemployed men, clearing streets and highways and repairing
serious breaks in piers in lake front cities. Soldier bonus
loans which are expected to reach a total of $25,000,000 for
Northern Illinois and Indiana alone are regarded by merchants as certain to offer a sharp impetus to trade over the
next two months.
The Weather Bureau on March 10 said that snow, mostly
light, had fallen within the last 24 hours from Michigan and
Ohio, eastward to the Atlantic Coast and in the Western
Canadian Provinces, while rain had set in along the North
Pacific Coast. Fair weather prevailed in all sections.
Temperatures have risen in the Southern States, the Plains
States and the Central and Southern Rocky Mountain region
and have fallen in the Northwestern States and the Far
Northwest. It has been cool here most of the week. It
rained last Sunday, but has since been clear. Snows occurred in the Northern part of this State, particularly in the
Adirondack region, and also in the West and Northwest,
not to mention Canada. Weather of historic severity has
prevailed in England and on the Continent of Europe.
Yesterday New York had temperatures of 34 to 42. To-day
they were 34 to 39 and the forecast is for fair and continued
cool weather to-night and to-morrow. On the 12th inst.
Boston had 34 to 44 degrees;Philadelphia,34 to 42;Portland,
Me., 32 to 44; Chicago, 36 to 46; Cincinnati, 30 to 50;
Cleveland, 28 to 32; Detroit, 26 to 40; Milwaukee, 34 to 44;
New Orleans,56 to 74; Kansas City,46 to 56; St. Paul,36 to
50; St. Louis, 40 to 50; Winnipeg, 24 to 28; San Francisco,
52 to 64; Seattle, 42 to 48. From the Adirondack region
to-night comes word that the roads in that section were
blocked by great snow drifts, following one of the severest
storms of the winter. Automobiles had to be abandoned
on most of the main roads. The Weather Bureau said
that during the last 24 hours rains occurred in the Middle
and Northern sections west of the Rocky Mountains and
snows in Montana, North Dakota and Western Canadian
provinces and snow flurries in the Northeastern States.
Otherwise fair weather prevailed. London cabled March 11
that blinding snow, high winds and bitter cold weather
impeded traffic on land and sea as the worst late winter
storm of recent years continued to rage in many sections of
Europe.
1887
of more than seasonal proportions." The bank continues,
In part:
Some of the various indexes that are computed currently to show business after allowance for the seasonal factor, showed a further slight
decline in January, while others advanced. One does not expect complete
agreement in these indexes, since they are computed independently and
usually include different commodities, but the fact that for the first time
in many months there was a good representation of gains suggests that
the general decline has at least been checked, which is the first step
towards recovery.
For snore than a year production has been declining, and during the
past six months the curtailment in output has been very great. While it is
true that consumption, too, has fallen off, due to the depression, the
decrease by and large has not been as great as that of production. Hence,
it was inevitable that sooner or later a time must come when current
stocks of merchandise in an increasing number of lines would become
exhausted and production have to be speeded up again to take care of
current needs.
The pick-up of industry witnessed since the first of the year seems to be
of this character. As might be expected, the indications of betterment
have been more pronounced in lines of industry which are closest to the
public and which produce commodities of everyday useage that are being
constantly worn out so that replacements cannot be postponed indefinitely.
The automobile industry is the outstanding example of this, and more than
any other single industry has been the moving force behind the present
recovery. . . .
Perhaps the most pronounced signs of improvement have come from the
cotton textile industry, where an excellent demand for goods has developed
within recent weeks. In part, the gain is seasonal, and in part caused by
the firmer tendency of raw cotton which has lessened fears of further price
declines. A more fundamental cause, however, is the fact that the
Industry has been adhering to a soundq policy as regards production,
which means keeping output in line with demand. . .
The failure of prices, however, to improve, continues an unsatisfactory
feature, emphasizing the continued need for restraint upon over-rapid
expansion of production. . . .
The Situation in Building.
Building is one of the most important industries in the country, and
plays a larger part in the fluctuations of employment than almost any
other, because it draws so heavily upon various industries producing
materials. Unfortunately, the outlook for a revival of building this year
is not promising. The period from 1922 to 1928 was the greatest period
for house-building the country ever has known. In new floor space provided, the average for these years ran from 50 to 100% above that of the
corresponding number of years immediately before the war. According to
the figures of the F. W. Dodge Corp., the average amount of new floor
space provided by building operations (commercial, industrial, residential,
public and semi-public edifices) in the 10 years from 1908 to 1915, inclusive, was 444,000,000 square feet annually, while in the seven years
from 1922 to 1928, the average of new floor space made available was
788,000,000 square feet.
As a result there is no pressing need for an extensive building program
at this time, and many cities are oversupplied with hotels, office buildings
and apartments. Of one class of housing there is an actual scarcity
everywhere, that class being dwellings or apartments of modern type
available to wage earners and other persons of moderate incomes at
moderate rentals or purchase price. The great demand on the building
trades during the period of active operations beginning with 1922 resulted
in wage advances which have made the construction of dwellings for the
wage earning class by past and present methods almost an economic
impossibility. .
It is not too much to say that the greatest boon that could come to the
mass of wage workers would be the development of methods by which their
housing accommodations could be decidedly cheapened and improved.
Furthermore, such a discovery might be one of the most potent means of
lifting industry into a new career of prosperity.
The Way to Prosperity.
While the depressed state of two great industries such as agriculture
and building must be accepted as unfavorable to a rapid increase in the
volume of purchasing power in circulation, it does not signify that
Improvement is not under way or likely to continue. So far as agriculture
is concerned the farmers are helping themselves by reducing their costa,
and we suspect that Mr. Alexander Legge, after two years of honest and
strenuous efforts to improve agricultural conditions by means of the
machinery provided by Congress, is fairly well convinced that he can do
more for the cause in his old implement business. . . .
Therefore, there is no reason for discouragement in the present industrial
situation. The country has come out of every previous period of depression
with more efficient industries and the ability to provide a higher standard
of living to its population than ever before. Never are production costs
so carefully studied as in a time of depression.
E. Pierson of Irving Trust Co. Urges "Team
Work in World Trade."
Addressing the Export Managers Club at the Hotel
Pennsylvania, New York, on March 3, Lewis E. Pierson,
Chairman of the board of the Irving Trust Co. of New York,
directed his remarks toward "Team Work in World Trade,"
saying in part:
Lewis
During the past quarter of a century we, in the United States, have had
excellent opportunity to realize the value of team work in business. Might
It not be a good idea at this time to extend our horizon somewhat and consider the idea of a broader business teaming up—team work with other
countries. . . .
When the world is out of joint, co-operative effort on a wide scale is
National City Bank of New York Finds Business
needed to get it back again into smoothly running order.
Recovery Proceeds "Encouragingly."
Business leaders here and abroad are faced with a common task of enornever was a time when it was so urgent for us
The National City Bank of New York states in its March mous magnitude. There
to pull together, avoid suspicions, doubts and fears, to put our shoulder
"Bulletin" that "the business recovery has preceeded un- to the wheel and push Industry and trade out of the deep mire
into the
evenly, as was to be expected at this stage, but nevertheless clear road ahead.
team work which must be international in scope.
means
This
encouragingly. Some upturn, of course, is inevitable at
The problems of the exporter are primarily those of distribution.
In all fields of distribution there is room for very extensive improvement:
this season, and has to be allowed for in Judging the trend,
in tact, it is not too much to say that the practical phases of distribution
and it is not yet clear that the gain in production has been have
been explored and organized far less thoroughly than have the eco-
1888
FINANCIAL CHRONICLE
nomics of production. Yet distribution and production are like our two
hands. They must work together to accomplish a skillfully designed
result.
Business must not be right-handed nor left-handed, but must use both
its hands.
Mass production is an actievement of the recent past; mass distribution
is the stern necessity of the immediate future.
Thus, as mass production widens, the problem of distribution becomes
more and more compelling. It is easier now, far easier, to produce goods
than to sell them at a profit. . . .
The readiness with which American investments are welcomed abroad
is in no small measure due to a realization that our business men and bankers
are actuated by commercial ideals.
Our capital is not a disguised entering wedge for political aggression.
On the contrary, we ask nothing better than to co-opeste with our
foreign customers with genuine friendliness.
One very important American company with huge and far-flung fixed
Investments in other countries makes it a cardinal principle to employ
native workers and native administrators in its plants to the fullest possible extent.
Young foreigners of good mentality and the right background of ambition
and grit are brought to the United States by this concern and others,
trained in the home office and sent back later, imbued with our spirit of
doing things-this is team play on an international scale.
The same atmosphere of co-operation has characterized our efforts in
other directions. I refer to the work of Mr. Dawes and Mr. Young in
France, Mr. Gilbert in Germany, Mr. Dewey in Poland, Mr. Jeremiah
Smith in Hungary and many other American financial advisors, who have
generously placed their skill and genius at the disposal of people abroad
who needed help. Some noble pages of history have been written by these
men during the past decade. They stand as lasting testimony to the desire
of the United States that other nations shall be prosperous and happy.
This is the spirit which is slowly integrating the trade of the world.
We should make greater use of the Webb-Pomerene Act, which makes
possible a stabilized export price, which ultimately works to the benefit
not only of ourselves but of foreign customers. The Copper Export Association was one of' the first organizations to take advantage of the provisions of this law and present a united front in foreign markets.
Over sixty similar associations have subsequently been formed, among
the latest being two textile groups.
Much team work of a similar character is possible.
I am thinking of the many thousands of small local concerns in the
United States which, in most cases, are seriously handicapped when it
comes to developing foreign markets.
Incalculable amounts of energy and time have been lost through lack
of proper co-operation.
Americans in general undoubtedly do not realize to the extent that
Europeans do the importance of taking a long term point of view in developing foreign sales.
It is hopeless to adopt a hit-or-miss policy. Here, I believe, is a large
field where concerted and well-planned effort can bring good results.
We must get closer to our work in the foreign field. So long as we insist
upon carrying on our foreign transactions over, or through a high wall,
just so long shall we fail to do full justice to our own interests or the interests of the foreigner.
And it does not matter particularly whether that wall represents an unreasonably rigid tariff barrier or a short-sighted and vacillating credit
policy, or just plain mutual misunderstanding. It must be removed if
we are to get anything like best results.
Prices of Farm Products Reach New Low Levels in
Period From Jan. 15-Feb. 15.
The general level of prices of farm products, at the farm,
on Feb. 15 was 90% of the pre-war level, as compared with
94 on Jan. 15 this year, and with 131 on Feb. 15 1930.
Ninety is the lowest farm price level recorded by the United
States Department of Agriculture during the period covered
by its farm price index-1910 to 1931. The Department's
advices, March 2, also said:
From Jan. 15 to Feb. 15 moderate advances in the farm price of cotton.
cottonseed, apples, sheep, lambs and horses were more than offset by
lower farm prices of grains, flaxseed, hay, potatoes, hogs, cattle, calves,
chickens, dairy and poultry products.
Farm prices of eggs on Feb. 15 of this year were less than half of the
price a year ago, and lower than for any month on record since 1909. The
group indexes of farm prices showed the following changes from Jan. 15 to
Feb. 15: Poultry and poultry products, down 31 points: both meat animals
and dairy products, down six points; grains, down two points: fruits and
vegetables, up one point, and cotton and cottonseed up four points.
The Feb. 15 group Indexes of farm prices were all lower than those of a
year ago. Farm prices of poultry and poultry products were down 75
points; fruits and vegetables down 59 points; cotton and cottonseed. 45
points: meat animals. 44 points; grains, 40 points, and dairy products,
28 points.
The farm price of hogs on Feb. 15 was approximately 6% lower than on
Jan. 15, 28% lower than the price on Feb. 15 1930, and the lowest price
reported since July 1924. The farm price failed to show the usual upward
seasonal trend from Jan. 15 to Feb. 15, owing to relatively large increases in
marketings of live hogs and in storage holdings of pork and lard, while the
export movement of pork products and the rate of domestic consumption
remained at a low level.
The corn-hog ratio for the United States dropped from 11.8 on Jan. 15
to 11.6 in mid-February. The ratio for Iowa declined from 12.7 to 12.5
during the same period. The ratios for the United States and for Iowa were
12.2 and 14.1 respectively, on Feb. 15 1930.
The average farm price of beef cattle declined about 6% from Jan. 15 to
Feb. 15 as a result of an increase in market receipts, a continued decline
In the demand for beef and a drop in prices of hides. At$6.03 per hundred
weight on the latter date, the farm price was approximately 31% lower
than a year earlier and the lowest price recorded since Feb. 1925. Receipts
of cattle at seven primary markets in the four-week period ended Feb. 14
were 2% larger than in the preceding four weeks and only slightly smaller
than in the corresponding period oflast year.
The average farm price of corn, at 58.6 cents per bushel on Feb. 15,
was about 5% lower than a month earlier and 24% lower than in Feb. 1930.
The lower farm price of corn on Feb. 15 was owing to the relatively low
level of demand. The 1930 crop was the smallest in many years, but stocks
at primary markets are relatively large, because of liberal receipts and
weak commercial demand. Feeding demand has been reduced also, because
of a smaller live stock population, a mild winter which has reduced seasonal
Ent. 132.
feeding to extremely low levels, and relatively large supplies of cheaper
feeds.
The average farm price of wheat declined less than 1% from Jan. 15 to
Feb. 15 in spite of extremely small exports, relatively large market receipts
and an unseasonal accumulation of domestic market stocks. The midFebruary farm price of 58.7 cents per bushel, was about 42% lower than
in February 1930.
The average farm price of cotton advanced from 8.6 cents per pound in
mid-January to 9.1 cents on Feb. 15. On Feb. 15 1930. the price to producers was 14.8 cents per pound. The recent advance in cotton prices has
been accompanied by increased activity in the domestic cotton textile
industry.
Exceptionally heavy production and storage holdings of eggs forced the
average farm price of eggs for Feb. 15 to a level lower than that recorded
for any month during the period that these prices have been collected by the
Department. The farm price declined approximately 36% from Jan. 15 to
Feb. 15, in comparison with an average seasonal decline of 18% between
these dates, in the period 1926-1930. On Feb. 15 1931, the farm price of
14.1 cents per dozen was only about 44% of the farm price a year earlier.
Loading of Railroad Revenue Freight Continues Poor.
Loading of revenue freight for the week ended on Feb. 28,
totaled 682,000 cars, the Car Service Division of the American
Railway Association announced on March 10. This was a
reduction of 31,938 cars below the preceding week this year
due to the holiday, Washington's Birthday. It also was a
reduction of 217,498 cars below the same week last year and a
reduction of 296,201 cars below -the corresponding week in
1929. , In making a comparison, however,consideration must
be given to the fact that the corresponding week in 1930 and
also in 1929 did not contain a holiday, the holiday in each
instance having fallen in the preceding week. Details
follow:
Miscellaneous freight loading for the week of Feb.28 totaled 250,097 cars,
110,234 cars under the same week in 1930 and 119,031 cars under the corresponding week in 1929.
Loading of merchandise less than carload lot frieght amounted to 198.569
cars, a decrease of 53,299 cars below the corresponding week last year and
57,137 cars below the same week two years ago.
Coal loading amounted to 125,499 cars, a decrease of 9.976 cars below the
same week in 1930 and 67,078 cars under the same week in 1929.
Forest products loading amounted to 33,223 cars. 28,569 cars under the
corresponding week in 1930 and 30,781 cars under the same week two years
ago.
Ore loading amounted to 5,730 cars, a reduction of 3,041 cars below the
same week in 1930 and 4,952 cars below the same week in 1929.
Coke loading amounted to 7.782 cars, a decrease of 2,521 cars below the
corresponding week last year and 6.302 cars under the same week in 1929.
Grain and grain products loading for the week totaled 41,050 cars, 4,054
cars below the corresponding week in 1930 and 5.455 cars below the same
wwek in 1929. In the Western Districts alone grain and grain products
loading amounted to 27,366 cars, a reduction of 4,024 cars under the same
week in 1930.
Live stock loading totaled 20.050 cars, 5,804 cars below the same week in
1930 and 5.465 cars under the corresponding week in 1929. In the Western
Districts alone, live stock loading amounted to 15,652 cars, a decrease of
4,950 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compare not only with the same week in 1930 but also with the same week
In 1929.
Loading of revenue freight in 1931 compared with the two previous years
follows:
1931.
1930.
1929.
3,490.542
Five weeks in January
4,246.552
4,518,609
719.053
Week ended Feb. 7
886,701
955,981
Week ended Feb. 14
720,689
893,140
957,498
Week ended Feb. 21
713,938
827,560
905.503
Week ended Feb. 28
682.000
899,498
978,201
Total
6.326.222
7,753,451
8,315,792
Standard American Corporation of Chicago Finds
Decline in Labor Disputes Aid to Business Recovery.
Industry faces the present recovery period with a spirit of
co-operation between workers and management which is
unequalled in business history, according to an analyais of
industrial relations just completed by the Standard American
Corporation of Chicago. The year 1930 marks the lowest
ebb in the past 15 years in number of labor disputes, says
the survey, and there is every reason to believe that this
condition will be a powerful factor in favor of early stabilization of employment conditions. The survey continues:
Unlike previous periods of depression, when bitter strikes and lockouts
not only added to the severity of the times but also delayed recovery, the
past year is notable for the establishment of new low records in number
of strikes, number of men involved, and in minimum loss to both workers
and employers.
The number of strikes declined 32% from 903 in 1929 to 618 in 1930.
while the number of men involved dropped from 230,463 to 156,125 in the
same period. The rate of decline was still greater in number of men involved
between 1927 and 1930, the total in the latter year being only slightly
more than half that of the former.
Based on the average income during the period between 1927 and 1930.
the actual savings brought about by industrial peace amount to more
than $125,000,000 for one year's wages alone. Added to the great expense
usually incurred by employers during strikes, the savings are tremendous.
In contrast to a loss of nearly 38,000,000 man-days in 1927, the figures
last year show only 2,758.629 lost in this manner. From the peak year
of 1929, the number of lost days per man also declined by approximately
9,000.000.
Probably no more favorable signs for the return of prosperity are now
available than the apparent willingness on the part of both workers and
owners to arbitrate labor difficulties as quickly as possible. In contrast
MAR. 14 1931.]
FINANCIAL CHRONICLE
to conditions in previous depressions, the disputes of the past year have
been settled with a minimum loss of time and expense.
As an example of this trend, there was only one strike in progress at the
close of the year which had continued more than three months- and this
involved only 4,000 men. During the last three months of 1930 there
was only one industrial classification-the building trades-which reported
difficulties lasting more than a single month. In this case, however, the
number of men involved each month was far below the average in previous
years.
Strikes involving considerable numbers of men were reported in the
mining and freight handling classifications, but in each case the troubles
were ironed out in less than a month.
Compared with previous depression years, 1930 is remarkable for the
spirit of co-operation which existed between the employer and the employee.
In 1919 there were 4.160,348 men involved in strikes-nearly 25 times the
number in 1930. With only one exception, however,this total has decreased
each year, indicating that the situation in 1930 is the result of steadily improving industrial relations.
All of these facts point to a unity of purpose between workers and management which promises more rapid readjustment at this time than the
Country has enjoyed after previous depressions.
Annalist Weekly Index of Wholesale Commodity Prices
Because of sharp advances in live stock and meats, the
"Annalist Weekly" Index of Wholesale Commodity prices
has advanced to 110.7 against the revised index of 109.9
last week. The "Annalist" further says:
Advances In these two commodities overbalance declines in cotton, wool,
worsted yarn, raw silk, bituminous coal, gasoline, crude petroleum, copper
and lead and show that the upturn this week is extremely one-sided.
Until a week ago, cattle and hog prices had been dropping persistently
because of curtailed consumer demand and sharply decreased exports of
pork products. This week, heavy steers have advanced from $10.94 to
$11; hods $7.15 to $7.98. and lambs from $8.55 to $9.05. The advance
in lambs came In spite ofa bearish report on the spring lamb crop, showing
a larger market supply than last year. The advance in meat prices is
Considerably steeper than seems justified by the firmer live stock prices.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1913=100)
Mar. 10 1931. Mw'. 3 1931, Mar. 11 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
101.3
117.3
102.9
133.5
106.0
123.2
100.4
89.0
All commodities
110.7
*99.5
114.2
•103.1
•138.2
106.4
123.0
100.4
89.0
127.8
136.4
132.0
151.8
122.8
151.6
110.3
115.3
•109.9
134.3
*Revised.
"Annalist" Index of Business Activity.
The "Annalist" Index of Business Activity shows little
change for February from the low January level, the preliminary figure being 74.5, as against 74.4 for January and
76.2 for December. In stating this the "Annalist" adds:
The minute increase was the result of a sharp gain in the adjusted index
of cotton consumption and smaller gains in the adjusted Indexes of pig
iron production and steel ingot production. Automobile production, heed
on preliminary estimates, also showed slightly more than the usual seasonal
increase.
Offsetting these gains were further declines in the adjusted indexes of
freight car loadings and electric power production, both of which declined
to new low levels for the current depression as well as for the entire postwar period. There was also a further marked decrease in the adjusted
index of bituminous coal production.
Tables 1 gives the combined index and its components, each of which is
adjusted for seasonal variation and long-time trend, for the last three
months. Table II gives the combined index by months back to the beginning of 1926.
TABLE 1-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT OROUPS.
Pig Iron production
Steel ingot production
Freight car 'multiage..
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zino production
nnrnhinai
Index
Feb. 1931,
Jan. 1931,
Dec. 1930,
57.6
68.0
77.7
•82.4
70.8
*68.3
*74.9
60.1
65.0
54.9
79.1
83.7
74.3
62.6
71.7
66.0
72.2
60.5
53.1
500
80 0
85.9
85.5
91.3
71.4
65.0
71.2
63.6
.74.5
74.4
752
TABLE 2.-THE COMBINED INDEX SINCE JANUARY 1926.
January
FebruarY
March
April
May
June
July
August
September
October
November
1931.
1930.
1929.
1928.
1927.
1926.
74.4
•74.5
95.0
94.2
91.3
95.1
90.1
89.1
86.4
83.2
82.4
79.5
76.0
76.2
105.5
106.1
104.3
108.8
110.1
108.9
109.9
108.1
107.3
105.7
98.9
92.1
98.0
99.7
99.4
99.9
101.3
98.7
100.5
102.1
102.4
105.0
103.7
102.0
102.2
104.7
106.9
104.4
104.8
103.4
101.5
101.8
100.9
98.2
95.5
93.7
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105 0
107.1
105.7
105.7
105.0
-____
--
1889
Dun & Co. for February contrast with January's high record
for all months of 3,316, but no preceding February has
shown so many insolvencies as in the present instance.
The previous maximum for the period was established in
1922, when the month's failures numbered 2,331, and the
lowest mark for February was reached in 1920, with only
492 defaults. On but five occasions prior to the current
year have there been as many as 2,000 insolvencies in
February-namely, in 1930, 1928, 1927, 1922 and 1915.
Comparing with the 2,262 failures a year ago, when the
economic unsettlement was being more plainly reflected in
a heavier business mortality, the latest returns show a rise
of something more than 13%. That is, however, considerably less than the 20% increase in January over the number
for the corresponding period of 1930.
Although appreciably below January's notably large
aggregate, the liabilities of commercial failures in February
were well above the average for the period, according to
data compiled by R. G. Dun & Co. Totaling $59,607,612,
last month's indebtedness shows a decrease of 37% from the
$94,608,212 of January, but is 16% higher than the $51,326,365 of February 1930. The present amount is however, much under the $72,600,000 of the same month of
1922, and also is less than the $60,900,000 of February
1921. With those two exceptions, on the other hand, last
month's liabilities are largest on record for February.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Number.
Liabilities.
1931.
1930.
1929.
February
January
2,563
3,316
2.262
2,759
1,965
2,535
1930.
1929.
1928.
December
November
October
2,525
2,031
2,124
2,037
1.796
1,822
1,943
1.838
2,023
6,680
5,655
5,804 $195.240,668 $150,824.558 $116,368,069
1.963
1.913
2,028
1,568
1,762
1,752
1,635
1.852
1,723
3d quarter.... 5.904
4th quarter
September
August
July
1931.
1930.
1929.
$59,607,612 551.328.365 $34,035,772
94.608,212 61.185,171 53,877,145
1930,
1929.
1928.
$83,683.361 $67,465,114 $40.774,160
55.260.730 52.045.863 40,601,435
56,296,577 31.313,581 34,990.474
$46,947.021 $34.124,731 $33,956.686
49,180.653 33,746.452 58,201.830
39,826.417 32.425,517 29.586,633
5,082
5,210 5135,954,091 S100,296,700 $121,745,149
2.026
2,179
2,198
1,767
1,897
2.021
1.947
2.008
1,818
2d quarter.... 6,403
5,885
5,773 $167.731.532 5107.860,328 6103,929.208
1.987
1.965
2.535
2.236
2.176
2.643
June
May
April
March
February
January
2.347
2.262
2.759
$63.130.762 $31.374.761 $29.827,073
55.541,462 41.215.865 36,116.990
49.059.308 35.269,702 37,985,145
$56.846.015 $36,355.691 $54.814,145
51.326.365 34.035.772 45.070.642
61,185,171
53.877,145 47.634,411
1st qua met% __ _
7.368 6.457 7.055 5169 357.551 *124.268 ens 8147 619.196
FA I LURES BY BRA NCH ES OF BUS'N ESS-FEBRU A RN 1931.
Number.
Liabilities.
1931. 1930. 1929.
lifanufacturersrain. foundries and nalls___
dachinery and Tools
voolens,carpets& knit gds.
Jot-tons, lace and hosiery.wumber, carpenters and
coopers
3lothing and millinery
illtS, gloves and furs
:hernicals and drugs
*aims and oils
'riming and engraving....
dining and bakers
Leather, shoes & harness_
robacco. Ac
:Rase earthenware & brick
ill other
Total manufacturing
Traders3eneral stores
3roceries, meat and fish
lot el* and restaurants._
fobacco, &c
:lothing
and furnishings_
-)ry goods and carpets
lhoes, rubbers and trunks_
,urniture and orockery..
iardware, stoves and tools
Themicals and drugs
'altars and oils
reweiry and clocks
looks and papers
lats, furs and gloves
III other
Total trading
)ther commercial
Total United States
1931.
13 $1,437,151
27 1,011.459
__
103.200
__
3.350.000
1930.
1929.
10
44
1
2
9
27
3
2
72
76
17
13
94
39
14
11
lf
37
14
9
4
269
17
38
13
4
3
252
88
40
14
4
2
15
39
10
7
4
215
583
526
478 $25,303,533 520,723.948 511.890,514
131
326
86
26
277
172
86
97
69
84
9
69
19
18
362
94
280
79
17
292
122
Cl
52
50
77
11
62
10
13
385
III 32,475.071 $1,162,133 51.272,945
301 4,916.734 2,566.968 2.763.341
758.705
102 3.792.655
979,583
21
384.010
165.989
311,271
191 5.104.284 3.112.741 2.295.830
116 2.121.130 1,705.212 1,944.870
46 1,332.650
805.834
488.198
55 1.518.194
826,468 1,508,285
566,401
52 1.090.329
913.882
44 1,156.817
532,805
758.334
118,768
7
137,809
28,820
43 1,383.382
784.915
709.178
195.800
13
34,655
104,932
138.857
103.600
9
846.948
267 5,123.322 6,675,827 3.933,186
$86,908
3.743.916
73.604
51,523
$272,703
1,887.520
7.475.523
1,543.720
245.261
449,875
5.327,738
1,148.215
977.842
100,226
2,170,690
285.680
492.587
181.789
648.200
5.908.398
147.037
1,187.541
201.549
20.621
32,681
7,624,547
3,093.630
589.341
185,600
92.075
38.100
125.000
553.798
212.523
115,600
45.900
4.678.724
1,831 1,605 1,378 $30,852,003 $20.908.939 $17.890,728
149 131 109 3.452.076 9,693,488 4,254,532
2.563 2 262 1,965 859,607.612 551.326,325 534.035.772
Research Experts of 15 Nations End Geneva Sessions
by Agreeing on Questionnaire for Study of Depression-Data Will Co to League.
Dun's Report of Failures in February.
From its Geneva correspondent, Clarence IC. Streit, the
With fewer business days, the number of commercial New York "Times" reported the following under date of
failures in the United States last month not unnaturally March 4:
Representatives of economic councils and research
of 15
declined from the January total, the reduction approxi- countries finished their work here to-day by agreeing oninstitutes
the terms of a
mating 23%. Thus, the 2,563 defaults reported to R. G. questionnaire which will be sent out to all governments with the view of
____
•Subject to revision.
ascertaining the origin and characteristics of the present economic depression. The points covered include the date when the slump began in
each country, the relationship between agricultural and industrial crises,
the monetary aspects of the question and the political factors contributing
to the depression.
The League of Nations economic section, which was ordered by the last
Assembly to investigate the depression, plans to give the September Assembly its report on the causes of the slump based on the answers to the questionnaire and other data.
The institutes taking part in the present meeting have also decided to
prepare reports on different phases of the question which concern their
respective countries. A certain amount of unity in pursuing their national investigations of the problem was established by the meeting here,
which was regarded to have been one of its most important results. The
delegates found this common contact, which wss the first their organizations ever had, so valuable that they arranged for a constant exchange of
information.
The discussion of these experts in the past few days confirmed the doubt
In the minds of the League Secretariat officials that the present depression
began in the United States, as is generally believed. They did not, however, make it clear where the depression did start.
The debates, all of which were carried on in privacy, also showed divergency on a fundamental point, some experts holding the present slump
a basic flaw
resembled previous ones, while others contended it showed
In the capitalist system and the necessity for replacing it with a new economic system.
The summary to the international press to-day stressed that "very ilto the committee by
luminating statements" on the crisis had been made
for the study
Edward Hunt. Secretary of President Hoover's commission
of recent economic changes.
Dun's Commodity Price Index.
Monthly comparisons of Dun's Index Number of wholesale commodity prices, proportioned to consumption,
follow:
Croups-
(-volt,.
FINANCIAL CHRONICLE
1890
Construction Contracts in January Smaller.
Total construction contracts awarded during January 1931
in the 37 Eastern States amounted to $227,956,400, according to statistics compiled by the F. W. Dodge Corp. In
January 1930 these construction contracts aggregated
$323,973,200.
We give below table showing the details of projects contemplated in January as compared with the corresponding
month a year ago. The table also shows the details of the
contracts awarded for the same periods. These figures, it
is stated, cover 91% of the construction in the United States.
Contemplated Projects.
Total
824.501
16.749
16.884
17.342
26.498
19.322
32.250
825.244
17.670
16.949
17.554
26.702
19.348
32.572
532.297
22.180
20.085
18.202
32.015
20.558
35.602
534.589
24.420
22.354
19.450
35.137
21.558
36.739
835.591
22.425
21.797
19.866
35.895
21.711
36.503
8153.546
8156.039
8180.939
8194.247
8193.788
Store Companies Show Increase for First
Two Months of 1931-February Sales Show Decrease of 2.3% Compared With Same Period in 1930.
According to a compilation issued by Merrill, Lynch &
Co. 32 chain store companies, including three mail order
concerns, show total sales for the first two months of 1931
of $263,978,331, against $276,622,335 in the corresponding
period of 1930, a decrease of 4.57%. Three mail order
companies alone show sales for the first two months of 1931
of $82,984,778, against $96,295,193 in the first two months
of 1930, a decrease of 13.82%. Excluding the mail order
companies, 29 chain store companies show sales for two
months of 1931 of $180,993,553 against $180,327,142 in the
same period of 1930, an increase of 0.36%.
Salesfor Feb.1931 as reported by 32 chain store companies,
including three mail order concerns, show total of $129,328,794 against $139,094,943 in Feb. 1930, a decrease of
7.02%. The three mail order companies alone show sales
for February of $40,780,042, against $48,454,578 in February of 1930, a decrease of 15.83%. Excluding the three
mail order companies, 29 chains show sales for February of
$88,548,752 against $90,640,365 in Feb. 1930, a decrease
of 2.3%.
A comparative table follows:
Classification.
Month of JanuaryCommercial buildings
Industrial buildings
Educational buildings
Hospitals and institutions
Public buildings
Religious, die
Social, &ti
Non-residential
*Residential buildings
Total buildings
Public works, &c
Total construction
First Two Month*.
1931.
1930.
Dec.
223,538,229 a27,624,978 14.8 b46,578,500 b54,445,143 14.4
Sears Roebuck
19,385,584 20,030,307 3.2 38,627,929 38,435,467 c0.5
F. W. Woolworth
15.781,593 17,003,007 7.1 33,443,111 35,442,309 5.6
Safeway Stores
31.865,213 36,736,998 13.2
Montgomery Ward.. 15,244,975 18,405,885 17.1
9,943,899 1.7 19,594,928 19,295,631 c1.5
S. S. Kresge Co-.. 9.769,995 6,778,419
12,432,890 13,992,669 11.1
13.3
MacM arr stores__. 5,871,559
eo
.E11
4,(07
.
4,487,051 4,641.663 3.3
S.H.Kress
:WalgrenCo
5 c1i
,
8,457.655
c11.1
3,913,591
7,697,202 c9.8
4,347.489
W.T.Great
6.6 6,078.792 6,473,567 6.0
Daniel Reeves, Inc. 2,677,700 2,868,176 c1.3
5,848,415 5,601,474 c4.4
McCroryStoruiCorp 2,945,912 2.906,937
2,728,329 2,334,844 c16.8 5,484,322 4,664,474 c17.5
H.C.Bohack
4,541,065
17.5
5,113,052 11.2
2,423,715
1,098,838
Hess
Hellas
National
F & W Grand-silver
2,283,662 2,261,844 c0.9 4,505.163 4,421,807 c1.9
Stores
1,696,717 1,633,433 c3.9 3,466,109 3,144,174 c10.2
J.J. Newberry
1,518,177 c11.7 3,420,342 2,933.063 c14.6
1,697,106
Lerner stores
1,519,960 1,878,934 9.4 3,175,834 3,153,090 c0.6
Corp.
Shoe
Melville
c19.6 2,717,595 2,171,502 c25.1
1,021.650
Lane Bryant,Inc-. 1,221,815
c.01 2,548,426 2,480,788 c2.7
McLellan Stores__ _ 1,259.449 1,258,258 c27.1
2,245,502 1,928.316 c25.7
988,927
1,204,188
G.C. Murphy
0.2 2,275,785 2.109,060 c7.9
Diamond Shoe Corp 1,152.646 1,155,426 c9.0
1,979.082 1,885,155 c17.4
865,709
944,001
Neisner Bros
Western Auto SuPP
786.500 19.0 1,349,400 1,647,800 18.1
636,900
Co.(Kan. City)._
1,174,349 2.4
549,706 c3.5 1,145,832
569,219
Amer.Dept. Stores..
1.050,345 1,095,141 4.0
559,895 3.0
542,961
Schiff Co
Winn & Lovett Groc
879.637 1,009,017 12.8
495,937 16.4
414,425
Co
729,258
374,952 6.7
758,651
3.8
349.502
Fed Bake Shops,Inc
c23.4
717,393
286,432
522,795 c37.2
353,523
Bros
Edison
2.5
504,557
239,332
452,233 c11.6
233,328
Kline Bros
275,934
172,303 21.9
334,666 17.5
134,458
Morison Eleo Stipp_
200,303
164,300 c21.8
81,271 c28.2
. 104,211
M.H.Fishman_ _.
174,652
151,984 c14.9
81,337 c9.5
89,102
ICaybee Stores
129,328,794 139,094,943 7.02 263.978,331 276,622,335 4.7
Total
15.83
82,984,778
96,295,193
48,454,578
13.82
40,780,042
Mail order compan_
90,640,365 2.3 180,993,553 180,327,142 09.36
29 chain store cos- 88,548,752
c
26.
Increase.
Feb.
to
weeks
Eight
b
a Four weeks to Feb. 26.
No. of
Projects.
1,619
348
361
81
150
181
243
2,981
24,991
No. of
Valuation. Projects.
Valuation.
2,331
591
466
150
200
249
306
100.983,700
211,518.200
55,348,400
44,557,500
50,970,900
16,888,200
22,415,100
174,404,900 4,293
92,398,500 65,219
502.682,000
144,456,200
55,823,400
18,596,300
34,708,800
14,723,900
27,766,200
8.198,800
15,187,500
7,972
1,924
266,803,400
181,373,900
9,512
1,938
647,138,200
808,211,400
9,896
448,177.300 11,448
1,455,349,600
Contracts Awarded.*
1930.
1931.
Classification.
Month of Janua
Commercial bldgs......
Industrial bldgs
Educational bidgs_
Hospitals & instirns_
Public buildings
Religious, &o
Social, &o
29 Chain
Month of FebruarV
Dec.
1930.
1931.
1930.
1931.
Mar. 1 1931 Feb. 1 1931 Mar. 1 1930 Mar. 1 1929 Mar, 1 1928
Breadstuits
Meat
Dairy dr Garden
Other Food
Clothing
Metals
Miscellaneous
132.
Non-residential
*Residential bldgs...._
Total buildings... _
Public works. &c---
No. New Floor
No. New Floor
of I Space in Valuation,
of I space in Valuation.
Projects Se. Feet.
Projects SO. Pea.
$
1
1,135 4,566,700 28,435,10
236 1,620,400 10,066,900
146 2,800,100 19,407.90
55 599,800 4.855,00
86 952,300 5,363,500
90 241.200 1,684,700
129, 1.225,900 8,556,70
1
1,670
379
182
63
69
103
153
8,601,000
3,654,300
2,886,700
790.600
614,300
518,900
1,408,50
54,052,300
38,266,200
19,009,200'
6,783,400
8,567,100
5,504,400
13,095,500
1,877 12.006,40 78,369,800 2,619 18,474,300 145,278,100
54,375,500 d4.16813,826.400 66,631,900
4.076,12.235.100!
5,95324,241,500 132,745,300 8,787 32,300.700 211,910,000
800 623,800112,065,200
393.400, 95,211,100
978
323,975.200
Total construction_ 6,931 24,634,900 227,956.400 7,587 32,924.500
general class
Note -Military and naval buildings are now included under the
public buildings.
contractors, sub-contracts being let directly
• Includes projects without general
b 8,866 buildings. c 4,919 buildby owners or architects. a 8,443 buildings.
ings. d 5,784 buildings.
Diamond Mines to Retrench.
rg, South Africa, the "Wall Street
Johannesbu
From
Journal" of Feb. 28 reported the following:
the diamond market, all mines in this
Owing to the grave depression in
are likely to effect drastic revicinity, with the exception of DeBeers,
probable that the Premier Mine will
trenchments in the near future. It is
companies have been working at a
close down completely. The various
loss for some time.
Factory Employment Shows Gain in New York State.
A gain of 1.4% in factory employment in New York
State from January to February was announced, March 10
by Industrial Commissioner Frances Perkins. This increase,
which is a little larger than the usual seasonal gain from
January to February, was caused by large gains in clothing,
textile, food and tobacco and leather goods concerns. Net
gains in employment were also reported by the metal and
machinery, wood manufactures and water, light and power
divisions. Commissioner Perkins' statement adds:
of about 1,750 firms
These statements are based on the monthly reports
of Labor. Index
which report regularly to the New York State Department
the three years
numbers are constructed with the monthly average for
had shown
1925-26-27 as 100. Since October 1929 the index of employment September
a steady decline, with no gain recorded for any month except
fall season.
1930, when the increase was much smaller than is usual for the
been recorded
In January 1931 the index stood at the lowest level which has
increase
February
since the series was started in 1914. Although the
below the level
is
brought the index up to 77, total employment still 16%
of February a year ago and 21% below February two years ago.
York City,
Metal and machinery firms continued to lose ground in New because of
but showed a net gain in employment in the State as a whole
steel and automobile plants. The
increased activity In up-State iron and
sharp reductions in
taking on of workers in automobile concerns followed
steel showed improvement for the
and
Iron
January.
and
December
at a low level compared with other
second consecutive month but was still
and electrical
years. Most railroad shops and, most makers of machinery
the same level as in January.
apparatus were operating at practically
to lay off workers.
Manufacturers of instruments and applicances continued
clothing industries
Improvement over January was shown by all the
Milliners and
except miscellaneous sewing and laundering and cleaning.
the advances
men's clothiers showed especially good gains, continuing
clothing and underwear were much
begun last month. Makers of women's
knitting mills and woolen and carpet
buster than in January. The reporting
workers in February than in January.
concerns were using 1,200 more
concentrated in a few big mills while
The gains in knit goods were largely
more
widespread.
were
goods
woolen
those in
activity in all the
Preparations for the spring season brought increased gloves, bags and
tanneries. The gains In
leather goods industries except
'
MAR. 14
1931.]
FINANCIAL CHIIONICJLE
canvas goods were felt especially in affewINew York City firms which had
suffered heavy losses in December and January.
Meat and dairy concerns had laid off a few workers since January. Little
net change occurred in the manufacture of flour, food and cereals and of
bakery products, but every other industry in the food and tobacco group
showed a gain over January. The increase of more than 50% in the manufacture of tobacco was caused partly by the return to normal conditions in a
large concern which had been taking inventory in January. An increase
in employment in saw and planing mills, toe first since July 1930, caused a
net gain in wood manufactures in February.
Gains in the larger up-State industrial centres ranged from 1% to 1%%,
except in Rochester where reduced employment was reported by several
large concerns in the metal products group. In New York City the seasonal
expansion of the clothing industry was greater than up-State and the net
gain from January to February was nearly 3%.
FACTORY EMPLOYMENT IN NEW YORK STATE
(Preliminary.)
Percentage Change
January-February 1931.
Industry.
Stone, clay and glass
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, ate
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Planes and other musical instruments
Miscellaneous wood. Ace
Furs, leather and rubber goods
Leather,
Furs and fur goods
Shoes
Gloves, hags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, &a
Chemicals, oils, paints. dcc
Drugs and industrial chemicals
Paints and oolors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery Products
Candy
Beverages
Tobacco
Water, light and power •
Total
• No change.
Total State.
N. 1'. Mr.
-2.0
-6.0
-7.0
+0.4
+2.4
+0.2
-2.1
+0.5
+6.3
-3.2
No change
-1.1
+2.9
No change
+2.7
-0.4
-8.3
-1.6
+0.3
+4.9
-0.4
-3.7
+0.9
+1.8
-5.2
+7.9
-0.6
+14.0
+3.4
+3.5
-1.1
-0.9
-3.1
-1.4
-0.5
-0.3
-0.7
+2.3
-2.4
-0.7
+4.3
-7.7
+12.0
-6.1
+11.0
+0.6
+5.6
+10.9
+0.7
+7.4
+7.1
+14.0
-1.8
-2.6
+3.8
-0.4
-3.6
+1.3
-2.9
-0.3
+4.8
+1.0
+58.0
+0.3
-6.8
-16.0
+0.4
+7.4
-1.4
-1.5
--4.6
+3.8
+1.4
--Ili
No change
-16.1
+1.6
+0.3
-2.9
-1.5
-9.7
-1.2
+1.3
+1.4
+4.4
+0.6
No change
+11.8
-Pi
+6.8
+26.4
+2.6
+6.0
-1.1
+3.4
-3.4
-1.6
-5.6
+0.4
-0.4
+7.3
+0.7
-1.0
+3.2
+1.2
+19.2
+Ile
+2.2
+7.3
+16.6
+4.5
+6.4
+6.6
+14.0
-1.6
-1.9
+3.7
No change
+6.0
+2.3
-0.7
-0.4
+6.2
+0.9
+37.5
--0.1
+2.7
Radio Employment Ebbs-January Figures Showed 26.5%
Decrease from December.
Both employment and payrolls in the radio industry
decreased in January as compared with December, the
Bureau of Labor Statistics, Department of Labor, announced on Mar. 5. The advices to this effect contained
in a Washington dispatch to the New York "Times" also
said:
Reports received by the bureau from forty-four radio manufacturers
gave their December employment at 31,426, as compared with 23,112 in
January, a decrease of 26.5 per cent.
The weekly payrolls in these factories decreased from $646,999 in December to $520,277 in January, or 19.6%.
Federal Bank of Richmond Reports Large Number of
Banks in District in Stronger Position Than Year
Ago-Seasonal Gains in Wholesale Trade.
From the Feb. 28 Monthly Review of the Federal Reserve
Bank of Richmond we take the following regarding conditions
in its District:
Nineteen thirty-one began with business on a distinctly lower level than
in 1930, and January and early February showed no marked tendency
in either direction. Some factors improved while others lost ground, but
on the whole it is probable that average developments were about on seasonal levels, in comparison with trade of recent months. A large number of
banks in the Fifth District are in a stronger position than they occupied
a year ago, with lower liabilities and more liquid assets, in spite of a considerable amount of frozen credit in rural sections anaa result of drouth
damage last summer and fall, and lower prices for agricultural products.
Demand deposits in member banks are lower than a year ago. but time
1891
deposits are higher, probably due to an accumulation of funds awaiting
an opportunity for profitable investment. Debits to individual accounts
figures in clearing house banks in 24 cities during the four weeks ended
Feb. 11 1931, were 9.3% less than debits during the corresponding four
weeks in 1930, but price changes during the year accounted for a considerable
part of the decline. Employment showed no improvement during the first
six weeks of 1931, and construction work for which permits were issued or
contracts were awarded was in small volume. Coal production on a daily
basis declined somewhat from the December rate of output and was much
below the rate of production in January 1930. On the other hand,there were
signs of improvement in the textile field, and cotton prices advanced moderately between the middle of January and the middle of February. Cotton
consumption in the Fifth district in January, while much below that of
January 1930, showed a seasonal increase over December consumption.
Tobacco marketing continued in large volume last month, but the quality
of tobacco sold was so poor that average prices realized by growers were
much lower than last year. Department store sales for January were comparatively good, averaging only 3.7% less than sales in January 1930, in contreat with a National decrease in department store trade averaging approximately 5%. Lower commodity prices account for at least a part of the Janwiry decline in sales. Wholesale trade in January showed seasonal gains over
December trade, but was much below the volume of business done in January
1930.
In studying various business indices for the Fifth Reserve District, the
present position of the farmer should be duly taken into account. As a
result of last summer's drouth and lower prices received in the fall for the
leading crops, a large number of farmers are not in the market for any
commodities except the bare necessities of life, and little improvement can
be expected in agricultural conditions before the next harvest time; the
impairment of the credit standing of many farmers will handicap them in
planting and growing this year's crops, and inability to finance the usual
acreage may tend to reduce production.
The Bank's survey of wholesale and retail trade follows:
RETAIL TRADE, 37 DEPARTMENT STORES.
District
Washington Other Cities
Richmond
Baltimore
January 1931 sales, compared with sales in January 1930:
-3.7
-3.1
-10.8
+1.3
-6.3
Jan. 31 1931 stocks, compared with stocks on Jan. 31 1930:
-12.1
-19.9
-12.3
-11.4
-10.7
Jan. 31 1931 stocks compared with stocks on Dec. 30 1930:
-8.0
-5.3
-7.0
-5.3
-9.0
Number of times stock was turned in January 1931:
.281
.27
.184
.293
.281
Percentage of Jan. 1 1931 receivables collected in January:
34.6
30.0
29.1
26.5
33.7
This month we include figures in the table on retail trade from 37 leading
department stores in the Fifth Reserve district, and we are able to show individual percentages for Richmond, which we have been unable to do for
about two years. The 37 stores sold 3.7% less goods, in dollar amount.
in January 1931 than they sold in January 1930, a very favorable comparison
with a decline of approximately 7% reported for the 'United States as a
whole. Twelve of the 37 reporting stores showed larger sales figures in
January this year than in the same month last year, while 25stores failed
to equal their 1930 figures.
Stocks on hand in the reporting stores at the end of January 1931 averaged 12.1% less, at selling value, than on Jan. 31 1930, and also showed a
seasonal decline,of 7.0% from stocks as of Dec. 30 1930, the latter decline
being due to the annual January sales held by practically all department
stores. Stocks were turned an average of .27 times during January 1931
a higher figure than .244 times reported for January 1930.
Collections in January 1931 averaged 30.0% of outstanding receivables
as of Jan. 1 practically the same figure as was reported for January 1930.
Richmond showed the highest percentage of collections for this year, with
Washington a close second. Baltimore's collection percentage is brought
down by the inclusion of more instalment accounts than in either Richmond
or Washington.
Wholesale Trade.
Wholesale trade in the Richmond Federal Reserve District was seasonally better in January than in December, but compared unfavorably with
trade in January 1930. Last month four of the five lines for which data
are available showed larger sales than in December, shoes making the
greatest gain, but all of the five lines reported lower sales than for January
ast year, drugs with a decrease of only 1.7% making the best record.
WHOLESALE TRADE, 65 FIRMS.
11 Drugs
15 Hardware
24 Groceries 9 Dry Goods
6 Shoes
January 1931 sales, compared with sales in January 1930:
-1.7
-34.7
-31.9
-19.4
-31.0
January 1931 sales, compared with sales in December 1930:
22.4
+6.9
+46.5
-5.0
+2.1
+
10.7
0
th
„stocka on Jan. 31 1930:
Jan. 31 1931 stocks, compared
-9.0(8*)
-22.4(5+)
-25.4(4.)
:
14)
)
.)
-152
3
:
7..:
4
7
. 9
Jan. 31 1931 stocks, compared with stocks on Dec. 30 1930:
3.3(8*)
9.0(0)
28.7in
u2
.
JInuary:
Percentage of Jan. 1 1931 receivables collected
57.3(8')
31.6(8•)
34.6(6•) •
• Number of reporting firms.
Stocks increased seasonally during January and at the end Of the month
were larger in all four lines for which figures are available than at the end of
J
December,
m
rbel9
,3bu
o.t all lines showed lower stock figures than at the end of
January collections of receivables outstanding on the first of that month
were better than collections in January 1930 in shoes, but the other four
lines reported lower figures this year. All lines reported lower figures for
January than for December except drugs, which improved distinctly.
St. Louis Federal Reserve Bank Finds Evidences of
Business Improvement in Some Quarters.
It is stated in the "Monthly Review," Feb. 28, of the
Federal Reserve Bank of St. Louis that, while general business in its district during the preceding thirty days "continued to reflect depression existing elsewhere in this country
and abroad, there were concrete evidences of improvement
in some quarters and sentiment was more favorable than
for many months." The "Review" also has the following
to say:
Industry increased its pace moderately, and distribution of merchandise as a whole began to move upward. In a number of wholesaling and
jobbing lines January sales were considerably larger than in December.
and in some classifications the increases were greater than could be ascribed
to purely seasonal considerations. While volume in virtually all lines was
FINANCIAL CHRONICLE
1892
(Vol,. 132.
still substantially below a year earlier, the decreases in many instances Reserve District so far this winter, and spring plowing and
were much less marked than those which have been recorded in recent the unusually early seeding of oats and barley, especially
months. In manufactured goods and some raw materials there were signs
of progress in the direction of price stabilization, though a considerable in the southern half of the district, was well under way by
degree of uncertainty and irregularity still exists. Requirements are the middle of February. Continuing, the bank says:
gradually expanding, and the accumulation of replacement needs for a
Range and livestock conditions were reported good, with carrying
• broad variety of commodities is making itself felt in inquiries and orders charges
reduced to a minimum, and feed supplies adequate and cheap.
received by manufacturers and merchants.
Rains
late in January and the fore part of February were beneficial to fall.
Inventories of merchandise in hands of distributors are for the most
sown wheat and rye, and replenished water supplies which had become
part light, and though purchasing is still extremely cautious and conservashort in some localities.
tive, actual requirements are being filled more freely than heretofore, and
Distribution of goods and merchandise by retailers during January, as
during the past three weeks ordering for spring and early summer consales of 37 department stores, displayed
sumption has developed decided betterment. This is true particularly of measured by the dollar volume of
the
average customary decrease from the December volume, and a slight
lines concerned with goods for ordinary consumption, such as dry goods,
for the
boots and shoes, clothing and groceries. However, moderate improvement decrease from the same month last year. Preliminary reiaorts
was also noted in both production and distribution of goods of the heavier United States indicate sales in this district showed the smallest decrease
and more permanent sort. Activities in the iron and steel industry have from sales in January 1930 of any of the 12 districts. Wholesale trade,
expanded, many mills and foundries which had been closed for inventorying contrary to the usual seasonal trend, was 8.2% smaller in January than in
and repairs having resumed production on partial schedules. Demand for December, and 14.7% smaller than one year ago. Stocks of merchandise
building materials, while still considerably below the average at this season, on hand at both retail and wholesale were lower on Jan. 31 than one month
during the past decade showed improvement over the preceding several or one year earlier.
Marketings of all classes of grain, except wheat, the movement of which
months. Taken as a whole, the employment situation at the middle of
February was slightly better than a month earlier, though in all sections was unusually heavy, were lighter than in January last year. The January
both
and
of
skilled
of the district there is still an unusually large surplus
movement of oats, rye, and kafir was the smallest, and of wheat the
common labor. Little, if any, improvement was noted in employment largest on 12 years' records.
among clerical help in the large centres of population.
Mineral production during January was less for all lines, petroleum,
As was the case earlier in the winter, abnormally high temperatures coal, zinc ore, lead ore, and cement, than in either December or January
goods
weather
cold
adversely affected the movement of all descriptions of
last year. Flour mills produced slightly more flour in January than in
into consumptive channels, and a considerable volume of merchandise December or in January 1930.
conditions,
meteorological
These
over.
carried
be
will
category
this
in
Contrary to the usual seasonal trend, packers' purchases of cattle and
which obtained through the first half of February, heavily cut down con- calves were smaller in January than in December, but their purchases of
Production
of
coal
sumption of bituminous coal, coke and other fuels.
hogs and sheep were, as usual, substantially larger in January than in
In all fields of the district during January was substantially below the the preceding month. Compared to January last year there was a alight
remained
which
drouth,
unbroken
winter
unprecedented
The
average.
increase in the slaughter of all classes of livestock, except cattle.
until the first week of February. caused acute water shortages in many
Prices of agricultural commodities continued to decrease with price of
localities. The average stage in the Mississippi River and its tributaries hogs, cattle, sheep, butter, and eggs declining to new low levels during
was the lowest in years. and numerous springs and creeks which had never January
and the first half of February. The decrease In livestock prices
been known to fail, dried up completely. On the other hand, the mild
during the year 1930 is reflected in the Government's annual report of the
open winter permitted the accomplishment of a considerable amount of
number and value of livestock on farms Jan. 1, which shows that although
early farm work, and served to temper hardship and suffering In areas
the total number of head of livestock on farms in seven Tenth District
acutely affected by the economic depression and last year's drouth.
between Jan. 1 1930 and Jan. 1 1931, their
Returns of department stores in the principal cities of the districtreflected States declined only 0.4%
the usual heavy decrease in sales from December to January, and the total combined values declined 26.6%.
in January this year than in the correlarger
were
Building operations
for the latter month was 6.7% smaller than for the corresponding period
value of contracts awarded in
in 1930. Combined sales of all wholesaling and jobbing firms reporting sponding month last year, both as to the
to this bank in January were about one-fifth smaller than for the same the district as a whole and as to the value of building permits issued in 18
month last year. but 45% larger than the December aggregate. The dollar reporting cities. There was a seasonal decline in awards for residential
value of building permits issued for new construction in the five largest construction in January as compared to December, but the month's total
cities of the district in January showed a substantial gain over December, was approximately the same as that of January 1930.
and was about three and one-quarter times greater than in January last
Trade conditions in the Kansas City Reserve District are
year. Charges to individual checking accounts in January were 8%
larger than in December, but 16% smaller than in January 1930. The indicated as follows by the bank:
amount of savings accounts was practically unchanged between Jan. 7
Retail trade in Teuth District cities, as reflected by sales of 37 reporting
and Feb. 7, and on the latter date was 4% smaller than a year ago.
department stores, showed a decrease of 0.1% in the dollar volume of
Freight and passenger traffic of railroads operating in this district con- merchandise sold in January from the corresponding month last year.
tinued smaller than at the corresponding period a year and two years Compared to December last year, January sales declined 51.6%, which is
earlier. Decreases occurred in all classifications, but were most marked about the average seasonal rate of decline between the two months.
in coal and coke, the movement of fuels being restricted by the unseasonably
Retailers' stocks were further reduced during the month and on Jan. 31
warm weather and general business depression. For the country as a were 9.8% smaller than on Dec. 31 1930. Every reporting city showed
whole, loadings of revenue freight for the first five weeks this year, or to stock turnover was more rapid in January this year than January 1930,
Jan. 31, totaled 3,490.542 cars against 4,246,552 cars for the corresponding the average for all stores being .23 this January compared to .21 last
period last year and 4,518,609 cars in 1929. The St. Louis Terminal January.
Railway Association, which handles interchanges for 28 connecting lines,
Wholesale.
interchanged 173,098 loads in January. against 156,424 loads in December
Wholesale trade as measured by the combined dollar sales of five prinand 208,059 loads in January 1930. During the first nine days of Februgroceries, hardware, furniture, and drugs, instead
ary the interchange amounted to 71,754 loads, which compares with 47.502 cipal lines, dry goods,
January as compared to December,
loads during the corresponding period in January and 62,703 loads during of showing the customary increase in
year than in December 1930. Dry goods
the first nine days of February 1930. Passenger traffic of the reporting was 8.2% less in January this
report an increase in sales for the
to
lines
five
lines decreased 23% in January as compared with the same month in 1930. was the only one of the
Estimated tonnage of the Federal Barge Line between St. Louis and New month, but sales of drugs were approximately the same as in the preceding
Orleans in January was 75,300 tons, against 107,507 tons in December and month. Each of the five lines reported their sales in January this year
were smaller than in January last year, the decrease for all lines combined
75,739 tons in January 1930.
Reports relative to collections during the past thirty days reflect ne being 14.7%.
several
months.
ManuWholesalers of dry goods, hardware, and drugs reported larger stocks of
material change in trends from the preceding
facturers and merchants enjoying a strong credit position are taking ad- merchandise on hand Jan. 31 than one month earlier. Each of the five
vantage of low interest rates to borrow from their banks and discharge lines, except groceries, reported substantially smaller stocks on hand Jan, 31
their obligations promptly in order to obtain cash discounts. Generally, 1931 than on Jan. 31 1930.
however, payments are backward, both in the large cities and the country.
Collections.
Wholesalers report slow payments and Increasing requests for extensions
Departtnent stores reported collections in January were 39.4% of
on the part of their country retail customers, particularly in the cotton accounts
outstanding Dec. 31 as compared to 39.6% in December and 40.0%
areas. This, in turn, reflects backwardness of farmers in liquidating their in
January 1930. All reporting wholesale lines reported both their outIndebtedness to retail merchants. January settlements with retail estabstanding accounts on Jan. 31 1931 and their collections during the month
lishments in the large cities were spotty and irregular, but taken as a whole
were substantially under one year ago.
about up to expectation. Collections of time payment houses and others
selling on the installment plan continue poor. Answers to questionnaires
addressed to representative interests in the several lines scattered through
the district showed the following results:
Report of Factory
Excellent.
Good.
10.6%
12.7%
20.3%
Fair.
58.8%
63.5%
55.4%
Poor.
30.6%
23.8%
22.9%
January 1931
December 1930
1.4%
January 1930
Commercial failures in the Eighth Federal Reserve District in January,
according to Dun's, numbered 243, involving liabilities of $4,836,838,
against 131 failures with liabilities of $10,609,767 in December and 170
defaults for a total of $3.054.150 in January 1930.
The average daily circulation in the United States in January was
$4,695,000,000. against $4.823.000,000 in December and $4,652,000.000
in January 1930.
Conditions in Kansas City Federal Reserve DistrictMarketing of All Grains Except Wheat Unusually
Heavy-Decrease in Distribution of Merchandise
at Retail-Gain in Building Operations.
The Federal Reserve Bank of Kansas City states in its
Mar. 1 "Monthly Review" that "preparations for the
approaching new crop season were stimulated in January
by Ia. continuation of the abnormally mild weather which
has prevailed throughout the Tenth [Kansas City] Federal
Automobile Production-January
Sales-Preliminary Figures for February.
January factory sales of automobiles in the United States,
as reported to the Bureau of the Census, consisted of 171,903
vehicles, of which 139,814 were passenger cars, 31,577 trucks
and 512 taxicabs, as compared with 273,218 vehicles in
January 1930 and 401,037 in January 1929. An estimate
just made by the National Automobile Chamber of Commerce puts the output for February for the United States
and Canada combined at 230,364 vehicles.
The table below is based on ,figures received from 144
manufacturers in the United States for recent months,
42 making passenger cars and 113 making trucks (11 making
both passenger cars and trucks). Figures for passenger
cars include only those designed as pleasure vehicles, while
the taxicabs reported are those built specifically for that
purpose, pleasure cars later converted to commercial use
not being reported as taxicabs. Figures for trucks include
ambulances, funeral cars, fire apparatus, street sweepers
and busses. Cstnadian figures are supplied by the Dominion
Bureau of Statistics.
MAR. 14 1931.]
FINANCIAL CHRONICLE
NUMBER OF VEHICLES.
United S ales.
Total.*
1929January
February
March
Apr11
May
June
July
August
September
October
November
December
401,037
466.418
585,455
621.910
604,691
545.932
500,840
498.628
415,912
380,017
217,573
120,007
Canada.
TartPassenger
Cars.* Trucks.* .abs.*: Total.
345.545
404,063
511.577
535.878
514,863
451,371
424.944
440,780
363,471
318,462
167.846
91,011
53,428
60,247
71,799
84.346
88,510
93.183
74,842
56,808
51,576
60,687
48,081
27,513
2,064
2,108
2,079
1,686
1,318
1,378
1,054
1,040
865
868
1.646
1,483
21,501
31,287
40,621
41.901
31,559
21,492
17.461
14,214
13.817
14,523
9.424
5,495
PassenCars, Trucks.
17,164 4,337
25.584 5.703
32,833 7.788
34,392 7,609
25.129 6.430
16,511 4.981
13,600 3,861
11.037 3,177
10,710 3.107
8,975 5,548
7,137 2,287
4,426 1,069
Total (year)_ 5,358,420 4,569,811 771,020 17,589 263,295 207,498 55,797
1930January
273,218
235.226 37,025
967 10,388
8,856 1,532
February
330,407
851 15,548 13,021 2.527
280,996 48.560
March
396,384
331.973 62,990 1,421 20,730 17.165 3,565
April
444,024
486 24,257 20.872 3.385
375.686 67.853
May
420.027
440 24,672 21.251 3.421
364,512 55,075
June
334,506
463 15,090 12,194 2,896
288,481 45.562
July
265,533
224,690 40,467
376 10.188
8,556 1,632
August
386
9,792
224,388
185,619 38,363
6.946 2.846
September
220,649
177.752 41,967
930
7,957
5.623 2,334
October
154,401
115,476 38.343
582
4,541
3,206 1.335
November
*135,762
102,358 *32,785
609
5,407
3.527 1,880
December
•155,706 *122,748 *31,533 1,425
5,622
4,225 1,397
Total (year). *3,354,977 *2,805,516 *540,525 8,936 154,192 125,442 28,750
1931January
171,903
139,814 31.577
512
6,496
4,552 1,944
•Revised. a Includes only factory-built taxicabs, and not private passenger
cars converted into vehicles for hire.
Lumber Orders Continue Above Low Production.
Lumber orders for the week ended March 7 were 17%
above the cut which continued considerably below production customary at this season, it is indicated in telegraphic
reports from 798 leading hardwood and softwood mills.
Shipments from these mills were reported as 10% above the
out, their total production being given as 199,776,000 feet.
A week earlier 814 mills reported orders 8% above a total
production of 195,671,000 feet. Comparison of the latest
weekly figures with reports for the equivalent week a year
ago shows: For softwoods, 480 identical mills, production
40% less, shipments 31% less and orders 29% less than for
the week in 1930; for hardwoods, 189 identical mills, production 37% less, shipments 24% less and orders 12% under
the volume a year ago.
Lumber orders reported for the week ended March 7 1931
by 584 softwood mills totaled 208,377,000 feet, or 17%
above the production of the same mills. Shipments as
reported for the same week were 194,419,000 feet, or 10%
above production. Production was 177,520,000 feet.
Reports from 229 hardwood mills give new business as
24,767,000 feet, or 11% above production. Shipments as
reported for the same week were 24,397,000 feet, or 10%
above production. Production was 22,256,000 feet. The
Association's statement further adds:
Unfilled Orders.
Reports from 507 softwood mills give unfilled orders of 755,469.000
feet
on March 7 1931. or the equivalent of 16 days' production.
This is based
upon production of latest calendar year-300-day year-and
may be
compared with unfilled orders of 509 softwood mills on
Feb. 28 1931 of
725,476,000 feet, the equivalent of 15 days' production.
The 447 identical softwood mills report unfilled orders as
735,170.000
feet on March 7 1931, as compared with 1,041,861,000 feet for the
same
week a year ago. Last week's production of 480 identical softwood
mills
was 170,463.000 feet, and a year ago it was 286.242,000 feet;
shipments
were respectively 186,861,000 feet and 269,508,000; and orders
received
200.140,000 feet and 282,414,000. In the case of hardwoods, 189
identical
mills reported production last week and a year ago 20,955,000
feet and
33,001,000:shipments 22,461,000 feet and 29,418,000;and orders
22.307,000
feet and 25.465,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the
following new business, shipments and unfilled orders for mills reporting
for
the week ended March 7:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery_ ___ 45,517.000 delivery__ - _173,820,000 intercoastal_ 42.857,000
23,429,000 Foreign
132,811,000 Export
Export
10,437,000
125,218,000 Rail
40,057,000 Rail
Rail
39,377,000
Local
10,167,000
Local
10,167.000
431,849,000
119,170,000 Total
Total
Total
102,837,000
224 mills reported production for the week as 100,341.000.
For the year to Feb. 28, 168 identical mills reported orders 7.4% above
production, and shipments were 7%bove
production. The same number
a
of mills showed a decrease in inventories of 2.7% on Feb. 28, as compared
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 136
mills reporting shipments were 3% above production and orders 11% above
production and 8% above shipments. New business taken during the
week amounted to 42.861.000 feet (previous week 38.619,000 at 130 mills);
shipments 39,543,000 feet (previous week 41,979.000), and production
38.489,000 feet (previous week 35.715,000). Orders on hand at the end
of the week at 120 mills were 122,850,000 feet. The 124 identical mills
reported a decrease in production of 33% and in new business a decrease of
20%, as compared with the same week a year ago.
1893
The Western Pine Manufacturers Association of Portland, Ore., reported
production from 87 mills as 20,782,000 feet, shipments 25,613,000 and
new
business 22,051,000. The 62 identical mills reported production 41%
less and orders 39% less than reported for the same week last year.
The California White & Sugar Pine Manufacturers Association of San
Francisco reported production from 25 mills as 7,820.000 feet, shipments
15,897,000 and orders 14,455,000. The same number of mills reported an
Increase of 3% in production and a decrease of 44% in new business,
compared with the same week of 1930.
V71-I
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 7 mills as 2,100.000 feet, shipments 2,633,000 and new
business 3,442,000. The same number of mills reported production 16%
more and new business 17% more, when compared with the same
week
Of last year.
The Northern Hemlock & Hardwood Manufacturers Association
of
Oshkosh, Wis., reported production from 15 mills as 1,767,000 feet, shipments 830,000 and orders 1,022,000. The 14 identical mills reported
production 51% less and new business 8% less than reported for the corresponding week of 1930.
The North Carolina Pine Association of Norfolk. Va., reported production from 90 mills as 6,221,000 feet, shipments 7.066,000 and new business
5,376,000. The 50 identical mills reported a decrease of 33% in production and a decrease of 10% in orders, compared with the same week a
year
ago.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 214 mills as 18.592,000 feet, shipments 22.701.000 and
new business 23,561,000. The 175 identical mills reported production
39% less and orders 7% less than for the same week last year.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 15 mills as 3.664.000 feet, shipments 1,696,000 and orders 1,206,000. The 14 identical mills reported
production 19% less and orders 56% less, compared with the corresponding
week of 1930.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED MARCH 7 1931 AND FOR NINE
WEEKS TO DATE.
Association.
ProducLion
M Ft.
ShipMerild.
M Ft.
P. C.
of
Prod.
Orders
M Ft.
Southern Pine:
Week-136 mill reports
38,489
39,543 103
42,861
9 weeks-1,254 mill reports.
339,712 368,151 108
389,529
West Coast Lumbermen's:
Week-224 mill reports
100,341
102,83 102
119,170
9 weeks-2,003 mill reports
872,635 924.030 106
991,769
Western Pine Manufacturers:
Week-87 mill reports
20,782
25,613 123
22,051
9 weeks-783 mill reports
154,550
242,641 157
208,691
California White dt Sugar Pine:
Week-25 mill reports
7,820
15,897 203
14,45
8 weeks-202 mill reports
41,579
119,281 287
118,06
Northern Pine Manufacturers:
Week-7 mill reports
2,100
2,633 125
3,442
9 weeks-63 mill reports
9,441
22,878 242
25,494
No.Ilemlock&Hardwood(softwoods)
Week-15 mill reports
1,767
830 47
1,029 weeks-237 min reports
18,248
11,331 62
11,87
North Carolina Pine:
Week-90 mill reports
6,221
7,066 114
5,37+
9 weeks-810 mill reports
49,971
65,447 131
50,1
Softwood total:
Week-584 mill reports
177,520
194,419 110
208,
9 weeks-5,365 mill reports
1,486,136 1,753,76' 118 1,795,
Hardwood Manufacturers Inst.:
Week-214 mill reports
18,592
22,701 122
23,561
9 weeks-1,900 mill reports
164,840
180,241 116
196.1
Northern Hemlock es Hardwood:
Week-15 mill reports
3,664
1,696 46
1,2
9 weeks-237 mill reports
42,818
23,957 56
26,9.
Hardwood total:
Week-229 mill reports
22,266
24,397 110
24,767
9 weeks-2,137 mill reports
197,658
204.198 103
222,99
Grand total:
Week-798 mill reports
199,776
218,816 110
233,144
9 weeks--7.265 mill reports
1,683.794 1.957.95 116 2.018.593
P. C.,
of
Prod.
111
115
119
114
106
135
185
284
164
270
58
64
SS
106
117
121
127
127
3$
63
111
113
117
120
More Rubber Shipped to America During February.
Both Malaya and the Island of Ceylon exported more crude
rubber to the United States during February as compared
with the previous month, although the shipments were appreciably below last year, a cable to the Rubber Exchange
of New York, Inc., revealed on March 3. The Exchange
says:
Malaya exported 26,714 tons, against 23,852 tors in January,and Ceylon
sent 4,217 tons to this country in February, against 4,060 tons during the
month preceding.
During February 1930, Malaya's shipments to America amounted to
30,943 tons, and Ceylon's 5.570 tons.
Details of Malayan rubber shipments for February, compared with the
Previous month, and with February 1930, follow:
ToUnited States
United Kingdom_
British Possessions
Continent
Japan
Other countries
Latex and revertex
Totals
Feb. 1931.
Jan. 1931,
Feb. 1930.
26,714
8,796
391
4,134
1,638
277
101
23,852
8,403
544
5,043
2,658
978
101
30,943
9,980
685
5,261
1,844
91
143
41.951
41.579
48,947
Conference of British and Dutch Rubber Growers on
New Plan for Restriction of Exports.
As the British and Dutch rubber growers started their conference in London March 5 on a new plan for the restriction
of exports, it was indicated by a spokesman for the British
Government that a scheme for balancing production with
"world demand" would receive consideration, said a cable
from London to the Rubber Exchange of New York,
Inc.
The cablegram said:
1894
FINANCIAL CHRONICLE
"If rubber producers in all countries can agree on a scheme providing for
the practical planning of aggregate production corresponding with world
demand. Lord Pa-ssfield, Colonial Secretary, is prepared to give it careful
consideration."
"This was indicated in a written reply made by the Under-Secretary for
the Colonies to a question raised in the House of Commons recently regarding the possibility of devising some scheme for the betterment of the rubber
industry.
ex"The reply further statal that Lord Passfield was well aware of the
tremely depressed state of the rubber industry, and of the deplorable effect
upon those engaged in it.
"Lord Passfield has consulted with the High Commissioner for the Malay
States on the subject, but regretted that the Government could not see its
way to initiate any scheme.
"It was learned in authoritative quarters that the Anglo-Dutch committee
held a preliminary meeting to-day to consider the Maxwell scheme. The
plan is based on the pivotal price of 9d. for rubber with a 25% restriction of
exports. Below that level, restrictions would be applicable on all rubber
except from the Dutch East Indies, which is covered by a special 10% duty.
"The recent success of the tin restriction scheme has strengthened
eventual
optimism here, and despite divided market opinions as to the
something
successful outcome of the negotiations, the majority believe that
will be done this time."
Slight Increase Reported in Consumption of Crude Rubber
by Manufacturers in United States—Imports Lower.
Consumption of crude rubber by manufacturers in the
United States for the month of February is estimated to
be 28,797 long tons, an increase of less than 1% over the
January consumption of 28,557 long tons but counter to
the usual seasonal decrease of 4% according to statistics
compiled by The Rubber Manufacturers Association.
Imports of crude rubber for February amounted to 36,645
long tons as compared with 37,098 long tons for January.
The Association estimates total domestic stocks of
crude rubber on hand and in transit overland on February 28, at 212,833 long tons, an increase of 1.6% over
January, and 47.9% over February 1930. Crude rubber
afloat for United States ports on Feb. 28 is estimated at
63,680 long tons as against 56,188 long tons on Jan. 31
and 63,404 long tons on Feb. 28 a year ago.
Production Sales and Shipment of Cotton Cloth in
February.
Statistical reports of production, sales and shipments of
standard cotton cloths during the month of February 1931,
made public March 9 by The Association of Cotton Textile
Merchants of New York, confirmed recent reports of recordbreaking sales of cotton goods. The figures cover a period
of four weeks. Production during February amounted to
212,168,000 yards, or at rate of 53,042,000 yards per week.
Sales during February were 326,691,000 yards, equivalent
to 154% of production. This ratio of sales to production
was the largest in four years. Shipments during February
were 248,354,000 yards, equivalent to 117% of production.
The Association also says:
Stocks on band at the end of the month amounted to 319,328,000 yards,
representing a decrease of 10.2% during the month. This is the lowest
figure recorded for stocks since these statistics became compaarble on Jan.
during February has
1 1928. The decrease of more than 36,000,000 yards
been exceeded on only two occasions—in the months of September and
October 1930.
Unfilled orders on Feb. 28 1931 were 395.802.000 yards, representing an
Increase of 24.7% during the month. Unfilled orders are higher than at
any time since December 1929, and are now well in excess of stocks,
These statistics on the manufacture and sale of standard cotton cloths
are compiled from data supplied by 23 groups of manufacturers and selling agents reporting through The Association of Cotton Textile Merchants
of New York and The Cotton-Textile Institute. Inc The groups cover
of standard cotton cloths
upwards of 300 classifications or constructions
and represent a large part of the production of these fabrics in United States,
Production Slatistics—February 1931.
or construcThe following statistics c*ver upwards of 300 classifications
tions of standard cotton cloths, and represent a very large part of th9
States. This report repretotal production of these fabrics in the United
The Cotton-Textile Instisents yardage reported to our Association and
groups covered by our
23
same
the
of
tute. Inc. It is a consolidation
month of February cover
reports since October 1927. The figures for the
a period of four weeks.
Feb. 1931 (4 Wks.)
212,168,000 yards
Production was
326,691,000 yards
Sales were
154.0%
Ratio of sales to production
248.354,000 yards
Shipments were
117
.0%
Ratio of shipments to production
355,514,000 yards
Stocks on hand Feb. 1 were
319.328,000 yards
Stocks on hand Feb. 28 were
Decrease 10.2%
Change in stocks
317,465,000 yards
Unfilled orders Feb. 1 were
yards
395,802.000
Unfilled orders Feb. 28 were
Increase 24.7%
Change in unfilled orders
Better Business in Cotton Textiles Reported by Association of Cotton Textile Merchants.
The Association of Cotton Textile Merchants of New York
reports that evidence continues to pile up that a permanent
mprovement has manifested itself in the cotton textile
[Vol,. 132.
•
industry. In part, under date of March 2, the Association says:
The reports so far received covering sales in February, tell an encouraging story of continued activity. Several of the largest houses in Worth
Street have stated in their market letters that sales for the current year
are the largest reported in any similar period and far in excess of actual
production. These reports cover both gray and colored goods and there
has been similar activity in fine and fancy goods. It seems somewhat of
a paradox to speak of depressed conditions when recent reports are colored
by such statements as these.
These reports and information secured from other sources indicate
that the February report of the Association will show total stocks ranging
between 300,000.000 and 325,000,000 yards. It is doubtful whether they
will ever go much lower as they are now close to the minimum. In addition to this drastic reduction, unfilled orders will probably exceed stocks
at the end of February. Already in many constructions spot deliveries
are unobtainable.
Hand to mouth buying is an evolution in modern merchandising which
to a degree will continue as a guiding principle among buyers. However,
one has only to examine the bare shelves of distributing establishments to
realize that this principle has been carried to unprofitable extremes and
must be replaced by a more liberal attitude which takes into account
increased consumer demand.
Settlement of Danville Strike Did Not Materially Lessen
Number of Unemployed in Richmond Federal Reserve District.
The Federal Reserve Bank of Richmond in its Feb. 28
Monthly Review states that "the most important change in
employment conditions in the Fifth [Richmond] Reserve
District between the middle of Jan. and the middle of Feb.
was the settlement of the strike of textile workers at Danville. The Review continues:
The strike began on Sept. 29 1930, and was abandoned on Jan. 29 1931,
by vote of the strikers. However, this settlement did not lessen materially
the number of idle workers in the District, since the mills affected by the
strike had been running to some extent with other labor and were unable to
re-employ any considerable number of the old force. The past month witnessed no increase in employment in the building trades, construction work
continuing in small volume. There was some gain in operating time in
textile mills in January and early February, but the increase was small
and gave longer hours of employment to workers already at work rather than
taking on additional workers.
Switzerland Increases Import Duties on Certain Cotton
Fabrics, Oil Cloth, and Clothing.
The Swiss import duties on certain textile products are
increased effective March 10, 1931, according to a cablegram from Commercial Attache Charles E. Lyon at Berne.
The items affected are certain plain cotton fabrics weighing 6 kilos or more per 100 square meters; cotton fabrics
of dyed threads; cotton fabrics, figures, striped, checked,
etc., other than unbleached; waxed cotton cloth for furniture, etc., and waxed cotton taffetas; and clothing of cotton, linen, ramie, etc. (other than of wool or silk), for men
and boys.
Declare War on Dumping—British Bankers and Industrialists Plan to Combat Russians.
The following London cablegram, March 8, is from the
New York "Times":
A war on Soviet dumping has been declared by a group of prominent
bankers and industrialists here who, it is reported, have been meeting
secretly to consider what steps can be taken unofficially to protect British
industry from Russia's trade onslaught.
It is not stated what action the bankers and industrialists will take,
but according to "The Daily Telegraph" the failure of the MacDonald
Government to take official measures against the dumping of Russian
products has brought the bankers and industrialists together.
Good Friday (April 3) and Saturday, April 4 To Be
Observed as Holidays by New York Cotton Exchange.
The Board of Managers of the New York Cotton Exchange
at a meeting on March 4 declared Friday, April 3, Good
Friday, and Saturday, April 4 Exchange holidays, and accordingly the Exchange will be closed on both these days.
Cotton Mills Continue to Sell More Cloth Than Was
Produced.
g industry of this country is
manufacturin
The cotton
extending the improvement which has developed since the
beginning of the year, says the New York Cotton Exchange
Service, under date of March 10. It states that during the
past week, the mills have continued to sell more cloth than
they have currently produced, in aggregate yardage, thereby
further strengthening their position on stocks and unfilled
orders. The Exchange Service adds:
"As in the previous week, activity was broadly distributed over the
various divisions of the cloth market, both in the unfinished and finished
goods sections. On some lines of goods, buyers contracted for deliveries
running several months ahead, in numerous instances into the third quarter
of the year. Prices showed a definite upward trend on most classes of
goods, and on scme classes of fabrics they advanced more than the raw
material, thus effecting a widening of mill margins. Mill activity has not
MAR. 14 1931.]
FINANCIAL CHIMNICLE
greatly changed on an average, but in some directions it is increasing slightly.
"The heavier goods, which go largely into industrial uses, still lag behind
medium and light weight goods, the heavy goods awaiting increased activity
in the building, transportation, and manufacturing industries. The broadened demand for the lighter goods, which go mostly to cutters-up, wholesalers, and retailers, confirms the reports of better retail trade and of an
accumulated need of goods in wholesale and retail channels."
Cotton-Textile Institute, Inc., on Movement for Elimination of Night Work for Women and Minors in
Cotton Mills.
It is announced that an overwhelming majority or 83%
of the cotton textile industry of the United States, will conform to the recommendation submitted by the CottonTextile Institute to the cotton mills last October that night
employment of women and minors be discontinued. This
majority, it is stated, represents over 26,000,000 spindles,
including 79% of the spindleage in night running mills. In
reporting on March 2 the final results of the five months'
educational effort concerning this recommendation, Walker
D. Hines, Chairman of the Board, and George A. Sloan,
President, of the Cotton-Textile Institute, stated:
"We announce the necessary conformity to the elimination of night
work for women and minors in cotton mills and therefore, that the plan
for such elimination becomes effective. The industry is to be heartily
congratulated on the conclusive support it has given to this great reform."
In various well-defined groups it has been understood that
the group percentages would also be taken into consideration.
The extent of conformity is not less than 75% for such
groups and for the night running mills therein and in most
instances this minimum percentage has been largely exceeded.
The Cotton Textile Institute says:
1895
EXPORTS OF COTTONSEED PRODUCTS FOR SIX MONTHS ENDED
JAN. 31.
Item1930.
1931.
011 crude, pounds
14.703,947
4,275,673
Refined, pounds
2,815,045
8,732,673
Cake and meal, tons of 2,000 pounds
147,553
26,814
Linters, running bales
65,129
63,848
Texas Growers Warned Against Egyptian CottonDepartment of Agriculture Cites Previous Failures
of Seed Found Unsuitable to Conditions in State.
The following is from the "United States Daily" of Mar.4:
The success of Pima Egyptian cotton in the Salt River Valley in Arizona
has aroused new interest in the same variety in Texas under the impression that similar results could be obtained. The failure of many such
efforts in former years seems to have been forgotten. A carload of seed
for planting, shipped into Texas in 1920, caused much disappointment,
and the Department of Agriculture finds it necessary to repeat a warning
against the Egyptian variety which it issued to Texas growers in 1911
and again in 1921.
The Egyptian cotton is not well adapted to Texas conditions, department specialists assert after careful experiments. It is more susceptible
to diseases and more exposed to weevil injury. No reliance should be
placed on the report that the Egyptian cotton is immune to boll weevil
Injury.
Fall Prices Named on Worsted Serges-Metcalf Bros.
& Co. Reduce Prices 5 to 15 Cents Per Yard.
The probable extent of the decline in men's worsted suitings
for the fall 1931 season was indicated on March 12 says the
New York "Journal of Commerce," when Metcalf Bros. &
Co., leading producers of staple men's wear fabrics, announced reductions of 5 to 10% on their well-known standard
serges. The drop averages about 15 cents per yard on worsted
serges and 5cents per yard on wool-filled unfinished worsteds.
'ITT-paper quoted continued:
The question of this reform has been agitated for years within the inIt Is generally believed that competing mills will reduce prices to the
dustry but received its greatest impetus within the last year or two. In
the fall of 1928 an effort was made to amend the by-laws of The Cotton- same basis within the next week. Thus far the majority of mills have been
doing
business on "at value" basis. The action taken by the Metcalf cornTextile Institute by removing the restriction on its taking any part in
legislative or political matters so that it could take the initiative in the pany is expected to bring about a general opening of fall lines. Fancy
effort to accomplish this reform through legislation. Rut the member- mixtures, worsteds and overcoatings, however, were not included in the
ship preferred to retain the prohibition on the Institute's taking any part lines opened yesterday by the firm.
respecting legislative matters. In the early part of 1930, however, the
Wool Prices Firming.
plan for the Institute to propose voluntary action took definite shape
As wool prices abroad are advancing sharply and as domestic wools'are
following a conference with Government officials at Washington. The firming at
current levels, it is generally believed that prices on fall suitings
first outcome of this conference was the suggestion of leading mill execu- will
mark the lowest levels touched in years. Serge quotations to a great
tives to the industry to establish greater uniformity in running time for extent are regulated by wool prices and some observers believe that prime
labor and machinery and to make the night shift shorter than the day may be
advanced within the next four months. A few milimen are of the
shift and very important progress was made in securing these results.
opinion that domestic wool prices will begin to advance late in May provided
Last summer there developed an increased conviction that night em- that prices
in overseas markets continue to rise.
ployment of women and minors ought to be entirely eliminated, and this
The reductions are greater than the decline in raw materials warrant but
paved the way for the present development.
are representative of present market conditions and the levels to which
The Institute's recommendation provided for the initiation of the movefabric values have been forced by declining wool prices, curtailed buying
ment upon obtaining the support of 75% of the spindles, including a and
harsh competition.
corresponding percentage of the night runners. Thus it will be seen that
No. 349, a standard 12-ounce serge, is priced at $1.75, as against $1.90
the results announced today are well "over the top" at the outset.
last spring and 22.173i for the fall, 1930 season. Serge No. 700-15 is priced
$2.15, as against $2.30 last season and $2.50 a year ago. No. 386, a 16ounce high quality serge, is quoted at $2.55. as against $2.65 last season,
and $3.05 for fall 1930 season. These three cloths have long been considered
Cottonseed Oil Production During February.
as a barometer of fabrics prices.
On March 12 the Bureau of the Census issued the following
The opening, it is believed, marks the end of a period of hesitancy unstatement showing cottonseed received, crushed and on hand paralleled in the recent history of the wool industry. Most mills are relucand cottonseed products manufactured, shipped out, on hand tant to name prices at this time but are expected to take their cue from
Metcalf's and announce lists in the next few days.
and exports during the month of February 1931 and 1930.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills*
Aug. 1 to Feb. 28.
Crushed
Aug. 1 to Feb. 28.
On Hand at Mills
Feb 28.
States.
1931.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1930.
1931.
1930.
372,596 289,956 349,741 270,463
63,131
62,091
60,624
61,385
248,117 410,711 226,067 333,719
122,624 116,975
81,798
91,042
603,783 393,350 563,903 373,138
200,508 218,063 189,475 201,895
550,357 733,749 502,355 582,493
272,745 235,440 256,435 220,162
247,189 347,305 238,303 320,707
247,113 174,213 234,724 165,996
255,063 308,870 228,036 262,921
1,211,388 1,224,608 1,127,628 1,158,147
69,128
58,516
63,410
66,267
1931.
1930.
23,121
2,753
25,100
39.722
40.609
11,703
57,977
16,674
11,168
12,783
29,622
100,463
4.896
20,684
869
78,090
35,290
20,809
21,236
167,128
15,729
30,453
8,810
47,025
86,403
2,991
Comparative Prices Given.
Following are comparative prices:
Serges.
No.
weight.
Fall 1930. Spring 1930. Fall 1931.
349
$1.75
22.17%
$1.90
12
351
1.9731
2.27%
2.12%
14
700
2.20
2.05
2.40
1454-15
700-15
2.50
2.30
2.15
15
2.15
366
2.25
2.60
12
2.40
386
2.50
2.85
14
2.55
3.05
2.65
386-16
16
Wool-Filled Unfinished Worsteds.
No.
Fall 1930. Spring 1930. Fall 1931.
Weight.
3674
$2.15
$1.90
12
$2.00
2.00
1232
2.05
2.25
12
Australia Has Record Wheat Crop.
Australia 1930-31 wheat crop was the largest in the history
United States
4,458,024 4,584,459 4,126,849 4.099,091 376,591 525,517
of the country the Department of Commerce is informed in
•Includes seed destroyed at mills but not 45,434 tons and 41,606 tons on hand
Aug. 1 nor 57,584 tons and 77,893 tons reshipped for 1931 and 1930, respectively. ' ,a report from E. C. Squire, American Trade Commissioner
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND fri Sydney. In making this known the Department on March
ON HAND.
4 said:
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 110
Feb. 28.
Shipped Out
Aug. 1 to
Feb. 28.
On Hand
Feb. 28.
*7,893,957 1,249,855,070 1,182,738,983 *104,909,521
1930-31
19,181,886 1,269,911,992 1,208,831,805 109,863,611
1929-30
1930-31 a301,609,092 81046,945,541
0494,882,264
1929-30 338,619,933 1,051,872,080
520,112,121
1,876,092
1,568,243
55,352
1930-31
363,201
1,818,955
1,688,937
76,867
1929-30
206,685
1142,213
1,037,961
1930-31
2E495
132.747
1,129,833
63,917
1,096,955
1929-30
96,795
716,745
522,264
135,220
1930-31
Linters,
329,701
844,942
646,605
running bales 1929-30
70,854
269,191
43,871
39,379
2,659
1930-31
Hull fiber,
7,151
50,811
49,813
500-1b. bales 1929-30
1,848
2,846
29,017
18,998
12,776
Grabls, motes, 1930-31
22,795
35,948
23,394
&0.500-1b.bales 1929-30
8.453
21,007
•Includes 1,932,090 and 13,620,297 pounds held by refining and manufacturing
establishments and 3,558,420 and 21,769,670 pounds in transit to refiners and consumers Aug. 1 1930 and Feb. 28 1931, respectively.
a Includes 6,088,528 and 5.370.072 pounds , held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
of lard substitute,
and 5,919,817 and 10,618,941 pounds in transit to manufacturers
oleomargarine. soap, &c., Aug. 1 1930 and Feb. 28 1931 respectively.
oil.
crude
of
pounds
1,139,911,647
from
Produced
b
Crude oil,
pounds
Refined oil,
pounds
Cake and meal,
tons
Hulls, tons
The total yield is now being roughly estimated at 190,000,000 bushels.
After allowing 50,000,000 bushels for seed, feed and home oonsumption requirements an exportable surplus from 140,000,000 to 144,000,000 bushels
remaining Australian reports indicate that the damage to the crop will be
quite serious in New South Wales and Victoria and the quality there will
be much lower than in recent years.
Exports of wheat and flour from Australia during the 1929-30 cereal
season, which closed on Nov. 30 1930, amounted to 71,329,000 bushels
compared with 105,808,922 bushels during the previous season.
Early shipments have been delayed quite largely because the fact that
the Federal Government made a gesture towards giving the farmer a guaranteed price of 3/- a bushel f. o. b. export points according to the Australian information. The exporting companies found it impossible to trade
until they had definite guarantees from the Government on making up the
difference between export prices and the Government guarantee. However,
for the week ended Jan. 15, exports of wheat and flour were more satisfactory. The aggregate of wheat and flour exported this season from Dec.
1 to Jan. 15 1931, amounted to 18,520,561 bushels compared with 20,131,811
bushels shipped in the corresponding period of the 1928-29 season when a
crop of comparable size was harvested. Sale of several cargoes to China
1896
FINANCIAL CHRONICLE
and India during recent months have provided a valuable outlet for Australian wheat.
Transactions in Grain Futures During February on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of February, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department
of Agriculture, were made public March 7 by the Grain
Exchange Supervisor at Chicago. For the month of February 1931 the total transactions at all markets reached
902,944,000 bushels, compared with 1,848,414,000 bushels
in the same month in 1930. On the Chicago Board of Trade
the transactions in February 1931 totaled 791,952,000
bushels. as against 1,599,858,000 bushels in the same month
in 1930. Below we give details for February, the figures
representing sales only, there being an equal volume of
purchases:
VOLUME OF TRADING.
Expressed in Thousands of Bushels; Le., 000 Omitted.
February 1931.
Wheat,
1 Sunday
2
Corn.
zo
21
22 Sunday
23 Holiday
24
25
26
27
28
Chicago Board of Tr_
Chicago Open Board__ _
Minneapolis C. of C
Kansas City Bd. of Tr_
Duluth Board or Trade_
St. Louis alerch. Each_
Milwaukee C. of C
Omaha Grain Exchange
Seattle Grain Exchange
Portland Grain Exch....
Los Angeles Grain Exch
San Francisco C.of C__
Rye.
Barley. Flax.
Total.
16,772
26.487
20,664
16,237
21,485
15,117
714
1,179
1,229
1,170
1.377
925
194
399
476
465
669
293
--------26,462
--------42,976
--------32,326
--------29,190
--------36,238
--------27,579
18,027 25,372
25,584 22,861
19,539 22,497
1,535
1,801
1,778
457
747
412
--------45,391
--------50993
--------44,226
17,741 22,673
8,869 12,838
1,116
1,138
480
217
--------42,010
--------23,062
14,995
9,873
7,251
11,638
16,282
8,557
25,767
23,604
14,893
19,354
23,254
11,720
913
2,409
761
928
1,245
586
438
621
441
1,425
1,667
565
--------42,113
--- ---36,507
--------23346
--------33345
--------42448
--------21,428
17,149
11,586
24,440
16,372
23,524
20,621
15,514
16,393
19,048
13,969
1,786
740
1,614
2,710
2,569
702
1,322
715
793
745
---- ---40,258
--------20,162
____ ____
43,162
--------38,923
--------40,807
8,732
14,911
9,957
11,318
12,707
11,244
a
4
5
6
7
8 Sunday
9
10
11
12 Bonder
13
14
15 Sunday
16
17
18
19
Oats.
320,346 427,140 30,223 14,243 --------791,952
13,448 19,515
178
5__- _--_
33,146
13,627 3,783 4,753 5,193 2:996
671
31,023
12,402 20,686
.
----------------33084
*5,625
_
____
458
50
537
670
-----------------336
55
iiii
827 2,207
202
195 --------3,431
1,521
65
982
730
--
Tot.allmarketsFeb.'31 369,563 473,677 35,356 20,094 3,046 1,208 902,944
Tot.all markets Feb.'30 1,483,668 251,582 49,223 58,682 4,666
593 1,848,414
Tot. Chic, Bd. Feb.'30 1.277.368224583 43.642 58.295 ____ ___
qoa EmQ
•All Durum wheat.
OPEN CONTRACTS IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR FEBRUARY 1931 (BUSHELS).
(Short side of contracts only, there being an equal amount open on the long side.)
1.11r• 44;
February 1931. a Wheal.
I Sunday
2
3
4
5
6
7
8 Sunder
9
10
11
12 Holiday
13
14
15 Sunday
16
17
18
19
20
21
22 Sunday
23 Holiday
24
25
za
27
28
AverageFebruary 1931_
February 1930_
January 1931
December 1930
November 1930
October 1930_ _
September1930
August 1930
July 1930
June 1930
May 1930
April 1930_
March 1930:_ _
Corn.
Oats.
Rye.
Total.
134,180,000 57,775,000 a36,267,000 a16,335,000 a244,566,000
133,305,000 56,226,000 36.083,000 16,263,000 241,877,000
133.447,000 57,134,000 35,976,000 16,196,000 242,713,900
133,504,000 57,118,000 35,964,000 16,216,000 242,804,000
133,523,000 57,000,000 36,061,000 16,177,000 242,761,000
133,896,000 *56,220,000 35,947,000 16,201,000 243,264,000
132.890,000
*130,804,000
131,596,000
56,420,000
56,805,000
57,105,000
35,799,000
35.759,000
35,835.000
16,179,000 241,288,000
16,148,000 *239,516,000
16,147,000 240,683,000
131,936,000
132,850,000
57,825,000
58,150,000
35,733,000
35,311,000
16,015,000 241,509,000
16,007,000 242,318,000
133,037,000
132,809.000
133,555,000
133,589,000
132,646,000
132,742,000
58,010,000
56,811,000
57.880,000
57,412,000
57,444,000
57,593,000
35,152,000
34,619,I 11
34,429.000
34,427,000
34,164,000
34,063,000
16,093,000
16,098,000
16,045,000
16,001.001
16,180,000
16,011,000
242,292,000
240,337,000
241,909,000
241,519,000
240,434,000
240,409,000
133,853,000 57,558,000 33,718,000 15,907,000
133,547,000 a58,867,000 33,584,000 15,659,000
134.790,000 58,737,000 33,347,000 15,591,000
a134,881,000 58,346.000 33,041,000 15,434,000
134,732,000 53,548,000 *32.758,000 *15,114.000
241,036,000
241,657,000
242,465,000
241,702,000
241.152,000
133,278,000
104,850,000
136,429,000
154,269,000
175,688,000
175,217,000
160,498,000
141,543,000
115,037,000
122,622,000
130,654,000
611,151,000
172,168,000
57,499,000
43,440.000
56,455,000
54,182,000
56,354,000
51,812,000
49,918,000
46,228,000
38,939,000
44,246,000
48,491,000
49,962,000
49,827,000
34,911.000
35,322,000
37,392,000
42,122,000
48.368,000
51,004,000
47,969,000
36,624,000
16,150,000
15,529,000
18,460,000
25,410,000
30.327.000
16,005,000
18,996,000
16,231,000
18,146,000
21.574,000
20,342,000
19,766,000
18,542,000
16,555,000
19,657,000
19,359,000
21,150,000
15,512.000
241,693,000
292,608,000
246,507,000
268,719,000
301,983,000
298,374,000
278,180,000
242,938,000
186,682,000
202,055,000
216,967,000
257,672,000
267.834,000
Grain Blockade Averted.
The following from Minneapolis is from the "Wall
Street Journal" of March 12:
[Ver.. 132.
The joint grain transportation committee of the Northwest Shippers
Advisory Board after going exhaustively into the terminal grain storage
situation has concluded that notwithstanding the heavy stocks of grain in
Minneapolis-St. Paul, and Duluth-Superior, blockade will be prevented.
A report previously issued by the same committee showed capacity almost
filled.
Belgium Government to End Grain Ban Against
Russian Grain.
Associated Press advices from Antwerp, Belgium,
March 12 stated that, yielding to protests by importers
of that city, the Government will cancel restrictive measures adopted against Russian wheat imports. To be
guarded, however, against possible Russion wheat "dumping," import licenses will be re-established, it is said.
Dutch Aid Wheat Growers.
The Chamber of Deputies at The Hague on Feb. 20 by
a vote of 23 to 20 adopted a measure authorizing the
Government to assist Dutch wheat growers according to
an Associated Press Cablegram to the New York "Evening Post."
Chadbourne Sugar Plan Assailed by Planters of Cuba
-Assert It Is Designed To Protect the Millers
at Their Expense.
According to Havana advices March 8 to the New York
"Times," marked disappointment and discontent were
manifested that day by prominent members of the National
Association of Cane Planters of Cuba against the principles
and operating methods of the Chadbourne-Guiterrez plan
for stabilization of the sugar industry. The cablegram
continued:
In a special meeting this afternoon of the organization those leaders
branded the plan as "ignoring the rights of the individual property and
its inalienable right of free sales." A majority of the cane planters believe
the plan, drafted principally to safeguard sugar manufacturers' interests
from ruin, to be sacrificing the cane planters' interests, making them
victims of the plan, which is now law here in Cuba, and other countries
producing sugar.
The directors of the association are satisfied with the efforts of their
President, Jose Lopez, to protect planters' interests, solely blaming the
Chadbourne law, especially Article XIX, which requires cane planters
to sell their crops to specified mills, and the sugars to be sold by the National Sugar Exporting Corp., thus eliminating all possibility of the planters
having option as to the price and place of sale of their sugar.
The association believes the Chadbourne plan was drafted exclusively
to protect the milling interests, disregarding Cuba's agricultural future.
The objectors express little confidence in the plan's ultimate success.
The directors voted to appoint the following commission for the financial reorganization of the association: Gabriel Fortuno, Adolfo Silva P.
Pelegrin, Francisco J. Andes Jr., Dr. Fernando Mertinez Sealdo, Albert
S. Levy, A. S. Berrayarza and Isaac Cowley.
Chase National Bank Said To Have Extended Loan to
Cuban National Sugar Exporting Corporation.
In its issue of March 8 the New York "Times" published
the following from Havana March 7:
Louis Samuel Rosenthall, legal representative of the Chase National
Bank of New York, announces to-night that a loan of $200,000 has been
made by that institution to the National Sugar Exporting Corp. for
financing the latter, the loan bearing 5;4% interest and maturing 15 days
after Feb. 25.
Sugar Board To Liquidate-Old Cuban Sales Organization Replaced by Export Body.
The following Havana cablegram March 9 is from the
New York "Times":
The single sales agency organized by the Government four years ago
for handling Cuba's sugar sales will be dissolved to-morrow, its capital
of more than 5600,000 being divided among the stockholders.
The institution was the Government's instrument to control all sugar
sales, but it failed when its executives were unable to finance the cane
harvests and sugar manufacturers three years ago.
It has now been replaced by the National Sugar Exporting Corp. under
the provisions of the Chadbourne-Gutierrez sugar law.
Five hundred thousand arrobas of cane-about 12,500,000 pounds
-were burned this afternoon by Incendiaries at Yaguajay, Santa Clara
Province, and Amarillas, Matanzas. Soldiers arrested nine men for
setting the fires.
Additional forces have been ordered from all military posts to increase
the guard over mill and cane properties.
Further Increase of Brazilian Import Duties Due to Revised Official Ratio Between Paper and Gold Milreis.
The Brazilian Government has again revised the official
ratio between the Brazilian paper and gold milreis to
6$658 paper milreis to 1 gold milreis; the former official
ratio being 6$453 paper milreis to 1 gold milreis, according to a cable dated February 27, 1931, to the Department
of Commerce from Commercial Attache Carlton Jackson,
Rio de Janeiro. The Department under date of March '7
says:
Due to the procedure of collecting the nominal import duty 60% in gold
and 40% in paper, as required by Brazilian law, the effect of this new
MAR. 14 1931.]
FINANCIAL CHRONICLE
ratio between the paper and gold milreis is to increase the actual rates of
import duty by approximately 2% of the previous rates. This percentage
of increase varies more or less in accordance with the official valuation
established in the tariff for the purpose of collecting the 2% gold port tax,
which is collected at all major Brazilian ports with the exception of Santos.
For example: A nominal rate of 1$000 per kilo formerly worked out to
an actual rate of 4$569 paper milreis per kilo, including the 2% gold port
tax; with the new official ratio between gold and paper, the actual duty
rate would be 4$661 paper milreis per kilo. Similarly, a nominal ad
valorem rate of 50% formerly worked out to 228.45%; the present actual
rate would be 233.05% ad valorem.
1897
equal to is. 8d. British currency (approximately U. S.
$0.40), according to a radiogram received in the Department
of Commerce from Assistant Trade Commissioner David M.
Maynard, Hong Kong. The following are the new gold
basis duties applicable to imported tobacco, with the former
silver dollar rates in parentheses:
Tjnmanufactured tobacco, if unstripped: (a) containing 10 pounds or
more of moisture per 100 pounds weight thereof, 50 cents per pound (75);
(10 containing less than 10 pounds of moisture per 100 pounds weight
thereof, 56 cents per pound (84); if stripped: (a) containing 10 pounds
or more of moisture per 100 pounds weight thereof, 60 cents per pound (90);
(b)containing less than 10 pounds of moisture per 100 pounds weight thereof,
66 cents per pound ($1); manufactured tobacco: cigars, $1.50 per pound
($2); cigarettes. 75 cents per pound ($1); other manufactured tobacco,
including snuff and cigar cuttings, 75 cents per pound ($1).
Brazil Calls World to Coffee Parley—First Discussion of
Industry Since 1902 in New York Will Be Held in Sao
Paulo—Protest Against Jute Tax.
It is noted that on Feb. 18 1931 the Hong Kong dollar
President Vargas of Brazil signed on March 3 a decree
giving official government sanction to the International was quoted at approximately U. S. 80.22.
Coffee Congress to be held at the end of March in Sao
Paulo. A message from Sao Paulo March 4 to the New Tobacco Sales at Virginia and North Carolina Auction
York "Times" reported this and added:
Markets in January.
It will be the first coffee congress since 1902, which was held in New
In its account of tobacco marketing the Federal Reserve
York and attended by all the coffee-producing countries.
The meeting this year will be more important owing to world-wide over- Bank of Richmond has the following to say in its Feb. 28
production. The problems to be discussed are crop limitation, improve. "Monthly Review":
Virginia auction markets sold 33,059,614 pounds of producers' tobacco
ment of quality and methods and the opening of new markets. Invitations
in January, at an average price of $9 per 100 pounds. Season sales to
are being sent to all important countries. •••
Feb. 1, including tobacco brought in from other States, totaled approxiProtest New Tax on Jute
mately 110,000,000 pounds, 93% of the estimated sales for the season.
The Secretary of Labor, Lindo Collar, yesterday received representatives In January 1930 sales of 30,822,463 pounds of tobacco brought the season
of the jute industry, who presented a protest against a decree raising the sales up to 89% of the year's total sales. Flue-cured tobacco sold in
import tariff on raw jute. The decree was passed with the intention January totaled 19,130,171 pounds, at an average price of $6.37 per 100,
of encouraging national production. Temporarily, it works hardship on compared with 16,306,242 pounds of this type sold in January 1930, at
agriculturists because of the inability of bagmakers to obtain sufficient an average of $16.46 per 100. Fire-cured tobacco sales in January were
sources of raw jute, with a consequent increase in the price of finished unusually heavy, totaling 7,371,628 pounds, but were below sales of
coffee bags. A solution proposed would devise coffee bags manufactured 8,338,601 pounds in January 1930. The average price paid for fire-cured
of equal parts of cotton and jute.
tobacco last month was $9.26, compared with $18.13 in January last year.
Jual Berto, President of Sao Paulo, this week signed a decree removing Sales of burley tobacco, all at Abingdon, totaled 5,722,338 pounds last
the State exports tax and substituting a land and property tax as the month, and averaged $17.57 per 100 pounds, sales of this type being the
State source of income. His decree relieves the coffee growers of the State largest for any month on record. Sun-cured sales on the Richmond market
of a financial burden and distributes taxes more evenly. Coffee growers totaled 835,477 pounds last month, and the average price received by
and the press are lauding the decree as an important step forward.
growers was $8.16 per 100 pounds. Danville sold 8,298,279 pounds of
Otto Niemeyer, the British financier brought to Brazil to aid in the flue-cured ;tobacco last month, South Boston sold 4,371,365 pounds of the
solution of financial problems, is still studying the situation in collabora- same type, and Blackstone, with 1,819,759 pounds, led the fire-cured
tion with Secretary Whitaker. Yesterday he was visited by a committee markets. Danville also led the flue-cured markets in price paid, with an
representing the Rio Association of Commerce, to whose inquiries he replied average of $7.34 per 100 pounds, while Blackstone paid an average of
that he had not yet reached a definite conclusion.
$13.47 per 100 for fire-cured tobacco, leading the markets for that type.
The quality of tobacco sold in January 1931 was poorer than in January
1930. The burley market at Abingdon closed about the middle of February
Brazil Prohibits Imports of Machinery for Three Years. but most flue-cured markets will continue operations until about Mar. 1.
North Carolina auction markets sold 49,097,523 pounds of tobacco for
Under date of March 11 Rio de Janeiro, Brazil, advices growers
in January, at an average price of $10.36 per 100 pounds, compared
to the New York "Journal of Commerce" said:
with 26,708,007 pounds sold for an average of $16.80 per 100 in January
Imports of machinery to be used in production are to be prohibited for a 1930. Total sales this season, to Feb. 1, amounted to 539,461,542 pounds,
period of three years. President Vargas signed a decree to this effect compared with 473,047,438 pounds sold prior to February 1 1930. Winstontoday.
Salem sold 11,887,41.6 pounds in January 1931, leading all markets, while
The groups behind this action contend that overproduction in the tex- Henderson, with sales of 4,816,918 pounds, and Wilson, with 4,481,376
no
other
means.
The
by
remedied
edict
tile and allied industries can be
pounds, ranked second and third, respectively. In average price paid,
calls for an inventory of all existing machinery in Brazil which is to be Asheville led with $16.36 per 100, but the tobacco sold in Asheville was
completed in two months.
burley and was not representative of the State's crop. Among the fluecured markets, Fuquay Springs led in price last month with $14.64 per 100
Commenting, the paper quoted, stated:
The United States during the past few years has been exporting from pounds, Carthage coming second with an average of $14.12.
$5,000,000 to $6,000,000 machinery annually. According to reports yesterday, the State Department will make no protest against the restriction
which does not discriminate against the United States.
City's Labor Gets Top Pay—New York Budget Director
Says Demands of Union Exceed Prevailing Rates.
Sale of Food by Cities Proposed in Ecuador—President
Classification of all trade work done for the city as
Ready to Authorize Half Rates on Such Freight—Press "maintenance" and fixing wage rates accordingly were
Attacks Plan.
recommended on March 6 to the Board of Estimate by
The following Guayaquil cablegram March 8 is from Charles L. Kohler, Budget Director, according to the New
the New York "Times":
York "Times" of March 7, which said:
The entry of municipalities into the retail provision business as a remHis report was made in an effort to harmonize the so-called prevailing
edy for Ecuador's economic crisis has been suggested by Prefect Guerrero wage rates with the rates paid by the city to its trade labor and also the
in Quito. President Ayora has agreed to authorize the railroads to carry rates asked by trade unions. He had been working on the report since
such freight for municipalities at half rates.
November.
This announcement has brought forth decided opposition from El
The report contained a summary, based on 3,000 replies to questionTelegrafo and El Universal, which insist such action would only increase !mires sent out to employers, employes and officials of labor organizations,
the difficulties of the present situation, as the municipal stores, with indicating that in virtually all cases the city is paying rates as high as or
their advantageous freight rate, could eliminate competition, depriving higher than those paid by private employers in like branches of industry.
The report indicated also that the rates requested by labor organizations
many small dealers of their means of livelihood.
The editorials of these papers severely censure the Government's mo- for city employes are largely above those paid by the city and also
nopolistic policy in connection with salt, matches, alcohol and tobacco, higher than what the survey shows to be the average and prevailing rates.
Mr. Kohler pointed out that information he received indicated that even
especially the last two, which are said to have put out of business many
small growers and distillers. It is charged that the Government, not in union employment here the tendency for some time has been to lower
content with taxing all private initiative, appears to be intent on monopo- rates, particularly in the smaller construction projects and in shops doing
repair work.
lizing all productive businesses.
A sensation has been created here by the indictment on the order of the
Comptroller General of Otto Heckscher, Director of Telegraphs, for alleged misappropriation of public funds and for favoring private enterUnion Aide Says Painters Get $13.20 as Daily Wage.
prises using government lines. Senor Heckscher is one of the few forThe
following is from the New York "Times" of
positions
in
Ecuador.
eigners still in high government
March 8:
Hong Kong Tobacco Duties on Gold Basis With Duty
Rates Reduced.
For the purpose of preventing further decrease in revenue
resulting from the depreciated value of silver, the Government of the British Colony of Hong Kong on Feb. 19 1931
announced that, effective immediately, the rates of duty on
all imported tobacco would be reduced, but would be collected henceforth on a gold basis with the Hong Kong dollar
Philip Zausner, secretary of the District Council of the Brotherhood of
Painters, disagreed yesterday with the report of Charles L. Kohler, budget
director, who had declared in a published statement that the city was
paying wages as high as or higher than those paid by private employers.
"Mr. Kohler says the average and prevailing wage among painters is
$9.38 a day," said Mr. Zausner. "That is incorrect. The prevailing
union scale is $13.20 a day, and if Mr. Kohler has canvassed the employers he would have found this to be the truth. As a matter of fact,
his investigators did not even canvass one-third of the 600 painters' employers in the industry.
"The prevailing rate is one thing and the average is another. It is
incorrect to use these terms interchangeably."
1898
FINANCIAL CHRONICLE
Petroleum and Its Products-Resume Pipe Line Building in East Texas Fields-Further Crude Oil Price
Cuts Posted.
Developments in the new fields in Gregg and Rusk counties
in East Texas and further crude oil price cuts throughout the
country's producing centers held the spotlight in the petroleum industry during the past week.
California crude prices were slashed approximately 50
cents a barrel in all principal fields in the State. The cut,
instituted by the Union Oil Co. of California, was followed
immediately by all major comnanies operating in the California fields. Consistent price shading plus the gasoline
war currently waging on the Pacific coast was mainly
responsible for the cuts. It will be remembered that California prices were not lowered at the time of the last period
of crude oil price reductions throughout the country and
present reductions represent the first corrective measures
taken to bring California prices into line with other producing areas.
Following the action of the Standard Oil Co. of Indiana,
which initiated the present series of reductions by posting
cuts for Mid-Continent crude last week, refiners who had
not swung into line did so during the week. Standard Oil
of Louisiana posted reductions running from 22 cents to
40 cents for crude from fields in its territory and posted
flat prices of 50 cents a barrel for 40 degrees and over in
Smackover while Bellevue was posted at 45 cents a barrel
for 40 and over, cuts of 25 cents and 55 cents a barrel,
respectively.
Humble likewise cut prices from 22 cents to 40 cents a
" barrel in its Texas fields and, in addition, posted a flat rate
of 40 cents a barrel for Winkler and Pecos counties, formerly on a gravity basis. Gray, Carson and Hutchinson
county crudes were reduced 17 cents a barrel with 55 cents
being the top price in the first for 40 degrees and over while
the latter two have a top of 50 cents for 40 degrees and over.
Texas Company met this reduction promptly, bringing
posted quotations in these fields into line.
Developments in the new East Texas fields indicate a
further threat to the stability of the crude oil market, with
renewal of pipe line building operations by several large
companies paving the way for flush production. Up to
the present, the potentialities of the field have been largely
guess work because of the transportation handicaps that
operators have been under. Movements from the field
has been confined to railroad tank car shipments with the
exception of short pipe line hauls to railway sidings. With
the proposed pipe lines finished, the field would be in a
position to market its eatire output. Production in the
fields is constantly gaining, totalling 78,000 barrels daily
during the week ended March 11, an increase of 21,000
barrels daily over the similar period previously.
In connection with this increase in production, an attempt
will be made by the Texas Railroad Commission to place
the fields under proration at the next meeting which is
scheduled to be held March 24 to decide proration schedules
for the 60-day period starting April 1. Determined oppostion to such a move is sure to be felt from the independent
operators and royalty owners in the Rusk and Gregg county
fields.
Price changes follow:
March 7.-Union Oil of California posted reductions of approximately
50 cents a barrel for crude oil purchased in the main producing centers in
California. All other operators met the cut immediately.
March 10.-A price of 90 cents a barrel for Corning crude was posted
to-day in the Pennsylvania fields by all omajor companies, a cut of 25
cents a barrel.
March 10.-Standard Oil of Louisiana posted crude oil price reductions
ranging from 22 cents to 40 cents a barrel in all Louisiana and Arkansas
fields, meeting reductions posted in the Mid-Continent areas by Standard
Oil of Indiana.
March 10.-Rumble posted reductions of from 22 cents to 40 cents a
barrel for crude oil from all its Texas fields. This move brings prices into
line with Mid-Continent range.
March 11.-South Penn Oil Co. posted a price of 80 cents a barrel for
Corning crude, a reduction of 10 cents from the previous posting.
Prices of Typical Crudes per Barrel at Wells.
(AU gravItlea where A. P. I. degrees are not shown.)
$2.15 Smackover. Ark.. 24 and over
Bradford, Pa
3.45
COrning, Ohio
Eldorado, Ark.. 40
1.67
1.05 Rusk,Texas,39.5
Cabe% W. Va
.40
Illinois
.80 Urania. La
.75
.75 Salt Creek, Wyo., 37
Western Kentucky
.61
.67 Sunburst, Mont
alidoontlnent. Okla.. 37
1.55
Hutehlnson, Texas. 40 and over__ .50 Santa Fe Springs, Calif.. 32.9
.82
.90 Midway-Sunset, Calif., 22
Kettlman HUM 40 and over
.94
.80 Huntington, Calif., 26
gpindletop„ Texas. grade A
1.22
.64) Ventura, Calif., 26
Spindletop. Texas. below 25
1.15
.40 Patrons. Canada
Winkler. Texas
1.50
REFINED PRODUCTS-MARKET UNEASY-GASOLINE STOCKS
SHOW LARGE GAIN-CALIFORNIA PRICE WAR CONTINUES.
Uneasiness caused by the wide-spread crude oil price cuts
throughout the country resulted in rather a dull week in the
local refined products market. Bulk gasoline was fairly
strong with the major refiners maintaining the tank car
price at 7c. to 8c. a gallon, New York Harbor. Kerosene
[VoL. 132.
was dull with price shading continuing while other minor
refined products remained largely unchanged. Gasoline
stocks in the country's storage tanks increased 997,000 barrels
for the week ended March 7 and are now above the 45,000,000 barrel storage figure set as the desirable limit by
the economic committeee of the American Petroleum Institute. While it is felt that this factor has some influence
upon the irregular tone of the market, marketeers are confident that the start of the spring season will see a rapid
drop in these figures.
Although the bulk gasoline market has suffered from the
crude oil price cuts throughout the country, the tank car
market closed the week in a fairly strong position. Warner
Quinlan advanced its tank car price Yi of a cent a gallon
to 7c. a gallon, bringing it into line with other local refiners.
40.
Although there are scattered offerings of gasoline at 63
a gallon, the major refiners are firm in maintaining their
posted range of 7c. to 8e. a gallon, in New York Harbor.
The California gasoline price war continues on its way
with reports from the coast saying that gasoline has sold as
low as 5 cents a gallon in Los Angeles, at independent
stations. Standard Oil of California has been relentless in
meeting independent price cuts lately and is selling gasoline
at 14 cents a gallon, service station including the State tax
of three cents. The price war was started by independent
price cutting tactics and the lowering of retail prices by the
large companies in retaliation.
Water white 41-43 kerosene is being offered freely locally
at 6c. to 63c. a gallon, tank car, as against 6Y4c. to 63/
2c.
recently. Little demand is noted and the market for this
product is weak.
Domestic heating oils continued in routine movements
during the week with the price list remaining unchanged.
Price changes follow:
March 10.-Warner Quinlan advanced the tank car price of bulk gasoline
3.1 of a cent a gallon to-day, posting at 7c. a gallon. This move places the
company in line with other refiners.
0;
13
lif
.oR
rneifainery.
U. S. Motor, Tank Car Lots, F.0
104
.
-..05
5. Y.(Bayonne)N. Y.
L
GouelfAco
07
nglee
t,
.e
m
s:10
0
4
1
54
8-.07
Colonial-Beacon__ 6.0
.
. .
Sinclair Ref
tilltand. 011, N. Y__ .07
(,7
NorthLouislana.04 3,6-.04%
Crew Leviek
Tide Water Oil Co. .07
North Texas__ .04-.04 31
.01
Texas
Richfield Oil (Cal) .073;
.O4..0 '1 Oklahoma
04-.043f
Warner-Qulnl'nCo .07
Chicago
.06
Pan-Am. Pet. Co. .073i NewOrleans ex..0534-.0.:.,4 Pennsylvania _
..0434-.0494 trim freight.
Arkansas
Shell Eastern Pet_ .08
2Incmluidnendea
.polla
Gasoline, Service Station. T5s17
8725
5:1119
New York
$ 153 Cincinnati
17 New Orleans
22 Cleveland
Atlanta
17 Philadelphia
162 Denver
Baltimore
.14
188 Ban Francisco
Boston
155 Detroit
.21
.19 Spokane
158 Houston
Buffalo
.159
.21 St. Louis
onv
cillltey
clm
Kaan
15 J
Chicago
.169
Kerosene, 41-43 Water White Tank Car Lot.. F.O.B. Refinery.
5.0274-.0334iNew Orleans, ex....-0
-3.
5.
0
05
334
N.Y.(Bayonne) _$.06-.0612 I Chicago
3-.0314 I Los Angeles, ex.044-.06 'Tulsa
No th Texas
r
or
Terminal.
Refinery
Fuel Oil, F.O.B.
IGulf
Coast
plus
D
"C"_
27
!California
5.65-.70
New York(Bayonne)5.80-1.05 I Chicago 18-22D
55-.80
$1.05
Bunker "C"
Diesel 28-30D____ 1.85 New Orrns 18-20 D .70-.751
Gar Oil, F. 0. 13. Refinery or Terminal.
j TulsaI ChicagoN. Y.(Bayonne)28D plus_ _5.04 X-.0514 I 32-36D Ind_S 0134-.023,6 I 32-36D Ind $.02-.0234
Crude Oil Production in United States Gains.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended March 7 1931, was 2,156,700 barrels,
as compared with 2,104,900 barrels for the preceding week,
an increase of 51,800 barrels. Compared with the output
for the week ended March 8 1930 of 2,535,350 barrels per
day, the current figure represents a decrease of 378,650
barrels daily. The daily average production east of
California for the week ended March 7 1931 was 1,633,200
barrels, as compared with 1,582,600 barrels for the preceding
week, an increase of 50,600 barrels. The following are
estimates of daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
!Mar 7 '31. Feb. 28 '31. Feb. 21 '31. Mar. 8 '30.
Week Ended501,650
x449,550
502,550
604,300
Oklahoma
113,100
112,450
116,150
113,850
Kansas
52,700
53,050
88,900
53,950
Panhandle Texas
58,700
59,500
78,600
North Texas
58,850
25,200
25,200
53,300
West Central Texas
23,950
243,550
232,750
339.150
West Texas
244,200
76,550
100,700
26,050
East Central Texas
68,350
76,600
75,050
64,500
78,800
Southwest Texas
42,800
41,250
41,750
North Louisiana
44,900
50,050
47,950
58,100
Arkansas
49,850
156,700
184,550
154,050
Coastal Texas
157,200
26,550
26,550
20,800
Coastal Louisiana
26,450
103,300
120,000
100,000
Eastern (not Including Michigan)
100,350
9,150
9,000
13,600
Michigan
9,350
45,150
45,050
44,550
Wyoming
45,550
8,350
8,050
8,750
Montana
9,350
4,650
4,200
4,400
Colorado
4,300
10,650
37,250
39,800
New Mexico
40,950
661,400
523,500
522,300
California
530,400
2,535,350
2,156,700 x2,104,900
Total
2,165,250
x Revised due to correction in North Okmulgee, Okla.,from 4,200 barrels
previously reported to 8,200 barrels.
MAR. 14 1931.]
1899
FINANCIAL CHRONICLE
The estimated daily average gross production for the Mid-Continent
Imports at the principal United States Ports for the week
field, including Oklahoma, Kansas, Panhandle, North, West Central,
ended
March 7, totaled 1,539,000 barrels, a daily average of
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended March 7, was 1,249,550 barrels, as compared with 1,- 219,857 barrels, compared with 2,079,000 barrels, a daily
188,800 barrels for the preceding week, an increase of 60.750 barrels. average of 297,000 barrels for the week ended Feb. 28. The
The Mid-Continent production, excluding Smackover (Arkansas) heavy oil,
Association's statement further reports:
was 1,216.900 barrels, as compared with 1,115,300 barrels, an increase
of 61.000 barrels.
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS.
The production figures of certain pools in toe various districts for the
(Barrels of 42 gallons.)
current week, compared with the previous week, in barrels of 42 gallons
follow:
Month of
Week Ended
-Week Ended-Week Ended--February,
January.
Mar.7. Feb. 28.
Mar. 7.
Southwest TexasFeb. 28.
OklahomaMar. 7. Feb. 28.
5,300
5,700
Bowlegs
10,750 11,750 Chapmann-Abbot
28,200 29,050
At Atlantic Coast PortsBristow-Slick
12,750 12,600 Darst Creek
546,000
257,000
114,000
877,000
9,600
9,600 Baltimore
Burbank
13,400 13,800 Luling
474,000
419,000
15,500 16,100 Boston
184,000
59,000
Carr City
11,650 12,550 Salt Flat
3,578,000 4,781,000
798,000 1,257,000
New York
Earlsboro
15,900 17,550
888,000 1,020,000
135,000
145,000
North LouisianaEast Earlabor°
Philadelphia
14.200 17,650
949,000
1,600
1,650 Others
364,000
752,000
South Earisboro
6,450
8,050 Sarepts-Carterville
8,500
9,700
Konawa
19,300 14,850 Zwolle
6,569,000 7,715,000 1,374,000 1,939,000
ArkansasLittle River
Total
18,500 21,550
248,871
4,450
4,400 Daily average
234,607
196,286
277,000
Smackover, light
East Little River
9,050
32,650 33,500
Maud
At Gulf Coast Ports2,100
2,900 Smackover,heavy
63,000
63,000
64-.000
127,000
Mission
Galveston dbtrict
5,250
3,550
362,000
102,000
76,000
New Orleans and Baton Rouge
324,000
Coastal TexasOklahoma City
128,250 65,600
20,700 21,450 Port Arthur and Sabine district...
65,000
St. Louis
20,300 20,050 Barbers Hill
96,000
9,250
92,000
Searight
Bend
15,000
Raccoon
Tampa
5,050
4,850
33,100 33,550
Seminole
12,350 13,750 Refuglo County
165,000
140,009
586,000
11.900 12,200
466,000
East Seminole
Total
1,100
1,350 Sugarland
23,571
20,000
18,903
Daily average
16,643
KansasCoastal Louisiana,41 All United States Ports-.
2,450
2,400 Total
Smigwlek County
7,035,000 8,301,000 1,539,000 2,079.000
20,750 20,700 East Llackberry
219.857
297,000
SOO
267,774
800 Daily average
Voshril
251,250
19,650 20,750 Old HackberrY
Wyoming26,550
27,000
Panhandle TexasCreek
Salt
DISTRIBUTION OF TOTAL IMPORTS.
Gray County
Ifontana39,000 37,850
4,250
4,500
Hutchinson County _ _ _ _ 9,500 10,500 Kevin-Sunburst
Week Ended
Month of
Mexico
New
29,600 31,650
North TexasHobbs High
Feb. 28.
7.
January.
Mar.
February.
6,100
Archer County
12,500 12,450 Balance Lea County.... 5,350
CaliforniaNorth Young County
8,350
8,300
885,000 1,149,000
Crude
5,145,000
4,339,000
33,500 30,500 Gasoline
Wilbarger County
10,100 10,150 Elwood-Goleta
366,000
306,000
1,076,000 1,198,000
21,800 20,500 Gas oil.
Huntington Beach
49,000
99,000
20,000
15,600 15,400 Fuel
West Central TexasInglewood
564,000
299,000
oil
1,859,000
1,600,000
26,600 26,700
South Young County_ _ _ 2,400
2,400 Kettleman Hills
91,000 92,100
Long Beach
Total
8.301,000 1,539,000 2.079.000
7,035.000
52,300 52,300
West TexasMidway-Sunset
28,900 30,900
Crane & Upton Counties 23,850 24,500 Playa Del Rey
Ector County
71,000 72,300
6,150 Santa Fe Springs
5,700
16,100 15,600
Howard County
25,450 Seal Beach
Reagan County
45,000 44,000 Receipts of California Oil at Atlantic and Gulf Coast
28,050 29,400 Ventura Avenue
Winkler County
Pennsylvania Gr04.e48,300 50,700
Ports Falls Off.
6,150 6,400
Yates
00,450 02,300 Allegany
21,550 22,850
Balance Pecos County__ 2,600
3,400 Bradford
Receipts of California oil (crude and refined oils), at
6,950
7,350
Kane to Butler
7,000 6,900 Atlantic and Gulf Coast Ports for the month of February,
East Central TexasSoutheastern Ohio
3,300
Rusk & Gregg Counties_ 32,450 30,300 Southwestern Penna.__ 3,450
14,009 totaled 1,432,000 barrels, a daily average of 51,143 barrels,
12,400
Van Zandt County
Virginia
West
33,900
56,050
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended March 7, from companies aggregating
3,571,200 barrels, or 95.7% of the 3,730,100 barrel estimated daily potential refining capacity of the United States,
indicate that 2,172,100 barrels of crude oil were run to stills
daily, and that these same companies had in storage at
refineries at the end of the week, 45,789,000 barrels of
gasoline and 127,428,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking process
indicate that companies owning 94.7% of the potential
charging capacity of all cracking units manufactured 2,698,000 barrels of cracked gasoline during the week. The complete report for the week ended March 7 1931 follows:
CRUDE RUNS TO STILLS GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED MARCH 7 1931.
(Figures in barrels of 42 gallons each)
District.
Per Cent
Potential
Capacity
ReportintI.
East Coast
100.0
Appalachian
93.8
Ind., Illinois, Kentucky 97.5
89.4
Okla., Kans., Missouri_
Texas
91.9
Louisiana-Arkansas_ _ _ _
98.3
Rocky Mountain
93.1
California
98.8
Total week Mar.7_ _ _
Daily average
Total week Feb. 28_ _
Daily average
95.7
05.7
Crude
Runs
to
Stills.
Per Cent
Gasoline
Oper.
Stocks at
of Total
Capacity Refineries.
Report.
Gas
and
Fuel
Oil
Stocks.
3,168,000
649,000
1,894,000
1,547,000
3,814,000
978,000
263,000
2,892,000
73.9
70.0
71.0
53.6
73.3
53.3
26.9
46.5
8,180,000
1,512,000
5,169,000
3.236,000
7,920,000
1,907,000
1,840,000
16,025,000
7,085,000
1,052,000
3,057,000
3,777,000
8,319,000
2,363,000
851,000
100,924,000
15,205,000
2,172,000
15,863,000
2,266,100
60.8
45,789,000
127,428,000
63.5
44,792,000 1,129,145,000
*53,349,000 11137,325,000
Total Mar.81930_ _ _
Daily average
95.5
17,729,000
2,532,700
72.4
cTexas Gulf Coast
cLouislana Gulf Coast_
100.0
100.0
3,070,000
661.000
82.8
64.0
6,670,000
1,694.000
5,980.000
1.309 win
a Revised due to change in California. b Figure of 129,145,000 s comparable
with previous weeks, but, due to transfer in Texas Gu t Coast. of 887,000 barrels
from finished gas oil stocks to unfinished oils figure comparable wi h subsequent
weeks is 128,258,000 barrels. c Included above in table for week ended March 7
1931 of their respective districts.
Note.-All figures follow exactly the present Bureau o Mines definitions. Crude
oil runs to stills Include both foreign and domestic crude. In Caltornia, stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and Fuel
Oil Stocks."
compared with 2,135,000 barrels, a daily average of 68,871
barrels for the month of January, according to the American
Petroleum Institute.
Receipts at Atlantic and Gulf Coast Ports for the week
ended March 7, totaled 467,000 barrels, a daily average of
66,714 barrels, compared with 198,000 barrels, a daily
average of 28,286 barrels for the week ended Feb. 28. The
Association's statement also shows:
CALIFORNIA OIL RECEIPTS AT ATLANTIC AND GULF COAST PORTS.
(Barrels of 42 gallons.)
Week Ended
Month of
February.
At Atlantic Coast PortsBaltimore
Boston
New York
Philadelphia
Others
Total
Daily average
Al Gulf Coast PortsTotal
Daily average
At Atlantic & Gulf Coast PortsTotal
Dally average
January.
Mar. 7.
Feb. 28.
162,000
76,000
816,000
112,000
161,000
260,000
205,000
681,000
455,000
344,000
195,000
57,000
138,000
198,000
1,327,000
47,393
1,945,000
62,742
390,000
55,714
198,000
28,286
105,000
3,750
190,000
6,129
77,000
11,000
1,432,000
51.143
2,135,000
68.871
467,000
66,714
198.000
28,286
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
Month of
February.
January.
Week Ended
Mar. 7.
Gasaline
Kerosene
Can oil
Fuel oil
iLubricants
1,146,000
47,000
75,000
153,000
11,000
1,692,000
80,000
192,000
171,000
390,000
Total.,,
1.432.000
2,135,000
467.000
Feb. 28.
198,000
77,000
198,000
Cement Syndicate Set Up in Rumania.
A cablegram to the New York "Journal of Commerce"
stated:
A syndicate has been organized by the cement producers of Rumania
which will exercise control over production through allotment quotas as
well as sales, although not the entire industry is included.
Approximately 40% of the Rumania cement production annually is
represented in the agreement, according to estimates.
Imports of Petroleum at Principal United States Ports
Mining Combine Formed to Cover Central Europe.
Fell Off During February.
A
cablegram as follows from Frankfort-on-the-Main,
American
by
the
collected
According to figures
Petroleum
Institute, imports of petroleum (crude and refined oils), at ' March 12, was published in the New York "Journal of
the principal ports for the month of February, totaled Commerce" of March 13:
German, Czech and French interests have joined in the formation of the
7,035,000 barrels, a daily average of 251,250 barrels, comSociete d'Interets Minieres en Europe Centrale (Intermines), a holding
pared with 8,301,000 barrels, a daily average of 267,774 company organized in Luxemburg. This company will have a capital of
15,000,000 French francs.
barrels for the month of January.
1900
FINANCIAL CHRONICLE
The chief property of the company at the start will be the Saxon-Bohemian tin mine railway Badelster. It will be expanded, however, for
purposes of concentrating control of Central European mining enterprises.
In addition, the Societe pour l'Exploitation des Mines et Fonderies en
Europe Centrale (Explomines) is being organized by the same group in
order to carry on exploration and development work in mining areas in
Central Europe.
Silver Bright Spot in Metal Trading—Price Up to 303
Cents—Copper Off to 10 Cents—Lead Drops—Tin
and Zinc Dull.
Silver was the only bright spot in metal market trading in
the past week, almost daily advances in the price carrying
the quotation to 30N cents, with light offerings, "Metal
and Mineral Markets" reports, adding:
After four weeks of very good business, both in domestic and foreign
markets, coper producers again gave evidence of their inability to maintain
the market when faced with a few days of dullness and the price dropped
down to 10 cents, delivered. The expectation is that the foreign price will
be reduced to-day to bring it in line with the domestic market. Whether
or not a further reduction will be made seems to depend on how attractive
the 10-cent level proves to be to domestic and foreign buyers. A modest
demand seems likely to absorb offerings.
Evidence continues to indicate improved orders and specifications for the
brass industry and another drop in stocks, comparable with that of last
month. The trend in the copper industry, therefore, seems upward, but
the price appears to be subject to close adjustment with the day-to-day
demand.
Influenced by the unexpected weakness in copper and lower prices in
London, buying of lead fell off sharply last week. In an effort to stimulate
business, producers announced a 10-point reduction, establishing the New
York price at 4.50 cents and 4.25 cents, St. Louis.
Zinc and tin were dull; zinc again was available at 4 cents, but tin prices
were stable at slightly above 27 cents for prompt Straits.
Copper Price Drops to 10 Cents—Then Goes to
1.03 Cents.
In its issue of March 11 the New York "Evening Post" said:
Copper for domestic shipment was reported to have been sold to-day at
10c. a pound on the reaction of the price of the metal from 103c. reached
on its recent recovery. This was a reduction of one-quarter of a cent
from
Yesterday's quotations. Custom smelters have been marking down
prices
in an effort to bring out new buying.
The same paper in its March 13 issue stated:
Copper buying was moderate in the domestic market to-day ith
sales
made at 10 Yic. here and on that basis abroad.
Domestic fabricators have raised their prices on copper and brass
products
to the basis of 10 1.ic. a pound Connecticut Valley for copper..
Prices of Wire Products Raised by Youngstown Sheet
& Tube Co.
The following from Youngstown, Ohio, March 11, is from
the New York "Times":
The Youngstown Sheet & Tube Co. is marking up prices of
all wire
products except fencing and bale ties $2 a ton, in line with similar
action by
the American Steel & Wire Co. Prices were advanced recently $1 a
ton for
hot-rolled strips and $2 for cold-rolled for the next quarter. Current
levels
are being extended on sheets, bolts, nuts,rivets, cold-finished steel
and semifinished forms except wire rods.
[VoL. 132.
Refined copper in the hands of North and South American producers
on March 1 were 363,629 short tons, compared with 363,827 tons on Feb. 1.
Stocks of blister copper, including in process and transit on March 1 were
202,724 tons, compared with 210,637 tons on Feb. 1. a decline of 7.913 tons.
Total copper to blister stage and beyond above ground on March 1 was
566,353 tons, against 574,464 on Feb. 1, a decline of 8,111 tons.
Refined output of copper in February totaled 99,853 tons, compared
with 102,458 tons in January. The daily average in February was 3,566
tons, against 3,305 tons in January.
Shipments in February amounted to 100.051 tons compared with 105.806
in January. Domestic shipments in February came to 60,636 tons against
60,209 tons in January. Foreign shipments in February came to 39,415
tons compared with 45,597 in January.
Mine output of copper in the United States for February came to
47,504 tons compared with 48,059 in January.
The following table shows in short tons shipments and production Of
refined copper by North and South American producers and refineries:
ProduCtion.
Shipments.
Total.
Daily
Rate.
Export.:
Domeette.
102.458
99,853
3,305
3,566
45.597
39.415
60,209
60,636
105,806
100,051
1930—December
November
October
September
August
July
June
May
April
March
February
January
106,366
112.646
118.229
116,004
120.778
123,179
124,821
132,183
7124,531
127,064
121.195
132,374
3.431
3.755
3,814
3,887
3.896
3,974
4.161
4.264
4,151
4.099
4,328
4,270
39,169
45.051
38,246
37.873
38,319
42,466
44.818
49,115
29,196
30,523
29.597
30,358
69.854
62,693
75,703
65,169
56.810
75,436
71.887
75,760
50,017
73,644
61,879
69,932
109,023
107.744
113,949
103,042
95.129
117,902
116.705
124,875
79.213
104,167
91,476
100,290
1929—December
November
October
September
August
July
June
May
April
March
February
January
138.203
145.376
152.840
134,343
148.648
153,513
158,447
181.784
181,285
183,561
141.385
154,472
4,458
4,846
4,930
4,478
4,795
4,952
5,215
5.219
5,376
5,276
5.049
4.983
35.652
37,879
53.461
45,921
45.035
40.204
48.461
55.123
57,708
59,946
50,150
57.054
58,150
68.979
105.729
98.043
96.970
98,720
95.258
93,743
99.051
105,860
98,771
100.135
93,802
106,858
159.190
143,964
142,005
138.924
143.719
148,866
156,759
165,806
148,921
157,189
1,811.857
4,964
586,594
1,119,409
.1,706.003
122,733
124,848
128,972
122,824
129,236
131,024
135,092
143,560
187,018
149,199
155,448
147,905
3,959
4,305
4,160
4,094
4.169
4.367
4,358
4.631
4,567
4,813
5,182
4,771
56,721
60,603
55,970
64,989
56.738
57.067
56.785
60.240
51.292
64.992
49.121
49,703
64,824
73,789
72.642
72.234
79,103
81,436
82,245
83,398
88.707
100.371
99,822
84.889
121.545
134,392
128,612
137.223
135.841
138,503
139,030
143,638
139,999
155.363
148,943
134,592
1,827,849
4,448
874,221
1931—January
February
Total 1929
1928—January
February
March
April
May
June
July
August
September
October
November
December
Total 1928
641.865
1327
1,476,506 4,045
1926
525.861
1,440,454 3,946
1925
684.553
1,352,309 3.705
1924
566.395
1.300,332 3.553
Beginning 1926, includes shipments from Trail refinery
3' Includes imports of cathodes.
983,460
824,844
902,174
831,171
753.389
in British
Total.
1,657,681
1,466,709
1.428,035
1,415,724
1.319.783
Columbia,
Youngstown Wages Rise—February Disbursements
$5,226,016, or 8.24% Above January-36,711,353
Year Previous.
General Cable Corp. Reduces Then Raises Wire Prices.
From the "Wall Street Journal" of March 10 we take the
From the "Wall Street Journal" of March 12 we take the following from Youngstown, Ohio:
Wage disbursements in Youngstown during February advanced 8.24%
following:
General Cable Corp.,in line with the reduction in the price of copper
to a
10-cent basis, has reduced the price of bare copper wire, in carload
lots,
one-quarter-cent a pound to 11% cents.
above the total distributed in January, amounting to $5,226,016 against
$4,828,186. In February 1930, wages totaled $6,711,353. This was the
first gain since October 1930.
Higher steel plant operations accounted in part for the increase, with the
operating level of Youngstown district plants at nearly 50% of capacity on
Feb. 15 against 40% on Jan. 15.
In its issue of last• night (March 13) the "Wall Street
Journal" stated that the General Cable Corp. has advanced
the price of bare copper wire, in carload lots, to 12e. a
Detroit Employment Index at 81.2 February 28, Against
pound from 113
4c.
76.5 January 31-108 Year Previous.
From its Detroit bureau the "Wall Street Journal" of
Brass Prices Reduced.
The "Wall Street Journal" of March 11 carried the follow- March 7 reported the following:
Detroit industrial employment increased during February,although at the
ing item from Chicago:
close of the month it was still well below that of a year ago. Index of tho
A leading smelter in the Chicago territory has reduced ingot brass Prices
-cent a pound. The 80-10-10 grade is now quoted 103f cents: 85-5-5-5
red brass 10 cents and yellow ingot 73 cents a pound.
industrial department of the Detroit Board of Commerce on Feb.
81.2, compared with 76.5 on Jan. 31, and 108 on Feb. 28 1930.
Industrial employment here has shown a gradual increase since thetirst
of the year. The index which dropped to 40 on Dec. 31 1930, reflecting
The following is from the "Wall Street Journal" of last factory
shutdowns for year-end inventories, has jumped to 76.4 by Jan. 15
night (March 13):
with reopening of plants and increased to 76.5 by Jan. 31; to 78 by Feb. 16.
Revere Copper & Brass, Inc.. has reduced its price; on copper and brass and to 81.2 by Feb. 28.
The index, which covers two-thirds of the industrial employment in
products to equivalent of 10 cents a pound delivered Connecticut Valley for
copper. Brass products are down %-cont a pound and copper sheets, Detroit, is based on the monthly average for the years 1923-1925 inclusive,
tubes, &c., as well as all products containing 85% or more of copper are taken as 100. It is compiled from the number of men on payrolls, which
down %-cent a pound.
includes both part and full time workers.
Unions Cut Wages at Charleroi, Pa.
Production and Shipment of Refined Copper Declined
During February—Inventories Fall Off.
The following (United Press) from Charleroi, Pa., is from
Stocks of refined and blister copper on March 1, totaled the "Wall Street Journal" of March 6:
Voluntary wage cuts of $1. $2 and $2.50 a day were announced here by
566,353 short tons, against 574,464 tons on Feb. 1 and 585,plumbers, electricians and metal workers as their parts in an attempt to
974 tons on Jan. 1, according to figures released by the stimulate business.
The reduction affects members of the International Brotherhood of
American Bureau of Metal Statistics and given in the "Wall
Electrical Workers. Local 371, Plumbers Union, Local 428, and Sheet
Street Journal" of March 12, which further states:
Metal Workers Union. Local 428, all of Charleroi.
Production ofrefined copper in February was 99.853 tons, against 102,458
tons In January and 121,195 tons in February 1930. Stocks of refined
eoPPe at end of February totaled 363,629 tons, against 363.827 in January
and 233,123 in February 1930.
Reductions were; Electricians, $11 to $9 a day; plumbers, $10 to $9 a
day and metal workers. $11.50 to $9 a day. The scale was to be effective
as of March 1 and will continue until May 1 1932. officials of the organisation said.
MAR. 11 1931.]
FINANCIAL CHRONICLE
More at Work in Erie, Pa.
From the "Wall Street Journal" of March 13, we take the
following Erie, Pa. advices:
Local industrial employment recorded its first increase during February
since March 1930, according to the State employment service here. Total
of 79 manufacturing companies employed 16,797 men last month, an increase of 128 over February 1930. Average weekly working hours increased
to 45.5 on March 1 1931,from 44.5 on Feb. 1.
Sheet and Tin Mill Workers Receive Wage Reductions.
The following from Youngstown (Ohio), March 3, is from
the New York "Times":
Sheet and tin mill workers in the Western Sheet Manufacturers' Association's Mid-Western plants received a wage cut in the March-April period,
as a result of the low prices on sales for January-February.
Average price of Nos.26, 27 and 28-gauge black sheets shipped during the
last two months was 2.60c. per pound, according to the examination conducted by Elias Jenkins, Secretary of the association and representatives of
the Amalgamated Association of Iron, Steel and Tin Workers. This compares with 2.70c. for the last two months of 1930 and 3c.for the corresponding period of 1930.
Re-opening of Witherbee-Sherman Mines at
Mineville, N. Y.
Associated Press accounts from Port Henry, N. Y.,
March 9, said:
After having been closed since Jan. 25, the Withexbee-Sherman Mines at
Mineville, N. Y., resumed operations to-day on a half-time basis, giving
employment to between 300 and 400 men. Thirty additional men began
preparations to blow in the company's blast furnace, which will give employment to about 125 men in April. About 40 other men will return to work
Wednesday on the company's rail subsidiary.
February Output and Shipments of Slab Zinc LowerInventories Also Decline.
According to the American Zinc Institute, Inc., production
and shipments of slab zinc declined during the month of
February 1931 to 29,562 short tons and 30,249 short tons,
respectively. This compares with 44,628 and 41,296 short
tons, respectively, in the corresponding period last year and
32,522 and 31,022 short tons, respectively, in January 1931.
Stocks at the end of February of the current year totaled
144,389 short tons, as against 145,076 short tons at Jan.
31 1931 and 90,068 short tons at Feb. 28 1930. The
Association's statement follows:
SLAB ZINC STATISTICS(ALL GRADES)1929, 1930 & 1931 (Tons of 2,000 lbs.)
Total
1930.
January
February
March
April
May
June
July
August
September
October
November
December
50,862
48,057
55,107
55.203
57,475
52.532
54,447
55.708
51,994
54,513
48,411
47.292
50,234
52,395
58,463
58,334
58,226
49,182
47,943
51,980
47.202
48,777
43,148
36,717
631.601
602,601
52,010
44.628
48.119
44,435
44,556
43,458
40.023
41,012
40.470
40,922
32,097
32.683
40,704
41.290
41,820
40,597
38.681
36,448
35.389
31.901
32.470
32.430
30,285
34.245
Retorts Miffnal
Stock at x Skip- Operafg Orders Daily
End of pad for End of End of Aver.
Month. Export. Moist/s. Month. Prod,
47,058
42.720
39,364
36,233
35,482
38,832
45.336
49,064
53.856
59.592
64,855
75,430
63,698
68,127
68,015
70.455
70,533
69.703
69.911
59,408
69,468
67,636
58,723
57,999
58.726
59,610
79.995
55.571
42,883
36.127
32.031
24.283
20.270
14,844
11,872
18.585
1,641
1,716
1,778
1,840
1.854
1,751
1.756
1,797
1,733
1,758
1,614
1.526
20 59,457
6 57,929
17 51,300
26 50,038
31 52,072
37 52,428
31 46,030
17 50.404
11 44,974
0 41.004
0 37.492
0 33,640
39.017
32,962
29,330
29,203
30.515
28,979
34,135
28.972
27.108
29,510
24,481
26,651
1.678
1,594
1,552
1,481
1,437
1.449
1.291
1,323
1,349
1.320
1,070
1,054
CIS 0.Cr..
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Produced Shipped
During
During
Month. Month.
, .aecomoocowcww..
ao.
•I
p. 4.1
Month.
6.352
86,736
90,068
96.367
100,205
106.080
113,090
117,724
126,835
134,835
143.327
145.139
143,576
Total
504.412 436,266
196
1931
1 35,635 30,251 1.049
January
32,522
31,022 145,078
February
29,562
30,239 144,389
0 35,518 33,453 1,056
Average retorts operating during January 1931 totaled 35,137, and during
February 36,823.
Average Retorts Operating During 1930.
52,104 September
January
61,612 May
47.415
February
52,440 October
58,403 June
43,745
44,646 November
March
54,809 July
35,820
April
48,575 December
50,261 August
35,195
Export shipments are included in total shipments.
Note.-The foregoing figures have been adjusted to inc ode a number of corrections
made by slab sine producers in their reports as originally submitted to the Institute.
The corrections were made to insure uniformity in the method of reporting, and
particularly to Include in "Stock on Hand" all clan zinc at the reporting plants
regardless of whether sold or unsold.
Steel Backlog Off 167,157 Tons.
Unfilled orders on the books of the subsidiaries of the
United States Steel Corp. as of Feb. 28 1931 amounted to
3,965,194 tons as compared with 4,132,351 tons at the
end of January. The tonnage for the corresponding period
in 1930 was 4,479,748 tons. Below we furnish the figures by
months back to 1926. For figures of earlier periods, see
"Chronicle" of April 17 1926, page 2126.
1901
UNFILLED ORDERS OF SUBSIDIARIES OF U.S. STEEL CORPORATION.
Bede/Mona. 1931.
1930.
1929,
1928.
1926.
1927.
January
4,132,351 4.468,710 4,109,487 4,275,947 3.800,177 4.882,739
February
3,965,194 4,479,748 4.144,341 4,398,189 3.597.119 4,616.822
March4,570,653 4,410,718 4.335,206 3,553,140 4,379.935
April
4,354.220 4,427,763 3,872,133 3,456.132 3,867.976
May
4,059,227 4,304,167 3.416,822 3.050,941 3,649,250
June
3,968,064 4,256,910 3,637,009 3.053,246 3,478,642
July
4,022,055 4,088,177 3,570,927 3,142,014 3,602,522
August
3,580,204 3,6.58,211 3,624,043 3,196,037 3.542,335
September__
3,424,338 3,902,581 3,698.368 3,148,113 3,593,509
October
3.481.763 4.086,562 3,751,030 3,341.040 3,683,661
November
3,639,636 4,125,345 3,643.000 3,454,444 3,807,447
December
3.943,596 4,417.193 3.976.712 3.972.874 3.960.969
Five-Year Stabilization Plan Proposed for Iron and
Steel Scrap.
A five-year stabilization program for the iron and steel
scrap industry was laid down on March 12 at the closing
session of the third annual convention held in Cleveland,
of the Institute of Scrap Iron and Steel, Inc., by Benjamin
Schwartz, the Institute's director-general. Cleveland advices to the New York "Journal of Commerce" noted this
and added:
In five years, Mr. Schwartz declared it will be possible to realize the
fruits of a program including mergers, co-operation, trade promotion and
education.
The address, containing numerous recommendations, presented an aggressive program for a trade association which already in the three years
of its existence has reported rapid progress. Leadership and sufficient
funds, Mr. Schwartz asserted, are the requisites to the accomplishment of
the five-year stabilization objectives.
The director-general's recommendations included the following:
That the Department of Commerce be requested to make a survey of
the marketing and distributing machinery of the industry to determine
sources of scrap, normal outlets and channels of distribution.
That a commission be appointed by the institute to consist of dealers,
consumers, producers and those Governmental agencies interested in conservation of iron ore resources, the duties of this commission being to hold
hearings, assist in the Department of Commerce survey and develop a
marketing plan for the industry.
That immediate steps be taken to plan mergers.
That an export association be organized under the Webb-Pomerene law.
That negotiations with the American Iron and Steel Institute, represented by a committee consisting of James E. Farrell, L. E. Block and
Eugene Grace, be speeded up with the ultimate aim of bringing the leaders
of the steel industry to a realization that the elimination of the scrap iron
dealer is against their own interests and against the national welfare.
Mr. Schwartz made a strong plea for elimination of direct dealing
between the consumer and producer of scrap, arguing for free and fair
competition and the rendering of the most economical service. Direct
dealing, he said, overlooks conservation of iron ore, and the first line of
our defences.
"We look in vain for constructive leadership in the steel industry, foe
conservation of iron ore which has taken millions of years to create," he
declared, adding that the American Iron and Steel Institute has done very
little to promote any conservation policy.
Steel Workers Get Open Shop Notice-Structural Steel
Board of Trade Cites Reversal of Order Telling Its
Members to Hire Only Union Men.
The following is from the New York "Times" of Mar. 9:
Virtual notice that open shop conditions will exist in the New York
structural steel industry has been served on employes of the Structural
Steel Board of Trade, Inc., Allen E. Beals says in the current Dow Service
Daily Building Reports. Information to that effect is carried this week
in pay envelopes of the employes by a notice saying that all Court orders
requiring members ofthe board to employ only members of the International
Association of Bridge, Structural and Ornamental Ironworkers had been
completely nullified and wiped out by a decision of the Appellate Division
of the Supreme Court, handed down on Feb. 27.
The decision was unanimous and stated that the injunction granted to
the union by Justice William Harmon Black was granted in error and should
not have been issued. Mr. Beals says this leaves the board in exactly the
same situation as has existed for the past twenty-five years, in that they will
continue to operate on the open-shop basis, assuring owners and builders
that the steel, at least, will go up without interruption.
"The significance of these notices is deep," Robert T. Brooks. Chairman
of the Labor Committee of the Structural Board of Trade, said, addressing
its membership last week. "It affects practically every part of the building
construction industry of the metropolitan district of New York in one way
or another."
The restraining order had been issued by Justice Black pending trial
based on the claim of the union for 83,500.000 damages from members of
the Structural Steel Board of Trade, which includes the principal steelerecting firms doing business within the metropolitan district of New York.
"Copies of the decision as unanimously handed down by Justices Edward R. Finch, John A. McAyoy, Francis Martin and James O'Malley were
eagerly sought," Mr. Beals writes, "by building contractors, owners and
architects having projects going forward at this time, because, pending
at least the outcome of the damage suit, it leaves this trade, the first one
to begin work on a large building operation, in the same peaceful status
it has heretofore enjoyed as an open-shop trade, or one that is free from
organized labor control."
Steel Output Now 55%-Demand Shows More Uniform
Upward Trend-Price of Steel Scrap Lower.
Demand for iron and steel shows a more uniform upward
trend, with production increasing at a less deliberate pace
than in recent weeks, the "Iron Age" of March 12 announces.
New business is well diversified and, in view of the pronounced caution still ruling among buyers, is a true reflection of the expanding requirements of consuming industries. While large backlogs always give producers a
feeling of greater security regarding the future, the decisive
factor so far as production is concerned is the rate at which
1902
FINANCIAL CHIIONTCLE
[You 1112.
tonnage is released for shipment. The size of forward commitments is influenced by general sentiment in the trade,
price considerations and custom, as for example in the case of
rails, most of which are contracted for in an annual fall and
winter buying movement. Specifications, on the other hand,
are ordinarily determined by the actual current requirements of the buyer. This is particularly true in a time of
depression when consumer stocks are kept at a minimum.
The "Age" goes on to say:
These increases follow last week's advance of $1 per ton on hot-rolled
and $2 on cold-rolled strip steel. Some producers are extending first
quarter levels on sheets, cold-finished bars, bolts, nuts, rivets and semifinished steel other than wire rods when protection is sought, which is infrequent. For several weeks most pig iron producers have applied current
quotations to new business. ,
Presumably, independent producers will accept the lead of the Steel
corporation. There is considerable opinion, however, that the state of
demand rather than the state of mind of producers concerning present
unremunerative prices will be the final determining factor. In view of the
slightly easier tendency in some products the past few days, the advances
will at least be a defensive gesture and may, if sustained by bookings, imThe real significance of the Steel corporation's loss of 167,157 tons in prove billings. With eight automotive buyers requesting prices by March
unfilled orders in February was that it reflected a gain in shipments. 14 on various steel products, the situation may be clarified shortly.
Further improvement in shipping orders has been the experience of the
Following the substantial rise in demand in January and February the
Industry thus far in the current month. Specifications of a leading maker iron and steel markets again are in a condition where judgment based upon
of sheets have gained for the eighth consecutive week, while those of a one week alone may be distorted. Demand ebbs and flows from week to
large producer of bars, plates and shapes have risen for the third successive week-being in the ebb this week. There is no mistaking that sentiment
week. According to all present indications. March will show an impressive has suffered considerable loss, yet the majority opinion of the industry
improvement over February in shipments, bookings and mill operations is that the trend will continue upward, even if mildly so. First quarter
alike, with the probability that the momentum acquired during the month earnings reports may show a slight gain over the last quarter of 1930.
Some producers of steel report the first 10 days of March less productive
will carry into April and May.
Average ingot output both for Steel corporation subsidiaries and other of new business than the comparable periods of January and February;
steel producers is now estimated at 55% as compared with a general rate others note slight improvement. On the face of hitherto reliable operating
of 53% a week ago. No reductions in production are reported by any of reports by districts, steelmaking operations this week are fractionally
the steel producing centres and further gains have occurred in Chicago, higher at 55-56%. Youngstown at 50% is up two points, Chicago at 57-58
is up two to three points, Pittsburgh at 50 is up one point, Cleveland at
Cleveland, Youngstown. southern Ohio and in the Wheeling district.
The most conspicuous recent gain in iron and steel demand has come 65 is up seven points. Birmingham at 65% and eastern Pennsylvania at
from the automobile industry, while pipe line construction, public works 53 are unchanged. Buffalo is off three points to 54%.
If these rates are held. the March daily ingot rate should slightly better
and heavy structural work in general loom large as additional outlets for
Increasing tonnage. According to preliminary estimates, 220,000 automo- than February average of 105,305 gross tons daily, rating February output
at
52.6% of capacity. Over January, which was a 45.9% steel month.
and
biles were produced in the United States
Canada in February and
expanding schedules point to an output of 300,000 cars this month. Not- the February rate was a gain of 14.5%. Thus far Ilene of the seven blast
withstanding current improvement the motor car industry is dominated furnace stacks lighted in February has been blown out, giving March the
by conservative policies, keeping the flow of raw materials in close step benefit of at least a half month's additional pig iron production. The
Steel corporation's decline of 167,157 tons in unfilled orders as of Feb. 28
with assemblies and retail demand.
The recent price policy of the steel industry has been dictated by necessity resulted more from increased production than declining bookings.
A. 0. Smith Corp., Milwaukee, has booked 20,000 tons of 26-inch steel
rather than prospects of marked improvement in new business. Where
quotations have been revised upward it has been because the market had pipe for the Southern Fuel Co., Los Angeles, with 30,000 tons for this
fallen so low that serious losses were being incurred. The American Steel & project yet to be placed. The Montana Power Co. is maturing a gas line
Wire Co. has sent to its customers a list of minimum prices necessitated for the Northwest requiring 62,000 tons of steel pipe. On 16,000 tons of
by present costs. These quotations are $2 a ton higher than those hereto- cast pipe for Chicago, French bidders were low at $38.36 to 339.30, defore current in the trade. Most strip manufacturers have adopted the livered, but delivery requirements probably will clinch the business for
revised prices announced a week ago. Some makers of sheets and bars, domestic producers at $40.65 to $42.
Structural steel awards at approximately 40,000 tons compare with
plates and shapes are willing to accept second quarter contracts at unchanged prices, although little interest in forward commitments is yet 40,546 tons last week and 32,537 tons a year ago. Four thousand tons for
manifest. Heavy melting scrap is off 25c. a ton at Pittsburgh and is weaker elimination of grade crossings by the Toronto, Hamilton & Buffalo railroad
and 3,260 cons for a Missouri-Kansas-Texas railroad bridge topped awards.
at St. Louis, but is stronger in tone at Chicago and Detroit.
For 1,050 hopper cars for the Bessemer & Lake Erie railroad 25.000 tons
Two separate prices are now being quoted on long tomes, 3.35c., mill,
of steel will be needed. Nickel Plate has formally distributed 27,400 tons
on assorted and 3.25c. on unasserted material.
Pipe line purchases are featured by the placing of 20,000 tons by the of rails. February freight car awards totaled 50, against 100 in January
Pacific Gas & Electric Co. with the Milwaukee fabricator. The California and 17,027 last February.
company still has 30,000 tons to buy. Structural steel awards of the week
"Steel's" market composite stands at $31.61.
are small, totaling 20,000 tons, as compared with 59,000 tons last week and
Steel ingot production for the week ended last Monday
55,000 tons two weeks ago. The large amount of pending work has been
(March 9) is placed at 54% of theoretical capacity, comaugmented by inquiries for 22,500 tons.
The Bessemer & Lake Erie has distributed orders for 1,050 90-ton hopper pared with a fraction over 53% in the preceding week and
cars, requiring 20.000 tons of steel. The Pennsylvania will buy 90 electric better
than 52% two weeks ago, stated the "Wall Street
locomotives. A general resumption of railroad equipment buying is unlikely
until the downward tendency in carloadings is definitely arrested, but Journal" of March 11, which further reports:
There was a small reduction by the United States Steel Corp., the
the need for equipment replacements is indicated by the heavy scrapping
programs of some of the roads, one western line having undertaken the output of which is estimated to have been at 54%, against nearly 55%
scrapping of 7,000 cars. Rail mill operations are being helped by releases the week before and in excess of 53% two weeks ago.
of unspecified carryover tonnage from 1930 contracts. Freight terminal
Leading independents made the best showing, an increase of nearly 2%
improvements in New York, for which the New York Central has appro- at 54%, contrasted with a fraction over 52% in the previous week and
priated $100,000,000, will call for large quantities of steel.
513% two weeks ago.
The "Iron Age" composite price for heavy melting scrap has declined
In the corresponding week a year ago there were reductions of 3% in
from $11.17 to $11.08 a ton. Finished steel is unchanged at 2.142c. a lb., all classes, the 'United States Steel Corp. being at 82%, with leading
independents
in excess of 70% and the average slightly under 76%.
and pig iron. at $15.71 a ton. A comparative table shows:
Increases were shown in the same weeks of both 1929 and 1928. In
Finished Steel.
Mar. 10 1931. 2.142a. a Lb,
Based on steel bars, beams, tank plates. 1929 the Steel corporation ran at 97%, leading independents at 92%
2.1420. wire, rails, black pipe and sheets. and the average was a fraction over 94%. In 1928 the Steel corporation
One week ago
One month ago
2.142c. These products make 87% of the was between 88% and 89%, with leading independents at 76% and the
2.312o. United States output.
One year ago
average was nearly 82%
High.
Low.
2.142c. Jan. 13
1931
2.121c. Jan. If
2.3620. Jan. 7
2.121c. Dec. 9 Mild Weather Cuts Bituminous Demand-February
1930
2.362c, Oct. 29
2.4120. Apr. 2
1929
Prices Slump.
2.3910. Dec. 11
2.314c. Jan, 3
1928
2.4530. Jan. 4
2.2930. Oct. 25
1927
Mild weather, coupled with consumer indifference, played
2.4030. May 18
2.4530. Jan. 5
1928
2.396s. Aug. 18
2.5600. Jan. 6
1926
havoc with the demand for domestic coal in the bituminous
Pig hew.
markets of the country in February, the "Coal Age" reports.
On average of basic iron at Valley
Mar. 10 1931. $15.71 a Gross Ton.
tati...,.e and foundry irons at Chicago. Prices in
$16.71
One week ago
most sections slumped, and in a few markets, under
One month ago
16.88 Phnadelphia.113uffalo. Valley and SirOne year ago
17,75J mingham.
the strain of reductions announced for coming months, apLow.
High.
1931
$15.71 Feb. 17 proached demoralization. The "Age" also goes on to say:
$15.90 Jan. 6
1930
15.90 Dec. 16
18.21 Jan. 7
Demand for industrial coal, reflecting the continued business depression.
18.21 Dec. 17 was slow last
1929
18.71 May 14
month, though a slight increase in activity was reported in
1928
17.04 July 24
18.59 Nov.27
certain
sections. Curtailments in production caused by the declining
1927
17.54 Nov. 3
19.71 Jan. 4
1926
19.46 July 13 domestic market resulted in a shortage of slack and screenings. Quotations
21.54 Jan. 5
1925
18.96 July 7 on these sizes closed markedly higher at the end of the
22.50 Jan. 13
month.
Steel Scrap.
February production of bituminous coal is estimated at 31,417,000 net
Mar. 10 1931, $11.08 a Gross Ton. Based on heavy melting steel Quo- tons, a decrease of 7,125,000 tons and 8.138,000 tons, respectively,
from
One week ago
$11,171 tenons at Pittsburgh. Philadelphia the totals for the preceding month and
February 1930. Anthracite proOne month ago
ll.l3f and Chicago.
duction
is
estimated
at
net
tons
5,391,000
for
One year ago
February. This compares
15.00
with 6,157,000 tons in January and 6,048,000 tons in February a year ago.
Low.
High.
1931
The "Coal Age" Index of spot bituminous prices (preliminary) for
$11.08 Feb. 17
$11.33 Jan. 6
1930
11.25 Dec. 9 February settled at 146j.(,against the revised figure of
15.00 Feb. 18
146 2-5 for January.
1929
14.08 Dec. 3
17.58 Jan. 29
1928
13.08 July 2 Corresponding weighted average prices were.;, February, $1.77; January.
16.50 Dec. 31
1927
15.25 Jan. 11
13,08 Nov. 22 $1.77 1-5.
4; lo
1926
17.25 Jan. 5
In spite of unseasonable weather, anthracite enjoyed a fair demand in
14.00 June 1
1925
20.83 Jan. 13
15.08 May 5 February. Egg, stove and chestnut were In free supply
the
Subsidiaries of the United States Steel Corp. are taking month. Pea, reflecting a strong demand, was scarce and throughout
tight. Several
the lead in adopting price advances for the second quarter, producers, it was reported, crushed down the larger sizes US kbep pace with
the pea market. Of the steam sizes, buckwheat was scarce and tight, while
announces "Steel" in its March 12 issue. The Carnegie rice
moved freely in response to an excellent call.
Steel Co. has announced 1.65c., base, Pittsburgh, as its
second quarter contract price on steel bars, plates and shapes; January Production of Bituminous Coal Lower-Anthis equals the currentinominal asking price and is $1 per
thracite Output Higher Than in Corresponding
tonSover first quarter contracts. American Steel & Wire
Period in 1930.
Co. is putting up all wire products except fencing and bale
According to the United States Bureau of Mines, Departties $2 per ton. "Steel" further states:
ment of Commerce, the total production of bituminous coal
MAR. 14 1931.]
FINANCIAL CHRONICLE
for the country as a whole during the month of January,
with 26.3 working days, is estimated at 38,542,000 net tons.
This is in comparison with 39,716,000 tons for the 26 working
days in December. The average daily output in January
was 1,465,000 tons, a decrease of 63,000 tons, or 4.1%,
from the daily rate of 1,528,000 tons for the month of December.
The production of Pennsylvania anthracite amounted to
6,157,000 net tons in January and 6,086,000 tons in December. The average daily rate of output in January was 236,800
tons, an increase of 2,700 tons, or 1.2%, over the daily
rate-234,100 tons-in December. The Association's statement further shows:
ESTIMATED PRODUCTION OF COAL, BY STATES, IN JANUARY
(Net Tons) a.
StateAlabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky-Eastern
Western
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
W. Va.-Southern b_
Northern_c
Wyoming
Other States_d
Jan. 1931. Dec. 1930! Jan. 1930. Jan. 1929. Jan. 1923,
1,265,000
156,000
819,000
5,065,000
1,478,000
362,000
282,000
3,076,000
922,000
222,000
74,000
297,000
200,000
166,000
200,000
2,068,000
222,000
9,735,000
482,000
60,000
510,000
1,008,000
172,000
6,739,000
2,523,000
430,000
9,000
1,309,000 1,665,000 1,689.000 1,902,000
243,000
218,000
184,000
135,000
1,012,000 1,281,000 1,219,000
992,000
5,496,000 6,798,000 7,202.000 9,256,000
1,575,000 1,800,000 1,909,000 2,890.000
452.000
503,000
415,000
613,000
294,000
385,000
298,000
449,000
3,144,000 4,308,000 4,210,000 2,661,000
943,000 1,415,000 1,818,000 1,053,000
267,000
282.000
229,000
239,000
77,000
77,000
76,000
142,000
408,000
462,000
311,000
381,000
347,000
365,000
279,000
316,000
250,000
272.000
175,000
317,000
267,000
269,000
181,000
220,000
2,192,000 2,170,000 1,973,000 3,567,000
443,000
530,000
242,000
271,000
9,760.000 11,594,000 12,916,000 14,911,000
526,000
510,000
463,000
585,000
77,000
109,000
93.000
112,000
655,000
683,000
557,000
478,000
960,000 1,178,000 1,174,000
926,000
274.000
283,000
225,000
326,000
6,494,000 9,106,000 9,261,000 4,970,000
2,517.000 3,057,000 3,399,000 3,340,000
735,000
736,000
817,000
554.000
13,000
22,000
32,000
30.000
Total bituminous coal 38,542,000 39,716,000 49,778,000 52,398,000 51,944,000
Penn. anthracite
6,157,000 6,086,000 7.038,000 7,068,000 8,521,000
Total all coal
44,699.000 45,802,000 56,816,000 59,466,000 60.465,000
a Figures for 1929 and 1923 are final. b Includes operations on the N. & W.,
C.& 0., Virginian, and K.& M. c Rest of State, including Panhandle. d Figures
are not strictly comparable for the several years.
Note.-Aboye are given the first estimates of production of bituminous coal, by
States, for the month of January. The distribution of the tonnage is based In part
(except for certain States which themselves furnish authentic data) on figures of
oadings by railroads divisions, furnished by the American Railway Association and
by officials of certain roads, and in part on reports made by the U. S. Engineer
offices.
1903
Estimated Weekly Production of Coal by States (Net Tons.)
Week Ended
Feb.'23
StateFeb. 21'31. Feb. 14'31. Feb. 22'30. Feb. 23'29.Average.a
Alabama
260.000
265,000
336,000
398,000
409,000
14,000
Arkansas
20,000
33,000
55.000
25,000
Colorado
120,000
129.000
132,000
298,000
231.000
999,000 1,051,000 1,101,000 1,683,000 1,993,000
Illinois
Indiana
309,000
295,000
350,000
510.000
613.000
Iowa
67,000
71,000
71,000
111.000
136,000
Kansas
49,000
45,000
56,000
92,000
95,000
KentuckyEastern
597,000
623,000
864,000
953,000
556.000
Western
186,000
176,000
235,000
404,000
226.000
Maryland
42,00047,000
54,000
61.000
51.000
Michigan
18,000
17,000
15,000
26.000
18.000
Missouri
55,000
58,000
78,000
115,000
79.000
Montana
38,000
38,000
49,000
89.000
80,000
New Mexico.. _
32.000
28,000
31,000
53.000
58,000
North Dakota41,000
30.000
38,000
63.000
37,000
Ohio
464.000
456,000
454,000
476.000
694,000
Oklahoma
26,000
47,000
31,000
114.000
62,000
Penna (bitum.)-_ 2,198,000 2,289.000 2,539,000 2,888.000 3,087,000
106,000
Tennessee
101.000
101,000
114.000
127,000
Texas
10,000
14,000
10,000
25,000
23.000
Utah
58,000
63,000
61,000
152,000
96,000
Virginia
197,000
260,000
199,000
288,000
212,000
39,000
Washington _ 73,000
38,000
37,000
77,000
West VirginiaSouthern b
1.396,000 1.468,000 1.794.000 2.086,000 1,127,000
Northern c
685,000
673.000
673.000
557,000
531,000
Wyoming
159,000
89,000
85,000
156,000
72.000
4,000
5,000
Other States d
2.000
7,000
2,000
Total bitum-- 7,905,000 8,215,000 9.515,000 11.967,000 10,956,000
Penn. anthracite 1,209,000 1,595,000 1,407,000 1,409,000 1.902,000
Total all coal__ 9,114,000 9,810,000 10,922,000 13,376,000 12,858,000
a Average weekly rate for the entire month. b Includes operations on
the N. St W. C. & O.; Virginian; and K. & M. c Rest of State, including
Panhandle. d Figures are not strictly comparable in the several years.
PENNSYLVANIA ANTHRACITE.
The production of anthracite in the State of Pennsylvania during the
week ended Feb.28 is estimated at 1,133,000 net tons. Compared with the
output In the preceding week this shows a decrease of 76,000 tons, or 6.3%
Production during the week in 1930 corresponding with that of Feb. 28
amounted to 1,094,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1931
1930a
Daily
Daily
Week EndedAverage.
Average.
Week.
Week.
Feb. 14
284,500
1,595,000
1,707,000
265,800
Feb. 21
1,209.000
1,407.000
201,500
255,800
Feb. 28
206,000
182.300
1.133,000
1,094,000
a Figures for 1930 revised slightly to insure comparability with 1931.
BEEHIVE COAL.
The total production of beenive coke during the week ended Feb. 28 Is
estimated at 36,200 net tons. Compared with the output in the preceding
week, this shows a decrease of 7,100 tons, or 16.4%. The following table
apportions the tonnage by regions:
Output of Bituminous Coal Shows Further DeclineProduction of Pennsylvania Anthracite Higher
Estimated Weekly Production of Beehive Coke (Net Tons).
Than a Year Ago.
Week Ended
1930.
1931.
According to the United States Bureau of Mines, DepartRegionFeb.28'31bFeb.21'31cMar.1'30
to Date. to Date.a
Penn.,
Ohio
&
W.
523,900
Va_
63,400
32,400
290,300
39.700
during
the
week
ment of Commerce, there were produced
Tennessee & Virginia_ 2,900
50,000
3,600
25,000
2,600
25,000
ended Feb.28 1931 a total of 7,440,000 net tons of bituminous Colo., Utah & Wash__ 900
10,010
1.000
1,900
anthracite
and
36,200
Pennsylvania
coal, 1,133,000 tons of
United States total- 36,200
599,100
325.400
43,300
68.900
tons of beehive coke. This compares with 8,179,000 tons of Daily average
11,747
7,217
11,483
6,033
6,380
bituminous coal, 1,094,000 tons of Pennsylvania anthracite
a Minus one day's production first week in January to equalize number
ended
week
Mar. 1 of days in the two years. b Subject to revision. c Revised since last
and 68,900 tons of beehive coke in the
1930, and 7,905,000 tons of bituminous coal, 1,209,000 tons report.
of Pennsylvania anthracite and 43,300 tonslof beehive coke
in the week ended Feb. 21 1931.
Bituminous Coal and Anthracite Output Fell Off
During February.
During the coal year to Feb. 28 1931, the production of
bituminous coal amounted to 406,459,000 net tons, as comAccording to the United States Bureau of Mines, Departpared with 482,933,000 tons in the coal year to Mar. 1 1930. ment of Commerce, preliminary estimates for the month of
The Bureau's statement follows:
February 1931 show that 31,417,000 net tons of bituminous
coal, 5,391,000 tons of anthracite and 169,600 tons of
BITUMINOUS COAL.
The total production ofsoft coal during the week ended Feb. 28, including beehive coke were produced in that month, as against
lignite and coal coked at the mines, is estimated at 7,440,000 net tons. 39,555,000 tons of bituminous coal, 6,048,000 tons of
Compared with the output in the preceding week, this shows a decrease of
anthracite and 281,000 tons of beehive coke in the corres465.000 tons, or 5.9%. Feb. 23 was observed in some fields as a holiday
in honor of Washington's birthday. For the country as a whole, production ponding period last year and 38,582,000 tons of bituminous
was equivalent to approximately 0.9 of a normal working day.
coal, 6,157,000 tons of anthracite and 163,000 tons of
beehive coke in January of this year.
Estimated United States Production of Bituminous Coal (Net Tons.)
1930-31
The average daily rate of production of bituminous coal
1929-30
-Coal Year
Coal Year
in February 1931 amounted to 1,315,000 net tons as comto Date.
Week.
Week.
Week Endedto Date.a
8,215.000 391,114,000
Feb. 14
10,224,000 465,239,000 pared with 1,465,000 tons in the preceding month and
1,453,000
1,369.000
Daily average
1.704,000
1,663.000
Feb. 21 b
9,515,000 474.754,000 1,655,000 tons in February 1930. The Bureau's statement
7 905,000 399,019,000
Daily average
.
1.450.000• •
c
406,459,000
8,179,000
28
7,440.000
Feb.
482,933:000 follows:
Daily average d
1,281,000
1,446,000
1,363,000
1.676,000
a Minus one day's production first week in April to equalize number of
days in the two years. b Revised since last report. c Subject to revision.
Total for
Month
(Net Tons).
Number of
Working
Days.
Average per
irorking Dag
(Net Tons).
d Feb. 23 weighted as 0.9 of a normal working day.
The total production of soft coal during the present coal year to Feb. 28 February 1931 (Preaminart0 1131,417,000
23.9
Bituminous coal
1,315,000
(approximately 281 working days) amounts to 406,459.000 net tons.
5,391,000
23.5
Anthracite
229.400
Figures for corresponding periods in other recent coal years are given below:
24
169,600
Beehive coke
7.067
538,664,000 net tons January 1931 (Resteed)1929-30
482,933,000 net tons 1926-27
38,542.000
26.3
Bituminous
coal
1,465,000
397,552,000 net tons
1928-29
471.597,000 net tons 1921-22
6,157.000
26
Anthracite
236,800
436.201,000 net tonal
1927-28
163.000
27
Beehive coke
6,037
above,
February
the
1930
figures
revised
total
already
indicated by the
production
As
39,555.000
23.9
Bituminous coal
1.655,000
of soft coal for the country as a whole during the week ended Feb. 21, is
6,048,000
23.5
Anthracite.b
257,400
estimated at 7,905.000 net tons. Compared with the output in the pre281,000
24
Beehive coke
11.708
ceding week, this shows a decrease of 310.000 tons, of 3.8%. The following
will
be
issued
estimates
these
in
the Weekly Coal Report
a Slight revisions of
table apportions the tonnage by States and gives comparable figures for about the middle of the month. b Figures for 1930 revised slightly to insure comparability with 1931.
other recent years:
1904
FINANCIAL CHRONICLE
rice.. 132.
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 March 11, as reported
by the 12 Federal Reserve banks, was $944,000,000, an increase of $23,000,000 compared with the preceding week
and a decrease of $133,000,000 compared with the corresponding week in 1930. After noting these facts, the
Federal Reserve Board proceeds as follows:
On March 11 total Reserve bank credit amounted to 8942,000.000. an
Increase of $34,000,000 for the week. This increase corresponds with an
increase of $71,000,000 in member bank reserve balances, offset in part by
a decrease of $21,000,000 in money in circulation and increases of $5,000.000 in monetary gold stock and $10,000,000 in Treasury currency.
Holdings of discounted bills declined $14,000,000 at the Federal Reserve
Bank of San Francisco and $18,000,000 at all Federal Reserve banks
during the v eek. The System's holdings of bills bought in open market
increased $50,000,000 and of Treasury notes $10,000,000, while holdings of
Treasury certificates and bills declined $5,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not previously 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 for the week ended March 11, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages—
namely, pages 1943 and 1944.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
March 11 1931 were as follows:
Mar.111931. Ma .4 1931. Mar. 12 1930.
2,475,000,000 2,473,000,000 1,895,000,000
Investments—total
U. S. Government securities
Other securities
1 348,000,000 1,357,000,000 1,097,000,000
1,127,000,000 1,116,000,000 798,000,000
Reserve with Federal Reserve Bank
Cash in valut
866,000,000
44,000,000
784,000,000
43,000,000
755,000,000
48,000,000
Net demand deposits
Time deposits
Government deposits
5885,000,000 5.781,000,000 5,276,000,000
1 196,000,000 1,232,000,000 1,295,000,000
5,000,000
Due from banks
Due to banks
99,000,000
97,000,000
1,253,000,000 1,315,000,000
Borrowings from Federal Reserve Bank_
82,000,000
897,000,000
1,000,000
Loans on secur, to brokers Ec dealers;
For own account
1,236,000,000 1,316,000,000 1,146,000,000
For account of out-of-town banks
293,000,000 210,000,000 1,079,000,000
For account of others
290,000,000 264,000,000 1,494,000,000
Total
1,819,000,000 1,790,000,000 3,720,000.000
On demand
On time
1,411,000,000 1,392,000.000 3,302,000,000
408,000,000 398,000,000 417.000,000
Chicago.
1 943,000,000 1,950,000,000 1,847.000,000
Loans and investments—total
1 308,000.000 1,303,000,000 1,483,000,000
Loans—total
On securities
All other
763,000,000
545,000.000
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in valult
742,000,000
561,000,000
882,000,000
601,000,000
635,000.000
647.000,000
364,000,000
329.000,000
306.000,000
343,000,000
304,000,000
167,000,000
196,000,000
177,000,000
12,000,000
185,000,000
13.000,000
177,000,000
14,000.000
1,204,000,000 1,221.000,000 1,231,000,000
634,000,000 632,000,000 525,000,000
4,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowing from Federal Reserve Bank
168,000,000
362,000.000
170,000,000
371,000,000
1,000,000
1,000.000
119,000,000
327,000,000
Increase (+) or Decrease (—)
Since
Mn',111931. Mar. 4 1931, Mar, 12 1930.
$
173,000,000 —18,000,000
—93,000.000
151,000,000 +50,000,000 —106,000,000
605,000,000
+5,000,000
+91,000,000
—4,000,000 —188,000,000
13,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
Bills discounted
Bills bought
As explained above, the statements for the New York and
United States securities
Chicago member banks are now given out on Thursday,
Other Reserve bank credit
TOTAL RES'VE BANK CREDIT
942,000,000 +34,000,000 —126,000.000 simultaneously with the figures for the Reserve banks themMonetary gold stock
4,677,000,000
+5,000,000 +292.000,000 selves, and covering the same week, instead of being held
1,772,000,000 +10,000.000
Treasury currency adjusted
—44,000,000
until the following Monday, before which time the statistics
4.554,000,000 —21,000,000
Money in circulation
+58,000,000
2,436,000,000 +71.000,000
Member bank reserve balances
+82,000,000 covering the entire body of reporting member banks in 101
Unexpended capital funds, non-mem401,000,000
ber deposits, &c
—19,000,000 cities cannot be got ready.
In the following will be found the comments of the Federal
Returns of Member Banks for New York and Chicago Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
Federal Reserve Districts—Brokers' Loans.
of business on March 4:
Beginning with the returns for June 29 1927, the Federal the week ended with the close
The Federal Reserve Board's condition statement of weekly reporting
Reserve Board also commenced to give out the figures of the member banks in leading cities on March 4 shows decreases for the week of
member banks in the New York Federal Reserve District, 826,000,000 in loans and investments, $100,000,000 in net demand deposits
and $51,000,000 in Government deposits, and increases of $14,000,000 in
as well as those in the Chicago Reserve District, on Thurs- time
deposits and $5,000,000 in borrowings from Federal Reserve banks.
days, simultaneously with the figures for the Reserve banks
Loans on securities declined $36,000,000 at reporting banks in the
themselves, and for the same week, instead of waiting until Chicago district, $12,000,000 in the San Francisco district and $40,000,000
at all reporting banks, and increased $20,000,000 in the New York district.
the following Monday, before which time the statistics "All
other" loans increased $11,000,000 in the Boston district, $0,000,000
covering the entire body of reproting member banks in the in the San Francisco district, $6,000,000 in the Philadelphia district and
at all reporting banks, and declined $8,000,000 in the New
817,000,000
differenct cities included cannot be got ready.
district.
Below is the statement for the New York member banks York
Holdings of U. S. Government securities increased $14,000,000 in the
and that for the Chicago member banks for the current New York district, $6,000,000 in the Cleveland district, $6,000,000 in the
San
week as thus issued in advance of the full statement of the of Francisco district, and $30,000,000 at all reporting banks. Holdings
other securities declined $50,000,000 in the Now York district and
member banks, which latter will not be available until the $33,000.000 at all reporting
banks.
coming Monday. The New York statement, of course, also
Borrowings of weekly reporting member banks from Federal Reserve
banks
aggregated $47,000,000 on March 4, the principal change for the
includes the brokers' loans of reporting member banks. The week being
an increase of $5,000,000 at the Federal Reserve Bank of San
of
figures
for
the
exclusive
Bank
present week's totals are
A summary of the principal assets and liabilities of weekly reporting
of United States in this city, which closed its doors on
member banks, together with changes during the week and the year ending
Dec. 11 1930. The last report of this bank showed loans March
4 1931, follows:
Increase 1+)sior e Decrease
and investments of about $190,000,000. The grand aggregate of brokers' loans the present week records an increase
March 4 1931. Feb. 25 1931., March 5 1930.
of $29,000,000, the total on March 11 1931 standing at Loans and investments—total__ _ _22,621,000,000 *-26,000,000 +520,000,000
$1,819,000,000. The present week's increase of $29,000,000 Loans—total
15,441,000,000 *-23,000,000 —1,106.000,000
follows a decrease of $8,000,000 last week but an increase
—40,000,000 —464,000,000
7,273,000,000
On
securities
of $82,000,000 in the preceding three weeks. Loans "for
8,168,000,000 *---17,000,000 —642,000,000
All other
own account" decreased during the week from $1,316,000,000
—3,000,000 +1.626,000,000
7,180,000,000
to $1,236,000,000, and loans "for account of out-of-town Investments—total
+30,000,000 +678,000,000
3,444,000,000
U. S. Government securities
banks" increased from $210,000,000 to $216,000,000 and
—33,000,000 +948,000,000
3.736.000,000
Other securities
loans "for account of others" from $264,000,000 to $290,—28,000,000
+90,000,000
000,000.
Reserve with Federal Res've banks 1,773,000,000
—13.000,000
—7,000,000
CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar. 111931. Mar.41931. Mar.12 1930.
$
Loans and investments—total
7,829,000,000 7,954,000.000 7,595.000,000
Loans—total
On securities
All other
5,354,000.000 5,481,000,000 5,700,000,000
3,082,000,000 3,160,000,000 3,065,000,000
2,272,000,000 2,321,000,000 2,635,000,000
211,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
13,514,000,000
7,289,000,000
29,000,000
—100,000.000
+14,000,000
—51,000,000
+574,000,000
+402,000.000
+29,000,000
1,855,000,000
3,835.000,000
+7,000,000
+58,000,000
+757,000,000
+925,000,000
47.000,000
+5,000,000
—81,000,000
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
* Feb. 25 figures revised.
MAR. 14 1931.]
FINANCIAL CHRONICLE
1905
obligations; the
holm declaration that the Reich will meet its Young plan
Bank for International Settlements Backs Long Term improvement in the Indian situation, and the January declaration of the
Credits—Will Encourage Movement by Subscrib- Foreign Ministers that there was no danger of war, and that they were
more resolved than ever to keep to the peaceful machinery of the League.
ing to Bonds of International Mortgage Bank.
In such circumstances, it is held, the time has come to restore the flow
Indicating that the board of the Bank for International of money into long-term credits, which was normal until the 1929 crash,
Settlements has affirmed its belief that the time has come and which since then has been flooding the short-term market instead.
Short-term credits, the bankers point out, are chiefly used for current
for a resumption of long-term credits, and in order to leave production, and what the world now needs is the consumption which
no doubt of its confidence in the future it decided to back ong-t erm credits stimulate.
this confidence with its own money the correspondent at
Basle of the New York "Times" on March 9 said:
February 28 Statement of Bank for International
The board which took these decisions included the Governors of the
Settlements—Assets at $357,892,566 Compare With
Banks of England, France, Germany, Italy and Belgium and representaon January 31.
$328,448,392
Bank
of
the
of
American
group
composed
of
tives
Japan and an
J. P.
Morgan St Co. and the First National Banks of New York and Chicago.
The monthly statement of the Bunk for International SetThat the aim of the world bank was, above all, to stimulate the return
at Basle, Mar. 5, showed the bank's books
of prosperity by transmitting the Bank's confidence to the rest of the tlements, issued
world was shown not merely by these decisions but also by the pains taken balanced on Feb. 28 at $357,892,566. Noting this, a cableto make these decisions public in a special communique added to the usual gram to the New York "Times" said:
one issued after the board's monthly meeting to-day.
This represents an increase of $29,000,000 during the month, bringing
the bank's funds within $4,000,000 of the peak reached at the end of
The Communique.
November—just before heavy withdrawals were made to meet Allied debt
The special communique reads:
The board of directors was unanimous in recognizing that one of the payments.
fundamental prerequisites to the amelioration of general economic condiHalf of the new business in February consisted of sight deposits of
tions is the reopening of investment markets with a view to facilitating the
attributed to the bank's improved
conversion of short-term capital into long-term capital and with a view to central banks, this increase being
moving capital from where it is not employed to markets where it is required clearing house facilities. The other half was in the form of three to six
for desirable economic ends.
months' central bank deposits for the account of others. It was due to
The board is agreed that the Bank for International Settlements should the various treasuries allowing funds to accumulate in order to meet the
foster and stimulate this objective, and it is as a specific indication of its
readiness to encourage such movements of capital that the President has next debt payments, due in June.
been authorized to subscribe to the; bonds of the International Mortgage
Although the total assets practically equal those of November, there are
Bank just founded in Basle.
some interesting differences in distribution. Commercial bills and bankers'
Such is the form which the manifesto expected yesterday took after acceptances, which formed 13% of the assets in November, now form 23%.
the monthly session of the board, which lasted from 10 a.m. to 7 p.m. This indicates the bank's efforts to aid business, and is expected to be
Though the wording may seem cautious to the layman, to-day's whole welcomed
in Germany, where it is being charged that the creditor countries
gesture is regarded as very important by the conservative bankers who
are not carrying out the Young Plan provisions whereby the world bank
made it.
is to be used to stimulate commerce.
The International Mortgage Bank which the world bank chose as the
Three months' investments, which oonstituted 56% of the assets in
most convenient object for its first gesture of encouragement to long-term
credit operations is a private institution created only lest week by a group November, now amount to only 40%, while six months' Investments have
including American, British, French, German, Swiss and other European risen from 7% to 14%. There was no change in the other investments.
The monthly meeting of the Board, on Monday, will be preceded by the
banking interests. The Chase National Bank of New York is said to be
usual formal exchange of views among the Bank Governors on Sunday.
interested in it.
Pierre Quesnay, the General Manager of the world bank, who is now in
Lowest Common Denominator.
Madrid, will report to the Board on the question of stabilization of the
The new bank's bonds will be issued later this month, and the insti- peseta.
tution, it is understood, plans to specialize in Western European and
In an adjoining column will be found a translation of the February
especially German agricultural credits. It has nothing to do with the statement, signed by Gates W. McGarrah, President, with Swiss gold
mortgage bank planned by the League of Nations, which would serve francs converted into dollars at 5.20 to the dollar.
another field—Eastern and Southeastern Europe.
BANK FOR INTERNATIONAL SETTLEMENTS.
The world bank's gesture to-day may be regarded as a sort of lowest
Situation as of March 5 1931,
common denominator of its members, some of whom come from countries
Assets.
such as the United States and France, which have plenty of money to I. Cash on hand and on current account with banks
51,301%015
10.853,245
lend, others from such as Britain, which have big investments abroad, II. Sight funds at interest
Rediscountable
bills
and
acceptances
(at
cost):
able
to
export
longer
capital
others
themselves, and
from such
but are no
(1) Commercial bills and bankers' acceptances___- $82,569,265
as Germany and Italy, which want to borrow.
33,587.217
(2) Treasury bills
The gesture, in short, was all the French and Americans were willing
$116,156,452
Total
to make for the moment, but not all the Germans and British hoped to
obtain. Though it encouraged long-term agricultural operations in Ger- IV, Time funds at interest: months.
8139,161,370
(1) Not exceeding three
many, it fell short of the long-term credits to German private banks to
50,080,564
(2) Between three and six months
dispose of as they saw fit that Dr. Hans Luther, the head of the Reichs$189,241,934
Total
bank, seemed to envision.
V. Sundry investments (at cost):
It fell short, too, of yesterday's suggestions that the Board name a
$30,756,615
(1) Not exceeding one year
committee or create a section of the world bank directly to promote and
7,147.527
(2) Between one and two years
develop the conversion of short into long-term credits, and, as expected,
37,904,142
Total
it fell short of the proposals to create a separate bank to encourage long- VI.
2,430,748
Other assets
term credits to the Governments of Latin America, Eastern Europe and
$357,892,566
elsewhere and to hydro-electric and railway construction projects, as the
Total assets
Basle Mortgage Bank is to do for agriculture.
Liabilities.
I. Capital (authorized capital, 200,000 shares of 2.500 Swiss gold
Englishman Disgusted.
francs each; 164,600 shares issued, $79,134,605, one-fourth
$19,783,654
Paid In)
The gesture also fell short, of course, of what representatives of the
Special deposits:
Bank of England said they would do if they had the money—so short,
$29,663,133
(1) Annuity trust account
14,831.567
(2) German Government deposit
in fact, that one of them confided to a friend;
13,225,532
(3) French Government guarantee fund
"To-days' meeting was one of the worst we have ever had. More talk
and froth than ever. Imagine—they talked for two solid hours about the
57,720,232
TotaL
technicalities of the gold deposits left in the custody of the Bank for InIII. Short term and sight deposits:
ternational Settlements. No sense of realities."
(1) Central banks for their own account:
The fact that the bank did not go as far as some of the bankers wished
$1,094,559
(a) Between three and six months
106,765.814
(b) Not exceeding three months
is not regarded, however, as diminishing the importance of to-day's
60,782,996
(0) Bight
gesture, which is evidence that the Governors of the great central banks
agree in having confidence in long-term credits and differ only on whether
168,643,369
Total
they should not have gone even further than they did in trying to im(2) Central banks for account of others:
$41,327.819
six
months
three
and
part their confidence to the rest of the world.
(a) Between
28,936,566
(b) Not exceeding three months
36,628,649
In its March 8 account from its Basle correspondent
(e) Sight
the
"Times" said in part:
106,893,034
Total
(3) Other depositors:
The peace manifesto which the European Foreign Ministers issued at
$1,682,264
three months
exceeding
Not
(a)
Geneva in January in an effort to combat the economic depression by
43,744
(b) Sight
restoring confidence may be followed here to-morrow by a manifesto by the
1.726,008
Total
Governors of the great central banks aimed at the same goal.
3,126,289
These Governors, who form the board of the Bank for International IV. Miscellaneous liabilities
Settlements, which will hold its monthly meeting to-morrow, would declare
$357,892,566
Total liabilities
that world conditions now justify more confidence in the future, making
The Jan. 31 statement of the bank was given in our issue
the time ripe for an increase in long-term investments, and that the world
bank stands ready to encourage and give its moral support to private of Feb. 14, page 1133.
bankers seeking to convert some of the huge quantities of short-term
money into long-term credits.
The issuance of a statement to this effect, it is learned on good authority, Question of Payment of British Debt to United States
was among several suggestions discussed informally by the bank Governors
Again Brought Before House of Commons.
to-day for the achievement of the goal upon which they have all agreed—
the encouragement of consumption by divesting the surplus of short-term
From
the New York "Herald Tribune" we take the followinto long-term credits.
Terms to Suit Paris and New York.
Since Great Britain is not now in a position to export capital, and France
and the United States are, it is regarded as a safe bet that whatever plans
for stimulating long-term credits are adopted will be such as to meet with
approval in Paris and New York.
Among the signs encouraging the confidence in the future among bankers
which their lively discussion of the various suggestions afore-mentioned
shows, the following are cited: the Anglo-Franco-Italian naval accord, the
recent rise in the Young loan, recent reassuring speeches by Chancellor
Bruening and other responsible Germans, especially Dr. Schacht's Stock-
ing (United Press) from London, March 2.:
The question of proposals for paying part of Britain's war debt to the
United States in silver was raised again to-day in the House of Commons
by Captain Victor Alexander Cazalet, Conservative, who asked whether
the Treasury would consider a scheme whereby Britain would pay part
of the war debt in silver and whether the Treasury would ascertain the
views of the United States Government on such a scheme.
"Unless the United States Government puts forward a proposal of this
kind, no such scheme will be before the British Government." F. W.
Pethwick-Lawrence, Financial Secretary to the Treasury, replied, somewhat ambiguously.
1906
FINANCIAL CHRONICLE
Captain Cazalet previously had explained that his question was based
on the proposal of Professor William Dampier-Whetham, of Cambridge
University. The proposal was that the debt payments should be made on
a sliding scale in silver. The scale would provide for 10% silver payments
in the first year; 20% in the second year; 25% in the third year, and so
on until the world economic conditions and effect of payments in silver
should restore stable silver prices.
"I believe the United States, which is always interested in Far Eastern
markets, would welcome the scheme because it would improve conditions
In the Far East," Captain Cazalet had told the United Press previously.
A previous item in the matter appeared in these columns
Feb. 28, page 1509.
Balance of Payments Abroad by England—"Invisible
• Credits" From Shipping Services and Foreign
Investment Reduced in 1930.
From the New York "Times" of March 2 we take the
following from London under date of Feb. 27:
The Board of Trade, in its preliminary annual estimate of the balance of
foreign payments for and against Great Britain, estimates the "Invisible
exports" for 1930 at £431,000.000, which compares with £504.000,000 in
1929 and 495.000,000 in 1928. Further, toe report reckons the excess of
visible imports over exports last year at £392,000,000, which leaves the
estimated net balance of payments in favor of Great Britain only a9,000.000. This compares with £138,000,000 in 1929 and £137,000,000 in 1928.
INVISIBLE CREDITS.
1929.
1930.
1928.
Excess government receipts from overseas
24
21
15
Net national shipping income
105
130
130
Net Income from overseas investment
235
270
285
Receipts from short income and corn
55
65
65
Receipts from other sources
15
15
15
431
VISIBLE CREDITS.
Excess imports, mdse. and bullion (debits)
392
Total invisible credits
Net credit balance
39
504
510
366
358
138
152
The feature of these figures is the heavy decline in Income from shipping
and from investments abroad.
The tot-rls of visible debit, invisible credit and net balance, as estimated
annually by the British Board of Trade, compare as follows for a series of
years. +indicates net credit; —net debits.
Invisible
Visible
Debit.
Credit.
Balance.
1930
£392,000,000 £431,000,000 +£30,000,000
1929
366,000,000 504,000 000 +138,000.000
1928
358,000,000 510.000,000 +152.000,000
1927
390,000,000 504,000,000 +114,000,000
1928
472,000.000 465,000,000
—7.000.000
1925
395,000.000 449,000,000
+54.000,000
1924
349.000,000 435,000,000
+86,000,000
1923
220,000.000 373,000.000 +163,000.000
1922
170,000.000 325.000.000 +155,000,000
1920
343.000,000 595,000,000 +252,000,000
1913
158,000,000 339,000,000 +181,000,000
1907
142,000,000 280,000,000 +138,000,000
Canadian Economist Would Have U. S. Cancel But
Not Reduce British War Debt.
The following from Ottawa, March 4, is from the New
York "Times" of March 8:
[You 182.
Owing to the enormous depreciation of Russia's own paper currency,
exchange cannot be obtained through sale of that currency. Lacking any
international quotations, no formal measure of the ruble's depreciation
exists, but the tchervonetzl notes of the Soviet State Bank, nominally
worth $50, can be bought at Berlin for $6 or $7.
Plan to Halt Silver Value Decline Through Stabilization
Criticized by Under-Secretary of Treasury Mills.
The problems affecting the silver producers of the
United States cannot be met through the application of
methods pursued by the Federal Farm Board in seeking
to cure the troubles of agriculture, according to UnderSecretary of the Treasury Mills. Advices to this effect
appeared in a Washington dispatch March 9 to the New
York "Journal of Commerce" which continued:
Representations have been made to the Federal Government that it aid
the producers to work out of their overproduction difficulties by taking off
the market and withholding the surplus stocks.
"As I see it," said Mills in response to an inquiry made by interested
members of Congress, "the rapid decline of silver prices to the now prevailing low record level is to be accounted for chiefly by reference to
the following major factors:
"1. World-wide depression, accompanied by general decline in commodity prices. 2. Sale of silver by governments, more particularly the
Indian Government, 3. The effect of the large silver holdings of the
Indian Government which overhang the market as a potential source of
increase in supplies already burdensome. 4. Maintenance of production
at a high level.
"It has been suggested that the price of silver could be restored by prevailing upon European countries which have debased the silver coinage
to restore it to its former standard and by having the United States contribute to the extent of agreeing to absorb the balance of the present oversupply of silver.
"Insofar as the first suggestion is concerned the Treasury does not
have complete information as to the amount by which the monetary demand for silver would be increased were the standard of fineness which
obtained prior to the war to be readopted where downward revisions have
been made. It seems clear, however, that the requirements of Belgium,
France, Germany, Italy, the United States and England for coinage purposes, even before the lowering of the standard of fineness in some of
these countries, was less than 25,000,000 ounces a year.
"Insofar as the second suggestion is concerned, the proposal is identical
with the efforts made to maintain the prices of commodities by withholding
surpluses from the market either by means of agreement or through Government financing. I do not know of any instance where this has been
done successfully while the attempts which have been made in the varioud
parts of the world are unquestionably factors contributing to the present
business depression.
"One of the reasons advanced for raising and stabilizing the price of
silver is that the purchasing power of China would thereby be increased.
In this connection I should like to point out that it is not so much the
level of the price of silver which is significant in China as its stability.
China's purchasing power in world markets is determined not by the
value of her silver holdings, but by the value of those raw materials, manufactures and services which she has to offer to foreign purchasers. These
do not include silver to an important degree. In fact China is customarily
an importer and not an exporter of silver."
Stephen Leacock, who combines in one person the distinguished humorist
and the Professor of Political Economy at McGill University in Montreal,
in the latter capacity has written a letter to the press commenting on the President Hoover Reserving Decision on International Silver
proposal that the United States should reduce by one-half the British war
Conference Pending Study of Situation.
debt owed that country. Professor Leacock is in favor of reduction or
cancellation of this debt, but he finds no grounds for demanding it as an
President Hoover is reserving decision on the proposal
act of justice on the part of the United States.
that he call an international conference on the silver situThe professor deals specifically with the reported statement of Mr.
Hirst, former editor of the London "Economist," that the United States ation, it was stated orally at the White House on Mar. 11
should cut in two the British war debt as a matter of justice and obligation according to the "United States Daily" which said:
because the money when borrowed had only one-half its present purchasing
A resolution offered by Senator Pittman (Dem.), of Nevada, and
power.
adopted by the Senate on Feb. 20 suggested that President Hoover, if he
"To challenge the Americans to dolt as an act of plain justice," he writes, deemed it compatible with the best interests of the
Government, to call
"is to demand it as a moral obligation on their Part. Ah, no—that takes all such a conference with a view to obtaining agreements
or understandings
the good-will and kindliness out of it, and kills generosity in the germ."
relative to the uses and status of silver as money.
London Not Keeping The Transvaal Gold—Paris Still
Capturing Weekly Arrivals and Making "Forward
Purchases."
Under the above head the New York "Times" reported
the following from London, March 6:
There is no prospect of the Bank of England adding to its gold reserve
from supplies arriving in the open London market. France bought the
whole of this week's South African gold, amounting to £1,250,000, and is
Still making forward purchases. Furthermore, £150.000 in bar gold which
arrived from another quarter Was purchased for Belgium.
If the Bank of England had offered any competition it would probably
have secured the consignment, which was sold at the unusually low price
of 84 shillings, 103 pence per ounce. One can only assume from this that
the Bank of England is satisfied with its own present position, and sees no
reason to interfere with the flow of London's free gold abroad. If it were
to do so, then those demands would possibly fall on the Bank itself. --
At the White House it was stated that the matter of calling the proposed
conference is now being studied by the Department of State and the
Department of the Treasury, and that pending the completion of these
studies no final conclusion will be reached. It will be "some little time"
before definite decision is reached, it was said.
Senator Ring (Dem.), of Utah, called on President Hoover recently
and urged him to use his influence with the British Government to call
an international conference looking to the stabilization of silver. He suggested that if the British Government did not do so the President call such
a conference.
Silver Imports Into India—Silver Stocks in Shanghai.
Silver imports into India during the eight days ending
March 3 totaled 9,790,000 ounces, 7,757,000 ounces of
which came from London, 1,505,000 ounces from New
York, 429,000 ounces from Shanghai, 52,000 ounces from
Marmagao (Goa), and 47,000 ounces from Marseilles,
says a despatch to the Department of Commerce from
Russia Shipping Gold to Buy Exchange—Paper Depre- its
Bombay Office. During the ten days ending February
ciated.
23, imports totaled 8,198,000 ounces. The Department
From the New York "Times" we take the following from also says:
Berlin, March 6:
The total offtake for the eight days ending March 3 was 1,760 bars,
With this week's further arrival of gold from Moscow. Russia's gold as compared with 4,610 bars for the ten days ending February 23. Silver
consignments to Germany thus far in the year exceed 80,000.000 marks. stocks on March 3 were estimated at 14,200 bars, as compared with 10,750
They are expected to continue. The Moscow organ of the Soviet Council bars on February 23.
of Economy attributes the gold exports to the extreme lowness of the price
Currency in reserve on February 22 totaled 1,155,100,000 rupees, as
obtained from Russia's forced export of grain, wood and flax Although compared with 1,151,000,000 rupees on February 15. Bullion in reserve
the great quantities of these products sold abroad have added materially on February 22 totaled 59,700,000 rupees, as compared with 58,200,000
to the proceeds on foreign exchange, they were insufficient to pay for rupees on February 15.
Russia's imports of the period. These, consisting, as they did mainly of
The market is quiet after the budget announcement, the tariff on silver
machinery and other factory equipment. have fallen little in price.
imports being increased by one-half anna from the present tariff of
MAR. 14 1931.]
FINANCIAL CHRONIM1R1
1907
four annas per ounce. (One anna is one sixteenth of a rupee, or about
$0.0225). The increase is somewhat less than was expected.
Mexican Silver Mine Lays Off 1,600 Men Incident to
Decline in Price.
Silver stocks in Shanghai on February 26 totaled 193,The following cablegram from Mexico City, Feb. 27, is
000,000 taels, of which 141,200,000 taels were held in
native banks, says a radiogram to the Department of from the New York "Times":
Due to the continued drop in the price ofsilver the Santa Maria de la Paz
Commerce from its Shanghai Office. The corresponding
silver mine L t Matehual State of San Luis Potosi, said to be the third
figures for February 19 were 195,000,000 and 142,400,000 largest in Mexico, has laid,off
1.600 men. The mine had been in continuous
operation since 1870, its production sometimes reaching as much as 40.000.taels, respectively. It is added:
Sycee and silver bars were valued at 90,400,000 taels on February 26, 000 ounces in a year, which is 40% of Mexico's greatest annual production
Mexican sponsors of the movement report a very favorable reception for
as compared with 91,400,000 taels on February 19. The actual number of
silver dollars coins in Shanghai on February 26 was 142,000,000, as com- the proposal to select Mexico City as the place to hold the contemplated
international conference to seek a remedy for the world silver crisis the
pared with 144,000,000 on February 19.
United States and England being reported in agreement with the plan.
Proposals under study by the Mining Chamber of Commerce of Mexico
in connection with the plan are expected to be submitted to President
Recovery in Silver Price.
Ortiz Rubio for approval after his imminent return from a tour of the
The following is from the New York "Times" of March 11: Central
States of the Republic.
An advance of 3 cent an ounce in the price of silver here yesterday
Eloquent of the imperious necessity of solving this problem is the fact
extended to 4 cents, the amount of recovery since the record low price of this morning silver pesos were available
at 115 for 100 of gold.
25% cents was reached on Feb. 16. At yesterday's price of 29% cents.
the price was 1 cent beneath the low of 1930 and 1% cents beneath the
price quoted on Dec. 31 last. In London silver has rallied slowly but
China to Send to United States $6,000,000 in Gold
persistently ever since the market dropped to one shilling an ounce on
Bars—Government Understood to Have Lifted
Feb. 9. This rally is ascribed partly to the more encouraging situation in
India and partly to technical considerations in the market. A strong
Ban on Exports, Which Reduced Price of Metal—
pool in Shanghai, which purchased the metal at prices close to the recent
Directed to Chase National Bank.
low point, has been helped by the overcrowding of the short position built
up during the prolonged decline.
From the New York "Times" we take the following
The New York "Herald Tribune" of March 13 said:
The price of silver in the local market was advanced again yesterday, the
markup amounting to
cent. The prevailing price was 3034 cents or more
than 4 cents in excess of the low price for the year. The London price
moved up 3-16d. to 13 15-16d.
The Chinese exchanges, however, did not follow the metal upward.
whereas previously they had moved up hand-in-hand with silver. Hongkong dollars and Shanghai taels each declined %, while Shanghai dollars
were unchanged.
India Increases Tariff on Silver—Raises Import Duty
Two Annas to Equivalent of 14.58 Cents an Ounce.
In its Feb. 28 issue the "Wall Street Journal" said:
Indian government has raised the import duty on silver two annas per
ounce to six annas, equivalent to 14.58c. per ounce. Previous rate of four
annas had been in effect since March 1 a year. Local silver market views
higher impost as a further perplexing factor in a situation already complicated. London silver market was not affected by the announcement but
advanced Ud.to 124d. per ounce. Little change was shown in the Chinese
currencies which were quoted 8.2275. off $.0013 for Hongkong dollars,
and $.2938 up $.0026 for Shanghai tads.
The question of the silver import duty has been hanging over the market
for the past several weeks. Original reports were to the fact that the duty
would be raised which had a depressing effect upon price of the metal.
Then came vague rumors from India that the tax would be cut, if not done
away with altogether. This report was given color by fact that India turned
a heavy purchaser for forward delivery and for a few days paid little attention to the spot market. In addition, cables from London told of some
significant developments, announcement of which was expected shortly
and which would have the support of the Indian government. In view
of the fact that the Indian duty plus sales of Indian government silver have
constituted a disturbing element in the market, dealers came to the conclusion that a reduction in the duty was logical, at this time.
But since then forecasts of a £13,500,000 deficit in the Indian budget
killed hopes for the reduction in the duty as it became apparent that the
Indian government would have to increase taxation to secure the necessary
additional revenues. But the local market does not regard the new duty as
an extremely bearish factor, unless it should have an unfavorable but
temporary psychological effect.
Despite imposition of the duty last year, India increased her consumption
of silver. Her total imports amounted to 95.300.000 ounces compared with
79,200,000 in 1929. In addition, 4.500,000 ounces of government reserve
metal were sold in India compared with 7,300,000 in previous year, making
total supplies to the market of 99,800,000 against 86,500.000 in 1929.
Exports from India in 1930 amounted to 5,300,000 ounces compared with
4,700,000 in 1929 so that net Indian consumption amounted to 94,500.000
ounces in 930 against 81.800.000 ounces in previous year.
This increased consumption is largely attributed to the lower price and
the duty automatically raises the value of silver within the country, in
itself not a bad thing. Dealers claim that with the current low prices,
demand for the metal, in ounces, will continue heavy. If consumption is
measured by value, however, it will be found to be far below normal.
In commenting on this, Handy & Harman in their annual review for
1930 stated "if the average consumption of the preceding four years based
on value were to be translated into ounces at the average silver price for
1930. India's consumption during the past year should have been over
132.000,000 ounces. Therefore a decrease in demand based on value
actually occurred, in spite of certain unusual factors such as the expectation
of an import duty and the new marriage laws which stimulated imports."
(Associated Press) from Shanghai March 12:
The Ministry of Finance was understood to-day to have granted special
permission to the Nationalist Government Central Bank to export to the
United States gold bars valued at $6,000,000. shipment to be made to the
Chase National Bank of New York.
In so doing, the Government was said to be seeking to take advantage
of the present subnormal price of gold bars in China. The decline in
quotations was due to the ban on gold exports by the Government, which
was expected to make a handsome profit on the transaction.
The shipment was understood to be ready for loading on the "President
Cleveland," which will sail for the United States to-morrow.
In its comment the "Times" said:
Advices from Shanghai yesterday that the Chinese Government was
planning to ship $6,000,000 in gold bars to the Chase National Bank
here found the bank in the dark as to the purpose for which the money is
to be used. The Chase will act merely as depository.
The shipment will be one of the largest made in recent years from China.
Special interest attaches to it also because it is to be made by the Government itself.
Germany's 1930 Borrowing in United States Over 28%
of Total According to Max Winkler—Sweden Displaces United States from First Place—America's
Indirect Investments Less Advantageous Survey
Shows.
Exclusive of so-called direct investments and short-term
financing, German loans contracted in the American market
during 1930 amounted to $94,725,000, or 28.37% of Germany's total borrowing abroad during the year, according to
an analysis made by Max Winkler of Bertron, Griscom &
Co.,Inc. Mr. Winkler under date of March 3said:
Although the above figure represents a substantial gain over the 1929
amount of $49,500,000, it compares with almost $300,000,000 worth of
German issues floated here in 1926, a record year in America's foreign
financing.
Whereas, for the period 1925-1929, the United States had during each
year held first place as Germany's creditor, we were displaced from this
position in 1930 by the Kingdom of Sweden, where Germany's borrowing
last year totaled $124,500,000, as compared with only $27.500,000 worth
of German bonds sold in Sweden during the entire period 1925-1929.
Holland occupied third place with $39,500.000 a gain of more than
157% over the 1929 figures. Switzerland ranks next with $17,850,000,
followed by Great Britain with $15,750,000. the lowest recorded in any
year during the period under review, with the exception of 1929, when
German loans floated in Great Britain totaled only $12,500,000.
France in 1930 makes her appearance as a lender to Germany for the
first time since the war, The amountsold in France aggregated $26,650.000
and It is confidently expected that this will be the forerunner to a series of
German loans, proving once again the economic dictum that creditors make
it possible for their debtors to discharge their obligations.
Although officially German loans floated here registered a decline from
previous year's figures, it is not impossible that considerable sums of
American capital are obtained by Germany in an indirect way. Large
parts of the proceeds from the sale of such issues as Kreuger & Toll, Swedish
Match, International Match, are doubtless employed in Germany, so that
the American investor who may ordinarily be averse to buying German
bonds
a 7% or better basis is perfectly willing—without,or course, being
Sir George Schuster Says Increased Silver Tariff Will aware on
of it—to acquire them indirectly on a 6% or lower basis. Whether
Not Check Consumption of Silver in India.
the American investor will be able to advantageously effect transactions
From London, Associated Press accounts, March 2 said: of the above character without the intermediary of third parties, time alone
will tell. Until such time we shall be unable to claim for New York the
Sir George Schuster, In introducing the Indian budget, said fear that the
increase of two annas an ounce in the Indian silver duty might check con- epithet of "classic centre of finance," which has been and continues to be
held
by London.
sumption of silver in India is unfounded. The government of India cannot
agree with the one-sided argument suggested by United States silver producers that production should jewitinue unrestricted, while the various Sharp Rise Brings Mark Back to Par—Return of German
governments which hold stocks should refrain from selling.
Capital to Mark Investments Called Factor.
"The whole world depends upon India as a consumer," he said. "In the
The following is from the New York "Journal of Comfive years ended March 31 1930, India absorbed about 540,000.000 ounces
of silver and in the current year the absoprtion will be up to the five-year merce" of March 11:
average of 108.000,000 ounces. Against this total, the Government of
For the first time since January 2 quotations on cable transfers of mark
India, out of its own holdings, sold only about 90,000,000 ounces. Yet exchange yesterday touched the par value of 23.82. Since
the beginning
India is expected to stand aside and keep its own home market free to of the month the mark has advanced from 23.77. Demand
for German
absorb the production of mines in the United States and Mexico. This is exchange increased sharply this week, leading to a strong
upward moveclearly not acceptable, however anxious India is to help co-operate.
ment of quotations.
"The Government is convinced that the price of silver is part of a wider
In banking quarters the advance has been attributed
largelytosnthcee
price movement, and it is doubted whether silver can be dealt with success- return of German funds which previously had been
invested abroad. The
fully in isolated style. Sir George believes that international co-operation German Chancellor estimated that the flight of capital
from
Germany
since
all
non-ferrous metals."
is needed for
the elections several months ago which gave the Fascists
large membership
1908
FINANCIAL CHRONICLE
nistie 3110.
in the Reichstag reached the total of $300,000,000. Funds previously "which has caused this suspension. As soon as the news was made public
invested abroad, it was said, are now being employed in the purchase of that the necessary subvention for the Aero-Postale line, which connects
Europe with Africa and South America had been refused by the Air
German securities.
Recent reports of plans for German financing for the purpose of fund- Commission, there was a run on our bank."
At branches of that hank at Etampes, Orleans and elsewhere, as well
ing portions of the large floating debt within Germany, it was said, also
led to speculative purchases of the mark. With the announcement that as in Paris, a report that the group was seriously involved in the Aerothe B. L S. plans to support the International Mortgage Bank through the Postale Company's affairs caused yesterday and the previous day very
purchase of its obligations which are to be issued against German mort- large withdrawals of funds. It was that which led to today's decision to
suspend payments.
gages support for the mark became more pronounced.
In foreign exchange quarters it was said yesterday that Paris was a
large buyer of German exchange. It was pointed out that the volume of French
Chamber of Deputies Appropriates $90,000,000
French funds available for short term loans in foreign markets increases
Air Budget for 1931.
after the month-end period.
According to statements of bankers yesterday, New York balances held
advices from Paris March 6 said:
Press
Associated
for German account are being used in part in the purchase of dollar
tonight adopted, with slight modification, the
Deputies
The
of
Chamber
German bonds. The recent advance in prices of German issues was atAir Ministry's estimate of $90,000,000 for the 1931 budget. The governtributed in part to purchases of this kind.
ment generally accepted the modifications.
The total is $7,000,000 more than appropriated last year. Of the
76% is to be devoted to military aviation, 14% to commercial
Germans to Confer at Instance of Reichsbank on Cut in amount
aviation and 10% to technical development.
Cost of Foreign Funds.
The French budget shows a deficit of 380,000,000 francs (about $15,200Budget told the Chamber Finance Committee
A cablegram from Frankfort-on-the-Main, March 11, 000) the Minister of the the
last Parliament voted an 800,000,000-franc
today, principally because
to the New York "Journal of Commerce" said:
soldiers' bonus.
The Reichsbank plans to call a meeting of representatives of the leading
banks to discuss high rates demanded on foreign funds advanced to GerFrench Will Aid Poles—New Company Is Formed to
many, according to a story printed in the Frankfurter Zeitung today.
Finance Railway.
The Reichsbank wishes to consider ways and means of reducing the cost
of foreign funds to German borrowers. If this can be accomplished, it is
Warsaw, Feb. 26 to the New York
from
A cablegram
felt that close relations between Germany and the international captial
market can be re-established, and the financing of German industrial ex- "Times" said:
pansion facilitated.
A Franco-Polish company has been formed to exploit the railroad being
built to connect Polish Upper Silesia with Gdynia, on the Baltic Sea.
The State-owned Bank of National Economy represents Poland and the
Large German Banks Cut Dividends for Year 1930.
Bank des Pays du Nord, with the Creusot-Schneider Company, the
From Berlin, March 11, a cablegram to the New York French side.
Construction of the new railroad began a couple of years ago out of
"Journal of Commerce" stated:
Railways, but the building pace slowed down
Three leading German banks will reduce their dividends for 1930. Be- income of the Polish State
crisis developed. The new company will procause of the falling off in earnings for the year, dividend reductions had when the world economic
vide capital for completion and will receive a long-term concession for the
been anticipated.
most Important in Poland, connecting, as
The Darmstaeder und National Bank will pay a dividend of 8%, as operation of the line—one of the
the sea and sure of heavy traffic for years.
compared with 12% for 1929. The dividend of the Commerz mid Privat it does, the coal mines with
which the French group is expected to
capital
Part of the billion francs
Bank is reduced from 11% to 7%. The Deutsche-Disconto nod Dresdner
State.
Bank dividend for 1930 is 6%, as compared with 10% for the previous contribute will be lent to the Polish
year.
Polish Bank in Trouble—Institution Said to Be Linked
with the Oustrics in France.
German Reichsbank Dividend Again 12%.
The following Warsaw cablegram March 10 is from the
According to cable information received by New York and
Hanseatic Corp. the general meeting of the Reichsbank New York "Times":
The Polish Industrial Bank, Polak! Bank Przemyslowy." is in serious
will be held on April 29, when a dividend of 12% will be
difficultues owing to the collapse of the French banking group of de Vielder.
proposed to shareholders. American shareholders are ad- one of ()navies subsidiaries.
The Industrial Bank—an old Polish banking firm mainly connected
vised to immediately exercise their rights to receive free for
oil industry—has been controlled for the last five years
every four shares held, one new Reichsbank share and, with the Galiciangroup
which owned the Przemyslowy oil concern. The
by the French
optionally, one Golddiskontbank share or about $53 in cash, group bought Polish oil shares from a Viennese concern and founded the
new Malopolska." The Malapolska shares collapsed with all other
since the rights will expire abroad on April 17.
Oustric enterprises.
The bank is now asking the Government's permission to suspend pay-
Committee of German Reichstag Doubles Surtax.
ments for three months.
An Associated Press cablegram from Berlin, March 12
King Carol of Roumania Ousts Head of National Bank—
published in the New York "Evening Post" said:
Official Accused of Having Sabotaged Projected Loan
The Reichstag Tax Committee approved to-day the doubling of the
surcharge on incomes exceeding $5.000, yielding to a demand of the SocialFrance.
from
Democrats that if an installment of 11,000.000 marks (about $2,600.000)
The following Bucharest cablegram dated March 9 is
on the proposed cruiser "B" is to remain in the budget it must be paid
for by the well-to-do and not the poor.
from the New York "Times":
The surtax will be increased under the provision from 5% to 10%. ConA sensation has been caused by the latest development in the Cabinet
struction of the 10.000-ton armored cruiser "B" is sponsored by the Nacrisis arising out of a disagreement between King Carol and Premier Mirtionalists.
onescu concerning the projected loan from France, culminating this evening in the removal of President Burileanu of the Roumanian National
Banco Di Roma Dividend.
Bank.
Owing to King Carol's refusal to intervene to persuade the bank to
The board of directors of the Banco di Roma, Rome, accept
the conditions of the French financial group, the Mironescu Cabi6
lire
dividend
of
per
1930
the
share
declared
of
has
Italy,
net had proposed to resign tomorrow. Yesterday, however, the French
lire 100 each, as done for the year 1929. The capital of the group cabled to the bank, waiving the demand for appointment of a
and accepting the stand of the bank in this matter.
Bank is lire 200,000,000, and its reserves, including lire controller
The president of the bank dispatched a telegram in reply, which was
lire
to
amount
year,
59,000,000. The intercepted, the dispatch having been personally prohibited by Premier
4,000,000—added this
Mironescu as calculated not only to prevent the conclusion of the loan
Institution ranks third among Italian banks.
but also to damage Franco-Roumanian relations.
At a meeting today of the board of the bank, the majority condemned
Three Paris Banks Suspend Payments—All Said to Have M. Burileanu's attitude. Thereupon Premier Mironescu went to King
Funds in Aero-Postale Company, Which Has Failed Carol with a copy of the forbidden telegram and demanded M. Burlleremoval from office for sabotaging the loan.
to Get Government Subsidy — Say Assets Are anu's
A special edition of the Official Gazette subsequently appeared anAdequate.
nouncing that M. Burileanu had been dismissed by the personal order
of King Carol and replaced by the former Under-Secretary of State and
March
is
11
from
cablegram
the
Paris
following
The
Minister of the Interior, M. Angelescu. M. Burileanu declared he would
New York "Times":
appeal to the Constitutional Court against what he regarded as his illegal
with
the Aero- dismissal.
Three banks which were directly or indirectly involved
The most important result of the matter is believed to be the strengthenPostale Company suspended payment this morning. They have been
to
an
Company,
which
expected
sub- ing of the position of the Mironescu Government, which, with the evidence
Aero-Postale
the
jointly supporting
vention was refused by the air commission of the Chamber, pending the in its hands in the form of telegrams dispatched by M. Burileanu with
drafting of a new convention.
the alleged object of sabotaging the loan, was able to secure drastic action
The banks involved are the Credit Foncier du Bresil et l'Amerique du from the King. Behind M. Burileanu's action was believed to be another
Sod, the Caisse Commerciale et IndustrieIle de Paris and the Banque manoeuvre by the Liberal party against the Tsaranist party.
Bouilloux-La Font Freres et Jay.
The Credit Foncier issued a statement declaring that its suspension
New Roumania West Bank Takes Over Three Others.
of payments would be only temporary. The statement declares that the
bank has more than $6,000,000 invested in the Aero-Postale Company
The following Bucharest cablegram dated March 12 is
and continues:
from the New York "Times":
Bank,
"We are suspending payment with a view to obtaining help which will
Announcement is made of the formation of the Roumanian West
enable us to continue. If we are forced into liquidation we have suflei, for the purpose of taking over three ex100,000,000
of
capital
a
with
engagements."
ficient resources to meet all our
the National
The Banque Bouilloux-La Font is directed by brothers of that name, isting institutions in that country. The Government and
Bank aided in the formation of the combined bank.
two of whom are Deputies, one being Vice President of the Chamber.
the banking
The formation of the West Bank is expected to strengthen
"It is only the delay of the public authorities in ratifying the concountry.
vention with the Aero-Postale," Andre Bouilloux-La Font declared today, situation in that part of the
Men. 14 1931.]
FINANCIAL CHRONICLE
1909
to the London naval conference before communicating further with the
French Loan to Roumania Signed—Bucharest to Get $26,. British Government on the proposed settlement.
000,000 of $50,000,000 Face Value After Liquidation
A denial of the reports of a possible loan was given in
Deals—New York Takes $8,000,000-0ther Markets
our issue of March 7, page 1712.
Will Also Take Part.
After many weeks of delicate negotiations, during
which the Roumanian Government was almost precipi- Bonds of Republic of Bolivia Quoted "Flat" on New
York Stock Exchange.
tated out of office, the French loan to Roumania was
Under
date
of
Feb. 28 the following notice was issued
signed
on
March
10
at
the offices of the Bank of
finally
France. A cablegram to the New York "Times" from its by Secretary Green of the New York Stock Exchange.
REPUBLIC OF BOLIVIA
Paris correspondent (Mar. 10) announcing this added:
7% External Secured Sinking Fund Bonds, due 1969.
The face value of the loan is $50,000,000, but when various liquidation
operations, including the taking up of short-term credits in London and
New York, are completed, the actual amount of new money received by
the Roumanian Government will not exceed $26,000,000.
The present arrangement is the second part of the so-called Roumanian
stabilization loan, the previous one having been issued in 1929. A group
of French banks headed by the Banque de Paris et des Pays Bas has
taken a major part of the loan, but other markets, including New York,
Prague and Amsterdam and the Kreuger group in Sweden, are also participating. New York's share is understood to be $8,000,000.
The loan to Roumania is the first of three large loans which France is
arranging for her Eastern European Allies. The Polish loan of $40,000,000 is virtually completed and a similar extension of credit to Yugoslavia is now in process of negotiation. An interesting feature of the
latter is the likelihood of Italian participation, although this development
is not yet certain.
It is well known that political considerations always play a vital role
in the matter of money which France lends abroad, and it was this aspect
which served to delay and at one moment last week almost caused the
collapse of the Roumanian negotiations.
To insure that the money would be spent to the best possible purpose
the French Government insisted that the French controller who has been
attached to the National Bank of Roumania since the conclusion of the
first part of Roumanian stabilization in 1929 should be retained during the
life of the new loan. This caused immediate resentment on the part of
the Governor of the bank, M. Burileanu, who was then dismissed from
his post upon the personal order of King Carol.
The way was thus opened for a satisfactory agreement and the French
banking group has now obtained the necessary safeguards with reference
to the expenditure of the money.
Danish Loan to Open Foreign Financing—German Industrial Issues Expected During Next Few Months.
According to the New York "Journal of Commerce" of
March 13, one of the first of the foreign financing operations to be undertaken in the domestic market in the
near future will be the flotation of a loan for the Kingdom
of Denmark, a well informed international banker predicted on March 12. Continuing the "Journal of Commerce" said:
The resumpion of foreign financing, it was said, would commence with
the sale of obligations of those governments and corporations whose outstanding bonds resisted the strong pressure against the foreign bond list
during the final quarter of 1930.
As the market improves and the possibility of selling foreign bonds on a
large scale is indicated, it was said, other obligations are to be marketed.
The first large German issues are expected to be for German industrial
companies, and later the attempt would be made to fund the large existing
floating indebtedness of German municipalities.
The Danish loan may be brought out some time in April, it was declared.
No indication was given as to the amount of the loan, but it was stated
that it would be substanial and a the very least well in excess of $25,000,000.
Swedish Participation
Denmark has no large external debt which demands refunding in the
immediate future. An internal loan of 60,000,000 kroner is to fall due next
November 15. In 1932, 120,000,000 kroner of government bonds must be
refunded.
It was thought that the flotation of the Danish loan would chiefly be
carried out in the domestic market although, it was said, Swedish interests
would participate. Definite arrangements regarding participation in the
• •
loan have not been fixed.
Rumanian Loan
Reports from Paris yesterday stated that the $8,000,000 American participation in the recent Rumanian loan was taken up by the International
Telephone & Telegraph Co. The proceeds of the loan were used in part
to fund floating debt, including a credit by the communications company.
It was held in financial quarters yesterday that International Telephone
& Telegraph probably would not be in the market this year for funds.
French interests are at present negotiating loans for Poland and
Czechoslovakia. In local banking quarters yesterday it was said that
there are no immediate plans for American participation. One report
yesterday said that the conversations regarding a French loan to finance
Polish railways had broken off.
Secretary of State Stimson Denies Knowing of Italian Loan
Proposal.
In its March 7 issue the New York "Journal of Commerce" had the following to say in advices from Washington:
Confronted with reports from Europe that Italy was to receive a
$3,000,000,000 loan in which the United States would participate, Secretary of State Stimson today insisted that he knew of no financial arrangetnent connected with the Franco-Italian naval agreement.
The governments interested in the Franco-Italian agreement, the
Secretary said, had asked the United States for suggestions on the text
of the pact submitted yesterday to the State Department by the British
Embassy. After explaining that thet text was not final, the Secretary
indicated he would confer with other members of the American delegation
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Feb. 28 1931.
Notice having been received that the interest due March 1 1931 on
Republic of Bolivia 7% external secured sinking fund bonds due 1969
will not be paid on said date:
The Committee on Securities rules that beginning Monday, March 2
1931, and until further notice the said bonds shall be dealt in "Flat" and
to be a delivery must carry the March 1 1931, and subsequent coupons.
The Committee further rules that all contracts, except "time option"
contracts, in said bonds maturing on Monday, March 2 1931, shall be
settled on too basis of computing six months' interest only.
ASHBEL GREEN, Secretary.
$400,000 Brazilian Bonds Called for Redemption.
Dillon, Read & Co., American fiscal agent for the United
States of Brazil, announces that $400,000 principal amount
of Brazilian 63.% external sinking fund bonds of 1926, due
Oct. 1 1957, have been designated by lot for redemption on
April 1 1931 out of sinking fund moneys. Payment will be
made at par and interest at the principal office of Dillon,
Read & Co. in New York, or, at the option of holders, bonds
may be presented for payment to N. M. Rothschild & Sons
in London.
Redemption of Bonds of Republic of Colombia.
Hallgarten & Co., and Kissel, Kinnicutt & Co., Fiscal
Agents for the $35,000,000 Republic of Colombia 6%
external sinking fund gold bonds of 1928, dated April 1
1928, announce that the Republic of Colombia has delivered
to them $322,000 principal amount of bonds, which have
been redeemed through the sinking fund, leaving $33,540,000
par value of bonds outstanding.
Bonds of Mortgage Bank of Chile Drawn for Redemption.
Kuhn, Loeb & Co. and the Guaranty Trust Co. of New
York, as fiscal agents, are notifying holders of Mortgage
Bank of Chile guaranteed sinking fund 6% gold bonds that
$109,000 principal amount of bonds of 1929, duo May 1
1962, have been drawn by lot for redemption at par on May 1
1931, and $116,000 principal amount of bonds of 1928, due
April 30 1961, for redemption at par on April 30 1931. Bonds
designated for redemption will be paid at the office of either
fiscal agent. Interest shall cease on the respective redemption
dates.
Province of Mendoza Remits in Advance Amount of
Service Charge on 714'2% Bonds.
According to advices received from Washington, D. C.,
the Province of Mendoza has remitted in advance, the full
amount of the service charge for a period of four months on
their external 732% secured sinking fund gold bonds due
June 1 1951. This makes a total amount equivalent to a
full 10 months service charge in advance in the hands of the
fiscal agent, the Chatham Phenix National Bank & Trust
Co. of New York.
Establishment of Cuban Bank of Issue Deferred—President
Machado Says Time Is Not Ripe for Project.
From the New York "Evening Post" we take the following from Havana March 12:
President Machado said today it was inopportune to establish a bank of
issue in Cuba at present.
This opinion was expressed at a conference between the President and
various bankers, including Joseph Emilo Obregon, Manager of the Chase
Bank of Cuba; Leopold Casas, the new general manager of National City
Bank in Cuba, and Senor Betancourt, president of the Havana Clearing
House.
Cuba to Pay $660,000 Interest.
Under date of March 10 Associated Press advices from
Havana said:
The government is preparing to send $660,000 to Speyer & Co. of New
York as interest on a $35,000,000 loan, which has been reduced to about
$11,000,000.
1910
FINANCIAL CHRONICLE
Feu 1.82.
Department of Public Works in Chile Apportions Funds for by Congress on Feb. 14. The $10,000,000 appropriation will
be applied toward financing increases of capital stock of
Water Works and Rail Development
agricultural credit corporations, livestock loan companies,
The following is from the New York "Evening Post"
etc. The committee of three consists of Lewis T. Tune, of
of March 12:
The Department of Public Works in Chile has apportioned 32,000,000 St. Louis, Chairman; B. C. Powell, of Little Rock, Ark., and
pesos to be expended in railroad and waterworks developments this year. Maj. Gen. B. F. Cheatham, former Quarter-Master General
of the Army. Items regarding the $20,000,000 appropriation
Mexico to Send $15,000,000 of Gold Here Soon—First appeared in our issue of March 7, pages 1716 and 1717.
Washington advices, Mar. 9, to the New York "Journal
$1,000,000 Consignment Due Sunday in Furtherance
of Commerce" said:
of Stabilization Plans.
All persons in the drouth regions who plan to support these credit corFrom the New York "Herald-Tribune" of March 13 we porations,
new or old, were requested by Mr. Tune to get in touch with the
take the following:
State advisory loan committees at once, since it is of the utmost imporGold to the value of $1,000,000 is expected to arrive here Sunday in the
liner Siboney from Mexico, consigned to the National City Bank. The
metal represents the first of fifteen shipments which are scheduled to be
made in coming weeks, with the total amount on the movement coming to
about $15,000,000.
The gold is being shipped in compliance with the terms of the $15,000,000 loan which National City Bank extended recently to the Mexican
government in connection with the latter's exchange stabilization plans.
As Mexico draws on the credit it will ship gold to New York, and when
the loan is repaid the metal or its equivalent will be returned to the
Mexican government.
Mexican Gold Guarded
The $1,000,000 shipment went forward from Vera Cruz on Monday
and is coming here via Havana. The gold is in the form of Mexican gold
coin and bullion. It left Mexico City Sunday night for Vera Cruz, it is
understood, under guard of 120 soldiers.
Panama Balances Budget—Two-Year Struggle Ends With
Acts in School Staffs and Police.
A cablegram from Panama City March 10 is taken as
follows from the "New York Times":
After a long struggle, the two-year budget which should have gone into
effect March 1 in Panama has been balanced. A decree placing it in
effect was signed by President Alfaro today, authorizing a total of
$19,000,000.
This total includes all expenses of the government, whereas former
budgets have carried special accounts both of revenues and of expenses
not figured in the general budget.
A considerable reduction of the number of employes both in the schools
and in the national police force will be required to bring the amount within
the estimated revenues. It may be necessary to reduce temporarily the
salaries of the employes retained. The Presidential decree provides for
reductions in salaries, the amounts reduced to stand to the credit of the
employes until the government is able to pay their full salaries.
Only the most urgent public works are to be continued, all other expenses being held to a minimum until the fiscal situation improves.
tance that they be ready to make loans early this spring. He emphasized
that where agricultural credit corporations and live stock loan companies
and similar organizations are already in existence, it is advisable in most
cases to strengthen them rather than to attempt to form new organizations.
Mr. Tune called attention to the fact that these credit organizations are
expected to form on a basis of at least $25,000 capital, with substantial
local participation, which would carry with it local responsibility.
Organization of agriculture credit corporations, through which advances
from the drouth relief appropriations will be made to farmers will be
explained by Secretary of Agriculture Hyde in a radio address to-morrow.
The Secretary will appeal to the community leaders in the drouthaffected States to push the work of the credit corporations for their own
people and will direct them where to get in touch with the State Agricultural Credit Advisory committees.
National Advisory Loan Committee reported to-day that practically all
of the State committees which will pass on credit corporation and live
stock loan companies seeking Federal money, have received the necessary
regulations and forms from the Department of Agriculture and are ready
to handle requests from anywhere within their States from persons interested in forming credit corporations or in increasing the stock of such
organizations.
State Committees Named to Pass on Agricultural Loans
To Be Made Out on $10,000,000 Fund for Drouth
Relief.
State advisory committees have been appointed to cooperate in passing on funds supplied from Federal appropriations for loans to enable the purchase of stock In
agricultural credit corporations, and similar organizations,
the Department of Agriculture announced March 5. This
was noted in the "United States Daily" of March 7, which
further said:
These committees also will investigate and pass upon new agricultural
credit associations when they are formed and when they apply for funds,
according to the announcement, which follows in full text:
Secretary Hyde to-day announced the formation of several State comBolivia Grants Amnesty—New Regime Also Cuts Salaries mittees to represent the United States Department of Agriculture in the
distribution
of funds appropriated by Congress for loans to individuals for
and Revises Regulations.
the purchase of stock in agricultural credit corporations, livestock loan
A La Paz (Bolivia) cablegram March 10 is taken as associations, or similar organizations.
follows from the "New York Times":
Named in 21 States.
The new government announced today a general amnesty for all political
State advisory committees are being appointed in 21 States and acceptprisoners.
ances and complete arrangements have been made with most of these
The new regime also is revising administrative regulations, particularly committees. These State advisory committees, co-operating with the
as to diplomatic and military careers, and is cutting salaries of govern- Federal committees previously appointed by Secretary Hyde, will investiment employes 10%, making the total reduction since the June revolution gate and pass upon the organization of new agricultural credit corporations,
40%.
or livestock loan associations, and will perform a similar service when
The simultaneous payment of employes in the various administrative
existing companies of this kind apply for funds to increase their capital
branches is ordered as a means of preventing favoritism to certain
stock. The State committees will pass upon the responsibility and integrity
branches and discrimination against others, such as judges and teachers,
of those applying for funds; their expected volume of business in the various
who have been unpaid for several months.
counties; and the degree to which local individuals will participate in the
stock ownership of the corporations or associations.
Secretary Hyde has sought the assistance and co-operation of leading citiSantiago Loan Renewed by Grace National Bank.
zens in the States because he believes that the maximum benefit to the local
Associated Press advices from Santiago (Chile), published community can be realized only by the largest possible contributions of
in the New York "Evening Post" of last night (March 13), local capital and by the best attainable local management of the credit
corporations.
said:
Applications for funds should be made to the State committees whose
The City of Santiago's six months' note for $3,000,000 with the Grace
addresses follow:
National Bank of New York,due on Sunday, will be renewed for $2,000,000
Alabama: Tom Bowron, Vice-President, First National Bank, Birmingfor three months.
ham; Mike Vincentelli, President, Alabama National Bank, Montgomery;
The city will pay the bank $1,000,000 in cash.
Seth P. Stoors, Commissioner of Agriculture, Montgomery.
Arkansas: W. A. Hicks, President, People's Trust Co., Little Rock;
Bonds of Department of Cauca (Colombia) Drawn H. 0. Couch, President, Arkansas Power dr Light Co., Pine Bluff; F. W.
Niemeyer, President, Bankers Trust (3o., Little Rock.
for Redemption.
Georgia: H. Lane Young, Vice-President, Citizens & Southern National
J. & W. Seligman & Co., as fiscal agents for Department Bank, Atlanta; H. G. Hastings, Hastings Seed Co., Atlanta; John M. Graof Cauca Valley (Departamento del Valle del Cauca), ham, President, National City Bank, Rome,
Illinois: George E. Keys, Vice-President, Ridgeley National Bank, SpringRepublic of Colombia, 20-year 732% secured sinking fund field;
Stewart Pierson, Director of Agriculture, Springfield; John AL Crebs,
gold bonds announce that $61,000 principal amount of the National Bank of Carmi, Carmi.
Indiana:
C. B. E'nlow, President, First National Bank, Evansville; S. P.
1
1931
April
issue have been drawn by lot for redemption on
National Bank, Princeton; Sam R.
and will be payable at 103% and accrued interest upon pre- Fisher, President, Peoples-American
Guard, Editor, Breeders' Gazette, Spencer.
sentation on and after that date at their offices, 54 Wall
Kentucky: John R. Downing, President, Citizens Union Bank, Louisville;
Street, New York.
William Belknap, President, Milk Producers Association, Goshen; Harry
A. Volz, Louisville
Louisiana: Ben F. Thompson, Alexandria; R. H. Miller, Minden; George
Secretary of Agriculture Hyde Names National Advisory M. Hearne, Continental Bank and Trust Co., Shreveport.
Maryland: W. Bladen Lowndes, President, Fidelity Trust CO., BaltiCommittee of Three Under Chairmanship of L. T.
President, First National Bank, Baltimore.
Tune to Administer $10,000,000 of $20,000,000 more; Morton B. Prentis,
Mississippi: T. W. McCoy, President, Merchants National Bank, VicksDrouth Relief Appropriation.
Kennington
Dry Goods Co., Jackson; George P.
burg; R. E. Kennington,
With the approval of President Hoover, announcement was Power, Secretary, Mississippi Bankers Association, Jackson.
Missouri Men Named,
made on March 9 by Secretary of Agriculture Hyde, of the
Missouri: Walter W. Smith, President, First National Bank, St. Louis;
appointment of a committee of three to administer $10,R. B. Hart, American Hotel, St. Louis; Arthur A. Blumeyer, President,
000,000 of the $20,000,000 drouth relief fund appropriated Industrial Savings Trust Co., St. Louis
MAR. 14 1931.]
FINANCIAL CHRONICLE
North Carolina: Frank Page, Raleigh.
Ohio: Perry L. Green, Columbus; A. P. Sandles, Columbus.
Oklahoma: John B. Nichols, Chickasha.
Tennessee: S. E. Ragland, President, First National Bank, Memphis;
J. Frank Porter, President, Tennessee Farm Bureau, Columbus; J. P. Nor.
fleet, Memphis.
Texas: Nathan Adams, First National Bank, Dallas; J. F. Lueey, Dallas;
R. F. Harding, Fort Worth National Bank, Fort Worth.
Virginia: R. H. Angell, Colonial American National Bank, Roanoke;
Julian H. Hill, State Planters Bank ez Trust Co., Richmond; Maj. Leroy
Hodges, Managing Director, Virgina State Chamber of Commerce, Richmond.
West Virginia: Judge Reese Blizzard, Parkersburg; Col. John Laing,
Charleston; Walter C. Hardy, Vice-President, Kanawha Valley Bank,
Charleston.
Memphis Losing Needy Apple Sellers—Most Have Found
More Profitable Work—New York Still Has 4,000, but
Profits Are Down.
Memphis Associated Press advices March '7 stated:
Apple-sellers, signs of hard times on the streets of many American
cities during the past year, are disappearing from Memphis street corners.
Most of them have obtained profitable employment.
Ike Friedman, Municipal Employment Bureau head, said that about
forty-five of the sixty men who had been selling apples here had found
regular jobs and that the others are finding the daily average profit of 60
cents on apple-selling hardly worth while.
Another indication of improving conditions here was the statement that
the Mayor's relief committee, which sponsored apple-selling among other
measures, expected to discontinue its work soon.
The New York "Times" of March 8 in printing the
above said:
Apple sales along Broadway and Fifth Avenue are holding up pretty
well, but apple profits are going down, according to The Associated Press.
When the boxes first appeared on New York street corners last Fall, the
public used to pay as high as 50 cents an apple, and a vendor could sometimes make $16 a day. Unemployed men and women flocked into the
profitable trade.
Nowadays, however, the public is buying apples at 5 cents apiece, no
tips, and this leaves a profit of little more than a cent an apple.
In spite of the cut in profits, however, sales of apples by the unemployed
have dropped off only about one•fourth in the last few weeks, commission
men said today. Between 4,000 and 5,000 of the jobless are still going out
with their boxes every day.
Sales amount to about five carloads a day. There are 730 boxes in a
carload and eighty-eight apples in a box. Most of the apples sold on New
York street corners come from the State of Washington. New York
State's crop was disposed of long ago.
Vendors have taken on side lines. Most of them now sell tangerines.
Some have added oranges and chocolate. And some have deserted fruit
entirely for cut flowers, a little past the peak in their freshness and sold
cheap at the big florist houses.
1911
different types of help being given was not entirely successful as some
chapters, hard pressed with the task of giving the actual food, clothing, Sze.,
did not have their records up to date. A partial report of types of relief
given and the number of families having received it, follows:
347.340 No,of schools serving lunches 2,772
Food
Clothing
36,306 No.of children given lunches_146,285
58,352
Fuel
3,330 1930 pasturage seed
26,580 1930 garden seed
27.494
Stock feed
82.936
Medical aid
8,353 1931 garden seed
The Red Cross stated that in no case is a family which receives several
types of assistance, counted more than once. For instance, a family which
may receive food, clothing, fuel, stock feed, medical and aid seed would be
counted as one family helped.
Seed Distributed.
Distribution of 537,000 garden seed collections in the drouth-stricken
States now is under way. These collections Include from 14 to 18 varieties
of vegetables, and were worked out by the Department of Agriculture so
that only seed suitable to the areas would be given by the Red Cross.
The seeds will be distributed as follows: Arkansas, 125,000 collections;
Texas, 22,500; Missouri, 17,500; Illinois, 4,000:- Louisiana, Mississippi,
Alabama and Georgia, 177,000 collections; Tennessee, Kentucky, Virginia.
Ohio, 131,000. Bids for 60,000 additional collections for other drouth
States had been asked for.
More than 500 freight carloads of foodstuffs have been donated to the
Red Cross for the drouth sufferers, and these have been distributed in the
most badly affected regions. Quantities of clothing have been made by
Red Cross women volunteers for children, and used clothing has been
reconditioned for adults. School attendance everywhere in the drouth
sections improved when the Red Cross school lunch program was instituted
in rural schools, and warm clothing was distributed to the children.
Disease Not Prevalent.
Contrary to expectations of health officers, no reports have thus far
reached Washington of serious impairment of health because of malnutrition among either adults or children. Pellagra, a disease due to an incomplete diet, which is always present in some southern sections, was shown
not to be more prevalent than usual, in Red Cross reports. Prescribing of
powdered yeast was immediately arranged by the Red Cross, through
local doctors, to combat pellagra and several thousand persons have
received this.
The generous donation of hundreds of carloads of citrus fruits and fresh
vegetables, especially from Florida and California; of potatoes, cabbage
and other vegetables and foodstuffs from northern, central and western
States, aided materially in maintaining standards of health, Red Cross
officials stated.
One type of relief given extensively by the Red Cross is touched upon in
the monthly summary. This was the giving of feed for stock. Incomplete
reports as of Feb. 28 showed that the Red Cross had given this stock feed
to 26.580 farmers in all but 6 of the 22 affected States. Thousands of
head of cattle, horses, mules, hogs, and chickens had been saved through
this feed, it was estimated. In Arkansas alone 21,000 farmers received free
feed for livestock from the Red Cross.
Council Formed by Republicans to Get Farm Aid—Organization to Have Headquarters at Des Moines to Gain SupRed Cross Aids 2,000,000 Sufferers in Drouth Areas—
port in 1932.
Relief Given in 22 States in February; ContribuFrom Washington March 9 a dispatch to the New
tions Total $9,700,000, Headquarters Reports.
York "Herald-Tribune" said:
About 2,000,000 drouth sufferers were being helped by the
Announcement of the organization of an Advisory Council for Agriculunder the Republican National Committee was made today by Robert
Red Cross at the end of February, according to a summary ture
H. Lucas, executive director of the national Republican organization. It
national
7
at
the
of that month's work made public March
consists of two Senators and two members of the House, with Senator L.
headquarters at Washington, D. C. This number was J. Dickinson, of Iowa, as chairman.
The council will have its active headquarters at Des Moines, Iowa, in
approximately 500,000 greater than the number of persons
the corn
with an active official in charge. It will also have headbeing aided at the close of January, it was stated. Contri- quarters belt,
here. The new movement is recognized as intended to help
butions to the $10,000,000 relief fund, it was stated, aggre- organize the agricultural states for the Republicans in 1932.
Other members of the council, according to the announcement, are:
gated $9,704,645 on March 6. Further information made
Arthur Capper, Republican, of Kansas; Representative Robert
public is given as follows in the "United States Daily" of Senator
G. Simmons, Republican, of Nebraska, and Representative Fred S. PurMarch 9:
nell, Republican, of Indiana.
Families Aided.
As to the plan and purposes of the council, Senator Dickinson said:
"In co-operation with those associated with me in this council, it is
Red Cross records are based on reports from its chapters and representatives. As of Feb. 28 the number of families being aided in 22 States was our hope to secure proper contacts in various localities outside of the
460.240, and as of Jan. 31, 255,737. The number of persons was arrived regular political channels and interest these parties in the various farm
at by using an estimate of four and one-half persons to an average family measures that have been passed under the Republican Administration,
and to interest these parties in the dissemination of proper information
in the 'United States, consistent with Census Bureau figures.
The number of families being helped in the drouth States was given by concerning these legislative policies.
Cross
as
follows,
as
of
Feb.
28:
Red
the
"It is the belief of those interested in this movement that it will be a
Alabama
22,752 Montana
569 source of real strength in furthering the interests of the Republican party
Arkansas
161,114 New Mexico
in the rural localities, especially in the Middle West and Northwest."
Georgia
1,122 North Carolina
2:156
4,785 North Dakota
Illinois
280
Indiana
2,356 Ohio
8,045
Kansas
26 Oklahoma
52,616 New York State Farmers Send Food to Drought Area—
Kentucky
40,903 Pennsylvania
549
Louisiana
51,251 Tennessee
16,467
Gov. Roosevelt Thanks Them for Giving 31 Carloads
Maryland
567 Texas
26,519
Mississippi
31,839 Virginia
9,175
of Fruits and Vegetables.
22,626 West Virginia
Missouri
5,009
Farmers of New York State have contributed thirtyRelief was given for a time early in the year to meet a problem of transients in New Mexico, In February a few families in Kansas were aided one carloads of fruits and vegetables for the drought
by Red Cross chapters.
Tennessee and West Virginia,
The Red Cross summary shows that drouth relief was being given as of sufferers of Kentucky,
Feb. 28 in 850 counties in these 22 States. With the exception of Penn- Governor Roosevelt was informed on March 9 by Dr.
sylvania, financial assistance was being given by the national Red Cross C. E. Ladd, Deputy Conservation Commissioner, who
in all of these States. In Pennsylvania, Red Cross chapters were giving
added that at least ten more carloads would be donated
the help out of their own treasuries, 9r other local funds.
Types of Relief.
Red Cross officials stated they believed the figure of 2,000,000 Persons
being aided would represent the peak load during the disaster relief. While
some chapters were kble now to cut down the number of families being
helped, because of Government loans becoming operative, some employment opening up, and the financing of farmers and planters being resumed
by merchants in the plantation country, still other chapters in more
northerly States were meeting an increased burden of relief because many
families, who had been able to carry on, now found their resources exhausted, officials said. But it was believed, they added, that 2,000,000
persons would represent the greatest number being helped at any one time
during the disaster.
Reports from the chapters giving the relief were considered to be only
approximately accurate, the Red Cross stated. An effort to ascertain the
within the next week. An Albany dispatch to the New
York "Times" reporting this added:
In a telegram to L. R. Simons, State leader of county agricultural
agents, who is directing the gathering of relief supplies, Governor Roosevelt said:
"I wish to congratulate you and the extension agents, and through you
the farmers, the farm women and the farm boys and girls who have so
generously come to the aid of the stricken farmers of our sister States.
"I am proud that New York State farmers have led those of all other
States in this splendid work. May the good work continue."
Robert E. Bondy of the Washington headquarters of the Red Cross,
was supervising the transportation and distribution of the New York
shipments, Dr. Ladd said, and the entire extension field force of the Red
Cross in this State was cooperating.
1912
FINANCIAL CHRONICLE
[VoL. 132.
Indiana, Illinois, Michigan, and Wisconsin), totaling $50,871,541.38.
Loan commitments have been made to 12 associations in the West North
Central States (Minnesota, Iowa, Missouri, North Dakota, South Dakota,
Nebraska, and Kansas), and the total amount of such commitments has
been $18,084,952.34.
Loans have also been made available to 36 associations in the Southern
States, including the South Atlantic and the East and West South Central
States (Delaware, Maryland, Virginia, West Virginia, North Carolina,
South Carolina, Georgia, Florida, Kentucky, Tennessee, Alabama, Mississippi, Arkansas, Louisiana, Oklahoma, and Texas). The total amount
made available to associations in these States up to Mar. 2 1931 is $136,269,887.79. Loans have also been made available to 31 associations in
the Western States (Montana, Idaho, Wyoming, Colorado, New Mexico,
Arizona, Utah, Nevada, Washington, Oregon, and California), totaling
$25,882,211.45.
Effect on Other Sections.
The grain corporation holds large quantities of wheat, the exact amount
The benefits of many of these loans accrue to organized farmers in other
of which has not been announced by the Board, and it is pledged not to
sell in competition with the 1929-1930 crop any of 60,000,000 bushels areas. For example, loans made to the National Livestock Marketing
which it held over from its first price stabilization operation, it was stated Association and the Farmers' National Grain Corp., with headquarters
orally at the Board's offices. The cotton corporation holds about 1,300,000 at Chicago, are used to assist co-operative associations and their members
in practically all States where livestock and grain are produced. Similarly,
bales of cotton, purchased to stabilize the market.
Wheat and cotton stabilization operations are by no means as important loans to the American Cotton Co-operative Association, New Orleans, La.,
as other activities of the Board, Mr. Stone said, although the public so and the National Wool Marketing Corp., Boston, Mass., are made available
far has judged the Board's activities by what has been done in stabilization. to co-operatives handling these commodities and aid the producers in every
State in the cotton, wool, and mohair producing areas.
His statement follows in full text:
In addition to its loans, the Board has rendered an extensive investigaTwo Questions Answered.
tional and advisory service to co-operative associations. Members of its
Every member of the Farm Board regrets that Mr. Legge has found it staff have assisted in developing organization plans. They have studied
necessary to resign as Chairman. No one could work with him for 20 marketing and financial problems which the associations themselves, because
months without recognizing his high order of intelligence, his fairness, his of the broad application of these questions, were not in a position to study.
sterling qualities as a business man, and his broad knowledge of and They have, in numerous instances, given direct assistance in working out
problems of membership relations, or organization, or of operation. The
sympathetic interest in agriculture.
However, when he resigned as Chairman of the Federal Farm Board Board thus far has undertaken and completed, or partially completed, more
there were two questions which are apparently In the minds of many people than 120 major projects of this kind.
Seventeen of these have dealt with the problems of co-operative organizaIn the country which must be answered: First, why did he resign? and,
tions in the Northeastern States, including a comprehensive survey of the
second, will the general policies of the Federal Farm Board be changed?
co-operative
associations in these States made as a basis for future co-operaquestion
has
been
The first
answered by Mr. Legge himself in his statement to the press on Mar. 6, when he explained that he had been working tive development. Fifteen such projects have been carried on in the
on overtime for the past eight months and felt he could not stay longer at East North Central States; 25 in the West North Central States; 46 in the
the sacrifice of his own personal affairs. In that statement he not only Southern States, and 20 in the 11 Western States. This does not include
reiterated his belief in the soundness of what is being done under the numerous instances in which contacts have been made with co-operative
Agricultural Marketing Act to help the American farmer, but revealed associations, extension workers, State departments of agriculture, teachers
that he has greater confidence now in the ultimate success of the program of vocational agriculture, and others who are working with co-operative
than when the work was begun 20 months ago.
associations, either as directors, officers, or managers, or in research or
The answer to the second question is that the general policies have been educational fields.
formulated by the Board as a whole. Plans heretofore adopted will be
Obtain Finances Largely from Private Sources.
carried out without change. This applies particularly to the present operaI wish to emphasize that loans are not made primarily to provide funds
tions of the Grain Stabilization Corp. and the Cotton Stabilization Corp.
All of the people of the United States should be interested in the Agri- at a low rate of interest for co-operative associations. At the present
cultural Marketing Act producing beneficial results to the farmers. No one time, as a matter of fact, co-operative associations are obtaining the
class representing nearly a third of the people in a country can continue greater part of their finances from private sources, and it Is right that
on an inequitable basis without adversely affecting the other business they should. The Federal Farm Board can only provide supplemental
funds. Loans are made by the Board for the single purpose of assisting
interests as a whole.
The public generally and the business men in particular have so far in the development of a national co-operative system of marketing for
largely judged the Farm Board's activities by what has been done in wheat agriculture.
We believe that the ultimate goal of farm organization is to organize
and cotton stabilization. Although these operations are purely emergency,
growing out of this present situation, and are important, they are by no by commodities, first, into locals, then into regionals, and then into national
means as important as the many other things the Board has done which sales agencies. Seven of these national sales agencies have been organized
with the assistance of the Board and are now functioning as follows: The
the public seems to know but little about.
Out of the experience of the Farm Board has developed the conviction Farmers' National Grain Corp., with 27 grain co-operatives as member
that farmers cannot meet their business problems except through organiza- units; the 'American Cotton Co-operative Association, with 11 co-operative
tion. It is hopeless to expect that 6,500,000 producing units can indi- cotton associations as member units; the National Wool Marketing Corp.,
vidually maintain a profitable level of operation in a society where handling, its first year, approximately 35% of the wool clip of the country
organization is the rule. Accomplishments in marketing and in the and 95% of the mohair; the National Livestock Marketing Association, with
adjustment of production will be small as long as farmers seek to deal 20 units, handling approximately 58% of the live stock sold co-operatively
in the country; the National Pecan Association, with 20 units; and a
with these problems as individuals.
It is, therefore, the major task and policy of the Farm Board to assist national sales agency for sugar beets and one for beans.
Some of the objects of these national sales agencies are to regulate
in the economic organization of agriculture. Up to the present time the
co-operative method of organization has been found to be the most effective the flow of the commodity to market in an orderly way, to furnish the
with accurate market information, to assist in regulating producgrower
and best adapted to the needs of the farmers. The Agricultural Marketing
Act commits the Government definitely to the support of agricultural tion to demand, to prove quality and encourage the production of the
co-operation. Therefore, the Federal Farm Board, under the mandate character of the commodity most in demand, to concentrate the bargaining
given it by that law, is devoting the major part of its energies and funds power of the individual into the hands of his own sales agency, which
tends to place him on a parity with the buyer, and to develop adequate
to the development of an organized agriculture.
and sufficient credit facilities at reasonable interest rates for members, in
sections where needed.
Two Major Objectives.
We think this program is fundamentally sound. We believe the farmers
With the increasing growth of co-operative organizations, the Board
are beginning to realize that it is up to them to develop it. Neither the
looks forward hopefully to the accomplishment of two major objectives:
other Government agency can do it for them. The
1. Development of a marketing system operating in the interest of the Farm Board nor any
help, and will, but the work will have to be done by the
producer—the elimination of wastes and unnecessary costs, the improve- Farm Board can
themselves.
ment of grading, packing and processing of the product, elimination of farmers
One sees and hears a lot these days about how much the Farm Board is
the evils of competitive selling and establishment of an organized system
$500,000,000 revolving fund. Yes, some money may be
of selling supported by complete market and economic information which going to lose of the
lost, hut any losses sustained will be small in comparison with the benefits
will enable co-operatives to deal with the buyers on a basis of equality.
that matter, the country as a whole.
2. Through co-operative organization also the Board expects to see to agriculture, and, for
brought about consistent progress toward the goal of the adjustment of
production to potential demand. It believes that an adequate co-operative
marketing system will enable the organized farmer who intelligently plans Statement by Alexander Legge with His Resignation
his farm operations to obtain for his products the maximum price which
from Federal Farm Board—Expresses Confidence in
economic conditions justify.
Success of Board's Program—President Hoover InThe efforts of the Board since it was established on July 15 1929 have
been mainly directed toward nation-wide development of the co-operative
dicates Regret at Mr. Legge's Withdrawal.
movement with a view to unifying, so far as practicable, sales activities of
With his resignation from the Federal Farm Board, of
organizations handling the same commodity. During this period financial
assistance has been extended to 101 associations, many of which are which he was Chairman, Alexander Legge issued a statenational or regional marketing agencies with their memberships composed
ment, on Mar. 6, in which he expressed it as his belief that
of hundreds of local co-operative units. The purpose of this aid has been
to strengthen these organizations, to enable them to render more efficient the plan of operation of the Board is sound, "and that the
service to their members, to co-ordinate their activities with those of test of time will prove this to the satisfaction of all interother associations handling the same commodity, and in many cases to
ested." Mr. Legge's resignation was referred to in our
assist in the setting up of a national sales agency for the commodity.
James C. Stone, New Chairman of Federal Farm Board,
Says Policies of Board Will Be Continued Without
Change—Loan Commitments Made to 101 Associations up to March 2 1931.
James C. Stone, who, as we indicated last week, page
1715, has been named as Chairman of the Federal Farm
Board, succeeding Alexander Legge, resigned, announces
that the policies formulated by the Board will be carried
out without change. The announcement of Mr. Stone, made
Mar. 8, was given as follows in the "United States Daily"
of Mar. 9:
Location of Associations.
Of the 101 associations to which loan commitments have been made up
to Mar. 2 1931, 100 are located in the continental United States and one
in Porto Rico. Commitments have been made to seven associations in the
Northeastern States (Maine, New Hampshire, Vermont, Massachusetts,
Rhode Island, Connecticut, New York, New Jersey, and Pennsylvania).
The total of these commitments has been $22,011,312.44. Commitments
have been made to 14 associations in the East North Central States (Ohio,
issue of Mar. 7, page 1715, at which time we indicated that
'President Hoover had named James C. Stone as Chairman
-succeeding Mr. Legge. In announcing that Mr. Legge had
resigned, President Hoover stated orally that he knew he
reflected the view of the agricultural community when he
expressed intense regret that his private affairs made it
necessary for Mr. Legge to leave the Board. This was
MAR. 141931.]
FINANCIAL CHRONICLE
noted in the "United States Daily" of Mar. 7, which also
said:
The President said that he thought that every farm organization in the
country had urged his continuance on the Farm Board, and added that he
had urged Mr. Legge with all the pressure he could bring to bear to remain
on the Board. The President added that it probably will be two or three
weeks before the remaining vacancy on the Board is filled.
The statement made by Mr. Legge follows:
My resignation as Chairman of the Federal Farm Board is a mere
formality. As a matter of fact, I have been working on overtime for
nearly eight months, it being clearly understood when I accepted the
position that it was for a one-year period in helping to get the organization
set up and the work started.
The program has progressed to a point where the organization may be
safely classified as a going concern. I sincerely believe the plan of operation to be sound and that the test of time will prove this to the satisfaction
of all interested. While results may seem slow, it is now reasonable to
except that the condition which has been developing over generations could
be corrected in any brief period of time, particularly when you take into
account the fact that the industry affected represents some 6,500,000
individual producing units. Personally, I have a greater confidence In the
ultimate success of the program laid down by Congress in the Agricultural
Marketing Act than when I undertook the work some 20 months ago,
and will co-operate in every way I may as a private citizen to bring
this about.
Those opposing the work of the Board are making a lot of noise, but
really represent a very small percentage of the American public, their
opposition being based on two statements that seem rather conflicting—
first, that the co-operative principle is all wrong and must fail because
it is fundamentally unsound and unworkable, and secondly, that it is seriously interfering with their privileges as handlers of agricultural commodities. If the first contention were correct, there should be no need
of their being greatly concerned over their position.
Such opposition is not the real difficulty the Board has to contend with,
but rather it Is the slowness of the farmers in getting together and acting
collectively for their own good. Many of them seem to feel that through
some mysterious process the problem can be solved without any action on
their part—something that can never be done. Permanent solution calls
for united effort on their part in dealing with production as well as
marketing problems.
The whole basis of the Agricultural Marketing Act is that of collective
action, and it is essential that farmers set up their oo-operative marketing
organizations on sound business principles. It is my judgment that time
will prove that the commodity organizations which the Board has helped
establish are on a sound basis and will result in increased benefits to the
producers as time goes on.
Ths as months which have elapsed since the Board began operations
will perhaps go down in history as the greatest general depression on
record. Obviously under such conditions the benefits of co-operative effort
are not so apparent as would be the case in more normal times. It is my
belief we have reached the bottom and that from now on a gradual improvement will be shown.
To the 6,500,000 farmers directly interested I wish to make the request
that in the future they give the Board an even greater measure of support
than in the past, and to others, who are disposed to criticize the Board's
actions as class favoritism, I would suggest the thought that each and
every industry in the country is directly affected and that any improvement in the agricultural income will react to the benefit of all. To put
it another way, the problem is not so much an agricultural problem as it is
a national problem, and it must be solved in the interest of every line of
effort within the nation.
To my fellow Board members I wish to say a word of sincere appreciation for their untiring efforts. Action has never been that of an individual, but always reflected the judgment of the Board as a whole. I
would also offer the suggestion that in the future more attention be given
to the young folks, particularly the boys' and girls' clubs, who in their
competitive contests are learning the value of teamwork. It does not
matter much what becomes of us old fellows who will soon be out of the
picture. The problems of the future must be met by the coming generation.
1913
"After consultation with the appropriate officers of this Government
and after due consideration of the various questions involved," an announcement by the State Department today said, "this government has
declined the invitation of the institute, the reason being that this government does not consider that an international wheat conference at this
time would accomplish anything of value to American producers."
The Rome conference will be the third of a series held by various European governments, the first two at Paris recently failing to reach agreement on the main issue of disposal of crop surpluses.
In the opinion of American officials, the success of plans to take up the
surplus stocks of any country is made difficult, if not impossible. by protectionist policies to which countries in a position to help are committed.
Samuel R. McBelvie, grain member of the Federal Farm
Board was reported in the "United States Daily" of March
10 as stating that this country will not be represented at the
Rome conference, that paper further stating:
The policy of the Board as outlined in its program of holding down
wheat production to domestic requirements, he said, expresses the Government's position regarding international wheat policies. Participation in
the conference, Mr. McKelvie said, would tend to confuse people here
and abroad respecting the Board's policy not to promote the Nation's
position as a wheat exporter. Consequently, the invitation extended to
this country to take part in the conference has been refused, he stated.
The conference is a preparatory convention to the Second World Grain
Conference which takes place in 1932, it was declared at the Bureau of
Agricultural Economics, Department of Agriculture, and is to last 3 days.
Argentine Embassies Sell Wheat—Exchange Rises on
News of Orders in London and Berlin.
From Buenos Aires March 10 the New York "Times"
reported the following:
The provisional government's efforts to sell wheat direct to European
millers through Argentine Embassies is meeting with some success, both
the London and the Berlin Embassies reporting sales. One London firm
has purchased 1.000,000 bushels, to be shipped in four cargoes this month.
This direct buying of wheat is one of several explanations advanced for
the sharp rise in Argentine exchange yesterday and today. The closing
quotation today was 127.9 gold pesos for $100. which makes the paper
peso worth 34.4 American cents, as compared with Monday's closing
quotation of 33.75 cents, when $100 was quoted at 134.45 gold pesos.
Saturday's quotation was 132.3 gold pesos for $100, which made paper
pesos worth 33.25 cents.
New German Land Bank Planned to Aid Farmer.
Under date of March 10 a cablegram from Berlin to the
New York "Times" said:
A bill has been prepared to convert the Bank for Industrial Obligations
into a Credit Institute for Liquidation of Land Debt. This new bank,
designed as a further step in the program of relief for agriculture, will
have a capital of 50,000,000 marks, which compares with the capital of
10,000,000 marks of the existing institution.
The bank, when converted into a land institution, would have the
power to issue long term bonds up to 300,000,000 marks. Through relieving agriculture of floating indebtedness the German farmer, it 18 said.
would he in a position to strengthen his financial position.
Futile European Grain Talks No Bar to Bank Plan—
Not to Interfere with Discussions in Paris March 24
Incident to Creation of International Credits Bank.
The negative results of the two recent European grain
conferences have not discouraged the supporters of the European federation idea, said a cablegram March 6 to the New
York "Times" from Paris, which also had the following to
say:
In the grain parleys representatives of twenty-four European nations
were brought together in Paris under the auspices of the permanent commission for a European union, the expectation being that such a practical
and urgent problem as the Danube agrarian question would provide a
serviceable foundation for the proposed Continental unity. The conferences were unable to agree upon a businesslike solution of two main issues,
Grain marketing conditions in Canada will be investigated by a royal namely, disposal of the present and future grain surpluses.
commission appointed by the Dominion Government, Premier J. T. M.
Pending further efforts to attack these problems, however, plans are
Anderson announced last night.
being expedited for the creation of Europe's first international agricultural
credits bank. Delegates from virtually all countries recently assembled
here will come back again on March 24 to consider formal statutes of the
Paris Urges Our Participation in Rome Wheat
proposed bank. These have just been completed and are now in the hands
of Aristide Briand, the French Foreign Minister, under whose direction
Conference.
the meeting will be held.
Under date of March 8, Geneva advices to the New York
Plan $9.650,000 Capital.
"Times" said:
Important details of the projected bank already have been disclosed.
Briefly, there is visualized an institution with a capital of 25,000,000 Swiss
American collaboration in the Rome wheat conference on March
26 is
believed here to be so necessary fur success that it is understood Foreign francs [$4,825,000 at par] to be subscribed by the public and a reserve of
Minister Briand has been asked to try to persuade Washington to send a 25,000.000 Swiss francs to be provided by the participating governments
and to be returned when the bank shall have set aside an equivalent reserve
delegate and not limit itself as usual to an observer.
M. Briand would make the move as President of the League of Nations from its own operations.
Control of the bank would be vested in the League of Nations, and agriEuropean Union Inquiry Commission through Ambassador Edge.
The fact that the United States Government through the Farm Board's cultural credits would be granted at interest rates offrom 10 to 12%. comprice-fixing purchases has become probably the world's greatest single pared with the present average rates in the Danube countries of from
holder of wheat is considered to make it difficult fur the Rome meeting to 25 to 30%.
It is presumed the meeting on March 24 will be concluded the following
accomplish anything unless the American representative is in a position
day in order to permit the delegates to attend the world wheat congress,
to talk business.
scheduled to open in Rome March 26. Those who are trs-ing to solve
Europe's agricultural problems hope that the three great grain producing
Administration at Washington Declines to Participate and exporting nations overseas—Canada. Argentina and the United States
—will be represented so that the proposed world grain accord may be conin Rome Wheat Conference.
sidered. It is the conviction of European experts that Europe's experts
troubles
cannot be settled without the co-operation of these three nations.
The administration has refused to join in an international
the meanwhile the same overseas countries are bending every effort
conference to be held later this month under the auspices of to In
sell wheat and other grains in Europe in competition with the Russians,
the International Institute of Agriculture at Rome. Accord- whose success so far has been little short ofremarkable. The latest entrant
In
markets is the Grain Stabilization Corporation
the
ing to a Washington account March 9 to the New York Of struggle for European Board,
which plans to sell 35,000.000 bushels
the United States Farm
"Times" which added:
of wheat abroad, largely in Europe.
Grain Marketing Conditions in Canada to Be
Investigated.
Associated Press accounts from Regina, Sask., March 4
said:
1914
FINANCIAL CHBONI(Tral
Because of the intense competition and the successful dumping campaign
of the Russians, latest figures according to them 25% of all Europe's grain
imports since last August, grain brokers here would not be surprised to
see price-cutting competition among the four great grain-exporting countries.
Argentine Deliveries Lead.
The latest figures regarding delivery of grain at European ports throw
more light on the situation. For the week of Feb. 26 the United States
and Canada unloaded 273,000 quarters of wheat and flour and an additional
50,000 quarters from Pacific Coast points. Russia has unloaded 60,000
quarters and the Danube States only 17,000 quarters. The Argentine
Government, whose representative in Europe has been actively co-operating
In the wheat-selling campaign, tops the list with the tremendous total
of 428.000 quarters. Australia is next with 283.000 quarters. All other
countries unloaded only 29,000 quarters, the grand total being 1,140.000
quarters. [A quarter is 8.256 bushels.]
The effect of Russia's selling may be seen in the fact that from Aug.1 1930
to Feb. 26 Russia unloaded 10,000,362 quarters of a total for all Europe
of 43.645,000 quarters.
The remainder of these imports were largely from Argentina. Canada
and the United States, the first named accounting for 3,700,000 quarters.
Grain Trade Crisis in Cenrral Europe-Stock Markets
Have Risen but Agriculture Is Suffering Heavy
Losses-Russia Is Pressing Sales.
The following from Vienna March 6 is from the New York
"Times":
Average prices on the Vienna Stock Exchange in February, as expressed
in the official index number, rose to 776, as against 711 in January. The
cause for this upward movement was the better tendency of the Western
European Stock Exchanges, which has also influenced Prague and Budapest.
The great ease in money has also had its influence. On the Vienna market,
private discounts have gone as cheaply as 3,34®3 %. The interest
rate on dollar credits stands at 336%,on sterling credits at 4.
But the agricultural question continues the grave point of the situation.
The disastrous effect on Central Europe's farmers of the sweeping decline
in grain prices has been shown in a statistical statement just published of
"rentability" in Austrian agriculture. Despite a better harvest in 1390
net receipts decreased 35% from 1929, the loss amounting to 31 schillings
per hectare, or $4.30, as against only seven schilllngs in 1929. The recent
slight disposition toward improvement in grain prices encountered a lack of
demand, emphasized by th fact that the crop outlook in the whole of Central Europe is described as very favorable.
Moreover, increased Russian tenders of grain are expected and at extremely low prices. For the first time Russia has recently sent shipments of
oats and wheat by the Danube directly to Vienna. not only offering the
grain at reduced prices, but also cutting under the joint freight tariffs of the
five existing Danube steamship companies through chartering special
steamers.
In Austria the question will shortly have to be decided whether the help
for peasants, which seems to be indispensable, is to consist in a grain
monopoly with high protective duties, or merely in State supervision.
British Grain Trade Predicts Unsettlement as Result
of Wheat Sales Abroad by Federal Farm Board.
From the New York "Times" we take the following London cablegram March 6:
The American Farm Board's announcement that it was about to sell
abroad part of its wheat holdings has had an unquestionably depressing
effect on wheat prices here. Sale of 35,000,000 bushels is not likely to
overwhelm the trade, but it is nevertheless considered important, having
regard to the fact that there is just now little or no room for additional
pressure of wheat on the market.
Liverpool merchants are quoted this week as saying that America's
asking prices will have to be reduced several shillings per quarter of eight
bushels before they would be in line for doing business here. Broomhall,
commenting on the new announcement, says that "the prospect of unloading by the Farm Board is bound to have a depressing effect on the international prices, for even 35,000,000 bushels could not be marketed without displacing great quantities of other wheats." Be further points out
that there is no guarantee that American marketings might not exceed
the quantity mentioned. The market's outlook, therefore, again becomes
unsatisfactory.
(Vol. 182.
than In any year since the banks were organized in 1923,
according to the annual report of the Federal Farm Loan
Board which was sent to Congress just before the session
closed March 4. With regard to the information disclosed
In the report it is stated:
Loans to co-operative marketing associations aggregated nearly $110,000,000, including original advances of over $93,000,000. The total discounts amounted to more than $109,000,000, including original advances of
nearly $70,000,000 or a substantial increase over 1929.
Of the total loans to farmers' co-operative marketing associations in
1930 loans on cotton amounted to $53,127,519; wheat and other grains,
$15,130,670; wool and mohair, $12,412,139; canned fruits and vegetables,
$3,976,969; raisins and other dried fruits, $3,385,927; rice, $2,552,572;
beans, $1,518,900, and smaller amounts on alfalfa seed, cheese, olives and
olive oil, extracted honey, red top seed, apples, flaxseed and evaporated milk. .
In the list of commodities which the Board has approved as collateral for
loans, in addition to the above, are maple syrup, sugar (raw and refined)
powdered and evaporated milk, extracted honey, broomcorn, nuts and peanuts, hay and tobacco. In the past loans have been made upon all of these
commodities. From organization of the banks to Dec. 31 1930 the total
of the loans to farmers' co-operative marketing associations is $581,050,967,
Including original advances of $392,791,761.
The report says that the Board has indicated a willingness to consider,
on the basis of specific applications filed with The Federal Intermediate
Credit Banks, the question of making loans to eligible co-operatives upon
the security of warehouse receipts covering eggs produced and stored under
proper conditions and has taken action in respect to cotton seed. Apples
in cold storage have been made the basis of a loan by one of the banks.
To date the banks have loaned to 119 associations with a membership of
1,500,000 individuals. The average rate of interest charged was 5.4%. The
debentures of the banks sold at their lowest rate during 1930, averaging
3.35%.
During the year the six months' minimum loan period was removed by
Congressional action thus providing greater flexibility in the service of
the banks. Congress also amended the original law so that direct loans
may be made by the banks not only to co-operative associations but to local
financial institutions upon livestock and agricultural notes bearing their
endorsements.
Classification of the original discounts made by the 12 banks during 1930
shows that the loans made by the local financial institutions to finance dairy
cattle and discounted with the banks amounted to $3,201,174; other cattle,
$24,777,260; sheep and goats, $11,017,195; other livestock, $213,2S8; crop
production, $25,722,807; general agriculture, $5,087,777. The largest increase over 1929 was in the loans for crop production.
The past year recorded a particularly large increase in business done by
agricultural credit corporations. Sixty such corporations were added to the
list doing business with the banks and most of these were organized during
the year. In addition, there were nine livestock loan companies, 28 state
banks and two national banks which discounted farmers' notes with The
Federal Intermediate Credit Banks for the first time.
The Board's report indicates that, from organization to date, 475 agricultural credit corporations, 107 livestock loan companies, 190 state banks and
14 national banks have discounted paper with the banks. The number of
individuals whose notes have been discounted totals 162,000. The banks
reported that at the end of the year about 30 agricultural credit corporations were in the process of formation.
The 12 banks, capitalized at $60,000,000, half of which has been paid in,
have not found it desirable to call upon the United States Treasury for more
than half of the capital subscribed by it. Increased business during the
year called for greater sale of debentures-the source from which the banks
obtain their money to lend, in additional to their capital. The sale of
debentures totaled $197,925,000 last year compared to $115,715,000 in
1929. The rate of interest paid on debentures gradually worked downward from the peak, early in the year, of 414% to 8%. The relatively low
,
rate borne by these tax-exempt debentures made it possible to lend at cot
respondingly low rates of interest.
Average Rate of Interest Paid by
in United States 4.59% on
Mutual Savings Banks
January 1-Compares
With 4.56% Year Ago.
The average interest rate paid by all mutual savings
The "Bonded Wheat" Plan-London Skeptical of banks in the United States on Jan. I was 4.59%, according
to an announcement Mar. 2 by the National Association of
Experiment of New York Produce Exchange.
Savings Banks, which says:
A cablegram as follows from London March 6 is taken Mutual
That figure compared with 4.56 a year ago, showing an increase of three
"Times":
from the New York
one-hundredths of 1% in the worst depression known to American security
The introduction on the New York Produce Exchange of trading in markets for a long period of years. This rate of return was paid on $9,bonded Canadian wheat is a development to which great importance is 464.732,492 to 12,226,345 depositors. A single quarterly payment of internot attached here. It was recalled this week that the futures market. est would amount to well over $100,000,000.
The following table indicates the interest rate in mutual savings bank
opened in New York some two years ago, did not long survive.
States, Connecticut leading with the average of 4.98:
4.28
4.25 I New Jersey
'California
Bread Prices Reduced in Birmingham England.
4.37
4.98 I New York
Connecticut
have
been
bread
reduced
in
4.08
Ohio
of
price
loaves
4.50
Four-pound
Delaware
4.02
4.151Pennsylvania
from 7d. to 06(1. (14c. to 13o.) in Birmingham, England, Indiana
4.53
4.281Rhode Island
Maine
the Department of Commerce is informed in a report from Maryland
4.20
4.29 1 Vermont
4.881Washington
4.75
city.
that
The
in
decrease
Makinson
is
Massachusetts
Consul George A.
3.83
3.50 Wisconsin
Minnesota
regarded as "an indication of the gradual narrowing of the New
4.59
4.361United States
Hampshire
spread between wholesale and retail prices," says the FoodThe National Association of Mutual Savings Banks has
stuffs Division of the Bureau of Foreign and Domestic
just
issued a complete 'directory' of member banks, giving
Commerce under date of March 7. It is added that reduced
names of officers, amount of deposits, and other
addresses,
London
area
the
several
in
effective
bread prices became
This data shows the mutual savings banks now
statistics.
weeks ago and represent the lowest official price since 1915.
hold a larger amount than ever before in their more than
distributed among a record number
Increase in Intermediate Credit Loans and Discounts 100 years of operation,
depositors.
to Agriculture During 1930-Annual Report to
Congress.
Holt, Rose & Troster Report Reaction in March ir.
The 12 Federal Intermediate Credit Banks during 1930
N. Y. City Bank Stocks.
extended credit to agriculture in the largest amount in their
The N. Y. City bank stock market registered a further
history, the 'volume of both loans and discounts being greater reaction during the week ended March 7 as indicated by
MAR. 141931.]
FINANCIAL CHRONICLE
the Dollar-Index figures compilediby Morris A.!Schapiro,
of bit, Rose & Troster. Based upon' Saturday's: prices
(March 7) 16 leading bank and trust company'shares'are
selling at 19.0 times known earnings againstt719.3,3imes a
week ago. The yield now stands at 3.902% against"3.828%
a week ago. The current yield of 3.902% for the 16 stocks
on the average compares with a yield of 5.563% on Dec. 17,
and with 2.293% on April 12 last year, and.L2.380% on
March 8 1930.
Brokerage Firm of Joel Stockard & Co., Inc., Detroit,
in Receivership—Suspended from Detroit Stock
Exchange.
On Monday of this week, March 9, the Fidelity Trust
Co. of Detroit, was appointed temporary receiver for the
brokerage house of Joel Stockard & Co., Inc., of that city
by Judge James E. Chenot in the Wayne County Circuit
Court, according to the Detroit "Free Press" of March 10.
The Board of Governors of the Detroit Stock Exchange, of
which the firm was a member, on the same day, March 9,
suspended the company and U. Stanley Allen from dealing
on the Exchange under Section 1 of Article 10 of the Constitution, namely being unable to meet their contracts with
brokers. The Detroit paper continuing said:
At the same meeting the resignation of Joel Stockard & Co., a Delaware
corporation, as a member of the Exchange, was accepted. The firm had
been a member for about 15 years.
Exchange officials say there have been no customer obligations unmet.
The action against Mr. Allen is a formality only, necessitated by the
fact that he was an officer in the Stockard firm and a firm seat was held
in his name.
The petition for receivership was filed by G. L. Field, attorney for
the estate of J. I. Sanborn. I. Charles Simonsen also was reported a party
to the bill of complaint. Against reported liabilities of $1,000,000, it Is
declared that upward of $1,000,000 of assets can be realized upon.
In addition to the head office in Detroit, the firm maintains
branches in Dearborn, Jackson and Kalamazoo, Mich.
George E. Roberts of National City Bank of New York
on Fundamentals of Sustained Prosperity—Disruption of Price Relationships Between Important
Industries—Downward Trend of Wages.
In an address delivered before the Economic Club of
New York, on Mar. 10, George E. Roberts, Vice-President
of the National City Bank of New York, made the following
comments under the title "Fundamentals of Sustained
Prosperity":
The modern industrial system is a very highly organized and complex
affair. We have all become specialists, doing scene one thing, which
perhaps has little or no relation to our own wants, but depend upon
exchanging that service, by way of the market and the use of money,
for the various things that we want for ourselves. It is essentially a great
co-operative system, and wonderfully effective, when it is all in order and
in balance and working smoothly, but it is like every complicated machine,
it may get out of order; and while it never comes to a dead stop, it does,
when it gets out of order, slow down to an extent that causes confusion
in industry and trade and a deplorable amount of deprivation and suffering to many people who are dependent upon it.
Since all business in the last analysis is an exchange of goods and
services, it follows that the goods and services must come on the markets
in right proportions to each other in order that the exchanges may be
readily made and the markets be cleared. If they are not in balanced
relations, and the markets are not cleared in fair degree, stocks will pile
up, prices will fall, the purchasing power of that group of producers will
be lowered, it will be unable to take its accustomed quantity of the
products of others, and the whole system will be disturbed.
I venture to say that the most fundamental of all conditions essential
to sustained prosperity is that the normal economic equilibrium shall be
maintained. Ordinarily it is fairly well maintained, automatically, by
the price system. The fluctuation of prices reflects the operations of the
law of supply and demand and tends to distribute the workers in the
various industries and occupations as needed. The automatic system does
not always work perfectly, because sometimes people think they can get
a law passed by some parliament or Congress to suspend the operations
of the law of supply and demand. Such bodies occasionally attempt it,
with disastrous results, which throw the situation out of balance.
Changes are always going on in industry and trade which to some
extent disturb the balance, and this must be so in a progressive society.
Usually there is enough flexibility in the organization to make the changes
without very serious disturbance.
If we want the benefits of a highly organized, interdependent, and free
society, we must expect to accept the risks of such maladjustments and
disorganization as may occur. This does not signify that we should not
endeavor to stabilize industry so far as practicable, but if we believe in a
regime of individual liberty and that individual initiative and freedom in
the long run give the best results for all, we will not be likely to turn
the general management of industry and business over to any supreme
authority.
But I want to emphasize certain truths: (1) That the modern individual system provides a very much higher standard of living with
much less laborious effort on the part of the population than was to be
had before this system was developed, and that with a much larger population. What would be the plight of 123,000,000 people in the United
States without the modern industrial *item and with no greater means
of production than existed 100 years ago? Furthermore, I would emphasize
(2) that the principle of specialization and trade 5154I the importance of
balanced relations in industry has the same validity for a community of
100 families or 1,000, or 10,000, or 1,000,000 families, or for the whole
1915
world. There can be any amount of production and trade, provided the
balanced relations are maintained.
There is no limit to human wants. Practically they are no nearer
satisfaction now than they were before the days of power-driven machinery.
There isn't a family in a four-room apartment in this city that would not
like to have six rooms and the furnishings to go with them. The only
danger of overproduction is in unbalanced production.
Now let us look at some examples of unbalanced production. The greatest
of all disturbing influences is that of war, and we are especially interested
just now in the causes of the present depression. It would seem that by
this time everybody ought to understand that war has no place in modern,
highly-organized society.
Many people in Europe think that the concentration of gold in the
United States has been one of the principal causes of the world depression.
No doubt it has been to the disadvantage of business everywhere. It was
due to the war, and although the war has been over for more than a
dozen years, the gold stock of this country increased again last year by
some $300,000,000. We did not need the addition, and the countries
which lost it could ill afford to spare it, for it came out of their banking
reserves and has taken the very foundation from under their credit systems.
In times of political and economic disorder gold tends to flow to the
centers—back to the creditor countries. The movements of gold are
controlled by governments or by banking systems only to a very limited
extent. They are controlled by the activities of business in trade and
Investments. The abnormal movements of gold to the United States have
been due to a loss of the world equilibrium.
Before the war Western Europe was accustomed to receive an important
part of its food supplies, particularly wheat, from Russia. The war cut
off the Russian supply, and threw an additional demand upon the countries
outside of Europe, particularly Canada, Australia, Argentina, and the
United States, and with higher prices they responded. They increased their
acreage in wheat and have maintained a larger acreage than before the
war. Now Russia is claiming her pre-war position in the wheat markets,
and threatens to take even a more commanding position. As a result,
wheat has been selling in Liverpool in recent months at prices lower than
any record in the last 300 years. The low price of wheat affects the ability
of wheat producers to take their accustomed quantity of other products.
Sugar is another important commodity. Before the war the world was
producing about 18,000,000 tons of sugar annually, about one-hall beet
sugar, mainly in Europe, and about one-half cane sugar, in the tropics.
The war raged over much of the beet-producing area of Europe and destroyed
the factories, with the result that cane sugar production in the tropics
was greatly stimulated. Now Europe is producing more beet sugar than
before the war, the total production of sugar is 50% larger, great stocks
have accumulated, many sugar producers are ruined, and the ability of the
sugar producers as a group to buy the products of other industries has
been reduced to almost nothing.
The production of cotton and cotton goods was stimulated in this country
by the war. The acreage in cotton has expanded west of the Mississippi
River, over the plains region of the Southwest, a region once supposed to
be good for nothing but grazing, until the total acreage is 40 or 50% larger
than before the war. Furthermore, the cotton mills were so crowded
with orders during the war that they resorted to the practice of operating
night shifts, a practice that has been a plague to the industry ever since.
The cotton goods industry has been an unremunerative industry over most
of the time since the war.
The shipping industry is in very bad condition, with a surplus of ships,
freight charges lower than before the war, and all operating costs higher.
We, together with the Allies, took Germany's merchant fleet away from
her by the peace treaty. We might have knewn that the Germans would
have ships, and now they have nearly their pre-war tonnage, and since
they are among the latest built they are among the best on the seas, and
altogether, there are too many ships.
The building industry is depressed. It was to a great extent suppressed
during he war, and when the war ended all countries were behind their
needs in housing accommodations. One of the chief factors in the past
war recovery was the activity in the building trades, but that shortage
has been made up, at least as to the class of buildings that can stand the
Post-war scale of costs, and there is much unemployment in the building
trades and industries.
And now as to the most serious and general disorder:
The war caused an enormous demand for man-power, foodstuffs, and
many raw materials, resulting in a general rise of wages and prices. Now
In the great fall of prices which has occurred since the war, and particularly in the last year, prices and wages have not all come down
together. The prices of farm products, and crude materials generally,
which are produced largely by small proporietors and mainly by their own
labor, have come down in a great slump to approximately the pre-war level.
On the other hand, in the manufacturing industries, the building industry,
the transportation and distributive services generally, governmental services,
professional services, you have a vast network of relationships in which
wages or personal compensation are the principal factor, and these do not
move readily, at any rate, downward. They went up fairly well together,
but to attempt to readjust them downward together in a manner that
will leave everyone in the same relative position seems an almost hopelessly complicated task. As a matter of fact, we may as well face the
fact that every kind of compensation has come down; wages, in practically
all industries, have come down, in the aggregate. If a man is out of
work his wages are gone completely; if he is working only part-time they
have been reduced; but reductions of this kind do not reduce the price
of goods or services; they do not reduce the cost of living; they have no
effect to increase consumption, or to restore the industrial equilibrium
which is necessary to prosperity.
A great disruption of price relationships has occurred between important
industries, and something like a deadlock exists. The industrial situation
is perhaps worse in Great Britain than in any other country, because of
the extent of her foreign trade. Her imports are chiefly foodstuffs and
raw materials for her industries, while her exports are manufactures.
One of the best known of English economists, Professor Henry Clay, in a
radio address recently, said that the average price level of British exports
in 1930 was 51.3% above the pre-war level, while the average of British
imports was only 18% above the pre-war level. That seems to explain
why Britain's foreign customers are not taking as many of her goods as
formerly, and it throws light upon the whole world situation. The result
Is that England has an appalling amount of unemployment. A recent
statement shows that 21% of the workers included in the unemployment
insurance system are on the dole. The regular insurance fund is exhausted,
and advances from the Treasury were $150,000,000 last year; this year
has been started with $100,000,000, and the Chancellor of the Exchequer
has recently stated that they are now running at the rate of £1,000,000,
1916
FINANCIAL OHICONICLE'[VOL.182.
or about $5,000,000, per week. The exchequer budget had a deficit last
year, and taxation was increased; the Chancellor estimated that the fiscal
year ending this month will show another and larger deficit, and that
taxes will have to be raised again. With a Labor party in power, these
additional taxes are levied upon the higher incomes, which means that
they draw upon the principal sources of funds for new investments. The
Chancellor frankly says that existing industry is bearing all the burdens
it can stand, but he is drawing in increasing amounts upon the fresh
funds which are needed for the support, improvement, and development
of industry-very much needed to bring the industries of Great Britain
up to date.
Majority of Creditors Accept Prince & Whitely"Offer
of Composition.
Eugene L. Garey, counsel for the firm of Prince & Whitely
(the former New York Stock Exchange firm against which
bankruptcy proceedings were brought on Oct. 8 1930) stated
on Monday, March 9, that the offer of composition made to
creditors on Feb. 9 had been favorably received and that he
would probably apply to the U. S. District Court within a
week for permission to call a general meeting of creditor
to consider the offer. Mr. Garey added that already the
required majority in amount and more than 60% of the required number of creditors had sent in acceptances of the
composition plan. Based on assurances of acceptance from
creditors, he anticipates favorable action from the balance
within the next few days.
The settlement provides for cash payment of 25% of the
claims within 30 days of the approval of the composition
by the U.S. District Court and the issuance of non-negotiable
certificates of indebtedness for the remaining 75%.
Our last reference to the affairs of Prince & Whitely appeared in our Feb. 21 issue, page 1342.
New York Coffee & Sugar Exchange Observes 49th
Birthday.
On Sunday, March 7, the New York Coffee & Sugar
Exchange observed its 49th birthday and entered into the
50th year of its existence as the first and only coffee exchange
in the United States. The factors which led to the organization of a coffee exchange were many and date back to
the Civil War. To-day the New York Coffee & Sugar
Exchange,it is claimed,iP the largest and most important of
the world's exchanges for trading in coffee and sugar. It is
used by planters, importers, investors, operators, refiners
and roasters as a firmly established and well organized
market. A summary of the history of the Exchange is supplied as follows:
at an initiation fee of $2.50 each. There-are nO original members living.
The last to go was William D. Mackey, who died Feb. 28 1931. In less
than a year from the time of its organization, the "raison d'etro" of an
Exchange became evident and success was assured.
For the first 32 years of its existence, operations were confined substantially to dealings in coffee, but in December 1914, the scope of the
Exchange was enlarged to include raw sugar. Although trading in sugar
futures had been attempted before, in the very earl/years of the Exchange's
history, It did not meet with success because of the almost invariably
steady tone of the market.
The return to sugar trading was brought about, in large part, by the closing of the London and Hamburg Exchanges, in August 1914, due to the
outbreak of the World War, and the inconveniences resulting to the producers,;dealers and consumers of sugar from the absence of any recorded
sales showing the consensus of world opinion with respect to sugar prices.
The sugar futures market thus established filled a decided need and the
Exchange shortly became known nationally and internationally as the
world market for sugar, a distinction which it holds to this day as evidenced
by the volume of business transacted.
On Feb. 2 1931, the Exchange initiated trading in cane blackstrap
molasses futures.
F. L. Newburger Re-Elected President Philadelphia
Stock Exchange-Volume of Trading on Exchange
Present Year.
Frank L. Newburger, senior member of Newburger,
Loeb & Co., was re-elected President of the Philadelphia
Stock Exchange at the annual election held Monday,
March 2. Mr. Newburger was an unopposed candidate to
succeed himself. He has held the office since August 1930
when he was elected to succeed M. F. Middleton Jr., who
resigned. The following candidates were elected members
of the Governing Committee for a term of three years:
Edward Brylawski, Howard Butcher Jr., John K. Hammitt, Clarence
L. Harper', Joseph E. Morley, Harrison G. Seeler, and John K. Lee.
Morris L. Parrish was also elected a member of the
Governing Committee for a term of two years and John S.
Parke for a term of one year.
The Philadelphia Stock Exchange announced that the
total sales of stocks on the board during the month ended
Feb. 28 were 965,433 shares, compared with 730,222 shares
in the previous month and 2,285,876 shares in February
1930. The Exchange through its Secretary, Frank G.
Matthews also says:
The volume of bonds, par amount,sold on the Exchange during February
totaled $1,032.300. This figure compares with 81,796,600 for the previous
month and $243,450 in February 1930.
Since Jan. 1 1931, total sales of stocks were 1,695,655 shares compared
with 4,358,241 shares corresponding period in 1930:totalsales of bondssince
Jan. 1 1931 amounted to $2,828,900 compared with 8619.950 same period
last year. During the past month, the average of sales of stocks per day
was 43,883 shares against 103.901 shares for February 1930. The weekly
average of sales was 241,356 shares against 571,469 shares corresponding
month last year. The largest single day's volume for last month was 92,120
Practically all of the above interests, as well as large banking organiza- shares on Feb. 28 which compares with a high of 149,761 on Feb.6 1930.
A comparison showing the volume of shares of stocks and bonds traded
tions, are represented in the membership of the Exchange.
in on the Philadelphia Stock Exchange by months for the years 1931, 1930,
The Exchange was originally known as the New York Coffee
Exchange,
Inc. and was opened for business on March 7th 1882. A review of the 1929, 1928 follows:
1930.
1920.
1928,
1931.
Sharessituation existing at the time of the Civil War indicates the reasons leading
730,222 2,072,365 2,792,114
1,316,155
January
to the formation of the Exchange.
965,433 2,285,876
1,537,875
935,073
February
Except for a short period in 1862. the years 1861-65 saw an almost March
2,641,762 2,082,209 1,007,447
unprecedented advance in coffee prices, with the Government a large April
4.369,725 1,998,608 1,258,796
3,704,238 2,922,152 2,009,187
purchaser of that commodity for its military and naval forces. As a May
3,432,610 4,032,160 1,164,544
result of fluctuations In gold and the resumption of an import duty as well June
1,682,755 3,636,702
854,859
July
ah of these higher prices, profits for the few years preceding the close of August
1,120,314 2,698,481
628,807
the war were very large.
1,457,228 2,330,913
September
1,074,257
1,948,893 4,281,297
1,466,566
The end of the war, however, brought about the usual reaction and a October
1,483,151 2,804,578 3,031,273
period of reduced prices ensued which continued until 1870. That year, November
1,035,877 4,403,696 2,902,098
December
on reports of short crops, prices again moved upward, stimulating planting of coffee, not only in Brazil, but in other parts of South America.
Total
1,695,655 27,234,704 35,520,785 17,649,062
Par Amount1931.
1929.
1928.
1930.
This increase In planting had later far-reaching effects.
$949,326
3741,800
January
81,796,600
$376,500
The small coffee stocks on hand at the close of 1874 tended to encourage February
874,500
243,450
501,074
1,032,300
speculation and the fluctuations in price during 1875, 1876 and 1877 March
608,100
310,200
435,000
650,000
728,900
308,600
indicates a manipulation of the market. In fact, several large houses had April
811,700
May
747,400
300,900
the
control
prices
with
result
that
the market was
formed a syndicate to
618,580
June
293,100
570,600
completely in their hands.
493,781
July
221,900
339,200
448,100
In 1878 the effect of the increased planting undertaken in 1870 began to August
392,900
128,500
537,700
182,000
470,300
September
show itself through reports of large crops.
949,400
644.400
October
391,500
record
then
crop,
the
exporting 206,329 tons.
In 1879, Brazil produced
817,590
1,216,100
317,300
November
Therefore, early in 1880 the syndicate found itself with a very heavy load, December
528,550
1,531.675
547,900
the total visible supply of coffee of all kinds on Jan. 1st of that year being
38,287,827
$5,882,125
Total
$6,057,074
$2,828,900
766,679 bags. With summer approaching with its usually dull trade,
another large crop coming in and shipments from Santos (Brazil) increasing
Comparing the number of members on the Philadelphia Stock Exchange,
in such volume as to be felt, the syndicate was faced with the insurmount- an analysis shows there were 206 on Feb. 28 1931.
able problem of holding up prices. As its great effort was centered on
Exchange memberships are owned by brokerage houses in seven cities
Brazil coffees, it was forced to let Java coffees decline. In fact, outside of outside of Philadelphia.
the syndicate, there were no buyers for Brazil coffees through the fall of
Since Jan. 1 1931. there were seven exchange memberships purchased or
' Imp. The inevitable followed. The syndicate failed and the important transferred. Three last month and four during January.
firms comprising it were therefore ruined due to their inability, through
During the past two months, the Exchange has made several important
lack of either market or buyers, to dispose of the great stocks they were changes in order to facilitate business.
carrying.
The most important new addition was the installation of modern trading
hectic period followed for the coffee trade during the months of Octo- Posts. This is one of the many innovations that have been planned to further
firms
which
Many
had
1880.
been
December
members
ber, November and
extend its system.
of the synidcate failed and the resultant dumping of their large stocks on
the market caused a demoralized state in the coffee trade. There was
Offering of Bonds and Cerlittle or no attempt to do business. Everyone suspected his neighbor. Subscriptions to Treasury
Even the larger firms did not escape suspicion.
tificates Aggregated $3,735,604,300-Total AllotThe situation, therefore, which faced the coffee trade in 1881 was indeed
ments $1,518,261,150.
one of uncertainty. R appeared that the end of the old methods of doing
business had arrived. This condition was one of the important factors
Final figures of the results of the Treasury offering of
which eventually led to the formation of the Exchange.
$1,400,000,000 of Government obligations were announced
1*-1t was contended that had there been an Exchange, the abnormal situaby Secretary of the Treasury Mellon on Mar. 11. The
tion of 1880 would never have occurred.
Is. The principal argument against the formation of the Exchange was
offering
brought total subscriptions of $3,735,604,300, while
'forcing
out
merchants. In
that speculators would hold sway, ultimately
spite of opposition, the Exchange was formed with 12 charter members the total allotments were $1,518,261,500. In the case of the
MAR. 14 1931.]
FINANCIAL CHRONICLE
Treasury bonds, bearing 3%% interest, and offered to the
amount of $500,000,000, "or thereabouts," the subscriptions
received totaled $2,111,871,300, of which $1,369,148,200 represented cash subscriptions and $742,723,100 exchanges. No
cash subscriptions for the Treasury bonds were accepted,
and the exchange subscriptions allotted were $594,193,650.
The subscriptions to the Treasury certificates' totaled
$2,111,871,300; these were offered to the amount of $900,000,000 one to the amount of $300,000,000, "or thereabouts"
(Series TS2-1931), bearing interest at the rate of 1%%
and running for six months, being dated Mar. 16 1931 and
maturing Sept. 15 1931, and the other to the amount of
$600,000,000, "or thereabouts" (Series TM-1932), bearing
Interest at 2%, running for 12 months, dated and bearing
interest from Mar. 15 1931 and due Mar. 15 1932. The total
amount of subscriptions to certificates, Series TS2-1931,
were $400,648,500, and the allotments were $300,176,000;
the total subscriptions received to certificates, Series
TM-1932, were $1,223,084,500, and the total subscriptions
allotted were $623,891,500. Secretary Mellon's announcement of Mar. 11 said:
Secretary Mellon to-day announced that the total amount of subscriptions
received for 3%% Treasury bonds of 1941-43, dated Mar. 16 1931, was
$2,111,871,300. Of this amount, $742,723,100 represented exchange subscriptions in payment for which 31
/
2% Treasury notes, maturing Mar. 15
1931 were tendered. Such exchange subscriptions were allotted 80%, or
$594,193,650. All other subscriptions were rejected.
The total amount of subscriptions received for the two issues of Treasury
certificates of indebtedness, Series TS2-1931, 11
/
2%, dated Mar. 16 1931,
maturing Sept. 15 1931, and Series TM-1932, 2%, dated Mar. 16 1931,
maturing Mar. 15 1932, was $1,623,733,000. The total amount of subscriptions allotted for Series TS2-1931 was $300,176,000, which included both
cash and exchange subscriptions, the latter being treated as cash
subscriptions.
The total amount of subscriptions allotted for Series TM-1932 was
$623,891,500, of which $72,482,500 represented allotments on exchange
subscriptions for which 31
/
2% Treasury notes maturing Mar. 15 1931 were
tendered in payment. Such exchange subscriptions were allotted in fulL
Allotments of all subscriptions for Series T82-1931 and allotments of
cash subscriptions for Series TM-1932 were made on a graduated scale.
Subscriptions and allotments were divided among the several Federal
Reserve districts and the Treasury as follows:
3% TREASURY BONDS OF 1941-1943.
Total
Total
Exchange
Exchange
Total
Total Cash
Subscriptions Subscriptions Subscriptions Subscriptions
Fed. Reserve Dist.—
Received.
Received.
Allotted.
Received.
Boston
$5,709,950
14,568,200
1110,126,750 $104,416,800
New York
440,635,150 524,978,700 419,983,400
965.613,850
Philadelphia
139.633,950
25,375 050
165 014,000
20,300,000
Cleveland
167,338,000
13,415,900
180,753,900
10,734,000
Richmond
13,749,650
79,983,900
10,999,900
93,733.550
Atlanta
5,749,450
62,071,300
56,321,850
4,599,650
Chicago
74,993.600
198,350,750
123,357,150
60.014,150
St. Louis
4,674,950
40,928,700
36,253,750
3,740 900
Minneapolis
31,861,850
23,371,050
8,490,800
6,793,050
Kansas City
48,671,750
30,917,850
17,753.900
14,204,400
Dallas
60,862,750
49,814,250
11,048,500
8,839,450
San Francisco
28,283,350
145,006,450
116,723,100
22,626.950
Treasury
8,875,700
378,400
8,499.300
6,799,600
Total
$2,111,871,300 $1,369,148,200 $742,723,100 $594,193,650
154% CERTIFICATES OF INDEBTEDNESS OF SERIES T82-1931.
Total
Total
Total
Total
Federal
Subscriptions Subscriptions
Subscriptions Subscriptions
Federal
Reserve Dist. Received.
IIUOUe .
Allotted.
Reserve Dist. Received.
Boston
$644,500
$11,996,500 Minneapolis__
$769,500
New York— 185,029,500 132,472.500 Kansas City__ 2,457,500
2,042.000
Philadelphia - 26,275,000 19,930,000 Dallas
14,063,500 12,041,500
Cleveland
7,195.000
5,605.000 San Francisco 40,119,500 28,496,000
Richmond
9,821,000
8,445,500
1,000
1,000
Atlanta
15,241,000 13,475,500
Chicago
71,066.000 54,021,000
Bt.
14.710,000 11,005,000 Total
3400,648,500 5300,176,000
2% CERTIFICATES OF INDEBTEDNESS OF SERIES TM-932.
Total
Total
Exchange
Total Cash
Total
Subscriptions Subscriptions Subscriptions Subscriptions
Federal Reserve Dist.—
Received.
AUoUed.
Allotted.
Allotted.
$12,815,000
Boston
568,515,500 668.515.500
590,377,000 $62,644,000 223,737,000 286,381,000
New York
Philadelphia
106,406.000
46,000
52,704,000
52,750,000
Cleveland
49,992,000
25,124,000
25,124,000
Richmond
59,120,500
156,000
34,257,500
34,413.500
Atlanta
53,139,000
34,451,000
34,451.090
99,906,500
5,159,500
48,953,000
Chicago
54,112,500
2,025,000
17,881,000
9,354,500
Bt. Louis
11,379,500
50,000
Minneapolis
2,725,500
1,523,500
1,573,500
11,016,500
2,261,500
6,011,500
7,273,000
Kansas City
50,000
27,491,500
17,163.500
Dallas
17,213,500
90,500
76.189,000
30,594,000
Ban Francisco
30,684,500
25,000
20,000
20,000
Treasury
1917
Veterans' Bonus Major Outlay of 410,000,000,000
Congress."
A dispatch Mar. 7 from Washington to the New York
"Times" said:
The $10,000,000,000 Seventy-first Congress just ended spent $199,310,597 in its first session, $4,872,401,096 in its second and $5.178,107,522 in
its final, making a total of $10,249.819,215.
The short session, which Clewed Mar. 4, appropriated $3,454,787,063
for the annual supply bills, for the fiscal year 1932, as compared with
past appropriations of $3,072,873,162 for 1930 and 83,168,261.634 for 1931.
Outstanding among the expenditures and authorizations were:
11,000,000.000
Soldier bonus (estimated)
500,000,000
Federal Farm Board...
116,000,000
Emergency construction
65,000.000
Drouth relief
145,000,000
Rivers and harbors
10,000,000
Boulder Dam
30,000,000
Modernization of battleships
Major Part of Veterans' Loans Will Be Used to Retire
Personal Debts—Dr. Franklin W. Ryan of National
Cash Credit Association, Sees Possibility of Impetus to Trade.
The entry of the United States Government into the small
loan business, regarded as a significant feature of the Soldiers' Bonus Law, will serve the purpose of retiring an
important part of the individual floating debt of the country,
a debt which totals over $12,000,000,000 and which includes
open account debts, overdue rent, taxes, instalment debts
and other personal obligations. Dr. Franklin W. Ryan,
Vice-President of the National Cash Credit Association,
who makes this National estimate of personal debts in an
economic bulletin just published, states that somewhat
more than half of the $700,000,000 which war veterans are
expected to borrow from the Government will go to liquidate
debts and obligations already incurred. Pointing out that
General Hines, Administrator of Veterans' affairs, has indicated that about $900,000,000 may be borrowed by
veterans before the end of September, Dr. Ryan, who was
formerly Assistant Chief of the Finance Division of the Department of Commerce says that it is almost certain that the
volume of these loans outstanding will total $700,000,000
sometime during the summer. Such a total would be larger
than any single variety of personal loans in the United States,
except the $2,300,000,000 in loans on life insurance policies
now outstanding.
According to Dr. Ryan the total of all the various forms of
current personal obligations now outstanding in the United
States is about $12,400,000,000, as follows:
Percentage.
Volume.
Type of Current Indebtedness—
36.3
34,500,000.000
Open account debts owed to retailers
20.2
2,500,000,000
Instalment debts
Overdue rent, taxes and other similar obligations
least8.1
1,000,000,000
—at
2A
Personal loans between friends and relatives....300.000,000
2.300,000.000
18.5
Life insurance policy loans
All other varieies of personal loans, including
e,
m
crediVenia
on
na.
pawnbrokers'
l,loans,chlatgloair
is
14.5
1,800.000,000
others
Total
112,400.000.000
100.0%
Dr. Ryan says:
It is this enormous total of $12,400,000,000 of current indebtedness
which is the basic cause of the tremendous wave of borrowing on the part
Of the ex-service men. Why millions of former service men are seeking
loans aggregating hundreds of millions of dollars has mystified many
of our leading statesmen. but when we find that at the present time each
family in the United States is in debt on the average more than $350, it is
not difficult to assign a reason for at least 60% of this new 1700,000.000 of
personal financing.
We have found from sampling studies of more than $3,000,000 in personal
loans that fully 60% of all small personal loans of all kinds are caused by
previous indebtedness.
This retirement of debts by borrowing from the Government, Dr. Ryan believes, is certain to be beneficial to business. While probably one-third to one-half of the debts
to be paid off will be overdue open account debts to retail
stores and one-fifth or more will go to liquidate instalemnt
debts, a large part of the estimated $700,000,000 will be used
for new purchases. If $400,000,000 is used in retiring
31,223.084.500 572,482,500 3551,409,000 3623,891,500 outstanding debts, than this residual borrowing for new
Total
$300,000,000. Dr. Ryan conIn the Washington dispatch, Mar. 11, to the New York purchases will be around
cludes:
"Times" it was noted:
Thereto
will help thousands of retailers even more than
On the bonds the New York Federal Reserve District alone bid $965,613,850, or snore than one-third of the total. Cash subscriptions for the
bonds from this district were $440,635,150 and exchange subscriptions
$524,978,700, and only $419,983,400 of the exchanges were allotted.
On the six months' certificates New York District subscriptions were
$185,029,500 and the allotments $132,472,500, and on the one-year certificates subscriptions were $590,377,000 and allotments $286,381,000.
no doubt that this
the liquidating of frozen accounts. There are many ways in which it will
bring about numerous changes for the better. This 1700,000,000, or
possible $900,000M0 of personal financing by the Government may turn
out to be the long-hoped-for impetus that is needed at this juncture to
start our economic system on its way out of the present business depression.
President Hoover Signs Resolution Amending Federal Inheritance Tax Law — Change Results from Supreme
Court Decisions—Statement by Secretary Mellon and
Others.
Details of the Treasury bond and certificate offering
On March 3 President Hoover signed a resolution, said
to have been drafted by the Treasury Department, amendwere given In our Mar.7 issue, pages 1724-1725.
New York Bids Exceeded Issue.
subscriptions of $1,741,020,350,
In all, the New York district supplied
combined offerings, and received
or more than $300,000,000 in excess of the
allotments totaling $838,836,900.
1918
FENANCIAL CJHBONICLIC
ing the Federal inheritance tax provisions as contained
in the Revenue Act of 1926. The resolution was agreed
to by the House and Senate on March 3. In explanation
of the purpose of the amendment, Representative Hawley
on March 3 said:
The Supreme Court yesterday handed down a decision to the effect
that if a person creates a trust of his property and provides that, during
his lifetime he shall enjoy the benefits of it, and when it is distributed
after his death it goes to his heirs,—the Supreme Court held that it
goes to his heirs free of any estate tax.
The resoluion is to provide that hereafter such shall not be the law.
This decision will cost the Treasury of the United States $25,000,000.
That is, it will necessitate refunds in that amount, The Treasury does
no know how many such trusts will be found before Congress meets
again, but the opinion is that a great many will be, and it will take a
very large sum from the Treasury unless this corrective legislation is
enacted.
[Tau 182.
quenchable fire of youth—ever ready, ever undismayed. His
wit is as quick as ever, and his mental thrust as skillful and
as vigorous. Above all he is as lovable as ever—with the
warm heart that resists the chill of years." Justice Hughes'
concluding words said:
"How many of our judges have been not only revered but beloved? We
bring to Mr. Justice Holmes our tribute to admiration and gratitude. We
place upon his brow the laurel crown of the highest distinction. But this
will not suffice us or him. We honor him, but, what is more, we love him.
We give him to-night the homage of our hearts."•
The address of Chief Justice Hughes follows:
The nation salutes Mr. Justice Holmes on this happy and unique anniversary.
If we make our estimates in terms of the spirit, its power, its alertness,
its sensitiveness to impression, its keenness of interest in the shifting scenes
of human experiences, Mr. Justice Holmes is not old, but invincibly young.
It is difficult for one who is in daily and intimate association with him to
Representative Garner in stating that the Committee on think of great age, as he is a constant contradiction of all that great age
Ways and Means had at a meeting on March 3 unani- usually implies. He has abundantly the zest of life and his age crowns that
mously reported the resolution, said, "we did not make it eagerness and unflagging interest with the authority of experience and
wisdom.
retroactive for the reason that we were afraid that the
In his important work:, he is indefatigible. No one could be more scrupSenate would not agree to it. But I do hope that when ulous an meeting every obligation; no one more intense in devotion to his
the court arouses in him such imthis matter is considered in the Seventy-second Congress task. Every case that is presented to
mediate and earnest response that it is almost impossible to realize that in
we may be able to pass a bill that will make it retroac- his service in the Supreme Court of the United States and in the Supreme
tive." The resolution as passed at the recent session Judicial Court of Massachusetts he has been listening to argument for
almost fifty years.
reads:
He has the dauntlessness and unquenchable fire of youth, ever ready,
House Joint Resolution 529.
Resolved, etc.: That the first sentence of subdivision (c) of Section 302 ever undismayed. His wit is as quick as ever, and his mental thrust as
skillful and as vigoreus. Above all, he is as lovable as ever, with the warm
of the Revenue Act of 1926, is amended to read as follows:
(c) To the extent of any interest therein of which the decedent has heart that resists the chill of years.
While conserving his strength, in a prudent and dignified withdrawal from
at any time made a transfer by trust or otherwise, in contemplation of or
intended to take effect in possession or enjoyment at or after his death, the trivialities of conventional social intercourse, he is to-day, as ever, the
including a transfer under which the transferor has retained for his life best company in Washington, and I think that one could search the whole
or any period not ending before his death (1) the possession or enjoyment world in vain for any personality more electric and inspiring in its contacts.
This anniversary brings to our minds with startling emphasis the youthof or the income from the property, or (2) the right to designate the
persons who shall possess or enjoy the property or the income therefrom; fulness of our country, its splendid, adventurous, exciting youth. On March
except in case of a bona fide sale for an adequate and full consideration 8 1841, when Oliver Wendell Holmes Jr. was born, a new President, William
Henry Harrison, had just been inaugurated after the twelve years of the
in money or money's worth.
The following from Washington March 5 is from the Jackson-Van Buren era.
Only a few days before, the great case of Groves v. Slaughter had been
New York "Times":
heard in the Supreme Court, with the arguments of Henry Clay and Daniel
Attention was called by Secretary Mellon today to legislation enacted Webster, in relation to State and Federal power over the introduction of
during the closing days of Congress which will make escape from pay- slaves within State borders. Daniel Webster was about to assume the office
ment of the Federal estate tax more difficult.
of Secretary of State.
This legislation, Mr. Mellon said, followed decisions of the Supreme
When the infant Holmes opened his eyes in that fortunate New England
Court in the cases of Burnet against the Northern Trust Company, exand loving gazes of the father, the senior Oliver
ecutor, and others, holding in effect that, "where property was con- home, and met the proud
literature of his country with the rare
veyed in trust by a transferor who reserved to himself for life the income Wendell Holmes, who enriched the
destined through his son to confer
from the property or the right to designate who should enjoy the income charm of the poet and essayist and was
therefrom, the value of such property at the date of the transferor's death an even greater distinction upon our jurisprudence, the people of the United
about 123,000,000 now.
should not be included in computing his Federal estate tax, the transfer States numbered about 17,000,000, as against
The movement to the Oregon country over the Oregon Trail had not yet
of such property not being 'in contemplation of or intended to take effect
discovery
of gold, was still several
the
to
begun.
California,
due
The rush to
in possession or enjoyment at or after his death' within the meaning of the
years distant, and the great resources of natural wealth in Colorado, Nevada
Federal estate tax laws."
As a result of these decisions the Federal estate tax laws were amended and the Far Northwest were yet unknown. The Mexican War Was still to
to provide specifically for including in the gross estate of a decedent the be fought. Within this period of ninety years, what restless adventure,
value of property which may have been transferred by the decedent in what terrible peril and what vast achievements, culminating in a world, in
trust or otherwise where "the transferor has retained for his life or any the truest sense a new world, a transformation too near to us to be adequately
period not ending before his death (1) the possession or enjoyment of, appreciated, with facilities hitherto undreamed of, with novel intimacies
or the income from, the property or (2) the right to designate the per- and astounding revelations of the ways of nature.
The most beautiful and the rarest thing in the world is a complete human
sons who shall possess or enjoy the property or the income therefrom."
"The bill was passed unanimously by both houses of Congress with life, unmarred, unified by intelligent purposes and uninterrupted accomcommendable expedition," Secretary Mellon said, "and signed by the plishment, blessed by great talent employed in the worthiest activities,
President on the same day it was introduced in the House, thus becoming with a deserved fame never dimmed and always growing. Such a rarely
a part of the existing Federal estate tax law on March 3."
beautiful life is that of Mr. Justice Holmes.
"Without such legislation," he said, "it was possible for a person, by
I could not give you, if I would, even an epitome of such a career. But
making a conveyance of property for the use after his death of those whom many of you who are listening to me may be glad of the mention of some
he intended should ultimately have it, to put the property beyond the reach of its outstanding points, so that in part, at least, you may visualize the
of the estate tax law and at the same time to reserve to himself the income life of the man you honor.
or enjoyment of the property just as if no conveyance had been made."
How could he have been better born or more richly endowed by parentage
and environment? Best of all, perhaps, was the imperative urge to make
these advantages count. But as he came to manhood, outward circumstance
was not propitous. The clouds of civil strife lowered over his future path,
Chief Justice Hughes of the United States Supreme and when he was graduated from Harvard in 1861 we were in the midst
Court Felicitates Associate Justice Holmes on of war.
His first public act was to give himself to the defense of his country. I
Ninetieth Birthday—Response of Latter in Radio
think that he has always had the martial spirit. His bearing suggests it,
Message.
his self-discipline and regard for order in all the arrangements of his life
In response to tributes paid to him upon the occasion of attest it. His judicial opinions are as valient as they are astute.
In the war he was a shining mark, thrice wounded, shot through the
his ninetieth birthday on March 8, Oliver Wendell Holmes,
breast at Ball's Bluff and through the neck at Antietam. The country
Associate Justice of the United States Supreme Court, de- narrowly escaped irreparable loss. After being wounded at Antietam, he
livered his first radio message. At his Washington home, was for a time lost to his friends, and his father's story, "My Hunt After
Captain" (Captain Holmes), is one of the nation's literary treasures.
over a Nation-wide "hook-up," the venerable and renowned theRetiring
from the army, young Holmes studied law and came to the bar
Charles
felicitations
of
E.
Hughes,
Chief
jurist, following the
in 1867. Then followed years of intense study, not the ordinary legal
of a mind of the highest order, bent
Justice of the Supreme Court and others, made the following studies, but the extraordinary pursuits
upon piercing to the very roots of our law and laying bare the fascinating
him:
accorded
rejoinder to the honors
processes of its growth. That period of study and of teaching law culmi"In this symposium my part is only to sit in silence. To express one's nated in his famous Lowell lectures of 1880, published in 1881, when he
task.
too
intimate
a
feelings as the end draws near is
was at the age of 40, "The Common Law," which stands as an unsurpassed
"But I may mention one thought that comes to me as a listener-in. The contribution to the understanding of our legal concepts.
the
they
reach
goal.
when
There
is
short
a
stop
little
not
race
do
riders in a
Practice supported study and both gave high reputation. All was prepara.
finishing canter before coming to a standstill. There is time to hear the tion for the career to which aptitude and inclination led. In December,
kind voice of friends and to say to one's self: 'The work is done.'
1882,, forty-eight years ago, he was appointed Associate Justice of the
"But just as one says that, the answer comes: 'The race is over, but the Supreme Judicial Court of Massachusetts. A little less than seventeen years
remains.'
work never is done while the power to work
later he was made Chief Justice c>f that court. And then, in December,
"The canter that brings you to a standstill need not be only coming to 1902, he became Associate Justice of the Supreme Court of the United
to
live.
For
live
is
to
function.
still
That
you
rest. It cannot be, while
States.
is all there is in living.
What is his secret? An arresting style, which gives point and finish to
"And so I end with a line from a Latin poet who uttered the message public interes in it, but with Mr. Justice Holmes our special interest begins
more than fifteen hundred years ago:
with his judicial career. For this judge, withont doffing the judicial robe,
"'Death plucks my ears and says, Live—I am coming'."
has made himself not only an expounder and artificer of the law but a leader
Chief Justice Hughes, who likewise spoke over the radio, of opinion, with an influence transcending the limits usually assigned to
utterances.
described Justice Holmes as "not old, but invincibly young." judicial
What is his ecret? An arresting style, which gives point and finish to
"He has" said Justice Hughes "the dauntlessness and nu- decision; a pungent wit, which is above the law; the broad vision of a
MAR. 14 1931.]
FINANCIAL CHRONICLE
philosopher, a sense of reality, an instinct for leadership, a capacity for
Isnaking the old serve the new, both being clay in the hands of the expert
potter.
Mr. Justice Holmes old? He is the exemplar and prophet of the young,
the apostle of the latest generation, the master equally of black-letter
learning and the most recent thought, with the keen eye to discern folly
whether of the ancient or of the modern. More modern than the modernist,
for he knows what is not modern; truer to the old than many a conservative,
for he is more likely to know how the old became such and what in it is
worth conserving.
We have had great judges, but Mr. Justice Holmes cannot be confined to
such a category. Let him tell his own story in the revealing words of an
address made by him over thirty years ago:
"My way has been by the ocean of the law. On that I have learned a part of
the great lesson, the lesson not of law but of life. There were few of the charts and
lights for which one longed when I began. One found one's self plunged in a thick
fog of details, in a black and frozen night, In which were no flowers, no spring, no
easy Joys.
Voices of authority warned that in the crush of that ice any craft might sink.
One heard Burke saying that law sharpens the mind by narrowing It. One heard
In Thackeray of a lawyer bending all the powers of a great mind to a mean profession. One saw that artists and poets shrank from it as from an alien world.
One doubted one's self how It cound be worthy of the Interest of an intelligent
mind, and yet one said to one's self, law is human, it is a part of man, and of one
world with all the rest. There must be a drift, if one will go prepared and have
patience, which will bring one out to daylight and a worthy end. You have all
read or heard the story of Nansen and see the parallel which I use. . . .
In the first stage one has companions, cold and black though It be, and if he
sticks to It, he finds at last that there is a drift as was foretold.
But if he is a man of high ambitions he must leave even his fellow adventurers
and go forth Into a deeper solitude and greater trials. He must start for the pole.
In plain words, he must face the loneliness of original work. No one can cut out
new paths in company. He does that alone. He knows now what he had divided
at the outset, that one part of the universe yields the same teaching as any other
If only It is mastered, that the difference between the great way of taking things
and the small, between philosophy and gossip, is only the difference between realizing the part as a part of a whole and looking at it in its Isolation as if It really stood
apart.
"I care not very much for the form if In some way he has learned that he cannot
set himself over against the universe as a rival God, to criticize it, or to shake his
fist at the skies, but that his meaning Is its meaning, his only worth is as a part of
it, as a humble Instrument of the universal power. It seems to me that this is the
key to intellectual salvation, as the key to happiness is to accept a like faith in
one's heart, and to be not merely a necessary but a willing instrument in working
out the inscrutable end."
That, I think, may be taken to be the confession of faith of Mr. Justice
Holmes.
How many of our judges have been not only revered but beloved? We
bring to Mr. Justice Holmes our tribute of admiration and gratitude. We
place upon his brow the laurel crown of the highest distinction. But this
will not suffice us or him. We honor him, but, what is more, we love him.
We give him to-night the homage of our hearts.
1919
spired the respect and admiration of his associates in the Department of
State and his sympathetic consideration and kindness and the charm of
his companionship won for him devoted affection.
"As a mark of respect to his memory, all officers and employees of the
department will be excused from their duties after 1 'o'clock on Thursday,
March 12, the day of the funeral, except those engaged in work of an
imperatively urgent character."
mi••••••••M••••,,
Peter G. Cameron Resigns as Secretary of
Pennsylvania Banking Department.
The Philadelphia "Public Ledger" of March 1 stated that
Peter G. Cameron, Secretary of Banking since 1922 and with
a quarter of a century of service in the Pennsylvania State
Banking Department to his credit, resigned on the previous
day. The "Ledger" said that differences of opinion with
Albert M. Greenfield and Dr. William D. Gordon, of Drexel
Hill, First Deputy Secretary of Banking, over plans for the
rehabilitation of the Bankers Trust Co. caused Mr. Cameron
to advance the date of his resignation as Banking Secretary
from July 1 to Feb. 28. The following is also taken from
the "Ledger":
"After nearly twenty-five years of devoted service to the State as Bank
Examiner, Deputy and Secretary of Banking, I have to-day resigned the
latter office," said Mr. Cameron in a formal statement. "I have taken this
step after mature reflection and only for the reason that the present Administration and I are not in full accord with regard to departmental
policy.
"I am not retiring on pay in any amount pursuant to the provisions of
the State employees retirement clause, because I am not 60 years of age and
will not be for a number of years.
"My plans for the future are not fully matured. I have made my home
In Harrisburg during the last 12 years and like the city and its people.
I would leave Harrisburg with regret and trust I may not find it necessary
to do so."
"I hereby respectfully resign as Secretary of Banking as of Feb. 28,"
wrote Mr. Cameron in his letter of resignation to the Governor.
"I have given very careful consideration to this matter and have with
deepest regret reached the conclusion it is better for me to resign now than
to do so July 1, as you have requested."
"I have just received Secretary Cameron's resignation and I shall accept
Other radio messages were made in tribute to Associate
it," Governor Pinchot stated. "I have no comment to make upon it nor
Justice Holmes by Charles A. Boston, President of the any desire to attack Mr. Cameron."
The breach between the Governor and Mr. Cameron is reported to have
American Bar Association and Charles E. Clark, Dean of
followed the dismissal of James A. Taylor, of Indiana County, as First
the Yale Law School.
Deputy Secretary of Banking, and the appointment to the post of Dr.
Gordon. Rumors that Mr. Cameron contemplated resigning have been afloat
several
weeks.
President Hoover's Congratulatory Message to
Back of the withdrawal of Mr. Cameron from the banking department
. Associate Justice Holmes.
and the service of the State looms the shadow of Mr. Greenfield and the
In a letter as follows President Hoover tendered his con- Bankers Trust, which closed its doors last December. Mr. Greenfield, one
of Governor Pinchot's supporters, and Mr. Cameron differed radically regratulations to Oliver Wendell Holmes, Associate Justice garding
the plan to rehabilitate the defunct bank. This fact is said to
of the United States Supreme Court, upon the occasion of have made retention of office by the Secretary of Banking virtually
impossible.
his ninethieth birthday:
THE WHITE HOUSE
Washington, March 7 1931.
Hon. Oliver Wendell Holmes,
1720 I Street, N. W., Washington, D. C.
My dear Mr. Justice:
I most cordially congratulate you upon your ninetieth birthday anniversary, but yet more do I congratulate our country upon the continuance
of your splendid services and hope that you may long live in health and
strength to carry them forward. Yours faithfully,
HERBERT HOOVER.
New York Senate Confirms Nomination of George S.
Van Schaick as State Superintendent of Insurance.
The New York State Senate confirmed on March 4 the
nomination of George S. Van Schaick, of Rochester, as State
Superintendent of Insurance. Mr. Van Schaick succeeds the
late Thomas F. Behan. The nomination was formally transmitted to the Senate on Feb. 20.
Death of Joseph P. Cotton, Under-Secretary of State.
President Hoover Vetoes Wagner Bill Providing for
Following two major operations In 6 weeks, Joseph P.
Establishment of National Employment System—
Cotton, Under-Secretary of State, died in Baltimore in Johns
Views of Attorney General Mitchell and Secretary
Hopkins Hospital on March 10. From Baltimore Associated
of Labor Doak.
Press accounts March 10 we take the following:
A bill providing for the establishment of a National emHe was regarded as one of the keenest men ever drafted into Government ployment system, proposed by Senator Wagner of New York,
service, working as Under-Secretary of State in a manner that brought him
praise from high and low alike. His latest diplomatic achievement preced- was vetoed by President Hoover on March 7. The President
ing a breakdown in health was that of successfully handling affairs of State in indicating his attitude toward the proposed legislation
while Secretary Stimson attended the London Naval Conference.
said: "I find upon study that if I would prevent a a serious
Last summer, Mr. Cotton took a leave of absence in an effort to rebuild
his vitality. A tonsillotomy failed to give desired results and last January blow to labor during this crisis, I should not approve the
he underwent an operation for spinal infection. On Feb. 16 his right eye
The President declared that the bill "proposes to
was removed, but the end could not be forestalled.
destroy
the Federal Employment Service in the Department
Hopkins
Hospital were his wife, his
With him when he died in Johns
daughter, Isabel, and his New York law partner, George S. Franklin. He had of Labor . . . and to substitute for it 48 practically indebeen visited by his chief, Secretary Stimson, and the White House physi- pendent agencies, each under State control, the Federal Govcian, Dr. Joel T. Boone.
ernment paying for them up to 50% and based, not upon
Born at Newport, Rhode Island, July 22 1875, Mr. Cotton was graduated
economic need, but upon mathematical ratio to population."
from the Harvard Law School twenty-five years later.
He became legal representative for a number of New York firms, and in In citing his objection to the bill the President further
and
counsel
for
the
Government
1915 went to Washington to act as agent
said: "It cannot be made effective for many months or even
in the acquisition of Alaskan railroads.
his
work
with
the
Chief
of
because
Executive years"; "It is not only' Clianging horses while crossing a
President
of
Hoover
A friend
when the latter was Food Administrator, he was appointed Under-Secretary stream" said the President, "but the other horse would not
easily approached, indefatigof State in May of 1929. He was known as an
arrive for many months." Along with his statement vetoing
able worker, using his background to decide moot questions without lengthy
deliberation.
the bill the President submitted reports from Attorney GenThe death of the Under-Secretary was formally announced eral Mitchell and Secretary of Labor Doak detailing "the
by Secretary Stimson difficulties of the bill." The President's statement disapto the State Department on March 11
proving the bill (the third Wagner unemployment measure)
in a departmental order which said:
1929, and rendered in that follows:
June
7
Under-Secretary
appointed
was
"He
capacity service of inestimable value to the country. His unselfish devodealing with public problems were in action to duty and his courage in
public service. His attainments incord with the finest traditions of
March 7, 1931.
I have given earnest study to the so-called Wagner bill for
improvement
of public employment agencies, in an effort to find a method to
snake it
1920
FINANCIAL CHRONICIELE
of use in the present employment situation. I find upon study, however,
that if I would prevent a serious blow to labor during this crisis, I should
not approve the bill.
I have repeatedly urged a proper extension of public employment agencies,
but this bill, unfortunately, abolishes the whole of the present well-developed
Federal employment service and proposes, after certain requirements are
complied with, to set up an entirely new plan by subsidies to the States
from the Federal Treasury.
And even were there no other objections to the plan, it cannot be made
effective for many months or even years. It is not only changing horses
while crossing a stream, but the other horse would not arrive for many
months. This situation alone required that legislation be deferred, as it
will not help in emergency but will do great damage.
The fundamental questions involved also require more consideration. This
bill proposes, as I have said, to destroy the Federal employment service
In the Department of Labor, which has developed out of many years of
experience, and to substitute for it 48 practically independent agencies,
each under State control, the Federal Government paying for them up to
50% and based, not upon economic need of the particular state, but upon
mathematical ratio to population.
On the other hand, the existing Federal employment service is today
finding places of employment for men and women at the rate of 1,300,000
per annum. It co-operates and co-ordinates with the service already established by some 30 States. It applies its energies to interstate movements,
and, being a mobile service, it concentrates upon the areas in need.
Beyond this, however, the present Federal service has special divisions
devoted to the planting and harvest movement in agriculture and a special
organization for veterans.
There is no provision for the continuation of these two very important
special services under the new plan and the interstate quality of the
Federal service is destroyed.
In any event, the bill requires effective action by the Legislatures and
Governors of the various States at a minimum time requiring so long a
period for its establishment as to be of no purpose in this emergency and
there is, therefore, ample time to consider the whole of the questions involved.
There is no financial loss to labor in allowing this bill to lapse. While
the bill provides for $1,500,000 expenditures over the next fifteen or
sixteen months, one-half of it would be absorbed in relieving one-half the
present expenditure of the States without any additional service on their
part.
On the other hand, the present Federal service has available over the
next fifteen or sixteen months nearly $1,000,000 for the conduct of its
agencies, which are being rapidly expanded through the emergency appropriations.
I am asking the Secretary of Labor to cooperate with the various interested organizations to draft a plan for presentation to the next session of
Congress which will avoid the difficulties presented by this bill.
A more ample statement indicating the difficulties of the bill is given
In the reports to me by the Secretary of Labor and the Attorney General,
which are attached.
The following is the Attorney General's letter to the
President:
The President,
The White House.
Dear Mr. Pretitlent:—I have examined the provisions of 33080, the act to
provide for the establishment of a national employment system for co-operation with the States in the promotion of such system and for other purposes
which has not yet received your approval.
This examination, made in conjunction with the Secretary of Labor, has
been for the purpose of ascertaining what the effect of this act would be
during the next year upon the efforts of the Department of Labor to relieve
unemployment. The Labor Department now has an Employment Bureau
which is rendering excellent service. Section 1 of this act expressly provides:
"The employment service now existing in the Department of Labor is
hereby abolished."
If this bill becomes a law, the present Employment Bureau would thus be
Immediately abolished and steps would then have to be taken under this
act to construct an entirely new employment service along new lines.
It is obvious that months must elapse before substantial progress could
be made in setting up the new service. The State authorities would have
to be consulted, the action of State Legislatures awaited, and when some
progress had been made in setting up new agencies to aid the unemployed,
the restrictive provisions of this act, such as that for apportionment of
funds, would deprive the system of flexibility and hamper efficient action
in the present emergency.
Without attempting here to analyze in detail all the complicated provisions of this act, it is obvious that by its terms it would have the effect at
this time, when labor is in greatest need of assistance, of destroying the
employment service now maintained in the Department of Labor and making
it Impossible for months to come to replace it with a working organization.
Respectfully yours,
WILLIAM D. MITCHELL, Attorney General.
The letter addressed to the President by Secretary of
Labor Doak follows:
DEPARTMENT OF LABOR
Office of the Secretary
Washingon, March 7 1931.
My dear Mr. President:—I have to submit to you my recommendation
3060,
the so-called Wagner bill.
that you should not sign Senate Bill
As you can imagine, I have all my life most urgently advocated the
maintenance and development of national employment service. This bill
seeks to destroy the present Federal Employment Service by substituting
Feieral subsidies to the 48 States for conduct of separate agencies based
upon population, not upon need.
It destroys the inter-State phase of service to labor movement, submits
labor to the idiosyncrasies of State politics and gains nothing to the
worker. Of the utmost immediate importance, its first provision is the
abolition of the Federal employment service, which service has been built
up over years and out of great experience.
In the midst of our emergency we are to be compelled to abandon this
vital help to labor and the new system, founded upon an old plan of State
subsidies, could not be substituted for many months and even years.
It would destroy the inter-State character of the Federal service, which
is vital to employment and which is essentially a Federal function, and
would set up these 48 independent employment services with no practical
method of effective control.
In amplification I may say:
Prou
1. The idea in this bill is not new. It has been proposed and rejected
at different times over many years. Hearings were held on the subject
in the Sixty-sixth Congress by joint committees of both houses, and this
plan was completely abandoned.
Notwithstanding statements to the contrary, the principles on which the
present bill are based are directly contrary to the recommendations of the
employment conference of 1921, of which you were Chairman. Its details
likewise antagonize the conclusions of the Senate Committee on Education
and Labor of February 1929.
This bill was passed by the Senate in May 1930. The House took no
action upon it until recently.
Upon my accepting this office, you requested that I should take up the
matter and endeavor to find a practical basis for strengthening of the
Federal Employment Service, and you authorized an increase in appropriations therefor. After persistent negotiation I was unable to secure
such amendment to this bill as would make it practicable, and a substitute
measure was prepared by the Department of Labor and submitted to the
Judiciary Committee of the House and was approved last month.
This substitute was predicated upon a decade of experience of the
department and proposed to strengthen our present flexible inter-State
system, which stimulates co-operation with the States, permits freedom of
action to meet local and regional need. In the proposal which I made, we
especially undertook to serve in the so-called technological unemployment.
We have an emergency appropriation of $500,000 for our present service,
which would be lost if this bill becomes law.
2. As I have said, by the first paragraph of the pending measure the
present employment service is abolished. Therefore, should this bill
become a law, the Government, now in the midst of a serious emergency
In unemployment, is faced with the destruction of all the practical
machinery it has set up in the past decade and which is now functioning
and the Labor Department is compelled to abandon duties of the utmost
importance to labor of the United States.
It would take months and even years to work out the cumbersome plans
proposed by this measure, with all of its detail of submission to the
respective States for rejection or adoption.
I will not go into the complicated details by which the system was
proposed to be worked out, but even if workable it involves enormous
delay when agencies tested by experience are of the utmost value.
The present Federal service in the past 12 months, in co-operation
with State agencies, has placed over 1,300,000 persons in employment.
In addition to its general functions, it contains two special functions;
that is, nation-wide service to agriculture and nation-wide service to veterans. Both of these special services are totally abolished by the Dia
and no provision is made for their continuation.
During the past year 700,000 farm laborers have found employment,
largely in inter-State movement, and many scores of veterans have beeek
placed in profitable work.
I wish to emphasize that both of these special services will end under
this bill. I cannot approve a measure which proposes to scrap thenn
agencies.
3. The present Federal Employment Service is founded upon the ides
of co-ordination with State and local employment agencies and especially
for purposes of aid in which may be termed inter-State placements.
The President's Conference on Unemployment and the report made by
the Senate Committee on Education and Labor on Feb. 25 1929 emphasized
this important inter-Stale function. This primary Federal function is
destroyed under this bill.
This bill, as I have said, seeks to set up by substitute 48 separate
organizations in the United States, based not upon need but upon population, with no definite authority of control by the Federal Governmenit
and no function of inter-State movement of labor. Railway and other
inter-State public services have always presented especial difficulties to
State employment agencies. It is well known that some of the railroads
and labor organizations have been forced to maintain their own bureaus
because of the inter-State problems involved. No inter-State service would
be possible under the set-up proposed in this bill.
4. The pending measure is so framed that there can be no definite
certainty whether it would ever come into complete operation. With the
present service abolished, if by the end of June 1933 some of the States
were unable or unwilling to appropriate funds or to co-operate as this
measure requires, then there would be no service in those States or no
inter-State movement to and from those States.
5. There are a great many other objections to this bill. The whole
question of Federal subsidy to State governments is subject to the great
question, as in some States it would be used to set up agencies, given
over largely to politics. In others the Federal appropriations would be
used merely to relieve the State of one-half its present expenditure, with
no increase in services.
There is no provision to guarantee the character of State employees
who would be partly paid by Federal funds. There can be no basis in our
form of government for the Federal Government to force State legislative
policies, such as this bill might imply.
The measure provides for the establishment of 49 advisory councils,.
which means the widest variety of opinion and the maintenance of permanent friction, dispute and interference with administration. It would be
difficult to devise a better plan to defeat the unification of employment
policy.
The measure lacks that practical flexibility essential for a function of
this character. Unemployment is not a factor of population, as this
bill purports. It is a factor of industry and the economic situation of
the times and the variation of the economic ebb and flow.
To unite successfully men with jobs, effort must be timed to actual
employment conditions. This bill simply sets up 48 separate establishments with no respect to the problems of the times.
In conclusion:
I cannot, in the interest of the working people of the United States,
give my approval to a proposal which, while abolishing the tested machinery
of a decade of service, leaves the Government at a critical moment without
any practical instrumentality to carry forward its necessary services-.
The existing Employment Service is fortunately in possession of fundos
with which to carry forward the work in which it has been efficiently
engaged and which assure that the interest of the wage-earners will be
protected.
Nor can I conclude without again emphasizing that this is not in essence
emergency legislation. On the contrary, if it would be made workable
at all it would require a long period for co-ordination and establishment.
Far from assuring the co-operation of the States in the development of rt,
public employment system, as the title of this measure suggests,
destroys all existing co-operation and snakes the future development of any
substitute system dependent upon acceptance or rejection of the provisions
of the bill by 48 separate States.
MAR. 141931.]
FINANCIAL CHRONICLE
I cannot, therefore, give say approval to a proposal which, while
ostensibly in the interest of labor, would practically and directly operate
to the immediate injury of the wage-earner.
As it serves no emergency purpose and, in fact, destroys our emergency
action, it is in the interest of labor that carefully and constructively
formulated legislation should be undertaken rather than to approve this
measure.
Furthermore, there is nothing in the present set-up of the United States
Employment Service which would prohibit any of the States appropriating
any money they may see fit in carrying forward employment work within
the States and in co-operation with the Federal Government.
Faithfully yours,
W. N. DOAK, Secretary of Labor.
From the New York "Herald Tribune" we take the following from Washington, March 7:
The President's statement aroused speculation as to whether the disap. proval of the bill constituted a pocket veto. Inasmuch as pocket vetoes
usually have been made in silence through the withholding of Presidential
signature, this example of such a veto was unique. The situation is
different this year, however, because a ruling by the Attorney-General
has given the President 10 days after the adjournment of the session to
act upon bills. Heretofore bills have automatically been considered dead
if still unsigned at the hour of adjournment.
The disapproved measure was one of three originally proposed by Senator
Wagner in an unemployment prevention program. Two bills, one providing
for the collection of adequate labor statistics and the other for scientific
long-range planning of public works by Federal departments and agencies
to speed work in the incipient stage of a depression, have already been
enacted. Senator Wagner was reported to have left Washington before
to-day's veto of his third bill.
The Presidents most active with vetoes have been Cleveland, with 343;
Coolidge, with 49; Grant, with 46; Johnson, with 22, and Benjamin
Harrison, with 19. Mr. Hoover is next in line with his 15.
Senator Wagner Says Signing of Bill for National
Employment System Would Have Brought into
Service Bigger and Better Organization for Employee and Employer.
In a statement issued March 8 bearing on the veto by
President Hoover of the Wagner bill providing for the
establishment of a National employment system, Senator
Robert F. Wagner, author of the bill, said:
In the statement accompanying his veto of the employment service
bill the President suggests that it involves changing horses while crossing
the stream. That is not a correct description. The true fact is this: Betbre
we ever got into water the administration was offered a sound horse upon
which to ride through the storm. It refused it. It insisted on riding the
decrepit and balky creature which is the existing Federal employment
service condemned by all who can speak with authority.
The President's statement should be read in the light of its history
The bill was first introduced in 1928. Fully 10 months ago the bill had
already passed the Senate,received favorable report in the House Judiciary
Committee and was on the House calendar. A nod from the President
would have caused the bill to pass at that time, so that it would now have
been long in operation, successfully helping us to weather the present
crisis.
No one will be deceived by the President's declaration that the bill
would be a blow to labor. The public knows very well where the friends
of labor stood on this question. The public knows, too, that Mr. Doak
himself, when he was a representative of one of the railroad brotherhoods
and before he was Secretary of Labor, advocated whole-heartedly the
enactment of this legislation. The people of this country will, therefore.
never accept the President's unsupported statement that the bill would
Inflict an injury upon the wage-earners.
Both the President and his Attorney-General seized upon a sentence of
the new bill which reads: "The employment service now existing in the
Department of Labor is hereby abolished." They would have the public
believe that instead of creating an employment service the purpose of
my bill was to destroy it. That is, of course, absurd. The existing service
Is abolished in the same sense that an old law is repealed when a new law
supersedes it. But it is not at all true that "months must elapse before
substantial progress could be made in setting up the new service." The
new service can go into operation the Identical second that the old service
ceases. Had the Attorney-General read tho bill carefully he would have
noticed that arrangements are made for immediate operation, and that
provision is made for a two-year period of adjustment from the present
system to the new system.
What I want to emphasize Is this: The impression is created by the
President that if he signed the bill there would be a period during which
we would have neither the existing nor the new service. Such is not the
fact.
Nor is it true that the veteran service and the agricultural service would
have to be abolished. There is ample authority in the bill for the continuation of both.
Nor is there any justification for the President's statement that the
States would cut their own appropriations in half when they received
Federal aid. There is, instead, every reason to expect that the States
would double their services to the unemployed.
The President says that the fundamental question involved requires
more consideration. He does not tell us what is the fundamental question.
To me it seemsthat it is this: Does this country require a nationwide, well
co-ordinated employment service efficiently and fairly guiding the man to
the job? That fundamental question has been debated for a decade. It
was answered in the affirmative by Mr. Hoover's own conference in 1921.
It was answered in the affirmative by the Senate and House of Representatives. It was answered in the affirmative by all who,from experience and
training, have a right to speak on the subject. Mr. Hoover alone occupies
the negative position.
Now that Congress is adjourned and it is no longer possible to override
his veto, Mr. Hoover nullifies the work of years. In the same breath he
praises the existing service and announces that he has requested the
secretary of Labor to prepare a new plan. Apparently, he has forgotten
that Mr. Doak's new plan was overwhelmingly rejected by Congress.
The theme of Mr. Hoover's veto is to be found in his words "there is
therefore ample time" to reconsider the whole question. These words are
becoming characteristic of the administration's policy of persistent postponement and procrastination. For three years in and out of season I
have kept this proposal before the country, exposing it to the fullest
1
1921
Investigation, discussion and debate. It has won the support of labor
leaders, industrialists, business men and all students of the subject.
The relationship which is established under the bill between the States
and the Federal Government is in line with the President's often expressed
views that local initiative and responsibility be conserved and strengthened,
and that where necessary the Federal Government should not displace but
supplement and encourage local action by facilitating co-operation between
States.
This principle is particularly pertinent to the management of employment offices which must at one and the same time be acutely responsive
to local conditions and in rhythm with a nation-widi economy which
knows no State boundaries. Apparently, however, three years is not
enough time within which to persuade the President that the very ideas
he is supposed to have stood for are valid.
The signing of the bill would have brought into service a bigger, better
and more amply financed organization for both the wage earner and
mployer. The President has made that impossible. He has failed every
man who is out pounding the pavements in search of work.
President Hoover Vetoes Four Bills, Disposing of Last
Legislation-Rejection of Postal and Private Relief
Measures Brings Total Disapproved to 19.
Thefollowing is from the"United States Daily" of Mar.10:
President Hoover disposed finally of all legislation passed during the
last session of Congress, when he announced that he has "pocket vetoed"
four measures submitted for his action, it was stated March 9 at the
White House.
Two of the last four measures vetoed 'concerned the postal service, and
the other two were private relief measures, it was explained.
The White House made no announcement of President Hoover's reasons
for giving "pocket" vetoes to the four measures. A "pocket" veto is
where the President withholds his signature from a measure and gives no
easons therefor. On behalf of the President it was stated that he "pocket"
vetoed the measures only after the most careful study and consideration.
One of the postal measures was House Joint Resolution 357 providing
for the classification of certain official mail matter. The resoltuion would
have permitted members of Congress to send to their own address official
matter without limitation as to weight, exactly the same as is provided
under present law for public documents. The other measure, 8. 543.
would have increased the pay of mail carriers in the village delivery service.
One of the relief measures which failed to receive presidential approval
was the bill (H. R. 8677), which would have provided for the relief of
certain disbursing officers of the Army and for the settlement of individual
claims approved by the Department of War. The other (S. 3924), would
have provided relief to the First State Bank Sz Trust Co. of Mission. Tex.
Including the (bur vetoes already mentioned, President Hoover has
vetoed altogether 19 measures passed by Congress since his inauguration
March 4 1929, according to information made available at the White House.
Twelve of these measures, aside from those referred to, were straight
out vetoes, while three were so-called "pocket vetoes."
The following is a list of the 15 vetoes:
S. 476. An act granting pensions and increase of pensions to certain
soldiers, sailors and nurses ofthe war with Spain, the Philippine Insurrection or the China relief expedition, and for other purposes. Vetoed
May 28 1930. (Passed over veto June 6 1930. Senate, 61-18: House,
299-14.)
S. 3165. An act conferring jurisdiction upon the Court of Claims to
hear, consider and report upon a claim of the Choctaw and Chickasaw
Indian Nations or Tribes for fair and just compensation for the remainder
of the leased district lands. Vetoed Feb. 18 1931.
H.It. 3368. An act for the relief of Joseph Marko. Vetoed Feb.231931.
H. R.6997. An act to confer to certain persons who served in the Quartermaster Corps or under the jurisdiction of the Quartermaster General
e
cllip
rIn
cl the war with Spain, the Philippine Insurrection, or the China relief
Lion the benefits of hospitalization and the privileg. of the soldiers'
homes. Vetoed Feb. 23 1931.
It. It, 1036. An act for relief of Homer N. Horine. Vetoed Feb. 7 1931.
D• B. 1198. An act to authorize the United States to be made a party
defendant in any suits or action which may be commenced by the State
of Oregon in the United States District Court for the District of Oregon.
for the determination of the titles to all or any of the lands constituting
the beds of Malheur and Harney Lakes in Barney County, Oregon, and
lands riparian thereto, and to all or any of the waters of said lakes and
their tributaries, together with the right to control the use thereof, authorizing all persons claiming to have an interest in said land, water, or the use
thereof to be made parties or to intervene in said suit or action, and conferring jurisdiction on the United States courts over such cause. Vetoed
June 6 1930.
H. It, 2029. An act to authorize the coinage of silver 50-cent pieces in
commemoration of the 75th anniversary of the Gadsden purchase. Vetoed
April 21 1930.
1930
end the World War Veterans' Act, 1924, as
am
amil
en
.dit..
ed 1°38
Ve
lto
. ed
An
Jtm
act
e 2t°6
D. R. 13584. An act to amend an act approved May 14 1926 (44 Stat.
555), entitled "An act authorizing the Chippewa Indians of Minnesota to
submit claims to the Court of Claims." Vetoed Feb. 24 1931.
tifil
ica
.
171
05
the loan basis of adjusted service cer0
40
.
edAn
Feb
a.t
c 2rlin93crel.ase
S. J. Res. 49. Joint resolution to provide for the national defense by
the creation of a corporation for the operation of the Government properties at and mmr Muscle Shoals in the State of Alabama; to authorize the
letting of the Muscle Shoals properties under certain conditions; and for
other purposes. Vetoed March 3 1931.
S. 1909.
- An act for the construction of a bridge across the Rio Grande
River, near Weslaco, Tex. Pocket veto Dec. 25 1929.
S. 3853. An act for the relief of Alexander Proctor. Pocket veto
July 15 1930.
IL It. 2782. An act for the relief of Elizabeth B. Dayton. Pocket
veto July 12 1930.
An act to provide for the establishment of a national employ8.
ment system for co-operation with the States in the promotion of such
system and for other purposes. Vetoed March 7 1931.
Resolution Passed by Senate Declaring State Department Should Desist from Practice of Passing on
Foreign Issues-Senator Glass Suggests Possible
Legislation Unless Policy Is Abandoned.
Senator Glass, author of a resolution adopted by the
Senate condemning Government supervision of foreign
loans floated privately in this country, threatened legislation on Feb. 28 to compel an abandonment of the practice,
if no attention is paid to the resolution. The New York
"Times" in a Washington dispatch Feb. 28 reported this,
the dispatch continuing:
"If the State Department," Senator Glass said, "does not care to recognize the unanimous expression of the sense of the Senate, we may find it
1922
FINANCIAL CHRONICLE
desirable to enact a statute which will penalize any governmental officials
thus undertaking a lawless defiance of the Congress."
The resolution asserted that the senate did not consider the department
had authority to "approve or disapprove foreign investment loans floated
In this country."
Senator Glass remarked that some time ago he introduced a resolution
calling upon Secretary Stimson to state the provision of law under which
the Department bad been acting with regard to the foreign investment
loans. In reply, Mr. Samson referred to the Constitution and to a statute,
whose number Mr. Glass could not recall. However, he said that in neither
instance was any,
authority shown.
"It was an affront to the intelligence of the Senate to refer us to these,"
the Senator commented. "The function is a plain usurpation of authority,
and an exceedingly dangerous, as well as lawless, exercise of power that
easily might be corruptly abused."
As a result of recent disclosures that commissions have been paid on
the negotiation of foreign loans in the United States to officials of foreign
governments, the State Department has decided to exercise unusual care
before passing on future foreign loans to determine that no such arrangements exist.
The situation came to light when a court decision in Peru declared that
Juan B. Leguia, son of Augusto B. Legula, who was overthrown by revolution last year, had accepted five-eights of 1% commission, amounting to
$60,000, in the floating of a loan in the United States.
In another case an Italian was held in a court action at Milan to have
accepted a consideration in connection with the negotiation of an American
loan. Still another case involved ex-President Arosemena of Panama,
who was hold in an investigation to have benefited through a loan in the
United States.
Secretary Stimson immediately decided that every.care should be exercised to avoid such circumstances in the future. This was weeks ago and,
it was said to-day, was in no way a reaction to the Senate resolution.
[You 132.
active support of Secretary Hughes. It was inspired by a belief that with
the United States entering world finance extensively after the World War
some control should be provided in order to avoid financial arrangements
which might conflict with the American foreign policy or react disadvantageously upon that policy.
Recently a proposed loan of the Dominican Republic for $50.000.000
was disapproved by the State Department but that was done under treaty
provisions which require the consent of the United States to any increase
in the debt limit of the West Indian Republic. The practice complained
of by the Senate applies to the general field which is not covered by treaty
arrangements.
The form of giving approval, or stating an absence of objection, to a
loan flotation is announced by the State Departments in the following
form letter:
"In reply you are informed that the department is not interested in the
proposed financing."
Only Two Loans Opposed.
According to a report given to the Senate by Joseph P. Cotton as Acting Secretary of State and published in the Congressional Record on June
16 1930, only two foreign loans have been objected to since the policy was
inaugurated, and these did not reach the stage of formal objection. Both
were in 1929.
One was the proposed loan of $6,500,000 to the Burbach Potash Co. of
Germany, which was considered by the Cabinet and objected to on the
ground that it would assist in maintaining prices of a cartel, which was in
effect a Government monopoly. Word of this position by the Government
was communicated before a formal request for approval was received.
The other was the proposed Brazilian coffee valorization loan of $10.000,000 to the State of Sao Paulo. This, it was held, would have contributed to keeping prices up. A formal request for approval was received
and merely acknowledged. Word of the adverse position by the Government was communicated informally.
In another category were loans to Nationals or companies of countries
which had not funded their wartime debts to the United States. During
the years that France was without such a funding arrangement it was
common knowledge among bankers that the United States would not approve private loans to France, and the question never arose concretely
for Governmental action.
Since Mr. Cotton made his report, it was said to-day, there have been
no loans objected to.
In our issue of a week ago, page 1524, we referred to the
action of the Senate in passing on Feb. 26 the resolution
of Senator Glass, in which it was declared to be the sense
of the Senate that the State Department "should desist
from the dangerous practice of involving the United States
Government in any responsibility of whatever nature,
either by approval or disapproval, for foreign investment
loans floated in this country, and should refrain from assumat Banquet of Bankers'
ing authority over the Federal Reserve Board and banks Representative McFadden
the "Present National
Club
of
Discusses
Chicago
and officials thereof." The resolution in full follows:
and International Banking Situation"—Declares
Text.
Federal Reserve Board Is Not Intended To Be
Whereas. the Senate by S. Res. 293, passed June 16 1930, requested the
Secretary of State to inform the Senate (1) "upon what authorization of
Autonomous Body Serving Foreign Banks.
law, constitutional or statutory, expressed or implied, does the State
The "Present National and International Banking SituDepartment base its right either to approve or disapprove investment securities offered for sale in the money markets of the United States by foreign ation" was the subject of an address by Representative
governments, corporations or individuals," and (2) "by what sanction of
Louis T. McFadden, Chairman of the House Committee
constitutional or statutory, does the State Department assume the
banquet of
ight to direct action of the Federal Reserve Board or Banks with respect to on Banking and Currency, at the midwinter
tu- lawful powers concerning the business of banking in foreign countries the Bankers' Club of Chicago on March 6. Mr. McFadden
or the investments of these banks in foreign securities offered in the money
stated that "if a governmental policy had been entered
markets of the United States," and
Whereas the Secretary of State, as of June 20 1930, responded to clause upon in 1922 of confining the use of Federal Reserve credit
one of said Senate resolution by referring the Senate to Article 2 of the Con- to the needs of the domestic market and of foreign trade,
stitution of the United States and to Section 202 of the Revised Statutes
and financial conditions in the United States would
as authority for the exercise of the functions referred to in clause one of business
have been stabilized upon a sound basis, and the function
said Senate resolution, and
Whereas the Secretary of State in response to clause 2 of said Senate reso- of the Federal Reserve system would have become more
lution asserts that "the Department of State has not assumed the right to
part he continued:
direct the action of the Federal Reserve Board or Banks with respect to clearly defined." In
their lawful powers," as mentioned in S. Res. 293, and, in this connection,
refers the Senate to an official statement of the Secretary of State issued
May 16 1929. and
• Whereas, a careful inspection of Article 2 of the Constitution of the United
States and of Section 202 of the Revised Statutes discloses no single sentence
which, explicitly or implicitly, authorizes the action taken by the Department of State with respect to the flotation of foreign investment loans on
the money markets of the United States, and whereas a careful examination
of the statement issued by the Secretary of State on May 16 1929 reveals
the exact declaration that the Department "will not permit any officials
of the Federal Reserve System either to themselves serve or to select
American representatives as members of the proposed International Bank."
Therefore, be it resolved, That it is the sense of the Senate that the Department of State, having no legal sanction for the action mentioned in
S. Res. 293 with respect to investment securities offered in the money
markets of the United States by foreign Governments, corporations or
individuals, should desist from the dangerous practice of involving the
United States Government in any responsibility of whatever nature,
either by approv;.1 or disapproval, for foreign investment loans floated in
this country; and should refrain from assuming authority over the Federal
Reserve Board and Banks or officials thereof with respect to matters which,
by express authority of law, are confided to them and not to the Department of State.
The following Washington ad-vices Feb. 27 are from the
"Times" of Feb. 28:
Despite the Senate's condemnation of the State Department's policy of
supervising the floating of foreign loans in this country there was no indication to-day that the practice would be abandoned.
Secretary Stimson said that there had been no change in the policy since
it was adopted in 1922 and declined to comment upon the resolution which
was offered by Senator Glass of Virginia and adopted by the Senate last
night.
There were indications that the State Department would be pleased if
the adoption of the resolution meant the end of agitation in tile Senate
over the issue at the present session and that it.would not be revived by
public discussion during the months Congress is in adjournment.
It was pointed out to-day that in a technical sense the United States
does not approve or disapprove the floating of foreign loans in this country,
but merely states whether it has objection. In actual practice, the bankers
know by preliminary inquiries what the attitude will be and, if it is to be
adverse, never formally request an expression of the attitude of the Government.
Also, in practice, responsibility under the procedure devolves as much
upon the Commerce Department, since they exchange views concerning
any projected foreign loan.
Arrangement Began in 1922.
The arrangement was entered into voluntarily by the bankers with the
Government in 1922 at a conference with President Harding and had the
Since 1922 the air has been filled with schemes and plans for utilizing
Federal Reserve credit in Europe. In 1924 the international bankers devised the Dawes plan which created negotiable German reparation bonds
in the sum of $4.000,000,000, the bulk of which were intended to be sold
in the United States. The State and Treasury Departments of the United
States Government actively participated in these negotiations but they
did not meet with the approval of President Coolidge and the bonds could
not be offered on the American market.
Nevertheless an active propaganda here proclaimed the Dawes Plan as a
final settlement of the contentions in Europe and with this propaganda as a
basis the international bankers entered upon a policy of pouring the money
of American investors into Europe through the purchase of Governmental,
municipal and industrial bonds.
Notwithstanding the fact that political, financial and economic disintegration has steadily increased in Europe with the passage of the years,
the propaganda of prosperity in Europe has been kept alive in this country
in order that the international bankers might continue in their lucrative
trade of selling European bonds here. The Dawes Plan has been revived
in the Young Plan of 1929 under which negotiable German reparations
bonds in the sum total of $3,250.000,000 are avialable for sale upon the
American market.
In a speech which I made in Congress recently I included a table showing
the loans which the international bankers have made abroad since 1919 and
the banking houses which made them. The total of these loans is nearly
$8,000,000,000. Add to this $9,000,000,000 in loans made prior to 1919,
making a total of $17.000,000,000, which, together with the public debts of
$12,000,000,000 that the European states owe the United States Government makes a total debt of $29,000,000,000 owed by the foreigners to the
people of the United states. And if the 83,000,000,000 of Young Plan
reparation bonds were disposed of in this country the total would be raised
to $32,000,000,000.
This practice of the bankers of extending loans by billions of dollars to
Europe began during the war and has continued dnder the Dawes and Young
plans. They have been doing substantially what the Dawes Plan would
have accomplished if it could have been put into operation in the United
States.
These vast loans gave Europe a renewed purchasing power here, and the
greatly stimulated transatlantic trade was the basis of feverish financial optimism which centered itself in the operations of the stock market which
culminated in the crash of 1929.
During those five years we saw once more the great stream of credit
flowing eastward across our borders. And again we saw it suddenly terminate in 1929 and the sandy wastes and stagnant pools reappear. This time
there was no gold stock in Europe to be shipped westward to settle the
foreign debt. The billions advanced by the international bankers have not
been repaid.
If the international bankers now resume the practice of selling European
securities here at the rate of $1,000,000.000 a year, we will have several
years of exaggerated industrial activity like those which followed the Dawes
MAR. 14
1931.]
FINANCIAL CHRONICLE
Plan, followed likewise by a sudden stagnation like that after 1929. Supervening when the European credit has been expended here. The greatstream
of credit flowing eastward across our borders will be checked again and the
sandy wastes and stagnant pools will reappear. .
To continue indefinitely to make loans to a debtor who cannot pay is not
good business and is not good banking. These vast loans which I have
listed have been made practically without security, for the scarcity of gold
in Europe makes their settlement in the customary way impossible.
It would seem that our experience in 1920, when a vast credit inflation was
carried to a most perilous degree because of the delay abroad in settling an
immense trade balance, would be a sufficient warning against jeopardizing
a great part of the nation's wealth in advances to an insolvent debtor.
In 1920, payment in gold, though dangerously delayed, could be and
was, made in time. But if inflation here were again carried to a similar
excess in expectation ofsettlement from abroad, the consequences would not
result so happily if the foreign debtor failed, or were unable to ship gold.
There is a strong tendency here to exaggerate the total amount of our
foreign trade in proportion to our domestic trade, and its relative importance. It ought not to be forgotten that our entire foreign trade is normally less than 10% of our domestic trade. The vast free-trade markets,
producing and consuming, within our continental limits constitute the greatest business empire the world ever saw. s
It can hardly be controverted that to preserve the health, energy and
activity of this great domestic market, and to protect it from stagnation
by the proper management of its currency is of the first importance to the
American people. To divert, or tamper with the flow of credit needed
in
this market, in order to create and strengthen producing markets abroad,is
a policy not in the interests of the American people.
It would seem to be a sound principle that loans abroad should be in
proportion to the value of our normal foreign trade, and limited by
that
measure. This is all that the outside world has a right to ask, and is all
that
was ever undertaken by any other nation.
If the world were filled with communities possessing great monetary
wealth, the organization of giant industrial enterprises in the United States
for the purpose of exporting their products on a vast scale might be a logical
development. But the world to-day is not filled with such communities;
and it is precisely those communities which constitute the largest consuming
markets for American export products that are without the means to pay
for them. The extent to which foreign nations since the war have been
consuming American-created products without the means to pay for
them
Is measured by that enormous sum of eight billion dollars extended in
foreign
loans by private bankers to which I have referred.
There is a tendency, I may say here, to seek to discredit critics of the
international banking policy which has prevailed here since the war, and
to denounce their views as radical or unsafe. This criticism is wide of the
mark when directed against efforts to guard and preserve the national
wealth of the United States and to render the capital of its citizens secure
under the protection of the laws of their own country They are not to be
confounded with any form of radicalism. In my own case I fear no comparison of motives with the motives of those who have dominated our
foreign financial policy since the war and who have brought upon us successively the conditions of 1920 and 1930.
If it is admitted that what we have been doing is not good banking
policy and is not based on business principles, it may be urged that the
policy is justified on sentimental grounds. Here a subject of discussion is
opened up which is outside the bounds of a discussion of banking and
sound banking principles. We enter the realm of politics, and international
relations, of Allied debts and reparations, and must discuss the question
of whether, how far, and to what nations, the financial assistance of our
Government ought to be given.
This is, in fact, the field to which our inquiries ought to be turned, not as
bankers, but as patriotic citizens. The unrestrained selling here of billions
of dollars worth of European securities by private bankers ought to come
to a stop while the ideas of the Government and of the people are clarified
on great fundamental questions which are essentially political in their
nature. International rights and obligations ought to be fearlessly considered and definitely settled. Until this is done there are none who have
the right to divert the credit of the Federal Reserve System from domestic
to foreign uses unchecked and on a scale which has twice imperilled the
safety of the country, and which may imperil it in the future.
The Federal Reserve Board is not intended to be an autonomous body
serving foreign banks, if it so chooses, precisely as it serves member banks
in the United States. Nor should it expand credit without limit in order to
facilitate the sale in this country of billions of dollars worth of foreign
securities. To relieve it of responsibility in this connection I have Just
introduced a resolution in Congress for the creation of a Capital Issues
Board to pass upon the issue ofsuch securities.
The shifting foundations upon which our financial relations with the
states of Europe now stand should be replaced by a stable base erected
by
political authority.
Efforts at treaty settlements between the states of Europe and the
international bankers of New York like the Young Plan, setting up a
bank
for International Settlements at Basle intended to facilitate the transfer of
credits and the shipment of gold from New York to Europe and to make
possible the sale in the United States of German war reparation bonds
to
the amount of over three billion dollars, of which our State Department
professes to remain entirely ignorant, ought to become a thing of the
past.
This titanic flow and ebb of credit since the war has not been a matter
of
ordinary trade and commerce governed by the principles of political
economy
and of banking. It has been primarily political in its nature and has evidenced the desperate efforts of governments in Europe to regain the
economic power they possessed before the war.
It has been the repercussion of these efforts upon our unregulated Federal
Reserve System that has disturbed our domestic conditions. The stream
of
credit was not properly regulated at the source; the great sluice-gates of
the
dam were not properly guarded.
In conclusion; we have in the Federal Reserve System an engine of
stupendous power whose destructive potentialities, perhaps, are as
great
as its constructive power. It is a governmental agency, and its action
should be guided by definite governmental policy.
A. F. Dawson, Idaho Banker-Farmer, Urged for Federal
Reserve Board Post.
The name of Albert F. Dawson, farmer-banker, of
Idaho, was suggested to President Hoover for appointment to the Federal Reserve Board by Representative
Burton L. French (Rep. Idaho). A Washington dispatch
to the New York "Journal of Commerce" March 13, from
which we quote, added:
In recommending Mr. Dawson for the vacancy on the Board caused by
the death of Edward Cunningham, farmer member, Mr. French filed a
1923
long list of sponsors of his candidate with the President. With the advancement of Mr. Dawson's name, the number of candidates recommended
to the President is reported to be six or seven.
In addition to this vacancy brought about through the death of Mr.
Cunningham, there is another place on the Board yet to be filled as a
result of the resignation of Roy A. Young of Minneapolis, to be Governor of the Boston Federal Reserve Bank. So far as it can be learned
there have been no recommendations to the President in regard to this
latter vacancy.
Veterans' Loans Said to Defer Plans to Reduce Public
Debt—Particularly as to Liberty Loan Financing.
The following is from the "United States Daily" of
March 3:
Monetary obligations created by the enactment of the veterans' adjusted
service certificate legislation have caused the Department of the Treasury
to abandon its plans for readjustment of the public debt, particularly with
reference to the First and Fourth Liberty Loans, it was stated orally
March 2 on behalf of the Department.
The combined bond and certificate issue of the Treasury of $1.400.000.000, announced on March 1 by the Secretary, Andrew W.Mellon, will provide only $200,000,000 toward loans on the adjusted service certificates,
It was asserted. Another $200,000,000 must be borrowed before June 15
to meet the expected loans, while, in the final analysis, it was estimated
that $1,000,000,000 would be disbursed under the new bonus legislation.
The following additional information was made available on behalf of the
Department:
Before enactment of the adjusted service legislation, the Treasury had
planned to prepare to meet the maturity of more than $8,000,000,000 in
Liberty bonds in 1932 and 1933, and proposed to retire about $2,000.000,000
Of short-term securities during the next year. These plans, because of the
veterans' legislation, were abandoned. The plans contemplated the issuance of$1,100,000,000 in long-term 3X% bonds and to retire $1,000,000,000
in short-term paper, thus clearing the way for the Liberty bond refunding.
Of the $1,400,000,000 issue of securities announced on March 1, $300.000.000 will be "new money," of which $200,000.000 is for use by the
Veterans' Bureau. The Bureau has informed the Department that another
$200.000,000 would be needed by June 15 and $300,000.000 more from
June to September, based on present expectation.
The refinancing plan which has now been abandoned was adopted, tentatively, last September
This action was taken because it was felt that
if a bond issue sufficiently large to care for the adjusted service certificate
financing were floated at this time, the Government would be forced to
pay high rates of interest, and the aggregate cost would be greater than by
issuing a relatively small amount of bonds and certificates of indebtedness.
Under existing conditions it is expected that by June 15 the Treasury
must obtain $500,000,000 in new money to care for maturing obligations
as well as the adjusted service certificate loans. The Department has not
yet determined how it will prepare for the retirement of the $8,000,000,000
in Liberty bonds callable within the next two years.
The March financing of $1,400,000,000 in 334% bonds and 134 and 2%
certificates of indebtedness, announced March 1, will make no change in
the outstanding short-term paper, but on the whole will increase the longterm debt by $500,000.000, this being in the 12-year bond issue.
Annual Report of Federal Reserve Board—No Recommendations Made in View of Present Congressional Investigations—Increase Number of Banks
in Chains or Groups—Mergers Also More Numerous
—Gold Movement—Bank Suspensions.
Prior to the issuance next month of its complete annual
report for 1930, the Federal Reserve Board has made available the text of its preliminary report as submitted to Congress on Mar. 4. In its discussion therein of member bank
credit the Board says:
"For the banks of the country the period of 15 months ended in
December 1930 was one of readjustment and liquidation. Through the
experience of this period and of the preceding few years many important
problems connected with the structure and functioning of our banking
system are becoming snore clearly defined. These problems at present are
receiving consideration by Congressional committees. Since these committees are oonductinr 'nvestigations with a view to determining the need
of legislative and administrative reforms, the Federal Reserve Board refrains
in this annual report from making recommendations to Congress."
The report notes that while the aggregate number of banks
in the United States decreased during the first six months
of 1930, "there was an increase in the number of banks in
chains or groups, as well as the number of branch offices."
It is added that "on June 30 1930 the number of banks in
the United States was smaller by 5,144 than six years
earlier, but the number of branches had increased by 1,825,
so that the decrease in the total number of banking offices
was 3,819." It is likewise stated that "mergers affecting
members of the Federal Reserve System, which were numerous in 1929, were still more numerous in 1930. The merger
movement and bank suspensions taken together have
served to reduce the total number of banks in the United
States by almost 5,000 in a five-year period ending June 30
1930, while banking resources were increasing by $12,000,000,000 to a total of $74,000,000,000." The Board further
notes that "during the past five years there have been over
1,400 mergers involving members of the Federal Reserve
System." The gold movement during 1930 is also dealt
with in the report from which we quote as follows:
The year 1930 was marked by reduced demand for bank credit from
trade and industry and by decreasing commodity prices and money rates,
all characteristic of a period of declining activity in business. In these
circumstances the Federal Reserve System pursued a policy of monetary
1924
FINANCIAL CHRONICLE
ease. This policy was expressed through the purchase at intervals of
additional United States Government securities and in progressive reductions of Reserve Bank discount and acceptance rates. Other influences
contributing to monetary ease in the United States were gold imports in
large volume from Latin America and the Orient, and a diminished domestic
demand for currency throughout the larger part of the year, caused by the
decline in business activity and in the level of commodity prices. The
inflow of gold from abroad and of currency from circulation had the
effect of reducing the volume of Reserve Bank credit outstanding during
the year. Member and non-member bank credit also declined, reflecting
a reduction in the demand for loans from the banks' customers engaged in
trade and industry, which was offset only in part by an increase in the
banks' holdings of investment securities and of paper purchased in the open
market. Bank failures were in larger number in 1930 than in previous
years, most of the failures being of small rural banks that had been in a
weakened condition for some time; but there were also a few failures of
large city banks that had accumulated unliquid loans and suffered losses
in recent years through operations based directly or indirectly on overvalued real estate and securities.
Federal Reserve Credit.
had been
Money rates, which for more than a year prior to October 1929
demand for
on a rising level—owing largely to the rapid growth in the
in
and
different
lines
credit to finance speculative activities in many
in the financial
sections of the country—declined after the autumn break
reached a peak
markets of the country. Industrial activity, which had
year, particularly
in June 1929, also declined in the latter part of that
showed a sharp
in the last two months, and the level of commodity prices
last two months of
recession. The Federal Reserve System during the
and reduced dis1929 purchased $350,000,000 of United States securities
further purchases of United
count and acceptance rates. During 1930
discounts and acceptStates securities were made at intervals, and rates for
ances were reduced by successive steps, as noted below.
to
During the month of March 1930 holdings of securities increased
of May. During the
$530,000,000 and remained at that figure to the end
and
remained
$600,000,000
to
increased
summer months these holdings were
of a tempoat about that figure until December, when additional purchases
the tightenrary nature were made, partly for the purpose of counteracting
the money market
ing effect of seasonal credit and currency demands upon
situation.
and partly in connection with disturbances in the banking
at about $390,were
which
Acceptance holdings of the Reserve Banks,
six months,
first
the
during
declined
year,
000,000 at the opening of the
a low level
when seasonal influences are in this direction, and reached
of $100,000,000 by the end of June. This decline in bill holdings was
in
due in part to the fact that, with the abundance of short-time funds
the money market, bills offered an attractive investment for banks and
From
declined.
consequently
Banks
others, and bill offerings to the Reserve
midsummer Reserve Bank holdings of bills showed a seasonal expansion,
at the end
and at the close of the year they were at about the same figure as
of 1929. During the larger part of the crop-marketing season, however,
when these holdings usually show the greatest increase of the year, the
System's holdings of acceptances increased less than usual, largely because
of considerable purchases of bills by member banks. Toward the end of
November member bank holdings of acceptances reached the unprecedented
total of $500,000,000, and the member banks were accordingly enabled in
of their seasonal
the last weeks of the year to obtain a considerable part
requirements through the sale of acceptances to the Reserve Banks, and
consequently
increased
bills
the Reserve Banks' holdings of open market
rapidly in December.
During the autumn, when the export movement of agricultural commodities is at its peak, the Federal Reserve Banks in 1930, as in 1929,
bought moderate amounts of foreign exchange bills, which were carried
over the year-end.
The growth in the open market portfolio of the Reserve Banks in a year
when the total demand for Reserve Bank credit was relatively small and
was not increasing resulted in a reduction of member bank indebtedness,
which between the middle of March and the latter part of November was
around the lowest level for any length of time since 1917. Discounts
remained at approximately $225,000,000 from April to December, but
rose to a maximum of $450,000,000 on the day preceding Christmas, when
currency demand reached its seasonal peak and when a large volume of
currency had been called into use in connection with bank failures. This
temporary rise was followed by a rapid liquidation after the holiday
demand was over.
While discounts for all member banks were at a low level throughout the
year, banks in the financial centers were psactically out of debt during
a considerable part of the year. This low level of indebtedness at the
Reserve Banks was an influence in the direction of easier money conditions, which were reflected in lower rates both on open market paper and
on loans made by banks to their customers. The chart [this we omit.—Ed.]
brings out the course of money rates for the year 1919 to 1930, showing
that the rates in the latter part of 1930 were lower than at any other
time during the 12-year period covered.
2% in the autumn of 1929 to 13i%
/
Rates on acceptances fell from 51
4% to 2%%, while
at the close of 1930; rates on commercial paper from 61/
in the last
call money was around 2%, frequently falling below that level
by banks in New
customers
six months of the year. Rates charged to
had
been
above 6%,
1929
October
York City, which from August through
2% by the end of 1930. The year, therefore, was one
/
had dropped to 41
of low rates for money.
at the
Between October 1929 and the early days of 1931 discount rates
Reserve Bank
Reserve Banks were reduced from 6% to 2% at the Federal
to
8%
at Cleve2% at Boston; from 5%
/
of New York; from 5% to 21
and from 5% to
land, Atlanta, Chicago, St. Louis, and San Francisco;
and
City,
Dallas.
Kansas
Minneapolis,
8%% at Philadelphia, Richmond,
the purchase of securities
Notwithstanding these reductions in rates and
credit declined
by the Reserve Banks, the total volume of Reserve Bank
was near the $1,000,000,000
during the year, and from May to October
00
during the correlevel, as compared with an average of $1,375,000,0
Bank credit reflected
sponding period of 1929. This decrease in Reserve
which for the year
a gradual increase in the stock of monetary gold,
in circulation through
amounted to $310,000,000, and a decline of currency
Reserve balances remained
the larger part of the year, while member bank
factors affecting the
relatively constant. Chances in the three principal
namely, gold, currency, and
amount of Reserve Bank credit outstanding,
some detail in the
in
member bank reserve requirements, will be discussed
following paragraphs.
Gold.
gold in
During 1930 $310,000,000 was added to the stock of monetary
the United States, bringing the weekly average figure at the close of
the year to $4,590,000,000. This amount was within less than $100,-
Fol.. 132.
000,000 of the peak figure of May 1927. The latter part of 1927 had
been marked by easy money conditions in the United States, and this fact,
together with the restoration of the French franc and other currencies to
the gold standard, had led to a heavy outward movement of gold that
continued through the first half of 1928. During 1928, however, money
rates advanced in this country; and early in 1929 the movement of gold
became definitely inward, with the result that in the first 10 months of
1929 the monetary gold stock of the United States rose by $238,000,000.
This movement was abruptly terminated by the break in the stock market
at the end of October and the rapid decline of money rates which followed,
and in the final two months of the year $100,000,000 of gold was exported,
but early in 1930 gold again began to flow to the United States.
The circumstances surrounding the renewed influx of gold in 1930 differed
in important respects from those which had influenced preceding movewas
ments. With the exception of two months in the summer, when gold
shipped to France, the. movement to Europe ceased. This was largely on
to
account of the fact that money rates abroad, which had been kept up
protect the reserves of foreign countries against the attraction of speculative and high-money conditions in the United States, declined rapidly
a
late in 1929, when these conditions changed. By the beginning of 1930
and
temporarily balanced situation had developed as between this country
hand,
Europe, in which gold moved in neither direction. On the other
gold flowed into the United States from Japan, China, Brazil, Argentina,
and other Central and South American countries, and gold flowed into
England from South America and Australia. In general, the movement
of gold was one from outlying countries producing raw materials to the
in
financial centers and bore no significant relation to differentials
money rates. The difficulties in which the outlying countries found themselves reflected chiefly a decline in the value of many of their most
Important commodity exports, as well as the effects of a long period of
foreign
conditions in the United States unfavorable to the flotation of
bonds. In Japan the immediate cause of the loss of gold was the removal
final
necessary
of
the
metal—a
exports
on Jan. 11 1930 of the embargo on
on
step in the return of the country to the gold standard. In Argentina,
the other hand, the redemption of notes in gold at the Government conversion office was discontinued on Dec. 16 1929, and by this means gold
when
exports were prevented during the greater part of the year, and
they were resumed in the autumn of 1930 they were strictly controlled
measures
In
also,
only.
Australia,
and for account of the Government
were taken in December 1929 to make the shipment of gold subject to the
discretion of the central authorities. In Brazil the de facto stabilization
of the currency was abandoned at the close of 1929, and the Government
a
stabilization office was abolished altogether on Nov. 22 1930. China,
silver-using country, was affected by the sharp appreciation of gold in
terms of silver and the consequent barter of gold for silver. Japan continued to maintain an effective gold standard with a free gold market;
but in Japan, as in the other countries mentioned, the pressure of the
declining value of commodity exports, in conjunction with continued
Inability to borrow in volume abroad, resulted in gold exports as the only
means for covering foreign payments.
In these circumstances the United States received, during 1980, $157,from
000,000 gold from Japan, $88,000,000 from Brazil, $23,000,000
and $36,China, $21,000,000 from Mexico, $20,000,000 from Argentina,
England
000,000 from other Central and South American countries.
$136,000,000
during the 15 months ending with December 1930 acquired
from
$43,000,000
and
Brazil,
from
of gold from Australia, $44,000,000
in excess of
Argentina. In all, $568,000,000, an amount substantially
was thus
the total production of the gold mines of the world during 1930,
important financial
transferred to the monetary gold stocks of the more
centers.
United States
Of the gold, amounting to $345,000,000, received by the
to France. The
from these outlying countries, $74,000,000 was shipped
of
gold received from similar sources by England, as well as $209,000,000
and South
newly mined gold received during the year from Rhodesia
Africa, was largely exported to France.
rs affecting changes in the demand for
Another of the principal factfurrefiti
circulaReserve Bank credit is the course of domestic demand for money in
tion. A chart (this we omit.—Ed.] is here presented showing the volume
the
that
shows
of money in circulation from 1926 to 1930. The chart
volume of United States money in circulation has been decreasing continuously since 1926. Up to 1929 this decrease was not due to any
considerable extent to a decline in the volume of payrolls or retail trade,
usually the two principal factors of currency demand, but represented
partly a decrease in the cash carried by banks in vault, a return flow of
American currency from abroad, and a gradual increase in the use of
hand,
checks as a substitute for cash payments. In 1930, on the other
in the
the rapid decrease in currency in circulation and its maintenance
1929 reflected
autumn months at a level about $800,000,000 btilow that of
the end of 1980
the effects of the slowing down in business activity. By
and retail
1929,
of
peak
the
factory payrolls had declined by 35% from
in physical
trade was also in smaller volume as a result of a decline both
10 months of the year
volume of trade and in retail prices. For the first
factor
the return flow of currency from circulation was the largest single
two
in the diminished demand for Reserve Bank credit. During the last
nearly
rose
by
for
currency
months of the year, however, the demand
is
holiday
during
usual
than
the
increase
$500,000,000, a much larger
season, even in years of active business. This rapid increase in November
and December, in excess of seasonal requirements, was due to the failure
of several large banks, which resulted in runs on other banks and currency
of vault cash as
withdrawals, together with an increase of bank holdings
part of the process of maintaining an exceptionally liquid position. As a
consequence of these developments, the amount of currency outstanding,
which in October had been $300,000,000 lower than the year before, was at
the end of 1930 as large as at the end of 1929.
Member Bank Credit.
change in
Taking the year 1930 as a whole, there was relatively little
with
the aggregate volume of reserve balances held by the member banks
Reserve
the Reserve Banks—the other important factor in the demand for
in the
Bank credit—and the factor that is directly related to changes
bank
volume of member bank credit. The absence of change in member
the
at
to
due
the
was
maintenance
reserve balances during the year
deposits,
member banks of a fairly constant volume of demand and time
and
on which the member banks' reserve requirements are based. Loans
during
Investments of the banks, however, showed a considerable decline
with
the year, as the demand for credit by trade and industry diminished
in
the slackening of business activity. In considering developments
member bank credit, the 15-month period from Oct. 4 1929—the date of the
last report for all member banks prior to the break in the stock market--
MAR. 14
1931.]
FINANCIAL CHRONICLE
to the end of 1930 may be treated as a unit. The following table shows
changes in the principal asset items of the member banks during that
15-month period:
CHANGES IN ASSETS OF MEMBER BANKS, OCT. 4 1929-DEC. 31 1930.
Member Banks InAll
Member
Banks.
New York
City.
Other
Reserre
Cities.
Member
Banks
Outside
Resent
Cities.
Loans and investm'ts,
$
total
-1,054,000,000 +432,000,000-226,000.000-1,261,000,000
1925
Earnings, Expenses, and Volume of Work of the Federal Reserve Ranks.
During 1930 the gross earnings of the Federal Reserve Banks, at $36,424,000, were $34,531,000 less than in 1929 and the lowest since
1917.
The deduction of current expenses of 828,243,000-somewhat less than
the
previous year-and adjustments for depreciation, reserves for losses and
self-insurance, resulted in net earnings of $7,988,000 available for distribution as dividends, transfers to surplus, and franchise tax to
the Government. Earnings, expenses, and distribution of earnings for all
Reserve
Banks combined for 1929 and 1930 are summarized in the accompanying
table:
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING
1929 AND 1930.
Loans to banks
-10,000,000 -19,000,000 -8,000,000 +17,000,000
Loans to other customers, total__ _ _ -2,243,000,000 -508,000,000-869,000,000 -865,000,000
Secured by stocks
and bonds__ _ _ -167,000,000 +192,000,000-213,000,000 -146,000,000
Sec. by real estate
+81,000,000 -28,000,000 +139,000,000 -30,000,000
Otherwise sec. &
unsecured
-2,157,000,000 -672,000,000-795,000,000 -689,000,000
Open market loans,
total
-42,000,000 +330,000,000 +5.000.000 -376,000,000
Acceptances
+207,000.000 +119,000,000 +113,000.000 -24,000,100
Commercial paper +138,000,000 +26,000,000 +137,000,000 -25,000,000
Street loans
-387,000,00 +185,000,000-245,000,000 -327,000,000
Investments
+1,240,000 000 +629,000,000 +647,000.000 -36,000,000
During the 12 months beginning in October 1929 there was a large
liquidation of loans to customers, and particularly of loans to trade and
industry, reflecting the effects of reduction in current credit requirements
at a time of diminished business activity. The heavy liquidation of local
customer loans was largely offset during that period by an increase in
investments and in open-market loans, including acceptances, commercial
paper, and street loans. The increase in street loans during that time
represented that part of the loans withdrawn by non-banking lenders that
was taken over by the banks after the break in security prices. By the
final quarter of 1930, however, these loans had declined to a small figure,
and continued liquidation of security loans was reflected in a reduction
cf street loans by member banks for their own account, which at the end
of the year were at a level $400,000,000 lower than before the break in
the stock market. During the last quarter of 1930 there was little further
liquidation of customer loans, but street loans continued to decline as the
demand for accommodation from the stock market decreased, with the
net result that loans and investments of member banks during the 15-month
period decreased in all by $1,050,000,000.
This decrease in total loans and investments of all member banks was
not equally distributed between different groups of banks. At member
banks in New York City total loans and investments showed an increase
of $432,000,000 for the 15-month period, while member banks in other
Reserve cities showed a decrease of $226,000,000, and member banks outside Reserve cities-so-called "country banks"-a decrease of $1,261,000,000. The largest decreases in all classes of banks were shown for
loans made to customers, not secured by stocks and bonds or real estate,
the decrease in these loans during the 15 months reflecting largely the
reduction in volume of business activity. Loans to customers secured by
stocks and bonds increased at New York banks, but decreased in the other
groups of banks. The open market loan portfolio of member banks showed
relatively little change for the period, a considerable increase at New York
City banks being somewhat more than offset by a decrease at country
banks. Bank holdings of purchased acceptances and open market commercial paper, however, increased in New York and in the other Reserve
cities, though they diminished outside of these cities. Loans to brokers
and dealers in securities in New York, so-called "street loans", were at a
somewhat higher level at New York City banks at the end of 1930 than
on Oct. 4 1929, reflecting the taking over by these banks of a part of the
loans previously made by non-banking lenders; at the other two groups of
banks these loans showed a large liquidation. Finally, the banks' holdings
of investments increased in the aggregate by $1,240,000,000, reflecting
increases of more than $600,000,000 both at the New York City banks
and at other Reserve city banks, while at country banks they showed a
small reduction. At country banks there was, in fact, a liquidation all
along the line. A part of it was due to the elimination of banks through
suspensions, but there has also been a large-scale liquidation of credit at
is.:..tive banks in country districts, reflecting diminished activity of trade
and industry in rural areas and a decline in deposits due in part to
decreases in the value of agricultural products marketed, resulting both
from smaller volume of sales and a considerable reduction in the prices of
principal crops.
The liquidation of member bank credit during the 15 months ending
In December 1930 was accompanied by an even larger liquidation of nonmember bank credit. The latest figures available for non-member banks
show a decrease of $800,000,000 between Oct. 4 1929 and Sept. 24 1930.
If the relation of the decrease in non-member bank credit and in member
bank credit may be assumed to have remained approximately the same
during the last quarter, then the total decrease in bank credit outstanding
/or the 15-month period was in the neighborhood of $3,000,000,000. A
part ot this decrease in bank credit has been due to bank suspensions
during the period, and represents the elimination from the aggregate
resources of active banks of the resources of failed banks that have not been
gradually absorbed in one way of another by other banks. In addition
to the reduction of about $3,000,000,000 in outstanding bank credit during
the 15-month period, there was also a liquidation of about $5,500,000,000
of loans by non-banking lenders to brokers and dealers in securities. Consequently, total liquidation of credit extended by banks and by others
through the banks has amounted to $8,500,000,000 for the period.
For the banks of the country the period of 15 months ending in December
of 1930 was one of readjustment and liquidation. Through the experience
of this period and of the preceding few years many important problems
connected with the structure and functioning of our banking system
are
becoming more clearly defined. These problems are at present receiving
consideration by congressional committees. Since these committees
are
conducting investigations with a view to determining the need of
legislative and administrative reforms, the Federal Reserve Board refrains
in
this annual report from making recommendations to Congress.
Deiails of Operation.
In the preceding pages there has been presented a brief discussion
of
business and banking developments in 1930 and of the policies pursued
by
the Federal Reserve System during the year. In the following sections
of this report there is given a more detailed account of the operations of
the Federal Reserve Banks and branches and of administrative matters
with which the Federal Reserve Board has dealt during 1930.
Total earnings
Current expenses
Current net earnings
Additions (withdrawals from res., &c.)_
Deductions (for reserves. ,ka.)
1930.
1929.
Inc. 1+) or
Dec.(-).
1930.
$
36,424.000
28,343,000
$
70,955,000
29,691,000
$
-34,531,000
-1,348,000
8,081,000
41,264,000
-33,183,000
3,475,000
3.568.000
956,000
5,817 000
+2,519.000
-2.249,000
Net deductions
93,000
4,861.000
-4.768,000
Net earnings available for distribut'n
7,988,000
36.403.000 -28,415,000
Dividends paid
10.269,000
9.581.000
+685.000
Transferred to surplus
-2,298,000
22,536,000 -24.834.000
Franchise tax paid to U.S. Government
17.000
4.283.000
-4.266.000
The lower gross earnings reflected a decrease of 8350,000,000 in the daily
average holdings of bills and securities, together with a reduction in the
average rate of earnings from 4.86% to 3.25%. Earnings from bills discounted decreased front $47,791,000 in 1929 to $10,672,000 in 1930, the
result of a decrease of $679,000,000 in average daily holdings of discounts
and a lowering of the average rate of earnings from 5.03% to 3.93%. Earnings from bills bought in the open market were also lower, but earnings
from the larger holdings of Government securities, at $17,273,000,
were
$9,108,000 larger than in 1929. The rate of return on bills bought in
the open market was 2.85% in 1930, compared with 5% in 1929; on
Government securities 3.06%, compared with 3.93%. The average holdings of discounted bills, bills bought in the open market, United States
Government securities, and other bills and securities, together with average
rates and amounts earned on each, are shown for recent years in the
oceampanying table:
EARNINGS ON DILLS AND SECURITIES
Bills and Securities Held by All Federal Reserre Banks.
Year.
Total,
Bills
Digcounted.
Bills
Bought in
Open
Market.
U. S.
All Other
Corer nBills
meat
and
Securities. Securities.
Daily avge.holdings'
$
5
$
S
$
1925
1.139,507.000481.515,000 287,329,000 358,962,000 11,701.000
1926
1 209,309,000 570,613,000 281.386,000 349,790,000 7,520,000
1927
1,124,538,000 442,287,000 263,258,000 417,480.000 1,513,000
1928
1,467,371,000 839.942,000 327.806,000 297,499.000 2,124,000
1929
1,413,058,000 950,580,000 241,399,000 207.659.000 13,420.000
1930
1,056,895,000 271,727,000 213,201,000 563.672,000 8,295,000
Avge. rate of earns.:
%
1925
3.51
3.67
3.17
3.56
3.69
1926
3.95
3.76
3.55
3.60
4.21
1927
3.60
3.83
3.49
3.41
3.88
1928
4.24
4.56
3.97
3.64
4.34
1929
5.03
4.86
5.00
3.93
4.94
1930
3.25
3.93
2.85
3.06
4.09
Earnings:
S
$
5
5
$
1925
39,986,000 17,680,000 9,104,000 12,783,000
419.00(
1926
45,460,000 22,552,000 10,003,000 12.589.000
316,00(
1927
40,482,000 17,011,000 9,207.000 14.206.000
58,00(
1928
62,275,000 38,334,000 13.021.000 10.828.000
92.001
1929
68,683,000 47,791,000 12,064.000 8.165.000 663.001
1930
34.365.000 10.672.000 6.081.000 17.273.000
339,00(
Total current expenses of the Federal Reserve Banks in 1930 were
828,343,000, which is $1,348,000 less than in 1929. The cost of printing,
issuing, and redeeming currency was $924,000 lower than the figure of
$3,099,000 for the previous year, when this cost was unusually high by
reason of the expense incurred in the process of substituting notes of
smaller dimension for the old size. Salaries paid to officers aggregated
$2,680,000 for the year, and to clerical staff and others, $14,574,000,
making a total expenditure of $17,254,000 for all salaries and wages,
compared with $17,265,000 in the preceding year. Other major expenditures included taxes on banking houses aggregating $1,374,000, as against
$1,470,000, and telegraphic and postage charges amounting to $2,247,000,
as against $2,444,000 in 1929.
The average number of officers and employees decreased from 9,995 in
1929 to 9,797 in 1930, and there was some falling off in the volume of
work handled in the principal departments of the banks, except in the
currency and coin departments. The following table shows the volume
of work handled during 1930 and the three preceding years:
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS,
1928.
1929.
1927.
1930.
Number of Pieces Handled(Staled in Thousands)
Bills discounted:
Applications
123
97
14.5
99
Notes discounted
443
526
371
415
Bills purchased In open market
for own account
251
254
196
208
Currency received and counted
2,194,608 2,270,555 2,427.330 2,441,989
Coin received and counted
2,691,184 2,929,091 3,239.709 3.325.555
Checks handled
887,997
862,275
924,449
904,975
Collection Items handled:
U. S. Government coupons paid
37,045
28.765
20.935
19,362
All other
5,909
6,461
6,504
6,388
United States securities-Issues,
redemptions and exchanges by
fiscal agency department
6,682
1.833
7,201
1,410
Transfers of funds
1,830
2,011
2.139
1,868
Amounts HandledBills discounted
531,934,607 962,412.961 560,747.124 514,067,117
Bills purchased In open market for
own account
4,050.867 4,240.669 3,587,478 3,873,691
Currency received and counted
12,939.578 13,315.551 14,782.429 14.262,80(
Coln received and counted
a451,125
a432.131
a479 001
537.534
Checks mailed
278,399,627 301,703.814 367.215.123 324,882,021
Collection Items handled:
U.S. Government coupons paid
553.703
543,373
535.612
499,111
All other
6,710,317 7,414,440 7,185.384 7,528,011
United States securities-issues,
redemptions and exchanges by
fiscal agency department
043 9.002.383
844 7 108 96:
integ0/121
10,803, .1f1 Idli 7.11107 1,(1742n
7,018,art'trioonn.
'
n.,.
a Revised.
1926
FINANCIAL CHIRONICLE
Five of th.- Reserve Banks—New York, Philadelphia, Atlanta, Minneapolis, and Dallas—reported sufficient net earnings to pay accrued dividends in full, the remaining seven banks paying their dividends entirely or
in part out of surplus. Th surplus of the 12 Federal Reserve Banks combined after the closing of the books at the end of the year amounted to
$274,636,000, a net reduction for the year of $2,298,000, although the
New York, Philadelphia, Minneapolis, and Dallas Banks made some
additions to their individual surplus accounts, the latter two paying small
franchise taxes. The total subscribed capital of the Federal Reserve Banks
at the end of 1930 amounted to $339,280,000, against $341,951,000 a year
before.
Gross and net earnings during the year and the distribution of net
earnings of each Federal Reserve Bank are shown in the following table:
FINANCIAL RESULTS OF OPERATIONS OF THE FEDERAL RESERVE
BANKS DURING 1930.
Dividends Transfer'd Franchise
Net
Gross
Tag.
to Surplus.
Paid.
Earnings. Earnings.
'rntni
$
253,777
4,588,384
1,102,771
783,777
—28,797
323,307
1,054,328
1,114
193,589
—200,976
272,597
—355,689
mo,o“orm,..=
5
2,368,086
10,393,189
2,996,243
3,585,202
1,641,390
1,963,724
4,834,153
1,745,685
1,235,082
1,667,667
1,585,113
2,408,510
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Si, Louis
Minneapolis
Kansas City
Dallas
San Francisco
nzww.00-4
mnz.2.u.
•
Federal Reserve Bank.
3
—452,172
574,605
100,169
—169,157
—382,269
$
—157,090
—314,725
914
—460,373
1,009
-1,038,635
8,230
16 424.f)44 7.988.182 10.268.598 -2.297.724
17 305
9,078
Branches and Agencies of the Federal Reserve Banks,
•
The 25 branches and two agencies of the Federal Reserve Banks which
were in operation at the end of 1929 continued to function throughout
1930. As was the case for the System as a whole, the volume of work
handled by the branches and agencies in their principal operating departments fell off somewhat in 1930. The following table shows a comparison
of the volume of work handled in certain departments during the years
1927, 1928, 1929, and 1930:
VOLUME OF OPERATIONS OF FEDERAL RESERVE BANK BRANCHES
AND AGVNCIES.
1927.
1028.
1929.
1930.
Checks handled:
268,814,000
277,778.000
265,300,000
253,322,000
No. of items._
864,724,395,000 868,273,066,000 572,034,805,000 S62,834,956,000
Amount
Currency receive d & counted:
594,449,000
535,352,000
497,795,000
581,697,000
No.of pieces
52,801.165,000 $2,939,837,000 $3,259,688,000 53,106,716,000
Amount
Coln received dzcounted:
466,152,000
453,200.000
441,072,000
572,611,000
No.of pieces
554 ass nnn
576.627.000
567.049.000
563.460.000
Ammint
Current expenses during 1930 of the branches and agencies in operation
during the year were $5,987,000, as compared with $5,996,000 in 1929.
State Supreme Court Approves Plan for Reorganization
of Chelsea Bank & Trust Co. of New York—New
Name to Be Mercantile Bank & Trust Co.
A plan for the reorganization of the Chelsea Bank & Trust
Co. of New York, with payment in full to depositors and a
substantial recovery for stockholders, was approved yesterday (March 13) by the Supreme Court, said the New York
"World-Telegram" of last night, which had the following to
say regarding the plan:
A new bank, the Mercantile Bank & Trust Co., Is to be formed under the
approved plan. It will take over the assets and responsibilities of the
Chelsea Bank. which was closed last December. Banking and industrial
organizations of high standing are represented in the new institution.
Now Up to Stockholders.
The Chelsea reorganization still must be approved by the old Chelsea
stockholders, and a complete contract for trasnfer of assets and assumption
of liabilities then must be signed and approved by the Court. It was made
clear, however, that no hitch was expected..
Under the law, a new bank cannot be chartered within 30 days after its
application is filed, but it was learned on high authority that the sponsors
of the Mercantile Bank & Trust hope to have it fully organized and in
operating condition very soon after that necessary period elapses.
May 1 Likely Reopening Date.
Chelsea depositors thus may find their money available to them by May 1,
and possibly a little earlier.
The preliminary agreement signed to-day by Justice Alfred H. Townley,
bore the names of Joseph A. Broderick, Banking Superintendent, as custodian for Chelsea, and of Jules E. Brulatour, Louis Golde, Geroge Kern
and Toney A. Hardy for the new bank.
Among New Directors.
Other new directors will include:
Robert E. Connolly, Treasurer of the Illinois Cnetral RR.
John T. Madden, President of Alexander Hamilton Institute.
Ernest L. Nye, of Freeman & Co., private bankers.
Ernest Satterlee, one of the active figures in negotiations for reorganiza_
tion of the Bank of United States.
Howell M. Stillman, now of the Chase National Bank. who will be President of the new institution.
William A. Lobb, who will be Vice-President.
The Chelsea bank is now liquid to the extent of about two-thirds of its
assets, it was said officially, and no doubt was exPressed as to the ability of
the new institution to pay off depositors in full.
To Have $1,500.000 Fund.
The Mercantile Bank & Trust will have capital and surplus of 31,500,000.
The total issue of 75.000 shares of stock will be available to the old
Chelsea stockholders, if they desire it. One-third, 25,000 shares, will be
given them in straight exchange for Chelsea stock. The rest may be purchased for cash on a pro rata distribution.
Such of the 50,000 shares as are not absorbed by old stockholders will be
taken over by the underwriters.
[You UM.
It is stated that Howell M.Stillman,Second Vice-President
of the Chase National Bank will be President of the Mercantile Bank & Trust Co. Recent items bearing on the reorganization plans appeared in our issues of Feb. 21, page 1348 and
March 7, page 1736.
Rosoff Plan for Reorganization of Bank of United States
Outlined by J. A. Broderick, New York State Superintendent of Banks.
In the New York "Times" of March 7, it was stated
that Joseph A. Broderick, New York State Superintendent
of Banks, sent a letter on March 6 to Herbert L. Satterlet,
head of the law firm of Satterlee & Canfield, giving his
approval to the Rosoff plan for reorganization and reopening of the Bank of United States under a new set of officers and directors and a new name. The "Times" of that
date added:
Mr. Satterlee drafted the plan submitted some weeks ago to Mr.
Broderick by Samuel R. Rosoff, subway builder, in behalf of the Rosoff
reorganization committee.
Mr. Broderick's letter to Mr. Saterlee was by way of comment on a
revised draft of the plan presented to him on Thursday (March 5) in
response to suggestions by Mr. Broderick for certain modifications of the
proposed reorganization program as embodied in Mr. Satterlee's original
draft.
Although the text of Mr. Broderick's letter was not revealed, it was
changes on
learned that it was accompanied by further suggestions for
minor points. For the time being, therefore, Mr. Broderick's approval
of the plan was considered tentative, pending agreement on the proposed
new modifications. No official statement of Mr. Broderick's approval of
the plan will be forthcoming until the remaining differences are ironed out.
Confer on Changes
Following receipt of Mr. Broderick's letter, Mr. Satterlee conferred
with his associates at his office, 49 Wall Street, at which Mr. Broderick's
suggestions were taken up in an effort to bring the negotiations with the
Banking Department for reorganization and reopening of the bank to a
speedy conclusion.
Announcement of the letter to Mr. Satterlee was made by Mr. Broderick
himself. Admitting that it had a direct bearing on the reorganization
plan, Mr. Broderick would not, however, discuss its contents.
On March 9, Superintendent Broderick issued a formal
statement regarding the plan of reorganization, and the
"Times" of March 10 in publishing it said:
of Banks, who has been
Joseph A. Broderick, State Superintendent
in his investigation of the
accused of neglect of duty by Max D. Steuer
before the grand jury
summoned
closed Bank of United States, was
hours to enter the grand
yesterday. After waiting for more than two
instructions to be ready to testify at
jury room he was dismissed with
sessions after a ten-day recess.
any moment. The grand jury resumed its
Building to his office in the
On his return from the Criminal Courts
to Mr. Steuer's move by makreplied
Banking Department Mr. Broderick
approval in principle to the
ing public a formal statement giving his
which Mr. Stener
Rosoff plan for reorganization of the bank, a project
"absurd." In his statement
has denounced as "stupid," "vicious" and
reorganization plan as
Mr. Broderick revealed the general outline of the
Satterlee EZ Canfield and made
worked out by Herbert L. Satterlee of
that he believed that
him
assured
had
Satterlee
known the fact that Mr.
for final approval of
the requirements set by the Banking Department
the plan would be met.
of reorIn his statement Mr. Broderick expressed himself in favor
ganization of the bank as against a forced liquidation, saying that the
learned
was
It
method.
first
the
from
gain
depositors had much more to
that Mr. Broderick and Mr. Satterlee are working hard for the quickest
possible conclusion of their negotiations. Only technical details remain
to be adjusted, it was learned.
The first witness before the grand jury yesterday was August Ihlefeld
Jr., Deputy Superintendent of Banks. He was followed by Abe N.
Adelson, president of the Abenad Realty Corporation, a subsidiary of the
bank.
It was learned that Mr. Ihlefeld was questioned concerning the actual
and liquidating values of the bank's assets, given in the recent inventory
of the State Banking Department as $237,000,000, a figure based on book
values.
The belief was that on the figures Mr. Steuer may be able to obtain on
this point will depend whether or not he will seek the indictment of all
directors of the bank under the recent decision of the Court of Appeals
making directors of a bank driven to insolvency as the result of fraud
criminally responsible.
Gives Views on Plan
reorFollowing is Mr. Broderick's statement on the Rosoff plan for
ganization and reopening of the bank:
"In order that there may be no misunderstanding or misconception of
the attitude of the Superintendent of Banks toward what has been reof
ferred to in the newspapers as the Rosoff plan, and especially in view
the conflicting statements that have appeared regarding the attitude of the
genSuperintendent, it may not be inappropriate at this time to indicate
Supererally the nature and purpose of the communications between the
representing the proponents of
intendent and Mr. Herbert L. Satterlee,
the plan.
a series of suggesSuperintendent
the
"Mr. Satterlee has submitted to
banking institution to
tions looking toward the organization of a new
Bank of United States to its
assume payment of the liabilities of the
an organization corporation, to
depositors through the intermediary of
Bank of United States shall
the
of
which it is proposed that the assets
be transferred. Such of the assets as are immediately available for the
to it, and the rest of the
purposes of the new bank are to be transferred
and the proassets will be liquidated by the organization corporation,
ceeds thereof, upon liquidation, deposited with the new banking institution.
to
manner,
by
augmented
subscriptions
"The amount obtainable in this
the stock of the organization corporation and employing the capital, surplus and undivided profits of the new banking institution in the usual
operations of a going financial concern will, in the contemplation of those
by whom the plan has been prepared, provide a method by which the
MAR. 14
1931.]
FINANCIAL CHRONICLE
depositors of the Bank of United States will be paid in full, but if that
result is not accomplished, it is proposed to meet any difference by further
subscriptions to the stock of the organization corporation to the extent
of the required amount.
"It is obvious that the success of this plan depends entirely upon the
ability of its supporters to discharge the obligations they propose to
assume.
Decries Forced Liquidation
"The exchange of communications between Mr. Satterlee and the superintendent has emphasized the position of the superintendent with respect
to what he considers to be the esseatial conditions of safety to depositors.
"Mr. Satterlee has indicated that he has reasonable grounds for expecting that the superintendent's requirements can be met, and it is common knowledge that substantial cooperation is being indicated by depositors and stockholders.
"Having thus indicated the status of the Rosoff plan, the superintendent
desires it to be understood, beyond the possibility of any misunderstanding, that his primary concern is the welfare of depositors. He realizes,
certainly as clearly as any one else does, that forced liquidation, with its
consequent depreciation of assets, delays in collections and delays in payment of dividends, cannot compare in advantage to the depositors with any
sound plan that provides for the payment in full of the amounts due them.
"A new banking institution, if properly organized and safely managed,
with the advantage of recurring profits resulting from an operating business, and of the realization upon assets at opportune times, can administer
such assets much more satisfactorily, to say the least, than can the
superintendent on a forced liquidation.
"Furthermore, and this important fact should not be overlooked, it is
not the easiest thing for the 400,000 depositors, including thousands of
small merchants, for whom the Bank of United States provided banking
accommodations, to obtain elsewhere the accommodations which they need
and which they should have to enable them to continue in business and
live. Such accommodations can be afforded within safe limits by a
new bank taking over the deposit accounts.
"In the meantime, however, the orderly process of liquidation is being
proceeded with, and this will continue to be the superintendent's policy
until the bank is completely liquidated or plans for the payment of the
depositors have received his approval."
Mr. Steuer held no public hearing in the investigation of the bank
yesterday. He will devote the entire week to presentation of evidence
before the grand jury. Private hearings in the Attorney General's investigation were held yesterday by former Magistrate Harry Gordon and
Alex J. Whynman, assistants to Mr. Steuer. It was learned that witnesses were questioned concerning private loans by the bank.
In the New York "Journal of Commerce" of March 13
it was stated that the directors of the Bank were reported
to have pledged their support to the Rosoff plan. We
quote further from that paper as follows:
A committee representing the board conferred yesterday afternoon with
Banking Superintendent Broderick. On the previous day it had been
stated that should there be any loss to depositors the Superintendent of
Banks would open suit against the directors to recover the deficit.
• • •
The Bank of United States directors were in conference early Yesterday
afternoon, while Mr. Broderick was closeted with attorneys for the Mercantile group, with Herbert L. Satterlee of the law firm of Satterlee &
Canfield. According to recent reports, the plan drafted by Mr. Satterlee
is assured of strong financial support, provided the depositors themselves
back the plan.
Eastern Regional Savings Conference Program Under
Auspices of American Bankers' Association to Be
Held in New York Next Week.
The Eastern Regional Savings Conference will be held
in New York on March 19 and 20 under the auspices of the
Savings Bank Division of the American Bankers' Association
at the Hotel Commodore.
1927
its feet again. A meeting, it was said, would be held Friday
morning (Mar. 6) to consider this action. The advices went
on to say:
The proposal of a depositors' committee on reorganization has been
consistently turned down by the Comptroller of the Currency. Officers
of the bank have repeatedly affirmed its solvency, however, and the stockholders faced with the possibility of losing both their stock and an equal
amount which can be assessed by law are finding it necessary to take
matters into their hands in order to protect themselves, it is said.
A subsequent dispatch (Mar. 7) from Brookhaven to the
Jackson "News" contained the following:
A meeting of about 40 stockholders of the defunct First Nations Bank
of Brookhaven agreed on a liquidation plan similar to that adopted by the
Meridian First National. The proposition is to be submitted immediately
to the Comptroller of Currency and is expected to pass muster in view of
the Comptroller's approval of the Meridian plan.
By the new scheme the stockholders in the old bank will lose their investments in that institution, but will be given priority in subscribing to the
stock of the new bank, which should profit in the long run from the business
of the old.
Depositors will be expected to sign agreements turning over claims
against the old bank to a committee of three local citizens—L. A. Cato,
.1. J. Newman and Dr. 0. N. Arrington—who in turn will transfer the
receiver's certificates to the new bank,which is to be organized with $100,000
cash capital and a cash surplus of $10.000.
The new bank, when organized, will purchase the assets of the First
National Bank of Brookhaven and will agree to pay 100% of the depositors'
claims, without interest, at the rate of 12M % each six months.
In the State of Kentucky, Lexington, Ky., advices oi
Mar. 5 to the Louisville "Courier-Journal" reported that
plans were in progress for the reorganization and reopening
of the Guaranty Bank & Trust Co. of Lexington, which
closed Feb. 1. The stockholders and directors at a meeting
on Mar. 5, the dispatch said, decided to form an organization to be incorporated under the name of the Guaranty
Realty Co. to purchase the building in which the bank was
housed, and to obtain subscriptions to capital stock in the
new banking organization. The advices went on to say:
The meeting was called for the purpose of determining whether the
bank could reopen, and Mr. Porter (President of the closed bank) said
consummation of the plan practically is assured.
Plans were presented to stockholders setting forth a basis on which the
bank could be reopened, and these plans involved the raising of a sufficient
amount of money on the part of the old stockholders to purchase the
Guaranty Bank Building and to eliminate from the assets any other frozen
or doubtful items. The stockholders and directors also plan to raise
$400.000 for the purpose of capitalizing a new organization, of which
$200,000 will be used for capital and $200,000 for surplus. The purchase
of the bank building will require another $400,000.
There are 150 stockholders of the Guaranty Bank and a large number
of these attended the meeting. W. A. Dicken, State Banking Commissioner, also attended the meeting. Mr. Dicken pledged full co-operation
In the plans for the bank's reopening. A number of depositors also have
pt
leeceligzid t theaessista meeting.nce in te proposed reopening, it was said. Mr. Porter
Immediately on the closing of the Guaranty Bank the Lexington Clearing
House Association, composed of all other Lexington banks, agreed to pay
the
h service.Guaranty Bank depositors 75% of their deposits, charging 6% for
A new bank was opened at Middlesboro, Ky., on Mar. 6,
according to a dispatch from that place to the Louisville "Courier-journal" on the date named. The new bank, it
was said, occupies the building formerly the home of the
Citizens' Bank & Trust Co., which closed Nov. 28. According to W. V. Tennent, its President, "encouraging support
marked the opening" of the new institution. We quote,
furthermore, in part from the dispatch as follows:
Banking Situation in South and Middle West. —
A large number of persons from southeastern Kentucky, Virginia and
In the State of Mississippi, the reopening of the People's Tennessee
became depositors in the new bank, while flowers and greetings
Bank at Weir on Mar. 4 was noted in the Jackson "News" were received by the officers from business concerns here and other banks.
The
new
bank
has a paid-up capital stock of $25,000 and a surplus of
date,
which
said that reports from Weir to J. S.
of the same
amount, Mr. Tennent said.
Love, State Superintendent of Banks for Mississippi, indi- equal
C. W. Bailey, who is liquidating agent for the Citizens' Bank & Trust
cated that a brisk business was being done by the institution Co., is Vice-President of the Commercial, while Caius Whitfield is Cashier
with no withdrawals. We quote further from the paper
According to the Louisville "Courier-Journal" of Mar. 10,
mentioned as follows:
a judgment approving and authorizing the sale of the indusFancher,
Cashier
of
the
0.
institution,
said
H.
depositors were declining to take advantage of the 10% withdrawals allowed under the "freez- trial loans of the closed Louisville Trust Co. (at the time it
ing" of deposits plan and new money was coming in at a rapid rate. General closed Nov. 17 last an affiliated institution of the National
optimism was said to prevail in the community with resumption of business Bank of Kentucky, Louisville) to the First National Bank
by the institution, one of many to close in the wave of unrest last December
of Louisville for $300,589.61 cash, less $13,847.09, the reand January.
G. S. Cobb is President of the bank, which is capitalized at $10,000 and serve on account of installment purchase notes, was entered
carries surplus of $15,000. According to State Department records the on Mar. 9 by Circuit Judge Lafon Allen. The "Courierinstitution's deposits approximate $250,000.
Journal" goes on to say:
It is learned from a Meridian, Miss., dispatch on March 4
The negotiations of the sale were made Feb. 14 by the Fidelity & Columto the Jackson "News" that a committee is at work on the bia Trust Co.. receiver for the Louisville Trust Co., but the ratification
from the city. The petition
reorganization and reopening of the First National Bank was delayed because of Judge Allen's absence
revealed that three institutions bid for the loans.
of Meridian. The dispatch said:
The judgment set out that the purchaser should receive all records,
Committee at work on the reorganization and reopening of the First cabinets and cases relating to the loans, and furthermore that the purchaser
National Bank are turning their attention now to the small depositors, should benefit from all collections made by the receiver on such loans since
many of whom have not signed the reopening agreement. All except about Feb. 14. It also said that $75,000 of the loans were on insurance contracts
20% of the depositors have signed the agreement needed to reopen the and that the receiver should refund to the purchaser the amount of any loan
institution. The hope is expressed that by the middle of March at least which is cancelled by the death of the borrower, prior to maturity. In
the case of offsets the receiver also will imburse the purchaser.
all depositors will have signed the agreement.
The petition for advice set out that the total of industrial loans at the
A dispatch from Brookhaven, Miss., on Mar. 4 to the time of closing, Nov. 17 1930, was $743,738.04, of which amount the
Jackson "News" stated that faced with the possible assess- receiver had collected $326,583.37 up to Feb. 14 1931, leaving an uncolbalance of $417,154.67. The balance included unearned discounts
ment of an amount "equal to their stock," the shareholders lected
of $24,623.03. which, according to the petition, reduced the book value
of the First National Bank of Brookhaven which closed of the loans to $392,531.64. With the reserve for installment purchase
Jan. 12, may make a strong effort to put the institution on notes, the book value was further reduced to $378,684.55, the petition said.
1928
FINANCIAL CtiflONTCLE
The amount of $378,684.55 represents the maximum sum if all collections
in the regular process of liquidation could be made without loss or expense.
The bid of the First National Bank signed by Henry Y. Offutt, VicePresident, estimated the outstanding loans at $420,000 and listed the bad
and doubtful accounts at $83,957.39, of which there was a possible recovery
of 40%. Further, the bid made a $50.000 deduction for losses from the
present gross amount,in the opinion of the bidder.
The petition for advice stated that the First National Bank's bid was
"best obtained" and set out that "the bid is adequate."
In the State of North Carolina the Polk County Bank &
Trust Co. of Asheville, which closed Nov. 22, reopened its
doors on Mar. 10, according to Asheville advices by the
Associated Press on that date.
In the State of Ohio, the Citizens' National Bank of Wilmington was closed on Mar. 5 by its directors and its affairs
placed in the hands of the Federal Banking Officials, according to Wilmington advices to the Cincinnati "Enquirer"
on that date. George F. Gaskell, a National Bank examiner,
of Cleveland, and an assistant, immediately began a check
of the bank's records. The decision to close the institution
followed a meeting of four directors with the Chief National
Bank Examiner in Cleveland on Mar. 4. A signed statement issued by the directors, as contained in the advices,
read as follows:
To the patrons and friends of the Citizens' National Bank.
We, the undersigned directors, desire to thank you for your loyalty
and friendship of the last quarter of a century.
Idle and malicious reports, combined with a general depression and
crop failures, have caused us to lose heavy deposits. Not being able to combat or counteract this unfriendly talk, and not being able to collect frozen
assets without causing undue distress and hardship to many of our patrons,
which we have no desire to do, we believe, that In order to best conserve
the assets for the protection of our depositors and to give our borrowers
time to liquidate, it is our duty to close our bank for liquidation.
We believe there will be no loss to depositors. The condition of our bank
justifies this statement, according to our best judgment.
The dispatch went on to say in part:
There was no "run" at the bank, and depositors made no demonstration.
The Citizens' National Bank, since Its establishment in 1910, had done
most of its business with farmers of the county, having only a comparatively small part of the mercantile and factory banking business of the city.
Farmers, suffering heavy losses because of the drouth, have been forced
to draw on their reserve supplies of cash, cutting the bank's resources.
Officers of the Citizens' National Bank are: William Fife, President;
Hugh McCoy, Vice-President; I. N. Lair, Cashier; F. M. Harlan. Assistant
Cashier.
In the State of Missouri two small banks, the Schell City
Bank at Schell City and the Farmers' Bank at Quitman,
were closed by their respective directors on Mar. 9 and the
State Finance Department notified, according to Jefferson
City advices by the Associated Press on that date. The
dispatch, continuing, said in part:
Although no reasons were given for the closings, Finance Department
officials said it was believed "frozen assets" were responsible.
The Schell City Bank, according to its last published statement, had
8124.473 resources, with 889,647 loans, $20,000 capital stock. $12.000
surplus, $4,900 bills payable and $85,781 deposits. George U. Freund,
State Bank Examiner, will take charge.
PThe Farmers' Bank of Quitman had $32,974 resources, with $24,142
loans. $15,000 capital stock, $15,375 deposits and $2.344 bills payable.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Cotton Exchange membership of J. George
Brennecke was reported sold this week to Edw. P. Manany
forr$18,500. The last preceding sale was for $18,000.
The New York Cocoa Exchange membership of E. M.
Richards was sold this week to P. Henry Busch for $2,300
an increase of $100 over the last preceding sale.
The following relative to the proposed acquisition of the
Broadway & Plaza Trust Co. of this city by the Hibernia
Trust Co. (referred to in our issue of Jan. 17, page 439)
Is taken from the New York "Times" of March 11:
Acquisition by the Hibernia Trust Co. of the Broadway and Plaza
Trust Co., plans for which were announced on Jan. 13, will be made on
the basis of a payment of $40 a share cash for the Broadway and Plaza
stock, it was learned yesterday. Details of the offer are to be made public
within a few days in a letter to stockholders. Shares of the Hibernia Trust
Co. were quoted in the over-the-counter market yesterday at 8115 a share
bid, $125 asked. Shares of the Broadway and Plaza were $363 bid,
$38% asked.
The cash payment involved, if the Hibernia is to acquire all shares of
the Broadway and Plaza, will be 82.700.000. In addition, it Is understood, payment will be made for any amounts realized In the future over
and above the book value of the Broadway and Plaza. The Hibernia
will not increase its capital as a result of the transaction but will continue
it at $3,000,000.
John C. Traphagen, until lately Vice-President of the
Chase National Bank of New York was on March 10 elected
a trustee of the Bank of New York & Trust Co. An item
appeared in these columns Feb. 21, page 1356 indicating
that Mr. Traphagen is slated for the presidency of the lastnamed institution.
[Vol,. 182.
April 1 1931 to stockholders of record March 17 1931, was
declared at a regular meeting of the board of directors held
March 12. At the same meeting, Gilbert Yates was elected
Treasurer of the institution, to succeed the late Clifford R.
Dunham. Mr. Yates entered the Chemical Bank in 1910.
A proposal to reduce the capital stock of the Liberty
National Bank & Trust Co. of New York from $3,000,000
to $2,250,000 will be presented to the stockholders on March
30. Under the plan three shares of new stock of $25 par
value, will be exchanged for one share of the present $100
par stock. The lowered capital will become effective after
approval by the stockholders.
At the regular monthly meetings of directors of The Bank
of America N. A. and Bancamerica,-Blair Corp. dividends
were declared aggregating for the quarter 75 cents per share,
as compared with $1.124 heretofore paid. At the same
time the directors of the bank set aside in a contingent fund
a special reserve of $7,500,000. The Bank's capital, surplus
and undivided profits after setting up this reserve aggregate
over $69,000,000. This dividend is payable April 11931, to
stockholders of record at the close of business March 21.
Samuel A. York, President of the Merchants' National
Bank of New Haven, Conn., and for many years prominent
in civic and financial circles of that city, died on March 7
at his home in New Haven after a prolonged illness. Mr.
York was born in New Haven on Oct. 11 1868 and was graduated from Yale in the class of 1890. Two years later he was
graduated from the Yale Law School and began the practice
of law in New Haven, Later Mr. York became interested in
a number of financial companies, particularly electric power
companies in Eastern Massachusetts associated with the
Charles H. Tenney management. At the time of his death
In addition to holding the Presidency of the Merchants'
National Bank, he was a director in numerous industrial and
public utility corporations, including the Acme Wire Co. of
New Haven, American Mr Co. of Boston, Beverly (Mass.)
Gas & Electric Co., Brockton (Mass.) Gas Co., Concord
(N. H.) Electric Co., Eastern Mass. Electric Co., Fitchburg
(Mass.) Gas & Electric Co., etc., etc.
The respective stockholders of the Merchants' Trust Co.
and the People's Bank & Trust Co., both of Waterbury,
Conn., have approved terms for merging the institutions,
according to the Hartford "Courant" of March 10. Hearings
will be held by the Connecticut Banking Department and
it is expected that approval will be given so that the consolidation will become effective April 6. The new organization will continue the name of the Merchants' Trust Co.
and will be capitalized at $550,000. The paper mentioned
furthermore stated that the terms of the merger provide for
the exchange of one share of Merchants' Prust stock for
four shares of People's Bank & Trust Co. stock.
•
Harry C. Berlinger, of Hardwick & Magee, has been
made a director of the Integrity•Trust Co. of Philadelphia.
succeeding his brother, William G. Berlinger, deceased,
according to the Philadelphia "Ledger" of March 10. At
the same meeting the directors declared the regular quarterly
dividend of 10%, or $1 a share, payable April 1 to stockholders of record March 21.
James D. Garrett was elected a director of the Mercantile
Trust Co. of Baltimore at the annual meeting of the stockholders on March 9, according to the Baltimore "Sun"
of the next day. Mr. Garrett is President of the Central
Saving Bank of Baltimore.
Depositors of the Citizens National Bank of Galion, Ohio,
which was closed July 29 1930, because of a shortage of
$223,700 in its funds due to Wall Street speculation, will
receive the first dividend of 30% as soon as checks are returned from Washington, according to Galion advices on
March 5 to the Cincinnati "Enquirer." J. E. Casey, President of the bank, who confessed fraudulent operations is
now in the Atlanta Penitentiary.
Our last reference to the affairs of this bank appeared
in the "Chronicle" of Sept. 20 1930, page 1822.
The trial of Joseph Castellini, former President of the
The regular quarterly dividend of 45 cents per share on
the capital stock of the Chemical Bank & Trust Co., payable Brotherhood of Railway Clerks' National Bank of Cincinnati
MAR. 14 1931.]
FINANCIAL CHRONICLE
1929
the American State Bank of Highland Park. Concurring in the action
(which was closed on June 26 1930 and subsequently taken of
of the People's Wayne County Bank in guaranteeing the accounts of
violations
for
Cincinnati)
of
over by the Central Trust Co.
American State Bank depositors were many other leading Detroit banks
of the national banking laws, was to begin in the United and trust companies.
States District Court in Cincinnati on March 9, according
Two Bellevue, Mich., banks, the Bellevue State Bank and
to the Cincinnati "Enquirer" of March 8, from which we
the
Farmers' State Bank, were consolidated on Feb. 24 when
quote in part as follows:
institution acquired all the stook of the Farmers'
former
the
October
Jury
Grand
last
Federal
the
by
returned
indictments
six
the
Of
against officials of the Brotherhood Bank. three are against Castellini, State Bank, according to the Michigan "Investor" of Feb.
with Lyman E. Norris,former Executive Vice-President of the bank; Harry 28. The Bellevue State Bank was organized in 1883 and was
Rosenblum, former Cashier, and Amor W. Shafer, former branch manager
institution in 1917. The Farmers'
of H. L. Doherty & Co., New York. The three other defendants pleaded incorporated as a State
guilty to certain of the charges contained in the six indictments. It is State Bank was incorporated in 1917. Carl Kimberly,
said they will be used as witnesses for the Government before sentence is Cashier of the Bellevue bank since 1901, will continue in the
passed upon them.
institution. The paper mentioned
In the three indictments in which Castellini is named defendant it is same position with the new
charged that Castellini, with others, made false entries on the books of furthermore stated that the new organization will have dethe bank and made false reports to the Comptroller of the Currency of
in excess of $800,000.
the United States; that they misapplied funds of the bank, and that they posits
misapplied certain sums belonging to the bank.
The Davison State Bank at Davison, Mich., the oldest
Our last reference to the affairs of the Brotherhood of
of
issue
bank
our
in that place, and the Farmers' State Bank of Davison
in
appeared
Bank
National
Clerks'
Railway
have consolidated under the name of the former, according to
Oct. 25 1930, page 2642.
the "Michigan Investor" of March 7. The enlarged institution
will occupy the Davison State Bank Building.
It is learned from the Cincinnati "Enquirer" of Feb. 25
that the previous day Gustave M. Mosier, a Vice-President
Henry D. Ormsby, a banker with a record of 50 years
and a director of the Central Trust Co. of Cincinnati,
tendered his resignation as an official of that institution. service, has been appointed a Vice-President of the First
In doing so, Mr. Mosier (who formerly was President of the National Bank of Louisville, according to the Louisville
Brighton Bank & Trust Co. of Cincinnati), in a formal "Courier-Journal" of March 5, Mr. Ormsby had been a Vicestatement denied allegations that he had secretly negotiated President and Cashier of the National Bank of Kentucky
for the sale of his stock in the former Brighton Bank & Trust (closed Nov. 17 last and now taken over by the First National
Co. to the Bancokentucky Co. of Louisville, Ky., now in Bank), which he Joined as Cashier in 1906. He began his
receivership. We quote furthermore from the "Enquirer" banking career with the Merchants' National Bank in 1881.
as follows:
He is a former President of the Kentucky Bankers' AssoThe resignation, presented at the regular monthly meeting of Central
a member of the Reserve City Bankers' Association,
ciation,
of
suit
a
aftermath
filed
Trust Co. directors, was accepted. It came as an
last week in Louisville in behalf of F. W. Trinkle, 2157 Central Ave., Treasurer of the Louisville Industrial Foundation and
Cincinnati, in which recovery of $37,578,966 was sought from 45 officers former Treasurer of the K. & L. Terminal Railway Co., it
and directors of the Bancokentucky Co.
Allegation was made in the suit that Mr. Mosier, when President of was stated.
the Brighton Bank, was illegally paid $123,000 by the Bancokentucky to
induce stockholders of this bank to join the Bancokentucky group. "This
is not true," Mr. Mosier said, "as I was never an officer or director of the
Bancokentucky Co.. and at all times dealt with them at arm's length."
He was not a defendant in the suit.
It is understood that Mr. Mosler's negotiations Mr the merger were
with the full knowledge and approval of the executive committee of the
Brighton Bank & Trust Co.
Stockholders of the National Bank of Commerce of Asheville, N. C., and the Commerce Union Trust Co. of that
city, will meet March 23 to vote on a proposed consolidation
of the institutions under the title of the First National Bank
& Trust Co. of Asheville, according to Asheville advices
printed in the March 3 issue of the "Daily Construction
Arrangements were completed this week for the sale of a Bulletin" of Baltimore,Md. The dispatch went on to say:
seat on the Chicago Stock Exchange for $24,000, an increase
The consolidated institution would be provided with a capital of 5300.000.
surplus of $100,000 and individed profits of more than 325,000. Upon
of $3,000 over the last preceding sale.
business of the Commerce
From the Chicago "Journal of Commerce" of March 5,
it is learned that the Lawndale National Bank and its affiliated institution, the Lawndale State Bank, Chicago, are
acquiring the assets and business of the Twenty-Sixth Street
State Bank of that city, according to a statement made the
previous day (March 4) by Frank G. Hajicek, President of
the first named institution. The Twenty-Sixth Street State
Bank is reported to be in excellent condition and the business
is being sold because of the desire of John V. Zelezny, its
President, to retire after many years of active service. His
son, John V. Zelezny Jr., will become a Vice-President of
the enlarged bank. The Chicago paper continuing said:
The transaction will be completed by the payment of cash, rather than
an exchange of stock, and will create an outlying bank with total resources
of over $13,000,000. Combined deposits of the three institutions will be
between $11,000,000 and $12,000.000.
For the present the business of the Twenty-Sixth Street State Bank will
be conducted in its present home under supervision of the Lawndale
National, but after the new building now under construction by the Lawndale National Bank is completed, the business of both banks will be moved
Into the new home. The Lawndale State Bank will continue in its present
quarters.
The board of directors of the Lawndale National Bank, under which
name the new institution will operate, will remain unchanged. Included in
the list is Anton J. Creraak, Mayoral nominee. The Lawndale National
Bank was unique last year in that its stock was one of the very few bank
stocks to sell at higher levels at the close of the year than it did at the
beginning.
completion of consolidation details, all fiduciary
Union Trust Co., with its personnel, would come into the trust department
Of the company, while other activities of the trust company would be transferred to the First Loan & Insurance Co., whose stockholders will be
identical with those of the new company. In order to provide adequate
facilities for handling increased new business, both present and prospective
the bank building at 11 Church street will be remodeled and a new vault
door will be installed, with asfety deposit boxes, cages stock rooms and
coupon booths.
Seattle, Wash., advices on Mar. 5, printed in the New
York "Evening Post" of the same date, stated that the
Puget Sound Savings & Loan Association of Seattle has been
placed in receivership with H. C. Johnson, State Director
of Efficiency, as receiver.
It is learned from the Montreal "Gazette" of March 11
that Sir Frederick Williams-Taylor, Vice-President of the
Bank of Montreal, a director of the Royal Trust Co. and a
member of its executive committee, was on March 10 appointed a member and Chairman of the London (England)
Advisory Board of that company.
Other appointments made by directors of the Royal Trust
Co. at the same meeting were Robert P. Kernan and A. Cecil
AL Thomson, K.C., of Quebec, to be members of the Quebec
Advisory Board of the company. Mr. Kernan is Vice-President and General Manager of the Donnacona Paper Co.,
Limited, and Mr. Thomson is a member of the legal firm
It is learned from Associated Press advices from Detroit of Pentland, Gravel, Thomson & Hearn.
yesterday (March 13) that announcement was made that
day that the People's Wayne County Bank of Detroit is to
absorb the assets and assume full responsibility for all THE WEEK ON THE'NEW YORK STOCK EXCHANGE.
deposits of the American State Bank of that city. The
The stock market has been somewhat uncertain during
dispatch said:
the
present week, alternate periods of strength and irreguAbsorption of the American State Bank with its resources of more than
with occasional
S54,000,000 places the People's Wayne County Bank among the largest larity having characterized the transactions
in the country, with resources of more than $475,000.000. The People's manifestations of activity in public utilities, though trading
Wayne County Bank was listed 15 among banks in the United States on the whole has been quiet and entirely free from senlast year.
statement of the Federal
The American State Bank was the only remaining large independent sational features. The weekly
bank in Detroit. All large banks here now are grouped in two affiliations, Reserve Bank made public after the close of business on
the Guardian Union group and the Detroit Bankers group.
Thursday, showed an advance of $29,000,000 in brokers'
At the same time it was announced that the Highland Park State Bank
money renewed at 13/2% on
Is to absorb all assets and assume full responsibility for payment of deposits loans in this district. Call
1930
FINANCIAL CHRONICLE
Monday morning, advanced to 2% in the afternoon, and
continued at that rate until Wednesday afternoon when it
again dropped to 134%, where it remained during the rest
of the week.
The market displayed considerable weakness during the
first hour of the abbreviated session on Saturday,the weakness
at the close of the preceding day bringing out overnight
selling orders that carried numerous active stocks to lower
levels. As the day progressed, the irregularity gradually
lessened and the market turned briskly upward, and a large
group of the more prominent speculative issues closed on the
side of the advance. Auburn Motor which dropped 17
points on Friday, added six more to the dip, but gained it all
back and closed fractionally higher. Allied Chemical & Dye
was well supported andsurged forward 53 points to 1613/
2,
and United States Steel closed with a gain of about 2 points
on the day. Public utilities attracted considerable speculative attention, Detroit Edison leading the upward swing
with a gain of four points to 189, followed by American
3 Standard
Water Works with a gain of 2% points to 73%,
Gas & Electric with an advance of two points to 84 and
3
Electric Power & Light which ran ahead 24 points to 57%.
American Can displayed strong recuperative powers and
rushed forward 2% points to 123%.
The market was irregular on Monday, and while the early
trading showed considerable strength, and a number of new
highs were recorded in some of the active issues, the final
quotations were below the early tops. The principal advances included such active stocks as American Woolen pref.
55% points to 3634, Columbian Carbon 43 points to 99%,
3
Westinghouse 134 points, American & Foreign Power 23
%
points, Auburn Auto 11 points, Brooklyn Union Gas 234
points to 121, Del., Lack. & West. 234 points to 8734,
Foster-Wheeler 3 points to 61, Gulf States Steel 3% points
to 32%, Industrial Rayon 4% points to 7534, R. H. Macy
& Co. 4 points, and Sears, Roebuck 2 points to 60. The
market was somewhat higher on Tuesday, but prices were
again irregular. Many active industrials like American Can,
Worthington Pump and United States Steel were higher
during the early part of the session, but failed to hold their
gains and closed with little change from the preceding day.
Public utilities were fairly strong. Consolidated Gas closing
with a gain of 23 points, followed by Brooklyn Union Gas
with an advance of 13 points, and American Power & Light
pref. with a substantial advance. Merchandising stocks
like Sears, Roebuck and Montgomery Ward were in active
demand at various times during the day, but failed to make
any appreciable gain. Railroad shares made little or no
progress, and copper issues and motors were lower.
The market opened fairly strong on Wednesday,but following the announcement of the cut in New York Central's
dividend rate from
to $6, sharp breaks occurred in many
of the active issues of the carrier group, and as a result, most
of the advances in the general list were checked for the time
being. The principal losses in the rails were New York
Central 4 points, Union Pacific 73% points and Santa Fe
6% points. Other prominent stocks closing on the side of
the decline were Amer. Tel. & Tel. 234 points, Worthington
Pump 23 points, Gulf States Steel 4 points, Eastman
Kodak 33% points, and A. M. Byers 4 points. Public
utilities moved against the trend, and while the movements
were not especially noteworthy, the closing prices were,
an a rule, on the side of the advance. This was true, also
of the amusement shares. Stocks moved irregularly lower
on Thursday,in a market that was dull and heavy throughout
the day. Railroad shares again lost ground, though part
of the loss was made up before the close. New York Central,
for instance, lost 3 points, but had made up part of the loss
as it closed at 1123/s. Atchison lost 1% points, but made up
its early recession and gained 23 points. Santa Fe closed
with a gain of 33 points, Nickel Plate slipped back about
8 points, and Norfolk & Western declined 334 points. Industrial stocks moved down with the trend, United States
Steel slipping back 134 points and closing at 143%. Public
utility issues were the strong stocks of the day, United Gas
Improvement going to a new high and closing with a gain
of 134 points. Consolidated Gas was strong most of the
day and Brooklyn Union Gas advanced 234 points. Other
changes on the side of the advance were Allied Chemical &
Dye 3 points to 153, Louisville & Nashville 2 points to 100,
and Baldwin Locomotive preferred 35% points to 10334.
Prominent on the side of the decline were A. M. Byers
48% points, Columbian Carbon 2 points, Del., Lack.& West.
634 points, National Cash Register 3 points, Radio-Keith-
[Vol* 132:
Orpheum 2 points, Westinghouse 334 points and Worthington
Pump 434 points.
The market continued dull and irregular on Friday, and
with a general tendency toward lower levels, though there
were occasional strong stocks that moved against the market
trend. Specialties, industrials, rails and motors were all
lower, and so were most of the copper stocks, and merchandising issues. Among the more active issues listed
on the side of the decline were Bethlehem Steel 234 points,
Atchison 2 points, Eastman Kodak 4 points, R. H. Macy &
% points, Western
Co. 3% points, Worthington Pump 25
Union Telegraph 3 points and Allis Chalmers 13j points.
The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY WEEKLY AND YEARLY.
Week Ended
Mar. 13 1931.
Stocks,
Number of
Shares
laturday
donday
Tuesday
Wednesday
Thursday
zrlday
Total
1,588,830
2,850,705
3.241,210
2,294.130
2,489,792
2,378,475
State. •
Municipal &
Poen Bonds.
Railroad.
&e..
Bonds.
83,507,000
6,702,000
6,947,000
6,426,500
6,955,090
6,002,000
United
States
Bonds.
81,952.000
3.460,000
3,771,000
3.588,000
2,958,000
2.272.000
Week Ended Mar. 13.
1930.
1931.
$1,324,000 685,864.500
Jan. 1 to Mar. 13.
1931.
1930.
14,821,142
20,594,670
137,440,228
170,353,190
$1,324,000
18,001,000
36.539,500
$2,875,300
17,640,500
52,218,000
341,823,550
154,408.500
356.728.000
822,433,400
133,253,500
378,228,500
685.864.500 872,733.800
6852,960,050
3533.915.400
Stocks-No.of shares.
Bonds.
Government bonds_ _ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
85,501,000
10.242.000
10,964,000
10,242,500
10,147.000
8.768,000
842,000
80,000
246,000
228,000
234,000
494,000
14,821,142 836,539,500 $18.001.000
Sates at
New York Stock
Exchange.
Total
Bond
Sales.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
Mar. 13 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Shares. iBond Sales. Shares. Bond Sales. Shares, !Bond Sales.
23,483
36,114
41,545
32,831
32,803
7,626
$1,000
14,000
9,000
10,000
8.000
16,000
a26,546
a46,830
678,394
a39,565
a58,060
13,650
$36,600
43,100
120.800
75.000
61,000
174,202
$58,000
263,045
$336,500
1
8621
1,49011
1,6141
1,2031
675
496
$8,200
4,000
19,000
25,000
19,000
9,000
6,340
584,200
Prey, week revised 246,131
522,250 276,929 $253,700
0,355
862,200
a In addition, sales of warrants were:Saturday.800; Monday,300;Tuesday, 1,400;
Wednesday, 900; Thursday, 100.
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as.
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday, March 14), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 24.1% below those for the corresponding week
last year. Our preliminary total stands at ,503,261,390,•
against $11,201,982,906 for the same week in 1929. At this
centre there is a loss for the five days ended Friday of 21.4%
Our comparative sommary for the week follows:
Clearings-Returns by Telegraph.
Week Ended March 14.
1931.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
LOS Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1930.
5,908,000,000
4,641,041,862
328,534,143
492,124,102
312,000,000
450,000,000
381,000,000
331.000,000
73,216.109
112,327,545
104.100.000
74,000.000
191,306,000
114,144,000
Will no longer report o earIngs.
111,332.151
143,866,069
103,709,319
139,402,273
77,536,204
112,342,297
58,282,359
83,091,987
38,543.472
50,491,876
Per
Cent.
-21.4
-33.2
-41.7
-13.1
-34.8
-39.8
-40.3
10
-22.6
-25.6
-31.0
-29.9
-23.7
Twelve citlel, 5 days
Other cities, 5 days
66,263,339,619
822,694,875
$8,168,052,149
924,722,453
-23.3
-10.9
Total all cities, 5 days
All cities, 1 day
87,086,034,492
1,417,226,898
39,092,774,602
2,109,208,304
-32.2
-32.8
V.563.261.390 911.201 AR2 MIR
-..24.1
Total all eltim tnr wpoir
_
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Mar. 6. For
that week there is a decrease of 11.4%, the aggregate of
clearings for the whole country being $9,975,683,684, against
$11,258,216,424 in the same week of 1930.
Outside of this city there is a decrease of 19.0%, the bank
clearings at this centre recording a loss of 7.2%. We group
MAR. 14 1931.)
FINANCIAL CHRONICLE
the cities now according to the Federal Reserve Districts in
which they are located, and from this it appears that in the
New York Reserve District, including this city, the totals
show diminution of 7.4%, the Boston Reserve District of
10.4% and the Philadelphia Reserve District of 25.5%.
On the Cleveland Reserve District the totals are smaller by
13.1%, in the Richmond Reserve District by 7.0% and in
the Atlanta Reserve District by 15.9%. The Chicago
Reserve District has a loss of 19.9%, the St. Louis
Reserve District of 17.5% and the Minneapolis Reserve
District of 14.4%. In the Kansas City Reserve District
the contraction is 25.7%, in the Dallas Reserve District
15.6% and the San Francisco Reserve District 26.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Canada
$
527,807,370
7,393,285,416
643,310,056
407,142,918
184,499,633
165,723,628
881,547,781
206,734,134
119,108,197
220,187,441
62,560,832
413,175,421
%
-10.4
-7.4
-25.5
-13.1
-7.0
-15.9
-19.9
-17.5
-14.4
-25.7
-16.6
-26.2
$
556,285,936
9,513,377,734
612,264,857
426,806,826
179,891,054
193,844,349
1,090,133.935
24,130,233
131,398,413
225.189,840
97.193,791
412,980,919
It, It., elm
Mn 1/A AIR -10 A
ACP Ana ,no
3
495,896,720
6,738,039,476
558.000,582
360,879,753
181.383.592
176,359, 68
927,428,344
206,122,783
122,289,250
221.530,691
77,180,281
400,359,807
All 051 115
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended March .7.
Clearings at1931.
1930.
inc. or
Dec.
1929.
5
1928.
$
$
6
%
First Federal Reserve Dist rict-BostonMe.-Bangor.
674,306 -3.5
651,019
Portland
4,048,930 -22.1
3,155,811
Mass.-13oston_ _ 422,853,452,470,000,000 -10.0
Fall River_ _ _
1,085,325 -24.6
818,969
Lowell
949,649 -51.3
462,001
New Bedford_ _
1,119,473 -16.2
938,128
Springfield _ _
5,619,974 -8.3
5,155,785
Worcester
3,493,400 -4.0
3,243,981
Conn.-Hartford
17,050,134 -15.6
14,560,115
New Haven_
9,128,889 -9.0
8,310,689
R.1.-Providence
13,806,500 -13.3
11,978,100
830,790 -22.7
N.H.-Manchea'
642,129
688,873
4,219,259
492,000.000
1,214,602
1,344,951
1,196,830
5,648,713
3,854,243
20,336,720
8,269,691
16,803,500
703,554
658,564
3,413,818
443,000,000
1,738,829
1,107,509
1,034.495
5,288,674
3.118,216
15,089,810
7,154,115
13.595,300
657,392
527,807,370 -10.4
556,285,936
495,856,722
Total(12 cities)
472.771,179
Second Federa I Reserve Die rict-New York5,719,672
6,142,449 +6.3
N.Y.-Albany _
7,212,427
5,061,703
1,328,785
Binghamton_ __
1,352,628 -19.7
1,235,478
1,085,227
60,837,437
Buffalo
54,440,809 -28.4
39,004,727
45,374,450
1,134,039
878,449 +24.5
Elmira
1,093,302
995,078
1,267,558
Jamestown._ _
1,021,644
1,150,993
1,266,864 -19.4
New York.._ _ 6,734,027,368 7,256,102,598 -7.2 9,374,064,574 6,626,167,494
15,068,498
Rochester
13,123,301
13.147,084 -0.2
11,279,656
Syracuse
6,767,874
6,101,523
5,962,325 +2.3
5,708,056
Conn.-Stamford
3,822.880
3,787.185
4,177,815 -9.3
3,665.467
N. J.-Montclair
968,397
860,449
842,501
750,926 +14.6
Newark
27,111,348
35,466,658
33,729,838 +5.2
24,879,809
Northern N. J.
38.141,317
42,398,020
36,707,851
49,063.469 -22.3
Total(12015169) 6,881,075,379 7,427,018,254
-7.4 9,540,489,082 6,762,918,285
Third Federal Reserve Dist riot-Phllad elphia- Pa.-Altoona_
505.675
1,411,240 --64.2
1,489,271
1,517,901
Bethlehem_ _
3,658.969
4,983,466 -26.6
4,277,516
4,205,844
Chester
921.641
1.121,653
28.8
1.099,073
1.2s5,290
Lancaster
2,602,787
2,497,831
+4.2
2,051,338
2,192,426
455,000,000 615,000,000 -26.0 583,000,000 527,000.000
Reading
3,035.664
3,582,327 -15.2
3,769,600
3,455,748
Scranton
4,932,242
4,941,897 -0.4
6,456,109
6,653.466
3,367,245
Wilkes-Barre_ _
3,405,613 -1.4
3,593,296
3,549.470
1,865,704
York
2,064,029 -9.6
2.040,694
1,836,151
3,326,000
4,302,000 -22.7
N.J.-Trenton_
4,487.960
6,304,286
Total(10 cities
479,215,927
043.310,056 -25.5
Fourth Fede al Reserve D strict-Cloy eland
3.957,000 -13.3
Ohio-Akron,
3,431,000
3,941.674
Canton
5,373,043 -26.7
Cincinnati_ _ _
66.223,000 -10.7
59,148,212
Cleveland
112,505,562 130,064,705 -13.5
17,189,600 -13.8
Columbus
14,810,700
1,951,788 -19.2
Mansfield
1,576,416
Youngstown
5,799,189 -29.0
4,115,964
153,314,964 176,584,593 -13.1
Pa.-Pittsburgh
612,264,857
5,368,000
3,643,627
69,113,753
104,750,744
16,907.200
1,774,437
4,335,635
154,986.157
407.142,918 -13.1
426,806,826
360,879,753
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'
1,356,771 -53.2
634,909
4,750,010 -17.2
Va.-Norfolk..-.
3,933,416
42,477,000 -12.8
Richmond _ _
37,052,500
2,382,487 -11.9
2,100,808
S.C.-Charlesto
Md.-Baltimore
98,358,656 101,877,613 -6.1
D.C.-Washing'
28,655,752 +2.9
29,489,211
1,179,123
4,237,212
41,920,000
2,311,915
102,609,099
27,633,705
1,124,680
4,820,817
41,593,000
2.000,000
106,235,928
25,609.167
-7.0
179,891,054
181,383,592
Sixth Federal Reserve Dist rict-Atlant 52,642,261 -24.3
Tenn.-Knoxvill
*2,000,000
Nashville_ _ _ •
23,610.012 -31.2
16,265,757
Ga.-Atlanta... .
46,099,728 -9.6
41,646,840
1,721,526 -7.8
1,586,018
Augusta
1,770,943 -43.6
•
Macon
998,197
13,221,000 +19.5
.
15,807,000
Ala.-13irming'm.
21,414,118 -31.1
14,761,643
2,011,840 -6.2
•
1,887,707
Mobile
2,199,121 -10.3
1,973,913
Miss.-Jackson •
234,980 -25.8
Vicksburg
174,332
La.-NewOrlean
50,768,093 -17.0
42,153,858
3,344,415
25,497,635
57,288,691
2,530,879
1,738,589
17,166,481
24,791,888
1,892,801
2,029,000
428,369
56,935,601
3,250,000
22,350,054
48,921,225
1,844,897
2,019,000
18.504.656
22,824,441
1,854,229
1,886,000
402,686
52,502,280
Total(6 cities)
Total(11 cities
352,841,492
171,569,500
139,260,265
184,499.633
165,723,622 -15.9
706,021,710
881,547,781 -19.9 1,090,133,935
Eighth Fede ra 1 Reserve Die trict-St.Lo Wil3,576,557 -5.0
3,397.986
Ind.-Evansvil t
Mo.-St,Louis
97,600,000 120,400.000 -18.9
44,390,056 -44.9
24,465.507
RY.-Loulsvill _
561.828 -28.2
403,602
Tenn.14,694,784
Memp Is
20,974.490 -28.9
Owensboro_Ark.-Little Ro 1It
13,074,665 -39.3
7,942,173
356,920 -37.3
223,901
Jacksonvi lie
Quincy
807,726
1,803,383 -55.2
._
927,428,340
5,082,837
138,500,000
40,764,643
447,159
22,521,229
15,457,277
453,239
1,903,849
4,559,350
126,100.000
39,307,985
371,207
19,929.918
13,496.595
406,308
1,951,420
225,130,233
206,122,783
Ninth Federal Reserve DM trict-Minn eapolls8,179,200
Minn.-Duluth
6,345,906 -19.9
5,081,297
82,694,683
67,196,914
81,978,879 -18.0
Minneapolis_
St Paul
33,163,346
22.985,525
23,657,272 -2.8
N. D.-Fargo.-2,334,545
2,208,669
2,200,833 +0.4
S.D.-Aberdee n_
1,067,797
901,307 -0.6
896,315
Mont.-Billing 1_
663,842
684,837
677,250 +1.1
3,295,000
2,864,591
Helena
__
3,346,750 -14.4
7,571,076
77,426,526
29,516,686
2,177,241
1403,629
721,092
3,473,000
Total(8 cities)_
193,644,349, 176,359.468
I
149,535,679
206,137,899 -17.5
131,398,413
122,289,230
Tenth Fede al Reserve Dis trict- Kane as City568,513 -14.1
604,235
Neb.-Fremon
488,294
Hastings_ _
724,764 -26.9
860,144
529,966
Lincoln
4,546,067
5.675,988 -19.9
__
6,063.576
Omaha
5.5,711,979
43,961,448
56,279,108 -21.9
Kan.-Topeka __
4,115,670
3,231,887
3,994,871 -19.1
8,158,252
Wichita
7,760,067 -25.3
5,798,197
Mo.-Kan, Clt797,633,406 134,306,594 -27.2 137,841,169
St. Joseph _._
8,729,314
7,614,971 -35.8
4,885,070
sp 15.
1,256,908
1.285,332 -13.9
1,106,699
a
a
Denver
a
a
1,848,593
1,977,233 -27.9
Pueblo
1,426,391
464,752
682,790
6,652,423
53,527,871
3,642,049
9,485,529
135.335,700
9,063,765
1,291,179
a
1,384,644
Total (7 citl a)
Total(11 chi 8)
101.918.148
163,605,425
119,108,197 -14.4
225,189,840
221,530,691
las-0.5
-13.6
-20.5
+1.8
-35.2
2,868,502
66,530,413
13,825.494
8,003,000
5,966,382
2,082,462
51,481,186
13,184.230
4,819,000
5,513,403
62,560,832 -15.6
97,193,791
77,180,281
220,187,441 -25.7
Eleventh F le ral Reserve District-Da
Texas-Austin.
1,733,152
1,741,229
40,790,214
35,254,478
Dallas
Fort Worth,._
10,276,249
8,164,847
3,623,000
3,558,000
Galveston_
_
6,203,217
4,021,077
La.-Shrevepo E_
Total(5 cities)_
52,804,631
Twelfth Fed er al Reserve D istrict-San Franc sco51.185,636
39,214,051 -13.6
Wash.-Seattle33,883,520
12,733,000
10,716,000 -5.2
10,157,000
Spokane_ _ _ ....
1,628,519
1,173.059 -8.3
1.076,281
Yakima
40,506,279
34,669,041 -14.9
29,519,349
._
Portland_
16,685,817
17,225,492 -16.7
Salt Lake Cit r _
14,347,625
9,335,773
Cal.-Long Bealb
7,971,664 -17.4
6,581,840
Los Angeles_
No longer will report cleanl nge.
20,347,779
18,881,299 -17.4
14,604,236
Oakland _ _ _ __
7,335.950
6.382,792 -2.0
6,255,961
Pasadena _ _ __
13,836,431
8,658,793 -0.5
8,612,099
Sacramento,
6,460.663
6,025,142 -21.3
San Diego., _
4,742,380
166,692,711 252,555,591 -34.0 222,122,684
San Francisc ;_
3,432,860
2,966,400 -7.8
San Jose_ _ ..
2,736,807
2,016,045
2,023,449 +8.1
Santa Barbar,;_
2,187,413
2,378,183
2,203,648 -16.3
1,843,427
Santa Mottle s.
2,775,300
2,509,000 -27.5
1,820,700
Stockton_ _ _
45,565,734
11.980.008
1,552,807
33,691,895
16,887.028
7,629,247
21,249.299
7,367.394
11,366,254
5,421.442
227,571,379
3,061,366
1,755,112
2,195.050
3,065.800
Total(16 cid si 305,061,349 413,175,421 -26.2 412,980,919 400.359,807
Grand total (1 06
Cities)
._ 9,975,683,684 11258 216,424 -11.4 13691409,235 10490319,654
Outside New Yo..._
es n•• nen n•n • nivl 11, 00t2
_1 et 11 A •117 qAA.
Atil
2 MU
In CIAO
Week Ended March 5.
1931.
558,000,582
6,356,000
4,634,761
71,543,906
137.773,092
17,546,700
2,201,293
5,604,864
181,146,210
Total(8 cities)
1928.
1929.
1928.
9,975,683,684 11,258,216,424 -11.4 13,691,409,235 10,490,319,554
3,241,656,316 4,002,113,833 -19.0 4,317,344,661 3,864.152,060
22 sm..
Int.or
Dec.
$
$t
$
%
li
Seventh Feder al Reserve D strict-Chi cageMich.-Adrian _ _
255,953
289,804 -11.7
256,118
315,574
Ann Arbor_ _ -.1,100,692
982.964 +11.9
848,034
990,339
Detroit
144,299.210 164,158,185 -12.1 201,452,124 158,479,503
4,988,048
Grand Rapt s_
5,756,815 -13.3
7,909,440
6,857,735
___
3,868,127
3,822,400 +1.2
2,773,052
3,268.707
Ind.
2,780,484
-Ft. Wayne
3,770,506 -26.3
Lansing_3,068.747
4,709.439
19,488,000
27,879.000 -30.1
Indianapolis_ .. _
23,085,000
27,497,000
South Bend _ _ _
2,166,864
2,769,666 -21.8
3,358,756
2,607,900
Terre Haute
6,161,722 -15.9
5,179,515
5,879,174
5,699,819
Wi9.-Mliwaultee
27,917,266
32,853,501 -15.0
36,564,727
39,827,977
Iowa-Ced,Rap_
3,455,168
4,089,101 -15.5
3,931,142
3,516,275
Des Moines,
13,748,678 -33.0
9,216,622
11,572,620
11.685.889
Sioux City.,. __
4,382,654
7,206,435 -39.2
8,288,170
7,658,291
Waterloo,_
1,089.688
2,003.086 -45.6
1,797,411
1,457,639
Ill.-Blooming)Vn
2,194.257 -12.2
1,926,839
2,941,074
2,147,675
463.905,646 590,370,181 -12.4 754,706,483 645,682.862
Chicago_ - -1,300,761 -18.9
1,054,129
Decatur_ _ _ _ __
1,237,914
1,292,684
5,208,533 -28.2
3,738,501
Peoria
6,173,853
5,627,666
2,599,910
3,874,867 -32.9
Rockford. _ _
3,829,637
4,022,726
3,107,419 -16.1
2,608,394
Springfield. _
2,961,751
3,583,348
Total(20 citi 8)
1929.
1930.
1930.
$
Inc. or
Dec.
.1. 111 1 1,,
w.
Federal Reserve Dine.
$
119 4B0non....12 cities
472,M.179
2nd New York _12 "
6,881,075,379
3rd Philadel la_10 "
479,215,927
6th Clevelead__ 8 "
358844,492
6th RIcbmond _ 6 "
171,549,500
6th Atianta____11 "
139,260,265
7th Chicago -....20 "
706,021,710
8th St. Louls___ 8 "
149.535,679
Kb Minneapolis 7 "
101,918,148
10th KansasCity 11 "
163,605,425
llth Dallas
52,804,631
12th San Fran _ _16 "
305,061,349
Total
126 cities
Outside N. Y. City
Ine.or
Dec.
1930.
1931.
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
Chatham
Sarnia
Sudbury
$
123,028,793
125,698,288
35,233,177
16,874,808
6,458,028
6,481,435
3,166,784
5,280,122
5,398,211
2,587,659
2,945,270
3,252,888
5,162,069
3,752,384
421,230
457,449
1,863,063
855,917
880,024
750.277
726,099
265,067
799,392
952,354
1,333,880
3,543,575
424.359
894,935
657,664
654,722
574,264
603,510
161,477,515
138,838,098
51,475,945
23.419.113
8,501,664
6,063,168
3,577.996
6,888,245
10,130,411
2,715,620
2,504,494
3,732,434
5,835,285
3,872,177
459,098
551,659
2,335,887
1,070,745
1,170,398
870,751
946,262
403.161
916,915
1,057,812
1,619,408
4,793,121
507,593
992,413
900,419
582,420
788,354
1,172,257
Total(31 cities)
361,987.585
450,170,838 -19.6
a Will no longer report week y clearings.
1 1 1 1 11111111 1111+
1931.
Week Ended March 7.
Clearings at
I 1 1 1
Week End. Mar. 7 1931.
1931
1929.
1928.
a
$
156,233,910 157,673,250
167,204,514 137.171,431
50,702,048
56,444,021
23,819,677
26,082,516
8,008,121
9,185,978
6.460,551,
7,381,070
3,580,037
4,099,797
5,777,257
6,830,196
10,212,791
18,701,912
3,108,317
3,325,893
3,526.200
2,577.311
3,377,416
4,102,385
5,859,797
6.740,376
4,428,138
6,267,262
516,827
643,935
659,462
697,293
2,308,939
2,473,025
1,310,060
1,576,752
1,535,134
1,674,822
835,636
977,879
879,920
922,989
462,457
468,016
826,327
1,370,954
1,004,855
1,260,269
1,106,778
1,682,907
5,881,701
4,965,745
575,879
458,775
1,003,894
822,492
997,465
815,738
1,056,662
886,164
967,119
680,776
499,404.702
i',Witerive.73
*Estimated.
443,581,116
FINANCIAL CHRONICLE
1932 '---
THE CURB EXCHANGE.
Trading on the Curb Exchange this week was dull and
prices moved in irregular fashion changes for the most part
being small. Utilities came in for the most attention and
at the close were slightly lower. Amer. & Foreign Power,
warrants sold up from 25% to 303/2, then down to 253/8,
the close to-day being at 26%. Amer. Gas & Elec. corn.
advanced from 79% to 833/2, reacted to 78 and closed to-day
at 78%. Amer. Superpower, corn. after an improvement
from 17% to 18%, dropped to 16% and ended the week at
163/g. Commonwealth-Edison from 245 reached 240%,
declined to 246% and sold finally at 249%. Elect. Bond &
Share common advanced from 54% to 59%, sank to 54%,
the close to-day being at 5532. Oils were features. Humble
Oil & Ref. dropped from 58 to 55% and closed to-day at
55%. Vacuum Oil sold down from 60% to 54%, the close
to-day being at 55%. Gulf Oil improved at first from 64%
to 65%,reacted to 63% and closed to-day at 64. Industrials
for the most part show only slight changes. Glen Alden
Coal dropped from 49 to 42. Deere & Co. sold up from 39
to 41% then down to 37% and at 38% finally. DriverHarris Co. corn. on few transactions lost six points to 30.
Mead-Johnson Co. com.advanced from 104 to 112% and
reacted finally to 105%. A. 0. Smith Corp. corn. rose from
180 to 185% but fell back to 178.
A complete record of Curb Exchange transactions for the
week will be found on page 1965.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
Mar. 13.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number of
Shares).
284,600
543,300
708,300
481,300
430,600
414,400
2,862,500
Rights.
Foreign
Domestic. Government.
400 $2,361,000
100 3,520,000
700 3,610,000
7,000 3,768.000
700 3,537.000
1,100 3,324,000
Total.
$75,000 $2,436,000
281,000 3,801,000
175,000 3,785,000
104,000 3,872,000
132,000 3,689,000
262,000 3,586,000
10.000 $20,120,000 $1,029,000 $21,149,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 25 1931:
GOLD.
The Bank of England gold reserve against notes amounted to £140
442,597 on the 18th inst. (as compared with £140,527,954 on the previous
Wednesday), and represents a decrease of £7,183,025 since Dec. 31 1930.
On the 234 inst. about £500,000 of bar gold from an undisclosed, source
was offered in the open market and was secured for France at 84s. 11d.
per fine ounce. The bar gold which arrived from South Africa this week
amounted only to about £13.000, and this was disposed of yesterday to
India and the home and continental trade at the fixed price of 84s. 113.d.
per fine ounce. Movements of gold at the Bank of England during the
week have resulted in a net influx of £316,160. Reciepts totaled £500,152,
of which £500,000 was in sovereigns from South Africa, and withdrawals
consisted of £55,000 in sovereigns taken for export and £128,992 in bar gold.
The following were the United Kingdom imports and exports of gold registered from mid-day on the 16th inst. to mid-day on the 234 inst.:
Exports.
Imports.
France
France
£10,480
£1,773,327
Germany
British West Africa___
79,300
32,911
Austria
British South Africa__ _ 950,952
10,250
Other countries
7,355
£1,870,232
£994,343
SILVER.
Prices have been subject to fluctuation, the market showing at one time
a somewhat steadier tendency, which, however, it has not been able to
maintain. The advocacy in some quarters of the institution of a conference to consider the position of silver possibly caused the appreciation in
the Shanghai exchange; purchases by China followed and as a consequence
prices were raised to 12344. for cash and I2%d. for two months' delivery
bY the 234 inst. There has, however, since been a reaction, prices for the
respective deliveries being quoted to-day at 12%d. and 123.d. There
have been fresh forward sales by the Indian bazaars, who still seemed
inclined to take a bearish view, acting on the feeling in that quarter that
the duty on silver imported into India may possibly be increased in the
forthcoming budget. America has bought and sold, but only to a very
moderate extent. The following were the United Kingdom Imports and
exports of silver registered from mid-day on the 16th inst. to mid-day
on the 23d inst.;
Imports.
Exports.
Persia
£17,944
France
£14,865
U.S.A
29.433
Hong Kong
10,900
Other countries
7,496
British India
19,678
Other countries
7,522
£54,873
£52,985
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Feb. 15.
Feb. 7.
Jan. 31.
Notes in circulation
15850
15879
15820
Silver coin and bullion in India
12092
12086
12112
Silver coin and bullion out of India
Gold coin and bullion in India
2438
24§8
Gold coin and bullion out of India
Securities (Indian Government
1020
isiofi
-§§i
Securities (British Government)
Bills of exchange
300
-5615
-i6E1
The stocks in Shanghai on the 21st inst. consisted of about 89,900,000
ounces in sycee. $153,000,000 and 940 silver bars, as compared with
about
91,000,000 ounces in sycee,$153,000,000 and 940silver bars on the 14th inst.
Quotations during the week:
-Bar Silver per or. std.- Bar Gold
Cash.
Two Mos.
per or. Fine.
127-16d. 126-16d. 84s. 11)d.
Feb. 19
12 3-16d. 12 1-16d. 84s. 11%d.
Feb. 20
12 7-164. 12 5-16d. 84s. 113.d.
Feb. 21
12Md.
12%cl.
84s. 11d.
Feb. 23
12 11-16d. 12 9-16d. 84s. 11%cl.
Feb. 24
12%.:1.
12Md.
848. 113d.
Feb. 25
84s. 11.42d.
12.479d.
12.354d.
Average
[VOL. 132.
The silver quotations to-day for cash and two months' delivery are each
3id. above those fixed a week ago.
• We have also received this week the circular written under
date of Feb. 18 1931:
GOLD.
The Bank of England gold reserve against notes amounted to E140.527,954 on the 11th inst. (as compared with £140,350,917 on the previous
Wednesday), and represents a decrease of £7.097.668 since Dec. 311930.
About £950,000 of bar gold arrived from South Africa this week, nearly
all of which had been sold forward to France. The same quarter also
secured £20,000 of the £75,000 which was available in the open marked
yesterday, the remaining £55,000 being taken for India and the Home
and Continental trades.
Movements of gold at the Bank of England during the week have resulted in a net efflux of £88,367. Receipts totalled E864 and withdrawals
£89,231: of the latter, £20,833 was in sovereigns "set aside," £16.000 in
sovereigns taken for export, and £52,398 in bar gold.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
Imports-
Exports-
Imports-
Exports-
Brazil
British South Africa
Other countries
£1,214,500
£758,413 Belgium
103,875
958,355 Germany
12,270
4,729 France
Switzerland
10.300
British India
18,794
Other countries
14,570
£1.374,309
£1,721,497
United Kingdom imports and exports of gold for the month of January
last are detailed below:
Exports.
Imports.
Germany
£304,890
£123
56,700
Netherlands
Belgium
546,800
France
524 14,922.246
Switzerland
203,937
Spain
5.618
1,000,029
Austria
65,785
15,000
Egypt
West Africa
200
90,134
Brazil
1,607.556
Union of So. Africa (incl. So. W.Africa territory)- 4,009,947
Rhodesia
86,430
British India
44.995
85,763
Straits Settlements
292,082
Australia
78,000
Other countries
20,834
3,856
£7,254,444 £16,187,003
SILVER.
The recovery in prices made at the end of last week was not maintained.
higher level. Offerings on China acthe
showing
hesitation
at
buyers
count met with poor resistance and falls of 5-16d. on both the 12th and
13th inst. brought quotations down to 12%cl. for cash and 12d. for two
months' delivery. Covering operations on account of the Indian Bazaars
caused only temporary improvement, bears as yet showing no disposition
to follow a rising market. America has been willing to sell, but support
was also forthcoming from the same quarter.
Owing to the China New Year Holidays, which commenced yesterday,
the market was quiet at the close of the week.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
£135,480
E33,880 British India
7.117
73,403 Other countries
29,218
11,986
£148,487
£142,597
No fresh Indian Currency returns have come to hand.
The stocks in Shanghai on the 15th inst. consisted of about 91,000,000
ounces in sycee, 153,000,000 dollars and 940 silver bars, as compared
with about 91.000.000 ounces in sycee, 153,000,000 dollars and 1,530
silver bars on the 7th inst.
Quotations during the week:
United States
Mexico
Canada
Other countries
-Bar Silver per Or. Std.-
Bar Gold per
Or., Fine.
Feb. 12
12 i-led.
84s.11%d.
12 5-164.
Feb. 13
1234d.
124.
84s. 11d.
1
Feb. 14
12 5-16d.
12 3-16d. 84s. 11 d.
Feb. 16
123id.
124.
84s. 11 d.
Feb. 17
12d.
84s. 11 d.
12%d.
Feb. 18
123d.
12%d.
84s. 104d.
Average
12.229d.
12.104d. Ms. 11.314.
The silver quotations to-day for cash and two months' delivery are
each %d. below those fixed a week ago.
ENGLISH FINANCIAL MARKET-PER CABLE.
(See page 1945.)
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Mar. 7. Mar.9. Mar.10 Mar.11 Mar.12 Mar.13
1931.
Francs.
19,000
Bank of France
Banque Nationale de Credit-. 1,319
Banque de Paris et Pays Bas_._ 2,440
Banque de Unlon Parialenne- 1,415
1,130
Canadian Pacific
16,800
Canal de Sues
2,340
Cle Distr. crElectrleltle
Cie Generale WElectrieltie
2,760
484
Cie Ole Trans-Atlantique
755
Citroen B
009)Ptoir Nationale d'Escompte 1,680
1931.
Francs.
19,000
1,307
2,430
1,425
1,130
16,800
2,335
2,740
475
747
1,670
1,120
1,255
2,680
2,650
976
1,308
255
486
1,111
1,258
2.650
2,630
980
1,290
254
477
Coty, Ine
0ourrieres
Credit Commerciaie de France._
Credit Lyonnais
Eau: Lyonnais
Energte Electrique du Nord-.
Energie Eloctrtque fie Littoral.Ford of France
Bunn Llue
710
700
1931.
Francs.
18,800
1,300
2,420
1,412
1,130
18,700
2,320
2,740
472
737
1,660
700
1,095
1,250
2,550
2,810
970
1,289
254
469
1931. 1931.
Francs, Francs.
18,500
1,280
2,370
1,365
1,130
16,500
2,270
Holl2,670
day
450
710
1,640
700
1,090
1,235
2,630
2,560
955
1,261
248
445
1931.
Francs.
18,700
2:570
1;110
16,600
1,700
-7
7.
2e
1,650
700
2,630
2,570
-iiii
444
MAR. 11 19311
FINANCIAL CHRONICLE
Gales Lafayette
Gaz Le Bon
Kublrnann
L'Alr !Amide
Lyon (P. L. M.)
Nord Ry
Pathe Capital
Pechlney
Rentes 3%
Rentee 5% 1920
Rentes 4% 1917
Rented 5% 1915
Rented 6% 1920
Royal Dutch
Saint Cobin, 0. dt C
Sobnelder at Ole
Societe Lyonnais
Societe Marseillalse
'rubles Artificial Silk. pref
Union d'Electrieltle
Union ties Mints
wt.‘fons-Llts
Mar. 7.
1931.
Francs.
141
870
618
1,140
1,545
2,150
156
2,160
88.80
137.30
103.00
103.10
103.80
2,960
3,365
1$00
2,670
965
332
1,090
670
331
Mar.9.
1931.
Francs.
141
873
619
1,140
1,550
2,160
154
2,150
88.90
137.30
103.10
103.20
104.00
2,940
3,365
1,790
2,650
075
332
1,030
680
335
Mar.10
1931.
Francs.
141
871
623
1,140
1,550
2,160
142
2,130
88.80
137.30
103.10
103.20
104.00
2,950
3,315
1,786
2,605
975
320
1,080
690
335
Mar.11
1931.
Francs.
149
872
612
1,100
1,540
2.140
149
2,050
88.40
137.20
103.30
103.10
103.80
2,930
3,275
1,785
2,550
975
321
1,060
678
330
Mar.12 Mar.13
1931.
1931.
Francs. Francs.
142
872
619
1,110
1,550
2,130
2:165
HOLTDAY
88.80
137.30
103.20
103.30
103.90
2,920
1:0Hi
653
335
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:
1933
Preliminary Debt Statement of the United States
February 1931.
The preliminary statement of the public debt of the United
States Feb. 28 1931, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds2% Consols o 1930
2% Panama's of 1916-36
2% Panama's of 1918-38
3% Panama's of 1961
3% Conversion bonds
234% Postal Savings bonds
5599,724,050.00
48.954,180.00
25,947,400 00
49,800,000 00
28,891,500 00
22,834,660.00
$776,154,790.00
First Liberty Loan of 1032-47394% bonds
$1,392,246,350.00
4% bonds
% bonds
536,287.000.00
494% Fourth Liberty Loan of 1933-38
1,933,537,300.00
6,268,232,450.00
434% Treasury bonds of 1947-52
4% Treasury bonds of 1944-54
334% Treasury bonds of 1946-56
394% Treasury bonds of 1943-17
394% Treasury bonds of 1940-43
758.984.300 00
1,038,834,500.00
489.087.100 00
493,037.750 00
359,042,950.00
8,201,769,750.00
3,136,986,600.00
Total bonds
Treasury Notes355% Series A-I930-32, called for redemption Mar. 15 1931
345% Series B-1930-32, called for redemption Mar. 15 1931
314% Series 0-1930-32, maturing Dee.15 1932
$12,114,911,140.00
$625,546,350.00
Mar. Mar. Mar. Mar. Mar, Mar,
10.
9.
11.
7,
12.
13.
483,828,200.00
Per Cent of Par
451,720.430.00
Allg. Deutsche Credit(Adca)(8)
96
96
96
96
96
96
Berlin Ilendele Gee.(12)
128
126
130
125
130
130
51,503.003,00000
Ceinteers-und-Privat Bank (11)
112
111
113
110
4% Adjusted Service-Serles 1932 to 1936_
113
113
735,430,000.60
Darmstadter U. Nationalbank (12)
143
146
146
141
4% Civil Service-Series 1931 to 1935
145
145
160.200.000 00
Deutsche Bank U. Disconto Ges.
109
108
108
109
4% Foreign Service---Series 1933 to 1935-109
(10)
110
1,271,000 00
D1'00061' Bank (10)
108
108
109
109
109
110
2,457,964,000.00
•Reichsbank (12)
163
161
163
167
169
Treasury Certificates165
Algertnelne Kunstailde Vole (Aku)
83
82
79
77
%
75
Series
23.4
(18)
77
TJ-I931, maturing June 15 1931_
$429,373,000.00
Alla. Elektr. Gee.(A.E.0.)(7)
105
:104
105
105
% Series TJ2-1931, maturing June 15 1931
105
105
159,941,000 00
Deutsche Ton- iind Steinzettgwerke (11)
84
83
81
86
87
84
294% Series TS-I931, maturing Sept. 15 1931
334.211,00060
Ford Motor Co., Berlin (10)
193
202
206
19194 193
224
174% Series TD-1931. maturing Dec. 551931
268,381,000 00
Gelsenkirchen Bergwerk (8)
83
85
88
80
89
89
1,191,900,000.00
Gesfuerel (10)
126
124
128
128
124
Treasury Bills (Maturity Value)123
Hamburg-American Linen (Ilapag)
71
73
70
Maturing May 4 1531
71
(7)
72
$30.000,000 00
Hamburg Electric Co.(10)
113
112
115
118
118
Maturing May 5 1931
117
30.000.000.00
Harpener Belgium (6)
79
77
83
80
83
Maturing May 18 1931
79
154,281,000.00
Hayden Chenilcal (5)
48
48
49
50
51
50
214,281,000.00
Hotelbetrieb (10)
112
106
111
111
108
107
I. G. Fathom Indum.(Dye Trust)
144
143
145
145
144
(14)
Total interest-bearing debt
145
$15,979,062,140.00
Karstadt (12)
71
71
69
67
66
66
Matured Debt on Which Interest Has CeasedMannesmann Tubes (7)
77
76
80
81
81
81
Old debt matured-Lssued prior to Apr. 1 1917
North German Lloyd (8)
$1,640,640.26
73
74
74
72
72
73
Second Liberty Loan bonds of 1927-42
Phoenix Bergbau (616)
4,346,100.00
63
61
66
60
66
66
Third Liberty Loan bonds 01 1928
Poly phonwerke(20)
7,296,100.00
168
163
168
161
168
170
394% Victory notes 011922-23
Rhein-Westf. Elektr. (R.W.E.)
20,750 00
133
141
139
141
(10)
138
138
434%
Victory
Sachsenwerk Licht u. Kraft
notes 011922-23
1,281,650.00
87
80
88
(794)
89
90
88
Treasury notes
Siemens A. fialske(14)
00
357,3011
182
182
175
180
179
181
Certificates of Indebtedness
Leonhard Tien (10)
2,968,600 00
123
119
116
120
119
121
Treasury bills
Ver. btahlwerke(United Steel
13,000
00
63
Works)(6)-- 61
64
60
66
67
Treasury savings certificates
1,246,4:10.00
19,170,590.28
Debt Bearing No InterestUnited States notes
$346,681,016.00
Treasury Cash and Current Liabilities.
Less gold reserve
156,039,088 03
The cash holdings of the Government as the items stood
Feb. 28 1931 are set out in the following. The figures
are
taken entirely from the daily statement of the United States
Treasury as of Feb. 28 1931.
.458(15Gold coin
Gold bullion
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassified sales,.ke
5190,641.927.97
36,349.454.50
2,042,658.71
3,417,308.78
232,451,349.98
CURRENT ASSETS AND LIABILITIES.
GOLD.
Total gross debt
$16,230,686,080.22
$
745,270,563.40 Gold ctfs. outstanding__1,764,761,259.00
2,804,962,220.06 Gold fund. Fed. Reserve
Board (Act of Dec. 23
1913, as amended June
21 1917)
1,575,421,577.86
Gold reserve
156,039,088 03
Gold in general fund
54,010,858.63
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of daily Treasury statements.)
Aug. 31 1919
When War Debt
Feb. 28 1930,
was at Its Peak.
A Year Ago.
Gross debt
$26,596,701,648.01 516,459,508.732.44
Net balance In general fund
1,118,109,534.76
54.262,505.12
Total
3,550,232,783.52 Total
3,550,232,783.52
Note.-Reserve against $346.681,016 of U. S. notes
and $1,244,450 of Treasury
oetes of 18110 outstanding. Treasury notes of 1890
are also secured by silver dollars
In the Treasury.
Gross debt less net balance In general fund 523,478,592,113.25 $16,405,248,227.32
Jan. 31 1931
Feb. 28 1931.
Last Month.
Gross debt
516,103.268.237.47 $16,230,644,040.22
Net balance in general fund
150,397.679.90
155,792,897.33
AssetsSilver dollars
Total
AndsGold (see above)
Silver dollars (see above)
United State.; notes
Federal Reserve notes
Fed. Res bank notesNational bank notesSubsidiary silver coin
Minor coin
Silver bullion
Unclassified. collections,
are
Deposits in Federal Reserve banks
Deposits in special dOpositarlO9 acct. of sales
of ethi. of Indebtedness
Deposits In foreign dep.
To cred ItofTreas.U.S.
To credit of other Government officers_ _ _
Deposits In nat'l banks
To CreditofTreas.U.S.
To credit of other Government officers _ _
Dep.In Ph p p MeTreas..
To creditofTreaa.U.S.
SILVER DOLLARS.
S
LiabtlUtess
49,5,169,413.00 Silver etts. outstanding_
488,413,720.00
Treasury notes of 1890
outstanding
1,244,200.00
Silver dollars in gen.fund
5,511,493.00
495,169,413.00
Total
GENERAL FUND.
5
54,010,858.63 Treasurer's checks out5,511,493 00
standing
2,559,307 00 Depos. of Gov. officers.
1,281,215 00
Post Office Dept
7,114 00
Board of Trustees,
18,038,808 00
Postal Say. System.
5% reserve, law6,893,896.70
4,391,319.79
ful money
8,642,384.23
Other dePositsPostmasters, clerks of
courts, disbursing
917,639.26
officers, arc
37,501,241.77 Deposits for.
Redemption of F. R.
notes(5% Id., gold)
Redemption of rust'
100,271,000.00
.
bank notes(5% fd.,
lawful money)
319,660.43
Retirement of add'I
ctrculat'g notes. Act
1,856,073.71
May .30 1908
6,696.185.94 Uncollected items, exchanges, am
20,517,615.64
916,067.44 Net balance
495,169,413.00
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury
at the beginning of business on the first of December 1930
and January, February and March 1931:
753,775.65
3,068,444.15
10,754,116.72
2,893,465.22
33,440,928.37
33.655,673.13
28,739,132.81
1,350.00
1,627,384 59
119,934,270 64
150,397,679.90
Total
270.331,950.54
Total
270,331,950.54
Note.-The amount to the credit of disbursing officers and agencies to-day was
5348.562,14467
Under the Acts of July 14 1890 and Dee. 23 1913 deposits of lawful money for the
retirement of outstanding national batik and Federal Reserve bank notes are paid
obligations are made, undoInto the Treasury as miseellaneous receipts, and these
the Acts mentioned, a part of the public debt. The amount of such obligations
to-day was $36,340,454.50.
$803,325 In Federal Reserve notes and $17,998,134 In national bank notes are In
the Treasury In process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Gross debt less net balance in generalfundS16,007,475,340.14 516,0506286,400.32
IIMingtin U. S. Treasury Dec. 1 1930.
Jan. 1 1931. Feb. 1 1031. Mar. 1 1931.
Net col 1 coin and bullion
Net elly er coin and bullion
Net Un lted States notes__
Net netlonal hunk notes__
Net Fe herdl Reserve notes
Net Fe I'l Roe bank notes
Net subsidiary sliver
Minor vin, Act
$
198,392.568
15,127.095
2,175,254
25,119.225
1,680,655
102.779
6,639,860
25,167,233
$
200,759.602
12,166.399
3,805,325
22,727,964
1,020,485
18,002
7,079,884
5,124,74(1
$
201,889,729
13.562.945
2,986,334
19,440,514
1,275,075
55,760
7,865,500
5,445,461
Tots. cash in Treasury.
Less go Id reserve fund
274,404,669
156.039,088
253.002,407
1513,039,088
252,530,318 .258,293,154
156,039,088 156,039,088
Cash balance In Treas'y
Dep. In ((peel depositories.
acco ilt. Treas'y bonds.
Tree.airy notes and eerVikatee of Indebtedness
Dep. in Fed'I Res bank
Dep. I national banks:
To c'edit Treas. U S
To c'edit dish officers.
Cash I Philippine Islands
Denote :a In foreign depts.
Dep.I Fed'I Land banks
118,365,681
96,963,319
96,491,230
102,254,066
60.009,000
27,192,718
278,392,000
30,439,000
127,436,000
37,329,952
100,271,000
37,501,282
6,798.200
19,087.144
1,232,013
2,328,837
6,516,355
22,257,089
1,346,465
2,433,120
6,455,532
10,478,073
803,166
1,920,633
6,690,150
20.517,616
916,067
2,175,734
225,013,493
141.225,908
438,347,354
131,544.031
289,919,646
134,126,749
270,331 951
119,934:271
83,787,585
306,803.320
Net msh In Treasury
an 4 in banks
Deduc current liabilities_
Aval'able cash balance
$
210,049,947
14,153,877
2,559,307
18,038,808
1,281,245
7,114
6,893.897
6,308,959
155,792,807 150 397.680
•Includes March 2, 58,642,384 silver bullion and $4,391,320 ml mr, &e.,
coin
not Included in statement "Stock of Money."
1934
FINANCIAL CHRONICLE
ne%us
Commercialand paisceltaneons
Breadstuffs figures brought from page 2038.-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:
Receipt., al-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
[Yak IX
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Sh.
200 Atlantic Nat'l Bank, par $25,
694 ex-div.
2 Merchants Nat'l Bank
508
25 Federal Nat'l Bank, par $20...... 85
40 First Nat'l Bank, par $20
804
10 Federal Nat'l Bank, par $20
85
15 Grinnell Mfg. Co
30
10 Berkshire Fine Spinning Asso- .
elates, common
124
3 Berkshire Fine Spinning Asso4
elates. pref
16 Brookside Mills
264
12 Cornell Mills
4
5 Grinnell Mfg. Co
304
10 Gluck Mills
56
10 Associated Textile Co's
35-364
100 Mass.Bond. dc Ins. Co., par $25 82
5 Merchants & Mfrs. Finance Co.,
pref.; 5 common A
$25 lot
25 Federal Aviation Corp
$40 lot
30 Merchants & Mfrs. Finance Co.,
$150101
Pref.; 30 common A
200 North American Trust Shares__ 6%
500 Max Mining Co., par 81.__$134 lot
2 Boston Chamber of Commerce,
324
1st pref
Shares. Stocks.
i Per Sh.
6 Boston Insurance Co
560
10 U. S. Capital Research A
25
50 Gt. Northern Paper Co., par $25 41
10 units First Peoples Trust
20
14 special units First Peoples Trust_ 3
1 Quincy Market Cold Storage &
Warehouse Co., pref
514
21 New Engl. Power Amen, pref.__ 844
87 Investm't Trust Associates, corn_ 114
330 Nation-wide Securities Co., ger.
B trust etfs
74
12 J R Whipple Corp. 1st pref__ _ _ 4
123 R Whipple Corp., corn
38o
404 Kane et Elk RR,Co
34
358 James Mfg. Co
14
83 Consol. Chem Co
234
152 James City Realty Co
234
Bonds.
Per Cent.
85,000 Holyoke St. Ry. 58, April
1935
24% flat
$1,000 Birmingham Gas Co.. let
mtge. 55. May 1959
974 flat
$1,000 Ogilvy Realty Corp., Ltd.,
1st 64s, Dec. 1952
1014 flat
Rights.
$ per Right.
96 Lynn Gas & Elec. Co.(undep.)-- 8%
ls.196l5s. bush.60 lbs. bush. 56150. bush. 32153.6w/1.4811s.bush.56Ibs.
234.000j.
10.000
Chicago
931,00' 2,056,000
202,000
51,000
389.000 274,000
Minneapolis
267.000
2,193,000
4.000
13,000
45,00
Duluth
2,000
1,460.000
313,000
26,0001 187,000
Milwaukee.-135,000
15,000
16,0001
2,000
1,000
31,000
Toledo
388,001
36,000
6,000
Detroit
39.000
154.
Indianapolis
77.000 1.087,000
64,000
411.0
484,000
St. Louis- - - 828,000
134,000
61,000
42,000
99,000
275,000
42.000
Peoria
80,000
By Wise, Hobbs & Arnold, Boston:
68,000
491,000
1,930.00
Kansas City....
$ Per Sh. Shares. Stocks.
48,000
Shares. Stocks,
497,000
683,000
Omaha
$ Per Sh.
4 Parker Wire Goods Co., corn112,000
248,000
5 B. M. C. Durfee Trust Co..
161.000
St. Joseph - -mon, par $10
4,0
Fail River
200
28.000
487,000
100
Wichita
I
25 Taylor-Colquitt Co., common
66,00
2 11-20 Federal Nat. Bank, par $20 85
80,000
22,000
5
Sioux City-55 Robert Gale Co. part. class A
60 Medford Trust Co., par $20-63-65
8
640,00
10 Brockton G. L. Co. v. t, e., par
174,000 5 Federal Nat. Bank, par 820
85
Total wk.1931 431,000 9,376,000 5,865,000 1,647,004
585,0
$25
l.562,00t
121,000 100 Central Trust Co., Cambridge.
Same wk.1930 430,000 5,276.000 5,148,0
40%
125 Shawmut Bank Inv, Tr...114-124
6034431
par $10
Same wk.1929 497.0'' 6,678,000 4,362,000 1,995,000 930,000 217,000
1,000 New England Maritime Co.
Associated Textile Cos., as follows:
pref.. par $10; 2,000 co 1.
5 at 35;5 at 35;5 at 35;5 at 35;5 at 364
$7101
Since Aug.1
114
Mortgage note for $10,000 of Wm.
13.537,000313.978.00 136.701,000 80.236,00038.527,00016.663,000 25 Ludlow Mfg. Associates
1930
B. Beach, dated Mar. 15 1926,
13,799,000 290,674.000175.134,00 96,250,00053.615,000 20.535.000 133 Kansas City Rye. pref.; 80 coin1929
due
1095
ln R77 onn385.508.000202.945.000 102.276.00079.537.00021.574.000
lot
Sept.
$3.50
15 1926, secured by
mon
17%
mortgage on real estate in Davis45 Saco Lowell Shops, let pref
ville section of Falmouth, Maas,
Bonding & Ins. Co,
Total receipts of flour and grain at the seaboard ports for 50ParMass.
Rights82
825
$ per Right.
15 Lynn G.& El. Co. v. t. c
10 Alexander Hamilton Investment
9%
the week ending Saturday, Mar. 7 follow:
54 186 Chapman Valve Co
Corp., class A
24
7 Springfield G. L. Co. v. t. 0..
$2,500
Corn.
Wheat.
Oats.
Barley.
Flour.
Rye.
52
Receipts atpar $25
Bondslot
40 Cambridge Real Estate Trust.. $5
Per Cent.
$10,000 United Merchants & Mfrs.
bls.196155. bush.60 lbs. bush. 56155. bush.32155. bush.4815s. bush.58Ibs. 15 units First Peoples Trust
20
Inn 6s, Dec. 15 1931
New York_ _. 230,000 1,260,000
36,111
22.000
36,000
100 Holliston Trap Rock Co., pref. 95
89%
Philadelphia__
36,000
342.0001
30,000
1 6,000
Baltimore_ __ _
21,000
181,000
11,000
By Barnes & Lofland, Philadelphia:
17.111
Newport News
3,000
$ per Sh. Shares. Stocks.
Shares. Stocks.
$ Per Sh.
24,000
23,000
New Orleans*
66,000
15.000
10 Gimrd Trust Co., par $10
$10,000 mtge. on Nos. 300-302 E.
150
Galveston_ -10,000
3 Provident Trust Co
Ontario St., Phila., dated Jan. 12
620
415,000
23,000
St. John,N.B.
1926 & secur. on lot with bldg.$100 lot 400 Arlington Cemetery co
25
46,000
176,000
17,000
Boston
30 Nat'l Bank of Olney, par $10_ __ 124 2 Republic Radiator Co., el. A PM.:
8 el. B pfd.; 4 common
480
2 Market St. Nat'l Bank
$5 lot
425,000 2,399.000
79,000
Total wk.1931
107,011
36.000
5 No. Broad Nat'l Bank, par $10._ 74 25 Phila. Co.for Guarantee. Mtges.,
762,000
809,000 300,001
Since Jan.1'31 3.994,111 16,395,000
83,000 20 Commercial Nat'l Bank & Trust
par $20
80
5 Insurance Co. of North America,
18
Co., par 810
91,000
82,000
Week 1930.-460,000 1,303,000
2,000 100 Adelphia Bank & Trust Co..
par 810
6034
840,000 167.000
Since Jan.1'30 4,492,000 11,774,0001
887,000
51.000
Ass'n
6% 60 Fire
of Phila.
224
par $10
1 Elmira dt Williamsport RR., pref.,
•Receipts do not include grain passing through New Orleans for foreign ports 40 Mitten Men & Management Bk.
par $50
57
634
& Trust Co., par 550
on through bills of lading.
1 Phila. & Darby Pass. Ky., par $50 17
4 Lansdowne (Pa.) Bank & Tr. Co_200
Penn Nat'l Bank
5534
The exports from the several seaboard ports for the week 10 Continental-Equitable Title & 25 5 Central
BondsPer Cent.
Trust Co., par $5
$1,000 Strawbridge & Clothier let
ending Saturday, Mar. 7 1931, are shown in the annexed 6 Continental-Equitable Title &
5s, 1948
23
974
Trust Co., par $5
statement:
By A. J. Wright & Co., Buffalo:
ExportsfromNew York
Boston
Philadelphia..
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N.B.
Houston
Halifax
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels.
1,028,000
61,162
48,000
220,000
1,000
250.000
28,000
1,000
16,000
3,000
1,000
15.000
1,000
4,000
18,000
415,000
23,000
6.000
9,000
Total week 1931- 1,043,000
Same week 1930_ ___ 2.213.000
17,000
2.000
137,162
236.278
1,000
1.0001
48,000
4.300
$ per Sh. Shares. Stocks.
$ per Sh.
Shares. Stocks.
300 Castle Trethewey
Mines,
23,333 Rebago Sudbury Mines,
$1
par
220
lot
87.50
81
Par
50
15e 1,000 Goldale Mines, Ltd., par 81__
25 Buffalo Steel Car, pref
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we ,follow with a second table, in
which we show the dividends previously announced but
which have not yet been paid.
The dividends announced this week are:
111 000
Name of Company.
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHANGE OF TITLE.
March 2-The National Bank of Schwenksville. Pa.. to "The
National Bank & TrustaCo. of Schwenksville."
VOLUNTARY LIQUIDATIONS.
Capital.
March 2-The Queen Anne's National Bank of Centreville, Md- - _$75.000
Effective Feb.3 1931. Lig. Agents: Board of Directors of
the liquidating bank. Absorbed by The Centreville
ational Bank of Maryland, Centreville, Md.
50,000
March 4-The First National Bank of Stonington, Ill
Effective Feb. 2 1931. Lig. Agent: J. Irving Owen.
Stonington, Ill. Absorbed by The Farmers State Bank,
which has changed its title to The First State Bank,
Stonington, Ill
25,000
March 7-The First National Bank of Kenmare,N.Dak
Effective Jan. 19 1931. Liq. Agents: David Clark Jr.,
and P. W. Dahl, Kenmare, N. Dak. Absorbed by
The Kenmare National Bank, Kenmare, N. Dak.
so,00b
March 7-The First National Bank of Cuba.Ill
Effective Feb. 28 1931. Lig. Agent: K.Layne, Cuba,Ill.
Absorbed by the State Bank of Cuba, Ill.
Railroads (Steam).
Boston & Providence (guar.)
Quarterly
Pt. Worth Belt Ry.-Dividend omitted.
Georgia RR. & Banking (quar.)
Mahoning Coal RR.,common (quar.)....*
New York Central RR. (qliar.)
Northern RR.of N.H.(guar.)
Old Colony RR. (guar.)
Plush. Bessemer & Lake Erie, com
Rutland, preferred.
Southern Ry., pref.(quar.)
Southern fly. M.& O.stk. tr. Ws
'
Southwestern
RR.of Ga
Vermont & Massashusetts
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
*24 July 1 *Holders of rec. June 20
*24 Oct. 1 *Holders of rec. Sept. 19
*4
Apr. 15 *Holders of rec. Apr. 1
$12.50 May 1 *Holders of ree. Apr. 15
14 May 1 Holders of ree. Mar. 27
*14 Apr. 1 *Holders of rec. Mar. 9
14 Apr. 1 Holders of rec. Mar. 14
75e. Apr. 1 Holders of roe. Mar. 14
*2
Apr. 15 *Holders of rec. Mar. 27
1% Apr. 15 Holders of rec. Mar. 23
Anr, 1 Holders of rec. Mar. 16a
2
*24 July 1 *Holders of reo. June 1
*3 Apr. 7 *Holders of rec. Mar. 10
Public Utilities.
Amer. Community Pow.Co., 1st pf.(qu.) $1.50 Apr. 1 Holders of rec. Mar. 14
$1.50 Apr. 1 Holders of rec. Mar. 14
Preference (guar.)
Apr. 15 *Holders of roe. Mar. 15
Amer. Dist. Teleg. of N.J., corn.(qu.)
•1
*14 Apr. 15 *Holders of reo. Mar. 15
Preferred (guar.)
25c. Ain. 1 Holders of rec. Mar. 17
Amer.Gas& Elec., coin.(quar.)
$1.50 May 1 Holders of rec. Apr. 9
Preferred (guar.)
Appalachian Elec. Power,87 pref.(qu.)_ *61.75 Apr. 1 *Holders of rec. Mar. 6
$6 preferred (guar.)
•$1.50 Apr. 1 *Holders of rec. Mar. 6
Arizona Edison Co.,$64 pref. (guar.)._ $1 .625 Apr. 1 Holders of roe. Mar. 14a
15e. Apr. 1 Holders of ree. Mar. 20
Arkansas Natural Gas Corp., pref. (qu.)
Associated Telep.& Teleg. Co., el.A.(qu) $1 Apr. I Holders of ree. Mar. 17
50e. Apr. 1 Holders of rec. Mar. 17
Class A (participating dividend)
$1.50 Apr. 1 Holders of roe. Mar. 17
$6 first preferred (quar.)
14 Apr, 1 Holders of me. Mar. 17
Auction Sales.-Among other securities, the following
7% first preferred (guar.)
Apr. 1 Holders of re*. Mar. 17
$4 preference (guar.)
not actually dealt in at the Stock Exchange were sold at auction Calgary Power Co., Ltd., coin.(guar.)._ 81
134 Apr. 1 Holders of roe. Mar. 16
Apr. 1 Holders of rec. Mar. 14
1
(qu.)._
Capital
Traction
(Wash.,
D.
C.)
in New York, Boston, Philadelphia and Buffalo on Wednes- Central Illinois Light,6% pref.(guar.)._ *14 Apr.
1 *Holders of rec. Mar. 14
*14 Apr. I *Holders of rec. Mar. 14
7% preferred (guar.)
day of this week:
Central Maine Power, 7% pref. (guar.). *14 Apr. 1 *Holders of rec. Mar. 10
By Adrian II. Muller & Son New York:
6% preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 10
*$1.50 Apr. 1 *Holders of rec. Mar. 10
$6 preferred (quar.)
$ Per Sh,
Shares. Stocks.
$ Per SS. Shares. Stocks.
$134 Apr. I *Holders of rec. Mar. 13
(guru.)
_
_
Cincinnati Gas & Elea., pref. A
100 Chickamauga Coal & Iron Co.
1,490 Indra Pearl Co., Inc.. corn.:
•33.40 Apr. 1 *Holders of rec. Mar. 21
$70 lot Citizens Pass. Ky.(Phila.)
(Ga.); 16 United Sc. & 10e.
1,371 pref
14 Apr. 1 Holders of rec. Mar.26
(quar.)
Cleveland
fly.,
common
Stores, Inc., par 325; 20 Nitroline
United
Hotels,
Inc,
100 N. Y.
$198 lot Columbus Del.& Marion Elec., pf.(qu.) *81.75 Apr. 1 *Holders of rec. Mar.20
Products Co., Inc., corn., par
pref.; 20 corn., no par
$25; 10 Nitroline Prod, Co., Inc.,
$21 lot Community Telephone,$2 pref. (quar.). .0500. Apr. 1 *Holders of rec. Mar. 21
16 Stacy-Trent Co., pref
pref., par $50; 30 Public Stores
Commonwealth Utilities,com.A & B(qu) '373,4c Mar. 30 *Holders of rec. Mar. 20
50 Ritz Carlton Restaurant & Hotel
*$1.75 Apr. 1 *Holders of rec. Mar.20
Preferred A (guar.)
$21 lot
Corp., corn., par $10; 10 Public
Co. of Atlantic City, pref
*$1.50 Apr. 1 'Holders of rec. Mar. 20
Preferred B (quar.)
$5
lot
Stores Corp., pref., par $10; 15.
Inc
Realty
Co.,
30 Nevesly
Mar. 31 Holders of rec. Mar. 143
2
Cuban
(quar.)
Telephone Co., corn.
000 United States Filter Co.,
14 Mar. 31 Holders of reo. Mar. 16a
Preferred (guar.)- --Dar $1
810 lot
MAR. 14 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
E.St.Louisdanterurban Wat.,6%pf.(q11) *134 Mar. 2 "Holders of rec. Feb.
20
7% Preferred (guar.)
*134 Mar. 2 *Holders of rec. Feb. 20
Empire Gas & Electric,6% pf. A (WM
'134 Mar. 2 *Holders of reo. Jan. 30
7m% pref. series B (guar.)
4,134 Mar. 2 *Holders of rec. Jan. 30
7% pref. series C (guar.)
•1% Mar. 2 *Holders of rec. Jan. 30
8% pref. series D (guar.)
Mar. 2 'Holders of rec. Jan. 30
Fairmount Park Transit pref. (guar.).- 3.17340 Apr. 10 "Holders of rec. Mar. 31
Foreign Light & Power $6 1st pf.(qu.). $1.50 Apr. 1 Holders of rec.
Mar. 20
Germantown Pass. fly.(Phila.)(qu.)-5 1.3131 Apr. 6 *Holders of rec. Mar.
17
General Public UM $7 pref (guar.)._
$1.75 Apr. 1 Holders of rec. Mar. 14a
General Water Works & El. Corp. cl. A- DIvide nd omit Led.
$7 preferred (guar.)
51.75 Apr. 1 Holders of rec. Mar.20
$8.50 preferred (guar.)
51.625 Apr. 1 Holders of rec. Mar. 20
Gold dr Stock Telegraph (guar.)
134 Apr. 1 Holders of rec. afar.
Greenwich Water & Gas System, p1.(qu.) 134 Apr. 1 Holders of rec. Mar. 31
2
Hawaiian Elec.. Ltd. (monthly)
$150. Mar. 20 *Holders of rec. Mar. 1
Houston Natural Gas, 7% Pref. (guar.)- '8734e Mar. 31 "Holders of rec. Mar.
Indiana General Serviee, pref.(guar.) _ "134 Apr. 1 *Holders of rec. Mar.2
Indiana & Michigan Elea.7% pref.(qu.) "134 Apr. 1 "Holders of rec. Mar.
6% preferred (guar.)
Apr. 1 *Holders of rec. Mar,
International Power. Ltd.. pref. (qu.)
134 Apr. 1 Holders of rec. Mar. 1
International Superpower (guar.)
250 Apr. 1 Holders of roe. Mar. 1
Internat. TeleP. & Teleg. Corp. (quar.)_
500 Apr. 15 Holders
Mar.2
International Utilities class A (quar.)_ _ "8734c Apr. 15 *Holders of rec.
of reo. Mar.2
Preferred (quar.)
May 1 *Holders of rec. Apr. 1
Iowa By.& Light.7% Pref. A (guar.)_ _ _ *1% Mar. 31 *Holders
of rec. Mar. 1
634% preferred B (quar.)
*1% Mar. 31 *Holders of rec. Mar. 1
6% preferred C(quar.)
•134 afar. 31 *Holders of rec. Mar. 1
Iowa Southern Utilities, 7% pref. (qu.) *134 Apr. 1 *Holders
of rec. Mar. 1
834% preferred (guar.)
•134 Apr. 1 *Holders of roe. Mar. 1
6% preferred (guar.)
"134 Apr. 1 *Holders of rec. Mar. 1
Jamestown Telephone, 7% 1st pref.(qu.) *131 Apr.
1 *Holders of reo. Mar. 1
Kansas Electric Power, pref. (quar.)__
•134 Apr. 1 "Holders of reo. Mar. 1
Kentucky Power,8% pref. (guar.)
*2
Apr. 1 'Holders of reo. Mar. 1
7% preferred (quar.)
*1.34 Apr. 1 *Holders of rec. Mar. 1
634% preferred (guar.)
•134 Apr. 1 *Holders of rec. Mar. 1
Keystone Public Service. $2.80
pref.(qu.) "700. Apr. 1 *Holders of rec. Mar. 1
Lone Star Gas, common (guar.)
*250. Mar. 31 *Holders of rec. Mar. 1
Lynn Gas & Elec. (qua:.)
•51.25 Mar. 31 *Holders
Mar.2
Manhattan Ry.,7% guar. Mock (guar.). 13( Apr. 1 Holders of rec.
of rec. Mar. 20a
Mnwaukee Gas-Light, pref. A
'$1.75 Mar. 1 *Holders of rec. Feb. 25
(guar.)
-Minnesota Power & Light, 7% pf. (qu.)_
134 Apr. 1 Holders of roe. Mar. 14
$6 preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 14
Mississippi River Power, pref.(quar.)_
*134 Apr. 1 *Holders of rec. Mar. 14
Monongahela Valley Water, pref.
(guar.) "131 Apr. 15 *Holders of rec. Apr. 1
Mutual Telephone (Hawaii)(monthly
'Sc.Apr. 1 'Holders of rec. Mar. 18
).National Fuel Gas(guar.)
25c Apr. 15 Holders of roe. Mar.31
National Gas Jr Mee. Co.,834% pf.(qu.) •14
Apr. 1 *Holders of rec. Mar. 20
Nevada-Calif. Elec. Corp., pref.
131 May 1 Holders of rec. Mar. 30a
(guar.)
New England Put). Som.corn.
25o Mar. 31 Holders of reo. atar. It
(Marl
Common (Payable in common stock) M Mar. 31 Holders of rec. Mar. 14
$7 preferred (guar.)
$1.75 Apr. 15 Holders of rec. afar. 31
$7 adlustment preferred (guar.)
$1.75 Apr. 15 Holders of rec. Mar. 31
$6 preferred (quar.)
$1.50 Apr. 15 Holders of rec. Mar. 31
$6 convertible prefe-red (guar.)
51.50 Apr. 15 Holders of reo. Mar. 31
New Hampshire Power, Prof.
*2
Apr. 1 "Holders of roe. Mar. 15
(quar.)New Jersey Water Cu.,7% pref.
131 Apr. 1 Holders
(guar.).
New York Steam Corp.,$6 pref.(guar.). 51.50 Apr. 1 Holders of rec. Mar.20
of rec. Mar 180
$7 preferred (guar.)
$1.7 Apr. I Hloders of rec. Mar. 16a
No. American Light & Power,
$1.50 Apr. 1 Holders
Mar. 20
North Continent Utilities, 7% $6 PL(fin) •134 Apr. 1 'Holders of rec.
of roe. Mar. 14
Pf. (qu.).
6% preferred (guar.)
'
134 Apr. 1 *Holders of rec. Mar. 14
Northern N. Y. Utilities, pref. (quar.)._
131 May 1 Holders of rec. Apr.
Northwestern Bell Telerr., pref. (guar.)- •1(.‘ Apr. 1 *Holders of rec. Mar. 10
20
Oble Edison Co.,$5 preferred (guar.)
. $1.25 Apr. 1 Holders of ma Mar. 13a
$6 preferred (guar.)
$1.50 Apr. 1 Holders of reo. Mar. 130
$6 60 preferred (qua:.).
31.65 Apr. 1 Holders of rec. Mar. 13a
$7 preferred (guar.)
51.75 Apr. 1 Holders of rec. Mar. 13a
$7.25 preferred (guar.)
$1.80 Apr. 1 Holders of rec. Mar. 13a
Orange & Rockland Elec., pref.(guar.)
•134 Apr. 1 *Holders of roe. Mar. 25
Ottawa Light, Heat de Pow.. com.(quar.) 134 Mar. 31 Holders of rec. Mar.
18
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 16
Pacific Gas* Elec., corn.(qua:.)
3,50e Apr. 15 Holders of rec. Mar. 31
Peninsular Telep., corn.(quar.)
•35e Apr. 1 "Holders of rec. Mar. 15
Pennsylvania Gas & Elec. Co.7% pf.(qu) '134 Apr. 1 *Holders of rec. afar. 20
Pennsylvania Telep. Corp., pref. (qu.)
311.50 Apr. 1 'Holders of rec. Mar. 14
Peoria Water Works Co., 7% pref. (qu.) 134 Apr. 1 Holders of rec. Mar. 20
Porto Rico Power Co., pref. (qua:.). _
134 Apr. 1 Holders of roe Mar. 16
Rochester Telephone Corp., corn. (qu.)- *131 Apr. 1 "Holders of rec. Mar. 14
(134% preferred (quar.)
•134 Apr. 1 *Holders of rec. al ar. 14
Rockville & Willimantic Ltg.,7%pf.(qu.) "134 Apr. 1 *Holders of rec. Mar. 15
6% preferred (guar.)
•134 Apr. 1 *Holders of reo. Mar. 15
Scranton Electric Co., 56 pref. (guar.).- *$1.50 Apr. 1 *Holders of rec. Mar. 9
South Pittsburgh Water,7% pref.(an.). 134 Apr. 15 Holders of rec. Apr. 1
6% preferred (quar.)
"134 Apr. 16 Holders of rec. Apr. 1
Southern & Atlantic Telegraph _
.362340 Apr. 1 *Holders of roe. Mar. 18
Southern Union Gas, common (guar.)._ "12
Apr. 1 "Holders of reo. Mar. 20
Preferred ('war.) (No. 1)
43310. Apr. 1 *fielders of rec. Mar. 20
Texas-Louisiana Power, pref. (guar.)._
1 31 Apr. 1 Holders of rec. Mar.20
Union Elec.L.dr Pow.(Mo.)7% pf.(qu.)_ .
154 Apr. I "Holders of rec. afar. 14
6% preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 14
United Lt.& Rys.(Del.)7% pf.(mthly)_• 58
1-3e Apr. 1 *Holders of reo. Mar. 15
6.36% prior pref.(monthly)
•5313. Apr. 1 *Holders of rec. afar. 15
6% prior pref.(monthly)
*50c. Apr. 1
Utah Gas & Coke Co., 1"t pref. and parti o. pref. -Diehl 'holders of rec. Mar. 15
ends passed.
Virginia Public Service, 7% pref.(mum) 13.1 Apr.
1 Holders of rec. Mar. 16
6%, preferred (guar.)
134 Apr. 1 Holders of reo. Mar. 18
Western Union Telegraph (guar.)
"2
Apr. 15 *Holders of rec. Mar. 20
Westmoreland Water Co.,$6 pref
51.50 Apr. 1 Holders of rec. Mar. 20
West Va. Water Service. $8 prof.
"$1.50 Apr. 1 *Holders of roe. Mar. 21
Hydro Elec. CO.,6% pf.
(qu.)_Wiscon (qu.) 13.4 Apr. 1 Holders of rec. Mar. 14
Banks.
Bank of America (guar.)
"75e. Apr. 1 *Holders of rec. Mar. 21
Ilancamerica-Blair Corp. (guar.)
First National lquar.1
•15 Apr. 1 *Holders of rec. Mar.20
First Security Co. (guar
•10 Apr. 1 *Holders of rec. Mar. 20
peoples National(Brooklyn)(guar.)Apr. 1 *Holders of rec. Mar. 10
Trade (guar.)
134 Apr. 4 Holders of roe. Mar. 25
Trust Companies.
Bank of Fume° Trust Co.(qua:.)
750 Apr. 1 Holders of rec. Mar. 20
Bank of N.Y.Jr Trust Co.(quar.)
•45c Apr. 1 *Holders of rec. Mar. 20
Bronx County (guar.)
401' Apr. 1 Holders of roe. Mar. 20a
Chemical Bank Jr Trust (guar.)
45e Apr. 1 Holders of rec. afar. 17
Fire Insurance,
American Salamandra (qua:.)
500 Apr. 1 Holders of rec. Mar. 20
City of N. Y. Insurance (guar.)
4 Apr. I Holders of rec. Mar. 14
Hanover Fire (quar.)
•400 Apr. 1 "Holders of rec. Mar. 20
Home Ins. Co.of N.Y.(guar.)
500 Apr. I Holders of roe. Mar. 14
Miscellaneous.
Abercrombie & Fitch Co., Prof.(guar.).- *134 Apr. 1 *Holders
of reo. Mar.20
Acme Steel (guar.)
'6234e Apr. 1 *Holders of rec. Mar. 20
Aeolian Co., pref. (guar.)
*131 Mar 3 'Holders of rec Mar 20
Aetna Rubber, pref. (guar.)
•13.1 Apr.
*Holders of roe. Mar. 14
Affiliated Products (guar.)
•40e. Apr.
*Holders of rec. Mar. 18
Air Reduction Co.(qua:.)
750. Apr. 1 Holders of roe. Mar. 31
Airway Elea. Appliance, cona.-DIviden d Pass 00
Preferred (quar )
•is4 Apr.
*Holders of rec. Mar.20
Alliance Investment Corp., preferred
Apr. 1 Holders of rec. Mar. 13
3
American Aggregates Corp.. pref.(guar.) *134 Apr. 1 *Holders of rec. Mar.
20
American Bakeries, class A (guar.)
•75e. Apr. 1 "Holders of roe. Mar. 16
Preferred (guar.)
•134 Apr. 1 "Holders of rec. Mar. 18
Secure.
Corp., pref. (hl-mthly)
Amer. El.
250 Apr. 1 Holders of rec Mar. 20
American Fork Jr Hoe (guar.)
"37340 Mar. 14 *Holders of roe. Mar. 5
American International Corp.-Dividen d defer red.
Amer. National Co. (Toledo), oom.(qu.'
) 3734e Apr. 1 *Holders of rec. Mar. 20
Preferred A and B (guar.)
•131 Apr. 1 'Holders of reo. Mar.20
*154
134
Name of Company.
1935
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Conifnued).
American Paper Goods, pref.(quar.)... *31.75 Mar. 18 *Holders of rec.
Mar. 6
American Thermos Bottle, pref. (qu.)__ "8734o Apr, 1 *Holders of rec.
Mar. 20
Anchor Cap Corp., corn.(guar.)
60c Apr. 1 Holders of reo. Mar. 20
$6.50 preferred (quer.)
51.625 Apr. 1 Holders of rem Mar. 20
Anchor Port Fence, corn. (guar.)
*12 A Apr
1 'Holders of rec. Mar. 14
Anglo Norwegian Holdings corn
*25e Mar. 31 *Holders of
hlar. 24
Associated Apparel industries (qu.)....' 33 1-3c Apr. 1 *Holders of rec.
rec. Mar. 20
Stock dividend
* 1 1-3 Apr. 1 "Holders of rec. Mar. 20
Assoc. Bankers Trust & hltge. (guar.) "373ic Apr, 1 *Holders of rec.
Mar. 20
Associated Scour. Investors, corn. (qu.).
15e Apr. 1 Holders of rec. Mar.20
Associated Theatres, Ltd., pref.-Divide nd omi fled.
Athol Mfg. Co. (guar.)
.3$1
Apr. 1 *Holders of rec. Mar. 16
Axton-Fisher Tob., class A (qua:.)
•80e. Apr. 1 *Holder" of roe, Mar. 18
Preferred (qear.)
*154 Apr, 1 *Holders of rec. Mar. 18
Bancomit Corp., common (quar.)
•25e. Apr. 1 "Holders of rec. Mar. 16
Class A (quar.)
.325e. Apr, 1 *Holders of rec. Mar. 18
Bandini Petroleum (monthly)
•10c. Apr. 20 *fielders of rec. Mar. 31
Bankers Serum. Corp., pudic. pf. (qu.).
75e. Apr. 15 Holders of rec. Mar. 31a
Barker Bros. Corp., corn -Dividend acti on der erred.
Bayuk Cigars, Inc., common (guar.)... 3.75e. Apr. 15 *Holders of rec.
Mar.31
*1(‘ Apr. 15 *Holders of rec. Mar.
Preferred (guar.)
31
Bearings Co. of Amer., pref -Dividend passed
Bickford's, Inc., common (quar.)
*300 Apr. 1 *Holders of reo. Mar.20
$2.50 cum. pref. (quar.)
"6234c Apr. 1 *Holders of rec. Mar.20
Bloomington Limestone Co., pref.-Div idend passed.
Bridgeport Machine, pref. (guar.)
•134 Apr. 1 'Holders of rec. Mar.20
British-Amerlean Oil, reg.stock
20c Apr. 1 Mar. 15 to Mar. 31
Coupon stock (bearer MM.,
300 Apr. 1 Hold. of coupon No. 4.
"20e
Broad Street Invest. (guar.)
*Holders of ree. Mar. 18
.
AP
pr.
Brunswick-Balke-C,ollender, pref. (q11.).
Holders of ree. Mar. 20
Building Prod., Ltd., el. A Jr B
Holders of reo. Mar. 19
.
7
66
00 Ap
pr
0.
.
Burco, Inc., pref. (guar.)
'Holders of roe. Mar. 20
Burt (F. W.) Co., common (guar.)
Holders of ree. Mar. 16
Preferred (guar.)
Holders of reo. Mar. 18
17)4
50 Apr
r..
Byllesby (H. M.) Jr Co.. class A (qu.)._
50
0c
0 Mar. 31 Holders of roe. Mar. 18
Class B
500 Mar. 31 Holders of reo. Mar. 18
Preferred (riar.)
....$131450 Mpp
AA arrr...31 Holders of reo. Mar. 18
Cambridge Invest. Corp., cl. A (quar.)
"Holders of roe. Mar. 18
Campbell Baking, Prof. A (quar.)
*Holders of reo. Mar. 16
Canada Bread, pref. A Jr B (quar.)
*Holders of roe. Mar. 14
Apr.
Canada Packers, pref. (guar.)
*Holders of rec. Mar. 14
Apr.
'134
Canada Paper pref.-Dividend omitted.
Canadian Bakeries. 1st pref. (qua:.)...
14( Mar. 15 Holders of rec. Mar. 2
Canadian General Elec., pref. (guar.)
134 Apr. 1 Holders of rec.
Canadian Whiebound boxes, class A (qu.) 37340 Apr. 1 Holders of rec. Mar. 14
Mar. 14
Canal Construction, pref. (quar.)
*37Mo Apr. 1 *Holders of rec. Mar.21
Chamber of Commerce Bldg.(Md.)Preferred (guar.)
"134 Apr. 1 'Holders of reo. Mar. 20
Channon (H.) Co., 1st pref. (guar.)
•134 Apr. 1 *Holders of rec. Mar. 20
Seoond preferred (quar.)
•2
Apr. 1 *Holders of tee. Mar. 21)
Chase Brass dr Copper Co., pref. A (qu.) •134 Mar. 31
"Holders of rec. Mar. 20
Checker Cab Manufacturing-Dividend omitted.
Chicago Daily News, Inc., pref. (guar.). •51.75 Apr. 1
Chic.Jct.Rys.& Un.Stk.Yds.,com. (qu.) .
2
A pr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
'
*Holders of rec. Mar. 15
134
Cincinnati Wholesale Grocery, pf:(qu.). *1(4
Apr. 1 *Holders of reo. Mar. 15
Circle Theatre Corp., coin. (qua:.)
.1 34 Apr. 1 "Holders of rec. Mar. 20
Cities Service, bankers' shares
Ap
24.3350 A
pr. 16
1 *Holders of rec. Mar. 15
City Machine Jr Tool (quar.)
*Holders of rec. Mar. 20
*20e.
City Savings Bank Co.(Budapest)-For
year 1930, 3 pengoe for each ah. of
50 encoe. Mar. 9 Holders of coup. No. 28
Cleveland Cliffs iron. common (quar.).
_ *25e. Mar. 20 *Holders of rec. Mar. 10
35 preferred (guar.)
•,
05
32
. Mar. le 'Holders of roe. Mar. 5
152
Cliffs Corp. (guar.)
Mar. 20 *Holders of recs. Mar. 10
Clark (D. L.) Co. (uqar.)
•3134c Apr. 1 *Holders of rec. Mar. 18
Colonial Financial Corp.(N.Y.).
1 "Holders of rec. Mar. 25
Pf.(Q1L) •131 Apr. 2
Columbia Pictures, common (guar.).
37 Mc Apr,
Holders of rec. Mar. 200
Commonwealth Scour., cony. p1. (qu.)_ •134 Apr. 1 "Holders of rec. Mar.
16
Comic Nast Publications, corn.
Holders of rec. Mar. 21
50c. Apr.
(guar.)
Consolidated Dry Goods. corn.
*25e. Apr.
. 1 *Holders of rec. Mar. 25
Preferred
'Holders of rec. Mar. 25
*53.50
Consolidated Film Industries, common- Divide nd omit ted.
Preferred (guar.)
*Holders of rec. Mar.20
)c0
,1
•7
. Apr.
53
%
Consolidated Paper, pref. (guar.)
*Holders of ree. Mar. 21
Apr.
Continental Casualty (guar.)
"Holders of rec. Mar. 13
"s
•1
. A pr.
.
4.
05c0
Corroon & Reynolds, Prof. A (guar.)_
*Holders of rec. Mar.20
Courier Post Co., corn. (guar.)
*2
Apr. I *Holders of rec. Mar. 15
Preferred (guar.)
*131 Apr. 1 *Holders of rec. Mar. 15
Cream of Wheat Corp.(guar.)
50o. Apr.
Holders
Crook (J. W.) Stores, 7% pref. (guar.). *8734c Apr. 1 'Holders of rec. Mar. 21
1
of rec. Mar. 20
Curtis Manufacturing. corn. (quar.)..
.. *6230 Apr. 1 *Holders of rec. Mar. 18
Davenport Hosier" Mills, common (qu.)
SOc. Ap
Apr.
0 1 Molders of rec. Mar. 20
Preferred (quer.)
Holders of rec. Mar. 20
Davidson Co., pref.
*134 Apr. 1 'Holders of rec. Star. 20
De Mainland Aircraft(guar.)
Can., pref. (qu.). _
131 Mar. 16 Holders of rec. Mar. 12
Detroit Gray Iron Foundry, corn. (qu.). "25e. Apr.
1 *Holders of rec. afar. 15
Detroit Gasket Jr Mfg.(guar.)
*30e. Apr. 1 "Holders of reo. Mar. 20
Detroit Majestic Products, pf. A (qu.)..
20c.
Apr,
Holders of roe. Mar. 20
1
Dominion Stores (quar.)
30c. Apr, 1 Holders of rec. Mar.20
Dennisson Nlanufacturing, el. A (qu.)
1734 Mar. 31 Holders of ree. Mar. 20
Detroit Bankers Co. (qua:.)
"85e. Mar. 31 "Holders of rec. Mar. 20
Diamond Shoe, corn. (guar.)
50c. Apr. 1 Holders of rec. Mar. 20
634% preferred (guar.)
134 Apr. I Holders of roe. Mar. 20
Dominion Rubber, Ltd., Pref. (guar.).134 afar. 31 Holders of reo. Mar. 20
Dunham (J. H.) Jr Co.. corn. (quar.)-- '1 34 Apr. 1 'Holders of reo. Mar. 18
First preferred (quar.)
'
134 Apr. 1 "Holders of rec. Mar. 18
Second preferred (quar.)
•131 Apr. 1 'Holders of rec. Mar. 18
Eagle Warehouse Jr Storage
Apr. 2 'Holders of rec. Mar. 27
(quan)
Eastern Gas Jr Fuel Associates434% prior preference (quar.)
134 Apr. 1 Holders of roe. Mar. 15
6% cum. preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Elec. Power Associates, Com.&cl.A(qu.)_
25c Stay 1 Holders of reo. Apr. 15
Emerson Electric Nlfg., pref.
13( Apr. 1 Holders of rec. Mar. 20
(quar.)-Empire Safe Deposit (guar.)
3 Mar. 30 Holders of rec. Mar. 23a
Fanny Farmer Candy Shops, corn. (qu,)
Holders of rec. Mar. 18
25c Apr.
Preferred (guar.)
Holders of rec. Mar. 18
60e Apr
--Fear (Fred.) Jr Co , corn. (guar.).
-- 254 Mar. 1
Federal Mogul Corp., corn.-Dividend o milted
Fidelity Jr Deposit Co.(Maryland)
Wu.? "52.25 Mar.3 *Holders of rec. Mar. 17
Fidelity Union Tr. Jr Mtge.
•25e. Mar.2 •Holders of rec. Mar. 14
Guar.
0
,
111.3 •1%
Filmes (William) Sons. pref. (quar.)"Holders of rec. Mar.'20
Apr,
First American Corp. (quar,)
Holders of reo Mar. 16
Sc. Apr.
First Finance Co. of Iowa, corn. A(gu.) •3734c Apr.
Preferred (guar.)
"373So Apr.
Fisher Flour Mills, pref.(quar.)
*Holders of rec. Mar. 14
*131 Apr.
Flatbush Investment Corp., corn. (au.).
(i Mar.3 "Holders of rec. Mar. 20
Ford Motor Co., Ltd
*Holders of rec. Mar. 17
.10
Ford Motor Co. of Sweden
*10
Frelhofer Baking. let
41.75 Apr. 1
(guar.)
Freiman (A. J.), Ltd.,Profpref. (guar )---- 134 Apr. 1 Holders of rec. Mar. 14
Fulton Petroleum-Dividend omitted
Galveston Wharf Co., cons, (monthly).. 3,500. Mar. 15 "Holders of ree. Mar. 14
Gary (Theodore) Jr Co., corn. (quar.)..
15o Apr. 1 Holders of reo Mar. 31
Preferred (guar.)
40e. Apr. 1 Holders of reo. afar. 18
General Baking Co , pref (guar.)
Apr. 1 Holders of roe. Mar. 21
$2
General Foods (guar.)
.75c. May 1 'Holders of rec. Apr. 1.5
General Machinery Corp., pref. (qua:.) •1(i Apr. 1 "Holders of rec. Mar. 21
General Public Utilities, pref. (quar.)
•11( 'tor. 1 •Holders of rec. Mar.
General Realty Jr Utilities, $6 pref.(qu ) (r) Apr. 15 Holders of rec. Mar. 14
Gillette Safety rioter, cony. pref.(quar ) 134 May 1 Holders of rec. Apr. 20
to
Glen Alden Coal (quar.)
Mar. 20 *Holders of rec. Mar. 11
*51
Godchaux Sugars Inc., class A (qu.).
50e. Apr. 1 Holders of rec. Mar. 18
Preferred (guar.)
131 Apr, 1 Holders of reo.
Godman (H. C.) Co., 2d pref. (quar.).. *134 Mar. 10 *Holders of roe. Mar. 18
Goodyear Tire Jr R (Canada) com.((hu.) 51.25 Apr. 1 Holders of rec. Mar. 1
Mar. 14
Preferred (guar.)
134 Apr, 1 Holders of rec. Mar. 14
Goulds Pumps, Inc., eoni. (quari)-Apr. 1 *Hollers of rec. Mar.20
-Preferred (guar.)
Apr, 1 *Holders of rec. Mar.
Group No, 1 011 Co
.$100 Mar.'31 *Holders of rec. Mar.20
Extra
*5100 Mar. 3 *Holders of rec. Mar. 10
10
1936
Name Ar company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Great Lakes Engineering, corn. (quar.)_ •25e. May 1 *Holders of rec. Apr. 24
Guardian Detroit Union Group (quar.)__ •50c. Apr. 1 'Holders of rec. Mar. 23
Guenther (Rudolph)-Russell Law (qu.)_ *25c. Apr. 1 *Holders of rec. Mar. 20
1- Apr. 1 Holders of rec. Mar. 23
Hahn Department Stores. pref. (quar.)_
*8734c Apr. 1 'Holders of rec. Mar. 16
Hall Baking, pref. (quar.)
Hambleton Corp., pref.-Dividend actio n defer red.
Henry Furnace & Fdry., pref. (quar.)-- *1% Apr. 1 *Holders of rec. Mar. 20
2). Apr. 1 Holders of rec. Mar. 20
Holmes(D. II.) Co., Ltd. (quar.)
*214c Apr. 15 *Holders of rec. Mar. 31
Holly Development (quar.)
*1% Apr. 1 'Holders of rec. Mar. 26
Holt Renfrew & Co., pref (quar.)
500. Mar. 25 Holders of rec. Mar. 20
Homestake Mining (monthly)
Home Title Insurance, Brooklyn (quar.) •750. Mar. 31 *Holders of roe. Mar. 25
1% Apr. 1 Holders of rec. Mar. 16
Honey Dew, pref. (quar.)
Hook Drugs, Inc., common (quar.)_-- "25c. Apr. I 'Holders of rec. Mar.20
Hooker Electro Chem.,com.-Dividend omitted.
Mar. 1 *Holders of rec. Feb. 24
Borders. Inc. (quar.)
Horn dr Hardart Baking,Phila.(quar.)_ - "51.75 Apr. 1 'Holders of rec. Mar. 21
Hotel Sherman-Dividend omitted.
Houdaille Hershey Corp., class A (qu.)- - *62 Mc Apr. I *Holders of rec. Mar. 20
350. Mar. 16 Holders of rec. Mar. 12
Hydro-Electric Securities. com. (qu.) "75c. Mar. 31 'Holders of rec. Mar. 14
Ideal Cement (quar.)
•4M Mar. 14 *Holders of rec. Feb. 16
Illinois Pipe Line (quar.)
Imperial Tob. of Can., com.(year 1930). s$1 Mar. 31 Holders of rec. Mar. 4
Apr. 1 'Holders of rec. Mar. 21
Independent Pneumatic Tool (quar.)- 'Si
Apr. 1 "Holders of rec. Mar. 20
"51
Industrial Rayon Corp. (quar.)
Apr. 1 'Holders of rem Mar. 20
•600
(quar.)
Inland Investors, Inc.
*10e Mar. 31 •Holders of rec. Mar. 20
Interbanc Investment. Inc. (quar.)
200. Apr. 1 Holders of rec. Mar. 16
Internat. Buttonhole Sewing Mach.(qu.)
87340. Apr. 1 Holders of rec. Mar. 19a
Internat. Equities Corp., Cl. A
Apr. 15 Holders of rec. Mar. 250
$1
Internat. Match, com.(quar.)
Apr. 15 Holders of rec. Mar. 25a
$1
(quar.)
Participating preference
50c Apr. 1 Holders of rec. Mar. 5
International Textbook
'134 Apr. 1 'Holders of rec. Mar. 16
Invest. Co. of Am., pref. A dr B
"50e Apr. 1 *Holders of rec. Mar. 15
Electric Co. (quar.) (quar.)Jefson
4.1% Apr. 1 *Holders of rec. Mar. 14
Jenkins Bros., pref.(quar.)
*1% Apr. 1 'Holders of rec. Mar. 2
Journal of Commerce. pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 20
Kaufman (Chas. A.) Co., Ltd. (quar.)
15e. Apr. 15 Holders of rec. Apr. 1
Kaybee Stores, Inc., corn.(quar.)
Apr. 1 Holders of rec. Mar. 16
43%e
Class A (quar.).
*334 Mar. 2 'Holders of rec. Feb. 25
Keystone Pipe & Supply, preferred
•30c. Apr. 1 *fielders of rec. Mar. 23
Kirsch Co., common (quar.)
545e. Apr. 1 *Holders of roe. Mar. 23
Preference (quar.)
"81340 Apr. 1 *Holders of ree. Mar. 16
Knapp Monarch Co.. pref. (quar.)
•1M Apr. 1 *Holders of rem Mar. 12
Koppers Gas & Coke, pref. (quar.)
•43140 Apr. / *Holders of rec. Mar. 15
Latter Auto Spring. 7% pref. (quar.)_
Apr. I Holders of rec. Mar. 15
Landed Banking & Loan(Canada)(qu.). 2
•61 Mar.31 'Holders of rec. Mar. 21
(guar.)
Clark
Frary
&
Landers,
Apr. 1 Holders of rec. Mar. 210
3
Lawyers Title & Guaranty (quar.)
750. Apr. 3 Holders of rec. Mar.20
Lehman Corp. (guar.)
Lenolt Nat'l Securities. el. A & B (qu.)._ •25c. Apr. 1 "fielders of rec. Mar. 15
"35c. Apr. 1 *Holders of rec. Mar. 15
7% preferred (guar.)
Ley (Fred T.) dr Co.. Inc., corn.(quar.) *37 Mc Apr. 1 "Holders of rec. Mar. 15
'134 Apr. 1 'Holders of rec. Mar. 20
Linde Air Products, pref. (quar.)
•650. May 1 "Holders of rec. Apr. 18
Loose-Wiles Biscuit, c.ommori (quar.)
*10c. May 1 "Holders of rec. Apr. 18
Common (extra)
"1X Apr. 1 *Holders of rec. Mar. 23
First preferred (quar.)
Mack Trucks, Inc.. common (guar.).- •750 Mar. 31 *Holders of rec. Mar. 19
'3714c Apr. 15 *Holders of rec. Mar. 31
Malvin (1.) & Co., corn. (quar.)
Manufacturers Casualty (PhIladelphia)- •600 Apr. 1 *Holders of ree. Mar. 23
•400. Apr. 1 *Holders of rec. Mar. 23
Extra
Marbelite Corp. of America, pref.-DIvi dend d eferred.
*500. Apr. 1 *Holders of rec. Mar. 21
Marlin-Rockwell Corp.. com. (quar.)
*56Mc Mar. 31 *Holders of rec. Mar. 12
Maryland Casualty (quar.)
"37 M c Apr. 1 "Holders of rec. Mar. 20
McAleer Mfg. Co. (quar.)
*1% Apr. 1 'Holders of rec. Mar. 25
McCaskey Register. 1st pref. (quar.)
•25c. Apr. 1 *Holders of rec. Mar. 20
McGraw Electric Co. (quar.)
"500. Apr. 1 "Holders of rec. Mar. 20
McGraw-Hill Publishing,common (qu.)
McKesson & Robbins, Inc., pref. A (qu.) 87 Me. Mar. 16 Holders of rec. Mar. 9a
•75c. Apr. 1 "Holders of rec. Mar. 23
McQuay-Norris Mfg. (quar.)
Apr. 1 Holders of rec. Mar. 17
2
Merck Corp., preferred (quar.)
July 1 Holders of rec. June 17
2
Preferred (guar.)
"1.3i Apr. 1 *Holders of rec. Mar. 18
Metropolitan Ice, pref. (guar.)
•30c. Apr. 1 *Holders of rec. Mar. 16
Preferred (extra)
Midland Steel Products, corn. (quar.)... "75e. Apr. 1 'Holders of rec. Mar. 23
*50c. Apr. 1 *Holders of rec. Mar. 23
$2 preferred (guar.)
Apr. 1 *Holders of rec. Mar. 23
'2
8% preferred (quar.)
1,750. Apr. 1 'Holders of rec. Mar. 20
Mill Factors, class A and B (guar.)
250. Apr. 1 Holders of rec. Mar. 16
Moore Corp.. corn. (quar.)
134 Apr. 1 Holders of rec. Mar. 16
Class A and B (quar.)
Apr. I *Holders of rec. Mar. 27
*2
Morris Plan Bank (Hartford). (quar.)_
Apr. I "Holders of rec. Mar. 26
•2
Mortgage Guar.(Los Angeles) (quar.)
*50c. Apr. 1 *Holders of rem Mar. 20
Motor Products (guar.)
Apr. 2 *Holders of rec. Mar. 21
"2
Murphy (G. C.) Co., pref. (quar.)
Mutual Chemical of Amer., pref. (qu.)_ Si 3.4 Mar. 28 *Holders of rec. Mar. 19
Nashua Gumm. & Coat. Paper, pf.(qu.) '1% Apr, 1 *Holders of rec. Mar. 25
Nat. Comm. Title&Mtge.(Newark)(qu.) *200. Apr. I "Holders of rec. Mar. 16
*114 Apr. 1 *fielders of rec. Mar. 20
National Fruit Products, Pref. (quar.)
134 Mar. 31 Holders of rec. Mar. 23
National Licorice, preferred (quar.)National Theatre Supply. Pref. (guar.). •$1.75 Apr. 1 *Holders of roe. Mar. 16
Neisner Bros., Inc., com.-Div.omitted
Apr. 1 Holders of ree. Mar. 16
New England Equity, pref. (quar.)__._ 2
New England Grain Prod.Aug. 1 *Holders of rec. July 14
Common (1-100 share pref. A stock)
Fob132'Hold. of rec. Jan. 14 '32
Common (1-100 share pref. A stock)- *51.75 Apr. 1 *Holders of rec. Mar. 20
$7 preferred (quar.)
*51.75 July 1 'Holders of rec. June 20
$7 Preferred (quar.)
441.75 Oct. 1 'Holders of rec. Sept. 20
$7 preferred (Qum.)
"$1.75 Jan2'32 *Holders of rem Dec. 20
$7 preferred (quar.)
*51.50 Apr. 15 *Holders of roe. Apr. 1
Preferred A (guar.)
*51.50 July 15 *Holders of rem July 1
Preferred A (quar.)
*51.50 Oct. 15 "Holders of rec. Oct. 1
Preferred A (quar.)
*51.50 Ja 15'32 *Hold. of rec. Jan. 2 '32
Preferred A (quar.)
*43340 Apr. 1 *Holders of rec. Mar. 20
Newman Mfg.. Corn. (guar.)
•134 Mar.31 *Holders of rOc. Mar. 14
N.Y. Realty & Impt., pref. (quar.)
*51.75 Apr. 1 'Holders of ree. Mar. 20
N. Y. Trap Rock, $7 pref. (quar.)
Apr. 1 *Holders of rec. Mar. 19
•3734c
(quar.)
Wire
Niagara
Weaving, corn.
"75c. Apr. 1 *Holders of rec. Mar. 19
Preferred (quar.)
"75e. Apr. 1 *Holders of rec. Mar. 12
Noblitt-Sparks Industries, Inc.(quar.)
•e13.4 Apr. I *Holders of rec. Mar. 12
Stock dividend
*53 Mar. 16 *Holders of rec. Mar. 12
Northwestern Yeast (quar.)
$1 Apr. 1 Holders of rem Mar. 21
(quar.)
Novadel-Agene Corp., corn.
134 Apr. 1 Holders of rec. Mar. 21
Preferred (quar.)
Nunn-Bush & Weldon Shoe, corn. (qu.).. *25e. Mar. 31 'Holders of rec. Mar. 14
Mar. 31 "Holders of rec. Mar. 14
*51.75
First preferred (quar.)
• 51.875 Mar. 31 *Holders of rec. Mar. 14
Second preferred (guar.)
Mar.25 *Holders of rec. Mar. 16
*2c.
Oceanic Oil (bi-monthly)
Apr. 1 Holders of rec. Mar. 24
2
Ogilvie Flour Mills, common (quar.)
•146 Apr. 1 *Holders of roe. Mar. 24
Ohmer Fare Register, pref. (quar.)
•500. Apr. 1 "Holders of rec. Mar. 15
Old Colony Trust Associates (quar.)-Oswego Rayon, pref.-Dividend passed.
134 Apr. 1 Holders of roe. Mar. 19
Otis Steel, prior pref. (quar.)
*51.50 Mar. 1 "Holders of rec. Feb. 20
Package Machinery, corn. (quar.)
'37%0 Apr. 1 *Holders of rem Mar. 20
Packer Corp. (quar.)
"134 Apr. 1 *Holders of rec. Mar. 20
Pfaudler Co., com. (quar.)
Phila. Dairy Products, pr. pref. (qu.)- sl 5.4 Apr. 1 'Holders of rec. Mar. 20
Apr. 1 *Holders of rec. Mar. 20
•43%e
(quar.)
Picardy Candy. Ltd.. pref.
30. Apr. I Holders of rec. Mar. 16
Pioneer Gold Mines
*15c. Mar. 16 *Holders of rec. Mar. 5
Pioneer Trust Shares, Ctrs of bone!,Int
•1M Mar. 2 *Holders of rec. Feb. 25
Plimpton Mfg. (quar.)
Power Gas & Water Secur., pref. (qu.)_ •15e. Apr. I *Holders of rem Mar. 20
30. Apr. 4 Holders of rec. Mar. 13
Premier Gold Mines (quar.)
Pressed Metals of America, corn. (guar.) 12;40. Apr. 1 Holders of rec. Mar. 16
Apr. 15 Holders of ree. Mar. 250
Procter dr Gamble,8% pref. (quar.)---- 2
*500. Apr. 1 *Holders of rec. Mar. 20
Rath Packing (quar.)
Real Silk Hosiery Mills, corn. (quar.)
12M Apr. 1 *Holders of rec. Mar. 20
Cora. (quar.) (payable in com.stock).. "12)
-5 July 1 *Holders of rec. June 19
Corn. (quar.) (Payable in corn. stock).. '1234 Oat. 1 *Holders of rem Sept. 18
Corn. (quar.)(Payable in com.stock)_ *.f2M Jan 1'32 *Holders of rec. Dec. 18
'13.4 Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
35e. Apr. 1 Holders of ree. Mar. 16
Reece Buttonhole Machine (quar.)
[vol.. 132.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Dielusive.
Miscellaneous (Concluded).
5e. Apr. 1 Holders of rec. Mar.16
Reece Folding Machine (quar.)
*30. Apr. 1 'Holders of rec. Mar. 16
Reed (Tom) Gold Mining (No. 1)
Republic Invest., prof -Div. deferred.
Retail Properties, $3 pref.-Dividend om Med.
Rice-Stix Dry Goods, 1st dr 2d pr. (qu.) •1% Apr. 1 *Holders of roe. Mar. 15
500. Apr. I Holders of rec. Mar. 14
Riverside Silk Mills. class A (guar.).St. Lawrence Corp., pref. A (guar.).- .250. Apr. 1
St. Lawrence Paper Mills,6% of. (qu.). "75c. Apr. 1
Apr. 1 *Holders of rec. Mar. 24
St. Louis National Stock Yards (quar.)_ *2
"25e. Mar.27 *Holders of rec. Mar. 17
Schumacher Wallboard. corn. (No. 1)
"25c. Mar. 27 'Holders of rec. Mar. 17
Schumacher Wallboard (guar. (No. 1)
Seeman Brothers, Inc., corn. (quar.)_ _ "750. May I *Holders of rec. Apr. 15
Selected Industries. Inc$5.50 unstamped prior stock (Oct. 1
*$2.75 Apr. I *Holders of rem Mar. 20
1930 to March 31 1931
$5.50 stamped prior stock (Jan. 1 to
$1.375 Apr. 1 'Holders of rec. Mar. 20
March 31 1931)
Unstamped convenable stoer (Oct. 1
Apr. 1 'Holders of rec. Mar. 20
$1.875
'29 to Dec. 31 '30)
Serv. Stations, Ltd.(Toronto), A&B(qu.) 65e. Apr. I Holders of rem Mar. 16
*50c. Apr. 1 *Holders of rec. Mar. 20
Shafer Co., class A (quar.)
'
1200. Apr. 1 *Holders of rec. Mar. 17
Shawmut Association (quar.)
40e. Mar,31 Holders of rec. Mar. 14s
Sherwin-Williams Co.(Can.). corn. (qu.)
134 Mar. 31 Holders of rec. Mar. 14s
Preferred (quar.)
•75c. Apr. 1 'Holders of rec. Mar. 20
Silver Brook Anthracite, pref. (quar.)
May 1 Apr. 16 to Apr. 30
3
Simpson (Robert) Co
Sinclair Consol. 011 Corp., com. (quar.).. "250. Apr. 15 'Holders of rec. Mar. 18
*2M Mar. 31 'Holders of rec. Mar. 10
Singer Manufacturing (quar.)
'234 Mar. 31 *Holders of roe. Mar. 10
Extra
"1.M May 1 *Holders of rec. Apr. 1
Skelly 011, pro!. (quar.)
*1% Apr. 1 *Holders of rec. Mar. 21
Slattery (E. T.) Co. (quar.)
dend o mined.
Smith (L.C.) & Corona Typewriter. corn.
'1% Apr. 1 'Holders of rec. Mar.20
Preferred (quar.)
75e. Mar. 15 Holders of rec. Mar. 10
Southern Acid & Sulphur (quar.)
Square D Company, class A (quar.).... *550. Mar. 31 *Holders of rec. Mar.20
*2
Mar. 30 'Holders of rec. Mar. 24
Standard Safe Deposit Co. (quar.)
•15c. Apr. 1 *Holders of roe. Mar. 18
Stroock (S.) & Co., Corn. (quar.)
Tayloe Colquitt Co., common (qUar.)- *56%c Apr. 1
"1% Apr. 1 "Holders of roe. Mar. 27
Preferred (guar.)
62 Mc Apr. 1 Holders of rec. Mar. 10
Taylor Milling Corp., corn.(quar.)
*20c. Apr. I *Holders of roe. Mar.20
Telep. Inv. Corp.(monthly)
•5c. Mar. 15 'Holders of rec. Mar. 10
Tenant Finance, com.(quar.)
'87340 Mar. 15 *Holders of res. Mar. 10
Preferred (quar.)
*50e. Apr. 1 'Holders of rem Mar. 23
Thompson (John It.) Co.(quar.)
Thompson Products Corp., com. (quar.) •30c. Apr. 1 'Holders of roe. Mar. 20
*51.50 Apr. 1 "Holders of ree. Mar. 9
Thompson's Spa, Inc., $6 prof. (quar.)
20e. Apr. 1 Holders of rem Mar. 200
Timken-Detroit Axle, com.(quar.)
"75c. Apr. 1 *Holders of rec. Mar. 19
Torrington Co. (quar.)
$1.50 Apr. 1 Holders of rec. Mar. 14
Toronto Mortgage Co. (guar.)
*IN Mar. 1 *Holders of no. Feb. 20
Traders 011 Mill, 7% pref.(quar.)
*250. Apr. 25 'Holders of rem Apr. 5
Transamerica Corp. (quar.)
Apr. 1 *Holders of rem Mar. 26
*2
Traylor Eng.& Mfg., pref. (quar.)
*300. Mar. 1 *Holders of rem Feb. 15
Twentieth Century Fixed Trust
• 39.4750 Mar. 1 *Holders of roe. Feb. 15
Extra
400. Apr. 15 Holders of rec. Apr. la
Ulen & Co., corn.(quar.)
(Unit) Corp. of America, pref.-Dividen domitt ed.
United Amusement Corp. (Canada)
50c. Mar. 15 Holders of rec. Feb. 28
Common A and B (quar.)
•14.‘ Apr. I *Holders of rem Mar. 20
United Loan Corp. (Bklyn.) (quar.)
U.S. Bobbin & Shuttle, pref.-Dividend °mine d.
United Porto Rican Sugar, pref.-Div. a ction d oferred .
Apr. 10 Holders of rec. Mar.23
2
United Securities, Ltd.(annual)
62 MC Apr. 6 Holders of roe. Mar.17
United Shoe Mach.,corn.(quar.)
3714c Apr. 6 Holders of rec. Mar. 17
Preferred (quar.)
12 M c. Apr. 1 Holders of rec. Mar.160
United States Foil corn A & B (qtr.)
134 Apr. 1 Holders of rec. Mar. Ida
Preferred ((war.)
750. May 1 Holders of roe. Apr. 17
Universal Leaf Tob., com.(quar.)
Apr. 1 Holders of rem Mar. 19
2
Preferred (quar.)
Apr. I *Holders of rem Mar. 24
Universal Pictures, 1st pref. (quar.)-- - "2
Van de Ramps Holland Dutch Bakeries
Common-Dividend deferred.
• $1.625 Apr. 1 *Holders of rem Mar. 10
Preferred (quar.)
Apr. 1 *Holders of rem Mar. 20
Victor Monaghan Co., pref. (quar.)
13.4 Apr. 1 Holders of roe. Mar. 201
Walgreen Co., prof.(quar.)
75e. Apr. 1 Holders of rem Mar. 21
Warren Bros. Co., corn. (quar.)
25e. Apr. 1 Holders of rec. Mar. 21
First preferred ((Mar.)
29 1-6c Apr. I Holders of rec. Mar. 21
Second preferred (quar.)
750. Apr. 1 Holders of rec. Mar. 21
Convertible preferred (quar.)
Apr. 1 *Holders of rec. Mar. 21
Weinberger Drug Stores, Inc., com.(qu.) *25
Common (extra)(Payable in com.stk.) *11 Apr. 1 'Holders of roe. Mar. 21
*81
Mar. 31 *Holders of roe. Mar. 26
Western Electric Co., corn. ((par.)
134 Apr. 15 Holders of rec. Mar. 20
Western Grocers (Canada) pref. (quar.)_
*$1.50 Apr.
*Holders of rec. Mar. 20
Western Maryland Dairy. Pr. ((Mar.)
"50e. May 1 *Holders of rec. Apr. 20
Western Tablet dr Stat., com.(quar.)_
•1% Apr. 1 'Holders of roe. Mar. 20
Preferred (quer.)
Westchester Service Corp..57 pr.pf.(qu.) "51.75 Apr, 1 "Holders of rec. Mar. 18
*50c. Apr. 1 *Holders of rec. Mar. 14
Wilson (Percy) & Co., common (quar.)
50e. Apr. 1 Holders of rem Mar. 20
Winn & Lovett Grocery. cl. A (quar.)
1% Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
*25c. Apr. 1 'Holders of rec. Mar.20
Woodruff dr Edwards, class A (quar.)_
23.c. Apr. 1 Holders of rem Mar. 14
Wright Hargreaves Mines
Yosemite Holding Corp., pref. (quar.)„ •8714c Apr. 1 *Holders of rec. Mar. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Baas Closed.
Days Indented.
Railroads (Steam).
3
Alabama & Vicksburg
Apr. 1 Holders of roe. Mar. 90
'43.4 Sept. 1 *fielders of rec. Aug. 20
Atlanta dr Charlotte Air Line Ry
Bangor & Aroostook, com.(quar.)
880. Apr. 1 Holders of rec. Feb. 280
Preferred (quar.)
134 Apr. 1 Holders of rec. Feb. 280
Beech Creek (guar.)
50a. Apr. 1 Holders of rec. Mar. 160
Mar. 31 Holders of ma. Feb. 28
Boston & Albany (quar.)
2
1
Apr. 1 Holders of rec. Mar. 75
Boston dr Maine, common (quar.)
1% Apr. 1 Holders of rec. Mar. 7
7% prior preference (quar.)
1% Apr. 1 Holders of rec. Mar. 7
First preferred class A ((par.)
Apr. 1 Holders of ree. Mar. 7
2
First preferred class B (quar.)
First preferred class C (guar.)
1% Apr. 1 Holders of rem Mar. 7
214 Apr. 1 Holders of rem Mar. 7
First preferred class D (quar.)
134 Apr. 1 Holders of rec. Mar. 7
First preferred class E (quar.)
8% preferred (quar.)
134 Apr. 1 Holders of roe. Mar. 7
2)4 Apr, 1 Holders of rec. Mar. 20
Boston & Providence grim%)
62550. Apr. 1 Holders of rec. Mar. 2a
Canadian Pacific, ordinary (guar.)
Apr, 1 Holders of rec. Mar. 2
2
Preference
750. Apr. 1 Holders of rec. Mar. 70
Chesapeake Corp., common (guar.)._
Chesapeake & Ohio, common (guar.) _ 6214c Apr. 1 Holders of rec. Mar. 70
33.1 July 1 Holders of rec. June 80
Preferred
Mar, 31 Holders of rec. Mar. 20
Chicago & North Western, corn. (quar.) 1
134 Mar,31 Holders of rec. Mar, 20
Preferred (quar.)
114
Mar.
31 Holders of rec. Mar. 13a
Chic. It. I. & Pacific. com. (quar.)---•rni Apr. 1 *Holders of rec. afar. 21
Cincinnati Union Terminal, pref.(qu.)
July 1 "Holders of rec. June 20
Preferred (quar.)
"15:i Oct. 1 'Holders of rec. Sept. 19
Preferred (quar.)
Jan.1'32 *Holders of rec. Dee. 19
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 100
prof.
(quar.)
Cuba.
Consolidated RR's of
$1.43 Max. no Holders of rec. Mar. 300
Cuba Northern Rys., common
80c. Mar. 30 Holders of roe. Mar. 300
Cuba RR., common
*KM c Apr, 1 *Holders of rec. Mar. 16
Dayton & Michigan, common
•
Apr. 7 'Holders of rec. Mar. 16
Preferred (quar.)
234 Mar. 20 Holders of rec. Feb. 260
Delaware & Hudson Co.(quar.)
* May I Holders of rec. Mar.31a
Kansas City Southern, common (guar) iy
Apr. 15 Holders of rec. Mar. 31a
Preferred
Apr. 1 *Holders of roe. Mar. 1
Lackawanna RR.of N. J. (quar.)
MAR. 14 1931.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable
Books Closed.
Days Inanities.
Railroads (Steam)(Concluded).
Lehigh Valley, common (quar.)
6214c Apr. 1 Holders of rec. Mar. 14a
Preferred ((mar.)
$1.25 Apr. 1 Holders of rec. Mar. 14
Maine Central, common guar.)
134 Apr. 1 Holders of roe. Mar. 18
Maryland & Pennsylvania (quar.)
Apr. 10 *Holders of rec. Mar.31
*2
Mill Creek & Mine Hill Nay. & RR-- *51.25 July 9 *Holders of rec. July 8
Missouri-Kansas-Texas, Pref. A (*Nan). 1% Mar.31 Holders of rec. Mar. 5a
Missouri Pacific, pref. (quar.)
134 dApr. 1 Holders of rec. Mar. 13a
Newark & Bloomfield. pref. (guar.).- •114 AM. 1 *Holders of rec. Mar. 24
N.Y.Chic.& St. Lou.,com.& of. A(qu) 134 Apr. 1 Holders of rec. Feb. 16a
N. Y. Lackawanna & Western (quar.)
1% Apr. 1 Holders of rec. Mar. 14
N. Y. N. H.& Hartford. corn.(qua?.)... 1)4 Apr. 1 Holders of rec. Mar, 6a
154 Apr, 1 Holders of rec. Mar. fla
Preferred ((mar.)
Norfolk & Western,common (quar.)..... 234 Mar.19 Holders of rec. Feb. 28a
North Carolina RR.. 7% guar. stock
*34 Aug. 1 *Holders of rec. July 20
NorthernPacific (guar.)
1% May 1 Holders of roe. Mar. 130
Pere Marquette, common (quar.)
1% Apr. 1 Holders of rec. Mar. 70
Preferred and prior preference (quar.) 134 May 1 Holders of rm. Apr. 40
Peterborough KR
*1% Apr. I *Holders of rm. Mar. 25
Pitts. Ft. Wayne Jr Chicago,corn.(WO - 134 Apr. 1 Holders of rec. Mar. 10a
Preferred (quar.)
'154 Apr. 7 *Holders of rec. Mar, 10a
Reading Co.. nd pref. (guar.)
500. Apr. 9 Holders of roe. Mar.190
St. Joseph, go. Bend & Sou, common
75e. Mar. 16 Mar. 11 to Mar. 15
Preferred
234 Mar. 18 Mar. 11 to Mar. 15
Bt. Louis-San Francisco.6% pref.(au.). 1)4 May 1 Apr. 12 to May 12
6% preferred (guar.)
1% Aug. 1 Holden' of rec. July la
6% preferred (guar.)
1% Nov. 2 Holders of rect. Oct. to
Southern Pacific Co. (guar.)
134 Apr. 1 Holders of rec. Feb. 24a
Southern Ky.common (guar.)
2 May 1 Holders of rec. Apr. la
Common (guar.)
1.65 Aug. 1 Holders of roe. July la
Texas & Pacific, common (quar.)
1% Mar. 31 Holders of rec. Mar. 13a
Union Pacific, cm.(quar.)
2% Apr, 1 Holders of rec. Mar. 2
Preferred
Apr. 1 Holders of rec. Mar, 20
2
United N. J. RR.& Canal Cos.(guar.)- •234 Apr. 10 *Holders of rec. Mar,10
Vicksburg Shreve.& Paofflo corn.& pref.. 24 Apr. 1 Holders of roe. Mar. 90
WarrenRR
*51.75 Apr. 15 *Holders of rec. Apr. 4
Name of Company.
1937
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Eastern Gas& Fuel Assoc. pr. pf.(qm)._ 51.125 Apr. 1 Holders of rec. Mar.15
Preferred (guar.)
1)4 Apr. 1 Holders of reo. Ma.. 15
Electric Bond & Share, common
113-4 Apr. 1 Hoders of ree. Mar. 7
$6 preferred (guar.)
$1.60 May 1 Holders of roe. Apr. 4
$5 preferred ((mar.)
$1.25 May 1 Holders of rec. Apr. 4
Empire District Elec. Co.. pf.(mthly.)
500. Apr. 1 Holders of rec. Mar. 14
Empire Gas & Fuel Co.,8% of.(mthly.) 662-So Apr. 1 Holders of rec. Mar. 140
58 1-30 Apr. 1 Holders of roe. Mar. 14.
7% preferred (monthly)
54 1-6c Apr. 1 Holders of roe. Mar. 140
634% preferred (monthly)
6% preferred (monthly)
500. Apr, 1 Holders of rec. Mar. 14e
Empire Power Corp., $0 pref. (quar.)__
$1.50 Apr, 1 Holders of rec. Mar. 17
Participating stock
56c. Apr. 1 Holders of rec. Mar. 17
Engineers Public Service, corn.(quar.)_ _
60o. Apr. 1 Holders of rec. Mar. 170
58 preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 17
51.375 Apr. 1 Holders of rec. Mar. 17a
$5.50 preferred (guar.)
$5 preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 17a
Feather River Power, Prof. A (guar.)._ '134 Apr. 1
Federal Light & Tract., com.(guar.).- 37340. Apr. 1 Holders of rce. Mar.130
Apr. 1 Holders to rec. Mar. 13a
/1
Common (Payable in corn. stock)Federal Water Service,$7 pref.(guar.)_
$1.75 Apr. 1 Holders of roe. Mar.16
1.625 Apr. 1 Holders of rec. Mar. 16
36.50 preferred (guar.)
81.50 Apr. 1 Holders of roe. Mar.16
56 Preferred (guar.)
Fran kf & So'wark Phila. Pass.Ky.(qu.) 54.50 Apr. 1 Holders of rec. Mar. 1
Gas& Elec. Securities Co.,corn.(mthly.) 50c. Apr. 1 Holders of rec. Mar. 14a
Common (payable in corn. stock)._ _ 554 Apr. 1 Holders of rec. Mar. 140
Preferred (monthly)
58 1-3c Apr, 1 Holders of roe. Mar.14a
Gas Securities Co.,corn. In scrip (mthly).
34 Apr. 1 Holders of rec. Mar.14a
Preferred (monthly)
50c. APr. 1 Holders of roe. Mar.14a
General Gas& Elec., Cl. A (guar.)
17340. Apr. 1 Holders of roe. Feb. 27.
El pref. series A & B (quar.)
$1.50 Mar.16 Holders of rec. Feb. 160
$7 Prof. series A (guar.)
$1.75 Apr. 1 Holders of rec. Feb. 27a
$8 pref. series A (quar.)
Apr. 1 Holders of rec. Feb. 274
$2
Georgia Power, $6 pref. (guar.)
51.50 Apr. 1 Holders of rec. Mar. 14a
$5 preferred (quar.)
51.25 Apr. 1 Holders of rec. Mar. 140
Great West. Power (Callf.), 7% pfd.(qu) '154 Apr. 1
6% Preferred (quar.)
•134 Apr. I
Public Utilities.
Gulf States Utilities. 86 Pf.(gum.)
*111.50 Mar. 16 *Holders of rect. Mar. 2
Alabama Power, 57 Pref.(guar.)
81.75 Apr. 1 Holders of roe. Mar. 14
$5.50
Mar.16 *Holders of roe. Mar. 2
$1.375
preferred
(guar.)
56 preferred (guar.)
$1.50 Apr. I Holders of roe. Mar. 14
Hackensack Water, pref. A (qnar.)
43%c Mar. 31 Holders of roe. Mar.17a
$5 Preferred (guar.)
$1.25 May 1 Holders of rec. Apr. 15
Haverhill Gas Light Co. (guar.)
56c. Apr. 1 Holders of rec. Mar.20
American Cities Pow. & Lt., el. A (an ) (p) May 1 *Holders of rec. Apr. 4
Illinois Power Co.,6% pref.(qua?.),__ 13.4 Apr. 1 Holders of rec. Mar.16
American Electric Power, $7 pref. (qu ) $1.75 Mar. 16 Holders of rec. Feb. 28
I% Apr. 1 Holders of rec. Mar. 18
7% preferred (guar.)
Amer. & Foreign Power, $7 Pref.(gm) $1,75 Apr. 1 Holders of rec. Mar. 14a Illinois
Power & Light,$8 pref.(qu,)-*51.50 May 1 *Holders of rec. Apr. 10
58 preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 14a
8%
preferred
1% Apr. 1 Holders of rec. Mar. 10
(quar.)
Amer. Power & Light, $5 pref.std ((lU) $1% Apr. 1 Holders of rec. Mar. 14a Indiana
Hydro-Elec. Co., pref.(guar.).- 1% Mar.16 Holders of roe. Feb. 28
$5 Preferred (guar.)
51
Apr. 1 Holders of roe. Mar. 14a Indianapolis
Water
Co..
134 Apr. 1 Holders of rec. Mar. 12a
prof.
A
(qu.)
88 Preferred (guar.)
81.50 Apr. 1 Holders of rec. Mar. 140 Interstate Power, $7
"51.75 Apr. 1 *Holders of rec. Mar. 5
Pref.(guar.)
American Public Service, Pref. quar.)- '154 Apr. 1 *Holders of rec. Mar. 16
$6 preferred (guar.)
Apr. 1 *Holders of rec. Mar. 5
•51.50
Amer. Superpower, ist pref. (quar.)__.
Apr.
1
Holders of rec. Mar. 16
$1.50
Iowa Power dr Light, 7% pref. (quar.)
*Holders of rec. Mar. 14
•1% Apr.
$6 preferred (guar.)
$1.50 Apr. I Holders of rec. Mar. 16
6% preferred (quar.)
'
114 Apr. 1 'Holders of roe. Mar. 14
Amer. Telep. & Teleg. (guar.)
234 Apr. 15 Holders of rec. Mar. 14a Jamaica Public Sent., corn.(gnu.)
Holders of rec. Mar.13
Apr.
250.
1
Amer. Water Works & El., corn. (qu.)....
75e. May 1 Holders of rec. Apr. 10a
Preferred (guar-)
1% Apr. 1 Holders of rec. Mar.13
$6 let Preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 12a Jersey Central
Apr. 1 Holders of rec. Mar. 10
Power et Lt..7% pf.
154
Arizona Power,8% pref.(guar.)
*Holders
1
Apr.
of
rec.
*2
Mar. 24
6% preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 10
7% preferred (guar.)
•1
AM. 1 *Holders of rec. Mar,24
Kansas City Power & Lt., pf. B (qu.).
13.4 Apr. 1 Holders of rm. Mar.140
Associated Gas & Elec. 25 pref.(quar.).- 51.25 Mar.18 Holders of rec. Feb. 16
Kentucky Securities, corn.(guar.)
Apr. 1 Holders of rec. Mar. 17
154
Associated Telep. Utilities, corn. guar.). /2
Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Apr. 15 Holders of roe. Mar. 17
134
$7 Prior preferred (guar.)
$1.75 Mar. 14 Holders of roe. Feb. 28
Kings County Lighting, oom.(qua?,)... *51.50 Apr. 1 *Holders of rec. Mar. 18
$6 prior preferred (guar.)
$1.50 Mar. 14 Holders of rec. Feb. 28
7% Preferred (guar.)
*1% Apr. 1 *Holders of rec. Mar.18
$6 convertible preferred A (guar.)--- $1.50 Apr. 1 Holders of rec. Mar. 14
•114 Apr. 1 *Holders of rec. Mar. 18
5% Preferred (guar.)
4augor Hydro Eleo, Co., 7% pref. (qu.) "1 It Apr. 1 *Holders of reo. Mar. 10
Laclede Gas Light. common (guar.).- 2
Mar.16 Holders of rec. Mar. 20
*Holders
Apr.
6% Preferred (quar.)
1
of rec. Mar. 10
'13'
Long Island Ltg., 7% pref. Priori
134 Apr. 1 Holders of rec. Mar. 17
Barcelona Tmc., Lt.& Pow., corn
50c. Mar. 14 Holders of rec. Feb. 23
0% preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 17
Bell Telephone of Canada (guar.)
Apr. 15 Holders of rec. Mar.23
2
Louisville G.& E.(Del.) corn A&B ((Zu.) 4354c. Mar.25 Holders of rec. Feb. 230
Hell Telephone of Pa.,84% pref.(qua 1% Apr. 15 Holders of refs. Mar.20
Mackay Cos.. pref. (guar.)
Apr. 1 Holders of rec. Mar. 13a
1
Birmingham Water Works,6% Pref.(gu.) '134 Mar.16 *Holders of rec. Mar. 2
Memphis Natural Gas,common (guar.). *15e. Apr. 15 *Holders of rec. Mar.31
Boston Elevated, corn.(guar.)
Holders
of
roe.
Apr.
1
1)4
Mar. 10
Preferred (quar.)
Apr. 1 *Holders of rec. Mar.20
*31.75
Second preferred
334 Apr. 1 Holders of rec. Mar. 10
Memphis Power & Light,$7 pf.(qu.).. 51.75 Apr. 1 Holders of rec. Mar. 14
Brazilian Tr. Light & Pow.. pref.(guar.) 134 Apr. 1 Holders of rec. Mar. 18
$6 preferred (quar.)
Apr.
51.50
1 Holders of rec. Mar. 14
British Columbia Power, class A (guar.) 50c Apr. 15 Holders of rec. Mar. 31
Apr. 1 'Holders of rec. Mar. 2
Metropolitan Edison Co., corn. (guar.). •$1
Bkyn.-Manhattan 'Pron., pf.ser. A (tiu.) $1.50 Apr. 15 Holders of rec. Apr. la
87 preferred (quar.)
•SI 75 Apr: 1 *Holders of rec. Mar. 2
Brooklyn Union Gas (guar.)
51.25 Apr. 1 Holders of rec. Mar. 2a
$6 Preferred (guar.)
-$1.50 Apr. 1 "Holders of rec. Mar. 2
Butler Water. let pref. (guar.)
*1% Mar.16 "Holders of roe. Mar. 2
$5 Preferred (guar.)
"51.25 Apr. 1 'Holders of rec. Mar. 2
Cables & Wireless. Ltd.Middle Western Telep.. class A (gm)
•4334e Mar.15 *Holders of rec. Mar. 5
Amer. dep. recta. 54% pref
'w23( Apr. 6 *Holders of roe. Feb. 27
Midland United Co.. corn.(guar.)
g Mar. 24 Holders of rec. Feb. 28
Canada North. Pow. Corp., corn. (qu ) 20c Apr. 25 Holders of rec. Mar. 31
J'75c. Mar.24 Holders of rec. Feb. 28
Convertible pref.. series A ((Mar.)-Preferred (guar.)
*134 Apr. 15 *Holders of rec. Mar. 31
1% Apr. 8 Holders of roe. Mar.21
Utilities.
prior
lien
7%
(qu.)
Canadian Light & Power, corn.(No. 1). 1
Apr. 7 Holders of rec. Mar. 23
6% prior lien (guar.)
1)4 Apr. 6 Holders of rec. Mar.21
Canadian Western Natural Gas. Light.
7% preferred A (guar.)
1% Apr. 6 Holders of rec. Mar.21
Heat & Power. preferred (extra)
•25o June 1 *Holders of rec. May 15
114 Apr. 6 Holders of roe. Mar.21
6%
Preferred
A
(guar.)
Central Illinois Pub.Serv., $6 pref.(qu ) *S1.50 Apr. 15 "Holders of rec. Mar. 31
Mohawk & Hudson Pow., pref.(quar.)
81.75 May 1 Holders of rec. Apr. 15
Cent.Pub.Serv., cl. A (1-40th o.A stk.)
Mar. 15 *Holders of rec. Feb. 23
Second preferred (guar.)
Apr. 1 Holders of rec. Mar.16
$1.75
$7 preferred Omar.)
O51.75 Apr. 1 *Holders of rec. Mar. 12
Monongahela West Penn. Pub.Serv.$6 preferred (quar.)
*$1.50 Apr. 1 *Holders of rec. Mar.12
7% preferred (guar.)
433ic Apr. 1 Holders of rec. Mar.14
4.51
$4 preferred (guar.)
Apr. 1 *Holders of rec. Mar.12
Municipal Service Co.. corn.(quar.) 38e. Apr. 1 Holders of rec. Mar.16
Central dr S. W. Utilities, corn.(guar.). 1134 Apr. 15 Holders of rec. Apr. 2
National Elec. Power, com.,class B (qu.) 450 Mar.31 Holders of rec. Mar.10
Central State Elec., cont.(In corn. stk.)- 15
July 1 Holders of roe. June 5
1% Apr. 1 Holders of rm. Mar.10
7%
Preferred
(guar.)
7% preferred (guar.)
1% Apr. 1 Holders of ref,. Mar. 5
134 Apr. 1 Holders of roe. Mar.10
6% Preferred (guar.)
6% preferred (guar.)
134 Apr. 1 Holders of reo. Mar. 5
National Public Service, common A (qu.)
40e. Mm.15 Holders of rec. Feb. 27
Convertible pre/. series 1928
081.50Apr. 1 Holders of rec. Mar. 5
Preferred A (guar.)
Apr. 1 Holders of rec. Mar. 10
154
Convertible pref. aeries 1929
051.50 Apr. 1 Holders of rec. Mar. 5
New
Holders of reo. Feb. 27
Apr.
51.375
England
Assn.
G.
&
pref.
E.
(qu.).
Central States Power & Light. pf. (qu.). '81.75 Apr. 1 *Holders of rec. Mar. 5
New England Power Co.. pref.(quar.)
134 Apr. 1 Holders of roe. Mar. 10
Central States Utilities, pref.(gnar.).-- '81.76 Apr. 1 *Holders of rec. Mar. 5
New
Holders
of rec. Mar.310
Apr.
15
England
500.
Power
corn.
Assn.,
(MI.)
Chic. NO. Sh.& Milw., pr. I. pt.(qu.)._ •144 Apr. 1 *Holders of rec. Mar. 16
134 Apr. 1 Holders of rec. Mar. 100
6% prof. (guar.)
Chicago Rapid Transit, pref. A (quar.). *650. Apr. I *Holders of rec. Mar. 17
$2 preferred (guar.)
Apr. 1 Holders of rec. Mar. 10a
500.
Prior preferred B ((mar.)
•600. Apr. 1 *Holders of rec. Mar. 17
N.Engl. Pub.Serv., 57 pr.lien pfd.(qu.) $1.75 Mar. 15 Holders of rec. Feb. 28
Clno. & Suburban Bell Telep.(guar.)._ 111.13 Apr. 1 *Holders of rec. Mar.20
$6 prior lien pref. (guar.)
$1.50 Mar.15 Holders of rec. Feb. 28
Cities Sent Pow.& Lt. Sip!.(mt017.)
8 1-30 Mar.16 Holders of rec. Feb. 284 New England
Mar.31 Holders of rec. Mar. 10
2
Tel. & Tel.(quar.)
$6 preferred (monthly)
50o. Mar.28 Holders of rec. Feb. 28a N.Y.
Power
& Light Corp..7% EC (qu.) 114 July 1 Holders of rec. June 15
$5 preferred (monthly)
4 1 2-30. Mar.16 Holders of rec. Feb. 284
$6 preferred (guar.)
$1.50 July 1 Holders of rm. June 15
87 preferred (monthly)
58 1-3o Apr, 15 Holders of rec. Apr. la N.
Y.&Queens EI.L.&P., corn, (qua?.)..•$1.50 Mar. 14 *Holders of rec. Feb. 27
$8 preferred (monthly)
500, Apr. 1 Holders of rec. Apr. la
York Telephone, pre/. Mara
134 Apr. 15 Holders of rec. Mar.20
$5 preferred (monthly)
41 2-3o Apr. 1 Holders of rec. Apr. la New
N Y. Water Service Corr... Prof (guar) 1% Mar. 15 Holders of rec. Mar. 5
Citizens Water of Washington, Pa.
Niagara
&
Hudson
100 Mar.31 Holders of rec. Mar. 70
Pow., COM. (.111.)--Preferred (guar.)
1% Apr. 1 Holders of rec. Mar.20
North American Co..corn.(guar.)
123.4 Apr. 1 Holders of ree. Mar. 5a
Cleveland Ky.(guar.)
Apr. 1 *Holders of rec. Mar. 26
Apr. 1 Holders of rec. Mar. 50
Preferred
750.
((mar.)
Coast Counties Gas dr ELIst&2d pf.(qu.)'
134 Mar. 16 *Holders of reo. Feb'. 26
Amer. Utility Sec. 1st pref.(qu.). •$1.50 Mar.15
Commonwealth & Southern, $6 of.(gm) $1.50 Apr.
Holders of roe. Mar. 9a North
Northern N Y Telephone Corp (qua '
234 Apr. 15 *Holders of rec. Mar. 31
Connecticut Elec. Service ((mar.)
'750. Apr. 1 *Holders of roe. Mar. 15
500 Apr. 25 Holders of rec. Mar.51
Northern Ontario Power,00M.((Mara
Consol Gas, Elec. Light dr Pow.,Bait.
Preferred (guar.)
13.4 Apr. 25 Holders of rec. Mar.31
Common (guar.)
*900. Apr.
*Holders of rec. Mar. 14
Northport
"1%
AM. 1 "Holders of rec. Mar. 17
(quar.)__
Water
pref.
Works,
5% preferred series A (guar.)
'134 Apr.
*Holders of rec. Mar. 14
I% Apr. 1 Holders of rem Mar.14
North West 131111Bee. 7% pr. lien (qu.)
0% preferred series D (guar.)
*Holders of rec. Mar. 14
Apr.
Ohio Electric Power,7% pref.(quar.) _ 1% Apr. 1 Holders of rec. Mar.16
•11..‘ Apr.
04% preferred series E (guar.)
*Holders of roe. Mar. 14
134 Apr. 1 Holders of rec. Mar. 16
6% Preferred (guar.)
Consolidated Gas of N. Y., corn.(qu.)-- $1 Mar.18 Holders of reo. Feb. 84
Ohio Public Service, 7% prof.(mthli.)- 58 1-3c Apr. 1 Holders of rm. Mar.14a
Preferred (guar.)
81.25 May
Holders of roe. Mar.28a
50c Apr. 1 Holders of rec. Mar.14a
6%
preferred
(monthly)
Consumers Oss, Toronto ((mar.)
234 Apr.
Holders of rec. Mar. 14
41 2-3c Apr. 1 Holders of roe. Mar. 14a
5% preferred (monthly)
Consumers Power Co.,$5 pre!.(guar.)
51.25 Mfr.
Holders of rte. Mar. 14
Oklahoma Gas & Eloe.,6% Pref.(on.)-. 13.4 Mar. 16 Holders of rec. Feb. 28
1% Apr.
6% preferred (guar.)
Holders of re0. MM.14
1% Mar.16 Holders of rec. Feb. 28
7% preferred (guar.)
5.5% preferred (guar.)
1.85 Apr.
Holders of rec. Mar.14
•51.50 Apr. 1 *Holders of rec. Mar. 15
Otter Tail Power,$6 prof. (guar.)
1% preferred (guar.)
15( Apr.
Holders of lee. M.14
• 31.375 Apr. 1 'Holders of rec. Mar. 15
85.50
preferred
(guar.)
8% preferred (monthly)
50o. Apr
Holders of rec. Mar. 14
Pacific N. W.Pub. Ser., pr. pt.(qu.)_.. 81% Apr. 1 *Holders of rec. Mar. 14
6.8% preferred (monthly)
550. Apr, 1 Holders of rec. Mar
'134 Apr. 1 *Holders of rec. Mar. 14
6% first preferred (guar.)
Continental Gas & Else., corn.(gUar.)-- 81.10 Apr. 1 Holders of roe. Mar.14
12a
•51.80 May 1 *Holders of rec. Apr. 15
7.2% first preferred (guar.)
prlor preference (guar.)
81.75 Apr. 1 Holders of roe. Mar. 12a
"134 Mar. 31 *Holders of rec. Mar.20
Denver Tramway. Pref. (guar.)
37340 Apr. 1 Holders of rec. Moro:114a Pacific Tel. & Tel., coin. (quar.)
'
11.4 Apr. 15 *Holders of roe. Mar.31
Preferred (guar.)
Detroit Edison Co.(guar.)
2
Apr. 15 Holders of roe. Mar.200
700. Apr. 1 Holders of rec. Mar.10
Penn
(qu.)._
Cent.
Lt.
$2.80
&
Pow..
pt.
Diamond State Telep.. 634% met.(qu.) •134 Apr. 15 *Holders of rec. Mar.20
51.25 Apr. 1 Holders of roe. Mar. 10
$5 preferred (quar.)
Duke Power, common (guar.)
ni Apr. 1 Holders of roe. Mar 14
Apr. 1 *Holders of rec. Mar.20
*S1.75
Penna.
(qua?.),..
Gas
&
El.
pf,
Corp.
$7
Preferred (guar.)
1% Ann 1 Holders of rec. Mar. 14
*Holders of roe. Mar.20
•1% Apr.
7% Preferred(quar.)
Duquesne Light.5% 1st prof.(qua?.)... 1% Apr. 15 Holders of rec. Mar. 16a
Pennsylvania Power &Light,$7 pf.(qU ) $1.75 Apr. 1 Holders of ree. Mar. 14
Eastern N. J. Power,8% Pref.(quar.).. *2
Apr. 1 *Holders of rm. Mar.14
Holders of rec. Mar. 14
Apr.
51.50
56
preferred
(guar.)
7% preferred (guar.)
*1% Apr. 1 *Holders of rec. Mar. 14
Holders of rec. Mar. 14
$1.25 Apr.
85 preferred ((mar.)
(1)4% preferred (guar.)
*1% Apr. 1 *Holders of rec. Mar. 14
75c. Apr. 1 Holders of rec. Mar.13
Pennsylvania
Water
&
Power
(guar.).
(guar.)
Preferred
•114 Apr. 1 *Holders of rec. Mar. 14
6%
Apr. 17 Holders of rec. Apr. 30
2
Peoples Gas Licht & Coke (guar.)
East Kootenay Power Co., pref.
1% Mar.16 Holders of rec. Mar. 15
600. Apr. 1 Holders of rec. Mar.14
Elec. Pr.& Lt. allot. ctf.s. full pd.(qu.). 1% Apr. 1 Holders of roe. Mar. 7a Peoples Lt. & Pr.. corn. class A (guar.). $1.50
Apr. 1 Holders of rec. Mar. 2a
Philadelphia
(guar.).
prof.
Company,
$O
Allotment certlficates 80% paid (qu.)_
1.40 Apr. 1 Holders of roe. Mar. 7a
$1.25 Apr. 1 Holders of rec. Mar. 2
$5 preferred (guar.)
$7 preferred (guar.)
81.75 Apr. 1 Holders of rec. Mar. 7a
1 Holders of roe. Mar.11
Apr.
50o
Philadelphia
Elec,
Pow.,
8%
pf.
$8 preferred (quar.)
81.50 Apr. 1 Holders of roe. Mar. 7a Philadelphia Traction
$2 Apr. 1 Holders of rec. Mar.10
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inc.ineire.
Public Utilities (Cowhated).
Power Corp. of Canada.6% pf. (qu.)___
134 Apr. 15 Holders of rec. Mar. 31
preferred( guar.)
Participating (
75e. Apr. 15 Holders of rec. Mar. 31
Pro
S
*Mk Apr. 1 "Holders of rec. Mar. 14
GaqUar
Pub. Serv. of Col., 7% pref.(monthly). 58 1-3c Apr. 1 holders of rec. Mar. 14
6% preferred (monthly)
50c Apr. 1 Holders of rec. Mar. 14
5% preferred (monthly)
41 2-3c Apr. 1 Holders of rec. Mar. 14
Public Sera. of N. It.. $6 pref.(quar.) •$1.50 Mar. 16 *Holders of rec. Feb. 28
$5 preferred (quar.)_
•$1.25 Mar. 16 *Holders of rec. Feb. 28
Public Service Corp. of N.J., corn.(qu.) 800 Mar.31 holders of rec. Mar. 2a
35 preferred (guar.)
$1.25 afar. 31 Holders of rec. Mar. 2a
7% preferred (guar.)
1% afar. 31 Holders of rec. Mar. 2a
8% preferred (guar.)
Mar. 31 Holders of rec. Mar. 23
2
6% pt. (monthly)
•50c. Mar.31 *Holders of rec. Mar. 2
Apr. 1
Public Serv. Co. of Okla., corn.(quar.)
Apr. 1 Mar. 21 to
2
Apr. 1
133 Apr. 1 Mar. 21 to
7% prior lien stock (guar.)
Apr.
I
21
6% prior lien stock (guar.)
to
Mar.
Apr.
1
134
Public Service Elec. & Gas,7% pf.(qua
154 NIar. 31 Holders of rec. Mar. 2
6% preferred (guar.)
134 Mar.31 'folders of rec. Mar. 2
Puget Sound Power & Light, pref.(au) $1.50 Apr. 15 Holders of rec. afar. 20
Prior preferred (quar.)
$1.25 Apr. 15 'folders of rec. Mar. 20
Quebec Power (guar.)
6234c. Apr. 15 Holders of rec. Mar. 23
Queensbom Oas & Elm.,6% pref. (qu.).. •134 Apr. 1 *Holders of rec. Mar. 20
Apr. 1 *Holders of rec Mar 10
.3
SavannahElm.& Power,6% pref
Apr. 1 *Holders of rec. Mar. 10
.2
First preferred A (guar.)
First preferred B (quer.)
••134 Apr. 1 *Holders of rec. Mar 10
First preferred C (guar.)
'154 Apr. 1 *Holders of rec. Mar. 10
First preferred D (guar.)
•134 Apr. 1 "Holders of rec. Mar. 10
Apr. 1 *Holders of rec. Mar. 1
Second & 3d St.. Phila. Pass Sty.(gu.)- .+$3
63c Apr. 10 Holders of rec. Mar. 16
Shavrinigan Water & Power (guar.)50c Apr. 15 Holders of rec. Mar. 20
Southern Calif Edison, orig. pref.(qua
18%c. Apr. 15 Holders of rec. Mar. 20
Preferred series C (quar.)
43540 Mar. 15 Holders of rec. Feb. 20
Preferred A (quar.)
37340 Mar. 15 Holders of rec. Feb. 20
Preferred B Mum.)
Southern Canada Power,pref. Mar.).- 134 Apr. 15 Holders of rec. Mar. 20
Southern Colorado Pow.,7% pref.(qu.)_
154 Mar. le Holders of rec. Feb. 28
Holders of reo. Mar.20
133 Apr.
Southwestern Bell Telep., pref.(quar.)_
*Holders of rec. Mar. 16
Apr.
Southwestern Gas & El.,8% pf.(qua _ *2
+1% Apr.
*Holders of rec. Mar. 16
7% preferred (guar.)
"Holders of rec. Mar. 16
Southwestern Light & Power, pref.(qua "31.50 Apr.
Holders of rec. Mar. 14
Springfield Gas & Elec.. pf. A (quar.)_._ $1.75 Apr.
Standard Gas & Electric, corn. ((oar.).- 8734c Apr. 2 Holders of rec. Mar. 310
Mar.) Holders of rec. Feb. 28a
El
24 preferred Mar.)
$1.50 Apr. 2 Holders of rec. Mar. 31a
26 preferred (guar.)
$1.75 Apr. 2 Holders of rec. Mar. 31a
$7 preferred (quar.)
Holders of rec. May 11
Standard Pr. & Lt., corn. & corn. B ((u.) 50c. June
Holders of rec. Apr. 16
$1.75 May
Preferred (quar.)
Taoony-Palmyra Bridge, corn. (quar.)._ *750. Mar.3 *Holders of rec. Mar. 10
750. Mar,3 Holders of rec. Mar. 10
Class A (quar.)
1% Apr.
Holders of rec. Mar. 14
Tenn. Elec. Power Co.,5% Of.(Q1.1.) Holders of rec. Mar. 14
134 Apr.
6% first preferred (guar )
Holders of reo. Mar. 14
154 Apr.
7% first preferred (guar.)
Holders of reo. Mar. 14
1.80 Apr.
7.2% first preferred (guar.)
Holders of rec. Mar. 14
50c. Apr.
8% firm preferred (monthly)
60e. Apr.
Holders of rea. Mar. 14
7.2% first preferred (monthly)
Holders of rec. Mar. 14a
Toledo Edison Co.,7% pref (monthIlri -- 58 1-3c Apr.
Holders of rec. Mar. 14a
50c. Apr.
6% preferred (monthly)
5% preferred (monthly)
Holders of rec. Mar. 14a
422-3r Apr.
Holders of rec. Mar. 14
Toledo Light & Power, pref. (quar.)---- 134 Apr.
Holders of reo. Mar. 12a
Twin City Rapid Tr.. Minn., pref. (qu.) 134 Apr.
Holders of rec. Mar, 5a
1833c. Apr.
United Corporation, corn. (guar.)
Holders of rec. Mar. 5a
Preferred (guar.)
75c. Apr.
Holders of rec. Mar. 16
United Gas & Eleo. Corp.. pref. (quar.)_
13.4 Apr.
30c. Mar.3 Holders of rec. Feb. 28a
United Gus [rapt., cola.(guar.)
$1.25 Mar.3 Holders of rec. Feb. 280
35 preferred (quar.)
Holders of rec. Apr. I5a
25e. May
United Lt. & Pow., corn. A & B (qu.)
Holders of rec. Mar. 160
$1.50 Apr.
$6 first preferred (guar.)
*Holders of rec. Mar. 14
United Public Service. $7 pref. (:111.)--- - •31.75 Apr.
*Holders of rec. Mar. 14
•31.50 Apr.
$6 preferred (quar.)
*Holders of rec. Mar. 14
United Pub. Util., $5.75 pref. (gu.)--*$ 1.43% Apr.
Holders of rec. Mar. 5
Utah Power & Light, $7 pref. (quar.)__ _ 81.75 Apr.
31.50 Apr.
Holders of rec. Mar. 5
$6 preferred (guar.)
Holders of rec. Mar. 5
25e. Apr.
Utilities Power & Light. corn. (quar.)_
Holders of rec. Mar. 5
134 Apr.
7% preferred (quar.)
(r) Apr.
Holders of rec. Mar. 5a
Class A (quar.)
Holders of rec. Mar. 5
200. Apr.
Class B (quar.)
Va. Elec.& Power,6% pref.(quar.).-- 1% Mar. 2 Holders of rec. Feb. 27s
Washington Water Pow.,6% pl. (qu.)_ _ "134 Mar. 1 "Holders of rec. Feb. 28
•I% Mar. 1 *Holders of rec. Feb. 28
63.4% preferred (guar.)
68%c Mar.3 Holders of rec. Mar. 17
Western Massachusetts Cos.(quar.)
13.4 Apr.
Holders of rec. afar. 25
Weetern Power Corp., pref. (quar.)_ 5
'Holders of rec. Mar. 16
Western United Gas,6%% Pf.
"134 Apr.
*Ifolders of rec. Mar. 16
"13-4 Apr.
6% preferred (quar.)
West Penn Elec. Co., class A (quar.)_.. $1.75 Mar.3 fielders of rec. Mar. 17a
134 May 1 Holders of rec. Apr. 20a
7% preferred (guar.)
1% May 1 Holders of rec. Apr. 20a
6% preferred (quar.)
Holders of rec. Apr. ea
West Penn Power Co.,7% pref. (quar.).. 1% May
Holders of rec. Apr. Oa
6% preferred (quar)
134 May
133 Apr.
Holders of rec. Mar. 6
Winnipeg FJectrio Co., pref.(quar.)
*Holders of rec. Mar. 16
Wisconsin Elec. Pow.,63.4% pref (qu.).. *154 Apr.
"Holders of rec. Mar. 16
6% preferred ((uar.)
"134 Apr.
Wisconata Mich. Power,6% pref. (cm.). 'I% Mar. 1 'Holders of rec. Feb. 28
Wisconsin Pub. Serv., 7% pref.((uer.). 1% Mar. 2 Holders of rec. Feb. 28
134 Mar. 2 Holders of reo. Feb. 28
634% preferred (quar.)
134 Mar. 2 Holders of reo. Feb. 28
6% preferred (quar.)
Banks.
Si
Chase National (guar.)
Chase Securities Corp.(quar.)
Chatham Phenix Nat. Bk. dr Tr.(qu.)-- '51
$1
Manhattan (The) Co. (guar.)
National City Bank (quar.
El
National City Co. (quar.)
City Bank Farmers Trust Co. (qUara- Public National Bank & Trust guar.) *31.
Apr. 1 Holders of rec. Mar.31a
Apr. 1 *Holders of rec. Mar. 16
Apr. 1 Holders of rec Mar. 16a
Apr. 1 Holders of rec. Mar. 7
Apr. 1 *Holders of reo. Mat. 20
Trust Companies.
Bence Commerciale Itallana Tr.((u.)-- "51.25 Apr. 1 *Holders of roc.
700. Apr. 1 Holders of rec.
Bankers (quar.)
30e. Mar. 15 Mar. 7 to
Continental Bank & Trust (qual.)
Mar. 31 Holders of rec
5
Guaranty (quar.)
40c. Apr. 1 Holders of rec.
Irving Trust (guar.)
Apr. 1 Holders of rec.
15
United States Trust (quar.)
Fire Insurance.
Resale Insurance Co. of America (guar.).
55e. Apr.
Mar. 15
Mar. 11
Mar.15
Mar. 6
Mar. 3
Mar. 20
1 Holders of rec. Mar.10
Miscellaneoua.
4.623.4c Apr. 1 "Holders of rec. Mar, 18
Abbott Laboratories (quar.)
Abitibi Power dr Paper, 7% pref.(qu.).- 1% Apr. 1 Holders of rec. Mar. 20
40c Mar. 31 Holders of rec. Mar.
Adams Express, C011161021 ((uar.)
134 Mar. 31 Holders of rec. Mar. 14n
Preferred (quar.)
Holders of rec. Mar. 21a
35c Apr. 1
Addressograph Internat. Corp. (guar.)
Holders of rec. Mar. 16
Agnew-Surpass Shoe Stores, pref. (qu.) 134 Apr.
Holders of rec. Feb 280
15c Mar. 1
Allegheny Steel, corn. (monthly)
"Holders of rec. May 15
*13.1 June
Preferred (guar.)
*Holden) of rec. Aug. 15
Preferred (guar.)
•13.4 Sept.
*Holders of roe. Noy.13
*I% Dec.
Preferred ((uar.)
Holders of reo. May 20
June
Alliance Realty. prof ((oar.)
134
Holders of roe. Aug. 20
Preferred (guar.)
134 Sept.
Holders of ree. Nov.2f)
Preferred (guar
134 Dec.
Holders of rec. Mar, 7a
Allied Chemical & Dye, pref. (fluar3
134 Apr.
*Holders of rec. Mar. 16
Allied Products, corn. A (guar.)
*87%c Apr.
"1% Mar. 1 'Holders of rec. Mar. 2
Alpha Portland Cement, pref. (guar.)
Mar. 22 to Mar. 31
Aluminum Gooda Mfg. (guar.)
nee Apr.
Aluminum Industries3 (guar.)
*37%c Mar. 1 *Holders of rec. Feb. 28
Holders of rec. Mar. 9a
American Bank Note, corn.(quarj_
50c. Apr.
Holders of rec. Mar. 9a
Preferred ((uar.)
The. Apr.
Amer. Brake Shoe & Fdy cam.(guar.) 600. Mar.3 Holders of reo. Mar 20a
Preferred Mar.)
14 Mar.3 Holders of reo. Mar 20a
Holders of rec. Mar. 20a
Amer. Brown Boveri Elec.. pref. (qual.) 134 Apr.
Holders of reo. Mar. lea
American Can. pref. (quar.)
13-4 Apr.
[vor. 132.
FINANCIAL CHRONICLE
1938
Name of Company.
Miscellaneous (Continued).
American Capital Corp., pref. (q11.)--Amer. Car & Fdy„ corn. (guar.)
I'referred ((uar.)
Ame
Arnr
erIcc
anhiC
cil;a
(
Ig
nu
,ar
pr.
)
ef. (guar.)
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
75c. Apr, 1 Holders of rec. Mar. 16
75c. Apr. 1 Holders of rec. Mar. 17a
134 Apr. 1 Holders of rec. Mar. 17a
13-4 Mar. 31 Holders of roe. Mar. 210
50c. Apr, 1 Holders of rec. Mar. 120
Extra
25c. Apr, 1 Holders of reo. Mar. 120
133 Apr. 1 Holders of rec. Mar. 14
American Cigar Co., pref. Mar.)
*51
May 1 *Holders of rec. Apr. 10
American Coal ((uar.)
•35c. Mar. 31 *Holders of rec. Mar. 12
Amer. Colortyne, common ((uar.)
250. Mar. 31 Holders of rec. Mar. 100
Amer. Encaustic Tiling, corn.(quar.)...
'134 June 1 *Holders of rec. May 25
American Envelope, 7% prof. (quar.)
7% preferred (quar.)
•134 Sept. 1 *Holders of rec. Aug. 25
'133 Dec. 1 *Holders of rec. Nov.25
7% preferred Mar.)
American Express (guar.)
13-4 Apr. 1 Holders of rec. Mar. 200
"1% Apr. 1 *Holders of reo. Mar. 21
American Felt, pref. ((uar.)
Amer. Furniture Mart Bldg., prof.(q) 134 Apr. 1 Holders of reo. Mar.20
35e. Apr, 1 Holders of reo. Mar. 140
Amer. Home Products Corp.(monthly).
50c. Mar. 31 Holders of rec. Mar. 130
Am
perr.eLocomo
wa
utivrei common (quar.)--I% Mar. 31 Holders of rec. Mar. 130
Preferred
Amer. Main Products common (quar.)._ •50c. Mar. 31 "Holders of rec. Mar. 14
*I% Mar. 31 *Holders of rec. Mar. 14
Preferred (guar.)
Mar. 31 Holders of reo. Mar. 15
Amer. Manufacturing Co.. corn.(quar-) 1
July 1 Holders of me. June 15
1
Common ((uer.)
Oct. 1 Holders of roe. Sept. 15
1
Common ((Liar.)
1
DM, 31 Holders of reo. Dec. 15
Common (quar.)
134 Mar. 31 Holders of reo. Mar. 16
Preferred Mar.)
14 July 1 Holders of reo. June 15
Preferred (guar.)
133 Oat. 1 Holders of reo. Sept. 15
Preferred
13.4 Dec. 31 Holders of rm. Dec. 15
Preferred ((oar.)
50c. Mar. 14 Holders; of rec. Mar. 4a
American News (bi-monthly)
Amer. Pneumatic Service, 1st pref.(qU.) 8734c Mar. 31 Holders of rec. Mar. 21
35e. Mar. 31 Holders of roe. Mar. ha
A nier.Rad .,itSta nd.San.Corla. COni.
Amer. Rolling Mill, 6% pref. (qual.)... •133 Apr. 15 "Holders of rec. Mar. 31
'1 34 Apr. 1 "Holden; of roe. Mar. 16
Preferred B (quar.)
13.4 Mar.31 Holders of reo. Mar. 100
Amer. Safety Razor (guar.)
75c. Apr. 1 Holders of rec. Mar. 120
American Snuff, common (quar.)
13.4 Apr. 1 Holders of rec. Mar. 120
Preferred (quar.)
750. Apr. 15 Holders of roe. Apr. la
Amer. Steel Foundries, cora.((uar.)
IN Mar. 31 Holders of roc, Mar. 18a
Preferred (guar.)
50c. Apr. I Holders of reo. Mar. 140
American Stores, com.(quar.)
American Sugar Refining,corn.(qual.).. 14 Apr. 2 Holders of rec. Mar. 50
133 Apr, 2 Holders of rec. Mar. 50
Preferred (quar.)
$1.50 Mar. 31 Holders of rec. Mar. 14n
American Surety. common (quar.)
$1.50 Mar.31 Holders of rec. Mar. 14a
American
134 Apr. 1 Holders of rec. Mar. 105
rterly
Tobacco, pref. Mar.)
+50c. Apr. 1 *Holders of roe. Mar. 18
Amer. Yvette Co., the., Prof. (qUar.)Mar. 15 *Holders of rec. Feb. 28
*51
Anglin-Norcross, Ltd.. corn. ((uar.)-'334 Mar. 15 *Holders of rec. Feb. 28
Preferred
•50c. Apr. I *Holders of reo. Mar. 14
ApPonaug Co.. common (guar.)
*13-4 Apr. 1 *Holders of rec. Mar. 14
634% preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 10
Armour & Co. of Del., pref.((uar.).
0250. Apr. I *Holders of rec. Mar. 18
Armstrong Cork (guar.)
Arnold Print Works, 1st pref.(quar.)--- 4,13.3 Apr. 1 *Holders of reo. Mar.20
25c. Mar,31 Holders of rec. Mar. 14
Aseociated Breweries of Can.,corn.(qu.)
133 Apr, 1 Holders of rec. Mar. 14
Preferred ((uar.)
Mar. 31 Holders of reit. Mar. 21
Associated Investment Co., corn.((uar.) $I
Mar. 31 Holders of rec. Mar. 21
Common
b1?In common stock) _ /El
n(Par
o ar.
Mar.
31 Holders of rec. Mar. 21
134
Preferred
50c. Mar, 31 Holder's of rec. Mar. 14a
Associated Oil (guar.)
Atlantic Gulf & W.1.5.5. Lines, PL(W.) 133 Mar. 30 Holders of rec. Mar. ha
134 June 30 Holders of reo. Juue 101
Preferred (quar.)
134 Sept. 30 holders of reo. Sept. 10a
Preferred (guar.)
Dec. 30 Holders of reo. Doe. 100
133
Preferred (quar.)
250 Mar. 16 Holders of rec. Feb. 210
Atlantic Refining, corn. (guar.)
'1.4 Mar. 31 "Holders of rec. Mar.20
Atlantic Steel, corn. (quar.)
•750 Apr. 1 *Holders of roe. Mar. le
Atlas Stores Corp., prof. (guar.)
Apr. 1 'folders of rec. Mar. 21a
51
Auburn Automobile Mar.)
Apr. 1 Holders of rec. Mar. 21a
2
Stock dividend
Mar. 15 Holders of rec. Mar. 6
2
Autocar Company. pref. (guar.)
+1% Apr. 1
Babcock & Wilcox Co.. pref. (quar.)-Backslap Welt Co., common (qUar.).- *25e Apr. 1 *Holders of reo. Mar. 20
'75e Mar 27 "11 doers of roe. Mar le
Bap
common ((uar.)
lare
baf,ed
..11 deK
z.r)
(aatua
•114 afar 27 *Holders of rec Mar. le
•37 Mc Mar.3 *Holders of reo. Mar.30
Baldwin Rubber, class A ((uar.)
Holders of rec. blur. 140
I% Apr.
Barker Bros. Corp., pref. (quar.)
'Holders of roe. Mar. 31
Beaton & Caldwell Mfg.(monthly)- - •200. Apr.
Holders of reo. Mar. 140
Apr.
Beatrice
errCreamery
Creamer ,common Mari__ $1
Holders of reo. Mar. 140
1% Apr.
y,(qual.)
Holders of roe. Mar. 120
750. Apr.
Beech-Nut Packing. common (quar.)-Holders of rec. Feb. 28
Beldlng CortIcelli, Ltd.. pref. ((uar.)-- 134 Mar. 1
Holders of rec. Mar. 100
25e. Apr.
Bendix Aviation Corp. ((uar.)
Holders of rec. Feb. 250
50c Mar. 1
Best & Co.. corn. ((uar.)
$1.50 May 1
Holders of rec. Apr. 170
(war.)
Bep
threlertes
term
edStee
(qula
.
I% Apr.
Holder, of rec. Mar. ea
*Holders of reo. Mar. 20
.$1.75 Apr.
B-G Sandwich Shops, pref. (qu.)
Apr.
Holders of tee. Mar. 20
Bliss (E. W.), oom.(pay. In corn.stook) /2
f2
July
Holders of reo June 20
Common (payable in common stook)
Holders of reo. Sept. 20
Oct.
/2
Common(payable in common stook)
Bloch Bros. Tobacco. preferred (quar.) - '1% Mar. 3 "Hoidens of rec. Mar.25
Holders of reo. Mar.1 60
Blumenthal (Sidney) & Co., prof. (U.) 133 Apr.
37 Sac Apr.
Holders of reo. Mar. 1.10.
Bohn Aluminum & Brass (guar.)
200. Apr.
Holders of rec. Mar. 16
Borg-Warner Corp., corn, (quar.)
Holders of rec. Mar. 16
114 Apr.
Preferred Mar.)
25e. Mar. 3 Holden; of rec. Mar. 16
Boston Personal Prop. Trust (qual.)....
Bovril, Ltd.Mar. 20 "Holders of reo. Feb. 10
Am.dep. refs, for def. reg. shares..... •to8
Am. dep. rcts. for ord, reg. shares___ _ .0333 Mar. 20 *Holders of rec. Feb. 10
•Ilolders of rec. Apr. 4
*50c. May
Brandram Henderson. Ltd.. coin.(qu.)
Brennan Packing class A (qual.)
*Holders of rec. May 20
•61 June
e$1 Sept.
"Holders of reo. Aug. 20
Close A (guar.)
'holders of rec. Nov. 20
Deo.
•31
Class A (guar.)
'holders of rec. May 20
•25o. June
Class B (quar.)
*Holders of rec. Aug. 20
Class B ((uar.)
•25c. Sept.
Class B ((uar.)
•Ifoldera of roe. Nov. 20
•25e. Doe.
Brillo Mfg., Common (guar.)
Holden) of roe. Mar. 160
15e. Apr.
Holders of rec. Mar. 166
50o. Apr.
Class A ((uar.)
Briggs,& Stratton, common (quar.)--50o. Mar.3 Holders of reo. Mar.200
Briii Corp., Co111., class A ((uar.)
34e, Mar. It Holders of rec. Mar. 2
British-Amer. Tob. ord.(bear.)(Interim) 106 Mar.3 Hold, of coup. No. 139
See note (vi)
Registered stock (Interim)
106 Mar.3
Mar.3 See note (m).
Preferred. registered
234
233 Mar.3 Holders of coup. No. 55
Preferred, bearer
•Bolden, of reo Mar. 15
British & Foreign Invest.. pref.(qUar.)-- •112 33c Apr.
Holders of rec. Mar. 2
British Type Investors, el. A (bi-inahly)
ge. Apr.
Bruce(E. I..) Co., pref.(quar.)
*Holders of rec. Mar. 21
•1% Apr.
Mar. 1
Holders of roe. Feb. 20
Buckeye Pipe Line (guar.)
$1
Bucyrus-Erie Co., coin.(guar.)
Holders of roe Feb. 200
250. Apr.
Holders of roe Feb. 200
Preferred (guar.)
13.4 Apr.
Holders of rec. Feb. 2055
621,4c. Apr.
Convertible preference (guar.)
+45c. Apr.
*Holders of reo. Mar. 20
Bucyrus-af°Mahan Co., el. A(WO
Budd Wheel, corn, (guar.)
25c. Mar.3 Holders of roe. Mar. 100
Participating preferred ((uar.)
134 Mar. 3 holders of reo. Mar. 100
750. Mar.3 Holders of reo. Mar. 100
Participating preferred (extra)
Apr.
.31
Barger tiros.,8% prof. Mar.)
July
•31
Preferred
8%
Mar.)
Oct.........
8% preferred (quar.)
*6210 May
Bush Terminal Co., corn.(quar.)
'Holders of roe. Apr, 3
•133 Apr. 1 *Holders of rec. Apr. 3
Debenture stock (quar.)
133 Apr. 1 Holders of roe. Mar.61355
Bush Terminal Mits., pref.(qu.)
Byers(A. hi,) Co., pref.((uar.)
134 May I Holders of rec. Apr. 1655
*50c. Apr. 1 •Ifolders of rec. Mar. 21
California Ink. class A & B ((uar.)
Mar. 16 Holders of rect. Feb. 28"
California Packing,common (guar.).- $1
Apr. I 'Holders of reo. May 14
•$1
Cambria Iron
I% afar. 31 Holders of rec. Feb. 28
Canada Cetnent, pref. (guar.)
Canada Foundries & Forg., el. A (qu.). •37340 Apr. 15 *Holders of reo. Mar.31
Mar. 15 Holders of roe. Feb. 28
$1
Cac
na
latB
W(
Ir
(u
e&
ar.C
)able. clam A (quara
4334c Mar. 15 fielders of rec. Feb. 28
June 15 Holders of rec. May $1
$1
Class A ((uar.)
21
Sept. 15 Holders of reo. Aug. 31
Claes A Mar.)
Doe. 15 Holders of rec. Nov.30
21
C
prlass
eferA
red
(q(
utu
ra
aro
134 Mar, 15 Holders of rec. Feb. 28.
MAR. 14 1931.]
Noose of Company.
FINANCIAL CHRONICLE
Pee
When
Cent. Payable.
Books Closed.
Dews Irseltodee.
Miscellaneous (Continued).
Canada Iron Foundries,common
114 Mar.16 Holders of rec. Feb. 18
Preferred
3
Mar.16 Holders of rec. Feb. 18
Canada Malt Co.. Ltd. (glutei
'37340 Mar.16 *Holders of reo. Feb. 28
Canada Permanent Mtge.(quar.)
Apr. 1 Holders of rec. Mar. 15
3
Canadian Canners. coin. (quar.)
12140 Apr. 1 Holders of rec. Mar. 14
First preferred (aunt.)
1% Apr. 1 Holders of rec. Mar. 14
Convertible preferred (guar.)
200. Apr. 1 Holders of rec. Mar. 14
Canadian Car & Fdy.. pref. (quar.)......
440. Apr. 10 Holders of rec. Mar.25
Canadian Cottons, pref. (guar.)
13.4 Apr. 4 Holders of reo. Mar.21
Canadian General Elec., Corn. (quar.)- $1
Apr. 1 Holders of rec Mar. 14
Canadian Fairbanks-Morse (guar.)
*500 Mar. 14 *Holders of rec. Feb. 28
Canadian 011 Coe., Ltd.. Pr*f (quar.)__
Apr. 1 Holders of rec. Mar. 20
2
Canadian Westinghouse (guar.)
*50o Apr. 1 *Holders of reo. Mar.20
Cannon Mills (quar.)
40e. Apr. dl Holders of rec. Mar. 180
Capital Administration, pr. A(Jan.1 d1V.) 75o Mar.20 Holders of reo. Mar.10
Preferred A (quar.)
750 Apr. 1 Holders of reo. Mar. 20
Carter (William) Co.. pref. (guar.).--- 1% Mar. 15 Holders of tee. Mar. 10
Case (J. I.) Co., common (quar.)
154 Apr. 1 Holders of rec. Mar. 120
Preferred (guar.)
134 Mir. 1 Holders of roe. Mar. 120
Celanese Corp. of Amer., pr. pref.(qu.)- 13.4 Apr. 1 Holders of rec. Mar.14
Central Aguirre Associates (quar.)
37% Apr. 1 Holders of rec. Mar. 19
Central Canada Loan & Savings (quar.). 3
Apr. 1 Mar. 15 to Mar. 31
Central Cold Storage, corn.(guar.)._ 040o Mar.31 *Holders of rec. Mar.25
Centrifugal Pipe (aunt.)
15o May 16 Holders of rec. May 5
Quarterly
150 Aug. 15 Holders of reo. Aug. 5
Quarterly
150 Nov. 16 Holders of rec. Nov. 5
Champion Coated PaperFirst pref. and special pref.(quar.)
•134 Apr. 1 *Holders of rec. Mar. 14
•14,j Apr. 1 *Holders of rec. Mar.20
Champion Fibre. 1st pref.(guar.)
Chapman toe Cream (quar.)
*31%c Apr. 15 *Holders of reo. Mar. 25
Chesebrough Mfg. Consol.,corn.(qu.)__ $1
Mar.31 Holders of rec. Mar. 90
Common (extra)
50e. Mar.81 Holders of tee. Mar. ea
Chicago Flexible Shaft (guar.)
•30c. Apr. 1 *Holders of rec. Mar.21
Chicago Towel, pref. (quar.)
*1% Apr. 1 *Holders of rec. Mar. 20
Chicago Yellow Cab (monthly)
25c Apr. 1 Holders of rec. Mar. 200
Monthly
250 May 1 Holders of rec. Apr. 200
Monthly
25c June 1 Holders of reo. May 20a
Chile Copper Co. (quer.)
50c Mar.30 Holders of rec. Mar. 6a
Chrysler Corp.. common (quay.)
250 Mar.31 Holders of rec. Mar. 20
Churngold Corp.(aunt.)
*350 May 15 *Holders of roe. May 1
Quarterly
•35e Aug. 15 *Holders of rec. Aug. 1
Quarterly
*350 Nov.18 *Holders of rec. Nov. 1
Cincinnati Land Shares
Mar. 16 *Holders of rec. Mar. 2
*3
Cincinnati Land Shares
Sept.15 *Holders of rec. Sept. 1
*3
Cincinnati Rubber Mfg.,6% pref.(qtr.) *13.4 Mar. 15 *Holders of rec. Mar. 1
6% preferred (quar.)
*134 June 15 *Holders of rec. June 1
6% preferred (guar.)
'13.4 Sept.15 *Holders of rec. Sept. 1
6% preferred (guar.)
*134 Dec. 15 *Holders of rec. Doe. 1
Cities Service,common(monthly)
234 Apr. 1 Holders of rec. Mar. 14a
Common (payable In common stock)
134 Apr. 1 Holders of rec. Mar. 14a
Preference B (monthly)
50. Apr. 1 Holders of rec. Mar. 14a
Preference and pref. BB (monthly)
500 Apr.. 1 Holders of reo. Mar. 14a
Clark Equipment Co., corn. (quar.)
50o. Mar. 16 Holders of rec. Feb. 270
Claude Neon Gen'l Advertising, pf.(au.) 134 Mar.15 Holders of rec. Feb. 28
Claude Neon Elec. Prod., corn. (quar.) 0400. Apr. 1 *Holders of reo. Mar. 20
Preferred (guar.)
•350. Apr. 1 *Holders of rec. Mar.20
Clorox Chemical. class A & B (gu.)---- *50o. Apr. 1 *Holders of rec. Mar. 20
Cluett Peabody & Co., pref. (quar.)--- 134 Apr. 1 Holders of rec. Mar. 210
toed Apr. 6 *Holders of rec. Feb. 20
Coats(J.&P.)Ltd.,Am.dep.rects.ord.reg.
Coca Cola Bottling (quarterly)
260. Apr. 15 Holders of tee. Apr. 4
Quarterly
26e. July 15 Holders of rec. July 3
Quarterly
25e. Oct. 16 Holders of rec. Oct. 5
Coca-Cola Co., Cora. (guar.)
$1.75 Apr. 1 Holders of reo. Mar. 120
Common (extra)
25o Apr. 1 Holders of reo. Mar. 120
$3.50 Apr. 1 Holders of rec. Mar. 120
Coca-Cola International (quar.)
50c. Apr, 1 Holders of rec Mar. 120
Extra
*40c Apr. 1 "Holders of rec. Mar. 14
Cohen (Daniel)Co.(guar.)
Colgate-Palmolive-Peet. prof. (quar.). 154 Apr. 1 Holders of reo. Mar. 10a
Apr. d2 Holders of rec. Mar.53
Columbia Pictures Corp.,corn.(In stock)
500 Mar. 31 Holders of reo. Mar. lla
Commercial Credit (Bait.) corn.(MO
43140. Mar. 31 Holders of reo. Mar. lla
7% first prof. ((Mar.)
63.4% first pref. (quar.)
134 Mar.31 Holders of reo. Mar. lla
50o Mar.31 Holders of reo. Mar. lla
8% prefer. class B (quar.)
750 Mar.31 Holders of reo. Mar. 11
$3 class A cony. stook (altar.)
500 Apr. 1 Holders of reo. Mar. 50
Commercial invest. Trust, corn.(quar.)_
134 Apr, 1 Holders of rec. Mar. 50
7% first preferred (guar.)
614% first preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 5a
Cone. prof. opt,series of 1920(Quar.)- (n) Apr. 1 Holders of ree. Mar. 5a
250 Mar.31 Holders of reo. Mar. 100
Commercial Solvents (Mum)
Commsnity State Corp.. claw H (guar.)- '123.40 Mar. 31 *Holders of tee. Mar.26
Class B (guar.)
'1234c Dee. 3 *Holders of rec. Dee. 26
Compressed Ind. Gases (guar.)
*500 Mar. 1 "Holders of rec. Feb. 28
Conduits Co.. Ltd., pref. (quar.)
1% Apr. 1 Mar. 18 to Mar. 31
Congress Cigar (guar.)
Mar.81 Holders of rec. Mar. 140
$1
Consolidated Cigar Corp., corn.(quar.). $1.25 Apr. 1 Holders of rec. Mar. 140
Prior preferred (quar.)
134 May 1 Holders of rec. Apr. 15a
Preferred (guar.)
134 June 1 Holders of rec. May 15a
Consolidated Laundries, corn. (quar.)
250. Apr, 1 Holders of rec. Mar. 14
Preferred (guar.)
$1.875 May 1 Holders of rec. Apr. 15
Container Corp.of America, pref.(quar.) '134 Apr. 1 *Holders of rec. Mar. 11
Continental Baking Corp.. Prof. (quar.)_ 2
Apr. 1 Holders of rec. Mar. 16a
Continental Diamond Fibre, corn. (qu.) *250. Mar.31 *Holders of tee. Mar. 160
Continental Gin, common (quar.)
*50c. Apr. 1 *Holders of rec. Mar. 16
•fli Apr. 1 *Holders of rec. Mar. 16
Preferred (guar.)
Continental Steel Corp., pref.(quar.).-- 134 Apr. 1 Holders of rec. Mar. 18
Cookeville Co., Ltd., pref. (aar.)
1
Mar.16 Holders of reo. Feb. 28
Cooper-Bessemer Corp., pref. (quar.)_ *750. Apr. 1 'Holders of rec. Mar. 10
Corporation Securities of Chic., oom__
h Mar.20 Holders of rec. Feb. 18
Allotment Mrs. for common stock
Y114 Mar.20 Holders of rec. Feb. 18
Crane Co., common (quar.)
3134c Mar.16 Holders of rec. Feb. 28
Preferred (quar.)
134 Mar. 16 Holders of rec. Feb. 28
Crowell Publishing (guar.)
*750 Apr. 4 "Holders of rec. Mar. 21
Crowley Milner & Co. (guar.)
*500 Mar.81 *Holders of ree. Mar. 10
Crown Cork Internat., class A (aunt.).
25o Apr. 1 Holders of rec. Mar. 100
Crown Cork & Seal, Inc., corn.(quar.)
600 Mar.18 Holders of reo. Feb. 280
Preferred (quar.)
67c Mar.16 Holders of rec. Feb. 28o
Crown Willamette Paper, 1st pi. (qii.)._ $1.75 Apr. 1 Holders of rec. Mar. 13a
Second preferred (guar.)
$1.50 Apr 1 Holders of reo. Mar. 13
Crucible Steel, pref. (quar.)
1 if Mar.31 Holders of rec. Mar. I6o
Crum & Forster. preferred (guar.)
2
Mar.31 Holders of tee. Mftr. 21
Crunden-Martin Mfg
*314 Aug. 3 *Holders of rec. Aug. 3
CUmberiand Pipe Line (guar.)
50c. Mar.16 Holders of rec. Feb. 28
Cuneo Press, Inc..634% prof. (guar.)
*13.4 Mar. 15 'Holders of rec. Feb. 28
Curtis Publishing, corn.(monthly)
500. Apr. 2 Holders of rec. Mar. 20s
Preferred (aunt.)
$1.75 Apr. 1 Holders of tee. Mar. 20a
Preferred (guar.)
$1.75 July 1 Holders of rec. June 20a
David & Frere, Ltd., class A (quar.)56c. Mar.16 Holders of rec. Feb. 28
Decker (Alfred) & Cohn, Prof. (quar.)-- •1,4 June 1 *Holders of rec. May 20
•1,4 Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
Deere & Co.. new corn.(guar.)
30e, Apr. 1 Holders of rec. Mar. 14
Old common (aunt.)
114 Apr. 1 Holders of rec. Mar. 14
Delsel-Wemmer-Gilbert Co. (quar.)
*3714c Mar.1 *Holders of reo. Mar. 10
Do Long Hook & Eye (guar.)
.25o. Apr. 1 *Holders ot rec. Mar. 20
Dennison Manufacturing, deb.stk.(qu.) 2
May 1 Holders of rec. Apr. 18
Preferred (quar.)
134 May 1 Holders of rec. Apr. 18
Denver Union stock Yards,corn.(qu.) 851
Alw. 1 *Holders of reo. Mar. 20
Detroit & Cleveland Nay. (guar.)
•200. Apr. 1 *Holders of reo. Mar. 14
Devoe & Reynolds, class A & B
30o. Apr. 1 Holden; of rec. Mar. 21a
First and second pref.(guar.)
134 Apr. 1 Holders of rec. Mar.210
Distributors Group. Inc. (quar.)
250. Apr. 1 Holders of rec. Mar. 20
30e. June I Holders of roe May 15
Dr.Pepper Co., common (quar.)
Common (guar.)
300. Sept. 1 Holders of reo. Aug. 15
Common (guar.)
300. Dec. 1 Holders of rec. Nov. 15
Dominion Engineering Works (quar,),.._.
600. Apr. 15 Holders of reo. Mar. 31
Dominion Glass. corn. & pref. (aunt.).. 1% Apr. 1 Holders of rec. Met. 16
Dominion Tar & Chemical, Prof. (qu.). 134 May 1 Holders of rec. Apr. 6
Dominion Textile. common (guar.)
*$1.25 Apr. 1 *Holders of rec. Mar. 14
•1% Apr. 15 *Holders of reo. Mar. 31
Preferred (guar.)
Douglas Aircraft
.500 Apr. 20 *Holders of reo. Mar. 11
Extra
*25e Apr. 20 *Holders of rec. Mar. II
$1 Apr. 1 Holders of rec. Feb. 28
Draper Corp.(guar.)
Name of Company.
1939
Per
When
Cent. Payable
Books Clore.
Doss'admire.
Miscellaneous (Continued).
Driver-Harris Co., pref.(quar.)
'134 Apr. 1 *Holders of rec. Mar. 21
Duplan Silk Corp., prof. (aunt.)
2
Apr. 1 Holders of rec. Mar. 14a
Du Pont(E. I.) de Hem,& Co.,com.(qu) $1
Mar. 14 Holders of reo Feb. 260
Debenture stock (quar.)
114 Apr. 25 Holders of tee Apr. 100
Durant Motors of Canada
200. Apr. 1 Holders of reo. Mar. 7
Dutton (A.C.) Lumber.corn.(aunt.)... *134 Mar.31
Preferred (quar.)
•154 Mar.31
Early & Daniel Co., corn. (qua?.)
*50e. Mar.31 *Holders of rec. Mar. 20
Preferred (guar.)
*I% Mar.31 *Holders of rec. Mar.20
$1.25 Apr. 1 Holders of recs. Feb. ie7
$5 Prior preferred (Guar.)
Eastern Mfg.(quar.)
*8714c Apr. 1 *Holders of rec. Mar. 10
Eastern Steamship Lines, corn.(qua?.)...
50c Apr. 1 Holders of rec. Mar.20
First preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 20
No par preferred (quar.)
87140 Apr. 1 Holders of roc. Mar. 20
Eastman Kodak,com.(guar.)
$1.25 Apr. 1 Holders of rec. Mar. 50
Common (extra)
750 Apr. 1 Holders of rec. Mar. 50
114 Apr. 1 Holders of rec. Mar. 60
Preferred (aunt.)
Ecuadorian Corp., Ltd., common
Sc. Apr. 1 Holders of rec. Mar. 11
Edison Bros. Stores. pref.(guar.)
134 Mar.16 Holders of rec. Feb. 23
Electric Auto-lite Co., corn. (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 140
134 Apr. 1 Holders of rec. Mar. 140
7% preferred (quar.)
Electric Controller & Mfg. (guar.)
.$1.25 Apr. 1 'Holders of rec. Mar. 20
Elec. Storage Battery. ODM.& prof.(qua $1.25 Apr. 1 Holders of reo. Mar. Ors
Emerson's Bromo Seltzer A & B (au.)
*50c. Apr. 1 *Holders of roe. Mar. 14
Apr. 1 *Holders of ree. Mar. 14
*2
5% Preferred (guar.)
Employers Group Associates (guar.)
25e. Mar.16 Holders of rec. Mar. 2
Endicott.-Johnson Corp., corn. (quar.)... $1.25 Apr. 1 Holders of roe. Mar. 180
Preferred (quar.)
134 Apr. 1 Holders of reo. Mar. 180
Equitable Office Bldg. Corp.. 00m.(410 6214c Apr. 1 Holders of rec. Mar. 140
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 14
Equity investors Corp., pref.(aunt.)...
75c, Apr. I Holders of rec. Mar. 16
Ewa Plantation (quar.)
•600. May 15 *Holders of rec. May 5
Fairbanks, Morse & Co.. corn,(aunt.)..
40c. Mar.31 Holders of rec. Mar.12a
Famous Players Canadian Corp.(aunt.).
50o Mar. 28 Holders of rec. Mar. 6
Mar. 17
/faultless Rubber Co..common (Goat.).. 62340 Apr. 1
Federal Bake Shops, pref. (quar.)
'13.4 Apr. 1 *Holders of reo. Mar. 9
Federal Knitting Mills, corn.((Mara
"623.40 May 1 *Holders of rec. Apr. 15
•
Common (extra)
12140. May 1 *Holders of rec. Apr. 15
Federal Mining & Smelt., pref. (quar.)134 Mar.16 Holders of rec. Feb. 260
Fedora I Motor Truck
100. Apr. 1 Holders of reo. Mar.20
Feltman & Curme Shoe Stores. pt. (qu.) 134 Apr. 1 Holders of rec. Mar. 2
Fifth Ave. Bus Securities (guar.)
160. Mar.30 Holders of rec. Mar.13.
Flat National Stores, Inc., corn.(qan) 623.4c Apr. 1 Holders of ree. Mar.160
1st preferred (guar.)
*134 Apr. 1 'Holders of rec. Mar. 16
8% preferred (guar.)
•200. Apr. 1 "Holders of rec. Mar.16
First Security Corp.(Ogden) A & B (au.)
500. Apr. 1 Holders of rec. Mar. 20
First State Pawners Society (aunt.).... al% Mar.3 *Holders of rec. Mar.20
Fill Simons & Connell Dredge & DockPreferred (guar.)
Holders of ree. Mar.21
154 Apr.
Plorsheirn Shoe, Prof. (guar.).
Holders of reo. Mar. 150
$1.50 Apr.
Follansbee Bros., pre!, (quar.)
$1.50 Mar. 14 Holders of rec. Feb. 28
Food Machinery Corp..6 i4% PL(Whir .50e. Mar.1 *Holders of reo. Mar.10
6/4% preferred (monthly)
•50o. Apr. 1 *Holders of rec. Apr. 10
63.4% preferred (monthly)
*50e. May 1 'Holders of rec. May 10
614% preferred (monthly)
•50c. JUDO 15 *Holders of rec. June 10
634% preferred (monthly)
•50c. July 15 *Holders of reo. July 10
634% preferred (monthly)
*50c. Aug 15 "Holders of rec. Aug. 10
03.40)1 preferred (monthly)
*50c. Sept.15 "Holders of reo Sept.10
Foote-Burt Co.(guar.)
3210. Mar, 16 Holders of rec. Mar. 5
Formica insulation (guar.)
.500. Apr. I 'Holders of roc Mar. 15
Foster Wheeler Corp.,common (guar.).500 Apr, 1 Holders of rec. Mar. 120
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 120
Foundation Inv. Co.,6% pref.(au.)---- fi1 ),‘ Mar. 15 Holders of MO. Mar.
Franklin Railway Supply (aunt.)
•51 Mar. 15 *Holders of tee. Mar. 5
Fuller (George A) Co.. panic. pr. PL(Qu) 1% Apr.
Holders of reo. Mar.100
Partle. prior pref. (partie. diva
1.11 Apr. 1 Holders of reo. Mar.100
Perth",second pref.(qua?.)
134 Apr. 1 Holders of rec. Mar. 100
Partic. second prof. (partie. div.)
77c Apr. 1 Holders of rec. Mar. 100
Galland Mercantile Laundry((Mar)
•87%e June 1 *Holders of rec. May 15
Quarterly
'8734c Sept. 1 *Holders of rec. Aug. 15
Quarterly
*87Sic Dec. 1 *Holders of rec. Nov.15
Gamewell Co., common (aunt.)
$1.25 Mar. 16 Holders of rec. Mar. 6
Preferred (quar.)
$1.50 Mar. 16 Holders of rec. Mar. 6
Gardner-Denver Co.. common (guar.)- "40o. Apr. 1 "Holders of reo. Mar.20
Garlock Packing, corn.(quar.)
300. Apr. 1 Holders of reo. Mar.14
General Amer. Invest.,6% pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 200
General Amer. Tank Car, corn. (guar.) $1
Apr. 1 Holders of rec. Mar. 1311
General Asphalt, corn. (guar.)
75c. Mar. 16 Holden of reo. Mar. 2a
General Electric. common (guar.)
400. Apr. 2 Holders of roe. Mar.130
Special stock
15c. Apr. 2 Holders of reo. Mar. 130
General Mills, Inc., pref. (quar.)
Holders of rec. Mar. 140
31.50 Apr.
General Motors, $5 pref.(aunt.)
Holders of rec. Apr. 60
$1.25 May
General Printing Ink, common (guar.). 6216e Apr.
Holders of rec. Mar. 170
Preferred (guar.)
Holders of rec. Mar. 170
$1.50 Apr.
General Ky. Signal, corn. (quar.)
Holders of rec. Mar. 100
$1.25 Apr.
Preferred (quar.)
Holders of rec. Mar. 10a
114 Apr.
General Steel Castings, pref. (guar.)
Holders of rec. Mar. 18a
$1.50 Apr.
General Tire & Rubber. pref. (guar.)... "114 Apr.
*Holders of rec. Afar. 20
Gibson Art Co.. common (auar.)
*Holders of reo. Mar. 20
.650. Apr.
•154 Apr.
Glidden Co., pref. (guar.)
*Holders of rec. Mar. 18
Globe Discount & Fin. Corp., pref.(au.) *8714c Mar. 15 *Holders of rec. Mar. 1
Globe Grain & Milling, corn.(quar.).... *50c. Apr. 1 "Holders of rec. Mar.20
First preferred (quar.)
*43ifc Apr. 1 *Holders of rec. Mar.20
Second preferred (guar.)
.50c Apr. 1 *Holders of rec. Mat.20
Globe Knitting Works, Prot
*35c July 25 *Holders of rec. July 7
Gold Dust Corp.. pref. ((Mar.)
$1.50 Mar.3 Holders of rec. Mar, I70
Goodrich (B. F.) Co., pref.(guar.)
Holders of rec. Mar. 13a
1% Apr.
Holders of reo. Feb. 280
Goodyear Tire & Rubber, pref. (qua?.). $I 7A Apr.
Granite City Steel (quar.)
75c. Mar.3 Holders of reo. Mar.180
Grant(W.T.)Co.(quar.)
lupir.
y 3 Holders of rec. Mar. 120
25c. A
Grant Lunch Corp.. oom
•44a,
*Holders of rec. Mar. 16
Graymur Corp. (guar.)
*25c. Apr.
*Holders of roe. Mar. 31
Great Britain & Canada Invest., prof.... *214 Apr.
Holders of rec. Mar. 20
Preferred
214 Apr.
*Holders of ree. Mar.21
Great West. Electro Chem.. 1st pt. (qu.) *$1.50 Apr.
Great Western Sugar. prof. (guar.)
13.4 Apr. 2 Holders of rem Mar. 14.
Green (Daniel) Co.. prof. (altar.)
13.4 Apr. 1 Holders of rec. Mar. 20
Grief Bros. Cooperage. class A (guar.)._
40c. Apr. 1 Holders of rec. Mar. 14
Grier (8. M.) Stores. Inc.. Prof. (guar.) $1.75 Mar. If) Holders of tee. Mar. 2
Guilford Realty, corn.(guar.)
.350. Mar. 31 *Holders of rec. Afar. 20
Mar. 31 *Holders of rec. Mar. 20
7% Preferred (guar.)
•134 Mar. 31 *Holders of rec. Mar. 20
6% Preferred (quar,)
Gulf States Steel. 1st pref. (guar.)
111 Apr. 1 Holders of reo. Mar. Ha
Gurd (Chas.) & Co., Ltd., corn.(guar.).
50r• Apr. 1 Holders of rec. Mar. 15
I% Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
*10c. Mar. 18'Holders of rec. Mar. 2
Hall (C. it,) Lamp (guar.)
'250. Apr. 1 *Holders of rec. Mar. 15
Ilalotd Co., corn.(quar.)
'134 Apr. 1 'Holders of rec. Mar. 15
Preferred (guar.)
50c. Apr. 1 Holders of rec. Mar. 14
Hamilton Cottons. Prof. (quar.)
Hamilton United Theatres, pref.(au.)-- I% Mar.31 Holders of reo. Feb. 28
15°. Mar.31 Holders of rec. Mar. 101
Hamilton Watch (monthly)
•13.4 Apr. 1 *Holders of rec. Mar. 20
ilammormill Paper, Prof.(quar.)
Hanna(M. A.)& Co., $7 pref.(aunt.).. $1.75 Mar. 20 Holders of reo. Mar. 5a
45c Apr. 1 Holders of roe. Mar. 23
Harbauer Co., common (guar.)
Preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar.22
Harbison-Walker Retract.. pref. (guar.) 134 Apr. 20 Holders of rec. Apr. 100
*134 Apr. 1 *Holders of reo. Mar. 14
Harnischfeger Corp.. pref. (guar.)
Harrods Ltd., Am.dep. rota. ord rag-- •15 Mar. 21 *Holders of rem Feb. 26
"734 Mar. 18 "Holders of rec. Feb. 14
Preferred
May 29 *Holders of reo. May 14
Hart, Schaffner & Marx, corn.(guar.).- *1
•1
Aug. 31 *Holders of rec. Aug. 15
Common (guar.)
Nov.30 *Holders of reo. Nov. 14
*I
Common (quar.)
*50c Apr. 1 *Holders of rec. Mar. 18
Hasell-Atlas Glass. COM.(quar.)
*250 Apr. 1 *Holders of rec. Mar. 18
Common (extra)
10e Mar. 15 Holders oi rec. Feb. 15
Hecht Mining
Helm,(George W.) Co.. corn.(guar.)- $1.2 Apr. 1 Holders of rec. Mar. 100
13.4 Apr. 1 Holders of rec. Mar. loa
Preferred (guar.)
750 Mar.25 Holders of reo. Mar. 130
Hercules Powder,corn.(guar.)
Hibbard. Spencer, Bartlett & Co.25c. May 2 Holders of rec. Mar.20
Monthly
*50c. Mar.3 *Holders of rec. Feb. 1
Hickok 011 Corp., class A
1940
Name of Company.
(VoL. 132.
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Name of Company,
When
Per
Cent. Payable.
Books CIMINO.
Days Laelusise.
Miscellaneous (Continued).
Miscellaneous (ContinUed).
Hillerest Collieries, pref. (quar.)
Loudon Packing (guar.)
'750. Apr. 1 'Holders of too. Mar. 16
1% Apr. 15 Holders of rec. Mar. 31
Holland Furnace (guar.)
8244e Apr. 1 Holders of rec. Mar. 160 Lord It Taylor, corn. (attar.)
254 Apr. 1 Holders of rec. Mar. 17a
1% Apr. 1 Holders of rec. Mar. 16a
Hollinger Consol. Gold Mines (mthly.)
Lorillard (P.) Co., pref. (quar.)
Sc. Mar. 25 Holders of rec. Mar. 11
Holophane Co., Inc., corn
•40c. Apr. 1 *Holders of rec. Feb. 28
Maefadden Publications, coin.(Qua?.)..
500 Apr. 1 Holders of rec. Mar. 14
Preferred
1% Apr. 1 Holders of rec. Mar. 20
"$1.05 Apr. 1 *Holders of rec. Feb. 28
MacAlarr Stores. Inc., pref. (quar.)_
Honolulu Consol. Oil (quar.)
Magma Copper Co. (guar.)
50c APr. 15 Holders of rec. Mar. 31a
"500 Mar. 16 'Holders of roe. Mar. 5
•144 May 15 'Holders of rec. May 5
Magnin (I.) & Co.,8% pref.(quar.)
Hoskins Mfg. (guar.)
*750. Mar. 26 "Holders of roe. Mar. 11
.0144 Aug. 15 *Holders of rec. Aug. 5
Household Fin. Corp., corn. Adria (qu.).
8% preferred (quar.)
00c. Apr. 15 Holders of rec. Mar. 31a
•144 Nov. 15 'Holders of rec. Nov. 5
Participating pref. (quar.)
Apr. 15 Holders of rec. Mar. 310
SI
6% Preferred (quar.)
144 Apr. 1 To be redeemed Apr. 1
*Holders of rec. Mar. 20
Howes Bros.. 7% preferred (quar.)
•14/ Apr.
Manhattan Shirt. preferred (quar.)
*14/ Apr. 1 'Holders of rec. Mar. 20
*Holders of rec. June 20 , Manisciiewitz (11) Co.. pref. (quar.)
7% preferred (quar.)
July
*1
"Holders of rec. Sept. 20
7% preferred (quar.)
•750 Apr. 1 *Holders of rec. Mar. 16
Mapes Consol. Mfg.(quar.)
•141 Oct.
7% preferred (quar.)
"250. Apr. 1 'Holders of rec. Mar. 16
*14/ Dec. 3 *Holders of rec. Dec. 20
Extra
8% preferred (quar.)
*Holders of rec. Mar. 20
•144 Apr.
Marathon Razor Blade, Inc.(monthly). •334e. Mar. 15 'Holders of reo. Mar. I
"34e. Apr. 15 *Holders of roe. Apr. 1
*Holders of rec. June 20
6% preferred (quar.)
Monthly
July
.3 Me. May 15 *Holders of roe. May 1
6% preferred (quar.)
*Holders of rec. Sept. 20
"144 Oct.
Monthly
*114 Dec. 3 *Holders of rec. Dec 20
*3440. June 15 *Holders of roe. June 1
6% preferred (quar.)
Monthly
Hudson Motor Car (guar.)
Ilolders of rec. Mar. 110
'3340. July 15 *Holders of rem July 1
25c Apr.
Monthly
•345e. Aug. 15 *Holders of roe. Aug. 1
'Holders of rec. Mar. 2
Humble Oil & Refg.(quar.)
Monthly
•50e. Apr.
Humphreys Mfg., pref.(guar.)
.344e. Sept .15 *Holders of rec. Sept. I
Monthly
•50c Mar.3 "Holders of roe. Mar. 17
.3440. Oct. 15 "Holders of reo. Oet. 1
Hungarian Discount dr Exchange Bank
Monthly
.3440. Nov.15 'Holders of rec. Nov. 1
Holders of rec. Mar. 5
Monthly
American shares
Hunt's Ltd., class A & B (guar.)
624
'33-4c. Doe. 15 'Holders of roe. Dec. 1
350 1
. Apr. I Holders of rec. Mar. 16
Monthly
30c Mar. 31 Holders of rec. Mar. 2a
Marine Midland Corp.(qua?)
Apr. 1 *Holders of rec. Mar. 15
Huron & Erie Mortgage (quar.)
*2
40c. Apr. 1 Holders of rec. Mar. 10
50e. Apr. I Holders of rec. Mar. I3a
Mathieson Alkali Works, corn. (guar.).Ilygrade Lamp, corn. (quar.)
1% Apr. 1 Holders of rec. Mar. 135
51.625 Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
Preferred (guar.)
25c. Apr. 1 Holders of rec. Mar .15
Maud Miller Candy, corn. (Dear.)
Apr. 1 'Holders of rec. Mar. 16
'2
Ideal Finance Assn., pref.(quar.)
"50c. Mar. 16 *Holders of rec. Mar. 2
Mayflower Associates, Inc. (quar.)
'50c. Apr. 1 *Holders of rec. Mar. 16
Convertible pref.(guar.)
62440 May 1 Holders of rec. Apr. 20a
McCall Corp., corn. (quar.)
Illinois Brick (quar.)
•30e. Apr. 15 'Holders of rec. Apr. 3
15c, Mar, 14 Holders of rec. Feb. 14
•30e. July 15 *Holders of rec. July 3
Mcfloll-Frontenac Oil(quar.)
Quarterly
•30c Oct. 15 "Holders of rec. Oct. 3
Preferred (guar.)
13.4 Apr, 15 Holders of rec. Mar. 31
Quarterly
Apr. 1 Holders of rec. Mar. 12s
$1
McKeesport Tin Plate (quar.)
Imperial Tob. of Canada, corn.(quar.)_. 8)40. Mar. 31 Holders of rec. Mar. 4
50e. Apr, 1 Holders of rec. Mar. 125
3
Mar 31 Holders of rec. Mar. 4
Extra
Preferred
25e. Mar. 16 Holders of rec. Mar. Oa
"25e. Apr. 15 *Ilolders of rec. Mar. 23
McKesson & Robbins, common (quar.)_
Incorporated Investors (quar.)
*244 Apr. 15 'Holders of rec. Mar. 23
McLellan Stores, pref. A & B (quar.)_. 134 Apr. 1 Holders of roe. Mar.200
Stock dividend
75e, Apr. 1 Holders of rec. Mar. 15
4•244 Oct. 15 *Holders of roe. Sept 21
Mead Johnson dr Co., common (quar.)-Stock dividend
*250. Apr. 1 *Holders of roe. Mar. 16
500. Apr, 1 Holders of rem Mar. 15
Common (extra)
Independence Trust Shares
•25c. June I *Holders of ree. May 1
Merch. & Mfrs. Secur., corn. A (guar.).- '3754e Apr. 1 *Holders of rec. Mar. 16
Industrial & Power Securities (quar.)
•25e. Sept. 1 'Holders of ree. Aug. 1
Merchants & Miners Transp'n (quar.)._ *623-ie Mar. 31 "Holders of rec. Mar, 9
Quarterly
$1.50 Mar. 31 Holders of rec. Mar. 40
•25e Dec. 1 *Holders of rec. Nov. 1
Mergenthaler Linotype (guar.)
Quarterly
600. Apr. 1 Holders of rec. Mar. 20
"50c. Apr. 1 *Holders of rec. Mar. 14
Mesta Machine (guar.)
Inland Investors, Inc.. common (qua
4754c Mar, 14 Holders of ree. Feb. 270
11.44 Apr. 15 Holders of rec. Mar. 14
Metro-Goldwyn Pict, Corp.. Pf.(111.)
Insull Utility Invest., corn. (quar.)
1.3 Apr. 1 Holders of rec. Mar. 14
Metrop. Paving Brick pref.(quar.)
134 Apr. 1 Mar. 16 to Mar. 31
5M% preferred (guar.)
10e Mar. 15 Holders of rec. Feb. 27
Insuranshares Certificates, corn. (quar.)
MIckelberrys Food Products,
150. Mar. 25 Holders of rec. Mar. 100
Interlake Iron (guar.)
Common (payable in corn. stock).... sf2% May 15 *Holders of reo. May 1
$1. Apr. 10 Holders of rec. Mar. 20a
internat. Business Maciaines (quar.)
'123-4 Aug. 15 'Holders of roe. Aug. 1
Common (payable in corn, stock)
Mar.31 Holders of rec. Mar. 110
$1
International Cement, corn. (quar.)
Common (payable In corn,stock)...- '12)4 Nov. 18 *Holders of roe. Nov. 2
'87340 Apr, 1 'Holders of rec. Mar. 20
International Harvester, corn. (guar.)._ 62).4e Apr. 15 Holders of rec. Mar. 201
Preferred (quar.)
s$1
Apr. 1 'Holders of rec. Mar. 14
15e Mar. 31 Holders of rec. Mar. 2s Midvale Company (quar.)
Internat. Nickel of Canada (quar.)
"8744c Apr. 1 *Holders of rec. Mar. 16
”,.( May 1 Holders of rec. Apr. la Miller & Hart, Inc.(guar.)
Preferred (guar.)
154
Apr,
1 Holders of rec. Mar. 16
25c. Mar. 16 Mar. 1 to Mar. 16
Internat. Petroleum, reg. ohs. (quar.)
Mitchell (J. S.) & Co., Ltd.. pref. (qu.)
30. Mar. 16 Mar. 8 to Mar. 15
Bearer shares (quar.)
25c Mar. 16 Hold. of coup. No. 28
Model Oils. Ltd. (quar.)
'.873-4c Apr. 1 "Holders of rec. Mar. 13
650. Mar. 16 Holders of rec. Feb. 25
Internat. Proprietaries. clam A 01tiar.)
Monroe Chemical, pref. (guar.)
International Salt (quar.)
31340. Apr. 1 Holders of rec. Mar. 105
75e Apr. 1 Holders of rec. Mar. Itin
Monsanto Chemical Works ((antra
International Shoe, corn.(guar.)
75c. Apr. 1 Holders of rec. Mar. 14a
Montgomery Ward & Co., clans A (qu.). "51.75 Ayr. I *Holder., of reo. Mar. 21
Preferred (monthly)
13-4 Mar. 15 Holders of rec. Feb. 28
050e Apr. 1 *Holders of tee. Mar. 14
Montreal Cottons, corn, (quar.)
1% Mar, 15 Holders of rec. Feb. 28
.50e May 1 *Holders of rec. Apr. 15
Preferred (montIllY)
Preferred (quar.)
3
Mar. 16 Mar. 1 to Mar. 16
*500 June 1 *Holders of roe. May 15
Pre/erred (monthly)
Montreal Loan & Mortgage (guar.)...
Mar, 16 Mar. 1 to Mar. 16
nternational Silver, pref. (quar.)
1
1)4 Apr. I Holders of rec. Mar. 12a
Bonus
$1.10 Mar.16 Holders of rec. Feb. 21
Interstate Bakeries,56.50 pref. (guar.)_• $1.625 Apr. 1 *Holders of rec. Mar. 16
Morrell (John) & Co., Inc. (quar.)
250 Apr. 2 Holders of rec. Mar. 16
Interstate Dept. Stores, Inc., coin. (qu.)
50c. Apr. 1 Holders of rec. Mar. 200 Morristown Securities Corp. (quar.).250 Apr. 1 Holders of rec. Mar, 140
Interstate Petroleum, pref. A (guar.).-- •50e. Apr. 1 'Holders of rec. Mar. 20
Mountain Producers Corp. (quar.)
*75c Mar, 31 "Holders of rec. Mar. 14
Intertype Corp., 1st pref.(guar.)
Apr. 1 *Holders of rec. Mar. 16
.2
Moxie Co., class A (No. 1)
•75c Alan 31 'Holders of rec. Mar. 13
Investment Corp. of Philadelphia (qua _
50c. Mar. 16 Holders of rec. Mar. 2a Muskegon Piston Ring (quar.)
500 Mar. 31 Holders of rec. Mar. 14a
Investment Fund of N. J.(quar.)
15e. Mar. 16 Holders of rec. Mar. 10
Myers(F. E.)& Bros., corn.(quar.)....
144 Mar. 31 Holders of rec. Mar. 14
Investors Corp.(R.I.) lst pf.(guar.)._ _ '51.50 Apr. 1 *Holders of rec. Afar. 20
Preferred (guar.)
55c Apr. 1 Holders of rec. Mar. 170
Second preferred (quar.)
"51.50 Apr. 1 *Holders of rec. Mar. 20
National Battery, pref. (guar.)
70e. Apr. 15 'folders of rec. Mar. 20a
Convertible pref.(quar.)
*51.50 Apr. 1 *Holders of rec. Mar. 20
National Biscuit. corn.(guar.)
25c. Mar. 16 Holders of rec. Mar. 2
Irving Air Chute (guar.)
*250. Apr. 2 *Holders of rec. Mar. 20
Nat. Bond & Share Corp.(quar.)
400 Apr, 1 Holders of rec. Mar. 16
Island Creek Coal, common (quar.)
81 Apr. 1 Holders of rec. Mar. 130 National Breweries (quar.)
61.50 Apr. 1 Holders of rec. Mar. 130
44e Apr. 1 Holders of roe. Mar. 16
Preferred (quar.)
Preferred (guar.)
50e. Apr, 1 Holders of rec. Mar. 12
Apr. 15 Holders of rec. Apr. I
Jewel Tea. Inc.. corn. (guar.
51
National Candy common (guar.)
1)4 Apr. 1 Holders of rec. Mar.I3n
1)4 Apr. 1 Holders of rec. Mar. 12
Jones & Laughlin Steel, pref. (guar.First and second pref. (quar.)
750. Apr. 15 Holders of rec. Mar. 25a
Johns-Manville Corp., coin. (quar.)
National Casualty Co. (Detroit) (qu.).. "30c. Mar. 15 *Holders of roe. Fel,. 27
650. Apr. 1 Holders of rec. Mar. 10a
1% Apr. 1 Holders of rec. Mar. 1 1 a National Dairy Products. corn.(quar.)._
Preferred (guar.)
•6244 Apr. 1 'Holders of rec. Mar. 20
Kalamazoo Stove (guar.)
11.4 Apr. 1 Holders of rec. Mar. 10
Preferred A and B (guar.)
"150. liar. 30'Holders of rec. Mar. 21
*50. Alm. 10 'Holders of ree. Mar. 31
Kalamazoo Vegetable Parchment(qua
monthly...
Nat'l Industrial Loan Corp.,
•15c. June 30'Holders of rec. June 20
Quarterly
134 Mar.31 Holders of rec. liar.13'.
National Lead,common (guar.)
•15c. Sept. 30 *Holders of roe. Sept. 19
1% Mar, 14 Holders of rec. Feb. 270
Quarterly
Preferred A (quar.)
•15c. Dec. 31 'Holders of rec. Dec. 21
1)4 May 1 Holders of rec. Apr. 170
Quarterly
Preferred B (guar.)
•500. Mar. 16
Katz Drug Co., corn. (quar.)
50c. Mar. 14 Holders of rec. Feb. 28
National Sewer Pipe, corn
Mar. 16
•60e.
Preferred (guar.)
51.625 AM'. 1 IIolders of rec. Mar. 15
(quar.)
$2.40 preferred A
Holders of rec. Mar. 20
5
70
50
c.
. AApprr..
Kaufmann Dept.Stores, pref.(quar.)
14/ Apr. 1 Holders of rec. Mar. 10
National Standard Co. (qua?.)
1 Holders of rec. Mar. 17
Kaynee Co., common (quar.)
*50c. Apr. 1 'Holders of rec. Mar. 20
National Steel Car Corp. (qua?.)
Holders of rec. Mar. 2
1
Apr.
50c.
'1214c Apr. 1 'Holders of rec. Mar. 20
Common (extra)
Hal lona! Sugar Refining (Ouar.)
51M Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
1% Mar.31 l'olders of tee. Mar. 21a
National Supply of Del., pref. (quar.)
Keith-Albee-Orpheum, pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 200 National Surety Co. (guar.)
51.25 Apr, 1 Holders of ree. Mar. 18a
Kellogg (Spencer) & Sons (quar.).
20c. Mar.31 Holders of rec. Mar. 14a
25e. Apr. 1 Holders of rec. Mar. 13a
National Tea, corn. (quar.)
*25e. Mar. 16 'Holders of rec. Feb. 28
50e. Apr. dl Holders of rec. Mar.200 National Transit (quar.)
Kelsey-Hayes Wheel, corn. (quar.)
*750 Apr. 1 'Holders of roe. Mar. 20
316 Apr. 1 Holders of rec. Mar. 21
Kemper-Thomas Co., corn. (quar.)__
(qua?.)
National Trust (Toronto)
*75c. July 1 'Holders of rec. June 20
•14i June I 'Holders of roe. May 20
Common (quar.)
Neiman-Marcus Co., pref. (Var.)
"75c. Oct. 1 'Holders of rem Sept.20
*1% Sept. I "Holders of tee. Aug. 20
Common (quar.)
Preferred (qua?.)
•75c J'n 132'Holders of rec. Dee. 20
•14/ Dec. 1 'Holders of rec. Nov. 20
Common (quar.)
Preferred (guar.)
*14/ June 1 "Holders of roe. May '20
25c, Apr, 1 Iloiders of rem Mar.d20
Preferred (guar.)
Nelson (Herman) Corp.(guar.)
*14/ Sept. 1 'Holders of roe. Aug. 20
"500. Mar. 16 'Holder, of tee. Mar. 1
Preferred (guar.)
Neptune Meter, corn. A & B (quar.)_
"14/ Dec. I *Holders of roe. Nov. 20
May 15 Holders of roe. May la
Preferred (guar.)
2
Preferred (quar.)
50c. Apr. 1 Holders of rec. Mar. 120
Aug. 15 Holders of rec. Aug. Its
2
Kennecott Cooper Co.(quar.)
Preferred (guar.)
Nov. 15 Holders of rec. Nov. la
2
Kimberly-Clark Corp.,com.(guar.)... _ 6244c. Apr. 1 Holders of rec. Mar. 120
Preferred (quar.)
144 Apr. 1 Holders of rec. Mar. 12
250. Mar. 31 Holders of rec. Mar. 13a
Preferred (quar.)
Nevada Consol. Copper Co. (quar.)
2
Mar. 31 Holders of rec. Mar. 16
King Royalty Co., pref. (quar.)
•2744c Apr. 1 *Holders of roe. Mar. 16
Newberry (J. J.) Co., corn.(guar.)
25e. Apr. 1 Holders of rec. Mar. 20a Newmont Mining Corp. (guar.)
Kinney (G. R.) Co.. COM,(guar.)
Aor. 15 Holders of rec. Mar. 31
$1
.25e. Apr. 1 'Holders of rec. Mar.20
Klein(D. Emil) Co.,corn.(quar.)
New York Transit (quar.)
25o, Apr, 15 Holders of roe. Mar.20
*20c. Apr. 15 "Holders of rec. Mar. 30
New York Transportation (quar.)
*50e. Mar. 28 *Holders of rec. Mar. 13
Knott Corp.. common (guar.)
400. Mar. 31 Holders of roc. Mar. lle Niagara Share Corp., corn. (quar.)
Kresge(S. B.) Co.. corn.(quar.)
10c. Apr. 15 Holders of rec. Mar.25
13s Mar.31 Holders of rec. Mar. Ila
Preferred (quar.)
$1.50 Apr. 1 Holders of roe. Mar. 20
Preferred (quar.)
30c Mar. 16 Holders of rec. Mar. 2
Lake Shore Mines (guar.)
Nichols Copper Co., Cl. A & V (quar.)
•250. Apr. 1 *Holders of roe. Mar.20
52 Apr. I Holders of rec. Mar. 17a NlIca-Bement-Pond Co. (guar.)
.500. Mar. 31 *Holders of rec. Mar. 21
Lambert Co., common (quar.)
75e May 15 Holders of rec. May .
Landis Machine, common (guar.)
Nineteen Hundred Corp., Cl. A (quar.)-- "50c. May 15 *Holders of rec. May 1
750. Aug. 15 Holders of rec. Aug. 5
•50c. Aug. 15 'Holders of rem Aug. 1
Common (quar.)
Clam A (guar.)
750. Nov. 15 Holders of rec. Nov. 5
Common (quar.)
*50c. Nov.15 *Holders of rec. Nov. 1
Class A (guar.)
4•141 Mar. 15 "Holders of rec. Mar. 5
North American Creameries, el. A (qu.) *Mc, Apr. 1 'Holders of rec. Mar. 16
Preferred (quar.)
*I% June 15'Holders of rec. June 5
North American Provision, pref. (quar.) •134 Apr. 1 *Holders of roe. Mar. 10
Preferred (quar.)
*1% Sept. 15 'Holders of roe. Sept. 5
North American Securities
e44 Apr. 1 Holders of roe. Mar. 1
Preferred (quar.)
•134 Dee. 15 'Holders of roe. Dec. 5
North Central Texas Oil (guar.)
1% Apr. 1 Holdem of rec. Mar. 10
Preferred (quar.)
25c. Apr. 1 Holders of rec. Mar. 12a Northern Discount, pref. A (mthly.)..' 68 2-3e Apr. 1 *Holders of roe. Mar. 15
Lane Bryant, Inc., corn. (guar.)
2
Apr. 1 *Holders of rec. Mar 25
Preferred A (monthly)
•66 2-3c May 1 'Holders of rec. Apr. 15
Larus & Bro. Co.. preferred (quar.)
*2
July 1 'Holders of rec. June 24
66 2-3c June 1 *Holders of roe. May 15
Preferred A (monthly)
Preferred (quar.)
Oct.
I
'Holders
*2
of
rec.
Sept.
23
66 2-3e July 1 'Holders of rec. June 15
Preferred
A (enonthlY)
Preferred (guar.)
•S7)4c Apr. 1 *Holders of rec. Mar. 15
662-3c Aug. 1 *Holders of rec. July 15
Preferred A (monthly)
Leath & Co., preferred (quar.)
66 2_3e Sept. 1 *Holders of rec. Aug. 18
13./ Apr. 1 Holders of roe. Mar. 140
Preferred A (monthly)
Lehigh Portland Cement. pref.(quar.)
75e. Apr. 1 Holders of rec. Mar. 120
66 2-3c Oct. 1 *Holders of roe. Sept. 15
Preferred A (monthly)
Lehigh Valley Coal Corp., pref.(qu.)
662-3c Nov. 1 'Holders of rec. Oct. 15
90c. Mar. 31 Mar. 13 • to March 31
Preferred A (monthly)
Lehigh Valley Coal Sales (quar.)
66 2-3c Dec. 1 *Holders of roe. Nov. 15
50c. Mar. 16 Holders of rec. Mar. 6
Preferred A (monthly)
Lerner Stores Corp.. common (quar.)
662-3e Janl'32 *Holders of rec. Dee. 15
350. Mar. 31 Holders of rec. Mar. 11
Preferred A (monthly)
LessIng's, Inc. (guar.)
Apr. 1 *Holders of roe. Mar. 15
*1
"25c. Mar. 31 "Holders of rec. Mar. 16
Preferred C (monthly)
Liberty Share Corp. (guar.)
al
May 1 *Holders of rec. Apr. 15
I% Apr. 1 Holders of rec. Mar, 100
Preferred C (monthly)
Liggett & Myers Tot... preferred
June 1 "Holders of ree. May 15
"1
Preferred C (monthly)
Tulip Cup Corp., corn. (quar.).._.
*3734 Mar. 16 'Holders of rec. Feb. 24
(quar.)Lily
July 1 *Holders of tee. June 16
•1
*1% Mar. 31 "Holders of rec. Feb. 24
Preferred C (monthly)
Preferred (guar.)
Aug. 1 *Holders of rec. July 15
*I.
Preferred C (monthly)
Limestone Products, 7% prof. (guar.).- .62440 Apr. 1 *Holders of roe. Mar. 15
Sept, 1 *Holders of rec. Aug. 15
't
•1744 Mar. 16 *Holders of tee. Mar. 7
Preferred C (monthly)
Lindsay Light, prof.(guar.)
•1
Oct.
1 *Holders of rec. Sept.15
*Holders
of
rec.
Mar.
31
Mar.
31
•66c.
Preferred
C
Lock Joint Pipe Co.,corn.(monthly)(monthly)
sq.
Nov. 1 *Holders of rec. Oct. 15
Apr. 1 *Holders of roe. Apr. 1
*2
Preferred C (monthly)
Preferred (quar.)
Dec. 1 *Holders of rec. Nov. 15
•1
July 1 *Holders of roe. July 1
"2
Preferred C (monthly)
Preferred (quar.)
J'n 132 'Holders of roe. Dee. 15
"1
Oct. 1 *Holders of rec. Oct. 1
*2
Preferred C (monthly)
Preferred (quar.)
*450. Apr. 1 "Holders of rec. Mar. 20
Dec. 31 *Holders of roe. Dee. 31
4.2
Northwest Bancorporation (quar.)
Preferred (guar.)
*15c. Mar. 16 *Holders of roe. Mar. 11
Loew's, Inc.. corn. (quar.)
75c. Mar.31 Holders of rec. Mar. 14a Oahu fly. de Land (monthly)
20 Mar. 15 *Holders of rec. Mar. 10
Ohio Elec. Mfg. (quar.)
•374.4e Mar. 14 *Holders of rec. Mar. 4
Lunkenhelmer Co., corn.(guar.)
Holder, of reo. Feb. 16a
.1tr. Mar, 14 Holde
Ohio Oil, common (guar.)
*134 Apr. 1 *Holders of roe. Mar. 21
Preferred (guar.)
Mar.14 *Holders of rec. Feb. 16
*Holders
of
rec.
June
1
20
July
(quar.)
Preferred (quar.)
Preferred
*1 54
1
Apr.
"14/
*Holders of rec. Mar. 14
Ohio Seamless Tube, pref. (qua?.)
Preferred (quar.)
*154 Oct. 1 *Holders Of rec. Sept-21
011stooks. Ltd., class A & B(qu.).... •100. Mar. 31 *Holders of tee. Mar. 16
Preferred (guar.)
'154 Jan 1'32 *Holders of rec. Dee. 22
1941
FINANCIAL CHRONICLE
MAR. 14 1931.]
Per
Name of COnspany.
When
Payable.
Books Closed.
Days'whale&
Name of Company.
Per
When
Cool. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Conti/Wed).
Apr. 1 Holders of tee. Mar. 13a Standard Coosa Thatcher, pref.(quar.)_ •155 Apr. 15 "Holders of rec. Apr. 15
2
Omnibus Corp., pref.(guar.)
0234e Mar. 16 Holders of rec. Feb. 16a
Standard 011 (Calif.) guar.)
Oneida Community, Ltd., corn.(quar.)- "250. Mar. 14 *Holders of rec. Feb. 28
*50e. Mar. 16 *Holders of tee. Feb. 113
Standard 011 (Indiana) guar.)
*43Me Mar. 14 *fielders of rec. Feb. 28
Preferred (guar.)
25e. Mar. 16 Holders of ree. Feb. 210
Standard
011
(Kansas)
guar.)
Holders
of
rec.
Mar.
10
Apr.
1
31.50
Ontario Loan & Debenture (guar.)
50e. Mar. 20 Feb. 26 to Mar. 20
Standard 011 (Nebraska) (quar.)
'19j Mar. 31 *Holders of rec. Mar. 20
Ontario Manufacturing, pref. (quar.)25e. Mar. 16 Holders of rec. Feb. 160
Standard 011(N. J.) corn.($25 par)(qu.)
*1% Mar. 16 *Holders of rec. Feb. 28
Ontario Silknit, Ltd., Prof. (guar.)._
Mar. 16 Holders of rec. Feb. 16a
25e.
par)
Holders
of
Common
($25
(extra)
1
rec.
Mar.
1
Apr.
Ontario Tobacco Plantations, pref. (qu.) 1
1
Mar. 16 Holders of rec. Feb. 16a
Common (5100 par) (guar.)
July
1
Preferred (quarterly)
1
Mar. 16 Holders of rec. Feb. 16,
(extra)
Common
par)
($100
Oct.
1
Preferred (quarterly)
•400 Mar. 31 *Holders of rec. Mar. 16
Standard Oil (Kentucky) (quar.)
Jan.'32
1
Preferred (quarterly)
40e Mar, lb Ft oiff ers of roe Fet, 200
Apr. 1 Holders of roe. Mar. 200 standard 00 of NI V. ((pier.,
2
Orpheum Circuit, pref. (guar.)
6234c Apr. 1 Holders of roe. Mar.16
Standard Oil (Ohio), Coro. (guar.)
1)4 Apr. 1 Holders of rec. Mar. 16
Owens Illinois Glass, pref. (qnar.)
134 Apr. 15 Holders of rec. Mar. 31
5% preferred (guar.)
Pacific Freight Lines Corp., pref. (qu.) 4355c. Apr. 1 Holders of rec. Mar. 10
75c Apr. 1 Mar. 16 to Mar. 31
Standard Steel Constr., el. A (guar.)*35e. Apr. 1 *Holders of rec. Mar. 15
Pacific Indemnity (guar.)
50e. Mar. 30 Holders of rec. Mar. 18a
Starrett (I.. SO Co., corn. (guar.)
Pacific Southwest Diso., ol.A & H(quar.) •100. Mar. 15 *Holders of roe. Mar. 1
*1(4 Mar. 30 *Holders of rec. Mar. 18
First preferred (guar.)
$1.25 Apr. 1 Hoiden( of roe. Mar. 20
Page-Hershey Tubes, corn. (guar.)
*75e Apr. 1 *Holders of rec. Mar. 14
Starrett Corp., pref. (guar.)
$1.75 Apr. 1 Holders of roe. Mar.20
Preferred (guar.)
Mar. 16 Holders ,d rec. Mar. 2
51
State Street Exchange (guar.)
Mar. 27 Holders of rec. Mar. 17
Paraffine COS., common (guar.)
$1
Mar. 28 Holders of rec. Mar. 6a Steel Co. of Canada, corn.& pref. (guar.) 4399e May 1 Holders of roe. Apr. 7
Paramount Publix Corp.. corn. Mara
$I
Apr.
1 Holders of rec. Mar. 16
134
(guar.)
15
*Holders
roe.
pref.
Mar.
of
Feb.
28
Stein
(A.)
&
Co..
•37)4c
Pavonia Building Corp
Steneck Title & Mtge. Guaranty MO - *10e. Apr. 1 'Holders of rec. Mar. 15
Peabody Engineering, pref. (guar.).--- *1ft Mar. 31 *Holders of rec. afar. 20
'Sc. Apr. 1 "Holders of rec. Mar. 15
Extra
•135 June 30 *Holders of rec. June 30
Preferred (guar.)
Stock Exchange Secur.. Inc., el. A (au.) *3755e Apr. I "Holders of rec. Mar. 15
"155 Sept.30 "Holders of roe. Sept .20
Preferred (guar.)
75e. Apr. 1' Holders of rec. Mar. 17a
Stone & Webster. Inc. (auar.)
•151 Dec. 31 *Holders of rec. Dec. 30
Preferred (guar.)
roe.
Holders
of
Mar.
2a
Mar.
16
Strawbridge & Clothier,7% pref.(guar.) *155 Apr. 2'Holders of rec. Mar. 16
25e.
Penick & Ford, Ltd.(guar.)
250. Mar.16 Fielders of rec. Feb. 250
Sun Oil Co.. corn pause)
Pennaans. Ltd., common (alum)
$1 May 15 Holders of rec. May 5
Sunset McKee Salesbrook. el. A (qua - *3734c Mar. 15 *Holders of rec. Mar. 4
115 May I Holders of rec. Apr. 21
Preferred (guar.)
Mar. 15 *Holders of rec. Mar. 4
4250.
Class
B
Holders
of
rec.
(guar.)
Mar. 20
600. Mar. 31
Penney (J. C.) Co.. corn. (guar.)
Superior Portland Cement,el. A (mthly.) '27340 Apr. 1 *Holders of roe. Mar.23
155 Mar. 31 Holders of roe. Mar. 20
Preferred (guar.)
25c. Apr. 1 Holders of rec. Mar. 13
20e. Mar. 16 Holders et rec. Feb 13
Supertt Petroleum, ord. & corn. (qu.)
Pennroad Cory
155 Apr. 1 Holders of rec. Mar. 13
Preferred A (guar.)
Perfect Circle Co.((Var.)
50c. Apr. 1 Holders of rec. Mar. 20
3715c. Apr. 1 Holders of rec. Mar. 13
Preferred B (guar.)
Perfection Stove (monthly)
•1855c Mar. 31 *Holders of rec. Mar. 20
50e. Apr. 1 Holders of rec. Mar. 10
of
rec.
Mar.
110
Apr.
1
Holders
Swift
&
(guar.)
Co.
Pet Milk Co.,common (guar.)
3735c
155 Apr, 1 Holders of rec. Mar. 21
Tamblyn (G.) Ltd., (guar.)
Preferred (quar.)
lit Apr. 1 Holders of rec. Mar. 11
25e. Apr. 1 Holders of rec. Mar. 25
Telephone Bond & Share. corn. A (extra)
Petroleum Exploration. corn. (fluar.)*250. Mar. 16 *Holders of roe. Mar. 2
1299c Mar.16 Holders of rec. Feb. 280
Phelps Dodge Corp. (guar.)
50e. Apr. 1 Holders of rec. Mar. 14a Tennessee Corp.(guar.)
Tennessee Products now., corn.(Qum.) •25e. Apr. 10 *Holders of rec. Mar. 31
Pie Bakeries of America, class A (qtiar.)
60c. Apr. 1 Holders of rec. Mar. 14
Holders of rec. Mar. 6a
$1750. Apr.
Texas Corporation (guar.)
Preferred (guar.)
155 Apr. 1 Holders of rec. Mar. 14
Star. 16 Hold is of rec. Mar. 26
Texas Gulf Sulphur (guar.)
Pitney-Bowes Postage Meter (quar.)
*5e. Apr. 1 *Holders of roe. Mar. 24
25e. Mar. 31 Holders of rec. Mar. 10
Texon 011 & Land, common (quar.)-*50o. Apr. 1 *Holders of rec. Mar. 10
Pittsburgh Plate Glass (guar.)
40e, Apr. 1 Holders of rec. Mar.200
Apr. 1 'Holders of rec. Mar. 23
Thatcher Manufacturing, corn. (quar.).
Pittsburgh Steel Foundry, Prof.(guar.). 4,
Pittston Company.common (quar.) . 38e. Apr. 1 Holders of rec. Mar. 18a Thomson-Gibb Elec. Weld., el. A (N0.1) '500. May 1 *Holders of rec. Apr. 21
Thompson-Starret Co., pref. (guar.) - 874e Apr. 1 Holders of roe. Mar.lla
Port Huron Sulphur & Paper, pf. (qIL)- *155 Apr. 1 *Holders of rec. Mar. 15
155 Apr. 1 Holders of rec. afar. 140
Porto Rican Amer. Tobacco (guar.).8735e Apr. 10 Holders of rec. Mar. 200 Tide Water Associated 011, pref. (qu.)
20e. Mar. 31 Holders of rec. Mar. 14a
*Holders of rec. Mar. 16
Tide Water OIL corn, (guar.)
Powdrell & Alexander. Prof.(quar.)
- '134 Apr. 1
Mar.20 'Holders of rec. Mar. 5
rec.
Feb.
280
Mar.
31
Holders
of
"Sl
Todd
Shipyards
Corp.
(guar.)
Prairie 011 dr Gas (guar.)
50e.
Apr. 1 Mar. 24 to Mar. 31
3
Prairie Pipe Line (guar.)
750. Mar. 31 Holders of rec. Feb. 28a Toronto General Trusts (guar.)
Apr. 1 "Holders of rec. Mar. 16
Traung Label & Litho., class A (qUar.) '37)4o Mar. 16 *Holders of roe. Feb. 28
Pratt Oz Lambert, Inc.(guar.)
*El
rec.
Mar.
20
6255e Apr. 1 Holders of rec. Mar. lla
Trlco Products Corp.(guar.)
Pressed Steel Car, pref. (quar.)
194 Mar.31 Holders of
Tr -Continental Corp., prof. (quar.)
134 Apr. 1 Holders of rec. Mar. 160
Apr. 1 Holders of rec. Mar. 14
Price Bros. & Co., Ltd.,common (quar.)
Holders
of
rec.
Mar.
14
(guar.)
30c Apr. 1 Holders of rec. Mar. 13
1
corn.
Apr.
Tri-Utilities
Corp.,
199
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 13
fl
Mar. 14 Holders of rec. Feb. 25s
Common (payable in common stock)_
Procter & Gamble.6% pref.(qUar
750 Apr. 1 Holders of rec. Mar. 13
33 convertible preferred (guar.)
Public Investing Co. (guar.)
250. Mar.16 Holders of rec. Feb. 16
May 1 Holders of rec. Apr. 15
750.
1
(guar.)
Apr.
$3 cumulative pref.
Public Utility Holding Corp., pref.(qu.) *75e.
$1.50 May 1 Holders of rec. Apr. 15
86 preferred (guar.)
155 Apr. 1 Holders of rec. Mar. 10
Pure Oil Co., 555% pref. (guar.)
Apr. 11 Holders of rec. Star. 260
30c.
Holders
of
roe.
common
(guar.)
1
Mar.
10
Truscon
Steel,
Apr.
155
Preferred
(guar.)
6%
Apr. 1 Holders of rec. Mar. 100 Underwood-Elliott Fisher Co.,com.(qu)_ $1.25 Mar. 31 Holders of rec. Mar. 120
2
8% Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 120
Apr. 1 *Holders of rec. Apr. I
Preferred (guar.)
Quaker Oats, common (guar.)
*51
65e. Apr. 1 Holders of ree. Mar. 40
Apr. 15 *Holders of rec. Apr. 1
Union Carbide & Carbon (guar.)
Common (extra)
*53
.500. Apr. 1 *Holders of rec. Mar. 20
Union Metal Mfg., corn.(guar.)
•155 May 29 'Holders of rec. May 2
Preferred (guar.)
*25c. Apr. 1 *Holders of rec. Mar. 20
Common (extra)
8755e. Apr. 1 Holders of rec. Mar. 20
Radio Corp. of Amer., Prof. A (quar.)
Apr. 1 *Holders of rec. Mar. 20
"2
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 2a
Preferred B (guar.)
750. Apr. 1 Holders of roe. Mar. 100
1255e. Mar..16 Ilolders of rec. Feb. 26
United Aircraft & Transport, pf. (qu.)Railroad Shares Corp
Mar. 16 *Holders of rec. Feb. 28
of
*199
*Holders
roe.
Mar.
1
Mar.
15
United
Theatre
Circuit.
pfd.
0111.)
.50e.
Artists
Rapid Electrotype Co. (guar.)
United Business Publishers, pref. (qu.) *1.94 Apr. 1 *Holders of rec. Mar. 20
65e. Mar, 16 Holders of rec. Feb. 28a
Raybestos-Manhattan, Inc. (quar.)--*250. Mar.31 *Holders of rec. Mar. 21
United Cigar Stores o Amer.. prof.(go.) 115 May 1 Holders of rte. Apr. 100
Reed Roller Bit (guar.)
134 Aug. I Holders of rec. July 103
Preferred (guar.)
Reeves (Daniel), Inc., corn. (quar.)___ _ *37 Mc Mar. If 'Holders of rec. Feb. 28
14 Nov. 2 Holders of rec. Oct. 9
*155 Mar. 11 *Holders of rec. Feb. 28
Preferred (quar.)
615% preferred (guar.)
Apr, 1 Holders of rec. Mar.130
fielders
of
roe.
Feb.
28
Mar.
14
134
United
155
Dyewood. pref. (guar.)
Reliance Grain Co., pref. (guar.)
40c, Mar.24 Holders of roe Mar. 12
•155 Apr. 1 *fielders of rec. Mar. 20
United Elastic Corp. (guar.)
Reliance Mfg. of Ills., pref.(guar.)
Apr. 1 Holders of ree. Mar. 20
United Fruit (guar.)
51
Reliance Mfg. (Ohio) corn. (guar.)._ *500. Apr. 1 *Holders of roe. Mar. 16
50a. May 1 Holders of roe. Apr. 1110
United Piece Dye Works. cern.(quar.)_
Remington Arms Corp.. 1st Prof.(guar.) •155 Apr. 1 "Holders of rec. Mar. 20
Common(guar.)
50e. Aug. 1 Holders of rec. July 154
Remington Rand, Inc., first pref.(guar.) 155 Apr. 1 Holders of rec. Mar. I6a
500. Nov. 1 Holders of rec. Oct. 150
AIM 1 Holders of rec. Mar. 16a
Common (guar.)
2
Second preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 20a
10e. Apr. 1 Holders of rec. Mar. 100
Preferred (guar.)
Hen Motor Car (guar.)
Preferred (guar.)
134 July 1 Holders of rec. June 200
75a. Apr. 15 Holders of roe. Apr. I
Republic Supply Co. (quar.)
134 Oct. 1 Holders of rec. Sept.190
Preferred (guar.)
75e. July 15 Holders of rea. July 1
Quarterly
155 Jan1'32 Holders of tee. Dec. 100
YU. Oct. 15 Holders of roe. Oct.
Preferred (quar.)
Quarterly
Mar.
16
of
roe.
Apr, 10 Holders of roe. Mar.23
Holders
Apr.
1
2
750
United
Securities.
Ltd
pref.
(qu.)
Investment
Corp..
Research
rec.
Apr.
10a
Mar. 16 Holders of rec. Mar. 20
Holders
of
$1
United Stores Corp., pref.(guar.)
134 May 1
Revere Copper ds Brass, pref. (qual'.)U. S. Capital Corp., class A (No. 1)___ •25c Apr. 1 *Holders of rec. Mar. 14
Reynolds (It. J.) Tobaccoof
rec.
Holders
Mar.
Mar. 31 Holders of rec. Star. I96
1
18
40e
Apr.
U.
S.
Gypsum,
corn.
(guar.)
75c.
Common and common B (quar.)
*155 Mar.31 *Holders of rec. Mar. 16
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 14a
Rich's. Inc., Prof.(guar.)
U. S. Leather, prior preferred (quar.)_
134 Apr. 1 Holders of rec. Mar. 100
55e. Apr. 1 Holders of roe. Mar. 16
Rike-Kumler Co., common (quar.)
U. S. Playing Card (guar.)
•1M Apr. 1 'Holders of roe. Mar. 24
'6234e Apr. 1 *Holders of rec. Mar. 21
Preferred (guar.)
U. S. Printing & LIthograPhing (guar.). *75e. Apr. 1 *Holders of rec. Mar. 21
Robinson Consolidated Cone (quar.)
3734c. Apr. 1 Holders of rec. Mar. 15
Me. Mar. 16 Holders of rec. Feb. 160
U.S. Realty &'met.(guar.)
*50c. Apr. I *Holders of rec. Mar. 20
Ross Gear & Tool, common (quar.)-50c. Apr. 20 Holders of rec. Mar.310
Royal Baking Powder, common (guar.)
25o. Apr. 1 Holders of rec. Mar. 90 Unned States Pipe & Fdy., corn.(go.)...
50c. July 20 Holders of rec. June 300
155 Apr. 1 Holders of rec. Mar. 90
Common(quar.)
Preferred (guar.)
50c. Oct. 20 Holders of roe. Sept. 300
Royallte Oil
.50c. Mar. 16 Mar. 6 fa Mar. 15
Common (quar.)
50c Jn20'32 Holders of rec. Dec. 310
Ruberold Co. (guar.)
Mar. 14 *Holders of roe. Feb. 28
Common (guar.)
*$1
30c. Apr. 20 Holders of rec. Mar. 310
Ruddy (E. L.) Co., Ltd., Prof. (quar.)_ _
134 Mar. 15 Holders of rec. Feb. 28
First preferred (quar.)
Mar.
14
*Holders
of
rec.
30e. July 20 Holders of rec. June 300
Heating
&
1
Safety Car
Ltd., com.(guar.) "52 Apr.
First preferred (guar.)
300. Oct. 20 Holders of rec. Sept.300
First preferred (ouar.)
Ss. Joseph Lead Co.(quar.)
50o. Mar.20 Mar. 10 to Mar 20
300. Jn20'32 Holders of rec. Dec. 31a
First preferred ((mar.)
St. L. Rocky Mt. dr Pee. Co.,corn.(qu.) 25e, Mar. 31 Holders of rec. Mar. 16a
199 Mar. 30 Holders of rec. Feb. 28e
Mar. 31 Holders of rec. Mar. Ilia United States Steel Corp.. corn.(quar.)
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 10
St. Regis Paper, common (guar.)
United States Tobacco, corn (guar ).-- $1.10 Apr. 1 Holders of rec Mar 160
1% Apr. 1 Holders of rec Mar 18a
155 Apr. I Holders of rec. Mar. 10
Preferred (guar.)
Preferred (quar)
51.25 Apr. 1 Holders of rec. Mar. 18a Universal Products (guar.)
Safeway Stores (guar.)
*50c. Apr. 1 *Holders of roc. Mar. 16
155 Apr, 1 Holders of roe. Mar. 18a Utah Copper Co (guar)
32 Mar 31 Holders of rec Mar 13a
7% preferred (guar.)
155 Apr. 1 Holders of rec. Mar. 18a Vacuum 011 Co. (gear.)
Mar.20 Holders of rec. Feb. 28
8% preferred (guar.)
$1
ne. Apr. 1 *Holders of rec. Mar. 14
Salt Creek Consol. 011 (guar.)
134 Mar.17 Holders of rec. Mar. 14
Valvoline Oil, corn. Mar.)
Sept. 1 *Holders of rec. Aug. 15
Apr. 1 *Holders of rec. Mar. 18
•2
Saranac Pulp & Paper, stock dividend "e5
Preferred (guar.)
•115 May 15 *Holders of rec. May 1
Savage Arms, second pref.(guar.)
•50e. Mar.31 *Holders of roe. Mar.20
Vanaclum-Alloys Steel (quar.)
•199 June 1 *Holders of roe. June 1
&heftier Drug, pref. A (monthly)----" 112-3c Mar. 15 *Holders of rec. Feb. 28
Vapor Car Heating, pref. (guar.)
50c. Mar. 16 Holders of rec.•Feb. 28
•199 Sept. 10 *Holders of rec. Sept. 1
Schiff Co., common (guar.)
Preferred (guar.)
155 Mar. 16 Holders of roe. Feb. 28
Preferred (guar.)
*134 Dec. 1 *Holders of roe. Doe. 1
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar. I2a Viau Biscuit, first preferred (guar )__.134 Apr 1 Holders of rec Mar 7
Schulte Retail Stores, pref. (guar.)
•155 Apr. 1 *Holders of rec. Mar. 16
Schulze Baking, pref. (guar.)
*60c. Mar. 1 *Holders of rec. Mar. 1
Viking Pump Co.. pref. (guar.)
d75e. Apr. 1 Holders of rec. Mar. 16
Convertible preferred (guar.)
.50c. Apr. I *Holders of rec. Mar. 14
Vogt Manufacturing (guar.)
350, Mar. 31 Holders of roe. Mar. 17a Vortex Cup Co., com. (guar.)
50e. Apr. I Holders of rec. Mar. 20
Scott Paper (guar.)
*500. Apr. 1 "Holders of ree. Mar. 16
*62340 Apr. 1 *Holders of rec. Mar.20
Booeill Mfg.(guar.)
Class A (aunt.)
May 1 Holders of ree. Apr 8s Vulcan Detinning, corn. (guar.)
Apr. 20 Holders of rec. Apr. 75
Sears. Roebuck & Co., stook dly.(au.)- el
$1
25e, Apr. 1 Holders of rec. Mar. 14
154 Apr. 20 Holders of reo. Apr. 7.
Second Internat. Corp., corn. A (guar.).
Preferred (ouar.)
75c, Apr. 1 Holders of rec. Mar. 14
6% first preferred (quar.)
134 Apr 1 Holders of roc Mar 20
Wagner Flee Co., prof (quar)
750. Apr, 1 Holders of rec. Mar. 14
6% second preferred (quar.)
Wolff & Bond, Inc., class B (quar.)._- "20e. mar. 31 *Holders of rec. Mar. 16
•25e. Apr. 1 *Holders of ree. Mar. 15
3755e Apr. 1 Holders of rec. Mar.20a
Second Internat'l Sec., class A (quar.)
Waldorf System, com.(guar.)
*75e. Apr. 1 *Holders of rec. Mar. 15
20c. Apr. 1 Holders of roe. Mar. 20
First and second pref. (guar.)
Preferred (guar.)
155 Apr. 1 Holders of rec. Mar. 16
&cord (Laura) Candy Shops. pf.(qu.)
Walker (Hiram) Gooderham &
25c. Mar. 16 Holders of rec. Feb. 20
Segal Lock & Hardware, common (qu.). 1255e. Mar. 16 Holders of rec. Mar. 2
Worts (guar.)
50c. Apr. 1 Holders of rec. Mar.23
25e. Apr. 10 Holders of rec. Mar. 20a Waltham Watch,6% pref. (guar.)
Shattuck (F. G.) Co. (guar.)
Mar. 1 *Holders of rec. Mar. 1
*50c July 1 *Holders of rec. June 22
&leafier (W. A.) Pen Co., common.
-41
6% preferred (Ouan)
*50e Oct. 1 *Holders of roe. Sept.21
•50e. Mar. 1 *Holders of ree. Mar. 1
Common (extra)
6% preferred (guar.)
Sept.]. 'Holders of rec. Sept. 1
25e. afar. 16 Holders of roe. Mar. 5a
Common
*El
Walworth Co., corn. (guar.)
"2
Apr. 2 *Holders of rec. Mar. Si)
•750. Mar. 31 *Holders of rec. Mar.20
Preferred (guar.)
Preferred ((mar.)
I% Apr, 1 Holders of rec. Mar. 176
*2
July 20 *Holders of rec. June 30
Preferred (guar.)
Ward Baking, pref. (guar.)
Oct. 20 *Holders of rec. Sept .30
•2
50e. Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
Warner Co., common (quar.)
Apr. 1 Holders of rec. Star. 10a
$1.75 Apr. 1 Holders of roe. Mar. 14
Shell Union 011, Prof.(guar.)
First and second preferred (quar.)
Apr. 1 Holders of roe Mar ha
Apr.
1
50c
•119
'Holders
of
rec.
Stand.
(qu.)
Optical
pf.
Mar.
31
Shur-On
Co., pr.
Warren Foundry & Pipe (quar)
Smith-Alsop Paint & Varnish, pf. (qu.)_ *87 Mc Mar. I 'Holders of rec. Feb. 20
Waukesha Nloter, common (quar.)---- *75c. Apr. I *Holders of rec. Mar. 15
0250. Mar.31 *Holders of ree. Mar. 14
134 Apr. 1 Holders of rec. Mar.20a
South Penn 011 (War.)
Webster-Eisenlohr, Inc., pref. (quar.)
Apr. 1 Holders of rec. Mar. I2a Wellington 011 (guar.)
'Sc. Mar. 15 *Holders of roe. Feb. 28
South Porto Rico Sugar Co., pref.(guar.) 2
50e. Apr. 1 Holders of roe. Mar. 140
41
Apr. 1 *Holders of ree. Mar. 16
Wesson Oil& Snowdrift, common (qu.).
Southwest Pa. Pipe Lines (quar.)
MI9 Apr 0 *Holders of me Mar 28
ardddIng (A. G.) & 13os., corn. Mari
500. Apr. 1.5 Holders of rec. Mar. 310 West Coast 011, pref (quar)
*134 Apr. 3 *Holders of rec. Mar. 14
spang, Chalfant & Co., pref. (quar.) . 1 55 Apr. 1 Holders of rec. Mar. 16a
West Point Mfg. (guar.)
25e. Mar. 31 Holders of rec. Mar. 14a West Michigan Steel Foundry (quar.).
*25e. Mar. 16 'Holders of rec. Mar. 2
Sparks Withington Co., corn. ((NJ *115 Mar. 16 *Holders of rec. Mar. 0
134 May 15 Holders of rec. May 1
Preferred (guar.)
West Va. Pulp & Paper,6% pref. (q11.)750. Mar. 31 Holders of rea. Mar. 15
134 Aug. 15 Holders of rec. Aug. 1
6% preferred (Ouar.)
Sparta Foundry Co.(quar.)
Nov. 18 Holders of rec. Nov. 2
139
25e. Mar, 30 Holders of rec. Mar. 10
Spencer Trask Fund, corn. & Prof. (qu.)
preferred
6%
(guar.)
350. Mar. 16 Holders of rec. Feb. 28
300. Apr. 1 Holders of roe. Mar. 90 Western Can. Flour Mills, corn.
Standard Brands, e0m. (guar.)
134 Mar. 16 Holders of rec. Feb. 28
Apr, 1 Holders of roe. Mar. 9a
(guar.)
Preferred (guar.)
(quar.)Pefd
155
)
134
134
134
134
1942
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Cone01644).
Western Reserve Investing, pr. pf.(qui_
Westinghouse Air Brake (quar.)
Westmoreland. Inc. (quar.)
Weston Electrical Instrument, corn.(au.)
Class A (guar.)
Weyenberg Shoe Mfg., pref. (quar.)
Wheeling Steel Corp.. pref. A (quar.)
Preferred B (quar.)
Whist. Rook Mineral springs. corn,(au.)
Common (extra)
First preferred (quar.)
Second preferred (quar.)
Second preferred (extra)
Wilcox-Rich Corp.. class A (quar.)
Will & Boomer Candle Co.. pref. (quar.)
Winsted Hosiery, Min. (quar.)
Common (quar.)
Common (guar.)
Wise(Wm.II.) & Co.,8% prof. (quar.)
Wood (Alan) Steel Corp., pref. (quar.)
Worthington Pump & Mach..pLA (qu.)_
Preferred A (acct. accum. dive.)
Preferred B (quar.)
Preferred B (acct. serum. diva
Wrigley(Wm 1 Jr Co.(monthly)
Warlitsse (Rudolph). pref. (quar.)
Preferred (quar.)
Yale & Towne Mfg. quar.)
Youngstown Sheet & Tube, corn (qu )-Preferred (quar.)
Young(L. A.) Spring dr Wire, corn.(au.)
134 Apr.
50c. Apr. 3
30c. Apr.
2.5c Apr.
50c Apr.
Mar. 1
*1
Apr.
*2
•234 Apr.
Apr.
$1
500. Apr.
134 Apr.
5
Apr.
234 Apr.
62 Mc Mar. 3
Apr.
2
*24 May
*244 Aug.
•235 Nov.
*20c Feb. 1
•134 Apr.
134 Apr.
h134 Apr.
1.34 Apr.
hi 34 Apr.
28e. Apr.
*134 Apr.
0131 Jul?
50c. Apr.
81
Apr
*1% Apr.
750. Apr.
Books Closed.
Days Inclusive.
Holders of rec. Mar. 14a
Holders of rec. Mar. 31
Holders of rec. Mar. 16
Holders of rec. Mar. 19a
Holders of rec. Mar. 190
*Holders of roe. Mar. 5
*Holders of rec. Mar. 12
*Holders of roe. Mar. 12
Holders of rec. Mar. 140
Holders of roe. Mar. 140
Holders of roe. Mar. 14
Holders of roe. Mar. 14
Holders of rec. Mar. 14
Holders of rec. Mar. 210
Holders of rec. Mar. 16
*Holders of rec. Apr. 15
*Holders of rec. July 15
*Holders of rec. Oct. 15
*Holders of rec. Feb. 2
*Holders of roe. Mar. 10
Holders of rec. Mar. 10
Holders of rec. Mar. 100
Holders of rec. Mar. 10a
Holders of rec. Mar. 10a
Holders of roe. Mar. 200
*Holders of roe. Mar. 200
*Holders of rec. June 20
Holders of rec. Mar. Ila
Holders of rec Mar. 14a
*Holders of rec. Mar. 14
Holders of rec. Mar. 160
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending Mar. 4:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF
BUSINESS FOR THE WEEK ENDED WEDNESDAY, MAR. 4 1931.
NATIONAL AND STATE BANKS—Average Figures.
Loans,
Disct. and
Invest.
n Commero'al Invest. Trots cony. pref. dividend will be paid in com, stock at
rate of 1-52 shares unless holde-s notify company on or before March 16 of his
desire to take cash.
o Central States Vet,. cony. pref. series of 1928 div. payable $1.50 in cash or
3-32d. share corn, stock; series of 1929, $1.50 cash or 3-64ths share corn. stock.
p American Cities Power & Light class A dividend is payable in class B stock
at rate of 1-32d share.
r Utilities Power & Light class A div. payable 1-40th all, class A stock or 50c. cash.
Class 11, 1-40th share corn, stock or 25c. cash. Stockholders will receive stock
unless holder notifies company by close of business March 13 of his desire to take
cash. Common stock dividend is payable 1-40th share COM, stock or 25e. cash.
* Imperial Tobacco of Canada dividend for year 1930 is subject to ratification at
stockholders meeting on March 16.
General Realty & Utilities $6 pref. dividend is payable either 60-1,000ths share
common stook of $1.50 cash at option of holder.
w Lees deduction for expenses of depositarY•
Weekly Return of New York City Clearing House.—
Beginning with March 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,339,600 to surplus and undivided profits, $158,143,000
to the net demand deposits and $103,912,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MAR. 7 1931
*Surplus and
Undivided
Profits.
Na Demand
Dep.ans
Average.
Time
Deposits,
Average.
$
$
$
$
6,000,000
14,178.200
68,472,000
Bank of N.Y.& Tr. Co_
13,762,000
22,250,000
54,430,100
263,209,000
Bank of Manhat.Tr. Co.
54,341.000
36,775,300
40,579,700
158,204,000
Bank of America. N. A__
54,599,000
National City Bank_ _ _ _ 110,000.000 114,554,300 a1,006,131,000 198,909,000
43,426,000
21,000,000
252,005,000
Chemical Bk.& Tr. Co__
29,709,000
90,000.000 207,442,800 b922,238,000 160,715,000
Guaranty Trust Co
16,200,000 el6,586,000
Chat.Phen.N.B.&Tr.Co.
157,698,000
34,870,000
87,278,200
21,000,000
448,611,000
Cent. Han. Bk.& 'Fr. Co
82,418,000
35,431,300
15,000.000
185,921,000
Corn Exch. Bank Tr. Co.
37,270,000
10,000,000 114,009,500
250,322,000
First National Bank__._
33,914,000
50.000,000
85.390,500
401,773,000
Irving Trust Co
51,674,000
11,353,100
6,000,000
12,804,000
Continental Bk.& Tr.Co
773.000
148,000,000 209,775,900 c1,407.735,000 207,039,000
Chase National Bank
3,842,100
500,000
27.679,000
Fifth Avenue Bank
3,615,000
86,887,300 d472,739,000
25,000,000
Bankers Trust Co
69,938,000
24,830,000
10,000,000
35,572,000
Title Guar.& Trust Co
1,192,000
9,527,100
10,000,000
47,882,000
Marine Midland Tr. Co_
5,713,000
4,622,500
3.000,000
17,300,000
Lawyers Trust Co
2,390,000
35,554,700
12,500,000
189,617,000
New York Trust Co__ _ _
50,586,000
9,992,600
7,000,000
45,501,000
Com'l Nat. Bk.& Ti'. Co
3,571,000
2,811,900
2,000,000
27,906,000
Harriman N.B.& Tr.Co.
6,569,000
13,729,300
8,250,000
39,549,000
Public N. B.& 'Fr. Co
33,904,000
27,500,000
23,610,300
118,594,000
Manufacturers Trust Co.
70,008,000
Clearing Non-Member.
Mech. Tr. Co.. Bayonne
'retain
500,000
924,800
2,741.000
5,278,000
658,475,300 1,250,778,000 6,560,206,000 1,212,840,000
• As per official reports: National, Dec. 31 1930' State, Dec. 31 1930; Trust
Companies, Dec. 31 1930.
Includes deposits in foreign branches: (a) $287,884,000; (b) $118,025,000;
(c) $127,520,0001 (41) $56,808,0004 a As of Feb. 27 19314
$
$
$
$
87,300
307,600
1,735,900
69,053 2,036,207 2,247,451 20,260,187
131,900
103,000
554,000
446,000
491,800
127,000
6,692,500
6,700,000
TRUST COMPANIES—Average Figures.
a Transfer books not closed for this div:dend.
Correction. e Payable In stock.
IPayable In common stock. g Payable In scrip. h On account of accumulated
dividends. I Payable In preferred stook.
I Gen'l Gas & Elec. class A dividend is payable In class A stock and scrip at rate
of $5 per share unless notice of holders election to take cash Is received prior to
March 10.
m All transfers received in London on or before March 3 will be in time fur payment of dividend to transferees.
*Capital.
OtherCash Res. Dep.. Dep. Other
Gold. Including N. 1'. and Banks and
Gross
Bk.Notes. Elsewhere. Frost Cos. Deposits.
Manhattan—
$
$
Bryant Park Bk. 2,274,300 68,100
Grace National._ 20,494,253 3,000
Brooklyn—
Brooklyn Nat'l__
9,399,80(4 16,500
Peoples Nati—. 6,600,000 5,000
•From unofficial sources. f The New York Stock Exchange has ruled that
Steck will not be quoted ex-dividend on this date and not until further notice.
3 The New York Curb Exchange Association has ruled that stock will not be quoted
Si-dividend on this date and not until further notice.
Clearing House
Members.
(VOL. 132
Loans,
Disc. and
Invest.
Manhattan—
Bk. of Europe & Tr_
Empire
Federation
Fulton
United States
Brooklyn—
Brooklyn
Kings County
Bayonne, N.J.—
Mechanics
Cash.
Res. Dep., Dep. Other
N. 1.and Bants and
Eisewherr. Trust Cos.
Gross
Deposits.
$
$
8
686.226
14,026,267
145,583
83,282,600 *4,420,900 7,210.300
151.069 1,047,652
15,615.973
18.546,100 *2,477,500 1.728.600
69,657,405 3,450,000 10.589,749
$
$
12,843,707
2,839,600 82,096,000
314,899 15,341,176
139,400 17,973,000
54,267,570
2,370,000 25,271,000
2,159,979 4,411,237
1,588,000 130,077,000
28,268,122
122,517,000
28,317,429
8,480,598
240,802
853,538
285,155
8,377,592
* Includes amount with Federal Reserve Bank as follows: Empire, $2,965,4004
Fulton, $2,286,200.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
Mar. 11
1931.
Changesfrom
Previous
Week.
Week Ended
Mar. 4
1931.
Week Ended
Feb. 25
1931.
$
s
$
$
Capital
94,075,000
94,075,000 Unchanged
94,075,000
96,982,000 Unchanged
Surplus and profits
96,982,000
96,982,000
Loans,dIsc'ts & Invearta. 1,020,012,000 +13,249,000 1,006,763.000 1,006,939,000
Individual deposits
607,219,000 —5,203.000 612,422,000 611.5135,000
Due to banks
163,789,000 +2,879,000 160,910,000 152,744.000
Time deposits
281,595,000 +1.375.000 280.220,000 277,897.000
United States deposits
1160,000 —5.756,000
6.416.000
7.831,000
Exch.for Clearing House_
20,264,000
21,374,000 +1,110,000
16,364,000
Due from other banks
107.557,000 —13,326,000 120,883.000 115,493,000
Reeve In legal depositles..
+960,000
81,715,000
80.755,000
79,694,000
Cash In bank
+301,000
5,687,000
5,386,000
5,438,000
Reeve in excess hi F.R.Bk
3.555.000
+996.000
2.710.000
2.559.000
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 111930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries' and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended Changes from Week Ended
Previous
Mar, 7
Feb. 28
Week.
1931.
1931.
Week Ended
Feb. 21
1931.
Capital
+500,000
83.034,000
82.534,000
82,534.000
Surplus and profits
260.711,000 +2,316,000 258,365.000 258,365.000
Loans. disets. and invest_ 1,480,669,000 +21,421,000 1,458.648,000 1,456,922,000
Exch. for Clearing House
30,800.000 —1,921,000
32,721,00))
31,378,000
Due from hanks
198,085.000 +7,743,000 190,342,000 161,329,000
Bank deposits
254,741,000 +4,735,000 250,006,000 248,291.000
Individual deposits
+8,007,000 753,563 000 728,665,000
7(11.570,000
Time deposits
436,039,000 +11,418,000 424,621,000 418 871,000
Total deposits
1,452,350,000 +24,160,000 1.428,190,000 1,395,827,000
Reserve with F.R. Bank_ 117,925,000
+3,335,000 114,590,900 115,069,000
1943
FINANCIAL CHRONICLE
MAR. 14 1931.]
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar.12 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
Latest seek appears on page 1904, 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 MAR. 11 1931
Mar.111931. Mar.41931. Feb. 25 1931 Feb. 18 1931. Feb. 11 1931. Feb. 4 1931. Jan. 28 1931. Jan. 21 1931. Mar. 12 1930.
8
IIHSOLIFICSB.
1.715,384,000 1,705.384,000 1.724,089,000 1,713,789,000 1,752,459,000 1,724,459,000 1.784,009.000 1,763.219,000 1,656,159,000
Gold with Federal Reserve agents
Gold redemption fund with U. S.Treat. 33,118,000 33,620,000 34.467.000 34,467.000 34,467.000 34.844,000 35,284.000 35.668.000 53,766,000
Gold held exelusively agst. .R. notes 1,748,502,000 1,739,004,000 1,758,556,000 1,748,256,000 1,786,926,000 1,759,303,000 1,819,293,000 1,798,887,000 1,709,925,000
Gold settlement fund with F. R. Board _.. 500,222,000 491,679,000 472.060,000 480,497,000 470,484.000 419,179,000 418,335.000 421,588.000 638,670,000
Gold and gold eertificates held by banks- 847,650,000 863.614,000 850.706.000 855.655,000 820.081,000 897,930.000 854,086,000 853,673.000 690,564,000
3,096,374,000 3.094,297,000 3,081.322,000 3,084.408,000 3.077,491,000 3,076,412,000 3,091,714.000 3.074,148.000 3,039,159,000
184,172,000 175,990,000 179.194.000 181.995,000 176,855,000 184,445,000 186.718,000 180,136,000 183,703,000
Total gold marvel
Reserves other than gold
3,280,546,000 3,270,287,000 3,260.516,000 3,266,403,000 3,254,346,000 3,260,857.000 3.278.432,000 3.254.284,000 3,222,862,000
Total reserves
71,724,000
85,071.000
86,539,000
75,634,000
76,037,000
78.878,000
82,298,000
Non-reserve cash
76.649.000
1
,
RiOt disesunted:
79.612.000 120,838,000
68.206.000
63.258,000
60.507,000
49,628,000
66.101,000
74.578,000
79.396,000
Secured by 13 SS Govt. obilicatione--122,922,000 127,318,000 129,340.000 133,722,000 142,793,000 148,339.000 146,931.000 150,273,000 145,500,000
Other bills diecounted
172,550,000
151,402,000
190.576,000
100,555,000
189,847,000
106.317.000
199,823,000
93,995.000
222,189,000
87,739,000
222.917,000
104,275,000
215,137,000 229.885,000
120.241,000 151,625.000
266,338,000
256,538,000
76,025,000
178.195,000
350.484,000
76.123,000
168,293,000
355,451,000
75,731.000
183,074,000
340.638.000
78,971,000
196,215,000
324,488,000
80.906,000
192.121,000
336,593,000
83,728.000
190,190,000
335.593,000
82,980.000
190,135,000
336.762,000
96,632.000
181,452.000
346,507,000
66,339,000
214,504,000
233,270,000
Total U.S. Government socurItles...-Other securities (see sole)
Foreign loans on gold
604,704,000
599,867,000
599,443.000
599,674.000 609,620,000
609.511.000
609,877.000
150,000
624,591.000
650.000
514,113,000
12,080,000
Total bills and seourlolts(me nole)
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
'federal Reserve notes of other banks-Bank premises
All other resources
928,656,000
890,998,000
895.607,000
893,492,000 919,548,000
936,703,000
945.405,000 1,006.751.000 1,049,069,000
698,000
14,664,000
461,472,000
58,243,000
19,850,000
698,000
16,239,000
516,299,000
58,196.000
19,729,000
699.000
15,750,000
522,264,000
58.192.000
19.085,000
699,000
15,332,000
513,097,000
58.191.000
19,336.000
764.000
22,875,000
467.135.000
58.039,000
19.028,000
702.000
22.300.000
445,328,000
58,034,000
18.642,000
Total bills discounted
Buis bought lu open market_
U. B. Government securities:
Bonds _
Treasury notes
Cortitioatos and MIL!
711,000
17.785,000
444,122,000
58,098,000
19.243,000
722,000
712.000,
26,194,000: 21,635,000
507.312,000 617,867,000
58,453,000
58,034.000
19,032.000, 15,458,000
Total resources
LEA BILIDIIB,
B. R.notes in actual circulation
Deposits:
Member banks-reserve amount
Government
Foreign banks (lee mole)
Other deposits
4,843,007,000 4,848,080,000 4.848,150.000 4.848,848000 4,790,502,000 4.843.460,000 4,855.382.000 4,957,390,000 5,057,790,000
Total deposits
Deferred avallabIlItY itemil
Capital paid In
Surplus
All other liabilitieg
2,490,771.000 2,430,770.000 2,427,569,000 2,439,550,000 2,417,350,000 2,454,798.000 2.484.475,000 2,488.154,000 2.381,441,000
448.988,000 500.381,000 515,070.000 502.628,000 435,473.000 455,356,000 435,879.000 494,734.000 599,918,000
169,024,000 169,092.000 169,135.000 169,265,000 169,296,000 169,361,000 169.531.000 169.712,000 172,212,000
284,636.000 274,636,000 274.636,000 274,636,000 274.636,000 274,636,000 274,630,000 274.636.000 276,936,000
12.311,000
18.277,000
12,559,000
13,733,000
13,364.000
13,324.000
12,567.000
13.013,000
12,741,000
1
1,445,855,000 1,459.837,000 1,448,416,000 1.449,756,000 1,481.006,000 1.476.742,000 1,478,302,000 1.517.843.00011,609,006,000
2,435,520,000 2,365,192,000 2,378,411,000 2,379,736,000 2,364,686,000 2,378.806,000 2,424,906,000 2,430.730.0002,353,902,000
22.650,0001
1.171,000
43,644,000
25.847.000
34.629,000
33,124,000
35,248,000
51,792.000
28,913.000
6,696,000
6,040,000
5.197,000
5.200.000
6,357,000
5,183.000
5,261,000
5,456.000
5,306,000
19,672,000
18.111,000
18,583,000
18,734,000
16,944,000
16.737,000
18.744.000
19,305.000
18,445,000
4,843,007,000 4,848.080,000 4,848.150.000 4,848,848,000 4,790,502,000 1,843.460.000 4.855,382,000 4,957.390.000 5,057,790,000
Total liabilities
Rath) of geld reserves to deposits and
76.7%
76.2%
79.5%
79.5%
78.0%
79.3%
78.6%
78.2%
78.9%
F.R.note Ilabllitlea combined
Ratio of total reservee to denosits and
81.2%
80.8%
84.1%
84.1%
82.7%
83.3%
84.0%
82.9%
83.5%
F. R. note liabilities combined
'afillailent liability on bills purchased
460,945,000 462.261.000 453,814,000 448,637,000 445,684.000 448,382.000 442.435,000 448,667,000 505,599,000
for foreign oorrosPondents
Dfoiribwilos by ontrIner1-16 day bills bought In Open market
1-15 days bills clhinou,ted
1-10 days U. S. certif. of Indebtedness
1-16 day. rouniclual warrants
111-00 days bliis bought in open market...
10-80 days bills discounted
10-30 days U. S. oertil. of indebtedness
16-80 days municipal warrants
11-110 days bills bought In open market111-00 days bills dhieounted
111-40 days U. S. serilf. of indebtedness1140 days mnnicinal warrant.
01-90 days bills bought In open market01-90 Says bills discounted
of Indebtedness_
01-90 days U.S
01-90 days muoieipall warrants
Over 90 days bills bought In open market
ever 90 days Ma discounted
2ter 90 days *wilt. of indebtedness
OM 90 days municipal warrants
78,336.000
100,829,000
35.604.000
120.439.000
39.496.000
117,738,000
24,352,000
123.265,000
22,097.000
140,520,000
26.607,000
32,460,000
139.548.000
25.607,000
45.372.000
131,600,000
71,689.000
147,597.000
135,843,000
179,416,000
77,728,000
49,372,000
18,725,000
40,488.000
19,318,000
36,653.000
16,946.000
25,642.000
18,288,000
15,686,000
20,099.000
13,314,000
19,927,000
17.745.000
18,931,000
25,607.000
27.266.000
19,316,000
26,107,000
49,042,000
23,522,000
21,695,000
25,377.000
2,000,000
21,414,000
24,779.000
23.608.000
27,188.000
33,436,000
28,841,000
35.734.000
29,801,000
33,740.000
30,618.000
32,927,000
30,584.000
21.502.000
29.716,000
45,257,000
33,082,000
1,760,000
15,742,000
30,000,000
2,738.000
14.374 000
32,000,000
5.844,000
16.388.000
29,000.000
10.215,000
17.575.000
22,000,001,
13,866,000
19,439,000
23.831,000
20.844,000
23,341.000
21,021,000
29.926,000
20,414,000
30,000
25,618,000
20,536,000
239,000
11.877.000
318,484,000
311,000
11.666,000
323.451,000
716.000
11.587,000
311.638,000
350.000
11,854,000
302,488,000
356.000
12,330.000
309,986,000
930,000
11,980.000
309,986.000
856.000
13,001.000
311,155,000
1,242.000
12.842.000
320,400,000
778,000
9,782,000
155,342,000
F,R.notes realve6 from Comptroller
F.R.notes bed by F. R. Agent
3,295,118,000
1,291,275,000
IssucCI to Federal Reserve Bank'
1.861,648,000 1.869,906.000 1,856,233,000 1.858.540.000 1.897,944,000 1,902,134.000 1,986,829.000 2,031,901.000 2,003,343,000
How Bearish
By gold and gold certificates
Gold redemption fund
Gold f -nd--Federal Reserve Board
By eligible Paper
1,098,730,000 1.090.730.000 1,108,730,000 1,094,230,000 1,099,730,000 1,141,730,000 1.143,380.000 1,137.680.000 1,256.920,000
I 288,207,000 255.540.000 250,470.000 252,991,000 265,920,000 282,149.000 292,060,000 336.319.000 507,391,000
618.654,000
614,654,000
617,359.000
819,559.000
652.729.000
582,729,000
640,629,000
625,539,000
399,239,000
2,003,591,000 .960,924,000 1,974,559.000 1,966,780,000 2.013.379,000 2.006,608.000 2,076.069.000 2.099,536,000 2,163,550,000
TotaL
NOTE.-BoginnIng with the statement of oat 7 1026. twit 'taw I ease were added In order Is show separately the amount of balances held abroad and amounts dull
so foreign correspondents. In addition, the caption, "All other earning smote," previously made up of Foreign Intermediate Credit Bank debentures, was changed so
nosher seeunUell.- and the caption, "Total earning assets" to -Total Mlle and securities." The latter item WM adopted se a more saturate deomintlon of the total Of
discount.. moeptanees and securities acquired under the Provision Of Sections 13 ES11(1 14 of the Fedora! Reserve Act, which, it was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 11 1931
rice Clederrs (00) *MUM.
i
Total. 1Bestow. INew York.1 Mo. 1Cleasland.ISicAnscosi eltlasta. Ottawa
INan Prase
Telma isseree Bank Ol. Loots. Misneap Kan.CUp.1
.188---4
4
4
SEBOURCBS.
4 .
$
$
4
3
3
$
$
Gola with Federal Reserve Agents 1,715,384,0 144,917,0 366,919,0 160,000,0 192.550,0 84,080,0 135,900,0 196,000,0 73,380,0 46,025,0 65,000,0 24,850.0 225.763,0
13,398,0 1,184,0 2,611,0
33,118,0 1,243,0
776,0 4,468,0
Geld rent Rind wlth U.8.Treat
478,0 1,406,0
911,0 1,095,0 4,005.0 1,543,0
(WM held Inal lies0.F.14. notes 1,748,502,0 146,160,0 380,317,0 161,184,0 195.161,0 84,991,0 136.995,0 200,005,0 74,923,0 46,503,0 66,406,0 25,626.0 230,231,0
GOldeettle't fund with F.R,Board 800,222,0, 27,293,0 181,933,0 42,750,0 43,738,0 13,538,0 12,612,0 91.305,0 16,690.0 10,701,0 14,150,0 13.388.0 32,124.0
Bold and gold etts.held by banks.. 847,650.0; 35,508,0. 547,638,0 30,039,0 66,693,0 5,651,0 7.891,0 89,307,0 10,982,0 6,034,0 12,893,0 4,888,0 30,126,0
1
Total gold reserves
3,096,374,0208,961,0 1,109,838,0 233,973.0 305,592,0 104,180,0 157.498,0 380,617.0 102,595,0 63,238,0, 93,449,0 43.902,0292.481.0
56,314,0, 11.012,0 14.244,0. 11,339,0 7.573,0 21.867,0 11.774.0 4,367,0 8,046,0, 8,857.0 10.642,0
184,172,0 18.137,0
'Reserve other than gold
1
3,280,546,O227.098.0 1.166.202.0'244,985,0 319,836,0115,510.0 168,071,0 402.484,0 114,369.0 67,605,0 101,495,0' 52,759.0303,123,0
Total reservew
20,834,0
2,163,0 3,974,01 6,439,0
cash
1,813,0,
4.436,0 4,760,0 5.141,0 5,329,0; 9,4381 5,582,0
78,878,0 8,969,0
Nou-reserve
Bills discounted:
1
I
i
880,0!
167,01 2,144,0
15,055,01 7,374,0 9,334,01 2,797,0,
344,01
49,628,0 3,287,0
Soo. by IJ. B. Goya.obligations
2,599,0
319,0 5,328.0
10,394,0 7,379,0' 4,074,0
23,027,0 14,554,0 9,547,0 14,766,0 14 112 0' 10 556 0 5 559 0 3,464
122,922,0 5.490,0
Other Mils discounted
i
I
t
'
38,082,0; 21,928,0 18,881,0 17,563,0 14,431.0 15,884,0; 8,158,0 3,308,0. 11,274,0: 7,546,0' 6,218,0
Tow bills discounted
172,550,0 8,777,0
49,392,W 2,372.0 15,886,0 1,695,0 8,089,0 21,701,0 7,792,0 4,573,0 7,005,0, 4,191,0 17,390,0
any,bougbt In open market
151,402,0 11,316,0
Ur B. Government'courtlier
929,0 10,380,0
30,173,04 1,353,0 1,161.0 1,530,0
76,025,0 1,820,0
692,0 5,183,0
400,0
Bituds
209,0 22,190,0
50,717,0. 17,010.0 22,312,0 4,297,0 5.104,0 16,331,0 11,998,0 7,836.0 8,696,0 4,964.0 17,103,0
178,195,0 11,827,0
Tgasorsiro notes
13.071,0
24,507,0
13,987,0 21,738,0
DUD
107,363,0,
32,721,0
31,995,0
11,335,0
350,484,0
GertillOateit and
34,634,0 11,295.0 4.873,0 42,965,0
0
1
Toted U.S.0ov'6 sonorities
604,704,0 46,368,0
1
188,258,0 50,358c0 58.107,0 17.122,0 10,186.0 81,486.0 24,025.0 28.090.0 34,132,0 29.331,0 39,241,0
1944
FINANCIAL MitONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Other lecorltles
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Items_
F. It notes of other banks
Bank premises
All other resources
TGI61.
Bono'.
S
3
[VOL. 1:32.
New York. Pisua. Cleveland Rfrantono .403nia. Chicago
---- --- ---$
5
$
S
$
$
Ss. Louis IfInneay Kan.etty
Dallas
San.Fran.
3
$
$
S
$
275.732,0 74,658,0 92,874,0 36,380,0 32,706,0 119,071,0 39,975,0 34,471,0 52,411,0 41,068.0 62,849,0
229,0
71,0
69,0
16,0
28,0
20,0
25,0
21,0
48,0
25,0
04,0
146,0 1,029,0 1,124,0 1,125,0 2.170,0 1,572,0
3,717,0
689,0 1,244,0
341,0 1,300,0
117,712,0 41,291.0 41,650,0 36,135,0 14,150,0 55,244,0 18,753,0 8,291,0 26,352,0 16,963,0 33,425,0
15,240,0 2,614,0 7,070,0 3,412,0 2.573,0 8,061,0 3,635,0 1,926,0 3.803,0 1,830,0 4,621,0
385,0 1,340,0 1,195,0 3,823,0 1,214,0 1.644,0
7,694,0
260,0
925.0
573,0
552,0
928,656.0 66,461,0
52.0
698,0
14,664,0
207.0
461,472,0 51,503,0
58,243,0 3,458,0
245,0
19,850,0
Total resources
4,843,007,0 357,993,0 1,607,360,0 368,587,0 468,630,0 198,934,0 224,802,0 597,776,0 185,555,0 115,384,0 187,748,0 117,831,0 412,357,0
LIABILITIES.
IT. R. notes In actual circulation_ 1,445,855,0 126,550,0 255,965,0 137,506,0 181,273,0 80,916,0 130,641,0 153,330,0 76,815,0 47,839,0 66,033,0 26,843,0 162,144,0
Deposita:
Member bank--resterve noel- 2,435,520.0 144,013,0 1,067,683,0 145,774,0 195,348,0 60,914,0 60,653,0 325,583.0 69,508,0 47,633,0 81,423,0 57,319,0 179,609,0
Go,erninent
11,323,0 1,675.0 3,400,0 3,236,0
831,0 1,642,0 2,254,0
1,752,0
33,124,0 1,947,0
884.0 2,709,0 1,471,0
Foreign hank
511,0
1,698,0
389,0
5,183,0
182,0
525,0
119,0
353,0
151,0
150,0
701,0
203,0
187,0
Other dm:Knits
8,145,0
173,0 1,656,0
351,0
101,0
33,0
87,0
16,944,0
28,0 5,515,0
477,0
287,0
91,0
Total deposits
Deferred avatiabillty Items
Capital paid in
ElurPhut
All other lieb0lIfise
Total liabilities
2,490,771,0 146,382,0 1,088,849,0 148,136,0 200,929,0 64,445,0 61,815,0 329,470,0 71,512,0 48,684,0 83,503,0 59,757,0 187,289,0
448,988,0 51,685,0 113,112,0 38,829,0 40,602,0 34,929,0 14,236,0 52,916,0 20,399,0 7,877,0 24,797,0 17,324,0 32,232,0
65,680,0 16,782,0 15,774,0 5,746,0 5,254,0 19,975.0 4,864,0 3.057,0 4,253,0 4,321,0 11,465,0
169,024.0 11,850,0
80,575.0 27,065,0 28,071,0 12,114,0 10,857.0 39,936.0 10,562,0 7,144,0 8,702,0 8,936,0 18,475,0
274,636.0 21,299.0
3,179,0
269,0 1,081,0
227,0
13.733,0
783,0
702,0
460,0
697,0
784,0 1,999,0 2,149,0 1,403,0
4,843,007,0 357,093,0 1,607.360,0 368,587,0 468,630,0 198,934,0 224,802,0 597,776,0 185,555,0 115,384,0 187,748,0 117,881,0 412,357.0
Memoranda,
/Amerce ratio (per tent)
Contingent liability on Nis perchased for foreign corree000al•
85.8
86.7
83.2
83.3
83.7
70.5
77.1
83.4
85.8
70.0
67.9
Ma
80.7
149.940,0 45,886,0 46,813,0 '18,540.0 16.686.0 62.572,0 16.222,0 10,660,0 13,441,0 13,905,0 31,518,0
460.045.0 34.762,0
FEDERAL RESERVE NOTE STATEMENT
Total.
rederal Reserve .4(103111 at-
4‘140,11
Two Ciphers (O(l) omitted-
arta Yoe., Pasta
C
•
Federal Reserve notes:
Issued to F.I1 bk by F.R.Agt. 1,861,643.0 154,664,0
Held by Federal Reserve !molt. 415,793,0 28,114,0
9
1
Candour! Richmond Ananta. Chieutte
-------,
-
BS Iasi' AfIlaseap Ran.Ctly
2,003,591,0 163,204,0
She From.
391.458,0 107,431,0 212,784,0 91,413,0 155,846,0 206,404,0 85,874,0 52,402,0 76,233,0 32,786,0 234,348,0
135,493,0 29,925,0 31,511,0 10,502.0 25,205,0 53,074,0 9,059,0 4,563,0 10.200,0 5,943,0 72.204,11
In actual elthutation
1,445,855,0 126,550,0 255,065,0 137,503,0 181,273,0 80,916,0 130,641.0 153,330,0,
Collateral held be Ant as t'Sedeti
for notes Issued to batik.
1
1
1
1
Gold and gold earldficatei--- 618.654,01 35,300,0 351.919,0 38,700,0 12,550,0 10,030,0 8,900.0 73,000,0
13011:11 runt,-F.R. Board
1,096,730,0 109.617,0
15,000.0 121,300,0 180.000,0 74,000,0 127,000.0 123.000,0
lellgible imam
75,679,0 19,908,0 30,528,0 18,155,0 20,631,0 34,301,0
288,207,0 18,287,0
Total Collateral
Dallas
1
76,815,0 47,839,0 66,033,0 26,843,0 162,144.0
14,030,0 6,825,0
7,300.0 60,000,0
59,300,0 39,200,0 65,000.0 17,550,0 165,763,0
14,285,0 7,362,0 17,107,0 10.257,0 21,707.0
442,593,0 179,904,0 223,078,0 102,235,0 156,531,0 230,301,0 87,665,0 53,387,0 82,107,0 35,107,0 247,470,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement Issued by the Federal Reserve Board, giving the principal Items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the ttoures for the latest week appears in our department of "Current Events and Discussions." on page 1904, Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and hills of exchange or drafts sold with endorsement. and Include all real estate mortgagee and mortgage loans held by the bank. Previously acceptances of other banke and bills sold with
endorsement were Included with loans, and some of the banks Included mortgages In investments
Warts secured by 17. B. Government obligations ace
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; loll, place the number of cities Included (then IOU was for a time given, but beginning Oct. 9 1929 even this has been omitted.
The figure's have also been reviled to exclude a bank In 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 thousand..
PRINCIPAL RESOURCES AND LIABfLings Op ALL REPORTING WOMEN BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE, OB
RICHNESS MARCH 4 1931 (In millions of dollses).
Total.
7M11011 Xdieltd D6,Iels1-
New York
Rom,
Philo
IC:evens% .1,1tichasondl Atlanta. CMeager
ImitUe and Invailmeott-tessl..-__
22,621
1,460
5
9,173
1,316
2,231
614
Laormr-tstal.
15,441
1,075
6,299
843
1,427
7,273
8,168
414
6611
3,539
2,760
444
404
on securities
All other
1
1
I
I
Si. Loafs. Minneap.iKon Cita.' Dallas. San Fro*,
565
8
3,262
630
1
349
6311
* 432
1,953
435
417
2,299
447
219,
382!
315
1,278
164
2711
131
286,
1,093
1,206
181
266
76,
1431
103'
279
01
224
359
919
7,180
335
2,874
468
673
749
1
804
179'
148
963
183
130'
249!
117
680
Us H. Goveeccutint etc:trifles
ether securities
3,444
3,736
134
251
1,493
1,376
171
297
399
4051
71.
1081
64
841
494
469
43
140
337
343
1,773
211
96
13
845
55
39
13
1411
26:
40
171
39
9.
263
32
44
103
1461
!
54
111
66
51
Rtseere with L IL :lent .......
Cash la vault
61;
66,
1
24
5
32
6
1(16
18
323!
2471
21
1
3021
2271
3
1,799
1,318
3
359
238
200
149
275
150
1
724
1,042
4
106
122
90
123
300
540
104
130
1
07
84
1
443!
.'
2011
1
139
231
117
120
187
271
2
14
Inv team sots- total
Net neonatal deposits
Time deposim..
Go vernrueus 4sposilth _
Due mom hanks.
Dee to
13,514
7,239
29
860
526
3
6,357
1,787
6
756
393
2
1,855
3,835
123
151
130
1,395
181
267
2
47
4
•Exclusive of figures for one pans In New yo k City, eloasA Dee, II,
Botrow:ngs non: Ir. R. 'flank
1,1111
1,008;
3!
1
170
385
4
3
4
6
2
5
Last report of back showed loans and invernmente of about 311/0.000.1/00.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the dose of business March 11 1931,
In comparison with the previous week and the corresponding date last year.
Mar.11 1931. M1.4 1931. Mar. 1219,19,
5
Feionrees (Coseintimi)366,919,000 366,919,000 238,594,000 Gold held abroad
13,398,009
13.596,000
15,590,000 Due from foreign banks(SY Nefe)
Uncollected Items
Gold held wit:stymy ages. F. IL notes 340,317,000 330,515,000 271,181,000
pn. rve notes of other baalre..
raIItelem
Gold settlement fund with F. R. Board_ 181,933,000 137,017,000 186,279,000 Rank
Gold and gold certificates Imd by bank. 547.638,090 551.233.000 415,596,000 All other resources
Mar.111931. Mar. 4 1931 Mar. 121930,
Total sum reserve,
Reeservee other than gold
1,607,360,000 1,554,432.000 1,473,497,005
184101018,()Old with Federal Reeerve Agent
Gold raclemo fund with 13. B. Treasury-
1,109,800.000 1,068.820.000
56,314.000
48.778,000
Total I merest
1,166.202.000 1,117.593.000
Non-rtherve earl
20,834,000
18.096.000
13111a dlacountedmanurial by U. EL (30v9, obilgations15,055,000
15,185,000
23,027,000
Dinar 11111, dIscouuted
23.649.000
Total rolls (Recounted
Bins bought In even market
U. S. Uovernmeni securitintBonds
Tresiourv Doles
Certificates and bill'
33.082.000
49,392,000
38.834.000
29.826,000
876,059,000
55.062,000
931,121.010
14,161,000
18,799,000
14,549,009
Totaltheourree
229,000
3,717,001)
117,712,000
15,240,000
7,604,000
L1a4,11fleaReserve ootes In actual circulation. 255,065,000
Deposits-Member bank, reeerve acct- 1,067,683,000
11,323,000
Government
1.698,000
Foreign bank (See Note)
8,145,0(10
Other deposits
229,000
5,073.000
138,348,000
15,240.001)
7,260,000
267,132,000
986,306,000
12,434,000
1,713,000
7,940,000
233,000
7,422,000
161,841,000
15,664,000
5,861,01th
202,268,000
957,233,004
194,000
2,242,008
7,835,000
33,148,000
1,088,849,000 1.008.402.000 967,504,000
Total deposits
60,558,000 Deferred availability Items
113.112,000 129,530.000 150,792,000
65.680.000
67,639,080
Capital paid in
65.678.000
30,173,000
30.173.000
11,137,000 Surplus
80.575.000
80.001,006
80,575,000
41,141.000 107,855,009 All other liabilities
50,717.000
5,293,000
3,179,000
3,065,000
107.363,000 112.609,000 114,438,000
1 607,360,000 1,554,432.000 1,473,497,000
Total liabilities
Total 0.5. Government efgairltha_. 188,258,000 183,928,000 233,430,009
10,030,000 Ratio of total reserves to Miens!, and
Other securIt(ls 1810 adle)
80.7%
Foreign loans on gold
79.6%
Fed0 It,. re note CallUitlee nomblned_
87.6%
Contingent lIability on 6110 aural:laded
27.5,732,000 252.538,000 337,186,000
149,940,000 151.283.000 168,107.000
tor foreign ve-ateondonne
Total hills and seoutiiies (8es Vote)
NOTE.-BenInning with the statement Of Oat. 7 1925, two new Items were added In order to daow oolliracoly ta, s 13,,ust of nalaueee Sold 40Cood &ad
due 00
forelgu ourreependente In addition, the caption "All other earning &mete," prevIceiely made up of Federal Intermediate Credit Bank debentures, was changed to "Othet
seensinss,- sad the caption, 'Total earning assets" to "Total Mlls and securities.- The latter term was Adopted se 5 more accurate description of the total of the 1iscoun9
eacebtancee sad eecuritiee &mitred under the ProvIglOns of Bectl JnJ. 13 and 14 at the Federal Reserve Act, which, It was stated, are the cull/ items Included therein.
MAR. 14 1931.1
1945
FINANCIAL CHRONICLE
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transcations in Liberty
Loan and Treasury certificates on the New York Stock ExWall Street, Friday Night, Mar. 13 1931.
Railroad and Miscellaneous Stocks.-The review of the change. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Stock Market is given this week on page 1929.
The following are sales made at the Stock Exchange this
Mar.7. Mar.9. Mar.10 Mar.11 Mar.12 Mar.13
week of shares not represented in our detailed list on the Daily Record of U. S. Bond Prices.
-101"as 101"as 101"sa 101"st
101"ss
First
LoanHigh
Liberty
pages which follow:
101"n
334% bonds of 1932-47--{Low- 101"ss 101"as 10155ss 101"ss
STOCKS.
Week Ended Mar. 13.
Range for Week.
Sales
for
Week.
Highest.
Lowest.
Range Since Jan. 1.
Lowest.
% Mar 11
134 Jan
% Jan
Duluth S S & AtI___10
10
III Cent leased Ilne.10
Preferred
100
40 7354 Marl 7334 Mar 10 715E Feb 78
Ma 114
200 101 Mar 11101% Mar 11 100
Jan
Feb
34 Jan 3%
10 13l Mar 9 134 Mar 9
30 8834 Mar 7 8854 Mar 7 8554 Feb 8834
15,5%
Mar 163
Mar
7
15534
Mar
7
1015534
Ja 94
10 90 Mar 10 90 Mar 10 90
Ma 90
11 85 Mar 11 85 Mar 11 85
Market St Ry
100
Northern Central_ _ _ 50
Pltts Ft W & Chic p1100
Wheel& L E pref...100
Common
10
Feb
Mar
Feb
Jan
Jan
Indus. & Miscall.Advance Rumely new_*
Amalgamated Leather *
Preferred
100
Amer Agile Chem(Del)*
Amer Beet Sugar pf_100
American Ice pref_100
American News
Amer Water Works A
Electric Otis
Anchor Cap Corp pref *
Artloom Corp pref--10
1,100
1,300
20
1,200
160
1,600
30
5%
1%
18
2354
11%
75%
55%
2,400 70
100 98
50 83
'Barnet Leather pf__10
6% Mar 13
2% Mar 10
20 Mar 20
25 Mar 10
12% Mar 7
76 Mar 7
57 Mar 7
200 31 Mar 9 34
2 23 Mar 7 23
4010834 Mar 11108%
400 3234 Mar 13 3334
54
% Mar 7
300
6010534 Marl wog
270 99 Mar 9 100
Devoe & RayneMalin preferred
100
DupIan Silk pref.._ _10
5%
1
16%
20
8
74
50
Mar
Jan
Feb
Jan
Jan
Jan
Feb
6% Mar
2% Mar
20
Jan
29% Feb
17% Jan
775£ Jan
5731 Feb
Mar 12 7554 Mar 10 54% Ja 805£ Feb
Mar
Mar 11 98 Mar 11 89% Feb 98
Jan
Jan 83
Mar 11 83 Mar 11 83
734 Mar 9 15
240
Chile Copper
25
Comm Cred pref (7)_25
Comm Inv Tr (7)_100
Crown Cork & Seal pf_•
Cuban Dom Sugar_
Cushm Sons pi(7%)100
Preferred (8%)_ _ .*
Marl
Mar 9
Mar 9
Mar 12
Marl
Mar 9
Mar 12
Mar 13
7%
Mar 11 26
Mar 7 20
Mar 11 108%
Mar 11 315-5
54
Mar 7
Mar 12 100
Mar 9 95
Mar
Jan 38
Jan 23%
Ma 108%
Jan 3454
Jan 154
Jan 106%
Jan 100
Feb
Jan
Mar
Feb
Jan
Mar
Feb
Mar 10 109
Mar 7 103
•
Mar
Mar 10 102% Feb 109
Feb 103% Feb
Mar 7 103
Elec Power & LightPref aria 80% paid_ Eng Pub Serv p1(6)..
20 117
10 98
Mar 7 117
Mar 13 98
Mar 7 115
Mar 13 93
Mar 117
Feb 98
Mar
Mar
Franklin Simon pref 10
Fuller Co 20 pref
•
67
250 65
Mar 10 7454 Mar 13 67
Mar 7 65 Mar 7 65
Mar 75
Feb 65
Jan
Feb
General Cigar pref..100
General Print Ink.
*
Preferred
Gen Ry Signal pref.100
Gold Dust pref
10 116
1,450 28
60 72
40 114
200 111
2614
3834
3954
11
Mar 10 116
Marl 3034
Mar 11 72
Mar 114
Mar 9 113
Mar 10 107%
Mar 13 19
Mar 11 67
Mar 7 104%
Mar 12 104
Jan 116%
Feb 30%
Feb 76
Jan 114
Jan 113
Feb
Mar
Jan
Mar
Mar
Mar 13
Marl
Mar 9
Mar 13
Mar 12 2634 Ma 28%
Mar 10 37% Jan 41
Mar 9 39% Jan 4251
Mar 9 8% Jan 14%
Mar
Feb
Jan
Feb
27
3834
3934
12%
Indian Motorcy p1.10
Internat Silver pref.10
Inter Dept St pref.100
Island Creek Coal p1._1
1 21
130 8634
10 67
40 105
Mar 12 21
Mar 9 90
Marl 67
Mar 13 105
Mar 12 21
Mar 10 73%
Mar 1 57%
Mar 131 105
Feb 26
Jan 90
Feb 67
Jan 105
Feb
Jan
Mar
Jar.
Kresge (88) Co p1.100
Kuppenheimer & Co__•
7,111
20 25
Marl 111
Mar 121 25
Mar 101107
Mar 12 25
Jan 111
Mar 25
Feb
Mar
Loose-Wiles Bislstpf10
Lorillard Co pref _ _ _100
50 124% Mar &125
300 95 Mar 7 98
Outlet Co
100 5054 Mar 11 5054 Mar 11 45
Jan 126% Jan
Mar 9 118
Jan
Mar 7 90% Jan 98
Jan 55
Feb
Pacific Gas & El rights. 12,000 234
20 130
Pao Tel & Tel pref..100
Panhandle Pr & R pf100
50 10
Peoples' Drug &sprat•
10 100
61 6854
Phoenix Hosiery p1.10
100 6834
Pierce-Arrow Co pf.100
Pitts Terminal Coal.10
100 434
Preferred
10
220 25
Procter & Gamb pf.100
2010934
Pub Serv of N4rights__ 38,900 1-128
Jan 3
Jan 13054
Mar 1514
Feb 100
Mar 70%
Jan 72%
Jan 454
Jan 28
Feb 112
Feb 1-64
Mar
Mar
Mar
Feb
Jan
Feb
Jan
Feb
Mar
Jan
Revere Cop & Br p1.10
Rhine Weatld)Elea & P
Mar 83% Jan
Jan 32% Mar
Mar 7 3 Mar 10 2
Mar 1313034 Mar 10 124
Mar 7 1534 Mar 9 10
Mar 7100 Mar 7 963-4
Mar 12 70 Mar 9 68%
Mar 12 6834 Mar 12 83
Mar 9 434 Mar 9 334
Mar 10 26 Mar 9 25
Mar 12 10954 Mar 12 107
Mar 7,1-128 Mar 7 1-128
1
60 75 Mar 10 75 Mar 10 78
200 3234 Mar 9 3234 Mar 9 2854
Jan 45%
Scott Paper
50 453-4 Mar 71 4554 Mar 7 40
Shell Trans & Trad._ £2
330 2934 Mar 11 2914 Mar 12 2934 Mar 34
Sloss-Shef St & Ir pf.100
Jan 39
20 35 Mar 13 363-4 Mar 7 29
Feb 2%
Sou Calif Edison rights_ 15,900 234 Mar 7 234 Mar 10
Tobac Prod div
100
_10
United
Dye p1.10
Dyewood_United Piece
U 5 Distributing pf.10i
Unlv Leaf Tob pref.100
20 3
100 105
200 45
60 109
Van Raalte
Vs Ir Coal & Coke_-10
Wilcox-Rich class A.._
•No par value.
5% Mar 9
554 Mar 9
3
Jan
Mar
jar,
Feb
Mar
554 Feb
Mar 9 2
Mar 9 102
Mar 7 45
Mar 9 102
Jan 3
Feb
Jan 105% Feb
Mar 4914 Jan
Feb 109
Mar
100 10 Mar 12 10 Mar 12 10
100 3234 Mar 12 3254 Mar 12 22
1,600 26% Mar 9 28% Mar 12 20
Feb 14
Jan
Jan 32% Mar
Jan 28% Mar
Mar
Mar
Mar
Mar
9 3
9 105
7 45
9 109
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
(All wires dollars ser Mares
Maturity.
Am'15 1931.--
rut.
Rats.
211%
JUDO 15 1931- 154%
eilpt.15 1931... 244%
nse 18 1931.- 114%
Bid.
1001in
1001n
100n.
100ln
Asked,
MaturitS.
Int.
Rate.
Bid.
Tot& males in $1,000 units
!
Cl .
ie
Converted 434% bonds(High 1022%
01 1932-47 (First 450)4Low- 102"as
102"as
6
Total sales in $1,000 angel
!
e
_
Second converted 434%High
bonds01 1932-47(First LowSecond 434s)
Close
Total sales in 81.000 units._..
Fourth Liberty Loan
{HIP, 10-12=,;
454
(F
%
oubrotnhd4
sofs)
1933-38
Low- 103"as
103"st
Total sales in 81,000 unfr
19
!
C
s.
io
Treasury
High 111"ss
454s, 1947-52
{Low. 111"as
Close 111"as
Total sales in $1,000 units_
1
High 107"ss
45, 1944-1954
(Low. 107sess
Close 107"sa
Total sales tra 21,000 unit,...
11
(High
354s. 1946-1956
Low_
Close
Total sales In 31.000 units...
(High 10-11s7
310, 1943-1947
(Low. 101%
10142
Total sales In 81,000 unit
Crl.
'
.c-ee
1
(High
84411, 1940-1943
{Low.
Total tales in $1,000 untiC
tslif..
8e
_
2-as; 10.2Ws-s
10-2W; 10.
10-2w;
102"as 102"as 102"si 102"sa 102uss
102"s: 102"aa 102"as 102"at 102"as
10
16
16
34
-
10-3=iL 10-31W,
103"sa
103"as
47
111"ss
111"st
111"sa
5
103"rs
103"n
45
1112%
11114n
Islas,,
69
107"ss
107"ss
107"ss
27
105"as
105",
10521,
25
toils; 10151,
101"as 1015,2
101uss 1011%,
15
1
ss
101'sa 101,
101
101,
st
1012ss 101%
2
10rS5Ws
1051In
105"ss
20
101"st
101"as
101"ss
1
101oss
1014ss
1011481
52
10-3141103"as
103"ss
170
112'st
111"as
1121,,
12
108
107uss
108 •
20
106
105"ss
106
10
101uss
101"as
101,41
6
101"at
101"as
10th,,
2
10-3An
103"ss
103nn
53
112sn
112sn
112%
126
108,ss
108
108
12
1062as
106
106
206
102
102
102
1
101"ss
101lin
101un
8
Mar
1
10 109
5.103
Hackensack Wat pf A2
70
Hamilton Watch
•
10
Hawaiian Pineapple.20
10
Houston Oh new.___2 14,50
101"ss
SO
Highest.
RailroadsPar. Shares $ per share. $ per share. $ per share.$ per share.
Feb
Jan 92
Caro Clinch & Ohlo_100
7191 Mar 791 Mar 7 85
Feb
Feb 100
Cris stamped. __10
10 100 Mar 11 100 Mar 11 98
54 Jan
34 Mar 9
% Jan
Mar 9
Chic & Alton prelate_ _
10
Jan 8034 Mar
Clev & Pittsburgh___5
110 80 Mar 9 8034 Mar 9 77
Colo & South 2d p1_100
10 56% Mar 13 5634 Mar 13 5634 Ma 5634 Mar
54 Mar 11
Close 101"ss 101"sa 101"as 101"ss
(First 334,
)
91
4
15
3
Total sales in 81.000 units_
gh
Coingvn
er4
ted
7 (1.
olds
...oliHolw
4%
ingtb4s
Asked
2%
100un Mar. 15 1932
991n 100;
100411 Deo. 15 19;1-32 334% 1011% join,
10011.
1008as
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 lst 330
21 4th 43413
1011% 1011%
103",,80 103",,
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.85 9-16(4
4.85 21-32 for checks and 4.85 25-32©4.85 13-16 for cables. Commercial
on banks, sight, 4.85 5-16@4.8535; sixty days, 4.82 15-16(4)4.8334; ninety
days, 4.81 15-16@4.82, and documents for payment, 4.82 746@4.833.4 •
Cotton for payment, 4.85 3-16, and grain for payment 4.85 3-16.
To-day's (Friday's) actual rates fo- Parrs bankers' francs were 3.9131©
3.9134 for short. Amsterdam bankers' guilders were 40.07@40.08 for
short.
Exchange for Paris on London, 124.13; week range, 124.15 francs
high and 124.08 francs low.
The week's range for exchange rates follows
S ening. ActualHigh for the week
Low for the week
Checks.
4.85 13-16
4.8534
Cables.
4.85 15-16
4.85 23-32
Paris Bankers' Francsnigh for the week
Low for the week
3.91%
3.91 3-16
3.91%
3.9134
Germany Bankers' MarksHigh for the week
Low for the week
23.81%
23.75%
23.82%
23.77%
Ansterdam Bankers' GuildersHigh for the week
Low for the week
40.10
40.07
40.1034
40.0834
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 1932.
A complete record of Curb Exchange transactions for the
week will be found on page 1965.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, Sze., at London,
as reported by cable, have been as follows the past week:
Fri.;
Thurs.,
Wed.,
Tues.,
Mon.,
Sat..
Mar. 9. Mar. 10. Mar. 11. Mar. 12. Mar. 13.1
Mar. 7.
13 15-16 13 11-16 1334
Sliver, P. oz_d_ 13 1-16
13%
1334
Gold. D.fine oz. 848.1134cl. 848.1054d. 848.1154d. 848.1154d. 848.1154d. 849.11 Md.
56%
57
5634
50%
Consols, 2A %- 567
56%
%
10354
10334
103%
103
British, 5%___ ____
10334
10034
10034
100%
10034
British. 454%- __-10034
French Rentes
88.40
88.00
88.75
(in Paris)-fr- ---88.90
French War L'n
103.10
103.30
103.20
(in Paris)_fr. ....-103.20
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (cts.):
29
2834
Foreign
29%
301.4
2934
2934
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 nage.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Mar. 7.
Monday i Tuesday 'Wednesday Thursday ' Friday
Mar. 13.
Mar.9. I Mar. 10.
Mar.11. 1 Mar. 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lois.
Lowest.
Highest.
V Per share $ per share $ per share $ per share l $ per share $ per share Shares
Railroads
Par 2 per share $ per share
19012 196
192 1953* 19214 194
13.900 Atoll Topeka & Santa Fe-100 17818 Jan 2 2033 Feb 24
1857 192781 18518 18912 187 189
*10718 1077 *1071
/
4 10778 .10712 10778 10712 1074! 107% 10738 1074 10712 1.000
Preferred
100 10212 Jan 2 10712 Feb 24
*110 116
109 111 •110 120
108 10312 105 105 I 10518 10518 1,000 Atlantic Coast Line RR-100 105 Jan 2 120 Jan 23
77
76 8 721* 75
75
78
77's 7712 79
797
28,100 Baltimore & Ohio
761
/
4 80
100 6818 Jan 2 87% Feb 24
3
7
*7934 80
8038 79% 7934
80
7934 79
80 *79
80
80
900
100 7214 Jan 2 8012 Feb 27
Preferred
.58
59
5812 59
60
60
60 I .5858 6914
5812 5834 60
600
Bangor & Aroostook
50 5612 Jan 6 6634 Feb 26
*112 113
__ *11312 ___ .11312
__I 11312 11312
113 11312
140
100 108 Jan 13 11312Mar 9
Preferred
*60
68
*60 -68 I 60
*60 -68
60
*61
200 Boston & Mains
*58 -68
68 *11312100 59 Jan 9 66 Feb 20
10/
1
4 *9
1034
1014 *9
8 Jan 14 1038 Mar 3
10341 *9
1034 *9
Brooklyn & Queens Tr_No par
*9
1034 *9
57
*54
58I 57
*56
58
5712 68
58
*56
58
68
700
Preferred
No par 52 Feb 26 58 Mar 3
6434 6714 6434 6434 6518 66
64% 67% 6412 6512 648 648 7,200 Bklyn-Manh Tran v t o No par 5834 Jan 17 6938 Mar 2
9134 9134 9134 9218 9212 93 *9212 9318 •9212 9312 *9212 931g
600
Preferred v t e
No par 86% Jan 21 9414 Feb 11
7, 738 *712 8
300 Brunswick Term & Ry Sec-100
9% Feb 10
*712 734' *714 712
512 Jan 20
7/
1
4 714 *734 8
42
4214 41% 4212 17.500 Canadian Pacific)
43
43
4318 4234 4334 42
433* 43
26 3812 Jan 16 453* Feb 24
4212
42
425 423* 424 42% 424 43
4218 43
:Feb 10
17,200 Chespeake & Ohio
25 391k Jan 2 461
134 134
152 158
100
134 134
2
134 134
*1% 2
15
78 Jan 2
234 Jan 12
900 Chicago & Alton
1
138
1
1
1
100
1
1
1
1
11
/
4 11
1
/
4 5,500
34 Jan 2
14 Jan 12
Preferred
6
612
612
012 612 2,400 Chicago Great Western.--100
612 6% .612
5g
612 678
612 612
VI Feb 10
618 Jan 2
23
22% 233* 2314 2314 1,300
23
23
100 1914 Jan 14 26% Feb 25
*2312 2412 2312 2312 23
Preferred
6/
1
4 7
7
7
6/
1
4 634 1.600 Chicago Milw St Paul & Pao..
6% 7
7
65* 634
7
878 Jan 23
51
/
4 Jan 2
113 115* 11
1138 12
1114 1112 1138 11/
94 Jan 2 1538 Feb 10
1
4 113* 117
1114 6,000
Preferred
3814 3814 3832 3838 3334 39
3814 39
38
4,200 Chicago & North Western_100 33 Jan 2 4512 Feb 24
385* 3712 38
*110 116 *109 116 *108% 116 .10818 116 *110 116 *110 116
100 103 Jan 8 115 Jan 29
Preferred
58% 5918 60
60
61
60
60
60/
1
4 5934 61 J z09
59
3.700 Chicago Rook 1131 & Paelt10.100 4714 Jan 2 6512 Jan 27
100 100 x100 100
3198 9912 9912 9912 994 9912 9912 100
1,500
100 94 Jan 3 10034 Jan 28
7% preferred
*85
89
86
*87
86
89
86% 87
*87
89 I *87
89
100
100 84 Jan 3 VO Jan 28
8% preferred
*3458 4534 .3458 4534 .3458 453 .3434 453 *3458 453 .3458 4534
100 4018 Jan 2 48 Jan 9
Colorado & Southern
40
*39
x39
4112 *39
39 .38
40
38
381 3712 38
600 Consol RR of Cuba pref.-100 341
/
4 Jan 2 4212 Feb 24
0146 150 *146 150/
1
4 147 147
146 146
146 146
14612 14612
600 Delaware & Hudson
100 141 Jan 3 15714 Feb 25
8112 85
8712 8712 8712 8712 *8018 84
81
81
79
81
2,100 Delaware Lack & Weetern_100 79 Afar 13 102 Jan 8
4078 *35
344 .36
*35
3814 *3514 40% *35
4078 34
4078
200 Deny & Rio Or Wet Pre!_100 2712 Jan 2 4534 Feb 10
34
3212 33
32
335* 3338 *33
3214 31
31141 30
31
2.400 Erie
100 28 Jan 2 3934 Feb 24
*4414 45
44
44
4414 4414 435* 4412 4312 44
4278 4314 3,000
100 39 Jan 19 4512 Feb 27
First preferred
41
*36
41
.36
*36
41
*36
41
*36
41
.36
41
100 39 Mar 4 4012 Jan 5
Second preferred
63
*6612 67
6612 6612 6518 6634 64/
1
4 65
635* 6212 63
2,700 Great Northern preferred_.100 5812 Jan 2 6934 Feb 24
26
*22
26
*22
2212 2212 *22
24
*22
24
22
22
200 Gulf Mobile & Northern-100 164 Jan 19 2714 Feb 17
56
*55
63
56
83
*55
*5412 63
63 .54
*5414 50
100
100 5112 Feb 10 75 Jan 9
Preferred
43
*42/
4218 4.42
1
4 43
417 4178 42
42
42
4218 42/
1
4
700 Hudson & Manhattan
100 37 Jan 15 4412 Feb 17
77
7734 7612 774 76
7712 7312 75
72
7312 73
75
100 6958 Jan 2 89 Feb 24
4,100 Minis Central
*54
56
*52
55
*52
56
52
52
*52
56 .52
56
40
52 Mar 11 61 Jan 23
RR See stook certMeatee__
307
30
29
3134 30
3012 291
/
4 3212 3012 3134 *2912 30
8,800 lnterboro Rapid Tran v t 13_100 2412 Jan 19 34 Mar 2
.43
45 .43
48 .43
48 .42
48
*42
48
4118 42
300 Kansas City Southern
100 35 Jan 2 45 Feb 26
64
*5918 641
*60
/
4 *60
6418 80
6414 *60
60
*58
100 63 Jan 2 64 Feb 9
64
100
Preferred
53
53
53
53
*53
.5318 55
5334 521s 53 353
53
1,400 Lehigh Valley
50 5278 Mar 12 61 Jan 9
104 105
102 102
105 105
98 10178 100 100/
1
4 9934 10012 1,300 Loub3ville & Nashville
100 9018 Jan 2 111 Feb 9
3614 3678 3834 3634 3812 36% 351 3512 6,500 Manhat Elev modified guar100 32% Jan 28 39 Feb 28
3614 37
35
37
20
20
2012 20
*20
208 *20
20
*1978 2118 •1978 217*
400 Market St Sty prior pref NO 15 Jan 3 22 Feb 18
*38
%
*32
%
*31I
%
*36
% '
34 Jan 12
'
1 32
32
*32
118
Minneapolis & St Louis-100
12 Jan 7
*lois 1112 *10% 1112 *iclis 1112 •1012 1112
11
*072 1012 *10
834 Jan 2 1112 Feb 10
Minn St Paul & 5S Marle-100
4912 45
*45
50 .45
*45
50
*4218 4612 42% 4234
45
200
Leased lines
101) 42% Jan 10 45 Mar 11
2118' 2014 21
221
/
4 2218 2218 2238 2214 225* 2138 2234 21
6.400 MD-Kan-Texas RR____No par 20 Jan 2 2634 Jan 20
80
79
80
*78
7812 7912 7912 7912 79
80
*78
71)
1.300
Preferred
100 70 Jan 2 85 Jail 16
35
35 .3312 38
38
38
33
3312 *3213 3412 *32
3434
900 Missouri Paelfle
100 3012 Jan 2 6234 Feb 16
*975* 9912 99
99
99
99
*99 101
974 98
395
95/
1
4' 1,300
100 8612 Jan 2 107 Feb I I
Preferred
8012 *73
.78713 8012 *78% 8012 78% 7878 *73
8012 .73
8012
100 Nash Chatt & St Louts---100 73 Feb 3 80 Feb 25
*3
*3
5
38
*38
38 '
58
38
19
%
1
8
200 Nat Rye of Mexico 2d pre4.100
% Jan 5
38 Jan 3
118 11978 11712 11938 11314 11912 11018 11212 11134 11438 71,500 New York Central
11612 119
100 11018Mar 12 13214 Feb 24
84
*77
83
83
*77
77
83
*77
*77
77
*73
78
400 N Y Chic & Si Louts Co
100 77 Mac 12 88 Feb 11
.92
*92
94
94
9212 94
*92
94
*9112 93
*913 93
100 85 Jan 21 114 Mar 9
200
Preferred
202 20578 195 20118 18614 18614 *185 195
197/
1
4 19734 198 200
130 N.Y.& Harlem
60 165 Jan 2 227 Feb 24
8912 8912 90
9012 9012 917s 8914 90
88/
1
4 90
885* 89
1
4 Feb 24
10,300 N. Y. N. H.& Hartford---100 75 Jan 2 94/
*118 119I118'4 119/
1
4 11834 11914 119 119
11814 11834 *11814 11834
110 Jan 3 1195* Feb 24
400
Preferred
.658 74 *612 7
3.638 7
65* 638 *612 7
53 Jan 2
612 612
8 Jan 9
600 N.Y.Ontario & Weetern_100
13
114 114
.114
178 .114 134 .114
118 118 .1
178
2 Feb 27
1 Jan 2
200 N. Y. Railways pref...-No par
*618 7
.638 8
.618 8
614 64 .68 712
838 638
100
400 Norfolk Southern
84 Jan 9
6 Jan 3
20512 20512 20512 20512 20312 20512 20412 206
201 203
20014 201
100 200 Jan 19 217 Feb 26
1,500 Norfolk & Western
91
91
91
91
92
91
9118 91
92
.91
925* 9212
100 89 Jan 8 924 Jan 13
390
Preferred
5414 541 1 5414 5434 5412 5514 5312 5438 525* 5334 352
53
6,600 Northern Pacific
100 4714 Jan 2 60% Jan 27
*6
612 *6
812 *5
612 *5
612 *5
812 *5
612
100
4 Jan 10
614 Feb 18
Pacific Coast
59
60/
1
4 6018 61
1
4 5918 581
597 6012 60
6053 58/
/
4 59% 23,800 Pennsylvania
50 55% Jan 1 64 Feb 10
1114 *5
1114 *5
111
/
4 *5
11% *5
*5
1114 *5
111
/
4
100
512 Jan 7
Peoria & Eastern
94 Jan 9
76
75
76
7512 *75
*7512 80
97512 83 *7512 81
80
300 Pere Marquette
100 75 Mar 12 85 Feb 10
92/
1
4 9214 *9112 9214 *9112 9214 9214 9214 *921 9214 *9218 92/
1
4
110
100 86 Jan 20 9214 Feb 25
prior preferred
78 •___ _ 78 .76
78
78
*76
*76
78
78
*76
Preferred
100 77 Jan 6 80 Jan 8
*66
*66
69
3936
*61
69
*68
70
66
66
69
66
100 Pittsburgh & West Virginia 100 60 Jan 3 86 Jan 9
*82
85
.8012 85
9712 *8312 96
*80
85
*80
*8012 83
Reading
50 79 Jan 2 97% Feb 11
*43
46 .441 46
*43
46
*43
*4412 46
48
*4412 46
First preferred
50 46 Jan 5 46 Jan 5
46
*45
*45
46/
1
4 *45
46/
1
4 .45
457 *45
4634 *45
4534
Second preferred
60 44 Jan 10 47 Jan 16
40
41
*4014 42
40
40
3912 40
391
/
4 39/
1
4 3714 39
4,100 St Louis-San Franeigeo----100 3714 Mar 13 6234 Jan 27
61
1
4 65
62
5712 60
*63
62
61
67
64/
6178 83
1,875
First preferred
100 5712 Mar 13 76 Jan 27
31
2514 2514 25
*29
31
2812 2812 *28
25
*2012 25
400 St.Louis Southweetern.-100 23 Jan 2 3312 Jan 9
*4212 60
*4212 69 .4212 60
*4212 60
*4212 60 .4212 60
Preferred
100 45 Feb 9 60 Feb 24
3,
3
7
34
73
34
34
78
34
78
34
% 7,800 Seaboard Air Line
15, Jan 12
12 Jun 2
100
112 '114
112
114 114 *114
112 *114
114 114 *114
112
1 Jan 2
300
100
218 Jan 12
Preferred
10212 10312 10234 104
10312 10478 10212 103
1014 10314 9912 100
6.400 Southern Pacific Co
100 9234 Jan 2 10912 Feb 11
1
4 51
54
5112 52/
54
5318 54
52
53
55
53
5112 4,000 Southern Railway
100 4734 Jan 2 6578 Feb 10
797 797
*7978 83
*78
83 *7915 81
*7978 83
*797 83
100
Preferred
100 7978 Mar 13 83 Feb 10
95
*SA
95
90
90
95
*80
*80
*7834 95
95
*80
100 Texas & Pacific
90 Mar 10 100 Jan 14
100
97
97
834 834 *8
97
We 97
234 234
*9
9
400 Third Avenue
618 Jan 5 10 Mar 6
100
12
14
1218 •1112 1312
*1218 13
*12
*12
15
*1212 15
300 Twin City Rapid Transit-100
9 Jan 22 1778 Feb 17
59
59
59
60
59
*59
*59
60
*5714 60
*571 60
20
Preferred
100 4114 Jan 17 62 Feb 0
19412 19614 19714 198 3'197 200
19014 19812 188/
188 190
1
4 191
11,200 Union Pacifies
/
4 Feb 24
100 17934 Jan 2 2051
*86
87
*8538 87
8534 86
*8518 86
*8518 8612 *8512 8612
400
Preferred
100 83% Jan 5 863* Feb 24
17/
1
4 1818 17
/
4 171
/
4 18
17
1714 1714 1714 171
16% 1678 2,000 Wabash
100 1814 Mar 13 28 Jan 9
40
377 38
40 .36
*38
39
*36
*38
35
40
35
700
Preferred A
100 35 Mar 13 61 Jan 9
1532 1614 1578 167
1512 16
1534 165* 1534 16
15% 155* 5,400 Western Maryland
100 1314 Jail 2 1938 Feb 24
163 163 *1534 1978 *1534 1812 *1534 107s *153 197
*1412 197
100
Second preferred
100 16 Jan 6 20 Fen 24
*1118 1312 *1118 1312 115* 1118
*1114 1312 *1138 1312 *1118 14
200 Western Pacific
100 10 Jan 3 14% Feb 9
*2812 2912 *2812 2912 2812 2812 23
28
2713 2712 *27
28
500
Preferred
100 213 Jan 15 31% Feb 24
.____
Industrial & Miscellaneous
Abitibi Power & Paper_No par
9 Jan 3 144 Feb 26
Preferred
100 39 Feb 19 52 Feb 26
Abraham dr Straus____No par 25 Jan 22 34 Feb 26
:Jam 8
Preferred
100 100 Jan 8 1011
Adams Express
No par 1618 Jan 2 2312 Feb 24
Preferred
MO 8312 Jan 5 91 Mar 6
Adams Millis
No per 2218 Jan 14 2938 Mar 3
Addreesograph Int Corp/i/o par 2114 Jan 15 2312 Feb 2
515 Feb 11
1
4 ,igii 29
Advance Rumely
2/
100
Preferred
100 1112 Jan 29 2012 Feb 16
% Feb 27
88 Jan 6
Ahumada Lead
1
Air Reduction Ino____No Par 924 Jan 19 10931 Feb 24
74 Mar 12 1038 Feb 24
Air-way Elee APplianoeNo par
12 Jan 6
/
1
4 Jan 2
Ajax Rubber Inc
No par
97 Jan 23
84 43.400 Alaska Juneau Gold min___10
7 Jan 2
1158 1218 1114 ills illy 115s 111 1138 5,500
12
46/
1
4 45/
1
4 457
45
4512 4514 45
44
4518 1,300
31
35
31
35
*31
*295 36
2934 29/
1
4
200
101 *100 101 *100 101 *100 101 *100 101
22
2134 2212 2172 2212 2112 2172 321
2112 13,800
91
91
91
91
91
*90
91 I z90
90
100
2812 2812 29
*27
2812 *2712 2812 2812 2834
800
2314 22% 23
2234 2234 *2234 23 .2234 23
500
4
4/
1
4
418 ----------------3,100
418 414
1858 *14i2 18
19
----------------490
58 18%
58
58
558
58
12
58 11,500
90/
1
4 10012 10038 102
100 10338 98 10014 98% 997
971
/
4 99
26,900
8
g
g
8/
1
4 9
712 7/
g
1
4
71
/
4 7141
714 714 5.200
Ills
12
12
*4112 4434 4434
*31
*31
35
*100 101 *100
2112 2134 2134
.90
91
*90
2712 2712 *27
*23
23
23
37
37
37
1658 1658 1858
VII
513
Vs
8
8
'
873
818
872
814
858
94,
818
•Bid and asked Prices: no sales on this day. a 60% 'lock dividend paid. s Er-dividend. p Ex-rights. I EX-d119121311d and ex-rights.
PER SHAICE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share 3 per share
168 Dec 24212 Mal
100 Dec 10834 Sept
9514 Dec 1754 Mar
553 Dec 1228 Mar
7014 Dec 84% 511251'
501, Dec 8412 Max
10612 Dec 11814 June
44 Dec 112 Feb
618 Dec 1578 May
53 May 6612 Mal
5518 Dec 7838 Mar
83 D
9834 Sept
6% Nov 3334 Apr
3514 Dec 524 May
323* Dec 5138 Sept
58 Dec 10 Apr
14 Dec 1038 Apr
434 Dec 1734 Mar
12 Dec 52a May
414 Dec 283* Feb
734 Dec 4814 Feb
2812 Dec 89% Feb
101 Dec 14014 JUne
4514 Dec 12518 Feb
92 Dec 11038 Mar
81 Dec 10412 Mar
4012 Dec 95 Feb
30 Dec 62 Apr
13018 Dec 181 Feb
694 Dec 153 Feb
2518 Dec 80 Mar
22% Dec 6334 Feb
27 Dec 6738 Feb
26 Dec 6212 Feb
51 Dec 102 Mar
1018 Nov 4812 Feb
553* Nov 9814 Mar
3478 Dec 53% Mar
65/
1
4 Dec 136% Apr
58 Dec 77 May
2038 Jan 394 Mar
34 Dec 85% Mar
63 Dec 70 Apr
40 Nov 84% Mar
84 Dec 1381, Apr
24 June 4212 Sept
13 Dec 25% Feb
212 Apr
14 Oct
814 Dec 35 Feb
41 Nov 5912 Feb
1478 Dec 808 Apr
60 Deo 10838 Mar
2038 Dec 9812 Mar
79 Dec 14512 Mar
70 Dec 132 Mar
11
/
4 July
/
1
4 Dec
10518 Dec 19234 Feb
73 Dec 144 Feb
75 Dec 11014 May
152 Dec 324 Feb
67% Deo 128% Mar
10612 Dec 1351
:Mar
334 Dec 17/
1
4 Mar
1
Oct
418 Jan
418 Dec 334 Feb
18112 Dec 285 Feb
83 Feb 9212 Oct
4238 Dec 97 . Feb
3% Dec 1978 Are
63 Dec 8838 Mar
44 Dec 2418 MIX
7612 Dec 16412 Ape
90 Dec 101 May
9111 Oct 99 Apr
4818 Dec 12154 Feb
73 Dec 14112 Feb
4418 Mar 53 Feb
46 Dec 57 Feb
3934 Dec 1187s Mar
Apr
621,Dec 101
1711 Dec 76347day
35 Dee 9434 Jul/
/
1
4 Dec 1212 Feb
4 Dec 28 Feb
88 Dec 127 Feb
4812 Dec 13634 Jon
76 Dec 101 Mar
85 Dec 145 Apr
6 Dec 1512 Mar
718 Oct 314 Jan
4434 Dec 79 Feb
16612 Dec 24234 Mar
8214 Jan 888* Sept
1114 Dec 6738 Apr
39 Dec 80% Apr
10 Dec 36 Mar
1114 Dec 88 Mar
7/
1
4 Dec 301* Mar
23 Dec 5312 Mar
8 Dec 4218 Apr
36 Nov 8612 Apr
21 Dec 66 Apr
102 Nov 11012 Ala
144 Dec 3734 Mar
80% Dec 94 Sept
21
Oct 82 Mar
24 Dec 3434 June
212 Dec 8314 Jan
10 Dec 4114 Jan
14 Dec
1% Mar
8712 Dec 15638 June
614 Dec 36 Mar
212 Jan
14 Dec
412.1'1218
918 Jan
New York Stock Record—Continued--Page 2
1917
For sales during the week of stocks not recorded here, sea second page preceding.
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT
Saturday
Monday t Tuesday
Mar.7. I Mar.9.
Mar.10.
Wednesday
Mar.11.
Thursday
Mar. 12.
Friday
Mar.13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On barks of 100-share lots.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Hightd.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share S Per share Shares Indus. & Miceli.(Con.) Par 5 Per share $ per share $ per share $ per
share
61
•658
3% 6%
712
614 614
7
7
632
1,900 A P W Paper Co
612 612
No par
titsmar 7
812 Feb 10
6 Dec 1512 Feb
9% 1012 10
932 10%
912 934
9% 952 41,500 Allegheny Corp
1012 10
1032
No par
734 Jan 2 1234 Feb 24
534 Dec 3514 Mar
53 5334 *52
5332 7150 53% *5014 53
50 5014 *49
5212
Fret A with $30 warr_100 3934 Jan 2 591 Feb 25
700
361 Dec 107% Feb
.51
54 *51
*50
53% *51
51
53 *49 52
5332 51
Pref A with 540 warr____100 3934 Jan 2 59 Feb 11
100
371 Dec 99% Apr
*45 5212 *45
521
/
4 *45
52
5212 7045 5212 *45 52/
1
4 •45
Pref A without warr___ -100 497 Jan 23 5512 Feb 25
843* Oct 9614 Feb
15534 16114 157 16112 149 160
1501
/
4 15414 14714 153 92,400 Allied Chemical & Dye_No par 14714 Mar 13 18234 Feb 24 17014 Dec 343 Apr
14814 153
1'123 12312 12314 12314 12312 12312 12312 12312 12314 12312 12314 12373
Preferred
500
100 122 Jan 3 12412 Mar 4 12034 Dec 126% Apr
35% 37% 3712 3814 38
3412 36
17.900 Allis-Chalmers Mfg___No par 3272 Jan 2 423* Feb 26
3872 3712 3814 36% 37
311 Dec 68 Mar
17
17 *16% 17
1712 18
17
1712 1712 •1712 18
17
700 Alpha Portland Cement No par 1412 Jan 13 187 Feb 9
111k Dec 4214 Mar
18
1814 18
1814 18
1812 5,800 Amerada Corp
1812 18% 18% 1812 1872 18
No Par 17% Jan 2 21 Jan 5
1612 Dec 31% June
5812 581 x57
58
57
7k
5718 57
575* 1,200 American Bank Note
58 58
7157 58
10 54 Jan 3 623 Feb 13
4512 Nov 97% Mar
.6412 66
*6412
7163% 66 *6334 66 •6414 66
66
66
10
Preferred
50 62 Jan 7 6614 Feb 26
6033 Nov 66% Jan
4.324 4
4
4
4
*3% 4
4
4
3% 3%
4
700 American Beet Sugar__No par
435 Jan 9
21 Dec 12 Jan
21 Jan 26
*35% 36
3534 36
3534 35
35% 3512 35 35 *35
3512 1,700 Am Brake Shoe & Fdy-No Par 32 Jan 2 38 Feb 24
30 Dec 54% Mar
•12214 12438 *12214 12432 12432 12432 *12214 124% *12214 12432 •12214 12433
20
Preferred
100 118 Jan 13 1243sMar 10 118 July 128 Feb
95
95
10
1014
9% 10
9% 10
915 93* 3.800 Amer Brown Boverl Bl_No par
934 9%
812 Jan 2 1232 Feb 24 6% Oct 21% Apr
59 593
57 5818 *5372 60 *5412 60 •54
5212 5312
56
230
Preferred
100 4514 Jan 12 63 Feb 20 38 Oct 84 Snit
12012 123% 123 125
12434 128
124% 12614 12214 12434 12118 123% 198,800 American Can
25 10614 Jan 19 12932 Feb 24 10452 Dec 156% AIR
•149 1491 *149 14912 *149 14912 •149 14912 14912 1494 14912 150
900
Preferred
100 145 Feb 4 150 Mar 13 14033 Jan 150% Ott
*3412 35
3514 36
71337 35
36
35% 345 35
3672 35
1.800 American Car & Pdp--No Par 27 Jan 2 3834 Feb 24
24% Dec 8212 Feb
7181
85
85 85 *83 86
*8312 84
200
84 84 *8334 86
Preferred
70 Dec 116 Jan
100 747 Jan 5 85 Mar 6
34
343
36
361
3512 3534 1,200 American Chain
37
37
3512 3634 *357 36
27 Dec 6972 Apr
No ear 29% Jan 20 433* Feb24
46
46
4513
46
47
45%
4612 4718 4534 4614 14412 45
4,500 American Chicle
35 Dee 5114 Apr
No par 38% Jan 2 4712 Mar 10
2012 201
2012 201
19
20
*19
2014
500 Amer Colony tie Co
20% •1933 2012 x19
1572 1)ec 22 Oct
No par 1414 Feb 3 2114 Feb 27
11% 111
12
12
1112 11
1112 11% 1112 1152 11
11
3,700 Am Comm'l Alcohol
9 Nov 33 Jan
9 Jan 17 14% Feb 16
No Par
7112
14 •12
131 *12
12 •12
131
100 Amer Encaustic TUltux-No Par
131 •12
1312 12
8 Nov 30% Mar
9 Jan 8 16 Mar 2
31% 32
32% 3232 3232 32121 31
31
32
31
1,300 Amer European Seo's—No Par 19 Jan 2 3318 Feb 24
3112 1731
17 Dec 59% Mar
4234 4612 4572 49
4614
4632 491
544,400 Amer & For'n Power
4614 47% 4514 4712 4234
25 Dec 101% Ain
No par 2634 Jan 19 5134 Feb 24
*98
99
99
99
/
4 *974 100'4
99 99 *99 100% *99 1001
300
Preferred
84 Deo 11112 Apr
No par 8514 Jan 3 9972 Feb 27
7134 7134 73 75
/
4 75'4 1.700
7412 751 *7412 7512 7412 7612 741
26 preferred
6312 Dec 100% June
No Par 6712 Feb 6 7912 Feb 25
87% 87% 3785 8732 *87 877 7187 8772 877 8812 *85
8812
$6 preferred
400
73 Dec 101 May
No Par 74 Jan 3 90 Feb 26
712
7
7
712 8
7% 733 *7
500 Am Hawaiian S 13 Co
73 .7
7172 •7
512 Dec 33% Mar
10
7 Jan 2 1032 Jan 9
•258 4
'233 3%
414 4141 *312 42 2.200 American Hide & Leather_100
3% 41
414 434
152 Jan 7
434Mar 11
112 Dec
7 Apr
15
16
18
18
19
19
1972 2012 1972 19727 19
1.200
20
812 Dec 3472 Apr
Preferred
1012 Jan 8 2018 Mar 11
100
59 59
59 60
60 601
59% 5,600 Amer Horne Produota—No Par 4772 Jan 2 6012 Feb 25
59 59% 584 59521 z59
4612 Deo 6934 Mar
•29
30
2912 2934 2934 30 *29% 30
372912 2912 29% 2912
900 American toe
2412 Dec 41% Mar
_No Par 2334 Jan 19 31115 Feb 9
22 2314 2234 2312 2312 2414 21
23% 19% 205s• 1914 19% 67,800 Amer Internet Corp-__No par 1812 Jan 15 26 Feb 26
16 Dec 55% Apr
•1
1
l's
1
1 1
1
*72 l's 3,300 Amer L France & Foamite-10
1
1
1
1
12 Dec
4 Apr
112 Jan 9
52 Jan 5
*62
4
*634 8
qv% 8
*654 8
*634 8
714 *634 8
7 Dec 35 Feb
Preferred
6 Feb 21 12 Jan 9
100
2714 28
27% 2812 27% 2712 372712 277
2712 2712 127
2712 1,300 American Locomotive-No Par 2038 Jan 2 3034 Feb 26
1814 Dec 105 Jan
8218 8272 *82 85 *82 85
85 I *8212 85
300
82 83 *83
Preferred
100 7214 Jan 3 8434 Mar 6 6814 Dec 11812 Mar
39 40
40 41% 40% 4212 42 43% 4112 43 I 41
4214 62,300 Amer Mach & Fdy new _No Pal 31 Jan 2 4352Mar 11
2934 Dec 45 Sept
534 61
53
53
*512 6
5321
532
50 Amer Mach & Metals_No par
312 Jan 13
*514 534
3 Dec 1412 July
6
7 Mar 2
5514
2032 201
2078 22
21
21
1
21
203
7,70 Amer Metal Co Ltd---NO Par 16% Jan 30 23% Feb 24
2134 21
21
215*
1312 Dec 5112 Feb
*76
901 7180
90 •75
90
*75
9032 *75 9012 *75 91
Preferred(6%)
Feb 21 89% Feb 5
80 Dec 116 Feb
89
100
2512 2512 254 261s 2534 26
2532 205* 23%
680 Amer Nat Gas pref____No Par 2052 Mar 13 3978 Jan 20
25 25% 25
20 Dec 95 Mar
5732 61
5712 601
5712 5334 551 33.800 Am Power & LIght„--No Par 45 Jan 2 6478 Feb 26
58
6072 5734 5912 55
3612 Dec 11938 Apr
*9912 100
99 100
*9912 100
995 10014 *10114 10112' x9914 10114 1,600
Preferred
90 Dec 107 Mar
No par 94% Jan 2 10114 Mar 13
•79 8012 8014 801
83
8254
1
2824
83
600
82
82
•81 83
Preferred A
7412 Dec 87% Sept
No par 78 Jan 5 83 Mar 12
813s 8132 81
82
Pref A stamped
82% 8233 8312 8312 84% 8434' 18434 84g 1.600
7434 Dec 89% Sept
No Pas 89 Jan 3 84% Mar 12
1912 195* 1912 197
2033 1933 20%, 1912 iO7s 59,400 Am Red &Stand San'y_No par 1512 Jan 2 2114 Mar 2
1934 203 220
15 Dec 3934 Apr
1034 104 10
*914
low
1011
•9
300 American Republiati
10
*914 101
10
10
5% Dec 37 Mar
7 Jan 13 12% Feb 27
No par
267 29
2814 29
2812 2972 283* 2912! 2918 301 38,300 American Rolling Mill
2814 29
28 Dec 1007s Feb
25 2612 Mar 6 37% Feb 20
6114 63
6272 627 X6034 6134 60% 617
6072 61347 6012 6O4 6,500 American Safety Razor_No pa
5212 Jun
8732 Apr
57 Jan 2 66 Feb 28
*712 9
81
*8
812 7178
*8
9
9
*8
Amer Seating v t 0._ __No pa
9
5% Jan 30
6 Dec 2612 Feb
*8
9 Feb i3
114 14
*1
1
1141
1
3.100 Amer Ship & Comm_ _No pa
11
172 114
*1
1% 11
12 De
84 Jan 2
1% Feb 27
3% May
.
3914 393 *3914 40 *3914 397 *3914 40
371
3914 3914 37
200 Amer Shipbuilding new_No Par 37 Jan 16 42 Jan 6
35 Dec 5412 June
51
5332 5212 5334 53 54
5134 25,800 Amer Smelting & Retg_No Pa
4913 5112 50
5112 531
3712 Dec 7912 Apr
4012 Jan 2 5812 Feb 24
13614 13638 13612 13612 1713612 138 •13612 138
138 138 1 13634 13634
800
Preferred
138 Mar 12 131 Dec 141 Apr
100 129 Jan
•10012 10034 10034 10034 10034 101 *10212 104 10234 10234 *10112 102
600 6% oum 2d pref
9332 Dec 10332 Aug
100 93% Jan 3 10234 Mar 12
774114 42
42
41
42 *4012 42 1 41
1,300 American Snuff
42
4214 41
42
4214 Mar 10
35% Dee 43% Jan
2
37 Jan
*107 110 *107 110 *107 110 *107 110 *107 110
10934 1093
10
Preferred
100 105 Jan 20 10934 Mar 13 10012 Jan 112 Sept
*334 4
4
4
4
333 334, 312 334 1,500 Amer Solvents & Chem_No par
*33
*334 4
4% Feb 16
2 Dec 2212 Mar
212 Jan
1710
lOi 10
1032 •10
10
700
105
Preferred
1014 1014 1032 1033 10
5% Oct 33% Mar
632 Jan 15 1112 Feb 24
No pa
2712 2733 28
274 2734 2.500 Amer Steel FoundriesNo pa
2772 2832 2772 28 I •27% 277
28
2312 Dec 15214 Mar
25 Jan 15 8114 Feb 20
,4
1723
•11112 1121 111% 11214 •11112 11212 *1111211212
14
2
212 14
117
18
212"
.4734
2.
47% 4778 *1111
Preferred
100 110 Jan 13 113 Feb 20 110 Dec 116 Feb
47% 471
1,30
5 American Stores
48
484 4814
48
No par 37 Jan 7 4814 Mar 10
36% Dec 55% Apr
5214 5232 52
4,000 Amer Sugar Refining
55 *5314 54
5214 527s 5272 5412 54
52
3914 Dec 6972 Mar
100 4235 Jan 5 5712 Feb 25
500
*10212 10358 103 103 10334 10414 *10514 1054 1054 106 *10534 109
Preferred
95 Nov 110 Apr
100 96 Jan 2 106 Mar 12
91s 2.80 Am Sumatra Tobacco_No par
9
9/
1
4
9
*912 97
85* 83*
912 93
914 913
5 Nov 2634 Feb
8 Jan 12 1112 Feb 13
630 Amer Teleg & Cable Co_100 1514 Jan 12 2312 Feb 18
1912 1912 1912 20
18% 20
1812 19
1814 1814 1812 19
15 Dec 2712 Feb
19514 1973 19612 199
19712 199% 195% 19832 19512 19638 z192 19412 45,700 Amer Telep & Teleg
100 17612 Jan 2 20134 Feb 26 17032 Dec 274% Apr
119
4
119
11612 1183 117 1181 118 118
1163
2.800
118 118 118%
American Tobacco new w I 25 104 Jan 2 12012 Feb 24
9812 Dec 127 Sept
11634 11912 11734 1197 119 12114 11914 121% 11914 1213* 11734 120's 27,900
Common class B new w 1_25 10434 Jan 2 122% Feb 24
99% Dec 130% Sept
12812 12812 12812 1281 z128 128
700
127 127 *12652 12811 •12633 128
Preferred
100 12414 Jan 3 12812 Feb 4 120 Fe 129 Sent
97
719752 100
97
300 American Type Founders....100 90 Jan 24 105 Jan 16
98
4797
9712 971 7197 98 *97 98
95 No 141% Apr
17107 110 110 110 •1071
20
/
4 110 10712 1071 7010714 110 *10714 110
Preferred
Fe
eb 2: 10312 No 11434 July
10
100 105
03,
12,
1 18
64 Jan 2
7012 73% 7212 741
33.400 Am Water Wks & Eleo-No Par
70% 73% 6712 72
72% 761
7214 74
4758 Dec 12472 Apr
10512 10512 105% 10558 •104 110 *104 ____ *104 ---- *105 10833
200
let preferred
10I% Jan 29 10552 Mar 9 98 Nov 10812 Oct
914 914
932 11
10
934 10
11
932 952 13,800 American Woolen
10
1033
532 Nov 2014 Feb
678 Jan 2 11% Jan 12
100
2912 3112 3012 36% 33/
29,100
1
4 3652 33 34
3212 33% 3233 33
Preferred
3672Mar 9
15% Nov 4472 Feb
Jan
2 i
100 21
7•3
312
272 2%
232 23
700 Am Writing Paper otfs-No par
234 23
24 234 7125* 311
4 Jan 23
1% Dec
9 May
*1252 20
711252 18
17
20
100
17 •1233 20 •1252 20 *15
Preferred certifloates_.-100 14 Jan 13 1:34 F
Feb 20
6
1012 Dec 4434 Feb
•714 712
7
7
714
71
1.300 Amer Zino Lead & Smelt__25
672 7
6% 6% *612 7
3% Dec 1772 Feb
Jan
Vs
*35 40 *35 40
40
40 403 4740 411 40
40
500
40
Preferred
2634 Dec 7972 Jan
25 26 Jan 10 4044 Mar 11
3912 4012 3912 4014 3914 403
3712 395* 3612 38/
1
4 3634 377 107.500 Anaconda Copper Mining_50 2935 Jan 2 4314 Feb 27
25 Dec 3112 Apr
*26
26
27
26
2612 261 4726
27
600 Anaconda Wire az Cable No par 22 Feb 4 2614 Mar 10
26
26
26
26
19 Dec 5514 Feb
31
3034 3034 31
3112 311 *3012 3112 31
3012 31
1,100 Anchor Can
31
24 Dec 5154 Apr
No par 27 Jan 2 36 Feb 21
*1734 19
1712 1712 •1712 19
1672 1812 *16
17
900 Andes Copper AIlizIng_No par 135* Jan 12 1912 Feb 27
471614 1712
1052 Dec 3714 Apr
1614 1614 1612 16% 1632 1634 1612 1634 1632 16% 16
16
2,100 Archer Daniels MIded-No Par 1512 Jan 3 18 Feb 4
131a Dec 2914 Apr
6312 6372 *6412 65 16132 6312 *6212 63 *6112 62
6114 6114
900 Armour & Co.(Del) pref-100 6014 Jan 23 72 Jan 7 60 Dec 8272 June
3
3
3
3
312
312
3
3
312
312 6,900 Armour of Illinois class A-25
3
3
8% Mar
41 Jan 6
234 Nov
Mar
3
272
2
712
272
2
2
2
2
2
2
1% 2
21s
3,700
Class B
1% Nov
4% Mar
172).iar 12
272 Jan 7
25
2714 2714 2734 2872 2914 30
30
28
28
30
28
28
2.100
Preferred
2514 Nov 65 June
Feb 26 47 Jan 6
25
100
*512 7
73
612 612
612 6% *652 7
7
•714 735 1,600 Arnold Constable Corp_No par
3% Dec 1334 Apr
342 Jan 2
75* Feb 26
*7
9
*7
*7
*7
9
9
9
*7
*7
9
9
Artloom Corp
434 Dec Ms Apr
No
5 Jan 13 1012 Feb 26
24% 2212 24
24
2372 24
1972 2213 21
223* 2212 223* 8.300 Associated Apparel Ind_No Par
Nov 4618 Mar
2872 Feb 10
20
11
1972Mar
par
26% 2678 2612 27
2612 27
2672 26
26
26
2632 26
2.200 Assoc Dry Goods
19 Dec 5012 Apr
No
27
par
Feb
2812
Jan
2
22
35 •31
•31
3731
3731
35
35 *31
35
35 231
31
20 Associated 011
30 Dec 51 June
2612 Jan 2 31 Feb 18
25
*33 36 •33 36
1733 36
36
7133 36 *33
36
38
100 AU 0 & W 158 Line—No Par 31 Jan 28 39 Jan 7 83 Dec 801% Jan
5114 7150
77750
511 *50
*4834 51
5114 *4834 51
*4834 51
Preferred
48 Dec 6514 Feb
100 495 Jan 29 5311 Jan 21
19% 2032 1912 20
1934 201
1912 1912 1834 1912 1832 1872 17,500 Atlantio Refining
1652 Dec 51% Apr
25 18 Jan 2 2358 Feb 24
*48
50
50
4814 4814 4614 48
*48
7148
5078 *48
50
300 Atlas Powder
42 Dec 108 Mar
Feb 11
54
5
No
par
Jan
4512
981
9832 98% 9818 9832 *9712 9812 975 9752 *9712 100
7197
30
Preferred
97 No 106 Mar
100 95 Feb 4 99% Jan 16
711114 12
•1114 12
12
12
1112 1112 1135 1132 •1132 111
300 Atlas Stores Corp
734 Dec 37 May
No par
Jan 9
2 1312 Feb 10
28778
s Febzi
7175
31
173
31
312 713
*3
31
312 *3
312 *3
Atlas Tack
3% Jan 5
212 Oct
8% Mar
No par
175 1831 183% 193 18914 19914 189 19634 18712 19132 183 18934 97,900 Auburn Automobile—No
Feb 28
6032 Nov 26334 Apr
21712
par
Jan
14
10112
2
*2
2
212 *2
21
218 *2
2% 172
*2
212
100 Austin Nichols
7 May
Dec
1%
Feb
26
17
2
No
Par
2
71172 2
2
178 172
2
17s 17
•17
134 11
/
4
400 Autosales Corp
16
3
ja
en
72 Dec 1032 Mar
b2
3 F
21
1 Jan 2
No Par
*4
*3% 4
*4% 41
4
4
5
*314 31
4
4
100
Feb
%
27
Dec
25
Preferred
Mar
5
Feb
3
50
235
53
514 51512 6
512 534
514 55 22,500 Aviation Corp
534 57
534
252 Dec
612Mar 2
9% Apr
3 Jan 2
No Par
2412 2514 2452 251
25 2538 2412 24% 2414 2472 2412 247 12,700 Baldwin Loco Works_No pa
1932 June 38 Feb
204 Jan 2 2712 Feb 26
101 101 •100 101
10012 100% 102 10311 10212 104
*100 101
380
84 Dec 116 Jan
Preferred
88% Jan 2 101 Mar 13
10
104 104 510312 104
103 103 *10312 104 104 104 104 104
180 R
@FedFRASER