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financial
tiro- nide
VOL. 132.
SATURDAY, MARCH 28 1931.
NO. 3431.
tificates offered to amount of $600,000,000 aggregated $623,891,500, making the allotments on the
PUBLISHED WEEKLY
two series combined $924,067,500.
Terms of Subscription—Payable in Advance
Including Postage—
As it is the practice of the Secretary of the Treas12
Mos.
6
Mos.
Within Continental United States except Alaska
210.00
66.00
In Dominion of Canada
ury
to allow the proceeds of the sales of these cer11.50
6.75
Other foreign countries. U. S. Possessions and territories.- 13.50
7.75
The following publications are also issued. For the Bank and Quota- tificates of indebtedness to remain on deposit
with
tion Record and the Monthly Earnings Record the subscription price is
$6.00 per year: for all the others is 45.00 per year each. Add 50 Cents
to the banks through whom or on whose behalf these
each for postage outside the United States and Canada.
COMPENDIUMS-subscriptions for the certificates are made, the immeMONTHLY PUBLICATIONS—
PUBLIC UTILITY—(seml-atinually)
BANE AND QUOTATION RECORD
RAILWAY & INDUSTRIAL--(fOUP a year) MONTHLY EARNINGS RECORD
diate effect of any sale of certificates is to give the
STAIR AND MUNICIPAL--(SeMI-RDH.)
banks a considerable volume of Government deTerms of Advertising
Transient display matter per agate line
posits; and such Government deposits are deemed
cents
45
Contract and Card rates
On request very
desirable because the banks are not obliged
CHICAGO Orrms—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON Orricz—Edwards & Smith. 1 Drapers' Gardens. London. E. 0. to hold any reserves against the same. The volume
WILLIAM B. DANA COMPANY, Publishers,
of such deposits varies according to file size of the
William Street, Corner Spruce, New York.
sale, and as last week's sale, as just shown, was
Pubttshed every Saturday morning by WILLIAM B. DANA
extremely
COMPANY.
large, the Government deposits resulting
President and Fditor, Jae* Seibert; Boldness Manager. William
D. Riggs;
Treas.., William Dana Seibert: See., Herbert D.Seibert. Addresses
or all,0Mce of Co from it were correspondingly large.
At the time of the discussion of the matter in
our issue of last Saturday, we did not know the
Change of Address of Publication.
precise amount of the Government deposits growing out of the sale of the two issues of certificates
The Commercial 8c Financial Chronicle,
referred to for a total of $924,067,500, the figures
having long suffered from inadequate
having been withheld, but we estimated them as
facilities for handling its growing size
having
been in excess of $700,000,000. That proves
and growing subscription list, has moved
to have been close to the mark, the exact amount of
into new and larger quarters, and is now
the deposits, now that the figures are available, being
located at
shown to have been $712,500,000. We have said that
William Street, Corner Spruce
the drop in the call loan rate on the Stock Exchange
New York City.
last week to 1% was directly traceable to the sudden
P. 0. Box 958, City Hall Station.
creation of this large volume of Government deposits, against which no reserves are required.
Earlier in the month of March a sudden rise in the
The Financial Situation.
call loan rate on the Stock Exchange from the 1/
1
2%
Operations of the United States Treasury are figure, which had ruled unchanged
day after day
now a more important factor in the money market since the beginning of the year, to 2% was
in like
than are those of the Federal Reserve Banks, at manner attributable to the Treasury
call for repayleast in the case of the call loan branch of the mar- ment of the last of the Government deposits
remainket. It will be recalled that last week the call ing from the certificate sale made the
previous
loan rate on the Stock Exchange dropped to 1% per December. As explained in our remarks
of a week
annum, being the lowest Stock Exchange quotation ago, repayment of the last of the
deposits resulting
recorded for nearly. 16 years, or since June 1915. from the December sale referred
to was not required
This week there was no repetition of the 1% rate, until the beginning of March, and
then two calls
/
2% again became the prevailing rate upon thetanks came in quick succession
but instead 11
, one requiron the Exchange, and on Thursday there was a rise ing the payment of $60,623,800 on Mar.
3 and the
even to 2%, though on Friday the rate fell back to final call the repayment of $40,416,00
0 on Mar. 6,
1/
1
2%. All these changes must be regarded as hav- both due in the same week and calling together for
ing had their origin in Treasury operations con- repayment of $101,039,800. It was then that the
nected with the depositary banks.
call loan rate temporarily rose to 2%.
The drop to 1% last week was directly ascribable
After last week's easing of the call loan rate to
to the huge volume of Government deposits suddenly the extraordinary low figure of 1%, there has come
created by the sale of the two issues of Treasury the present week, as already stated, an advance in
certificates of indebtedness which formed part of the the Stock Exchange rate, first to 1/
1
2% and then to
March financing of the Government; the allotments 2%, due to the fact that Government deposits have
1
2% six months' issue of Treasury certifi- been rapidly drawn down, owing to the Treasury's
on the 1/
cates which were offered for subscription to amount needs in connection with the soldier bonus loans
of $300,000,000, "or thereabouts", reached $300,- made on the adjusted service certificates held by the
176,000, and the allotments on the 2% one-year cer- war veterans. One call upon the banks for repay.
financial Chronicle
2254
FINANCIAL CHRONICLE
ment of a portion of the Government deposits came
almost immediately, the banks having been notified
on Tuesday, Mar. 17, that they would be obliged to
repay a portion of the deposits on Mar. 20—that is,
on Friday of last week. This payment involved $19,032,100 in the New York Reserve district and $49,875,700 for the entire country, including New York.
Owing to the repayment of this large sum and the
further large calls which have come in quick succession the present week, the call loan rate of 1% was
not repeated on the Stock Exchange on Monday of
2%
this week, but instead there was a return to the 11/
as
Thursday,
rate previously prevailing, while on
adactually
loans
already stated, the rate on new
vanced to 2%.
The drawing down of these Government deposits
has been going on with great rapidity. On Mar. 20
instructions were sent out notifying the depositary
banksin the New York Federal Reserve District that
they would have to repay $20,228,700 on Mar. 24,
and the same amount on Mar. 25, making together
$40,557,400 in this Reserve District, while in like
manner the depositary banks for the entire country,
including New York, had to repay $53,010,700 on
each of the days mentioned, or $106,021,400 for the
two days combined. On Mar. 24 another notice
came requiring $12,743,800 to be repaid on Mar. 27,
and the same amount on Mar. 28, and for the entire
country, including New York, repayment of $33,396,800 on each of the two days named, or $66,793,600. Yesterday still another notice came calling for repayment on Mar. 31 of $5,607,800 in the
New York ReServe District, and of $14,694,600 for
the entire country. These repayments and heavy
calls for repayment brought about the advance in
the call loan rate to 2% on Thursday.
After all these repayments have been made there
will still remain to be called in the New York Federal Reserve District $181,303,700, and for the entire
country, including New York, no less than $475,124,700. These amounts will continue to be rapidly
drawn down as soldier bonus payments have to be
made, and the further calls as they come will no
doubt continue to exert temporary effect upon the
call loan branch of the market, the same as have the
previous calls, even if, owing to the plethoric condition of the money market generally, they prove
to be without influence on other branches of loaning
outside the call loan divisions.
These discussions regarding the part played by
Government deposits in the money market, even in
times of monetary congestion like the present, will
have served a good purpose if they direct attention
to the influence which Government deposits invariably have,when originally established,in easing money
conditions, as well as their part in eliminating the
easing tendency, when Treasury calls result in drawing the deposits down, or in extinguishing them altogether. It is common enough to find the newspapers
reporting the calls for repayment and noting their
influence in stiffening rates, but rarely is consideration given to their influence in intensifying the ease
in the money market when through the sale of certificates of indebtedness they first come into
existence.
Incidentally it deserves to.'be mentioned that the
weekly statements of the reporting member banks,
as given out by the Federal Reserve Board, are far
from showing the full amount of these Government
deposits. This is true both regarding reporting mem-
i'Vbr.. X3t
hers in the New York Federal Reserve district and
those for the entire country, as shown by the weekly
returns of the Federal Reserve Board. The experience in the present instance furnishes an excellent
illustration of the truth of the statement. The total
of the Government deposits held by the depositary
banks in the New York Federal Reserve District and
arising out of the certificates sales of the present
month was $271,887,500. But only $168,000,000 of
these deposits appeared in the statement of the reporting member banks in the New York Reserve
District. Similarly, while the grand total of Government deposits held by all the depositary banks
in the country aggregated $712,510,000, the amount
of such deposits shown in the returns of the reporting member banks throughout the country was no
more than $522,000,000. The matter is of importance
only as showing that the weekly returns of the reporting member banks are far from furnishing a
complete exhibit of things, or anywhere near it.
While on the subject of the nature and representative character of the statements which the Federal
Reserve Board furnishes in the weekly statements
of the reporting member banks (banks selected by
the Board for the making of reports), we wish to
add our endorsement to the recommendation or suggestion made by Robert H. Bean, the Executive Secretary of the American Acceptance Council, that in
the weekly returns furnished through the Federal
Reserve Board for the member banks the holdings
of acceptances be shown as a separate item instead
of being combined with other borrowings of a commercial nature. The suggestion appears in an editorial article in the Council's "Acceptance Bulletin"
dated Feb. 28, and which was quoted in full in our
news columns on page 2116 in our issue of Mar. 21.
In the weekly statements for the reporting member
banks, the Federal Reserve Board shows the loans
of these banks in two main divisions, namely, the
loans "on securities" and "all other" loans. In the
latter category are included the holdings of bankers'
acceptances.
Mr. Bean argues that "the large holdings of bankers' acceptances, by reporting member banks of the
Federal Reserve System, has so affected the item
'all other' in the weekly reports to the Reserve Banks
that the customary normal changes in the volume
have not been clearly revealed, and it has been difficult, therefore, to tell whether the commercial demand was increasing or decreasing." Mr. Bean gays
further:
"Up to within the past year the 'All Other' item
fairly represented the volume loaned by the banks
on various obligations other than those involving
the pledge of securities, and this item really reflected
in a broad sense the demand for commercial or business money. During a period of business stagna•
tion it is expected that the 'All Other' item will
steadily decline until the tide of the depression turns
and business again makes its demands on the banks
for operating funds.
"But serving, as it does, in the nature of a statistical thermometer of business activity, it is desirable
that the item should be as far as possible a true indicator and not be colored by the inclusion of other
substantial amounts, which, while representing commercial transactions, could as well be reported separately and serve a better purpose.
"For several years this total of acceptance holdings was very small and unimportant as affecting
MAR. 28 1931.]
FINANCIAL CHRONICLE
the ordinary commercial borrowing account, but beginning with the early part of 1929 and continuing
right up to the end of January 1931, the volume
gained steadily until it reached a total of $570,000,000 for all banks reporting to the Acceptance
Council. It was, therefore, practically impossible
for an observer to tell by studying the commercial
loan record in the banks' reports whether there was
any increase in business activity.
"When the banks are well supplied with funds
and are not likely to have them well employed for
some time, they have learned to turn to the bill
market to purchase bankers' acceptances in substantial amounts. Also because they do not wish to
add to their unemployed funds total, they do not
always market new bills which they have accepted
for customers. In both transactions the possession
of bills, either own or others, takes on the character
of'money loaned'for commercial purposes and must
be included in this section of the bank's report.
"There is this distinction, however, that whereas
customers' obligations and purchased commercial
paper will usually be carried to maturity, bankers'
acceptances may be liquidated quickly by resale to
the market or to the Federal Reserve Banks if the
member banks find it necessary to secure funds or
balances for reserve purposes or for the satisfaction
of their customers' borrowing demands.
"Such a situation has been noted in recent weeks
when the banks have been steadily unloading their
supply of bills. In this period many may have noted
the successive weekly drop in 'All Other' loans of
reporting banks without understanding why this
should be so in a period when the business of the
country was reported to be on the upturn."
There is great merit in the foregoing comment
and suggestion, and the desired change should be
speedily made. These weekly returns, however, are
capable of improvement in other respects. The Reserve authorities, not only in Washington, but also
in the different Reserve districts, have from the
first been supplying valuable bodies of statistics,
and credit should not be denied to them for doing
this. At the same time, some of these statistics have
latterly become decidedly less informative than
formerly by the omission of details and explanations
essential to their full understanding. Take the case
of last week's statement of the 12 Reserve Banks
and consider the absence of details regarding the
holdings of United States Government securities.
What particulars are furnished regarding these holdingh? We are given the amount of the bonds held
without being told what kind of bonds they are, and
what the amount of each. In like manner we are
given the amount of "Treasury notes" held without
being told what notes they are and what is the
amount of each.
The final item shows the amount of "Certificates
and Bills" without division or separation of any
kind. "Certificates"here meanscertificates of indebtedness, which may consist of one-day certificates,
representing advances to the United States Government, made pending the collection of income tax
payments, or certificates of indebtedness running
six months or certificates running a year. "Bills"
means Treasury bills running 60 or 90 days. The
Treasury bills are a recent creation, and there was
never the slightest reason or excuse for lumping
them with the certificates of indebtedness. They
are a wholly separate and distinct class of obligation, and they should never be combined with certificates of indebtedness. Yet last week the amount of
this lumped item of "Certificates and Bills" stood
2255
at only a trifle less than half a billion dollars, the
exact amount being $497,564,000. Think of omitting
details regarding an item of such magnitude Yet
no information is vouchsafed the public with reference to any of the points mentioned. Even the
present week the item, while somewhat reduced, still
stands at $468,698,000.
As noted above, the Treasury Department last
week sold altogether $924,067,500 of certificates of
indebtedness,some running for six months and.some
for 12 months. The public is certainly entitled to
know how much of these certificates immediately
found their way into the Federal Reserve Banks and
how much of the certificates previously outstanding
are comprised in the total holdings of the Reserve
Banks. It was also entitled to know a week ago
how much of the certificates consisted of one-day
certificates representing temporary borrowings of
the United States Treasury. Not an iota of information is furnished on any of these points. It was
formerly the practice to indicate in the remarks what
portion of the certificates, at quarterly dates of
Treasury financing, consisted of one-day certificates
of indebtedness, but even this meager bit of enlight.
enment has now been cut out.
All that was said in explanation last week, when
large changes occurred in all the different items
making up the total of Government dbligations—the
holdings of "Certificates and Bills" ran up from
$350,484,000 to $497,564,000, while the holdings of
Treasury notes fell from $178,195,400 to $53,223,000,
and the holdings of "Bonds" from $76,025,000 to
$66,959,000, the net result, nevertheless, being only
a slight change in the grand total of the holdings of
all United States Government securities, which on
Mar. 11 had been reported at $604,704,000 and
Mar. 18 stood at $617,746,000—all that it was
deemed necessary to say with reference to all this
was that "holdings of United States securities,
largely as a result of Treasury operations in connection with quarterly tax payments, •increased
$13,000,000."
The most serious defect of all is unquestionably
the failure to separate Treasury bills, sold on a discount basis, from the Ordinary certificates of indebtedness, and the defect is of constantly recurring
importance. The Treasury Department has just
announced that it will receive tenders up to Mar. 30
for another $100,000,000 of Treasury bills. Some
of these may immediately pass to the Federal Reserve Banks, or then, again, none of them may find
their way in. In either case the public should have
full information on that point, but through the practice of lumping bills with the certificates, all information on that point is withheld.
In like manner the weekly statement of the reporting member banks is lacking in some vitally
essential things. One of these, Robert H. Bean, of
the American Acceptance Council, has already
pointed out, as we have noted further above. But
there are other particulars also in which more
knowledge could be wished. Taking again the statement for the latest week at hand—the statement
which was published on Tuesday morning of this
week, and covers the week ending Mar. 18—taking
this for illustration we find big changes dismissed
with very scant remarks. This statement showed
increases for the week of $425,000,000 in holdings of
Government securities, and of $522,000,000 in Government deposits, also of $141,000,000 in loans,
and
2256
FINANCIAL CHRONICLE
$57,000,000 in net demand deposits. Of what did
this increase of $425,000,000 in holdings of Government securities consist? Were they some of the
0 Treasury bonds disposed of by the Government
3%7
last week, or were they certificates of indebtedness
and of which issue, the series running for six months
or the series running for a year, or, yet again, were
there participations (as rumored in some of the
daily papers) in the one-day certificates of indebtedness put out by the United States Treasury while
engaged in temporary borrowing? Complete silence
is maintained with reference to all this. The only
thing in the nature of an explanation is found in
the remark that "total loans and investments,largely
as a result of the Treasury's operations in connection with quarterly tax payments, increased
034,000,000."
The member bank return itself is referred to as
the "condition statement of weekly reporting member banks in leading cities." What are the leading
cities included and what is the number of banks in
each of these cities? Time was when we were told
at least the number of cities embraced in the statement and the number of banks in each of the cities.
To-day no one is apprised even of the number of
cities included among the reporting member banks
in the New York Federal Reserve District.
We can think of no reason why there should be
enforced ignorance in any of these respects, and it
appears to us that the Reserve authorities in withholding knowledge in relation to the same are disregarding a plain mandate of the statute. Section 11
(a) of the Reserve Act makes it the express duty of
the Reserve Board to "publish once each week a statement showing the condition of each Federal Reserve
Bank and a consolidated statement for all Federal
Reserve Banks," and expressly declares that "such
statements shall show in detail the assets and liabilities of the Federal Reserve Banks, single and
combined, and shall furnish full information regarding the character of the money held as Reserve, and
the amount, nature, and maturities of the paper and
other investments owned or held by Federal Reserve
Banks." Can the Reserve authorities contend that
they are fulfilling the foregoing requirement of the
law when the public is left in the dark as to the
many particulars outlined in what we have said in
our remarks above?
The most important large-scale development of
the week has unquestionably been the action of the
Federal Farm Board in announcing last Sunday that
it would not attempt to maintain the price of wheat
beyond the end of May,and that it will not authorize
the Grain Stabilization Corp. to make stabilization
purchases from the new crop, and that purchases
crop
by the corporation will terminate with the 1930
defeat
in
ends
Thus
May.
in
made
deliveries to be
another noble (or shall we say ignoble?) experiment
for a
of Government to maintain an artificial level
commodity. The Board had really reached an impassable barrier and could go no further.
In its statement the Board says what is true,
namely, that since last November the Grain Stabilwheat
ization Corp. has been purchasing sufficient
is
what
adding
country,
to maintain prices in this
have
prices
"our
this
of
, also true, that because
ranged some 20 to 35c. above their usual relationship to world market prices." With incontrovertible
logic it goes on to add that "it (the Board) cannot
[voL. 132.
indefinitely buy more wheat than it sells, or indefinitely hold what it has bought. It cannot follow a
regular policy of buying at prices above the market,
paying heavy storage charges, and selling below the
cost."
We indicated in our remarks in this column last
week that a change of policy was impending. This
could be gathered by reading between the lines
of the statement that had been given out the previous
week by James C. Stone, new Chairman of the Board,
and who while averring that there would be no
departure from previous practice, yet took great
pains to point out that past steps had been simply
emergency measures and that for the future the
wheat farmer would have to depend largely upon
himself. The Board's action the present week bears
out the interpretation we then placed on his remarks.
The new course of the Board is a step in the right
direction, and is to be regarded as a favorable
rather than an unfavorable event. The first effect
on Monday was to precipitate a violent break in the
grain markets, that is, in the case of the future deliveries for the new crop, to which the Board has at
no time been extending support. The stock market
likewise weakened considerably, but already the
markets are taking a different view of the matter,
the matured opinion now being that in the long run
the action will be beneficial to the farmer and the
general public alike. The July option for wheat at
Chicago, which on Saturday last had been selling
s@62y2c., dropped on Monday to
at a range of 621/
2c., and on Tuesday touched 58%c., the lowest
1
59/
point reached since 1895, but the range yesterday
8@)61/
4c. At Winnipeg
3
/
was somewhat higher, at 607
the course of prices was closely similar. On the
other hand, prices for the near options, the options
on the old crop in which the Farm Board has been
conducting its activities, have been unaffected,
as was to be expected, the Board having announced
its purpose to see the old crop through. The May
option, for instance, at Chicago was 82%(0)83c. last
Saturday, and did not vary greatly from that range
4@
on any day since, with the range yesterday 831/
2c. The same is true of the March option, which
1
83/
is actually a little higher, the range yesterday hav2@80%c.against 79%@79%c.the whole
ing been 801/
of the latter half of last week.
The Farm Board has given out no information
as to the extent of its holdings of wheat, but these
are estimated as in excess of 200,000,000 bushels,
some claiming that the total will stand as high as
275,000,000 bushels at the end of the crop season,
when all the deliveries have been made on the options for future delivery which the Farm Board,
through the Grain Stabilization Corp., has contracted to purchase. A considerable portion of its
holdings was acquired at as high as $L25 a bushel,
and it is believed that the average price of its holdings is in the neighborhood of 92c. a bushel, to which
storage charges are adding an average of 1%c. a
month, or at the rate of 18c. a year, so that the ultimate loss will be very heavy, should the Board
finally succeed in disposing of the whole of its heavy
load, which remains a matter of grave doubt. But
at all events further accumulations will cease with
the ending of the present crop season. That, after
all, is the main consideration, and it is a great point
gained. The Board had essayed an impossible task
and had really come to the end of its tether, since,
as far as can be judged, the whole of the ;400,000,000
MAR. 28 1931.]
FINANCIAL CHRONICLE
appropriation thus far made out of the revolving
fund of $500,000,000 granted it has been exhausted,
though the remaining $100,000,000 will be available
after July 1. The loss involved the taxpayers will
have to bear with equanimity.
While there has been no great change during the
week in the trade situation, one way or the other,
the best accounts coming perhaps from the cotton
goods trade, while the aspect of things in the steel
trade has become a trifle less assuring, dividend
reductions have been growing apace, and have been
a depressing feature. But these are to be expected,
and reflect past conditions. They are not indicative
of what is to be looked for when trade once more
resumes its normal course. The same remark is to
be made with respect to the heavy losses in earnings,
gross and net, which the railroads are showing in
their returns now coming to hand for the month of
February, and for the first two months of the year.
These will give way to better exhibits when the long
deferred recovery in trade at length arrives. Among
the dividend reductions of the week it is necessary
here to enumerate only a few of the more conspicuous
instances, as indicative of a general situation under
which the country is necessarily laboring for the
time being. In the railroad world the Baltimore &
Ohio has reduced its dividend from a basis of 7% per
annum to 5%,and the Delaware & Lackawanna has
cut its dividend from $6 per share to $4. In the
manufacturing world the Westinghouse Elec. & Mfg.
Co. has reduced the quarterly dividend on its common and preferred stocks from $1.25 to $1.00 per
share. In the copper field, Anaconda Copper Co., to
the apparent surprise of the stock market, further
cut its quarterly to 37Y2c. per share, or to an annual
basis of $1.50 per share against $2.50 the last previous annual basis, and much higher figures at preceding periods. The export price of the metal, copper,
also further weakened during the week, dropping to
10.30c. The National Cash Register Co. has omitted
the quarterly dividend of 75c. a share on its $3 cumu.
lative class A common stock.
Brokers' loans this week are slightly lower again,
following last week's increase of $94,000,000 and the
previous week's increase of $29,000,000, making
$123,000,000 increase for these two previous weeks.
The reduction this week is only $5,000,000, bringing
the total down from $1,913,000,000 to $1,908,000,000.
At this figure, however, comparison is with double
the amount a year ago, on Mar. 26 1930, when the
aggregate of these loans stood at $3,820,000,000. In
face of this week's decrease of $5,000,000, the loans
made for own account by the reporting member
banks show an increase during the week from $1,373,000,000 to $1,414,000,000. The loans in the other
two categories, however, have renewed their downward tendency, the loans for account of out-of-town
banks having decreased from $294,000,000 to $260,000,000, and the loans•"for account of others" from
$246,000,000 to $234,000,000.
There has been a substantial decrease during the
week in the volume of Reserve credit outstanding,
the total of the bill and security holdings this week
being down to $847,255,000, which compares with
$902,218,000 last week and with $1,001,090,000 a year
ago on Mar. 26 1930. The discount holdings, reflecting member bank borrowing, are a little larger the
present week (Mar. 25) at $165,425,000 against
2257
$161,922,000 last week (Mar. 18), but holdings of
acceptances are down to $83,272,000 from $122,Ot0,000, while holdings of Government securities are
also lower at $598,558,000 against $617,746,000. In
this latter case the falling off is almostentirely in the
holdings of certificates of indebtedness, the amount
of which the present week is reported at $468,698,000
against $497,564,000 last week. The decline in this
last instance doubtless follows the elimination of
Treasury borrowing on one-day issues of Treasury
certificates of indebtedness, though no information
on that point is forthcoming in the statements. The
volume of Federal Reserve notes in circulation remains substantially unchanged, standing at $1,441,715,000 Mar. 25 against $1,441,823,000 Mar. 18.
Gold reserves are up from $3,115,874,000 Mar. 18 to
$3,126,368,000 Mar. 25.
The stock market this week, after some irregularity at the half-day session on Saturday of last
week, received a severe blow in the announcement
of the Federal Farm Board that further purchases
.of wheat, except so far as the present crop is concerned, would terminate with the close of the season
at the end of May. This caused the break in the
future options for the 1931 crop of wheat, and this
break in the grain market acted to the detriment of
the stock market, so that prices moved lower nearly
all around. Recovery occurred on Tuesday, and
made further progress on Wednesday, only to encounter a new setback with the news on the latter
day that the dividend on Westinghouse Elec. & Mfg.
common stock had been reduced from 10% to 8% per
annum. On Thursday an early display of strength
gave way to general weakness with the news which
appears to have been unexpected that the Anaconda
Copper Mining Co. had made a further reduction in
2c. a share to
its quarterly dividend rate from 621/
371/
2c. a share, following previous reductions. At
the same time the copper shares suffered further
because of another marking down in the export price
of the metal.
The railroad list, strange as it may seem, showed
strong resistance most of the week to the downward
trend, notwithstanding the poor returns of earnings
that kept coming in for the month of February and
notwithstanding, also, the dividend reductions by
the Baltimore & Ohio and the Delaware Lackawanna
& Western, though these dividend reductions did
cause a decline in the two stocks immediately concerned. On Friday, however, stocks were weak and
the railroad shares moved lower with the rest of
the list. Accounts regarding the steel trade have
been the least bit less assuring than in previous
weeks, and this found reflection in a lower trend for
the steel shares. In the bond market a great break
occurred in the Australian issues selling in this
market, owing to the unfortunate political de'Velopmeats in that country and the announcement that
the Premier of New South Wales had given notice
of intention to default on April 1 on interest payments on the loans floated •in London, though he
has undertaken to meet the interest due at the same
date on loans placed in this country. The call loan
rate on the Stock Exchange, after having touched
1% last Friday, rose to 1/
1
2% on Monday, and continued at that figure until Thursday, when, after
renewals had been effected at 1/
1
2%, there was a
rise to 2% in the rate for new loans. On Friday,
however, the rate dropped back to 1/
1
2%. Alto-
2258
FINANCIAL CHRONICLE
gather, 65 stocks recorded new low figures for the
year this week, while 165 stocks established new high
records for the year.
Trading has again been of only moderate proportions. At the half-day session on Saturday the sales
on the New York Stock Exchange were 1,313,197
shares; on Monday they were 1,993,620 shares; on
Tuesday, 1,878,158 shares; on Wednesday, 2,096,522
shares; on Thursday, 2,554,250 shares, and on Friday, 2,948,380 shares. On the New York Curb Exchange the sales last Saturday were 404,100 shares;
on Monday, 472,800 shares; on Tuesday, 536,100
shares; on Wednesday,664,800 shares; on Thursday,
624,900 shares, and on Friday, 590,600 shares.
As compared with Friday of last week, prices are
sharply lower all around. General Electric closed
yesterday at 50% against 53% on Friday of last
week; Warner Bros. Pictures at 12% against 13%;
Elec.Power & Light at 55% against 60; United Corp.
at 28 against 30%; Brooklyn Union Gas at 120%
against 127%; American Water Works at 69%
8
/
against 741/4; North American at 83% against 877
4 against 541/
8; Standard
Pacific Gas & Elec. at 521/
Gas & Elec. at 81% against 86%; Consolidated Gas
of N. Y. at 105 against 108%; Columbia Gas & Elec.
at 43 against 451/4; International Harvester at 53
against 57%; J. I. Case Threshing Machine at 112%
against 118%; Sears, Roebuck & Co. at 56% against
61y8; Montgomery Ward & Co. at 24% against 27%;
Woolworth at 62% against 65%; Safeway Stores at
8
60 against 62%; Western Union Telegraph at 1321/
against 135%; American Tel. & Tel. at 193% against
4 against 37%; American
195; Int. Tel. & Tel. at 361/
/8; United States IndusCan at 124% against 1277
8; Commercial
trial Alcohol at 48% against 631/
4; Shattuck & Co. at
Solvents at 18% against 201/
26% against 27y8; Corn Products at 79%
against 85%, and Columbia Graphophone at 11%
against 14%.
Allied Chemical & Dye closed yesterday at 152%
against 159% on Friday of last week; E. I. du Pont
de Nemours at 98% against 106%; National Cash
Register at 28 against 29%; International Nickel
at 18% against 20; Timken Roller Bearing at 56%
8 against 41; Yel/
against 58%; Mack Trucks at 387
8; Johns-Man/
low Truck & Coach at 13% against 147
ville at 73% against 79%; Gillette Safety Razor at
8; National Dairy Products at 48
/
8 against 317
311/
against 50%; National Bellas Hess at 8% against
2;Associated Dry Goods at 26 against 29%;Texas
/
81
Gulf Sulphur at 50% against 52; American & Foreign Power at 43% against 47%; General American
Tank Car at 69% against 70; Air Reduction at 94%
/8
against 102%; United Gas Improvement at 337
84%
at
Columbian
Carbon
against 36%, and
against 100%.
The steel shares have been inclined to weakness.
United States Steel closed yesterday at 143 against
148% on Friday of last week; Bethlehem Steel at
8 against 701/
4;
591/s against 64%; Vanadium at 701/
Republic Iron & Steel at 20% against 23, and Cru8. In the motor stocks
/
cible Steel at 50% against 497
Auburn Auto has again played a spectacular part,
because of its rise. General Motors closed yester7s on Friday of last week;
day at 44% against 47/
Chrysler at 22% against 25; Nash Motors at 37%
against 40%; Auburn Auto at 237% against 209%;
Packard Motor Car at 93% against 10%; Hudson
Motor Car at 22 against 24%, and Hupp Motors at
4. The rubber stocks have moved
1
% against 12/
103
[vou 132.
lower. Goodyear Tire & Rubber closed yesterday
at 42% against 50 on Friday of last week; U. S.
Rubber at 17% against 20, and the preferred at 30%
against 35%.
The railroad stocks have held up well in face of
the further dividend reductions. Pennsylvania RR.
closed yesterday at 57 against 58% on Friday of
8 against 30%; New York
/
last week; Erie RR.at 297
Central at 109% ex-div. against 111%; Baltimore &
Ohio at 75 against 74%; New Haven at 87 against
89; Union Pacific at 185% against 186%; Southern
Pacific at 99% against 100; Missouri-Kansas-Texas
4
at 19% against 20%; Southern Railway at 521/
against 521/
4; St. Louis-San Francisco at 40 against
36%; Chesapeake & Ohio at 41% against 41%;
Northern Pacific at 52 against 52%, and Great
Northern at 63% against 62%.
The oil shares have been depressed, because of the
unsatisfactory condition of the oil trade. Standard
Oil of N. J. dosed yesterday at 44 against 46% on
Friday of last week; Standard Oil of Calif. at 43%
against 45%; Simms Petroleum at 7% against 7%
/8 bid against 9%; Atlantic Rebid; Skelly Oil at 87
fining at 19% against 19%; Texas Corp. at 28
8 against 4%;Phillips
/
against 30; Richfield Oil at 27
12;
Standard Oil of N. Y.
against
11%
at
Petroleum
/8 against 9.
at 21% against 22%, and Pure Oil at 87
The copper shares have suffered severe declines,
because of dividend reductions and the weakness in
the price of the metal. Anaconda Copper dosed yesterday at 33% against 39% on Friday of last week;
% against 28%; Calumet &
Kennecott Copper at 253
Hada at 9 bid against 9%; Calumet & Arizona at
40% against 41%; Granby Consolidated Copper at
18% against 20%; American Smelting & Refining at
45% against 52Y8,and U. S. Smelting & Refining at
22% bid against 24.
Uncertain price trends were the rule this week
on stock exchanges in all the important European
financial centers. The markets in London, Paris
and Berlin were almost uniformly dull. Trading was
restricted owing to the uneasiness created by the
political reaction to the Austro-German customs
union, while the absence of constructive developments in trade and industry also tended to keep
transactions at a low level. Reports from London
indicated that there is some improvement in sentiment, while trade itself remains stagnant. Unemployment in Britain hovers around 2,650,000 without
important changes from week to week. French trade,
according to Paris dispatches, reflects to a greater
extent than previously the world-wide business depression, with the situation particularly difficult in
the textile industry of that country. The number of
unemployed is mounting steadily in France. German
trade is experiencing only seasonal variations, Berlin
reports say, with unemployment in the Reich stationary. Italian sentiment was heartened this week
by a slight increase in the wholesale price index.
Threats of important strikes appeared in Britain
and France this week, but the difficulties were
averted in all instances. Money remains cheap in
Paris and London, and both markets express gratification regarding the cessation of the gold flow
from London over the Channel. Bank of England
gold stocks are now being augmented by receipts
from South Africa, while large additional amounts
may come to the vaults of the Bank from Australia,
owing to new legislation repealing the Australian
MAR.28 1931.]
FINANCIAL CHRONICLE
statutory provision of 25% gold reserve against
notes. Much interest was taken in all markets in
the visit to New York of Montagu Norman,Governor
of the Bank of England, who arrived yesterday on
one of his customary visits.
The London Stock Exchange was dull and soft in
the initial session of the week, with international
stocks sharply lower on unfavorable week-end
advices from New York. British industrial issues
were irregular, while the gilt-edged section showed
numerous small recessions. Turnover in Tuesday's
dealings was again very small, while the price trend
remained downward. International issues moved
off, and British funds also dropped, despite substantial gold acquisitions by the Bank of England. A
stronger tone appeared Wednesday, notwithstanding
further irregularity in a few sections of the market.
International stocks were firmer,and British industrials also advanced. British funds were extremely
dull and but little changed. Australian bonds were
the feature of the gilt-edged section, these securities
dropping precipitately on intimations in speeches
by Commonwealth officials that default may occur
on some State issues floated in London. The general
market was inactive Thursday, with price changes
nominal in most departments. Shipping stocks were
lower on the passing by the Cunard Company of the
dividend on ordinary shares. International stocks
improved slightly on good reports from New York.
The gilt-edged section was again upset by pronounced
weakness in Australian issues, occasioned by a statement by Prime Minister Lang of New South Wales
that interest payments due in London Apr. 1 would
not be met by that State. Indian loans also moved
off sharply on disturbing developments in that
country. The London market was dull and slightly
lower yesterday, with attention again centered on
the gilt-edged issues.
The Paris Bourse reflected the general uneasiness
felt in France regarding the Austro-German customs
union. Prices were heavy throughout the initial session, with public participation almost completely
lacking. The customs union led to a little selling,
as the market considered it a danger to the political
balance in Europe. No improvement occurred on
the Bourse Tuesday. Transactions were modest, but
orders were chiefly on the selling side and quotations
dropped in all groups of stocks. The effect of the
customs union remained the chief topic of discussion
in Bourse circles. Leading stocks showed mild improvement as trading started Wednesday, but the
rally was short-lived and prices again began to decline. The early gains were cancelled for the most
part and in some issues net losses were established
for the session. Suez Canal shares were persistently
weak, and Bank of France stock also dropped
sharply. Movements Thursday were again markedly
irregular. After a dull and dispirited start, trading
increased somewhat in volume while prices began to
climb. . Gains were recorded in most stocks, but the
changes were not important. Price changes were
small yesterday, in a further dull session.
A weak opening on the Berlin Boerse, Monday,
was followed by recovery, induced mainly by favorable statements by German officials regarding the
effects of the customs union with Austria. Turnover
was small for the session, and net changes at the
close unimpressive. The Berlin market veered Tuesday from weakness to strength and back to weakness.
The French reaction to the customs union arrange-
2259
ment and imposition by the Reichstag of higher income taxes, caused a predominance of selling in most
departments. Banking shares showed firmness, however, and a few stocks in the potash section also
gained. A confident tone prevailed Wednesday,
partly as a result of promises by Chancellor Bruening that he would not increase taxes on industry.
Dealings were again moderate, but gains were registered in steel, electrical, department store, chemical
and other important groups of stocks. The Boerse
was quiet and substantially unchanged Thursday,
with the exception of the speculative issues in the
potash and electrical groups. These issues advanced
steadily on buying from both home and foreign
sources, reports said. Prices were firm in yesterday's dealings at Berlin.
Owing chiefly to its intrinsic importance, but in
part also to the suddenness of the development, the
customs union announced last Saturday between
Germany and Austria has occasioned a stir in
Europe that has seldom been equaled in recent years.
Official announcement of the agreement, as made in
Berlin and Vienna, indicates that the political independence of the two countries will remain unimpaired. Separate tariff administrations are to be
maintained and separate trade agreements may be
concluded with other States, if they do not infringe
on the well-being of either party to the customs
union. In other respects a complete customs union
has 'been arranged, to take effect after all details
have been worked out and ratification granted by
the Parliaments of both countries. It is estimated
that the agreement will come into effect late this
year or early next year. The agreement will run
for three years and will be automatically renewed
thereafter unless denounced by either party. All
import and export tariff barriers between Germany
and Austria are to be abolished when the agreement
comes in force, with the exception of certain intermediate rates on a few minor classes of merchandise.
The latter are to be reduced and also abolished
eventually. Tariffs on trade with all other countries
are to be regulated jointly, and the total customs receipts of the two countries pooled and divided on
a scale to be determined.
Both officially and unofficially this arrangement
was linked intimately with the Briand scheme for a
European federation which has been under debate
for a year and a half. The aims of the French Minister of Foreign Affairs were cited freely in Germany
and Austria as affording ample justification for the
new customs union. "Both Governments see clearly,"
the official announcement said, "that the desired
goal cannot be reached by ordinary methods of trade
policy and that a new road must be found." "Dr.
Schober expressed at Geneva as early as last September the conviction that a better organization of
European economy must begin with regional agreements. Following up this idea, the two Governments
decided to make a practical start along this line and
to inaugurate negotiations leading toward a treaty
which would harmonize the customs and trade regulations and relationships between the two countries.
The Governments agreed, furthermore, that other
European countries should be invited to join such
an arrangement if they wished." The announcements
indicated also a careful observance in the new accord
of stipulations in the treaty of Versailles regarding
the political integrity of Austria and of other inter-
2260
FINANCIAL CHRONICLE
[You 132.
national agreements. Explicit assurance was given treaties, it was quickly pointed out that it contains
that the obligation of the German customs to pro- elements of primary political importance in view of
vide for the service of the Dawes plan loan will be the present alignment of nations in Europe. Conmaintained, while the liability of the Austrian cus- sidered in some respects a threat to continued
toms to meet payments for the 1923 League of Na- French leadership on the Continent, the andouncetions loan to Austria will also continue to be ment is regarded as one of the foremost political
recognized.
developments in Europe during the last ten years.
"The Austro-German customs union is only a first Especially significant, it is held, is the timing of the
step," a Berlin dispatch to the New York "Times" announcement in its relation to the failing Briand
said. "The larger outlines of the plan, it is reliably scheme for European federation.
learned here, envisage the long-wished-for Central
Much. alarm was occasioned in France by the
European unit—under German domination—which announcement, while in Czechoslovakia equal
is designed to extend southeastward to include anxiety was expressed owing to the close trade relaagrarian States, such as Rumania, Yugoslavia and tions of that country with Austria. Comment in
Hungary, and thus form a well-balanced economic Great Britain was cautious, with some suspicion
unit. This, however,is a matter for the future. The aroused by the suddenness of the announcement.
immediate problem, brought to a head by the dire There was a tendency, otherwise, to regard the cuseconomic situation, is the creation of a single eco- toms union favorably as a step toward the free trade
nomic unit out of the two German-speaking peoples. principles that have long been upheld by Britain.
It is understood that both Germans and Austrians Italian comments were •brief, with official statefeel this is the psychological moment for a move of ments noncommittal. In unofficial circles in Rome
this kind, following as it does on the heels of the it was regarded as conceivable that Italy may join
failure of the Geneva conference on a tariff truce the union. The official reaction in Washington was
and coming just before the Spring meeting of the limited to a statement by the Department of ComPan-European Commission, which, it is felt, will merce that the proposed customs union will have
welcome signs of practical steps in the direction of little, if any, effect on the volume of exports from
regional agreements."
the United States to Germany and Austria. DefiWidespread discussion of the significance of the nite, if unofficial, suggestions were given in Budaagreement between Germany and Austria was pre- pest that Hungary might align itself with the cuscipitated by the announcement. The question was toms union, although surprise was expressed at the
raised instantly throughout Europe whether the cus- suddenness of the development. In other Balkan
toms union is only a step toward "Anschluss," or countries comment was reserved. The accord was
political union of the two German nations. A power- hailed by all parties in Germany, while in Austria
ful movement has grown up in recent years for poli- opinion was at first divided, with the important
tical union, the impetus being supplied by political Seipel faction opposed to the agreement. The oppoand economic motives alike. The dismemberment sition disappeared during the week, however, and
of the Austro-Hungarian empire •by the treaty of Austria also is apparently unanimously in favor of
Versailles left Austria as a nation of 6,000,000 peo- the customs union.
ple, with the capital, Vienna,alone containing nearly
2,000,000. Present-day Austria is thus largely an
One important element of the customs union,
industrial country with manufacturing facilities pointed out officially both in Berlin and Vienna,
that were developed to supply the Empire and are is that it will produce no conflicts under the "mostnow far beyond her needs. The need for widening favored-nation" principle of international trade
the Austrian economic sphere 'has constantly been agreements. Only by a customs union can the prorecognized and it has been duly emphasized by the tests of countries enjoying most-favored-nation
protagonists of "Anschluss." The political signifi- treatment be silenced, a Berlin dispatch to the New
cance of complete Austro-German union appears ob- York "Times" remarked. According to precedent,
vious in Europe wherein national rivalries have a union is not tantamount to granting special combeen multiplied and sharpened by the Versailles mercial favors which other treaty holders might desettlement.
mand for themselves, the report added. In an interImportant steps toward "Anschluss" have pre- view granted the "Times" correspondent in Vienna,
viously been taken, chief among them the arrange- Foreign Minister Johann Schober also stated that a
ment effected several years ago for uniform military "customs union has long been recognized as an exequipment and regulations of the two countries. All ception to the operation of the most-favored-nation
such moves have been observed with suspicious care clause." Special emphasis was also placed by Dr.
by France and the chain of Balkan and Baltic coun- Schober, as well as by Dr. Julius Curtius, Foreign
tries with which she maintains military alliances. Minister of Germany, upon the readiness of the two
It has frequently been pointed out, and again ap- Governments to extend their action and negotiate
pears in the current discussion, that Austrian sov- similar arrangements with other countries.
ereignty is safeguarded in the treaties of Versailles
The first official international reaction to the
and St. Germain-en-Laye, both agreements providing arrangement was noted in Vienna, where it was
that the independence of Austria is inalienable ex- announced last Sunday by the Foreign Office that
cept with the consent of the Council of the League warnings had been delivered by the Ambassadors of
of Nations. In the Geneva protocols of 1922, where- France, Italy, and Czechoslovakia to the effect that
under international aid was extended Austria, re- the proposed union would constitute a breach of the
spect for the territorial integrity, independence and Geneva protocols of 1922. Additional details of the
sovereignty of Austria was again certified by the agreement were requested in all cases. On the basis
principal guarantors of the 1923 League loan. of Austrian press accounts, it was reported that Dr.
Although the arrangement for a customs union now Schober furnished explanations which appeared to
effected is apparently not in violation of these satisfy the representatives of the powers concerned.
Man. 281931.]
FINANCIAL CHRONICLE
2261
In Berlin, Foreign Minister Curtius received suc- Dr. Matuschek, Czechoslovakian
Minister of Comcessively the French, British, and Italian Ambassa- merce, who declared that the
union would be a viodors last Monday to explain the intentions of Ger- lation of the most-favored-nati
on clause. "He saw
many and Austria in agreeing to a customs union. as the causes of the move," a
Prague dispatch to the
Announcement was also made that Dr. Curtius New York "Times" said, "the difficult
political and
would receive the Ministers of all the States border- economic situation of Germany
and the efforts of
ing upon the two Germanic countries and offer simi- Germany to obtain European
hegemony." Dr.
lar explanations. "Confidence prevails in Foreign Edouard Benes, Foreign Minister,
of Czechoslovakia,
Office circles," a Berlin dispatch to the New York declared in a speech at Prague
Tuesday that the cus"Times" said, "that Dr. Curtius could satisfactorily toms union is a violation of the treaty
of St. Gerallay any fear that the proposed union might be in main and the Geneva protocol of
1922. He inticontravention of existing treaties or protocols. The mated, however, that as "few
things are eaten as
Foreign Minister, it was said, hopes to persuade the hot as they are cooked," he
did not take the Austrorepresentatives of other European Governments that German proposals too seriously
. In a further adthe Austro-German arrangement is a practical step dress before the Czechoslovakian
Parliament, Thurstoward realizing Aristide Briand's Pan-European day, Dr. Benes expresse
d the conviction that foreign
ideal."
pressure would ultimately frustrate the accord. He
Official French plans relating to this development attacked it from
all viewpoints, and declared that its
were discussed by the Council of Ministers in Paris conclusion
would mean "international complilast Monday, at a meeting presided over by Presi- cations".
dent Gaston Doumergue. "Immediate strong action
intended to block the Austro-German economic union
Indicative of the international currents set in
was discussed and approved," a dispatch to the New motion
by the Austro-German agreement was a reYork "Herald Tribune" said. "The principal item markable
series of official pronouncements, issued
on the program is a protest to Germany. The pro- Wednesday
by high officials of most of the important
posal is held by the French Government to be incom- Europea
n powers. Arthur Henderson of Great
patible with the policy of collaboration which Britain
announced in Paris, after further conversaFrance recognized when she evacuated the Rhine." tions with
Foreign Minister Briand, that the League
French plans in this respect were held up, it was of Nations
Council should be given an opportunity
indicated, pending the arrival in Paris of Foreign to examine
the proposal. "The French and British
Secretary Arthur Henderson of Great Britain, who Ministers of
Foreign Affairs examined this morning
arrived in the French capital late Monday to attend the situation
created by the projected Austro-Gerthe meeting of the organization committee of the man customs agreemen
t," the official statement said.
European federation proposed by M. Briand. Both "Mr. Henderso informed
n
M. Briand that he had
officially and in the French press, meanwhile, the drawn to the attention
of the German and Austrian
customs union was regarded in France as the gravest Governments the
uneasiness felt in many quarters
international act by Germany since the war. The as to the incompati
bility of the proposed treaty with
British and French Foreign Ministers discussed the existing obligatio
ns. Mr. Henderson expressed the
development Tuesday, a further report to the "Her- firm hope that
before these Governments should purald Tribune" said, and M.Briand set forth the objec- sue negotiations
for the proposed customs union
tions of France and the powers of the Little Entente occasion should
be given to the Council of the League
to the proposed customs union. "Although no of Nations, under whose
auspices the protocol of
official announcement was made, it is known that 1922 was negotiate
d, to assure itself at its meeting
M. Briand warmly urged the British Government in May
that the proposals in question were not conto join with France, Italy, and Czechoslovakia in tradictor
y to the engagements which this protocol
an energetic four-power protest to Berlin and enjoins
on Austria."
Vienna, which probably would demand abandonment
The French Foreign Office issued at the same time
of the tentative accord," the dispatch added. In Ber- a statemen
t indicating that M. Briand had conferred
lin announcement was made Tuesday that up to that on the
matter with Victor Berard and Paul Boncour,
time no formal protests had been lodged with the Presiden
ts of the Senate and Chamber Commissions
Foreign Office against the consummation of the on
Foreign Affairs. Measures had been taken, the
proposed union. Official circles in Germany were communic
ation revealed, to bring to the attention of
said in press accounts to regard the juridical position the
Austrian and German Governments the necesof the Teutonic powers as unassailable and not in sity of respecting
existing conventions. "In indicontradiction to their respective obligations under cating
to the Presidents of the two Commissions the
the peace treaties or the League protocol. In the position taken
by the French Government in this
German press, however, some impatience was ex- matter,"
the statement said,"the Minister of Foreign
pressed with German official procedure for its Affairs
called attention to the fact that as Protocol I
alleged failure to soften the diplomatic blow of the of Oct. 4 1922,
relative to a plan for financial aid to
announcement.
Austria, had been established by the League of
Among the nations registering the keenest resent- Nations and
remained under its safeguard, it was
ment regarding the customs union was Czecho- impossible that
the ICouncil of the League of Nations
slovakia, which had sent a trade delegation to Vienna should not
be called on to give its opinion before
only the previous week to negotiate a new agree- the project in question
should be carried any furment. The Prague delegation promptly went home, ther." A Paris
dispatch to the New York "Herald
Monday, none too pleased with the Austrian pro- Tribune", which
dealt with the meeting of the two
cedure. No further parleys were held with Austrian Ministers in Paris,
remarked that M. Briand had
officials in view of the week-end announcement of failed completely to
win his British confrere to the
the customs union. The official attitude of the idea that England should join in a fourpower proPrague Government was outlined late Monday by test to Berlin and Vienna
over what is called in
2262
FINANCIAL CHRONICLE
[VOL. 132.
proof
the French capital the "pre-Anschluss" agreement. was considered in the British capital "further
in
diplothing
wrong
the
doing
for
genius
of
German
to
agreed
n
Henderso
Mr.
that
The representations
policy
make were regarded as some solace to France, but macy". The British feel that the sensible
of
Thursday
dispatch
a
M. Briand, it was added, is likely to be compelled would be to invite inquiry,
The British
finally to make a strong official protest in the name to the New York "Evening Post" said.
that when
believe
to
added,
was
it
are
inclined,
also
of the French Government alone.
and they
muster
pass
will
treaty
the
comes
time
the
In Berlin and Vienna the official steps indicated
fundano
see
they
that
now
just
say
to
pains
at
same
are
the
on
in the Paris announcements were taken
resentFrench
s.
themselve
to
it
s
objection
negative,
mental
if
prompt,
day, and they produced a very
in a resolution,
reaction in both the Germanic capitals. Sir Horace ment was manifested Thursday
the Chamber
Rumbold, the British Ambassador to Berlin, re- adopted by the Customs Commission of
n cusEuropea
general
a
quested Germany to defer any definite action on the of Deputies, which proposes
counc
Germani
at
the
two
aimed
proposed union until after examination by the toms agreement
ed
Associat
an
to
g
accordin
n,
resolutio
League Council in May. A similar request was made tries. The
Minister
Foreign
asks
Paris,
from
report
Press
to the Austrian Government by Sir Eric Phipps,
the AustroBritish Minister to Vienna. The nature of the re- Briand to protest vigorously against
, to
unheeded
are
if
and,
protests
proposal
aGerman
represent
British
joinder made in Berlin to the
against
wall
tariff
general
a
building
toward
official
statean
proceed
in
disclosed
tions was immediately
existing tariff
ment. Chancellor Bruening called to the attention the two lands. Renunciation of
countries is
two
the
of the British Ambassador, the announcement said, treaties between France and
in Paris,
ement
announc
official
"the fact that the German-Austrian accord was in also demanded. An
the
ons
through
negotiati
that
keeping with the letter and spirit of the Geneva Thursday, indicated
on
d
be
continue
would
channels
ic
protocol and that it was the opinion of the Reich usual diplomat
Mr.
between
reported
was
t
agreemen
An
matter.
that
the
Government and the Government of Austria
the accord before
there was no occasion for the Council to occupy itself Henderson and M. Briand to bring
what attitude
matter
no
session,
Council
League
nts
the
insisted
Governme
other
with the subject. If
take.
might
Austria
and
the
Germany
neither
aspects,
juridical
the
g
upon examinin
In Washington it was reported Wednesday that
German nor Austrian Government had reason to fear
such investigation. An examination of the treaty the proposed accord between Germany and Austria
the
from the political viewpoint, however, the Reich has turned attention sharply to the status of
commernation
oredmost-fav
ional
uncondit
Government regarded as inadmissible, as the pact several
d by the
was purely of an economic nature. The Chancellor cial treaties and agreements negotiate
the
questions
all
of
scrutiny
close
A
rian
States.
German-Aust
United
then explained the aims of the
Stimof
State
y
Secretar
by
en
undertak
ly
was
necessari
would
involved
they
negotiations, adding that
disy
Thursda
of
reports
Berlin
said.
conwas
be
not
it
could
son,
they
take their course, although
pre
fully
is
ent
cluded before another two or three months, owing closed that the German Governm
extension of the
the
for
s
argument
meet
An
"
to
be
to
pared
adjusted.
details
technical
of
to the mass
most-favoredwhich
with
exactly similar announcement was made in Vienna, tariff removal to countries
d. "The
conclude
been
have
but in this case the phrase was added that the "Aus- nation trade treaties
Post"
the
"Evening
to
dispatch
a
trian Government does not plan any fait accompli." Wilhelmstrasse,"
economic
the
of
report
the
cite
to
ready
Chancellor Heinrich Bruening discussed the said, "has
council on the
agreement in open forum in Berlin Wednesday, be committee of the League of Nations
published
clauses,
nation
-favoredmost
of
e.
question
Commerc
of
fore the associated German Chamber
report
This
1929.
June
in
t
documen
League
a
out
as
ed
to
carry
determin
"Germany and Austria are
-nation
most-favored
that
stated
be
must
it
declares
confirmly,
and
calmly
plan
their customs union
, cannot be
vinced that it represents the right road," he declared. clauses, although in theory unlimited
States, and
two
"The Government is confident that the other Euro- applied to customs unions between
ons
derogati
e
unions
constitut
pean Governments will study the proposal care further that customs
mostof
principle
to
the
tradition
by
fully and that the misunderstandings which have admitted
bobbed up here and there will disappear when this favored-nation clauses."
has been done. If the world regards this treaty
Although completely overshadowed for the time
without prejudice it must recognize that beginnings
by the Austro-German customs union controexbeing
prove
but
are made in this plan which cannot
some importance attaches to a meeting in
versy,
In
."
situation
unhappy
tremely helpful in ,Europe's
tion"
press reports of the diplomatic conversations in Ber- Paris this week of the "committee of organiza
Union.
of
n
on
for
Inquiry
Europea
lin it was remarked that Dr. Bruening informed the of the Commissi
to consider the
chiefly
called
was
meeting
The
s
comment
the
to
in
dor,
addition
Ambassa
British
commission,
full
the
of
session
May
the
of
disclosed in the official communication, that he agenda
with the
in
held
ntly
Geneva
be
will
concurre
would not object to examination of the legal aspects which
permathe
to
and
arrange
meeting,
Council
League
was
of the proposal by the League Council. It
"PanThe
on.
of
that
ion
commissi
organizat
nent
Tribune"
accepted in Berlin, a report to the "Herald
is
called,
it
as
on,"
is
generally
Commissi
n
Europea
the
on
said, that the trade agreement will be placed
fedn
Europea
a
the
for
of
project
form
present
the
"with
May,
in
meeting
agenda of the League Council
officially sponsored by Foreign Minister
the likelihood apparent of the most dramatic diplo- eration first
M.Briand and Foreign Secretary
matic clash between Germany and France since the Briand of France.
Britain were the leading European
former entered the Geneva organization four and a Henderson of
officials in attendance at the meeting of the organizahalf years ago."
Germany was represented by Herr
What was described in London as the "curt rejec- tion committee.
Foreign Office, while Italy was
the
of
tion" by Chancellor Bruening of the suggestion that von Simson
Manzoni, Ambassador to
Count
by
ed
represent
the League pass upon the customs union proposal
MAR. 28 1931.]
FINANCIAL CIEBONICL.E
Paris. One of the most important proposals submitted at the meeting was made by Count Manzoni,
soon after the gathering convened. He suggested
the full participation of Russia, Turkey, and Iceland
in the efforts of the commission to achieve some
sort of European union, being supported in this
matter by the German delegate. This matter was
settled in the final meeting Wednesday by adoption
of a resolution that the three countries named were
"invited to take part in a study of the world economic crisis in so far as it affects European States
as a whole." The Italian and German delegates
thereupon reserved liberty for their Governments
to propose a variant of this procedure at the May
session of the full commission. The organization
committee decided that the full commission is to
have a chairman and vice-chairman, while the general secretary of the League of Nations is always
to act as secretary. As the first and most important
item on the agenda will be the question of the world
economic depression and unemployment.
2263
the French portion is $22,000,000. It is remarked
in the announcements that no decision has yet been
reached regarding the rate at which stabilization
of the peseta will be effected. A Spanish gold deposit of £3,000,000, made in London last year, will
not be affected by the arrangement, it is stated.
"The Government, considering that stability of the
peseta is indispensable to the economic progress of
Spain and to normal international relations, confirms the intention of proceeding to stabilization,"
the announcement of the Madrid Government said.
"The object of the Government is not to maintain
an artificial quotation of the peseta, but to control
the market and avert fluctuations due to speculative
maneuvers or to excessive nervousness, thus assuring a stabilization de facto. The actual value of the
peseta is considered greater than its present quotation, and it is hoped to secure a prudent revalorization. Such revalorization will not be definite but
will be limited by such factors as the buying power
of the peseta and by the economic condition of the
country contrasted with the situation during the
Premier Benito Mussolini formally opened at period of de facto stabilization."
Rome, Thursday, a world conference on grain,
This move toward stability of the Spanish curarranged by the International Institute of Agricul- rency unit was regarded in Madrid
as a "tremendous
ture. Delegates of 46 nations gathered in the Italian victory for the government,"
a dispatch to the New
capital to study ways and means of bringing order York "Times" said,
as it seemed to indicate that
out of the existing chaos in the production and dis- important foreign banking
groups place confidence
tribution of the world's grain supply. Although the in the monarchy. The arrangement
constitutes the
Institute was established by an American,the United second similar attempt to achieve stability
of the
States Government is not represented in the current peseta. In
1928 credits of $25,000,000 and
meeting. An invitation to attend was extended, but £5,000,000 respectivel were arranged
y,
,
in New York
declined by Washington. Several Americans were and London, but conditions were not favorable
to
in unofficial attendance. Of particular significance
fulfillment of the plan, and it was abandoned and
Is the presence at the gathering of an impressive dele- the
credits repaid. The current step follows progation from Soviet Russia, which has recently tracted conference
s in Paris and Madrid in which
assumed immense importance again as a grain ex- officials
of the Spanish Government and representaporting country. Strong delegations also were sent tives of
the banking groups, as well as executives of
by the other important grain exporting States, such the Bank for International Settlement particis,
as Canada, Australia, and the Argentine. Among pated. It has
long been a commonplace that Spanish
the questions before the conference are means of gold holdings approxima
of
tely 2,500,000,000 pesetas
reducing wheat production and increasing its con- furnish
a plentiful backing for the note circulation
sumption, reduction of costs of transportation and of
about 4,700,000,000 pesetas, and successive Spanexchange, and improvement in credit facilities. In ish
Ministries have all blamed the low international
his opening address before the gathering, Signor
value of the currency on speculation. If the present
Mussolini expressed the view that the world wheat
plans are successful, it Will mean restoration of norcrisis is due rather to underconsumption than to
mal financial and exchange conditions in the last
overproduction. It would be rash, for this reason,
of the great nations whose currencies were upset in
he said, to call for limitation of cultivation of
consequence of the World War. Be jure currency
cereals. Bread, he admitted, has been displaced to a
stabilization still remains to be worked out by Yugodegree by other types of foods in the diet of many
slavia and Portugal, but in these instances the units
people. "To-day's splendid meeting," the Premier
have been relatively stable in recent years.
remarked, "is a proof of the existence of good-will
Although satisfactory progress is indicated by
and the possibility of collaboration among the States
this development in the financial affairs of Spain,
in a field in which the insuperable force of social
some uncertainty exists regarding the political situaprogress should be kept far above the unrestrained
tion. King Alfonso issued a decree last Sunday comworkings of purely individualistic economic conpletely re-establishing constitutional guaranties in
ceptions."
Spain for the first time since the beginning of the
Primo de Rivera dictatorship in 1923. The decree
As a preliminary step toward stabilization of the
was more weeping than that issued just before -the
Spanish peseta, international credits aggregating
fall of the Berenguer Government, which was in$60,000,000 were extended this week to the Bank
tended to prepare the way for the municipal and
of Spain, under guaranty of the Spanish Treasury,
general elections. With municipal elections now
by comprehensive banking groups in New York and
scheduled for April 12, the rights of free speech and
Paris, headed respectively by J. P. Morgan & Co.,
assembly were re-established as a necessary prelimiand the Banque de Paris et des Pays Bas. Formal
nary. This move was promptly followed by demands
announcement of the arrangement was made in
for the establishment of a republic in Spain. UniMadrid, New York, and Paris, late Thursday. The
versity students and the more radical labor groups
credit is in the form of an 18 months'revolving fund,
were the more prominent elements in this agitation,
of which the American portion is $38,000,000, while which resulted
in severe rioting in the larger centers.
2264
[voL. 132.
FINANCIAL CHRONICLE
Street fighting between students and police was was 53.64% a week ago and 58.12% a year ago. The
reported every day from Madrid. All the eleven discount rate is unchanged at 3%. Below we give
universities of Spain were closed by Government comparisons of the different items for five years:
order Thursday to prevent further disorders.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Acceptance of the German budget by the Reichstag
Wednesday was followed on the next day by adjournment of that body for six months, as the winter
session closed. The budget was voted by the wide
margin of 277 to 61, owing to the absence of the
National Socialist ("Nazi") deputies on the orders
of their party chief, Adolph Hitler. It provides for
revenue and expenditures during 1931 of 10,687,000,000 marks ($2,543,000,000). As compared to
the budget adopted a year ago, expenditures are
reduced by 1,153,000,000 marks, a Berlin dispatch
to the New York "Herald Tribune" reports. It is
expected, moreover, that the 'budget will balance in
fact as well as on paper, owing to the severance from
the budget of any aid for the unemployment insurance fund. In the past this fund has proved a heavy
drain on the national finances, but greatly increased
contributions are required this year from both employers and workers. In its final session, the Reichstag passed two important measures providing for
agricultural relief in Eastern Prussia and giving the
Bruening Cabinet extensive tariff powers. Although
the winter session ended quietly, it was highly
eventful and colorful at times, and marked by iSensational party maneuvers. When the Reichstag assembled last autumn there was a general expectation
that the coalition Cabinet of Dr. Heinrich Bruening
would be overturned in short order. The able Clerical Chancellor survived, however, and put through
a program of financial reforms that quickly restored
international financial confidence in German
affairs. His firm and aggressive stand made him the
undisputed political leader of the Reich, and he is
now considered at the height of his power.
1928.
1929.
Mar. 28.
Mar. 27.
£
348,808.000 352.303,815 361.786.016 135.409.000
Circu1ation_•
9.500.000 18.786.773 19.704.899 13.635.211
Public deposits
91.4 4.896 90.791.013 94,595.042 98.247.823
Other deposits
Bankers accounts_ 57,703.654 64,874,277 58,240,243
33,711,242 35,916,736 36,354,799
Other accounts
27.694,952 44.766,909 50,586,855 30,824.033
Govt. securities
35.783.922 19.411.418 30,069,162 56,877,685
Other securities
6,110.557 13,003.543
Disct. & advances 11.362.456
24.421,466 13,300,861 17,065.519
Securities
51,947,535 42.471.454
63,692,754
55,711.000
coin
notes
&
Reserve
Coln and bullion...144,518,501 155.996,569 153,733.551 158,130,454
Proportion of reserve
38%
45.44%
58.12%
55.20%
to liabilities
334%
454%
554%
3%
Bank rate
1931.
Mar. 24.
1930.
Mar. 26.
1927.
Mar.80.
137.952,555
32.981,148
97.465,345
32.667,580
83,924,394
32.345.692
150,548,247
243i%
5%
On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of Germany in its statement for the third
week of March shows a decline in note circulation of
202,310,000 marks. Owing to this loss the item now
aggregates 3,765,682,000 marks, as compared with
4,109,157,000 marks last year and 4,032,997,000
marks two years ago. An increase is also shown in
other daily maturing obligations of 76,979,000 marks
and in other liabilities of 1,082,000 marks. The asset side of the account records a decline in gold
and bullion of 61,000 marks, in bills of exchange and
checks of 155,323,000 marks, in advances of 4,625,000 marks and in investments of 2,000 marks,
while the item of deposits abroad remains unchanged.
Increases appear in reserve in foreign currency of
13,428,000 marks, in silver and other coin of 15,728,000 marks, in notes on other German banks of 2,098,000 marks and in other assets of 4,508,000 marks.
The Bank's bullion now amounts to 2,286,123,000
marks, which compares with 2,491,789,000 marks
the previous year and 2,646,946,000 marks in 1929.
A comparison of the various items for the past three
years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
No changes occurred this week in the discount
Changes
rates of any of the European central banks. Rates
Mar.231931. Mar.221930. Mar.231926.
for Week
Retchsmarks. Retchsmarks. Reichsmark&
Reichsmark*.
2% in Hungary and Italy; 5% Assets—
1
are 6% in Spain; 5/
61,000 2,286,123,000 2,491,789,000 2,646,946,000
Dec.
Gold and bullion
94,031,000
207,638.000 149.788,000
in Germany and Austria; 4% in Norway and Ire- Of which depos.abed. Unchanged
66,970,000
Res've in torn curr. __Inc. 13.428,000 222.592,000 350,617,000
and
England
in
2% in Denmark;
1
land ; 3/
Bills of exch.& checks.Deo. 155,323,000 1,630.777,000 1,504,718,000 1,672,868,008
194,992,000 165,677.000 135,269.001
2% in Holland and Belgium, and 2% in Sliver and other onto__ Inc. 15,728,000
1
Sweden; 2/
21,956.000
21,074.000
26,797,000
2,098,000
Notes on oth.Ger. blui.lno.
London
open
43,609,000
the
In
45.627.000
86,690,000
Deo. 4,625,000
France and Switzerland.
Advances
93,136,000
93,245.000
102,262,000
2,000
Dec.
Investments
were
yesterday
bills
short
for
market discounts
Inc. 4,508,000 555,753,000 563,801,000 528,783.000
Other assets
2 9/16@2%% against 2%% on Friday of last week,
4.032,997.000
Notes in circulation_ _Dec. 202,310.000 3,765,682.000 4,109,157,000
and 2 9/16@2%% for three months bills against 0th
daily matur.oblig.Ino. 76,979,000 342,845,000 593,104,000 528,255.000
1,082,000 340,682,000 147,501,000 205,889,000
Inc.
2 9/16% on Friday of last week. Money on call in Other liabilities
8%. At Paris the open
/
London yesterday was 25
The Bank of France statement for the week ended
market rate remains at 134%, and in Switzerland
March 21, reveals a gain of 8,031,867 francs in gold
at 1%.
holdings. The total of the item now stands at 56,n with 42,552,240,The Bank of England statement for the week ended 102,881,810 francs, in compariso
a year ago and
week
ing
correspond
971
francs the
March 25 shows a further sharp increase in gold
A decrease
before.
year
the
francs
,973
total
the
34,121,355
holdings, amounting to £1,691,888, bringing
francs
35,000,000
of
abroad
balances
in
credit
appears
L155,996,up to £144,518,501. This compares with
1,000,000
of
abroad
bought
bills
in
an
and
only
increase
was
in
reserves
569 a year ago. The increase
contracted 440,000,000
£171,000 since note circulation expanded £1,521,000. francs. Notes in circulation
of the item to 77,370,213,Public deposits decreased £1,000,000 and other de- francs, reducing the total
n last year aggregated 69,586,posits £1,608,590. The latter consists of bankers ac- 785 francs. Circulatio
years ago 62,627,198,070
two
counts which fell off £2,091,971 and other accounts 695,095 francs and
l bills discounted and adcommercia
which rose £483,381. Loans on Government se- francs. French
declines of 113,000,record
securities
curities fell off £1,200,000 and those on other securi- vances against
while creditor curfrancs
20,000,000
and
000
francs
ties £1,583,134. Other securities include "discounts
Below we
francs.
0
165,000,00
rose
accounts
rent
inand advances" and "securities." The former
the past
for
items
various
the
of
n
compariso
a
furnish
L4,decreased
creased £3,341,039 and the latter
924,173. The reserve ratio, which is now 55.20%, three years:
MAR. 28 1931.]
FINANCIAL CHRONICLE
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as o
for Week.
Mar. 21 1931. Mar. 22 1930. Mar. 23 1929.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ __Inc. 8,031,867 58302,881,810
42,552.240.971 34,121,355,973
Credit bals. abed_Deo. 35,000.000 6,908,769,800
8,932,261,602 10,709,977,244
French commercial
bills cilscounted_Dec. 113,000,000 5,966,812,763 5,213,1
60,972 4,897.438,809
Bibs bought abed_Ino.
1.000.000 19,334,165,513 18,723,863,721 18,322.
815,269
Adv. agt. eecurs_ _Deo. 20,000.000 2,881,522,803 2,547.4
52,214 2,330,271,818
Note circulation_ _Dec. 440,000,000 77,370.
213.785 69.588,695,095 62.627.198,070
Ored. ourr. aootsIno. 165.000,000 23,740,972,673 15,468,
134,300 18,110,053,174
2265
'and 11/2% asked for bills running 30 days, and also
for 60 and 90 days; 13
/
4% bid and 1%7
0 asked for
120 days, and 17
/8% bid and 13
/
4% asked for 150 days
and 180 days. The Acceptance Council no longer
gives the rates for call loans secured by acceptances.
Open market rates for acceptances have also remained unchanged, as follows:
SPOT DELIVERY.
Money rates remain at extremely low levels in all
—180 Days— —150 Days-- —120 Days—
Bid. Asked.
Bid. Asked.
Bid, Asked.
Prime eligible bills
departments of the market. There were mild
14
134
134 134
134
134
fluc—90Days— —60Days— —30Days
tuations in call loans, entirely as a result of
—
heavy Prime ellgible bills
Bid. Asked.
Bid. Asked.
Bid. Asked.
134
withdrawals of Treasury deposits, against whic
1J4
134
134
134
134
h no
FOR DELIVERY WITHIN THIRTY DAYS.
reserves are maintained. Successive Treasury
Eligible member banks
calls Eligible
134 bId
non-member banks
for repayments from depositary institutions
134 bid
were
reflected by substantial bank withdrawals from
the
There have been no changes this week in the rediscall money market, but these occasioned only
the count rates of the Federal Reser
ve Banks. The
most modest variations in rates as short-term
funds following is the schedule
of rates now in effect for
are available in immense amounts. Call loans
on the the various classes-of paper
at the Reserve banks:
Stock Exchange were 11/
2% Monday, Tuesday, and DISCOUNT RATES
OF FEDERAL RESERVE BANKS ON ALL CLASSES
Wednesday. This figure was also fixed
AND
MATURITIES OF ELIGIBLE PAPER.
at the renewal rate Thursday, but it was advanced
to 2% in
Rate in
Federal Reserve Bank.
the course of that session. The rate was
Wed on
Date
Previous
again 1/
1
2%
Mar. 27.
Established.
Rate.
yesterday. Bank withdrawals were subst
Boston
antial Mon- New York
234
Jan. 2 1931
3
day, when $30,000,000 was called, and
2
Dec.
24
1930
234
lphia
again Thurs- Philade
334
July 8 1930
4
Clevela
nd
8
day, when $70,000,000 was taken out.
Dec. 29 1930
334
nd
In the unof- Richmo
334
July 18 1930
4
Atlanta
8
ficial "Street" market loans were avail
Jan.
10 1931
334
Chicago
able for short St.
3
Jan.
1931
10
834
Louis
3
Jan. 8 1931
periods Monday and Tuesday at 1%, but
334
MInneapolle
834
there were Kansas
Sept. 12 1938
4
City
334
Aug.
15 1930
no concessions from the official rate
4
Dallas
834
Sept. 9 1930
thereafter. San Francisco
4
8
Jan. 9 1931
Brokers' loans against stock and bond
834
collateral declined $5,000,000 in the tabulation of
the Federal
Sterling exchange continues to display the firme
Reserve Bank of New York covering
r
the week to trend which set in a
few weeks ago, though occaWednesday night. Gold movements for
the same sionally the rate shade
s off a trifle. The range this
weekly period consisted of imports of
$1,380,000. week has been from 4.855 to
There were no exports and no net chan
% 4.85 27-32 for bankers'
ge in the sight bills, compared with
to 4.85 13-16 last
stock of the metal held earmarked for
foreign week. The range for cable4.853/2
transfers has been from
account.
4.85 27-32 to 4.86, compared with 4.85%
3 to 4.86 a
week ago. Sterling also continues to display firmDealing in detail with call loan rates on the
Stock ness with respect to Fren
ch francs and on Thursday
Exchange from day to day, the rate remained
un- the London check rate on
Paris went to 124.23 francs
changed from day to day at 1/
1
2%,all loaning being to the
pound, compares with parity of 124.21.
at that figure until Thursday, when, after
renewals Sterling has been gaini
ng ground steadily against
had again been effected at 11/2%, there was
an ad- the franc almost since the first
of the year and recent
vance in the rate for new loans to 2%. On
Friday, monetary developments in
London make the situahowever, all loaning was again at 11/2%.
Time tion appear much brighter.
France has been defimoney has continued at a standstill. Ther
e is prac- nitely removed as a mena
ce to London's gold stock
tically no demand for this class of acco
mmodation and the chances seem good
that the Bank of England
at the present time. The range for 60-day
loans this will continue to secur
e
open
market gold for some
week has been 1/
1
2Q2% against the previous 1/
1
2Q weeks to come. Accor
ding to one authority the
13
/
4%. Otherwise rates remain unchanged
and are turn came just in time
for sterling, for the continued
11/2Q13
/
4% for 30 days, 1/
1
2Q2% for 60 days, 2Q
weakness in the exchange and the inability of
2/
1
4% for 90-day accommodations, 2Q2/
the
1
4% for four
months, and 21/
4Q2/
1
2% for five and six months. pound to react to sustained heavy losses of gold were
placing the British banking authorities in an
The market for prime commercial paper
embarwas mod- rassing position.
erately active this week and a good supply
of paper
In foreign exchange circles it is considered
has been available. Rates for choice names
quite
of four possible that the recen
t conversations between British
to six months' maturity are 2/
1
2%, while names less
and French treasury officials were in part responsibl
well known are 23
e
/
4Q3%. Occasional transactions
for
the cessation of the French drain, although,
have taken place at 21/
4% in the shorter
of
choice course, no official announcement
names.
has even been made
regarding the steps which were possibly taken
. At
present the firmness in sterling must be regarded
The demand for prime bank acceptances
as
has con- largely a seasonal matte
r, Europe's normal export
tinued brisk throughout the week, and the
supply of season, and the factors favor
ing firmer sterling should
satisfactory paper has greatly improved.
Dealers soon gather force as a result of
tourist traffic. During
look forward to a larger business next week.
Rates the past few weeks there have been
some signs of an
show no change. The Reserve Banks further
reduced
their holdings of acceptances from $122,
550,000 to
$83,272,000. Their holdings of acceptances
for foreign correspondents further declined from $453,
072,000 to $437,233,000. The posted rates of
the
American Acceptance Council remain at 1%70
bid
easing in money rates in London but bankers
there
say that notwithstanding the Bank of
England's
success in obtaining gold in the open mark
et, the
City does not believe that the Bank of England
will
relax its control of the money market. It is
considered still necessary to insure the maint
enance of
2266
FINANCIAL CHRONICLE
For.. 132.
for bankers' sight
sterling rates abroad until it is definitely shown that range was 4.85 21-32@4.85 13-16
cable transfers.
for
15-16
4.85
27-32@
4.85
to
and
sight
order
in
needed
artificial measures are no longer
The range
easier.
trifle
a
was
ay
sterling
On
the
Thursd
of
feeling
The
keep exchange in London's favor.
4
4.857
and
sight
'
market is that since the Bank of England took no was 4.85%@4.85 13-16 for bankers
sterling
Friday
On
s.
steps to protect its reserves until it had lost £20,000,- @4.85 15-16 for cable transfer
@4.85 13-16
000 of gold, it is unlikely to abandon its control of continued steady, the range was 4.85Vs
for cable
15-16
@4.85
4.853/s
and
'
the market until it has made good a considerable for bankers sight
4.858
were
Friday
on
%
ons
quotati
s.
Closing
transfer
part of this loss.
s.
transfer
cable
for
15-16
4.85
the
and
for
took
demand
d
This week again the Bank of Englan
ay
sixty-d
4.854;
at
finished
bills
sight
London
cial
the
Commer
in
major share of the gold on offer
at 4.82 3-16;
market. It will be recalled that last week the Bank bills at 4.83 5-16; ninety-day bills
5-16, and
was able to acquire £580,000 of bar gold in the open documents for payment (60 days) at 4.83
grain
and
Cotton
market. This was the first time since March a year seven-day grain bills at 4.853.
ago that the Bank had been able to obtain open for payment closed at 4.85/.
market gold. It is thought that these purchases may
Exchange on the Continental countries exhibits
continue for some time, as long as the Bank is willirregularity in trend. Of the major currencies
ing to pay rather more than its minimum price of
marks are firm, French francs are inclined to ease,
84s. 10d. per fine ounce. This week the Bank of
and Italian lire are near high levels for the year.
England shows an increase in gold holdings of £1,691,- Antwerp belgas, German marks, and Swiss francs
888, the total standing at £144,518,501, which comare the only major currencies at a premium with
pares with £155,996,569 on March 26 a year ago.
respect to the dollar. The strength in marks is
On Saturday the Bank of England exported £2,000
attributed to the improvement in the German
in sovereigns. On Monday the Bank bought £800,784
money situation and general confidence of the market
in gold bars and received £250,000 in sovereigns from
in the ability of the present Government to carry
abroad. No mention was made of the source of this on without undue interference from radical parties.
heavy purchase of bar gold, which came as a surprise
The improvement in the Berlin money market is
to the London market. On Tuesday the Bank bought
due to the continuing inflow of foreign funds, largely
£578,281 in gold bars, received £5,150 in sovereigns
the form of 3-months credits. This influx has
in
from abroad, bought £372 foreign gold coin, and exunder way for about three weeks and assumed
been
ported £5,000 in sovereigns. The bar gold bought
proportions last week. The banks recognized
large
on Tuesday by the Bank was open market South
the situation by lowering interest rates and refusing
African gold and £40,000 not taken by the Bank
unfavorbale offers. The relative weakness in French
went to India and the trade at a price of 84s. 10Xd.
francs is due almost wholly to the superabundance
On Thursday the Bank of England exported £5,000
of money in Paris, where funds are almost unin sovereigns, and on Friday it bought £677,229 gold
loanable even at the lowest rates. As a result,
bars and exported £15,000 sovereigns.
French funds are being offered in the Berlin and
At the Port of New York the gold movement for
London markets. Business men, especially retailers,
the week ended March 25, as reported by the FedParis are complaining of marked slackening in
in
eral Reserve Bank of New York, consisted of imbusiness. The February foreign trade returns reports of $1,380,000, of which $1,099,000 came from
flect this condition by a decrease of 1,277,000,000
Mexico and $281,000 chiefly from other Latin Amerifrancs in exports compared with a year ago, and
can countries. There were no gold exports and no
of 748,000,000 francs in imports. These decreases
change in gold earmarked for foreign account. In
are the largest of any month in several years and
tabular form the gold movement at the Port of New
reflect mostly the fall in prices for goods bought
York for the week ended March 25, as reported by
and sold, as shown by the fact that quantities imthe Federal Reserve Bank of New York, was as
ported and exported decreased in a smaller ratio
follows:
their values.
than
25,INCLUSIVE.
GOLD MOVEMENT AT NEWYORK,MAR.19-MAR.
lire are firm and ruling, as stated, near
Italian
Exports.
Imports.
prices of the year. The firmness in lire
highest
the
51,099.000 from Mexico
None
Latin
other
281,000 chiefly from
is attributed partly to the fact that the decline
American countries
in prices in Italy seems to have halted. A recent
11.380,000 total
dispatch from Rome states that the current official
Net Change in Gold Earmarked for Foreign Account.
wholesale price index shows for the first time this
None
increase in all categories of goods except
Canadian exchange continues at a slight discount. year a slight
Italian authorities are encouraged by
The
.
y
On Saturday last, on Monday and on Tuesda textiles
Italian balance of trade is steadily
the
that
fact
the
Montreal funds were quoted at 1-32 of 1% discount
balance in February again showed
The
ng.
improvi
was
and during the remainder of the week the rate
surplus than in the same month
import
smaller
a
able
unfavor
steady at 3-64 of 1% discount. The
h that month, too, was better
althoug
year,
last
factor
wheat situation is at present the most adverse
already favorable situation of
The
1929.
in
than
against Canadian exchange.
ng Italian manufacturers appears to have
Referring to day-to-day rates, sterling exchange exporti
improved.
on Saturday last was steady in a dull half-day session.
The London check rate on Paris closed at 124.17
transcable
4.85
13-16;
4.85N@
Bankers' sight was
Friday of this week, compared with 124.18 on
fers 4.853/s@4.86. On Monday sterling was in de- on
of last week. In New York sight bills on
mand. The range was 4.85%@4.85 27-32 for bank- Friday
French centre finished at 3.91 1-16, against
ers' sight and 4.86 for cable transfers. On Tuesday the
3-16 a week ago; cable transfers at 3.91 3-16,
sterling continued firm. Bankers' sight was 4.853@ 3.91
3.91 5-16, and commercial sight bills at
against
On
4.85 27-32; cable transfers 4.85 31-32@4.86.
against 3.91. Antwerp belgas finished at
Wednesday the market was dull and lower. The 3.90%
MAR. 28 19311
FINANCIAL CHRONICLE
13.913 for checks and at 13.92 for cable transfers,
against 13.923 and 13.93. Final quotations for
Berlin marks were 23.831A for bankers' sight bills
and 23.84 for cable transfers, in comparison with
23.823
% and 23.83%. Italian lire closed at 5.233
4
for bankers' sight bills and at 5.23 15-16 for cable
transfers, against 5.23 13-16 and 5.24. Austrian
schillings closed at 14.05%, against 14.05%; exchange
on Czecho-slovakia at 2.96%, against 2.96%; on
Bucharest at 0.59%, against 0.59%; on Poland at
11.20, against 11.20, and on Finland at 2.515
/
s,
against 2.51%. Greek exchange closed at 1.29 5-16
for bankers' sight bills and at 1.29 9-16 for cable
transfers, against 1.29 5-16 and 1.29 9-16.
Exchange on the countries neutral during the war
is dull so far as the New York market is concerned
and present rates are largely influenced by transactions abroad. Holland guilders continue firm,
although Dutch funds are moving to Berlin and
London, where interest rates are more attractive
and it is generally understood that there is a quiet
flow of Amsterdam money to the New York security
markets. In the face of this outward flow of Dutch
funds the guilder rate should be inclined to weakness, and the firmness is attributed to interference
of the Bank of The Netherlands in the Amsterdam
exchange market. The Scandinavian currencies are
dull, but steady. Swiss francs are one of the few
units at a premium with respect to the dollar. The
firmness in Swiss francs is ascribed largely to European demand for Swiss currency in connection with
transactions of the Bank for International Settlements. Spanish pesetas have fluctuated less widely
this week than at any time for a long period. The
comparative steadiness in the peseta seems due to
the fact that definite progress appears to have been
made of late towards stabilization and to the announcement that a banking credit, similar to others
granted countries about to return to the gold standard
in the past, has been arranged. While New York
bankers for the most part still adhere to the idea
that Spain needs no such assistance, satisfaction is
expressed over the fact that a stabilization credit has
been concluded for amount of $60,000,000.
Bankers' sight on Amsterdam finished on Friday
%, against 40.07% on Friday of last week;
at 40.073
cable transfers at 40.09%, against 40.083
4,and commercial sight bills at 40.05, against 40.043/2. Swiss
francs closed at 19.24 for bankers' sight bills and at
19.243' for cable transfers, against 19.233/2 and 1924.
Copenhagen checks finished at 26.743/ and cable
transfers at 26.753/2, against 26.74 and 26.75. Checks
on Sweden closed at 26.78 and cable transfers at
26.79, against 26.77 and 26.78, while checks on
Norway finished at 26.75 and cable transfers at
26.76, against 26.75 and 26.76. Spanish pesetas
closed at 10.863' for bankers' sight bills and at
10.873/2 for cable transfers, against 10.65 and 10.66.
Exchange on the South American countries presents no new features from the past several weeks.
Argentine paper pesos displayed continued firmness, while Brazilian milreis continue to decline.
This week the Brazilian unit went off sharply to a
new low of 7.30 for cable transfers. New York
authorities on Brazilian exchange do not take a
hopeful attitude toward the currency. Banks in
Brazil have recently protested against the strict
regulation of foreign exchange operations which the
2267
Government has maintained ever since the revolution. It is believed that the Government is now
relaxing some, but not all, of its control. Brazilian
importations are hitting a new low level due to the
collapse of the milreis. General business conditions
continue depressed in Rio de Janeiro and Sao Paula,
with large operators seemingly waiting Sir Otto
Neimeyer's decisions on the reform of Brazilian
finances and currency before commencing their
activities. The firmness in Argentine exchange is
due to active steps taken by the new Government
to support the peso by sending gold to New York
and London. Argentine paper pesos closed at
34 11-16 for checks, against 34 11-16 on Friday
of last week and at 343
4 for cable transfers, against
34%. Brazilian milreis are nominally quoted 7.45
for bankers' sight bills and 7.50 for cable transfers,
against 8.05 and 8.10. Chilean exchange closed at
12 1-16 for bankers' sight bills and at 123 for cable
transfers, against 12 1-16 and 12/. Peru at 28.35,
against 273/2.
Exchange on the Far Eastern countries shows an
improved tone owing to the fractionally better prices
for silver and to some improvement in the outlook
for business in China and in India. The depression
in which Japan was engulfed throughout last year,
along with the rest of the world, was accompanied
by further difficulty because of the removal of the
embargo on gold by the Japanese government in
January 1930, according to Governor Hijikata of the
Bank of Japan in his annual report to the shareholders of the Bank. Removal of the gold embargo,
he pointed out, coming as it did in the midst of
world depression added to the tasks of Japan in
coping with a changing situation. "Thanks, however, to the united efforts of the government and
the nation at large, the difficulties have been boldly
met," he said, "and we have been able to see the
first year of our return to the gold standard pass with
the business reorganization well in progress. The
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 21 1931 TO MARCH 27 1931. INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New Fork,
Value in United States money.
Mar.21. Mar.23. Mar. 24. Mar.25. Mar.26
EU ROPEI
A oat rla. sniffing
140551
Belgium. belga.- .1:19212
Bulgaria, ley
Oil id)/
Czeclitadovakla, krone .020626
Denmark, krone
267480
England, pound
4859494
sterling
nutrkka
020177
France. franc
039124
Germany, relclismark .238275
Or.l•Ce. drach II Ia
11)2944
4011849
lionund. gullilir
Hungary, pctigo
174432
itsly, lira
052344
Norway, krone
267528
Poland. zloty
111904
Port tidal. e.codo
.044837
Rumania. lets
.000948
.1).6617
Spain, peseta
Ss ederi. krona
"67760
Switzerland, franc_
.192115
Yugoslavia, dinar._ .1.17578
ASIACOInaChew) tael
.336011
Ilankow tail
329531
Shanghai mei
321785
Tientsin tael_ _. .339791
Hong Kong dollar__ .200857
_ .2:11062
Mexican dollar_
Tientsin or Pelyanti
dollar
235416
Yuan dollar
.2134183
India. rupee
361533
Japan. yen
493603
Singapore (S.S.) dollar .560625
Noicrti AMER.Canada, dollar
.999585
Cuba, peso
1 000516
Mexico. Peso
.472066
Newfoundland, dollar .997107
SOUTH AMER.Argentina. peso (gold) .790036
Brazil, mllrels
078142
Chile, peso
.120726
Uruguay, peso
.737740
Colombia, peso
.965700
I
.140562
.1:19221
.007169
.029628
.267513
I
.140509
.139249
.007169
.029629
.267518
$
.140551
.130226
.007169
.112)1632
.267498
$
.1406116
.139169
.007:60
.029631
.267407
Mar.274
I
.140560
.139154
.007169
.029633
.267502
4.859791 4.459732 4.8586110 4.859270 4.858934
.025177 .025179 .025 i 74 .055174 .025179
.039134 .036135 .039125 .030 i 20 .039114
.238136 .234351 .238304 .234327 .238357
.012012 .012942 .017944 .012)145 .012042
.4441980 .400983 .4006513 .4011482 .400893
.174309 .174342 .174342 .17403 .174388
.052391 .0523171 .002387 .052384 .052383
.247504 .207573 .267547 .2675A .267550
.111922 .111880 .1 i 1880 .111890 .111680
.044441 .044841 .044747 .044751 .044754
.005945 .005043 .1)1151)45
005044 .0(15947
.106847 .107417
071)52 .107466 .108552
.267411
267622 .267423 .267836 .267423
.192468 .192446 .192411 .102123 .192408
.017585 .017584 .017577 .017577 .017579
.333125
.397343
.319821
.336475
.249375
.230937
.339375
.333281
.326071
.313125
.2534735
.235312
.335625
.329531
321607
.330375
.251339
.231875
.336475
.330781
32:1571
.3411025
.251160
.233125
.332291
.326718
.319642
.336041
.250446
.230625
.234166
.239433
.361600
.493693
.560625
.239166
.235433
.361895
.493628
.56025
.235000
.2:1:466
.1461729
.493562
.560625
.236666
.233333
.361745
.4113615
.560625
.234166
.230833
.361666
493553
.560625
.999677 .999678
1.000546 1.000520
.471566 .472433
.997156 .997063
.990554
.999718
.47:1033
.997031
.999540
.999140
.473800
.996968
.999471
.999187
.474266
.996937
.790447
.071843
.120616
.725462
.9415700
.790325
.074055
.120580
.715623
.965700
.789785
.075569
.120618
.718408
.965700
.749903
.076138
.120762
.726668
.945700
.790055
.071225
.120627
.736217
.945700
FINANCIAL CHRONICLE
2268
maintenance of the gold standard on a firm basis
and the strengthening of our economic position among
nations, in these circumstances, call for a greater
cooperation in all directions for the promotion of
industries and foreign commerce through the rationalization of business enterprises and management."
Withdrawals of gold from the Bank of Japan in 1930
amounted to 316,000,000 yen, against which there
were receipts of 70,000,000 yen from Manchuria and
China proper. As of Dec. 31 1930 the Bank of
Japan had total assets of 2,175,312,750 yen, of which
gold holdings amounted to 605,268,884 yen. Closing
quotations for yen checks yesterday were 49.34(4)
4932, against 49.34@49. Hong Kong closed at
251
/
I@25 7-16, against 25 7-16(4)25%; Shanghai at
4,
2(4)32M; Manila at 497
323@32%, against 323/
against 49 8; Singapore at 56 5-16@56 7-16, against
56 5-16(4)56 7-16; Bombay at 363's, against 3634,
and Calcutta at 363, against 3614.
The following table indicates the amount of bullion
in the principal European banks:
March 27 1930.
March 26 1931.
Banks of
Gold.
Sayer.
Total.
Gold.
Miter.
Total.
E
144.518,501 155.996.569
155.996,569
England — 144,518,501
340,414.785
(d)
448.823.054340.414.785
(d)
France a_ _ 448,823.054
994,600118.094,650
Germany b 103.924,250 c994,600104,918,850 117.100.050
96,691.000 28,362.000125.053.000 98.708.000 28.354,000127,062.000
Spain
56.130,000
57.331,000
57.331.000 56,130,000
Italy
36.415.1100
Netheri'ds 37,169,000 2,640,000 39.809.000 36,415.000
40,838.000 33,730.000 1,288.000, 35.018.000
Nat'l BeIg 40.838.000
789.000' 23.228.000
25,717.000 22,439.000
Switzeri'd. 25.717.000
13.342,000 13.545.000
13,545.000
Sweden _ 13.342.000
398.00
9.972.000
9,547.000 9.574,000
Denmark. 9.547.000
8,145.000
8,134.000 8,145.000
Norway ._ 8.134,00
Total week 986.034.805 31,990.6001.018031405892.197.404 31,823,600924,021.004
Prey. week 983,897,712 31,996.6001,015894312890.135.661 31.777,600921,913,261
Fr a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £10,381.900. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
The Austro-German Customs Agreement.
The announcement on Mar. 21 that Germany and
Austria had taken formal steps preliminary to the
establishment of a customs union came, according
to newspaper dispatches, with the shock of surprise,
not to say bewilderment, to the governments and
peoples of other European countries. As far as these
other European Governments are concerned, the surprise could hardly have been so great as it has been
made to appear. It has been matter of common
knowledge for a long time that Germany and Austria
were anxious to arrange more favorable trade relations, and it was no secret, at least two weeks before
the formal announcement was made, that negotiations on the subject were actively going on.
On Mar.3 Dr. Curtius, German Foreign Minister,
arrived in Vienna, spent the day conferring with
members of the Ministry, and was the guest of honor
in the evening at a dinner tendered by Dr. Schober,
the Foreign Minister of Austria. The Vienna correspondent of the New York "Times" reported that
the Austrian newspapers, which were "virtually
unanimous" in the warmth of their greeting, "accentuate the necessity of the closest economic co-operation between Austria and Germany," while the only
newspaper that was cold to Dr. Curtius' visit dwelt
specifically upon the obstacles to economic union.
On Mar. 4 Dr. Curtius himself, in receiving the foreign correspondents, declared that Germany, which
had suffered more acutely than any other country
from the world economic crisis, was "determined to
make still closer the economic bond uniting her"
with Austria; and although he denied that an Aus-
[VoL. 132.
tro-German customs union had been discussed, he
promised that a communique the next day "would
show what progress had been made toward close
economic co-operation between the two countries."
Apparently the negotiations did not progress as rapidly as was expected, but it is difficult to believe
that other Foreign Offices did not know that an
agreement of some kind was imminent.
The text of the accord, made public on Monday,
shows that the agreement is still of a preliminary
character, although the language of the document
suggests that the final agreement will probably be
in substantially the same terms. The document declares at the outset that the "absolute independence
of both nations shall be preserved, as well as strict
regard for existing obligations toward third nations." The purpose of the agreement, it is specifically declared, is "to initiate a new order in
European economic conditions by means of regional
treaties," and to that end each country binds itself
to negotiate with any other country that desires to
make a similar agreement. As between Germany
and Austria, the customs laws are to be adjusted so
as to be the same for both countries; neither export
nor import duties are to be laid upon commodity
traffic between the two, and commercial treaties
with other countries, while negotiated jointly, are
to be signed separately. Each country is to retain
its own customs organization, although the agreement looks to some harmonization of administrative
practice, and after deducting "special costs involved
in executing contracts" the total receipts are to be
apportioned between the two countries according to
a fixed scale whose nature is later to be determined.
In case of disputes regarding the interpretation or
application of the agreement the controversy is to
be dealt with by an impartial arbitration committee
on which both countries are represented. The treaty
to be concluded is to run for three years, and be
terminable on twelve months' notice by either party.
It was not to be expected that an agreement of
this kind could be announced without raising an
active controversy. A treaty of customs union would
have been a matter of great interest if it had been
concluded, let us say, between France and Belgium
or Poland and Rumania. It would have seemed, in
such case, to offer a practical step in the direction
of the general lowering of tariffs which has been so
much and so fruitlessly debated, and perhaps to
mark the beginning, although in a small way, of
the United States of Europe to which M. Briand is
still devoted. As a regional agreement, moreover,
it would doubtless have been thought to fall within
the general approval of regional agreements
which the League of Nations has given, and of
which the Locarno pacts are the most notable
example.
With Germany and Austria the high contracting
parties, however, the situation is very different. In
spite of all that has been done to restore Germany
and Austria to honorable places in the family of
nations, the Powers that were allies during the
World War or which owe their existence to the war
still regard Germany and Austria as to a considerable extent subject nations. They are still bound
by certain provisions' of the peace treaties, and
specifically are forbidden to form a political union
without the consent of the League of Nations. Their
armaments have been forcibly limited, and the Young
Plan binds Germany to heavy reparations payments
MAR. 28 1931.]
FINANCIAL CHRONICLE
for a long series of years. Austria is bound by an
international loan .negotiated under the direction
of the League, and subject to supervision by the
League in its treatment of that obligation. In short,
Germany and Austria are not yet on a par with the
other nations of Europe, and the volume of adverse
criticism which the proposed customs treaty has
called out shows how deeply the political life of
Europe, twelve years after the peace, remains tinctured by enmity, suspicion and fear.
A reading of the document given out on Monday
shows slight foundations for most of the criticisms
that have been made, particularly at Paris and
Prague. Not only is there no hint of a political
union of Germany and Austria, but the idea of union
is clearly negatived by the opening declaration that
the "absolute independence of both nations" and
"strict regard for existing obligations toward third
nations" are to be preserved. It may be that a customs union, if successful, might pave the way for
political union later, but the two questions are different, and the second one will not become an issue
until it is clearly raised. Neither the Young Plan,
nor the Dawes loan to Germany, nor the Austrian
loan is threatened; Article VI of the agreement provides that "special costs involved in executing contracts" are to be deducted before the customs receipts
are divided between the parties, and that "special
care shall be taken in construing the above clauses
that the attachable rights of other nations shall not
be infringed." Such authority as the creditors of
Germany or Austria have to levy upon the revenues
of those countries for the payment of reparations
or loans remains unimpaired. The treaty is not
exclusive, moreover, but one to which other nations
are invited to adhere. The statement given out at
Paris on Wednesday, apparently representing the
view of the British and French foreign offices, implying that the agreement cannot become effective
until it has been passed upon and approved by the
League seems to be an attempt to impute to the
League a jurisdiction over a regional, domestic agreement which it cannot easily be shown to possess, and
which neither Mr. Henderson nor M. Briand would
have been likely to drag in if the contracting parties
had been France, or Italy, or The Netherlands or
Czecho-Slovakia.
What has happened, obviously, is that Germany
and Austria have undertaken to do as between themselves what the nations of Europe have been repeatedly urged to do for several years, namely,
abandon their ruinously high tariffs and substitute
a system of free trade. They will still, perforce, levy
duties on imports from other countries, but within
their own borders trade is to be free. They have
apparently concluded, as well they might after the
disappointing experiences of the past five years, that
if Europe must wait for a rational tariff policy until
all the nations can be brought to agree, the tariff
war will go on indefinitely. The only way to get rid
of tariffs is to get rid of them, and Germany and
Austria, naturally close in their trade relations and
in a position to derive mutual profit from a free
interchange of goods, have ventured the experiment.
In so doing they have not only frankly declared their
hope of erecting a new economic order in Europe, but
have invited any nation that will to join them. What
there appeared to be no hope of accomplishing universally is now to be accomplished regionally. We
expressed the opinion, when the Locarno pacts were
2269
framed, that regional agreements held the promise
of solving some of the difficult political problems
that then confronted Europe. We see no reason to
think that the economic problem of hostile tariffs
and consequent trade restriction may not yield successfully to the same regional treatment.
The only objection, as it seems to us, that has
been urged against the Austro-German agreement
to which much weight is to be attached,is that it runs
counter to the rights of nations whose commercial
relations with Austria or Germany embody the mostfavored-nation principle. If Germany, for example,
is to admit Austrian goods duty free, a strict application of the most-favored-nation principle might
seem to debar it from imposing duties on imports
from the United States or Great Britain. A Washington dispatch of Tuesday to the New York "Times,"
purporting to represent the views of officials of the
Department of Commerce,is interesting for the light
it throws on this contention. According to the
"Times" correspondent,"the Commerce Department
saw no conflict between the proposed customs union
and existing most-favored-nation treaties of the
United States with the two countries involved. It
was pointed out that under the treaties this country
was entitled to the same privileges as the most
favored of other foreign countries, and that such
privileges would continue. The opinion prevailed
that favored-nation privileges might be curtailed
somewhat as a result of the union, but it was stated
that most-favored-nation treaties did not apply to
customs unions." The legal aspects of this latter
suggestion, obviously of much importance to the
United States, will doubtless be carefully examined
by the State Department.
The action of Germany and Austria is undoubtedly
one of the most important steps that has been taken
in Europe since the peace, and its possibilities are
far-reaching. If the plan succeeds, it may mark the
beginning of a revolutionary reorganization of
Europe's economic life. The objections which have
been voiced thus far are obviously political rather
than economic, and such a counter-proposal as that
brought forward in the French Chamber of Deputies
on Thursday looking to a rival customs union with
Germany and Austria left out is hardly to be taken
seriously. It is quite probable, however, that objections will continue to be urged for political effect,
especially since the detailed arrangements for the
union have not yet been completed and some months
must elapse before the treaty, which requires parliamentary sanction in both countries, can actually
go into effect. Meantime Chancellor Bruening
stands firmly on the entire propriety of the treaty,
and declines to accept the suggestion of submitting
it to the League or allowing it to be looked at as a
political document. The attitude of the Austrian
Foreign Minister, Dr. Schober, indicates no intention of yielding. It would, indeed, be a reflection
upon the intelligence and political acumen of the
Austrian and German Governments to assume that
they have planned a customs union without carefully
weighing the objections likely to be raised by other
Powers, or have rashly flung defiance at Europe and
invited an open breach. It seems reasonable to hope,
therefore, that the dispute may spend itself in words,
that the countries which have been invited to follow
the Austro-German lead may forget their chagrin,
and that the lifting of a great economic burden from
a depressed Europe may soon be begun.
2270
FINANCIAL CHRONICLE
Cities and Crime—The New York City
Investigation.
To say that New York, all things considered, is
one of the best governed cities in the world is not
to ignore or excuse the crime now being exposed by
the several investigations under way. Truth, however, is comparative, relative. The good name of a
city as a whole is a priceless possession. While it
is important that these investigations do not neutralize each other, and that the general inquiry in
process be carried to a salutary end, it is no less
important that the United States and the world at
large do not gain an untruthful and exaggerated impression that life, property and character are no
longer safe in our boundaries. If called upon to
locate the impulse and origin of crime tendencies
one would state at least a partial truth by declaring
that they lie in the nature of a vast crowded city in
itself.
More than six millions of people are congregated
in New York City. It is cosmopolitan as well as
metropolitan. Forty languages are said to be spoken
in its streets. Many races mingle in its marts. The
drift from seven seas lodges inside its gates. The
intellect of far countries and near States seeks its
confines for exploitation and growth. Its trade is
vast in volume and wide as the antipodes. Its riches
are unparalleled; its charities immense and everready; its activities unceasing; its progress swift
and exalted. If it, as a whole, were not imbued with
high worth this could not be so.
The city must be seen as a center of wealth and a
hive of industry to gain the right perspective. The
prodigious actual work that goes on from day to
day precludes the idea of widespread corruption in
either moral or material life. Nor is it true that in
politics it is beyond the pale of respect, although in
this there is room for grave criticism. While present
prosecutions should go forward without fear or
favor, for Judge Seabury's investigations have unearthed conditions of vice, on the part of the police
and the lower courts, for which it would be difficult
to find a parallel in either ancient or modern times,
undue stress by the reporting press should be carefully avoided. Headlines that strike terror to the
heart, that excite deep apprehension as to the future,
that awaken hate and despair, are not right indices
to essential worth and security. Justice is calm.
Indictments framed by the probing few must be
tried by peers in open court. If out of 18,000 policemen 100, or even 500, are proven to be corrupt all
others must be given the meed of honesty, courage,
and diligence. The "racketeer" is, in a sense, the
product of "organization", that now permeates all
forms of industry and society. The "science" of
crime keeps pace with the science of crusading. Reform committees often yield to purely emotion appeals. Citizens who "mind their own business" are
holding aloft the light of the law. The millions who
work are fighting evil, poverty, and want.
It is worth while, in the midst of a political housecleaning, to consider the necessity of keeping the
record straight. Owing to past political onslaughts
upon a mythical "Wall Street", made a synonym for
the city itself, the people of the surrounding States
are too prone to believe the worst in the midst of
charge and countercharge. From financial chicanery it is a short step to immoral collusion. Yet
neither is true. The huge majority of the six to seven
[Vol,. 132.
millions is as industrious, earnest, law-abiding,
orderly and peaceful as a like majority in any environment, large or small, in the country. And
herein is the glory and saving grace of New York
City. It has in its population the age-old ferments
of European countries and cities. Being a seaport,
it has, by reason of its former open door, an undue
proportion of the ignorance, superstition, slums that
have been washed up on its shore. Yet it has tamed,
educated, elevated this heterogeneous mixture until
its streets are as quiet and its elections are as fair
and honest as any other like-approaching civic community in the country. These truths the "provinces"
outside should know and appreciate. Furthermore,
iniquity is not confined to cities. Comparisons are
often odious because they reveal proportions.
Much harm is done to the business interests of
our large cities by irresponsible comment and condemnation of those who jump at conclusions and
take the part for the whole. Even now, in a time
of bread lines, unemployment, general depression,
the cursory reader of "crime investigations" is apt
to 'forget the tremendously generous "help" the city
pours out of its coffers to aid those in distant famine
areas as well as those within its own borders. A
full heart and a free 'hand are not the attributes of
dark plottings and dire crimes.
We have said the city itself is partly responsible,
though unwittingly, for its crime and vice. Millions piled on millions make life hard and oppressive. Quiet towns and villages little know of
the weight of competition for "jobs" in the city.
They little feel the contest for mere necessities of
life where "homes" are tiers of cubicles in stone fastnesses, where there is little of friendship and less of
sacrificing helpfulness, albeit good-will and love are
never absent when emergency brings them forth.
Crime grows naturally out of such congestion. Yet,
unlike cities of the "old world", police espionage is
at a minimum, personal freedom abounds, and from
the lower walks ambition and toil may lift at lewd
the worthy and able to places of high trust and
responsibility.
It may be said that New York City is its own
defence. And so it is. In a time, however, of probing
and prosecution it is well to remember these things.
There is an organization known as "Tammany". It
is not our purpose to discuss its faults or its virtues,
but the spectacle which we are now invited to behold,
of this organization, long a by-word and once the
stronghold of the Tweed ring, undertaking to purge
itself, by eliminating what has always been considered the better element in it—the "Al" Smith
wing—is enough to provoke the mirth of the gods.
Nevertheless, the way to control crime is by a more
direct action than animadversions of criminal tendencies. Politics is a poor cure for politics. Citizens
of the city should lend a band to legal and direct .
prosecutions, but they should not lose faith in the
essential goodness and greatness of their home city.
New York is still a free city. Allowing for immigration restrictions, there are no other walls around
it. Citizens of the United States may come and go
at will. It is now the financial center of the world.
It invites trade, foreign and domestic. It knows
bow—through experience. To say that it is overborne by its criminals Is to deny its stability, intellectualism, and pre-eminence in progress. Its
numerous tower-buildings, its hundreds of miles of
subways, its libraries, museums, schools and univer-
11AR. 281931.] •
FINANCIAL CHRONICLE
sities, are outward manifestations of its spiritual
power.
Though municipal extravagance and profligacy
dominate its municipal government, we do not believe the city is corrupt at the core. What is the
core but the composite heart of the community?
Graft, crime, vice, failure of justice, there are—but
what city has them not? We do ourselves little
service when we fail to measure the evils by the
prevailing good. A certain contemporary city has
gained a bad name by its neglect to assert its innate
values as an enterprising and, in the main, lawabiding community. We want no such impression
to gain credence about New York. Present prosecutions are opportune in so far as they are vigorous,
discriminative, and just.
To accept the implication of continuous disorder,
to fail to see the whole while blinded by a part, to
read the "news" thoughtlessly and cultivate an
abhorrence rather than a judicious estimation, is to
help to spread the evil tidings and the false repute.
We degrade our courts when we fail to support them
in their integrity, when we allow the mire of magistrates' courts, whatever these may be, besmirch our
higher tribunals which have given code and procedure to so much of the judicial system of the
country at large through the long years of its growth.
The bench and bar of New York City is able, wise,
profound, in both endeavor and decision.
If it be that the city's official guidance is in
flippant or indifferent hands, and certainly Mayor
Walker has acted more like a circus clown than a
person duly impressed with the seriousness of the
situation, then let the pressure of community earnestness fall in a proper way where it belongs. But
let not this be confused with specific wrongdoing.
To blame a majority is to attempt an indictment of
the people themselves who are responsible for all
their officials. A judge who, like Mr. Seabury, investigates impartially can be depended on not to
be swerved from his proper course by vague charges,
innuendoes,and isolated cases. Nor should the press
supersede the investigators or the courts. Let the
probe go deep and the knife cut to the root and cause
of things. But let it be made plain that as a community we are not open to the charge of wholesale
crime, and that New York City is still a safe place
in which to live.
In the Springtime—Renewal and Recovery.
Over the broad savannas of the South and the
wide reaches of the Midwest softer airs are blowing.
At intervals gentle rains freshen the low-lying hills,
waiting vales, and welcoming prairies. Brooks
begin their wandering songs to the sea. On shrub
and tree, bud and bloom awaken. A pale green color
creeps over the sward and climbs into the darkened
forest. Note of bird in the distance, rustle of dry
leaves in the hollows, blue skies overhead flecked by
fleecy clouds that loiter or hurry on their mission,
a winding horn blown from a farmhouse door—and
in and through it all a mystic spirit of renewal forces
upon the soul of man the inspiring feeling that the
miracle of spring has come again!
For the winter has been dull and the mind depressed. Before man is builder he is sower and harvester. He may fashion the institutions of his social
life, erect his multi-millioned cities by river, lake
and sea; thrill to the multiple inventions that, utiliz-
2271
ing the hidden laws of nature, minister to his comfort and pleasure; organize his corporations, conventions, and congresses, that interweave the fabric
of his political and economic existence; but in his
deeper spiritual experiences he recognizes his primal
dependence upon the beneficence of soil and clime
and culture. When the mould of the fallow earth
stirs with its perennial rejuvenescence, when the
plowman goes forth in the shining morning to turn
the long furrows and sow the life-giving grain, the
heart of man rejoices and hope stimulates the worker
to toil and trust!
Two worlds encompass us, an inner and an outer.
Each has its spiritual and physical being. Into the
inner world drift the thought and wisdom of the
ages, the vague and sometimes vain creations of contemplation, the systems and theories of national and
communal reasoning. Into the outer world come
the suggestions of physical advance, the awakening
of ever-changing seasons and of social observances
and statutory laws, the environment of commercial
and financial conquests and creeds. We are blown
upon by the winds of chance. The inner and the
outer worlds of the individual life clash, contest,
and often coalesce. This man who reviews, sometimes reigns, sometimes revolts. He is a creature
of both thought and feeling. He names all things
about him and in him. He tries to map his consciousness and to follow his conscience. There is
in him much undiscovered country he has never explored. He tries to construct systems and sciences
and to card-index them.
Perception, conception, reason, he would organize
into what he calls "psychology". Yet his moods are
often independent of his thoughts, actions, energies,
enterprises. From mind to mind, from all to each,
from inner and outer worlds, flash feelings that are
not thoughts and thoughts that are not feelings.
To-day he is light-hearted, hopeful, happy, existence
looks good, success seems assured, enterprise and
prosperity are universal and omnipotent, progress is
certain. To-morrow, he is despondent, despairing,
distressed, life is gloombound, achievement seems
impossible, work and planning promise only failure,
progress is uncertain and almost forbidden. It is
the same man and the same environment, save for
the flaming facets of life and labor.
We, as a people, and as individuals, have come
through trying times. Looking backward we can
discover some of our errors. We have been shocked
into the consciousness of failures and follies. We
know now that we lived too fast, counted too much
on perpetual prosperity, grovelled before quickly
made fortunes, relied for strength on combinations
and consolidations that proved to possess internal
elements of antagonism. We blew an iridescent
bubble of inflation. We gambled in the paper representatives of real things. The end came, deflation
depleted the paper values, costs and volume collapsed, business became stagnant, and lagging enterprise created a dragging despondency. To say that
our rescources were unimpaired, that our energies
were undiminished, that we are the same men with
the same environs, proved not enough. We sank into
despair. We became pessimists. We knew not why.
And now let us draw our moral, if there be one.
What can bring to us optimism if it be not the lesson
and lore of the springtime? We have had a calamity,
a drouth, that deepened our gloom; we have had
what we term an "act of God" that has stirred us to
2272
FINANCIAL CHRONICLE
sympathy and succor. Yet we have not forborne our
occupations. The inner and the outer beings have
never capitulated or refused to co-operate. Our
industries are vital and vigorous, though trade prostration has brought increase of unemployment, and
our mystical urge to progress waits only the recognition of our powers and prestige.
Growing fields awaken the prophecy of plenty.
Agriculture is fundamental—we need not enlarge
on that. Nature we know is never idle—even in rest
there is a renewing of power. The very drouth that
came in the wake of a stockmarket depression augurs
abundance in the future. True there may be seven
lean years to follow seven fat ones that we did not
appreciate, the substance of which we squandered.
But this does not necessarily follow. And nature
works all the time, in the sleep of winter and in the
sacrifice of drouth. What is true here is also true
of man's own outer world of institutions and advance. Let us dwell a moment on this. The "smash"
came in the autumn of 1929. The spring of 1930
awakened hope and confidence. But it passed without material relief. Stocks did not recover. Why?
For the reason that the collapsed boom had not had
its full effect. So passed the fall, when, without
reason, men predicted the turning of the tide—for,
while the harvests were plenteous, save in a few
staples, drouth came to dull the prophecies and
hopes. Coupled with this was the fall in prices and
the failure of governmental interference. But we
are progressing even while we wait. Add to this
another truth—error once exploded does not return.
We will never go back to those perilous boastful
days. As the seasons recur we shall feel their power
and prescience—that we know.
Once more springtime is here! The farmer, planting the life-endowed seeds in the now fallow soil,
lifts his eyes to the hills, drenches himself in the
sunshine, and feels, albeit unconsciously, the eternal
promise of peace and plenty. A new vigor flows in
his veins. What to him are market depressions,
what are declining prices? His acres are his own.
He works by the infinite purpose. The world is his
customer. Men must eat to live. Price may bring
him wealth; but want can never, save for the mysterious dispensations of Providence, defeat his yearby-year work. And hope and happiness walk with
him as he prepares for the coming harvest. He is
an individualist and an optimist. Fickle exchanges,
phantom booms, fantastic laws, may harass his business, but the pressure of population brings buyers
to his door.
Now in his mind and heart steals confidence.
The very air of the season stirs him to renewed
effort. He cannot fail. If perchance drouth and
failure of crops, weeds, the brier and the burr, assail
him, yet will he conquer, for civilization cannot
endure without him. All over the land a wave of
communal feeling runs, and growth, eternal and
divine, presages the full granaries and the plenteous
boards. At such a time hope springs in the human
breast. It is the hour of rejuvenation and of
requital!
In the city and the factory town it is the same.
Light and laughter flood the streets that lead to
the mill, the office, and the home. Men are inspired,
they know not how. The whirring wheels sing the
anthem of production. There will be things to
exchange. No "depression" can dull the zeal of the
spring that leaves the trees and greens the lawns.
[vox. 132.
Those who live by speculation, where the ticker-tape
records the fluctuations of price, feel the pressure
of that outer world that holds all enterprise in its
keeping. They may gain or lose, but despite their
guesses and prognostications they are secretly aware
that the old, old story of reality and response bears
upon the entire labor of the wide, wide world.
Where the factories flame; where the financiers
foster commerce and industry; where the stores and
shops display their goods; where railroads, canals,
and rivers serve transportation of passengers and
freight; where the interlacing and interdependent
energies of millions of workers dig and build and
fashion the myriad agencies and articles of trade;
there, everywhere, there runs the wine and wonder
of the recurrent time when spring clears the mind
and clutches the heart with hope and happiness. At
this time optimism is in the very air.
Let us believe that now is the turning of the tide!
Though we cannot escape the frailties and follies
of an overdrawn and overplayed prosperity, though
we cannot undo the results of false and fatuous
theories of perpetual abundance and success, though
we must go down in the valley of reproof to look
upon ourselves as we are, we can in humility and
honor learn the lesson of experience, and on the
"ashes of our dead selves rise to nobler things." The
trite sayings that our resources are unimpaired and
our energies invincible only tell us that constant toil,
renewed effort, moderated endeavor, thoughtful adventure in opportunity, will bring inevitable
rewards.
The sweep of the river bears onward the courage
and confidence, the strength and success, that mark
the never-ending advance—the rushing rapids mark
the shattered fortunes and swift failures of those
who plunge without caution and ply without charts.
There comes a time, when in reflection upon the
past, when in the inner spirit which waits and
watches, there steals the still, small voice of experience to admonish, chasten, and encourage. At this
time, in this manner, man becomes conscious that
he is never a chip on the waters of chance save by
his own neglect or overreaching. Spring comes but
once a year, though every year. In the glow of its
effulgence there is only optimism, rebirth, renewal,
and reward.
Prospects for Porto Rico.
The visit of President Hoover to Porto Rico illustrates a freedom possessed by the President of the
United States which is seldom exercised by the
sovereigns of European countries. It has long been
the custom of Great Britain to send the Crown
Prince to the colonies for the purpose of studying
the needs of the people and to cultivate their goodwill. Seldom does the King of England set foot outside the British Isles. Had George III visited the
American colonies and cultivated the well wishes of
the colonists, history of the North American continent might have been very, different, though in these
early days it was not possible to cross the Atlantic
with the ease and facility that is now being done.
There is no restriction which keeps the head of
the British Empire so closely at home. The sovereign is free to move where he will. But it long
has been customary to delegate to the Prince of
Wales the responsibility of visiting not only the
provinces, but foreign lands. When King Edward
VII was the Prince of Wales he made a visit to
MAR. 28 1931.]
FINANCIAL CHRONICLE
2273
the United States, and was most cordially received, into marketable products can be conducted on a
as has been the present Prince in recent years. King large scale so as to increase employment of the
Edward frequently made trips to Baden-Baden for natives. For fuel it might be practical to use oil
his health, and King George paid a visit to the instead of coal. If the population were afforded a
trenches during the World War. Important as are greater opportunity to work, it might be made to
the possessions of Canada, Australia, and India, and prosper.
with all the conveniences for fast travel now availDevelopment of banana growing in Central Amerable, those countries have not been visited by King ica upon a large scale and a market in the United
George or by King Edward or Queen Victoria during States for the fruit is an inspiring example to those
the period of their respective reigns. Among rulers, who have at heart the welfare of Porto Rico.
King Albert of Belgium is the greatest traveler in
foreign lands.
In-American Dollar Credit in the United
Thus the trip of President Hoover is surrounded
States, 1920-1930.*
by a peculiar atmosphere, one which reflects a desir
ARTICLE TWO.
on the part of the American people to know more
By ADAM K. GEIGER.
about the island of Porto Rico and its people, who,
PRICE AND YIELD OF QUOTED LONG-TERM ISSUES.
in some respects, have been suffering hardships unWhile many issues of Latin-American bonds are traded
known to most citizens of continental United States.
"over the counter" or in markets other than New York,
Americans as a body cordially support the mesonly those, with but one or two exceptions, long-term dollar
sages of good-will and sympathy which President bonds quoted on the New York Stock Exchange or the New
Hoover has expressed.
York Curb Exchange have been used in the tabulations of
Knowledge gained by the President through his the 'weighted average yield and the weighted average price.
personal observation and experience may bear good For obvious reasons short-term issues and issues in default
fruits. There is a wonderful object lesson in have also been excluded from the yield and price tabulaFlorida. The dwellers in the cold North have made tions. All yields are calculated to final maturity and the
weighted average yield represents a composite of these many
a paradise of Florida from the Gulf to the Atlantic different maturity yields. Effect has been given to the
coast. A tremendous amount of American capital fact that some of the issues are repayable at maturity with
has been expended to make this Southern State a a premium.
Table III is a tabulation of the quoted long-term loans
delightful winter resort.
Could not that experience be duplicated at Porto outstanding at the end of each year of the period, together
Rico? Such important changes do not come about with the weighted average coupon rate, yield and price of
these issues.
spasmodically. Human effort is required. SyndiTABLE III.
cates must be formed to purchase and improve real Total Latin-American quoted long term Government, State. Municipal and
Guaranteed Mortgage Bank Dollar loans outstanding in United States, and the
estate desirably located. Towns with all modern weighted average
price, yield and coupon.a
Weighted
Weighted
Weighted
Par Value
conveniences must be platted, hotels erected, beaches End of YearOutstanding. elog.Couoon. Avg. Yield. Avg. Price.
$
%
$
%
72.78
7.37
improved,drives constructed and beautified. Steam- 1920
64,628,000
4.95
95.96
7.26
8.86
1921
169.645.300
94.84
?57
8.96
ship lines must be organized with passenger ships 1922
302,869.000
91.95
7.60
6.76
1923
351.263.150
95.73
7.10
6.67
1924
411,835,775
North
Atlantic
ports.
The
season
to ply regularly to
98.33
6.83
6.65
546.181.100
1925
98.53
6.77
8.61
807.864.150
would open in advance of Florida's, and, naturally, 1926
98.77
6.54
6.65
1,170,324,100
1927
96.74
6.65
1,438,826.200
6.38
1928
close earlier, allowing opportunity for a visit to 1929
85.45
7.83
6.37
456,107.700
1
68.66
10.81
1,541,791,400
6.35
Florida before vacationists and tourists eventually 1930
a Excluding Mexican loans.
returned to the homes in the spring.
There was a notable change in the weighted average yield
Promoters with ample financial backing can work and price from the end of 1928 to the end of 1929, and again
wonders, and it is quite possible that the trip of from the end of 1929 to the end of 1930. Aside from the
President Hoover, coupled with the devotion of Gov- lack of interest in fixed income securities and the exceedernor Theodore Roosevelt to the interest of the ingly high money rates which were a concomitant of the
particularly in the period
islanders, may now open a way for a new and pros- violent bidding up of stock prices,
beginning toward the end of the second quarter of 1928
perous Porto Rico.
and ending during the last quarter of 1929, there are other
Winter "up North" in the United .States has been factors which have a bearing on this change. Before menmade far more enjoyable by a steady supply of green tioning these factors it is quite worthy of comment that
vegetables and luscious fruits from California, notwithstanding a drop in price the weighted average yield,
Florida, and Texas. With a regular line of fast due to a slight drop in the weighted average coupon, resteamships plying between San Juan, New York, mained stationary from the end of 1927 to the end of 1928.
Even at the end of 1928 Bolivian issues had felt the effect
Boston,and Philadelphia,Porto Rico could undoubtof the dispute with Paraguay, and Colombian securities had
edly contribute much to the comfort of residents suffered from the uncertainties regarding general conditions
of the United States, and,as the islanders prospered, in that country. These uncertainties, in each case, carried
they, in turn, would make purchases for their own over into 1929 and, almost coincident with the girth in stock
values, Brazilian difficulties with coffee came to a head,
needs upon this continent.
As to matters of sanitation, when one considers and this disturbance was followed in mid-December by the
in Argentina.
what the United States accomplished for Cuba, there closing of the Caja de Conversion
The drop in coffee prices occasioned a decline in the
should be no doubt as to what may be achieved in prices not only of Brazilian issues but in the issues of other
Porto Rico with Yankee energy and capital.
Latin-American coffee-producing countries as well. The
Porto Rico's problems are not altogether political. closing of the Oaja de Conversion was immediately reflected
Capital and good business methods can do much for in a decline in the quotations of Argentine issues and a
the islanders. Employed by strong syndicates, engi- sympathetic decline in the quotations of many other South
chiefly produce raw materials
neers and other experts could soon ascertain what American issues. Since they
the world depression caused great hardships to the Latinmay be produced upon the island and marketed to American countries during 1930 and economic and political
the best advantage. Careful study will reveal what troubles resulted in forced changes in the Governments of
may be accomplished by a greater production of
•The first of this series of four articles was published in our issue of
tobacco and sugar, and whether their manufacture Mar. 21, page 2073.
2274
FINANCIAL CHRONICLE
Santo Domingo, Bolivia, Peru, Argentina, and Brazil, with
rumors of impending troubles in still others of these countries. Reflecting these disturbances the prices of the bonds
of not only the countries directly affected but of all the
Latin-American borrowers fell, and at the end of 1930 these
issues were selling at lower prices than at any year-end of
the 11-year period.
The figures in the foregoing table are, in Table IV, broken
up to show separately the weighted average yield of the
issues of the several classes of borrowers; that is, of the
Government, State, Municipal and Guaranteed Mortgage
Banks, as compared with the weighted average yield of all
Latin-American issues. Although there are a few instances
of government-guaranteed State loans and State-guaranteed
municipal loans, these issues have not been separately shown
but are included in their respective tabulations as though
resting entirely upon their own credit This table brings
out some interesting facts. Not the least of these facts is
the relation of the weighted average yield of the guaranteed
mortgage bank issues to the direct government issues and
the fact that these guaranteed issues show the smallest
change in yield from the end of 1929 to the end of 1930.
[VOL. 132.
The National Wealth and National Income
of the United States.
The total National wealth of the United States in 1929
amounted to 361.8 billions of dollars, and the National
income for the same year was 84 billions of dollars, according
to estimates of the National Industrial Conference Board
made public yesterday. The National wealth distributed
by States was 355 billions of dollars. This figure is less than
the preceding total of 361.8 billions of dollars for the estimated National wealth because the total of National wealth
distributed by States does not include the value of ships
of the United States Navy, privately owned water supply
systems, and gold and silver coin and bullion, which cannot
be allocated geographically among the States. The per
capita wealth was $2,977, and the per capita income was
$692. The most recent United States Census estimate of
National wealth was 320.8 billions of dollars for the year 1922.
The Conference Board also gives the figures in terms of
1913 dollars, in order that comparisons may be made by
allowing for the change in purchasing power of the dollar.
In 1929 the total National wealth, in terms of 1913 dollars,
it is stated, was 261.7 billions of dollars, the total National
income was 52.5 billions of dollars, and the per capita income
was $432. Continuing, the Conference Board says:
TABLE IV.
Comparison of yield of quoted long term Latin-American Government, State.
Municipal and Guaranteed Mortgage Bank Dollar Loans.
It is of interest to note the increase of National wealth and National
All Latin
Guaranteed
State.
End of YearAmerica. Government.
Municipal, Mtg. Bank. income in the period of 15 years, 1914 to 1929, both in actual or current
%
%
%
%
%
dollars and in 1913 dollars. In 1914 the National wealth, distributed by
1920
7.37
7.37
--States, in current dollars, was 188.6 billions of dollars; in 1929 it was
1921
7.16
8:52
7.26
iii
355 billions of dollars, an increase of 88%. In 1914 the National wealth
1922
7.42
8.36
7.57
8.20
.1923
7.36
8.62
7.60
8.97
In 1913 dollars was 193.3 billions of dollars; in 1929 it was 256.8 billions
....
1924
6.89
8.28
7.10
8.11
of dollars, an increase of 32.8%. The latter percentage therefore repre1925
6.83
6.59
7.77
7.87
6:88
sents the actual physical growth In National assets.
1926
6.77
6.57
7.52
7.43
6.89
1927
The increase of the National income by percentages for the same 15-year
6.42
7.40
6.65
7.16
6.95
1928
7.19
6.65
7.09
6.43
6.85
period was 153.4% in actual or current dollars and 59.2% In 1913 dollars.
1929
7.83
7.39
9.06
8.72
7.55
or in purchasing power.
1930
10.81
9.96
13.35
12.39
9.49
The term, National wealth, as applied in these estimates, represents tanCertain of the Caribbean countries have a relationship gible, physical assets only, excludes credits and securities, but speficially
includes land and structure and other improvements thereon, the equipwith the United States which is reflected in a generally ment of industrial enterprises and farms,
livestock, railroad and public
lower yield than that of the Latin-American issues as a utilities land and equipment, personal property, motor and other vehicles,
whole. Completing the tabulations of the yield of our invest- and gold and silver coin and bullion. The National income, as defined
by the Conference Board, is the aggregate value of all commodities proment as a whole the figures are, therefore, again broken up duced and services rendered to which a price is commonly attached, and
to remove the influence of the lower yield of these Carib- Is equivalent to the sum of the personal incomes received by all individuals
in the country, plus business savings.
bean countries. In Table V is shown the weighted average
The figures of per capita wealth by States are shown in the following
yield of the South American government issues and of all table. It will be noted that Nevada still maintains first place, with per
South American issues as compared with the weighted capita wealth of $6,318. Mississippi brings up the rear with a per capita
figure of $1,242.
average yield of all Latin-American issues.
PER CAPITA WEALTH BY STATES, IN 1929.
Total United States. $2,977.
TABLE V.
Total United States, Distributed by States, $2,921.
COmParlson of the weighted average yield of quoted long-term South Americas
dollar loans with the weighted average yield of Latin-American dollar loans.
Alabama
81.264 Nebraska
$4,241
End of
AU Latin
AU Sotals
South American Arizona
3.686 Nevada
6,318
Year.
America.
American. a
Govt. Only. y
Arkansas
1.557 New Hampshire
3,440
1920
7.37%
3.093 New Jersey
California
3.415
1921
7.74%
7.26
3.418 New Mexico
7.70%
2.300
Colorado
1922
8.13
7.57
8.09
3.890 New York
Connecticut
3,276
1923
8.61
7.60
8.53
3.056 North Carolina
Delaware
1.737
1924
7.10
7.68
7.53
2.029 North Dakota
Florida
3.803
1925
7.19
7.00
6.83
1.528 Ohio
Georgia
3.250
1926
7.00
6.84
6.77
Oklahoma
4.119
Idaho
1.803
1927
6.78
6.65
6.58
3,227 Oregon
Illinois
4.084
1928
6.76
6.65
6.57
3.082 Pennsylvania
Indiana
3,425
1929
8.03
7.83
7.63
4.617 Rhode Island
Iowa
3.251
1930
10.81
11.25
10.53
3.626 South Carolina
Kansas
1.593
1.536 South Dakota
Kentucky
4.964
From 1921 Brazil. Chile and Uruguay. Bolivia and Peru added in 1922 and Louisiana
1.858 Tennessee
1,909
Argentina and Colombia in 1924.
2.910 Texas
Maine
1.906
y Same as Note a except that Colombian Government added in 1927.
2,804 Utah
Maryland
3.505
3.562 Vermont
Massachusetts
2.637
It will be observed that there was, from 1923 through Michigan
2.795 Virginia
2,347
3,731 Washington
Minnesota
3.699
1929, a real appreciation in both the South American govern- Mississippi
1.242 West Virginia
3,143
Wisconsin
3,131
Missouri
3.073
ment and in all South American credit. Even the startling Montana
4,755 Wyoming
4.119
District of Columbia
3,849
change in the weighted average yield from the end of 1928
to the end of 1929 did not, in the case of the South American government issues, carry the weighted average yield
to the levels of 1921, 1922, and 1923, whereas, in the case of
Latin America as a whole, the weighted average yield at
the end of 1929 was the highest for the period to that date.
The change from 1929 to 1930 was even more drastic, and at
no year-end of the 11 years has the weighted average yield
of any of the classifications been so high as at the end of the
last year. It may be of some interest in connection with the
foregoing table to show the weighted average coupon rate
and the weighted average yield of those issues t other
than South America, included in the tabulation under the
heading "All Latin America". These were as follows:
End of
t.Year.
1920
1921
1922
1923
1924
1925
Weighted
Aver. Coupon.
4.95%
4.86
5.27
5.46
5.42
5.42
Weighted
Aver. Yield.
7.37%
6.29
6.22
6.14
5.79
5.57
End of
Year.
1926
1927
1928
1929
1930
Weighted
Weighted
Aver. Coupon. Aver. Yield.
5.55
5.54
5.56
5.50
5.49
5.54
5.49
6.81
5.49
6.30
t Cuba and Santo Domingo from 1920; Haiti added in 1922, Panama and
Salvador In 1923, and Costa Rica in 1926.
(To be continued.)
Farm Board's Retreat.
Editorial in "Wall Street Journal, March 24 1931.
In announcing that it will not -"stabilize" the price of the
new wheat crop, the Farm Board gives itself credit for great
achievements in its present policy. It would have come
nearer the truth if it had compared itself to the porter who
undertook to carry an ailing man across a river and dropped
and abandoned him in midstream.
The Board says its present policy "was adopted to meet a
most acute emergency. It has made wheat growers many
millions of dollars and a large additional amount to growers
of other grains. Farmers have also gained by prevention
of a threatened additional shock to business." These are
general allegations which tho Board would find it diffueult
to verify.
if producers of other grains received any benefit from
"stabilization" of wheat the market prices do not show it.
December 1930 was the first complete month of Farm Board
operations and the closing price of December corn on the
last day of the month was 1234 cents below that of the first
day. The highest point reached by March corn in December
MAR. 28 1931.1
FINANCIAL CHRONICLE
was 813i on Dec. 3; it has steadily declined since then and
the highest point reached in the present month was 633/2
cents a bushel, about 18 cents below its price before wheat
was "stabilized."
If stabilization of wheat was so beneficial to farmers
through the effect upon business why was corn not stabilizeu;
why were oats and rye left to take care of themselves as they
were? The price range of those grairs, notwithstanding
the feed shortage, proves that the producers received no
benefit from wheat stabilization. And so far as the wheat
producers are concerned, they find themselves now floundering in the stream where the Board dropped them and must
swim ashore by their own efforts.
It is possible to hold up the price of wheat by the expedient of price pegging, buying and putting in storage.
2275
This is;,what the Board has been doing since the end of
November, after more than half the crop had moved from
farms. But wheat in storage has a market influence to be
exerted as soon as the stabilization support is withdrawn.
If support held up the price of wheat 20 to 35 cents a bushel
above world price, it is equally true that withdrawal will
permit it to sink to world level.
The new crop will have the added burden of the great
carryover, whose influence will have a still further depressing
effect upon prices for the entire 1931 crop. So, as far as
the farmers are concerned, the after effects of the "stabilization" policy will obliterate all benefits they may have
received from it in the current crop. They will find that
now, in the face of an "acute emergency" the Board has
dumped them in midstream.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. higher and refined has advanced here to 4.50c. The time
is not far off when sugar consumption increases. Coffee
Friday Night, March 27, 1931.
Warmer weather has helped the retail trade in this part advanced 10 to 15 points on covering of shorts and an exof the country and so has the buying for the Easter holidays. pectation that the milreis will be stabilized by the ProIn fact, the retail business has been a more conspicuous visional Government in Brazil, with'the aid of international
faetor than anything else. It is said to have been the most bankers who it is said will extend the refunding loan two
active week of the year. In industries textiles are still in years. Meanwhile coffee trading is on a very moderate
the van. Cotton goods have certainly made a good showing scale awaiting definite developments in regard to Brazilian
in the last two months. The big Amoskeag mills at Man- finances. Rubber has declined some 57 to 62 points under
chester, N. H., are actually advertising for operatives, persistent liquidation, and reports at times that the plan
owing to a sudden increase in trade. Another mill has been to secure restriction had broken down. Hides have adput into operation by the American Printing Co. at Fall vanced 25 points. Cocoa is up 12 points. Silk is off eight
River and two more will be on Monday. Worth Street has points. Pig iron has been steadier in Alabama but as a rule
been less active but 383 inch 64x60s print cloth have sold has been quiet. The situation in iron cannot be called
on a fair scale at 5%c. June wheat on the 23d inst. was satisfactory. Trade is so dull that competition is naturally
forced down 12 cents on sales of less than 700,000 bushels, sharp for whatever business is to be had. Steel sheets are
but a sharp rally occurred later, and in any case June is an reported somewhat lower and there has been no increase in
inactive month. The Farm Board's announcement that it the ingot output. In machine tools trade has been rather
will not attempt to stabilize wheat prices on the 1931 crop better. The backlog of steel orders was cut down rather
had a somewhat depressing effect for a time, but later had sharply in February and it has not been replenished to the
the opposite influence. Now it is said that the largest grain extent that had been hoped for during March although some
pit on the Chicago Board of Trade will be turned over to big orders have been received. Chicago reports that Lake
wheat trading in the coming week,as the speculation is ex- navigation is expected to open by April 15 and the St.
pected to expand in the new crop months in an untrammeled Lawrence River it is believed will be fairly free of ice in
market. Rains and snows of late have been beneficial for about a week. In some cases commodities have declined
both the winter and spring wheat belts, however, and the where it was hoped by this time they would rise. But the
announcement that the intention is to plant 12% less than automobile production for March is expected to exceed that
last year has had very little effect. The main thing is of February. Wool has been firm for the finer grades and
expected to be a free market in wheat trading. Export trade foreign auctions have been firm or higher. Bank clearings
has been small, but it was said that there were more Con- show some increase and the number of failures is estimated
tinental inquiries to-day than for some time past. The at 562 against 549 in the previous week, 499 in the same
short interest in July wheat recently proved to be large. week last year and 430 in 1929. But all this was due to
An interesting fact is that the net changes in wheat prices past conditions. Three is no disposition to make much of it.
for the week are comparatively small, but mostly in the It is water gone under the bridge.
direction of higher prices. Corn has declined as the price
The stock market has been quiet and irregular. To-day
is considered relatively too high and the cash demand has the total transactions were up to 2,948,380 shares with some
been rather disappointing. The average increase in the issues down 1 to 3 points. The Lackawanna cut its dividend
intention to plant corn is put at practically 5%, with an 8% $2, this being the 14th instance of railroads reducing their
increase at the South. Stress is laid in the meantime on the dividends, and Anaconda Copper has cut its dividend $1.
fact that corn is selling at a large premium over the new crop Call money was easy to-day at 1%%. Cash register dropped
wheat. That of itself tends to check speculation in corn on noticeably as the dividend was passed and sold at the lowest
the bull side, in spite of the fact that the country offerings price since the listing five years ago. Noticeable!declines
from day to day are apt to be small. Oats and rye have occurred in Union Carbides, Eastman, Manville, Vanadium
declined somewhat without any striking features. The and similar stocks. Alaska Juneau reached a new high and
export demand for rye is still lacking. Provisions have been International Telephone and General Motors for a time
weaker, with big receipts of hogs and more or less selling showed a firmer tone. But railroad shares, the coppers and
by packers, not to mention scattered liquidation. Lard the oils took a downward course. U. S. Steel ended 23 net
prices have declined some 15 to 20 points.
lower. In the main, the weather was favorable for the crops
Cotton in spite of heavy liquidation in July estimated in and it looks as though under afree market now,that the Farm
some quarters at as high as 75,000 to 100,000 bales during Board has announced it will not stabilize 1931 crop, there is
the week has acted very well. The net decline is some 10 to be larger trading in wheat. In bonds, railroads acted
to 15 points, but less than that in July, since Monday. In better and utilities were firm. Canadian Nationals went to
ordinary circumstances the decline would no doubt have new high levels for this year. Australian 5s advanced about
been greater, but a steadying factor was the persistent trade 3 points. There were some declines in railroad issues here
demand. Mills are fixing prices on cotton on a larger scale, and there but in the main they acted better.
as the cotton goods industry expands. This trade demand The fine goods division of the cotton industry whose product
takes the place of speculation, and it works out very well, is largely used for dress goods, underwear and drapery
especially as contracts are none too plentiful and in fact are fabrics has experienced a remarkably heavy demand during
at times scarce. Spinners takings for the week show an the past 10 weeks, according to George S. Sloan, President
increase. Manchester has been dull and trading in Liver- of the Cotton Textile Institute. The volume of sales has
pool has also been very small, awaiting events in India been at the rate of 165% of production and goods billed to
where riots have occurred in three different cities.
customers 136% of production. Fall River wired that the
Sugar has advanced about 10 points with sales in one day local cloth market was further stimulated by increased deof 60,000 tons of spot raws. Moreover London has been mand for spot goods in both the fine and print divisions with
2276
FINANCIAL CHRONICLE
the demand especially good for voiles and lawns for nearby
delivery, while sateens have shown a decided firmness as ths
result of inability to furnish immediate deliveries. Practically all prices had been firm with a slight advance for
quick delivery. Fall River, Mass., wired March 25 that
another of the American Printing Co.'s cotton mills, the
No.3 unit, had reopened and announcement was made from
the company's office that Nos.4 and 5 units will be reopened
next Monday. The large number of operatives who applied
for work upon the opening of the second unit is believed to
had had some bearing on the decision. When operating in
full the four units employ about 1,500 bands. At New
Bedford, Mass., the payrolls of the New Bedford mills
averaged $75,000 more per week in February than in January. The mills will operate more machinery in April than
during the present month. Certain styles of New Bedford
goods are not obtainable except at a premium. The total
number of spot fine goods in mill storehouses has declined
a million pieces in the past six months. Sales are the largest
in five years. At Holyoke, Mass., the American Thread
Co.is running at full capacity in all departments. Lawrence,
Mass., reports unsatisfactory prices, but the Pacific mills
are doing a brisk business.
Rhode Island textile reports are somewhat better.
Manchester, N. H. wired on March 24th: "As a result of
the receipt of large orders the Amoskeag Mfg. Co. is faced
with a shortage of certain classes of textile workers and for the
first time in several years the big factory has been forced to
advertise for operatives. With the exception of one unit,
all of the company's mills are now in operation. From all
sections of the State word has come that the textile industry
is showing definite signs of improvement. A number of the
State's largest shoe plants are close to capacity and in several
several, night work is going on. Shoe orders are reported to
be 20% above those of a year ago." Manchester, N. H.
also wired that since the start of the textile slump the company had had an oversupply of experienced hands on its
books awaiting employment. However, this week, following the opening at the Amory Mills and other departments
idle for some time, help was called back that has not worked
for more than a year. Simultaneously local papers carried
an advertisement asking for experienced help, including
warpers, spoolers, fly frame hands, intermediate hands and
Blubber hands. The help was located easily. At Nashua,
N. H. trade is larger. Biddeford, Me. reports are that the
conditions look more favorable than for five or six years.
Lewiston, Me. is optimistic.
Charlotte, N. C., reported that the textile situation continued to improve, as has been evident for some time past.
The actual business done, while not up to the high mark ot
several week ago, has been generally steady at firm prices
and the statistical position of the mills is stronger now than
for at least two years past. It wired later that in spite of
the fact that business was less active in cotton goods and
yarns, Southern manufacturers regarded the outlook as
growing better each week. At Manchester, England,
clothes and yarns have been quiet, awaiting development in
India, where there have been riots.
Electric power production, adjusted for seasonal variation,
has increased sharply for the third running, according to the
"Times," and is now at the highest figure since October 1925,
The adjusted index for the week ended March 21 is given
at 85.8, compared with 85.4 the preceding week and 95.1
for the corresponding week last year. Chicago wired that
virtually all of the business news in that district and from the
Middle West during the past week has been of a favorable
kind and gives promise of a revival of trade and industry.
Retail buying is said to have continued in satisfactory
volume, induced partly by the approach of Easter and also
by exceptional advertising. Detroit wired that the general
condition of business there failed to show material gain last
week. Spring buying in retail quarters has been restricted
by unsettled weather conditions and the general volume of
business is below normal. The automobile industry is
gathering strength slowly. St. Louis reports indications
that the upswing in business conditions are at hand. Retail
trade has gained slightly and virtually all stores expect a
good Easter trade. Wholesale houses report quite a busiAutomobile sales are good and dealers are
ness.
confident that good sales will extend into the summer.
San Francisco wired that additional signs of renewed activity
in merchandising appeared in the form of increased orders
for dry goods, shoes and women's apparel, although business
in men's clothing seemed to be depaessed by rather large
offerings.
[voL. 132.
Washington advices say that the number of unemployed
in the United States in late January was estimated by
Secretary Lamont at 6,050,000 and that these represented
persons out of a job, able to work, and look for a job. Retail food prices in the United States as reported to the Bureau
of Labor Statistics of tho United States Department of
Labor, showed a decrease of about 4 1-3% on Feb. 15 1931,
compared with Jan. 15 1931 and a decrease of 17% since
Feb. 15 1930. The General Motors Corp., it is said, has
placed orders for its requirements of copper, cotton, rubber,
tin and zinc, tor the remainder of the 1931 production season
and the orders, it was said, totaled many millions of dollars.
The reports add that the action of General Motors in ordering
materials far in advance of requirements is similar to that of
several public utility companies in recent months.
Paris cabled that unless an agreement is reached before
Monday it is feared that a general strike of French coal
miners will begin next week as at a meeting held last night
between the owners and workers, neither side seemed willing
to give way.
The weather in the main has been mild and springlike
and the parks show plain evidence of the advance of vegetation. It rained here Wednesday night and Thursday
morning, but otherwise it has been clear. Yesterday the
New York temperatures were 38 to 52 degrees; to-day they
were 38 to 56. The local forecast was for cloudy to-night
and rain to-morrow with not much change in temperatures,
but with fresh to strong northeast to east winds. Yesterday
Boston had temperatures of 30 to 38 degrees, Montreal 32
to 46, Philadelphia 40 to 58, Portland, Me. 34 to 44, Chicago
34 to 38, Cincinrati 40 to 46, Cleveland 34 to 38, Detroit
30 to 36, Milwaukee also 30 to 36, New Orleans 64 to 68,
Kansas City 32 to 46, St. Paul 28 to 44, St. Louis 42 to 48,
Winnipeg 6 below to 2 above, San Francisco 48 to 60,
Seattle 42 to 52.
On the 26th inst. there was a blizzard in the Northwest,
and in the Rocky Mountains, snow, rain and colder weather
in Kansas and Nebraska. In the Northwest it was cloudy
and 6 to 24 above zero. A blizzard raged in North Dakota,
Montana, Idaho and Utah. It was freezing in Wisconsin.
Colorado was colder. The heaviest snowfall of the year
occurred in southwest Colorado. Kansas had cold rain, or
snow. In Missouri, Nebraska, Iowa, illinois, Indiana and
Ohio it was cloudy and colder. Light rain or snow fell in
Nebraska with scattered rains in Iowa. On the 26th inst.
temperatures were colder in Arkansas, Oklahoma, Texas
Panhandle with showers or rain in Texas, Oklahoma, Louisiana, Vicksburg districts. Freezing was predicted for much
of the cotton belt.
Federal Reserve Board's Summary of Business Conditions in the United States—Increase in Industrial
Production in February—Factory Employment and
Wages Also Gain.
In its summary of business conditions in the United States,
issued March 24, the Federal Reserve Board states that
"industrial production, as measured by the Board's index,
which is adjusted to allow for seasonal variation, increased
by 4% in February from the low level prevailing in December and January." The Board's summary continues:
On the basis of the average for 1923-1925 as 100 the volume of produodon in February was 85, compared with 82 for the two preceding months,
and 107 for February of last year.
At steel mills activity increased considerably, and the output of automobiles advanced by somewhat more than the usual seasonal amount.
Output of shoe factories and textile mills increased substantially, while
the output of coal continued to decline.
During the first half of March activity at steel mills continued to increase.
The value of building contracts awarded in February was slightly larger
than in Janu,ry, according to the F. W. Dodge Corp. An increase in
residential building was accompanied by a decrease in contracts for public
works and utilities, while awards for factories and commercial buildings
continued in small volume.
In the first half of March there was an increase in the daily average of
contracts awarded, as is usual at this season.
Employment.
Factory employment increased slightly less than usual in February,
while factory pay rolls increased by more than the seasonal amount from
the low level of January.
In many industries the rate of increase in pay rolls was about the same
as in February of other recent years, but in the automobile, shoe, woolen
goods, and clothing industries, the rate of increase was larger than usual.
Distribution.
Daily average freight-car loadings showed little change from January
to February, while ordinarily there is an increase at this season. Sales
by department stores increased slightly.
Wholesale Prices.
Wholesale commodity prices declined further in February, and the
Bureau of Labor Statistics index, at 75.5% of the 1926 average, was about
18% below the level of a year ago. Prices of many agricultural products
decreased considerably, while the price of cotton advanced further. In
MAR. 28 1931.]
FINANCIAL ClIBONICLE
the first half of March there were considerable Increases in prices of silver.
livestock, meats, and hides, and declines in prices of petroleum and cotton.
Bank Credit.
Loans and investments of member banks in leading cities changed relatively little between the end of January and the middle of March. Total
loans on securities declined, notwithstanding the growth In brokers' loans
In New York City, and all other loans showed considerable further liquidation, while the banks' investments continued to increase.
Volume of Reserve bank credit tended downward in February and
showed little change between March 4 and March 18 Funds arising
from gold imports in February were largely absorbed in meeting a seasonal
• demand for currency, while in the early part of March there was an increase In member bank reserve balances.
Money rates in the open market continued at low levels from the middle
of February to the middle of March. Rates on commercial paper were
reduced from a range of 2%-2% to a prevailing level of 236% while rates
on 90-day bankers' acceptances remained at 1;4%. Yields on high grade
bonds continued to decline.
Monthly Indexes of Federal Reserve Board-Industrial
Production Gains.
The Federal Reserve Board made available as follows, on
March 21, its monthly indexes of industrial production, factory employment, &o.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-25=100)•
Adjusted for
Seasonal Variation.
1931.
Feb.
Without
Seasonal Adjustment.
1930.
Jan,
Feb.
1931.
Feb.
1930.
Jan.
Industrial production, total
y85
107
82
p87
Manufactures
/285
81
107
p88
Minerals
109
90
1288
y84
Building, value of contracts awarded_
__
__
57
Factory employment
77.8 7.83
_93.9 77.3
Factory payrolls73.2
Freight car loadings
-80
-8-2
-9-9
74
Department store!mice
97
P98
108
p81
Feb.
82
110
111
81
88
104
55
77
76.4 93.3
68.4 97.7
74
91
79
89
INDUSTRIALPRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for seasonal variations)
Manitlaawrw•
Mining.
1930.
1931.
Industry.
• 1931.
Feb. Jan. Feb.
Iron and steel
Textiles
rood products
Paper and printing-Transportation equip.
Automobiles
Leather and shoes___
Mono, clay & glassCement
Nonferrous metalsPetroleum refining
Rubber tires
Toharen manufne's
73
1293
P92
-
64
86
93
105
88
y83
63
77
80
79
___
84
78
144
88
121
122
1930.
Feb. Jan. Feb.
119 Bituminous coal
99 Anthracite coal
94 Petroleum
122 Conner
Zinc
102 Silver
97 Lead
110
102
168
107
133
73
89
p110
76
65
1282
000.4.041
oaMOINOWv
Group and
industry.
92
100
135
95
98
98
112
•
FACTORY EMPLOYMENT AND PAYROLLS.-INDEXES BY GROUPS
AND INDUSTRIES.
Employment.
Group and Industry.
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Variation.
Adjustment.
Adjustment.
1931.
1930.
1931.
1930
1931.
1930.
Iron and steel
Machinery
Textiles. grout
,
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment-Automobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
75.9
80.6
77.2
75.9
80.4
90.3
94.9
56.3
64.9
68.8
78.4
65.0
66.8
94.5
97.5
71.4
84.6
0.2.4QCOM.4.400,0W,11.4,100.4
Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan Feb.
92.8
108.6
90.3
89.4
92.8
97.6
103.8
77.4
83.6
88.4
90.2
80.7
82.9
109.0
122.4
87.3
90.1
76.1 93.5 67.5 62.4 98.1
81.0 109.3 71.9 69.9 115.2
76.0 92.9 76.9 68.4 94.1
75.1 91.2 72.7 66.9 89.6
78.4 97.0 85.4 71.4 103.1
90.1 96.7 91.6 93.3 101.6
96.3 104.0 100.7 101.3 114.9
54.4 75.0 45.6 44.0 72.6
65.2 83.9 62.2 51.8 89.8
68.3 89.7 61.1 40.0 92.7
77.5 92.4 68.8 80.6 86.2
59.4 75.3 51.4 48.6 70.2
68.4 84.6 64.4 64.1 91.7
98.2 110.2 92.9 90.4 110.0
97.8 120.9 100.8 99.3 125.(
73.0 87.9 63.8 63.8 92.1
75.4 88.9 65.3 64.3 80.(
• Indexes of production, car loadings, and department store sales
based on daily
averages. y Preliminary. r Revised.
76.5
81.1
79.4
77.4
84.1
89.4
96.1
54.6
65.2
69.8
80.3
60.7
68.1
95.6
96.2
72.0
83.4
2277
the February decline amounting tenearly 12%. The percentage of charge
accounts collected during February was only slightly lower than in February of last year•h.2.13#444itiki..1
Percentage Chang.
February 1931
Compared with
February 1930.
Locality.
Per Cent of Charge
Accts. Outstanding
Jan. 31 Collected
in Feb.
Stock on
Net Bales. Hand End
of Meath.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
-5.2
-7.3
-12.0
-8.7
-6.9
-16.5
-6.9
-11.9
-6.7
-9.7
-8.0
+4.6
-6.0
-8.1
1930.
1931.
-11.1
-11.5
-9.7
-10.4
-15.1
-13.6
-9.8
44.2
46.1
34.9
44.8
43.2
36.9
4-3:0
38.1
35.3
39.7
35.0
33.2
1-1:a
--I5.7
42.9
41.3
4-2:i
39.4
Net Sates
Percentage Change
February 1931
Compared with
February 1930.
Stock on Hand
Percentage Change
Feb. 28 1931
Compared with
Feb. 28 1930.
+10.0
+0.2
--8.6
--17.6
--1.3
--13.7
--16.8
--10.3
--15.8
--8.1
--17.1
--8.6
--17.9
--6.7
--15.2
--29.9
--23.6
--14.4
--14.8
--20.4
--18.4
Toilet articles and drugs
Furniture
Toys and sporting goods
Women's ready-to-wear accessories
Silks and velvets
Books and stationery
Cotton goods
Home furnishings
Men's furnishings
Silverware and jewelry
Men's and Boys' wear
Linens and handkerchiefs
Women's and Misses' ready-to-wear
Woolen goods
Luggage and other leather goods
Hosiery
Shoes
Musical instruments and radio
Miscellaneous
--1.8
--3.2
--3.5
--5.8
--6.1
--8.1
---7.8
--7.8
---8.5
--9.4
-,
a.9
--10.3
--11.2
--21.2
--10.4
February Sales of Wholesale Firms in New York
Federal Reserve District 24% Below Same Month
Year Ago.
The April 1 "Monthly Review" of Credit and Business
Conditions by the Federal Reserve Agent at New York has
the following to say regarding wholesale trade in the New
York Federal Reserve District:
Reporting wholesale firms In this District showed total February sales
about 24% below last year, or much the same decrease as in January.
Sales of men's clothing, cotton goods, shoes, diamonds, and jewelry continued to show the largest declines from a year ago, these declines ranging
from 29% to 51%. Wholesale dealers in hardware, stationery, and paper
reported sales about 20% below those of February 1930, and grocery, and
drug sales continued to show decreases of smaller proportions. Machine
tool orders, reported by the National Machine Tool Builders Association,
continued to be substantially smaller than a year previous. The Silk
Association of America, however, reported a 4% increase over last year
in yardage sales of silk goods, continuing the tendency of the three preceding months.
The value of stocks of groceries, cotton goods, shoes, hardware,
diamonds, jewelry, and quantity stocks of silk goods continued to be
considerably smaller than the previous year. Stocks of drugs, however,
remained larger than in February 1930. Collections averaged slightly
better than a year ago.
Commodity.
Percentage
Chown,
Feb. 1931
Compared with
Jan. 1931
Nei
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools"
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
Percentage
Change,
Feb. 1931
Compared with
Feb. 1930.
ercent of Accounts
Outstanding
January 31
Collected in
February.
Net
Sales.
Stock
End of
Month.
1930.
1931,
-12.5
+65.4
+15.2
-8.2*
+20.2
-14.0
-3.5
-2.7
____
+2.7
-2.1*
1-1.6
+5.0
+9.0
-13.5
-42.5
-29.1
+3.9*
--29.8
-7.3
-20.6
-15.8
----34.1
-16.8*
--38.5
+13.9
-5.7
67.7
34.7
31.6
43.8
32.4
31.4
42.4
71.4
36.4
31.1
41.8
34.8
25.0
37.2
-13.0
+5.8
__
____
-19.2
-20.5
.----
64.7
61.4
69.5
54.8
--5.9 --41.2 --14.3 122.8
A-5.9
Department Store Sales in New York Federal Reserve
%19.9
+5.1 -30.2 -27.8 J
+16.2
District in February This Year 6% Under Those
Weighted average
+11.7
____ -23.6
__-45.8
46.0
in February 1930-Sales in Westchester Section
• Quantity not value. Reported by Silk Association of Amend..
Gained.
• Reported by the National Machine Tool Builders' Association.
According to the Federal Reserve Bank of New York
"the total February sales of the reporting department stores Decline in Chain Store Trade in New York Federal
in this District averaged 6% smaller than in 1930, followReserve District in February as Compared with
ing a decrease of nearly 8% in January." The Bank also
Year Ago.
has the following to say regarding department store trade
The "Monthly Review" of the Federal Reserve Bank of
this District:
New York states that "total February sales of reporting
Department stores located In New York City reported a 5%
decrease chain store systems averaged 4% smaller than a year ago,
in sales compared with a year previous, the smallest decline since October.
The sales of the Southern New York State and Hudson River Valley a somewhat larger decline than in January." The Bank
reporting stores showed somewhat smaller decreases from last year in
Feb- adds:
ruary than in January, but the sales of stores in Buffalo, Rochester, Newark,
Comparisons of the reports from the various types of stores with those of
Bridgeport, and Northern New York State showed larger declines
in January indicated considerable variation in February business. February
February. Contrary to the rest of the District, the reported sales in
the sales of grocery chains showed only a fractional decline from those of a
Westchester section were 4% above a year ago. Sales of the
leading year previous, and sales of candy chains showed a much smaller decline
apparel stores showed an 8% decrease from February 1930.
than in January. Ton cent store sales, however, were 3% smaller than a
Stocks of merchandise on hand at the end of the month, valued at retail
year previous following an increase in January. and sales of drug, shoe'
prices, showed an even larger reduction from a year ago than in January,
and variety chains showed larger decreases in February than in January]
[VOL. 132.
FINANCIAL CHRONICLE
2278
The highest quit rate for any industry for which separate indexes are
All types of chains showed smaller sales per store than a year previous,
shown was registered In the slaughtering and meat packing industry.
probably due largely to lower prices in some cases, but in part to an actual
This industry had a quit rate for February of 1.56. The lowest quit rate,
reduction in the volume of business.
0.55, occurred in foundries and machine shops. Slaughtering and meat
packing also had the highest discharge rate, 0.68. The lowest discharge
Percentage Change February 1931
rate, 0.15, was shown by the iron and steel industry. The highest lay-off
Compared with February 1930.
rate was 6.48, which was also registered by the slaughtering and meatType of Store.
Sales per
Total
Number of
packing industry. The lowest lay-off rate, 1.03, was shown by the iron
Store.
Stiles.
Stores.
and steel industry. Sawmills had the highest accession rate, 7.44. The
--5.3
--0.4
lowest accession rate was 2.24 in the iron and steel industry.
+5.1
Grocery
--7.0
--3.2
+4.0
Ten cent
LABOR TURNOVER RATES PER 100 ON PAY ROLL, FEBRUARY 1931.
--11.2
--13.5
-2.7
Drug
--25.8
--17.7
+10.6
Shoe
--14.5
Slaugh--8.1
Feu
+7.4
Variety
--4.2
tering
Iron
--6.1
ni
dries
-2.0
All Auto- Boots
Candy
&Meat
Sawand
-FundMa
&
Indus- me- and Cotton.
-8.8
-4.3
chine lure, Steel. Mills Pack:Shoes,
tries,
+5.0
Total
Wig.
Shops.
bites.
U. S. Department of Labor's Survey of Building Operations in United States-Decline During February
of 2.5% in Estimated Cost of Building as Compared
With Previous Month.
According to building permit reports received by the
Bureau of Labor Statistics from 342 identical cities, there
was a decrease in the estimated cost of total building of
2.5% in February 1931, as compared with January 1931.
This decrease, says the Bureau, is less than the decrease
shown in comparing February 1930 permits with January
1930 permits. In 1930, there was a decrease of 4.3%, comparing the estimated cost of buildings for which permits were
issued in February with those issued in January. Permits
issued in these 342 cities during February 1931 had an estimated cost of $100,311,856. While new residential building
showed a decrease of 1.6% in the estimated cost, there was
an increase of.9% in the estimated cost of new non-residential
building. Dwelling units were provided during February
1931 for 8,801 families, an increase of 3.1% as compared
with January 1931. The Bureau further reports as follows
in its survey issued March 23:
Comparing permits issued in 297 identical cities in February 1931 and
February 1930, there was a decrease of 15.8% in new residential buildings,
of 13.9% in new non-residential buildings, and of 14.3% in total building
operations.
Permits were issued during February 1931 for the following large building projects: In New Haven, Conn., a permit was issued for a Y. M. C. A.
building to cost $500,000; in Boston. Mass., for an amusement building
to cost $1,250,000; in Watertown, Mass., for a public utilities building to
cost $750,000; in the Borough of the Bronx, for 18 apartment houses to
cost over $2,500.000; in the Borough of Brooklyn, for 14 apartment houses
to cost $2,500,000; in the Borough of Manhattan, for 3 office buildings to
cost over $9.000,000; in Yonkers, N. Y., for a public-school building to
cost $1,250,000; in Chicago,for 4 public school buildings to cost $6,250,000;
In St. Louis, for a hospital to cost $1.000,000; in Omaha, for a hospital to
cost $750,000; in Washington, D. C., for 3 apartment houses to cost nearly
13,500,000 and for an office building to cost $650,000; in Oklahoma City,
for an office building to cost $1,500.000; the United States Government let
a contract for a post office building in Albuquerque, N. Mex., to cost
$503,000.
Detailed figures showing the estimated cost of buildings covered by
permits issued in each of the 342 cities separately will be published in the
April issue of the Monthly Labor Review.
ESTIMATED COST OF NEW BUILDINGS IN 342 IDENTICAL CITIES, AS
SHOWN BY PERMITS ISSUED IN JANUARY AND FEBRUARY
1931, BY GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic Division. Mies.
Bailmated
Cost.
Jan. 1931.
New England
Middle Atlantic
East North Central
West North Central_
South Atlantic
South Central
Mountain &Pacific__
60
70
93
25
36
34
34
342
Total
Per cent of change.--
Feb. 1931.
Families Provided for in
New Dwellings.
Jan. 1931.
Feb. 1931.
$1,969,340
14.237,482
5.220,700
1,691.520
5,649,371
2.849.055
5,652,318
525
3,746
849
328
565
1,006
1,518
302
3.407
1,067
434
1,038
995
1,558
$37,888,756 $37,269,786
-1.6
8,537
8,801
+3.1
$2.843,800
19.121,945
4,238.151
1.298.171
2,217,450
3.000,238
5,169.001
Calendar Month Basis;
Separation rates
(a) Quit
(I)) Discharge
(c) Lay-otf
Tot.separatIonrate
Accession rate
.74
.20
1.75
2.69
2.82
.74
.21
1.71
2.66
4.12
1.27
.31
1.23
2.81
5.88
1.00
.34
1.87
3.21
3.91
.55
.22
2.10
2.87
2.96
.57
.34
3.86
4.77
5.51
.72 1.22
.50
.15
1.03 4.56
1.90 6.28
2.24 7.44
Equival. AnnualBasis:
Separate rates
9.6
(a) Quit
2.6
(b) Discharge
22.8
(c) Lay-off
35.0
Total separate rate
36.8
Accession rate
9.6
2.7
22.3
34.6
53.7
16.6 13.0
4.0
4.4
16.0 24.4
36.6 41.8
76.7 51.0
7.2
2.9
27.4
37.5
38.6
7.4
4.4
50.3
62.1
71.9
9.4
2.0
13.4
24.8
29.2
1.56
.68
8.48
8.72
5.03
15.9 20.3
8.9
6.5
59.5 84.5
81.9 113.7
97.0 65.5
Decline of 4 1-3% in Retail Food Prices Between Jan.
15 and Feb. 15-17% Decrease in Year.
Retail food prices in the United States, as reported to the
Bureau of Labor Statistics of the United States Department
of Labor, showed a decrease of about 4 1-3% on Feb. 15
1931, when compared with Jan. 15 1931, and a decrease of
17% since Feb. 15 1930. The Bureau's weighted index
numbers, with average prices in 1913 as 100.0, were 153.0
for Feb. 15 1930, 132.8 for Jan. 15 1931, and 127.0 for Feb.
15 1931. In its further advices March 20 the Bureau says:
During the month from Jan. 15 1931 to Feb. 15 1931, 35 articles on
which monthly prices were secured decreased as follows: Strictly fresh
eggs, 25%;lard and onions,8%; pork chops and potatoes, 7%;chuck roast
and plate beef, 5%; sirloin steak, round steak, butter, and oleomargarine,
4%; rib roast, sliced bacon, sliced ham, hens, cheese, navy beans and
oranges, 3%; fresh milk, evaporated milk, bread, cornmeal, pork and
beans,canned tomatoes,and prunes.2%; leg oflamb,rolled oats, macaroni,
canned corn, canned peas, coffee and bananas, 1%;and canned red salmon,
vegetable lard substitute, and tea, less than 5-10 of 1%. The following
seven articles showed no change in the month: Flour, cornflakes, wheat
cereal, rice, cabbage, sugar and raisins.
Changes in Retail Prices of Food by Cities.
During the month from Jan. 15 1931 to Feb. 15 1931, all of the 51 cities
from which prices are received showed decreases in the average cost of
food as follows: Mobile, 7%; Columbus, Denver, Detroit, Houston,
Indianapolis, Memphis, Norfolk, Omaha and St. Paul, 6%; Baltimore,
Boston, Fall River, Little Rock, Louisville, Richmond, Scranton and
Washington, 5%; Atlanta, Birmingham, Bridgeport, Buffalo, Charleston
Jacksonville, Kansas
(8. C.). Chicago, Cincinnati, Cleveland, Dallas,
City, Manchester, Milwaukee, Minneapolis, New Haven, New Orleans,
Peoria, Philadelphia, Pittsburgh, Portland (Me.), Providence, St. Louis,
Savannah and Springfield (III.), 4%; Newark, New York. San Francisco,
and Seattle, 3%; and Butte, Los Angeles, Portland (Ore.), Rochester, and
Salt Lake City, 2%.
For the year period Feb. 15 1930 to Feb. 15 1931, all of the 51 cities
showed decreases: Indianapolis, Little Rock and Memphis, 21%; Louisville, Omaha, Peoria and Portland (Ore.), 20%; Columbus, Fall River,
Houston, and Springfield (Ill.). 19%; Boston, Buffalo, Cleveland, Denver,
Detroit, Kansas City, Manchester, Milwaukee, New Orleans, Providence,
St. Louis, St. Paul and Seattle, 18%; Atlanta, Butte, Cincinnati, Los
Angeles, Mobile, Pittsburgh, Richmond, Salt Lake City and Scranton.
17%; Baltimore. Chicago, Minneapolis, Philadelphia. Portland (Me.),
Rochester, Savannah and Washington, 16%; Birmingham, Bridgeport,
Charleston (S. (I.), Dallas, Norfolk and San Francisco, 15%; Newark,
and New York, 14%; New Haven, 13%, and Jacksonville, 12%.
The index numbers follow:
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATF,s (19 8.l000).
Total Construction
(Including Alterations
and Repairs),
Estimated Cost.
?°eiqt:ctqct*VVIDIctei cici
q"0
covi.000-peic40moor-o;6.9,64.o6 cat-vcann332Q
.0.0,
we .0..
cwcwooDsow.
I .00.-...oce ,o,ro.owwto
ButYear and Sin's Rou'd Rib Ch'k Plate Pork BoMonth. steak. steak, roast, roast, beef. chops con. Ham. Hens Milk. ter. Cil'ae
---100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1913
Geographic Digests.
102.0 105.8 103.0 104.4 104.1104.6 101.8 101.7 102.2 100.5 94.4
1914
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.6 99.2 934
1915
107.5 109.7 107.4 106.9 106.0 108.3 106.4 1011.2 110.7 102.2 103.0
Jan. 1931. Feb. 1931. Jan. 1931. Feb. 1931.
1916
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2
1917
1532 MS 5 155.1 166.3 170.2 185.7 195.0 178.1 177 0 166.2 150.7
31,205.007 32,787.056 85,329,693 $5,744,148 1918
50
New England
36.657.094
164.2 174.4 164.1 168.8 166.9 201.4 205.2 198.5 193.0 174.2 177.0
44,403,799
16,377,891
1919
15.297.875
70
Middle Atlantic
172.1 177.1 167.7 163.8 151.2 201.4 193.7 209 3 209.0 187.6 193.0
12.212.993 11.901,878 18.358,035 21,530.172 1920
East North Central...- 93
5,088.966 1921
152.8 154.3 147.0 192.5 118.2 166.2 158.2 181.4 188.4 164.0 135.0
4.145,037
2,857,979
2.379,109
West North Central_ 25
10,186,457
147 2 144 8 139.4 123.1 105.8 157.1 147 4 181.4 169.0 147.2 125.1
2,112.126
6.934,104
2,648,181
1922
36
South Atlantic
8,521,693 1923
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3 155.1 144.7
4,656,223 10,234,450
6.318,951
34
South Central
12,583.326
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1 135.0
5,066,741
1924
6,357.619
13,472,069
34
Mountain & Pacific
159.8 155.6 149.5 135.0 114.1 174.3 173 0 195.5 171.8 157.3 143.1
1925
162.6 159.6 153.0 140.6 120.7 188.1 186.3 213.4 182.2 157.3 138.6
845,883,680 $46,295,949$102,878,087 $100,311,856 1926
342
Total
--2.5 1927
167.7 166.4 158.1 148.1 127.3 175.2 174.8 204.5 173.2 158.4 145.2
+0.91
Percent of change-- _
188.2 188.3 176.8 174.4 157.0 165.7 163.0 196.7 175.6 i 59.6 147.5
1928
196.9 199.1 015.4 186.9 172.7 175.7 161.1 204.1 186.4 160.7 143.9
1929
182.7 184.8 172.7 170.0 155.4 171.0 156.7 198.5 166.7 157.3 120.4
1930
Bureau of Labor Statistics on Labor Turnover in 1930195.5 183.3 184.4 172.7 168.1 157.0 199.3 178.4 159.6 121.9
192.9
Jan
February-Lowest Lay-off Shown by Iron and Steel
191.3 194.2 181.8 184.4 171.9 167.6 157.8200.7 179.3 158.4 122.7
Feb_
192.8 181.3 182.6 170.2 171.9 157.8 201.1 179.8 157.3 121.9
190.6
March
Industry.
190.2 193.3 181.3 182.5 168.6 176.7 157.4 200.4 179.3 157.3 125.6
April
192.8 179.8 179.4 164.5 171.9 166.7200.7 175.6 157.3 120.9
190.2
May_
on
follows,
as
Statistics
presented
Labor
The Bureau of
June_ 188.6 191.5 177.3 175.6 160.3 174.3 166.7200.7 167.6 157.3 113.1
182.3 184.3 171.7 166.3 149.6 173.8 156.7 200.0 161.5 157.3 114.1
July
March 20, February labor turnover indexes for manufactur175.6 176.7 163.1 155.6 138.8 174.8 155.6 198.1 168.7 157.3 123.8
Aug
177.2 178.0 166.7 160.0 142.1 186.2 158.1198.9 159.6 157.3 127.2
ing as a whole and for 8 separate manufacturing industries.
Sept
Oct
175.2 176.2 164.1 158.7 142.1 180.5 157.8 197.4 158.7 157.3 124.8
The all industry rate is made up from representative firms in 75 Indus170.5 170.9 160.6 154.4 139.7 158.2 155.9 193.7 153.1 157.3 118.5
Nov_
tries employing approximately 1,250.000 people.
Deo
168.9 169.1 159.6 153.8 139.7 149.5 153.0 191.4 150.2 151.7 111.0
The accession rate is greater than I he total separation rate for all manu- 1931meat
and
slaughtering
shown
except
industries
167.3 168.2 159.1 152.5 138.0 141.9 148.9 188.1 153.5 149.4 98.4
the
Jan.
of
each
for
facturing and
181.4 161.0 154.0 145.6 131.4 131.4 145.2 183_3 148_8 146.1 04.8
Feb__
packing, which has a higher total separation rate than accession rate.
New Non-Residential
Buildings,
Estimated
Cost.
MAR. 28 1931.]
FINANCIAL CHRONICLE
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ART1CLEP
OF FOOD IN THE UNITED STATES.
Tier and Lard Eggs Bread Flour Corn Rice Polo- Sugar Tea
Meath.
toes
meal
Ca!fee
Weighted
Food
Index
1
q
09cl*R mt.t•te1R-1•1 4:c1"A'R 42.°0
100.0 100.0 100 0
100.0
108 2 100.4 99.7
102.4
120.1 100.2 100.6
101.3
146.4 100.4 160.3 • 113.7
169.3 106.9 101.4
146.4
176.4 119.1 102.4
168.3
205.5 128.9 145.3
185.9
352.7 134.7 157.7
203.4
145.5 128.1 121 8
153.3
132.7 125.2 121.1
141.6
183.6 127.8 126.5
146.2
167.3 111.4 145.3
145.9
130.9 138.8 172.8
157.4
125.6 141.6 171.1
160.6
132.7 142.5 162.1
156.4
129.1 142.3 166.1
154.3
120.0 142.6 164.8
156.7
112.7 142.5 136.2
147.1
120.0 143.4 147.0
118.2 143.2 143.3
116.4 142.8 140.6
114.5 142.5 138.9
114.5 142.5 137.2
110.9 143.0 136.2
110.9 142.6 135.6
110.9 142.3 134.6
107.3 142.1 132.6
105.5 141.9 131.2
107.3 141.4 129.9
107.3 141.4 129.2
155.4
153.0
150.1
151.2
160.1
147.9
144.0
143.7
145.6
144.4
141.4
137.2
107.3 141.0 126.8
107.3 140.6 125.2
132.8
127.0
Union Trust Company of Cleveland Looks for Expansion
in Retail Trade Due to Increasing Employment and
Rising Purchase Power of Dollar.
An expansion in retail trade due to increasing employment
and rising purchasing power of the dollar is one of the probabilities of the present outlook as viewed by the Union Trust
Co., Cleveland. According to the bank, people whose regular
incomes have not been reduced during the depression can
now purchase approximately 10% more merchandise in volume than they could in 1929, as a result of the decline in
living costs. "The business picture as a whole seems more
encouraging," says the bank in its business magazine Trade
Winds. "Nevertheless such improvement as has occurred
Is largely attributable to seasonal causes and in many lines
Is not as large as normally would be expected at this time of
the year." Continuing the bank says:
"In spite of many instances in which activities have proved more satisfactory, the fact remains that the level of business has continued well below
that of one year ago. The drastic extent of the depression is apparent
everywhere and it is evident that it will take a long time to offset reversals
of the past year and a half.
"Employment is increasing in a number of different parts of the country.
Detroit employment index at the end of February stood at 81.2 compared
with 76.5 one month ago. In Youngstown the dollar volume of wages was
8.2% over that of January. There was substantial increase in employment
in Cleveland and other cities.
"In the steel industry one of the most important recent developments has
been the evidence of a firmer undertone of prices. Producers apparently
are determined to make no further important concessions. In addition many
large consumers hope that with the decline in quotations approximately to
pre-war levels, steel prices are at or near bottom for the present cycle.
"In most lines, sales margins are extremely small with competition, very
keen-and even if the volume of business increases substantially, as is
anticipated, profit possibilities are problematical. On the whole, although
the sign posts of better business have appeared, it may be some time before
these indications materialize into realities."
Continued Recession in Wholesale Prices During
February.
The index number of wholesale prices computed by the
Bureau of Labor Statistics of the United States Department
of Labor shows a further recession in February. This index
number, which includes 550 commodities or price quotations
weighted according to the importance of each article and
based on prices in 1926 as 100.0, declined from 77.0 in
January to 75.5 in February, a decrease of 2%. The purchasing power of the 1926 dollar in February was $1.325.
The Bureau's survey under date of March 20 continues:
Farm products as a group decreased 434% below the January level,
due to lower prices for most grains, beef cattle, hogs, poultry, eggs, hay,
onions, potatoes and wool. Eggs in particular showed radical price decreases in the month. Milk also averaged somewhat lower than in January.
Sheep, lambs and cotton, on the other hand, were somewhat higher than
in the month before.
Foods were 33i% lower than in January, with declines in fresh and
cured meats, lard, dressed poultry, dried fruits, coffee and sugar. Butter
and flour in most markets showed little change, butter becoming firmer
and flour prices weaker towsrd the end of the month. Both butter and
eggs in February were at lower levels than at any time since pre-war days.
Hides and skins showed a further price drop, with leather; boots and
shoes, and other leather products declining slightly.
In the group of textile products there were small decreases among cotton
goods, silk and rayon, and woolen and worsted goods, while advancing
prices of burlap caused a small increase among other textiles.
Anthracite coal and coke were stationary in price, while bituminous
coal and petroleum products moved slightly downward. Among metals
and metal products there was a negligible increase in iron and steel, while
non-ferrous metals declined appreciably. Automobiles showed a small
price decrease, while agricultural implements and other metal products
were unchanged in price.
Building materials were down as lumber, brick and cement declined in
price. Structural steel and paint materials, OD the contrary, advanced in
price in the month.
Chemicals and drugs, including fertilizer materials and mixed fertilizers
were somewhat cheaper than in January.
Housefurnishing goods also moved downward, with slight declines in
furnishings.
In the group of miscellaneous commodities, cattle feed, paper and pulp,
and crude rubber, again moved downward, while no change in the price
level was reported for automobile tires and other articles in this group.
Raw materials as a whole averaged lower than in January, as did also
semi-manufactured articles, and finished products.
In the large group of non-agricultural commodities, including all articles
Other than farm products, and among all commodities other than farm
products and foods. February prices averaged lower than those of the
month before.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMOD TIES (1926=100.)
Groups and Sub-Groups.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products......,-.
Foods
Butter, cheese. and milk
Meats
Other foods
Hided: Val leather products
Hides and skths
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods-.
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke_
Gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals_
Fertilizer materials
Mixed fertilizers
House-furnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles- -Finished products
Non-agricultural commodities_
All commodities Ices farm proinlets and foods
•Data not yet available.
February
1930,
January
1931.
February
1931.
92.1
98.0
89.0
101.3
98.9
95.5
97.4
105.1
89.2
103.9
99.0
107.7
103.8
105.8
88.3
93.8
74.9
93.2
72.2
78.8
91.2
91.4
84.2
94.0
65.7
100.9
04.8
100.2
96.1
106.8
98.4
95.7
91.9
88.3
92.7
91.9
93.0
106.5
92.3
97.9
68.6
89.5
96.2
97.0
96.6
97.3
78.5
107.5
87.0
32.8
55.2
108.5
91.8
92.1
92.6
90.6
77.0
73.5
62.4
75.2
76.0
80.1
85.2
88.4
73.4
88.6
64.4
90.8
95.1
102.4
71.0
77.3
50.1
82.1
57.5
69.8
88.9
88.1
83.8
95.8
50.4
89.3
88.1
67.4
94.7
98.7
95.0
82.9
76.0
81.7
90.5
83.0
70.2
95.5
83.6
87.0
65.1
81.4
90.4
91.1
95.5
87.3
64.7
75.0
83.6
17.1
45.7
86.1
72.9
73.4
80.5
78.2
elart.
lq.1..
l'leq ..1 0
4°e.
!
tV""
1.
R ..1ePqt1 R .
QWWOO.M.
./6060
..0.0.01...M.
ON.000,00M .
1,40,9N ,
,-..00C400,0,
Pi10.0,00N 01...
•W.OWOOC-C..4.00,
,04:01Wt
t'.r.
00WWW .000WW000Wt.WWWC.C.WWWWWOOWOVWC.C.At.
.
essoowegoomomvow.mommm.. 00,0..NNmegoo om
,WM!..WWAul.
-.WN.
NtiNV.O.P.O.COMWb.A
0.00 .
VOW.0,
tiAi.
.-..-, ..,......Nmeagyei....-.N NNNNNN ...... ...
1918
100.0 100.0 100.0 100.0 100.0 100.0
1914
986 102.3 112.5 103.9 105 1 101.2
1915
93.4 98.7 125.0 125.8 108.4 104 3
1916
111.0 108.8 130.4 134.6 1126 104.6
1917
174.9 139.4 164.3 211.2 192.2 119.0
1918
210.8 164.9 175.0 203.0 226 7 148.3
1919
233.5 182 0 178.6 218 2 213.3 173.6
1920
186.7 197 4 265.4 245.5 216.7 200.0
1921
113.6 147.8 176.8 176.8 160.0 109.2
1922
107.6 122.7 156.4 154.5 130.0 109.2
1923
112.0 134.8 155.4 142.4 136.7 109.2
1924
120.3 135.6 167.1 148.5 156.7 116.1
1925
147.5 161.0 167.9 184.8 180.0 127.6
19211
138.6 140.6 167.9 181.2 170.0 133.3
1927
122.2 131.0 166.1 166.7 173.3 123.0
1928
117.7 134.5 162.5 163.6 176.7 114.9
1929
115.2 142.0 160.7 154.5 176.7 111.5
1930
107.6 118.8 155.4 142.4 176.7 109.2
1930Jan
108.9 160.6 158.9 154.5 180.0 110.3
Feb_ _ 108.2 136.8 157.1 154.5 176.7 110.3
March_ 107.0 102.3 157.1 151.5 176.7 109.2
April_ _ 106.3 100.0 157.1 148.5 176.7 110.3
May.... 105.7 97.7 157.1 145.5 176.7 109.2
June.... 103.1 97.4 157.1 145.5 176.7 109.2
July... 103.2 101.7 157.1 139.4 176.7 109.2
Aug._ 104.4 112.5 165.4 136.4 176.7 109.2
Sept... 110.8 124.9 155.4 133.3 176.7 110.3
Oct
112.0 129.9 153.6 130.3 176.7 109.2
Nov-. 110.8 140.3 151.8 127.3 173.3 106.9
Dee
05.7 120.6 151.8 124.2 173.3 105.8
1931Jan._ 99.4 104.6 146.4 121.2 170.0 102.3
Feb_
91.8 78.8 142.9 121.2 166.7 102.3
2279
89.6
77.8
Purchasing
Power of
the Dollar
Feb. 1931.
51.325
1.427
1.656
1.437
1.357
1.297
1.200
1.196
1.412
1.155
1.733
1.124
1.053
.980
1.420
1.300
2.049
1.224
1.695
1.437
1.125
1.139
1.193
1:992
1.125
1.131
1.513
1.056
1.020
1.053
1.222
1.366
1.227
1.138
1.186
1.410
1.046
1.217
1.176
1.538
1.233
1.122
1.101
1.047
1.153
1.565
1.397
1.203
6.211
2.188
1.175
1.416
1.383
1.261
1.297
1.297
Commerce-Department Officials Explain Computation
of "Laid-Off" Workers-Say Secretary Lamont's
Figures Were Based on Part-Time Work.
The following from Washington, March 23, is from the
New York "Times":
Some confusion has been caused by the estimate of Secretary Lamont
that between 250,000 and 300,000 persons were temporarily laid off throughout the country in January, while the Census Bureau tabulation showed
368.149 persons in this group in 19 cities.
Officials of the Department of Commerce explained to-night in the
absence of Secretary Lamont, who has gone to Bermuda, that his estimate
was based on the assumption that 75% of persons classed as temporarily
laid off without pay were actually working on part time.
A survey of"part-time" workers which had been completed for Dayton,
Duluth and Birmingham showed this to be the percentage of all persons
laid off without pay, and this basis was taken for the country as a whole
in Secretary Lamont's statement.
Secretary of Commerce Lamont Estimates Unemployed
in United States in January Census at 6,050,000Upturn Since-Returns from 19 Cities.
According to a statement issued March 20 by Secretary
of Commerce Lamont the number of unemployed in January
this year is estimated at 6,050,000 persons. The January
total unemployed in 19 cities covered in the census taken
at that time was 1,930,666-an increase of 140% as compared with the April 1930 census of unemployed, when
the total in the same cities was 775,565. In its Washington
dispatch March 20, bearing on the statement by Secretary
Lamont, the New York "Herald Tribune" said:
Unemployment has hit hardest in Detroit, Chicago, Cleveland, Philadelphia, and Houston. Pittsburgh, St. Louis, New York, New Orleans,
Birmingham, Boston, Buffalo, Dayton, Duluth, Seattle, Denver, Los
Angeles, Minneapolis, and San Francisco followed about in the order
2280
FTNANCIAL CHRONICLE
named. In each instance, except New York, unemployment was computed
on the basis of the city's complete population. New York's unemployment
was computed only for Brooklyn, The Bronx and Manhattan.
Brooklyn Hardest Hit New York 73orough.
The statistics for the three New York boroughs in the census are as
follows;
Brooklyn.-Population, 2,560,401; unemployed in January, 205,192,
as against 80,621 in April,8% of total population; on laid-off status, 35,935.
Bronx.-Population, 1,265,258; unemployed. 97,414, as compared with
42.416; 7.7% of population; laid-off status, 12,334.
Manhattan.-Population. 1,867,312; unemployed, 168,322, as compared
with 79.191; 9% of population; laid-off status, 13,285.
Detroit had 174,527 jobless in January, the equivalent of 11.1% of the
city's opulation. Cleveland reported 99,232. or 11% of its population.
Chicago had 369,900, with the same percentage. Birmingham jumped
than
from 5,628 jobless in April to 22,930 in January, an increase of more
400%. San Francisco rated best out of the 19 cities, with 6.5% of its
population looking for work. Denver was next best with 6.9%•
The statement issued by Secretary Lamont follows:
This special census of the unemployed was undertaken during the month
when unemployment normally reaches a seasonal peak, and also at the
time which we believe represents the highest point of abnormal unemployment duo to the effects of the world-wide business depression.
slight but
Since the time of the census, there has been evidence of a
Information
unmistakable improvement in the employment situation.
the
Obtained from more than 13,000 manufacturing establishments by
of 1.4% in the number of emBureau of Labor Statistics reveals a gain
further
addition,
In
ployed during February as compared with January.
a gain
evidence of increased employment during February is shown by
estabof 7.5% in the volume of wage payments of these manufacturing
of
expansion
lishments, indicating a decrease of part-time work and an
[VOL. 132.
Statistics and other official agencies, to estimate the approximate trend
of unemployment in the intervening months. Using this basis and making
the necessary intermediate calculations, it would appear that the monthly
totals of unemployment in the United States were approximately as follows;
May 1930, 2,800.000; June, 2,800.000; July, 3,200.000; August, 3,500,000;
September, 3,400,000; October, 3,800,000; November, 4,600,000; and
December, 4,900,000.
These monthly estimates do not include sick persons and those voluntarily idle, but they include, in addition to the jobless, those on seasonal
or temporary lay-off. They also include an indeterminate group of transitory and casual workers, not constant in identity, who are idle because
of shifting from job to job or industry to industry. This group, in normally
prosperous times, is believed to total more than a million persons.
The results of the special unemployment census give definite evidence
of the proportions of the great task which has been before the Nation. The
fact that the extensive unemployment of the past few months has brought
forth such effective relief activities, keeping distress at a minimum, is a
demonstration of the success of organized co-operative efforts in hundreds
of communities throughout the entire Nation. To the extent that the
need for continued effort on the part of these community groups may be
called for, there is assurance that the problem will be met with the same
spirit and vigor that has characterized community efforts thus far during
the emergency.
The following, issued in the matter by the Bureau of
Census, is from the "United States Daily":
The Director of the Census to-day (March 20) announced the returns
from the special census of unemployment taken in January 1931 in 19
cities. The canvass was complete, covering the entire population of these
cities, with the exception that in New York it was limited to Brooklyn.
Bronx, and Manhattan boroughs. According to the census of April
1930, the total population of these areas was 20,638,981. The total
number of persons in these areas reported as out of a job, able to work, and
operating schedules.
started looking for a job (class A) in April 1930, was 775,565, or 3.8% of the
Confirmation of the evidence that an upturn in employment has
Col. total population, and In January 1931, 1,930,666, or 9.4% of the total
has been contained in reports received during the past few weeks by
for population. The total number of persons returned as having jobs but
Arthur Woods, Chairman of the President's Emergency Committee
Gains
Committee.
not working and not receiving pay on the day before the call of the enuEmployment, from the field representatives of the
particularly in merator, excluding those sick or voluntarily idle (class B) in April 1930
in employment and business activity have been noted
was 138,572. or less than 1% of the total population. In January 1931
New England, some of the Southern States, and the far West.
increase the returns in class B numbered 368,149, or 1.8% of the total population.
With reference to the seasonal factors which always considerably
that
agreed
The percentages of unemployment returns in class A for the different
unemployment during January and February, it is generally
other cities in January 1931 ranged from 6.5% of the total population in San
during these months seasonal unemployment is larger than at any
Francisco to 11.1% in Detroit. The group of persons out of a job, able
time of the year.
then to work, and looking for a job (class A) would undoubtedly constitute by
The recession from the impetus of the Christmas retail trade is
workers
retail
far the major part of the total number of unemployed under any definition
most marked. It is estimated that more than half a million
who are employed during the Christmas season are released from the that might reasonably be adopted. Many persons in class B, especially
payrolls of retail establishments throughout the country in January. those with long periods of idleness, may also be considered as unemployed.
In December and January many thousands of industrial workers are tem- In the census of January 1931, however, a very large percentage of persons
porarily added to the ranks of the unemployed as a result of inventory- returned in class B reported short periods of idleness. In three cities for
reach which the period of idleness has already been tabulated, 75% of the persons
taking. Building operations and agricultural activities normally
in class 13 had been idle leas than one week, and were, therefore, probably
their lowest ebb in the midwinter months.
In addition to these seasonal factors, the census was taken in January working part time.
unemReturns were made on the unemployment schedules for five other classes
in the belief that at that time would be revealed the maximum
severe of persons not at work on the day preceding the enumeration. The total
ployment which could be attributed to the effects of one of the most
combination of number returned in each of these classes in both censuses are as follows;
world-wide business depressions in recent times. The
than
Jan,
April
these seasonal and cyclical factors resulted in the release of more
1931.
1930.
agricultural,
1.000,000 workers from employment in the leading industrial,
19,890
41,294
work
obtain
unable
to
and
C-Persons
lob
a
of
Class
out
1930
December
from
mercantile, transportation, and service occupations
Class 13-Persons having Jobe but idle on account to sickness or
24,811
46.067
to January 1931, according to employment figures collected by the Bureau
disability
3,034
18,806
Class E-Persons out of a lob and not looking for work
of Labor Statistics and other agencies.
2,387
12,905
pay
without
idle
confined
Class F-Persons having jobs but voluntarily
Although the special unemployment census of January was
though not at
jobs
drawing
pay
and
having
-Persons
0
Class
directly
not
therefore
4,241
13,504
to the larger industrial and commercial centres, and is
work (on vacation, do.)
representative of conditions in the smaller cities. towns,and rural districts,
The percentages of unemployment are based on the total population
it is possible, by using the information obtained in the April 1930 census,
because the total population
to make an estimate of the probable number of jobless in the entire United rather than on the number of gainful workers,
figures are now available for all cities, while the number of gainful workers
States during January.
In the April 1930 census of unemployment a total of 775.565 persons is now available for only 16 of the 19 cities.
In contrast with the returns in classes A and B, the returns in January
were reported as jobless in the 19 cities covered in the January census.
inclusive, showed a marked decrease as compared
The January total in these same cities was 1.930.666. or an increase of 149%. 1931, in classes C to
classes in the census of April 1930.
Applying the percentage of increase found in the 19 cities to the entire with the returns for the corresponding
part of the decrease was probably
number of jobless reported for the United States in the April 1930 census, In classes C and D,the sick and disabled, a
hospitals and similar instituthe number of jobless in January 1931 would be 149% greater than the due to the fact that in the 1931 enumeration,
properly belonging in any
total of 2,429,062 reported in April, or 6,050.000 persons. This estimate tions, were omitted from the canvass. Persons
as involved in the economic
regarded
assumes that the percentage increase of unemployment since last April of the classes C to G can hardly be
has been as great in the rural areas and smaller cities as in the large cities problem of unemployment
covered in the census, and also that there has been no migration of unemThe enumeration for the Special Census of Unemployment wan started
ployed persons from the smaller towns and rural regions to the larger in these 19 cities on Jan. 15 1931. There were in all 4,700 enumerators
centres of population. If, as has been reported, there has been a move- who made a complete house-to-house canvass, calling at every place of
ment of unemployed persons to the larger cities, it can be concluded that residence in these cities. This necessitated over 6,000.000 calls, many
the total number of jobless is somewhat less than the estimated 6,050,000 of which had to be repreateci in order to obtain information from families
for the country as a whole.
not at home on the first visit. The greater part of the field work involved
In addition to this class of unemployed, which is by far the most im- in the enumeration was completed by the end of January. In some areas
portant and significant group, the January census in these 19 cities showed It was necessary to continue into February, and other areas were rethat there were 368.149 persons, excluding those sick or voluntarily idle, enumerated to insure accuracy. The last returns were received in the
who reported that they had jobs, but were not working and not receiving Census Bureau on March 2.
pay on the day before the census enumerator called. This group conThe following tables summarize the returns from the unemployment
sisted chiefly of part-time workers and also those on furlough or temporary censuses of April 1930 and of January 1931 for each city by classes. These
group,
this
in
lay-off from their regular jobs. An indeterminate number
figures are taken from a preliminary count and are subject to possible
especially those who had been laid off for an indefinite period, are properly correction.
classified among the unemployed.
Tabulations showing the number of persons in this group who were TABLE 2.-NUMBER OF GAINFUL WORKERS AND PERCENTAGE OF
GAINFUL WORKERS IN CLASSES A AND 13, APRIL 1930 AND
working part time have been completed for the three cities of Dayton,
JANUARY 1931.
Duluth, and Birmingham. These figures indicate that 75% of the workers
Number of gainful workers, 1930: per cent of gainful workers in class A, persons
In this group were employed part time, and that the remainder bad been
out of a job able to work and looking for a Job: claw B. persons having jobs
but on lay-off without Pay, excluding those sick or voluntarily idle.
laid off for more than a week. If the same conditions prevail throughout
the 19 cities, it would Indicate that one-fourth of this total of 368.149
although
week,
work
for
more than a
Class B.
Class A.
persons, or 92,000, had been out of
Number
they considered themselves as having jobs.
1931.
1930.
1931.
1930.
1930.
From the data which are now available, either from the special census
4.4
or the April enumeration, it is impossible to determine accurately the Birmingham
1.0
20.2
5.0
113,256
1.2
9.6
21.2
8.3
239.223
total number of individuals throughout the entire country who should Buffalo
6.4
2.3
25.1
10.4
laid
off
394,898
temporarily
having
been
Cleveland
of
be regarded as unempllyed because
4.3
1.2
19.8
7.5
89,317
from their regular jobs. But if the same proportion of this particular class Dayton
1.9
1.1
15.3
7.2
130,408
Denver
7.2
2.3
25.5
of laid-off workers is to be found in these 19 cities as was true in the case Detroit
11.0
689,586
3.1
1.8
18.9
12.0
42,995
of 6,050,000 "jobless," it would appear that an additional 250.000 to Duluth
2.1
21.2
1.0
5.3
137,429
300,000 workers in the entire United States were not working because of Houston
1.4
1.1
16.9
7.7
580,865
Los Angeles
lay-off from their regular jobs at the time of the special census.
1.7
1.1
16.6
6.6
211,942
Minneapolis
3.1
1.5
20.8
8.1
204,433
When the complete tabulation of the unemployment census results is New Orleans
3.9
1.5
23.8
8.0
882,837
available, it should be possible to differentiate between the part-time Philadelphia
7.0
21.5
7.3
2.1
278,649
Pittsburgh
workers included in this group, and those who should be classified as tem- St.
3.9
1.8
20.1
7.3
386,122
Louis
1.5
12.3
porarily unemployed.
6.4
0.9
333,588
San Francisco
2.2
1.5
17.7
7.0
175,655
This estimate of the approximate number of unemployed in January Seattle
together with the complete enumeration made last April make it possible,
4.3
1.0
8.2
20.8
4.898.183
Total for 16 cities
by using monthly employment figures collected by the Bureau of Labor
MAR. 28 1931.]
2281
FINANCIAL CHRONICLE
TABLE 1.-UNEMPLOYMENT RETURNS BY CLASSES, SPECIAL UNEMPLOYMENT CENSUS, JANUARY 1931.
Class A-Persons out of a Job, able to work, and looking for a job. Class B-Persons having lobs but on lay-off without pay, excluding those sick or voluntarily idle.
Class C-Persons out of a job and unable to work. C18138 D-Persons having jobs but idle on account of sickness or disability. Class E-Persons out of a Job and
not looking for work. Class F-Persons having jobs but voluntarily Idle without pay. Class 0-Persons having Jobs and drawing pay though not at work (on
vacation, dre.).
Class A.
Population
1930.
Total-April 1930
January 1931
Birmingham-1930
1931
Boston-1930
1931
Buffalo-1930
1931
Chleago-1930
1931
Cleveland-1930
1931
Dayton-1930
1931
Denver-1930
1931
Detroit-1930
1931
Duluth-1930
1931
Houston-1930
1931
Los Angeles-1930
1931Minneapolis-1930
1931
New Orleans-1930
1931
N. Y. City-Brooklyn-1930
1931
Bronx-1930
1931
Manhattan-1930
1931
Philadelphia-1930
1931
Pittsburgh-1938
1931
St. Louis-1930
1931
San Francisco-1930
Class B.
Per Cent.
Number.
Per Cent.
Class C.
Class D.
Class B.
Class F.
Class a.
20.638,981
775,568
1,930,666
3.8
9.4
138,572
368.149
0.7
1.8
41.294
19,890
48,067
24,811
18,806
3,034
12,905
2,387
13,504
4,241
259,678
5,623
22,930
26,361
69,682
19,920
50,724
147,440
369.990
41,184
99,233
6,664
17,681
9,331
19,922
76,018
174,527
5,154
8,130
7,350
29,163
44,480
98,130
13,968
35,158
16,616
42,482
80,821
205,192
42,416
97,414
79,191
168,322
71,156
212,051
20,307
60,026
28,022
77,560
2.2
8.8
3.4
8.9
3.5
8.9
4.4
11.0
4.6
11.0
3.3
8.8
3.2
6.9
4.8
11.1
5.1
8.0
2.5
10.0
3.6
7.9
3.0
7.6
3.6
9.3
3.1
8.0
3.4
7.7
4.2
9.0
3.6
10.9
3.0
9.0
3.4
1,125
4,940
8,653
18,749
2,974
23,077
20,494
78,749
9,051
25,400
1,108
3,801
1,468
2,498
15,979
49,041
766
1,330
1,320
2,940
6.438
7,974
2,432
3,689
3,166
6,274
13,919
35,935
7,086
12,334
10,416
13,285
13,485
34,673
5,885
19,561
7,123
15,065
0.4
1.9
1.1
2.4
0.5
4.0
0.6
2.3
1.0
2.8
0.6
1.9
0.5
0.9
1.0
3.1
0.8
1.3
0.5
1.0
0.5
0.6
0.5
0.8
0.7
1.4
0.5
1.4
0.6
1.0
0.6
0.7
0.7
1.8
0.9
2.9
0.9
1.8
941
515
2,320
1,819
1,176
529
7,718
4,903
3,066
1,419
605
281
681
268
4,118
1,507
188
119
782
477
2,858
1,119
1,198
409
1,077
582
2,858
2,101
1,844
992
3,326
1,420
3,726
3,402
2,501
1,387
2,150
789
148
37
656
95
425
115
3,323
647
980
176
147
48
371
31
1,284
207
80
1
216
59
2,012
196
439
90
389
32
1,680
327
756
123
2,027
136
1,384
247
428
76
557
92
278
51
432
83
306
51
1,890
332
696
143
110
18
223
80
1,116
202
81
18
258
87
1,439
235
377
82
309
60
700
180
535
99
1,278
135
755
206
447
152
497
33
258
115
504
280
305
53
2,283
802
854
207
174
63
236
66
1,175
278
55
15
301
127
1,202
207
398
59
242
137
869
322 i
555
228
916
183
1,184
603
528
173
526
99
3,019
4,942
2,667
3,892
504
352
1,915
1,027
1,451
873
6,766
3,325
2,102
881
447
258
752
174
2,329
1,431
202
49
487
440
2,900
1,122
991
361
992
228
4,321
2,592
2,225
1,210
4,593
1,811
2,800
1,737
986
498
1,639
584
0.5
0.8
0.7
1.1
1,733
414
1,169
523
1,635
448
1,299
325
711
110
793
189
591
58
609
104
491
160
448
84
781,188
573,078
3,376.436
900,429
200,982
287,861
1,568,662
101,463
292,352
'
1,238,048
464,356
458,782
2,560,401
1,265,258
1,867,312
1,950,961
669.817
821,960
634,394
1931
Seattle-1930
1931
Number.
365.583
21,448
41.103
12,295
31,248
9.4
3.4
8.5
8.4
8.5
Midland Bank of Cleveland Cites Factors Tending
Toward Business Revival.
Important factors are at work to bring about business
revival in this iountry, according ta the Midland Bank,
Cleveland. Among the constructive forces cited are improvement in foreign conditions, a stronger bond market, easy
money and firmer commodity prices. One of the most important favorable factors has been the change in the tone
of foreign developments, says the bank in the Midland Survey for March, (dated March 25) edited by D. C. Elliott,
economist of the bank. The survey continues:
"For months foreign news has been disturbing and even alarming. But
recently conditions abroad, while still depressed, have taken a turn for the
better. There has been the effort by Europe to supply more of its own
capital requirements, improvement in German business sentiment and signs
of commodity price stabilization such as the rise of silver.
"Although only a small part of our business is directly dependent upon
the rest of the world any improvement in foreign countries is important
since extreme depressions are world-wide and our return to real prosperity
would hardly be accomplished in the face of long continued adverse conditions abroad.
"So far the spring rise in domestic business has been but little greater
than seasonal. No vigorous spring recovery has yet made an appearance
and the pace of improvement for the time being may be slow.
"Cleveland industry appears to be enjoying a somewhat greater stimulus
than that of the country at large. Principal recent development in the
Cleveland territory has been the marked gain in steel operations which
recovered much faster than in the United States during the last four weeks.
Cleveland plants late in March are operating at 70% of capacity as against
53% at The first of the month. Automotive demand has been the main
factor in this upswing,
"Building remains quiet but contemplated projects in Cleveland proper
are well ahead of a year ago. Clothing manufacturers are doing considerably better, while the paint trade is slow. Department store sales in Cleveland in February were 9.7% under one year ago, the decline being leas
than in January or February."
The index numbers for each of the 14 groups in the index are shown In
detail in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476
COMMODrry PRICES.
(476 Quotations 1926-1928=100)
All groups (14)
Textiles
Fats and oils
Other foods
Grains, feeds and livestock
Fertilizer materials
Mixed fertilizer
Metals
Agricultural implements
Automobiles
Building materials
Fuel
Chemicals and drugs
House furnishings
Miscellaneous commodities
Latest Week
Mar.211931
Preceding
Week.
Month
Ago.
Year
Ago.
75.2
65.7
66.4
77.8
70.1
84.3
91.5
81.5
95.4
87.8
83.5
68.0
93.8
92.2
70.8
75.8
65.6
86.8
79.1
71.1
83.9
92.4
81.5
95.4
88.4
83.5
68.1
93.8
92.5
72.0
76.0
66.5
63.2
77.8
68.8
83.6
92.4
81.7
954
88.4
83.1
74.2
93.9
92.5
71.2
91.4
86.4
88.3
95.1
91.3
92.0
98.4
98.2
96.8
95.7
94.8
84.8
96.1
98.4
83.8
Business Recovery Delayed by Inflation Policy But
Foreman-State National Bank of Chicago Sees
Indications of Improvement.
Despite the persistence of inflation policy in many lines
which tends to defer and delay that broad deflation which
must precede the recovery of business, charts of business for
the first time since 1929 are beginning to show reasonable
stabilization, if not actual improvement, in many lines.
Thus'comments the current issue of the "Business Observer",
monthly review of the Foreman-State National Bank of
Chicago. The "Business Observer" points out that the current depression is strikingly different from those which have
preceded it, and suggests that many of the usual "forerunners of recovery" may be conspicuously absent as we
turn into the upswing from the present depression. The
"Business
Observer" says:
Wholesale Price Index of National Fertilizer Associa"The rigidity of the inflation which preceded this depression, and the
tion Drops Six Fractional Points in Week.
unusual resistance to deflation which has characterized it all along are being
The weekly wholesale price index of the National Ferti- emphasized in this discussion because these constitute, at once, the principal difference between this and other depressions, and also the principal
lizer Association, consisting of 476 commodity prices, reason
for its long continuation.
declined six fractional points during the week ended March "When inflation and unhealthy excesses have proceded to the point
21. This is the largest decline shown during the last several where equilibrium is completely overturned, then a compensating deflation
must, of course, take place to the point where a semblance of equilibrium
weeks, according to the Association which says:
Is restored. Resistance to deflation before that point is reached may some-
During the preceding week the index number declined only one fractional
point. The index number now stands at 75.2 compared with 76.0 last
month and 91.4 for the corresponding week a year ago. (The index number
100 represents the average for the three years 1926-1928). Only two of
the 14 groups in the index, textiles and fertilizer materials, advanced
during the latest week. Eight of the groups declined, while four were
unchanged. The groups that declined were fats and oils, other foods,
grains-feeds-livestock, automobiles, fuel (including petroleum and its
products), mixed fertilizer, house furnishings and miscellaneous commodities.
Prices for 24 commodities declined, while the prices for 23 commodities
advanced. Eggs, milk, pork, flour, butter, cattle, hogs, silver, gasoline,
rubber, burlap, silk and mixed fertilizer prices declined. Slight advances
were noted in the prices for cotton, cottonseed meal, lard, tallow, hams,
oats, wheat, copper wire, rosin, turpentine, calfskins and hides.
times seem to be in the interest of Individual concerns, but it delays recovery and prolongs depression. In the same manner, if Inflation policies
with regard to prices, credits or production are continued at a time when a
reasonably quick deflation is the only escape from unreasonably prolonged
depression, then such policies are prima facie contrary to the common
interest of business.
"Business in the United States has been under the unfortunate influence
of inflation policy throughout much of this depression. Our Reserve banking policy has been one of Inflation. Instead of helping to maintain interest
rates which would purge the economic structure of that which was unsound, and to make credit available only for emergency situations in the
deflation process, credit has been offered in every direction and interest
rates have been pressed far below the usual bottom in a depression period.
"Reserve credit is, by definition, excess credit. It does not in the main
represent an equivalent of community wealth and actual accumulated
2282
FINANCIAL CHRONICLE
capital. In a very real sense it represents "fiat" or artificial wealth-an
elastic element-which it is safe to use only for short periods and for emergency matters. By keeping the discount rate below the market rate,
however, our Reserve system invites the continuous use of inflation credit.
It not only invites, but through its purchase and ownership of approximately
a billion dollars of commercial paper and government securities it actually
forces hundreds of millions of unnecessary credits into circulation. That
Is inflation. It retards deflation. It prolongs depression. The most
important point to be made in this connection is that so long as the financial
system permits inflation to take place, it is under particular obligation
not to unduly hinder deflation.
"Insofar as high tariffs, government subsidies and other devices for
maintaining prices are encouraging production where production ought to
be discouraged, that is also inflation and Is delaying the economic readjustment of the world on a basis that will warrant prolonged prosperity.
"Readjustment and corrective deflation is being completed, after a year
and a half of deflation, however, in spite of all the resistance and all of the
flast starts. For the first time since 1929 the charts of business are beginning to show measurable stabilization and in many cases actual improvement from the low points reached in November. December and
January.
"Facing the future is now much less unnerving than it was six months
ago. But if this Is the turning point, or the beginning of the turning pointgenerally speaking-it does not follow that the difficulties are over and that
caution can be laid aside. As a matter of fact, the bottom in some lines of
business will be reached many months after the upturn in other lines.
Price firmness will not be reached in some lines for months after It has been
attained in others. It is important to face and weigh these facts, because
their disregard may prove just as serious now as the disregard of other facts
earlier in the depression.
"In the main, price firmness for any particular line of business is not to
be expected if the price deflation, in approximate conformity with the trend
of the times, has not already been taken. In other words, if inventories
were not written off 20 to 40% in 1930, it should become the first order of
business in 1931 to take such write-offs or to produce convincing evidence
why they will not need to be taken.
"With the world economic situation continuing to be so thoroughly
different from previous depression situations, orthodox signs and portents
of economic developments may continue to mislead and disappoint. Stock
market and bond market behavior may well be put on the 'revised' list so
far as interpretation is concerned, and for the very good reason that abnormal developments in these lines preceded the economic depression and
their effect continues to be an influence in current economic development.
A good Illustration may be had in the fact that business recovery has not
yet been 'announced' by a preceding revival in the second grade bond
market, or a definite broadening out in the general bond market. It Is
entirely possible that this customary sequence will not be followed this
time. It has been common heretofore because as business got ready to
expand, new bond issues were needed to finance new capacity. It is
recognized now, however, that the unusually heavy financing of both bonds
and stocks from 1927 through 1929 provided industry with a great deal of
excess capacity which will not be necessary to provide or finance at the
beginning of this upswing."
The "Business Observer"finds certain reassuring factors in
world events such as the India-British peace pact, the entry
of France in major post-war German lending, and the
commitment of both Great Britain and France to a multilateral treaty of compulsory arbitration of all international
disputes. These developments, the Foreman-State publication points out, work toward a world political stabilization
of which business has great need at present.
Revenue Freight Somewhat
Larger.
Loading of revenue freight for the week ended on Mar. 14
totaled 734,262 cars, the Car Service Division of the American Railway Association announced on Mar. 24. This was
an increase of 10,728 cars above the preceding week this year
but a reduction of 147,046 cars below the same week last
year. It also was a reduction of 224,339 cars below the
corresponding week in 1929. It is added:
Loading of Railroad
[vol.. 182.
La Salle Extension University Finds Business Holding
Its Own.
According to the March Bulletin of the La Salle Extension
University of Chicago "business is holding its own and maintaining its hard-won gains. In part the Bulletin also says:
The fluctuations of activity have been very small for several weeks.
The seasonal rise which normally takes place during the first few months
of the year has been about the same as usual. January was a little slow,
but the declines of the latter part of last year showed definite signs of halting.
February brought a pick-up which has been increasing somewhat toward
the latter part of the month. For the first time in many months, increases
In rates of activity are more numerous than declines. Liquidation has
ceased and plans for expansion are becoming more prominent.
The basis of revival in the latter part of a period of depression is laid
through improved business management. Business men become more alert
than usual in discovering and eliminating wastes. They utilize the best of
existing equipment and the most efficient personnel. They come to realize
more clearly that a depression does not cure itself. The fact is driven home
to them with striking force that major economic readjustment must be
made before business can get on the smooth road to prosperity. Extra
care and time are taken, therefore, to supervise current operations closely.
Comprehensive plans for heightening efficiency are carried out.
As a result of this changed attitude and superior management, it is
possible to maintain a fairly satisfactory rate of earnings even while selling
prices and sales volume are relatively low. Because each business organization is working on a sound basis, a strong foundation is being laid for sustained recovery. Indications that we are now in that stage of the business
cycle furnish strong reasons for feeling that improvement has already
started and will continue as we work slowly backward to normal.
Outlook for National Business as Viewed by Silberling
Research Corporation-Sees Recovery Ahead of Us.
Viewing business recovery "ahead of us" the Silberling
Iteserch Corporation Ltd. of San Francisco, in its Outlook
for National Business and Basic Industries, has the following, to say in part under date of March 14:
We have on previous occasions pointed to the Increasingly close relation
which has come to exist between major industrial plans and the stock market. In these days it can no longer be confidently expected that a major
upturn in business will be signalled by a vigorous recovery in bond prices
and large bond flotations. Bond market strength has not on this occasion
contributed to a major reversal of trend in common stocks. It appears
much more likely that the entire capital market is awaiting definite stabilization in the increasing important stock market before large financing (and
the business plans depending thereon) is undertaken. So long as the stock
market must be subjected to the shocks and uncertainty arising from the
severe (and in some instances worse than anticipated) reduction in earnings
and dividends, the flow of capital into new enterprises will be delayed, and
to an extent which is likely to be much greater than in comparable periods
in the past. In this sense, the exceptional severity of the recession in general activity at the close of 1930 tends to throw its shadow over the present
spring. On the other hand, it must clearly be recognized that this influence
will not be of prolonged duration and as soon as a definite bottom is seen
to have been established in stock prices there will be an important revival
of financial and business confidence extending far beyond our national
boundaries.
In some important respects the period through which we are passing is
much more nearly comparable to that of the nineties than to 1920-21.
From 1893 to 1897 a long depression followed an extended era of new developments such as occurred in somewhat different form but essentially of like
Import, in the decade just past. We find rough comparability in respect of
(1) a declining drift of commodity prices-the result of lingering readjustment after war inflation; (2) the development of vast new projects affecting
industry and capital,-railways in the earlier era, automobiles and the
network of electric power lines in the latter; (3) a downward course of grain
prices due to overexpansion and competition with new sources of supply;
(4) doubts as to the adequacy of the gold standard to afford the best
solution of world monetary problems; (5) disturbed financial conditions in
many foreign countries. These are all factors which, having created a
situation of overexpansion and general prostration, hinder rapid recovery to
normal conditions. While, then, we maintain that the present business
depression has reached its final bottom, we do not consider it probable that
recovery will be as vigorous and rapid as in 1921-22 or 1908-09, but that it
will be irregular and subject to relapses. Recovery none the less is ahead of
us and the final half of 1931 should witness a level of activity in many
industries and in general buying-power substantially higher than the present.
Miscellaneous freight loading for the week of Mar. 14 totaled 267,894
cars, 88,998 cars under the same week in 1930 and 114,493 cars under the
corresponding week in 1929.
Loading of merchandise less than carload lot freight amounted to 220.325
cars, a decrease of 31,946 cars below the corresponding week last year
and 40,634 cars below the same week two years ago.
Coal loading amounted to 140,491 cars, an increase of 10.350 cars above
Dun's Report of Failures in February by Federal
the same week in 1930 but 17,190 cars under the same week in 1929.
Reserve Districts.
Forest products loading amounted to 34.814 cars, 25,408 cars under the
corresponding week in 1930 and 31,791 cars under the same week two years
by Federal Reserve Districts comfailures
The
of
report
ago.
in
Ore loading amounted to 5,875 cars, a reduction of 3,102 ears below the piled by R. G. Dun & Co. shows numerical reductions
same week in 1930 and 6.050 cars below the same week in 1929.
only three districts last month from the totals for February
Coke loading amounted to 8,598 cars, a decrease of 1,091 cars below the
1930, while the liabilities were smaller in four districts.
corresponding week last year and 4,680 cars under the same week in 1929.
Grain and grain products loading for the week totaled 36,239 cars, 3.013 The three districts in which fewer defaults occurred were the
cars below the corresponding week in 1930 and 6,998 cars below the same First, (Boston), the Second (New York), and the Third
week in 1929. In the western districts alone, grain and grain products
the respective decreases being 36, 40 and 8.
loading amounted to 24,165 cars, a decrease of 1,959 cars below the same (Philadelphia),
In point of indebtedness, the Second District showed a
week in 1930.
Live stock loading totaled 20.026 cars, 3,838 cars below the same week contraction of about $4,800,000; there was a small decline
In 1930 and 2,503 cars under the corresponding week in 1929. In the
the Fifth District (Richmond), a falling off of nearly
western districts alone, live stock loading amounted to 15,535 cars, a de- in
$3,000,000 in the Seventh District (Chicago) and a decrease
crease of 3,334 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities of close to $1,000,000 in the Eighth District (St. Louis).
compared not only with the same week in 1930 but also with the same week
Dun's report adds:
In 1929.
In some of the districts in which the number of insolvencies increased, the
Loading of revenue freight in 1931 compared with the two previous years
rise was small, but the totals were considerably higher in the Fourth District
follows;
1931.
1929.
1930.
(Cleveland), the Sixth District (Atlanta), the Eighth District (St. Louis,)
3,490.542
4,518,609 the Ninth District (Minneapolis), the Eleventh District (Dallas), and the
4,246,552
Five weeks in January
2,835.680
3,506,899
3,797,183 Twelfth District (San Francisco). The liabilities expanded appreciably
Four weeks in February
723,534
947,539 In the First District, the Third, Fourth, Sixth, Ninth, Eleventh and Twelfth
873,716
Week ended Mar. 7
734,262
958,601 Districts.
881.308
Week ended Mar. 14
The record of commercial failures in the United States by Federal Reserve
7,784,018
10,221,932 Districts, covering two years is given in the following table:
9,508,475
Total
MAIL 28 1931.]
February—
Districts—First
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Tenth
Eleventh
Twelfth
United States
1930
FINANCIAL CHRONICLE
—Number-1931. 1930.
283
247
530
490
123
115
168
202
. 160
145
183
85
371
356
102
181
48
69
103
108
42
114
277
323
Lia?ditties
1931.
57,114,794
8,728,271
4,602,504
7.123,260
2.381,789
3.089.135
5.739.906
5,158.243
3,446,340
1,225,520
2,152.893
8,844,957
2,563 2,282 $59,607,612
51,326,323
2,262 --__
National Association of Creditmen Finds Fairly General
Improvement in Sales.
A fairly general improvement in sales, balanced against a
perceptible slowing up in collections, is reflected in the
March trade survey of Credit & Financial Management,
publication of the National Association of Credit Men. The
survey is based on data gathered from wholesalers and
manufacturers by local branches of the association in 126
cities. Four cities, Des Moines, Iowa; San Diego, Calif.;
New Haven, Conn., and Elmira, N. Y., reported brisk
sales, whereas only one city reported good sales a month
ago. Seventy-eight other cities reported sales "fair," while
44 cities characterized sales as "slow." Miami, Fla., was
the only city reporting good collections, as against six a
month ago. However, 73 cities characterized collections as
"fair," as against 66 a month ago.
The tone of general comments, says the Association, was
more hopeful than for several months past. Connecticut
reports were especially favorable, a correspondent from that
State saying:
Local manufacturers and wholesalers believe that the bottom was touched
in January. Indications point to a slight improvement in both sales and
collections. The large hardware manufacturers have re-employed a large
percentage of those laid off last fall, and indications are that orders are
increasing steadily.
It is added in the Association's survey:
Correspondents from upstate New York report considerable stimulation
of business resulting from the new natural gas field centering around
Elmira. Several New York and Pennsylvania counties are sharing the
benefit. No liquidations of consequence have been reported from that
section since the first of the year, and money put in circulation by the sale
of acreage has helped retail buying.
New York City correspondents point out the necessity for continual
vigilance and subtle pressure on many accounts, which would otherwise
show a disposition to lag. It is also noted locally that discounts are being
taken advantage of to a somewhat slighter degree than usual.
Life Insurance Sales in U. S. During February 19%
Below Same Month Last Year.
Sales of ordinary life insurance in February averaged
$30,000,000 per working day. This represents a daily volume
over 50% larger than the daily sales 10 years ago. These
figures are estimated for all companies by the Life Insurance
Sales Research Bureau at Hartford, Conn., which has
records of the actual experience of companies representing
88% of the total legal reserve ordinary life insurance outstanding in the United States. The Bureau under date of
March 19 added:
According to statistics Just compiled, sales in the past month show a
falling offof 10% when compared to the records of February 1930. February
1930 was an excellent month for life insurance and the volume paid for was
the largest of any February for which comparable figures are available.
In the early months of 1930. when most industries were recording losses.
life insurance continued to gain. Sales of life insurance were kept up by
men who bought insurance to cover their losses in the stock market. Sales
were also somewhat inflated by the desire to obtain new insurance before
the increase in disability rates.
Although life insurance suffered less than most industries from the
economic depression, its effect is reflected in the sales. The drouth which
has prevailed in large sections of the country has had a retarding effect
on the return to normal business conditions.
The following table affords a comparison of February 1931 to February
1930 and also shows the trend in insurance during the past 12-month period
as compared to the preceding year:
2283
of business in general, according to W. H. Rastall, chief,
Industrial Machinery Division of the Commerce Department.
In his annual survey of the industrial machinery situation
recently issued, Mr. Rastall reveals that annual world
consumption of machinery now reaches the enormous total
value of 5M billion dollars. Of this amount, the United
States accounts for $2,500,000,000, which means for every
man, woman and child in this country, there is each year
installed $23 worth of machinery. The per capita machinery
consumption of Great Britain, it is pointed out, amounts to
$10; that of Germany $9; while the figure for India is only
17 cents and that for China 5 cents. The machinery industry
throughout the world affords employment to a half-million
men each in the United States, Great Britain and Germany
and to about a quarter-million in Japan. The half-million
workers in the machinery industry of the United States
produce 57% of the world's annual output of machinery,
Great Britain and Germany each producing about 13%.
Approximately a billion dollars worth of machinery each
year enters international trade, Mr. Rastall's survey shows.
Of this total the United States furnishes approximately35%,
machinery being one of the most important items entering
our export trade. Considering only industrial machinery,
that is, the machinery used in factories and mines and for
construction, United States exports in 1929 exceeded $257,000,000 in value (approximately $850,000 per working day),
an increase of 22.7 per cent over 1928 and far in excess of
the records of all years since the abnormal war and postarmistice periods. It is further stated:
Metal-working ma chineryr: liked first among the various t3 pes of A merican industrial machinery expected in 1929, NN ith a value of $41,000,000.
Construction and conveying in* chinery came next, with nearly $26,400,000.
Oil-well and refining machinery, after averaging around $16,000.000 a year
in 1926, 1927 and 1928, passed the $25,000,000 mark in 1929. Foreign sales
of mining and quarrying machinery attained a value of nearly $18,000,000,
an increase of 70% over 1925. Steady progre.s has been made in exports of
textile machinery, which in 1929 totaled nearly $13,700,000. For internalcombustion engines the foreign demand has ben increasing steadily, the
1929 exports amounting to over $11,300.000. Next in 1929 export value
came,in order,steam engines, power-pumping machinery,sewing machinery,
shoe machinery, and water wheels and water turbines. The miscellaneous
Item "other industrial machinery" was valued at nearly $100,000,000.
That this is in truth a machine age is indicated by the fact that since
the Armistice, Asia and Latin America have absorbed machinery valued
respectively at $1,000,000,000 and $750,000,000. Many foreign countries
which formerly secured the most of their manufactured requirements from
abroad are now striving to meet their own domestic needs. On the social
side, the industrial expansion which is taking place throughout the world is
serving to raise the general standard of living and is making available
articles not previously to be obtained.
Construction Contracts in February Smaller.
Total construction contracts awarded during February
1931 in the 37 Eastern States amounted to $235,405,100,
according to statistics compiled by the F. W. Dodge Corp.
In February 1930 these construction contracts aggregated
$317,053,000, and for the two months ended February 1931
they aggregated $463,361,500 as compared with $641,028,200 for the same period in 1930.
We give below table showing the contracts awarded in
February as compared with the corresponding month a
year ago, and also the figures for the two-month period
ended Feb. 28 for the years of 1931 and 1930. These
figures, it is stated, cover 91% of the construction in the
United States.
CONSTRUCTION CONTRACTS AWARDED.
Month of February.
1931.
2 Months Ended, Feb. 28.
1930.
1931.
I
1930.
Residential
$77.917.800 574.763.200 5132.293.300 5141,395.100
Non-residential
78.844.500 143.321.700 157.214.3001 263.1t30.100
Public works and utilities__ 78.642.800 98.968.100 173.853.900 235.803.000
Total
5235,405,100 5317,053.000 5463.361,500 $641,028.200
Business Conditions as Viewed by Conference of
Statisticians in Industry—Upward Movement in
Basic Industries Noted.
Some
New England
84%
94%
Middle Atlantic
84%
95%
According
to the Conference of Statisticians in Industry,
East North Central
83%
90%
West North Central
81%
operating under the auspices of the National Industrial
93%
South Atlantic
77%
93%
Conference Board, "the past few weeks have brought evi87%
East South Central
84%
West South Central
80%
85%
dence that business has been slowly improving. While
Mountain
81%
91%
71%
Pacific
96%
downward movements are still to be found among business
United States total
indicators," it states, "upward swings in some basic in81%
92%
dustries, passing seasonal expectations, must be noted
Activity in Machinery Industry Seen as Business as strong elements in the current business picture." The
Barometer—Annual World Consumption Valued Board under date of March 21 continues:
Increases in production between the months of January and February
at 5M Billion Dollars.
were, in the main, more than seasonal. Consumption in the basic inMachinery has come to play such an important role in the dustries, on the other hand, revealed some upturns greater than,
and a
industrial life of the world that the degree of activity in the few declines less than seasonal. General distribution of commodities
declined and moved counter to the normal seasonal movement. But shipmachinery industry provides a reasonably accurate barometer ments of merchandise and miscellaneous items increased
an almost seasonal
Feb. 1931
Compared to
Feb. 1930.
Last 12 Mos.
Compared to
Preceding 12 Mos.
2284
FlIcANOTA T4 CHRONICLE
amount. Indications of retail trade based on values weremore favorable
than they were a month ago, but trade on the whole was considerably
below what it was a year ago. Wholesale prices though declining in February
moved upward during the opening week in March and remained steady
during the second week. This is the first strengthening of commodity
prices this year.
Examining recent business movements further, after making allowance
for seasonal factors, it is found that production of automobiles continued
on an upward course begun in December 1930. Building contracts awarded
advanced between January and February. Production of steel ingots and
of pig iron increased, as did the per cent, of pig iron furnaces in blast.
Bituminous coal produced per day in February declined though the record
for the first week in March was favorable, but electric power produced
declined more than seasonally, reflecting perhaps more of a drop in domestic
than in industrial consumption.
In detail, the number of automobiles produced in February in the United
States and Canada are estimated to have been 230,000 cars and trucks, an
increase of 29% over January. Production is, however, 33% below what it
was in February 1930. The seasonal upturn observed in the recent past is
28% between January and February.
Building contract awards in 37 States, amounting to 3235,405,000 increased 3% between January and February, while a decrease of 5% was
observed in recent years. Residential construction for the entire country
amounted to 30% of the total, an important gain, while residential construction in the metropolitan area moved up to 58% of the value of all
contracts awarded, the first time such proportions were reached since 1929.
Steel ingot production averaging 105,300 gross tons per day in February
were 14;4% above the January average, but 38% under average daily production during February 1930. The seasonal increase between January and
February is normally 4%. Unfilled orders for steel declined 4%, while the
average movement in recent years was stationary. This decline is ascribed
to the fact that most of the current business in the steel industry is on a
hand-to-mouth buying basis.
Pig iron production increased to an average daily level of 60,950 gross
tons in February, a gain of 10%. The seasonal increase is 4%. Pig iron
production was 40% under what it was in February 1930. Furnaces in
blast accounting for 35% of the total number available showed the second
monthly increase. These upturns are regarded in some quarters as significant forerunners ofsomewhat renewed general business activity.
Bituminous coal mined, totaling 31.420.000 net tons in February, declined 19% under January's level, while the normal decline is 13%. Output in February was 21% under what it was a year ago. Domestic consumption was low because of unusually warm weather. Electric Power
produced amounted to 1,666 million kilowatt hours per average week in
February. a decline under production in January of 3%. The seasonal is a
1% increase,
The, demand for copper reflected in domestic shipments remained stationary between January and February. Crude rubber consumed increased
by 1%.running counter to the seasonal decline of 3%. Zinc shipments declined by 2%, as is seasonally usual. Raw silk taken by manufacturers
declined 3%, whereas the seasonal decline is 10%. Machine tool shipments
declined 3%,whereas the change in recent years has been an 11% increase.
Unfilled machine tool orders increased by 14%. whereas a 2% increase
Is usual. This increase accounts for the counter-seasonal decline in shipments.
Judging general distribution from data on total carleadings, February's
performance showed a 1% decline under January's, while a 1% increase is
seasonal. But the movement of merchandise and miscellaneous items
generally reflecting distribution to wholesale and retail quarters, moved
upward by 3%,although a 4% increase is usual.
Department store sales moved downward only slightly though lees than
seasonally between January and February. Sales by five-and ten-cent stores
moved upward only slightly, while the upturn is usually about 6%. Mail
order sales reflected depleted farmers' consuming power in dropping 22%,
where a 4% increase is usual between January and February.
Taken by and large, business conditions in February were more satisfactory than they were in January, but are still on the depression level.
Production in the basic industries moved upward by more than a normal
seasonal amount. Employment reports were more favorable than in January.
Distribution and trade showed some gains. Wholesale prices held their
ground during the first half of March. Considering, therefore, the length
of time business has been in a depressed state and remembering the severity
of the depression In recent weeks, it must be noted that a short step forward
has been made that may in coming months prove to boa happy indication of
convalescence.
[VoL. 132.
"We have had no wage cuts," he pointed out, "with more than 80,000
men employed."
Mr. Ford viewed prohibition as a success, but said big business and
not the Government eventually will be the greatest factor in enforcement.
"Industry will have to help if it is to survive, and the real enforcement
will come from industry. The Government is working hard toward enforcement, but it must be backstopped for complete control.
"Manufacturing booze is as destructive and as dangerous to industry
as war. The same fellows profit out of both, and war profiteers, booze
profiteers and the sellers of inflated stocks are cast in the same mold."
"What do you think of the Wickersham report?" he was asked.
"It was in favor of a dry nation, wasn't it? That's all that is necessary
to say."
"Are you familiar with the Raskob plan for State liquor control?"
"No, there's no use to go into it. The volstead Act went through Congress and must be enforced."
The thing for the Government to do, the manufacturer said, is to enforce
prohibition instead of attempting Government ownership ofsuch properties
as Muscle Shoals.
"Let the Government stick to the strict function of governing. That is
a big enough job. Let them let business alone. Why is everybody's
business is nobody's business."
Muscel Snoals should be, and eventually will be, the property of privately-owned electrical companies, in Mr. Ford's opinion.
As far as a financial interest in the property is concerned, Mr. Ford
is only a sidelines spectator. He is interested but not participating.
He praised the Hoover Administration for the President's efforts to'
conduct an administration and not a business."
"President Hoover is only in for eight years," he said laughingly, as he
predicted another term for tne Chief Executive. "And we should give
him every Support we can. It's a big job with an institution of the greatest
magnitude.
"If the head of a great private industry did not get more support than
the President has had in the past, his business would be a failure.
"Mr. Hoover is doing the best he can to make the Government an administrative force. He has been highly successful so far.
"Industry has not done its part, but the natural trend eventually will
compel participation."
Selected Business Indicators of National Industrial
Conference Board.
The following table of Selected Business Indicators, prepared by the National Industrial Conference Board furnishes
a statistical picture of business conditions for the past month.
Expressed in percentages of the average month of the years
1925 to 1929 except where indicated, the data, uncorrected
for seasonal variations, afford a comparison of conditions
between the last and previous months.
R3aae, average month 1925-29=100,except where otherwise indicated.]
Feb.
1931.
Jan.
1931,
Nov.
to
Feb.
1930.
Jas.
Average
1925-29
Average for
Feb.
Jan,
Basic Production—
91
97
79
42
45
Automobiles. U.S. and Canada
61
78
61
74
46
44
47
Building contracts
112
96
95
90
88
92
Crude oil_ a
106
102
111
Steel ingots_a
69
60
58
103
so
97
68
53
54
Pig 'roma
102
EA
98
104
61
57
Furnaces in blast, per cent.-90
103
117
89
72
Bituminous coal
88
33
113
105
93
43
34
Machine tool orders, net
95
75
98
91
85c
87
Copper, world blister
87
97
103
83
57
63
Zinc. United States
83
111
103
101
84
88
Cotton cloth, standard
90
98
96
100
100
96
Newsprint paper
100
120
122
99
116
119
Electric power
Basic Consumption—
97
96
78
78
83
80
Copper shipments, domestic—
98
101
72
98
85
84
Crude rubber
82
98
100
60
61
63
Zinc shipments. domestic
107
123
109
96
122
Silk taken by manufacturers— 119
93
113
105
40
40
38
Machine tool shipments
133
95
97
44
50
50
Machine tool orders unfilled—
Stocks on Hand,end of AI°nth104
139
113
112
106
120
Gasoline
104
98
260
175
276
271
Crude rubber
111
110
278
434
437
Copper,refined, No.&So.Amer. 433
Henry Ford Declares Nation Prosperous but Unable to Zinc, United States
91
92
272
435
438
438
113
151
104
117
114
silk in storage
100
Realize Its Good Fortune—No Wage Cuts at His Raw
92
so
114
134
Newsprint paper
143
135
Distribution and Retail TmdePlant.
91
92
87
71
72
73
Carloadlngs, total
According to Associated Press accounts from Fort Myers, Carloadings, merchandise and
90
86
86
74
73
71
miscellaneous
Fla., March 14, Henry Ford described the Nation to-day Advertising, newspaper lineage_
97
80
87
74
81
71c
76
101
93
89
Advertising,
magazine
84
67
lineage.
as prosperous, despite high prices, but unable to realize its Commercial failures. number
130
104
120
139
136
176
128
103
131
199
242
good fortune. Further quoting him, the Associated Press Commercial failures, liabilities_ 153
131
103
118
138
175
Commercial failures, rate
134
83
82
84
83
said:
Department store sales
760
760
71
90
76
Five
134
ten cent store sales—
88
88
The manufacturer predicted another term for President Hoover. He Mall and
103
84
se
122
87
order sales
86
cautioned the Government not to enter business through utility ownPrices and Finance—
(b)
99
79
(5)
82
Wholesale prices. general_b_
82
ership.
105
(b)
(5)
99
stck.. Industrials. prices?).
77
69
He said appreciation of present good times will not come until the people Com.
(b)
(b)
100
100
prices_h
101
Bonds,
all
101
understand the cause of the business depression, which he said was the Bank debits, outside N.Y. City
102
89
88
900
89
71c
98
107
98
112
Loans and investments
110
mental dishonesty of a speculating public.
1100
100
90
93
81
864
71c
Mr. Ford dee red that so-called prosperity of the inflated-values period Fed. Reserve credit outstanding
preceding the 1929 stock market slump would probably not return.
is. b January, 1930-100. c Preliminary estimates.
a Average daily
"These relly are good times, but only a few know it," he said. "The
only thing I see for a general enjoyment of conditions is price reduction
Henry Ford Says Machine Can Never Displace Man—
and a re- lization of the cause and extent of the depression."
To prove his point he said a dollar will now buy from 50 to 75% more
Holds Labor-Saving Devices Only Result in Differthan it would before the market crash.
ent Kind of Jobs—Urges Vocational Schools and
"The average man, however, won't really do a day's work unless he Is
caught and cannot get out of it. There's plenty of work to do if people
Pay for Students to End "Wasted Effort" of Present
would do it.
System.
"So many of us want to brush the dust off of old stuff on the shelves,
Where there are machines there must always be work for
the merchandise bought at a high price level, and sell it without changing
price marks to meet altered conditions.
men, Henry Ford said on March 16, revealing that this
"Dishonesty caused the so-called depression. People inflate stocks—
theory is responsible for his belief that increasing replacethat's dishonest. People buy inflated stocks with the hope of getting rich
at the expense of some one else. That's also dishonest. Persons of that ment of men by machinery can never work to-ward unemtype are too gullible. They cannot understand. They need experience."
ployment. Associated Press dispatches March 16 from
The question of wage adjustment to meet present-day living demand is
reporting him, further quoted him
a hard problem to solve from a National standpoint, the manufacturer Fort Myers, Fla., thus
as follows:
said. He has had no difficulty in his own plant, he added.
MAR. 28 1931.1
FINANCIAL CHRONICLE
"The world is coming to a point where machines will do the greatest
part of creative labor," be said, but because of this men will not be thrown
Into idleness." .
The continued introduction of machinery merely transfers the centre
of human effort, he said. At one time men labored with their hands
directly toward creative work, yet now, with machines to perform many
of the functions of such labors, man power still is necessary to
build the
machinery and to direct its operations, he pointed out.
Every kind of human work is turning because of metal and motors
to
centralization of effort and production, he continued. Everything that
pertains to mass production or which can be envisioned as a subject of
mass production, he asserted, eventually will be done by machinery. Not
even the farmer—the man who used to till 40 or 80 or 160 acres—is exempt
from the advent of the machine, Mr. Ford said.
"There are no more farmers of that type," he said. "Farming nowadays is a great industry, centralized in nature and mechanized in fact.
The day of the small farmer is gone."
In the same way every small operator, in industry as well as in agriculture, is seeing the increasing use of machinery, as a displacing factor, he
continued. In Mr.Ford's plants everything that can be done by machinery
is mechanized. He believes that inventions yet to come will go still further
toward replacing some of the 80.000 men who now engage in manufaturing his automobiles. But as each worker is replaced at his bench or his
lathe, another is needed to help build the new labor-saving machinery or to
guide it.
The automobile manufacturer also expressed his opinions both on education and diet, but on the latter subject he admitted his own menu might
be disagreeable medicine to other persons. In education, however, he was
very positive in urging the establishment of vocational schools which paid
their pupils as a remedy for what he decried as wasted effort by school
children.
Mr. Ford would combine practical and technical instruction with the
teaching of theory. Young people, in all cases, should learn to read
and
write and gain a solid foundation along these lines, he said. But from
the eighth grade, he said, practice and technique should hold equally
with
theory.
At the Ford schools at Dearborn, where his plant is located, the students
receive enough money to live on for the work they do in school from
the
time they are 12 years old. The boys divide their time between the classroom and the technical work.
"Our school is self-supporting," he said. "We turn In the work of 2,900
boys to our factories and pay them for it. We have been doing it 16 years."
"Let the public schools teach children to read and write," he urged.
"Then industry should take them up. Industry should regard such action
as a pleasure, for it is a great privilege. A boy should be paid to learn
anything. He must realize that what he makes will be sold. The action
appeals to nis pride and ambition and stirs him to further endeavor."
As far as girls are concerned, Mr. Ford offered the same recommendation.
"Ifeducation can be converted to finding a way to eliminate the drudgery
of housework, you've gone a long way," he said.
He had little to say in regard to dietetics except that his laboratories
were continuing experiments to reap the greatest benefit from the world's
surplus food production. He pointed to a long shelf of books on dietetics
on the wall of his office.
"It is the new field of endeavor," he said. "But little can be said about
It until we know more of the subject. A diet that might prove a panacea
to one person would prove harmful to another."
Mr. Ford for years has eaten fruit for one meal, starches at a second
and proteins at the third.
"But." he concluded, "just because that diet suits me is no sign that
it would suit every one."
Mr. Ford plans to leave here to-morrow on the way to Detroit after
spending some time on a winter vacation near his friend Thomas A. Edison.
Bank of Montreal Finds Business Situation About on
Par with Month Ago—Canadian Tariff and Taxation Proposals in Foreground.
In its business summary, under date of March 23, the
Bank of Montreal states that "the business situation remains
much as it was a month ago, in some small contrast to many
months of diminishing volume and falling commodity
prices." The bank also says in part:
The European outlook is brightened by better understanding and greater
evidence of co-operation among the principal countries, as well as growing
appreciation of the fact that in adherence to proven economic principles
lies the best solution of prevalent distress. The clouds that have lowered
upon trade and industry for nearly two years have not yet lifted, but
light
seems to be breaking through.
In Canada tariff and taxation proposals are engaging attention, and until
these are made known by the Government there may be some hesitancy
in commercial commitments. The St. Lawrence being open to Montreal
10 days earlier than in any previous year, early opening of navigation from
lake-head to the sea appears assured, and with water-borne traffic again
in operation some new activity will be infused in trade. Manufacturing
industries remain rather spotty, working for the most part
considerably
below capacity, but textile mills are fairly busy, the automobile
output
is seasonally larger and iron and steel industries are showing improvement
although running below normal.
The revision upward of the tariff last September has attracted
capital
and industries to Canada, with prospect of this movement continuing.
Unemployment is still rife, but the winter peak is disappearing and
the
outlook improving in this respect. While agricultural products
constitute
the largest item in Canada's export trade, it is a novel fact that last month
the value of newsprint exported. $8,086,000, exceeded the combined value
of wheat and flour exported by $243,000. On March 16 the visible
supply
of wheat in Canada was 102,559,000 bushels, being nearly
22,000,000
bushels less than a year ago,
There was a sharp decline in the external trade of Canada in February,
which aggregated $95,909,000, compared with $149,072,000 in the corresponding month last year, a decrease of $53,163,000, or nearly 36%.
Proportionately the decline was fairly evenly divided between exports
and
imports. In the ll'elapsed months of the current fiscal year total foreign
trade at $1,591,986.000 was $596,508,000 less than in the preceding year,
being a decrease of nearly 30%. of which the Lager past is attributable
to
the fall in prices. Wheat exports illustrate this statement, an increase of
3.564.000 bushels in February having a decrease of $1,863,000 in value,
while in the last 11 months the value of wheat exported fell $33,168,000.
notwithstanding an increase of 38,933,000 bushels in quantity. In
the
considerable shrinkage of foreign commerce the adverse balance has
not
grown, the excess of imports over domestic exports, which was $104,585.000
in 11 months last year, having fallen to $86,609,000 this year.
2285
Car-loadings and railway traffic revenue continue substantially below
the corresponding period last year. For the week ended
Feb. 7, total carloadings in Canada were 58,127 cars loss than in the corresponding
period
in 1930; and for the week ended March 7, a month later,
the decrease had
grown to 102.638 cars. In one class of freight only does a_worthwhile
increased movement appear, namely, grain loadings, which to
March 7
of this year were 9,105 cars more than in 1930.
The consumption of coke
grows, 224 more cars having been moved than a year ago, and 1:758 carloads more than in 1929. In all other commodities traffic
has diminished.
Newsprint mills in February operated at 55.4% of rated capacity, a
new low. Newspaper circulation, which provides the
market for newsprint, rises and falls according to the state of general trade, and with
the
opening of spring there should be increased consumption of
the commodity
Commodity prices have not widely varied during the month, the index
number of the Dominion Bureau of Statistics for February
being 76.0.
compared with 76.7 in January. A reduction was made in March in gasoline
prices, and there was a decline in furs, animals and animal
products. Rents
have an easier tendency.
The outstanding change in Canadian bank accounts in January,
as
revealed in the return for that month, is a decrease of $84,978,000
in
demand deposits. This is a sign of the season partly given by large
dividend
payments of corporations and practically equals the decrease in demand
deposits of $84,802.000, which occurred in the same month last year.
On the other hand,savings deposits are up $2,891,000, to a total
of $1,428.737.000. No increase of business activity has occurred to require additional bank credit:on the contrary,current loans in Canada declined
$8,065.000 in January and are down $242,696,000 in the last 12 months.
Banks
continue to have large holdings of government, municipal and railway
bonds and the monetary situation may be described as one of ease
and
strength.
Sears-Roebuck Insurance Plan—Purpose Is to Sell to
Automobile Owners in Rural Districts It Serves.
From the "Wall Street Journal" we take the following
from Chicago:
The immediate purpose of Sears-Roebuck & Co. in going into the insurance field is to offer automobile insurance to car owners in the small towns
and rural districts where moth of Sears' mail order customers
live and
where it is estimated that only one out of five cars carry any insurance
at
present for the reason that such territory is not particularly attractive
to
insurance agents.
Sears' insurance business will be carried on through the Allstate Insurance Co., a new subsidiary corporation having initial capital of $350,000
and surplus of the same amount. Capital is all owned by Sears
and capital
and surplus are fully paid in by the same company. No organization charge
was made against the new subsidiary.
Allstate Insurance Co. is at present chartered and licensed to operate
only in Illinois, but does not need to be licensed in other states as all of
its selling will be done by direct snail. No policies will be sold through the
company's retail stores. Present insurance setup for the coverage of its
own properties against fire, theft, burglary, etc., will not be disturbed in
any way.
Although the charter of Allstate Insurance Co. provides that it may
write accident and burglary insurance as well as automobile insurance, it
is not going into those fields for the present, but will write only automobile,
fire, theft, property damage, liability and collision insurance. Life and
fire insurance, other than automobile fire insurance, are out of its intended
scope.
Sale of insurance by Sears will not be linked up in any way with a
merchandise consideration. In other words, the amount of merchandise
which has been bought from the company by an applicant will not affect
in any way the granting of insurance or the amount granted.
Lower Rates Probable.
Under the projected method of procedure customers will make application
for insurance by snail, and policies also will be sent to them by mail.
Adjustment probably will be handled locally by designated adjusters just
as the company now handles its legal business through local attorneys.
Although several reinsurance propositions have been submitted to it, none
has been accepted thus far and company for the present will carry the
risks and pay the claims itself.
Because of the anticipated lower cost of getting business under its plan,
Allstate Insurance will offer premium rates substantially lower than existing rates, possibly around 20% tower.
The automobile insurance offered mail customers will be available on the
same terms to any Sears' employee.
Officials of Sears pointed out that the selling of insurance by mail is no
new thing in the insurance world, although it is a new departure for a
mail order company.
Officers and Directors.
Incorporators of Allstate Insurance Co. were the 13 present directors of
Sears-Roebuck. Directors of Allstate will be R. E. Wood, President of
Sears; (1. E. Humphrey, assistant to the President; Charles Lederer, General Counsel; Sigmund Livingston, law partner of Mr. Lederer; E. H.
Powell, Treasurer of Sears; C. L. Schenk, assistant to the Vice-President;
W. J. Pitts, Auditor; T. V. Houser, General Manager of mail order merchandise and assistant to the Vice-President, and J. H. Westrich, Supervisor of the automobile accessory and tire departments. Of the nine directors, all but one are Sears executives, although only the first two abovenamed are Sears' directors.
Officers of Allstate Insurance Co. are: R. E. Wood, President, and
G. E. Humphrey, Vice-President. Carl L. O'Dell, a Chicago insurance
man of 17 years' experience, who has been working on Sears' insurance
project since July 1 last, wil be in active charge of the company. Alfred
Best, insurance expert, was consulted frequently during the formulation of
the plans.
When informed of Sears' insurance plan, officials of Montgomery Ward to
Co. said that while the company from time to time has considered selling
insurance it was not that particular type of insurance, and that company
has no definite plans to that end at present.
Review of Industrial Situation in Illinois During
February.
Supplementing the survey of the industrial situation in
Illinois during February, given in these columns a week ago,
page 2091, we annex herewith the statistics 'supplied by
2286
Howard B. Myers, Chief of the Bureau of Statistics &
Research of the Illinois Department of Labor:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
FEBRUARY 1931.
By Howard B. Myers.
Earnings (Payroll).
Employment.
Industries.
Total
Index of
Employment
Per Cent
Earnings
Per Cent
Change
(Average
from a 1925-27=100). of Clip&
from
Month
Jan.
Ago. Feb. Jan. Feb.
1931. 1930 1930. 1931.
All Industries
All manufacturing Industries
Stone, clay, glass
Miscellaneous stone-mineral_ _
Lime, cement, plaster
Brick, tile, pottery
Glass
Metals, machinery, conveyances
Iron and steel
Sheet metal work, hardware_
Tools, cutlery
Cooking itz heating apparatus_
Brass, copper, zinc and other_
Cars,locomotives
Autos, accessories
Machinery
Electrical apparatus
Agricultural implements
Instruments and appliances_ _
Watches, jewelry
All other
Wood products
Saw, planing mills
Furniture, cabinet work
Pianos, musical instruments
Miscellaneous wood products_
Furs and leather goods
Leather
Furs, fur goods
Boots and shoes
Miscellaneous leather goods_ _
Chemicals, oils, Paints
Drugs, chemicals
Paints, dyes, colors
Mineral and vegetable oil_ _
Miscellaneous chemicals
Printing and Paper goods
Paper boites, bags, tubes
Miscellaneous paper goods.__
Job printing
Newspapers, periodicals
Edition book binding
Lithographing and engraving_
Textiles
Cotton, woolen goods
Knit goods
Thread and twine
Miscellaneous textiles
Clothing and millinery
Men's clothing
Men's shirts, furnishings_ _ _
Overalls, work clothes
Men's hats, caps
Women's clothing
Women's underwear
Women's hats
Food, beverages, tobacco
Flour, feed, cereals
Fruit, vegetable canning
Miscellaneous groceries
Slaughtering, meat packing
Dairy products
Bread,other bakery products_
Confectionery
Beverages
Cigars, other tobaccos
Manufactured ice
Ice cream
Miscellaneous manufacturing_ _ _
Non-manufacturing Industries_
Trade-Wholesale, retail
Department stores
Wholesale dry goods
Wholesale groceries
Mall order houses
Milk distributing
Metal jobbing
Services
Hotels and restaurants
Laundries
Public utilities
Water, gas, light and power
Telephone
Street railways
Railway car repair
Coal mining
Building, contracting
Building construction
Road construction _
Miscellaneous contracting_ _ _
+0.2
-8.1
+4.6
+4.6
+0.5
+2.3
+0.7
+2.0
+8.4
+3.2
+2.9
-4.4
+4.6
+2.5
+4.1
+1.6
-5.1
+8.6
+1.4
+16.2
+1.2
-1.0
+6.0
+4.8
79.5
76.5
60.6
61.2
63.1
39.6
89.4
77.0
96.8
76.0
65.4
81.3
74.5
18.1
64.0
73.3
77.4
88.1
62.8
78.7
79.9 96.2
76.3 98.0
61.0 77.4
66.6 71.0
60.3 66.1
37.9 48.6
91.1 122.3
76.6 108.2
94.6 112.1
76.9 89.2
64.9 80.6
79.7 94.4
75.2 104.5
16.7 83.0
66.0 109.9
73.4 114.3
79.0 122.4
88.4 130.9
62.9 82.0
76.3 94.6
52.2
48.1
57.4
36.5
53.5
81.2
75.4
64.9
84.5
41.0
86.1
67.8
90.2
80.1
96.6
95.7
79.9
88.5
88.3
91.9
6-7715
50.7 50.3 59.8
54.9 76.6
35.6 46.0
51.4 67.4
79.9 95.1
79.4 89.2
59.8 63.6
83.3 99.6
35.3 54.4
85.1 96.6
68.5 78.3
85.1 97.6
82.4 92.0
92.2 103.8
99 5 103.1
80.0 88.3
86.3 96.4
92.6 92.2
90.1 97.5
+2.5
-4.6
+2.0
-13.2
-6.9
78.3 90.6
+8.2
-5.3 105.2 111.1 108.8
+28.9 90.7 70.4 83.1
73.1 73.5 92.7
+0.7 84.1 83.5 100.6
+4.6 76.3 72.9 87.9
+1.2 67.3 66.5 75.5
+3.7 60.8 58.6 69.2
+16.9 21.3 18.2 57.7
+3.2 82.5 79.9 89.3
+10.6 91.2 82.5 122.6
+17.3 149.8 127.7 167.8
+20.3 41.5 34.5 46.4
-1.9 76.8 78.3 90.0
74.3 80.9 89.8
-2.3
7.5 7.7 9.6
+1.7 80.9 79.5 97.1
88.5 92.0 98.2
92.8 93.6 98.5
72.2 72.9 84.2
+4.7 83.9 80.1 90.3
-3.3 63.6 65.8 71.1
+3.9 80.4 77.4 97.2
-12.8 48.2 55.3 47.4
-1.9
+2.6
-6-576 -6-876
-6.3
-0.9
76.4
94.5 100.9 99.6
83.5 83.9 102.6
77_2 77.9 81.4
56.0 61.5 73.1
+1.9
+0.6
_
98.8 109.5
95.3 95.9 103.2
107.5 107.3 120.6
104.2 105.0 110.9
93.5 95.2 97.8
67.5 68.3 79.3
88.7 88.3 77.0
27.9 31.4 50.6
25.0 23.3 46.4
6.41 22.9 35.0
36.81 61.4 49,2
"95.6
+0.2
+1.8
+0.5
-11.3
+7.1
-72.0
-40.0
Average
Weekly
Earnings
Feb. 1931.
Females.
+1.1 $29.15 $18.10
+3.3 27.87 16.14
+7.9 25.50 13.15
+9.5 24.42 13.86
+20.3 25.51
+16.1 23.49 9.76
+1.6 27.06 13.44
+3.6 26.59 15.87
+11.3 28.23 13.45
+7.6 24.29 14.97
+1.5 29.11 12.76
+3.9 25.23 14.33
+3.4 23.66 12.27
+8.0 24.38 15.69
+20.7 27.49 14.87
+2.2 25.20 11.41
-6.7 28.35 18.54
+0.9 23.13 13.06
29.98 17.60
+7.3 20.28 10.62
-1.5 21.41 11.86
+14.7 22.59 12.16
24.78 7.55
+27.7 22.89 12.45
+5.3 22.68 8.76
+13.0 20.70 12.61
+9.5 22.76 12.55
+9.3 29.73 16.73
+13.2 41.72 27.77
+9.3 19.71 12.29
+18.2 24.02 14.61
+9.3 29.80 15.06
+1.4 25.08 15.98
+18.7 29.43 17.66
+6.1 33.12 18.64
+13.0 27.53 12.10
-4.4 35.91 17.48
+3.3 26.67 14.23
+0.7 32.02 18.64
-8.5 35.22 18.38
+1.9 45.38 25.85
-10.7 36.87 18.48
-7.7 44.69 15.60
+12.7 22.91 11.11
+8.1 20.13 9.34
+42.9 23.08 10.78
+2.7 26.98 13.89
-4.2 23.86 11.41
+24.1 33.59 17.64
+26.6 33.81 21.93
+4.4 20.31 11.40
+22.5 31.78 11.33
+10.5 37.03 22.76
+21.6 34.88 14.02
+22.9 31.76 12.52
+32.5 36.90 18.92
29.59 17.77
-8.8 26.86 18.87
21.06 11.98
+14.9 30.02 15.44
27.74 20.31
-2.1 37.39 11.52
33.83 15.66
-7.1 34.04 16.20
30.23 12.8.5
+1.1 28.16 21.83
42.20 26.22
+10.2 45.86 18.32
-13.3 20.75
-2.
32.33 20.51
-4.9 36.28 18.53
-4.3 31.34 17.38
31.02 16.07
33.20 16.26
-11.6 25.96 19.49
+1.5 49.26 35.80
+2.1 27.09 17.35
22.60 14.93
21.51 15.03
32.06 14.74
35.16 22.10
+0.2 32.12 20.54
--1.9 43.69 22.11
-1.9 36.69 19.05
+2.4 25.22 21.96
-3.1 21.59
-14.7 35.89
+6.2 34.19
-83.3 27.32
-30.8 48.74
Slight Gain in Wholesale and Retail Trade in Philadelphia Federal Reserve District in FebruaryWholesale Trade Fell Off.
Retail sales in February showed a gain of nearly 1%,
instead of a loss which is typical for that month, while
wholesale trade fell off slightly, though less than was to be
expected, according to figures received by the Philadelphia
Federal Reserve Bank from about 250 mercantile establishments. In comparison with February 1930 retail sales
fell off 10%, and wholesale business was 16% smaller,
reflecting partly a continuous recession in commodity prices.
The Bank further says:
Daily sales of department and credit stores increased appreciably from
January to February. while those of men's and women's apparel and
shoe stores showed declines. All lines included In the report had smaller
sales in February this year than last and in total also were about II%
smaller in the first two months this year than 1930. All city areas reported
recessions in retail sales from a year ago.
Inventories at retail stores increased 5% as is usually the case In the
Period preceding the spring holiday. Compared with a year ago, stocks
and were the lowest
of consumers' merchandise showed a decline of
[VOL. 132.
FINANCIAL CHRONICLE
15%
in several years. The rate of turnover was a trifle higher this year than
in the first two months of 1930.
Dealers and jobbers in shoes, jewelry, hardware, paper, and dry goods
reported gains over January, whereas those handling drugs, electrical
supplies, and groceries experienced declines. Sales in all lines were
noticeably smaller than a year ago. Increases in commodity stocks were
noted in drugs, dry goods, hardware, and paper, while those in electrical
supplies, groceries, and jewerly fell off slightly from January. In comparison with February 1930, wholesale stocks of dry goods, groceries,
hardware, Jewelry, and paper were considerably smaller. Accounts receivable outstanding at the end of February in the aggregate were smaller
than in the same month last year. This was also true of collections.
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL RESERVE
DISTRICT FOR THE MONTH OF FEBRUARY 1931.
Net Sales.
Index Numbers°
P. Cl. of 1923-1925
Monthly Average).
January
1931.
24.8
118.1
40.6
59.3
86.0
45.6
30.2
75.6
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
Stocks at End
of Month.
February
1931,
:33.4
100.9
41.09
65.69
84.8p
46.3
37.7
71.4
Jan. 1 to
Feb. 28
Compared
with Same
Previous Same Mo. Period
Month. Last Year. Last Year.
Daily Average
During Month
Compared with
+45.5%
-7.7
+1.0
-6.3
-1.4
+9.9
+35.2
+2.3
Accounts Outstanding
End of Month.
-28.9%
-4.4
-25.5
-36.4
-13.7
-25.9
-31.8
-16.0
-34.9%
+1.0
-23.1
-27.7
-13.3
-27.2
-37.2
-21.1
Collections
During Month.
Compared Compared Compared Compared Compared Compared
with
with
with Same
with Same
with Same
with
Month
Month
Previous
Month
Previous
Previous
Month. Last Year, Month. Last Year, Month. Last Year.
____
-1.5% -14.4% -31.0% -32.4%
___+4.6%
-2.2
+1.2
+0.5% -2.3
+0.1
-11.8
+1.6
-7.7
-17.1
-17.0
-13.9
____
-11.4
-33.2
-1.5
-22.2
-36.3
-1.3
-3.4
-10.6
-10.1
-10.0
-18.0
+4.2
--2.6
--18.9
--10.4
--19.6
--25.7
--12.0
--5.5
--66.8
--16.8
--28.0
--0.6
+2.2
-12.6
-12.7
-28.5
+0.3
+0.4
p Preliminary. • Index numbers are computed from total monthly sales, while
sales.
daily
Percentage changes from average
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
FOR THE MONTH OF FEBRUARY 1931.
Boots and shoes-Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
Index Numbers
of Sales.
Per Cent of
1923-1925
Monthly Average.)
January
1931,
All reportlng stores
Department stores
In Philadelphia
Outside Philadelphia
Men's apparel
In Philadelphia
Outside Philadelphia
Women's apparel
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem and Easton__ _
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
All other cities
Stocks at End
of Month.
Compared with
Jan. 1 to
Feb. 28
Compared
with Same
Period a
Year Ago.
72.0
69.5
67.7
67.0P
66.7
65.7
-9.9
-9.3
-10.9
-10.9
-12.8
95.2
62.3p
101.5
73.9P
-14.4
-14.6
-14.2
-10.8
83.8
50.7
69.69
62.7P
-20.2
-22.9
-17.2
-9.4
-9.5
-9.3
-10.0
-9.4
-14.0
-16.4
-14.6
72.1
74.9
74.9
81.2
64.9
78.5
75.9
63.0
68.6
67.4
89.1
66.3p
69.4
70.4
64.8
87.4
60.1
68.09
56.8
69.89
58.4
78.9p
Stocks Turnover
Jan. 1 to
Feb. 28
Month
Ago.
Year
Ago.
1931,
1030.
+4.7
All reporting stores_
Department stores. +4.0
+4.1
InPhiladelphia+3.8
Outside Phila.,.._
Men's apparel
In Philadelphia
Outside Phila.-+11.3
Women's apparel
+9.2
In Philadelphia
Outside Phila.. +19.4
+2.3
Shoe stores
+3.0
Credit stores
Stores in:
+5.2
Philadelphia
Allentown, Beth+0.3
lehem dr Easton
-2.7
Altoona
+9.5
Harrisburg
-3.2
Johnstown
+12.5
Lancaster
-2.3
Reading
+2.9
Scranton
+3.3
Trenton
+3.4
Wilkes-Barre_
+3.3
Wilmington
+9.4
All other cities_ _ _
--14.5
--14.5
-14.1
--15.4
0.58
0.58
0.62
0.48
0.57
0.57
0.63
0.43
-17.7
-20.4
-6.6
-13.3
-10.1
0,34
0.98
1.08
0.59
0.37
0.32
0.32
0.89
0.97
0.57
0.37
0.32
-14.3
0.65
0.65
--26.2
--18.7
--15.5
--13.8
--17.3
--21.9
--16.2
0.41
0.45
0.57
0.59
0.41
0.47
0.50
0.52
0.37
0.43
0.39
0.38
0.42
0.48
0.57
0.36
0.44
0.44
0.49
0.34
0.37
0.38
-10.6
-14.5
-5.3
Na Sales.
February
1931
Compared
with
February February
1931.
1930.
-19.2
-1.6
--11.4
--I5.7
--I3.6
-6.8
-4.2
-12.9
--I2.5
--I4.3
--5.7
--0.6
--9.8
---5.5
--8.8
--4.0
--I.7
--I.3
--6.7
Accounts Collec'ns
Receivable During
Month
at End
of Month Compared
with
Compared
Year
with
Year Ago.
Ago.
-17$1:6
-6.9
-0.5
--I3.4
--I8.1
-8.7
+9.4
+8.3
--17.4
--9.1
--0.1
--15.2
-2.6
+0.8
-9.5
-0.5
-4.8
-11.7
-13.7
-10.4
-8.4
-7.2
P Preliminary.
No Concrete Evidence of Increased Activity in San Francisco
Federal Reserve District.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent, of the Federal Reserve Bank of San
Francisco, states that "whatever intangible influences
may have affected the current position of Twelfth Dis-
FINANCIAL CHRONICLE
Detroit Employment Industrial Index Continues Uptrend in
March but Still Below Year Ago.
From its Detroit bureau the "Wall Street Journal" of
March 20 reported the following:
Industrial employment in Detroit has shown a further increase from
the end of February but is considerably under a year ago. On March 15,
the index of the industrial department of the Detroit Board of Commerce
stood at 82.5 compared with 8L2 on February 28 and 78 on February 15.
On March 15, 1931, the index was 108.
The index covers two-thirds of the industrial employment in Detroit,
and is based on the monthly average for the years 1923-1925, inclusive,
taken as 100. It Is compiled from the number of men on payrolls, which
includes both part and full time workers.
Fisk Tire Plant in Massachusetts Increases Output.
From Chicopee Falls, (Mass.) March 23, the following
Associated Press advices are reported:
The Fisk Rubber Company today increased its production schedule
from four to five days a week. The step is based on an expected increase in driving and in the demand for tires.
Automobile Production in January and February
Very Low.
February factory sales of automobiles in the United
States, as reported to the Bureau of the Census, consisted
of 219,897 vehicles, of which 181,735 were passenger cars,
37,633 trucks, and 529 taxi-cabs, as compared with 171,851
vehicles in January 1931, 330,414 vehicles in February 1930
466,418 in February 1929. For the two months of 1931
the production has been only 391,748 vehicles in 1931
against 603,635 in the two months of 1930 and 867,455
in 1929.
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.
Canadian figures are supplied by the Dominion Bureau of
Statistics.
United States.
Total.
1929January
February
Total(2 mos.)
March
April
May
June
July
August
September
October
November
December
Canada.
Passenger
TaxiCars.
Trucks. cabs.x
PassenTotal. get Cars. Trucks.
401,037
466,418
345,545
404,063
867,455
749,608 113,675
4,172
52,788
42.748 10,040
511,577
535,878
514,883
451,371
424,944
440,780
363,471
318,462
167,846
91,011
2,079
1.686
1,318
1,378
1.054
1.040
865
868
1,646
1,483
40,621
41,901
31,559
21,492
17,461
14,214
13,817
14,523
9,424
5,495
32,833
34,392
25,129
16,511
13,600
11,037
10,710
8,975
7,137
4,426
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
21,501
31,287
17,164
25,584
4,337
5.703
7.788
7.509
6.430
4.981
3,861
3.177
3.107
5,548
2,287
1,069
..,.t.anzt.D
Total (year). 5:358,420 4,569,811 771.020 17,589 263,295
207,498 55,797
1930January
.273,221
235,226 .37,028
967 10,388
8,856 1,532
February
.330,414 280,996 *48,567
851 15.548 13.021 2,527
Total(2 mos.) 603.635 516,222 85,595 1,818 25,936
21,877 4,059
March
*396,388
331,973 *62,994 1,421
17,165 3,565
April
444,024 375,685 67,853
486
20,872 3.385
May
420.027 364,512 55,075
440
21.251 3,421
June
334,506
288,481 45,562
463
12,194 2,898
July
265,533 224,690 40,467
376
8.556 1.632
August
224,368
185,619 38,363
386
6,946 2,846
September
220,649
177,752 41.967
930
5,623 2,334
October
154,401
115,476 38,343
582
3,206 1.335
November
135,754
102,358 32,787
609
3,527 1.880
December
.155,701
122,748 *31,528 1.425
4,225 1,397
Total (year)- *3.354,986 2.805,516 *540,534 8.936 154,192 125,442
28,750
1931January
•171,851 *139,755 *31.584
512
6,496
4.552 1.944
February
219,897
181.735 37.633
529
9,871
7,529 2,342
Total(2 mos.) 391,748
321,490 69,217 1,041 16.367 12,081 4,286
- • • only ac ory- u
snciuues
It taxicabs, and not private passenger ears converted
Into vehicles for hire. • Revised.
plo"-4.eg..cAtDcm....4t.w
w4.--1wwor.2.40
On the whole, the condition of agriculture has been benefited by moderate
rainfall and mild temperatures during the past six weeks, but soil
moisture supplies are still reported to be inadequate in much of the
District. Favorable conditions for crop production, together with large
and in many cases excessive storage stocks, has tended to reduce the
already unsatisfactory prices to farmers. The need for supplemental
feeding of livestock has been considerably diminished by the favorable
growth of forage on District ranges.
Despite seasonal tendencies to expand slightly, the petroleum, mining,
and construction industries were less active during February than in
January . Lumber production increased but little, whereas there is
usually a sharp rise in February. Both shipments and orders of lumber
continued to exceed production and there were further substantial reductions of inventories held by mills. Output of flour declined more than
is customary between January and February.
Most measures of trade indicate a further decline in distribution of
commodities during February. Department store sales declined more than
seasonally and wholesale trade was lower than in January. Registrations of new automobiles declined during the month, whereas there is
usually little or no change in such registrations between January and
February. There was also a decrease in the movement of goods in the
intercoastal trade.
Although the February average of wholesale commodity prices declined
sharply from the January level, most composite weekly indexes have been
steady during the last week in February and the first half of March.
Excepting certain developments incident to United States Treasury
financing on March 16, no new elements were introduced into the credit
situation during the four weeks ending March 18 to change the trends
of the past two months. Holdings of discounted bills by the Reserve
Bank remained low and purchases of acceptances by that bank were unusually small until early March when acceptance holdings increased substantially. As in other recent months, security loans of reporting member
banks, which are currently at the lowest levels in three years, moved
downward while investments of those banks expanded. Commercial loans
and total deposits averaged higher than in the preceding four-week period
and, together with increased investments, reflected additions to the supply
of funds in the District. These additions resulted chiefly from (1)
an excess of government expenditures over collections; (2) Mint purchases
of imported and locally produced gold, and (3) a withdrawal of funds
from eastern money markets. Banks in the Twelfth District were allotted
82 million dollars of the 1,400 million dollars of United States Treasury
financing of March 16. Following the absorption of this issue (composed
of 23 million dollars of long-term bonds and 59 million dollars of shortterm certificates) by reporting member banks, government deposits and
holdings of United States securities of these banks increased, while their
borrowings at the Reserve Bank were further reduced.
2287
AUTOMOBILE PRODUCTION (NUMBER OF VEHICLES).
,...wwaaaaomo
w.-m....t.,.w.owoo
o-lowmocna...r,
bl.,,O'colo
o-4......t..p.wo...c.
-4.10.4t.m.....00.
trict (San Francisco) business it is fairly certain from
February records that there has not yet been concrete
evidence of improvement in the most important phases
of activity. Declines, although moderate in most cases,
predominated during that month in measures of industrial production, trade, and wholesale commodity prices."
Mr. Newton continues:
1
MAR. 28 1931.]
New York Rubber Exchange to Close Good Friday, April
3,
and Saturday, April 4.
The Board of Governors of The Rubber Exchange
of
New York, Inc., has approved a petition of its members
to close the exchange to trading on Friday, April 3, and
Saturday, April 4.
France to Subsidize Coffee and Rubber Planters.
From the New York "Sun" of last night (March 27)
we take the following (Associated Press) from Paris:
The Chamber of Deputies today adopted a tariff measure
providing a
subsidy for the aid of coffee and rubber planters in the French
colonies.
The bill sets up a cash pool of 50,000,000 francs for the rubber
fields
and another of undetermined amount for coffee plantations. It
levies
a duty of .013 centimes per kilogram on rubber imports and .010
and .015
on coffee imports, according to grade.
Polish Rubber Manufacturers Form Syndicate.
Rubber footwear manufacturers in Poland have signed
an agreement forming a syndicate for the purpose of
stabilizing market conditions without raising prices according to information from the American consulate in
Warsaw, made public by the Department of Commerce
on March 17. The Department also says:
Market conditions for rubber footwear in Poland are such that the
present prices must be maintained in order to compete with imported
products it is said, and it is to this end that the manufacturers have
organized.
All of the rubber footwear makers in Poland have joined the organization with the exception of one firm it is stated, and the present plans
call for the opening of branches and warehouses in eleven cities in
Poland.
Crude Rubber Production Curtailed on Far Eastern.
Estates in January.
Crude rubber production was curtailed on both large
and small Far Eastern estates during January, but
dealers' stocks gained materially over the previous month,
a cable to The Rubber Exchange of New York, Inc.,
shows. The Exchange on March 20 added:
Production on estates under 100 acres in size amounted to 16,858
tons, against 18,129 tons in January; on estates over 100 acres, production was 18,779 tons, against 20,792 tons.
Estate stocks also declined, amounting to 25,056 tons at the close
of February, compared with 25,770 tons at the end of January. Dealers'
stock, however, totaled 21,759 tons at the end of last month, compared
with 19,515 tons at the close of January.
U. S. Holds First Place in Supplying World Tires.
The United States maintained its position as the chief tire
supplying nation during 1930, despite a general decline both
in volume and value in the world exports of this commodity,
according to the Commerce Department's Rubber Division.
The Department's advices March 17 said:
Every major tire exporting nation experienced a volume decrease with the
exception of the United Kingdom and Germany, tho former replacing
Canada as the second largest supplier.
The world decline is attributed chiefly to the effects of the economic
depression with increased competition and tariff barriers as secondary
factors, according to trade opinion.
As a consequence of the depression, it is pointed out, the purchase of
automobiles has been curtailed with a consequent reduced consumption of
tires. In many cases cars have been withdrawn from use and stored, the
owners being unable to maintain their upkeep. Repossession of cars for
default of payments has also been apparent in many markets. Furthermore,
In the face of difficult times, owners have made their tires perform longer
service. It is likewise pointed out by trade leaders that present-day tires
due to improved methods of manufacture are generally giving better service
and that improved roads are also aiding in the prolongation of tire wear.
In addition to the business recession and its influence on the tire trade,
there was the usually keen competition among the nations. The United
Kingdom through the strengthening of its industry by foreign capital and
Germany through its reorganization were two outstanding countries which
offered more intensified rivalry to the other nations. Japan and Belgium,
although both registering declines in 1930, gave greater opposition to the
leaders, but France and Italy, the former once the leading tire exporter
of the world, gave foreign exporters less concern than in former years.
• Of the countries which showed a reduced tire trade during the year, the
United States shared better than the others-declining only 10% in volume.
One of the principal features of the United States tire exports for 1930 was
the large gain in exports of truck and bus casings.
Of the 2.979,438 casings exported in 1929, 293.502 were for truck and bus
-of the 2,684.294 exported in 1930, 467.728 were truck and bus. United
States exports of the heavy duty tire for 1930 therefore increased 59%
In volume over 1929. Two of the three best markets for United States
tires of this type, namely Japan and Italy, are themselves large general
tire producers and competitors of American exporters in foreign markets.
Japan took 41,916 units during 1930,followed by British India with 36,902,
and Italy with 33.147. Other important markets for truck and bus casings
were the Philippines, Argentina, Netherland East Indies and Spain.
Argentina with 215,989 was by far the best market for casings used on
pleasure cars and the smaller-sized commercial vehicles. In this market
Canadian competition is the only serious factor. The participation of the
United Kingdom and Germany in Argentina within the past couple of years
has been upward. while that of France and Italy has been downward.
Production Maintains Favorable
Order Ratio.
Due to continued low production the amount of new
business received at hardwood and softwood lumber mills
during the week ended March 21 continued in favorable
relation to the output, it is indicated in telegraphic reports
from 809 leading mills to the National Lumber Manufacturers Association. These mills produced a total of 213,950,000 feet. Orders received by them were 15% and their
shipments were 8% respectively above this figure. A week
earlier 799 mills reported orders 10% above a total production
of 209,768,000 feet, though figures for other weeks since the
holidays have been more in line with those of the latest week.
For comparison with the situation a year ago, identical mill
figures show-for softwoods, 486 mills, production 40%
less, shipments 34% less, and orders 24% less than for the
equivalent week in 1930; for hardwoods, 198 mills, production 40% less, shipments 19% less and orders 13% under
the volume for the week a year ago.
Lumber orders reported for the week ended March 21
1931, by 596 softwood mills totaled 221,397,000 feet, or
16% above the production of the same mills. Shipments as
reported for the same week were 204,253,000 feet, or 7%
above production. Production was 190,683,000 feet.
Reports from 236 hardwood mills give new business as
25,569,000 feet, or 10% above production. Shipments as
reported for the same week were 26,075,000 feet, or 12%
above production. Production was 23,267,000 feet. The
Association, in its statement, also reports:
Limited
Lumber
Unfilled Orders.
Reports from 521 softwood mills give unfilled orders of 774,877.000 feet,
on March 21 1931, or the equivalent 0( 10 days' production. This is based
upon production of latest calendar year-300-day year-and may be
compared with unfilled orders of 513 softwood mills on March 14 1931. of
749.732,000 feet, the equivalent of 16 days' production.
The 455 identical softwood mills report unfilled orders as 754,710,000
feet on March 21 1931, as compared with 1,024,321.000 feet for the same
week a year ago. Last week's production of 486 identical softwood mills
was 182,331,000 feet, and a year ago it was 302,773,000 feet; shipments
were respectively 197,226.000 feet and 296.776,000; and orders received
214,198,000 feet and 282,349,000. In the case of hardwoods, 198 identical
mills reported production last week and a year ago 21,110,000 feet and
35,390,000;shipments 24,437.000 feet and 30.142.000,and orders 23,382.000
feet and 26,827,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 222 mills reporting
for the week ended March 21:
!UNSHIPPED ORDER13.1,, SHIPMENTS.
Feet.
Feet.
Coastwise and
Domestic cargo
intercoastal.39,001.000
delivery ___ _182,123,000
53,643.000
14,692.000
149,649.000 Export
24,912.000 Foreign
41,604,000
117,752,000 Rail
39,129.000 Rail
11,563,000
Local
11,563,000
NEW BUSINESS.
Domestic cargo
delivery_ Export
Rail
Local
[VOL. 132.
FINANCIAL CHRONICLE
2288
106,859,000
449,524.000 Total
Total
129,246,000
Total
Production for the week was 107,386.000 feet.
For the year to March 14, 166 identical mills reported orders 7.6% above
production, and shipments were 6.1% above production. The same number
of mills showed a decrease in inventories of 3% on March 14, as compared
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
139 mills reporting, shipments were 9% above production, and orders 6%
above production and 3% below shipments. New business taken during
the week amounted to 41.055.000 feet, (Previous week 40,740.000 at 133
mills); shipments 42,273,000 feet, (previous week 41,769,000); and production 38,883.000 feet, (previous week 36,678,000). Orders on hand at the
end of the week at 126 mills were 123,207,000 feet. The 127 identical mills
reported a decrease in production of 35%, and in new business a decrease of
24%. as compared with the garde week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore.. reported production from 85 mills as 26,284,000 feet, shipments 26.546,000
and new business 25,636,000 feet. The 61 identical mills reported production 38% less and new business 21% less than reported for the same
week last year.
The California White 4 Sugar Pine Manufacturers Association, of
San Francisco, reported production from 25 mills as 7.920.000 feet, shipments 16,644,000 and orders 15,524,000 feet. The same number of mills
reported a 3% decrease in production and a 48% decrease in orders, as
compared with the same week of 1930.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from seven mills as 1,911,000 feet, shipments 2,767,000 and
new business 2,547,000 feet. The same number of mills reported production
9% less and orders 24% less than for the same week a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 23 mills as 1,722,000 feet, shipments 1,578,000 and orders 1,825.000. The 20 identical mills reported a
decrease of 31% in production and a decrease of 43% in orders, compared
with the corresponding week last year.
The North Carolina Pine Association, of Norfolk, Va., reported production from 95 mills as 6,577,000 feet, shipments 7,586,000 and new
business 5,537.000. The 48 identical mills reported production 31% loss
and new business 10% more than for the same week in 1930.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 213 mills as 19.110,000 feet, shipments 23,715,000 and
new business 23,163,000. The 178 identical mills reported a decrease of
41% in production and a decrease of9% in orders, compared with the same
week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 23 mills as 4,157,000 feet, shipments 2,360.000 and orders 2,406,000. The 20 identical mills reported
f 9
38% less and orders 38% less, compared with the same week
of
CURRENT RELATIONSHIP OF 'SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED MARCH 21 1931 AND FOR 11
WEEKS TO DATE.
Association.
Southern Pine
Week-139 mill reports
11 weeks-1,526 mill reports
West Coast Lumbermen's
Week-222 mill reports
11 weeks-2,460 mill reports
Western Pine Manufacturers
Week-85 mill reports
11 weeks-955 mill reports
California White & Sugar Pine
Week-25 mill reports
10 weeks-252 mill reports
Northern Pine Manufacturers
Week-7 mill reports
11 weeks-77 mIll reports
Vo.Hemlockealardwood(sottwoods)
Week-23 mill reports
11 weeks-299 mill reports
North Carolina Pine
Week-95 mill reports
11 weeks-995 mill reports
Softwood total
Week-596 mill reports
11 weeks-6,564 mill reports
lardwood Manufacturers Inst.
Week-213 mill reports
11 weeks-2,320 mill reports
Northern Hemlock & Hardwood
Week-23 mill reports
11 weeks-299 mill reports
lardwood total
Week-236 mill reports
11 weeks-2,619 mill reports
lrand total
Week-809 mill reports
11 weeks-8.884 mill reverts
Produclion
M Pt.
Shipmeals,
M Ft.
P. C.
of
Prod.
Orders
M Ft.
P. C.
of
Prod,
42.273 109
452,193 109
41,055
471,324
106
113
106,859 100
107.386
1,088.585 1,137,352 104
129,246
1,231,829
120
113
26,284
204,032
26,546 101
300,217 147
25,636
276,934
98
136
7,920
57,065
16,644 210
152,218 267
15,524
148,799
196
261
1,911
13,489
2,767 145
28,368 210
2,574
29,970
135
222
1,722
21,819
1,578
14,445
92
66
1,825
15,084
106
69
6,577
62,495
7,586 115
80,183 128
5,537
61,047
84
98
204,253 107
100,683
1,862,758 2,164,976 116
221,397
2.235,456
116
120
23,715 124
226,628 117
23,163
252,618
121
126
57
57
2,406
33,407
58
62
26,075 112
257,635 104
25.569
276,025
110
112
213,950
230,328 108
2,109,830 2.422.611 115
246,966
25114R1
115
119
38,883
415,273
19,110
193,131
4,157
53,941
23,267
247,072
2,360
31,007
A. R. Graustein Concern Disposes of Most PapersInternational Paper and Power Is Dropping Newspaper Holdings Its President Testifies Before
Federal Trade Commission-Others To Be Disposed of.
A. R. Graustein, President of the International Paper and
Power Company, testified on March 20 at a Federal Trade
Commission hearing that his company had disposed of all its
newspaper holdings save one in Georgia and two in South
Carolina. An Associated Press dispatch from Washington
on that date, in the New York "Times" reported this and
added:
Mr.Graustein said that the three papers were The Augusta(Ga.)Chronicle.
Columbia (S. C.) Record and Spartanburg (S. C.) Herald. These papers
went into receivership after litigation between William Laverre and Harold
Hall, who acquired them with money furnished by Paper and Power. he said.
"We intend to dispose of these papers," Mr. Graustein said, "as soon as
we can do so on a proper basis. They are managed locally at present, and
our only participation is to seeing that they are handled competently."
Detailing disposal ofthe newspaper properties formerly owned by the
Paper and Power Company, Mr. Graustein said that an interest in The
Chicago Daily Nevrs went either to The New or News executives.
He testified that stock and securities in The Chicago Daily Journal, which
has ceased publication, went to the Market Properties, Inc., adding that he
MAR. 28 1931.]
FINANCIAL CHRONICLE
2289
thought this concern was organized in the interest of Bryan, Thomason 21%. Book papers and tissue paper receipts fell off by 40%. and wrapping
Newspapers, Inc.
papers of various sorts by approximately the same proportion. The only
Mr. Graustein said $450.000 in preferred stock and 3.000 shares of two items in which an increase was registered over 1929 imports were writing
common stock in Press Association, Inc., which held securities of the Albany and ciwarstte papers, the former having gained by5% and the latter
by 20%.
Knickerbocker Press and The Albany Evening News, went to Frank E.
Gannett.
He added that $1.954,000 in notes of The Brooklyn Eagle Corporation
Activity in the Cotton Spinning Industry for
and 400 shares of its common stock also went to Mr. Gannett, as did
February 1931.
3300,000 in notes of The Ithaca Journal-News. He said International Paper
gave Mr. Gannett no aid in financing the deals.
The Department of Commerce announced on March 21
He testified that stock and securities in The Boston Herald and Traveler
that according to preliminary figures, compiled by the
were sold to "old interests" which had managed the papers before.
Mr. Graustein was called before the Trade Commission to testify in its Bureau of the Census, 33,225,144 cotton spinning spindles
utilities investigation more than a year ago after protests had been made were in place in the United States on Feb. 28 1931, of
which
because of newspaper holdings which International Paper and Power had
acquired. He said today that negotiations which Paper and Power had 25,763,408 were operated at some time during the month,
under way for other newspaper properties at the time of his previous appear- compared with 25,611,458 for January, 25,525,820 for
ance had been abandoned and indicated the intention of his company to December, 25,858,016 for
November, 26,153,792 for Octolimit its connections with newspapers to selling them newsprint.
Canada Power and Paper Corporation Body Will Study
Newsprint Conditions—Committee Formed to Protect Securities.
A new development in the newsprint situation is the formation on March 11 of a securities protective committee to
conserve the interests of investors in Canada Power and
Paper Corporation stocks and debentures said a Montreal
dispatch March 11 to the New York "Times" which likewise
stated:
Important interests in New York, London and Montreal are represented
on the committee, which is headed by the Hon. C. A. Dunning, formerly
Canadian Minister of Finance.
Formation of the committee is apparently due to the unfavorable showing
made by the Canada Power and Parer Corporation in its annual report
issued last week. The report showed a deficit for the year amounting to
3451.229 before depreciation and depletion charges, and if these charges had
been included on the usual basis,the loss for 1930 would have been $2,382,039.
In the 1929 report a surplus of $125,907 was shown. It was also recently
announced that the regular quarterly dividends had been omitted on the
preferred stocks of several subsidiaries of the Canada Power and Paper
Corporation.
The announcement issued on behalf of the Committee reads:
"The situation in the newsprint industry and consequent passing of
dividends on preferred stocks of constituent companies of Canada Power
and Paper Corporation has been the subject of conference among representatives of holders of all classes of securities of Canada Power and Paper
Corporation and its constituent companies, Anticosti Gorporation, Bellgo
Canadian Paper Company, Laurentide Company, Port Alfred Pulp and
Paper Corporation, St. Maurice Valley Corporation and Wayagamack Pulp
and Paper Company.
"As a result it has been decided to form a securities protective committee,
and holders aggregating large amounts of all classes ofsecurites have requested the following gentlemen to form the committee, all of whom have agreed
to serve:
The Hon. Charles A. Dunning, former Minister of Finance.
E. A. MacNutt, Treasurer of the Sun Life Assurance Co.of Canada.
S. Kilpatrick, a partner in Govett, Sons & Co. of London.
Norman Dawes, President of the Montreal Board of Trade.
John J. Rudolf, a partner in Iselin & Co.of New York.
Strachan Johnston, K.C., a partner in Tilly, Johnston & Co. of Toronto.
R. H. Collis, a partner in Kitcat & Aitken of London.
""The committee has appointed the Hon. Charles A. Dunning as chairman
and the Hon. Gordon Scott of Montreal as secretary.
Canadian Newsprint Mill to Close for Indefinite Period.
Montreal advises March 21 to the New York "Times" said:
One of the newsprint mills operated by the Abitibi Power and Paper
Company,Ltd.,is to be closed down at the end ofthis month for an indefinite
period, presumably owing to the present overproduction in the industry.
The mill is that of the Ste. Anne Paper Company, Ltd., wnich is a subsidiary
of the Abitibi Company. It has a daily capacity of about 275 tons of
newsprint. Three to four hundred men will be thrown out of work.
1930 Paper Exports from United States Maintained Near
1928 Level.
Exports of paper and paper manufactures from the United
States during 1930 failed to attain the level of the 1929 exports, but closely approached in value the 1928 exports, and
substantially exceeded those of any other year since 1920,
according to B. M. Forst, Paper Division, Department of
Commerce. Under date of March 11 the Department also
said:
The downward trend in paper exports set in February and gained momentum With the advance of the year, the decline of 12% in the first quarter's
shipments, as compared with the corresponding quarter 1n1929, having risen
to 20% for the third quarter and to 30% for the fourth. A considerable
percentage of the loss registered in the value of the 1930shipments, however,
was brought about by the generally lower level of prices recorded for exports
as compared with the preceding year. Thus while the 1930 value of $30,301,759 and 18% under that for 1929, a comparison of quantities, exclusive
of wall papers, wall boards, and miscellaneous products,shows an aggregate
loss of 8%. This tendency toward a decline in prices was pretty evenly
distributed throughout all items on the export schedule.
Not only did exports of paper and paper products from the United States
decline during 1930, but there was also a reduction of 10% in the total value
of such imports. Receipts of standard newsprint, which represent between
85 and 90% of these imports,decline 6% in quantity and 9% in value, while
even heavier declines occurred in most other items. The decline in newsprint receipts was accounted for almost entirely by a falling off In shipments
from Canada, imports from Germany. the Scandinavian countries. Finland,
and Newfoundland having actually increased. Imports of pulp boards in
rolls, which also come In from Canada, decreased by 27%, paper board and
cardboard by 32%. and leatherboard.s, test boards, and wall boards by
ber, 26,087,004 for September, and 28,920,162 for February
1930. The aggregate number of active spindle hours reported for the month was 6,110,011,371. During February
the normal time of operation was 23 2-3 days (allowance
being made for the observance of Washington's Birthday in
some localities) compared with 263e for January, 26 for
December, 24% for November, 263
% for October, and 253.
for September. Based on an activity of 8.91 hours per day
the average number of spindles operated during February
was 28,975,252 or at 87.2% capacity on a single shift basis.,
This percentage compares with 80.8 for January, 76.1 for
December, 80.1 for November, 77.1 for October, 73.4 for
September, and 97.4 for February 1930. The average
number of active spindle hours per spindle in place for the
month was 184. The total number of cotton spinning spindles in place, the number active, the number of active
spindle hours and the average hours per spindle in place,
by states,. are shown in the following statement.
Spinning Spindles.
Active Spindle Hours
for December.
In Place
Feb. 28.
Active During February.
Total.
33,225,144
25,763,408
6,110,011,371
184
Cotton-growing states 19,102,842
New England states_ - 12,716,130
All other states
1,406,172
17,021,102
7,842,740
899,566
4,428,382,248
1,522,309,123
159,320,000
232
120
113
1,708,158
833,808
2,873,328
731,664
4,292,998
127,720
797,964
193,092
405,688
5,360,228
1,099,148
5,447,454
530,952
210,902
539,604
612,700
425,862,162
167,474,042
681,481,579
152,075,056
790,627.261
36,143,268
170,338,922
30,895,816
76,654,248
1,350,672.699
226.788,454
1.538,605,019
167,031.344
47,360,245
127,427,386
120,573.870
230
154
210
149
111
175
133
State.
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other states
1,854,068
1,087,004
3,240,630
1,018,460
7,123,318
207,008
1,278,160
372,380
676.360
6,235,664
2,091,924
5,687,244
611,880
282,080
679,254
779,710
Average per
Spindle in Place.
sa
113
217
108
271
273
168
188
155
Cotton Textile Recovery Seen by Association of Cotton
Textile Merchants.
An analysis of reports issued March 16 by The A.sso dation
of Cotton Textile Merchants of New York covering the first
two months of 1931 Shows an encouraging statistical position of interest to the cotton textile industry, as well as to
Industry in general. One of the significant facts disclosed
Is that a thorough liquidation of stocks has taken place
within the past few months, says the Association, which
states:
Because of the fact that stocks are now lower than they have been in the
last three years, buyers are finding it impossible to obtain spot deliveries
on some constructions, while on others immediate shipments are only available at a premium.
The extent of this depletion will be more fully appreciated when it is
known that the stocks on hand at the end of February 1931 were 125,797,000 yards lower than a year ago.
It is clear that this extraordinary liquidation was accomplished by bolding production in line with demand. Fortunately, retvtd sales in January
and February have brought about no substantial increase in production.
The average weekly output during these two menthe was 51,790,000 yards,
as compared with 65,684,000 yards during the same period in 1930.
The check-up also shows sales for the two months period 136% and shipments 111% of production. Unfilled orders have increased 107,000,000
yards during the two months. While the amount of unfilled business is
impressive, a great many of the orders making up the total call for extended
deliveries. For this reason brisk sales have not yet brought prices to satisfactory levels although price advances in nearly all constructions have been
maintained.
The major factor indicating a sounder price structure just ahead is that
shipments are exceeding production and the strong unfilled orders position
points to the continuance of this favorable influence. Furthermore, the
average mill owner seems to be fully cognizant of the factors which are
leading the industry out of depression and gives evidence of a determination
to continue the policies which have placed the cotton textile industry in
the van of recovery.
As a proof that the advantages gained will be consolidated and held, ft
Is pointed out that nearly all of the combed yarn spinners have decided to
eliminate night running entirely and late reports from producers of fine
goods indicate that their problems also are on the way to a sound and
constructive solution.
2290
FINANCIAL CHRONICLE
[VOL. 132.
Cotton Textile Institute Reports Continued Improve- merce,-in expanding the consumption of cotton goods, and
of the effect of such activities in contributing to the curment in Cotton Manufacturing.
rent upturn in the industry. Mr. Sloan said:
The fine goods division of the cotton industry, whose
"The volume of sales of cotton cloth since January 1, has been heavier
product is largely used for dress goods, shirtings, underwear than during the same period in any recent year. These large sales have
and drapery fabrics, has experienced a remarkably heavy completely changed the position of the industry. While unfilled orders
are now approaching peak levels, stocks on band, the cause of concern
demand during the past ten weeks, according to George A. only a few months ago, have
diminished to the lowest volume ever
Sloan, President of the Cotton-Textile Institute. The vol- recorded in the statistics of the industry. On many classes of goods,
stocks
have
been
reduced
to
the
minimum yardage on which current
ume of sales it is stated has been at the rate of 165% of business can
be transacted.
production and goods billed to customers 136% of production.
"Notwithstanding this gratifying expansion of business, the mills are
taking a conservative attitude regarding production because of the conThe advices from the Institute, on March 23, add:
As a result of these favorable developments the present volume of unfilled
orders is twice as great as six months ago; stock of goods on hand has been
reduced more than one-half, and is now considered to be at the minimum
level on which current business can be transacted.
Although there is a movement toward higher prices, the present manufacturing margins fail to cover the cost of production. In view, however,
of the evident increasing vogue for cotton goods, exemplified by the exceptional demand and by the premium being paid for spot goods, there is a
strong feeling that manufacturing margins will soon yield a reasonable
profit to the mills.
The statistical situation as regards the relation of production and inventory to current demand is being studied by fine goods mills with greater
care than ever before in order to avoid getting into a greater momentum of
production than called for by consumer requirements.
.Report of Lancashire Cotton Corporation Shows Loss
of $811,940 in Spinning Operation.
The following London Cablegram March 18, is from the
New York "Times":
The first report of the Lancashire Cotton Corporation, the huge spinning
combination which own eighty mills and 20,000 looms, was Issued to-night
and shows a loss of $811,940.
The acquisition of mills, the report states, had been painfully slow and
in many cases continuance of existing expenditure at different plants has
been inevitable, thus increasing the amount of the losses.
A total of more than $30,000,000 has been paid by the corporation for
assets acquired, and the loss on trading, it is explained, is partly due to
the writing down of stocks.
An official of the company stated to-night that only 87 corporations and
80 mills were now working, with closed mills costing the corporation
$10,000 a year each.
viction throughout the industry that the recent favorable trend in cotton
textiles should not be regarded as a genuine recovery until the general
business situation shows further improvement. The excess capacity for
production of cotton goods has been corrected to an important extent by
the discontinuance of night employment of women and minors in a large
proportion of the mills. There is a growing tendency to discontinue
night operations entirely and to concentrate production on the day shift.
These developments, together with further observance of greater uniformity
of mining time, promise to go far in stabilizing employment."
Describing the work of the Institute along the line of
bringing about a more favorable public attitude toward
cotton and cotton goods, Mr. Sloan said that these activities have brought the Institute in close contact with large
consumers, garment manufacturers, retailers, and wholesalers, and fashion authorities throughout this country
and abroad. As indicating the spread of the "wear-morecotton" movement, he stated that the Institute has had
more than sixty requests for its co-operation in the staging of cotton campaigns and carnivals in communities
scattered through Arkansas, Alabama, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, and Texas.
Among the new uses for cotton goods described by Mr.
Sloan is the insertion of a heavy layer of waterproof cotton fabric between the two layers of wood planking in the
holds of Motor boats and light cruisers, which does away
with the necessity of calking. Oranges from Florida are
now coming into the New York market in a newly developed open meshed cotton bag for retail distribution.
Increasing amounts of cotton cloth are being used for cloth
stationery, maps, menu cards, and advertising posters.
Mr. Sloan stated that one bale of cotton is consumed in
the production of 40,000 sheets of regular-sized business
stationery. About 50,000 square yards of cotton fabric
are being used in the construction of the Akron, the new
dirigible of record size now nearing completion.
Decline in Stock of Indian Cotton at End of January
As Compared with Last Year--India's Consumption
at High Rate.
The stock of Indian cotton in all hands in India at the end
of January was approximately 4,768,000 running bales, compared with 5,342,000 last season and 5,243,000 two seasons
ago, according to the New York Cotton Exchange Service.
The decrease of about 600,000 bales from last season results
from the smaller crop this season and from the fact that Mahatma Gandhi Plans Sale of Foreign Cloth—Would
while India's own consumption has been running at a relaForm Company to Aid in Disposal of Textiles
tively high rate, India's exports have been very heavy. The
Outside India.
Exchange Service (March 24) says:
From the New York "Times" we take the following from
. India's crop is about 600,000 bales less than last season and the distribuBombay March 18:
tIon
through domestic consumption and exports has been about
100,000
bales larger. While American cotton has been backing up in the United
States, Indian cotton has been going into world consumption freely, with
the result that while the United States bolds abnormally large stocks,
India's stocks are very moderate, notwithstanding the world business
depression.
A tabulation of the Exchange Service shows exports by
India during the six months ending January 31 as totaling
1,784,000 bales against 1,576,000 in the same period last
season, 1,509,000 two seasons ago and 1,130,000 three seasons
ago. Consumption by India in the same six months totaled
1,107,000 bales this season against 1,229,000 last season.
922,000 two seasons ago, and 1,000,000 three seasons ago.
Swedish Textile Strike Settled.
From Stockholm, Sweden, March 20 Associated Press ad.
vices said:
The 34,000 textile workers who have been on strike since January will go
back to work, it was announced to-day. A new wage agreement cuts piecework wages slightly but increases the wage of some who are paid on an
hourly basis. The general wage schedule was little changed.
An outline was published today of a scheme agreed on between Mahatma
Gandhi and mill owners here for the formation of a company to facilitate
sales in countries other than India of foreign cloth held here.
The sales will be at the risk of and on the account of the merchants
concerned, and the company itself will not undertake to bear any loss.
Its function will be only to offer help to merchants in disposing of their
stocks, and it will deal only with those merchants who undertake to cease
trading in foreign cloth. A committee of mill owners has been appointed
to complete the scheme.
A delegation representing various Indian trades and industries saw
Mr. Gandhi yesterday and urged the need for discrimination between
Indian and British trades and industries. The deputation declared that
Indian industries were now unorganized and undeveloped and a lack of
discrimination would mitigate very strongly against the development of
native industries in competition with British and foreign interests.
The delegation further urged that at future discussions of the round
table conference it would be necessary to demand protection for Indian
Industries against competition.
Mr. Gandhi replied that the delegation should continue to agitate for
what it was demanding and that the All-India Congress would see what
could be done in support of its case. Ile suggested that the delegation
should first have approached Sir Tel Sapru and other delegates to the
round table conference.
Lancashire Hard Hit by Textile Boycott in India.
The following Manchester (Eng.) advices March 18 are
Volume of Sales of Cotton Cloth Since Jan. 1 Heavier Than from the New York "Times":
The serious effects in Lancashire of the trade boycott in India was
in Same Period Last Year According to G. A. Sloan of
emphasized today by J. II. Grey, acting chairman of the Cotton Spinners
Cotton Textile Institute—New Uses for Cotton.
and Manufacturers' Association, who issued in behalf of that body and
Important developments in the creation and expansion also of the Federation of Master Cotton Spinners' Associations a statement
of
facts which had been submitted to the Secretary of State for India,
of new uses for cotton, and the pronounced improvement
Wedgwood Benn, and to the President of the Board of Trade, William
in the cotton manufacturing industy of this country dur- Graham. The statement expresses serious doubts regarding the disconing the past two months, were described by George A. tinuance of boycotting and picketing.
"Since the Irwin-Gandhi discussions ended," it says, "efforts by dealers
Sloan, President of the Cotton-Textile Institute, at a meetto reopen the Bombay bazaar have failed. Over 2750,000 worth of Laning of the New York Cotton Exchange immediately after cashire goods is held up in Bengal alone and cannot be moved. In addition
the close of trading on March 25. Mr. Sloan spoke most there are large quantities of La n-ashire goods mobilized in Bombay.
Delhi, Amritsar, Karachi and Madras. Further thousands of pieces of
optimistically of the results accomplished by the cotton goods
are held in Britain by manufactureraand•merchants against contracts
manufacturing. industry, with the cooperation of the and all waiting to be taken up, heivy losses having accrued on.them by the
•
United States Departments of Agriculture and Corn- ran in prices since the commencement of the boycott."
MAR. 28 1931.]
FINANCIAL CHRONICLE
2291
Central Vertientes had the greatest production of 448,Fall River Textile Operatives Agree to New Wage Scale,
419 bags, compared with 420,352 to March 15, 1930.
Making Possible Reopening of Mills.
•
Of 15 mills to complete grinding the current Cuban
The following Fall River (Mass.) advices (Associated
sugar crop, quota fixed and production of ten follow:
Press) are from the New York "Times."
Employment for 2,000 idle textile workers within two weeks became a
probability today as the Textile Council and the American Printing Company agreed to a settlement of wage differences. The company indicated
that four mills would be reopened.
The Textile Council, representing labor employed in Fall River factories,
annonced this morning that its operatives had unanimously accepted an
offer by the company of wages that would "compare favorably" with any
other mill in the city. The increase, the amount of which was not made
known, was offered at a conference of mill officials, leaders of the Textile Council and the finance board appointed by the Governor to reorganize
the city's finances.
A "strike" was called two weeks ago when the American Printing
Company announced the reopening of one mill at a wage rate which labor
leaders said represented a reduction of about 10% from old scales.
Final Conference on Chadbourne Sugar Restriction Plan—
Set for March 30—Delegates of Seven Nations to Meet
in Paris to Settle Pending Details.
Consummation of the provisional accord reached by
European and other sugar-producing countries last January will be the object of a conference in Paris, called
by Thomas L. Chadbourne in behalf of the Cuban delegation for March 30. A Paris cablegram March 23 to the
New York "Times" announced this and added:
The sugar-exporting countries to be represented at this meeting will
include Cuba, Java, Germany, Czechoslovakia, Poland, Hungary and Belgium. These were the countries signatory to the provisional agreement of
Jan. 8, 1931, fixing export quotas for the next five years.
The period which has elapsed since the date of the provisional agreement
has been occupied in a study of details of the administration of the plan,
and the purpose of next week's conference will be to effect an agreement
concerning these details. Among the que-tions to be settled are the
following:
Setting up a permanent international commission to supervise operation
of the plan, and determination of the constitution of this commission and
the basis upon which delegates from interested countries shall vote in
making decisions.
Determination of the location of the headquarters of the permanent
commission.
Election of a permanent chairman and chief executive officer.
Devising a plan through which the export quotas of representative
countries may be increased in the event that the world market for sugar
discloses an increasing demand.
The fundamental purpose of the plan is to save the sugar industry
from disaster through restoring the equilibrium between supply and demand, thus resulting in a normal world price. For the permanent protection of the industry it is declared that a safety valve must be devised
which would prevent the possibility of unusual profits as well as production
above world requirements.
The last-mentioned problem is an extremely difficult and complicated
one. Material concerning it is being collected from producing centres
throughout the world, and it is expected that by the time the plenary
conference meets next week, sufficient data on the subject will have been
gathered to enable the conference to adopt measures which will secure the
end sought.
Conferences of individual delegations, especially the Polish and German,
which were to have been held this week, have been postponed in view of
the call for an international conference and will be combined with the
meeting of the conference as a whole next Monday.
German Sugar Industry Agrees on Output Quotas.
A cablegram as follows from Berlin March 22, is taken
from the New York "Journal of Commerce":
The German sugar industry has succeeded in reaching a final agreement
on production quotas. An ordinance designed to give legal force to quotas
thus fixed has already been delivered by the National Government to the
Reichsrat for its necessary approval.
British Sugar Import Duty.
The following (United Press) was reported from London by the "Wall Street Journal" of March 26:
Recommendations of the British Empire Sugar Federation were published proposing that the government consider increasing the import duty
on non-preferential sugars by two shillings and four pence (about 58
cents) a hundredweight.
The Federation maintained the increase would relieve the critical situation in the sugar industry particularly in the West Indies, British Guaina,
and Mauritius without increasing the price to the consumer more than
one farthing (one half cent) per pound.
Cuban Sugar Output Totaled 2,169,492 Tons to March 15,
Against 2,449,574 Last Year
Advices as follows from Havana are taken from the
"Wall Street Journal" of March 23:
Production of sugar in Cuba from the present crop to
March 15 amounted to 2,169,492 tons, according to the
Sugar Club. It compares with 2,449,574 tons in the same
period of 1930. The average yield this year has been
12.42% against 11.92% in 1930.
By provinces, production compares as follows: Pinar
del Rio 64,529 tons against 88,986 in 1930; Havana, 133,713 against 182,290; Matanzas, 260,147 against 312,777;
Santa Clara, 385,138 against 483,147; Camaguey, 713,800
against 734,200, and Oriente, 612,165 against 648,152;
Siboney
Najasa
Soledad
Jobabo
Jatibonico
La Francis
Washington
Caracas
Cape Cruz
Natividad
,--Output in Bags—
Actual
Quota
53,508
41,936
60,091
58,820
83,134
83,495
212,556
212,556
255,027
255,027
56,692
57,020
85,833
85,833
123,570
123,570
49,255
49,255
48,918
48.918
Meeting of Cuban Co-Operative Sugar Export Agency
Postponed to April 15.
The "Wall Street Journal" of March 20 stated in
Havana advices that the meeting of stockholders of the
Co-operative Sugar Export Agency, the former "single
seller" for Cuban sugar, has been postponed to April 15
due to lack of a quorum. The meeting is for the purpose
of liquidating the Agency, distributing the $250,000 paidin capital and $450,000 addition realized from the sale
of sugars.
Resignations from National Sugar Export Corporation
of Havana.
The following from Havana is from the "Wall Street
Journal" of March 20:
Walter S. Bartlett and Robert Lehman have resigned as members of
the National Sugar Export Corporation and have been succeeded by Elmo
J. Miller and George T. Walker.
25 Cuban Centrals Finish Grinding Current Sugar Crop.
In an account from Havana the "Wall Street Journal"
of March 24 stated that there are 25 Cuban centrals
which have completed grinding the current sugar crop,
the latest being Perseverancia, Mercedes (Matanzas),
Trinidad, Alaba, Dos Roses, Miranda, Cunagua, Macareno, Tuinicu, Francisco Ermita, Jaronu, Conchita, Por
Fuerza and Lugareno.
Sugar Beet Prices.
From the "Wall Street Journal" of March 24 we take
the following from Scottsbluff, Neb.:
As a counter proposal to the otter of Great Western Sugar Co. to pay
a minimum of $5.50 a ton for sugar beets, the growers association has
offered to accept $6.50 as the minimum under the same terms as the
1930 contract contained, or $6 as a minimum with a 60-40 division of the
net returns from manufactured sugar, the higher percentage to the grower.
The same paper reported the following from Ogden in
its March 26 issue:
H. A. Benning, general manager of American Beet Sugar Co. and
Amalgamated Sugar Co., its subsidiary, contemplates a heavy increase
in beet acreage this year throughout Amalgamated's area.
The contract price this year is $6 per ton, a decrease of $1 from last
season. Uniform prices for labor agreed upon are $6.25 per acre for
thinning; first hoeing, $2; second hoeing, $1,25; topping and loading, 75
cents per ton.
Petroleum and Its Products—Prices Posted in New
East Texas Fields are at Same Level as Mid-Continent Postings—Pacific Coast Independents Organize Marketing Group.
Magnolia Petroleum Co., subsidiary of the Standard Oil
Co. of New York, posted prices for crude oil from the new
fields in East Texas at the same level as presently prevailing
in the mid-Continent areas, effective March 26, yesterday.
This action places the company in a position where it will
have to, under the provisions of the Texas common purchaser law, take all oil offered to it. The move followed the
completion of the company's pipe line into the fields. Present
indications are that other major companies will follows the
lead of Magnolia in posting prices.
The price schedule posted by Magnolia is significent when
it is realized that the posted prices run about 37 cents a
barrel above the former price. Producers in the area have
been offering oil at from 30 to 40 cents a barrel, whereas the
new schedule ranges from 40 cents to 67 cents a barrel, according to the specific gravity. The new prices are the same
as posted in the Mid-Continent fields and thus do not conflict with the present market.
The fact that it is practically certain that the new fields
will be placed under proration is believed to have been an
instrumental factor in inducing Magnolia to post at the
higher levels. The opposition of the, Independents to any
proration dwindled when it was made known to them that
2292
the country's largest importing companies have either already curtailed their imports, or are taking steps towards
curtailment at the present time.
Other favorable developments during the week included
the news that independent producers on the Pacific Coast
have formed a co-operative marketing organization. Formation of this organization will be followed by immediate cuts
in production from wells controlled by independents, according to California oil men.
The action of the independents, who have been unwilling
to assume their proper share of the curtailment program
until the present, will aid a lot in straightening out the weak
position of the Pacific Coast oil markets. At present prices,
operators are suffering severe losses on sales of both crude
and refined products. Curtailment,in which the independent
producers can count on the major companies for co-operation
according to past indications, will solve the immediate problem of overproduction that is depressing the Pacific Coast
markets.
Over 70% of the California's independent producers have
already joined the new organization, and in a short time it
is expected that the independent operators will be 100%
behind the new venture. Estimates of the time necessary
to place all fields under a curtailment plan show that it will
be anywhere from 30 to 60 days before this can be carried
out according to independent operators.
Price changes follow: •
March 27-Magnolia Petroleum Co. this day posted prices for crude oil
from Rusk and Gregg counties, Texas, starting at 40 cents a barrel for 28
degrees, with a one-cent spread up to and including 28 degrees, which is
placed at 43 cents. From that point the differential is two cents. making
40 degrees gravity and above 67 cents a barrel. Other major producers
are expected to post schedules at this level shortly. Magnolia is the first
major company to post prices in the new fields.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradfort, Pa
$2.15 Smackover, Ark.. 24 and over
Corning, Ohio
Eldorado, Ark., 40
Cabell, W. Va_
1.05 Rusk, Texas, 40 and over
Illinois
.80 Urania. La
Western Kentucky
.75 Salt Creek. Wyo., 37
Mideontinent, Okla., 37
.67 Sunburst, Mont
Hutchinson, Texas,40 and over_ __ _ .50 Santa Fe Springs, Calif., 40 and over
Kettleman Hills, 40 and over
.60 Midway-Sunset, Calif
Spindletop. Texas. grade A
.80 Huntington, Calif., 26
Spindletop, Texas, below 25
.69 Petrol's, Canada
Winkler. Texas
.40
5.45
.67
.67
.75
1.55
.70
.50
.72
1.50
REFINED PRODUCTS-TANK CAR PRICE OF GASOLINE OUTKEROSENE EASY AS DEMAND DROPS-FUEL OIL OFF.
A reduction of Mc. a gallon in the New York harbor tank
oar gasoline price was the feature of the week's refined products markets. Following the recent easiness in the bulk
gasoline market, the out brought prices to 6Mc. a gallon.
Kerosene,faking a drop in consumption, were easy and closed
the week freely offered at shaded prices. Fuel oil contracts
being made for the coming season are being consummated at
levels considerably lower than prevailed last year:
After price shading by independents throughout the past
10 days had softened the bulk gasoline market, Standard Oil
of New York posted a reduction of Mc. a gallon in the New
York harbor price in the middle of the week. Similar cuts
were posted by Atlantic Refining, Gulf Refining, Sinclair,
and Shell Eastern, the latter cutting the price to 7c., a cut
of lc. Standard of New York's new price is 6Mc. a gallon,
in tank cars, at the refineries. It is thought that the remaining large refiners will swing into line with the new postings shortly.
Market developments in the bulk gasoline field were conflicting, with consumption mounting each day and reports
from the American Petroleum Institute stating that stocks
of stored gasoline are at a new high. It is generally conceded
that the stocks, now around 47,000,000 barrels, cannot be
brought to the 40,000,000-barrel level set for April 1. However, local dealers feel that with the year's heaviest consuming season just around the corner, this excess storage will
soon be brought down to working levels. The present rate of
consumption is increasing daily and promises record movements when the season gets fully under way.
With the end of the season of heavy consumption approaching,kerosene prices are weak and 41-43 water white, although
still posted at 6 to 63c. a gallon, tank car, is being freely
/0. a gallon. Demand is small and dealers are
offered at 53
resorting to price shading to move present stooks quickly.
In sympathy with the easiness existing throughout the
market in general, contracts now being entered into for
furnace fuel oil requirements for the 1931-32 season are
bearing considerably lower prices than a year ago. The
maximum price reported so far is 6Mc. a gallon for 28
Beaume gravity fuel oil, as contrasted with 73
4c. a gallon a
year ago, and 73o. last fall. These contracts for the period
from June 1 1931 to May 31 1932.
[Vol,. 132.
FINANCIAL CHRONICLE
Price changes follow:
March 24-Standard Oil of New York to-day posted a reduction of Mc.
a gallon in the tank price of gasoline, making new price 6Mc. a gallon,
tank cars, New York.
March 25-Sinclair, Gulf, and Atlantic Refining to-day posted a Mc. a
gallon reduction in the New York harbor tank car price of gasoline, conforming with the cut posted yesterday by Standard Oil of New York.
March 26-Shell Eastern to-day posted a 1-cent a gallon reduction in the
Atlantic Seaboard tank car gasoline price, making new price in New York
harbor 7c. a gallon, Mc. above the price posted by the majority of other
refiners. Cities Service posted a cut of Mc. a gallon in its New England
terminals, meeting cut posted by competitors.
Gasoline. U. S. Motor, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)N. Y..04-.04)-4
Arkansas
Stand. 011, N.J--$.07
Colonial-Beacon $.07 California
$.05-.07
tStand. Oil, N. Y.. .06%
Sinclair Ref
.06M LosAngeles,ex_ 04%-.07
Tide Water011 Co. .07
Crew Levick
.07
Gulf Coast, ax. 0434-.05
Richfield 011(Cal.) .0714
Texas
North Louisiana-04-.0434
.08
Warner-Quinl'nCo .07
Gulf
0614 North Texas- .03;4-.0314
Pan-Am. Pet. Co. .0714 Chicago
0344-.045( Oklahoma-----03)4-.04
Shell Eastern Pet. .07 New Orleans ex -- .05
Pennsylvania.05f(
tPlus freight.
•
Gasoline, Service Station, Tax Included.
New York
5.162
$.16 Minneapolis
$ 163 Cincinnati
Atlanta
.22 Cleveland
195
16 New Orleans
Baltimore
1.62 Denver
16 Philadelphia
19
Boston
155 Detroit
.158 San Francisco
105
Buffalo
158 Houston
2
19 Spokane
Chicago
13 Jacksonville
21 Bt. Louis
139
Kansas City
149
Kerosene,41-43 Water White Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne) 5.08-.0634 !Chicago
$ 02%-.03if New Orleans, ex-- -5.0534
North Texas- .0214-.03 1Los Angeles, ex.0434.-06 Tulsa
03H-.03ii
Fuel Oil, F.O.B. Refinery or Terminal.
New York(Bayonne)1 California 27 Pins D
Coast
l8-2D_,.450Gulf "C"-- $.65-.70
Bunker "C"
$1.05
5.75-1.00 Chicago
1.85 New Orl'ns 18-20 D .70-.75
Diesel 28-30D
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)'ChicagoTulsa28D plus-S.044,
32-3613 Ind.1.0134-.02
4-.054i I 32-36D Ind_$.01%-.02
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended March 21 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 16,079,000 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, 46,758,000 barrels of
gasoline and 127,691,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking process
indicate that companies owning 94.9% of the potential
charging capacity of all cracking units manufactured 2,904,000 barrels of cracked gasoline during the week. The
complete report for the week ended March 21 1931 follows:
CRUDE RUNS TO STILLS, GASOLINE, AND GAS AND FUEL OIL STOCKS,
WEEK ENDED MARCH 21 1931.
(Figures In Barrels of 42 Gallons Each.)
District.
Per Cent
Potential
Capacity
Reporting.
East Coast
100.0
93.8
Appalachian
Ind., Illinois, Kentucky 97.5
Okla., Kan.,Missouri
89.4
Texas
91.9
Louisiana-Arkansas-- 98.3
Rocky Mountain
93.1
California
98.8
Crude
Runs
to
Mils.
Per Cent
OPer.
of Total
Capacity
Report.
Gasoline
Stocks.
3,216,000
658,000
2,122,000
1,751,000
3,754.000
1,015,000
336,000
3,227,000
75.0
70.9
79.6
60.7
72.1
55.3
34.4
51.9
8,689,000
1,662,000
5,616,000
3,473,000
7,767,000
1,913.000
1,874,000
15,764,000
Gas
and
Fuel
Oil
Stocks.
7,180,000
1,163,000
3,066,000
3,547,000
8,178,000
2,372.000
838,000
101,347,000
Total week March 21 95.7
16,079,000
64.3
46,758,000 127,691,000
Daily average
2,297,000
Total week March 14 95.7
16,201,000
64.8
45,821,000 127.358,000
Daily average
2,314,400
Total March 22 1930_ 95.5
17,744,000
72.5 a54,078,000 11137.126.000
Day average
2,534,900
b TeXa8 Gulf Coast...-. 100.0
5,923,000
2,800,000
6.580.000
75.5
b Louisiana Gulf Coast_ 100.0
679,000
65.8
1.330,000
1,719,000
a Revised due to change In California, b Included above in table for week ended
March 21 1931 of their respective districts.
Note.-All figures follow exactly the present Bureau of Minos definitions. Crude
oil runs to stills Include both foreign and domestic crude. In California, stocks of
heavy crude and all grades of fuel oil are Included under the heading "Gas and
Fuel 011 Stocks."
Italian Government Subsidizes Shale Oil Production
A convention subsidizing the production of crude oil from
shale has been signed between the Italian Government and
an Italian company generally known as A. B. 0. D., according to advices received In the Department of Commerce,
Commercial Attache Mowatt M. Witchell, Roma. The Department's advices, Mar. 17, state:
The company owns large deposits of bituminous limestock near Ragusa
and Vizzine, in Sicily, which are said to contain as high as 12% of oil.
which is extracted by distillation at a low temperature in order to avoid
the passing over of sulphur, present in considerable quantities. Capital
for this development has been sought for some years, although a company
has been in existence since 1922. Under the present convention the company is obligated to erect, at its own risk and expense, a plant to produce
60,000 tons of crude oil yearly, and to have it operating at that capacity
within three years. The Government grants a subsidy of 140 lire (about
$7.50) per ton of oil of a specified grade.
Copper Wire Price Reduced.
General Cable Corporation has reduced the price of
bare copper wire, in carload lots to 11% cents a pound
from 12 cents.
MAR. 28 1931.]
FINANCIAL CHRONICLE
2293
Crude Oil Production in United States Continues crude oil which it purchases, averaging about 10e. per barrel
in the California fields. A detailed schedule of the new
To Rise.
The American Petroleum Institute estimates that the prices follows:
PRICE PER BARREL IN FIELDS INDICATED.
daily average gross crude oil production in the United States
(All gravities above those quoted take highest price offered in that field).
for the week ended March 21 1931 was 2,268,050 barrels,
as compared with 2,190,550 barrels for the preceding week,
Fields-See
Elwood
Playa
Fields-See
Note (y)•
Terrace.
Note (a).
Gravity.
Del Ray.
an increase of 77,500 barrels. Compared with the output
$0.55
$0.65
for the week ended March 22 1930, of 2,535,900 barrels 14-14.9
.55
.65
15-15.9
.55
per day, the current figure shows a decrease of 267,850 16-16.9
.65
.55
17-17.9
.65
barrels daily. The daily average production east of Cali- 18-18.9
.55
.65
.55
19-19.9
.65
fornia for the week ended March 21 1931 was 1,736,150 20-20.9
.56
80.56
.66
.56
.56
.66
barrels, as compared with 1,662,650 barrels for the preceding 21-21.9
F.O.B. Ship.
.56
.56
22-22.9
.66
week, an increase of 73,500 barrels. The following are 23-23.9
.56
.56
.66
.56
.56
24-24.9
.66
estimates of daily average gross production by districts:
.57
.57
25-25.9
.67
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedMar. 21 '31 Mar. 14 '31 Mar. 7 '31. Mar. 22'30
Oklahoma
509,800
501,650
572,100
616,200
Kansas
112,450
111,400
109,800
117.150
Panhandle Texas
52,350
53,050
53,700
93,550
North Texas
59,450
59,500
58.300
80,800
West Central Texas
25.300
25,200
25,300
51,300
West Texas
231.350
234,650
232,750
334,000
Ewa Central Texas
138,900
129,650
100.700
25,200
Southwest Texas
75,600
75,050
74,650
61,600
North Louisiana_
40,500
41,250
39,950
38,650
Arkansas
48,400
47,950
47,300
58,700
Coastal Texas
147,500
152,350
154,050
183,950
Coastal Louisiana
26,100
26,550
26,750
19,100
Eastern (not including Michigan)
97,500
100,000
101,000
120,250
Michigan
8,550
8,650
9,000
11,650
Wyoming
41,800
44,550
43,950
50,350
Montana
8,400
8,050
8,650
8,250
Colorado
4,150
4,200
4.250
4,400
New Mexico
39.900
37,250
40,850
11,400
California
527,900
531,900
523,500
649,400
Total
2,268,050 2,190,550 2,156,700 2.535,900
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, north, west central, west,
east central and southwest Texas, north Louisiana, and Arkansas, for the
week ended March 21, was 1,354,650 barrels, as compared with 1,283,800
barrels for the preceding week, an increase of 70,850 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was
1,322,550 barrels, as compared with 1,251,200 barrels, an increase of
71,350 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow;
-Week Ended-Week EndedOklahomaMar.21 Mar.14 Southwest TexasMar.21 Mar.14
Bowlegs
6,400 9,250 Chapmann-Abbot
4,800 5,000
Bristow-Slick
12,750 12,750 Darst Creek
28.500 29,550
Burbank
13,300 13,650 Luling
9,400 9,450
Carr City
13,850 10,100 Salt Flat
14,650 15,000
Eariaboro
34,300 18,200 North LouisianaEast Earishoro
10,750 17,550 Sarepta-Carterville
1,450 1,500
South Earlabor°
6,450 7,100
7.600 7.950
Konawa
13,650 12,650 Zwolle
Little River
Arkansas12,850 15,700
East Little River
6,800 7,250 Smackover, light
4,300
Maud
4,650 2,650 Smackover.heavy
32,100 342,6401
Mission
2,100 4,300 Coastal TexasOklahoma City
149,200 132,800 Barbera Hill
18,800 19,500
St. Louis
38,050 24,350 Raccoon Bend
9,400 9.200
Searight
7,650 5,750 Refugio County
28,600 31,250
Seminole
26,500 15,800 Sugarland
11,800 11,950
East Seminole
3.050 2,300
Coastal Louisiana/KansasHackberry
2,150 2,150
18,000 19,500 East
Selagwick County
goo
Old
800
IlackberrY
19,200 19,300
Voat1911
WaorntnePanhandle Texas27,500 24,550
39,600 j39.600 Salt Creek
Gray County
Hutchinson County_ _ _ 9,400 8,700 MontanaKevin-sunburst
4,250 4.200
North TexasArcher County
11.800 11,900
New MexicoNorth Young County
9.200 9,300 Hobbs High
32,100 30,600
Wilbarger County
10.500 10,400 Balance Lea County
6,300 6,950
West Central TexasSouth Young County
California2,600 Y.: 2,600 Elwood-Goleta
Huntington Beach
West TexasInglewood
Crane & Upton Counties 24,400 24,600 Kettleman Hills
7,300 5,800 Long Beach
Bator County
22,500 22,050 Midway-Sunset
Howard County
26,450 25,650 Playa Del Rey
Reagan County
Winkler County
47,800 48,700 Santa Fe Springs
89.850 88,850 Seal Beach
Yates
Balance Pecos County
4,100 3,400 Ventura Avenue
East Central TexasVan Zandt County
Rusk County:
Joinerfleld
Kilgore
Gregg County:
Longview
38,500
21,600
15,200
25,000
90,600
(52,300
30,300
71,500
16,400
45,000
Pennsylvania Grads35,500 34,900 Allegtuay
Bradford
40,350 45,800 Kane to Butler
36,850 29,750 Southeastern Ohio
Southwestern Penns_ __ 14,350 7,150 West Virginia
32,200
22,600
15,400
26,600
90.800
52,300
29,700
71,500
16,300
45,300
6,050 6,050
21,850 21,150
6,800 6,100
6,700 6,550
2,300 2,950
13,800 12,200
.57
.67
.57
.67
.57
.67
.57
.67
.58
.68
Subject to
.58
.68
.58
field gather.68
.58
ing charge o
.68
5c per barrel$0.68
.68
.69
.69
.69
.69
.69
37-37.9
.69
.69
38-38.9
.69
.69
39-39.9
.69
.70
40-40.9
.70
x Signal Hill, Seal Beach, Alamitos Heights, Huntington Beach, IngleTorrance, RichAthens-Rosecrans-Dominguez,
wood, Olinda-Brea Canon,
field, Whittier, La Habra, Montebello, Coyote Hills and Santa Fe Springs.
y Newhall, McKittrick, Kern River, Midway-Sunset, Elk Hills, Buena
Vista Hills, Lost Hills, Coalinga and Wheeler Ridge.
26-26.9
27-27.9
28-28.9
29-29.9
30-30.9
31-31.9
32-32.9
33-33.9
34-34.9
35-35.9
Price of Copper Again Goes to 10 Cents.
The following is from the New York "Times" of
March 25:
Prices of copper were reduced Yr cent a pound yesterday to 10 cents a
f., base European ports.
pound domestic delivery and 10.30 cents c.
As a result foreign sales increased materially, amounting to 6,650,000
pounds. The domestic market, however, was stimulated little by the cut.
For several days custom smelters have been quoting the metal at 10
cents a pound here while the producers have been holding at log
cents. The price of Copper Exporters, Inc., has been 10.55 cents c. f.,
Hamburg, Havre andaLondon.
Quiet Prevails in Non-ferrous Metals-Export Copper
Reduced-Lead Steady-Zinc Price Unsettled.
No change of importance occurred in non-ferrous metal
markets in the last week, "Metal and Mineral Markets"
reports. A moderate tonnage of copper sold in the domestic
market at 10 cents, delivered, and export sales were stimulated by a reduction to 10.30 cents, c. i. f. The report continues as follows:
Though the price of copper in the domestic market has not quotably
changed from the 10 cents delivered level of the last few weeks, a larger
quantity is available at that level, for it is now generally quoted by all
sellers. None of the large producing groups is actively going after business
at 10 cents, but several, at least, are booking small tonnages to regular consumers on that basis.
Reports from the brass mills are encouraging, showing less stocks of
unmanufactured copper and a gradually increasing degree of productive
activity. The seasonal improvement in automobile manufacture is in part
responsible, but other industries also are using more brass and copper than
they did during the winter.
Lead was unchanged, both in volume of sales and in prices, which held at
4.50 cents, New York, and 4.25 cents, St. Louis. The outstanding deveL.
opment in the lead situation was the news from abroad on the meeting of the
producers held in London to consider proposals for a reduction in foreign
output of 15 to 20%.
Zinc continued to hold at 4 cents for all deliveries until Tuesday, when
good sales for forward shipment were made at that level, but some sellers
had to accept a little less for prompt. The price of Straits tin held above 27
cents most of last week, with little or no change in the general situation
On Tuesday the price fell below 27 cents and some good buying for consumers
took place, sufficient in volume to steady the market.
Steubenville Plant of Wheeling Steel Corporation Resumes
Operations.
Standard Oil Company of New York Cuts Price of Tank
Under date of March 23 Associated Press advices from
Car Gasoline-Action Is Followed by The Sinclair Steubenville, Ohio, said:
The Steubenville plant of the Wheeling Steel Corporation will resume
Refining Company.
operation on Wednesday, it was announced today. It employs 950 men.
The Standard Oil Company of New York has reduced the Other steel mills in this section are expected to announce increased operaprice of tank car gasoline half a cent. The new prices, which tions within two weeks.
became effective March 24, are 63 cents New York, 6%
cents Boston and Providence, and 7 cents Portland, Maine.
Houde Engineering Plant at Buffalo, N. Y., Recalls
No change was made in the Buffalo price. The Sinclair
250 Employes.
Refining Company has met the reduction in the price on
Associated Press advices from Buffalo, N. Y., March
the Atlantic Seaboard.
13 said:
The Houde Engineering Company announced today that 250 employes
Reduction in Price of Crude Oil by Standard Oil
who were laid off during the past year would be recalled Monday. The
Company of California.
plant already has recalled 300 workers, and with the new contingent
The Standard Oil Company of California announced that back at work all regular employes of the company will be again on the
payroll. J. Copeland Gray, personnel supervisor, explained that the recall
effective Friday, March 20, at 7 a. m., a reduction had been of workers was largely the result of "the seasonal increase in automobile
made in the prices paid for the average grade of refinable business." The company manufactures automobile accessories.
2294
FINANCIAL CHRONICLE
Unchanged-Composite Price For
Finished Steel Declines.
Mixed tendencies in prices, production and bookings
characterize:the iron and steel market as the end of March
draws near, says the "Iron Age" of March 26. Recently
announced advances on heavy rolled steel products contrast
sharply with renewed weakness in flat rolled products.
Higher quotations on pig iron in the Valleys and in Alabama
for Northern shipment are out of harmony with the persistent
sensitivity offprices in other centers. Even scrap, traditionally the bellwether of all iron and steel products, has latterly
lost its position of leadership in price movements. In the
face of a continued dearth of activity in most grades of old
material, such price changes as there are lack consistency,
evidencesrof strength at Pittsburgh contrasting with weakness at St. Louis and Detroit, and a mixed trend at Chicago.
The "Age" also goes:on to say:
Steel
Output
Steel mill operations likewise are irregular, with both increases and
decreases reported, and raw steel output for the country at large is unchanged at 57%, bringing to a halt the uninterrupted expansion of production that began in the first week of January. But a lull at this juncture
may have no particular significance, in view of the changing character of
steel demands and the protracted development of seasonal activities.
It is now clear that construction work will contribute materially to mill
schedules in coming weeks and the trend of automobile output. if less
certain, is nevertheless distinctly encouraging. Fabricated structural steel
lettings, at 155,000 tons, are of record proportions and the large amount of
pending work has been augmented by inquiries for 91,000 tons. Bids on
125,000 tons for Pennsylvania RR. improvements were taken Monday and
early awards are in prospect. Demand for reinforcing steel is also expanding, with inquiries for 18,000 tons and lettings totaling 9,500 tons,
and business in this product will show further growth as highway construction programs get under way. Line pipe bookings of the week are
confined to 6,000 tons for a 50-mile Texas project placed with the Milwaukee
fabricator, but a very large pipe tonnage is before the trade and likely to
be translated into orders in the near future.
The promising outlook in construction doubtless encouraged the recent
advances to 1.70c., Pittsburgh, and 1.80c.. Chicago. on plates, shapes and
bars for second quarter. Since the new prices do not go into effect until
April 1, buyers still have an opportunity to cover their needs at 1.65c,
Pittsburgh. To what extent this price will govern on second quarter tonnage is also uncertain, since first quarter contracts at 1.60c. were extended
by some companies before the Carnegie announcement was made. Moreover, many buyers who have first quarter contracts have not specified in
full against those commitments and may, if they with, order out sufficient
steel to carry them part way through the next three-month period.
Recent advances in strip steel have been nullified to a large extent, except
so far as spot prices are concerned, by the acceptance of considerable
second quarter tonnage at the old market levels. In sheets, the decline
of a week ago on automobile body material has been followed by a $2 a ton
recession on black sheets and steel furniture stock, bringing the former
down to 2.25c. and the latter to 3.50c.
These breaks in the market reflect an anxiety for business that more than
offsets cost considerations. Yet the balance sheet, frequently overlooked
by outsiders, strongly influences the price policy of producers in a period
of subnormal business activity. Alabama pig iron makers are reported to
be generally adhering to last week's 50c. advance to $11. Birmingham, on
metal for Northern delivery, and Valley makers have announced increases
of 50c. a ton on basic, foundry and gray forge. Expansion in pig iron
demand is slow, with most of the betterment attributable to the improved
operations of automobile plants.
Weakness in steel sheets has depressed the "Iron Age" composite price
for finished steel to 2.128c. a lb., after having held at 2.142c. for ten weeks.
Pig iron and scrap are unchanged-the former at $15.71 a ton for the sixth
week and the latter at $11.08 for the third week. A comparative table
follows;
Finished Steel.
Based on steel bars, beams, tank plates
Mar. 24 1931, 2.128e. a Lb.
2 142e,J wire, rails, black pipe and sheets.
One week ago
One month ago
2.1420.1These products make 87% of the
2.312c. United States output.
One year ago
Low.
High.
2.121c. Jan. 6
1931
2 142c. Jan. 13
2.121c. Dee. 9
1930
2.3620. Jan. 7
2.3620. Oct. 29
2 4120. Apr. 2
1929
2.314c. Jan. 3
1928
2.391e. Dee. 11
2.293e. Oct. 25
2 453c. Jan. 4
1927
2.4030. May 18
1926
2.453e. Jan. 5
2.3960. Aug. 18
1925
2 560e. Jan. 6
Pig Iron.
Mar. 24 1931, $15.71 a Gross Ton.
Based on average of basic iron at Valley
One week ago
515.711 furnace and foundry Irons at Chicago.
One month ago
15.711 Philadelphia, Buftalo,Valley and BirOne year ago
17.751 mingham.
Low.
High.
$15.90 Jan. 6
$15.71 Feb. 17
1931
18.21 Jan: 7
15.90 Dec.16
1930
18.71 May 14
18.21 Dec. 17
1929
18.59 Nov. 27
17.04 July 24
1928
19.71 Jan. 4
17.54 Nov. 1
1927
21.54 Jan. 5
19.46 July 13
1926
22.50 Jan. 13
18.96 July 7
1925
Steel Strap.
Based on heavy melting steel quoMar. 24 1931, $11.08 a Gross Ton.
$11.08 fattens at Pittsburgh, PalladelPha
One week ago
11.17 and Chicago.
One month ago
14.58
One year ago
High.
Low.
$11.33 Jan. 6
$11.08 Feb. 17
1931
11.25 Dee. 9
15.00 Feb. 18
1930
17.58 Jan. 29
14.08 Dec. 3
1929
13.08 July 2
16.50 Dec. 31
1928
15.25 Jan. 11
13.08 Nov.22
1927
14.00 June 1
17.25 Jan. 5
1926
15.08 May 5
20.83 Jan. 13
192&_-
[VOL. 132.
Last week's record award of 125,000 tons of structural steel for the Metropolitan Square-Radio City development in New York to subsidiaries of
the United States Steel Corp. is to be followed closely by the distribution of
120,000 tons by the Pennsylvania Railroad.
However, increased prices announced for the second quarter on steel
bars, plates and shapes-comprising the bulk of all steel tonnage-have
neither prompted users to specify out their lower-priced contracts or protect
themselves prior to the second $1 advance effective Apr. 1.
The situation in these products is somewhat complicated by varying
policies regarding carryovers, but most producers will accept until Mar. 31
specifications on current contracts to be shipped at mills' convenience.
In other steel products, principally sheets, a mixed price situation also
also obtains. A long-awaited conflict between continuous and jobbing
mills on high finishes of sheets has come out in the open. The former 3.30c.
Pittsburgh price on these sheets has retreated to 3.20c-Perhaps even lower
-and some mills declare their determination to retain their customers regardiess of cost. vidI
a
,
51 bw4194
This break in the high finishes threatens to permeate through the entire
sheet price structure, and in isolated cases concessions are reported on the
common finishes. Some shading of strip steel, chiefly to the automotive
trade, is reported. On wire products the new $2 advanced prices have not
yet been put to the test.
Fourteen producers have bid on the approximately 120,000 tons of steel
for the Pennsylvania RR., with the following Eastern mills apparently
being low on certain sections; McClintock-Marshall division of Bethlehem
Steel Corp., American Bridge Co., Lehigh Structural Steel Co., Phoenix
Bridge Co., Shoemaker Bridge Co. and Belmont Iron Works. Opinion is
that the bulk of the tonnage will be booked by Bethlehem. Under the
Clayton act, an award by April 3 is madatory.
Without the benefit of a 125,000-ton award, as was the case last week.
structural orders this week approximate 27,000 tons, compared with the
unusual total of 146,484 tons last week and 26,426 tons in the comparable
week of 1930. Thus far in 1930 structural orders total 497,012 tons; a
year ago they were only 425,148 tons.
Strip, wire, bars, plates, pipe-in fact practically all steel products save
structurals-appear on dead center. Automotive requirements are broadening, but at a slow rate. Inertia is most marked in pipe, there being no new
bookings except 6,000 tons for a Texas line booked by the A.0.Smith Corp.,
which also has formally announced the closing of the remainder of Southern Fuel Co. line in California. The North Central Gas Co., New York,
has withdrawn its inquiry for 30,000 tons of pipe.
Steelmaking operations, after an unbroken rise from the 33% low of the
holiday period to the 57% rate of last week, have receded one point this
week to 56%. Pittsburgh operations are up 2% points this week to 52%%
and Chicago is unchanged at 60% and Youngstown at 51, but eastern Pennsylvania mills are off 1 point to 51%. Cleveland off 2 to 68, Buffalo off 5 to
46. Birmingham is steady at 65%.
Those Lake Superior iron ore producers who have quoted on the Ford
Motor Co.'s inquiry for 290,000 tons have reaffirmed last year's prices.
which was expected.
"Steel's" market composite is unchanged this week at $31.71 following
its 10-point rise last week. Next week the composite will enter the area
where second-quarter prices will affect it provided producers hold.
Fractional gains were shown in the production of steel
ingots for the week ended last Monday (Mar. 23), according
to the "Wall Street Journal" of Mar. 26. The average
comor the industry is up about 34 of 1%, to nearly 57%,
pared with a shade under 5-6. % in the preceding week and
54% two weeks ago. The "Journal" further states:
The United States Steel Corp. is running at about 55%%,against 55% a
week earlier and 54% two weeks ago. Leading independents are around
57%%, contrasted with nearly 57% in the previous week and 54% two
weeks ago.
At this time last year the Steel Corporation was running at better than
80%, with independents around 66%, and the average was under 73%.
In the same week of 1929 the Steel Corporation was at 97%. independents
around 92ji%,and the average about 94%%. For the corresponding week
of 1928 the Steel Corporation was running 88%.independents at 78%.
and the average was 83%•
One Radio Set to Every Twenty Persons in Canada.
Canada has one radio receiving set for each 20.8 persons,
according to official records of licensed radios at the end
of 1930, states a report from Consul Julian F. Harrinton,
Ottawa, made public by the Department of Commerce. In
its advices to this effect, dated Mar. 18, the Department
adds:
During 1930, 472,531 sets were registered, an increase of 48,385 over
the previous year.
Ottawa led all other provinces of the Dominion in licensed sets, followed
by Quebec and British Columbia, respectively.
The six leading cities in Canada in number of radio sets licensed at the
close of 1930 were: Toionto, Montreal, Vancouver, Winnipeg, Hamilton,
and Ottawa, in the order named.
The number of gratis licenses issued to the blind during the period from
April 1 1930 to Dec. 31 1930 was 654, while in the corresponding period
of 1929 the number issued was 589, the report states.
Canada Fixes Import Duty Valuation on
Bituminous Coal.
The following values for import duty purposes on bituminous coal-slack, $1.00 per ton, and run of mine, $1.25 per
ton-have been established by the Canadian Minister of
National Revenue under authority of an Order-in-Council
issued Mar. 12 1931, according to a telegram from ComSteel presents a top-heavy market this week,stated "Steel" mercial Attache Lynn W. Meekins, to the Department of
in its issue of Mar. 26. Large consumersrapparently are Commerce. It is further stated by the Department:
These values apply at point of production. When exported to Canada
satisfied with general conditions and prices:and are proceedfrau diversion point or intermediate distributing point, all charges to
ing with their projects, but rarely have average buyers such point
must be added. Dumping duty applies on shipments at lower
been so indifferent to their future requirements, added values. Imports bona fide purchased and in transit to Canada on or before
Mar. 14 are not affected.
"Steel," which further went on to say:
2295
FINANCIAL CHRONICLE
MAR. 28 1931.]
Temporary Free Admission of Iron or Steel Sheets
Into Canada.
The following products of iron or steel are admitted free
of duty into Canada from all sources from Jan. 1 to Aug. 31
1931, inclusive, or unless previously dealt with by Parliament, reports Commercial Attache Lynn W. Meekins to the
Department of Commerce, namely: Sheets of iron or steel,
coldrolled, when imported by manufacturers for use exclusively in the manufacture of sheets coated with tin, and
sheets, hoop, band, or strip, of iron or steel, hot rolled, when
imported by manufacturers for use exclusively in the manufacture of sheets, hoop, band, or strip, coated with zinc or
other metal or metals, not including tin, in their own
factories.
The Department states that the above regulation was
established by Order-in-Council dated Mar. 11 1931, and
the new item has been designated as Tariff No. 798.
3,000 Miners Strike at Wilkes-Barre, Pa.
From the New York "Times" we take the following
from Wilkes-Barre, Pa., March 24:
It was estimated that about 3,000 men responded today to the strike
call voted last night by miners employed in some of the collieries of
the Glen Alden Coal Company, to have grievances adjusted. About 7,000
men employed at Glen Alden collieries where working orders were posted,
reported for work today, while for 5,500 there was no work scheduled.
Officials of District No. 1, United Mine Workers, said that only two of
the normally operating collieries went out.
COAL PRODUCED IN THE PRINCIPAL COUNTRIES OF THE WORLD
IN THE CALENDAR YEARS 1928, 1929 AND
1930, IN METRIC TONS a.
(Prepared by L. M. Jones, Bureau of Mines).
Country-
1928.
NORTH AMERICA12,439,470
Canada-Coal
3,494.505
Lignite
68,354,261
United States-Anthracite
454,265,822
Bituminous and lignite
1,025,475
Other countries
SOUTH AMERICA
2,016,941
EUROPEBelgium
27,578.300
Czechoslovakia-Coal
14,560,305
20,451,421
Lignite
51,365,427
France-Coal
1.074,627
Lignite
150,860,599
Germany-Coal
165,588.097
Lignite
13,106,718
Saar c
783,279
Hungary-Coal
6,510,070
Lignite
10,920,054
Netherlands-Coal
196.696
Lignite
40,616.384
Poland-Coal
73,560
Lignite
Russia-Coal.a
f 30,566,000
Lignite_ g
Spain-Coal
6,370,508
422,504
Lignite
241,283,355
United Kingdom-Great Britain
Northern Ireland-Lignite
650
Other countries
14,970,867
ASIAChina
25,091,760
India, British
22,904,685
Japan (incl. Taiwan and Karafuto)
Coal
35,817,377
Lignite
121,923
Other countries
10.765.586
AFRICASouthern Rhodesia
1,094,843
Union of South Africa
12,606,576
Other countries
485,982
OCEANIAAustraliaNew South Wales
9,599,841
Other States
4,047,374
New Zealand-Coal
1.370,37!
Lignite
1,105,483
Other countries
16,500
1929.
1930.
12,272,806
3.599,720
66,975,462
485,330,952
1,057,796
2,010,124
10,366.407
3.123,739
63,323,000
418,782,000
b
b
27,405,560
26,931,460
14,572,332
16.521.457
19,316,246
22,560.796
53,736,497
53.884,035
1,187,406
1,142,733
163,437.056 142,697,760
175,177.932 145,913,818
13,579.348 d13,390,500
826.270
b
6,993,940
e6,019,000
11.581,202
12,210,634
156,568
b
46,236,037
37.499,548
74,321
175,000
38.423,000
39,912,000
7,058,316
438,951
262,046,206
327
16,098,830
h7,183,000
h376,000
247.662,000
b
b
b
b
22,495,347 d20,986.000
136,000,000
139,031
11,985,675
136,000,000
b
b
1,036,816
13.018,328
480,140
941,458
12,222,500
b
7,740,61!
7.000,000
4,560.803
February Production of Bituminous Coal and Pennb
1,389.107
1,817,458
February Production of Bituminous Coal and
117,000
Pennsylvania Anthracite Off.
Total
1,464,000,000 1,559,000,000 1,410,000,000
According to the United States Bureau of Mines, Departa One metric ton equivalent to 2,204.6 pounds. b Estimate included in total.
ment of Commerce, the total production of bituminous C Mines under French control. d Estimates on the basis of 11 months' figures.
e Estimated on the basis of 10 months'figures. 1 Approximate production. g Data
coal for the country as a whole during the month of Febru- for
Year ended Sept. 30. h Estimated on the basis of nine months' figures.
ary 1931, with 23.9 working days, is estimated at 31,408,000
Note.-The above table of production by countries is based upon such official
sources
as are at present available, supplemented by trade information. The
net tons. This is in comparison with 38,542,000 tons figures are
subject to revision.
produced during the 26.3 working days of January. The
average daily output in February was 1,314,000 tons, a
decrease of 151,000 tons, or 10.3%, from the daily output Production of Bituminous Coal and Pennsylvania
of 1,465,000 tons for the month of January.
Anthracite Shows Increase Over a Year Ago.
The production of Pennsylvania anthracite amounted to
According
to the United States Bureau of Mines, Depart5,391,000 net tons in February and 6,157,000 tons in
ment
of
Commerce,
output of bituminous coal and PennsylJanuary. The Bureau's statement further shows:
vania anthracite during the week ended March 14 1931,
Production
of
Coal
by
States
in
February
(Net
Tons)
a.
Estimated Monthly
the preceding week of this
Feb. 1931, Jan. 1931. Feb. 1930. Feb. 1929. Feb. 1923. showed an increase over both
State1,050,000 1,265,000 1,392,000 1,582,000 1,629,000 year and the corresponding period last year. During the
Alabama
153 000
215,000
101,000
64,000
156.000
Arkansas
743,000 1,160,000
921,000 period under review, there were produced 8,371,000 net
514,000
819,000
Colorado
3,915,000 5,065,000 4,897,000 6,707,000 7,938,000
Illinois
1,161,000 1,478,000 1,513,000 1,926,000 2,439,000 tons of bituminous coal, 1,085,000 tons of Pennsylvania
Indiana
493 000
269,000
362,000
335 000
542,000 anthracite and 36,300 tons of beehive coke, as compare
Iowa
370,000
282,000
253,000
377,000
180,000
KAMM
Kentucky-Eastern
2,438,000 3,076,000 3,497.000 3,964,000 2,216,000 with 8,077,000 tons of bituminous coal, 917,000 tons of
922,000 1,028.000 1,600,000
902,000
Western
696.000
253,000
222,000
219.000
202,000 Pennsylvania anthracite and 65,700 tons of beehive coke
Maryland
175,000
75.000
74,000
61,000
105.000
Michigan
66,000
440,000
Missouri
219,000
297,000
325,000
316,000 during the same period in 1929, and 7,705,000 tons of
Montana
175.000
200,000
244,000
360.000
317.000 bituminous coal, 957,000 tons of Pennsylvania anthracite
New Mexico
122,000
166,000
154,000
231,000
233,000
127,000
North Dakota
200,000
245.000
155,000
147,000 and 38,500 tons of beehive coke in the week ended March 7
Ohio_
1,765,000 2,068,000 1,880,000 1,859,000 2,764,000
109.000
222,000
Oklahoma
289,000
445.000
245,000 1931.
8,690,000 9,735.000 10,083,000 11,718,000 12,300,000
Pennsylvania(Bitum.)
During the coal year to March 14 1931, a total of 422,550,391.000
482.000
417,000
493,000
Tennessee
505,000
60.000
40,000
101.000
Texas
95,000
03.000 000 net tons of bituminous coal were produced as against
257,000
510.000
358,000
697,000
Utah
382,000
782,000 1,008.000 1,032,000 1,130,000
Virginia
846,000 499,575,000 tons in the coal year to March 15 1930. The
128,000
172,006
Washington
184,000
281,000
307,000
5,521,000 6,739,000 7,130,000 8,377,000 4.644,000 Bureau's statement follows:
West. Va.--Southern_b
Northern_cWyoming
Other States_d
2,225.000 2,523,000 2,668,000 2.850,000 2.526,000
321,000
430,000
437,000
647,000
621,000
8.000
9,000
13,000
18.000
27,000
Total bituminous coal_31,408,000 38,542,000 39,555,000 48.137,000 43,645,000
5,391,000 6,157,000 6,157,000 6,425.000 7,602,000
Pennsylvania anthracite
Total all coal
36,799,000 44,699,000 45,712,000 54,562,000 51,247,000
a Figures for 1929 and 1923 are final. b Includes operations on the N. & W.,
C.& 0., Virginian, and K.& M. c Rest of States, including Panhandle. d Figures
are not strictly comparable for the several years.
Note.-Above are given the first estimates of production of bituminous coal, by
States, for the month of February. The distribution of the tonnage is based in
part (except for certain States which themselves furnish authentic data) on figures
of loadings by railroad 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.
World Output of Coal in 1930 Estimated at 1,410,000,000
Metric Tons, as Compared with 1,559,000,000 Tons
in 1929.
The world production of coal of all grades in 1930, according to preliminary figures compiled by the Bureau of Mines,
was 1,410,000,000 metric tons, a decrease of 149,000,000
tons when compared with 1929. Of the 1930 production,
197,000,000 tons, or about 14% of the total, was lignite,
and 1,213,000,000 tons was bituminous coal and anthracite.
In comparison with 1929, the output of lignite decreased
14.7% and the production of bituminous coal and anthracite, 8.7%.
BITUMINOUS COAL.
The total production of soft coal during the week ended March 14 1931.
including lignite and coal coked at the mines, is estimated at 8,371,000 net
tons. Compared with the output in the preceding week, this shows an
increase of 666,000 net tons, or 8.6%. Production during the week in 1930
corresponding with that of March 14 amounted to 8,077,000 tons.
Estimated United States Production of Bituminous Coal (Net Tone).
1929-30----1930-31
Coal Year
Coal Year
to Date.,
Week.
to Date.
Week EndedWeek.
8,179,006 482,933,000
7,455,000 406,474,000
Feb. 28
1,363,000
1,447,000
1,676,000
1,264,000
Daily average
8,565,000 491,498,000
7,705.000 414,179,000
March 7 b
1,428.000
1.443,000
1,677,000
1,284,000
average
Daily
8,077.000 499,575,000
8,371,000 422,550,000
March 14 c
1,442,000
1,346,000
1,676,000
1,395,000
Daily average
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.
The total production of soft coal during the present coal year to March 14
(approximately 293 working days) amounts to 422,550,000 net tons.
Figures for corresponding periods in other recent coal years are given below:
565,598,000 net tons
tons
1929-30
499,575,000 net toI1926-27
420,270,000 net tons
491.805,000 net tons 1921-22
1928-29
1927-28
456,865,000 net tons
As already indicated by the revised figures above, the total production of
soft coal for the country as a whole during the week ended March 7 is
estimated at 7,705,000 net tons. This is an increase of 250,000 tons, or
3.4%, over the output in the preceding week, when working time was
curtailed by the partial holiday on Feb. 23. The following table apportions
the tonnage by States and gives comparable figures for other recent years:
2296
[VoL. 132.
FINANCIAL CHRONICLE
Estimated Weekly Produdion of Coal by States (Net Tons).
March '31.
Week Ended
State.Mar.7'31. Feb. 28'31. Mar.8'30. Mar.9'29. Aver. a
423,000
392,000
297,000
Alabama
261,000
258,000
22,000
33.000
14,000
14,000
Arkansas
18,000
195.000
181,000
142,000
117,000
Colorado
142,000
898,000 1.039,000 1,170,000 1,684.000
Illinois
1,070,000
575.000
401,000
312,000
280,000
309,000
Indiana
122,000
98,000
72,000
Iowa
66,000
57,000
84,000
70,000
39,000
39,000
KAMM
54,000
560,000
935,000
688,000
554,000
Kentucky-Eastern
612,000
215,000
302,000
221,000
157,000
Western
164.000
52,000
58,000
43.000
44.000
39.000
Maryland
32,000
14,000
16,000
14,000
Michigan
14,000
60,000
87,000
60,000
Missouri
55,000
65,000
68,000
76,000
55,000
Montana
34,000
49,000
53,000
54,000
34,000
New Mexico
32,000
28,000
34,000
31,000
38,000
29,000
North Dakota
32,000
740,000
410,000
400.000
Ohio
424,000
391,000
55,000
96,000
27,000
Oklahoma
23,000
32,000
Pennsylvania(bit.)
2,045,000 2,099,000 2,362,000 2,772,000 3,249,000
118,000
112,000
101,000
94,000
Tennessee
96,000
19,000
23,000
21,000
Texas
10,000
11,000
68,000
101,000
82,000
60,000
Utah
64,000
230,000
263,000
217,000
188,000
Virginia
198,000
74,000
51,000
48,000
28,000
Washington
32,000
W.Va.-Southern b
1,294,000 1,332,000 1,515,000 1,892,000 1,172,000
717,000
689,000
617,000
540,000
Northern c
536,000
136.000
132,000
100,000
75,000
Wyoming
79,000
4,000
7,000
5,000
2,000
2,000
Other States d
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended March 14 Is estimated at 1,085.000 net tons. Compared
with the output in the preceding week, this shows an increase of 128.000
tons, or 13.4%. Production during the week in 1930 corresponding with
that of March 14 amounted to 917,000 tons.
Estimated Production of Pennsylvania Anthracite (Nd Tons).
1930s
1931Daily
Daily
Average.
Week.
Week EndedWeek.
Average.
182,300
1,094,000
Feb. 28
1433,000
206,000
192.700
1,156,000
March 7
957,000
159,500
152,800
917,000
March 14
1,085,000
180,800
with
1931.
comparability
a Figures for 1930 revised slightly to insure
BEEHIVE COKE.
The total production of beehive coke during the week ended March 14 is
estimated at 36,300 net tons. This is in comparison with 38,500 tons
produced during the preceding week and 65,700 tons during the week in
1930 corresponding with that of„March 14.
Total bituminous coal_ 7,705,000 7,455,000 8,565,000 10,447,000 10,764,000
Pennsylvania anthracite.- 957,000 1,133.000 1,156,000 1,762,000 2,040,000
Estimated Weekly Production of Beehive Coke (Net
Week Ended
March 14
March 7 March 15
Region193I.b
1931.c
1930.
Pa.,Ohio and W.Va_--32,400
33,800
58,500
3,300
3,900
4,800
Tennessee and Virginia_ _
600
800
2,400
Colo., Utah and Wash__
Tons).
1931
to
Date.
356,600
32,200
11,500
8,662,000 8,588,000 9,721,000 12,209,000 12,804,000
Total all coal
a Average weekly rate for the entire month. b Includes operations on the N.dr W.;
C. dr O.; Virginian, and K. dr M. c Rest of State, including Panhandle. d Figures
are not strictly comparable In the several years.
United States total-.
36,300
38,500
65,700
400,300
729,600
Daily average
6,050
6,417
11581
10,950
6,354
a Minus one day's production first week in January to equalize number of days In
the two years. b Subject to revision. c Revised since last report.
1930
go
Date.a
638.400
60,900
30,300
Current Events and Discussions
Below is the statement for the New York member banks
and that for the Chicago member banks for the purrent
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks. The
present week's totals are exclusive of figures for the Bank
of United States in this city, which closed its doors on
On March 25 total Reserve bank credit amounted to $858,000,000, a Dec. 11 1930. The last report of this bank showed loans
decline of $49,000,000 for the week. This decline corresponds with de- and investments of about $190,000,000. The grand aggrecreases of $79,000,000 in member bank reserve balances, $15,000,000 in
gate of brokers' loans the present week records a decrease
money in circulation, aad $3,000,000 in unexpended capital funds, &c.,
and an increase of $4,000,000 in monetary gold stock, offset in part by a of $5,000,000, the total on March 25 1931 standing at
decrease of $51,000,000 in Treasury currency, adjusted.
$1,908,000,000. The present week's decrease of $5,000,000
Holdings of discounted bills increased $3,000,000 during the week,
follows
an increase last week of $94,000,000 and an increase
Federal
Reserve
$11,000,000
at
the
the principal changes being increases of
Bank of San Francisco and $2,000,00;) at Boston, and decreases of $3,- of $29,000,000 two weeks ago. Loans "for own account"
000,000 at New York and $2,000,000 each at Philadelphia and Minneapolis increased during the week from $1,373,000,000 to $1,414,The System's holdings of bills bought in open market declined $40,000,000
and of United States securities $19,000,000, largely as a result of the 000,000, but loans "for account of out-of-town banks"
decreased from $294,000,000 to $260,000,000 and loans
Treasury's quarterly fiscal operations.
Beginning with the statement of May 28 1930, the test "for account of others"from $246,000,000 to $234,000,000.
accompanying the weekly condition statement of the Federal CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Reserve banks was changed to show the amount of Reserve
New York.
bank credit outstanding and certain other items not preMar.251931. Mar.181931. Mar.261930.
viously included in the condition statement,such as monetary
3
8 036,000,000 8,083,000,000 7,756,000,000
gold stock and money in circulation. The Federal Reserve Loans and investments-total
Board's explanation of the changes, together with the defini- Loans-total
5,521,000,000 5,529,000,000 5,810,000,000
tion of the different items, was published in the May 31
On securities
3,244,000,000 3,219,000,000 3,280,000,000
All other
2,277,000,000 2,310,000,000 2,530.000,000
1930 issue of the "Chronicle" on page 3797.
March
25,
in
ended
Investments-total
2,515,000,000 2,554,000,000 1,946,000,000
The statement in full for the week
comparison with the preceding week and with the correU. S. Government securities
1,404,000,000 1,457,000.000 1,120,000,000
1,111,000,000 1,097,000,000 826,000,000
sponding date last year, will be found on subsequent pages- Other securities
Reserve with Federal Reserve Bank
793,000,000 853,000,000 751,000,600
namely, pages 2340 and 2341.
Cash in vault
47,000,000
42,000,000 *42,000,000
Changes in the amount of Reserve bank credit outstanding
Net demand deposits
5,869,000,000 5,945,000,000 5,320,000,000
year
ended Time deposits
and in related items during the co:: and the
1,213,000,000 1,199,000,000 1,351,000,000
Government deposits
85,000,000
131,000,000 168,000,000
March 25 1931 were as follows:
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ended March 25, as reported
by the 12 Federal Reserve banks, was $880,000,000, a
decrease of $60,000,000 compared with the preceding week
and of $174,000,000 compared with the corresponding week
In 1930. After noting these facts, the Federal Reserve Board
proceeds as follows:
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
Mar.251931. Mar,181931. Mar. 26 1930.
$
165,000,000
-42,000,000
+3.000,000
83,000,000 %.
--40,000,000 -173,000,000
599,000,000 -19,000,000
+70,000,000
10,000,000
-22,000,000
+5,000,000
TOTAL RES'VE BANK CREDIT__ 858,000,000 -49,000,000
4,689,000,000
+4,000,000
Monetary gold stock
1,765.000,000 -51,000,000
Treasury currency adjusted
-167,000,000
+269.000,060
-25,000,000
4,547,000,000 -15,000,000
Money in circulation
2,357,000,000 -79.000,000
Member bank reserve balances
non-memfunds,
capital
Unexpended
407,000,000 -3,000,000
ber deposits, &a
+80.000,000
+17,000,000
-21,000,000
Due from banks
Due to banks
107,000,000
983,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
For own account
1,414,000,000 1,373.000,000 1,424,000,000
For account of out-of-town banks
260,000,000 294,000,000 1,118,000,000
For account of others
234,000,000 246,000,000 1.278,000,000
Total
On demand
On time
Loans and investments-total
Loans-total
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve Districts
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
116,000,000 127.000.000
1,311,000,000 1,382,000,000
On securities
All other
Investments-total
1,908,000,000 1,913,000,000 3,820,000,000
1,517,000,000 1,502,000,000 3,337,000,000
391,000,000 411,000,000 483,000,000
Chicago.
1,963,000,0000 1,993,000,000 1,854,000,00
1 325,000,000 1,352,000,000 1,495,000,000
781,000,000
544,000,000
638,000,000
805,000,000
547,000,000
641,000,000
899,000,000
596,000,000
358,000,000
U.S. Government securities
339,000,000 344,000,000 157,000,000
Other securities
299,000,000 297,000,000 202,000,000
Reserve with Federal Reserve Bank_ _
172,000,000 18d,000,000 174,000,000
Cash in vault
13,000,000
12,000,000
12,000,000
Net demand deposits
1,194.000,000 1,215,000,000 1,228,000.000
Time deposits
619,000,000 620,000,000 530,000,000
8,000,000
31,000,900
40,000.000
Government deposits
Due from banks
171,000,000 171,000,000 117.000,000
Due to banks
390.000,000 405,000,000 338,000.000
Borrowings from Federal Reserve Bank_
• Revised.
MAIL 28 1931.]
FINANCIAL CHRONICLE
2297
Complete Returns of the Member Banks!of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
1 Nerve Board respecting the returns of tho entire body of
L aporting member banks of the Federal Reserve System for
the week ended with the close of business on March 18:
banks is now included; (3) minor coin (nickels and cents)
has been added. On this basis the figures this time, which
are for Feb. 28 1931, show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $4,620,413,509, as against $4,609,687,314 Jan. 31 1931
and $4,578,508,351 Feb. 28 1930, and comparing with
85,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only 83,458,059,755. The following is the statement:
oj
:l w Rg g
Pgr,rFFO t
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on March 18 shows increases for the week
of $425,000,000 in holdings of Government securities and of $522,000,001
in Government deposits also of $141,000,000 in loans and $57,000,000
net demand deposits. Total loans and investments,largely as a result of t1::.
Treasury's operations in connection with quarterly tax payments, increased
$534.000,000.
Loans on securities increased $123,000,000 in the New York district and
$41,000,000 in the Chicago district, and declined $,36,000,000 in the other
districts, all reporting banks showing a net increase of $128,000,000. "All
other" loans increased $40,000,000 in the New York district, $12,000.000
in the Minneapolis district and $13,000,000 at all reporting banks, and
declined $19,000,000 in the Boston district and $9,000,0
In the Chicago
district.
Holdings of Government securities Increased subst
tally in nearly all
districts, the total increase being $425,000,000. Holdings of other securities
declined $30,000,000 in the New York district and $32,000,000 at all
reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $27,000.000 on March 18, the principal change for the
week being an increase of $6,000,000 at the Federal Reserve Bank of San
Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
-2
.COO
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Reserve with Federal Res've banks 1,846,000,000
Cash in vault
205,000,000
Net demand deposits
13,782,000,000
Time deposits
7,249,000,000
522,000,000
Government deposits
Due from ban
1.956,000,000
Due to banks
3.994.000,000
-1,000,000
-10,000,000
+57.000,000
+2,000,000
+522,000,000
+193,000,000
-7.000,000
.4
0
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27,000,000
+707,000,000
+274,000,000
+242,000,000
+148,000,000 +737,000,000
+239,000,000 +1,061,000,000
-8,000,000
-25,000,000
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SianitoSellSilver.
Paris press advices March 26 said:
Dispatches say that the Government of Siam has decided to sell a
part of its excess silver currency and purchase gold to be placed in
reserve, augmenting the fiduciary circulation.
Wage Cuts Avert Closing of Mexican Silver Mine.
From the New York "Sun" we take the following from
Mexico City yesterday (March 27):
Danger of shutdown of the Dos Extrellas mine, one of the largest Mexican silver mines, was averted today by agreement of the management and
employees in Federal Arbitration Court.
The agreement provides for salary reductions corresponding to the fall
in silver prices, and if silver falls below 24 centavos a troy ounce the
company will cease operations entirely. The mine employs 3,500 men.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
In the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as
follows: (1) The statement is dated for the end of the month
instead of for the first of the month; (2) gold held by Federal Reserve banks under earmark for foreign account is
now excluded, and gold held abroad for Federal Reserve
CO
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International Mortgage Bank Issues First Loan.
From the "Wall Street Journal" of March 24 we take
the following from Paris:
International Mortgage Bank at Basle has issued first loan of 25,000,000
Swiss francs 6% 15-year bonds, whereof 7,750,000 Swiss francs were
taken by Helbert Wagg & Co., London; 2,250,000 Swiss francs by Skandinaviska Kreditatienbolaget, Sweden, and 15,000,000 Swiss francs by
Swiss banks. Issue price is 99.60%.
Bank for International Settlement subscribed to a small portion to
indicate its moral support of issue.
a.
CO
,4
MONEY OUTSIDE OF THE TREASURY.
Borrowings from Fed. Res. banks_
• March 11 figures revised.
..W.
*00,......a,
000y50000
AU
Other
Money.
7,593,000,000
U. 8. Government securities
MONEY HELD IN TREASURY.
8
88 22
'
500000
ag
•
"o
.w
Total.
Dblo'lobb
3..
5 .•...t.'
.
1
.,.10V.
4.C35
-4,
.
s! .
0 02CO
.0000.4
400y
Held for
Federal
Reserve
Banks
and
Agents.
-689,000,000
-640,000,000
Z00000.
70..00
.,
no
0.
•-•
- ...
tOVP
C.
,
CO
Amt. field in Res'ee Against
Trust Against United States
Notes
Gold and Sitter
Certificates (ct (and Treasury
Notes
Treasury Notes
of 1890).
of 1890).
+141,000,000 -1,329,000,000
7,365,000,000 •+128,000,000
8,153,000,000 '+13,000,000
74.00.0
D41041.0
00.4C0
00.
0 -C. --4 10
4.4y4100-4
DC.M40
00.0000-
E,
:
156,039,088 1,575,421,578
Investments-total
15,518,000,000
0050.y0,
'CrI
M
1
On securities
All other
.Y.ONC
7004.0
4.
0a 'C. 'en 0
- -C.
50.-.40044
0000000
.. .4.
.
M
-coWl...Wg
CO
-4.4t0.......
0
Ic4,080,217,568 2,254,439,089
•
Loans-total
rtn, 110.11
Increase (+1 or Decrease (-)
Since
Afar. 18 1931. Mar. 11 1931, Mar. 19 1930.
$
Loans and Investments-total____ 23,111,000,000
+534,000,000 +597,000,000
,.laaaa
.
1 -0,-..-,.
,, - 0
-
..40W00
J0L00NY
co
rg;
,9,
""'
8,642.545.161
8,404,235,320
8,479,620,8241
5,396,596,677
3,796,456,7641
March 181931, follows:
52,
° G.9.
W
505055
CSOCCCO
0 CO 430
._.,
?..:Y4
a
51.
-a,
a a, C P.
-8
g
a
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.4
a
a Dom not include gold bullion or foreign coin other than that held by the Treasury, Federal Reserve banks and Federal Reserve agents. Gold held by Federal
Reserve banks under earmark for foreign account Is excluded, and gold held abroad
for Federal Reserve banks is Included.
0 These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 Is Included under gold coin
and bullion and standard silver dollars, respectively.
c The amount of money held in trust against gold and silver certificates and
Treasury notes of 1590 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
d This total Includes $33,655,673 gold deposited for the redemption of Federal
Reserve notes ($803,325 in process of redemption), $28,722,305 lawful money deposited for the redemption of National bank notes ($17,998,134 In process of redemption, including notes chargeable to the retirement fund), 51,350 lawful money
deposited for the retirement of additional circulation (Act of Slay 30 1908), and
$10,763,886 lawful money deposited as a reserve for postal savings deposits.
e Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
The money in circulation includes any paper currency held outside the continental limits of the United States.
Note.-Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
Silver dollars held in the Treasury for their redemption: United States notes are
secured by a gold reserve of $156,039,088 held In the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which are also
secured dollar for dollar by standard silver dollars held in the Treasury: these notes
are being canceled and retired on receipt. Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper
as is eligible under the terms of the Federal Reserve Act. Federal Reserve banks
must maintain a gold reserve of at least 40%, including the gold redemption fund
which must be deposited with the United States Treasurer. against Federal Reserve
notes In actual circulation. Lawful money has been deposited with the Treasurer
of the United States for retirement of all outstanding Federal Reserve bank notes.
National bank notes are secured by United States bonds except where lawful
money
has been deposited with the Treasurer of the United States for their retirement.
A
5% fund is also maintained in lawful money with the Treasurer of the United
for the redemption of National bank notes secured by Government bonds. States
229:;
FINANCIAL CHRONICLE
[VoL. 132.
special meeting, in which each will summarize the financial and economic
J. P. Morgan's Trip Abroad.
position in his country.
J. P. Morgan, whose arrival in Paris was noted in our
Immunity for B. I. S. Deposits.
issue of a week ago, page 2103, reached Naples, Italy,
[Editorial in New York "Journal of Commerce", Mar. 21.]
the
to
route
en
on March 25 on board his yacht Corsair
The Bank for International Settlements is reported to
Near East with the Archbishop of Canterbury.
be seeking to secure full diplomatic immunity for the gold
deposits which it may place in various countries. The bank
wants assurance that such deposits will be protected against
Greece.
Visit
T. M. Lamont of J. P. Morgan & Co. to
in case of war or in connection with possible lawseizure
Co.,
&
Morgan
P.
J.
of
Thomas W. Lamont, partner
tly it is endeavoring to induce the countries
Consequen
suits.
vacation
sailed last night (March 27) on a six-weeks'
concerned to pass special legislation to insure the desired
trip to Greece, according to the "Wall Street Journal."
protection.
In time of peace, or when wars are confined to restricted
Montagu Norman, Governor of the Bank of England,
areas involving countries subject to pressure from outside,
on Visit to United States.
legalized immunity against seizure of gold belonging to the
Montagu Norman, Governor of the Bank of England, B. I. S. may serve a purpose and there is good reason for
accompanied by Dr. 0. M. W. Sprague of Harvard, who taking all possible precautions against avoidable losses.
is attached to the Bank as statistical adviser, arrived in Experience in previous wars, however, especially in the
New York yesterday (March 27), on the steamer last great war, proves the futility of international agreeBerengaria. At the time of his departure from England ments and special legislation to protect property against
a week ago, an official statement issued in London said seizure in national emergencies. There is no law that can
with
that he was coming to the United States to confer
prevent a sovereign State from confiscating property if it
York
New
of
Bank
Reserve
Federal
the
the Governor of
to do so, and in the last war every nation involved
chooses
From the
on "general questions of mutual interest."
property in defiance of past promises and
private
seized
folthe
take
New York "Evening Post" of last night we
s.
convention
nal
internatio
visit:
lowing with regard to Governor Norman's no special signifithat the private ownership of
supposed
was
it
of
Once
call
courtesy
a
merely
His visit was described as
were concerned, but central banks would protect them against confiscation of
problems
financial
international
as
cance as far
the prospect that he will talk
speculation on the purpose of his visit raised
belief was
other current topics of their gold reserves in case of war. This naive
over foreign financing, long term credits and his stay here.
to
were
disposed
who
s
banking
authoritie
some
on
by
bankers
held
even
interest to European and American
and will visit Washington.
However, a
ed
banks.
of
State-own
dangers
the
He will remain in this country until April 14
emphasize
that
from London
Governor Norman ignored reports cabled overnight
the establishment of sophisticated pessimism does not preclude taking steps to
he had come here to propose to American financiersmarkets, particularly
new
reduce the danger of loss of gold reserves by making conan international bank to finance trade with
Soviet Russia, through long-term credits.
for any country tempted
adviser to the Bank fiscation as unpleasant as possible
However, Professor 0. M. W. Sprague, American
believed there was to commit depredations.
he
said
Norman,
Governor
accompanied
who
England,
of
Governor Norman long
no truth to the reports, although he remarked that
trade in some such
had been interested in the idea of financing foreign
manner.
Berengaria docked
Governor Norman was greeted at the pier when the
Governor of the Federal
shortly before noon by George L. Harrison,
Reserve Bank of New York.
Governor Harrison twice
They shook hands and exchanged greetings.
since the latter was here
has visited the head of England's central bank
in 1929.
visitor to the
Governor Harrison, who planned to take his distinguished
still had his right arm in a
New York Reserve Bank this afternoon,
Carolina
North
in
suffered
he
sling as result of a shoulder injury
a buggy.
several weeks ago when he was thrown out of
To Visit Washington.
York Reserve Bank
Governor Norman probably will make the New
visit administration officials
his headquarters while he is here. He will
but no date has
Harrison,
Governor
in Washington in company with
been set for the visit.
Geneva Conferees Unify Laws on Negotiable Paper—
Twenty-five Nations Sign Three Conventions Fixing Practice on Continent and in Japan.
The following Geneva advices, Mar. 19, are from the New
York "Times":
The second conference for unification of laws on bills of exchange,
promissory notes and checks closed to-day with the record, as its Dutch
President, Joseph Limburg, emphasized, of being the League of Nations's
first successful codification of internal commercial law. The conventions
signed to-day, Mynheer Limburg added, may be regarded as "the cradle of
a world law".
Three conventions were signed, One providing uniform regulations for
checks, another settling certain conflicts of law in connection with checks,
stamp laws in connection with checks. As a result
" and the third covering
An account in the New York "Journal of Commerce of these conventions Mynheer Limburg predicted, "the use of cheeks in
to our countries will make a new and considerable advance."
said that the conversations of Governor Norman are
coThe conventions really amount to a unification, as far as they go, of
further
of
out
working
the
with
chiefly
be concerned
the laws on checks for the 25 signatories, all of which, save Japan, are
of
gold
outflow
the
halt
to
operative measures designed
European States. The first such conference similarly unified Continental
temporarily attained practice regarding bills of exchange and promissory notes.
from England, an objective already
during the past fortnight.
Seeks Immunity
Bank for International Settlements
.
for Gold Deposits in Various Countries
"
(Commerce
of
"Journal
York
New
In its Mar. 19 issue the
Bank for
the
which
problems
major
the
on
one
that
stated
the present
International Settlements is seeking to solve at
in various
it
by
made
gold
of
deposits
of
placing
the
is
time
to
countries on a basis of diplomatic immunity, according
went
item
The
situation.
the
with
touch
in
here
bankers
on to say:
to permit the
This will be necessary, it is believed in these circles, centers.
the various financial
International Bank to function freely in
to have deposits of
The Bank for International Settlements will have
act as regulator of exchanges, it is
gold in various central banks If it is to
on an entirely satisfactory basis,
pointed out. Such deposits, to be made
of war or in connection with
should be protected against seizure in the event
possible lawsuits, it is pointed out.
Settlements
At the present time deposits of the Bank for International reparations
with
are granted immunity, it is stated, only in connection
the powers.
transfers, under the terms of The Hague agreement among
full immunity for all gold
New negotiations will be necessary to gain
legislation will be required
deposits, and it is believed here that special
which signed
in all countries to bring this about effectively. All countries
connection, it is
The Hague agreements are about to be approached in this
learned here.
would be necessary
Should similar immunity be desired in this country, it
In view of the
to have special legislation of Congress, it is pointed out.
in the
attitude of the State Department toward American participation
that any step
as
unlikely
regarded
International Bank, however, it is
been
would be taken toward achieving such immunity here before it has
obtained abroad.
Bank for
It is further learned here that at the general assembly of the
International Settlements in Basle on May 19, Governors of the 21 European
Central Banks will be present. The Gbvernors are scheduled to hold a
Accord Covering Custom Laws and Tariffs Agreed
Upon by German and Austrian Governments—
Protests to Austria by France, Italy and Czechoslovakia Allege Violation of League of Nations
Protocol.
Agreement upon a customs union between Germany and
Austria, whereby, it is stated, tariff rates and laws of the
two countries are to be brought into complete harmony, was
announced on Mar. 21. Its text is given elsewhere in these
columns to-day. At Vienna on Mar. 22, according to United
Press accounts, official announcement was made that diplomatic representatives of France, Italy, and Czechoslovakia
had called on Foreign Minister Johann Schober and protested against the tariff accord with Germany. These
advices, as given in a Vienna cablegram to the New York
"Herald Tribune", said:
The diplomats told Dr. Sthober that their countries regarded the new
pact as a violation of the 1922 League of Nations protocol whereby Austria,
in return for a loan, repeated its promise contained in the St. Germain peace
treaty between the Allies and Austria never to forfeit its sovereign rights.
The United Press understands that Austria will ask the opinion of the
Permanent Court for International Justice (World Court) if these Powers
do not alter their attitude. It was explained that the Powers did not
protest to Germany because Germany signed no sovereignty agreement
against such a union.
Based on Newspaper Reports.
The protests, based on newspaper reports, demanded a definite statement
on the Austro-German agreement, outlining its scope. The Cabinet is to
meet to-morrow to formulate the statement. If it is regarded by the Powers
as unsatisfactory, it was understood that France, Italy, and Czechoslovakia
would make written representations.
FINANCIAL CHRONICLE
MAR. 28 1931.]
2299
The protest by Czechoslovakia states if the agreement constitutes an outright union it is against the 1922 protocol; if it is not a union, but
provides preferential tariffs between Austria and Germany, it violates the
peace treaties and the "most favored nation" clause in Austria's trade
pacts.
Tariff Accord Between Germany and Austria Respects
All Pacts, Geneva Feels—League Experts Hold
Protocol and Treaty Not Violated.
The following copyright advices from Geneva, Mar. 23,
Regarding the accord, Associated Press advices from Berare from the New York "HeraldCribune":
lin on Mar. 23 said:
Despite widespread criticism of the Austro-German economic entente,
Germany and Austria, under the proposed customs union between them,
would retain complete independence, abolish customs levies on AustroGerman traffic and split their net customs receipts on a fixed scale, a
protocol published by the German Government to-day indicates.
Both countries bind themselves to negotiate with any other nation which
wants to enter a similar agreement, and each country is to bear the cost of
its customs administration.
Both Germany and Austria are left free to conclude commercial treaties
with other nations, but when such treaties are made Germany and Austria
will conclude separate treaties, ratified documents concerning which would
be exchanged simultaneously with the third Power.
To-day's protocol characterizes the proposed customs union as initiating
a new order in European economic conditions by means of regional treaties.
In quoting the communique issued in the matter, a Berlin
cablegram, Mar. 21, to the New York "Times" stated:
An out-and-out customs union in fact and name has been agreed upon by
the German and Austrian Governments, it was officially announced here
to-day, though this union will differ in several important respects from all
such previous agreements.
A communique containing this confirmation of yesterday's report was
released simultaneously here and in Vienna this afternoon. The communique was designed to take the place of the publication of the text
of the understanding reached by the two governments following the
recent visit of Foreign Minister Julius Curtius to the Austrian capital.
London, Paris, and Rome have been informed of the intention of the two
Germanic governments to create a unified customs and trade practices
agreement, it is learned, and all the States bordering on Austria and
Germany will be officially informed. The notification expressly includes
an invitation'to join and declares that the move is designed to be a first
step toward a European customs union as envisaged in Aristide Briand's
memorandum on pan-Europe.
Differs from Other Projects.
It is ,estimated that at least three months will be necessary to perfect
the details, after which both Parliaments must ratify the agreement for
it to become effective. The points on which it differs from other such
projects are:
The independence of each country remains unimpaired, the tariff administration of each is to be maintained separately, each partner retains the
right to make trade agreements with other States so long as they do not
infringe on the well-being of the other partner, an arbitration court on
which both are equally represented shall be formed for settling disputes
and the treaty shall run for three years, after which it may be terminated
upon a year's notice.
Otherwise a straight customs union is foreseen. No duties will be
imposed on traffic between the two countries, tariffs with other countries
will be regulated jointly, as far as possible, and the total customs receipts
of the two countries will be pooled and divided on a scale still to be
determined.
Austrian and German tariff rates and laws are to be brought into complete harmony with one another. The only exception is that certain Austrian duties on special German goods will be maintained temporarily to
allow Austrian industries involved to make necessary adjustments.
"Both governments see clearly that the desired goal cannot be reached by
ordinary methods of trade policy and that a new road must be found," the
communique states. "Dr. Schober as early as last September at Geneva
expressed the conviction that a better organization of European economy
must begin with regional agreements.
Decide on Practical Start.
"Following up this idea, the two governments decided to make a practical start along this line and to start negotiations leading toward a treaty
which would harmonize the customs and trade regulations and relationships
between the two countries. The governments, furthermore, agreed that
other European countries should be invited to join such an arrangement if
they wished."
Thus the move is linked up with the Briand conception of Pan-Europe,
and there can be little doubt that this point is stressed to forestall as much
as possible complaints from abroad that this proposed union represents
a violation of the treaty provisions forbidding a political union. Reports
from Paris and Prague already indicate a tendency on the part of some
of the newspapers of these countries to raise a clamor.
But the Austro-German customs union is only a first step, it is reliably
learned here. The larger outlines of the plan envisage the long-wished-for
Central European unit—under German domination—which is designed to
extend southeastward to include agrarian States, such as Rumania, Yugoslavia, and Hungary, and form a well-balanced economic unit. This, however, is a matter for the future.
Political Union Forbidden.
The immediate problem, brought to a head by the dire economic situation, is the creation of a single economic unit out of the two Germanspeaking peoples. A political union is forbidden by the treaties of Versailles and St. Germain, but a customs union of the type mentioned, which
automatically tends to knit the two into a close business entity, is not
expressly mentioned.
Among other reasons for this particular form of understanding between
the two is the most-favored-nation clause. Only by a customs union can
the protests of countries enjoying most-favored-nation treatment with one
of the two partners be silenced, it appears, for according to precedent a
union is not tantamount to granting special commercial favors which other
treaty holders might demand for themselves.
It is anticipated that the provisions of this agreement will come into
force about the beginning of 1932. The details must be worked out,
ratification by both Parliaments must be obtained—no serious opposition
is expected—and reasonable notice must be served on the business world
before the union can become effective.
It is understood that both Germans and Austrians feel this is the psychological moment for a move of this kind, following as it does on the heels
of the failure of the Geneva tariff truce conference and coming just before
the spring meeting of the pan-Europe commission, which, it is felt, will
welcome signs of practical steps in the direction of regional agreements.
some of the experts of the legal section of the League of Nations are
inclined to believe that the action taken by the Vienna Government involvei
neither the Treaty a St. Germain nor the Geneva Agreement of 1922. In
fact, several observers here express the belief that assertions to the contrar
may simply serve to strengthen the hands of Adolph Hitler and the Fascist
extremists in Germany.
One League expert explained to-day his view of the present position
as follows:
"Under the agreement of October 1922, which guaranteed the loan to
Austria floated in the succeeding year, and which was signed* by Great
Britain, France, Italy, and Czechoslovakia, as well as by Austria, the lastnamed did indeed undertake to abstain from every economic engagement
calculated even indirectly to compromise her independence. The document
specified, however, that this undertaking did not prevent Austria from
maintaining, subject to the provisions of the treaty of St. Germain, such
freedom in the matter of tariffs or financial agreements and all affairs
touching her commercial relations as do not violate that independence,
which this agreement certainly does not seem to do."
Customs Accord Between Germany and Austria Blow
to Foreign Minister Briand of France.
The following from Paris, Mar. 22 (copyright), is from
the New York "Herald Tribune":
Foreign Minister Aristide Briand's pet project of a European union has
received its rudest setback to date with the announcement, made yesterday,
of the newly negotiated Austro-German customs union. So surprisingly
bitter is the animus displayed in Paris over what is termed here a first
step toward the "Anschluss" (political union of the two countries), and
toward the feared "Mittel-Europa" of pan-German pre-war dreams that
it may be said no international event in several years has aroused parallel
resentment.
It appears, indeed, that M. Briand's position in the Cabinet of Pierre
Laval, where he is again Foreign Minister, may be threatened seriously
as a consequence, and that the incident may kill any chances he has of
succeeding Gaston Doumergue in the Presidency of the republic next June,
if H. Briend desires to do so.
Violates Treaty, France Thinks.
Of wider import, however, is the press demand that France join in an
official protest to Vienna against the accord. This demand is made
because it is assumed that the diplomatic overtures already made at Vienna
were merely polite requests for more information.
The French thesis is that an Austro-German customs union violates
Article 88 of the treaty of St. Germain (by which peace with Austria was
concluded after the World War), and also the special agreement which
France, Great Britain, Italy, and Czechoslovakia signed with Austria in
1922, when Austria obtained a $30,000,000 loan. At St. Gemmin, Austria
agreed to abstain from any act of a nature to compromise, directly or
indirectly, its independence. The pact of 1922 stipulated that Austria
would not limit its economic independence "by granting to any State a
special regime or exclusive advantages of a nature to menace that
independence,"
An overwhelming majority of the Paris press, extending from the Right
well into the Left, accordingly brands the Vienna customs pact as breaking
two signed pledges and as threatening Europe's political stability. It is
not overlooked here that there is irony in the Austro-German excuse that
the present leveling of customs barriers has been prompted by M. Briand's
European union scheme and its approval of regional economic agreements.
Consequently, there is condemnation of H. Briand in bitter terms for
giving Berlin and Vienna an excuse to make "Anschluss" and then "MittelEuropa" realities.
Dr. Curtius German Foreign Minister, Defends AustroGerman Accord As Impelled by Aggravated Economic Slump.
In the following telegram to Jules Sauerwein, foreign
editor of "Le Matin", Paris, the German Foreign Minister,
Dr. Julius Curtius, presents the German case for a customs
union with Austria, according to a Berlin cablegram,
Mar. 22, to the New York "Times":
The labor of four years has not resulted in improvement but in aggravation of the economic situation which existed in 1927. All these failures
and disillusion; compel us to recognize that we must set to work on a
smaller scale because it is not possible to balance in a collective accord
the interests of so many different countries, especially in the middle of a
time of crisis such as this.
The attempt which M. Briand has launched in his vast plan to unite
all or almost all the States of Europe in common action cannot succeed
except through long and difficult effort because of the great differehce
in the political economy and conditions which exist in the various countries
of Europe.
On the other hand, actions undertaken in concert in the domain of
commercial policy by some States or by some groups of States whose
interests are more evidently and more intimately connected can be greatly
helpful toward a wider result. The aim which we have all set before Us
of a union of all the European States will be more easily realized if we
conclude regional agreements and if we create spheres of influence which
It will be much easier later to incorporate in a general Pan-European
organization.
Germany and Austria have decided to start out on this road in a
first practical act. They have concluded an accord by which the two
countries will begin immediately negotiations for the conclusion of a
treaty which will have for its object the harmonization of their positions
in the domain of customs and commercial policy.
These negotiations will have for their basis agreement between the two
governments on general policy and will be dominated by absolute respect
for the integral economic independence of the two countries.
2300
FINANCIAL CHRONICLE
In consequence this convention cannot be compared with certain former
schemes created on the same order of ideas. For instance, certain economic
unions necessitate the economic adaptation of one country to another, but
in the case of Austria and Germany the two countries will maintain their
full independence. They will have the same rights.
Furthermore, and this is especially important from the viewpoint of
the European commission (on European union], the two governments are
disposed to extend their action and negotiate similar arrangements with
other countries.
In acting this way the German and Austrian Governments will, I hope,
contribute in very vital fashion to the fundamental idea of a United States
of Europe, an idea which envisages not only an economic entente but also
the consolidation of European and world peace.
Text of Accord Between Germany and Austria Covering
Customs Laws and Tariffs.
The 'Associated Press made available, as follows, from
Berlin, Mar. 23, the following text of the Austro-German
protocol for a customs union:
In pursuance of discussions which took place at Vienna beginning in
March 1931, the German Government and the Austrian Government have
agreed to enter into negotiations for a contract to correlate the customs
and trade relations of both nations by the following principles:
ARTICLE I.
Section 1.—Absolute independence of both nations shall be preserved as
well as strict regard for existing obligations toward third nations. The
contract shall serve to initiate a new order in European economic conditions
by means of regional treaties.
Section 2.—Both parties especially declare themselves bound by this
contract to negotiate with any other nation desiring to enter into a similar
agreement.
ARTICLE II.
Section 1.—Germany and Austria will agree upon customs laws and
customs tariffs which are to correspond in both territories according to the
contract and to be in effect for the duration of the contract.
Section 2.—Customs laws and customs taxes are to be altered during the
duration of the contract only upon agreement by both parties.
ARTICLE III.
Section 1.—During the duration of the contract no import or export
duty is to be levied on commodity traffic between the two countries.
Section 2.—Both governments will mutually decide whether and for
which particular classes of commodities, and for what duration, intermediate tariffs would be advisable.
ARTICLE IV.
In the contract both governments will agree upon provisional regulation
of exchange respecting the commodity turnover tax and such commodities
which at present are covered by monopolies or consumption excise.
ARTICLE V.
Section 1.—The customs administrations of both countries shall function
Independently of each other, subject only to the respective governments.
Each country shall bear the cost of maintaining its customs administration.
Section 2.—With strict regard to the above principle, both governments
will provide for uniform execution of customs laws, customs tariffs and
other customs regulations through special measures of a technical nature.
ARTICLE VI.
Section 1.—Customs duties in German territory will be collected by the
German tax administration and in Austrian territory by Austrian officials.
Section 2.—After deduction of special carts involved in executing con.
tracts, the total sum of customs shall be apportioned according to a
fixed scale.
Section 3.—Special care shall be taken in construing the above clauses
that the attachable rights of other nations shall not be infringed.
For,. 132.
contracting parties about interpretation and application of the treaty,
and (b) bring about understanding in such cases where, according to the
contents of the treaty, the realization of intention by one party depends
upon the approval of the other, if in such cases an understanding between
the parties cannot be obtained otherwise.
Section 2.—Arbitration committee decisions in all cases shall be binding
for both parties. A majority of votes shall suffice for a decision. In
case of a tie, the vote of the chairman shall be decisive. Selection of the
chairman shall be regulated in the treaty on the principle of absolute
impartiality.
Section 3.—If in the opinion of one government the decision of the
arbitration committee violates vital interests of its economic life, it can
give six months' notice of the termination of the treaty. Such notification
is admissible also during the first three-year period of the treaty as provided
in Article XII, Section 2.
ARTICLE XII.
Section 1.—The treaty to be concluded shall be ratified and enforced
within the period designated in the treaty, which begins to run the day
the ratified documents are exchanged.
Section 2.—Twelve months' notice shall be necessary for termination of
the treaty, but this shall be permissible first after the third year of
execution with the reservations laid down in Article XI, Section 3.
Section 3.—Notification of termination of the treaty may be made only
on the basis of the laws of the country giving such notification.
Austria Restricted by Protocols of 1922—Loan by the
Powers Involved Supervision by League of Nations Commission.
The following is from the New York "Times" of
March 23:
The Geneva protocols of 1922 consist of three documents. The first
is a declaration by Great Britain, France, Italy and Czechoslovakia, the
principal guarantors of the loan tben being arranged for Austria, that
they would respect the territorial integrity, independence and sovereignity
of Austria and would seek no special or exclusive financial or economic
advantages that would compromise Austria's independence.
The other two documents authorized Austria to issue for sale bonds
sufficient to produce the equivalent of a maximum of 650,000,000 gold
crowns, and provided for the guarantee of interest on the sinking fund
by Great Britain, France, Italy and Czechoslovakia of 80% of that sum.
Austria pledged for the payment of the interest on the bonds her customs receipts and the tobacco monopoly and agreed to undertake reforms
necessary to balance her budget.
The Austrian Government accepted supervision in the application of
reforms by a Commissioner of the League of Nations, whose authorization was to be necessary before the Austrian Treasury proceeded to realize on loans guaranteed by the powers.
Austria abandoned all rights to issue paper money or negotiate loans,
and accepted supervision by a commission composed of representatives
of each nation guaranteeing a portion of the loan.
War Debt Suspension Urged by Senator Lewis of
Illinois—Collect Interest Only—Let Next Generation Pay Principal He Proposes as Trade Aid.
Suspension of payments on international war debts was
proposed on March 20 by Senator Lewis, Democrat, of
Illinois, as a cure for business conditions. The New York
"Evening Post" notes this in an Associated Press account
from Washington March 20, from which the following is
also taken:
Senator Lewis said he did not agree that reducing the tariff, diassolving
combinations of corporations, and investigating power monopolies would
give relief.
ARTICLE VII.
"I propose," he said,"that America suggests the debts due to the United
Section 1.—No import, export or transit prohibitions shall exist between States as war payments be suspended except interest, and provide that
Germany and Austria, but exceptions advisable for reasons of public safety, thew debts be transferred to the generations that did not fight in the war
public health or similar interests shall be listed with the utmost care.
and exempt from immediate payment the generations who did fight and
Section 2.—As soon as is feasible both governments will substitute new suffer the war.
regulations for the cattle epidemic agreement made on July 12 1924, at
"Then these nations could use the money of the present generation to buy
least within one year after this contract has been in effect, which will put from America the needed supplies to revive their general business.
the traffic in cattle and dairy products on the same basis and subject to the
"I propose the United States should say to these nations—England.
same regulations as now exists for internal traffic in both countries.
France and Italy—that they give the same suspension to Germany on her
debt that we give them.
ARTICLE VIII.
"This is the remedy I see that would immediately awaken trade and revive
The treaty will regulate the rights of the natural and juridical persons prosperity in America."
on
dtc.,
of one country in the other as regards domicile, business, taxing,
the basis of stipulations in the present Austro-German commercial treaty.
The same basis will be used also for stipulations regarding mutual railway Carl Duisberg, President of German Industrialists
and navigation traffic.
Bids United States to End Crisis by War Debt
ARTICLE IX.
Action.
Section 1.—After the agreement is in effect, both governments shall
retain the right to conclude commercial treaties with other States.
the political debts blocking the natural flow of trade
With
Section 2.—In such negotiations with other States, both the German and
the scarcity of money and high interest rates,
stabilizing
and
Austrian Governments will take care that the interests of other parties do
not conflict with their contents and do not violate the purpose of the the United States holds the key to the solution of the world's
treaty to be concluded.
ills, Dr. Carl Duisberg, President of the Federation of GerSection 3.—As far as possible, in the interests of a simple, speedy, uniform man Industry, told a convention of Bavarian industrialists
regulation of commercial relations with other Powers, the German and
Austrian Governments will jointly conduct negotiations regarding the on March 24, according to a Munich cablegram on that date
conclusion of commercial treaties with other Powers. In such cases, how- to the New York "Times" from which the following is also
ever, Germany and Austria will sign and ratify separate commercial treaties taken:
and will agree mutually about the simultaneous exchange of ratified
"By taking radical steps in order to break the political debt bonds now
documents with the third Power.
preventing the undisturbed functioning of the world's economies, the United
ARTICLE X.
States could not only overcome its own crisis but give the world a new period
Both governments shall take timely, necessary measures to harmonize of prosperity," said the industrial leader at the conclusion of a detailed
all commercial treaties between them and other nations in so ,far as these summary of the economic situation in Germany.
Refraining from pessimistic forecasts, Dr. Duisberg offered definite
contain customs tariffs agreed upon, or in so far as they might jeopardize
in
The carrying out of the present import and export prohibitions and other proposals to extricate Germany from the world-wide depression. While
his Opinion the revision of Germany's international debts and the converprescriptions concerning commodity traffic.
reorganization
the
that
emphasized
sion of her private debts was vital, he
ARTICLE XI.
of the nation's economic foundations was the first premise of an economic
Section 1.—For purpose of smooth execution of the treaty, an impartial cure, since the fundamental evil was the tremendous burden placed upon
arbitration committee composed of citizens of both countries shall be consumers and producers, more than 40% of the national income having
created. Charged to (a) arbitrate differences of opinion between the been taxes E.-Jay in 1930.
MAR. 28 1931.]
2301
FINANCIAL CHRONICLE
Agriculture in Germany, he declared, was equally pressed by the tax
burden, enormous indebtedness and the overproduction caused by the
mechanization of American farms. The effects of this overproduction,
he held, could not be cured by tariff walls, but by placing emphasis on dairy
and other improved products.
Dr. Duisberg contended that German industry could be saved only by
cutting down production costs through the reduction of interest rates, now
averaging from 8 to 12% in German,compared with 4 to 10% in American,
4 to 6% in English and 2 to 4% in French industries. He predicted the
necessity for the conversion od debts in order to lower interest rates.
Proceeding to a discussion of the political debts, Dr. Duisberg likened
them to and iron curtain between the world and economic freedom and
prosperity.
"On the one hand the political debts absorb most of the consumers'
money in the debtor countries," ho said. "On the other hand,the amortization of the political debts is only possible through an export surplus, producing an artificial necessity for exports which endangers the creditor
nations. Reparations, therefore, necessarily have a ruinous effect upon
both debtor and creditor. They do not represent the liquidation of a previous economic process, but cause additional indebtedness."
Having come to the conclusion that the United States must save the
world, Dr. Duisberg warned against hasty measures to obtain the curtailment of the war debts, recommending propaganda abroad in order to convince the United States particularly "of the absurdity of war debt regulation."
The industrial leader praised the coming Austro-German tariff union as
the first step toward Pan-Europe to follow Pan-American co-operation.
"The only consolidated economic block from Bordeaux to Odessa will
give Europe the strength needed to maintain her world position," he said.
"The consolidation of new prosperity in Europe is only possible along this
line. The middle European nations soon will have to choose whether they
want to build up a new future by mutual trust and co-operation or expose
themselves to the attacks of foreign races and powers."
have to be borrowed in the following year. The Fund is thus hopelessly
Insolvent under present conditions, and is now increasing its debt at the
rate of nearly £1.000,000 per week, according to the British report. At
this rate the amount borrowed from the Treasury during the year will
about equal the amount provided in the National budget for the debt
sinking fund.
Decline in Profits of British Banks-Results of "Big
Five" for 1930 Off £300,000 to £500,000 Each.
From its London bureau the "Wall Street Journal" of
March 21 reported the following:
A decline of between ammo and £500,000 in the net profits of each of
the "Big Five" banks for 1930 explodes the fallacy that banks are immune
from effects of depression.
Appropriations for contingencies and other reserves have been reduced
considerably but amounts carried forward are but little changed except
in the case of the National Provincial, in which instance they are off
£175,000. The Chairman of the National Provincial, Sir Harry aoschen,
explained that he looked upon the large carry forward in previous years
as a compensating account for dividend equalization reserves which had
proved beneficial in the past year in maintaining dividends.
Only one bank. Lloyds,reduced its dividend. The Chairman, Beaumont
Pease, pointed out that the action was simply a precautionary measure.
He stated that the £500,000 appropriated last year to cover losses contingent on the Hatry affair had proved sufficient.
Reasons for smaller profits are found mainly in decreased advances,
the fall in money rates, and bad debts. Deposits of the "Big Five" increased while advances declined. Those assets have been reinvested in
bills and short-term Government securities. When it is remembered
that even in time of cheap short-term money the banks maintain their
rate of advances to industry at from 4%% to 5%. while the average return
on bills and investments last year was only 3%, a considerable decline
In the earning power of tne banks is seen.
The past year has seen a number of industrial reconstructions, bank25 of 47 Industrial Companies in Great Britain Make ruptcies,
and drastic declines in the value of securities deposited as colDividend Cuts.
lateral, from all of which the banks as creditors had to bear their share
of sacrifices. Another indication of the stagnation of trade which has
The following London cablegram, March 20, is from the affected the banks is a decline of £46,000,000 in acceptances.
New York "Times":
Individual results are set out below:
Reports of industrial companies for last year continue to reflect the
prevailing depression in trade. In a few cases profits have been mainNet Profit.
Dividends.
tained and in very exceptional instances increased,but the larger percentage
1930,
1929.
1930,
of the reports show reductions ranging from moderate to severe.
1929.
Out of 47 industrial companies which have thus far issued their reports Barclays
£1,821,207 £2,331,580 £1.614,271 *10
£1,666,349
*10
or acted lately on their dividends, 25 have declared smaller dividends,
al4
a14
2,129,518 2,542,084 1,726,551 815
19 the same as in the preceding year and three have increased their rate Lloyds
1,973,888 c162-3
45
45
of distribution. In some cases dividends have been maintained only
Midland
2,318,689 2.665.042 1.978,860
18
1,934,347
18
through drawing on reserves or surplus funds.
Nat. Provincial.- 1.930.854 2,189.705 1.708,295
18
1,706.295
18
Westminster
1,821,888 2,160,384 1.313,891 c20 1 1,356.275 f c20
(112141
1 612%
Extension of British Export Credit Insurance
Facilities.
Following the appointment of an executive committee
last April to consider how the British Government's export
credit facilities might be extended, certain steps are now
being taken in accordance with the committee's recommendations, according to advices received in the Department of
Commerce from Trade Commissioner Roger R. Townsend,
London. In making this known, the Department on
March 18 said:
Special Allocations.
1930.
1929.
Carried Forward.
1930.
1929.
Barclays
£200,000
£650,000
E552,432
£559,384
Lloyds
400.000
550,000
511,199
568.235
Midland
350.000
720,000
859.258
851,287
Nat. Provincial- 400,000
500.000
849,255
673.814
Westminster
550,000
850,000
506,304
464,301
*On A shares-L4 fully paid. a On B and C shares. b On A shares of £5, £1
Paid. C On £4 shares, £1 paid. d On £1 shares fully paid: maximum dividend.
The main items of the "Big Five" balance sheets are given below:
BALANCE SHEETS OF "BIG FIVE" BANKS.
(In Millions of is.)
In order to get the work of the Export Credits Guarantee Department
Midland.
Barclay's,
Lloyds.
more widely known and used, it has been decided to pay commissions to
brokers who introduce business to it.
Dec 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31
A branch office is to be established at Bradford and several other indus1930.
1929.
1930.
1929.
1930.
1929.
trial towns, in addition to the one already operating at Manchester.
446.7
455.25
388.0
385.5
434.2
431.1
Greater consideration will be given to the insuring of long credits, up to Total assets
and res---26.9
28.4
26.1
26.1
25.8
25.8
three or four years, where British manufacturers are handicapped by Capital
Deposits
349.2
376.7
395.6
337.4
364.6
353.1
their inability to extend such credits in competition with other foreign Acceptances
19.7 1 12.7
16.2
21.9 f 5.9
8.6
manufacturers.
Endorsements, &o.
17.8 J
9.1
1 36.5
43.8
47.2
52.5
46.9
51.8
42.6
44.2
In making these announcements the Secretary of the Department of Cash
Money at call
21.6
22.3
21.7
23.5
28.9
26.4
Overseas Trade emphasized the fact that the banks are now convinced Bills
58.7
38.9
50.9
83.9
39.8
38.5
of the soundness of the Government scheme and have shown great willing- Investments
32.9
38.6
56.1
52.7
52.6
37.1
ness in helping to effect such credits. As an indication of the expanding Advances
203.5
210.3
169.6
174.4
175.9
191.7
activities of the Export Credits Guarantee Department it is pointed out
Westminster.
National Provincial.
that the annual amount of business insured was about £300,000 when the
scheme was first started, whereas it is estimated that it will amount to
Dec. 31
Dec. 31
Dec. 31
Dec. 31
E10,000,000 in the current year.
1930,
1929.
1930.
1929.
A special officer of the Department is to attend the forthcoming British
329.17
332.1
332.5
306.6
Empire Trade Exhibition at Buenos Aires in order to provide the fullest Total assets
Capital and res.-18.64
18.8
18.9
18.9
Mollifies for assisting British representatives to extend the necessary credits Deposits
288.82
285.1
192.2
271.5
on any business that may be developed there.
Acceptances
17.8
27.5
10.1
15.1
Endorsements, drc}
Cash
35.8
35.4
33.2
31.6
Money at call
25.6
33.1
20.2
19.4
British Unemployment Benefits May Total $657,000,000 Bills
48.7
32.5
36.2
28.1
Investments
50.6
in 1931.
37.9
38.3
35.8
Advances
131.9
149.4
148.7
156.6
The cost of unemployment insurance to the British ExA previous item regarding the cut in profits of the large
chequer has increased from £11,750,000 in the financial year
ended March 31 1929 to nearly £37,000,000 for the current British banks appeared in these columns Jan. 17, page 412.
financial year (A1 equals $4.86), according to a Treasury
memorandum presented to the Royal Commission on Un- International Credit of $60,000,000 to Spain-Morgan
Group to Supply $38,000,000-Designed to Stabilize
employment Insurance, Trade Commissioner Roger R.
Peseta.
Townsend, London, informs the Department of Commerce.
Negotiations conducted at Paris during the past week
We quote as follows what the Department had to say on
looking toward the granting of an international credit
March 18:
The estimate for the coming year beginning April 1 1931 is given as to Spain with a view to stabilizing the peseta, resulted
£50,000,000 to 155,000,000 on the basis of existing conditions. In ad- in the issuance of
announcements both here and abroad
dition to this direct cost to the Exchequer, it is estimated that the unemployment fund will have to borrow an additional £50,000,000 from the on March 26 making known the granting of the credit.
Treasury, and that assessments on employers and employees will aggregate The total to be supplied is $60,000,000, of which $38,000,probably £30,000,000. This makes an estimated maximum total of
000 will be furnished by a group of American bankers
£135,000,000 ($656,977,590) as the probable cost of unemployment benefit
headed by J. P. Morgan & Co. The announcement issued
during the coming year.
It is expected that the Unemployment Fund will be from £72,000,000 by the latter on March 26 said:
to £75,000,000 in debt to the Treasury before the current financial year
end on March 31. and that an additional £40,000,000 to £50.000,000 will
Messrs. J. P. Morgan & Co., acting in behalf of a group including
themselves, The Chase National Bank of the City of New York, The
2302.
FINANCIAL CHRONICLE
First National Bank of the City of New York, The National City Bank
of New York, Guaranty Trust Company of New York, Bankers Trust
Company, The Bank of America, National Association, The New York
Trust Company, International Acceptance Bank, Inc., Irving Trust Company, Kuhn, Loeb & Co., Dillon, Read & Co., Lee, Higginson & Co.,
Kidder, Peabody & Co., and others, have granted an eighteen months'
revolving credit to the Bank of Spain in the amount of $38,000,000. The
notes of the Bank of Spain evidencing advances under the credit will be
guaranteed by the Spanish Government and deposited with the Chase
National Bank in London.
The credit is issued in connection with the intervention in the foreign
exchange markets for the purpose of regulating the quotation of the
peseta during the period of de facto stabilization contemplated by the
Spanish Government preliminary to the definitive adoption of the gold
standard.
Messrs. J. P. Morgan & Co. are advised that a contemporaneous European credit for the equivalent in other currencies of approximately
$22,000,000 is being arranged by the Bank of Spain with a European
group under the leadership of the Banque de Paris et des Pays Bas.
A statement issued at Madrid on March 26 by the
Spanish Government, is taken as follows from a cablegram to the New York "Times":
"The Government, estimating that stability of the peseta is indispensable
to the economic progress of Spain and to normality of international relations, confirms the proposition of proceeding to stabilization.
"With this object in view and without considering the deposit of
£3,000,000 gold existing intact in London, the government has estimated
it convenient to arrange a credit of $60,000,000 in order to be sure of
carrying its work to a conclusion. This credit has been granted for a
period of eighteen months to the Bank of Spain, with the guarantee of
the treasury, by a banking group headed by J. P. Morgan & Co. in an
accord with the Chase National Bank, the National City Bank of New
York and other important banks in the United States and the Banque de
Paris et Pays Bas as representative of powerful banks of the principal
capitals of Europe. The operation is being effected with the agreement
and moral support of the banks of issue of the respective countries.
Artificial Stabilization Not Sought
"The object of the Government is not to provoke an artificial quotation
of the peseta but to maintain control of the market and avert fluctuations
due to speculative manoeuvers or to excessive nervousness, thus assuring
a stabilization de facto.
"Nothing was decided regarding the rate at which stabilization will
be effected.
"The Government estimates that the buying power of the peseta is
greater than its present quotation, and for this it hopes to obtain a prudent
revalorization. This revalorization will not be definite but will have to
take the limit determined by the buying power of the peseta and by the
economic condition of the country contrasted with the situation during the
period of stabilization de facto.
"On fixing this limit, which Parliament will have to approve, it will
have to be arranged that there will be no upset in individual or collective
fortunes.
"The relations existing now between the Bank of Spain and the Bank
for International Settlements and the banks of issue of the principal
countries are guarantees of collaboration that will be established whenever
legal stabilization of our money is definitely. effected."
It was also stated in the cablegram that King Alfonso
signed royal decrees on March 26 authorizing the opening of the credit.
The following Madrid advices are from the "Wall
Street Journal" of last night (March 27):
Signature has been obtained on the Franco-American credit of $60,000,000 for stabilization of the Spanish peseta against the simple guarantee
of the Bank of Spain. Credit extends over a period of 18 months with
- interest at 1% above the official rates in New York and Paris with a
minimum of 4% %. The offer to increase the credit to $100,000,000 was
refused as that amount was considered to be unnecessary. The government is still undecided as to the rate of stabilization, but will maintain
control of the exchanges.
Likewise the same paper announced the following from
Paris:
[VOL. 132.
the Morgan banking firm, one of whom returned to Paris yesterday from
Madrid after his second visit to that city within the last three weeks.
Yesterday saw also the arrival in Paris of Gates W. McGarrah, president
of the Bank for International Settlements. Leon Fraser, vice-president
of the bank, arrived this evening.
French Loan by Morgan Recalled
Inquiries among high officials of the Bank of France have revealed that
they are fully informed concerning the matter and have confirmed the
belief that ationalization of Spanish finances is being taken in hand by
the American banking firm in close co-operation with the Bank for International Settlements.
In a Madrid cablegram March 27 to the New York
"World-Telegram" it was stated that the exchange value
of the peseta improved yesterday morning, with a quotation of 9.30 to the dollar contrasting with yesterday's
quotation of 9.37. The same account said:
Referring to the credit extended the Spanish government Premier Aznar
today said the transfer would not be in the nature of a loan but would
constitute a credit of $60,000,000 guaranteed by the Spanish government.
He said interest would be paid according to the amount of the credit
used by the government, which could draw on the whole amount or part
of it as it saw fit.
Greek Government Loan Reported Failure in London.
The following London cablegram, March 26, is from
the New York "Times:"
The Greek Government loan has proved to be one of the worst issue
failures of many months. The underwriters of London's £2,000,000
portion have been required to take 84%% of the offering. This means
that the public subscribed to only £310,000. Dealings in the loan
securities opened at about 214 under the issuance price of 87 and closed
at 85.
A reference to the loan appeared in our issue of a week
ago (page 2105).
Sir John Aird of Canadian Bank of Commerce Says Gold
Has Become International Problem.
"The time has come, if indeed it is not long overdue, to
transfer the gold problem from the sphere of nationalism
to that of internationalism. Then the world would have
a better chance of permanent peace, stabilized business
and social order," Sir John, Aird, president of the Canadian Bank of Commerce, states in an article written for
'The Financial Post," Toronto, and published this week.
He suggests pooling of world monetary gold resources,
changes in monetary policy by France and the United
States and subsidization of prospecting for the precious
metal. Sir John does not admit that there is a shortage
of gold in the world. He says: "The world has not
suffered from a gold shortage,for there was in 1928, when
the gold committee of the League of Nations made a
survey, sufficient to provide a cover of 40%, which was
above the average legal reserve requirements, although
there was maldistribution. Today, with the decline in
business activity, there is an even greater cover, but still
maladministration. "The world" he says, "might take a
big step by pooling its monetary gold with the Bank
for International Settlements, providing for immunity
against seizure and polictical meddling, and placing it
under expert control and management."
It is understood here that efforts made to induce the British to cooperate in the international banking credit to Spain failed owing to the
opposition of the Bank of England which considers that Spain should
employ her gold reserve which is held to be ample to secure stabilization.
Apparently Spain intends to leave her gold holdings intact owing to public
sentiment.
Governor Hijikata of Bank of Japan, Finds Gold Big Factor
in Japanese Slump—In Annual Report, Says Lifting of
Embargo Increased Difficulties.
The depression in which Japan was engulfed in 1930
with the rest of the world was accompanied by
along
From the New York "Journal of Commerce" of March
further difficulty because of the removal of the embargo
following:
the
take
we
27
on gold by the Japanese Government in that year, acDuring the summer of 1928 credits of £5,000,000 and of £25,000,000
were opened for Spain in London and in New York in order to maintain cording to Governor Hijikata, of the Bank of Japan, in
the exchange at a stable level. Efforts to stabilize the peseta at that time his annual report to shareholders which was made public
proved to have been premature, and through an internal loan floated last
in New York on March 22, according to the New York
year the credits were repaid.
were
resumed.
which added:
currency
Spanish
stabilize
"Times"
to
efforts
ago
months
Several
The removal of the gold embargo, he pointed out, coming as it did
in the midst of world depression, added to the tasks of Japan in coping
with a changing situation.
"Thanks, however, to the united efforts of the Government and the
nation at large, the difficulties have been boldly met," he said, "and we
have been able to see the first year of our return to the gold standard
pass with the business reorganization well in progress. The maintenance
of the gold standard on a firm basis and the strengthening of our economic position among nations, in these circumstances, call for a greater
co-operation in all directions for the promotion of industries and foreign
commerce through the rationalization of business enterprises and management."
Governor Hijikata related that the setting up of high tariff walls in
As bearing on the arrangements just concluded we various
countries and the slump in the price of silver, combined with
quote in part as follows from the copyright Paris advices civil disturbances in China, the boycotts in India against foreign goods
and the low prices of the main products in the countries of the South
March 21 to the New York "Herald Tribune:"
Japanese foreign commerce.
Negotiations for a preliminary credit to Spain looking toward stabiliza- Seas reacted unfavorably on
Withdrawals of gold from the Bank of Japan in 1930 amounted to
tion of the peseta, the Spanish unit of currency, have opened here, it
there were receipts of 70,000,000 Yen
which
316,000,000 yen, against
was learned today.
proper. As of Dec. 31, 1930, the bank
Having arrived in Paris yesterday on his way to the Mediterranean, from Manchuria and China
yen, of which gold holdings amounted
J. P. Morgan passed today in a series of conferences with partners in had total assets of 2,175,212,750
P. Quesnay of the Bank for International Settlements went to Madrid, and
on his return to Basel declared that the political situation in Spain
warranted the attempt to stabilize the currency. He recommended a
preliminai y period of de facto stabilization at current levels, which under
favorable economic conditions would be advanced. This plan is being
followed.
After Spain comes under the gold standard it is expected that the
Bank of Spain will become a stockholder in the Bank for International
Settlements. The B. I. S. charter stipulates that the stock is to be held
only in gold standard countries. Since there is little expectation that
the peseta will be placed upon a gold basis until the summer Spain would
not be represented at the B. I. S. stockholders' meeting in May.
MAR. 28 1931.]
FINANCIAL CHRONICLE
2303
to 605,263,884 yen. Gross profits of the bank for the first half of 1930
amounted to 31,266,988 yen and for the last half, 28,174,367 yen.
From a copyright London cablegram March 27 to the
New York "Evening Post" we take the following:
New South Wales, Australia, to Default on Loan—Premier
Lang Decides Not to Pay $3,646,255 Due British in
Interest on April 1—Will Meet $626,885 Due in New
York—Representatives Threaten Districts Will Secede
From State—Bonds Decline in New York.
J. T. Lang, extremist Premier of New South Wales,
has decided not to pay $3,646,255 in interest due to British
bondholders on April 1, but is arranging to pay $626,885
due to bondholders in New York. A cablegram from
Canberra, Australia, March 26, to the New York "Times"
from which we quote, continued:
New South Wales is ruled by the temperamental Labor leader John T.
Lang, and the shortage of funds with which his Government is faced is
due in part to the zeal of his Government in continuing large distributions to industrial workers in the face of economic depression. Apparently
he is insistent on maintaining the accustomed standard of living in
Sydney before meeting the just dues of British landholders.
Cut in Interest Asked
One of his immediate demands is that a reduction be made in the
interest rate on the war debt to Great Britain, which has been 5%.
Prime Minister Scullin, another Laborite, is pledged, however, to maintain Australia's credit and has promised to meet the commonwealth's external obligations on the one hand, while going in for a policy of limited
inflation at home on the other.
Inasmuch as New South Wales threatens to secede from the Commonwealth if compelled by legal action to meet next week's interest payments,
a first-hand Federal crisis has arisen.
In financial circles here it is felt hope of a solution may be found in
a reduction in the war debt rate—say a cut to 33/2%, which is the rate
allowed Great Britain by America.
The announcement was made in the Commonwealth Parliament here
this afternoon by the Laborite Prime Minister, J. H. Scullin, who said
he had received a telegram from Mr. Lang suggesting that Mr. Scullin
should advise the Australian High Commissioner in London that money
payable through the Bank of England and the Westminster Bank would
not be forthcoming. All the other Australian States have arranged to
meet their loan commitments.
"The impending default by New South Wales," Mr. Scullin declared,
4'will undoubtedly have a detrimental effect on the good name of the
Australian people and on their credit as a nation."
An interjector shouted: "They are paying the foreigner first l"
Mr. Scullin added that the question now is whether the Commonwealth
'Government is obliged to pay the loan debts for New South Wales.
"What has to be considered," he said, "is, firstly, the legal liabilities
of the Commonwealth for interest due to the holders of State bonds in
the event of a default by that State, and, secondly, whether the Commonwealth has the right in such an event to meet the default of one
State by applying the revenues contributed by six States."
Members of the Commonwealth Parliament representing Northern New
South Wales and the important Riverina District warned that they would
secede from the State if the default were carried into effect. The leader
of the Opposition, W. Latham, said his party would do everything in its
Dower to assist the Scullin Ministry in any proper steps that could be
taken to obtain the observance of a financial agreement linking the finances of .the Commonwealth and the States.
Incident to the above announcement it was noted in
the "Times" that New South Wales and Australian bonds
sagged heavily on the New York Stock Exchange on
March 26 in a large volume of trading. It was noted
that:
The New South Wales 5s of 1957 declined from 625/z to 56 and the
Ss of 1958 from 63 to 56, closing at the lows, but only $47,000 of
the former and $31,000 of the latter were sold. Australian Government
issues were more active, showing signs of support in the late dealings.
There are now outstanding about $24,000,000 of the twenty-year external sinking fund gold bonds due 1957 and $24,500,000 of the twentyyear external sinking fund gold bonds due 1958 of the State of New
South Wales. Interest is payable semi-annually, on Feb. 1 and Aug. 1
for the 1957s and on April 1 and Oct. 1 for the 1958s.
The Australian 4./2s, due 1956, declined from 6134 to 56./r yesterday,
rallying to 58; the 5s, due 1955, fell from 65 to 6034, recovering to 62,
and the 5s, due 1957, went from 64 to 60, closing at 61%. These and
the new South Wales issues all have sinking fund provisions, with interest and principal payable in United States gold coin.
From the New York "Evening Post" of last night
(March 27) we take the following:
Bill in Australia House for Abolition of Gold Reserve Proposal May Forecast Change in Government.
Associated Press advices from Canberra, (Australia),
March 24 said:
Declaring that Australia was through with the gold standard, E. G.
Theodore, Commonwealth Treasurer, introduced a bill today in the
House of Representatives calling for the abolition of the statutory gold
reserve and the shipment to London for debt payment, of the gold thus
released. The Australian banks hold $80,000,000 in gold, he said.
The following comment in the matter is from the "Wall
Street Journal" of March 26:
Cable advices from Canberra, Australia, stating that the Federal
Treasurer E. G. Theodore, had introduced a bill into the Australian
House of Representatives calling for abolition of statutory gold reserve
and shipment of metal now held by the Commonwealth Bank to London
for debt service had an unsettling effect upon Australian bonds in this
market and in London.
• • •
In interested banking circles here it is felt Mr. Theodore's proposal
will bring about one of the bitterest political struggles in the history
of the Australian Commonwealth, and some express the opinion that it
will lead to the ultimate downfall of the Labor government headed by
Prime Minister Scullin. The House of Representatives is largely dominated by the Laborites and the bill is believed to stand a chance of
passing that body. But in the Senate, the Labor Party controls but four
or five votes out of a total of 36 and the measure is almost certain to
be rejected there.
Local bankers conversant with the Australian situation think that the
introduction of the bill by Mr. Theodore constitutes a deliberate attempt
to bring about a dissolution of the government, which has happened but
once before in the Commonwealth's history, and the calling of general
elections. J. G. Latham, leader of the Opposition, recently threw down
a stinging challenge to the government to "face the people" in an attempt to secure justification for its rule, and the proposal is believed
to be an answer to that challenge. The present government came into
power with one of the strongest majorities ever received but its power
has since been on the wane and recently the Labor Party itself split,
with the Moderate Laborites refusing to lend further support.
The banks and financial circles have steadfastly opposed the program
of the Labor government which has looked for a solution of Australia's
problems through inflation.
Australian bonds and the obligations of its provinces turned distinctly
"firmer in the trading here today as it became clearer that defaults on
interest on the American-held issues are extremely improbable. The
threat to the interest on New South Wales bonds in London left the
market there a little nervous, but it was reported that prices were inclined
to greater firmness in the British market.
Australian Commonwealth 5s, both of 1955 and 1957, rallied about two
points each. New South Wales obligations were up two and three
points here. There was some further irregularity in the issues of the
City of Brisbane.
Ask Ruling in Suit on Mexican Bonds—T. W. Lamont and
Associates Seek to Make Government a Party to Gab.
pin's Action—Would Remove Charges—Court Reserves
Decision.
Supreme Court Justice Ford reserved decision on March
23 on an application of Thomas W. Lamont, as chairman,
and the other members of the International Committee of
The possibility of a default on Government obligations Bankers on Mexico, who have been sued by Gustav Gal-was indicated earlier in the week by the Finance Minis- lopin in behalf of himself and other bondholders to compel
ter of the Commonwealth. As to this we quote the fol- Gallopin to make the Government of Mexico a party to
lowing from the "Times" of March 26:
the suit. This is learned from the New York "Times" of
March 24, from which the following is likewise taken:
The Australian Financial Problem
The pessimistic remarks of the Australian Finance Minister made this
week, while not relating a great deal more about the precarious financial
condition of the Commonwealth, served to depress the bonds of that
government, its States and municipalities both here and in London yesterday. Default is a measure of last resort, so that the possibilities of
such an occurrence outlined by the Finance Minister are likely to
frighten investors, whether rightly or wrongly.
From London, March 26, the "Times" had the following to say in a cablegram:
There is no justification whatsoever for New South Wales to default
on the payment of loan interest, in the opinion of financial authorities
Isere.
Not only are ample Commonwealth funds available in London, but the
banks would readily give practical assistance to the Commonwealth in
an emergency despite Mr. Lang's intimation that bondholders here must
look to the Commonwealth government for payment of interest, and
there is no reason to suppose the Commonwealth will allow the default
to occur.
Under the Commonwealth financial agreement validation act of 1929,
the debts of the Australian States were taken over by the Commonwealth,
which thereupon assumed as between the Commonwealth and the States
the liabilities of States to bondholders in respect to such debts.
The London Times editorially remarks that Mr. Lang is clearly determined to bring all the discredit he can upon Australia "before public
indignation drives him from office as Premier of New South Wales."
The bankers also asked that allegations in the complaint charging misconduct, conspiracy and fraud against the defendants be stricken out
and that the complaint be made more definite to show whether the
plaintiff is seeking to "foreclose on obligations of the government of
Mexico," and whether he wants the funds held by the defendants declared to be trust funds.
Gallopin alleges that the defendants have received more than $43,000,000
from the government of Mexico and that the contract with that government and the bankers is in violation of the terms under which the bonds
held by the plaintiff and others were issued. His attorney, Alexander
Simpson, in opposing the application, said:
"The plaintiff in this case seeks no relief against the government of
Mexico but only against the funds now in possession of the defendants
as members of the International Committee of Bankers on Mexico.
The Mexican Government has not, up to this time, appeared in this suit,
and has not expressed a desire to do so. Should the Court grant this
motion, Mr. Lamont and the other members of this Committee will receive the same diplomatic immunity as that accorded a sovereign nation.
"This Committee has been given no authority by the United States
Government and is not a fiscal agent of the Mexican Government. Since
it is not a governmental agency, there would seem to be no right of diplomatic immunity attached to it."
Mr. Gallopin in behalf of a Committee of bondholders who have not
deposited their bonds with the Lamont Committee demands an injunction against the disbursement of any funds received from the government
of Mexico and asks an accounting of the $43,000,000 received.
2304
FIN A NCIAL CHRONICLE
Loan of $10,000,000 to Mexico Proposed—Oil Companies
Reported Ready to Furnish Money to Bolster Value
of Silver.
From the kew York "Times" we take the following
from Mexico City, March 23:
Although the news is uncfficial, tLere is every reason to believe that
certain foreign petroleum companies operating in Mexico are negotiating
to lend $10,000,000 to the Mexican Government, such money to be used
by the regulatory commission on exchange in a further intensive effort
to cut down the premium on gold currency over silver coinage and, as
a corollary, to improve the purchasing capacity of silver.
It is reliably reported that the loan will be closed soon, and the press
here supports this view. It is stated that, as has been the case in other
similar operations, the money would be repaid out of production and exportation taxes.
All banks in Mexico within the next few days will convert into silver
their reserves for deposits made in that currency, thus helping further to
better the value of silver coinage.
Salvador Makes Final Payment on American Loan.
The following Associated Press advices were reported
from San Salvador:
El Salvador today made its final payment on an $1,500,000 loan obtained from the Chatham Phenix National Bank of New York in 1925.
[VOL. 132.
with all unmatured interest coupons attached, at the head
office of The National City Bank of New York, 55 Wall
Street, on May 1, next, from and after which date interest
shall cease.
Urge Inflation in Republic of Colombia—Newspapers
Join Move as Gold Reserves of Country Dwindle.
The following Bogota (Colombia) cablegram is from the
New York "Times":
With the constantly dwindling gold reserves of the Bank of the Republic
and the consequent restriction of circulation, advocates of the abandonment of the gold standard are increasing and the Mundo al Dia in a satirical
editorial apparently urges the return to paper money. After reciting
the arguments of Minister of Finance Perez and discussing the suggestions of a joint Congressional committee, which, the newspaper asserts.
shows the Government is practically helpless to solve the economic crisis, the
editorial continues:
"Let the businessmen, farmers and cattlemen meet with the bankers
and financiers and agree on a sane policy to prevent the ruin of the former for the purpose of delaying for a few months the ruin of the latter.
The country is going bankrupt, cattle are worthless, merchandise is almost
given away and only food is costly on account of the relentless dry season,
but the day will come when nothing will be costly or cheap or even purchasable for lack of money, because technical reasons do not permit expansion in that direction."
Senator Marulanda, former Minister of Finance, told the Senate today that paper money was inevitable when the Bank of the Republic's
gold reserves became exhausted. The Conservative newspaper, Nuevo Tiempo, generally critical of the Government, echoes this idea.
Rio to Assume Debts of Brazilian States—Vargas Government Plan Will Be Opposed by Sao Paulo and Minas
Geraes.
Colombia Will Not Subsidize State Highway Building
to Relieve Unemployment.
From the New York "Times" of March 22 we take the
following from Sao Paulo, March 1:
A cablegram as follows from Bogota, Colombia, Mar. 15,
The State of Sao Paulo, coffee centre of the world and for years the is taken from the New York "Times":
"pocketbook" of Brazil, will soon be forced by the Rio Government to
assume a still greater part of the national expenses if the proposed legislation suggested by President Getulio Vargas in a speech several days
ago is passed. The President while on a trip to the interior of Minas
Geraes made a speech in Bello Horizonte in which he told of plans the
Provisional Government had in mind to aid those States which were in
financial trouble. The Rio Government, he said, plans to assume all
State debts and to divert all State taxes to the national treasury.
While this arrangement will meet with approval in most of the States
it will not be popular in Sao Paulo and Minas Geraes, whose exports
total more than the combined exports of the other States. If the plan is
carried out it will mean that the two States will be forced to carry the
financial burdens of the others. Sao Paulo, whose exports are far greater
than those of any other State, will be the first to voice objection.
It is now felt that any further attempt upon the part of the Rio Government to inflict new taxes upon outgoing coffee will be strongly opposed by the growers of Sao Paulo. They have already voiced strenuous
objections to the new taxes levied since the first of the year. The first
tax is one of 20%, payable in coffee, and is supposed to supply part
of the money needed by the Government to finance the plan to purchase
the entire coffee stock. A second tax of 3 shillings a sack has also been
applied to coffee, to be used for the payment of interest on the last large
English coffee loan.
Cuban Senator Who Proposed National Bank, Plans to Bring
Up Bill—Asserts Island Needs Law—Would Embody
Department for Assistance to Farmers.
A cablegram as follows from Havana March 22 is taken
from the New York "Times":
Senator Celso Cuellar del Rio, President of the Popular Party, stated
tonight that he would bring up at an early date the discussion of his bill
for a Cuban national bank which would issue its own currency.
Commenting on his project, which is now before the Senate, Senator
Cuellar said that Cuba is devoid of any system of banking legislation except that regulated by the five articles of the old Spanish commercial
code, which have been abolished in Spain.
The Senator says the proposed measure is based on the most modern
business banking methods of the largest countries in the world, including
France, England and the United States. The creation of the bank would
establish a department for assistance to farmers, he asserted, both in
money and in the distribution of Government-owned tracts of rich agricultural lands which today are unproductive and not even bringing
revenues to the Government, clue to lack of capital for their exploitation.
The acceptance of his project, he held, would mean the stabilization of
Cuban currency and economics and the development of the natural
resources of the nation.
"My bill contemplates the creation of negotiable titles to merchandise
and industrial products," he continued, "to be given to merchants and
industrialists possessing agricultural or manufactured salable products,
which would enable them to raise funds, thus offering an exceptional
opportunity for the business expansion of the nation, while affording
the bank ample security for loans.
"The bitter criticism of the bill cannot be taken into consideration
by the Senate unless based on or presented by individuals well posted in
economic, financial and banking methods. I am now awaiting reports
from Cuban business organizations to be presented to the National Economic Commission. As soon as all those wishing a hearing before the
law is discussed present their opinions I shall bring up the discussion
in Senate. This is not to be later than sixty days from now. The law
may need modifications, but as a whole it must be passed to safeguard
Cuba's economic status."
Bonds of Republic of Chile Drawn for Redemption.
The National City Bank of New York, as fiscal agent,
has issued a notice to holders of Republic of Chile external
loan sinking fund 6% gold bonds, due May 1, 1963, to the
effect that $130,000, aggregate principal amount of these
bonds have been selected for redemption at par on May 1,
1931. Holders of bonds are requested to surrender same,
The assistance of the Federal Government in the construction of the
highway to the sea started by the State of Antioquia several years ago
has been refused by the Minister of Finance, Dr. Francisco de Paula
Perez, according to El Tiempo.
According to this paper local capitalists offered to finance further construction for the purpose of relieving unemployment if the Federal Government would agree to pay the $20,000 a kilometer authorized by the law
of 1929. Dr. Perez stated in reply that the fiscal condition of the nation
made it impossible to grant further Federal aid to the States and that the
Government was absolutely determined to pay no further State subsidies for
highway construction.
Colombian President Firm on Bank Reform Bill—
Warns Senate Against Changes That Might Impair
Nation's Credit Abroad.
The Presidential office at Bogota, Colombia, issued on
Mar. 25 the following statement regarding the pending
amendment to the banking reform law in the Senate, according to a cablegram to the new York "Times":
The President to-day conferred with the Minister of Finance on the
provisions of the banking law the Senate adopted yesterday regarding
the sale of part of the Government's stock in the Bank of the Republic
and the authorization that the Government negotiate a loan of 3,000,000
pesos to increase its line of credit at the Bank of the Republic.
The President and Minister both insist on maintaining the viewpoint
of the considerations the latter recently expressed to the Senate and the
entire Cabinet and are firmly opposed to measures that may involve the
solidity of the Bank of the Republic. expose to risk our monetary stability
and impair the nation's credit abroad, without which it would be impossible
to obtain money to remedy the present economic and fiscal situation. In
defense of these three guarantees of the country's future, the Government
is ready to use the powers the Constitution put in its hands.
The cablegram added:
According to the minutes of the Senate, the Minister of Finance drafted
a banking reform bill authorizing the Government to sell 1.150,000 Pesos
of its stock in the Bank of the Republic, using 1,000,000 pesos of the proceeds for the proposed agrarian credits institution and the balance for a
savings bank. Alternatively the Government was authorized to sell 3,000,000 pesos of its stock to increase its line credit with the Bank of the Republic
for one year for the same purposes.
Banks in United States Grant Loan to Colombia.
According to Associated Press advices from Bogota
(Colombia) the Colombian Government announced the
receipt on March 21 of a $4,000,000 loan from United States
banks, headed by the National City Bank of New York
and the First National of Boston. The Government will
apply the loan toward liquidation of the nation's floating
debt
Expenditures of Chilean Government in 1931 Estimated at Least $12,000,000 Below 1930 With
Governmental Economies Initiated.
Expenditures of the Chilean Government in 1931 will
be more than 812,000,000 less than in 1930, according to
Julio Phillipi, late Chilean Minister of Finance. This
reduction, it is stated, is an outcome of the program of rigid
governmental economy initiated early in 1930 which resulted
in Chile's achieving a balanced budget and exceptional
financial stability even under the difficult conditions which
prevailed last year due to the world wide business depression. Ordinary receipts for 1931 are estimated at $124,752,000 as compared with $139,080,000 in 1930. Anti-
MAR. 28 1931.]
FINANCIAL CHRONICLE
305
The default on interest applies at present, it is believed, to the
eipating this decline, the Government commenced to curPeruvian Government 6s of 1961, of which there are $24,500,000 outtail expenses early last year by reducing the salaries of public standing.
The interest is due April 1.
employees, Pensions and retirement funds, and other outIt is possible that the Government will have to pare down its payments
lays which were not absolutely essential. The total savings on the 6% bonds of 1960. The principal amount of this issue is $48,500,000, but its next interest is not due until June.
resulting from this policy amounted to $15,360,000. ComThe interest default by Peru is the first in recent history for any
menting on this achievement, the Minister of Finance says: South American Government with the exception of Bolivia, which deI do not believe that any previous government has ever, in the course faulted on two issues of 7% bonds early this year.
of a single year, effected economies so considerable as those realized during
the present year in Chile, or has so drastically reduced its budget for the
coming year. In case the income for next year should be less than the
estimates of the Government, the policy of economy will be continued by
applying the Law of Emergencies, which law the Government will soon
present for the approval of Congress.
The default applies to interest only. It was believed in banking circles
here that the principal is not in danger at present.
The difficulties of Peru have been caused to some extent by a series
of revolts, which have entailed a heavy drain on the Treasury.
The Peruvian Government is expected to maintain its interest payments on the Tobacco Loan 7s of 1959, which are secured by a first
charge on the tobacco revenues of the country.
Regarding the financial affairs of the country it is said:
To what extent Peru will default on its 6% bonds is doubtful. Prior
Chilean finances have been on a remarkably stable basis since the end to December 1, the country had forwarded $405,218 to its fiscal agents
of 1926 when the Organic Budget Law, recommended by the commission for the payment of April 1 interest on the issue maturing in 1961. This
Of United States financial experts headed by Professor E. E. Kemmerer, is about a third of the required amount.
became effective. Since that time governmental revenues have regularly
exceeded expenditures, the excess in 1930 amounting to $1,239,000. Gold
holdings of the Central Bank have increased steadily in recent years and
at the end of 1929 totaled $7,695,000. This compares with gold holdings
of $1,330,000 in 1914. The increasing financial strength of the country is
further indicated by the growth of savings deposits, which have risen from
$23,200,000 in 1927 to $33,200,000 at the end of 1930.
Governmental revenues are derived principally from taxes which in 1929
accounted for 86% of total ordinary receipts. Import duties are the
principal single source of income and constituted 23% of total revenues in
1929. Receipts from the State railways, post and telegraph services are
also an important source of income. Due chiefly to the increase in receipts
from other sources, the Government is now much less dependent upon the
export tax on nitrates than formerly.
The principal item of expenditure is that for the service of the public
debt which amounted to 21.7% of total ordinary expenditures in 1929.
While the expenditure for this purpose has increased somewhat in recent
years, the Government's ordinary revenues have increased to a much
greater extent than the charges on the debt. Consequently, these Charges
are now more adequately provided for than formerly.
Amortization of the public debt was continued in 1930, the direct debt
of the Chilean State, both external and internal being reduced by $12,403,242 during the year. On Dec. 31 1930, the Comptroller General
reported that the total debt amounted to $352,875,110. It is significant,
moreover, that the proportion of the public debt held internally has
increased to a marked extent during recent years, indicating the increasing
ability of the C011ntry to provide for its financial needs out of its own
resources.
Foreign Trade of Chile Reported Larger Per Capita
Than That of United States.
Under date of March 16, a statement coming from the
office of the Consulate General of Chile in New York, says:
Figures compiled by the United States Department of Commerce show
that the foreign trade of Chile is larger per capita than that of the United
States.
Although four other South American countries have larger areas than
Chile and three have larger populations, Chile ranks second among South
American countries in per capita trade, being exceeded only by Argentina.
In 1929, the last full year for which statistics are available. Chile's per
capita imports amounted to $44 and exports amounted to $63, as compared
with per capita imports of $35.90 and exports of $42.70 for the United
States.
According to the Chilean Statistical Bureau, the country's exports
amounted to $275,304,000 in 1929, an increase of about 20% as compared with 1928, and imports valued at $193,102,000 represented an increase of about 32%. The favorable trade balance was $82,202,000 as
compared with $92,855,000 in 1028.
The foreign trade of Chile has continually shown an excess of exports
over imports since 1919 and the export balance in 1928 was the largest
In the history of the country. Although the movement of exports and
Imports has been irregular, both have shown a steady increase since 1920,
reaching the peak in both inst mces in 1929.
London Reports Loan for Chile—Nitrate Company Financing in Europe Total About $15,000,000—Apportionmeats Given.
It was stated in the New York "Evening Post" of last
night that London cablegrams reported yesterday
(March 27) that negotiations are nearing completion
there for a 7% sterling bond issue for the Chilean nitrate
combination, known generally as Cosach. The "Post"
account continued:
Argentine Peso Gains—Bank of Nation to Ship $8,064,902
Gold in Exchange Operation.
The following Buenos Aires cablegram, March 24, is
from the New York "Times:"
The Bank of the Nation withdrew $8,064,902 in gold from the Gold
Conversion Office today for shipment in an exchange operation. This
was in addition to $5,000,000 shipped to New York yesterday by the
steamship Northern Prince. It reduces the gold in the Conversion Office
to $390,475,884.
After remaining unchanged since March 11, Argentine exchange
strengthened slightly today, closing at 100.10 gold pesos for $100, compared with 126.10, at which it has been pegged. Today's quotation makes
the paper peso worth 35 American cents, compared with 32Y; cents on
Feb. 24, when the quotation was 134.25 gold pesos for $100.
First Federal Loans for Farm Credit Companies Out of
$10,000,000 Drouth Relief Fund Go to Arkansas
and Alabama.
Secretary Hyde's National Advisory Loan Committee approved on Mar. 20 the first two applications for loans from
the Federal $10,000,000 fund to be used in the establishment
or strengthening of agricultural credit corporations or livestock loan companies. One of these was from Blytheville,
Ark., and the other from Andalusia, Ala., and the loans
approved in each case.amounted to $30,000. The committee
—Lewis T. Tune, B. C. Powell, and Maj.-Gen. B. Prank
Cheatham—reports other applications on hand from North
Carolina, South Carolina, and Mississippi. The members
of the committee have received statements from State committees reporting increasing activity by bankers and others
and that most of the State committees are visiting points
in their territories from which applications have come in.
Texas, Georgia, and Missouri have asked for additional
supplies of the various Government forms necessary in making application for these loans.
Suggestions to the Advisory Loan Committee that the
formation of agricultural credit corporations and loan companies be carried out with as much speed us possible have
been met with the statement that the work is being carried
on as rapidly as it can be done methodically and carefully.
"To develop strong, permanent credit corporations or livestock loan companies," says the Committee, "the loans must
be made according to all requirements of Federal and State
laws and on the basis of information carefully obtained by
competent men. Complaints about slowness do not take
this factor into consideration." The Committee adds:
"A careful start is the beginning of good management, and where the
local management of these corporations and loan companies has been good,
they have prospered; where it has been bad, results have been uniformly
poor. In this connection it should be remembered that corporations and
loan companies of this type have been in existence in many States since
It was stated that London will take £2,000,000, Holland £500,000, 1925 and that for 1930 loans and discounts from Intermediate Credit Banks
Switzerland £400,000 and Sweden £100,000. The total would be about to these organizations totaled over $65,000,000.
"Although farmers are in immediate need of increased credit facilities,
300,000, or about $15,000,000.
The loan will be secured by a charge equal to 30 shillings a ton of it is of the utmost future importance to them and to their communities
nitrate. The proceeds of the London issue will be retained to meet that these credit corporations and livestock loan companies be carefully
organized with liberal local support and the best available local manageaccruing obligations of the company in Great Britain.
It has been reported in New York frequently that American banking ment. Local capital investment should be substantial, to insure good
interests will share in a loan for the Chilean nitrate combination, but management. With this kind of start these organizations will be of
permanent value to farmers, bankers, merchants, and all business of the
no official announcement has been made.
Recently it was rumored that the American portion of the loan will locality."
be about $17,000,000.
Federal Farm Board Announces That Grain Stabilization Corporation Will Discontinue Wheat Buying
Peru Can't Pay All Interest Due Here—Notifies New York
With 1930 Crop.
Fiscal Agents It Must Default on Foreign Debt Paypolicy of the Federal Farm Board, through the Grain
The
ment.
Stabilization Corp., of purchasing wheat to maintain prices,
The following is from the New York "Evening Post"
Is to be discontinued, according to an announcement by the
of last night (March 27):
The Peruvian Government announced today that it will be unable to Board on Mar. 22. The wheat buying policy of the Board
pay in full the interest charges on the foreign debt of the republic. The will be adhered to only so far as the 1930 crop is constatement was made by the Minister of Finance to J. & W. Seligman &
cerned, and will not be made to apply as to the 1931 crop.
Co. and the National City Bank of New York, fiscal agents of Peru
The Board's buying policy, which was brought into force
in New York.
2306
FINANCIAL CHRONICLE
[VOL. 132.
during the administration of Chairman Legge, is reversed in a deteriorated condition, adding that none of it was in any such
by the Board only a few weeks after Mr. Legge's resigna- shape.
In connection with the suggestion by Senator Borah that the Board give
tion and the appointment as his successor of ;Tames C. away its wheat to China or dump it in the ocean, Mr. Stone said that
such
action was a matter for Congress to decide.
Stone. These changes were noted in these columns Mar. 7,
"I don't approve of giving anything away," he added.
page 1715, and Mar. 21, page 1912. The Board's announceFrom the Washington dispatch, Mar. 22, to the New York
ment of Mar. 22 brought a break in prices on the grain
markets en Monday, Mar. 23. The New York "Evening "Times" we take the following:
20% Acreage Cut Urged.
Post" of that date, noting the drop in prices on the Chicago
Since the beginning of its stabilization activities in November the Board
Board of Trade to the lowest level in 36 years, said:
has urged farmers to curtail acreage to adjust production to the potential
Heavy liquidation spread through the grain market, with June and July
quotations lacking support. Corn fell to within a small fraction of the
lowest level of the season. July wheat tumbled below 60c. a bushel, the
lowest figure at which it has sold since 1895, in which year it fell as low
as 50%c. June futures were off 10c. a bushel on the day.
The sadden collapse in grain unsettled the stock market here, and prices
resumed a downward course after an early setback had been recovered in a
brisk rally.
domestic demand. Throughout his former chairmanship Alexander Legge
said repeatedly that to make American wheat prices independent of the
lower world level it was necessary to wipe out the exportable surplus and,
through a protective tariff, to keep out the product of foreign countries.
A reduction of 20% in acreage was necessary to remove the exportable
surplus, Mr. Legge said, and on resigning declared that one-half of this
reduction had been accomplished. The remaining 10% reduction, he said,
was "quite possible of accomplishment" by 1933.
Although the Farm Board maintained Chicago terminal prices at about
From Chicago advices, Mar. 24, to the New York "Times"
76c. per bushel, wheat on the farm in mid-February, according to the
we take the following:
most recent report of the Department of Agriculture, was 58.7c. per
Definite information was given to the grain and milling trade to-day as bushel.
The Department of Agriculture stated on Mar. 1 that "the United States
to the Grain Stabilization Corp.'s policy regarding its holdings of old-crop
grain until the end of the current crop year. Effective April 1 it will wheat stocks on the first of January appear to be around 32,600,000
offer for sale No. 2 hard winter wheat at Chicago at 821
/
2c. a bushel, bushels greater than a year ago, and Canadian wheat stocks 47,000,000
with an advance of /
1
2c. on April 10 and /
1
2c. more every 10 days there- bushels above those of last season." The carryover, moreover, amounted
after until June 30, which will terminate the crop season. Nothing was to 275,000,000 bushels, while a recent estimate by Chairman Stone of the
Board placed this year's carryover at possibly in excess of 800,000,000
said regarding wheat futures.
The corporation confined itself to quoting a selling price for the grain, bushels.
Board's Total Holdings in Doubt.
but men who are regarded as being in a position to know pointed out that
the advance of %c. a bushel every 10 days after April 1 covered storage
The Grain Stabilization Corp. now holds in excess of 100,000,000 bushels
and other charges on the cash grain and might be taken as definitely of wheat and a substantial amount in futures, but the aggregate the Farm
placing the corporation in a position of not competing with new-crop grain Board has not revealed. By July 1 the Board's holdings might or might
and furthermore giving mills and others a guarantee that they could not reach 200,000,000 bushels, officials said to-night. Senator Borah
obtain cash wheat at a price without having to scramble for it.
declared on the eve of President Hoover's departure for the West Indies
The May closed to-day on the Board of Trade here at 811
/
2 to 81%c., that the Board probably would have purchased 210,000,000 bushels by
gaining Mo. for the day, while the March was 791
/
2c., also up /
1
2e. June July 1. The estimated carryover for 1930, including holdings on the farm,
wheat was much less active than on Monday, and closed Sc. higher at 72c.
is 275,000,000 bushels.
The average cost to the Board of its wheat has not been stated officially,
New Crop Futures Are Pressed.
but the price ranged from 70c. to $1.25 a bushel.
New crop wheat futures were under pressure to-day and dropped to new
It
is not the intention of the Board, it was stated, to resort to "dumplow marks for the season, and since 1896 at the opening. Although it
ing", or to sell the wheat in a way that would adversely affect the market.
rallied later on, buying by holders of daily and weekly bids and on short
covering, the market dipped soon after noon to a new bottom for the day. The Board recognizes, however, that the problem of marketing its holdings in a manner that will put minimum pressure on prices is a treJuly touched 581
/
2c., the break in corn being a factor. Toward the last,
however, general short covering and commission house buying on the mendous one.
July Futures Above World Price.
Government announcement made the finish around the top. July was %c.
It is believed, however, that the decision of the Board coming at this
higher, and September %c. lower, the two closing at the same price.
Liverpool closed /
1
2 penny lower, although the Australian acreage is time will do much to ease any adjustment of July futures to the world
expected to be decreased 30% for the coming crop. Buenos Aires was level. Chairman Stone said last week that if the Board delayed its decision
until the latter part of June, as it did last year, the readjustment would
unchanged to /
1
2c. higher.
It is understood that the Stabilization Corp. will offer cash wheat in all be extremely rapid. Although below the price of stabilized May wheat,
leading markets, the 821
/
2c. a bushel applying only to Chicago, the asking July futures are still above the price at Liverpool by about 16c.
Announcement of the plan to discontinue stabilization operations comes
figure at other points being based on the "pegged" price.
in the face of agitation from Westerners in Congress that the Board conThe Board's announcement, Mar. 22, of the change in its tinue buying wheat.
Senator Borah, one of the leading advocates of the export debenture
wheat buying policy follows:
plan of farm relief, who is preparing, as Chairman of the Progressive
For many months the Federal Farm Board and the Department of Agri- Committee dealing
with agriculture, a report on the farm situation, declined
culture have been urging wheat farmers to reduce acreage as a means of to discuss the
Farm Board's announcement, but said he intended to study
correcting the disastrously low prices that have resulted from increased It carefully.
acreage and over-production.
Senator Dickinson, of Iowa, said that the effect of the Board's decision
It has been pointed out that if we continue to raise a large surplus of would be to remove
an artificial means of holding up wheat prices and
wheat beyond domestic requirements, growers in the United States will be
allow trade conditions to determine them.
obliged to take prices that largely are determined by what our exportable
"In my opinion," he said, "farm relief will be made one of the chief
surplus will bring on world markets.
issues in the next Congress as the result of this changed program by the
Since last November the Grain Stabilization Corp. has been purchasing Farm
Board."
sufficient wheat to maintain prices in this country. Because of this our
prices have ranged some 20 to 35c. above their usual relationship to world
market prices. This policy was adopted to meet a most acute emergency. President Milnor of Grain Stabilization Board Says
It has made wheat growers many millions of dollars, and a large additional
Federal Farm Board's Action in Discontinuing
amount to growers of other grains. Farmers have also gained by prevention
Wheat Buying Will Not Affect Plans to Sell 35,of a threatened additional shock to business in general.
000,000 Bushels Abroad.
Stabilization operations are emergency measures and entail a heavy cost.
The Grain Stabilization Corp. has acquired and is acquiring very large
The Farm Board's decision not to buy into the 1931 wheat
stocks of wheat. It cannot indefinitely buy more than it sells or indefinitely
hold what it has bought. It cannot follow a regular policy of buying at crop was interpreted on Mar. 23 by George S. Minor, Presiprices above the market, paying heavy storage charges, and selling below dent of the Grain Stabilization Corp., as a warning to farmcost. Farmers know this and would not ask that it be done. It would ers that stabilizing must come through acreage
reduction.
not be, in the long run, in the farmers' own interest
It is too early now to set forth in detail what the sales policy of the Associated Press accounts from Chicago, from which we
Grain Stabilization Corp. will be in the new crop year, except to say that quote, continued:
stabilization supplies of wheat will be handled in such a way as to impose
"Stabilization through Farm Board wheat buying was never meant to be
the minimum of burden upon domestic and world prices.
permanent," Mr. Milnor said. "The Farm Board's action will make fanners
It should be stated now, however, that the Federal Farm Board will realize the only
way to permanently stabilize prices is to curtail acreage."
not cause the Grain Stabilization Corp. to make stabilization purchases
Mr. Milnor said he regarded the abandonment of Farm Board stabilization
from the 1961 wheat crop. There will be no alteration or change in the operations as bullish factor in the market.
a
policy of the Grain Stabilization Corp. with reference to the 1930 crop.
This action will have no effect, however, on the Grain Corp.'s recent
In the light of the foregoing facts, growers must recognize the responsi- decision to sell 35,000,000 bushels of wheat abroad.
bility that rests upon them. The Federal Farm Board is encouraged by
"To clear trade channels for the 1931 crop," he said, "we have already
reports from the principal wheat-producing regions that growers are organ- sold several million bushels to private firms
abroad. The sales were satismarket
co-operatively.
iziag to reduce acreage and
These and efficient factory—both as to volume and price."
production are the surest means of permanent relief.
In discussing the Corporation's wheat buying, he said:
Some progress has been made, but it is only a beginning. The movement
"The buying of wheat has been successful beyond expectations. We have
must be carried to all farmers in all regions. Spring planting of wheat saved the American farmers
more than 50 million dollars up to this time,
Is at hand. Let farmers in that region heed the warning to reduce acreage, and the crop has never gone
down an eighth below the stabilized price.
and as planting time in other regions rolls around farmers there should
"For four months we have furnished the wheat farmers a minimum price
do the same.
of from 22 to 35c. a bushel above the world prices."
The following from Washington, Mar. 23, is from the
New York "Times":
Mr. Stone declined to elaborate on the manner in which the Board might
rid itself of present wheat holdings. He referred his questioners to the
original statement in which the Board declared that sales of present
holdings would be made in such a manner as to Impose a minimum of
burden on domestic and world prices.
A partial reply was made by the Chairman to statements made earlier
In the day by Senators Watson and Borah. He denied the contention of
the former that about one-third of the wheat now held by the Board was
Secretary of
Agriculture Hyde on Drop in Wheat
Prices.
The following statement was issued on Mar. 24 by Secretary of Agriculture Hyde regarding this week's decline in
wheat prices:
There seems to be a general impression that the bottom has dropped out
of wheat prices.
MAR. 28 1931.]
FINANCIAL CHRONICLE
The fact is that the Chicago market at the close to-day (Mar. 24) was
three-eighths of a cent lower on May wheat than it was at the close
Saturday; no change whatever on March wheat; only 21
/
2c. on July, and
2%c. on September. The last two futures are the new crop.
An erroneous impression has spread due to the fact that June wheat
dropped yesterday (Mar. 23) from 76% to 67c., or 91
/
2c. in one day. This
drop WBS due to the fact that the price of June futures had been riding
along at 76%c. close to the price of the stabilized futures, and of course
had to be adjusted to levels of the next crop. The volume of trading in
June is very insignificant.
There is also an impression that the buying power on the market is
declining. In futures on the new crop open commitments to-day increased
nearly 3,000,000 bushels to a total of 48,689,000, a high percentage
2307
Reaction in the wheat pits to the announcement of the Farm Board threw
farm States' legislators, still in Washington, into a quandary as to what
could be done to meet the situation. Careful consideration is to be given
to the matter during the next few days to see if some relief arrangement
cannot be entered into. One of the first cries raised is, of course, for an
extra session of Congress for the enactment of new farm relief legislation.
In the opinion of Senator James E. Watson (Ind.), Senate Republican
floor leader, the only answer to the problem is the equalization fee principle.
A similar view is held by the assistant floor leader, Senator Charles L.
McNary (Ore.), but he doubted if that scheme could be made effective at
this time in the absence of a foreign market for the grain. He declared
he would be glad to join with Senator Dickinson (Iowa) in a move for the
equalization fee legislation, also advocated by the latter, if he could develop
Increase.
a sales plan for the wheat. Senator Borah also is somewhat quizzical as to
the effectiveness of the plan. Chairman Stone of the Farm Board is hopeful that acreage reduction will be resorted to as a means of shortening the
Senator McNary Believes Federal Farm Board Will next crop.
Continue to Carry Wheat Holdings—Maintains
Senator Borah gave approval to the action of the Board on the ground
Board Can Keep Supplies Off Market for Three that it had to be done, and added that it was probably well that it was
done quickly. "The so-called stabilization program had to have an end,"
Years Unless Needed.
he declared to-day. "It was leading to disaster. But if the farmer must
According to the Washington correspondent of the New face the market of 1931 without the aid of the Government he at least
to be permitted to face it without being embarrassed or handicapped
York "Journal of Commerce", the Federal Farm Board's ought
by the Government.
holding of wheat, which it is estimated will aggregate
"There is now somewhere between 150,000,000 bushels and 200,000,000
275,000,000 bushels by the opening of the new crop year, bushels of wheat stared, piled up, with the possibility that it may be put
upon the market at any time. If this condition is permitted to continue,
July 1, will not be offered on the market for several years it will not only greatly depress the market, but it will greatly embarrass
unless a shortage arises in the meantime, is the belief of the farmer in the matter of credits with the local banks. It seems to me
Senator McNary (Rep., Ore.), Chairman of the Senate Agri- the very least the Government can do is to give the absolute assurance
that this wheat will not be put upon the market until the world price has
cultural Committee. The Mar. 24 advices to the paper reached at least $1.50 a bushel, and then only in such amounts as will not
materially lower the price. I can see nothing but the greatest embarrassquoted went on to say:
ment if this 200,000,000 bushels, more or less, are permitted to remain
Board Has Funds to Carry Crop.
with the intimation that they may be put on the market at any time.
In stating his opinion in regard to the matter, Senator McNary said that In some way this problem ought to be solved. I would rather see it ground
this would appear to him as the only course left open to the Board. The into flour at the Government's expense and sent to China than remain as
matter of financing the holdings, he said, is not of great importance, it is. It would pay in the end to do so.
although it has been stated that of the $400,000,000 appropriated for the
"It is too late to talk about anything like systematic crop reduction this
Board, but $59,000,000 remains available at the present time. However, year, if it is ever practicable. Every appeal possible was made to the
an additional $100,000,000 was appropriated in the last session of Congress farmer during the war to enlarge his wheat acreage. And while you can
to be made available July 1, and with the $5,000,000 the Board could enlarge without any co-operation, you cannot decrease acreage so
easily carry the 275,000,000 bushels for a period of about three years, it easily."
was stated.
Representative 'hotness (Rep., N. Dak.) views the action of the Board
Senator McNary called attention to the fact that the Board, in its state- in withdrawing its support of the market as a great mistake and premament Monday, stated its stabilization supplies will be handled in such a ture. He argued that if the world's market continues lower than it has
manner as to impose a minimum burden upon domestic or world prices. been for 300 years there will be as serious an emergency as with the
The Board already is investigating possibilities of renting or Otherwise crop of last year. He referred to the fact that it is estimated by the trade
acquiring sufficient storage facilities to remove the wheat indefinitely from that wheat will be 20c. lower than present pegged prices if there is no
the market, he said. Though it lacks funds to continue stabilization into stabilization. Neither agriculture nor industry can survive prices of that
the 1931 crop year, the Board has ample money to provide for storage, type, said Burtness. He favors resumption of the stabilization program
he explained.
and acreage curtailment.
It was denied by Chairman Stone that the quality of the wheat in the
On Mar. 23 a Washington dispatch to the New York
hands of the Grain Stabilization Corp. has deteriorated. He explained
"Times" reported Senator McNary as expressing the belief that the last reports he had received were to the effect that the grain was
that the stabilization plan should be continued, with some in excellent condition.
Mr. Stone told questioners to-day the reason for the making of the statemodification, for another year. It was further stated in ment
of the Board at this time was that it had felt that the growers were
the dispatch:
entitled to know its policy for the next crop now, adding that it was the
Re conferred with members of the Farm Board, who informed him of Board's hope that the effect would be acreage reduction on an appropriate
the reasons that led to the Board's decision. Lack of money and the scale.
Board's inability to market the 1930 wheat surplus abroad prompted the
Stating that Senator Borah is in accord with the views
action, he said.
of Senator McNary, that the Farm Board must prevent the
McNary Tells of Board's Holdings.
"The Board will have by July 1 250,000,000 or 275,000,000 bushels of 1930 crop coming into conflict with this year's production,
wheat tied up, purchased at an average cost of 92c. a bushel, or 31c. above the New York "Times", in its advices from Washington,
the world price," Senator McNary said.
Mar. 24. continued:
"The Board decided that it did not have adequate capital to continue its
Unless this is done, tit contended that the farmer cannot obtain credit.
stabilization system In 1931, and that sufficient storage facilities for
holding its present surplus, and the 1931 wheat that would be offered, as bankers would not make loans on 1931 crops when prices are subject to
did not exist. It was confronted with the proposition, in another year, of deflection by the sale of surplus crops in storage.
Unless the Board takes this action Senator Borah said that it should
an increased surplus and of inadequate storage facilities.
"There appears, at present, to be no way of disposing of the surplus. disband, as the stabilization program was its chief field of activity and
The question before the Board was what was to be done with the purchased its other functions could be performed by bureaus in the Agricultural
wheat and that of the 1931 crop, if 1931 wheat were bought, in the face Department.
Opposition to entering upon a new farm program was registered by
of a world surplus?
"Attempts to sell in foreign countries met with a threat that an embargo Senator Fees, Republican, of Ohio. Speaking as a Senator and not as
would be placed on American goods, if subsidized wheat was sent into Chairman of the Republican National Committee, he said that he "could
their countries at prices below the world prices.
not subscribe to the equalization fee or the debenture plan, or any other
"Another way was to store the wheat already bought and contracted scheme that dcee not look to reduction in surplus rather than an increase."
While the Republican leaders were viewing the new farm problem from
for, plus the 1931 wheat, if bought, and release it gradually over a period
of years here and in other countries. This would require additional storage economic and political angles, Democrats termed the breakdown in the
facilities, and the carrying cost of wheat at 11
/
2c. a bushel per month would Farm Board's program as the "greatest failure of the Hoover Administradouble the original cost. These are the factors that lead the Board to tion" and one that would injuriously affect the fortunes of the Republican
party in the wheat States in 1932.
its action.
"While I favor the equalization fee program, I cannot see how it will
"The two striking failures of the Hoover Administration are his farm
policy and his tariff policy," Senator Swanson, Democrat, of Virginia, said.
help solve the present situation in the face of the world wheat surplus."
"The farm policy was proposed by President Hoover, over the debenture
and other plans proposed by the Senate, and his will prevailed on account
Federal Farm Board's New Wheat Policy Brings Demand of the stubbornness of the House, which was under his control. The tariff
as passed by the Senate was a reasonable measure and would have been
for Bounty—Equilization Fee Only Solution to bill
beneficial, but this was defeated by the House, and a measure desired by
Problem, Declares Senator Watson—Senator Borah President Hoover was passed. His policies on farm relief and the tariff
absolutely prevailed, and they are recognized as his. When they passed
Approves Action Ending Stabilization.
Congress last year his friends acclaimed them as two of the President's
From the New York "Journal of Commerce" we quote, in greatest accomplishments.
"Each of the President's policies has proved a failure and there can be
part, from its Mar. 23 Washington advices as follows:
Determination of the Federal Farm Board to discontinue its wheat no economic relief to agriculture, mining and industry until these laws are
stabilization policies July 1, when it is expected to have in its possession modified. The farm and tariff laws have produced the worst economic
America has experienced in years.
in the neighborhood of 275,000,000 bushels of wheat or whatever may be distress
"It seems to me that the next Presidential election will be determined
the actual salable carryover, struck consternation in the ranks of the
politicians here. While the announcement to the effect that the farmers on economic issues, not on minor ones. I feel sure that the Democratic
hereafter will have to take care of their own surpluses came as a surprise party will be wise enough to select as the main issue that of economic
relief to a distressed country."
to many persons, there were not a few who seemed to know what was
coming.
Copeland Abandons Debenture Plan.
In fact, it is believed that the contemplated announcement was the
It is clear from statements here that in the next national campaign the
cause of the invitation to Senator William E. Borah (Idaho) to lunch with problem of farm relief is going to be a live issue, and that the Democrats
the President just before the latter embarked on his Porto Rican trip; intend to make the most of it. They favored the export debenture plan,
that these two discussed the prospects for agriculture and possibility of but it is not known whether they will again offer it as a means of improvnew legislation to deal with the situation.
ing farm conditions. They say that The Administration cannot "shift" its
2308
FINANCIAL CHRONICLE
farm policy, and that it must stand or fall on the experiment of stabilization of prices and orderly marketing through co-operatives.
Senator Copeland, Democrat, of New York, said to-day that he would
not follow his party again in supporting the export debenture plan. He
said he had voted for it the last time "holding his nose", and would not
do 60 again. "I favor the equalization fee system," he said, "and believe
it would be workable in normal times."
Support of the demand of a group of Liberals for an extra session of
Congress to act on unemployment and other problems came to-day from
Senator Nye, Republican, of North Dakota. He said he thought the action
of the Farm Board, more than anything else, called for a prompt summoning of Congress to act on the farm problem.
"The more this thing grows the more it appears to me that Congress
should be assembled to study the joint problems of farm relief and unemployment," Senator Nye said.
"Whether the Farm Board could have done anything else than what it
did I am not prepared to say at this time, but I feel that it ought to have
continued the stabilization operations."
[Vex,. 132.
be withdrawn under proper permit for any nonbeverage purposes for which
alcohol may be withdrawn."
"Where it is desired to withdraw such spirits for purposes other than
fortification, application for amendment of the distiller's permit to authorize
such withdrawals shall be made on form 1404, in quadruplicate, to the
supervisor of permits for the district, supported by a statement, also in
quadruplicate, setting forth the contemplated market for the spirits and
the proper quantity which will be withdrawn for such purposes," the
regulations provided.
It was held that a distillery warehouse must be established within which
to store the spirits, pending withdrawal, unless the spirits are transferred
to a concentration warehouse immediately after production.
The supervisor, under the regulations, will make an inquiry respecting
the fitness of the applicant, necessity for the permit, plant construction
and method ofstorage. This report must be submitted to the Commissioner
of Industrial Alcohol. The regulation said that spirits must be of not less
than 160 proof.
mile spirits may be withdrawn from the warehouse for any lawful
purpose for which alcohol may be used, including denaturation and the
tax-free purposes authorized by the National Prohibition Act for delivery
to permittees whose basic permits authorize the procurement of wine
spirits, brandy or alcohol."
Montana Department of Agriculture Not to Advise
Farmers to Cut Wheat Acreage.
The "United States Daily" of Mar. 25 reported the fol- Grape Control Board Facing Difficulties in Collecting
from Grower-Shipper Organizations, According to
lowing from Helena, Mont., Mar. 24:
Chairman Stone of Federal Farm Board.
The Montana Department of Agriculture will not advise farmers of the
State to reduce their wheat acreage this year, according to a statement by
Unless the California Grape Control Board surmounts its
the Commissioner of Agriculture, A. H. Stafford.
present difficulties in collecting some $600,000 from growerThe Commissioner said that Montana farmers cannot afford to buy
additional equipment needed for other crops and that their soil is best shipper organizations in connection with its plan for withadapted to wheat raising, so that curtailment of wheat production is not holding grapes of the 1930 crop from market, Chairman
advisable at present.
James C. Stone of the Federal Farm Board admitted on
The statement was made in reply to an inquiry received from J. C.
March 16 that a portion of the Governmental loan made to
Mohler, Secretary of the Kansas Department of Agriculture.
the growers several months ago would be jeopardized. A
statement to this effect from Washington was carried in the
C. H. Gray of American Farm Bureau Federation New York "Journal of Commerce" of March 17 from which
Predicts 50-Cent Wheat as Result of Federal Farm the following is also taken:
Board's Decision to End Buying—Looks for Export
Chairman Stone explained that the Grape Control Board is not an
Debenture—Board's Policy As to Cotton Buying. ordinary regional marketing association of the type sponsored by the Farm
Board and consequently the grower-member associations do not pay for
A prediction that optional nse of the export debenture stock in it, stock which could secure the loan. Although Mr. Stone did
and the equalization fee would be substituted for stabiliza- not have before him the amount of the loan made to the grape growers,
said that the figure exceeded the sum of $600,000, which the Control
tion operations come from Chester H. Gray, of the American he
Board is having difficulty collecting.
Farm Bureau Federation, on Mar. 23, according to AssociUnder the Control Board's plan to prevent a glut on the market, growers
ated Press advices from Washington on that date to the who would cease marketing were to be compensated for the grapes they
did not harvest from the vines. Growers who did ship were to pay at the
New York "Evening Post", in which it was further stated:
rate of $1.50 for every ton of grapes shipped, Mr. Stone said, explaining
Mr. Gray, Washington representative of the organization, pointed to
abandonment by the Farm Board of stabilization operations in wheat as
the forerunner of a Congressional move to strip the Board of this power
and substitute the two points of contention in the long campaign for farm
relief.
"This will be done by friends of the act, not its enemies," he said.
Sam IL Thompson, newest member of the Farm Board, was President
of the American Farm Bureau Federation until his appointment by President Hoover last week to fill the vacancy caused by the resignation of
Alexander Legge.
Long for Equalization Fee..
Mr. Thompson long was an advocate of the equalization fee. No word
had been received to-day as to when he would assume his new duties.
Mr. Gray predicted 50c. wheat as a result of the Board's announcement
of yesterday.
"The action of the Board," Mr. Gray said, "means that the burden of
taking care of crop surpluses has been thrown back on the farmer where
it always has been. Farmers don't need a Farm Board to tell Chem that."
He observed that farmers would reduce acreage only when economic conditions absolutely forced them, and expressed belief that next fall if wheat
prices dropped to 50c., as he thought they would, production would be
curtailed.
Mr. Gray said the Board's decision would reopen the entire farm controversy in Congress. As a result, he said, he was confident a method of
control through the export debenture or equalization fee would be adopted.
Forego Cotton Buying, Too.
The Farm Bureau Federation, he said, favors the equalization fee in controlling large surpluses because it would not require as much public money
to make it operative. The export debenture, however, he said, could be
used effectively in controlling small overproduction.
Mr. Gray said that from the Board's policy for 1931 in respect to wheat,
that inference could be drawn that it would not make stabilization purchases
in cotton for the next crop year.
The Farm Board has not bought any cotton since 1929, and Chairman
Stone said recently no purchases would be made until July 1 at least. The
Board now holds 1,300,000 bales, which were bought in 1929.
Representative Burtness, Republican, of North Dakota, said lithe Farm
Board is not prepared to meet emergencies "we might as well abolish the
Board."
Representative Kvale, Farmer-Labor, of Minnesota, said that politically,
"It may be a smart move to get the crisis toward which the Farm Board
seemed heading over with long before the next campaign."
Regulations Issued by Secretary Mellon and AttorneyGeneral Mitchell Permit Withdrawal of Fruit
Spirits to Aid Grape Industry.
Stimulation for the grape industry in California, New York
and other sections was seen in joint regulations of the
Treasury and Justice departments, issued March 20 placing
high proof fruit spirits on the same plane as industrial alcohol.
Advices from Washington to the New York "Journal of
Commerce" reporting this said:
Following an enactment in the Tariff Act of 1930, Secretary Mellon and
Attorney-General Mitchell ruled that "high proof fruit spirits, made in
distilleries connected with wineries for use in the fortification of wines may
that this was to have made up a fund of $600,000.
Failure to collect all of the $600.000, it was indicated, also jeopardizes the
plan of the Control Board to limit the volume of grapes to be marketed from
the 1931 crop. Plans for 1931 are only tentative, it was said, although it is
believed that improvement of acreage reduction might be tried.
In trying to reduce the acreage of grapes for the 1931 harvest, however,
the Grape Control Board is reported to have run into another difficulty.
That is that many of the growers have given mortgages on their vineyards,
and to pull out some of the vines, therefore, would impair the security
which they have given for their loans.
Alexander Legge Former Chairman of Federal Farm
Board Disagrees with View of Roger Babson that
Farmer will be First to Recover from Depression.
Alexander Legge, who recently resigned as Chairman of
the Federal Farm Board, is reported as stating that he does
not agree with Roger Babson's prediction that the farmer,
"always the first hit, will be the first to recover this Summer."'
Associated Press dispatches from Phoenix, Ariz.,in reporting Mr. Legge to this effect, quote him as saying during a
visit to that city.
"I am not so sure of that." In 1921 the farmer was slower in coming
back than other lines of industry. But I am more hopeful for him this time
We must not overlook the fact that this nation is growing more self
contained. We are consuming more of what we produce.
"In the past we have depended upon export markets for our staple
crops. We have been in a bad way, more or less, since the war, with
peak productions of agricultural crops all over the world. Wheat,ofcourse,
is the worst of the lot. Cotton's distress appears to be more temporary.
"The fundamental principles to be remembered in growing these staple
crops is that after all the supply must be adjusted to the demand. This
lesson never has been fully accepted by the American."
Josiah Stamp to Head Royal Grain Commission of
Canada to Inquire Into Grain Situation.
Sir Josiah Stamp is to head the Canadian Royal Grain
Commission, which is to inquire into the grain situation
in general, and, in particular, trading in futures on the
Winnipeg Grain Exchange. The Toronto "Globe" of
March 26, reporting this from its Ottawa correspondent
March 25, went on to say:
Sir
The personnel of the balance of the Commission has not yet been
decided upon, but it is understood the prairie Provinces will have the
naming of two members. Revelation of the identity of the Chairman of
this most important body came to the Commons today, when George
Coote (U. F. A., Macleod) arose and questioned:
"I understand cable advice has been received that Sir Josiah Stamp is
to sail from London, and, upon his arrival in Canada, he is to act as
Chairman of the Royal Grain Commission. Will the Premier confirm
the report?"
Premier Bennett—Sir Josiah Stamp will sail for Canada next week.
I had intended to make a statement to the House at an early date, but
I will do so before next Wednesday.
MAR. 28 1931.]
FINANCIAL CHRONICLE
Wheat Agreements Among All Nations Favored by Canadian Pools—International Compacts to Insure Orderly
Crop Marketing.
The outstanding achievement of the Interprovincial
Conference of Wheat Pool Directors, in session at Regina
March 13, was that relating to international relationships
in wheat-marketing, and took the form of a resolution
which passed the conference unanimously favoring an
arrangement among all wheat-producing countries to provide for the scientific distribution of the world's wheat
on the basis of orderly marketing. A Canadian Press
dispatch to the Toronto "Globe" noting this continued:
The resolution follows:
"That this conference be in favor of an arrangement between all the
wheat-producing countries to provide for the orderly marketing of
wheat, in such a manner that will make for scientific distribution
of the world's wheat, and deal with surpluses intelligently on an
equitable basis, so that at all times supplies will have a relationship
to demand, in the interests of both producer and consumer."
Consideration of the resolution was accompanied by a thorough review of
the development of national and international action in wheat-marketing up
to the present time. The activities of the League of Nations in the direction
of co-ordinating agricultural marketing policies in different countries, were
reviewed, together with the series of conferences which have occurred
among Eastern European countries during the past few months, and
which led up to the recent conference on agricultural exports in Paris.
Directors of Chicago Board of Trade Restore Wheat Dealings to Priority Over Corn.
The directors of the Board of Trade have voted to
restore wheat dealings to the largest of the four grain
pits beginning March 30. This action reverses a step that
switched the trading pits and gave precedence to corn.
2309
recent article in the "Journal of Business," he developed the
point that growth and decline of storage space in Chicago
has kept pace with the growth and decline of grain receipts.
"Whether the decline in receipts is the result of failure to
provide sufficient storage space, or whether declining receipts discouraged capital from entering this form of enterprise is not altogether clear," Professor Duddy said. He
continued:
It is clear, however, that while storage space has been declining at
Chicago, it has been increasing along with receipts at Duluth, Kansas City,
Minneapolis and Buffalo. The increase in the transfer of spring wheat
down the lakes is sufficient explanation of the growth at Duluth, while the
presence of a strong milling industry accounts for most of the growth at
the remaining markets.
Professor Duddy's article in the "Journal of Business" is
a study of the use made of elevator space at Chicago, Duluth,
Kansas City, Minneapolis, Omaha and St. Louis for the
years 1921-29 inclusive. Chicago elevators showed a maximum use of capacity over this period of 72%, a minimum
of 44%, and an average use of 54% of rated capacity. For
the six markets combined, the maximum use was 75%, the
minimum 24, and the average use 52%. The annual average turnover of space at Chicago for the years 1921'29
was 5.04. Professor Duddy observed.
On the basis of these ratings, it would seem necessary to base further
expansion of a storage space upon development in the milling industry or
other industrial use of grain. With cheap power available, a large consuming market at hand, and an unrivaled distributing system, there is
small reason for Chicago lagging behind in this type of development.
Much of the present storage equipment is obsolete and expensive in operation. Of the total space now in existence, 36% was constructed between
1872 and 1899. Grain handling costs might be reduced by rebuilding in
larger units with a greater degree of access to water transportation.
Minnesota Bill Directed Against Grain Futures—Would De- Illinois Court Enjoins Secretary of Agriculture Hyde from
fine as Gambling Purchases Not Actually Taken by
Suspending Dealers on St. Louis National Stockyards.
Buyer.
According to the St. Louis "Globe Democrat" of March
The following St. Paul advices March 20, are from the 22, Secretary of Agriculture Arthur M. Hyde was enChicago "Journal of Commerce" of March 20:
joined from suspending the trading licenses of old-line
A bill offered in the Legislature today would largely restrict if not commission firms and order-buyers at the St. Louis Naput an end to trading in grain futures in Minnesota. The measure was
tional Stockyards on March 21 by order of a special
introduced by Senator R. A. Buckler, Farmer-Labor, of Crookston.
Under the terms of the bill, all transactions in grain and other agri- Federal Court sitting at Danville, Ill. The item contincultural products, whether made on margin or otherwise without any in- ued:
tention that the purchaser actually is to receive and pay for the commodities involved, would be defined as gambling and unlawful. A fine of not
less than $300 nor more than $3,000 would be fixed for each violation.
The "pretended" buying and selling of farm commodities on margins or
on optional delivery "when the party selling the same does not intend to
have the full amount of property on hand or under his control, to deliver
upon such sale, or when the party buying such property does not intend
actually to receive the full amount if purchased," would be prohibited.
Farmers of 13 States Form Dairy and Poultry Co-operatives,
Inc., at Instance of Federal Farm Board.
The "Wall Street Journal" of March 25 reported the
following from Chicago:
Dairy and Poultry Co-operatives, Inc., has been formed here at instance
of Federal Farm Board as a federation of farmers' co-operatives in 13
states of Central West. The new group expects to apply shortly for
Farm Board loans and is to start operations at once as a sales agency
for dairy products.
P. L. Betts, member of dairy and poultry advisory committee of
Farm Board, has been appointed general manager. The new regional cooperative is sixth largest sponsored by the board and will operate in
harmony with regionals previously established in the East and Northwest.
Professor Duddy of University of Chicago on Congested
Condition of Grain Storage Space in Chicago Due
to Policy of Federal Farm Board in Accumulating
Grain—Decline as Grain Centre.
"The present congested condition of grain storage space
in Chicago is abnormal and cannot continue indefinitely,"
Prof. Edward A. Duddy of the School of Commerce and
Administration of the University of Chicago said recently
in an interview. "The congestion now existing is due to the
policy of the Farm Board in accumulating grain," he stated,
adding:
The injunction will be effective pending a hearing on the merits of
the case to determine whether the old-line firms boycotted Federal
Farm Board agencies, as charged.
Presiding Judge Alschuler of the Circuit Court of Appeals presided
at the hearing yesterday, assisted by Judges Lindley and Wham. Such
a court is prescribed to pass on petitions brought to restrain the operation
of an order of an executive department.
The Court restrained enforcement of a suspension order against forty
firms, constituting practically all the independent market agencies at
the National Stockyards, which was to have become effective Friday.
Practices Involved.
The Court declared the firms need not trade with the National Order
Buying Company nor with the St. Louis Producers' Association unless
those organizations conformed to accepted market practices. The refusal of the old-line firms to trade with the two associations led to
charges of a concerted boycott, on which the suspension order was based.
The National Order-Buying Company and the St. Louis Producers'
Association are stockholder members in the National Live Stock Marketing
Association, the recognized agency for making loans from the Federal
Farm Board to live stock co-operatives. The petitioning firms charge
these organizations indulged in practices contrary to the accepted code
of the market, and their close affiliations gave them an advantage over
other market agencies with whom they dealt.
Legal Issue Raised.
Attorneys for the petitioners question the constitutionality of the
agricultural marketing act, and, consequently, the validity of all activities
of the Federal Farm Board.
The Farmers' Live Stock Commission Company, a co-operative association, which has refused to become affiliated with the National Live
Stock Marketing Association, also was granted a temporary injunction
in a separate case.
Secretary Hyde last October ordered investigation of alleged discrimination at the stockyards. Testimony was heard throughout November. A "cease and desist order" issued by C. G. Marvin, Acting
Secretary of Agriculture, February 24, failure to obey which was to be
followed March 20 by the suspension of trading licenses. The petition
for injunction was filed in the meantime.
The decision of the Court was received with elation by the members
of the old-line firms. William A. Moody, President of the St. Louis
Live Stock Exchange, attended the hearing at Danville yesterday, accompanied by twenty commission men and order buyers, and H. A.
Powell, Secretary of the Exchange.
"More significant than the congestion of the elevators, so far as Chicago
is concerned, is the fact that since 1900, when storage capacity reached its
peak except for the war years, grain receipts of the city have shown an
irregular decline. This decline has been paralleled by a decline of the
From St. Louis advices March 15 to the New York
wheat crop exported.
It is significant also that in 1930, for the first time in the history of the "Journal of Commerce" we take the following:
The suspension order against the old-line commission houses and the
Chicago grain market, first place in combined receipts of the five grains—
wheat, corn, oats, barley, and rye—was yielded to another market. Min- Farmers' Live Stock Commission Co., operating in the National Stock
Yards,
which was to have become effective tomorrow, is held in
154,311,000
bushels
in
receipts
with
neapolis displaced Chicago
compared
abeyance by the United States Department of Agriculture until March 26.
with 141,388,000.
The matter before the Court is the petition of the live stock dealers and
Chicago has lost ground steadily since 1921 in relation to the combined
receipts at fourteen principal interior grain markets. In 1921, Chicago the Farmers' Live Stock Commission Co., the latter being a co-operative,
markets,
but in 1930 its total for a permanent injunction against the Department of Agriculture to
received 29% of the combined receipts of the
had dropped to 16.22%. Duluth, Kansas City. Wichita and Hutchinson prevent enforcement of the suspension order. The sixty-day suspension
was the consequence of a mandate of the Department of Agriculture
have grown at the expense of Chicago.
co-operative to deal with the
Professor Duddy does not agree entirely with those to the commission houses and the farmers'
Producers Live Stock Commission Co. and the National Order Buying
authorities who believe that Chicago's decline as a grain Co., two concerns which are supported by the Federal Farm Board and
centre is due to failure to provide adequate storage. In a the Department of Agriculture.
2310
FINANCIAL CHRONICLE
The old-line commission houses and Farmers' Live Stock Commission Co.
are making their injunction petition a direct attack on the constitutionality
of the Agricultural, Marketing and Stockyards acts. They are determined to wage a conclusive contest, as they maintain that the Federal
Government is fostering a monopoly and destroying private business and
enterprise.
Record Grain Crop Expected in Russia-10,000,000 Peasant Holdings Now Collectivized and Spring Sowing Is
Under Way—Soviet Seeks Price Rise—Moscow Declared Not Opposed to Principle of World Export
Curbs to End Dumping.
From the Moscow correspondent, Walter Duranty, the
New York "Times" reported the following under date of
March 25:
Ten million peasants' holdings are now collectivized in the Union of
Socialist Soviet Republics, or 40% of the total. In the Ukraine the percentage is snore than 50; in the Northern Caucasus it is about 80, and the
Volga region as a whole averages 60%.
According to official figures, 85% of the tractors have been repaired
to date, which is a considerable achievement in view of Land Commissar
Yakovleff's statement that 87% of the tractors in the country needed
repairs.
Spring sowing has now begun in the Northern Caucasus and Southern
Ukraine after a delayed start owing to cold weather. It is reported
proceeding with enthusiasm and organization. It will be a month—or
snore if Spring is late, as the Soviet weather bureau predicts—before
the condition of the record 100,000,000-acre crop of Autumn-sown grain,
mostly wheat, in the southern regions can be positively determined.
Your correspondent is informed officially that the situation at present is
"more than satisfactory," although the speaker expressed anxiety about
frost should the predictions of the weather bureau of a cold April come
true.
Meanwhile, the collectivization drive shows no sign of diminishing,
with 50,000 farms incorporated into collectives daily during the last
three weeks. While it cannot be said that the peasantry as a mass is
yet wholly converted to this agrarian reform, there is a general feeling
that the advantages probably outweigh the drawbacks and that the plan
is worth a trial. On the whole, therefore, the prospects are good for
a record harvest.
This lends particular interest to the first international agrarian conference, in which the Soviet Government will participate, opening in
Rome tomorrow. Your correspondent has been unable to ascertain what
line the Soviet delegation is likely to take, but it is probable that that
will depend on the circumstances and the atmosphere. It may be said
that the Soviet Union is not opposed in principle to international agreements of a character similar to that of the sugar convention, for instance—on condition, of course, that the terms are satisfactory to the
Soviet Union.
The point is that there is no arbitrary insistence in the Soviet mind
on flooding the world with exports—still less of ruining capitalism by
dumping. Quite on the contrary, indeed. The writer can state most
definitely that this country would be delighted to see the world prices
stabilized at higher levels and would doubtless consent to export limitations in given directions on equable terms.
The Russian internal demand in all directions is so immensely greater
than the supply that if the output of anything were doubled the home
market could easily absorb it. As a high-placed official put it:
"However much grain we produced and however we agreed to limit
exports, there is no fear that it would be allowed to stagnate in our
granaries or clutter up our ports. There is no limit to our internal
demand."
Argentina Stirred by Russian Wheat—Foreign Minister
Urges Copying of Soviet Control Methods to Avert
Market Loss.
The following Buenos Aires cablegram March 24 is
from the New York "Times:"
The Foreign Minister has published a long note informing Argentine
farmers of the details of the Russian five-year plan as it affects wheat
production and urging the formation of Argentine organizations to control
production and sale of wheat in a manner similar to that established
by Russian governmental control.
The Minister's note warns the growers that unless such cooperatives
are formed to function successfully it will be impossible within a few
years to export Argentine wheat, as the Russian product will have gained
control of foreign consuming markets.
Meanwhile the Minister of Agriculture is trying to bring about an
agreement with Australia and Canada for control of exports from the
three countries. If preliminary negotiations are successful it is probable that the Ministers of Agriculture of the nations or their representatives will meet formally to arrange a treaty.
[VOL. 132.
months sales should be allocated on the basis of 25% 1929 crops and 75%
1930.
The pools undertook on Novernber 15 1930, to install as soon as possible
a general manager acceptable to the lending banks, and agreed that be
should act at least until such time as the balance of the 1929 and the preseot
1930 crop are disposed of.
The Alberta Government has granted the lending banks prior claim on
the assets of the Alberta Wheat Pool Elevators, Limited.
Lruder an agreement between the Prairie Governments, the banks and
Canadian Co-operative Wheat Producers Limited, dated August 26 1930,
it was provided that sales of wheat should be apportioned equally as to
value between the 1929 and 1930 crops. On November 6 1930; this was
changed to a 25-75% basis in favor of marketing of 1930 grain.
On November 15 1930, it was agreed that all sales of cash grain by Canadian Co-operative Wheat Producers Limited should be allocated so far as
possible to the 1930 crop. The one exception to this was that advances of
$211,000 made on November 14 and $350,000 made on the following day
to protect margins on the wheat pool "long" position were to be properly
chargeable against the 1929 crop, and that sufficient sales were to be credited
to the 1929 crop to meet this condition.
Canadian Farmers Use Own Wheat for Flour Instead
of Selling at Present Low Prices.
Farmers in Saskatchewan, instead of selling their wheat
at present low prices, are having it ground into flour for
their awn use and their business is taxing the capacity of
the mills in and around Regina, according to information
from C. M. Gerrity, American Vice Consul in that city, received by the Foodstuffs Division of the Bureau of Foreign
and Domestic Commerce. The Bureau also had the following
to gay March 19:
The farmer either hauls his wheat into town by truck or he and his neighbors pool their grain and ship it to the mill in carload lots, sometimes from
distances as great as 100 miles, the Consul reported. A farmer seldom receives flour from his own wheat as it is considered poor policy to serve out
"green" flour, and the millers prefer to supply flour that has been "aged"
for at least 30 days.
One Saskatchewan mill points out, in a circular to customers, that at
present prices one bushel of wheat will pay for six loaves of bread, but will
produce fifty loaves. This mill, for 25 bushels of No. 1 wheat, glees 976
pounds of flour. It charges $8.75 for gristing and bats, but this charge, it
Is stated, may be paid by extra wheat at market prices.
India Plans Duty on Wheat.
The following (United Press) from New Delhi, India,
appeared in the "Wall Street Journal" of yesterday (March
20):
A bill levying an import duty of two rupees per hundrer weight on wheat
was introduced in the assembly by Minister of Commerce Sir George Rainy.
Indian
Wheat Growers Assisted by Government
Through Rebate on Freight Charges.
Following its action in ordering reduced freight rates on
wheat moving from the Punjab to Karachi for export, the
Government of India has arranged for a rebate of one-third
of the freight charges on wheat moving from the Punjab to
Calcutta, an important consuming center, between February
1 1931, and March 31 1931, the Department of Commerce is
Informed in a report from Wilson C. Flake, Assistant Trade
Commissioner in Calcutta. In a statement issued by the
Government of India, it was explained that the cost of the
rebate will be borne by the Punjab Government, but will be
refunded to them if there is a substantial increase in the
quantity of wheat shipped to Calcutta.
New York Stock Exchange to Close on Good Friday
April 3—Governing Committee Denies Petition of
Members to Close April 4.
The Governing Committee of the New York Stock Exchange at its regular meeting on March 25, determined that
Canadian Wheat Pools Owed Banks $68,000,000—Posi- the Exchange be closed Good Friday, April 3., The request
tion in September 1930 Given in Correspondence of the members that the Exchange be closed Saturday,
Tabled by Premier Brownlee in Alberta Legislature. April 4, was not granted by the Governing Committee.
Canadian Press advices from Edmonton, Alberta, March
20 stated that amounts of over $68,000,000 were owed to
Canadian banks by the Canadian Co-operative Wheat Producers Limited, central selling agency for the western wheat
pools, in September 1930, according to correspondence tabled
in the Alberta Legislature on that date by Premier J. E.
Brownlee. The advices as given in the Montreal "Gazette"
of March 21 continued:
In September last, the correspondence reveals, the pool traded in wheat
and required advances of $561,000 to protect their "long" position.
The correspondence became public when Premier Brownlee moved second
reading of a bill to validate provincial guarantees to the banks of loans to
the western wheat pools. Attached to the ratifying bill are copies of correspondence and agreements which tell the story of negotiations between the
banks and the provinces for financing the marketing of prairie wheat crops.
It was revealed that the Alberta Government agreed that for nearly two
Death of Edward Doyle Superintendent of Floor Force
of New York Stock Exchange.
Edward Doyle, Superintendent of the Floor Force of the
New York Stock Exchange, died suddenly on Saturday
night, March 21, while travelling from Buffalo, N. Y., to
Ashtabula, Ohio. His death was caused by apoplexy
following indigestion. He had been in Buffalo, attending
the national bowling tournament held there by the American
Bowling Congress last week, and was on the way to his
mother's home in Akron, Ohio, when he was stricken.
Mr. Doyle, who was born in Oradell, N. J., in September
1879, entered the employ of the Stock Exchange on March
19 1894.
MAR. 28 1931.]
FINANCLA L CHRONICLE
New Regulations of Los Angeles Stock Exchange
Governing Private Wire Agreements.
Designed as a means of putting added teeth in regulations
governing private wire agreements, the Los Angeles Stock
Exchange, it was announed March 18, has made a ruling
that all applications for such agreements must be endorsed
by a member of the Exchange or by a partner or officer of a
member firm. Although the Exchange subjects all such
applications to careful scrutiny, it was agreed that such a
ruling regrading endorsement would automatically tend to
act as a bar to such firms as are not ethically entitled to
private wire facilities.
F. W. Blair of Detroit Re-elected President of Joint
Stock Land Bankers' Association.
Frank W. Blair, Chairman of the Board of the Guardian
Detroit Union Group, Inc., of Detroit, Mich., was re-elected
President of the Joint Stock Land Bankers' Association at
its annual meeting in Washington, March 17. Mr. Blair,
who is also Chairman of the Board of the Union Guardian
Trust Co., Detroit, is President of the Union Joint Stock
Land Bank, Detroit, and the Ohio-Pennsylvania Joint Stock
Land Bank, Cleveland, both units of the Guardian Detroit
Union Group. Reports presented to the annual meeting
are said to have been decidedly optimistic and indicated an
Improvement in agricultural conditions in various sections
of the country.
Utah Regional Clearing House Organized.
From Salt Lake City the "Wall Street Journal" of March
13 reported the following:
A regional clearing house has been organized to include the banks of
Salt Lake, Weber, Davis and Utah counties. The new organization will
exchange information on local problems, but will in no way duplicate the
work of the Salt Lake Clearing House Association. Royal C. Barnes is
President.
2311
Also Wagganab & Brawner, Washington, D. C., $121,552; J. D. Allen,
Attica, ILA, $48,652; Bartlett, Frazier & Co., Chicago, $45,435; H. 0.
Horneman, Danville, Ill., $30,836; Minna Townsend, Chicago, $41,131;
Titus, Wales & Co., 149 Broadway, $22,307; De Copett & Doremus, $79,544;
Ferdinand Mayor, 270 Park Avenue, $58,000, and ethers.
A meeting of the creditors of Prince & Whitely will be
held next Friday, April 3, before Judge Knox, at which time
creditors may file and prove their claims and have claims
allowed, examine the alleged bankrupts, and act upon the
offer of composition, according to the New York "Evening
Post" of Mar. 25, which furthermore said:
Upon filing of application for confirmation of the composition and on
filing the requisite number of acceptances or consents of creditors whose
claims have been allowed, application will be made to confirm the composition at a hearing April 22.
The failure of Prince & Whitely was noted in the
"Chronicle" of Oct. 11 1930, page 2317 and its affairs referred to in several subsequent issues, the last reference
appearing Feb. 21, page 1343.
Boston Brokerage Firm of A. B. Durell & Co. Fails.
Albert B. Durell of 140 Mount Vernon Street, Boston,
dealer in securities, doing business as A. B. Durell & Co.,
has filed a voluntary petition in bankruptcy in the Federal Court, according to Boston advices on Mar. 21 to the
"Wall Street Journal." Liabilities are given as $475,050
and assets $67,352, it was stated.
Dominick & Dominick See Possibility of Stricter Regulation of Price Fixing Powers of International
Cartels.
Stricter regulation of the price-fixing powers of international cartels may soon become effective as the outcome
of recent developments in Germany, the leading country in
the cartel movement,according to the review issued March 21
by Dominick & Dominick. Following an investigation which
showed that uncontrolled commodities were much more
responsive to the general downward price trend than products
controlled by the cartels, an emergency decree, the review
points out, was enacted in Germany authorizing the Government to invalidate price-fixing agreements if "detrimental
to production or distribution or if they restrict freedom of
action to an economically unjustifiable degree." The review
adds:
Creditors of Prince & Whitely to Receive Nearly 100
Cents on the Dollar-Schedules Show Nominal
Assets of $75,000,000, Including $50,000,000 in
Stocks Pledged to Banks, and $60,974,957 in Liabilities.
Further referring to the affairs of the former New York
Stock Exchange firm of Prince & Whitely, against which
As a result of this decree, a number of important cartels made substantial
bankruptcy proceedings were brought on Oct. 9 1930, schedprice reductions and some of them were obliged to abandon the policy of
ules filed for the firm on Mar. 21 by Gary & Gary, its resale-price
control. The decree indicates, moreover,that there is a marked
attorneys, corroborated to a large extent a recent state- tendency toward curtailing the unlimited freedom of action of the large
cartels and that eventually their activities may be limited
international
ment issued by the Irving Trust Co. as receiver in bankby restrictions similar to this country's anti-trust laws."
ruptcy that the creditors of the firm would be paid nearly
According to the Department of Commerce: "While the
100 cents on the dollar. The New York "Herald Tribune" action of the German Government against price-fixing may
of Mar. 22, from which the above information is obtained, be of a temporary character,it may leave a lasting impression
went on to say:
on the German cartel policy,in view of the fact that the whole
The schedules listed the liabilities at $60,974,957 and nominal assets
cartel
question has been under examination for some years."
$/5,390,794, including $50,000,000 worth of securities which were
of
pledged with banks as collateral. Gary & Gary, attorneys, filed the
schedules.
The secured indebtedness items listed total $37,000,000. It is stated that
all of the banks with the exception of the Marine Midland Trust Co. of
New York, the Hibernia Trust Co. and the Exchange Trust Co. of Boston,
have liquidated the securities which they held as collateral and have paid
over the surplus to the receiver. The Irving Trust Co., after it was appointed, reorganized and continued the business of the firm for the benefit
of creditors.
The assets, in addition to the pledged securities, consist of stocks and
bonds held by the receiver and valued at $14,213,135; accounts receivable,
$7,458,979; Stock Exchange and Curb seats, membership in Clearing House
and clubs, $1,336,816; and cash on hand in banks, $1,380,987.
The list also includes unliquidated assets of $450,000; furniture and fixtures, $415,049; dividends and coupons, $99,680; insurance, $29,104, and
transfer and documentary stamps, $7,040.
Unsecured claims amount to $23,974,957. These consist largely of credit
balances due customers, and among the larger items are those due to Captain F. D. Berrien, Navy Yard, Washington, D. O., $80,284; C. Beale
Bloomer, Chevy Chase, Md., $30,619; H. E. Brandli, 25 Broadway, $97,820;
Joseph T. Castles, Sr., Bradley Beach, N. J., $914,593; George W. Clemmer,
Cleveland, $25,163; Nathan L. Cohn, Chicago, $102,000; Elmer E. Crane,
Indianapolis, $60,089; Albert M. Davis, Boston, $96,149.
Also Bruce B. Derrick, Washington, $23,879; William O. Durant, 250
West 57th Street, $26,388; First National Bank, Malden, Mass, $45,660;
W. 0. Foster & Co., Chicago, $87,950; A. J. Harris, Pasadena, Cal., $18,183;
Paul Helfer, 157 East 86th Street, $61,676; Lehman Brothers, New York,
$871,841; Linden Investment Corp., 535 Fifth Avenue, $197,442; George
W. Loft, 10 East 40th Street, $528,979; McCuaig Brothers & Co., Montreal, $361,692; ,Maltthewson, McLennan & Molson, Montreal, $44,583;
Florence IL Middaugh, Washington, $38,719; National Assets Corp., 627
Fifth Avenue, $55,199; Arthur A. Nordhoff, Seattle, $100,827, and Richard
G. Park, Jr., Washington, $61,190.
Also Prince & Whitely Trading Corp., 63 Wall Street, $2,111,095; W.
E. Telling, Cleveland, $119,842; Otto Vezin, Montclair, N. J., $49,024;
L. A. Young, Detroit, $980,984; Barney Balaban, Chicago, $219,776;
James E. Costton, Chicago, $78,420; Davis, Smith & McNulty, Chicago,
$124,354; A. C. Ertsgaard, Chicago, $62,818; Edward R. Naar, Chicago,
$88,128; C. F. Stephenson, Chicago, $499,800, and Lehman Brothers,
New Yotk, $1,232,486.
Publication Discontinued of Daily Bank Clearings in Detroit.
From Detroit Associated Press accounts March 24
stated:
Publication of Detroit's daily bank clearings was stopped today with an.
nouncement by the local Clearing House Association that the figures
would no longer be available to newspapers and press associations. No
reason was given other than that demands for the figures from various
sources were entailing "too much bother." The Detroit bank clearings
came into demand presumably by the followers of a "policy" game after
the New York Clearing House bad discontinued their publication in that
city.
Four National Banks in Boston Reduce Interest on
Savings Deposits.
The following is from the Boston News Bureau:
Four national hanks in Boston having savings departments will reduce
on April 1 the annual interest rate paid on savings deposits to 3;4% from
4%. These banks are the First National Bank, National Shawmut Bank,
Atlantic National Bank, and Second National Bank. State Street Trust
Co. and U. S. Trust Co. pay interest at annual rate of 4% in April.
Other banks will determine their interest policy later.
The reduction has been made necessary by reduced yields on the
types of securities in which savings deposits may be invested, and by
offerings of deposits which may not prove to be permanent and hence
true savings, but merely temporary, in order to take advantage of relatively high rates hitherto paid. The whole current tendency is downward
on rates paid on savings, including those in savings banks, not only in
Boston, but also in other financial centers.
First National Bank of Houston, Tex., Cuts Interest
on Savings Accounts.
The "Wall Street Journal" of March 26 reports that
the First National Bank of Houston has announced that
it will hereafter pay only 4% interest on savings account
2312
FINANCIAL CHRONICLE
[Tn. 132.
balances up to $1,000, and only 3% on any balance in them and purely commercial depositors had increased beyond all expectation.
This increase, of course, has been fostered actively by the commercial
excess of $1,000. Similar action it is stated is probable
banks themselves by advertising and by encouragement of all kinds
by other local banks.
to the people of the State to open thrift accounts with them.
National City Company to Retire from Bill Business—Return on Volume of Funds Employed in Bankers' Acceptances Found Too Small—New York & Hanseatic
Corporation to Enter Field.
The National City Co. is to give up its business of discounting bankers' acceptances. According to the New
York "Journal of Commerce" of March 23, in which it
was noted that the New York & Hanseatic Corporation
plans to enter the field on or about April 1. From the
paper quoted we also take the following:
Charles E. Mitchell, Chairman of the National City Bank, explained that
the National City organization is now a large stockholder of the Discount
Corporation of New York, which was formed by a group of banks with
the purpose of fostering the acceptance business. The discount market,
he said, has been sufficiently developed for the National City Co. to retire
from the business in which its own operations would bring it into competition with a company a portion of whose stock is owned by the National City system.
The retirement of the National City Co. from the field, it is expected,
will bring additional business to all of the discount houses, although
the Discount Corporation would receive the bulk of National City business.
While bills will no longer be discounted, held and distributed by the
National City Co., the move will, of course, have no effect upon the
creation of new acceptances or upon the buying of bills by the National
City Bank. The National City Bank ranks third as an accepting institution
and holds a large volume of bills in its portfolio.
However, Mr. Mitchell said that rising bill rates are likely during the
course of the next year and he cited this expectation as one of the considerations upon which the abandonment of the discount by the securities
affiliated is based.
Mr. Mitchell pointed out that the profit in the discount business is small
in proportion to the volume of funds used. The small return is, of course,
one of the reasons for which the company is retiring from the field.
When the New York & Hanseatic Corporation opens its discounting department, Dominick W. Rich, formerly with the Discount Corporation and
with C. F. Childs, will take charge of the new branch of the business.
In addition to National City Co., the New York & Hanseatic Corporation
and the Discount Corporation, the firms in the business include Salomon
Bros. & Hutzler, the First National Old Colony Corporation, the Shawmut
Corporation, Alexander Stephan and the M. & T. Securities Corporation.
Childs & Co. retired from the market when Mr. Charles repurchased the
business from the Goldman Sachs Trading Corporation.
Gov. Roosevelt of New York in Message to Legislature
Urges Action on Bill to Safeguard Thrift Accounts in
Commercial Banks.
On March 24 .Gov. Roosevelt of New York addressed
a special message to the State Legislature urging that
legislation be enacted at the present session for the safeguarding of thrift accounts in commercial banks. The
Governor pointed out that "deposits in thrift accounts,
can under existing law, be placed by the officers of State
banks in almost any form of investment," whereas in
savings banks "deposits in savings accounts can be placed
only in certain types of investment strictly outlined by
law." The Governor added that "so far there has been
visible only a campaign of opposition, not only to this
bill but to the other remedial bills offered this year by
the Superintendent of Banks." "At the same time," he
said," no plan of their own is offered by the banking interests." As indicated in another item in this issue the
Republican members of the Assembly voted on March 25
to disapprove the bill. The Governor's message follows:
There are now pending before your honorable bodies a number of
bills which have been introduced at the request of the Superintendent
of Banks. Some of these bills relate to the administration of the Banking
Department in connection with its supervision over the banking institutions of the State. Other bills seek to increase the powers of the
Superintendent to protect the depositors of the State from unsafe banking
conditions and unsound banking practices.
I know that your honorable bodies will appreciate the fact that these
bills were proposed by the Superintendent in the light of the experiences
of the department during the last two years of financial stress.
They are based upon conclusions reached by the Banking Department
after a close study of conditions affecting the soundness of our banking
institutions and bearing upon the protection of the moneys of the depositors of the State. They are the result of earnest study and consideration, and I hope that they will receive further attention from you
before the close of this session. The responsibility for strengthening the
banking laws rests with you.
But there is another subject covered in the legislation proposed by
the Superintendent of Banks, which, as a matter of principle, directly
and immediately affects 1,500,000 actual depositors out of the 13,000,000
people of the State. This is the better safeguarding of the thrift accounts
owned by these 1,500,000 people.
I need hardly point out to you that so-called thrift accounts in
commercial banks originated from the permission given by the Federal
Government to the national banks of the country to engage in this
business. Our State, along with other States, followed suit in order
not to penalize State banks.
It was expected, however, and the original intention of this extension
of the powers of our commercial banks was, that only a small percentage
of the existing depositors would avail themselves of these facilities, chiefly
as a banking convenience to themselves.
Contrary, however, to the original intention, the number of thrift
depositors has grown to stupendous figures and the proportion between
What, then, is the issue? It is the simple and inescapable fact
that in the mind of the average layman, especially the men and women
of limited wealth, there is no nice distinction between thrift accounts
and savings accounts. In their minds both are methods for safeguarding
and getting a small return on their hard-earned savings.
They assume, wrongly perhaps, but none the less naturally, that
their thrift deposits are being protected by our State laws in the same
way as the deposits of their neighbors who have put their savings in
savings banks.
The deposits in thrift accounts can under existing laws be placed
by the officers of State banks in almost any form of investment, a
choice as wide and as elastic as they have for commercial deposits. In
savings banks, however, deposits in savings accounts can be placed
only in certain types of investments strictly outlined by law.
The issue, if thrift accounts are innocently confused with savings
accounts by the average depositor, is whether or not the savings bank
type of safeguards should be extended to thrift accounts.
I believe that it is nothing more than ordinary good faith to the
public that the Legislature at this present session do something to initiate
the safeguarding and protection of these thrift accounts.
The people of the State not only expect it, but they have a right to
demand it. The time to do it is now. Any further delay is inexcusable and, in my opinion, is a breach of the trust which the depositors of the State have in their legislative bodies. The method to
be followed is a question for the technical consideration of your Banking
Committees. There is no need for any further investigation of the facts;
they have been before the Legislature, in one form or other, for two
years, ever since the failure of the City Trust Company in 1929.
It has been obvious for a long time that something should be done,
and various plans and suggestions have been advanced to accomplish
this end. It is a matter of grave concern to the State that every one
of these suggestions advanced has been strenuously opposed by some
of the banking interests themselves.
Though I believe that a majority of our bankers admit that something must be done, so far there has been visible only a campaign
of opposition, not only to this bill, but to the other remedial bills
offered this year by the Superintendent of Banks.
At the same time no plan of their own is offered by the banking interests—there is only a continued prayer for delay. To my mind continued
delay is not only unwarranted—it is wholly against the public interest.
If the banking interests themselves had sonic substitute plan to correct
the evils and dangers which lurk in our banking laws, more reliance
might be placed on their wisdom. By merely blocking all reform, as
they appear to be doing this year with your honorable bodies, they
discredit any claim that their efforts are accompanied by any sincere
desire to protect the depositors of the State.
I trust that your honorable bodies will reconsider the arbitrary action
which has been taken so far with reference to all plans which deal with
the protection and safeguarding of the depositors' moneys in thrift
accounts.
Former Moreland Commissioner Robert H. Moses Charges
Thrift Deposits in Commercial Banks in Violation of
Law.
What may develop into a protracted struggle to segregate the thrift deposits of commercial banks was opened
on March 20 with the assertion by the former Moreland
Commissioner, Robert H. Moses, that such accounts are
in violation of the law. His address, before the Eastern
Regional Conference of the Savings Bank Division of the
American Bankers' Association, was read by Victor A.
Lersner of the Bowery Savings Bank, it was noted in the
New York "Journal of Commerce," from which we also
quote the following:
Sees Drop in Thrift Deposits.
In his address to the savings bankers on the second and final day of
their conference Mr. Moses predicted that, as a result of the City Trust
and Bank of United States failures, thrift deposits held in commercial
banks would steadily decline.
"Section 279 of the New York State Banking Law says no bank, other
than a savings bank or a savings and loan association, may use the word
saving or savings, or their equivalent, in its business, or in any literature,
advertisement or sign," the address declared.
"Hundreds of commercial banks used the word thrift, or thrift account
and issue books with this title. Any dictionary will show that thrift is a
synonym for savings and, therefore, its equivalent.
"Thrift accounts are almost always described as savings and thrift accounts when they are referred to by commercial banks, and even by
bank examiners. Apparently neither the spirit nor the letter of Section
279 means anything in practice.
"But if the State Banking Department officials took a different view of
the matter is it possible that the Court of Appeals would not sustain them?
"If banking institutions oppose the segregation of their thrift and
savings accounts they will simply forfeit public respect and confidence,
and, in the end, will hurt themselves in the discharge of their proper
functions and will invite drastic and hostile legislation on the part of
radicals who are always ready to seize upon an issue of this kind to
ride into public office.
"If, in the long run, this is the result of failures like that of the City
Trust Co. and the Bank of United States, the banking profession will
have only itself to blame."
Bill for Segregation of Thrift Accounts in Commercial Banks
Disapproved by Republican Members of New York
Assembly—Fear Business Disturbance.
The Republican members of the New York Assembly
voted on March 25 at a party conference to disapprove
the bill submitted by Superintendent Joseph A. Broderick of the Department of Banking, providing for the
segregation of thrift accounts in commercial banks. An
MAR. 28 1931.]
FINANCIAL CHRONICLE
Albany dispatch on that date to the New York "Times"
reporting this added:
Passage of the bill was urged upon the Legislature yesterday by Governor Franklin D. Roosevelt in a special message. "It is a simple and
inescapable act," said the Governor, "that in the mind of the average
layman, especially in the man and woman of limited wealth, there is no
nice distinction between thrift accounts and savings accounts." The
Governor recommended that thrift accounts be placed under the same
regulations as savings accounts.
The Broderick bill limited the application of the law to commercial banks
in cities of 75,000 or more population. The exemption of banks in smaller
cities was intended to safeguard the business of small banks which are
obliged to deal in thrift accounts because of the lack of savings banks.
W. Kingsland Macy, Republican State Chairman, indicated tonight that
he was aware of the merits of both sides of the controversy. He said
he would consider it unfortunate if the impression got abroad that the
Legislature is insensible to the interests of depositors who place their
savings in commercial banks on the thrift account plan. It is believed
that the State Chairman will exert his influence to overcome the opposition
to the Broderick bill.
Bankers of the State met here last night and mapped plans for preventing passage of the bill or any similar legislation at this session.
Among the bankers at the Capitol today was George V. McLaughlin,
former Police Commissioner of New York, and now head of a Brooklyn
bank.
Speaker Joseph A. McGinnis, of the Assembly, in a statement tonight,
said:
"The Republican party has perfect confidence in the banking system
of the State and the adequacy of the laws of the State governing the
same, if effectively administered, which is and must necessarily be the
duty of the Superintendent of Banks, and in the integrity and business
ability of the vast majority of the men charged with the responsibility
of our banking institutions. We are not in accord with radical legislation at this time which would do nothing more than to further disturb
our economic condition.
"In our opinion, instead of this being wise legislation, the members of
the conference believed that such precipitate action would be very detrimental to the best interests of the depositors, and would work irreparable
injury not alone to the depositors but to the business interests of the State.
This proposed bill, among others, has been left to the Cheney Banking
Committee for further consideration, with recommendation that the same
be studied and a report made thereon to the Legislature."
2313
its enactment, and hence is unconstitutional on its face, since it takes
assessments from one class of banks to pay depositors in another, which
the Court itself says, when it denied the petition of intervening depositors, cannot be done.
They also say that the assessments provided in the 1930 law are
excessive, burdensome and confiscatory, and as the Court has indicated
they have the right to try this out, they ask the opportunity.
Average Yield on New York City Bank Stocks Lower According to Hoit, Rose & Troster
The New York City bank stock market during the past
week registered the first advance since the middle of
February, as indicated by the Dollar-Index figures compiled by Hoit, Rose & Troster. Based upon Saturday's
prices (March 21) sixteen leading bank and trust company shares are selling at 19.3 times known earnings
against 18.9 times a week ago. The yield now stands
at 3.695% against 3.872% the week before, the lower
yield being due partly to reductions in dividends paid
by two institutions and partly to the advance in prices.
According to the compilation, the current yield of 3.695%
for the sixteen stocks on the average compares with a
yield of 5.563 % on December 17, 1930 and with 2.293%
on April 12 last year, and 2.380% on March 21, 1930.
Gov. Roosevelt of New York Asks Legislature for Appropriation to Provide Additional Examiners for
State Banking Department.
Declaring that it is "the duty of the Legislature and the
Governor to co-operate with the Banking Department in
meeting the existing emergency relative to the adequate
supervision and examination of all State banking institutions," Governor Roosevelt of New York, in a message to
the Legislature. on Mar. 23, called attention to the urgency
Bar Association of New York City Opposed to Two Banking Bills Before New York Legislature—Holds Plan to
Curb Thrift Accounts Incomplete.
Several proposed amendments to the State banking
laws, pending before the Legislature, are opposed by the
Association of the Bar of the City of New York, according to the New York "Evening Post" of March 23, which
said:
The bill introduced by Senator William W. Campbell and Assemblyman
Willis H. Sargent, providing that commercial banks and trust companies
may not receive deposits of less than $5,000 in thrift accounts unless the
deposits be segregated and invested in legal securities, is opposed by the
Bar Association on the grounds that it is not complete. The Association's
Committee on State Legislation stated that the bill's description of the
type of deposits affected did not cover all the deposits included in its
provisions, and did not cover deposits made after July 1, 1931, in accounts
opened prior to that date.
The same objections are given as the grounds for opposition to a similar
bill introduced by Assemblyman Albert D. Schanzer, and a bill introduced
by Senator Thomas H. Burchill, which provides for the signing by all
Directors of the minutes of the meetings of the Boards of Directors of
banks and trust companies, is disapproved because the requirement is
"onerous and would accomplish no useful purpose."
A bill by Senator Samuel H. Hofstadter, providing for a jury trial of
contempt proceedings in the case of violation of an injunction order issues
in a labor dispute, is opposed by the association on the grounds that jury
trial in such cases "would greatly impair the power and effectiveness of
the courts."
Banks Reopen Nebraska Suit in U. S. Supreme Court—Review Asked on Decision Upholding Assessments of $3,000,000 Under Guaranty Deposit Law.
State banks fighting the $3,000,000 assessments levied
under the old Nebraska guaranty deposit law have asked
the United States Supreme Court for a rehearing of its
recent decision against them, it was announced at Lincoln, Neb., on March 22, according to the Chicago "Journal of Commerce," from which we also quote as follows:
The law, repealed a year ago by the Nebraska Legislature, could not
be held confiscatory merely because provisions of the new act of 1930
greatly reduced such assessments, the Court decided.
Claim Right to Reopen Case.
The banks' attorneys believe the decision leaves open to them the
right to claim that even provisions of the new act are confiscatory.
The banks, it is pointed out, are precluded from going into the State
Courts and attacking the assessments under the new law, for the reason
that if they were successful in knocking it out, they would have the old
Guaranty Law again in effect, the new statute containing an express
provision to that effect. It was, in fact, placed there by the Legislature,
to keep the new law from being thus attacked.
In their motion for rehearing the banks ask that the Supreme Court
protect them against such consequences. They say they did not anticipate that the decision in the case; which was started months before the
law of 1930 was enacted, would turn upon the effect of the operation of
this new statute, nor that the new law would be held to have changed
the effects of the assessments under challenge. Hence they did not raise
these questions in their brief, and now think they would be heard upon
them.
Call Act Unconstitutional.
They say that the act of 1930 provides for assessments on the future
operating banks to pay depositors in those banks which had failed prior to
of making available an immediate special appropriation
to the Banking Department to enable the employment of
additional examiners and other employees to the Superintendent's staff. The following is the Governor's message:
I transmit herewith a copy of a letter received by me to-day from the
Superintendent of Banks. It is in every way the duty of the Legislature
and the Governor to co-operate with the Banking Department in meeting
the existing emergency relative to the adequate supervision and examination of all State banking institutions. The recommendations of the
Superintendent of Banks, included in this letter, fall under two heads.
First, he requests an immediate special appropriation to the Banking
Department, to be made available for adding examiners and other employees
to his staff.
You understand, of course, that all of this money is returned to the
State under the banking law by the institutions themselves, so that
additional examiners and additional employees do not cost the State a
single penny. Second, the Superintendent requests an alteration in the
methods of appointing and employing the necessary staff.
I shall be glad to co-operate with your honorable bodies in regard to
the necessary legislation, and I am very confident that the Civil Service
Commission will give their hearty co-operation in formulating necessary
changes in the rules, regulations, and statutes relative to this situation.
I know that you will understand the extreme urgency of these matters
and the grave responsibility resting upon us to attend to them.
In his letter Mr. Broderick asserted that red tape and unelastic regulations concerning civil service requirements prevented the naming of a
certain number of specially qualified examiners and that additional funds
and freer systems of election were needed. He summed his suggestions in
this way:
I. The Legislature to pass a special bill appropriating $150,000 to the
Banking Department to be available for the appointment of necessary
examiners, accountants, clerks, and stenographers' assistants; all expenditures to have the approval of the Comptroller's office.
2. The Superintendent of Banks be permitted to choose at least 30
competent, experienced examiners of outstanding qualifications. The Civil
Service Department will be furnished will full data regarding their experience and education and general fitness for the position. In this connection
we might say we have great difficulty in getting new men competent for
up-State service, men who are thoroughly familiar with- country bank
problems.
3. The Superintendent be given a free hand in the amount of compensation paid to these 30 examiners, they be compensated according to their
general fitness and the Civil Service Department to approve the compensation paid.
4. The Civil Service Department to co-operate with the Superintendent
of Banks in conducting an unprecedented examination for senior examiners.
The methods to be used to be those which have proved satisfactory to the
Comptroller of the Currency in selecting National bank examiners and to
the Federal Reserve Bank in choosing its examiners.
5. The Superintendent be permitted to reinstate former outstanding
examiners with the approval of the Civil Service Department and the
Governor.
6. That restrictions in law in relation to examiners shall not apply to
temporary examiners or employees.
Merchants' Association of New York Urges Action at
Present Session of Legislature on Bill Affecting
Tax on Savings Banks.
An urgent request for action at this session of the Legislature on the Fearon-Wallace bill, which amends the Tax
Law by substituting a tax of 4% on the net income of
savings banks for the present tax of 1% on surplus, was
2314
FINANCIAL CHRONICLE
contained in a communication which the Merchants' Association sent on Mar. 23 to Senator John Knight, Majority
Leader of the Senate, and Speaker Joseph A. McGinnies
of the Assembly. The bill, which is in the interests of
approximately five million savings bank depositors in New
York State, has, it is noted by the Association, remained
in Committee despite the fact that it has the endorsement
of every savings bank in the State, has been endorsed in
principle by the New York State Bankers' Association,
and is favored by many other business organizations. Its
passage at this session of the Legislature is necessary, in the
judgment of its supporters, in order that New York State
may take a step towards the return to its former policy
of encouraging thrift by giving preferential treatment to
savings banks and their depositors. Unless action can be
obtained at this session the savings banks will continue to be
subject to tax discrimination as compared with commercial
banks. In its communication this week to Senator Knight
and Speaker MeGinnies, the Association explained its request as follows:
[VOL. 132.
costly write-offs could have been minimized had the banks
placed their confidence for price stability in bonds which
long experience has proved to be price-stable, Mr. Burris
pointed out. Short term bonds did not decline appreciably
even in, Dark December, 1930, but such short term bonds
were present in pitifully meagre amounts in the bond portfolios of the majority of the country's banks."
Legislation Affecting Banks Passed in Indiana—Position of Shareholders and Depositors Defined and
Clarified, Commissioner of Banking Says.
The following statement by Luther F. Symons, Bank Commissioner of the State of Indiana,is from the "United States
Daily" of Mar. 23:
Remedial legislation sponsored by the Indiana Bankers' Association and
by myself, strengthening the financial position of depositors and shareholders in Indiana banks, which was enacted by the recent General Assembly
and signed by Governor Leslie, is discussed in the Final Legislative Bulletin
of the Association.
Other proposed legislation, striking in many instances at source of legitimate profit in the banking business, was defeated in the session, it is
stated in the bulletin, which bears the names of the members of the Legislative Committee which functioned in behalf of the banks of the State in
co-operation with the Indiana Department of Banking.
This Association,through its Committee on Taxation and Public Revenue,
has carefully studied the pending bill and by unanimous action of its board
of directors has given the measure its unqualified approval.
Twelve Bills Made Law.
We are convinced that savings banks are entitled to relief from their
More than a score of measures bearing directly on the banking business,
present burden of taxation which, when compared with the tax on commercial banks is widely admitted to be discriminatory and inequitable. Further- are listed, and of these 11 were passed and signed by the Governor, five
more, the existing tax of 1% on the surplus of savings banks is unsound were bills which were defeated by opposition from the Bankers' Association,,
economically. The surplus of a savings bank is accumulated for the pro- nine others were of interest in various ways to the banking field in Indiana
tection of its depositors and such a protective fund should not be reduced but failed to pass, and one, the Fitzgibbon bank bill, was passed and
or impaired by direct tax levy which, unlike the tax on commercial banks,is signed by the Governor under the sponsorship of a group of bankers from
borne directly by the depositors, as all tax payments are deducted from the larger cities of the State who did not seek the help of the Legislative
funds which might otherwise become available to pay interest to depositors Committee of the Bankers' Association.
or to meet losses that may be sustained on investments.
One of the new laws will right a long-standing evil in relieving banks of
It is clear, therefore, that this tax on surplus constitutes a penalty on the present unfair and unprofitable method of paying interest on active
accumulate
for
the
protecfunds which savings banks are legally required to
public fund accounts on the average daily balances. Under the new law
tion of their depositors. The imposition of such a penalty is wholly contrary such interest will be paid monthly, at the existing rate of 2% per annum,
to the policy of New York State which has always been to encourage thrift on the balance left undisturbed throughout each 30-day period.
by giving preferential treatment to savings banks and their depositors.
Thus only the loanable or minimum balance left with the depository bank
To effect a return to this policy, the Merchants' Association sincerely by the State or other political subdivisions will accrue interest. For
years
trusts that you, as a leader of the Legislature, will actively favor the enactIndiana banks have been penalized by the depository law, which did not
ment of Senator Fearon's bill at this session.
take into account the costly handling of large fluctuating balances, descendThe bill was referred to in these columns Mar.7, page 1721. ing interest rates generally and steadily rising costs of depository bonds.
Will Avoid Fluctuations.
The new law, it is believed, will exert steady pressure on public officials
Eugene H. Burris of Ames, Emerich & Co. Outlines to apply businesslike methods to the handling of public funds in banks to
the end that unnecessary fluctuations more and snore will be avoided. Under
Program for Establishing Bank Secondary Reserves. such
conditions both the taxpaying public and the banking institutions will
Methods by which banks may meet emergencies similar gain definitely.
Other
remedial legislation enacted by the Assembly included the strengthto those experienced in 1930 and means by which recouping of
of the legal limit on bank loans, protection of bank depositors through
losses generally suffered in bonds during the 1930 chaos may ening
clarification of the double-liability-for-stockholders law, additional probe made possible through establishment of a program of tection for banks by tightening the false financial statement law, stabilizascientific secondary reserve control were outlined by Eugene tion of real estate conditions by long-needed adjustment of the existing foreclosure laws, simplifying of fiduciary procedure where banks are merged
H.Burris of the Bank Service Department of Ames,Emerich and
making many other necessary changes in the statutes governing financial
& Co., New York City, in an address before Group 2, institutions.
Two of the more important bills enacted by the Assembly were drawn
New York State Bankers Association, in Rochester on
by Senator Winfield Miller, of Indianapolis, Representative Earl Crawford,
March 21. Mr.Burris outlined as follows four cardinal points of
Connersville, and the Legislative Committee of the Bankers' Association
to be considered in effecting such a program at this time:
in complete co-operation with the State Department of Banking, and
First, determine as far as possible, in each bank, its requirements for these and others of the new laws, according to veteran bankers, will go
Immediate liquidity, or secondary reserve, by a close survey of the with- far to rectify difficulties in the banking field.
drawals experienced in the past, particularly 1930; supplemented by the
Bank Loans Limited.
degree of confidence evidenced by the bank's depositors.
One of these was the Miller loan limit law, which limits the loaning
Second, establish a secondary reserve, comparable in size with such
determined requirements, as far as possible in short term bonds where power of State banks to any one borrower to 20% of capital and Burping,,
the return is greater than from other media of an imminently liquid nature. with certain exceptions which provide more generous percentages for loans.
Third, allow a proper proportion of the bank's funds for the accomodation on commercial paper, warehouse receipts, bills of lading and other documents of commerce and loans secured by Government bonds. This bill is
of customers whose constructive business needs justify a line of credit.
Fourth, employ excess liquidity beyond the above, and this does exist in modeled on Federal laws and follows generally-accepted loaning practice
the assets of many banks today, in the purchase of long term securities, In prudently-administered financial institutions.
Another important measure, designed to correct conditions which have
scientifically diversified, horizontally as to type and vertically as to quality,
In order to capitalize the attractive prices temporarily available.
become apparent in recent months, was the Miller law to establish by
Mr. Burris defined the Secondary Reserve of a bank as statute the double liability of bank shareholders upon the failure of such,
"being composed of those income-producing assetsfrom which banks.
This law also strikes at any attempts to evade stockholder liabilityfunds may be quickly and easily obtained whenever the through the formation of holding companies. It provides that shareholders.
Primary Reserve (cash) has been rendered inadquate for any In holding companies, which awn bank stocks, shall be liable to creditors.
of failed banks in the event the assets of the holding companies are not
reason to such an extent that it becomes necessary to replenish sufficient
to satisfy the creditors.
it. Assets which fall under this classification are:
The same bill clarifies the liability for assessment of shareholders when
Call loans, bankers acceptances, commercial paper, rediscountable loans It becomes necessary to restore Impaired capital and surplus of a
and discounts; and securities whose marketability is Immediate and which going bank.
Other Bills Enacted.
have, in addition and above all, price stability. Short term bonds generally
are most effective in this last consideration, arranged in a rotating fund of
Other bills passed by the Assembly and now part of the Indiana law
revolving maturities.
relating to the management of banks are listed by the bulletin as follows:
H. B. 30: Fries. Strengthening and clarifying present law regarding.
By their very nature, he pointed out, secondary reserve
of borrowers.
assets are not to be counted on to provide much income to false financial statements Amending
legal holidays to protect validity of
H. B. 7: Crawford.
function
of
the
reserve.
secondary
the bank. Such is not the
payment and acceptance of checks and other instruments or transactions
It should be used to insure the depositors rights, in the ability on holidays, including Saturday afternoons, when institutions elect to.
remain open.
of the bank to meet withdrawals.
H. B. 76: Crawford. Transferring to National banks the trust
In answer to the question, "Are Any Bonds Depression powers vested
in State institutions taken over by the former. Amended
Proof"? Mr. Burris through the use of historical charts, to apply to State bank mergers also.
H. B. 228: Stein. Making uninvested trust funds held by a bank a
showed how railroad, public utility and industrial bonds of
lien on all assets in the event of liquidation and requiring separatehighest quality, rated Aaa by Moody, declined during that prior
designation of "first lien trust funds" in published statements.
as
much
as
groups
9%,
6,
and
by
average
period on an
S. B. 45: Hoffman. Provides that in foreclosure of real estate there
5 points. It was seen that in the majority of cases these shall be no sale for a period of one year after filing of the suit. Theformer
law permitted sale after judgment but gave one year thereafter in
declines were not predictable with sufficient accuracy to which to
redeem property. The effect of the new law will be to permit:
avoid
write-offs
on
their
time
to
in
permit banks to sell
the delivery of the actual title to the property to the new owner at the
bonds, costly in terms of net earnings for the banks. These time of the sale.
FINANCIAL CHRONICLE
MAR. 281931.]
Trust Capital Delimited.
S. B. 142: Gottschalk and Holmes. Removes maximum limit of
$2,000,000 now placed on capital of trust companies in Indiana.
S. B. 258: Raber and Slenker. Fixes the penalty for embezzlement at
five to 50 years' imprisonment and a fine of $1 to $1,000 where the
amount taken is more than $2,000.
The Legislature went on record as being opposed to any form of branch
banking except that limited to the city or county wherein the parent bank
is located. The law was amended by authorizing restricted branch bank
privileges within those areas.
Utah Law to License Insurance Brokers Is EnactedAnother Bill Signed Which Fixes Contingent
Liability.
The following from Salt Lake City, Utah, Mar. 20, is
from the "United States Daily":
Bills (H. 63 and 64) to require the licensing of resident and nonresident insurance brokers and insurance adjusters have been signed by
Governor George H. Bern.
Another new insurance law (S. 20) fixes the contingent liability of
members of mutual insurance companies. A fourth measure approved
by Governor Bern (H. 62) provides that suicide shall not be a defense
against payment of insurance policies after the first year, except in case
of accident policies and extra benefits for accidental death under life
policies.
A bill (S. 28) defining arson and providing punishment for conviction
was passed by both branches of the Legislature. Governor Bern has
referred it to the Attorney-General.
Among the insurance measures which failed were the following:
H. 29, giving courts or juries the right to add 10% to insurance claims
for vexatious refusal of payment on part of Insurer; H. 90, similar in purpose; H. 95, defining and authorizing the writing of group life insurance,
and H. 90, relating to revocation of insurance agents' licenses.
Bills to require the licensing of motor vehicle operators and to require
certificates of title for motor vehicles also failed to pass.
Federal Reserve Board on Bank Suspensions-78
Banks Closed in February Compared with 199
in January.
The Federal Reserve Board reports that 78 banks suspended in February with total deposits of $41,968,000;
this compares with 199 bank suspensions in January with
deposits of $80,728,000. The Board's compilations (one
by Federal Reserve Districts) are given as follows in its
March Bulletin.
BANK SUSPENSIONS.
[Banks closed to public on account of financial difficulties by order of supervlsory authorities or directors of the bank. Figures of suspensions include banks
subsequently reopened.]
Number of Banks.
Month.
Deposits(in Thousands ofDollars)
1928.
1929.
1930.
1931.
1928.
1929.
January
February
March
April
May
June_
July
August
September
October
November
December
53
50
68
43
29
28
24
21
20
41
72
44
54
60
51
29
112
48
69
17
39
43
68
52
99
85
78
199
78
72
254
344
10.983
18,352
16,953
8,190
6,394
13,498
5,388
8,147
7,838
9,011
24,784
11,076
16.413 28,903 80.728
21.746 32,800 41,988
9,002 23,769
7,790 33,388
24,090 19.315
19,219 70,568
88,181 32,333
8,532 21,951
10,050 23.886
13,153 24,599
22,646 188,306
15,730 367.119
Year
491
642
1.345
roe
se
68
65
67
ea
1930.
1931.
138,642 234,532 864.715
BANK SUSPENSIONS.
(Banks closed to public on account of financial difficulties by order of supervisory
authorities or directors of the bank. Figures of suspensions include banks subsequently reopened. Figures for latest month are preliminary.)
Number of Boats Suspended.
Federal Reserve District.
Feb.
1931.
Boston
New York
Philadelphia
ClevelandRichmond
Atlanta
Jan.-Feb.
1931.
Year
1930.
s
12
11
10
41
152
140
266
358
158
137
41
21
277
1.345
---2
4
16
2
10
12
15
cnicasto
St. Louis
Minneapolis
Kansas City
a
7
4
5
Dallas
San Francisco
Total.
78
a
22
20
47
61
62
18
23
8
Deposits of Banks Suspended (in
Thousands of Dollars)
Number of Banks Reopened.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Feb.
1931.
Jan.-Feb.
1931.
Year
1930.
5,480
11,818
603
2.841
10,967
4,853
368
1,811
2,238
1,591
8,325
8,548
19,312
8,443
22,158
27,767
18,213
4,104
4,187
2,730
2,909
36.158
187,299
43.421
41,866
85,840
91,151
111,279
182,238
24,109
28,928
16,485
16,145
Feb. Jan.-Feb, Year
1931.
1931.
1930.
1
__
__
5
3
4
28
2
3
1
--
1
1
2315
New Offering of $100,000,000 or Thereabouts of 90Day Treasury Bills in Two Series.
Notice was issued on Mar. 25 by Secretary of the Treasury
Mellon of the offering of $100,000,000 or thereabouts, of new
90-day Treasury bills in two series of $50,000,000 each or
thereabouts. While no specific announcement is contained
in Secretary Mellon's statement as to the purpose of this
financing it is understood that it is designed to meet the
demands incident to the payment of the soldier bonus.
Tenders for the new Treasury bills will be received at the
Federal Reserve Banks and their branches up to 2 p. m.
Eastern Standard Tine on Mar. 30. The bills will be sold
on a discount basis to the highest bRlder, and will be payable
at maturity without interest. They will be issued in bearer
form only, and in denominations of $1,000, $10,000 and
$100,000. Secretary Mellon's statement follows:
The Secretary of the Treasury gives notice that tenders are invited for
Treasury bills to the amount of $100,000,000 or thereabouts. They will
be 90-day bills; and will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve Banks, or the branches
thereof, up to 2 o'clock p. m. Eastern Standard time, on Mar. 30 1931.
Tenders will not be received at the Treasury Department, Washington.
The Treasury bills will be issued in two series $50,000,000 or thereabouts,
' 1 1931, and $50,000,000
to be dated Apr. 2 1931, and maturing on July
or thereabouts, to be dated Apr. 3 1931 and maturing on July 2 1931.
Bidders will not be required or permitted to bid for a particular series
but the Treasury will apportion each accepted bid equally between the two
series in so far as the minimum denomination of $1,000 will permit. At
maturity the face amount of the bills will be payable without interest.
The bills will be issued in bearer form only, and in amount or denominations
of $1,000, $10,000 and $100,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded in
the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor. No tender for an amount less than
$1,000 will be considered. Each tender must be in multiples of $1,000.
The price offered must be expressed on the basis of 100, with not more
than three decimal places, e.g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Mar. 30
1931, all tenders received at the Federal Reserve Banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on
the following morning. The Secretary of the Treasury expressly reserves
the right to reject any or all tenders or parts of tenders and to allot less
than the amount applied for and his action in any such respect shall be
final. Those submitting tenders will be advised of the acceptance or
rejection thereof. With respect to bidders whose tenders have been accepted
such advice will state the amount of each series allotted. Payment at
the price offered for Treasury bills allotted must be made at the Federal
Reserve Banks in cash or other immediately available funds on Apr. 2 1931
for the bills allotted bearing that date of issue, and on Apr. 3 1931 for
bills allotted bearing the latter date of issue.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt from
all taxation except estate and inheritance taxes. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction
or otherwise recognized for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, dated June 25 1930,
and this notice as issued by the Secretary of the Treasury prescribe the
terms of the Treasury bills and govern the conditions of their issue. Copies
of the circular may be obtained from any Federal Reserve Bank or branch
thereof.
Secretary of the Treasury Mellon Reminds Holders of Treasury Notes of 1930-1932, That Issue Has Been Called
for Redemption-About $70,000,000 Still Outstanding.
Attention to the fact that there are still outstanding
$70,000,000 of Treasury Notes Series A and B, 1930-1932,
was called by Secretary of the Treasury Mellon on
March 22. The bonds were called for redemption on
March 15, 1931, as was noted in our issue of March 7,
page 1725. Secretary Mellon's announcement of this
week follows:
The Treasury today (March 22) called attention to the fact that of
Treasury notes, Series A and B, 1930-32, called for
redemption on March 15, 1931, some $70,000,000 have not yet been presented for redemption. The holders of these notes should understand
that all interest on them ceased on March 15, 1931, pursuant to the call
for redemption. In their own interest they are urged, therefore, to present
them for redemption.
$1,109,000,000 3;4%
1
-_
Loans to World War Veterans Reach 190 Millions.
Nearly $190,000,000 had been loaned to veterans on their
adjusted compensation certificates at the end of last week,
according to a statement issued March 25 at the Veterans'
Bureau. This was noted in the "United States Daily" of
March 26, which said:
41,968 122.696 884,716
45
This amount represented more than 500,000 checks, while the number
Total
99
147
by the close of the week.
Back Figures.-See Annual Reports for 1929 (Table 111). 1928 (Table 115). of applications for loans has reached 1,571,291
statement follows in full text:
1927(Table 111) and 1926 (Table 98).
1
20
6
11
51
4
3
1
--
2
12
18
27
62
7
25
4
1
The
2316
FINANCIAL CHRONICLE
Brig. Gen. Frank T. Hines, Administrator of Veterans' Affairs, announced today that through March 21, 1931, there had been received
1,571,291 applications for loans throughout the country under the recent
amendment to the Adjusted Compensation Act. Of this number, 501,203
checks had actually been sent out, to a value of $189,005,172, or an
average of $377 per loan. General Hines further stated that for the
week ended March 21 there had been received 199,285 applications, and
during that week 218,329 checks had been mailed, to a value of $84,969,805.
It was significant, General Hines stated, to note that the number of loans
made during this past week was 40,000 more than made the previous
week and more than double those made during the first week succeeding
the enactment of the new loan legislation; and it is expected that as the
temporary personnel employed to assist in this work become more expert
in their duties, the weekly production figures will proportionately increase.
Commenting upon the work of the local regional office, Gen. Hines
stated that through March 23 there had been received 45,399 applications
and 16,448 checks had been issued, to a value of $6,159,933; and the
present rate at which checks are being issued each day on behalf of local
veterans is approximately 1,500. Corresponding to the falling off of applications being received for the country as a whole is the experience of
the local office which shows applications received as follows:
March 18, 3,401; March 19, 1,581; March 20, 1,677; March 21, 2,009;
March 23, 817.
While the Administrator originally estimated that it might take six
months to act upon the tremendous volume of applications for loans anticipated under the new provisions of the act, the progress made thus far indicates that the Veterans' Bureau will be current in this work long
before that time.
Treasury Department Issues Order Penalizing Importation of Safety Matches from Eight Countries
Under Anti-Dumping Statute.
On March 23 Secretary of the Treasury Mellon signed an
order under the anti-dumping Act of 1921 against the
importation of strike-on-box matches from Finland, Norway,
Esthonia, Sweden, Latvia, Austria, Holland and Poland.
The edict was made effective immediately. From the New
York "Times" we take the following from Washington,
March 23:
Aggregate additional duties of $750,000 annually mould be assessed
under the order, provided the same volume of matches are offered for
importation at American ports, Seymour Lowman, Assistant Secretary of
the Treasury, said.
"It was found that matches from these countries, as well as Russia,
against whose imports an order already has been issued, were being sold
at unfair prices in the United States, to the injury of the American industry."
Three years ago American match manufacturers complained to the
Treasury Department that Russia was dumping matches in the United
States at unfair prices. At that time the price on the Russian product
was 29 cents a gross. The price later was raised somewhat, after an antidumping order had been signed by Secretary Mellon.
The American manufacturers, however, insisted that other foreign producers were still selling at unfair prices, and the investigation was continued, to result in the present dumping order.
There has been no change in the price of matches to the consumer during the anti-dumping investigation, a cent a box having been maintained.
The Treasury Department has determined a "fair price" on matches
of approximately 80 cents a gross. The anti-dumping duty fixed will be
the difference between the price at which the matches are offered here
by the importers and the determined "fair price."
The foreign match industry is to a great extent dominated by Ivar
Rreuger, the Swedish "match king." The Swedish match cartel is one of
the most important of the industrial combinations in Europe
The Treasury is still studying the situation in relation to alleged dumping of salt cakesfrom Germany and it is possible that some decision will be
reached within a short time. Final arguments were heard by Mr. Lowman last week.
Secretary Mellon signed identical orders in the case of
the eight countries; that for Finland reads as follows:
"After due investigation in accordance with the provisions of section
201, Anti-dumping Act of 1921. I find that the industry of manufacturing
safety matches of the strike-on-box type in the United States is being
and is llkely to be injured by reason of the importation into the United
States of safety matches of the strike-on-box type from Finland, and that
such safety matches of the strike-on-box type have been sold and are likely
to be sold in the United States at less than their fair value."
President Hoover's Arrival in Porto Rico—Address
Before Legislature,
President Hoover, whose visit to Porto Rico and the Virgin Islands was referred to in these columns Mar. 21, page
2118, landed at 8 a, in. at Ponce, Porto Rico, on Mar. 23,
from the Battleship Arizona, and later in the day reached
San Juan, to which point he Journeyed by motor. An
address by him before the Legislature at San Juan featured
the day's events on Mar. 24. In his message the President
said that "basically what we are all striving for in our
economic life Is to provide, for all of our citizens on this
Island as well as the mainland, the opportunity to gain for
themselves and their families by their own effort a fair
and adequate livelihood. We have confidence in the advancement of your part of our nation through economic
development, through the education, and through the ordered
liberty which have created the great sister commonwealths
upon the mainland." He likewise stated that "the suffering
of the people of the island from the great hurricane found
a generous response not only from the contribution of your
fellow citizens in the United States but by large measures
[Vol,. 132.
of relief from the Federal Treasury. The American people
have been glad to co-operate in this upbuilding and in the
reconstruction from present difficulties, and they take great
pride in the progress you have made." "I should wish to
convey to you," said the President, "a word of encouragement for the future." "The achievements of your past,"
he continued, "should be your assurance. You have shown
splendid ability at co-operation, building the institutions of
Government, and in disaster, magnificent courage. That
courage and that spirit of co-operation will bring to you the
blessings of prosperity." The President's address before
the Legislature follows:
Gentlemen of the Legislature, my fellow American citizens:
I am grateful for the courtesy and generosity of the reception which I
have received in Porto Rico. It is indeed a great pleasure for me to be
here and to have this opportunity of meeting you personally.
Ever since I became President of the United States I have wished to
visit this part of the Union and to have an opportunity of that fuller
acquaintance with your problems which comes of personal contact. The
time at my disposal is unfortunately too limited to visit many of your
communities and inspect all of their various activities and institutions. I
wish it were possible for me to do so. I should also like to see more of
the beauties and resources of the island of which you are so justly proud.
I want you to realize that it is not lack of interest or of good will on
my part that prevents a more extended visit and the making of larger
acquaintance, but simply the limitations of other responsibilities.
Though I come for the first time to Porto Rico, my contact with the
island and my opinion of her people do not date merely from the time
when I assumed the position of President. More than a decade ago, as
Food Administrator during the troublous. times of the war, I came to
know Porto Ricans, to become acquainted with their abilities, and, above
all, to realize their splendid devotion to our country in time of national
danger.
Our nation is proud of the progress made by the people of Porto Rico.
Endowed with liberty, freedom, with self-government and individual opportunity through incorporation under the American flag, the island, by the
efforts of its citizens and the co-operation of the whole United States has,
in a single generation, emerged from stagnation to a high place in the
march of progress.
Porto Rico is, indeed, a magnificent example of what a capable and
intelligent people may accomplish under free institutions. You have,
Indeed, shown courage and initiative under these impulses of freedom and
liberty. In proof of this progress I need but recall a few evidences. You
have in this single generation since joining, in our citizenship increased
more than 60% in population, increased over 500% in material wealth,
and over 800% in attendance upon public schools. You have decreased
illiteracy by almost 50%, and the death rate has been diminished by more
than 60%.
I know of no finer achievement than that of the people of this island
who from their gaining wealth hay,. builded up, from a few public schools
with but 25,000 scholars at the time of the occupation, to a great system
of several thousand schools, colleges and universities, which to-day gives
instruction to over 200,000 scholars.
You are temporarily suffering not alone from the aftermath of the
devastating hurricane of 1928, when a tenth of all the property of the
island and a much larger percentage of the tools of livelihood were
destroyed, but you are involved with us all in the world-wide business
depression. Discouraging as these disasters may be for the moment, we
know that they are but passing events in our history; that with the courage
Of your people and under the benevolent institutions which have been
builded here, their effects will be overcome and the nation and this island
will resume their march in prosperity and progress.
In Washington we are sensible of these many serious difficulties with
which you are struggling at the moment. We also realize not only these
difficulties with which you are confronted, but we realize also your possibilities for future progress. This Administration has given proof of the
continued solicitude of our citizens on the mainland for your welfare by
the measures recommended to the Congress and authorized by it. It has
been the policy of the Federal Government to contribute even more liberally
to the development of Porto Rico in this period of her upgrowth toward
freedom and liberty than has been given to our States.
Not only has the island enjoyed the invaluable privileges of full inclusion in our economic system, but all of the Federal revenues from the
island have been assigned to the island treasury, and now a large measure
of the Federal welfare services in public works, public roads, education,
agriculture and in public health are being extended to the island without
costs to its people.
The suffering of the people of the island from the great hurricane found
a generous response not only frosn the contribution of your fellow citizens
in the United States but by large measures of relief from the Federal
Treasury. The American people have been glad to co-operate In this
upbuilding and in the reconstruction from present difficulties, and they
take great pride in the progress you have made.
Basically what we are all striving for in our economic life is to provide,
for all of our citizens on this island as well as the mainland; the opportunity to gain for themselves and their families by their own effort a
fair and adequate livelihood. We have confidence in the advancement of
your part of our nation through economic development, through the
education, and through the ordered liberty which have created the great
sister commonwealths upon the mainland.
We wish to see every Porto Rican with the same opportunities in life
to which we believe every American citizen is entitled. Economic advancement is not necessarily the foundation of moral and spiritual advancement,
but it can be made so if we so conduct our institutions that prosperity
shall be diffused among all our citizens. If we use its surplus to advance
the cultural, the moral and spiritual welfare of our people, then economic
advancement serves not alone these purposes but becomes the bulwark of
liberty and freedom itself.
I have been particularly impressed with the splendid efforts that you are
making in the education and in health and care of children. They are
the responsibility of every man and woman of the community, for in
them as a whole lies the future.
If each generation of youth enters upon the responsibilities of life and
of the nation better equipped in body and mind and in character than
their parents the nation will advance. If we fail in that, no amount of
MAR. 28 1931.]
FINANCIAL CHRONICLE
legislation, no amount of wealth, no amount of culture or scientific discovery will assure progress.
I would be remiss if I should not on this occasion refer to the distinguished and devoted services to the people of Porto Rico of your Governor,
Theodore Roosevelt, Jr. Not only has he devoted himself with success to
the problems of reconstruction and development in every proper direction,
but he has realized, as we all must realize, the peculiar and grave problems
presented by the increase in your population more rapidly than adequate
livelihood can be gained from the older and established industries. His
efforts to secure new industrial development and to expand your markets
are of the first importance to the people of the island. He has proved
himself the true friend of the Porto Rican people.
I should wish to convey to you a word of encouragement for the future.
The achievements of your past should be your assurance. You have shown
splendid ability at co-operation, building new institutions of government,
and in disaster, magnificent courage.
That courage and that spirit of co-operation will bring to you the
blessings of prosperity. You are endeavoring, as all our people are
endeavoring, to build a system where men may have an opportunity of
livelihood, where insecurity is no longer a specter in the home of those
who have the will to work, and where upon the soil of this prosperity you
shall find richer fruits of culture and wider opportunities of mind and
spirit Those possibilities are before the people of Porto Rico. Your
fellow citizens upon the mainland will co-operate with you to those ends.
At Ponce, on Mar. 23, President Hoover, replying to the
address of welcome of the Mayor of that city, said:
"This visit gives me an opportunity to learn your problems and to view
your progress. Your Governor is the son of the American President who
began the work of helping Porto Rico.
"I hope my visit will mean closer co-operation between Porto Rico and
the mainland."
In his address of 'welcome Mayor Emilio Fangot of Ponce
told President Hoover that his Administration had produced more legislation for solving the island's problems than
any since the beginning of American sovereignty in Porto
Rico. We quote from the Associated Press accounts, which
continued:
"This fact," he said, "had served to renew the interest of Porto Ricans
and to revive their hopes that Porto Rico might be incorporated on a
basis of constitutional equality as a self-governing State in the Union."
"Your arrival this morning," he said, "strengthens the ties of mutual
understanding and reciprocal affection between this territory and the
continental United States.
"Suffering still from the disastrous effects of the hurricane which recently
swept the islands, toiling under the stress of poverty and the greatest
financial crisis in our history, the people of Porto Rico lay aside their
sorrows to welcome you cordially to our shores and to sincerely thank you
for the honor of your visit.
"At the beginning of your administration you wisely appointed as Governor of Porto Rico a man of high intellectual capacity and administrative
ability, whose generous devotion to his task has prepared the way to
our final recovery."
The Mayor reiterated his hope for early incorporation of Porto Rico into
the United States, and prophesied that it would "exemplify the possibility
of a Pan-American commonwealth under the Stars and Stripes, where
AngloSaxon and Latin civilizations shall blend together in the furtherance of a
common destiny."
"We consider this visit of yours," the Mayor added, "as well as the
visit of President Roosevelt 25 years ago, the best evidence of national
co-operation in this respect."
The reception by the municipality of Ponce was held at the City Hall,
several miles from the President's landing place.
President Hoover Returning from Visit to Porto Rico and
Virgin Islands, Issues Statement Declaring It Unfortunate That We Ever Acquired Latter.
President Hoover, who concluded his trip to Porto Rico
and the Virgin Islands on March 25, when he sailed
from
St. Thomas on the battleship Arizona for Hampton Roads,
gave out a statement to newspaper men on March 26 summing up his conclusions of his visit. As to Porto Rico, he
said, the people "have made magnificent progress in selfgovernment." The people of the Virgin Islands, he said,
"cannot be self-supporting either in living or Government
without the discovery of new methods and resources."
"Viewed from every point except remote naval contingencies," the President stated, "it was unfortunate that
we ever acquired these Islands. Nevertheless," he added,
"having assumed the responsibility, we must do our best
to assist the inhabitants." The President's statement follows:
"The people of Porto Rico have made magnificent progress in selfgovernment and the establishment of democratic institutions. The Government is ably conducted by Porto Rican-born citizens and there are today only three or four important officials upon the island who were not
born there.
"I am advised from every quarter in the island that there would not
be a popular vote of 5% in favor of independence.
"The people are making progress from the effects of hurricane, drought
and the business depression, all of which were imposed upon a century.
old poverty. They are showing great courage and initiative in this rehabilitation. They will this season in large degree have recovered their
crops.
"The devastating effect of the hurricane is still represented in the
thousands of one-room shacks housing whole families. The most constructive contribution of the Federal Government is to continue and expand the present policies of aid to and co-operation with their institutions
in education, health, better adaptation of agriculture and expansion of
industry and markets.
2317
"The Virgin Islands may have some military value some time. Opinion
upon this question is much divided. In any event, when we paid
$25,000,000 for them, we acquired an effective poorhouse, comprising 90%
of the population.
"The people cannot be self-supporting either in living or government
without the discovery of new methods and resources.
"The purpose of the transfer of the administration from the naval to
a civil department is to see if we can develop some form of industry or
agriculture which will relieve us of the present costs and liabilities in
support of the population or the local government from the Federal
Treasury or from private charity.
"Viewed from every point except remote naval contingencies, it was
unfortunate that we ever acquired these islands. Nevertheless, having
assumed the responsibility, we must do our best to assist the inhabitants."
Fom its correspondent, the New York "Herald Tribune"
reported the following (copyright) in its issue of March
26, written on board the Arizona:
In a round of salutes, formal visits, official honors and pageantry Mr.
Hoover saw for himself the dusky natives who look to the United States to
pull them out of their desperate economic straits. He observed their customs, enjoyed their friendly and warm, if not enthusiastic, greeting, and
conferred with the incoming and outgoing Governors, Paul M. Pearson and
Captain Waldo Evans, U. S. N., and also with Dr. Herbert Brown,
who has been making investigations here for the Bureau of Efficiency.
Natives Present Requests.
While the President learned nothing he did not already know, the natives
told him what they want. To rejuvenate the virtually deserted port that
used to be one of the busiest on the Caribbean, memorials from civic
organizations urged that—
Prohibition be lifted;
The naval station be retained;
The large estates be bought and divided for individual cultivation;
Appropriations or loans be made to speed rehabilitation works.
Convinced, as he is, that neither the Virgin Islands nor Porto Rico, which
he visited on Monday and Tuesday, can be released by the United States
now, whatever their military value, Mr. Hoover is confronted with demands for $7,500,000 from the Treasury for these island possessions,
which he has just visited while enjoying the "shakedown" cruise of his
battleship Arizona.
Although the Virgin Islands group is to get only $500,000, the President sees it as the principal problem. An encouraging aspect of the
situation, of which Mr. Pearson was enabled to tell Mr. Hoover, was
today's settlement of a strike in the St. Croix sugar industry, the most
serious labor disturbance since the islands were purchased.
B. M. Anderson Jr. of Chase National Bank of New
York Holds State of Foreign Trade Most Serious
Obstacle Impeding Business Recovery—Urges
Lower Tariffs to Combat World Depression—Cites
Surplus Grain and Livestock in U. S. vs. Conditions in Europe.
"The Tariff and World Depression" served as the subject
of an address by Benjamin M. Anderson, Jr., Ph. D.,
Economist of the Chase National Bank of the City of New
York before the Foreign Policy Association at Philadelphia,
at a Luncheon on March 21.
Alluding to the fact that "we are in the midst of a severe
business depression which is world-wide," Mr. Anderson
declared that "the most serious obstacle in the way of early
recovery is the state of our foreign trade." The most serious
obstacle in the way of the revival of our foreign trade" he
went on to say "is our high protective tariffs. The quickest
way to get out of the existing depression is to reduce our tariffs
so that our foreign customers may sell more goods here and
get more dollars with which to pay interest upon their debts
to us and with which to buy our goods. If we do not buy
we cannot sell. If we do not buy enough we cannot sell
enough." In part he continued:
Foreign Trade on Credit-1919-20.
Bankers and economists have been telling the country this ever since the
World War. But the country has been slow in learning the lesson. The
proposition was made in 1919, and the facts did not seem to bear it out.
Europe bought from us on a vast scale in 1919 and early 1920, without
selling very much to us. She bought without limit of price or quantity as
long as we would give her credit. And then, suddenly, we awoke to the
fact that Europe had overbought on credit, that she had bought recklessly
and irresponsibly, that, as a result, foreign currencies in our markets were
dropping rapidly to very great discounts, that our merchants and our
manufacturers, who were selling to Europe on credit, were -themselves in
debt because they were unable to collect their debts in Europe, and our
seeming prosperity of 1919 and early 1920 passed quickly into the great
crisis of 1920-21.
Foreign Trade on Credit-1922-29.
We learned no lesson from this. Instead we raised the tariffs in 1922.
,knd again the higher tariffs, for a time, seemed to impose no restraint
upon our exports. Our exports even grew. And for six and a half years
after 1922 our export trade held well and even increased in volume. For
another six and a half years we sold in large volume to the outside world
without buying in adquate volume from the outside world. But once
more we were doing it on credit. A very unusual situation in the money
market, due to the fact that we, almost alone of the countries of the world.
were on the gold standard, and that all the free gold of the world was
flowing to us, made it possible for us to expand credit on a great scale, and
We sent
made it possible for us to take foreign bonds on a great scale.
goods to the outside world and in exchange the outside world sent us paper,
promises to pay in the future. Then the gold situation changed in 1927-28,
and the money market situation changed in the United States. Our ability
to take foreign bonds was suddenly greatly reduced, and our appetite for
foreign bonds was greatly diminished. Beginning in the latter part of
1929, the ability of the outside world to buy from us sharply and violently
diminished.
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[VOL. 132.
No General Overproduction Possible.
A Responsible Outside World.
The secret of economic life is, after all, in the production of goods and
This time, we were not faced with reckless and irresponsible buying
.on the part of Europe. In 1919 and 1920 Europe was on the paper money services for one another, and one of the most serious problems of economic
standard,and lacked the restraints, the restrictions, which the gold standard life is to get goods and services produced in the right proportions so that
they will clear the markets of one another. Human wants are unlimited
Imposes.
Today, Europe is on the gold standard and determined to stay there. and insatiable. Our farmers would eagerly buy vastly greater quantities
The gold standard imposes sharp limitations on the creation of debts. of manufactured goods and of the luxuries and comforts of life, if they could
The gold standard makes debtorsresponsible and makes them feelresponsible afford them. And so with the people on the other side. The great problem
in a way that they do not feel when the printing press works freely and all Is the problem of getting them together. It is far easier to work out a balanced situation when you have plenty of room in which to turn around.
difficulties can temporarily be solved by printing additional paper money.
Europe is very responsible now, and the outside world in general is very The difficulty is very great in small countries surrounded by tariff walls.
responsible now. Having a limited supply of dollars, they conserve their It is great even in the United States, though our vast free trade area of
dollars. They use their dollars, first, for the most urgent purposes. The forty-eight states has freed us from many of the worst evils that afflict
most urgent purpose is the payment of interest and amortization upon Europe. But with modern mass production and easy communication and
debt previously created—they have been busy borrowing, and we have rapid transportation, the world itself is not too big an area for these adjustbeen busy lending for the past decade, and, for that matter, since 1914. ments. We need more elbow room.
The debt of the outside world to the United States is very great, and the
We Can Act Alone.
interest charge, that first charge upon their limited supply of dollars, is
There are those who would say that it is well enough to reduce the tariffs.
very great. Only what they have left after paying debt service here can
if all countries will do it, but that no country can do it alone. And many
they use in buying our goods.
of the small countries of Europe, especially, make this plea, saying that
while they would gladly go into a general world movement and would gladly
Unbalanced Production.
That is not enough to enable us to export enough of our surplus products follow the lead of some great country, they alone cannot venture to do it.
But
Holland and Sweden, two of the small countries of the world, and two
to keep our export interests in good shape. We are therefore, in an unbalanced business situation. Lacking satisfactory export markets, we have of the most intelligent and enlightened countries of the world, do not
too large a proportion of our labor, capital, and land geared up and equipped feel this, and do not believe it. Through all the nationalistic struggles
for producing goods for export, and, unless we can improve our export and competitions of the post-war period, they have quietly adhered to
markets, we must shift a very substantial proportion of our activities from their policy of admitting foreign goods without unreasonable restraints,
and they are today eminently satisfied with the results of their policy.
producing for export to producing for the domestic markets.
Given time, and given sound money, security of property, and the Their economic difficulties today are less acute than those of most other
countries.
While many of the countries of Europe were building higher
enforcement of contracts, private enterprise will adjust itself to almost
anything. No government can plan and direct the economic life of millions and higher walls to keep out foreign grain, Denmark quietly bought all
of people. Economic life goes on, and economic readjustments are made, the grain that anyone chose to send her, at low prices, using it to fatten
as individual enterprises study their peculiar problems, expanding here, pigs from which to make the very superior Danish pork products, particucontracting there, getting out of lines where returns are low, and getting larly bacon, which she sold at good profits.
Our tariffs were too high in 1929. We should have lowered them. Instead
Into lines where returns are better. Taking time enough, we can finally
readjust ourselves, and the rest of the world can readjust itself, to this we raised them. Many foreign countries rapidly responded by raising
tariff situation. We can curtail agricultural production, we can abandon their tariffs in retaliation. There are those who are hopeless about the
farms and farmers can move to the cities and find new ways of making a matter, because they say that no country can act alone. I wish to express
living. We can reduce the production of automobiles, of copper, of oil, here the confident opinion that the lowering of our own tariffs, without
of cotton, of agricultural machinery, and other important export lines. We reference to what the rest of the world may do, would be sufficient to cut
can crowd more of our population into those lines engaged in producing through quickly the worst of our difficulties. I believe that many other
for the domestic market. But this is a slow process, and a painful process, countries would follow us in this. Those that did not reduce tariffs would
and an unnecessary process. We can cut through and can make this read- fail to share the expanding world trade to the same extent as those that did.
justment unnecessary if we can restore our foreign trade, and we can do But we ourselves would promptly get into the hands of foreign customers
a larger volume of the dollars which they need to buy our goods, and our
that by lowering the tariffs.
export trade would make a very prompt response.
Overproduction vs. Maladjustment
The Tariff and the Standard of Living.
From many parts of the world, complaints come of surpluses of goods.
There are those who fear the lowering of the tariffs because they believe
The cry of overproduction comes to us at a time when, all over the world, that the American standard of life is dependent upon the
tariffs, and
production is sharply lowered from what It was a year or two ago. There particularly because they believe that high tariffs make
high wages. This
is talk of overproduction of grain and livestock. And certainly we have doctrine has very little standing among economists.
Wages do not depend
more of these basic foods in the United States than our people can consume. upon tariffs, and standards of life do not depend upon
tariffs. Wages
But there are many in Europe eating black bread, who would gladly eat depend upon the productivity of labor per man, and the
productivity of
white bread if they could afford it, and there are many in Europe eating labor per man depends, other things equal, upon the
abundance or scarcity
meat once a week, who would gladly eat meat three, four, or five times a of the land and capital with which labor works. The country which
has
week if they could afford it. They cannot afford it because their hands a comparative abundance of land and capital and a comparative
scarcity
are tied by lack of markets for the fine products which they turn out with of labor will have high wages, as is true of the United States.
In a country
limited tools and machinery. But with an abundance of skilled hand work, like China, where men are abundant, capital scarce, and land scarce,
land
they make fine things which we can not make so well in this country because rents will be very high, interest rates will be very high, and wage rates
labor is relatively scarce and high priced with us and we use our labor will be very low, tariffs or no tariffs. American labor is high, in comparison
economically for mass production in combination with great masses of with European labor, because land and capital are relatively abundant
machinery and equipment, or in combination with our broad acres of land. with us and men relatively scarce, whereas in Europe, land and
capital
A surplus and glut of agricultural products exist here,and a surplus and glut are relatively scarce and labor relatively abundant.
of fine, artistic manufactures in Europe—or a surplus capacity to produce
The great rise in wages in the United States since the pre-war days has
fine manufactures. But if the tariffs were lowered, these gluts would not been due to the tariff. We had high tariffs before the war. The
greatest
disappear. We would trade them off for one another. The prices of our factor in the rise of wages has been the restrictions of
immigration, first,
farm products would rise, and the buying powers of our farmers would rise. those imposed by the war itself by the military situation, and,
second, those
The prices of European manufactures would rise, and the European work- imposed by legislation after the war. American labor has
nothing to fear
man, springing eagerly to his tools, would produce more of them to buy and everything to gain, by and large, from a lowering of the
tariffs in the
the white bread and the meat five times a week. And the restoration of United States.
the general buying power of our export interests in the United States,
Foreign Loans an Inadequate Remedy.
agriculture,copper,oil,automobiles and numerousother importantinterests,
There are those who believe that we can resume our takings of foreign
would so greatly increase demand for the products of American manufacturers that few indeed among them could complain of loss because the bonds on a great scale, and that our cheap money policy will so encourage
the taking of foreign bonds that we shall get out of our difficulty in that
tariffs were reduced.
way. We have been trying to accomplish this for well over a year. BeIt is far better that the world should share in an expanding trade than
ginning with October 23 of 1929, our Federal Reserve System has increased
that each country, closing its markets more and more as depression grows,
Reserve credit through the purchase of Government securities, putting
should fight ibr disproportionate shares in a dwindling trade.
of Reserve money at the disposal of the money market
Under the existing regime of high and rising tariffs, virtually every 450 million dollars
In
this way since that date. Money has been exceedingly easy in the
country in the world Is faced with this important problem of reducing its
since early in the spring of 1930. But the market for foreign
production for export, and shifting over to producing for domestic markets. United States
Every country is obliged to become more self-sufficing, every country bonds did not revive. On the contrary, it saw its worst In the fourth quarter
of 1030, when a great and needless scare came over the country and the
has a painful readjustment to make.
prices of foreign bonds went far too low. We are getting over this scare.
The banking community is well aware that our foreign debtors Intend to
The Tariff Not The Only Factor.
pay. Very recently there has been an improvement in price in many foreign
The tariff does not tell the whole story of our great depression, of course. issues, notably those of Germany. In time, our
foreign bond market will
If there were time, I should like to discuss other contributing causes: revive, and we shall take more foreign bonds. But we
cannot expect to
especially the resistance to price and wage readjustments, the maladjust- do it on a scale sufficient to build up our export trade
adequately. To do
ments in the money and capital markets, and the difficult situations which It that way means that we should take, year after year, an
ever increasing
governments and great industrial combinations have created in the efforts amount of foreign bonds, sufficient to cover, not
only current export
to maintain artificial prices for a multitude of commodities, as coffee, surpluses, but also an ever growing interest charge on
the ever growing
copper, rubber, cotton aud wheat. The wheat situation especially has - volume of foreign debt. The unusual money market
situation which ran
become incredibly difficult. Our own Government stepped into a situation from 1922 to early 1928 will not recur, and it is quite out
of the question
In 1929 which governments and pools In other countries had already made to expect us to take foreign bonds in the volume that we
took them,
impossible. Lowering the tariffs would not correct all the evils which especially from the middle of 1924 to the middle of 1928. We
must buy more
come from all these causes. But it would help enormously, even In this from the outside world if we are going to sell the outside
world enough
very difficult wheat situation.
Of our products to restore the balance in our industry.
*
Bread or Meat.
•
•
In this connection, let me say, with respect to grain surpluses throughout
We face a wholly changed world, as compared with the pre-war situation.
the world, that an impoverished world in which a very high percentage We were then a debtor country, paying our rich creditors interest in the
of the people eat bread most of the time and meat once a week, does not form of wheat and cotton and meat. Today we are a creditor country
use up grain so rapidly as a well-to-do world in which people eat meat many on a great scale, and our natural position is that of receiving a large volume
times a week. Grain is used very economically when it is fed directly to of imports, which our debtors send us to pay interest on what they owe.
human beings, and an impoverished world must use it that way. To feed We must learn to receive and welcome an import surplus. That Is the
grain to animals and then feed the animals to human beings is a much natural and normal situation for a creditor country. In the pre-war days,
more extravagant way of using up grain. Grain disappears much more the countries which had the so-called favorable balance of trade were the
rapidly when human beings eat meat. But human welfare and human United States, British India, Brazil, Haiti, Guatemala and Turkey in
happiness and human efficiency in Europe would be greatly increased by Asia, debtor countries which, like an individual debtor, could not afford
this kind of "extravagance," and the farmers of our great agricultural to consume the whole of the products of their labor, and were obliged to
regions would also be benefited largely by it and would cheerfully enough turn over part of the products of their labor to their creditors. The countries
increase their own "extravagance" as a result in the purchase of greater which had an unfavorable balance of trade, which imported more than
they exported, were Great Britain, France, the Netherlands. Switzerland,
quantities of manufactured goods.
MAR. 28 1931.]
FINANCIAL CHRONICLE
and Germany, rich capitalist countries which, like an individual capitalist,
could afford to consume more than they produce with their own labor,
and did so. That is our natural and normal position.
We have striven frantically to avert an import surplus by high tariffs.
accompanied by an enormous volume of foreign loans in recent years.
For the present, certainly, we have overdone foreign loans, which, since
June of 1930, have been placed at a sharply reduced rate, most of them
taking the form of short credits and refunding loans, rather than providing
new money in the form of long term bonds. We can hold the imports down,
if we will, by maintaining our tariff policy, but we can do it only at the price
of prolonging the depression. And even though we hold the imports down,
we cannot permanently avert the import surplus, because we cut our
exports when we cut our imports. We can control the import side of the
balance sheet, but the outside world has a voice with respect to the export
side.
Is it not time for us to forget politics and consider this tariff question
as a business matter 7
Eastern Railroad Officials in All-Day Session with Brotherhoods—Wages, Working Conditions Understood as Discussed—Follows Declaration Against Cuts.
In the New York "Journal of Commerce" of yesterday
(March 27) it was stated that a bid for labor support of
the four-system railroad consolidation plan in the East
was made at an all-day conference in New York on
March 26 between the executives of the Eastern roads
and officials of the four railroad brotherhoods at the offices
of the Pennsylvania Railroad. This conference follows
a decision by executives not to reduce wages despite the
sharp slump in traffic and earnings, says the paper quoted,
which adds:
The bid for brotherhood support of the merger plan is designed to offset political opposition to the plan led by Senator Couzens of Michigan.
The railroad executives have decided upon the strategy of taking the four.
party plan out of politics, and labor support was regarded as indispensable to this end. While no announcement as to the exact nature of the
discussion with the labor heads was made, it is understood that informal
conversations looking to the maintenance of present wages and working
conditions, and the prevention of reduction in the number of jobs, constituted the essence of the parley.
Five Labor Heads Present
Although all four railway labor brotherhoods were understood to have
been represented, only one of the five attending the conference disclosed
his identity. He was David B. Robertson, President of the Brotherhood
of Locomotive Firemen and Enginemen and chairman of the Railway
Labor Executives Association. The labor heads left the meeting about
an hour before the railroad executives departed.
At the close of the meeting the following formal statement was issued:
"A conference was held between the various interests in the question of
the four-party plan and further progress was made. Those who participated in the meeting were as follows: W. W. Atterbury, Elisha Lee, A. J.
County and C. B. Heiserman for the Pennsylvania Railroad; Daniel Willard for the Baltimore & Ohio, J. J. Bernet and Herbert Fitzpatrick for
the Chesapeake & Ohio, A. H. Harris and j. G. Welber for the New York
Central."
The statement issued by the trunk line heads did not disclose the names
of the labor representatives attending the conference, although it was understood that in addition to the Brotherhood of Locomotive Firemen and
Enginemen, which Mr. Robertson appeared for, the conductors, trainmen
and engineers' brotherhoods were represented and probably the maintenance of way men as well.
Atterbury's Statement
Arriving at the meeting, Gen. W. W. Atterbury, president of the
Pennsylvania, stated that no further conferences were needed at this
juncture to discuss further details concerning the consolidation plan and
that he expected none to be called. The matter is now in the hands of
counsel for the roads to present to the commission, he indicated.
"The attorneys for the four roads are at work on the four-party plan,
but I do not know when it will be given to the Interstate Commerce Commission," Gen. Atterbury declared.
Gen. Atterbury's statement was taken to indicate that the matter of
details yet remaining to be worked out would not be taken up until more
important problems, such as labor, have been disposed of.
Despite the fact that rail executives have assured Senator Couzens,
Chairman of the Senate Interstate Commerce Committee, that labor would
not be adversely affected by the four-party plan, it is understood that labor
groups have all along regarded the plan with disfavor. The executives
feel that if labor can be reconciled to the plan it will serve to prevent
much opposition that might otherwise arise in the next session of Congress.
1
"
2319
by his department relative to necessary changes in policy and personnel of
the bank; that he continued to permit the bank to do business when he knew
it was in an unsafe and unsound financial condition, and that he failed to
acquaint himself with the real estate and "other improper transactions of
the bank," and that he "approved transadtions by the directors which
were dishonest and illegal."
William Jacobs, attorney for the plaintiffs, declared that the suit was
the first of this nature ever filed in the State, adding that he was preparing to file suits of a similar character for other stockholders.
According to the New York "Journal of Commerce" of
Mar. 25 a second suit against the Banking Superintendent
was filed on Mar. 24 by Mrs. Thea Isaacs, a stockholder,
who seeks to restrain the Banking Department from continuing to operate the 59 branches of the bank.
Illegal Land Deals Laid to Bank of United States—
State Report Says Millions Were Invested in
Defiance of Prohibitory Provisions-40 Dummy
Corporations Used.
Millions of dollars were invested by the Bank of United
States, of this city, in real estate through 40 dummy corporations in defiance of the Banking Laws of the State, it was
charged on Mar. 25 in a report made public by Paul J.
McCauley, Assistant Attorney General, who is technically
in charge of the State's investigation of the bank. The
New York "Times" of Mar. 26, from which we quote, added:
The report is the result of a month's intensive study of the real estate
transactions of the bank by Deputy Attorney General Whyrnan and a
staff of accountants. Some RA' the material was brought out at
open
hearings by Max D. Stetter, investigator of the bank.
The report made public yesterday pointed out that under the law
a
bank is forbidden to own real estate in other than its own name,
and is
required to sell any real estate acquired by it within five years of
acquisition unless the period is extended by the Superintendent of Banks
or unless there is a building on the property occupied by the
bank as an
office.
Formed by Bank Staff Members.
The dummy corporations through which the bank carried on its
real
estate transactions, the report set forth, were all of one class, with
an
authorized capitalization of 100 no-par-value shares, and the members
were employees of the legal staff of the bank.
The report said in part:
"The formation by the Bank of United States of dummy corporations
which were given funds by the bank to acquire real estate through
foreclosure of mortgages owned by the Bank of United States was
simply
an attempt on the part of the bank to rename an asset for the purpose
of showing a better liquid position. Prior to foreclosure,
mortgages of
doubtful value appeared on the books of the bank as assets which
would
undoubtedly become subject to criticism. In order, therefore, to create
a change in the financial picture, these dummy corporations
were formed,
which, through the proceeds of a loan made to them by the bank, cleared
the doubtful mortgage and became a debtor under a 'loans receivable'
caption, thus changing the picture of the bank to reflect a more liquid
condition.
"Real estate is not considered a liquid asset. An over-abundance of
real estate shown on a balance sheet of a bank will upset the equilibrium
of its current position and thus cause prospective depositors and
investors
to hesitate affiliating with such an institution.
"Again, to avoid that condition, the bank, in acquiring real estate
for
banking quarters or for the other purposes, recorded the
expenditure of
acquiring such property as a loan to a dummy corporation rather
than
as an investment in real estate.
"Such practices not only violated the law, but attracted unsuspecting
depositors and stockholders."
Sale of Bonds Held By Bank of United States—New
York Banking Department Has Disposed of Some of
Institution's Investments.
Sale of bonds held by the Bank of United States during
the past two months has yielded approximately $1,000,000,
it was stated in the "Wall Street Journal" of Mar. 23, from
which we also take the following:
The bonds were disposed of by the State Banking Department, which
obtained a court order permitting it to dispose of investments
of the
closed institution when the Department considered the market
was
favorable.
Bonds sold so far have been, in general, obligations with a current
market substantially below the value at which they were carried
on the
bank's books. No estimate of the selling price in comparison with
the
book value is obtainable, but it is known that the bonds so far disposed
of
have been mostly issues with a low rating. A study of the books
of the
bank shows that many such issues were carried at close to their par
value, which is substantially higher than current market prices.
If plans of the Banking Department are carried out, more of the bond
holdings of the Bank of United States will be disposed of as advantageous
opportunities arise. The Department intends to get rid of the
lower
grade issues first, if possible.
Suit For $50,000 Against New York State Superintendent of Banks Broderick, by Two Stockholders
of Closed Bank of United States.
A suit for $50,000 for alleged negligence in his supervision of the Bank of the United States, of this city, before
It closed on Dec. 11 last, was filed on Mar. 24 against Joseph
A. Broderick, New York State Superintendent of Banks.
The action was brought in the State Supreme Court by
Max Walker and Charles Florio, of the tailoring firm of
Walker & Florio, at 20 Dey Street, stockholders in the bank,
Sales Yield Substantially Lower.
who, according to the New York "Herald-Tribune" charge
that Mr. Broderick's alleged negligence resulted in the depre- of A study of the Bank of United States investments, with a book value
$23,690,778, indicates that the amount which could reasonably be looked
ciation of their holdings to the amount asked. The paper for from their sale would be substantially lower. The investments
include
bonds with a book value of $20,704,876; stocks with a book value of
quoted also said:
The complaint sets forth that Mr. Broderick failed to comply with the
State Banking Law by omitting to examine the bank's accounts from July,
1929, to June, 1930; that he failed to advise the directors of the unsound
conditions of the bank early in 1930; that he permitted the directors to issue
false and misleading statements to the public as to the financial condition of
the bank; that he failed to enforce by affirmative action instructions given
$2,968,866 and miscellaneous investments carried at $17,035.
The bank's bond holdings may be divided roughly into three classes.
The first includes United States Government, New York City and New
York State and Port Authority obligations; the second, listed railroad
and industrial bonds, actively traded in, and the third, large blocks of
bonds which have no ready market and which could be disposed of now
only at a sacrifice.
FINANCIAL CHRONICLE
2320
a total
The bank's holdings of United States Government bonds have
$1,603,878; of
book value of $1,587,676; of New York City bonds,
Authority
York
New York State bonds, $518,263, and of Port of New
and they
bonds, $423,150. The total for these four groups is $4,132,967,
have a market value of approximately the same amount.
held by the
With these bonds deducted, book value of remaining bonds
up this
bank when it closed totaled $16,571,909. Bonds which make
total are of two classes.
a value
In the first class may be included bonds of 17 companies, with
bonds,
on the bank's books of $10,004,592. Most of these are real estate
Howand it is difficult to obtain an accurate idea of their actual value.
present except
ever, it is safe to say that they could not be disposed of at
blocks,
at a very substantial sacrifice. In the cases of several of these
doubt.
the value that will ultimately be realized from them is in
Made Up Close to 50% of Bond Book Value.
the
The bank's holdings in these 17 companies made up almost 50% of
of United
book value of the bonds it carried as investments. If the Bank
of slowly,
States is reorganized, these situations might be worked out
period.
with a smaller loss than would be caused by liquidation over a brief
at least
Liquidation over a comparatively brief period would mean a logs of
83% from book value.
$6,567,317,
The remaining bonds held by the bank had a book value of
in.
and included mainly railroad and industrial issues actively traded
value. The
Current market prices are approximately 20% below the book
following table shows a representative group of the bonds held by the
market
bank at the time it closed, with par value, book value and current
prices compared:
BondThird Ave. Ry. adj. income 5s
Chicago dc Alton 58
Seaboard Air Line 4s, 1959
Lehigh Valley 4s, 2003
American Teleg: & Telep. 43.4s. 1939
International Teleg. & Telep. 4s. 1939
New York Western 44 Boston 454s 1946
N.O.T.& M.4lie, 1956
N.N. Chicago & St. Louis 4Ms,1978
Atchison 434s. 1948
Chicago & Northwestern, Ots, 1949
I. R. T. 56, 1966
International Toles. dz Telep,58, 1955
Norfolk Southern 5s, 1961
American & Foreign Power,582030
C.& E.I. RR.5e, 1951
Total
Book
Value.
$30,807
157,826
72,327
139,600
162,140
306,200
90,125
78,789
149.487
383,459
269.192
218,224
98,750
14,437
85,500
50,988
Approx.
Current
Market.
$18,000
154,070
14,000
127,500
131,500
236,875
87,250
68,000
133,500
318,850
222,640
192,980
88,500
5,550
85,450
30,509
$2,273,000 $2.307,731
$1,913,145
Par
Value.
$60,000
217,000
100,000
150,000
100,000
250,000
100,000
80,000
150,000
275,000
253,000
268,000
100,000
15,000
100,000
55,000
Current Price 16% Under Book Value.
Approximately current market prices for this group of bonds hell by
the bank was $394,586, or 16%, under book value. The list is fairly representative of the bank's holdings. However, there are a number of issues
which might be included on which the depreciation from book value is
much larger, and in only a few cases is a better showing made.
It is impossible to give an exact figure, on total probable losses on bonds
In this group, as notations on the bank's statement indicate some bonds
If these agreements are
were bought under repurchase agreements.
adhered to, the bank will suffer no loss, but if they are not, the bank
faces substantial losses on one block of almost $100,000 in bonds, and a
small loss in another issue.
It would seem fair to estimate that disposal of the readily marketab'e
bonds with a book value of $6,567,317 would yield approximately
$5,300,000.
The stock holdings which appeared among assets on the balance sheet
of the bank as of Dec. 10 follow:
No. of
Shares. Stock6,600 Federal Reserve Bank
14,550 Federal Reserve Bank
4,994 City Safe Deposit, common
2,475 Colonial Safe Deposit Co., common
1,555 Italian Superpower Corp., common
1,994 Municipal Safe Deposit Co., common
250 Seaboard Public Service 654% preferred
300 Spiegel, May, Stern, Inc., 63% preferred
800 Commonwealth & Southern, common
125 General Rayon Co., Ltd., class "A" common
250 Southern Kansas Gas, common
640 Stern Bros., common
50 Van Camp Packing, common
Book Value.
$330,000
727,500
564,334
249,500
17,577
748,650
23,625
28,050
1
1
1
1
1
,Were. Reserve Bank stock, the
Outside of the item of $1,057,500 in'
worth of the other large items in this list depends largely on what action
is taken in regard to the properties involved, :onsisting mostly of safe
deposit vaults. If taken over and operated by a bank, the book value of
the stock is regarded by the Banking Departmert. as not too high. However, if the properties were sold, the amount realized would be considerably
less than the book value of the stock, it ix believed.
Bill in New York Legislature Would Permit Rapid Payment
on Claims of Depositors of Bank of United States.
The despositors of the Bank of United States may be
paid on a portion of their claims at an early date if a bill
sponsored by the Banking Department and presented to
the Legislature in Albany on March 25 becomes law, said
the New York "Journal of Commerce" of March 26, which
went on to say:
This bill would sweep away the legal impediments which at present
summer.
would make payments to the depositors impossible before next
from
.Under the present law the Banking Superintendent is prohibited
until four
a
bank
in
suspended
making any distribution to depositors
bank to
months after general notice has been given to creditors of the
shorten
file their claims. The bill, which was introduced yesterday, would
this period to thirty days.
The bill was introduced in the Senate by William W. Campbell and in
comthe Assembly by Willis H. Sargent, the chairmen of the banking
mittees of the respective houses. The bills for the general revision of the
banking law sponsored by Banking Superintendent Broderick were similarly
presented.
There has been no recent statement regarding the extent to which the
was inassets of the Bank of United States have liquidated, although it
Banking
dicated that this process has been carried out steadily by the
Department. On February 14 $27,000,000 of loans had been collected. It
all of the outstanding
is understood that up to the present practically
[VOL. 132.
loans have reached maturity. Net loans of the bank approximate $128,000,000. Security investments are $23,690,000, of which $1,000,000 have
been sold, according to an announcement this week. The amount due the
depositors is about $138,000,000.
It was indicated yesterday that the drafting of a bill which would
facilitate payments to the depositors from the liquidation of the bank is
no indication of difficulties in the attempt to effect a reorganization. Those
sponsoring the Satterlee-Rosoff plan declared that continued progress is
being made. Early in the month, Herbert L. Satterlee, in an address to
depositors, had pointed out that one of the disadvantages of liquidation as
opposed to reorganization lies in the legal restriction regarding payments
to depositors inherent in the former process.
The audit of the assets of the bank by Price, Waterhouse & Co. will be
completed today or tomorrow, but there has been no statement as to
whether or not it would become publicly available. This audit will consist
of a balance sheet showing assets classified according to probable dates
upon which cash will be realized from them.
At the hearing in bankruptcy of four affiliates of the Bank of
United States yesterday it was brought out that losses of the syndicate
trading in Bank of United States units had been carried by City Financial
Corporation. This was testified by William J. Duffy, who held the post
of treasurer or assistant treasurer in each of the affiliates. Mr. Duffy said
that to the best of his knowledge the syndicate had never acted as agent
for the City Financial, and that there was no justification for the charging
of its losses to the corporation.
Bernard K. Marcus and Saul Singer, who headed the bank and controlled the syndicate, had testified in other hearings that the reason for
this charge was the agency relation between the bank's affiliate and the
stock trading syndicate.
The banking superintendent stated yesterday that the letter sent to
him last week by Max D. Steuer has been answered. It is understood that
this letter contained a plan for the reorganization of the bank or a method
for determining whether any plan is possible.
James A. Bacigalupi Succeeds L. M. Giannini as President
of the Transamerica Corporation.
At the annual meeting of the Transamerica Corporation on March 26, James A. Bacigalupi was appointed
President of the organization in accordance with previously announced plans, according to yesterday's New
York "Times." Mr. Bacigalupi succeeds L. M. Giannini,
who had wished to be relieved of his position. Mr.
Giannini also retired as a director. Elisha Walker, who
presided at the meeting, was re-appointed Chaiman of
the Board, and Jean Monnet was re-appointed ViceChairman. Two new members were added to the Directorate, namely Georges Jouasset and A. Alvino. Other
directors, with the exception of the retiring President,
were re-appointed. In accepting the Presidency, Mr.
Bacigalupi was reported as saying:
Transamerica Corporation
"My decision to accept the Presidency of
splendid institutions
is based entirely upon an abiding attachment to our
Giannini, and upon an
and organizations, conceived and founded by A. P.
the continued sucardent desire to contribute my best endeavors toward
designated by my colleagues
cess of our undertakings in the capacity
of service."
maximum
a
as the one wherein, in their opinion, I might render
The New York "Herald Tribune" of March 26 in its
report of the matter quoted Mr. Giannini in announcing
his retirement from the corporation as follows:
said:
25), Mr. Giannini
In announcing his retirement last night (Mar.
past, but in the interest of
"This has been my desire for some months
through the most acute
the corporation I have remained as President
which I feel we are now clearly
period of the business depression, from
emerging."
of Directors that he was
He said he had made it plain to the Board
enterprises and was
deeply interested in the welfare of Transamerica's
said, "I feel, however,
continuing his financial interests in them. He
the course which
follow
that, because of my personal views, I should
the Bank of America
I have now chosen. I shall continue as a director of
is planned, will succeed
in California. James A. Bacigalupi, who, it
co-operation in any matter that
me as President, will have my fullest
is in the interest of Transamerica's stockholders."
Stockholders of Chelsea Bank & Trust Company Approve
Reorganization Plans.
The stockholders of the Chelsea Bank & Trust Co.
approved on March 26 the plan under which the closed
bank is to be reorganized as the Mercantile Bank & Trust
Co. It is expected that the new institution would open
in May. The plan was referred to in our issue of March
21, page 2125.
Banking Situation in South and Middle West.
In the State of Arkansas, advices from Osceola, Ark., by
the Associated Press, on Mar. 20, stated that A. B. Banks
col(one of the leading financiers of Arkansas before the
lapse of his banking chain last November, who on Mar. 18
was indicted by the Mississippi County Grand Jury on a
of
charge of receiving deposits in the First State Bank
insolvent)
was
it
while
President,
was
he
Osceola, of which
on
posted bond of *2,000 in the Circuit Court at Osceola
Circuit
before
arraigned
was
Banks
Mr.
that day, Mar. 20.
ImJudge Neil Killough. He asked that the bond be fixed
condispatch,
The
complied.
Killough
Judge
mediately, and
tinuing, said in part:
MAR. 28 1931.]
2321
FINANCIAL CHRONICLE
The indictznent charges Mr. Banks, by his authority as President, received
deposits in the First State Bank of Osceola two days before it closed,
Nov. 17, the day most of his more than 40 chain banks closed.
Closing of the banks was precipitated by the closing, Nov. 17, of the
American Exchange Trust Co. In Little Rock, the largest banking institution in Arkansas, and the parent of the so-called Banks chain.
Hysteria following closing of the group banks caused many independent
banks in the State to close within a short time. The number of closed
banks reached 126, but more than 75 have reopened or merged with other
banking institutions inee.
Mr. Banks was President of the Home Fire and Home Accident Insurance
Companies of Arkansas, which went into receivership following the banking
debacle: He also headed the Home Life Insurance Co. of Arkansas, which
has not been placed in receivership.
Starting his career as a poor farm boy, he spent 30 years of his life
building up the institutions and had retired to his home at Fordyce to
"begin all over again" in the insurance business.
His financial fall was attributed by Banks, in testimony recently before
a joint legislative investigating committee, to the crash of Caldwell & Co.,
Nashville, Tenn., banking house. Caldwell & Co. went into receivership a
few days before the American Exchange Trust Co. closed. He told the
committee the Caldwell Co. owned a controlling interest in the American
Exchange through a control of the Home Life, Home Fire, and Home
Accident Insurance Companies, which he obtained early in 1929.
In the State of Mississippi, depositors of the First National Bank of Jackson (which closed its doors in January
last) at a meeting held March 17 adopted a plan for the
organization of a new national bank to take over the assets
of the First National and liquidate them under a voluntary
agreement on the part of the depositors, upon a plan which
has been accepted by the Comptroller of the Currency.
The Leake County Bank at Carthage, Miss., which was
closed on Dec. 31 on account of a threatened "run" on the
institution, reopened for business last week, according to a
dispatch from Carthage on March 20 to the Jackson "News."
Officers of the reopened bank are W. A. Ellis, President;
R. L. Jordon, Vice-President; M. E. Cadenhead, Cashier,
and Mrs. Mable Goyne, bookeeper. The advices went on
to say:
At the close of the first day's business, according to the officials, the
bank had acquired above $6,000 additional and new deposits. The resources of this bank are now above half million dollars.
That a series of meetings of the respective depositors of the
Merchants' & Farmers' Bank & Trust Co. of Lexington,
Miss., and its affiliated institutions, the Commercial State
Bank of Goodman and the Bank of West at West were
to be held the past week looking towards the reopening of
the institutions, was indicated in a dispatch from Lexington
on March 19 to the Jackson "News", from which we quote
in part as follows:
Lexington and surrounding territory served by the Merchants'& Farmers'
Bank & Trust Co., which suspended business on Feb. 23, will read with
interest the following letter now being mailed to all depositors, signed by
the following business men of Lexington; L. E. Barr, H. P. Watson. A. M.
Pepper, D. C. Lundy, J. R. Williams and W. L. Jordan:
"We the undersigned depositors of the Merchants' & Farmers' Bank
& Trust Co., of Lexington. Miss., hereby call a meeting of all depositors
of the Bank to meet at the court house at Lexington, Miss., Tuesday,
March 24, at 3 o'clock in the afternoon for the purpose of ascertaining the
will of the depositors,stockholders and officers of the Merchants'& Farmersi
Bank & Trust Co., for the reopening of the bank, which we regard as absolutely necessary for the best interest of the depositors and territory served
by the bank. Your attendance at this meeting is of vital importance to
you and to all depositors, and you are urged to be present."
Similar notices of a meeting for the Commercial State Bank, Goodman,
is called for Wednesday afternoon, March 25 at 3 o'clock. Same is signed
by J. C. Lindsey. J. T. Skelton, T. P. Montgomery, I. U. Donald, W. E.
Meek and J. T. Burrell.
A Ineeting at West for the Bank of West has also been called for Wednesday afternoon March 25 at 3 o'clock in the school auditorium. Signers of
the letter are C. E. White, M. S. Rogers, D. B. Campbell, R. M. Gordin
and L. J. Hand.
Izing a new National bank and liquidation of the old bank.
The plan approved by the Comptroller provides for a new
institution to be known as the First National Bank in
Brookhaven and a charter has been applied for, giving as
incorporators and tentative officers: J. J. Newman, Bude,
President; Dr. 0. N. Arrington, Brookhaven, Vice-President;
L. A. Cato, Union Church, Chairman of the Board, and the
above-named with V. D. Youngblood and H. V. Wall, of
Brookhaven, as directors. The dispatch furthermore said:
These officers are to serve through organization and until election can
be held by stockholders. The new bank is to have cash capital of $100,000,
with $10,000 surplus.
A form of agreement was approved by the Comptroller for depositors
to sign which provides that 75% of deposits becomes an obligation of the
new hank; of this 5% is to be paid on opening and 10% every six months
for three and a half years, without interest. To meet this obligation assets
in like amount of the closed bank are to be transferred to the new bank.
All assets not needed to meet payments guaranteed to depositors are to be
held in trust for payment of remaining 25% to depositors.
Should trust fund prove snore than sufficient, depositors will be paid
intered on their claims and the residue to stockholders. The agreement
provides for three trustees to receive assignment of claims by depositors
and to make settlement with receiver and to procure and distribute transferable certificates of deposit from the new bank and trust certificates for
the trustee 25% of dakns.
Instrument provides that trustee shall convert trustee assets into cash
as expeditiously as is consistent with good business principles. Instrument
also provides that it shall not be binding unless new bank is organized
and in operation by July 15.
In the State of Virginia, a small institution, the National
Bank of Norton, at Norton, was closed by its directors on
Mar. 25 for the protection of its depositors, according to
Bluefield, W. Va., advices on that day, printed in the Baltimore "Sun" of Mar. 26. The dispatch quoted D. R. Wood,
a National Bank Examiner, as saying that under favorable
conditions the institution should be able to pay its depositors
in full.
In Kentucky, the first payment of an initial dividend of
67% to depositors of the closed National Bank of Kentucky,
Louisville, were made on Mar. 23 by the First National
Bank of Louisville, which has purchased assets of the
closed bank equal to the dividend payment, which will
amount to $15,500,000, according to the Louisville "CourierJournal" of Mar. 24. We quote further, in part, from the
paper mentioned, as follows:
The distribution marked the first payment on approximately $22,000,000
deposits, other than Christmas savings funds, which has been made since
the National Bank of Kentucky failed to open its doors on Nov. 17.
Paul C. Keyes, receiver, who has been in charge of the National Bank
of Kentucky since its close, said Monday that so far as he was advised
the first payments "were made without a hitch." . . .
Meanwhile, Christmas savings depositors in the National Bank of Kentucky, who were advanced 50% by Judge Robert W. Bingham, were receiving an additional 17% from the Liberty Bank & Trust Co. of Louisville.
Their receiver's certificates were returned to them, to be taken to the
National Bank of Kentucky for signature, so they will be entitled to any
future dividends declared by the receiver.
In the State of Indiana, a dispatch from Vincennes to the
Indianapolis"News" on March 19 reported that the Farmers'
& Merchants' Bank at Decker, Ind., had been voluntarily
closed by its directors the previous week and that Samuel
W. Goodman, former Cashier of the institution, following
his plea of "guilty" to embezzling $9,628 of the bank's money
had been sentenced by Judge W. S. Hoover, in the Knox
Circuit Court on that day (March 19) to serve from 2 to 21
years in the Indiana State Prison.
Again, on March 19 advices from Oxford, Miss., to the
In the State of Ohio, a dispatch from Maysville, 0h13,
Jackson "News" contained the following with regard to the on Mar. 25, appearing in the Toledo "Blade" of that date,
proposed reopening of the Bank of Oxford, an institution
reported that the First National Bank of Richwood, capiwhich closed Dec. 29 in order to protect its depositors:
at $40,000, had been closed by its directors on Mar. 24.
talized
Oxford,
the county's oldest
Tho Bank of
banking institution which
was closed shortly before the first of January for the protection of the
depositors, will be reopened, it is believed by stockholders who accepted
the plans of the State Banking Department at a meeting of stockholders
and depositors here. Depositors representing one-half of the funds on deposit in the bank, signed in agreement with the plan.
L. E. Brown, special agent for the State Banking Department met
with the groups in the absence of the Superintendent, J. S. Love. The
stockholders will take the full assessment on their stock and the depositors
are to permit 25% of their funds to be turned into bank stock and the
remainder to be frozen for three years with the exception ofsmall percentages
to be paid at intervals. Ten per cent is to be paid within 30 days after the
bank is open; 15% at the end of one year; 25% at the end of two years and
25% at the end of three years.
The institution, the dispatch said, is not under the Jurisdiction of the Fifth Federal Reserve District. M. L. Anderson
is President of the closed bank; A. T. Coons, Vice-President,
and L. J. McCoy, Cashier.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The second New York Coffee & Sugar Exchange membership of H. D. Stevenson was reported sold this week to
F. Shelton Farr for $10,000.
Still again, a dispatch from Brookhaven, Miss., on Mar. 23,
Two Chicago Board of Trade memberships were reported
to the Jackson "News", reported that a meeting was held
In Brookhaven on that day to receive the report of H. V. sold this week for $11,000 and $11,500 respectively. The
Wall and L. L. Tyler, members of a committee sent to Wash- last preceding sale was for $10,500.
ington in the interest of organization of a new bank to take
George F. Baker, Chairman of the First National Bank
over and liquidate the First National Bank of Brookhaven,
which closed Jam. 12. Mr. Wall, for the committee, reported and dean of American bankers was 91 years old yesterday
a very satisfactory interview with the Comptroller of the (March 27). He celebrated the day at Jekyl Island Club,
Currency and approval by that official of plans for reorgan- near Brunswick, Ga., where he has been spending the winter.
•••••••••
2322
FINANCIAL CHRONICLE
[VOL. 132.
An event of more than ordinary significance in New York's New Street 179 feet. A description of the building says in
banking life took place March 23, when the Irving Trust Co. part:
The Wall Street entrance opens into the main reception hall of the bank.
opened for banking purposes its new 50-story headquarters
a room three stories high and extending the entire width of the building.
building---the latest addition to the city's modern banking The
ceiling and walls are of glass mosaic and bronze, the walls the color of
homes—at 1 Wall St. corner of Broadway. "This building," subdued flames at the base, increasing in brilliance as the eye travels
upward.
The columns of irregular polygon shape are of red Verona
said Lewis E. Pierson, Chairman of the Irving's Board, in
marble. It is said that only one other room in the world is similarly
connection with the opening,"has been finished on schedule. treated—in the Stadshuset
(City Hall) of Stockholm, Sweden.
The public entrances to the building on Broadway and on New Street
The final cost is well within the original estimate. Approxiopen
into
a
spacious
hall
with
walls of Pyrenees black marble. On the
mately 90% of the rentable space already has been taken." high
arched ceiling is an allegorical painting 20 by 66 feet, depicting the
Mr.Pierson added:
power of wealth to create beauty, the work of Hildreth Meire and Kimon
Its site is a distinguished site. The address, 1 Wan St., is probably as
well known throughout the world as any other address in this country.
And the building itself, in point of distinction and beauty, does full justice
to the best traditions of this distinguished neighborhood.
"It is not a matter of chance that the headquarters of the
great banks in this country have been brought together in
this financial district," added Harry E. Ward, the Irving's
President. "They are here because they belong here, because their most important work is here, because here they
can best carry out their purpose of serving the great business
establishments of the nation. The Irving Trust Company
Building is not just a building. It is a milestone in our
institutional progress, a mark of recognition of the progressive spirit of the times and a suggestion of constantly
improving service to the public."
On the opening day,from early morning until long after the
usual banking hours, a stream of visitors passed through the
company's quarters. Among them were leaders in the fields
of finance, commerce and industry. Many were from other
cities. The banking rooms were filled with flowers, expressions of the good will of Irving friends. Messages of congratulations were received from many pasts of the world.
Four importantIrving offices are housed in the new building—
the General, Out-of-Town and Foreign offices, which formerly were in the Woolworth Building at 233 Broadway,
and the Banking Office, formerly at 60 Broadway, which,
In its new location, is known as the Wall Street Office. The
change, however, has not affected the Irving's Woolworth
Office, which remains in the Woolworth Building, nor any
other of the company's banking offices throughout Greater
New York.
The opening followed three days of active preparations.
On Friday evening, March 20, the building was formally
dedicated to banking purposes at a ceremony in the main
reception hall at 1 Wall St., when the builders and architects
turned over the newly completed structure to the owners.
Two of the guests gave to the proceedings a touch of sentimental interest. One was Avon M. Nevins, Vice-President
of the Riggs National Bank of Washington, D. C., whose
ancestor, Joannes Nevins, in the Colonial Days of New
Amsterdam, erected his home where Wall Street now meets
Broadway. That was the first building to occupy this site;
the Irving's new building is the fourth. The other guest
was A.Duer Irving, a great great grand-nephew of Washington Irving, who gave his name to the original Irving Bank,
founded in 1851. The move into the new building was begun
at the close of banking hours on Saturday, March 21. The
offices, which were moved previously, occupied five floors
In the Woolworth Building, six flours in the building at 60
Broadway and eight floors at 62 Broadway.
While virtually all the furniture in 1 Wall St. is new, the
move involved a large volume of other property. It is also
stated:
There were more than 2,500 boxes of various kinds of material and 200
locked bins for checks, important documents and other articles of value.
Seven hundred bookkeeping and adding machines, 100 machine bookkeeping
desks, 400 filing cabinets and a dozen large safes were among the items
moved. Four hundred boxes were required for the Irving's library, which
includes 5,000 books and files of 500 periodicals.
The removal of securities and cash to the three-story vault in the new
building was carried out Sunday morning when the streets of lower Manhattan are virtually free from vehicular traffic. This treasure, which
amounted in value to several billion dollars, was transported in armored
ears, each of which carried guards armed with machine and "gas" guns.
Other armored cars covered the route over which the securities were carried,
and during the move, every inch of Broadway, in the half-mile between
City Hall and Trinity Church, was within the range of machine gun fire.
The building towers 50 stories above the level of Wall
Street and Broadway. The walls are of granite and Indiana
limestone. Voorhees, Gmelin & Walker were the architects
and Marc Eidlitz & Son, Inc., the builders. Eighteen floors
have been reserved by the Irving Trust Co. for its own purposes—the four topmost floors and the floors from the
tenth downward to the lowest level of its three-story vault,
70 feet below the surface of Broadway. In all the building
has about 500,000 square feet of usable floor space—enough
to house the activities of 7,000 men and women. Its frontage
on Wall Street is 102 feet, on Broadway 178 feet and on
Nicolaides, mural artists.
The three-story vault, resting on bed rock, is one of the largest in the
world, with 8,100 square feet of floor space, and weighs more than 5,000
tons.
Each floor of the vault is a separate unit unconnected with the others,
although all are within the same protective armor. The topmost floor,
46 feet below the Broadway level, is the customer's safe deposit vault.
It has two entrances, each sealed by a door weighing 121,000 pounds.
The two lower floors are for company's use....
The Wall Street Office of the Irving, which handles the business of
customers in the financial district, occupies the New Street floor, Wall
Street floor and Floor 2. The Corporate and Personal Trust activities
are on Floor 3.
On the fith floor are the company's executive offices, which include a
large reception room, and the suites of the Chairman of the Board, the
President and the Vice-Chairman of the Board. These rooms are finished
with high wood wainscot of modern conservative design. The Chairman's
suite is paneled in teakwood from Africa, the President's suite in English
oak, and other offices in puha wood from Australia.
On the sixth floor are the officers of the company's Out-of-Town Office,
which serves customers in the United States outside of New York, and
officers of the Foreign Office, which handles the business of customers in
other countries.
The dining rooms of the Irving Luncheon Club, for the use of Directors.
Advisory Board members, officers and guests, are on the 46th floor.
The 47th floor has been set aside for the use of directors.
In a notice issued on March 23 to the stockholders of
the Seward National Bank & Trust Co. of New York,
President Alexander S. Webb announces that a special
meeting of the stockholders will be held on April 28 to act
on a proposal to merge the institution with the Bank .of
Manhattan Trust Co. The plan calls for the share for share
exchange of the stock ($20 per share) of the Manhattan company (a holding company), and of Seward National Bank
($20 per share) with a substantial amount of the Seward
assets set aside to be liquidated and the proceeds distributed
to the stockholders. The Manhattan company controls the
Bank of Manhattan Trust Co., the International Acceptance
Bank, Inc., the International Manhattan Co., Inc., and the
New York Title & Mortgage Co. Prior to the merger the
Seward National will become a State bank. The entire
staff of Seward, whose head office is at 2Park Ave.and which
has a branch at Amsterdam Ave. and 93d St., is, it is said,
to be retained by Bank of Manhattan Trust.
The following is from the New York "Journal of Commerce":
The Seward National Bank & Trust Co. was chartered in December
1926, and opened for business the following March. On Dec. 31 it had
deposits of $4,677,253 and was capitalized at $2,000,000 with surplus and
undivided profits of $1,200,621.
The following is from the New York "Sun" of last night
(March 27):
Justice John M. Ford in the Supreme Court, Part 1, this afternoon dismissed the motion for an injunction to prevent the merger of the Broadway
& Plaza Trust Co. with the Hibernia Trust Co. brought by Louis Roeder.
the holder of eight of the 67,500 Broadway & Plaza Trust shares. The
merger, upon which stockholders of the banks vote on Monday, can now
go ahead without this legal interference. Justice Ford found no occasion
to enjoin the merger, because the terms were considered fair to all shareholders.
The plaintiff was represented by Edward Carey Cohen and the defendant,
Broadway & Plaza Trust, was represented by A. M. Frumberg of Guggenheimer, Untermyer & Marshall and Col. Hartfield of white & Case.
The proposed merger was referred to in these columns
March 14, page 1928.
William F. Sheehan, who has been National Bank Examiner in N. Y. City since 1927, has been appointed a VicePresident of the Bank of America National Association.
Daniel L. Reardon was elected a director of the County
Trust Co. of New York on March 17. Mr. Reardon is
President of the United States Trucking Corp.
It is learned from Jamestown, N. Y., advicesby the Associated Press on Mar. 23 that announcement was made on that
day of the proposed consolidation of three Jamestown banks,
the American National Bank, the Farmers' & Mechanics'
Bank and the Bank of Jamestown. Directors of the twc
last named institutions voted to unite last week, while those
of the American National Bank approved the merger Mar.
23. Under the merger plan, stockholders of American National Bank will receive 2.1 shares of stock in the new organization for each share of their present holdings. The enlarged
bank (which, it is understood, will continue the name of the
MAR. 28 1931.]
FINANCIAL CHRONICLE
Bank of Jamestown) will have combined capital, surplus
and undivided profits of more than $2,000,000 and deposits
of approximately $17,000,000. For banking quarters the
buildings now occupied by the American National Bank and
the Bank of Jamestown will be joined. Brewer D. Phillips,
President of the Bank of Jamestown, will be Chairman of
the Board of Directors of the new institution; Charles W.
Herrick, President of the Farmers' & Mechanics' Bank, will
be President, and Charles A. Okerlind, President of the
American National Bank, will be a Vice-President and Chairman of the finance committee. The dispatch furthermore
stated that'Melin A. Okerlind of the American National Bank
and 0. Nelson Rushworth of the Farmers' & Mechanics'
would also be Vice-Presidents of the new bank.
2323
592 Washington Street, Dorchester. In addition to 'Mr.
Strout, the President, the officers, according to the Bank
Commissioner, are: Anders T. Tellstrom, John J. Curley,
Henry D. MacRichie, and Robert G. Wilson, Jr., Vice-Presidents; Harry L. Loftus, Treasurer, and Ulysses J. Silva,
Assistant Treasurer.
The Merchants National Bank of New Haven, New Haven,
Conn., announces the appointment of Lewis H. English, as
President of the institution and of Frederick D. Grave as
Vice-President. The appointments became effective Mar.
13 1931.
Howard H. Warner, Presi-dent of the Central National
Bank of Middletown, Conn., died suddenly on Mar. 20 of
• Stockholders of the Amhers-t Bank of Williamsville, N. Y., heart disease at the age of 54. Mr. Warner was President
on Mar. 23 ratified a proposed increase in the bank's capital of the Middletown Trust Co. and of the Frissell Fabric Co.
from $100,000 to $150,000, according to the Buffalo "Courier" and a director of many institutions. He was also Viceof Mar. 24. At the same meeting, they also approved a President of the Trust Section of the Connecticut Bankers'
reduction in the par value of the stock from $100 to $50 Association.
a share, and an increase in the number of shares from 1,000
Rudolph V. Kuser, Vice-President of the First-Mechanics'
to 3,000. Henry H. Halm, Jr., Vice-President and Cashier
National Bank of Trenton, N. J., and a prominent business
of the institution, was reported as saying that stockholders man of
that city, died suddenly on the night of Mar. 22
will receive two shares of new stock for each share of the from
a heart attack at his home in Trenton. Mr. Kuser, a
old, and will be entitled to buy one share of the new stock native of Newark, N. J., was 65 years old. In addition
to
at $125 a share for each share of old stock held.
his banking interests, he was Vice-President of Lenox, Inc.,
Supplementing our item
of last week (page 2128) with
reference to the closing on Mar. 19 of the Industrial Bank
& Trust Co. of Boston, we quote in part from the Boston
"Herald" of Mar. 21, as follows:
Depositors of the closed Industrial Bank & Trust Co. will recover dollar
for dollar either through reorganization or liquidation, it was stated yesterday (Mar. 20) both by the bank's President Charles B. Strout, and Bank
Commissioner Arthur Guy, who closed the institution Mar. 19 "as a result
of unsafe and unauthorized banking methods."
A reorganization committee composed of four of the directorate of the
bank was formed late yesterday (War. 20) by Mr. Strout, in the hope that
such a group may be able to perfect a plan meeting the approval of Mr. Guy,
and thus avoid appointment of a State liquidation agent.
in the interim, Commissioner Guy was arranging with Clearing House
banks to lend to depositors of the closed bank 50% of their deposits on the
security of their pass books. It is believed that this method will enable
small depositors who most need it to realize quickly a substantial portion
of deposits.
Commissioner Guy pointed out last night that in only one instance of a
closed bank within recent years have depositors been unable to obtain finally
every dollar. Mr. Strout was equally definite in his conviction that "under
intelligent liquidation or reorganization" the 8800 depositors would receive
every cent of the $2,312,000 held by the closed institution.
Whether the ultimate fate of the bank is to be liquidation or reorganization, however, will not be determined until the seven bank examiners at
work an its books have completed a thorough survey of the situation and an
inventory of the assets.
Funds of the city of Boston to the amount of $115,900 were on deposit at
the time the bank was taken over by the state, it was disclosed yesterday.
There are, however, no State funds on deposit In the Industrial Bank &
Trust, State Treasurer Charles F. Hurley declared.
The directors appointed last night by Strout as a reorganization committee are Harry L. Loftus, Chairman; C. H. Buseck, John J. Curley and
J. Waldo Pond. Mr. Strout said the Industrial has no connection with any
other bank or trust company.
makers of chinaware; President of the People's Brewing
Co. and President of the Trenton Interstate Fair.
On Mar. 16, the Marine National Bank of Ashtabula, Ohio,
with capital of $100,000, was placed in voluntary liquidation.
It has been succeeded by the Marine Savings Co. of the
same place.
Harry Williams, for the pa- st ten years Cashier and a director of the Commercial National Bank of Youngstown,
Ohio, committed suicide on Mar. 13 by shooting himself in
the bank building two hours after the bank had closed for
the day. Ill health was blamed for his act, Mr. Williams
having suffered•a nervous breakdown last month. The deceased banker was born in Hubbard, a suburb of Youngstown, 61 years ago, and started as a clerk in the Commercial
National Bank at the age of 18. He was a former Secretary
of the Youngstown Clearing House and a veteran of the
Spanish-American War. In 1926 he was elected Vice-President of the National Bank Division of the Ohio State Bankers' Association and in 1928 Vice-President for Ohio of the
American Bankers' Association.
In Youngstown advices on Mar. 14 to the "Wall Street
Journal," C. H. Kennedy, President of the Commercial National Bank, was reported as saying that Mr. Williams' suicide in no way effects the condition of the bank, which is
the best in the history of the institution.
It is learned from the "Herald" of the previous day, Mar.
Effective Mar. 6, the First National Bank of Paducah,
20, that a conference of the officers of the bank Was held on Ky., with capital of $150,000, went into voluntary liquidathe evening of the 19th (the day the institution was closed) tion. The institution has been absorbed by the City National
and that at a late hour the following statement was given Bank of Paducah.
out by President Strout, as spokesman for the officers:
The Citizens' National Bank of Godley, Texas, capitalized
The Industrial Bank & Trust Co. is a community bank with deposits of
about $1,800,000 in the savings department and about $800,000 in the at $25,000, was placed in voluntary liquidation on Feb. 10.
commercial department. The business depression has hit the bank very
The institution was taken over by the Cleburne State Bank
hard as it is located in a district where depression and unemployment are
at Cleburne, Texas.
more severe than elsewhere in Boston.
The Industrial Bank & Trust Co. certainly has a place in the financial
structure of Boston and for the benefit of the community will probably be
reorganized forthwith with enlarged capital and surplus. Already strong
support has been offered and reorganization awaits only the approval of the
proper authorities.
(Signed) C. B. STROUT
The paper mentioned also printed the statement issued by
Bank Commissioner Guy in closing the institution. This read:
The Industrial Bank & Trust Co. is closed as a result of unsafe and
unauthorized banking methods. My action has become necessary for two
reasons. First, because the total of bad and doubtful loans is such that
the capital is seriously impaired and probably entirely wiped out, secondly—
on account of violations of the banking laws of the Commonwealth. It is
for the protection of depositors, stockholders and all concerned that I have
taken possession in accordance with the duty imposed on me by law. The
total deposits amount approximately to $2,312,000. The Industrial Bank
& Trust Co. is not connected with any other trust company, or any savings
bank or national bank in the commonwealth.
The Industrial Bank & TrustCo., according to the"Herald"
was opened in 1919 as the Roxbury Trust Co., but in 1927
changed its name to the Industrial Bank & Trust Co. It is
capitalized at $200,000. The main office is at Washington
and Northampton Sts., Roxbury, with a branch office at
According to an Associated Press dispatch from Hendersonville, N. C., on Mar. 14, J. Mack Rhodes was found
"guilty" in the Superior Court at Hendersonville, on that
day of embezzling $16,000 of the funds of the First Bank &
Trust Co. of Hendersonville, while President of the institution. The jury, which deliberated about four hours, also
found him "guilty" of four charges of violating the State
banking laws. Following the verdict, Judge H. Hoyle Sink
sentenced the former banker to serve from two to ten years
imprisonment on the embezzlement charge and from four
to six years on one count of false entry, the second prison
sentence to take effect upon completion of the first. In
addition the Court imposed a fine of $10,000. The dispatch
went on to say in part:
Rhodes's attorneys gave notice an appeal would be made to the Supreme
Court and Judge Sink fixed bond at $7,000.
In addition to the counts of embezzlement and false entry, Rhodes was
found guilty of abstraction of the bank's funds, of misapplication of them
and of permitting false entries to be made. Judge Sink continued prayer
for judgment upon these counts.
2324
FINANCIAL
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price fluctuations in the New York stock market this week
have been irregular and while there have been occasional
rallies, during which some gains were recorded, the general
tendency, on the whole, has been downward. Some of the
more volatile of the speculative favorites have made moderate
gains, but these were in minority. The weekly statement of
the Federal Reserve Bank issued after the close of business
on Thursday, showed a decrease of $5,000,000 in brokers'
loans in this district. Call money renewed at 13/2% on
Monday„continued at that rate until Thursday afternoon,
when it advanced to 2%, but again declined to 1%% on
Friday.
Trading in the New York stock market during the two
hour session on Saturday was largely an intermingling of
advances and declines, with the general tendency toward
lower levels. The early transactions showed a moderate
amount of selling, but part of the early losses were erased by
a brisk rally just before the close. Some of the more active
of the specialties moved briskly upward and closed with
good gains. The list of advances included among others,
Ward Baking pref. 23 points, to 543', Jewel Tea 13'
5 Mexican Seaboard Oil 1% points to 183'2,
points to 54/s,
and Stone and Webster 23' points to 53. Auburn Auto made
a net gain of 53% points to 2153, General Motors pref.
moved ahead over a point, and Brooklyn Manhattan Transit
closed with an advance of nearly 2 points. United States
Steel was down fractionally and so was General Electric.
Westinghouse was under pressure and lost about 4 points.
Public utilities were heavy, railroad stocks were down, also
the oil shares and copper issues. The stock market worked
up a moderate rally during the closing hour on Monday,
after having shown a declining trend during most of the day.
The early weakness followed the announcement of the Farm
Loan Board, that it would discontinue in May its stabilization of prices for wheat, and while there was some improvement apparent as the day progressed, the total transactions
for the session were down to 1,993,620 shares, the smallest
total since Feb. 6. Most of the active speculative stocks
were down fractionally at the close, and while there were
some advances among a few special stocks, these were not
especially noteworthy. The principal changes on the side
of the decline were Atlantic Coast Line 2% points, J I
Case Threshing Machine Co. 334 points, Chili Copper 338
points Detroit Edison 3 points, Foster-Wheeler 2 points,
Hercules Powder 33/4 points, R. H. Macy & Co. 3% points,
United States Industrial Alcohol 73j points and Worthington
Pump 23 points. Some of the advances were Auburn Auto,
Eastman Kodak 1% points, Pittsburgh & West Virginia 2
points, Utah Copper 2 points, and Burns Brothers pref.
8 points.
The tone of the market was somewhat improved on Tuesday, though considerable selling was apparent in the early
trading. Price changes were, however, irregular with alternate losses and gains in evidence during most of the day.
Trading was comparatively light, the day's turnover totaling
1,849,925 shares. Railroad stocks made the best showing
and substantial gains were recorded by Atlantic Coast Line,
New York Central, Chesapeake & Ohio, Atchison, Rock
Island,Southern Pacific, New Haven and Norfolk & Western.
Specialties also attracted considerable speculative attention,
and numerous gains in this group were scored before the
market closed. The list included among others Air Reduction 2 points, Allied Chemical & Dye 3 points, Worthington
Pump 134 points, Westinghouse Electric 234 points, General
Asphalt 23
4 points and Eastman Kodak 1 point. Auburn
Auto was again in the spotlight and shot ahead to 24234
at its top for the day, closing at 240 with a net gain of about
21 points. Other stocks showing moderate gains at the
closing hour were American Can, Vanadium Steel, United
States Steel and American Sugar. Stocks again moved
forward during the early trading on Wednesday, the advances ranging from 1 to 5 or more points. The feature of
the market was the sensational movements of Auburn Auto
which forged ahead 11 points to 25134 and then slumped
to 239, with a loss of 1 point on the day. The principal
changes on the side of the advance were Worthington Pump
4 points to 753.,
33's Points to 9434, Vanadium Steel 23
4, Houston Oil
4 points to 313
Mullins Manufacturing 33
2 points and Vulcan Detinning about 2 points. Toward
the closing hour the market sold off quite sharply and some of
the stocks that were fairly strong during the first hour were
off on the day as the market closed.
(VOL. 132.
The stock market was again irregular on Thursday the
action of the directors of Anaconda in reducing the company's
dividend from a $2.50 annual basis to a $1.50 annual basis
having a depressing effect on the trading. Anaconda shares
sold off up to 27
% points and all the other members of the
group followed suit. Public utilities continued in good
demand and while the gains were small, the advances in
this group was fairly steady. Most of the speculative favorites like Allied Chemical & Dye, American Can, Auburn
Auto, J. I. Cash Threshing Machine, Johns-Manville,
Eastman Kodak, General Electric, and Westinghouse moved
within a narrow range, and made little change either way.
Stocks sagged all along the line on Friday, persistent selling
forcing most of the active issues downward. United States
Steel and General Motors dipped to the lowest levels of the
current movement and stocks like New York Central,
Eastman Kodak, and National Cash Register were under
pressure most of the time. The weakness was most apparent
during the final hour and the session closed with most of the
stocks in the general list on the side of the decline, with
losses ranging from two to five or more points. The weak
stocks included such active issues as Air Reduction three
points, Worthington Pump, 334 points; Union Pacific, 34
3
points; Foster-Wheeler, three points; International Business
Machine, 434 points; Atchison, 27% points; and Amer. Tel.
& Tel., two points. The final tone was weak.
TRANSACTIONS AT THE NEW 'YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Mar. 27 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks.
Number of
Shares.
1,313,197
1,993,620
1,878,158
2,096,522
2,554,250
2,948,380
State,
Municipal dt
Porn Bonds.
$4,541,000
6,513,000
7,626,000
6,566,500
6,093,000
6,721,000
United
States
Bonds.
Total
Bond
Sales.
$1,777,000
2,603,000
3,262,000
2,646,000
3,140,000
2,701,000
$75,000 $6,393,000
205,000 9,321,000
246,000 11,134,000
267,000 9,479,500
420,000 9,653,000
232,000 9,654,000
12 7$4 127 83R (WM Ann 516 120 nnn
51445.000 S55 524 5111)
Sales at
New York Stock
Exchange.
Week Ended March 27.
1931.
Stooks-No,of shares_
Bonds.
Government bonds_ _ _
State & foreign bonds_
Railroad & misc. bonds
Total bonds
Railroad,
&c..
Bonds.
1930.
Jan. 1 to Mar. 27,
1930.
1931:
12,784,127
25,768.700
164,630.374
218,761,940
$1,445,000
16,129,000
38,060,500
$3,199,000
19,671,500
55,179.000
$45,377,050
186,506,500
429,533,500
$28,939,900
177,348,000
520,731,000
$55,634,500 $78,049,500
$661,417,050
$727,018,900
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Mar, 27 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Shares. Bond Sales
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales
22,966
31,004
30,267
30,768
37,830
11,262
87,000
16,000
36,000
25,000
19,500
6,000
164,097
$109,500
191,776
$351,700
7,949
342,400
180,257
$90,450
273,888
3321.700
5,987
$26,700
29,552
35,506
32,098
32,070
48,650
13.000
138,500
72,200
106,000
69,000
66,000
690
421
$5,000
1,891
10,000
HO LIDAY
2,431
13,400
2,516
14.000
a In addition, sa es of warrants were: Saturday, 300; Monday, 200; Tuesday, 300'
Wednesday, 300; Thursday, 300.
THE CURB EXCHANGE.
Curb prices were steady to firm. this week and with few
exceptions moved within a narrow range. Aluminum Co.
com., one of the strongest features advanced from 185 to
224 reacted and sold down to 18734, the close to-day being
at 191. Cord Corp. was specially active and moved up
from 10 to 143
4,closing to-day at 133/8. Cuneo Press, com.
gained three points to 363
4. ,Driver-Harris Co., com. declined from 38 to 34. Glen Alden Coal sold up from 39 to
43 and at 41 finally. Insult Utility Investment fluctuated
between 4434 and 40 during the week and to-day fell to
437%. Parker Rust-Proof Co. eased off at first from 98 to
967% then sold up to 1093/2. To-day it broke to 95. A. 0.
Smith Corp. corn. dropped from 1807% to 165. Changes in
utilities were without significance. Amer. & Foreign Power
warrants, receded a point to 2734, moved up to 297% and
dropped finally to 2634 closing to-day at 2634. Amer. Gas
& Elec. corn, declined from 8234 to 78% and ends the week
at 78%. Duke Power weakened from 136 to 1327% and sold
finally at 133. Electric Bond & Share, corn. moved down
5 and finished to-day at 55. Oils were
from 597% to 54%
little changed. Bonds were quiet with few changes of importance.
A complete record of Curb Exchange transactions for the
week will be found on page 2361.
MAR. 28 1931.]
FINANCIAL vOHRONICLE
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Wed Ended
Mar. 27 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stoehr
(Number of
Shares.)
Bonds (Par Value).
Rights.
Foreign
Domestic. Government.
Total
404,100
472,800
536,100
664,800
624,900
590,600
100 $2,590,000
800 3,562.000
500 3,809,000
700 3,285,000
500 3,827,000
1,200 4,218,000
$100,000 $2,690,000
128,000 3,690,000
122,000 3,931,000
142,000 3,427,000
48,000 3,875,000
248,000 4,466,000
3.293,300
3,800 $21,291,000
$788,000 $22,079,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu Sr Co. of London, written under date of
Mar. 11 1931:
GOLD.
The Bank of England gold reserve against notes amounted to /140,925,901
on the 4th inst. (as compared with £140,816,300 on the previous Wednesday), and represents a decrease of £6,699,721 since Dec. 31 1930.
The shipment of bar gold which arrived from South Africa this week
amounted to about £863,000, all of which had been sold forward; the whole
of this amount was despatched to Belgium.
Movements of gold at the Bank of England during the week have resulted in a net efflux of £6,660. Receipts totalled £51,087. of which £51,000
was in sovereigns from abroad, and withdrawals consisted of £56,000 in
sovereigns taken for export and £1,747 in bar gold.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 2d inst. to mid-clay on the 9th inst.:
ImportsExportsBritish South Africa
£1,463,509 France
£1,223,311
British West Africa
37.693 Belgium
100,770
Venezuela
7,900 Switzerland
10,300
Uruguay
10,086 Spain
20.274
Other countries
497 Germany
42,500
Italy
27.600
British India
34,314
Other countries
2,930
£1,519.685
£1,461,999
The Transvaal gold output for the month of February last amounted to
839,937 fine ounces,as compared with 914,576 fine ounces for January 1931.
and 818,188 fine ounces for February 1930.
SILVER.
There has been a much firmer tendency during the past week and prices
have shown substantial appreciation. The news from India that an agreement had been reached with Mr. Ghandi has influenced the market. China
operators especially taking a more favorable view, with the result that
exchange advices from Shanghai have shown steady improvement. Sellers
have been hesitant and prices therefore responded the more sharply to the
demand from China. The Indian Bazaars have both bought and sold and
although America at times offered more freely.support has again been given
by the same quarter.
It is possible that at the present level the market may prove overstrained
and some temporary reaction may therefore be expected. The factors which
have contributed to the recent rise being somewhat speculative, the immediate outlook must, however, be viewed with some uncertainty.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 2d inst. to mid-day on the 9th inst.:
ImportsExportsMexico
£75,932 British India
£14,480
Canada
22,025 Other countries
10,298
Irish Free State
25,500
Other countries
17,895
2325
Mar. 21 Mar. 23 Mar, 24 Mar, 25 Mar. 26 Mar. 27
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
Credit Lyonnais
2,620 2,610 2,600 2,530 2,570 2,580
Eaux Lyonnais
2,560 2,550 2,550 2,550 2,630 2,670
Energie Electrique du Nord____
054
950
955
951
965
Energie Eleetrique du Littoral-- 1,286
1,284
1,278 1,283 1,292
Ford of France
254
254
250
--244
248
iii
French Line
450
450
450
445
440
448
Gales Lafayette
143
143
143
143
143
143
0 z Le Bon
850
840
830
870
870
870
Kuhlmann
620
620
620
620
620
630
L'AIr LIquIde
1,050 1,040 1,030 1,030 1,050 1.080
Lyon (P. L. M.)
1,547
1,545 1,550 1,545
1,545
Nord Ry
2,150 2,160 2,150 2,150 2,150 2-,160
Pathe Capital
145
140
137
140
142
Pechiney
2,040 2,020 2.020 2,020 2,060 2;4385
Rentes 3%
84.40 88.20 88.40 88,40 88.40 88.50
Rentes 5% 1920
137.40 137.50 137.50 137.50 137.70 137.80
Rentes 4% 1917
103.70 103.70 103.80 103.90 103.80 103.80
Reines 5% 1915
103.60 103.70 104.10 104.40 104.30 104.50
Rentes 6% 1920
104.30 104.70 105.10 105.10 105.00 105.10
Royal Dutch
'2,980 2.940 2,930 2,940 2,970 2,930
Saint Cobin, C. dz C
3,195 3,155 3,140 3,150 3,155
-Schneider ez Cie
1,815
1,800 1,776
1.799
1,750
Societe Lyonnais
2,550 2,560 2,550 2,640
-Societe Marseillalse
970
969
969
966
970
---_
Tubize Artificial Silk, prof
287
273
257
246
227
Union d'Electricitie
Lose Loos 1,050 Lose 1,060 fine
Union des Mines
650
660
670
670
670
670
Wagons-Ltts
303
305
301
308
295
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:
Mar. Mar. Mar. Mar. Mar. Mar.
21.
23.
24.
25.
26.
27.
Per Cent of Par
Aug. Deutsche Credit(Adca)(8)
96
96
96
96
96
96
Berlin HendeLs Gm.(12)
132 *125
131
125
124 126
Commerz-und-Privat Bank (11)
113 113 113
113
113 113
Darmstadter u. Nationalbank (12)
143 144
145
14.5
145
146
Deutsche Bank u. Disconto Gm.(10)
109 109
110 111
111
111
Dresdner Bank (10)
111
109
110 111
111
111
Reichsbank (12)
165 164
165 163 164 165
Algermeene Kunstzlide (Aku) (0)
82
83
81
80
78
79
Aug. Elektr. Gm.(A.E.G.)(7)
107
107
106
107
108
110
Deutsche Ton- u Steinzeugwerke(11)
83
83
84
84
84
84
Ford Motor Co., Berlin (10)
216 216% 218 217% 220 220
Gelsenkirchen Bergwerk (8)
82
82
84
83
84
85
Gesfuerel (10)
127
126
127 126
125
129
Hamburg-American Line(Hapag)(7)
71
71
70
70
71
72
Hamburg Electric Co.(10)
119
118
117
118
117 118
Harpener Bergbau (6)
71
71
72
73
74
75
Heyden Chemical (5)
53
52
52
53
54
53
Hotelbetrieb (10)
105
10.5
105
105
106
106
1.0. Farben Indus.(Dye Trust)(14)
143 145
145 144
145
146
Karstadt (12)
60
60
60
60
60
60
Mannesmann Tubes (7)
77
78
78
79
81
83
North German Lloyd (8)
73
70
72
73
73
74
Phoenix Bergbau (634)
59
59
59
61
62
64
Polyphonwerke (20)
167 166
167
168
171
167
Rhein-Westf. Elektr.(R.W.E.)(10)
129 132
130 130 132 134
Sachsenwerk Licht U. Kraft (734)
88
86
89
89
90
90
Siemens & Halske (14)
178 178
176
177 179
183
Leonhard Tietz (10)
118
122 121
124
123
124
Ver. Stalhwerke (United Steel works)(4) 56
55
58
56
57
61
* Ex-dividend.
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
£141,352
£24,778 the country indicate that for the week ended to-day (Saturday, March 28), bank exchange for all the cities of the
INDIAN CURRENCY RETURNS.
(in lees of rupees)Feb. 28. Feb. 22. Feb. 15. United States from which it is possible to obtain weekly
Notes in circulation
15653
15854
15850
Silver coin and bullion in India
12149
12267
12092 returns will be 27.3% below those for the corresponding week
Silver coin and bullion out of India
Gold coin and bullion in India
2377
2396
2438 last year. Our preliminary total stands at $8,286,047,070
Gold coin and bullion out of India
against $11,395,938,098 for the same week in 1929. At this
Securities (Indian Government)
1009
1009
1020
Securities (British Government)
centre there is a loss for the five days ended Friday of 28.7%.
Bills of exchange
"gmi
-566
The stocks in Shanghai on the 7th inst. consisted of about 89,400,000 Our comparative summary for the week follows:
ounces in sycee, 150,000,000 dollars and 980 silver bars, as compared with
about 89,400,000 ounces in sycee, 150,000,000 dollars and 880 silver bars
Clearings-Returns by Telegraph.
Week Ended March 27.
on the 28th ultimo.
Quotations during tho week:
-Bar Silver Per Oz. Std.- Bar Gold Per New York
Chicago
Cash.
2 Mos.
Fine Oz.
Philadelphia
March 5
13d.
12 15-16d. 84s. 11;id. Boston
6
135-16d.
13;id.
84s. 11).4d. Kansas City
7
13 1-16d.
13d.
84s. 113.d. St. Louis
9
13;id.
13 5-16d.
84s. 10%d. San Francisco
10
13%d.
13 11-16d. 84s. 11;id. Los Angeles
11
13 15-16d.
134d.
84s. 114d. Pittsburgh
Average
13.406d.
13.344d.
84s. 11.37d Detroit
The silver quotations to-day for cash and two months' delivery are Cleveland
Baltimore
respectively 1 1-16d. and 1 cl. above those fixed a week ago.
New Orleans
4
ENGLISH FINANCIAL MARKET-PER CABLE.
(See page 2327.)
1931.
1930.
Per
Cent.
$4,575,978,972 36,419,000,000
318,055.520
432,211,544
290,000,000
418.000.000
305,000,000
359,000,000
68,702,116
91,109,987
72.900,000
97,900,000
104.068,000
157,922,000
No longer will re port clearings.
110,514,136
154.575,109
131,565,839
156,683,671
76,942,277
101,691,283
53,050,382
69.185,381
34,859,808
44,762,313
-28.7
-26.4
-32.8
-15.0
-24.6
-25.5
-34.1
-28.5
-16.0
-24.3
-23.3
-22.1
Twelve cities. five days
Other cities, five days
86,141,637,050
763,402,175
$8,502,041,288
822.527,880
-27.9
-6.1
Total all cities, five days
All cities, one day
$6,905,039,225
1,381,007,845
$9.324,569,168
2,071,368,930
-25.9
-33.3
PRICES ON PARIS BOURSE.
Total all cities for week
88.286.047.070 811,395.938,098 -27.3
Quotations of representative stocks on the Paris Bourse
Complete and exact details for the week covered by the
as received by cable each day of the past week have been foregoing will appear in our issue of next week. We cannot
as follows:
furnish them to-day, inasmuch as the week ends to-day
Mar. 21 Mar. 23 Mar. 24 Mar. 25 Mar, 28 Mar, 27
1931. 1931. 1931. 1931. 1931, 1931.
(Saturday) and the Saturday figures will not be available
Francs. Francs. Francs. Francs. Francs, Francs
Bank of Franoe
18,500 18,400 18,200 18.200 18,300 18,600 until noon to-day. Accordingly, in the above the last day
Banque Nationale de Credit
1,277
1,277
1,273
1,275
of the week had to be in all cases estimated.
1,280
Banque de Paris et Pays Bas-- 2,330 2.310 2,270 2,260 2,290 2,330
Banque de Union Parislenne____ 1,343
In the elaborate detailed statement, however, which we
1,327 1,325 1,316
1,325
Canadian Pacific
1,210
1,110 1.050 1,060
Lea
Canal de Sum
15,900 15,800 15,700 15,500 15-,250 15,400 present further below, we are able to give final and complete
2,260 2,235 2,250 2,245 2,285
Cie Distr. d'Electricitie
results for the week previous-the week ended March 21.
2,680 2,650 2,640 2,640 2,700 27f.-15
Cie Generale d'Electricitie
450
Cie Ole Trans-Atlantique
405
450
For that week there is a decrease of 25.4%, the aggregate of
446
450
Citroen B
730
720
710
710
720
-7720
Compton' Nationale d'Escompte 1,660 1,640
1,630 1,640
1,640 1,640 clearings for the whole country being $9,536,725,537, against
710
CeitY, 100
690
690
690
690
700 $12,777,496,168 in the same week of 1930. Outside of this
Courrieres
1,091
1,099
1,095 1,092
1,102
1,236
Credit Commerciale de France
1,235
1,225 1,225
city there is a decrease of 22.4%, the bank clearings at this
1,230
centre recording a loss of 26.7%. We group the cities now
according to the Federal Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, the totals show a loss
of 26.5%,in the Boston Reserve District of 22.8% and in the
Philadelphia Reserve District of 24.0%. In the Cleveland
Reserve District the totals are smaller by 20.4%, in the
Richmond Reserve District by 21.7%, and in the Atlanta
Reserve District by 20.2%. The Chicago Reserve District
has a decrease of 24.3%, the St. Louis Reserve District of
32.8%, and the Minneapolis Reserve District of 4.7%. In
the Kansas City Reserve District the contraction is 24.7%,
in the Dallas Reserve District 20.0%, and in the San Francisco Reserve District 29.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar, 21 1931.
Ine.or
Dec.
1930.
1931.
1929.
$
$
$
%
Federal Reserve Dist.
579,193,233
513.792,724 -22.8
453.623,393
let Boston..._12 cities
8,602,701,280 5,922,200,675 -28.5 10,256,868,678
2nd New York_12 "
640,513.599
566,720,243 -24.0
430,001,737
3rd Philadelphlal0 "
466,897,977
428,409,038 -20.4
341,032.624
4th Cleveland__ 8 "
173,892.090
188,702,943 -21.7
147,897,842
.5th Richmond _ 6 "
194,717.756
178,811,880 -23.2
133,014,959
6th Atlanta____11 "
902,337,498 -24.3 1.033,390,026
682,688,250
7th Chicago_ _ _20 "
727,878.133
288,764,676 -32.8
140,248,922
8th St. Louis-- 8 "
128,497,472
112,132,800 -4.7
108,877,855
9th NIinneapolls 7 "
220,347,902
202,043,939 -24.7
152,140,727
10th KansasCity 11 "
83,763,744
70,246,324 -20.0
56,182,041
5 "
11th Dallas
408,968,788
415,334,438 -29.9
291,315,407
12th San Fran_ _16 "
126 eitleS
Total
Outside N. Y. City
n.,....a.
[VOL. 131
FINANCIAL CHRONICLE
2326
gin cna Mr%
'WA -aaa nnn
_111 1
.1 0.721
1928.
$
633,844,756
8,197,893,689
597,177,651
410,052,401
176,308,885
187,340,918
1,124,520,237
218,102,076
114,939,199
194,554,750
73,557,310
399,019,195
tam 747 774
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended March 21.
Clearings at1931.
I
1930.
107.0?
Dec.
3
First Federal Reserve Dist rict-Boston588,128
528,405 +11.3
Me.-Bangor__ _ _
18.8
3,183,661
2,583,763
Portland
Mass.-Boston_ _ 411,167,484 459,254,912 -10.5
1,230,693 -9.8
1,110,857
Fall River-1,082,374 -58.4
450,786
Lowell
1,016,817 -18.1
832,000
New Bedford..
4.230,765 +0.1
4,231,880
Springfield_ __ 2,998.872 -14.7
2,557,280
Worcester
16,854,514 -30.3
11,753,621
Conn.-Hartford
7,752,961 -12.1
6,812,188
New Haven_ -13,938,500 -27.4
10,128,900
R.I.-Providence
720,250 -43.6
406,506
N.H.-Manches'r
Total(12 cities)
4.52,623,393
512,792,724 -22.8
Second Feder al Reserve D istrict-New
6,072,881
6,373,347
N. Y.-Albany..
1,222,820
1.073,861
Binghamton_ _ _
39,897,932
52.879.007
Buffalo
1.205,961
821,085
Elmira
1,021,002
881,637
Jamestown_ _
New York._ _ - 6.465.457.050 8,817,812,078
11,022,749
8,072,12.5
Rochester
4,293,269
5,499,757
Syracuse
4,041,228
3.090,011
Conn.-Stamford
811,424
985.900
N. J.-Montclair
31,535,922
35,581,798
Newark
40,008.741
55,240.370
Northern N. J.
1929.
1928.
589,547
572,574
3,247,723
3,359,772
519,000,000 .579,000,000
1,325,182
1,781,237
1,030,421
1,148.693
1,1973304
1,083,848
4,503,144
5,160.868
3,584,301
3,247,271
15,227,947
20,327,590
8,217,952
8,597,525
14,986.300
14,521,500
590,548
736,442
579,193,233
633,844,756
York
5,429,192
-4.9
6,112,573
1,394,423
-12.2
1,155,696
63.355,967
48,514,213
-24.6
1,306,945
-53.2
993,006
1.038,904
-13.7
1,297.581
-26.7 10076137,205 8,051.472,890
14,968.736
12,350,224
-26.8
5,750,376
5,471,805
-21.9
4,273,454
3,870,760
-23.5
1,027,949
853,794
-17.8
30,702,127
28,708,512
-11.4
51,483,400
37,095,635
-27.6
Total(12 cities) 6,602.701,280 8,992,200,675 -26.5 10256868,678 8.197,893,689
Third Federal Reserve Dist rict-Philad el phi a1,493,168
1,339,103 -41.6
783,083
Pa.-Altoona....
5,058,836
4,376,624 -26.2
3,228,478
Bethlehem....
1,252,089
1,000,160 +6.6
1.066,871
Chester
2,100,379
2,040,159 +18.3
2,413,423
Lancaster
Philadelphia_ _ 408,000,000 539,000,000 -24.3 611,000,000
3.576,502
3,260,895 -19.0
2,641,691
Reading
5,926,726
5,4.56,321 -31.8
3,722.084
Scranton
3,699,730
3,371.098 -8.0
3.102,858
Wilke,-Barre..
2,086,692
2,008,883 -5.6
1,895,249
York
4,318,477
3,867.000 -18.7
3,148,000
N.J.-Trenton.
1,398,647
4,225,601
1,278,416
2,111,323
586,000,000
3.578,957
8,164,601
3,700,000
1.728,575
4,991,631
585.720,243 -24.0
640,512.599
597.177.651
Fourth Feder al Reserve D istrIct-Clev eland
3,848,000+4.0
4,002,000
Ohio-Akron_
3,862,091 -16.3
3,231,474
Canton
68,522,396 -11.9
80,384.338
Cincinnati
110,862.195 143,731,788 -22.9
Cleveland
14,719,800 -7.1
13,672,500
Columbus
1,998,376 -26.2
1,474,711
Mansfield
4,120,933 -25.9
3.061,129
Youngstown
-24.1
187.605,654
144,344,279
Pa.-Pittsburgh _
6,669.000
4,248,715
76,013.203
159,689,91
14,813,000
3,136,85
5,017,25
197,310,043
5,411,000
3.888,268
74,552,731
120,751.929
15,466,300
2,755,993
4,937.824
182,288,356
466.897,97
410.052,401
Total(10 cities)
Total(8 cities).
430,001,737
341,032,624
428,409,038 -20.4
1,268.03
4,623,887
42,620,000
2,253,927
91,559,897
31,566,344
1,031.713
4.766,314
48,273,000
2.000,000
94.262,392
27.975,466
188,702,943 -21.7
173,892,090
176,308,885
2,900,310
25,815,655
61.311,058
2,000,603
1.677,324
19,409,554
24.096,789
1,651,157
2,536,000
311,656
53,007,670
3,000,000
22,509.176
51,615,966
2,067,758
2,077,907
19,125,853
24,124,549
1,316,704
2,128,000
259,963
59,115,032
194,717,756
187.340,918
147,897.842
Sixth Federal Reserve Dist rict-Atiant m-2,690,992 --25.7
.2,000,000
Tenn.-Knoxville
24.115,234
13,340,372
Nashville
49,887,557 -17.9
40,936,811
Georgia-Atlanta
13365,245 -21.7
1,303,875
Augusta
1.475,444
757,268
Macon
19.089.001 -19.7
15,347.680
24,211.644 -36.4
15,395,470
Ala.-Birm'ham.
1.850.780 -27.0
1.350.302
Mobile
2,332,320 -34.9
1,517,000
Miss.-Jackson..
189,547 -37.4
118,678
Vicksburg
51,304,116
40,947,503
La.-NewOrleans
Total 11 cities) 133,014.959 178,811..880 -25.6
1930.
Inc. or
Dec.
I
$
Seventh Feder al Reserve D !strict-Chl cago
282.140 -38.7
Mich.-Adrian_ _
172,879
+8.
589,931
Ann Arbor.-637.051
158,317,190 214.572,521
Detzolt
5,214.845 --11.4
Grand Rapids_
4,622,031
4.087,950 ---19.1
Lansing
2,489,127
3.087,344 ---33.2
2,062,243
Ind.-Ft, Wayne
19,523,000 --29A
15,921,000
IndianapolLs
2,487,638 -27.9
1,792,711
South Bend._ _
5.350,364 --IT
4.429,814
Terre Haute.._
29,511,029 --24.8
22,196,441
Wis.-Milwaukee
2.781,208 ---9.6
2,514,921
Ia.-Ced. Rapids
10,044,497 --33.1
6,722,090
Des Moines_ _ _
6.145,699 -33.9
4,059,011
Sioux City
_
1,485,752 --37.0
836,768
Waterloo
1,911,073 --17.9
1.569,682
445,620,679 583,371,076 --23.8
Chicago
1,211,307 --34.4
795,804
Decatur
4.590,491 --28.9
3,264,903
Peoria
3,454,318 --25.3
2,581,402
Rockford
2.083.023
23335,315 --20.9
Springfield_
882,688,750
1929.
293,534
825,393
262,368,684
7.347.831
3,802,299
3,628,478
21,282,000
2,943,782
5,179.197
33.548,669
2,800,472
9,903.566
7,364.021
1,468,590
1,905,721
655,289,898
1,176,486
5,607,549
4,069,339
2,584,517
1928.
240.162
694.394
186.737,936
8.059,752
3,124,291
3,032,797
19,311,000
2.701,600
5,011,900
39,124,947
3,083,280
9,825,536
7,288.645
1,364,334
1,752,202
705,519,569
1.604,794
5,508.404
3,043,715
2,492,979
902,337,498 -24.3 1,033,390,028 1,124,520,237
Eighth Fedora Reserve Die trict-St.to uis-5,331,498 --32.7
3,587.940
Ind.-Evansville,
97,800,II, 127,200,000 --23.1
860.-St. Louis39,463.937 --41.2
23,205,128
Ky.-Louisville-340,282 --3.0
329,930
Owensboro_ _ _ _
13.639.442
20,691,287 --34.1
Tenn.- Memphis
14,105,604 --43.0
A rk.-LittleRock
8,033,393
197,682 --31.6
135,159
Ill.-Jacksonville
1,434,386 --50.0
7,771.930
Quincy
5,710,411
145,200,000
36,261,182
367,004
23.231,923
15.259,746
349,681
1,598,186
5,168,036
140,400,000
35,401,914
289,725
20,988,708
13,924.648
328.042
1,603,003
208,764,676 -32.8
227,878,133
218,102,076
Ninth Federal Reserve Di, trict-Minn capons
4.072,085 +7.9
4,393,170
Minn.-Duluth._
75,857,142 -11.3
67,263,254
klinnespolls_ -25,675,714 +12.9
28,984,941
St. Paul
1,908,174 -4.0
1,832,239
N. 23.-Fargo...
988,188 -11.5
874,370
S.D.-Aberdeen_
540,682 -2.8
555,734
3,090,815 -3.7
2,974,147
Helena
6,614,108
81,024,126
34,019,601
2,009,150
1.082,568
614,919
3.133,000
6,405.483
71,018,731
30,424,268
1,749,100
1,422.221
649,308
3.270,000
Total(8 cities)_
140,248,922
-4.7
128,497.472
114,939,199
Tenth Federal Reserve Ms trict-Kans as City
334,464 -27.4
242.947
Neb.-Fremont
530,906 -25.5
395,398
Hastings
3.168,922 -6.6
2,958,143
Lincoln
44,695,418 -13.2
38,811,243
Omaha
3,071,465 -6.4
2,874,427
Kan.-Topeka _ _
7.195,288 -31.0
4,965,850
Wichita
95,747,586 134,584,535 -28.8
Mo.-Kan, City_
5,848,928 -30.7
4,050,446
St. Joseph_ _ _ _
1,156,917 -19.0
936,507
Colo.-Col. Spgs.
a
a
a
Denver
1,457.098 -20.5
1,158,180
Pueblo
385,002
546,849
4,220,833
48,094,012
3,732,120
7,359,091
145,588,918
7,342,384
1,300,199
a
1,778,495
388,373
590,221
4,620,007
44,787,066
3,781,056
8,060,390
123.222,989
6,798.391
1,118,329
a
1,187,928
Total(7 cities).
106,877,855
112,132,800
202,043,939 -24.7
220,347,903
194,554,750
Eleventh Fede ral Reserve District-Da Iles-1,601,296 -9.0
1.502.089
Texas-Austin
47.253,355 -17.1
39.177.508
Dallas
12.128,686 -28.9
8,627,038
Fort Worth.- _
4,002,000 -19.0
3,243,000
Galveston
5,209,987 -30.3
3,632,406
La.-Shreveport-
2,073,901
58,029,690
13,807,618
5,046,000
4,806,535
1,548,195
51,131,207
11.197,850
4,397,000
5,283,058
70.245,324 -20.0
83.763,744
73,557,310
Total(11 cities)
Total(5011168).
152.140,727
56,182,041
Twelfth Feder al Reserve D (strict-San Frand sco59.962,212
39,991,074
49,015,415 --18.4
Wash.-Seattle._
14,101,000
10,113.000
14,901,000 --32.1
Spokane
1,490,921
1,026,414 --14.0
996,164
Yakima
36,491,327
36,443,714 --19.5
29,336,195
Ore.-Portland.._
19,204.288
19,448,116 --24.3
14,720,865
Utah-S. L. City
10.042,313
7,745,029 --28.9
5.504,568
Cal.-LongBeach
No Longer NV ill Report Cle arings
Los Angeles_
19,468,868
16.068,724 --20.4
12,785,144
Oakland
7,700,159
6,431,430 ---19.4
5.185,596
Pasadena
7,182,029
+19.2
6,240,999
7,401,932
Sacramento
5,543,401
5,345.925 ---15.3
4,529,670
San Diego_
San Francisco- 153,074,464 243,323.391 --37.1 216,559.939
2,913,930
2.700,637 --14.8
2,306,324
San Jose
1,637.351
1,950,889 +3.6
2,020,225
Santa Barbara_
2,061,450
1,873,645 --5.8
1,765.738
Santa Monica_
2,609,600
2,819.100 ---43.8
1,584.900
Stockton
19,231,999
6,736.214
5,126,384
4,956,410
222,541,493
2,379.986
1,436,091
2,010,287
2,731,700
406,968,788
399.019.195
Total(10011165)
291,315,407
415,334.428 -29.9
58,424,926
13,089.000
1,373,535
34.016,196
17.150,746
7,814,188
Ceti tot.(126cit'S) .536,725,537 12777 496,168 -25.4 14412928.399112237311,007
Outside NewYork 3,071,268,487 3,959,684,090 -22.44,336,791,194 4,185,838,177
Week Ended March 19.
Clearings at
1931.
Fifth Federal Reserve Dist rict-RIchm ond1,089,341 -45.7
591,910
W.Va.-Huntl'n
3,953.763 -17.9
3,247,285
Va.-Norfolk.
48,483.000 -21.5
36,513.437
Richmond
2,144,482 -11.9
1,888,458
S.C.-Charleston
78,564.497 108,171,924 -27.4
Md.-Baltimore
+1.1
26,860.433
27,152.25.5
D.C.-Washing'n
Total(6011165).
1931.
Total(20 cities)
9,538,725,537 12,777,498,168 -25.4 14,413.928,399 12,237,311,067
3,071,268,487 3,959,684,090 -224 4,336,791.194 4,188,838,177
-27 .1.1....
Week Ended March 21.
Clearings at-
1930.
Inc.or
Dec.
1929.
1928.
3
$
$
s
Canada%
111,603,891 137,221,500 -18.7 158,242,772 142,337,624
Montreal
104,194,473 115,8.5.5.469 -10.1 155,389.104 142.701,334
Toronto
55,344,610
45,205,291
31.293.776
37.455.515 -16.4
Winnipeg
21.530,292
36,039,522
15.587.440
18.820,105 -17.2
Vancouver
8,220,670
8,2113307
7.503,722 -10.0
6,751,614
Ottawa
5,362,214
6,373,856
5,761,177 -15.4
4,875.434
Quebec
3,323,994
3,250,859
2,851,122 -3.9
2,739,134
Halifax
5,749,096
6,237,666
5,592,228 -23.7
4,267,621
Hamilton
14,794,069
18,678,804
7.964.187 -32.4
Calgary
5,380,539
2,487,625
2,763,995
St. John
2,082,277
2,185,551 -4.7
2,550,532
3,147,617
1,844,581
2,272,643 -18.8
Victoria
2.816.341
3.167,782
London
2,474,684
3.764.279 -34.3
6,110,483
6,908,052
3,860.091
5,329,240 -27.6
Edmonton
5,068,108
4,972,359
3,678.449 -11.6
Regina
3,251,888
568,044
617.977
380,463
468,052 -18.7
Brandon
868,582
690,622
569.744 -38.4
350.867
Lethbridge
2,269,781
2,471,367
1,636,271
1,917,020 -14.7
Saskatoon
1,232.061
1,284,878
Moe Jaw
1,231,606 -42.8
705,123
1,292,901
1.597,916
878,246
1,058,150 -17.0
Brantford
838,907
919,643
Fort William _ _ _ _
716,915 -14.1
616,017
915,051
813,657
New Westminster
522,196
715,868 -27.1
465.160
647,904
227.979
286,697 -20.5
Medicine Has
737.252
906,465
881.583 -11.4
780,799
Peterborough
967,568
1,025,138
859,202 -21.9
870,809
Sherbrooke
1,0753391
1,319,494
1,175,587 -15.1
Kitchener
997.673
5,201,574
6,862,625
5,051,368 -37.4
Windsor
3,161,393
392,040
502.825
417,639 -18.1
341,453
Prince Albert....
825,380
787,280
777,251 -21.4
850,792
Moncton
734,741
782,495
667.301 -17.2
553,298
Kingston
882,206
689,806
556.771 -0.3
554,918
Chatham
621.938
717,265
688.631 -23.7
525.678
Sarnia
1,101,452 -40.1
660,003
Sudbury
Total (32 tales)
312,536,230
375,396,022 -16.7
a No longer reports weekly clearings. •Estimated
481,264,723
438,247,768
MAR. 28 1931.]
FINANCIAL CHRONICLE
2327
ENGLISH FINANCIAL MARKET-PER CABLE.
The visible supply of grain, comprising the stocks in
The daily closing quotations for securities, &c., at London, granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 21, were as follows:
as reported by cable, have been as follows the past week:
Mon.,
Sal.,
Tues.,
Wed.,
Thurs.,
Fri.,
Mar. 21, Mar. 23. Mar. 24. Mar. 25. Mar. 26. Mar. 27.
Sliver, per oz._ 13 9-16d. 13 9-160. 13 13-16d. 1334(1.
1334d.
1334d.
Gold, p.fine oz. 848.11d. 84s.11d. 848.1034d. 848.103.d. 848.1034d. 842.103d.
C0129019,234% _ 5634
56%
58
56%
5854
5634
British 5%
104
-104
104
10334
10334
British 434% _101
101
10134
101
101
French Rentes
an Paris)_fr_
88.20
88.40
88.40
88.40
88.50
French War L'n
(in Paris)_fr_ _-_
103.75
104.10
104.40
104.30
104.50
The price of silver in New York on the same days has been:
Silver in N.Y., per oz. (c(s.):
Foreign
2934
2934
30
29%
29%
29
Tamanerciaiand`AXiscellanzonsEt,nus
Breadstuffs figures brought from page 2430.-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:
Receipts atChicago
Minneapolis_
Duluth
Milwaukee_
Toledo
Detroit
Indianapolis_
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha
St. Joseph_
Wichita
Sioux City.
Tot. wk.'31
Same week '3
Same week '29
Flour.
Wheat.
Corn.
i
Oats.
Baxley.
Rye.
bbls.196Ibs. bush. 60 lbs.bush.56 lbs. bush. 32 lbs. bush.481bs. bush.561bs.
198,000
921,000,
194,§ o o
981,000
29,000
13.000
1,549,000.
166,000
153,000
137,000
28,000
1,412,006
11,000
73,111
16,000
10,000
14,000
06,000I
156,000
31,000
103,000
11,000
332,000
12,000
304,000
2,000
10,000
6,000
10,000
8,000
224,000
251,000
118,00
128,000
519,000
467,000
513,000
21,000
1,000
59,000
23,000
98,000
62,00
66.000
98,000
931,000
679,000
106,000
659,000
411,000
70,000
26,000
325,000
36,000
139,000
69,000
2,000
10,000
40,000
81,000
3,000
399,000
394,000
453,000
6,821,00g'
3,186,00
3,672,01 1,754,000
3,278,00
2,068,000
6,062,000 5,369.000 2,018,000
387,000
666,000
829,000
161,000
169,000
243,000
Since Aug.11930
14,311,000328,704,000 143,725,000 83,440,00039,481,00616,917,000
1929
14.595,000297,934.000184,270,000100,731.00055.095.00020,851.000
1928
16,576,000397,902,000213,678,000106,267,000 81,295,00022.101.000
GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush,
bush,
bush,
1,203.000
68,000
11,000
1,000
175,000
61,000
60,000
5,619,000
42,000
34,000
377,000
4,553,000
76,000
40,000
4,634,000
6,518,000
225,000
275,000
10,036,000
731,000
973,000
2,375,000
3,568,000
18,000
336,000
441,000
162,000
257,000
22,000
42,000
23,155,000 4,475.000 3,204,000
3,007,000
568,000 1,863,000
2,634,000 1,839,000 3,724,000
258,000
35,467,000 1,705,000 3,745,000
1,485,000
36,354,000
336,000 2.498,000
794,000
537,000
334,000
6,694,000
221,000
867,000
25,067,000 1.385,000
14,000
1,903,000
750,000
5,031,000 1,914,000
285,000
8,000
21,000
542,000
980,000 2,114,000
172.000
12,450,000 3,389,000
187,000
6,690,000
52,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
"
afloat
Detroit
Chicago
afloat
Milwaukee
"
afloat
Duluth
"
afloat
Minneapolis
Sioux City
St.Louis
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
Hutchinson
Rye,
bush.
19,000
1,000
4,000
2,000
Barley,
bush.
20.000
6,000
536,000
2,000
78,000
123,000
3,000
148.000
368,000
172,000
2,000
14,000
2,746,000
1,422,000
227,000
32,000
865,000
792,000
462,000
3,509,000
751,000
3.992,000 3,958.000
1,000
18,000
18,000 • 68.000
153,000
157,000
2,000
3,000
71,000
86,000
14,000
Total Mar. 21 1931...201,733,000 20,695,000 18,721,000 12,667.000 8.178,000
Total Mar. 14 1931...199,714,000 21,222,000 19,677,000 13,043,000 8,839,000
Total Mar. 22 1930_151,312,000 24,497,000 18,777,000 14,069,000 7,972,000
Note.-Bonded grain not included above: Oats-New York, 19,000 bushels:
total, 19,000 bushels, against 577,000 bushels in 1920. Barley-Boston, 20,000
bushels; Baltimore, 9,000; Buffalo, 581,000; Buffalo afloat, 245,000; Duluth afloat,
51,000: total. 906,000 bushels, against 2,816,000 bushels in 1930. Wheat-New
York, 995,000 bushels; Boston, 194,000; Philadelphia, 364,000: Baltimore, 518,000:
Buffalo, 3,337,000; Buffalo afloat, 6,455,000; Duluth afloat, 26,000; Toledo afloat,
582,000; total, 12,471,000 bushels, against 23,787,000 bushels in 1930.
CanadianMontreal
4,388,000
526,000 1,243,000 1,043,000
Ft. William & Pt. Arthur.49,238,000
3,576,000 7,816,000 14,051,000
afloat 283,000
"
252,000
642,000
Other Canadian
11,178,000
1,337,000 1,290,000 4,171,000
Total Mar. 21 193L___65,087,000
Total Mar. 14 1931_ _63,700,000
Total Mar. 22 1930_ _75.037,000
SummaryAmerican
Canadian
5,439,000 10,601,000 19,907,000
5,099.000 10,638, 00 21,318,000
7.007,000 6,170,000 15,733,000
201,733,000 20,695,000 18,721,000 12,667,000 8,178,000
65,087,000
5,439,000 10,601,000 19,907,000
Total Mar. 21 1931_266,820,000 20,695,000 24,160,000 23,268,000 28,085,000
Total Mar. 14 1931___263,414,000 21,222,000 24,776,000 23,681,000 30,155,000
Total Mar. 22 1930_226,349,000 24,497,000 25,784.000 20,239,000 23,715,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
Total receipts of flour and grain at the seaboard ports for ending Friday, Mar. 20, and since July
1 1930 and 1929,
the week ending Saturday, Mar. 21, 1931 follow:
are shown in the following:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs.bush.60 lbs„bush.56 lbs. bush. 32 lbs.bush.481bs bush.561bs.
New York_ _ _
474,0001
240,000
45,000
7,111
35,000
Philadelphia _
34,000
106,0001
4,000
6,00
BRitimore____
22,000
344,000
20,000
9,000
75.001
8,000
N'port News_
1,000
Norfolk
1,000
4,000
New Orleans*
69,00#
81,000
30,000
29,
Galveston__
4,000
1,000
St.John. N.B.
13,000
205.000
19,000
19,00#
Boston
24,000
163,000
45,00#
8,001
Tot. wk.'31
404,000 1,377,000
Since Jan 1 '31 4,797,000 20,183,000
104,000
948,000
106,000
1,045,000
146,006
549,006
8,000
127,000
Week 1930... 648,000 2,060,0004
Since Jan 1 '3s 5.820.000 16.141.000
115,000
1.083.000
77,000
988.000
22,000
211,00IY
,1
21,000
50.000
• Receipts do not include grain passing through New Orleans for foreign
ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Mar. 21 1931, are shown in the annexed
statement:
Wheat.
Exports-
North Amer_
Black Sea__
Argentina...
Australia ___
India
0th. countr's
Total
Week
Mar, 20
1931.
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N.B
Houston
Halifax
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
785,000
34,639
12,000
20,000
248,000
13,000
102,000
396,000
1,000
120,000
8,000
4,000
1,000
1,000
108,000
4,000
18,000
4,000
24,000
3,000
205,000
13,000
19,000
19,000
1,000
9,000
Total week 1931._
Same week 1930_ _ _ _
1,886,000
1.948.000
8,000
8,000
94,639
182.236
23,000
7.000
12,000
17.000
149,000
10.000
The destination of these exports for the week and since
July 1 1931 is as below:
Flour.
Exports for iVeek
and Since
Week
Since
Mar.21 July 1
July 1 to-1931.
1930.
Wheat.
Week
Max. 21
1931.
Since
July 1
1930.
Corn.
Week
Mar. 21
1931.
Since
July 1
1930.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 50,962 2,946,477
248,000 36,641,000
90,000
Continent
28,677 3,466,528 1,334,000 101,203,000
6,000
96.000
So.& Cent. Amer. 6,000 1,035,185
1,692.000
1,000
3,000
West Ladies
9.000
931.550
4,000
70,000
1,000
59,000
Brit. No, Am. Col
____
16,900
2,000
Other countries__ _
____
346,694
300,000 2,885,000
Total 1931
Total 1930
94,639 8,743,334 1,886,000 142,493,000
182,236 7.411.402 1,948,000 106,233,000
8,000
8.000
248,000
331.000
Corn.
Since
July 1
1929,
Week
March 20
1931. I,
1
Since
July 1
1930.
Since
July 1
1929.
I
I
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
4,658,000271,678,000232,627,000
22,000 1,300,000 2,841,000
2,576,000 94,910,000 20,219,000
179,000 27,548,000 17,043,000
3,363,000 61,027,000130,644,000 2,693,000174,067,000140,605,000
5,256,000 86,400,000 46.637,000
320,000
9,008,000
248,000 32,576,000 32,852,000
451.000; 35,738,000 23.941,000
1
16,097,000555,599,000463,299,000 3,345,0004238,653,000184,431,000
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange, Mar. 21 to Mar. 27, both inclusive, compiled from official sales lists:
StocksExports from-
Since
July 1
1930.
Friday
Sales
Last 1Veek's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bank and TrustBoatmen's Nat Bank_100
First National Bank _ __ _20 68
Franklin-Amer Trust_ _100
Mercantile-Cora B & T 100 190
Mississippi Val Trust_100 215
St Louis Union Tr Co--100
175
68
193
190
21534
490
180
6834
193
192
22434
490
14
67
14
178
83
5
175
85
184
189
20934
465
Mar
Feb
Mar
Mar
Jan
Jan
180
70
200
198
22434
490
Mar
Mar
Jan
Jan
Mar
Mar
bliacellaneous-Brown Shoe com
100 34
100
Preferred
Coca-Cola Bottling Co---1
Commonwealth Util pref.*
Consol Lead & Zinc A___*
234
Como Mills Co
•
Dr Pepper com
•
Elder Mfg com
•
Fulton Iron Works com •
Globe-Democrat pref__100
Granite 131-1‘letallic ____10 15c
Hamliton-Brown Shoe_ _25
534
International Shoe com__* 4834
Preferred
100
Johnson-S S Shoe
•
Landis Machine com___ _25 27
McQuay-Norris
• 3934
Marathon Shoe oom---_25
634
Moloney Electric A
•
Nat Candy corn
• 2134
2d preferred
100 9734
Nicholas Beazley Airpl__ 5
Scullin Steel pret
•
Skouras Bros A
• 12
Souwestern Bell Tel p1.100 12134
Wagner Electric com_.100 1834
34
11834
37
90
234
22
32
15
350
11034
15c
534
48
10734
32
27
3834
634
53
2034
9754
134
8
12
120
1734
3434
11834
3734
90
3
22
32
15
35o
11034
25c
6
4834
108
32
27
3934
634
53
2134
9734
134
8
12
12134
19
184
102
40
5
150
50
100
50
100
10
133
105
352
7
100
60
293
80
115
200
20
10
65
20
172
930
3334
11734
25
90
134
22
29
15
25c
11034
15c
4
47
10534
25
25
3534
5
5234
19
9634
134
6
10
11734
15
Feb
Jan
Jan
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Jan
36
11834
43
90
3
2434
3234
17
40c
115
250
7
49
10834
37
30
3934
634
55
22
9734
2
9
16
122
19
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jar
Mar
Mal
Mal
60
Mar
60
MA
BondsScullin Steel #3s
* No par value.
1941
60
60
$1,000
2328
[VOL. 132.
FINANCIAL CHRONICLE
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED
Capital.
WITH TITLE REQUESTED.
$50,000
March 20-The Champlain National Bank,Champlain,N.Y
Correspondent: Arthur R. Atwood, Champlain, N. Y.
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per Sh.
300 Bank of Commerce& Trust Co.,
314
par 520
35
5 Associated Textile Cos
35
5 Associated Textile Cos
5 Pepperell Mfg. Co
804
35
5 Associated Textile Cos
18
5 Arlington Mills
213.4
5 Nashawena Mills
3634
5 Associated Textile Cos
105
29 Ludlow Mfg. Associates
25 Plymouth Cordage Co
6834
135
35 Essex Co.. par 550
1 Boston Athenaeum, Par $300..._.512
5
18 Schmitz & Shroder Co., prof
20 Graton & Knight Co., corn
234
87 Mass. Bonding & Ins. Co., par
804-81
325
$ per Sh.
Shares. Stocks.
2684-83 warrants Lawrence G.& El.
210.
Co
55 Alexander Hamilton Invest.
774-9
Corp. class A
220-83 warrants Lawrence G.& El.
20c.-22c.
Co
10 units Thompeon's Spa,Inc_6134 ex-div
1094
7 Ludlow Mfg. Associates
$ Per Right
Rights834
18 Lynn G.& El. Co. v. t. c
134
288 Chapman Valve Co
VOLUNTARY LIQUIDATIONS.
100,000
March 16-The Marine National Bank of Ashtabula, Ohio
Effective March 311931. Liq. Agent: Julius Lukkarila,
BondsPer Cent.
Ashtabula, Ohio. Succeeded by The Marine Savings
Bank Co., Ashtabula, Ohio.
$1,000 Great Northern Fur Dyeing
150,000
7s,
cony.
let
Corp.
March 16-The Arkansas National Bank of Fayetteville, Ark
Dressing
&
Effective Jan. 13 1931. Liq. Committee: Tom Hart,
Jan. 1932; 51,000 Fidelity MaW.P. McNair and S. J. Campbell, care of the liquidchine Co. let 7s, June 1933-51,001 lot
ating bank. Absorbed by The First National Bank of
Fayetteville, Ark.
By Barnes & Lofland, Philadelphia:
25,000
March 16-The First National Bank of Butler,Ind
i Per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
Effective Feb. 28 1931. Liq. Agents: Board of Directors
10 Nat. Bank of Olney, par $10____ 1234
Realty Co.. pref. (with 1
Aiken
8
of the liquidating bank. Absorbed by Knisely Bros.
450
Bank
Nat.
St.
Market
$5 lot 2
share common)
& Co.(a State bank), Butler, Ind.
116
10 City Nat. Bk.& Tr. Co
150.000 Right, title and interest of W. A.
March 18-The First National Bank of Paducah, Ky
614
310Dar
&
Bk.
Adeiphla
Co..
Tr.
in
75
trustee
Prentzel,
bankruptcy,
Effective March 6 1931. Liq. Agents: H. L. Richard25 Mitten Men Sr Mgt. Bk. & Tr.
of A. II. Woldow, Nos. 256-60
Absorbed
K.
Paducah,
Jr.,
McMurry
F.
W.
son and
6234
$50
par
Co.,
and
St.,
Pa..
Pottstown,
High
by The City National Bank of Paducah, Ky.
61
25 Mitten M.& M.Bk. & Tr
four Texaco gasoline filling sta25,000
March 21-The Citizens National Bank of Godley, Texas
5 Tradesmens Nat. Bk.& Tr. Co_ _270
Mons situated in Phila., Pa., at
Effective Feb. 10 1931. Liq. Agent: 0. T. Harris,
Co.,
Tr.
de
Bk.
Nat.
Northwestern
5
St.
16th
locations
following
the
Godley, Tex . Absorbed by Cleburne State Bank,
100
par 510
dr Glenwood Ave.: 63rd St. &
Cleburne, Tex.
108 Real Estate Land Title & Trust
Catherine St.; Bustleton, Rhawn
25,000
March 21-The First National Bank of Paynesville. Minn
$10
3434
par
Co.,
Ave.
Powelton
Ste.;
Horrocks
and
Effective Feb. 10 1931. Liq. Agent: E. II. Essig,
$325 lot 10 Media-Sixty-Ninth St. Term.
& Warren St
l'aynesville, Minn. Succeeded by First National
70
Title & Trust Co
of
Note
$11,849.60
given
Lee
by
Bank in Paynesville, Minn.
50 W. J. McCahan Sugar Ref. &
Kearns, dated Oct. 23 1930, due
8034
Molasses Co., pref
2 months after date, with lot.,
BRANCH AUTHORIZED UNDER ACT OF FEB. 25 1927.
25 Northern Liberties Gas Co., par
accomcollateral
with
together
March 21-The Winters National Bank & Trust Co. of Dayton,
40
$25
Dallying same, viz.. $300,000
Ohio. Location of Branch; Vicinity of Third and
60
2 Manaytmk Trust Co
mtge. from Phila. Pure Rye
Williams Streets, West Side, Dayton, Ohio.
15
20 Phila. Rapid Transit pref
Whiskey Distilling Co., Ltd., to
Per Cent.
BondsJohn Kearns, recorded in Doyles$15 lot $500 Broadway Temple Bldg. Corp.
town
55, reg., Jan. 1 1975_ _ 45 lot
Auction Sales.-Among other securities, the following 3 Independent Pennsylvania Oil lot 2d mtge.
$100 Wildwood Golf Club, N. J..
$1
Co., no par
not actually dealt in at the Stock Exchange were sold at audtion 20 Sutherland Collapsible Paper
let M. as, Jan. 1 1937 (Jan. 1
1927 and subseq. coup. attached) $8 lot
$3 lot
Box Co., no par
on
In New York, Boston, Philadelphia and Buffalo
day of this week:
By Adrian H. Muller & Son, New York:
Wednes-
By A. J. Wright & Co., Buffalo:
$ per M.
$ per Sh. Shares. Stocks.
Shares. Stocks.
500 Porcupine Davidson Gold Mines
100 Boston & Montana Devel.
$1 50 lot
pref.. par 5 shillings
(temp. Boston ett.), par $5-50c. lot
20.
1,000 Aconda Mines, par $1
1,000 Peterson Cobalt Mines, par
2e.
$1
Shares. Stocks.
$ per Sh.
96 Hanover Woolen Mfg. Co. of 11145 lot
178 Diamond Flash L Ranch, Sheridan, Wyo
$7 lot
70 Amer. Coal By-Products; 20
DIVIDENDS.
Synthide Products Co. (Del.),
no par; 50 Yolo Water & Power,
Dividends are grouped in two separate tables. In the
(Del.), pref.; 25 Yolo Water &
Pow. (Cal.), corn.; 200 Tempo
first we bring together all the dividends announced the
Film Corp., pref., par $10; 210
current week. Then we follow with a second table, in
Tempo Film Corp., com., par
which we show the dividends previously announced, but
$10; 5 Yellow Taxicab Co., trust
stock elf.; 28 Healy Box Corp.
which have not yet been paid.
(N.J.), pref.; 90 Healy Box Corp.
The dividends announced this week are:
(N. J.), corn.; 500 Simplex Box
Co.. Ltd.. pref., par $1; $6,000
Amer. Coal By-Products Co.8%
Books Closed.
When
Per
10-year Inc. notes; $2,000 partio.
Days Inclusive.
Cent. Payable.
Name of Company.
ctfs. of beneficial int. In Simplex
Metal Bound Box Syndicate_..$15 lot
Railroads (Steam).
$75 Amer. Soda Fountain Co. of
*214 May 11 'Holders of rec. Apr. 24
Atlantic Coast Line Bit., pref
Maine, scrip
$21 lot Baltimore
134 June 1 Holders of rec. Apr. 18a
& Ohio, corn. (quar.)
115 Wm. Cramp & Sons Ship &
June 1 Holders of rec. Apr. 18a
Preferred (quar.)
Eng. Bldg. Co
$26 lot • Carolina
Apr. 10 Holders of rec. Mar. 510
corn.
Ohio,
dr
Clinchfield
(qu.)_
4 Norfolk & New Brunswick Hosiery
134 Apr. 10 Holders of rec. Mar. 31a
(quar.)
Stamped
Ws.
Co.,common, par $50
$1 lot Cleve.,
Cin., Chic.& St. Lott..Pfd.(qu.)_ •1;4 Apr. 30 "Holders of rec. Apr. 20
3 Trow Directory Printing & BookApr. 20 'Holders of rec. Apr. 4
Delaware Lackawanna & Western (qu.)- *$1
binding Co
$1 lot Dover & Rockaway RR
ea
Apr. 1 "Holders of rec. Mar. 31
20 Coal & Iron Bank Mts. of ben.
of Cent. Amer., pfd.(V.) 134 May 15 Holders of rec. Apr. 30
Rye.
Internat.
int.; $39 Nat. Securities Corp.
Mar. 31 "Holders of rec. Mar. 24
"2
Hudson
&
Lehigh
River
(quer.)
ctf. dep.. Dec. 1 1918: 12 Nat.
$1.25 Apr. 15 Holders of rec. Mar. 31a
Midland Valley RE., Cora
Securities Corp., corn.; 2 Redfern
.2% Apr. 1 *Holders of rec. Mar. 15
Northern (guar.)
London
New
Realty Co., Inc.; 1 Seaview Gold
el
May 19 *Holders of rec. Apr. 30
Norfolk & Western, adj. pref. (quar.)
Club; 10 Stanford Metal Rail"24 Apr. 10 *Holders of rec. Mar. 31
Philadelphia & Trenton (quar.)
road Tie Co., par $10;41 2-3 TagMay 14 "Holders of rec. Apr. 16
*51
corn. (guar.)
Company,
Reading
gart & Moffett Land Co. Impt.;
5 Watertown Engine Co., comPublic Utilities.
$98 lot Amer. Commonwealths Power Corp.
mon, par 550
130 96-28th St. Jackson Heights.
Corn. A&B(pay. 1-40th sh.com.A stk.) 124 Apr. 25 Holders of rec. Mar. 31
$100 lot
Inc
$1.75 May 1 Holders of roe. Apr. 15
First preferred series A (guar.)
90 7I-29th St. Jackson Heights.
$1.63 May 1 Holders of rec. Apr. 15
$6.50 first prof. (quar.)
$100 lot
Inc.
$1.50 May 1 Holders of rec. Apr. 15
$6 first pref. (guar.)
75 9I-29th St. Jackson Heights.
$1.75 May 1 Holders of rec. Apr. 15
Second pref. series A (quar.)
$100 lot Amer. Light & Traction, corn. (guar.)._ 824c. May 1 Holders of rec. Apr. 17
Inc
3740. May 1 Holders of rec. Apr. 17
(quar.)
Preferred
Per Cent. Amer. Natural Gas, 2d pref.-Dividend °mitt° d.
Bonds$100,000 Hoffman Bldg.. Inc.. mtge.
May 1 *Holders of rec. Apr. 15
Arkansas-Missouri Power. pref. (quar.)_
leasehold guar.6s, Feb. 1 1944.1900 lot Associated Gas & Elec.. class A (quar.).... z50c. May 1 Holders of rec. Mar. 31
May 1 Holders of rec. Mar. 31
rh
$4 preferred (quar.)
By R. L. Day & Co., Boston:
*11.50 Apr. 1 *Holders of rec. Mar. 20
Atlantic Water(N.J.) pref. (guar.)
Mar. 31 *Holders of rec. Mar. 31
$ per Sh. Bell Telephone of Pa.. corn (quar.)
*2
$ per Sh. Shares. Stocks.
Shares. Stocks.
May 25 1929 on 56-58 Fremont
Cent. Hudson Gas & Elec., corn. (guar.) *20c. May 1 'Holders of rec. Mar. 31
(1) 2d mtge. dated July 20 1929 on
St.. Lowell, in amt. of $4,200,
*14 Apr. 1 *Holders of rec. Mar.21
97 Washington St.. Newtonville,
Preferred (quar.)
given by Florence E. McKeon
Cities Service Pow.& Lt. $7 p1.(mthly.) 68 1-3c May 15 Holders of rec. May la
In amt. of $2,900, given by Anna
50c. May 15 Holders of rec. May lo
to Claudia G. Cushman; (11) 2d
B. Eichhorn to Claudia G. Cush$6 preferred (monthly)
mtge. dated Feb. 6 1930 on 152
41 2-3c May 15 Holders of rec. May la
man (2) 2d mtge. dated Aug. 30
$5 preferred (monthly)
•1% Apr. 1 'Holders of rec. Mar. 14
Butman Road. Lowell, in amt. of
1928 on 70 Woodside Road, WinColumbus Ry.L.& P. 1st pref. A (qu.)
May. 1 *Holders of rec. Apr. 15
"2
$3,300. given by Eugenie Chaput
chester, in amt. of 52.750, given
Commonwealth-Edison Co. (quar.)._
*134 July 1 'Holders of rec. June 15
to Claudia Cushman; (12) equity
by Eugenie and Henry Chaput to
Consumers Power, 7% pref. (quar.)
In 930-933 Lakeview Ave., Low$1.65 July I "Holders of rec. June 15
6.6% preferred (guar.)
Claudia G.Cushman (3) 2d mtge.
ell, the first mtge. being $3,500,
*14 July 1 "Holders of rec. June 15
6% preferred (quar.)
dated May 13 1930 on 69 Wood$20,000 lot
41.25 July 1 "Holders of rec. June 15
$5 preferred (guar.)
side Road, Winchester, in amt.
50 National Shawmut Bank, par
.500. May 1 *Holders of rec. Apr. 15
of $3,725, given by Everett R.
6% Preferred (monthly)
57 ex-div.
$25
*50o. June 1 "Holders of rec. May 15
6% preferred (monthly)
and Ethel J. Mountain to Eugenie
72
27 Federal Nat. Bank, par $20_
*50o. July 1 *Holders of rec. June 15
6% preferred (monthly)
Chaput;(4) 2d mtge. dated May
555e. May 1 *Holders of rec. Apr. 15
50 Merchants Nat. Bank, New Bed6.6% preferred (monthly)
25 1929 on 22 Livingston Ave.,
ex-eliv.
ford
June I 'Holders of rec. Mar. 15
par
60
$20
*551).
given
56,900,
(monthly)
6.6% preferred
Lowell,in amount of
8 Associated Textile Cos
35
"55c. July 1 *Holders of rec. June 15
6.6% preferred (monthly)
by Florence E. McKeon to
5 Associated Textile Cos
35
.11 .16 2-3 Apr, 1 *Holders of rec. Mar. 16
Dixie Gas dr Utilities, prof
Claudia Cushman: (5) 2d mtge.
5 Associated Textile Cos
35
250. May 1 Holders of rec. Apr. 11
dated April 6 192900 29 Hanover
Electric Power & Light, cons. (quar.)___
5 Associated Textile Cos
3634 English Electric, class A (quar.)
750. Apr, 15 Holders of rec. Mar. 31
St., Lowell, in amt. of 54,000,
Lt.
New
Bedford
Apr, 15 *Holders of rec. Mar. 31
50
Edison
dr
Gas
*1%
to
(quar.)__
Penneault
pref.
J.
George
Federal Public Service,
given by
Co., undep.. par $25
85
Foreign Power Securities Corp., pf.(qu.) 134 May 15 Holders of rec. Apr. 30
Claudia Cushman; (6) 2d mtge.
10 Mass. Bonding dr Ins. Co., Par
$1.50 Apr. 1 Holders of rec. Mar. 20
Gulf Power Co.,$6 Prof• (guar.)
dated Jan. 18 1930 on 922 Lake80% Hamilton Bridge, corn.(guar.)
$25
25.3 May 1 Holders of rec. Apr. 15
view Ave., Lowell, in amt. of
474
5 Draper Corp
1% May 1 Holders of rec. Apr. 15
634% preferred (guar.)
$1,354, given by Stanley R. and
Mass.
100
Ins.
&
Bonding
Co..
*4
BowMay '1 *Holders of roe. Mar. 26
J.
Arnold
to
Fox
Hannibal Bridge
Mary F.
804 Harrisburg Gas, pref. (quar.)
par $25
*14 Apr. 15
ker; (7) 2d mtge. dated Aug. 28
50 Great Northern Paper Co.. Par
Harrisburg Ry.,6% pref.-Dividendomi tied.
1930 on 92 Rosemont Road,
364 Hartford Electric Light (guar.)
$25
*68%c May 1 "Holders of rec. Apr. 15
North Weymouth, in amt. of
20
17 units Fire( Peoples Trust
Mar.31 Molders of rec. Mar.30
"2
Illinois Bell Telep.(guar.)
51.111. given by Mary M. and
Bedford
New
Light
Edison
&
Gas
90
pass ed.
d
Arnold
A-Dividen
to
class
Lundbohm
Power,
W.
Intercontinents
Herbert
85
Co., undep., par $20
J. Bowker: (8) 3d mtge. dated
International Utilities Corp. CI. A (qu.)- 8730. Apr. 15 Holders of rec. Mar.27
150 Alfred Vester Sone, Inc., 2d
$1.75 May 1 Holders of rec. Apr. 17
$7 preferred quar.)
June 5 1929 on 71-73 Martin St.,
$25 lot Interstate Utilities, corn. (guar.)
pref
Apr. 15 *Holders of rec. Mar.30
*2
Cambridge. in amt. of $27,500,
*134 Apr. 1 *Holders of rec. Mar.30
100 Mass. Bonding & Ins. Co..
7% preferred (quar.)
given by Lewis N. and Claudia
8014 Kentucky State TeleP.. prof.(Quin)- -par Ms
Apr, 1
Cushman to John T. Sparks;
Rights.1 1 ti Apr. 15 *Holders of rec. Mar. 26
per Right Kentucky Utilities, pref. (quar.)
(9) 2d mtge. dated Sept. 21 1929
834 Lincoln Tel.& Tel., corn.(guar.)
4 Lynn G. dr El. Co. undeposited
*2 Apr. 10 "Holders of rec. Mar.31
on 21 Beaber St., Lowell, In
Per Cent. Long Island Lighting, corn.(quar.)
Bonds•150 May 1 *Holders of rec. Apr. 15
amt. of $739, given by Hector G.
$2,000 Amoskeag Mfg. Co. 65,
"$1.50 Apr. 1
and Noelia LaRochelle to Claudia
Lorain Telep. Co., pref. (quar.)
Jan. 1948
7634
Cushman; (10) 2d mtge. dated
Shares. Stocks.
$ Pee Sh•
74,115 Hahn Dept. Stores, Inc.,
subject to withdrawal In whole
or in part
911
Bond made by Francis Real Estate
Corp. to 1861 University Ave.
Corp., dated Apr. 19 1927. for
$171,000. and 2d mtge. between
same parties on premises No. 789
West End Ave., Manhattan, N.
Y. City; there is unpaid $120,000
with interest at 6% from Jan. 15
1931
$50,000 lot
Bond made by Hopei Brumer to
Obmax Realty Corp., dated June
10 1927, for $12,675, and 2nd
mtge. between same parties on
No. 778 Prospect Ave., Bronx.
N. Y.; there is unpaid $9,175
with int. at 6% from Dec. 10
$4,500 lot
1930
Bond made by William C. Crowe to
Hopei 13rumer, dated Apr. 29
1927, for $10,500, and 2d mtge.
between same parties on 1500
Lexington Ave., Manhattan,
N.Y.City;there Is unpaid $8,000
with Int. at 6% from Nov. 1
$4,000 lot
1930
Bond made by 9 East 96th Street
Corp. to 1861 University Ave.
Corp., dated May 2 1927, for
$240,000, and 2d mtge, between
same parties on 9 East 96th St.,
Manhattan, N. Y.; there is unpaid 5207,500 with int. at 6%
$103,000 lot
from Feb. 1 1931
3,000 Robb-Montbray Mines, Ltd.,
$47 lot
Par $1
490 F. Kleinberger Galleries, Inc.$100 lot
874 Sojen Realty Corp., corn- --$100 lot
8 Corwith Bldg. & Impt. Co. of
$1 lot
Corwith. Iowa, par $25
15 First State Bank of Corwith, la_$1 lot
200 Alaska Treadwell Gold Mining
334
Co., par $25
2,620 Chicago Builders Bldg. Corp,
pref.; 2,620 common_ ___$44,540 lot
MAR. 28 1931.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Lowell Gas Light (quar.)
"75o. Apr. 1 *Holders of rec. Mar.20
Manchester Gas. corn. (guar.)
'42 Apr. 1 'Holders of rec. Mar. 20
Preferred (quar.)
*51.75 Apr. 1 'Holders of reo. Mar. 20
Massachusetts Lighting Cos., corn. (qu.) "75c. Mar. 31 *Holders of rec. Mar. 20
6% preferred (quar.)
4,13,6 Apr. 15 'Holder
s of reci. Mar. 25
8% preferred (quar.)
"2 Apr. 15 'Holders of rec. Mar. 25
Massachusetts Utilities Assoc., pt.(qu.). *62)4c Apr. 15 *Holders of rec. Mar.
31
Middle West Utilities, corn. (in stock)-- .f2
May 15 "Holders of rec. Apr. 15
36 Preferred (guar.)
*41.50 May 15 'Holders of rec. Apr. 15
Milwaukee Elec. Ky. & Light, pref.(qu.)
154 Apr. 30 Holders of rec Apr. 20
Mississippi Power Co. $7 pref. (guar.)
41.75 Apr. 1 Holders of rho. Mar. 20
$6 preferred (quar.)
$1.50 Apr. I Holders of rec. Mar. 20
Missouri Gas & Elec., prior lien (guar.)
Apr. 15 *Holders of rec.
31
Missouri IL-Sioux City B. Co., pf.(qu.)- $1.75 Apr. 15 Holders of rec. Mar.
Mar. 31
Monongahela Valley Water, pref.(guar.)
Apr. 15 'Holders of rec. Apr. 1
Montana Power (guar.)
*250. Apr. I 'Holders of rec. Mar. 25
Mountain States Tel. & Tel. (quar.)-'2 Apr. 15 'Holders of rec. Mar. 31
Municipal Service, pref. (quay.)
134 May 1 Holders of rec. Apr. 15
National Electric Power, corn. A (qu.)
450. May I Holders
New Jersey Pow.& Light.$6 pref.(qu.)_ "31.50 Apr. 1 'Holders of rec. Apr. 10
of reo. Feb. 27
$5 preferred (quar.)
•$1.25 Apr. 1 *Holders of rec. Feb. 27
North Continent Utilities cl. A (guar.)
51750 Apr. 1 'Holders of rec. Mar. 14
Northern Mexico Power & Dev.,(pf.qu.) 154 Apr. 9 Holders
of rec. Apr. 4
Pact!lo Lighting, common (quar.)
*750.
Pennsylvania Illuminating Corp.-Divid end pa May 15 *Holders of reo. Apr. 30
esed.
Philadelphia CompanyOld corn.(par $50)(guar)
'Si Apr. 30 *Holders of reo. Apr. 1
Old corn.(par $50)(extra)
"750. Apr. 30 'Holders of reo. Apr. 1
Philadelphia Electric Co., $5 pref.
•$1.25
Plainfield Union Water (guar.) (qu.)- "51 May 1 *Holders of reo. Apr. 10
Apr! 1 *Holders of rec. Apr. 1
Power Corp. of Canada, corn.
500. May 20 Holders of rec. Apr. 30
Pub.fiery. Corp. of N.J.6% pf(guar.)
(mthly) *500. Apr. 30 'Holders of rec. Apr. 3
Rhode Island Public Serv.,CIA (qu.)__
May. 1 'Holders of rec. Apr. 15
- *41
Preferred (guar.)
'501:1 May. 1 'Holders of rec. Apr. 15
San Diego Cons. Gas & EL, pref. (qu.)_
*154 Apr. 15 *Holders of rec. Mar. 31
Seattle Gas., pref. (guar.)
"154 Apr. 15 *Holders of rec. Mar. 31
Sedalia Water Co., pref. (guar.)
*154 Apr. 15 *Holders of rec. Mar. 31
South Carolina Pow. Co.,$6 pf.
51.50
Apr. 1 Holders of rec. Mar. 21
(qu.)-Southern Calif. Edison, corn.
500. May 15 Holders of rec. Apr. 20
(guar.) Southern Canada Power, corn.
250.
May
(guar.)
15 Holders of rec. Apr. 30
Superior Water Light & Pow., pref.(qu.)
'
154 Apr. 1 *Holders of rec. Mar. 14
Texas Elec. Service, $6
*51.50 Apr. 1 'Holders of rec. Mar. 14
Union Telephone, pref.Pref. (guar.)
*42 Ao Apr. 15 *Holders of reo. Mar. 31
United Teiep. (Del.) let(guar.)
Pt. (qu.)
*41.75 Apr. 1 'Holders of reo. Mar.20
Second preferred (guar.)
*51.75 May I *Holders of rec. Apr. 20
United Telep. Kansas), corn.(guar.)
_ - - '2 Apr. 15 *Holders of rec. Mar. 31
Preferred (guar.)
•154 Apr. 15 'Holders of rec. Mar. 31
Utilities Public Service, pref.
*31.75 Apr. 1 *Holders of rec. Mar. 21
(guar.)
Western N.Y. Water, $5 part.
pf. (all.). '$1.25 Apr. 1 *Holders of rec. Mar.21
West Texas Utilities.
$6 Pref.(cluar.) •51.50 Apr. 1 'Holders of rec. Mar. 16
Wlsoonsin G.& E., 7% pref.
A (quar.)_ - '154 Apr. 15 *Holders of rec. Mar. 31
Yi% preferred B (quar.)
•154 Apr. 15 'Holders of rect. Mar.31
Name of Company.
2329
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
British Aluminum Ltd.
Am.dep. rots. for ord.reg.shs
ste6 Apr, 7 *Holders of rec. Mar. 20
Broadway Market Corp., corn.(guar.).- •40e. Apr. 20 'Holders of reo. Apr.
1
Preferred (guar.)
•30c. Apr. 10 *Holder
Brompton Pulp & Paper, corn.(quar.).- *25o. Apr. 15 *Holders of rec. Apr. 1
s of reo. Mar. 31
Buckeye Pipe Line (quar.)
$1
June 15 Holders of rec. Apr. 27
Buffalo National Corp.. corn -Dividend passe d.
Preferred.
'134 Mar. 31 *Holders of rec. Mar. 25
Burkart Mfg., pref.(quar.)
550. Apr. 1 Holders of reo. Mar.21
Bunker Hill Sr Sullivan Mining& Concentrating (guar.)
"25c. Apr. 16 *Holders of rec. Mar. 26
Butler Mfg., pref. (quar.)
'154 Mar.30 *Holders of rec. Mar. 20
Calaveras Cement. pref.(guar.)
134 Apr. 15 Holders of rec. Mar. 31
Cal. Basic Indus
.525e. Mar. 31 *Holders of reo. Mar. 15
California Consumers, pref.(gnat.)
"41.75 Apr. 1 'Holders of rec. Mar. 16
Cameron Machine, pref. (guar.)
*2
Mar. 31 "Holders of reo. Mar.31
Canadian Fairbanks-Morse Co., pt.(qu.) 13.4 Apr. 15 Holders
Canadian Industries, Ltd., corn.(quar.). 51254c Apr. 30 'Holder of rec. Mar. 31
s of rec. Mar. 31
Common (extra)
"250. Apr. 30 'Holders of rec. Mar. 31
Preferred (guar.)
1% Apr. 15 Holders of rec. Mar. 31
Canadian Pow.& Paper Invest., pf.(qu.) 134 May 15 Holders of
rec.
Carnation Co.. Prof.(guar.)
.
1% July 1 *Holders of rec. Apr. 20
.1% Oct. 1 *Holders of rec. June 20
Preferred (guar.)
Sept. 20
Preferred (guar.)
*154 Jan 2'32 'Holders of reo. Dec. 21
Carpel Corp., corn.(guar.)
•3754c Apr. 1 'Holders of rec. Mar.25
Common (extra)
'1234c Apr. 1 "Holders
rec. Mar. 25
Central Franklin Proc., 1 & 2 pt.(guar.). 5,154 Apr. 1 'Holders of
of rec. Mar.31
Central Illinois Co.(guar.)
"500 Apr. 1 *Holders of rec. Mar. 24
Central Investment Corp.(guar.)
.
1% Apr. 1 *Holders of reo. Mar.
20
Century Co
Apr. 21 Holders of rec. Mar. 17
2
Century Co
2
Oct. 21
Champion Internation Co.,
4,1%
Apr.
'Holder
1
s of reo. Mar. 20
corn. (guar.)
Preferred (guar.)
•154 Apr. 1 'Holders of rec. Mar. 20
Champion Shoe Mach., let prof. (qu.)
1% Apr. 1 Holders of rec. Mar. 25
Cincinnati Advertising Products
Apr.
1 *Holders of reo. Mar. 20
(guar.) *75c
Quarterly
*750 July 1 *Holders of reo. June 20
Quarterly
"75c Oct. 1 *Holders of rec. Sept. 19
Quarterly
515c Jan 1'32 *Holders of rec. Dee. 19
Cincinnati Union Stock Yards (guar.)
"40o Mar. 31 'Holders of reo. Mar. 21
Cleveland Automatic Mach., pref.-Divi dend o mitted.
Cleveland Graphite & Bronze
"250 Apr. 1 *Holders of rm. Mar.25
(gum.)Cleve.-Ferro Enamel Corp., Class
A-D1 vidend omitted
Cleveland Tractor Co.,corn.(quar.).
"20c Apr. 15 *Holders of rec. Mar. 31
_
_
Commercial Bookbinding,common-Div Wend omitted
Comm'l Discount (Los Ang.), pt. (qu.). "1754 Apr. 10 ;Holders of
rm. Apr. 1
Commonwealth Corp.(Oregon (quar.). •3154c Apr.
*Holders of rec. Mar.20
Coasol. Okla. Sand & Gravel, )pt. (qu.)_ '154 Apr.
'Holders of rec. Mar.24
Consolidated Royalty 011 (quar.)
*7540. Apr. 25 *Holders of rm. Apr. 15
Consumers Co., prior pref.(guar.)
•$1.50 Apr. 1 "Holders of rec. Mar.25
Cottrell (C. B.)& Sons, pref.(quar.).
"41.50 Apr. 1
Counselors Sec. Tr.(guar.)
*50a Apr. 1 *Holders of rec. Mar.24
Credit Utility Banking cl. B (guar.)
3734c Apr. 10 Holders of rec. Mar.26
Cresson Cons. Gold Min.& Mill.
(OIL)- •lc. Apr. 10 *Holders of rec. Mar. 31
Banks.
Crump
(B.
T.) Co., prof. (guar.)
American Union (guar.)
512 Apr. 1 'Holders of rec. Mar.25
"1 Apr. I *Holders of rec. Mar.23
Curtis Publishing, corn. (monthl
Commercial Nat. Bk. & Trust (guar.). *2
*50c May 2 *Holders of rm. Apr. 20
y)
Apr. I *Holders of rec. Mar.30
Dairy Corp. of Canada. pref.
'134 Apr. 1 *Holders of rec. Mar. 16
(quar.)
Debenhams See., Ltd.. corn -Dividend °mitt d.
Trust Companies.
Detroit Motorbus
Midwood (guar.)
*15c Apr. 15 'Holders of rec. Mar.31
"1 Mar.31 'Holders of rm. Mar. 20
Devonian 011, common-Div.
Westchester Title & Tr.(White Pl.)
Passed.
600.
Apr.
6
Holders of rec. Mar.31
(qu.)
Diversified Trustee Shares series
*56c Apr. 1
B
Dome Mines, Ltd. (quar.)
25e Apr. 20 Holders of rec. Mar.31
Fire Insurance.
Dominguez Oil Fields (monthly)
Apr. 1 *Holders of rec. Mar.24
American Alliance Insuranco
*15c
"40o.
Apr. 15 'Holders of rec. Mar. 31
(guar.) -Douglas (W. L.) Shoe, pref.-Dividend omitt d.
Brooklyn Fire (guar.)
•300. Apr. 1 "Holders of rec. Mar.20
Eastern
•1%
Dairies,
Ltd., pref.(guar.)
Apr. 15 *Holders of rec. Mar. 31
Great American (guar.)
*400. Apr. 15 'Holders of rect. Mar. 31
Eastern CUL Invest., $7 Prof.
$1.75 June 1 Holders of rec. Apr. 30
(quar.)
56 preferred (guar.)
$1.50 June 1 Holders of rec. Apr. 30
Miscellaneous.
$5
prior
Prof. (guar.)
Abitibi Power & Paper,6% pref. (qu.) '
$1.25 July I Holders of rec. May 29
134 Apr. 20 *Holders of reo. Apr. 10
Participating prof. (guar.)
Adams (J. D.) Mfg.,corn.(guar.)
$1.75 May I Holders of rec. Mar.31
600. May 1 Holders of reo. Apr. 15
Eaton Crane & Pike, pref. A (guar.
Alaska Juneau Gold Mining (guar.)
)._ •1% Apr. 1 *Holders Of reo. Mar.21
•100. May 1 *Holders of rec. Apr. 10
Economic Investment Trust, Ltd
Ales & Fisher (guar.)
Apr. 1 Holders of rec. Mar. 20
$1.25
•25c Apr. 1 *Holders of reo. Mar. 200 Edwards (Wm.)
Co.,6% pref.
Allied Laboratories. conv. pref.(quar.) *87 Sic Apr.
Apr. 1 Holders of rec. Mar.20
1 *Holders of rec. Mar. 15
Egry Register, class A (quar.) (quar.).. 13.4
500 Apr. 1 Holders of rec. Mar. 14
Convertible preferred (guar.)
July 1 *Holders of rec. June 15
*87
Elder Mfg., common (guar.)
Aloe(A.S.) Co.,corn.(guar.)
Apr.
250
1 Holders of reo. Mar. 21
620. Apr. 1 Holders of reo. Mar.20
Class A (guar.)
Preferred (guar.)
•51.2 Apr. 1 *Holders of rec. Mar.21
154 Apr.
Holders of reo. Mar. 20
First preferred (guar.)
Aluminum Manufactures, Inc., com.(qu) •50o. Mar. 1 *Holder
Apr.
*2
*Holders of rec. Mar. 21
1
31
s of rec. Mar. 15
Electrical Securities, prof. (guar.)
Common (quar.)
'154 May 1 *Holders of reo. Apr. 15
•500. June 30 'Holders of rec. June 15
Elgin Sweeper Co., let prof.
•50c Apr. 1 *Holders of rec. Mar.20
Common (guar.)
•50o. Sept.30 "Holders of rec. Sept. 15
Cum. div. Prof. (guar.)
5.10c Apr. 1 *Holders of rec. Mar 20
Common (quar.)
.
500. Doe, 31 "Holders of rec. Dee. 15
Elwell-Parker Elec.. corn.
Preferred (guar.)
"51
Apr. 1 'Holders of rec. Mar. 25
(guar.)
•154 Mar,31 *Holders of reo. Mar. 15
Equitable Tr.*Co. Inv. Trust (guar.)
Amer. Discount Co.(Ga.)(guar.)
"100
Apr. 10 *Holders of reo. Mar. 31
Apr. 1 *Holders of reo. Mar.20
Eskimo Pie Corp., pref.-Div. omitted
Amer. Electric Securities (guar.)
.
*100. Apr. 1 *Holders of reo. Apr. 5
Eureka
Stand.
Cons. Mining (quar.)American Factors(monthly)
'30. Mar. 31 'Holders of rec. Mai 19
•15cs. Apr. I *Holders of reo. Mar. 31
Farr
Alpaca (guar.)
Amer. Foundries Corp., 7% 1st pf.
511
Mar. 31 'Holders of reo. Mar
A(qu) 87 Mc May
Holders of rec. Apr. 1
Federal Compress & Whse., pref.
4.1% Apr. 1 *Holders of rec. Mar..:
7% 1st pref. series B (guar.)
(qu.)
87340 May
Holders of reo. Apr. 1
Federal Title & Mtge. Guar.(N.
6% 1st pref. series D (guar.)
'41.25 May 1 *Holders of reo. Apr. 2J
5
J.)
-May
750.
1 Holders of reo. Apr. 1
Ferro Enamel Corp., class A-Dividen omitte d.
Amer. Furniture Co., pref. A (guar.)
d
*1Si Apr. 15 *Holders of reo. Apr. 13
---Fidelity Bond
Amer. Home Products(monthly)
511
Apr. 1 *Holders of reo. Mar.20
350. May 1 Holders of rec. Apr. 146 Finance Co.of& mtge.(guar.)
American lee, corn.(guar.)
Amer.
(Baltim
ore)
750. Apr. 25 Holders of reo. Apr. 7
Common class A & B (payable in comPreferred (guar.)
Apr.
25
Holders
134
of
rec.
Apr.
mon
7
class A stock)
May 15 Holders of rec. May 5
Amer. Ineuranstocks,6% prof.(quar.).. "10o.
11
Apr. 1 *Holders of rem Mar. 10
Firestone Tire & Rubber. corn. (guar.)
American Lace Mfg.(quar.)
5,25o. Apr. 20 *Holders of rec. Apr. 3
*250. Mar. 31 *Holders of rem Mar.20
First Nat. Sec. (Wallingford)
Amer. Medicinal Spirits Co., pref.
5150. Mar. 31
(guar.).
"31.50
(qu.).
Apr.
1
*Holder
s
of
reo.
Fisher
Mar. 22
Flour Mills, pref.(guar.)
American Meter (quar.)
•154 Apr. 1 'Holders of rec. Mar. 15
"750. Apr. 30 'Holders of rec. Apr. 15
Fishman (M.H.) Co., Inc., pf. A&B(gu) 1% Apr. 15 Holders of rec. Apr.
Amer. Office Bldg., prof.(quar.)
1
"1;i Apr. 1 *Holders of reo. Mar. 26
Food Machinery, common (guar.)
Amer. Optical. lat Prof. (guar.)
'37340 Apr, 15 *Holders of reo. Mar.31
Deo,
'134
31
*Holder
s
of rec. Doe. 20
Ford Motor, Ltd.
American Screw (guar.)
4.1%
1 *Holders of reo. Mar. 20
Am,dep. rots. for ord. shares
Amer.Title di Guar.(N.Y.)(quar.)_ _ _ •150 Apr.
Mar.
516.6
*Holder
27
s of tea. Mar. 17.
Apr. 1 'Holders of reo. Mar. 20
Foreign Power Securities Corp., pf.(qu.) 1% May 15 Holders of rec. Apr.
Amer. Vitrified Prod., pref. (quar.)....
30
May. 1 'Holders of reo. Apr. 20
Foulds Milling, pref. (guar.)
Anaconda Copper Mining (quar.)
Apr. 10 *Holders of rm. Mar.31
*2
37;40 May 18 Holders of reo. Apr. 11
Foundation Co. of Canada (guar.)
Anaconda Wire & Cable (guar.)
'25c May 15 'Holders of rec. Apr. 30
•25o May 11 *Holders of reo. Apr. 11
Garner Royalties, Ltd., class A (mthly.). •1254 Mar. 31 "Holders of
Andes Copper Mining Co., common-D1 vidend
reo. Mar. 20
Passed.
General Baking, new corn.(qu.)(No. 1)_ *50o Apr. 1
Andover Realty,6% Pref.
(guar.)
Apr. 1 *Holders of reo. Mar.20
General Utilities Co., corn. (guar.)
Ansbacher Siegle Corp., pref.
xl5o Apr. 1 Holders of reo. Mar. 25
(guar.)--- •600 Apr. 1 'Holders of rec. Mar.23
Preferred A (monthly)
Apollo Steel (guar.)
58 1-3 Apr, 1 Holders of rec. Mar.25
•I5o Apr.
s of reo. Mar.20
Gibson Art(Jo., common guar.)
Arrow-Hart & Hegeman Elec., oom.(IV.) .0500 Apr. 1 'Holder
•650. July 1 *Holders of rec. June 20
1 *Holders
Common (guar.)
Preferred (guar.)
•14 Apr, I *Holders of rec. Mar.24
5150. Oct. 1 'Holders of rec. Sept. 19
of reo. Mar.24
Associated Dry Goods, 1st pref. (guar.).
Common (guar.)
*65c. Jan!'32 'Holders of rec. Dee. 19
154 June
Holders
of
rec.
May
Gildred
Building
8a
Second preferred (quar.)
Co., pref. (guar.)
"154 Apr, 1 *Holders of reo. Mar. 20
June
134
Holders
of rem May 8a
ilman Gasoline Plant No. 1 (mthly.)
Associated Indus. Bankers, class B
510o Mar.25 "Holders of rec. Mar. 22
*334 Apr.
*Holders of reo. Mar.14
Gimble Bros.. Inc., prof. (guar.)
Associated Portland Cement Mfrs.
*1% May 1 *Holders of reo. Apr. 15
Globe Discount & Fin. (guar.)
Am. def. rcts. par. ord. reg. she
•25o Apr. 15 *Holders of reo. Apr. I
*w8
Apr. 6 'Holders of rec. Mar. 17
Globe-Wernicke Realty, 6% pref. (qu,). •154 Apr. 15 'Holders of rec. Mar,
Atlantic City Sewerage (guar.)
31
"250. Apr.
*Holders
Goodyear Textile Mills, pref. (quar.)... *154 Apr. I 'Holders of rec. Mar.20
Atlas Acceptance Corp., pref. (guar.)._
4.1% Apr. 1 *Holders of reo. Mar. 31
of reo. Mar.20
Gordon & Belyea, Ltd., 1st prof. (gat.)
Atlas Drop Forge (guar.)
•1g Apr. 1 *Holders of rec. Mar.24
.
250. Apr. 1 'Holders of rec. Mar.20
Grace (W. R.) dr Co. (guar.)
Atlas Plywood (guar.)
•$1.50 Mar.31 *Holders of rec. Mar. 31
"500. Apr. 15 *Holders of reo. Apr. 1
Gray & Dudley Co., common (quar.)_
Atlas Thrift Plan Corp., pref.(qu.)
*154 Apr. 1 'Holders of rec. Mar.24
134 Apr. 1 Holders of reo. Mar. 25
Preferred (guar
AUtoline Oil, pref.(guar.)
*154 Apr. 1 'Holders of rec. Mar.24
•20c. Apr. 1 *Holders of rec. Mar.27
Gray
Telepho
Avondale Mills
ne Pay Station k guar.)
•50o Apr. 1 *Holders of rec. Mar.24
•310 Apr. 1
Extra
Babcock & Wilcox Co.(guar.)
•25cs Apr. 1 *Holders of rec. Mar. 24
July
154
1 Holders of reo. June 200 Greenfield Tap &
Die, pref.-April div. poetpo nod.
Baker (J. T.) Chemical, corn. (guar.)'734o. Mar. 31 *Holders of reo. Mar. 19
Greyhou
nd Corp. 47 prof. (guar.)
First and second preferred (guar.) _ _ _ _
*41.7 Apr. I *Holders of rec. Mar.21
Mar. 31 *Holders of reo. Mar. 19
Guaranty Co.of N.J., class A & B (gat.). 5.250 Apr. 1 *Holders of reo. Mar.21
Bancroft (Joseph) & Sons Co., pf. (qu.).
134 Apr. 30 Holders of rec. Apr. 15
Gypsum Lime & Alabastine, Can.(qu.).
Bancroft Hotel (guar.)
20c Apr. 1 Holders of reo. Mar.28
•25e. Apr. 1 *Holders of reo. Mar.20
Hamilton (R. G.) Corp.. common
Banque Generale Beige5.150 Apr. 1 *Holders of reo. Mar. 16
Preferred (guar.)
Mutuelle Solvay certificates
Apr. 1 'Holders of rec. Mar. 16
511
•$1.29
*Holder
s
of
coup.
No.
Hamilto
23
n Watch,common (monthly)
Barrymore Cloth.8% pref.(guar.).
*15c Apr. 30 *Holders of rec. Apr. 10
•2
Apr. 1 'Holders of reo. Mar. 31
Hart & Cooley Co. (guar.)
Bayertsche Vercinebank A.
'41.5
Apr,
1
10
Holders of coupon No.8
Haverty Furniture Cos., pref.(quar.)... '3734c Apr. 1 'Holders of reo. Mar.21
Benjamin Electric Mfg., 1st pf. (qu.)_
•2
Apr. 1 *Holders of rec. Mar. 20
Hayes-Jackson Corp., pref.-Div. action defer ed.
Berliner Ilandels Gesellschaft
8
Holders of coupon No.8
Hercules Powder, pref.(guar.)
Derry Motor (guar.)
*154 May 15 *Holders of rec. May 4
300. Mar. 31 Holders of rec. Mar. 25
Hershey-Chocolate, common (guar.)
Birmingham Mtge. Co. 7% pref. (guar.)
•$1.25 May 15 *Holders of rec. Apr. 25
'
8734c Apr. 1 'Holders of reo. Mar. 29
Convertible preferred (guar.)
*al
Bohon (D. V.) Co. pref.(guar.)
May 15 *Holders of reo. Apr. 25
.5400. Apr. 1 *Holders of reo. Mar. 20
Hibernia Securities. Prof.(quar.)
1% Apr. 1 Holders of rec. Mar. 26
Bon Aml Corp., class A (guar.)
"51
Apr. 30 *Holders of rec. Apr. 16
Hickok Oil, 7% Prof. (guar.)
•1% Apr. 1 *Holders of rec. Mar.28
Class B (guar.)
•50o. APT. I *Holders of reo. Mar.26
Higbee Co.. let prof. (guar.)
Bonded Capital Corp., prof.(guar.)
.0154 may 1 *Holders of rec. Apr. 20
- •144 Apr. 1 *Holders of reo. Mar. 23
Hooker Electro Chemical, prof. (guar.). *134 Mar. 31 *Holders of reo. Mar.
Boston Sand & Gravel (guar.)
23
*No. APT. I *Holders of reo. Mar. 21
Horn & Hardart(N. Y.), corn. (guar.) *62540 May
Bourbon Stock Yards (guar.)
•1
1 *Holders of reo. Apr. 10
Apr. 1 *Holders of reo. Mar. 25
Hotel Statler, common (qUar.)
Bour1o15, Inc.. Prof. (quay.)
•$1.25 Mar.31 *Holders of reo. Mar.14
"68540 May 15 *Holders of rec. May 1
7% preferred (quar.)
•15.i Mar. 31 *Holders of
Brewing Corp. of Canada. pref.(qu.)_-_ *(12jio Apr. 1 *Holder
reo. Mar. 14
s of rec. Mar. 14
6% preferred (qUar.)
'373.4c Mar. 31 *Holders of rec. Mar.14
Name of Company.
[VOL. 132.
FINANCIAL CHRONICLE
2330
IVhen
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closers.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Continued).
Schnebbe Fire Proteo. Eng., corn. (qu.). '12340 Apr. 15 *Holders of rec. Apr. 1
Hungarian Gen. Say. Bk.(Budapest)*60c. Apr. 15 *Holders of reo. Apr. 1
Class
A (guar.)
6
Apr.
rec.
of
Holders
10
35.21 Apr.
American shares
'750. Apr. 15 *Holders of rec. Apr. 1
$3 preferred (quar.)
*21.75 Apr. 1 *Holders of rec. Mar.20
Imperial Sugar. $7 pref. (guar.)
134 Apr. 1 Holders of reo. Mar. 19
Schoeneman (J.) Inc., 1st pref. (gu.)......
*51.75 July 1 *Holders of rec. June 20
$7 preferred (guar.)
*134 May 1 *Holders of rec. Apr. 16
Scott Paper, pref. A (guar.)
*51.75 Oct. 1 *Holders of rec. Sept. 20
$7 preferred (guar.)
May 1 *Holders of rec. Apr. 16
*134
Preferred B (guar.)
*31.75 Janl'32 *Holders of rec. Dec. 20
$7 preferred (guar.)
*6234e May 1 *Holders of reo. Apr. 18
Sears, Roebuck & Co., corn. (guar.)
Industrial Accept. Corp. 1st pref. (gu.). "134 Apr. 1 *Holders of rec. Mar. 24
May 1 "Holders of rec. Apr. 8
Common
(payable
in
corn.
stock)
Mar.
25
Apr. 1 *Holders of rec.
*51
Indust. Cold Storage & Warehouse
Seasoned Security Trust Shares(No.1).* 16.880
Indus. Loan & Guarantee, pref. (quar.)_ '200. Apr. 1 *Holders of rec. Mar. 16
Securities
Investment
Co.
(St.
Louis)
31
Mar.
reo.
Holders
of
134 Apr, 15
Insurance Securities Co., Inc. (guar.)
750. Apr. 1 Holders of rec. Mar. 21
Common (guar.)
*52c Apr. 15 *Holders of reo. Mar. 31
Insuranshares Corp. (Del.), $3 pref
Apr. 1 Holders of rec. Mar. 21
2
Preferred (guar.)
*10o Mar. 31 *Holders of rec. Mar. 24
Inter-Island Steam Nay. (monthly)*12340
Mar. 10 "Holders of rec. Mar. 2
Securities
Trust
of
America
(No.
1).
25
Mar.
Apr. 1 *Holders of reo.
*51
Internat. Cellucotton, corn. (quar.)
Sellers(G. I.) ds Sons, pref.-Dividend o miffed
*134 Apr. 1 *Holders of rec. Mar. 25
First preferred (guar.)
ed
Shaffer
Stores
Co.,
com.-Dividend
pass
Apr.
4
rec.
Holders
of
15
1.34 Apr.
Internat. Paper Co.,7% pref. (guar.)
"134 Apr. 16 'Holders of reo. Mar. 31
Sheylin Carpenter & Hixon, pref. (qu.)
134 Apr. 15 Holders of rec. Apr. 4
6% preferred (gum.)
Short Term Trust Shares
1$ 8.538o Apr. 1 "Holders of reo. Mar. 20
Internat. Paper & Power,7% pr. (qu.)... 134 Apr. 15 Holders of rec. Apr. 4
omitte
d
Silver
King
Coalition
Mines-Dividend
Apr.
4
rec.
Holders
of
134 Apr. 15
6% preferred (guar.)
*21.50 Apr. 1 *Holders of rec. Mar. 20
Smyth Manufacturing (guar.)
International Projection,7% pref.(qu.). *134 Apr. 1 *Holders of rec. Mar. 21
'25c. Mar. 25 *Holders of reo. Mar. 20
Southern Franklin Process, corn. (qu.)
20
Mar.
rec.
of
*Holders
31
Mar.
*3734e
Invest. Mtge.& Guar., com.(guar.) -preferred (guar.)
*134 Apr. 10 *Holders of rec. Mar. 31
3.$1.75 Mar. 31 *Holders of rec. Mar.120
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.20
Southern Ice., pref. (guar.)
*50o. Mar. 31 *Holders of reo. Mar.I20
Invest. Royalty, pref. (guar.)
orai tted
nd
Standard
Dredging,
cony.
pref.-Divide
15
Apr.
reo.
of
Holders
Investment Trust Associates, corn. (qu.) 12340. May 1
deferre
vidend
Standard
Royalties
pref.-Di
(Wanetta),
Ivanhoe Foods, Inc., $3.50 pref. (qu.) '8734c July 1 *Holders of rec. June 20
Divide nd defer red
Standard Royalties (Wetumka), pref
tr.ctf.
Jones (J.Edward) Royalty A part.
Divide nd defer red
pref
Standard
Royalties
(Wewoka).
*1
56
2..6
30
3
•$
Series B participation ctts
Divide nd defer red
Standard Royalties (Wichita), pref
$10.43
Series C participation offs
Standard Wholesale Phosphate & Acid
*200. Apr. 1 *Holders of reo. Mar.25
Kekaha Sugar Co.(monthly)
•30o. Apr. 15 *Holders of rec. Mar.30
Works
(guar.)
Kelsey Hayes Wheel, pref. ser. K-LI(au.) 134 May 1 Holders of reo. Apr. 20
50e. Apr. 1 Holders of rec. Mar. 27
Stein Cosmetics, prof. (quer.)
134 May 1 Holders of rec. Apr. 20
Preferred series W-W (guar.)
Apr. 1 *Holders of reo. Mar. 20
Bros.,
'
21
Stern
class
A
(guar.)
3
26
Mar.
of
rec.
*Holders
*25c. Apr. 1
Key-Boiler Equipment (quar.)
•1340.
Apr. 1 *Holders of reo. Mar. 25
Sun
Realty
Co.,
pref.
(guar.)
Keystone Steel & Wire, pref. (guar.). _ _ *134 Apr. 15 *Holders of rec. Mar. 31
*350. May 1 *Holders of reo. Apr. 15
TelautograPh Corp. (War.)
30
Apr.
of
rec.
*Holders
20
May
Knudsen Creamery, class A & B (guar.) '3734c
Apr. 10 *Holders of rec. Mar. 31
*51
Tennessee
Products,
pref.
(guar.)
Mar.
23
500. Mar. 31 Holders of rec.
Laclede Steel (guar.)
Third Can, General Invest. Trust
*5c. Apr. 1 'Holders of rec. Mar. 16
Land 8, Royalty Corp., class A (mthly.) *8 1-3c Apr. 1 *Holders of rec. Mar. 25
*4034c Apr. 1 'Holders of reo. Mar.20
Thrift Stores, Ltd., 1st pref. (quar.)
Apr.
15
rec.
Holders
of
1
May
134
Lane Bryant, Inc., pref. (guar.)
*17340 Apr. 1 *Holders of rec. Mar. 20
Second preferred (guar.)
3734c. Apr. 1 Holders of rec. Mar. 24
Lane Cotton Mills
Title & Mtge. Guarantee (Buffalo),(qu.) *300 Mar. 31 *Holders of rec. Mar. 20
Langendorf United Bakeries, cl. A (qu.) *50c. Apr. 15 *Holders of rec. Mar. 31
'35c. Apr. 1 *Holders of rec. Mar.26
Toro
Mfg.
Co.
(guar.)
Apr.
20
"21.50 May 1 'Holders of rec.
Lawbeck Corp., $6 pref. (guar.)
Toronto Elevators, Ltd., 7% pref. (qu.) 3.134 Apr. 15 *Holders of rec. Apr. 1
Apr. 1 'Holders of rec. Mar.21
Leader Filling Station, pref. (guar.). - 411
*134 Apr. 1 *Holders of rec. Mar.26
Towle Manufacturing (guar.)
rec.
Mar.
25
*Holders
of
Apr.
1
"134
Leggett (F. H.) Co., pref. (guar.)
Transcontinental Storage & Distributing,
"60e. June 1 *Holders of reo. May 15
Link Belt Co., com. (guar.)
*134 Mar. 1 *Holders of rec. Feb. 28
1st preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 24
Preferred (guar.)
*500. Apr. 1 *Holders of reo. Mar.20
Troy Sunshade(guar.)
Apr.
20
reo.
*Holders
of
1
*75e. May
Liquid Carbonic Corp. (guar.)
*25c. Apr. 1 *Holders of reo. Mar. 20
Extra
*134 Apr. 1 *Holders of rec. Mar. 20
Lit Bros., Inc., pref. (guar.)
Trustees L.& G.Co.Birm'h'm pf.(qu.) _ •134 Apr. 1 "Holders of roe. Mar. 16
Med.
om
Los Angeles Athletic Club-Dividend
Apr. 1 'Holders of rec. Mar. 16
*13.4
Trustee
System
Co.,
Balt.,
pref.
(guar.).
Loa Angeles Biltmore, pref.-Dividend action deferred
'
Preferred (payable in stock)
e34 Apr. 1 'Holders of rec. Mar. 16
Mabbett (Geo.) & Sons, 1st & 2d pf.(qu.) "51.75 Apr. 1 *Holders of rec. Mar. 20
"134 Apr. 1 *Holders of rec. Mar. 16
Trustee
Sys.
Disc(.
(Chic.)
Pf.
(guar.)
rec.
Apr.
15
*Holders
of
1
May
*134
MacKinnon Steel Corp., pref. (guar.) _
*e34 Apr. 1 *Holders of rec. Mar. 16
Preferred (payable in stock)
Marathon Paper Mills, 6% pref. (guar.) "134 Apr. 1 'Holders of rec. Mar.31
*1m Apr. 1 *Holders of rec. Mar. 16
Trustee Sys. Co., Indiana, pref.
450. Apr. 1 Holders of reo. Mar. 14
Marine Bancorporation (guar.)
Apr. 1 *Holders of reo. Mar. 16
*e%
(payable
in
stook)
(
q
U
a
r
.
)
P
e
f
d
'134 Mar. 16
M & P Stores, Ltd.. pref. (guar.)
'134 Apr. I *Holders of roe. Mar. 16
Trustees Sys. Co., Indianap., pf.
*1100. Apr. 15 *Holders of rec. Apr. 1
Maxweld Corp., com. (guar.)
Preferred (payable in stock)
*o34 Apr. 1 *Holders of rec. Mar. 16
Apr.
1
of
rec.
*Holders
Apr.
15
*150.
Preferred (guar.)
Trustees Sys. Co., Louisville, pf. (qu.)... *1M Apr. 1 *Holders of rec. Mar. 16
*1.34 May 1 *Holders of rec. Apr. 20
McCrory Stores, pref. (guar.)
'e34 Apr. 1 *Holders of rec. Mar. 16
Preferred (payable in stock)
.1% Mar. 31 *Holders of rec. Mar.20
MeGavin, Ltd., pref. (guar.)
Apr. 1 *Holders of rec. Mar. 16
Trustee Sys. Serv. Corp., pref. (guar.)._ *2
rec.
Apr.
15
Holders
of
1
May
134
McKinnon Steel Corp. 1st pref. (guar.)_
Apr. 1 *Holders of rec. Mar.20
"134
Tubize
Chatillon
Corp.,
prof.
(guar.).*3734c Mar. 31 *Holders of rec. Mar.26
Merchants Discount Corp. (guar.)
134 Apr. 15 Holders of roe. Mar.31
Tucketts Tobacco, pref. (guar.)
Metropolitan Indus. Bankers, corn.(qu.) "1234c Apr. 1 *Holders of reo. Mar. 23
Twenty Wacker Drive Bldg., Prof. (qu.) 341.50 Apr. 15 *Holders of reo. Mar.31
"1734c Apr. 1 *Holders of rec. Mar. 23
Preferred (guar.)
*Holders of rec. Mar. 20
"750. Apr.
Twin Disc Clutch (guar.)
'134 Apr. 1 *Holders of rec. Mar. 31
Meyer-Blancke Co., pref. (guar.)
*1M Apr. 1 *Holders of rec. Mar.20
Union Guaranty & Mtge.(guar.)
Mar.
24
of
rec.
*Holders
1
Apr.
*134
Midland & Pacific Grain, pref. (quar.)
31 *Holders of rec. Mar.20
Mar.
Union
Manufacturing
'3734c
Co.
(gnat.)
•17340 Mar. 31
Milburn (Alex.) Co., pref. B
Apr. 1 *Holders of rec. Mar. 20
Union Mortgage(N.Y.) com.(guar.)-- *2
Morris Finance Co., com. A (guar.).-- *134 Mar.31 *Holders of rec. Mar.21
•134 Apr. 1 *Holders of rec. Mar. 20
Preferred (quar.)
'27340 Mar.31 *Holders of rec. Mar. 21
Common B (guar.)
Mar. 31 "Holders of rec. Mar. 30
"25o.
United
Advertising
Corp.
(guar.)
Apr. 1 *Holders of reo. Mar. 20
*2
Murray (J. W.) Mfg., pref. (guar.).
34 June 1 Holders of reo. May 160
United Biscuit of Amer.(guar.)
"20c. May 1 *Holders of rec. Apr. 15
National Acme Co. (guar.)
1 Holders of reo. Apr. 16a
May
134
Preferred
(guar.)
Mar.
17
650. Apr. 13 Holders of rec.
National Battery Co., com. (quar.)._.
United Printers & Pub. com.-Dividend action deferred
National Cash Register, corn. A-Divide nd omitted
*50o. Apr. 1 *Holders of rec. Mar.25
Preferred (quar,)
*31
National Club Hotels. pref. (No. 1)
. Apr. 30 Holders of rec. Mar.310
United Profit Sharing, preferred
*500. May 1 *Holders of reo. Apr. 15
National Distillers Prod. (guar.)
United Retail Chemists, pref.(guar.).-•87340 Apr. 15 *Holders of reo. Mar.27
. Apr. I Holders of rec. Mar.25
National Equity Co., pref. (guar.)
Apr. 1 *Holders of rec. Mar. 17
.7c
U.
S.
Banking
(monthly)
National Fireproofing, com.-Dividend omittc d
U.S.& British Internat. Co.com. A (qu.) 1234e. May 1 Holders of reo. Apr. 15
75e. Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
75e. May 1 Holders of rec. Apr. 15
$3 preferred (guar.)
passed
vidend
com.-D1
National Guarantee & Finan.,
U.S.8, For.Secure. Corp. let pf.(qu.) *um may 1 *Holders of reo. Apr. 11
First and second preferred (quar.)- - 14 Apr.
Apr. 1 'Holders of reo. Mar. 23
U. S. Casualty (N. Y.) (guar.)
*31
National Oxygen, com.-Dividend omit fed
Mar.31 *Holders of rec. Mar.23
"4
U.
S. Guaranty (guar.)
rec.
Mar.
20
*Holders
of
1
Apr.
*2834c
Class A (quar.)
Apr. 15 *Holders of rec. Mar. 31
U.
S.
Radiator
Corp.,
pref.
(guar.).*250. Mar.31 *Holders of rec. Mar. 25
National Republic Bancorp. (guar.)
U. S. Shares, stock trust, series A
* 31.570 Apr. 1 *Holders of reo. Mar. 2
rec.
Mar.
16
*Holders
of
1
Apr.
*750.
(Cal.),
let
Nat'l Security Corp.
pfd.(qu.)
•300. Apr. 1 'Holders of reo. Mar. 2
Stock trust, series A-1
Apr. 1 Holders of rec. Mar. 25
National Shirt Shops, pref. (guar.)- - - 2
31.973 cApr. 1 *Holders of reo. Mar. 2
Stock trust. series C-1
National Title Guar. Brooklyn) (guar.) •1
33.553 cApr. 1 *Holders of rec. Mar. 2
Stock trust. series C-2
24
Mar.
of
reo.
Holders
1
Apr.
2
Naumkeag Steam Cotton Co.(guar.)--250. Apr, 15 Holders of reo. Apr. 2
U. S. Smelt. Ref. & Min., corn,
Newaygo Portland Cement, pref. (guar.) '134 Apr. 1 *Holders of reo. Mar.25
87.34e Apr. 15 Holders of reo. Apr. 2
(quar.)Pefd
(guar.)
Newhall Buildings Trust, Pref.(guar.).- *134 Apr. 15 *Holders of rec. Apr. 1
Utah Construction-Div. omitted.
31
Mar.
rec.
*Holders
of
Apr.
15
*134
Newhoma Petroleum (guar.)
Apr. 1 *Holders of rec. Mar.20
Van Dusen-Harrington Co., pref. (guar.)
*7e. Apr. 15 *Holders of rec. Mar.31
New Bradford Oil (guar.)
Holders of coup. No. 5
4
Vereinigte Stahlwerke A. G
New Britain Machine, corn. (guar.)---- "250. Mar. 31
Apr. 10 *Holders of reo. Mar.24
Vickers.
Ltd.,
Am.
dep.
rots,
ord.
reg
'134 Apr. 1
Preferred A (guar.)
Mar.
31
*Holders
of rec. Mar. 25
'234
Waterbury
Farrell
Foundry
Mach.
(qu.)
'134 Apr. 1,'Holders of rec. Mar. 20
New Departure Mfg., pref.(anat.)
Werner (F.) & Co., common (guar.)..._ "8734c Apr. 2 *Holders of reo. Mar. 31
500. May 9 Holders of reo. Apr. 20a
New Jersey Zinc (guar.)
Apr.
2
*Holders
of reo. Mar. 31
•13.4
&
B
(guar.)
Preferred
A
New Orleans Cold Storage as Wbse.(gu.) 234 Mar. 20 Holders of rec. Mar. 13
Western Newspaper Union, pref.(qu.)
'134 May 1 "Holders of rec. API% 15
$4 Apr. 1 Holder's of rec. Mar. 31
New York Sun, Inc., let pref
*Holders of rec. Apr. 6
Apr.
30
Westinghouse
*21
El.
&
corn.
Mfg.,
(guar.).
16
Mar.
rec.
'Holders
of
"500. Mar. 31
N.Y.State Holding, com.(guar.)
Apr. 30 *Holders of rec. Apr. 6
Preferred guar.)
*31
"134 Mar. 31 'Holders of reo. Mar. 16
Preferred (guar.)
Wichita Union Stock Yards, corn. (qu.)_ •13.i Apr. 1 'Holders of reo. Mar.21
7340. Apr. 20 Holders of rec. Mar. 31
Nip's-sing Mines (guar.)
May 15 Holders of rec. May 1
Will
&
Baumer
100.
Candle,
corn.
(guar.)
Mar.
21
Apr. 1 *Holders of rec.
Norfolk 8, Wash.Steamboat (quar.)..... "23
July 1 Holders of rec. June 15
2
Preferred (guar.)
'134 Mar. 31 *Holders of reo. Mar. 31
Northern Bond es Mtge. (gum.)
May 1 Holders of reo. Apr. 200
Will
-Low
Cafeterias,
prof.
quar.)
$1
Apr.
15
rec.
of
*Holders
"500. May 1
Northwest Engineering (guar.)
Wilson & Co., pref.-No action taken.
North Amer. Provision.6% p1. (qu.)--- '134 Apr. 1 *Holders of rec. Mar. 10
•134 Apr. 1 'Holders of rec. Mar.24
Worcester Salt, common guar.)
Apr.
12
rec.
of
*Holders
.150.
Apr.
15
Oahu Ry.& Land (monthly)
Worthington Ball, class A (guar.)
*50c. Apr. 15 'Holders of reo. Mar. 31
Apr. I *Holders of rec. Mar. 20
*2
Ohio Leather, first preferred
250. May 1 Holders of reo. Apr. 20
Wrigley (Wm.) Jr. Co.(monthly)
'134 Apr. 1 *Holders of reo. Mar.20
Second preferred (guar.)
500. June 1 Holders of rm. May 20
Monthly
Mar.
20
rec.
of
*Holders
"55 Apr. 1
Second pref. (acct. accum. diva.)
25e. July 1 Holders of rec. June 20
Monthly
Apr. 1 *Holders of rm. Mar.27
*2
Ohio Loan Co., pref. (guar.)
Mar.
31
reo.
of
*Holders
*100.
Apr.
15
Oilroyalty Invest., Inc., pref. (mthly.)
Below we give the dividends announced in previous weeks
*200. Mar. 31 *Holders of rec. Mar. 23
Onondaga Silk (guar.)
*33c. Apr. 1 *Holders of rec. Mar. 14
Pacific Finance (guar.)
and
not yet paid. This list does not include dividends anMar.
20
reo.
of
*134
*Holders
Apr.
1
Pacific Southwest Realty,655% Pf.(qu.)
*134 Apr. 1 'Holders of rec. Mar. 20
nounced this week, these being given In the preceding table.
534% preferred (guar.)
*3734c Apr. 10 *Holders of rec. Mar. 31
Peck Bros.& Co.. pref.(guar.)
750. Apr. 15 Holders of reo. Mar. 31
Pennsylvania Salt & Mfg.(guar.)
Books Closed
When
Per
2
Apr. 1 Holders of rec. Mar.25
Pepperell Mfg.(guar.)
Days !actuated.
Cent. Payable.
Nam Of Conaway.
Apr. 1 'Holders of rec. Mar. 27
*37340
(guar.)
Perfection Petroleum, pref.
*250. Apr. 15 *Holders of rec. Mar. 31
Petroleum Landowners (monthly)
Railroads (Steam).
"50c. Apr. 10 *Holders of reo. Mar.21
Phoenix Finance Corp.,Pref.(guar.)
Apr. 1 Holders of reo. Mar. ga
3
Alabama & Vicksburg
•50c July 10 *Holders of rec. June 30
Preferred (guar.)
'434 Sept. 1 *Holders of roc. Aug. 20
Charlotte Air Line fly
Atlanta
&
•500. Oct. 10 *Holders of rec. Sept.30
no.
Apr. 1 Holders of reo. Feb. 280
Preferred (guar.)
Bangor & Aroostook, corn.(guar.)
"50e. Jn10'32 'Holders of rec. Doe. 31
134 Apr. 1 Holders of roc. Feb. 280
Preferred (quar.)
Preferred (guar.)
•23.13 Apr. 13 *Holders of reo. Apr. 10
Pirelli of Italy, Amer.shares
Apr, 1 Holders of rec. Mar. 160
50c.
Beech
Creek
(guar.)
*25c. Apr. 25 *Holders of rec. Apr. 15
Pittsburgh Forgings (guar.)
Belt RR.& Stock Yds, Indianapolis*1734c Mar.31 'Holders of rec. Mar. 11
750. Apr, 1 Holders of rec. Mar. 20a
Pittsburgh Thrift Corp.,com.(guar.)
Common
(guar.)
"134 Mar.31 *Holders of reo. Mar. 11
750. Apr, 1 Holders of reo. Mar.200
7% preferred (guar.)
Preferred (guar.)
Mar.31 Holders of reo. Feb. 28
2
Platt Music Co.,com.-Dividend action deferre d.
Boston & Albany (guar.)
•1834c Apr. 15 *Holders of reo. Apr. 1
1
Apr. 1 Holders of reo. Mar. 70
Premier Shares (guar.)
Maine,
common
(guar.)
Boston &
Providence Biltmore Hotel, 7% pf. (qu.) •8734c Apr. 1 'Holders of reo. Mar. 21
134 Apr. 1 Holders of reo. Mar. 7
7% prior preference (qWII%)
Mar.
16
reo.
Apr.
*134
'Holders
of
1
134 Apr. 1 Holders of reo. Mar. 7
Reliable Stores Corp., 1st pref.(quar.)
First preferred class A (guar.)
2
Apr. 1 Holders of rec. Mar. 7
Republic Flow Meters, corn.-Dividend passed
First Preferred class B (guar.)
Apr. 1 *Holders of rec. Mar.20
'2
134 Apr. 1 Holders of reo. Mar. 7
Preferred (guar.)
First
preferred
class
C
(guar.)
Apr.
1
reo.
234 Apr. 1 Holders of rec. Mar. 7
Republic Stamping dr Enamel, com.(qu.) .3400. Apr. 10 *Holders of
First
preferred
clams
D
(guar.)
"87340 Apr. 1 *Holders of rec. Mar.30
134 Apr. 1 Holders of reo. Mar. 7
Resource Fin.& Mtge.(guar.)
First preferred claw E (guar.)
Apr. 1 *Holders of rec. Mar. 19
134 Apr. 1 Holders of reo. Mar. 7
Rhode Island Elec. Protection (guar.).- *2
6% preferred (guar.)
reo. Mar. 15
Apr. 1 Holders of rec. Mar. 20
234
Rockaway Point Devel., $6 pref.(qu.) *21.50 Apr. 1 *Holders of
Boston
&
Providence Oar-)
62340 May 1 'Holders of roe. Apr. 15
*234 July 1 *Holders of reo. June 20
Roos Bros., corn. (guar.)
Quarterly
ree.
Apr.
15
1
of
*Holders
May
$1.625
•
*234 Oct. 1 *Holders of reo. Sept. 19
Preferred (guar.)
Quarterly
20
62340 Apr. 1 Holders of reel. Mar. 20
Royalties Manage. Corp. A & B (mthly.) '3340. Apr. 2 *Holders of rec. Mar.
Canadian Pacific, ordinary (guar.)
Apr. 1 *Holders of rec. Mar. 18
*2
2
Apr, 1 Holders of reo. Mar. 2
Rumford Printing (guar.)
Preference
'134 Mar.31 *Holders of rec. Mar.30
750 Apr. 1 Holders of rec. Mar. 70
(guar.)
common
St. Joseph Stock Yards (guar.)
Corp.,
Chesapeake
Mar.
20
1
rec.
Apr.
"500.
*Holders
of
62340
Apr. 1 Holders of rec. Mar. 70
(quar.)
Yards
Stock
St. Paul Union
Chesapeake & Ohio. common (guar.)-334 July 1 Holders of rec. June tra
San Diego Ice & Cold SW!'.. ol. A (qu.)_ "4334c Apr. 1 *Holders of reo. Mar.25
Preferred
Apr. 1 *Holders of rec. Mar. 21
Santa Cruz Portland Cement ICluar.)--- 411
'134
Alert. 28 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclustre.
Railroads(Steam) (Concluded)•
Chicago Great Western, preferred
.50c. Apr. 20 "Holders of rec. Apr. 10
Chicago & North Western. corn. (guar.) 1
Mar. 3 Holders of rec. Mar. Sc
Mar. 3 Holders of rec. Mar. 2a
Preferred (quar.)
Chic. It. I. & Pacific, corn. (quar.)
1!I Mar. 3 Holden of ree. Mar. 13a
Cincinnati Union Terminal, pref. (au.)... 1!4 Apr.
Holdera of rec. Mar. 21
•134 July
Preferred (guar.)
*Holden of roc. June 20
•
Preferred (quar.)
*Holden of rec. Sept. 19
Oct.
Preferred (quar.)
*1!,4, Jan.1'3 "Holders of rec. Dec. 19
Holders of rec. Mar. 10a
Consolidated lilt's of Cubs. pref. (guar.) 1 44 Apr.
$1.43 Mar. 30 Hollers of rec. Mar. 30a
Cuba Northern Rya., common
Cuba Rolf., common
80e. Mar. 30 Holders of rec. Mar. 305
Dayton & Michigan, common
.8714c Apr. 1 terfoldere of rec. Mar. 10
et
Preferred (guar.)
Apr. 7 "Holders of roe. Mar. 10
Georgia RR.& Banking (guard
Apr. 15 Holders of ree. Apr. 1
u3
13.4 Apr. 6 Holders of rec. Mar. 27a
Joliet & Chicago (guar.)
Kansas City Southern, common (guar.) 1 t4 May 1 Holders of rec. Mar. 31a
Preferred
Apr. 15 Holders of rec. Mar.31a
1
el
Lackawanna RR. of N. J. (quar.)
Apr. 1 *Holders tit rec. Mar. 1
Lehigh Valley. common (guar.)
62%c Apr. 1 Hollers of rec. Mar. 144
Preferred (guar.)
$1.25 Apr. I Hollow of rec. Mar. 14
Mahoning Coal RR..common (quar.) _ $12.50 May 1 Holders of ree. Apr. Ma
Maine Central. common guar.)
14 Apr. 1 Holders of rec. Mar. 16
Maryland & Penneylvania (quer.)
Apr. 10 'Holders of rec. afar. 31
.2
Mill Creek & Mine Rill Nat'. &
*S1.25 July 9 *Holders of roe. July 8
Minn. St. Paul & S. S. M.leased lines
Apr. 1 Holders of rec. Mar. 20a
2
Miesourt-Eansae-Texas, pros. A (quar.l_
I% Mar. 31 Holders of ree. Mar. 5a
Missouri Pacific, pref. (quar.)
14, Apr. 1 Holders of rec. Mar. 13a
Newark & 'Bloomfield. pref. (quar.)
Apr. 1 'Holders of ree. Mar. 24
New York Central lilt. (guar.)
144 May 1 Holders of rec. Mar.27a
N.Y.Chic.& Si. Lou.,cont.& pf. A(an) 19.4 Apr. 1 Holders of tee. Feb. 16a
NT. Y. Lackawanna & Western (guar.)._
114 Apr. 1 Holders of rec. Mar. 14
N.Y. N. H.& Hartford, cam. (guar.)... 11.4 Apr, 1 Holden; of rec. Mar. 6a
Preferred (guar.)
13.4 Apr. 1 Holders of rec. Mar. (la
North Carolina RR., 7% guar. stock,..., eaN Aug. 1 *Holders of rec. July In
NorthernPacific (guar.)
13.4 May 1 Holders of rec. Mar. 135
Northern lilt. of N.It.(aunt.)
1% Apr. 1 Holders of rec. Mar. 9
Norwich & Worcester, pref. (quar.)
Apr. 1 Holders of roe. Mar. 10
2
Old Colony RR. (guar.)
14( Apr. 1 Holders of rec. Mar. 14
Pero Marquette, common (quer.)
1% Apr. 1 Holders of rec. Mar. 7a
Preferred and prior preference (etter.)
1 Si May I Holders of rec. Apr. 40
•114 Apr, I *Holden of rec. Mar,25
Peterborough RR
Pittsb. Bummer & Lake Erie, cone....
The. Apr. 1 Holders of rec. Mar. 14
Pitts. Ft. Wayne & Chicago, corn.(qu.). 144 Apr. 1 Holders of rec. Mar. 10a
Preferred (guar.)
•114 ter. 7 *Hollers of rec. Mar. 10a
Providence & Worcester (guar.)
244 Mar.31 Holders of rec. Mar. 11
Reading Co.. 2nd pref.(guar.)
50e. Apr. 9 Holders of rec. Mar. 192
Rutland, preferred
Apr. 15 Holders of rec. Mar. 27a
2
St. Louls-San Francisco.6% pref. (au.)_
13.4 May 1 Apr. 12 to
May 12
6% preferred (guar.)
1% Aug. 1 Holders of rec. July to
144 Nov. 2 Holders of rec. Oct. la
6% Preferred ((var.)
Sharon Ry
.$1.25 Apr. 1 *Holders or rec. Mar. 21
southern Pacific Co. (guar.)
134 Apr. 1 Holders of rec. Feu. 24a
Southern Ry.common (guar.)
2 Stay 1 Holden of rec. Apr. Is
Common (guar.)
1.65 Aug. 1 Holden] of ree. July to
14 Apr. 15 Holders of rec. Mar. 23a
Preferred (guar.)
Southern Sly,, M.& 0.stk. tr. ctfs
2
Apr. 1 Holders of rec. Mar. 16a
Southwestern RR.of Ga
.2% July 1 "Holders of roe. June 1
Tennessee Central. preferred
*344 July 1 *Holders of rec. June 20
Texas & Pacific, common (guar.)
4 Mar. 31 Holders of rec. Mar. 130
Union Pacific, corn. (guar.)
244 Apr. I Holders of rec. Mar. 2
Apr. 1 Holders of rec. Mar. 2.1
Preferred
2
United N. J. lilt. & Canal Cos. (quar.)_
2!4 Apr. 10 Mar. 20 to Apr. 9
Vermont dr Massachusetts
3 Apr. 7 Mar. 11 to Apr. 7
Vicksburg Shreve.& Pacific corn.& pref, 244 Apr. 1 Holders of rec. Mar. Da
"31.75 Apr. 15 "Holders of rec. Apr. 4
Warren lilt
Name of Company.
2331
When
l'er
Cent. Payable.
Books Closed.
Days Inclusire.
Public Utilities (Continued).
Central Illinois Light,6% prof.(Var.).. 144 Apr, 1 Holders of tee. Mar. 14
144 Apr. 1 Holders of rec. Mar. 14
7% preferred (guar.)
Central Maine Power, 7% pref. (guar). '114 Apr, 1 *Holders of rec. Mar. 10
6% preferred (guar.)
•144 Apr. 1 *Holders of rec. Mar. 10
$6 preferred (guar.)
•$1.50 Apr, 1 'Holders of rec. Mar. 10
Central Public Service, $7 Pref. ((Suar.). :$
81.
,5(
75
) Apr. 1 "Holders of rec. Mar. 12
Apr. 1 *Holders of ree. Mar. 12
$6 preferred (quar.)
$4 Preferred (guar.)
.41
Apr. 1 •Ifolders of rec. Mar. 12
Central & S. W. Utilities, corn.(quar.)
11% Apr, 15 Holders of rec. Apr. 2
Central
7
prSetra
l
,„red
tr
esE(
(in corn. silo,) f5
la
eou.,
arcorn.
Holden; of ree Seem 5
July
14 Apr.
Holder, of ree. Mar. 5
6% preferred (guar.)
44 Apr.
Holders of rec. Mar. 5
Convertible pref. scrim 1928
31.50 Apr.
Holders of rec. Mar. 5
Convertible pref. series 1929
o $1 50 Apr.
Holden of rec. Mar. 5
Central States Power & Light. IN. (Cu.). .$1.75 Apr.
*Holders of rec. Mar. 5
Central States Utilities, Prof.(quar.)...- •$1.75 Apr.
*Holders of rec. Mar. 5
Central Vermont Pub. Serv., corn. (qua .144 Mar,3 *Holders of rec. Mar. 14
Chic. Aurora & Elgin RR., pref. (guar.) •14, Apr.
*Holders of ree. Mar. 31
ChM. No. SD. St Milw., pr. 1. pf.(qua
*Holders of ree. afar. 16
Apr.
Chicago Rapid Transit. prof. A (Quart.. .650. Apr.
*Holden of rec. Mar. 17
Prior preferred B (quari
•60e, Apr.
"Holders of red,. Mar. 17
Cincinnati Gas & Rice., pref. A (guar.)... *3144 Apr,
*Holders of rec. Mar. 13
Cincinnati, Newport & Covington Light
•1
Apr. 15 *Holders of ree. Mar. 31
3: Traction, corn. (guar.)
•I 44 Apr. 15 *Holders of ree. Mar. SI
Preferred (guar.)
Cincinnati Street Ry.(guar.)
*75e. Apr. 1 *Holders of rec. Mar. 25
Ciao. & Suburban Bell TeleP.(guar.).- •$1.13 Apr. 1 *Holders of ree. Mar. 20
Cities Sort'. Pow.& Lt. $7 pf. (mthlr.) 581-Se Apr. 15 Holders of rec. Apr. la
SO preferred (monthly)
50c Apr. 15 Holders of rec. Apr. la
412-Se AM. 15 tfoldent of rec. Apr. it
$5 Preferred (monthly)
Citizens Pass. lay. (Plana.)
•$3.40 Apr. 1 'Holders of ree. Mar. 21
CiPzens Water of Washington, Pa..
Apr. 1 Hollers of tee. Mar. 20
Preferred (eilar.)
_
Cleveland Electric Illuminating (quar.). .40e. Apr. 1 *Holders of rec. afar 20
Cleveland Ry..comma,' quar.)
144 Apr. 1 Holders of rec. Mar. 213a
Columbus Del. At Marlon Elec.. pf.(qu.) *MTh Apr. 1 *Holders of roe. Mar. 20
Commonwealth & Southern. $6 Pr ((So.) $1.54 Apr. 1 Hollers et roe. Ma'
Commonwealth Iltillties,com.A & 13(qu) •313.4r Mar. 30 *Holders of roe. Mar. 20
Apr. 1 "Holders of rec. Mar. 20
Preferred A (guar.)
Apr. 1 *Holders of reo. Mar. 20
Preferred B (guar.)
Community Telephone,$2 pref.(attar.). :$11
•50
11:57c05 Apr. 1 "Holders of MO. Mar. 21
Connecticut Elec. Service (guar.)
"7,5c Apr. I "Holders of rec. Mar. 15
Consol Gas, Elec. Light & Pow., halt.Common (quer.)
•90c Apr. 1 "Holders of rec. Mar. 14
tar. 1 *Holders of rec. Mar. 14
'1(4
5% Preferred series A (guar.)
6% preferred series B (fluor.)
•1% tor. 1 *Holders of roe. Star. 14
*1 4 Apr. I *Holders of ree. Star. 14
5 Li% preferred serial E Wirer.)
Consolidated Gas of N. Y., pref.((Su.) _ 11.21 \lay 1 Flouters of rec. Star. 28a
Consumers Gas, Toronto (guar.)
23.4 tor. 1 Holders of rec. Mar.14
lonsurners Power Co.. $$ oret.(qoar.)$1.25 tpr. 1 Holders of ref% Mar. 14
69, preferred (quar.)13.4 kpr. I Holders of roe. Mgr. 14
1.65 tpr. 1 Holders of rec. Mar. 14
511%prepfeerfrod
efred(aliar
quar
134 tpr. 1 Holders of rec. Mar. 14
.)
6% preferred (monthly)
50e. Apr 1 Hoiden of rsc, lIar. 14
6.6% preferred (monthly).- ----• 530 Apr. 1 Holders of ree. Mar 14
Continental Gas & Elec., 00M.(quar.)-- $1.10 Apr. 1 Holders of ree. Mar. 120
7% prior preference (guar.)
$1.75 Apr. 1 Holders of ree. Mar. 12a
Cuban Telephone
Mar. 31 Hollers of tee, Mar. 14a
2
(q ne C!.. 00.
M (quar.)..,._
Preferred
1% Star. 31 Hosiers of roe. Mar. 16a
Denver Tramway, pref. (guar.)
3744c Apr. 1 Holders of rec. Mar. 140
Detroit Edition Co.(guar.)
Apr. 15 Holders of rec. Mar. 20s
2
Diamond State Telep., 63.4% pref. (qu.) •144 Apr. 15 *Holders of rec. Mar.20
e
Duke
refPower.
(gnat,)opi
common
on( uar )
15( Apr. 1 Holders of ren. Mar 14
Preferred
151 Apr. 1 Holders of rec. Mar. 14
Dngumne Light,5% 1st pref. (quar,)...
114 Apr. 15 Holders of rec. Mar. 160
Apr. 1 'Holders of rec. Mar. 14
Eastern N. J. Power.8% Pref.(quar.).. *2
Public
Apr. 1 *Holders of rec. Mar. 14
'
1 34
7% preferred (guar.)
$1.75 kpr. I Holders of rec. Mar. 14
Alabama Power, $7 pref. (quar.).
•144 Apr. 1 'Holders of rec. Mar. 14
014% Preferred (guar.)
•1 Li
$1.50 Apr. 1 Holders of rec. Mar. 14
$6 Preferred (tartar.)
Apr. 1 "Holders of rec. Mar. 14
0% Preferred (guar.)
81.25 May 1 Holders of rec. Apr. 15
$5 preferred (guar.)
Elec. Pr. & I.t. allot. efts, full pd.(qu.)
114 Apt. 1 Holders of rec. Mar. 7a
$1.75 July 1 Holders of rec. June 15
$7 preferred (quar.)
Allotment certificates 80% paid ((Su,)..
1.40 ker. I Holders of rec. Mar. 70
$1.50 July 1 Holders of rec. June 15
£6 preferred (Otter.)
$7 preferred ((Suar.)
$1.75 Apr. 1 Holders Of ree. Mar. 7a
$5 preferred (guar.)
$1.25 Ariz. 1 Holders of rec. July 15
$e preferred ((Sttar.)
$1.50 Apr, 1 Holders of rec. Mar. 71
American Chief; Pow. & Lt., cl. A (qu.) (p) May I. !folders of rec. Apr. 4
Eastern Gas & Fuel Awe°. Dr. Pr.(au)... $1.125 Apr, 1 Holders of roe. Mar. 15
p5
Aug. 1 Holders of rec. July 3
Claes 13 On class B stock)
Preferred (guar.)
144 Apr. 1 Holders of rec. Ma.. lb
Amer. Community Pow.Co., lot pt.(qu.) $1.50 Apr. 1 Holders of rec. Mar. 14
Electric Bond & Share, common
11 )4 Apr. 1 Hoders of rec. Mar. 7
$1.50 Apr. 1 Holders of rec. Mar. 14
Preference (quar.)
36 preferred (gnat.)
$1.50 May 1 Holders of rec. Apr. 4
Amer. Dist. Teleg. of N.J.,corn.(au.)_. •1
Apr. 15 'Holders of rec. Mar. 15
$5 preferred (guar)
$1.25 May 1 Holders of roc. Apr. 4
•
Apr. 15 *Holders of rec. Mar. 15
Preferred (guar.)
Electric Public Service, pref. (guar.) _ _ •1
Apr. 1 'Holders of rec. Mar. 21
250. Apr. 1 Holders of rec. Mar. 17
Amer. Gas & Mee.,cool.(quar.)
Empire District Elec. Co., pf.(mthly.)
50e Apr. I Holders of rec. Star. 14
$1.50 May 1 Holders of ree. Apr. 9
Preferred (guar.)
6% preferred (monthly)
50c. May 1 Holders of rec. Apr. 15a
pref.
(m.).
Hollere
Amer. & Foreign Power, $7
51.75 Apr. 1
of rec. Mar. 140 Empire Gas & Fuel Co.,8% pf,(int ly.) _ 66 2-3c Apr. I Holder, of rec. Mar. 14a
$6 preferred (guar.)
51.75 Apr. 1 Holders of rec. Mar. 14a
7% preferred (month)y)
58 1-3c Apr. 1 Holders of rec. Mar. 14a
Amer. Power St Light, $5 pref. std.(an.) $14" Apr. 1 Holders of rec. Mar. 14a
.54 1-0e Apr. 1 Holders of roe. Mar. 14a
63.4% preferred (monthly)
$5 preferred (guar.)
Apr. 1 Holders of ren. Mar. I4a
51
6% preferred (Monthly)
50c Apr. 1 Holders of rec. Mar. 14a
$1.50 Apr. 1 Holders ot rec. Mar. 141
$6 preferred ((mar.)
8% preferred (monthly)
66 2-3c May 1 Holders of rec. Apr. I5a
American Public Service, Prof. quar.)
•14 Apr. 1 *Holders of rec. Mar. 16
7% preferred (monthly)
58 1-3c May 1 Holders of rec. Apr. 15a
Amer. States Public Service, el. A (qu.)_ •40c. Apr. I 'holders of rec. Mar. 25
54 1-6e May 1 Holders of rec. Apr. 15a
634% preferred (monthly)
6% preferred (guar.)
'114 Apr. 1 'Holders of ree. Mar. 25
6% preferred (monthly)
50e. May 1 Holders of rec. Apr. 15a
Amer. Superpower, 1st pref. (quar.)_. $1.50 Apr. 1 Holders of rec. Mar. 16
Empire Power Corp., 30 pref. (quar.)_ _ $1.50 Apr, 1 Holders of rec. Mar. 17
SO preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 16
Participating stock
36e. Apr. 1 Holders of rec. Mar. 17
Amer. Telep. & Teirsg. (guar.)
214 Apr. 15 Holders of rec. Mar. 14a Engineers Public Service. corn.(guar.)- tiOc. Apr, 1 Holders of rec. Mar. 17a
Amer. Water Wens & El., corn.(qua_
730. May 1 Holders of rec. Apr. 10,
36 preferred (guar.)
$1.50 tpr. 1 Holders of rec. Mar. 17
$O let preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 12.
$5.50 preferred (guar.)
$1.375 Apr. 1 Holders of me Mar. 17a
Appalachian Elec. Power,$7 pref.(qu.)_ •$1.75 Apr. 1 *Holders of rec. Mar. 6
$5 preferred ((Suar.)
$1.25 Apr. 1 Holden; of rec. Mar. 17a
54$ preferred (guar.)
•$1.50 Apr. 1 "Holders of rec. Mar. 6
Fairmount Park Tranalt pref. (quar.)
•17tie Apr. 10 "Holders of ree. Mar. 31
Appalachian Gan Corp.,$7 pref. (aunt.), .51.75 Apr. 1 *Holders of me. afar. 20
Feather River Power, pref. A (guar.)... •14 Apr. 1
$1.
Arizona Edison Co., $614 pref. Hunt.)...
.625 Apr. 1 Holders of rec. Mar. 14a Federal Light & Tract.. corn. (guar.).-. 373.4c. Apr. 1 Holders of ree. Mar. 13a
Arizona Power, 8% Pref. (quar.)
Apr. 1 *Holders of rec. Mar. 24
.2
Common (payable In corn. stock)
Apr. 1 Holders fo ree. Mar. 130
fl
79, preferred (guar.)
•134 Apr, I Holders of rec. afar. 24
Federal Water Service,$7 pref.(quar.).. $1.75 Apr. 1 Holders of rec. Mar. 16
Arkansas Natural Gas Corp., pref. (qu.)
150. Apr. 1 Holders of rec. Mar. 20
$6.50 preferred (guar.)
• 1.62.5 Apr, 1 Holders of rec. Mar. 16
Arkansas Power& Light,$7 prof (quar.)_ $1.75 Apr. I Holders of rec. Mar. 14
$11 preferred (guar.)
$1.50 Apr, 1 Holden of ree. Mar. 16
56 preferred (quar.)
$1.50 Apr. 1 Holders of ree. Mar. 14
Florida Power & Light, pref. (quar.)14 Apr. 1 Holders of rec. Star. 21
Associated Telep.& Teleg. Co.. cl.A.(qu) 41
Apr. I Holders of ree. Mar. 17
Foreign Light & Power SO let pf. (qu.)
$1.50 Apt. 1 Holders of rec. Mar. 20
Class A (participating dividend)
500. Apr. 1 Holders of rec. Mar. 17
Frankf.& So'wark Phila. Pass. Ry.(qu.) 54.50 Apr. 1 Holder, of rec. Mar. 1
$1.50 Apr. 1 Holders of rec. Mar. 17
56 first preferred (guar.)
(lank Elec. Securities Co., corn.(mthly.)
50e. Apr, 1 Holders of rec. Mar. 14a
7% first preferred (aunt.)
134 Apr. 1 Holders of rec. Mar. 17
Common (payable In coin. stock)___. /24 Apr, 1 Holders of rec. Mar. 140
$4 preference (guar.)
51 Apr. 1 Holders of rect. Mar. 17
Preferred (monthly)
58 1-3c Apr, 1 Holders of rec. Mar. ha
Associated Telep. Utilities, corn. guar.)- 12
Apr. 15 Holders of roe. Mar. 31
Gas Securities Co., corn. In scrip (mthly). 01-4 Apr. 1 Holders of rec. Mar. 14a
$6 convertible preferred A (aunt.).... $1.50 Apr. 1 Holders of tea. Mar. 14
Preferred (monthly)
5(1e. Apr, 1 Holders of rec. Mar. 140
•
Bangor Hydro Elec. Co., 7% prof.
Apr. 1 'holders of me. Mar. 10
General Gas & Elec., el. A (ouar.)
1744c. Apr. 1 Holders of rec. Feb. 270
•1
Apr. 1 •Holtiers of rec. Mar. 10
69). preferred (guar.)
$7 pref. series A (cnon..)
$1.75 Apr, 1 Holders of rec. Feb. 27a
2
Bell Telephone of Canada (guar.)
Apr, 15 Holders of ree. Mar. 23
$9 pref. serial A (quar.)
Apr. 1 Holders of rec. Feb. 27a
$2
Boll Telephone of Pa.. 614% pref. ((111.) 1)4 Apr. 15 Holden of rec. Mar.20
General Public rite. $7 Prof.(quar.)
$1.75 Apr, 1 Holders of rec. Mar. 141
Birmingham Electric Co., $7 pref. (qu.) $1.75 Apr. 1 Holders of rec. Mar. 21
General Water Works & El. Corp.
(guar.)
$1.50 Apr. 1 Holders of roc. Mar. 21
$6 preferred
$7 preferred (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 20
1)4 Apr. 1 Holders of rec. Mar. 10
Boston Elevated, corn.(guar.)
36.50 preferred (quar.)
$1.625 Apr. 1 Holders of rec. Mar. 20
Second preferred
33.4 Apr. 1 Holders of rec. Mar. 10
Georgia Power, SO pref. (quar.)
$1.5( Apr, 1 Holders of rec. Mar. 140
Brazilian Tr. Light & Pow.. pref.(guar.) 1
Apr. 1 Holders of me. Mar. ln
$3 preferred (quar.)
$1.25 Apr. 1 Holden of rec. Mar. 14a
Ilrklgeport Gas Light (guar.)
.60e. Mar. 31 *Holders of rec. Mar. 18
Germantown Pass. Sty, (Phila.) (qn.)....$ 1,313.4 Apr. 0 Mar. 18 to
Apr. 5
Bridgeport Hydraulic (guar.)
*40e. Apr. 1' "Holders of rec. Apr. 1
Gold & Stock Telegraph (guar.)
134 Apr. 1 Holders of ree. Mar. 31a
Britlah Columbia Power. 'lass A (guar.)
50e. Apr. 1' Holders of rec. Mar, 31
Great West.. Power (Calif.), 7% pfd.(qu) •In Apr. 1
Brooklyn Borough Gas, common (qu.)._ .$1.50 Apr. 10 'Holders of rec. Mar. 31
6% preferred (quar.)
•144 Apr. 1
Participating preferred (guar.)
.81 4c Apr. 1 *Holders of rec. Mar. 17
Greenwich Water & Gas System. p1,(qu.) 13.4 Apr. 1 Holders of rec. Mar. 20
Brooklyn-Manhattan Transit, corn.(Cu.) 51 Apr. 15 Holders of rec. Apr. la Ilackenarick Water, pref. A ((Suar.)
434ic Mar. 31 Holders of rec. Mar. 17a
$1.50 Apr. 15 Holders of rec. Apr. la Hartford Galt COM. & pref. (guar.)
Preferred series A (guar.)
.50c. Mar. 31 "Holders of rec. Mar. 16
Brooklyn & Queens Tmnsit„ pre( (gu.)-- 134 Apr. 1 Holders of rec. Mar. 230 Haverhill Gas Light Co. (guar.)
50c. Apr. 1 Holders of rec. Mar. 20
Brooklyn Union Gas (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 20 Houston Natural Gas,7% pref. (quar.)- •87340 Mar. 31 *Holders of reo. Mar. 20
Cable,St Wireless,
Illinois Power Co.,6% pref.(quar.)
144 Apr, 1 Holders of rec. Mar. 16
Amer. dep. recta. 51.4% pref
'w234 Apr. 6 *Holders of reo. Feb. 27
7% preferred (guar.)
1"1 Apr. 1 Holders of rec. Mar. 16
*$1.7.5 Apr.
Cairo Water. pref. (guar.)
'Hollers of rec. Mar. 20
Illinois Power & Light, $6 Prof.(au)..... 051.50 May 1 *Holders of rec. Apr. 10
1% Apr.
Calgary l'ower Co., Ltd., corn.((Nara
Holders of reo. Mar. 16
6% preferred (guar.)
145 Apr. 1 Holders of rec. Mar. 10
•1 34
Canada North. Pow. Corp., coal. (qu.)
2414. Apr. 2 Holders of roc. Mar. 31
Indiana General Service, pref.(guar.)
Apr. 1 'Holders of ree. Mar. 8
1% Apr. 15 Holders of ree. Mar. 31
Preferred (guar.)
Indiana & Michigan Elec., 7% pref.(atl.) '114 Apr. 1 'Holders of rec. Mar. 6
Canadian Light & Power, corn.(No. 1)- 1
Holders of rec. Mar. 23
Apr.
6% preferred (quar,)
*1% Apr. 1 "Holders of roe. Mar. 6
Car.adian Western Natural Gas, Light,
Indlannoolts Water Co.. pref. k 0111.1
1 14 Apr. 1 Holders of ree. Mar. 12a
0250. June 1 'Bottle- ..1 rec. Slay le
Heat & Power, preferred (extra)
Internat. Hydro-Elec.System, cl. A(411.) (15
Apr. 15 Holders of rec. Star, 25a
1
Apr.
Holders of roe. Mar. 14
Capital Traction (Wash., D. C.)(qu.)
$3.50 convertible preferred (quar.)...87 qc• Apr. 15 Holders of rec. Mar. 25a
Carolina Power & Light, $7 pref.(guar.) $1.75 Apr.
Holders of rec. Mar. 21
Internat'l Ocean Telegraph (guar.)
*1 44 Apr. 1 *Holders of rec. afar. 31
$1.50 Apr.
Holders of rec. Mar.21
$6 preferred (quar.)
international Power, Ltd.. pref. (au.)
14 Apr, 1 Holders of rec. Mar. 16
Central Illinois Pub. Serv.. $6 pref.(qu.) •$1.50 ker. 1 *Holders of rec. Mar. 31
International Superpower (guar.)
25c. Apr. 1 Holden of ree. Mar. 18
Name of Company.
Per
When
C6711. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
500. Apr. 15 Holders of reo. Mar. 20a
Internat. Telep. & Teleg. Corp.(guar.).
International Utilities close A (quar.)___ 87%0 Apr. 15 Holders of reo. Mar. 276
1% May 1 Holders of rec. Apr. 17a
Preferred (guar.)
51.75 Apr. 1 *Holders of rec. Mar. 5
Interstate Power, $7 pref. (quar.)
.
*51.50 Apr. 1 *Holders of reo. Mar. 5
$6 preferred (titian)
1% Apr. 15 Holders of rec. Mar. 31
Interstate Pub.Serv.. 7% pr. lien (qu.)_
Apr. 1 "Holders of rec. Mar. 14
'1
Iowa Power & Light, 7% pref.(guar.)
"1% Apr. 1 *Holders of rec. Mar. 14
6% preferred (guar.)
Iowa Public Service, $7 1st prof. (guar.) *$1.75 Apr. 1 *Holders of rec. Mar. 14
*31.50 Apr. 1 *Holders of rec. Mar. 11
$6 first preferred (guar.)
*$1.75 Apr. 1 'Holders of rec. Mar. 14
$7 second preferred (guar.)
"51.50 Apr. 1 *Holders of rec. Mar. 14
$6.50 second preferred (guar.)
•15,i Mar. 31 *Holders of roe. Mar. 15
Iowa By.& Light,7% pref. A (guar.)_
•1% Mar. 31 "Holders of rec. Mar. 15
6%% preferred B (quar.)
4,1ji Mar. 31 *Holders of rec. Mar. 15
6% preferred C(guar.)
Iowa Southern Utilities, 7% pref. (au.). •13i Apr. 1 *Holders of reo. Mar. 14
*1% Apr. 1 *Holders of rec. Mar. 14
% preferred (guar.)
6% preferred (guar.)
'134 Apr. 1 *Holders of roe. Mar. 14
25o. Apr. 1 Holders of reo. Mar. 13
Jamaica Public Serv., corn. (quar.)
1% Apr. 1 Holders of reo. Mar. 13
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 15
Jamestown Telephone,7% let pref.(qu.)
Apr. 1 Holders of rec. Mar. 10
Jersey Central Power & Lt.,7% pf.(au.)
Apr. 1 Holders of rec. Mar. 10
6% preferred (guar.)
Apr. 15 *Holders of rec. Apr. 1
Joplin Water Works,6% pref. (guar.)
Apr. 1 Holders of reo. Mar.14a
Kansas City Power & Lt., pf. B (qu.)
Apr. 1 'Holders of reo. Mar. 14
Kansas Electric Power. prof.(altar ---Apr. 1 Holders of rec. Mar. 14
6% junior preferred (guar.)(No. 1) _
Apr. 1 Holders of rec. Mar. 19
Kansas Gas & Electric., 7% pref.(guar.)
Apr. 1 Holders of rec. Mar. 19
$6 preferred (guar.)
Apr. 1 *Holders of rec. Mar. 14
Kentucky Power,8% pref. (guar.)
Apr. 1 *Holders of reo. Mar. 14
7% preferred (guar.)
Apr. 1 *Holders of reo. Mar. 14
6)4% preferred (guar.)
Apr. 1 Holders of rec. Mar. 17
Kentucky Securities, cow.(guar.)
Apr. 15 Holders of rec. Mar. 17
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 16
Keystone Public Service,$2.80 pref.(au.)
May 1 Holders of rec. Apr. 22
Keystone Telephone of Phila., pref.(qu.)
Apr. 1 *Holders of rec. Mar. 18
Kings County Lighting, corn. (guar.)
Apr. 1 *Holders of reo. Mar. 18
7% Preferred (guar.)
'
1 31 Apr. I *Holders of reo. Mar. 18
5% Preferred (guar.)
*1% Apr. 1 *Holders of rec. Mar. 25
Lake Erie Power dr Light, pref.(quar.)
*3% Mar. 31 *Holders of rec. Mar. 26
Lockhart Power, preferred
*22c. Mar. 31 *Holders of reo. Mar. 14
Lone Star Gas, common (guar.)
1% Apr. 1 Holders of rec. Mar. 17
Long Island Ltg., 7% pref. (guar.)
131 Apr. 1 Holders of rec. Mar. 17
6% preferred (guar.)
•$1.25 Mar. 31 *Holders of reo. Mar. 23
Lynn Gas & Elec. (guar.)
Apr. 1 Holders of rec. Mar. 13a
1
Mackay Cos., pref. bluer.)
1% Apr, 1 Holders of rec. Mar. 200
Manhattan By.,7% guar. stook (quar,)_
*51.75 Apr. 1 *Holders of rec. Mar. 20
Marion Water, pref. (guar.)
Maritime Tel. & Tel., corn. (guar.).- _ "200. Apr. 1 *Holders of rec. Mar. 15
'
1734c Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
Memphis Natural Gas,common (guar.). "15c. Apr. 15 *Holders of rec. Mar. 31
•$1.75 Apr, 1 *Holders of rec. Mar. 20
Preferred (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 14
Memphis Power dr Light, $7 pf.(au.)$1.50 Apr. 1 Holders of rec. Mar. 14
$6 preferred (quar.)
Apr. 1 'Holders of rec. Mar. 2
Metropolitan Edison Co., corn. (guar.). "51
.031.75 Apr. 1 'Holders of rec. Mar. 2
$7 Preferred (guar.)
*$1.50 Apr. 1 *Holders of rec. Mar. 2
$6 Preferred (quar.)
•$1.25 Apr. 1 *Holders of reo. Mar. 2
$5 preferred (altar.)
Michigan Public Service.8% pref. (qu.)_ '1)4 Apr. 1 *Holders of rec. Mar. 16
Middle States Utilities. 7% pref. (guar.) *1% Mar.31 'Holders of rec. Mar. 20
1*% Mar. 31 'Holders of rec. Mar. 2n
8% preferred (guar.)
1% Apr. 6 Holders of rec. Mar. 21
Midland Utilities, 7% prior lien (qu.)__
134 Apr. 6 Holders of rec. Mar. 21
6% prior lien (guar.)
1% Apr. 8 Holders of rec. Mar. 21
7% preferred A (guar.)
1)4 Apr. 6 Holders of rec. Mar. 21
6% preferred A (guar.)
131 Apr. 1 Holders of rec. Mar. 14
Minnesota Power & Light,7% pf. (au.)_
Apr. 1 Holders of rec. Mar. 14
134
$6 preferred (guar.)
Apr. I *Holders of reo. Mar. 14
Mississippi River Power, Pref.(quar.)___
Miss. Valley Pub.Serv., pref. B (qu.)-- •13,5 Apr. I 'Holders of reo. Mar. 20
May
1 Holders of reo. Apr. 15
$1.75
Prof.
(guar.)...
Pow.,
Mohawk & Hudson
$1.75 Apr. 1 Holders of reo. Mar. 18
Second preferred (guar.)
Monongahela Valley Water, prof.(guar.) 91% Apr. 15 *Holders of reo. Apr. 1
Monongahela West Penn. Pub.fiery.43%c Apr. 1 Holders of reo. Mar. 14
7% preferred (guar.)
370. Apr. 30 Holders of rec. Mar. 31
Montreal Lt., Heat & Pow. Consol.(qu.)
*80c. Apr. 15 *Holders of rec. Mar. 31
Montreal Telegraph (guar.)
Mountain States Power Co., pref.(guar.) 1% Apr. 20 Holders of rec. Mar. 31
38c. Apr. 1 Holders of rec. Mar. 16
Municipal Service Co.. corn.(quar.)_
Municipal Telep. & UtilitiesClass A, series X °Us. (guar.). ...- *21310 Apr. 1 *Holders of reo. Mar.25
*50. Apr. 1 'Holders of reo .Mar. 25
Class A, series X ctts. (extra)
Cl. A,ser. IC ces.(special)(pay.In stk) *elOc. Apr. 1 'Holders of reo. Mar. 25
Apr. 1 Holders of reo. Mar. 25
433-je
(guar.)
.
_
7% preferred
'Sc. Apr. 1 *Holders of reo. Mar. 18
Mutual Telephone (Hawaii)(monthly)-25e. Apr. 15 Holders of reo. Mar.31
National Fuel Gas (guar.)
450. Mar.31 Holders of reo. Mar. 10
National Eleo. Power,corn.,class B (qu.)
1% Apr. 1 Holders of reo. Mar. 10
7% preferred (guar.)
Apr. 1 Holders of rec. Mar. 10
1%
(guar.)
6% preferred
National Gas & Elec. Co.,8)4% pt.(qu.) .0131 Apr. 1 *Holders of rec. Mar.20
National Power & Light,$6 pref. (qu.)-- $1.50 May 1 Holders of rec. Apr. 11
National Public Service pref. A (quar.)- 1% Apr. 1 Holders of rec. Mar. 10
Nevada-Calif. Elec. Corp., pref. (guar.) 1% May 1 Holders of reo. Mar. 30a
$1.375 Apr. 1 Holders of reo. Feb. 27
New England G.& E.Assn. pref.(qu.)
1% Apr. 1 Holders of rec. Mar. 10
New England Power Co.. pref. (quar.)._
50o Apr. 15 Holders of reo. Mar.310
New England Power Assn., corn.(au.)_
1%
Apr. 1 Holders of reo. Mar. 100
6% Pref. (guar.)
50o. Apr. 1 Holders of rec. Mar. 10a
$2 preferred (guar.)
250. Mar. 31 Holders of reo. Mar. It
New England Pub.Serv., corn.(quar.)
/1% Mar. 31 Holders of rec. Mar.14
Common (payable in common atock)
$1.75 Apr. 15 Holders of red. Mar. 31
57 preferred (guar.)
Apr. 15 Holders of rec. Mar.31
$1.75
adjustment
preferred (quar.)--,
$7
$1.50 Apr. 15 Holders of rec. Mar. 31
56 preferred (quar)
$1.50 Apr. 15 Holders of reo. Mar. 31
$8 convertible preferred (qalor.)
2
Mar.31 Holders of rec. Mar. 10
New England Tel. & Tel.(guar.)
*2
Apr. 1 'Holders of rec. Mar. 15
New Hampshire Power, pref. (guar.)13-I Apr. 1 Holders of rec. Mar.20
New Jersey Water Co.,7% prof.(guar.)New Orleans Public Service, pref.(guar.) $1.75 Apr. I Holders of reo. Mar. 18
N.Y.Power & Light CorP.,7% Pt. (flu.) I% July 1 Holders of reo. June 15
$1.50 July 1 Holders of reo. June 15
$8 preferred (guar.)
'
1)4 Apr. 1 *Holders of rec. Mar. 16
N.Y.& Richmond Gas (guar.)
New York Steam Corp.:18 Pref.(quar.). $1.50 Apr, 1 Holders of reo. Mar. 160
$1.75
Apr. 1 Hloders of rec. Mar. 166
$7 preferred (guar.)
1% Apr. 15 Holders of rec. Mar.20
New York Telephone, pref.(guar.)
100.
Mar. 31 Holders of roe. Mar. 70
(qu.)_
corn.
Pow.,
Hudson
Niagara &
12% Apr. 1 Holders of rec. Mar. 60
North American Co.,corn.(guar.)
75c. Apr. 1 Holders of reo. Mar. 55
Preferred (guar.)
May 15 *Holders of rec. Apr. 20
North Amer. Light & Pow., cons.(qu.)-- 412
$1.50 Apr. 1 Holders of rec. Mar.20
$6 preferred (guar.)
North Continent Utilities, 7% pf.(qu.)_ '1)4 Apr. 1 *Holders of reo. Mar. 14
'1)4 Apr. 1 *Holders of reo. Mar. 14
6% preferred (guar.)
1% Apr. 14 Holders of reo. Mar. 31
Northern Ind. Pub. Serv.,7% pt. (qu.)_
1% Apr. 14 Holders of rec. Mar. 31
6% preferred (guar.)
1% Apr. 14 Holders of rec. Mar. 31
5;4% preferred (guar.)
Northern N Y. Telephone Corp (qu.)-- *2.14 Apr. 15 *Holders of reo. Mar. 31
154 May 1 Holders of reo. Apr. 10
Northern N. Y. Utilities. Prot (quar.).._
50c. Apr. 25 Holders of rec. Mar.31
Northern Ontario Power, corn.(guar.)._
1% Apr. 25 Holders of reo. Mar. 31
Preferred (guar.)
May 1 Holders of rec. Mar. 31
2
Northern States Power, com. A (quar.)
1% Apr. 20 Holders of rec. Mar. 31
7% preferred (guar.)
Apr. 20 Holders of rec. Mar. 31
1%
(guar.)
6% preferred
1)4 Apr. 1 *Holders of roe. Mar. 17
Northport Water Works, pref. (guar.)._'
North West Utilities. 7% pr. lien (au.).. 1% Apr. 1 Holders of reo. Mar.14
Mar. 31 Holders of rec. Mar. 28
Northwestern Bell Telephone, corn.(qu.) 2
1% Apr. 15 Holders of reo. Mar. 20
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 13a
Co.,
$5
$1.25
Edison
preferred
Ohio
(Qum.)
$1.50 Apr. 1 Holders of reo. Mar. 136
58 preferred (guar.)
$1.85 Apr. 1 Holders of rec. Mar. 13a
$8 60 Preferred (guar.)
$1.75 Apr. 1 Holders of reo. Mar. 13a
$7 preferred (guar.)
$1.80 Apr. 1 Holders of reo. Mar. 'fin
$7.25 preferred (guar.)
1% Apr. 1 Holders of rec. Mar d
Ohio Electric Power.7% pref.(guar.)._ _
1% Apr. 1 Holders of rec. Ma?. 16
8% preferred (guar.)
(VOL. 182.
FINANCIAL CHRONICLE
2332
Name of Company.
When
Per
Cent. Payable.
Booke Closes.
Days Incluoies.
Public Utilities (Continued).
58 1-3c Apr. 1 Holders of rec. Mr.r. 14a
Ohio Public Service, 7% pref.
50c. Apr. 1 Holders of rec. Mar. 14a
(mthly.)%
preferred (monthly)
41 2-3c Apr. 1 Holders of reo. Mar. 14a
5% Preferred (monthly)
7% preferred (monthly)
58 1-30 May 1 Holders of rce. Apr. 15a
50c. May 1 Holders of rec. Apr. 15a
6% preferred (monthly)
41 2-30 May 1 Holders of reo. Apr. 15a
5% Preferred (monthly)
Mar. 31
1% Apr. 1 Mar 25 to
Ohio Telephone Service, pref.(quar.)
•1% Apr. 1 *Holders of reo. Mar. 25
Orange & Rockland Klee., pref.(quar.)
Ottawa Light, Heat & Pow., com.(quar.) 1% Mar. 31 Holders of rec. Mar. 16
1% Apr. I Holders of reo. Mar. 16
Preferred (guar.)
Otter Tall Power, $6 pref.(guar.)
•31.50 Apr. 1 Holders of rec. Mar. 15
$5.50 preferred (guar.)
• 31.375 Apr. 1 Holders of rec. Mar. 15
500. Apr. 15 Holders of reo. Mar. 31a
Pacific Gas & Elec., corn.(guar.)
31.50 Apr. 15 Holders of reo. Mar.31
Pacific Lighting corp.,$6 pref.(quar.)
Apr. 1 'Holders of rec. Mar. 14
Pacific N. W.Pub. Ser., pr. pi.(ea.).*1% Apr. 1 *Holders of rec. Mar. 14
6% first preferred (guar.)
•$1.80 May 1 'Holders of rec. Apr. 15
7.2% first preferred (guar.)
131 Mar. 31 Holders of reo. Mar. 20a
Pacific Tel. & Tel., C01:11. (altar.)
I% Apr. 15 Holders of reo. Mar. 31a
Preferred (guar.)
*1% Apr. 1 *Holders of rec. Mar. 17
Panama Power & Light, pref. (guar.)
Peninsular Telephone Co., corn. (quar.)_ *35c. Apr. 1 *Holders of rec. Mar. 14
700. Apr. 1 Holders of reo. Mar. 10
Penn Cent. Lt.& Pow.,$2.80 pt.(qu.)
$1.25 Apr. 1 Holders of reo. Mar. 10
$8 preferred (guar.)
Pennsylvania Gas de Elec. Co.7% Pi.(qu) *1% Apr. 1 *Holders of rec. Mar.20
Penna. Gas & El. Corp. $7 Pt.(quar.)._ .$1.75 Apr. 1 *Holders of reo. Mar. 20
•14f Apr. 1 *Holders of rec. Mar.20
7% preferred (guar.)550. Apr. 1 Holders of rec. Mar. 20
Penna. Power Co., $6.60 pref. (mthly.)550. May 1 Holders of rec. Apr. 20
56.60 preferred (monthly)
550. June 1 Holders of rec. May 20
$6.60 preferred (monthly)
$1.50 June 1 Holders of reo. May 20
$8 preferred (monthly)
Pennsylvania Power & Light,$7 of.(au.) $1.75 Apr. 1 Holders of rec. Mar. 14
31.50 Apr. 1 Holders of rec. Mar. 14
$6 preferred bluer.)
$1.25 Apr. I Holders of rec. Mar. 14
55 preferred (altar.)
Pennsylvania Telep. Corp., pref.(qu.).- *SIM Apr. 1 *Holders of rec. Mar. 14
75c. Apr. 1 Holders of rec. Mar. 13
Pennsylvania Water & Power (quar.)__
Apr, 17 Holders of rec. Apr. 36
2
Peoples Gas Light & Coke (guar.)
600. Apr. 1 Holders of rec. Mar. 14
Peoples Lt. & Pr., corn. class A (guar.).
Peoria Water Works Co., 7% pref. (qu.) 15i Apr. 1 Holders of rec. Mar. 20
Apr. 15 *Holders of reo. Mar.31
*52
Peoples Telephone Corp. (guar.)
20c. Apr, 30 Holders of reo. Apr. la
Philadelphia Company, corn. (guar.)15o. Apr. 30 Holders of reo. Apr. la
Common (extra)
$1.50 May 1 Holders of reo. Apr. la
6% preferred
$1.50 Apr. 1 Holders of rec. Mar. 2a
$6 preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 2
55 preferred (guar.)
500. Apr. 1 Holders of rec. Mar. 11
Philadelphia Elec. Pow.,8% of. (q11.)--$1.75 May 1 Holders of reo. Apr. la
Phila. Rapid Transit. preferred
52 Apr. 1 Holders of roc. Mar.10
Philadelphia Traction
Portland General Elec.,7% pr. pfd.(gil.) '154 Apr. 1 *Holders of rec. Mar. 14
•1 34 Apr. 1 *Holders of reo. Mar. 14
6% first preferred (guar.)
Porto Rico Power Co., pref. (guar.)_- 1% Apr. 1 Holders of reo Mar. 16
1% Apr. 15 Holders of rec. Mar. 31
Power Corp. of Canada,6% Pt.(qu.)_
750. Apr. 15 Holders of rec. Mar. 31
Participating preferred( guar.)
•300. Apr. 1 *Holders of rec. Mar. 14
Providence Gas (quar.)
Pub. Serv. of Col., 7% prof. (monthly). 581-3c Apr. 1 Holders of rec. Mar. 14
50c. Apr. I Holders of rec. Mar. 14
% preferred (monthly)
41 2-3c Apr. 1 Holders of reo. Mar. 14
A% preferred (monthly)
581-3c May 1 Holders of rec. Apr. 150
7% preferred (monthly)
50o. May 1 Holders of reo. Apr. 15a
6% Preferred (monthly)
412-30 May 1 Holders of reo. Apr. 15a
5% preferred (mnothly)
850. Mar.31 Holders of rec. Mar. 26
corn.
(qu.)
Corp.
of
N.
J.,
Service
Publlo
$1.25 Mar. 31 Holders of rec. Mar. 2a
$5 preferred (guar.)
1% Mar. 31 Holders of rec. Mar. 2a
7% preferred (guar.)
Mar. 31 Holders of reo. Mar. 2a
2
8% preferred (guar.)
•500. Mar.31 *Holders of rec. Mar. 2
8% pf. (monthly)
Apr. 1 Mar. 21 to Apr. 1
2
Public Sera. Co.of Okla.. corn.(guar.)
1% Apr. 1 Mar. 21 to Apr. 1
7% prior lien stook (guar.)
1% Apr. 1 Mar. 21 to Apr. 1
679 Prior lien stook (guar.)
Public Service Elec. & Gas,7% Pl.(qu.) 1% Mar. 31 Holders of reo. Mar. 2
1% Mar.31 Holders of rec. Mar. 2
0% preferred (quar.)
Puget Sound Power & Light, pre. (qu.) 81.50 Apr. 15 Holders of reo. Mar.20
31.25 Apr. 15 Holders of reo. Mar. 20
Prior preferred (guar.)
6234o. Apr. 15 Holders of reo. Mar.23
Quebec Power (guar.)
1% Apr. 1 Holders of reo. Mar.20
Queensboro Gas & Elec.,6% pref. (qu.)_
Rochester Telephone Corp.. Coro. (qu.)_ •114 Apr. 1 *Holders of reo. Mar. 14
'154 Apr. 1 *Holders of rec. Mar. 14
6 A % preferred (guar.)
Rockville & Willlmantio Ltg..7%Pf.(qu.) '134 Apr. 1 'Holders of rec. Mar. 15
•1% Apr. 1 "Holders of rec. Mar. 15
6% preferred (guar.)
Bt. Joseph By., L. H.& Pow., pt. (qu.)_ •1% Apr. 1 *Holders of reo. Mar. 18
Saranac River Power Corp., corn.(guar.) •3734o Apr. 1 *Holders of reo. Mar.14
'1)4 Apr. 1 *Holders of reo. Ma?.14
Preferred (War.)
93
Apr. 1 *Holders of reo. Mar. 10
Savannah Eleo. & Power,6% pref
Apr. 1 "Holders of rec. Mar. 10
*2
First preferred A (guar.)
*1% Apr. 1 *Holders of reo. Mar. 10
First preferred B (guar.)
*1% Apr. 1 'Holders of reo. Mat. 10
First preferred C (guar.)
'134 Apr. 1 *Holders of reo. Mar. 10
First preferred D (guar.)
Scranton Electric Co.. $6 prof. (Quar.) •$1.50 Apr. 1 *Holders of reo. Mar. 9
Apr. I *Holders of reo. Mar. 1
Second St 3d St.. Phila. Pose Ry.(qu.) *83
630. Apr. 10 Holders of rec. Mar. 18
Shawinigan Water & Power (guar.) _
Shenango Valley Water.8% pref. (qu.). •1M Mar. 2 *Holders of rec. Feb. 20
1% Apr. 15 Holders of rec. Apr. 1
South Pittsburgh Water,7% pref.(qu.)
1% Apr. 15 Holders of reo, Apr. 1
6% preferred (guar.)
*62%a Apr. 1 *Holders of reo. Mar. 16
Southern & Atlantic Telegraph.
50c. Apr. 15 Holders of rec. Mar. 20
Southern Calif Edison, orig. pref.(qv.). _
_ 185Cc. Apr. 15 Holders of rec. Mar. 20
Preferred series C (guar.)
Southern Calif. Gas Co., pref. A (quar.)_ •37340 Apr. 15 *Holders of reo. Mar.31
I% Apr. 15 Holders of rec. Mar. 20
Southern Canada Power, pref. (guar.)._
Sou. Indiana Gas & Elec.,7% pref.(qu.) 1% Apr. 1 Holders of rec. Mar.24
1% Apr, 1 Holders of roe. Mar.24
6% preferred (guar.)
1.65 Apr. 1 Holders of reo. Mar.24
6.6% preferred (guar.)
*.t2
Apr. 1 *Holders of reo. Mar.20
Southern Union Gas, common (guar.)
Preferred (guar.) (No. 1)
4331o. Apr. 1 *Holders of rec. Mar. 20
Southwestern Bell Telep., pref. (guar.)
1% Apr. 1 Holders of rec. Mar.20
Southwestern Gas & Elec.,8% pfd.(qu.) *2
Apr. 1 *Holders of roc. Mar. 16
•1% Apr. 1 *Holders of rec. Mar. 16
7% preferred (quar.)
Southwestern Light & Power, pref. (qtr.) e$1.50 Apr. 1 *Holders of reo. Mar. 16
Springfield Gas & Elec., pt. A (guar.)._ 51.75 Apr.
Holders of rec. Mar. 14
Standard Gas & Electric, corn.(guar.)._ 873-Ic. Apr. 25 Holders of rec. Mar. 310
16 preferred (guar.)
$1.50 Apr. 25 Holders of rec. Mar. 310
$7 preferred (guar.)
$1.75 Apr. 25 Holders of rec. Mar. 31a
500. June 1 Holders of rec. May 11
Standard Pr.& Lt., corn.& corn. B (qu.)
Preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 16
Tacony-Palmyra Bridge, corn. (quar.)
*750. Mar. 31 *Holders of reo. Mar. 10
75e. Mar. 31 Holders of rec. Mar. 10
Class A (quar.)
1% Apr. 1 Holders of reo. Mar. 14
Tenn. Eleo. Power Co..5% Pt.(flu.)
8% first preferred (quar)
1% Apr. 1 Holders of rec. Mar. 14
iq Apr. 1 Holders of rec. Mar. 14
7% first preferred (guar.)
1.80 Apr. 1 Holders of reo. Mar. 14
7.2% first preferred (guar.)
6% first preferred (monthly)
50c. Apr. 1 Holders of reo. Mar. 14
7.2% first preferred (monthly)
600. Apr. 1 Holders of recs. Mar. 14
Texas-Louisiana Power, pref. (guar.)._
1% Apr, 1 Holders of rec. Mar. 20
Toledo Edison Co., 7% prof (monthly)_ 58 1-3c Apr. 1 Holders of rec. Mar. 14a
6% preferred (monthly)
50c. Apr. 1 Holders of rec. Mar. 140
42 2-3c Apr. 1 Holders of rec. Mar. I4a
5% preferred (monthly)
134 Apr. 1 Holders of rec. Mar. 14
Toledo Light & Power, Prof. (quar.)
Twin City Rapid Tr.. Minn., pref. (flu.) 1% Apr. 1 Holders of roe. Mar. 120
.
$2 Mar. 31 "Holders of reo. Mar. 14
Twin State Gas & Elec.. corn.(quar.)
•1
5% preferred (guar.)
Mar. 31 'Holders of rec. Mar. 14
•15.i Apr. 1 "Holders of reo. Mar. 14
7% Prior lien stook (guar.)
Union Eleo.L.& Pow.(Mo.)7% pt.(gu.)_ •1% Apr. 1 *Holders of roe. Mar. 14
•114 Apr. 1 *Holders of reo. Mar. 14
6% Preferred (guar.)
*50o. Apr. 1 *Holders of rec. Mar. 20
Union Utilities, Inc.. class A (guar.) 18510. Apr. 1 Holders of reo. Mar. 5a
United Corporation, corn. (guar.)
750. Apr. I Holders of rec. Mar. 56
Preferred (guar.)
United Gas & Elea. Corp., pref.(guar.). 1M Apr. 1 Holders of roe. Mar. 16
300. Mar.31 Holders of reo. Feb. 286
Milted Gm Inapt., corn.(qua?.)
$1.25 Mar.31 Holders of reo. Feb. 28a
$5 Preferred (altar.)
250. May 1 Holders of rec. Apr. 15o
United Lt. & Pow., corn, A & B (qu.)-_
51.50 Apr. 1 Holders of rec. Mar. 1130
$6 first preferred (quar.)
United Lt.& Rys.(Del.)7% pf.(mthly).• 58 1-3o Apr. 1 *Holders of reo. Mar. 15
•53o. Apr. 1 *Holders of reo. Mar. 15
6.36% Prior Prof.(monthly)
*50o. Apr. 1 *Holders of reo. Mar. 15
6% prior pref.(monthly)
MAR. 28 1931.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
United Power & Light(Kan.), pref.(qu.) *IN Apr. 1 *Holders of reo. Mar. 15
United Public Service,$7 pref.(qu.)
•$1.75 Apr. 1 *Holders of rec. Mar. 14
$8 preferred (guar.)
•51.50 Apr. 1 *Holders of rec. Mar. 14
United Pub. CUL,85.75 pref. (qu.)--e3 1.4314 Apr. 1 *Holders of rec. Mar. 14
Utah Power & Light, $7 pref.(quar.)
$1.75 Apr. 1 Holders of rec. Mar. 5
$1.50 Apr. 1 Holders of rec. Mar. 5
$6 preferred (Qua?.)
Utilities power & Light, corn. (qua?.).. 250. Apr. 1 Holders of rec. Mar. 5
1.14 Apr. I Holders of rec. Mar. 5
7% Preferred (guar.)
(r) Apr. I Holders of roe. Mar. 50
Class A (guar.)
250. Apr. 1 Holders of rec. Mar. 5
Class B (guar.)
Virginia Pubic Service, 7% pref.(guar.) 134 Apr. 1 Holders of roe. Mar. 18
114 Apr. 1 Holders of roe. Mar. 16
6% preferred (gear.)
.031.75 Apr. 1 *Holders of rec. Mar.20
Warren (Ohio) Tel.. prof. (qua?.)
•114 Apr. 1 *Holders of rec. Mar. 15
Washington Gas & El., pref.(qua?.)
88140 Mar. 31 Holders of rec. Mar. 17
Western Massachusetts Cos.(qua?.)
114 Apr. 1 Holders of rec. Mar. 25
Western Power Corp., pref. (quar.)_
2
Apr. 15 Holders of rec. Mar.20a
Western Union Telegraph (qua?.)
Western United Gas.614% p1.(quar.)__ All% Apr. 1 *Holders of rec. Mar. 18
*114 Apr. 1 *Holders of rec. Mar. 16
6% preferred (guar.)
West Kootenay P.& L.. Prof. (qua?.).. I% Apr. 1 Holders of roe. Mar.25
West Penn Elec. Co., class A (guar.)._ $1.75 Mar. 30 Holders of rec. Mar. 170
1% May 15 Holders of rec. Apr. 20a
7% preferred (quar.)
6% preferred (qua?.)
134 May 15 Holders of rec. Apr. 200
West Penn Power Co.,7% Pref.(qua?.). 1% May 1 Holders of roe. Apr. 60
(quer.)
114 May 1 Holders of roe. Apr. 60
preferred
6%Va. Water Service, $8 pref.(qu.)..•$1.50 Apr. 1 *Holders of roe. Mar. 21
West
Westmoreland Water Co., 1/3 pref.(TO- 81.50 Apr. 1 Holders of rec. Mar.20
Winnipeg Electric Co., pref.(quar.)--,- 114 Apr. 1 Holders of roe. Mar. 6
Wisconsin Elec. Pow.,811% prof.(qu.). 4.1% Apr. 1 *Holders of rec. Mar. 18
*114 Apr. 1 *Holders of rec. Mar. 18
6% preferred (guar.)
Wisconsin Hydro Elec. Co..8% pt.(qu.) 114 Apr. 1 Holders of reo. Mar.14
Banks.
Bank of America Nat. Assn.(guar.)...) 750. Apr.
Holders of roe. Mar. 21a
Bancamerica-Blair Corp. (guar.)
Chase National (quer.)
} $1 Apr. 1 Holders of rec. Mar.31a
Chase Securities Corp.(guar.)
Chatham Phenix Nat. Bk.& Tr.(qu.)-- *51 Apr. I *Holders of rec. Mar. 18
Fifth Avenue (guar.)
6
Apr. 1 Holders of rec. Mar. 31a
First National (guar.)
15 Apr. 1 Holder* of reo. Mar. 25a
First Security Co.(guar.)
10 Apr. 1 Holden of roe. Mar. 25a
Flatbush National (guar.)
*750. Mar.81 *Holders of roe. Mar.25
Jamaica National (Mar.)
*13.4 Mar.31 *Holders of roe. Mar.20
Manhattan (The) Co. (guar.)
Apr. 1 Holders of rec. Mar. 160
81
National City Bank (guar.
$1 Apr. 1 Holders of rec. Mar. 7
National City Co.(guar.)
City Bank Farmers Trust Co. (qua?.)..
Peoples National(Brooklyn)(guar.).- *3
Apr. I *Holders of rec. Mar. 10
Public National Bank & Trust guar.).- *31
Apr. 1 *Holders of rec. Mar.20
14 Apr. 4 Holders of rec. Mar.25
Trade (guar.)
Trust Companies.
Banco Commerciale Hallam Tr.(qu.) •$1.25 Apr. 1 *Holders of rec. Mar. 18
Bankers (guar.)
750 Apr. 1 Holders of rec. Mar. 11
Bank of Europe Trust Co.(guar.)
750 Apr. 1 Holders of reo. Mar.20
450 Apr. 1 Holders of roe. Mar. 200
Bank of N.Y.& Trust Co.(guar.)
Bronx County (guar.)
40e Apr. 1 Holders of roe. Mar.?Oa
5
Apr. 1 Holders of rec. Mar. 25
Brooklyn (guar.)
450 Apr. 1 Holders of tee. Mar. 17
Chemical Bank & Trust (guar.)
Central Hanover Bank di Trust (guar.).- $1.50 Apr. I Holders of roe. Mar,21
30e Apr. 3 Holders of roe. Mar. 27
County (guar.)
80o Apr. 1 Holders of roe. Mar. 190
Empire (guar.)
Federation Bank & Trust (War.)
*3
Mar.$1 *Holders of rec. Mar. 31
Apr. 1 *Holders of rec. Mar.23
Fulton (guar.)
*3
5
Mar.31 Holders of roe. Mar. 8
Guaranty (guar.)
40o Apr. 1 Holders of rec. Mar 3
Irving Trust (guar.)
Lawyers (guar.)
*2
Mar.31 *Holders of rec. Mar.24
•500. Apr. 1 *Holders of req. Mar. 23
Manufacturers (guar.)
Mar. 20 to Mar. 24
500.
Marine Midland (guar.)
31.25 Mar. 31 Holders of roe. Mar. 210
New York (guar.)
Title Guarantee & Trust (guar.)
$1.20 Mar. 31 Holders fo roe. Mar.21
600, Mar.31 Holders of rec. Mar. 21
Extra
15
Apr. 1 Holders of roe. Mar. 200
United States Trust (guar.)
Fire Insurance.
American Equitable Assurance (qUar.)-- *373.4c May 1 *Holders of rec. Apr. 20
NM Apr, 1 Holders of roe. Mar. 20
American Salamandra (qua?.)
4 Apr. 1 Holders of req. Mar.14
City of N. Y. Insurance (guar.)
•400. Apr. 1 *Holders of reo. Mar.20
Hanover Fire (guar.)
50o Apr. 1 Holders of rec. Mar. 14
Home Ins. Co.of N.Y.(quar.)
*37330 May 1 *Holders of reo. Apr. 20
Knickerbocker, common (guar.)
*lei Apr. 15 *Holders of rec. Apr. 4
Preferred (guar.)
*Mc. May 1 *Holders of rec. Apr. 20
New York (guar.)
Rossia Insurance Co.of America(guar.). 550. Apr, 1 Holders of rec. Mar. 16
Mfacellaneous.
Abbott Laboratories (guar.)
'623.4e Apr. 1 *Holders of roe. Mar.18
Abercrombie & Fitch Co.. pref.(quar.)__ '134 Apr. 1 *Holders of rec. Mar. 20
Abitibi Power & Paper.7% pref.(qu.)
134 Apr, 1 Holders of rec. Mar. 20
Abraham & Straus, Inc.. pref.(quar.)--- 134 May 1 Holders of rm. Apr. 150
Acme Staple (guar.)
*134 Apr. 1 *Holders of rec. Mar. 20
Acme Steel (qua?.)
4.132140 Apr. 1 *Holders of roe. Mar. 20
Adams Express, common (qeer.)
40o. Mar.31 Holders of rec. Mar. 140
Preferred (guar.)
114 Mar.31 Holders of rec. Mar. 140
Addreesograph Internat. Corp. (qua?.) 35o. Apr, 10 Holders of rec. Mar. 21a
Administ.& Research Corp., A &B (qu.) •250. Apr. 1 *Holders of rec. Mar. 18
Aeolian Co., pref. (guar.)
. 01,4 Mar 31 *Holders of rec. Mar 20
Aeolian Co. of Mo., 24 pref.(quar.).- *2
Apr. 1 *Holders of reo. Mar. 20
1St Apr, 1 Holders of rec. Mar. 13a
Aetna Rubber, pref.(guar.)
Affiliated Invest, Inc., 26 Prof.((Mar.) *$1.50 Apr. 1 *Holders of rec. Mar. 20
•40e. Apr. 1 *Holders of rec. Mar. 18
Affiliated Products (guar.)
Agnew-Surpass Shoe Stores, pref. (qu.) 1% Apr. 1 Holders of rec. Mar. 16
75o. Apr. 15 Holders of rec. Mar. 31a
Air Reduction Co.(qua?.)
Airway Elec. Appliance, pref. ((Mar)- 114 Apr. 1 Holders of roe. Mar. 20a
Algonguln Mines, Ltd
*Holders of roe. Mar. 31
(4)
150. Apr, 18 Holders of roe. Mar.310
Allegheny Steel, common (monthly)....
150. May 18 Holders of rec. Apr. 30a
Common (monthly)
el% June 1 *Holders of roe. May 15
Preferred (qua?.)
Preferred (guar.)
*134 Sept. 1 *Holders of roe. Aug. 15
*IN Dee. 1 *Holders of roe. Nov. 13
Preferred (guar.)
Alllanoe Investment Corp., preferred... 3
Apr. 1 Holders of roe. Mar. 13
114 June 1 Holders of rec. May 20
AllianceRealty. pref.(guar.)
114 Sept. I Holders of rec. Aug. 20
Preferred (guar.)
Preferred (guar.)
134 Dec. 1 Holders of reo. Nov.20
Allied Chemical & Dye, pref. (guar.).- 134 Apr. 1 Holders of roe. Mar. 78
*8740 Apr, 1 *Holders of rec. Mar. 16
Allied Products. corn. A (guar.)
250. Apr. 25 Holders of roe. Apr. la
Alpha Portland Cement,corn.(quer.)
Aluminum Goods Mfg. (guar.)
30e. Apr. 1 Mar. 22 to Mar 31
American Aggregate,Corp., pref.(qua?.) el% Apr. 1 *Holders of roe. Mar. 20
American Art Works, Inc., pref.(guar.). '1 34 Apr. 15 *Holders of rec. Mar.31
*750. Apr. 1 *Holders of roe. Mar. 16
American Bakeries, class A (qUar.)
*134 Apr. 1 *Holders of roe. Mar. 16
Preferred ((Mr.)
American Bank Note, corn.(guar.).
- 50c. Apr. I Holders of rec. Mar. 90
75c Apr. 1 Holders of rec. Mar. 9,
Preferred (guar.)
Amer. Brake Shoe & Fdy.. tom.(guar.) 1300. Mar.Si Holders of roe. Mar 20o
1% Mar.$1 Holders of rec. Mar. 20a
Preferred (guar.)
Amer. Brown Boyer' Elec., pref. (guar.) 134 Apr, 1 Holders of rec. Mar. 20a
134 Apr. 1 Holders of roe. Mar. 160
American Can, pref. (guar.)
15c. Apr. 15 Holders of rec. Apr. 6
Amer -Canadian CUL, oom.(No.1)
600. Apr. 1 Holders of reo. May 20
Participating pref. (guar.)
Participating Prof. (panic div.)
314o. Apr. 1 Holders of reo. May 20
. 75c. Apr. I Holders of rec. Mar. 16
American Capital Corp., pref. (qu.)
750. Apr. 1 Holders of rec. Mar. 170
Amer. Car & Fdy.. corn. (guar.)
114 Apr. 1 Holders of rec. Mar. 17a
Preferred (quar,)
134 Mar.31 Holders of rec. Mar. 210
American Chain. pref. (guar.)
500. Apr. 1 Holders of roe. Mar. 121
Amer. Chicle (quer.)
250. Apr, 1 Holders of roe. Mar. 12a
Extra
134 Apr. 1 Holders of rec. Mar. 14
American Cigar Co., pref. (guar.)
$1
May 1 Holders of rec. Apr. 10a
American Coal (guar.)
*350. Mar.31 *Holders of roe. Mar. 12
Amer. colortype. common (guar.)
2333
FINANCIAL CHRONIC1LE
Name of Company.
Per
Whets
Cent. Payable.
Books Closets,
Days Inclusive.
Miscellaneous (Continued).
Amer. Credit Indemnity (St. L.) (qua?.) 750. Apr. I Holders of rec. Mar425
•194 Apr. 1 *Holders of rec. Mar. 15
American Dairies, Inc., pref. (qua?.)
Amer. El. Seoul". Corp.. pref.(1)1-mthly) 250 Apr. 1 Holders of rec. Mar. 20
250. Mar.31 Holders of reo. Mar. 10a
Amer. Encaustic Tiling, oom.(guar.)
•134 June 1 *Holders of rec. May 25
American Envelope, 7% prof. (qua?.)
7% preferred (guar.)
*lee Sept. 1 *Holders of rec. Aug. 25
net Doe. 1 *Holders of rec. Nov.25
7% Preferred (guar.)
114 Apr. 1 Holders of rec. Mar. 200
American Express (guar.)
Apr. 1 *Holders of roe. Mar.21
American Felt, prof.(guar.)
Apr. 1 *Holders of roe. Mar.26
Amer. Fruit Growers, pref.(guar.)
Amer. Furniture Mart Bldg., pre/. (nu.) 134 Apr. 1 Holders of roe. Mar.20
Amer. Home Products Corp.(monthly).
850. Apr. 1 Holders of roe. Mar.14a
Amer. Invest. Co.(Springfield, Ill./•433(0 Apr. 1 *Holders of roe. Mar.20
Preferred (guar.)
Amer. Locomotive, common (qua?.)... 50o. Mar.31 Holders of rec. Mar. 130
Preferred (guar.)
134 Mar.31 Holders of rec. Mar. 130
Amer. Mali Products common (qua?.).. *50c. Mar.31 *Holders of rec. Mar. 14
Mar. 31 *Holders of rec. Mar. 14
Preferred (guar.)
Mar.31 Holders of roe. Mar.15
Amer. Manufacturing CO., corn.(guar.) 1
1
July 1 Holders of roe. June 15
Common (guar.)
1
Oct. 1 Holders of roe. Sept.15
Common (guar.)
I
Dec. 31 Holders of rec. Dec. 18
Common (guar.)
Preferred (guar.)
114 Mar.31 Holders of rec. Mu.15
Preferred (guar.)
1% July 1 Holders of roe. June 15
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept.15
1.14 Deed 31 Holden, of rce. Doe. 15
Preferred (guar.)
Amer. National Co.(Toledo). Own.(qu)*3714 Apr. 1 *Holders of req. Mar.20
Preferred A and B (guar.)
'
154 Apr. 1 *Holders of rec. Mar.20
net
Apr. 1 *Holders of rec. Mar.20
American Optical Co., 1st pref. (rislar.)*lei July 1 *Holders' of roe. June 20
First preferred (guar.)
•114 Oct. 1 *Holders of rec. Sept. 19
First preferred (qua?.)
Amer. Pneumatic Service. lot pref.(qu.) 8714o Mar.31 Holders of rec. Mar. 21
•256. Mar.3 *Holders of roe. Mar. 19
American Potash & Chemical (grusr.)
Amer.Rad.&Stand.elan.Cons.,com.(qu.) 250. Mar.31 Holders of rec. Mar. 110
Amer. Rolling Mill, 6% pref. (guar.).- *14 Apr. 15 *Holders of roe. Mar.31
*134 Apr. 1 *Holders of roe. Mar.16
Preferred B (guar.)
Amer. Safety Razor (guar.)
134 Mar.31 Holders of roe. Mar. 100
American Snuff, common (guar.)
75c. Apr. 1 Holders of rec. Mar. 120
134 Apr. 1 Holders of rec. Mar. 120
Preferred (guar.)
*334 Apr. 1 *Holders of roe. Mar.20
American Steamship (guar.)
700. Apr. 15 Holders of rec. Apr. la
Amer. Steel Foundries, corn.(qua?.)...
Preferred (guar.)
134 Mar.31 Holders of rec. Mar. 160
American Stores. cons.(guar.)
500. Apr. 1 Holders of rec. Mar. 14a
American Sugar Refining,corn.(qua?.)
134 Apr. 2 Holders of rec. Mar. 50
Preferred (guar.)
1% Apr. 2 Holders of rec. Mar. 50
American Surety. common (guar.)
51.50 Mar.31 Holders of rec. Mar. 14a
Quarterly
$1.50 Mar.31 Holders of rec. Mar. 14a
American Thermos Bottle,00m.(guar.) *30o. May 1 *Holders of req. Apr. 20
Preferrek (guar.)
•137140 Apr. 1 *Holders of rec. Mar.20
American Toba000. Pref. (qaar.)
114 Apr. 1 Holders of rec. Mar. 100
Amer. Type Founders, corn. (guar.).- 2
Apr. 15 Holders of roe. Apr. 4a
Preferred (guar.)
154 Apr. 15 Holders of roe. Apr. 40
Amer. Yvette Co., Inc., pref.(guar.)... *15043. Apr. 1 *Holders of roe. Mar.18
Anchor Cap Corp., corn.(guar.)
80e Apr. 1i Holders of roe. Mar. 204
$6.50 preferred (ver.)
51.825 Apr. 11 Holders of roe Mar. 20a
Anchor Poet Fence, cons.(guar.)
1/234 Apr 1 *Holders of reo. Mar. 14
Anglo National Corp., oom. A (qua?.).. 50o Apr. 15 Holders of roe. Apr. 4
Anglo Norwegian Holdings, Ltd.,corn.. 250 Mar. 24 Holders of rec. Mar.21
134 Apr. ii Holders of req. Mar. 20a
ApexElectrical Mfg., pref. (qua?.)
•50c Apr. 1 *Holders of rec. Mar. 14
Apponaug Co.,common (guar.)
*lel Apr. 1'o/folders of rec. Mar. 14
834% preferred (guar.)
114 Apr. 11 Holders of roe. Mar. 10
Armour & Co. of Del., pref.(guar.).
*250 Apr. 1 *Holders of roe. Mar. 18
Armstrong Cork (guar.)
Arnold Print Works, lot pref.(qua?.)... *134 Apr. 1 *Holders of rec. Mar. 20
Art Metal Construction (guar.)
400 Mar.31 Holders of req. Mar.200
750 Apr. 1 Holders of roe. Mar. 23
Arundel Corp. (guar.)
Assoc. Bankers Trust & Mtge.(guar.).'
37340 Apr. I *Holders of req. Mar. 20
33 14o Apr, 1 Holders of req. Mar. 20a
Associated Apparel Industries(qu.)
Stook dividend
fl 14 Apr. 1 Holders of req. Mar.20a
Associated Breweries of Can.. corn,(qu.) 2543. Mar.31 Holders of rec. Mar. 14
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.14
Associated Dry Goods,oom.(guar.)62e. May.' 1 Holders of rec. Apr. 10a
Assoc. Indus. Bankers, corn. A (rm.)... $1
Apr. 1 *Holders of roe. Mar.14
Associated Investment Co., com.(guar.) $1
Mar.31 Holders of roe. Mar.21
Mar.31 Holders of roe. Mar.21
Common(payable in common stock).. /51
Preferred (guar.)
134 Mar.31 Holders of roe. Mar.21
Associated Oil (guar.)
50o. Mar.31 Holders of rec. Mar.14a
Mandated Serer. Investors, Oom.(4111.).
15e. Apr. 1 Holders of reo. Mar.20
Athol Mfg. Co. (guar.)
*81 Apr. 1 *Holders Of re0. Mar.16
Atlantic Gulf & W.I.8.8.Lines, M(qM.) 134 Mar.30 Holders of rec. Mar.110
Preferred (guar.)
134 June 30 Holders of ree. June 101
Preferred (guar.)
I% Sept.30 Holders of res. Sept. 101
14 Dee. 30 Holders of roe. Dee. 100
Preferred (guar.)
Atlantic Ice & Coal, pref. A (No.
*754). Apr. 1 *Holders of roe. Mar.20
Atlantic Steel, corn. (guar.)
'
154 Mar.31 *Holders of roe. Mar.30
Atlas Stores Corp., Pref. (qua?,)
*750. Apr. 1 *Holders of roe. Mar. 16
Auburn Automobile (guar.)
Air. 1I Holders of rec. Mar. 2I0
$1
2
Apr. 1 Holders of rec. Mar. 21a
Stock dividend
750. May 1 Holders of roe. Apr. 15a
Austin, Nichols & Co.,Inc., prior A (qu.)
*800 Apr. 1 *Holden of re*. Mar. 18
Axton-Fisher Tob., class A (guar.)
•114 Apr. 1 *Holders of rect. Mar. 18
Preferred (guar.)
Babcock & Wilcox Co.. prof.(Mier.).--- 134 Apr. 1 *Holders of rec. Mar. 20a
Baelmtay Welt Co., common (qua?.)... •250 Apr. 1•*Holders of ree. Mar.20
Baer,Sternberg & Cohen, 1st pref.(qu.)_
134 Apr. 1 Holders of rec. Mar.24
2
Apr. 1 Holders of roe. Mar. 24
Second preferred (quer.)
Baldwin Rubber, class A (guar.)
*3710 Mar.31 *Holders of rec. Mar.30
•25o. Apr. 1 *Holders of reo. Mar. 18
Banoomlt Corp., common (guar.)
Class A (guar.)
•250. Apr. 1 *Holders of rec. Mar.16
•100. Apr. 20 *Holders of roe. Mar.31
Bandlni Petroleum (monthly)
Bank Stock Trust Shares, 04 reg____* 31.973e. Apr. 1 *Holders of roe. Mar. 2
• 33.5r3o. Apr. 1 *Holders of rec. Mar. 2
Series C-2 reg
Bankers Commercial Sec. (guar.)
*500. Apr. 1 *Holders of roe. Mar. 26
Bankers Investment Trust of Am.,cam. •100. Apr. 10 *Holders of rec. Mar. 20
Debenture stock (guar.)
•150. Mar.31 *Holders of roe. Mar. 15
Debenture stook (guar.)
•150. June 30 *Holders of rec. June 15
Debenture stock (guar.)
•15o. Sept.30 *Holders of roe. Sept.15
Debenture stook (guar.)
•15o. Dec. 31 *Holders of ree. Doe. 15
Bruikera Swum. Corp.. corn.& Ill.(au.).
75e. Apr. 15 Holders of rec. Mar. 31a
Barker Bros. Corp., prof. (guar.)
134 Apr. 1 Holders of rec. Mar. 140
Bayuk Cigars. Inc., common (guar.)._
75o. Apr. 15 Holders of rec. Mar. 31a
First preferred (guar.)
Apr. 15 Holders of roe. Mar. 310
Beaton & Caldwell Mfg.(monthly)._ *250. Apr. 1 *Holders of rec. Mar. 31
Beatrice Creamery, common (guar.)... $1
Apr. 1 Holders of roe. Mar. 140
Preferred (gear.)
lei Apr. 1 Holders of req. Mar. 140
Beech-Nut Packing, common (quar.)
75.. Apr. 1 Holders of req. Mar. 120
Bellview 011 Syndicate (guar.)
*50o. Apr. 1 *Holders of rec. Mar. 20
Bendix Aviation Corp. (guar.)
250. Apr. 1 Holders of rec. Mar. 100
Bethlehem Steel. corn. (guar.)
$1.50 May 16 Holders of rec. Apr. 174
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 6a
B-0 Sandwich Shops. pref.(qu.)
*81.75 Apr. 1 *Holders of roe. Mar.20
Bickford's, Inc., common (guar.)
*30e. Apr. 1 *Holders of rec. Mar. 20
*62lie Apr. 1 *Holders of rec. Mar. 20
$2.50 cum. Prof. (guar.)
Black & Decker Mfg., pref.(guar.)
•50e Mar.31 *Holders of rec. Mar. 20
Bliss (E. W.) Co.. corn. (guar.)
25o Apr. 1 Holders of roe. Mar.20
Common (payable in common stock)
f2
Apr. 1 Holders of roe. Mar. 20
Commas(payable In common stoek)
/2
July 1 Holders of ree. June 20
Common(payable In eommon stock).- 12
Oct. 1 Holders el roe.Sept. 20
$1
Apr. 1 Holders of roe. Mar. 20
First preferred (guar.)
Second pref. class A (guar.)
8734e Apr. 1 Holders of roe. Mar. 20
15o. Apr. 1 Holders of roe. Mar.20
Second pref. class B (guar.)
Bloch Bros. Tobacco. Preferred (qua?.). *14 Mar.81 *Holders of rect. Mar.25
Bloomingdale Bros., Inc., Prof.(guar.).
134 May 1 Holders of reo. Apr. 204
500. Apr. 1 Holders of roe. Mar,14
Blue Ribbon Corp., oom.(guar.)
Blumenthal (Sidney) & Co., pref. (qu.) 134 Apr. 1 Holders of roe. Mar. 164
37 4o Apr. 1 Holders of roe. Mar. Da
Bohn Aluminum & Brass (guar.)
Booth (F. E.) Co., Inc., class A (guar.). •750. pr. 1 *Holders of rec. Mar.16
250. Apr. 1 Holders of roe. Mar. 16
Borg-Warner Corp.. corn. (guar.)
134 Apr. 1 Holders of roe. Mar. 16
Preferred (guar.)
Boston Herald-Traveler Corp. (qua?.).. *200. pr. 1 *Holders of roe afar.26
250. Mar.80 Holders of roe. Mar.16
Boston Personal Prop. Trust(quar.)
Bmndram Henderson. Ltd., corn.(qu.). *500. May 1 *Holders of rec. Apr. 4
134
2334
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Brandtien & Kluge, common (quar.)_
*25e. Apr. 1 *Holders of rec. Mar.21
Preferred (guar.)
•8734e Apr. 1 *Holders of rest. Mar.22
Brantford Cordage, let pref. (quar.)_......
50o. Apr. 15 Holders of ree. Mar.20
Brennan Packing class A (guar.)
411 June 1 *Holders of roe. May 20
Class A (guar.)
*31 Sept. 1 *Holders of reo. Aug. 20
Class A (guar.)
•21 Dee. 1 *Holders of rec. Nov.20
Class B (guar.)
*250. June 1 *Holders of re. May 20
Class B (guar.)
*25e. Sept. 1 "Holders of rec. Aug. 20
*250. Dee. 1 *Holders of reo. Nov.20
Class B (guar.)
Broadway Mkt.Corp.(Dot.), corn.
_ *400. Apr. 20 *Holders of rec. Apr. 1
Preferred
*40a. Apr. 10 "Holders of rec. Apr. 1
Briggs Mfg. (guar.)
3744c Apr. 25 Holders of roe. Apr. 10a
Extra
1244o Apr. 25 Holders of tee. Apr. 10a
Bridgeport Machine, pref.(guar.)
144 Apr. 1 Holders of rec. Max.20
Brillo Mfg., common (guar.)
150. Apr. 1 Holders of roe. Max. 160
Class A (guar.)
50o. Apr. 1 Holders of rec. Mar.160
Briggs dr Stratton, common (quar.)
50e. Mar.31 Holders of roe. Mar.200
British-American 011, reg.stock
20c. Apr. 1 Mar. 15 to Mar. 31
Coupon stock (bearer ctts.)
200. Apr. 1 Hold, of coupon No. 4.
British-Amer. Tob. ord.(bear.)(interim) 10d
Mar. 31 Hold. of coup. No. 139
10d
Registered stock (interim)
Mar. 31 See note(m)
Mar.31 See note(m).
Preferred, registered
244
244 Mar. 31 Holders of coup. No.55
Preferred, bearer
I •Holuers of rec. Mar ,n
British & Foreign Investments, prof.(gu) salt tie 4pr
6240 pr. 1 Holders of rec. Mar.81
Preferred (guar.)
Pe. Apr. 1 Holders of rec. Mar. 2
British Type Investors. el. A (bl-m'thly)
Broad Street Invest. (quar.)
*30e. Apr. 1 *Holders of roe. Mar. 18
I Q kfw. 1 Holder of rec. Mar. 21
Bruce(E. L.) Co.. Prof.(guar.)
pr. 1 Holders of roe. Mar.20
Brunswick-Balke-Collender, pref. (gu.). 144
250. pr. 1 Holders of tea. Mar.23
Brunswick Site Co
260. Apr. 1 Holders of ree Feb. 200
Bucyrus-hale Co.. corn. (guar.)
134 Apr. 1 Holders of roe. Feb. 200
Preferred (guar.)
6244o. Apr. 1 Holders of rec. Feb. 200
Convertible preference (guar.)
Bucyrus-Monighan Co., el. A (qu.)
*45c. Apr. 1 *Holders of rec. Mar.20
250. Mar.31 Holders of rec. Mar. 100
Budd Wheel. corn. (quar.)
144 Mar. 31 Holders of rec. Mar. lea
Participating preferred (guar.)
75e. Mar.31 Holders of tee. Mar. 10a
Participating preferred (extra)
Buffalo Gen. Laundries, partici. pf.(on.) 05844o Mu.81 *Holders of rec. Mar. 20
500. Apr. 1 Holders of rec. Mar. 19
Building Prod. Ltd., ol. A & B (qu.)..
pr. 1 Holders of roe. Mar.21a
144
Bulkley Bldg.(Cleve.), pref.(guar.)
*750, Apr. 1 *Holders of roe. Mar. 20
Burco, the.. pref. (guar.)
*250. Apr. 1 *Holders of roe. Mar.14
Burger Bros., corn. (guar.)
*81 Apr. 1 *Holders of roe. Mar.14
8% preferred (guar.)
8% preferred (guar.)
July 1 *Holders of rec. June 15
'Si
. 1 *Holders of rec. Sept. 15
111
8% preferred (guar.)
75e. Apr. 1 Holders of rec. Mar. 16
Burt (F. N.) Co., common (quar.)144 Apr. 1 Holders of roe. Mar. 16
Preferred Rarer.)
62340 May 1 Holders of reo. Apr. Sa
Bush Terminal Co.,oom:(guar.)
144 Apr. 15 Holders of rec. Apr. 8a
Debenture stock (qua:.)
144 Apr. 1 Holders of tee. Mar. 13a
Bush Terminal Bidgs., pref.(qu.)
Byers(A. M.) Co.. Prof.(quar.)
134 May 1 Holders of roc. Apr. 160
Byllesby (11. M.)dr Co..;Wm.el. A (en.)
50o. ar. 31 Holders of tee. Mar. 18
Common class B
50o. ar. 31 Holders of roe. Mar.16
Preferred (guar.)
50e. ar. 31 Holders of too. Mar. 16
Calamba Sugar Estates,common (qua:.) .40c. Apr. 1 *Holders of tea. Mar. 14
*350. pr. 1 *Holder, of tee. Mar. 14
Preferred (guar.)
California Group Corp.,8% pf. (guar.). *144 Apr. 1 "Holders of rec. Mar.31
California Ink. class A & B (guar.)
•50c. Apr. 1 *Holders of rec. Mar. 21
21
pr. I Holders of tee. May 14
Cambria Iron
Cambridge Invest. Corp., al. A (quar.). *350. Apr. 1 *Holders of rec. Mar. 18
Common B (guar.)
*350. Apr. 1 *Holders of rec. Mar. 23
*31 Apr. 1 *Holders of roe. Max'. 18
Campbell Baking, Prof. A (guar.)
144 Apr. 1 Holders of rec. Mar. 14
Canada Bread, pref. A & B (guar.)
25o. Apr. 15 Holders of rec. Mar.31
Canada Bud Breweries, corn. (qua:.)..
144 Mar.81 Holders of roe. Feb. 21
'Canada Cement, pref. (guar.)
The. pr. 15 Holders of roe. Apr. dla
Canada Dry Ginger Ale (guar.)
Canada Foundries & For., of. A (on.). •37140 Apr. 15 *Holders of rect. Mar.31
"144 Apr. 1 "Holders of rec. Mar. 14
Canada Packers, pref. (guar.)
3
Apr. 1 Holders of rec. Mar. 15
Canada Permanent Mtge.(guar.)
lune 15 Holders of rec. May 31
Canada Wire & Cable. claw A (qua:.).. $I
81
Class A (guar.)
Pt.15 Holders of roe. Aug. 31
Deo, 15 Holders of rec. Nov.30
$1
Class A (guar.)
1244c Apr. 1 Holders of rec. Mar. 14
Canadian Canners, corn.(guar.)
134 Apr. 1 Holders of rec. Mar.14
First preferred (guar.)
20c. Apr. 1 Holders of rec. Mar. 14
Convertible preferred (guar.)
440. Apr. 10 Holders of rec. Mar. 25
Canadian Car & Fdy., pref. (quar.)....
144 Apr. 4 Holders of too. Mar. 21
Canadian Cottons, prof. (guar.)
pr. 1 Holders of roc Mar. 14
Canadian General Elec.. corn. (guar.)._ 51
1)4 Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
Apr, 1 Holders of rec. Mar. 20
Canadian Oil Cos., Ltd.,pref.(quar.).- 2
Canadian Westinghouse (guar.)
"50e. Apr. 1 *Holden of roe. Mar. 20
1244o Apr. 15 Holders of rec. Mar. 31
Canadian Wineries, Ltd. (guar.)
Canadian Wirebound Boxes, class A (qu.) 3744a Apr. 1 Holders of roe. Mar. 14
*3744c Apr. 1 *Holders of rev. Mar.21
Canal Construction, pref. (guar.)
*34o. Apr. 1 *Holders of rec. Mar .28
Capital City Products (guar.)
144 Mar.81 Mar. 21 to Mar. 24
Canfield 011, corn.& pref.(guar.)
40c. Apr. 1 Holders of rec. Mar. 180
Cannon Mills (guar.)
The. Apr. 1 Holders of too. Mar.20
Capital Administration. pref. A (quar.)..
pr. 1 *Holders of rect. Mar. 21
*144
Carnation Co., pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 120
Case (J. I.) Co., common (guar.)
114 Apr. 1 Holders of rec. Mar. 120
Preferred (guar.)
*144 Mar.31 *Holders of rect. Mar. 18
Catraidy's, Ltd., Prof. (riar.)
pr. 1 Holders of rec. Mar. 14
144
Celanese Corp. of Amer., pr. pref.(qu.)_
37410 Apr. 1 Holders of rec. Mar. 100
Central Aguirre Associates (guar.)
Apr. 1 Mar. 15 to Mar.31
Central Canada Loan & Savings(quar.)_ 3
*40e. Mar.81 *Holders of roe. Mar.25
Central Cold Storage, corn. (quar.)- 15e. May 15 Holders of roe. May 5
Centrifugal Pipe (guar.)
16e. Aug. 16 Holders of roe. Aug. 5
Quarterly
15e. Nov, 16 Holder of rec. Nov. 5
Quarterly
el
Apr. 1 Holders of tea. Mar.150
Century Elec. Co.(guar.) (in 03008)134
une 1 Holders of roe. May 20a
Century Ribbon Mills (guar.)
Chain Store Products, cony. prof. (qu.)_ •3734e Apr. 1 *Holders of roe. Mar.20
Chamber of Commerce Bldg.(Md.)•134 Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
Champion Coated Paper•134 APT. 1 *Holders of rec. Mar.14
First pref. and special pref.((MAO
Champion Fibre, 1st prof.((MAO
*134 Apr. 1 *Holders of roe. Mar.20
*144
Pr. 1 "Holders of tee. Mar.20
Channon (1.) co.. 1st pref. (guar.)
*2
Pr. 1 *Holders of rec. Mar.20
Second preferred (guar.)
'31340 Apr, 15 *Holders of rec. Mar. 25
Chapman lee Cream (Oear.)
Chase Brass ar Copper Co.. Prof- A (qu.). 144 Mar.31 Holders of roe. Mar.200
Chartered Tr. dt Exec. Co.(Toeto)(111.) 1)§ Apr. 1 Holders of roe. Mar.25
•1,‘ Apr. 1 *Holders of tea. Mar. 20
Chatham Mfg.7% pref.(Van)
•1%
uly 1 *Holders of roe. June 20
7% preferred (guar.)
1 *Holders of roe. Sept.20
'134
7% preferred (quar.)
•1H Apr. 1 "Holders of roe. Mar. 20
6% preferred (guar.)
lily 1 *Holders of rec. June 20
6% preferred (guar.)
•1).i
ct. 1 *Holders of roe. Sept.20
6% preferred ((Mar.)
Mar.31 Holders of rec. Mar. 90
Cheeebrough Mfg. Consol..corn.(e.).- el
50c. Mar.31 Holders of rec. Max. 90
Common (extra)
Chicago Daffy News, Inc., pref. (guar.)- *31.75 Apr. 1
*30e. Apr. 1 *Holders of rect. Mar.21
Chicago Flexible Sliatt (guar.)
Chlo.JM.Rys.& Tin.Stk.Yds.,00m. (qu.) 244 Ara. 1 Holders of tea. Mar. 15
134 Apr. 1 Holders of tea. Mar. 15
Preferred OluarJ
pr. I Holders of too. Mar.d20
43Me.
Chic. Ky. Equip. preferred (guar.) -"1St Apr. I *Holders of rec. Mar.20
Chicago Towel, pref. (guar.)
250. Apr. 1 Holders of rec. Mar.200
Chicago Yellow Cab (monthly)
25e. May I Holders of rec. Apr. 20a
Monthly
25e. one I Holders of tea May 200
Monthly
50e. Mar.30 Holders of rec. Mar. (in
Chile Copper Co. (guar.)
25c. Mar.31 Holders of rec. Mar. 20
Chrysler Corp., common (qua:.)
*85c. May 15 *Holders of roe. May 1
CO:fungoid Corp. (guar.)
•35e. Aug. 15 "Holders of rect. Aug. 1
Quarterly
•350. Nov.16 Molders of rec. Nov. 1
Quarterly
Sept.15 *Holders of rec. Sept. 1
*3
Cincinnati Land Shares
Cincinnati Rubber Mfg.. 6% pref.(on.) '134 one 15 *Holders of roe. June 1
apt. 15 'Holders of roe. Sept. 1
'1)4
6% preferred (guar.)
*144 Dec. 15 *Holders of roe. Dec. 1
63) preferred (quar.)
pr. 1 *Holders of tee. Mar. 15
Cincinnati Wholesale Grocery. 101.(on). *154
pr. 1 *Holders of rec. Mar. 20
•114
Circle Theatre Corp., corn. (qua:.)
•24.1350 Apr. 16 *Holders of rec. Mar. 15
Cities Service, bankers' shares
[VOL. 132.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusfee
Miscellaneous (Cominesal
Cities Service, common (monthly)
240 Apr. 1 Holders of tea. Mar.Ida
/44 Apr. 1 Holders of roe. Mar. 14a
Common (payable in common stock)._
Preference B (monthly)
5o. Apr, 1 Holders of roe. Mar. 14a
Preference and pref. BB (monthly)
50c. Apr. 1 Holders of rec. Mar. 14a
Common (monthly)
240. May 1 Holders of roe. Apr. 15a
Common (Payable in common stock)
.f3S May 1 Holders of rec. Apr. 15a
Preference B (monthly)
Sc. May 1 Holders of tee. Apr. 15a
Preference and pref. BB (monthly)...
50e. May 1 Holders of rec. Apr. 15a
144 Apr. 1 Holders of rec. Mar. 28
City Investing Co., pref.(guar.)
City Machine & Tool, corn. (guar)
"20e. Apr. 1 *Holders of rec. Mar.20
Clark (D. L.) Co.(guar.)
*3134 Apr. 1 *Holders of rec. Mar.16
Claude Neon Elea. Prod.. COM. (quar.) "400. Apr. 1 *Holders of roe. Mar.20
Preferred (guar.)
35e. Apr, 1 *Holders of tea. Mar.20
Cleveland Union Stock Yards (qua?.).,.
500. Apr. 1 Holders of rec. Mar.200
ClintonTitle & Mtge. Guar
*20o. Apr. 1 "Holders of rec. Mar.21
Extra
*10c. Apr. 1'Holders of rec. Mar. 21
Clore: Chemical, clan A & B (qu.)-- - (
.50e. Apr. 1 *Holders of roe. Mar.20
Chien Peabody & Co., pref.(omo.)- - 134 Apr. 1 Holders of rec. Mar. 21a
Coats(J.&PJLtd.,Am.dep.rects.ord.reg.
w90 Apr. 6 *Holders of rec. Feb. 20
..Joca Cola Bottling (Quarterly)
260. Apr. 15 Holders of rec. Apr. 4
Quarterly
260. July 16 Holders of rec. July II
Quarterly.
26e Oct. 15 Holders of rec. Oct. 5
Coca-Cola Co., corn. (guar.)
21.75 Apr. 1 Holders of roe. Mar. 12a
Common (extra)
25e. Apr. 1 Holderr, of rec. Mar. 120
Coca-Cola International (guar.)
33.50 Apr. 1 Holders of rec. Mar. 12a
Extra
50c. Ayr. 1 Holder of rec. Mar. 12a
Cookshutt Plow, common (guar.)
dl5o. May 1 Holders of roe. Apr. 16
Cohen (Dantel) Co.(guar.)
.400. Apr. 1 *Holders of rec. Mar. 14
Cohn-Hopkins, Inc., corn. (annual)....
*13e. Mar. 30 *Holders of tea. Mar.14
Common(extra)
*70. Mar.30'Holders of roc Mar. 14
Colgate-Palmollve-Peet Co., corn.(qu.1_ 6240 Apr. 15 Holders of roe. Mar.200
Preferred (woo.,
14., Apr. 1 Holuern of fee. Mar. 10a
Collyer Insulated Wire
*25e. Apr. 1 *Holders of roe. Mar. 25
Colonial Financial Corp.(N.Y.). Df.(gu.) *141 Apr. 1 "Holders of tee. Mar.25
Columbia Pictures, common (quar.)._
3734c Apr. 2 Holders of rect. Mar. 20a
Common fill stock)
Pk% Apr. 2 Holders of rec. Mar. 8
Commercial Credit (Ball.) Oom.
50a. Mar.31 Holders of roe. Mar.lla
7% first prof.(quar.)
4344o. Mar. 31 Holders of rec. Mar. lla
634% first Pref.((MO
1,4 Mar.81 Holders of re0. Mar. 110
500. Mar.31 Holders of rec. Mar. 110
8% Prefer. class B (quar.)
750. Mar.81 Holders of rec. Mar. 11
$3 class A COPT. Mock (quar.)
Commercial Credit(N.0.)(Quar.)
50e. Mar.81 Holders of rec. Mar.d20
Commercial Invest. Trust, COM.(qua?.).
500. Apr. 1 Holders of reo. Mar. ba
7% first preferred (guar.)
1;4 Apr. I Holders of rec. Mar. ba
144 Apr. 1 Holders of rec. Mar. ba
654% first preferred (guar.)
Cony. prof. opt,series of 1929(guar.)pr.
Holders of rec. Mar. ba
Commercial Solvents (mar.)
260. Mar.81 Holders of rec. Mar.10a
Common Stock Trust Shares,set. A tog.' 316
Apr. 1 "Holders of rec. Mar. 2
Series A-1 reg
•300. Apr. 1 *Holders of rec. Mar. 2
Commonwealth Secur., cony. pf. (cm.)_ '154 Apr. 1 *Holders of tee. Mar. 16
Community State Corp., class B (guar.)- *1234e Mar. 31 *Holders of roe. Mar. 26
. *12He Dec. 81 *Holders of rec. Dec. 26
Conde Nast Publicafions, corn.(guar.).500. Apr. 1 Holders of rec. Mar. 21a
Conduits Co., Ltd., pref. (quar.)
194 Apr. I Mar. 18 to Mar. 31
Congress Cigar bloat.)
Mar.81 Holders of too. Mar.14a
Si
Consolidated Bakeries of Can.(tom.(qu,)
25e. Apr. 1 Holders of tee. Mar.20
Consolidated Car Heating (guar.)
•134 Apr. 15 *Holders of tee. Mar. 31
Consolidated Cigar Corp., coma.(quar.). 31.25 AM.
. 1 Holders of rec. Mar.140
Prior preferred (quar.)
144 May 1 Holders of rec. Apr. 150
Preferred (aunt.)
144 Juno 1 Holders of reo. May 15a
Consolidated Dry Goods. corn.(qua:.).. *25o. Apr. 1 *Holders of rec. Mar.25
Preferred
413.50 Apr. 1 *Holders of rec. Mar. 25
Consolidated Film Industries, pref.(gu.)..
50c. Apr. 1 Holders of roe. Mar. 20a
Consolidated Laundries, corn. (quar.)
250. Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
51.875 May 1 Holders of rec. Apr. lb
Consolidated Paper. prof. (guar.)
"1740 Apr. 1 *Holders of roe. Mar.21
Consolidated Retail Stores, pref.(qu.)
"2
Apr. 1 "Holders of rec. Mar. 18
Constructive Credit Service, prof
Apr. 1 Holders of tea. Mar.20
4
Container Corp. of America, pref.(guar.) *144 Apr. 1 *Holders of roe. Mar.11
Continental Raking Corp., pref.(guar.). 2
Apr. 1 Holders of tee. Mar. 184
Continental Casualty (guar.)
*400. Apr. 1 *Holders Of tee. Mar.18
Continental Diamond Fibre. corn.(V.) *250. Mar.81 *Holders of roe. Mar.160
Continental Gin, common (guar.)
.500. Apr. I *Holders of rec. Mar. 16
4,14 Apr. 1 *Holders of rec. Mar.16
Preferred bluer.)
Continental Steel Corp.. Prof.(guar.)
154 Apr. 1 Holders of roe. Mar. 18
Cooper-Bessemer Corp., pref. (guar.)._
75c. Apr, 1 Holders of rec. Mar. 100
Coronet Phosphate
31.50 Apr. 1 Holders of tee. Mar.25
Corroon dr Reynolds Corp. pf. A (on.). 51.50 Apr. 1 Holders of rec. Mar.20
Courier Post Co., coin. ((Aar.)
Apr. 1 *Holders of reo. Mar. 15
Preferred (guar.)
*134 Apr. 1 *Holders of reo. Mar.15
Cream of Wheat Corp.(guar.)
600. Apr. 1 Holders of roe. Mar.21a
Creamery Package Mfg.. corn. (quar.).. *50c. Apr. 10 *Holders of too. Apr. I
Preferred ((max.)
*134 Apr. 10 *Holders of roe. Apr. 1
Crook (J. W.) Stores, 7% pref. (guar.). •87340 Apr. 1 *Holders of roe. Mar. 20
Crowell Publishing (guar.)
*75o. Apr. 4 *Holders of roe. Mar. 21
Crowley Milner .Sz Co.(auar.)
*50o. Mar.31 *Holders of reo. Mar. 10
Crown Cork Internat.. class A (guar.)
25o Apr. 1 Holders of no. Mar. 1011
Crown Willamette Paper, 1st pl.(qu.)
$1.75 Apr. 1 Holders of reo. Mar.13a
Second preferred (guar.)
31.50 Apr. 1 Holders of rec. Mar.13
Crucible Steel. pref. (guar.)
134 Mar. 31 Holders of too. Mar.160
Crum & Forster, corn.(Oar.)
25c. Apr, 16 Holders of re0. Apr. 4
Mar.81 Holders of res. Mar.21
2
Preferred (gear)
2
Preferred (guar.)
June 30 Holders of rec. June 20
Cru nden-M artin Mfg
'314 Aug. 3 Molders of tea. Aug. 3
Crystalite Prod. pref. (guar.)
ng Apr. I *Holders of tea. Mar.20
Crystal Tissue Co., corn.(guar.)
•25.. Apr. 1 *Holders of roe. Mar.20
Cudahy Packing,common (guar.)
El
Apr. 15 Holders of rec. Apr. 8
344 May 1 Holders of reo. Apr. 20
7% preferred (guar.)
6% preferred (guar.)
3
May 1 Holders of tea. Apr. 20
Curtis Manufacturing. corn. (Quar.)---- 6244c Apr. I Holders of reo. Mar.16
Curtis Publishing, cam.(monthly)
50c. Apr. 2 Holders of rec. Mar.200
Preferred (guar.)
21.76 Apr. 1 Holders of tea. Mar.200
$1.75 July 1 Holders of rec. June 200
Preferred (lller.)
Davenport 130,1erg Mills. common (qu.)
500. Apr. 1 Holders of reo. Mar.20
Preferred (quit.)
114 Apr. 1 Holders of tee. Mar.20
e15,4 Apr. 1 *Holders of roe. Mar. 20
Davidson Co., pref. (qua:.)
Preferred (quar,)...,.
•15( July 1 Holders of reo. June 20
•15( Oct. 1 *Holders of roe. Sept.
Preferred (guar.)
20
4,144 Jan 112 Molders of roe. Doe. 20
Preferred (guar.)
Decker (Alfred) & Cohn. prof.(Quar-)
June I Holders of rec. May 20
•194
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 20
Deco Refreshments, Inc., corn.(qua?).. 25e, Mar.31 Holderr, of rec. Mar. 20'
Preferred (guar.)
•8734o Mar,31 Holders of reo. Mar.20
Deere & Co., new corn.(guar.)
30e. Apr. I Holders of rec. Mar. 14
Old common (guar.)
134 Apr. 1 Holders of rec. Mar. 14
De Long Hook & Eye(guar.)
•25e. Apr. I Holders of roc. Mar.20
Dennison ManufacturbUL al. A (oil.)... 17340. Mar.31 Holderr, of tee. Mar. 20
Debenture stook (guar.)
2
May 1 Holder of rec. Apr. 18
Preferred (guar.)
134 May 1 Holders of m.o. Apr. 18
Denver Union Stock Yards. corn.
Apr. 1 Holders of rec. Mar.20
oil
Detroit Bankers Co.(guar.)
•860. Mar.31 *Holders of roe. Mar. 20
Detroit & Cleveland Nay. (quiz.)
200. Apr. 1 Holders of reo. Mar. 140
Detroit Gasket & Mfg.(guar.)
•30e. Apr. 1 Holders of tee. Mar.20
Detroit Gray Iron Foundry, com- NUJ- •250. Apr. 1 Holders of rec. Mar. 15
Detroit MalesUe Products, p1. A (qu.)20o. Apr. 1 Holders of tea. Mar.20
Devoe & Reynolds. class A & B (qu.)...
30o. Apr. 1 Holderr, of rec. Mar.2I0
First and second Prof.(guar.)
144 Apr. 1 Holders of rec. Mar.214
Diamond Electrical Mfg., COM.(guar.)- •500. Mar. 30 Holders of roe. Mar. 20
Preferred (guar.)
0144 Mar.80 Holders of rec. Mar.20
Diamond Shoe, corn. (guar.)
500. Apr. 1 Holders of rec. Mar.20
635% preferred (quar.)
144 Apr, 1 Holders of reo. Mar.20
Distributors Group. Inc. (guar.)
25e. Apr. 1 Holders of roc. Mar. 20
Dixon (Joseph) Crucible (guar.)
2
Mar.31 Holders of roe. Mar. 20
Or.Pepper Co., common Mar.)
30o. June 1 Holders of tea. May 15
Common (guar.)
30o. Sept. 1 Holders of tee. Aug. 15
Common (guar.)
80e. Dec. 1 Holders of roe. Nov. 15
Doles!,& Shepard Co.(guar.)
*51
Apr.
Dominion Engineering Works(qua?.)
600. Apr. 15 Holders of reds. Mar.31
Dominion Glass, corn. & pref. (quit.),
14( Apr. 1 Holders of rec. Mar. 16
Dominion Rubber. Ltd.. Prof. (Var.)-- 134 Mar.31 Holders of roe. Mar.20
Dominion Stores, Ltd,(guar.)
300. Apr. 1 Holders of reo. Mar.200
MAR. 28 1931.]
Name of Company.
2335
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Close.
Days Inclusive.
Name of Company.
Per 1 When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
General Panne Utilities, prof.(guar.).-- 134 Apr. 1 Holders of rec. Mar.14
134 May 1 Holders of rec. Apr. 6
Dominion Tor & Chemical, prof. (qu.)_
General
Realty & UtIlities. $8 prel.(qU.) (I) Apr. 15 Holders of rec. Mar. 200
of
rec.
Mar.
14
•$1.25
Apr.
1
*Holders
Dominion Textile, common (quar.)
General Steel Castings, pref. (quar.)__ $1.50 Apr. 1 Holders of rec. Mar. 180
•11/ Apr. 15 'Holders of rec. Mar.31
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 200
General Tire & Rubber, pref. (quar.)_
Apr. 1 Holders of rec. Feb. 28
$1
Draper Corp.(quar.)
*65c. Apr. 1 *Holders of rec. Mar. 20
Mason Art Co. common (quar.)
•50c. Apr. 20 *Holders of rec. Mar. If
Douglas Aircraft
"87 A c Apr. 1 'Holders of roc. Mar.21
Gilbert(A. C.) Co., pref.(quar.)
*2t34. Apr. 20 *Holders or rec. Mar. 11
Extra
GUlette Safety Razor. way. pref. (guar.) 114 May 1 Holders of rec. Apr. la
"250. Apr. 1 *Holders of rec. Mar. 21
Dow Drug Co.,corn.(guar.)
*750. Apr. 1 'Holders of rec. Mar.20
McBean
corn.
Gladding
&
Co.,
(qu.)
Mar.
21
"1.14 Apr. 1 *Holders of rec.
Preferred (quar.)
1 Y. Apr. 1 Holders of rec. Mar. Itia
Glidden Ce.. pref. (quar.)
*1% Apr. 1 *Holders of rec. Mar. 21
Driver-Harris Co., pref. (quar.)
Apr. 1 *Holders of rec. Mar.20
(quar.)_
•50c.
corn.
Grain
&
Milling,
(Hobo
Mar.
20
of
rec.
1
Holders
Apr.
134
Duff.Pay.& Crushed Stone, 1st pf.(qu.)
Apr. 1 *Holders of rec. Mar.20
*4344c
First
(quar.)
preferred
Dunham (J. II.) & Co., corn. (quar.)--- '134 Apr. 1 'Holders of rec. Mar. 18
*50c. Apr. 1 *Holders of rec. Mat.20
Second preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 18
First preferred (quer.)
"350. July 25 'Holders of rec. July 7
Globe Knitting Works. prof
•134 Apr. 1 *Holders of rec. Mar. 18
Second preferred (quar.)
Mc. May 1 Holders of rec. Apr. 15
Apr. 1 Holders of rec. Mar. 140 Globe Underwriters Exchange
2
DupIan Silk Corp., pref. (quar.)
*154 Apr. 15 *Holders of rec. Mar. 31
Globe-Wernicke
Co.,
pref.
(quar.)
Co.Nem.
&
de
Du Pont(E. 1.)
Apr. 1 Holders of rec. Mar. 18
50c.
(qu.)
Sugars
We..
claw
A
107
Godchaux
114 Apr. 25 Holders of roe Apr.
Debeuture stock (guar.)
11/ Apr. 1 Holders of roe. Mar. 18
Preferred (guar.)
200 Apr. 1 Holders of roe. Mar. 7
Durant Motors of Canada
May 1 Holders of rec. Apr. 196
62
A
c.
(quar.)
Gold
Dust
Corp.,
coin.
Mar.
31
(quar.)
•114
Dutton (A.C.) Lumber,corn.
$1.30 Mar. 31 Holders of roe. Mar. 170
Preferred (quar.)
"1.54 mar.31
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 130
134
(B.
F'.)
Co.,
pref.
Goodrich
(fitter.)
27
of
roe.
Mar.
2
"Holders
*134
Apr.
(quar.)
Storage
Warehouse
&
Eagle
tloodyear The .4 Rubber. ore/. (altar.). $I 75 Apr. 1 floldeN or rec. Feb 240
*50c. Mar.31 *Holders of rec. Mar. 2(i
Early & Daniel Co., cow.(quar.)
1.14 Apr. 1 *Holders of roe. Mar.20
Goodyear Tire & Rub.of Cal. pt.(qu.) .
*134 Mar.31 "Holders of rec. Mar.20
Preferred (quar.)
Goodyear Tire & R.(Canada) com.(qU.) $1.25 Apr. 1 Holders of rec. Mar.14
$1.25 Apr. 1 Holders of rec. Feb. 27
$15 prior preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
25c. May 1 Holders of roe. Mar. 25
Eastern Dairies, Ltd., common (guar.)
'750. Mar. 31 'Holders of rec. Mar. 23
Gorton-Pew Fisheries (guar.)
Eastern Gas & Fuel Associates*31
Mar.31 'Holders of rec. Mar. 23
Mar.
15
rec.
Extra
Holders
of
1
Apr.
134
4A% prior preference (guar.)
1% May 1 Holders of rec. Apr. 100
Gotham Silk Hosiery, pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15
6% cum. preferred ((Mar.)
Apr. 1 Holders of rec. Mar.20
Gottfried Baking, inc., Pref• ((Plan)-587 A c Apr. 1 *Holders of rec. Mar. 10
Eastern Mfg.(quar.)
Apr. 1 Holders of rec. Mar.20
1
Goal& Pumps, Inc., nom.(guar.)
50c. Apr. 1 Holders of rec. Mar. 20
Eastern Stettioahip Linea, corn.(quar.).. _
134 Apr. 1 Holders of rec. Mar.20
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 20
First preferred (quar.)
Apr.
1 *Holders of rec. Mar. 14
•
1%
(quer.)
pref.
Graham-Paige
let
Mar.
20
Motors,
of
rec.
Apr.
1
Holders
c
87
A
No par preferred (quar.)
500. May 1 Holders of rec. Apr. 210
Granby Cense/ Min., Sm.& Pow.(au.)
1% Apr. 1 Holders of roc. Mar. 14
Eastern Steel Prods., pref.(Qum.)
Mar. 31 'Holders of rec. Mar. 20
•12
$1.25 Apr. 1 Holders of rec. Mar. 55 Grand Rapids Varnish ((War.)
Eastman Kodak, cum.(emir.)
750. Mar.31 Holders of rec. Mar. 160
Granite City Steel (quar.)
75c. Apr. 1 Holders of rec. Mar. do
Common (extra)
250. Apr, 1 Holders of rec. Mar. 12a
Grant(W.T.) Co.(quar.)
134 Apr. 1 Holders of rec. Mar. ba
Preferred (quar.)
July 31
•400.
15
rec.
Apr.
‘irant
Lunch
Corp..
coat
Holders
of
1
400.
May
corn.
Eaton Axle& Spring,
(guar.)
Apr. 1 *Holders of rec. Mar. 16
*25e.
Mar.
11
Graymur Corp. (qttar.)
Oc. Apr. 1 Holders of rec.
Ecuadorian Corp., Ltd., common
•2A Apr. 1 *Holders of rec. Mar.31
Great Britain & Canada Invest., pref
1% Apr. 1 Holders of rec. Mar.16
Edmonton City Dairy, C% Pf.
Apr. 1 Holders of rec. Mar. 20
140
234
Mar.
rec.
Preferred
Holders
of
Apr.
1
$1.50
(quar.)___
Electric Auto-lite Co., coin.
11/ Apr. 1 Holders of rec. Mar. 140 Great Lakes Engineering. corn. (quar.)_ "250. May 1 'Holders of rec. Apr. 24
7% preferred (quar.)
Apr. 1 *fielders of roe. Mar.20
1.$1
$1.25 Apr. 1 Holders of rec. Mar. 200 Great Lakes Steamship (guar.)
Electric Controller & Mfg. (quar.)
114 Mar.31 Holders of rec. Mar. 140
Great Lakes Towing. 00Ea. (Qum%)
250. May 1 Holders of rec. Apr. 15
Elec. Power Associates, com.drel.A(all.)1% Apr. 1 Holders of rec. Mar. 14a
Preferred (quar.)
Elec. Storage Battery, corn.& Pref.(qu.) $1.25 Apr. 1 Holders of roe. Mar. 9 i
Apr. 1 *Holders of roe. Mar.25
*2
(qu.)
rec.
Mar.
24
Great
Northern
Moan.
Corp.,
01.
A
*Holders
of
Apr.
2
*81
corn.
(guar.)-Electric Vacuum Cleaner,
Great West. Electro Chem.1st lg. (att.) •$1.50 Apr. 1 "Holders of roe. Mar. 21
*500.'Apr. 1 *fielders of rec. Mar. 14
Emerson's Bromo Seltzer A & B (qu.)
114 Apr. 2 Holders of rec. Mar. 14a
•2
Apr. 1 *fielders of roc Mar. 14
Great Western Sugar. Prof.(quar.)
8% preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 20
Green (Daniel) Co.. Prof. (guar.)
111 Apr. 1 Holders of roe. Mar. 20
Emerson Electric Mfg., pref. (quer.)
01% Apr. 1 'Holders of rec. Mar.23
3 IMar.30 Holders of rec. Mar. 23a Greenwald, Inc.. pref. ((Mar.)
Empire Sale Deposit (quar.'
40c Apr. 1 Holders of rec. Mar. 140
Endlcott-Johnson Corp., corn. (guar.)._ 81.25 Apr. 1 Holders of rec. Mar. 180 Greif Bros. Cooperage. class A (quar.)_
1% Apr. 1 Holders of rec. Mar. Ina G-Iggs Cooper & Co., corn. (guar.)- - *50c Apr. 1 'Holders of roe. Mar.25
Preferred (quar.)
•11( Apr. 1 "Holders of rec. Mar.25
Mar.31 *Holders of rec. Mar.27
*2
Pre/erred (guar.)
Equitable Eastern Banking (guar.)
"3100 Mar.31 'Holders of tee. Mar. 10
Equitable Office Bldg. Corp., corn. (elli.) 62340 Apr. I Holders of roc. Mar. 145 Group No. 1 011 Co
*$100 Mar. Al *Holders of rec. Mar. 10
114 Apr. 1 Holders of rec. Mar. 14
Extra
Preferred (quar.)
Guardian Detroit Union Group (quar.)__ •50o Apr. 1 *Holders of rec. Mar.23
75c. Apr. 1 Holders of rec. Mar. 16
Equity Inveaters Corp., pref.(quer.)
Holders of rec. Mar.20
25e. Apr.
(Rudolph)
-Russell
May
b
Guenther
Law
(q.).
*Holders
of
rec.
May
15
O600.
Ewa Plantation (quar.)
Holders of rec. Mar. 15
50c. Apr.
400. Mar.31 Holders of rec. Mar. 124 Gard (Chas.) & Co., Ltd., corn.(quar.)_
Fairbanks. Morse de Co., corn.(quar.)
Holders
of rec. Mar. 15
Apr.
1
1%
Preferred
(quar.)
Mar.
21
Apr.
1
•
40c.
(qu.)
*Holders
of
roe.
(Del.),
corn.
Fairmont Creamery
•35c. Mar.3 *Holders of roc. Mar. 20
"194 AM*. 1 *Holders of roe. Mar.21
Guilford Realty,corn.(guar.)
Preferred (quar.)
"1.1( Mar. 31 *Holders of reo. Mar. 20
7% preferred (quar.)
Family Loan Society, partio. pref. ((In.)- *87340 Apr, 1 *Holders of rec. Mar. 13
"115 Mar. 31 'Holders of rec. Mar. 20
6% preferred (quar.)
'
3734e Apr. 1 *Holders of rec. Mar. 12
Participating pref. (extra)
134 Apr. 1 Holders of roe. Mar. 180
Gulf States Steel, lot pref. (fluor.)
50o Mar. 28 Holders of roe. Mar. 6
Famous Players Canadian Corp.(quar.)*25o. Apr. 1 *Holders of rec. Mar.20
Habirshaw Cable & Wire (quar.)
25e. Apr. 1 Holders of roe. Mar. 16
Fanny Farmer Candy Shops, coin. (all.)
Apr. 1 *Hoidens of roe. Mar. 18
$1.50
•
HachmeLster-Lind
Co.,
pre/.
(attar.)
rec.
Mar.
16
Apr.
1
600.
Holders of
Preferred (quar.)
134 Apr. 1 Holders of roe. Mar.236
Hahn Department Stores. Prof. (quar.)
Mar. 17
62 Ac Apr. 1
Faultless Rubber Co..common (fluor.)
Apr. 1 *Holders of rec. Mar.18
*8710
Mar.
27
Hail
of
rec.
Apr.
1
"30c.
*Holders
(quar.)
Baking,
Pref.
(Qua.r.)
corn.
Co.,
-Federal American
*250. Apr. 1 *Holders of rec. Mar. 15
Halold Co.,corn.(quar.)
Apr. I *Holders of roe. Mar. 27
Preferred (quar.)
.01.4 Apr. 1 *Holders of rec. Mar. 9
'1% Apr. 1 "Holders of rec. Mar. 15
Preferred (quar.)
Federal Bake Shops, prof. (quar.)
50c. Apr. 1 Holders of rec. Mar. 14
Hamilton Cottons, Prof. (quar.)
Federal Co-oper. Finan., pref. (mthly.)_ 173c Apr. 1 Holders of rec. Mar.10
•26 2-30 May 15
Hamilton Loan Society (Pa.), corn
'6214c May 1 "Holders of rec. Apr. 15
Federal Knitting Mills, corn. (quar.)
May 15
"10e.
Apr.
15
*Holders
of
rec.
May
1
12140.
Common
(extra)
•
Common (extra)
100. Apr. 1 Holders of rec. Mar.20
Hamilton United Theatres. pref. (qu.).... 1% Mar. 31 Holders of roe. Feb. 28
Federal Motor TruOk
15e. Mar.31 Holders of rec. Mar. 10a
Apr. 1 Holders of rec. Mar. 2
Hamilton Watch (monthly)
Feltinan & Curme Shoe Stores, pr. (qu.)
*1Si Apr. 1 *Holders of rec. Mar. 20
Hammerm111 Paper, pref.(quar.)
'9434o Mar.31 *Holders of rec. Mar. 28
Fiat, American deposit receipts
•114 Apr. 1 "Holders of roe. Mar.20
•$1.25 Apr. 2 *Holders of rec. Max.23
Hansen Glove, pref. (War.)
Fidelity & Casualty (quar.)
45e. Apr. 1 Holders of rec. Mar. 230
common
(quar.)
Mar.
14
of
rec.
Mar.
21
Liarbauer
Co.,
*Holders
*25e.
(Maryland)
(ql.)
Co.
Deposit
Fidelity &
16c. Mar.30 Holders of rec. Mar.13a
'134 Apr. 1 'Holders of rec. Mar. 23
Preferred (guar.)
Fifth Ave. Bus Securities (quar.)
1% Apr. 1 Holders of rec. Mar. 200 Harbison-Walker Refract.. pref. (guar.) 114 Apr. 20 Holders of rec. Apr. 10a
Fllene's (William) Sons, pref. (quar.)_
"1% Apr. 1 *IIelders of rec. Mar. 14
Harnischfeger Corp., pref. (quar.)
Holders of rec. Mar. 21
Filing Equipment Bureau, prof. (quar.)- 1% Apr.
May 29 *Holders of rec. May 14
Holders of roe. Apr. 6a Hart, Schaffner & Marx, cam.(guar.)- •1
20o. Apr. 1
Finance Co. of Am.(Balt),c1. A & B (qu.)
Aug. 31 "Holders of rec. Aug. 15
*1
Common (quar.)
435c Apr. 1 Holders of roe. Apr. 61
Preferred (quar.)
•1
Nov.30 *Holders of roc. Nov.14
Mar.
18
(quar.)
Holders
of
roe
50.
Apr.
Common
First American Corp.(altar.)
"50c. Apr. 1 "Holders of rec. Mar. 18
Hazel-Atlas Glass, corn.(guar.)
First Finance Co. of Iowa, ol. A (qu.)__ "37 A o Apr, 1 *Holders of roe. Mar.20
Apr. 1 *Holders of rec. Mar. 18
"25c.
roe.
Mar.
20
Common
(extra)
*Holders
of
Apr.
1
*3710
(quar.)
Preferred
Heath (D. C.) dr Co., pref. (quar.).. 1% Mar.31 Holders of rec. Mar.28
550c. Apr. 1 "Holders of rec. Mar.20
First Invest. & Sec.(CM.)(aura.)
Flat National Stores, Inc.. corn.(quar.) 6215c Apr. 1 Holders of roe. Mar.165 Helme (George W.) Co.. Com.(quar.)._ $1.25 Apr, 1 Holders of rec. Mar.100
1% Apr. 1 Holders of rec. Mar. 10a
Preferred (guar.)
*1% Apr. 1 'Holders of rec. Mar.18
lat preferred (quar.)
*1% Apr. 1 'Holders of roe. Mar.20
Henry Furnace & Fdry.. pref. (quar.)
*20c. Apr. 1 'Holders of rec. Mar. 18
8% preferred (quar.)
30c. Apr. 1 Holders of roe. Mar.200
Hercules Motors Corp. (guar.)
50c Apr. 1 Holders of rec. Mar. 20
Finn Security Corp.(Ogden) A & B (qu.)
.1% Mar.30 *Holders of rec. Mar.20
25c. Apr. 24 Holders of rec. Apr. 17
Hibbard Spencer Bartlett dr Co.(mthly.)
First State Pawners Society (quar.)_
250. May 27 Holders of rec. Mar.20
Monthly
•1 1l Apr. 1 'Holders of reo. Mar. 14
Fisher Flour Mills, pref.(quar.)
25e May 29 Holders of rec. May 22
Monthly
Fits Simons & Connell Dredge & Doak25c. June 26 Holders of rec. June 19
Apr. 1 Holders of rec. Mar.21
Monthly
preferred (quar.)
•50c. Mar. 30 *Holders of rec. Feb. 1
Hickok Oil Corp.. class A
Flatbush Investment Corp., corn. (qu.)_ '134 Mar. 31 "Holders of roe. Mar. 20
Apr. 15 Holders of rec. Ma". 31
1%
Apr,
1
Prof.
(quar.)
Holders
of
rec.
Mar.
155
$1.50
Collieries.
(quar.).
/interest
friontheno Shoe. pref.
62 34e Apr. 1 Holders of rec. Mar. 180
Apr. 1 Holders of roe. Mar. 14
Holland Furnace (quar.)
Flour Mills of Amer.,$8 pref.(quar.)_ _ $2
*210 Apr. 15 *Holders of roe. Mar.31
Holly Development (quar.)
Food Machinery Corp.,6 A % Pt.(mikity) .50o Apr. 15 *Holders of rec. Apr. IU
234 Apr. 1 Holders of roe. Mar.20
.150c May 15 *Holders of roe. May 10
Holmes(D. H.) Co., Ltd.(quay.)
preferred (monthly)
•50e June 15 *Holders of rec. June 10
"40c. Apr. 1 *Holders of rec. Feb. 28
Holophaue Co., Inc., corn
6 4% preferred (monthly)
"$1.05 Apr. 1 *Holders of rec. Feb. 28
.50c July 15 "Holders of roc. July 10
Preferred
1334% preferred (monthly)
*lig Apr. 1 'Holders of roe. Mar.26
*50e Aug 15 "Holders of roe. Aug. 10
Holt Renfrew & Co., pref.(guar.)
634% preferred (monthly)
•500 Sept.15 "Holders of rec Sept.10
Home Title Insurance, Brooklyn (quar.) "75e. Mar. 31 "Holders of roe. Mar.25
814% Preferred (monthly)
May
1
1234o.
(extra)
1% Apr. 1 Holders of roe. Mar. 16
(quar.)
Holders
of
roe.
Apr.
shares
Honey
Dew,
pref.
15
Amer.
Ford Motor, Ltd.,
.50c Apr. 1 *Holders of rec. !star. 15
•25c. Apr. 1 'Holders of rec. Mar.20
Hook Drugs, Inc., common (quar.)
Formica Insulation (mow.)
*Holders of reo. Mar. 27
'134 Apr. 1 *Holders of rec. Mar.29
•150. Apr.
Hoover Steel Ball (guar.)
Foster de Klelser, pref.(quar.)
Mar. 22 to
Mar. 31
50o Apr. 1 Holders of rec. Mar. 128 Horn & Harden Baking. Phila.(quar.)_ - $1.75 Apr.
Foster Wheeler Corp.,common (quar.)
$1.7 Apr. 1 Holders of roe. Mar.125 Houdaille Hershey Corp., Class A (qu.)_'
'Holders of rec. Mar.20
_ 6234c Apr.
Freterred (quar.)
25o. Mar. 31 Holders of rec. Mar. 25a Household Fin. Corp., corn. A&13 (qu.)_
Holders of rec. Mar. 316
90c. Apr. 1
Fostoria Pressed Steel, own.(quer.).
Apr. 1. Holders of roe. Mar. 31a
$1
- $1 Apr. 15 Holders of roe. Mar. 31a
Participating pref. (quar.)
Fox Film Corp., corn. A & B (guar.).
•75o. June 1 *Holders of rec. May 151 Howe Sound Co.(quar.)
750. Apr, 1 Holders of roe. Mar. 31a
Freeport Texas Co.(quar.)
*1% Apr.
'Holders of rec. Mar.20
•$1.75 Apr. 1
Howes Bros., 7% Preferred (quar.)
Frelhofer Baking, lst pref. (quar.)
134 Apr. 1 Holders of roe. Mar. 14
*Holders of rec. June 20
"1% July
7% preferred (quar.)
Freiman (A. J.), Ltd.. pref. (quar.)
•134 Oct. I *Holders of rec. Sept. 20
*75o. Apr. 1 "Holders of rec. Mar.20
7% preferred (quar.)
FriskCo., Inc., pref. (quar.)
7% preferred (quar.)
Fuller(George A) Co.. earth). Dr. Pf.(qu) 134 Apr. 1 Holders of rec. Mar.10a
•114 Dec. 31 *Holders of rec. Dec. 20
•13.6 Apr. 1 *Holders of rec. Mar. 20
1.11 Apr. 1 Holders of roe. Mar.10a
6% preferred (quar.)
Perth). prior pref. (peril°. dia.)
134 Apr. 1 Holders of rec. Mar. 10a
6% preferred (quar.)
Paxtio. second pref.(quar.)
'134 July 1 *Holders of rec. June 20
77c. Apr. 1 Holders of rec. Mar. 10a
6% preferred (guar.)
Partio. second pref. (panic. dlv.)
'
134 Oct. 1 *Holders of roe. Sept.20
6% preferred (quar.)
Galland Mercantile Laundry (Quar.)-- '8734c June 1 'Holders of rec. May 15
'134 Dec. 31 *Holders of rec. Doe. 20
*8714c Sept. 1 *Holders of rec. Aug. 15
250. Apr. 1 Holders of rec. Mar. lla
Hudson Motor Car (quar.)
Quarterly
087 c Dec. 1 *Holders of rect. Nov. 16
Quarterly
•50o. Apr. 1 *Holders of roe. Mar. 2
Humble 011 & Refs.(quar.)
•400 Apr, 1 *Holders of roe. Mar.20
•500 Mar. 31 *Holders of roe. Mar. 17
Humphreys Mtg.. pref.(quar.)
Gardner-Denver Co., common (quar.)
30o Apr. 1 Holders of rec. Mar. 14
35e. Apr. 1 Holders of roe. Mar. 16
Hunt's Ltd., class A & B (quar.)
Garlock Peeking. corn.(guar.)
15e Apr. 1 Holders of roe. Mar. 31
Apr. 1 'Holders of roe. Mar. 15
Huron & Erie Mortgage (quar.)
Gary (Theodore) dr Co., corn. (quar.)
40o. Apr. 1 Holders of rec. Mar. 18
•25c. Mar.31 *Holders of roe. Mar.20
Huston (Tom) Peanut Co.(altar.)
Preferred (quill.).....
•750. Apr. 1 *Holders of roe. Mar. 25
'134 Apr. 1 "Holders of rec. Mar.20
(hemmer mfg., class A (Van)
Huylers of Delaware, pref. (guar.)
40c. Apr. 1 Holders of rec. Mar. 1
HYgrade Lamp, em.(guar.)
General Amer. Invest.,6% pref. (quar.) 134 Apr. 1 Holders of roe. Mar. 200
Apr. 1 Holders of rec. Mar. 130
$1.625 Apr. 1 Holders of rec. Mar. 1
Preferred (altar.)
General Amer. Tank Car, corn. (quar.) Si
Apr. 1 Holders of roe. Mar. 21a Ideal Cement (guar.)
$2
'75c. Mar. 31 *Holders of rec. Mar. 1
General Baking Co., pref. (guar.)
40c. Apr. 25 Holders of reo. Mar. 130 Ideal Finance Assn.. pref.(quar.)
Apr. 1 *Holders of rec. Mar. 1
'2
General Electric, common (QUM%)
15e. Apr. 25 Holders of reo. Mar.13a
*50c. Apr. 1 *Holders of rec. Mar. 1
Convertible pref. (altar.)
Special stock
"50o. Apr. 1 *Holders of rec. Mar.20
'306. Apr. 15 *Holders of rec. Apr.
General Fireproofing, corn.(quar.
Illinois Brick (qua?.)
'134 Apr. 1 *Holders of rec. Mar.20
1.300. July 15 *Holders of rec. July
Preferred (quar.)
Quarterly
The. May 1 Holders of rec. Apr. 15a
•30c. Oct. 15 *Hoidens of rec. Oct.
Quarterly
General Foods (guar.)
prof.
'
134 Apr. 1 *Holden of rec. Mar.21
Corp.,
(quar.)
8140. Mar. 31 Holders of rec. Mar.
Imperial Tob.of Canada, corn.(aura
General Machinery
Mar. 31 Holders of roe. Mar.
$1.50 Apr. 1 Holders of rec. Mar. 14a
Common (year 1930)
General Mills, Inc., pref. (quar.)
$1.25 May 1 Holders of rec. Apr. fia
Mar.31 Holders of rec. Mar.
3
Preferred
General Motors. $5 prof. (quar.)
1.33e. Apr. 1 *Holders of roe. Mar.25
"300. May
*Holders of rec. Apr. 20
Income Shares Corp.(monthly)
General Parts, pref. (quar.)
Apr. 15 *Holders of roe. Mar.23
General Printing Ink, common (quar.). 6214c Apr. 1 Holders of reo. Mar. I70 Incorporated Investors (Van)
*2% Apr, 15 'Holders of roe. Mar.23
$1.50 Apr, 1 Holders of roe. Mar.170
Stock dividend
Preferred (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 10a
'
234 Oct. 15 *Holders of rec. Sept 21
Sleek dividend
General By, Signal, corn. (quar.)
•25e. Apr. 1 "Holders of roe. Mar. 18
134 Apr. 1 Holders of rec. Mar. 10a Independence Trust Shares
Preferred ((War.)
2336
Name Of Company.
[Vol,. 132.
FTN A NCIA L CHRONICLE
Per
Wass
OW. Payable.
Books Closed.
Days leeltssioe.
Name of Company.
Per
WM%
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Coatisszd).
Miscellaneous (Continued).
Independent Pneumatic Tool (quar.)-Apr. 1 *Holders of roe. Mar. 21
Locomotive Fire Box (guar.)
*25o. Apr. 1 *Holders of roe. Mar.20
Indiana Pipe Line (guar.)
Loevre. (no., corn. (guar.)
250. May 15 Holders of roe. Apr. 24
750. Mar.31 Holders of rec. Mar. 14s
Industrial & Power Securities (guar.)..
Loose-Wiles Biscuit, common
•25e. June 1 *Holders of rec. May 1
85e. May 1 Holders of rec. Apr. 18e
Quarterly
Common (extra)
*2.50. Sept. 1 *Holders of rec. Aug. 1
100. May 1 Holders of roe. Apr. 181
Quarterly
First preferred (guar.)
*25o. Dec. 1 *Holders of ree. Nov. 1
194 Apr. 1 Holders of roe. Mar. 23a
Industrial Rayon Corp.((Mar.)
Apr. 1 Holders of rec. Mar. 23a Loudon Packing (guar.)
al
0750 Apr. 1 *Holders of roe. Mar. lel
Inland Investors, Inc., common (qu.)___
Lord & Taylor. corn. (guar.)
No. Apr. 1 Holders of roe. Mar. 20
Apr. 1 Holders of roe. Mar. 17a
234
Insull Utility Invest.. 03M.(guar.)
JIM Apr. 16 Holders of rec. Mar. 14 • 2nd preferred (guar.)
May 1 Holders of see. Apr. 17a
2
% preferred (quar.)
Lorillard (P.) Co., pref.(guar.)
1.37 Apr. 1 Holders of ma Mar. 14
194 Apr. 1 Holders of rec. Mar. lea
Interbano Investment, Inc.(guar.)
Lunkenhelmer Co., pref. (qua'.)
•100. Mar.31 Holders of roe. Mar. 20
*134 Apr. 1 *Holders of roe. Mar.21
Interlake Steamship, corn. (guar.)
Preferred (guar.)
500. Apr. 1 Holders of rec. Mar. 200
*144 July 1 *Holders of roe. June 20
Internat. Business machines tquar.)
Preferred (guar.)
UM Apr. 10 Holders of rm. Mar. 20a
1.194 Oct. 1 *Holders 91 rec. Sept-2111
Internat.Buttonhole Sewing Mach.(Qua
Preferred (guar.)
20o. Apr. 1 Holders of reo. Mar. 18
*134 Jan 1'32 *Holders of roe. Dee. 221
International Carriers, Ltd. (quar.)_.
1234o. Apr. 2 Holders of rec. Mar. 276 MactAndrews & Forbes, coin. (guar.)... 50o. Apr. 15 Holders of roe. Mar.316
International Cement. corn. (quar.)
Preferred (guar.)
$1 Mar.31 Holders of rec. Mar.lla
114 Apr. 15 Holders of rec. Mar. 316
Internat. Equities Corp., ol. A (qu.).- 87110. Apr. 1 Holders of rec. Mar. 19a Maefadden Publications, corn.(guar.).- 50o. Apr. 1 Holders of roe. Ma',14
International Harvester, corn. (qua'.)
62141 Apr, 15 Holders of rec. Mar. 20.1 MacMarr Stores, Inc., Prof. (quar.)
134 Apr. 1 Holders of rec. Mar.20
Internat. Match,corn.(guar.)
Apr. 15 Holders of rec. Mar.254 Mack Trucks, Inc.. common (guar.)._
$1
75e. Mar. 31 Holders of reo. Mar. 19a
Participating preference (guar.)
Apr. 15 Holders of roe. Mar. 250 Macy (R. H.)& Co.. common (quar.)
$1
•730. May 15 *Holders of reo. Apr. 24
Internat. Nickel of Canada (guar.)
Madison Mortgage Corp.,8% 1st pf.(qu) •2
15e. Mar.31 Holders of rec. Mar.
Mu.30 *Holders of roe. Mar.20
Preferred (guar.)
7% first preferred (guar.)
151 May 1 Holders of roe. Apr. la
•194 Mar.30 *Holders of reo. Mar. 20
1,1% May 1 Holders of rec. Apr. 15
Internat. Printing Ink, pref.(quar.)
7% second preferred (guar.)
Mar.30 *Holders of roe. Mar.20
'134
International Salt Wilma
750. Apr. 1 Holders of rec. Mar. 180 Madison Square Garden Co., corn.(gu.)
15o. Apr, 18 Holders of rec. Apr. ea
International Shoe, corn. (guar.)
750. Apr. 1 Holders of rec. Mar. 14a Magma Copper Co. (guar.)
50e. Apr, 15 Holders of rm. Mar.31a
Preferred (monthly)
Magnin (I.) & Co., corn.(guar.)
•50e. Apr. 1 *Holders of rec. Mar. 14
•37340 Apr. 15 *Holders of reo. Mar.31
Preferred (monthly)
•141 May 15 *Holders of reo. May
•50e. May 1 *Borders of roe. Apr. 15
8% Preferred (guar.)
5
1,11,4 Aug. 15 *Holders of rec. Aug.
Preferred (monthly)
8% preferred (guar.)
Mo.June 1 *Holders of roe. May 15
5
International Silver. pref. (guar.)
8% preferred (guar.)
134 Apr. 1 Holders of rm. Mar. 120
*114 Nov. 15 *Holders of rec. Nov. 5
International Textbook
Mahon (R. C.) Co.. cony. pref. (guara_ •550. Apr. 15 *Holders of roe. Mar.31
50e. Apr. 1 Holders of rec. Mar. 5
Interstate Bakeries,$8.50 pref.(guar.) $1.825 Apr. 1 *Holders of rec. Mar. 18
Manhattan Shirt, preferred (guar.)
114 Apr. 1 To be redeemed Apr. 1
Interstate Dept. Storm, Inc., corn.(lu.) 50e. Apr. 1 Holders of roe. Mar. 20a Mantschewits(B) Co., pref.(quar.).... *144
Apr. 1 *Holders of rec. Mar.20
Interstate Petroleum, pref. A (guar.).- •50o. Apr. 1 *Holders of rec. Mar.20
Manufacturers Casualty Ins.(Phila.)... 80o. Apr. 1 Mar. 24 to Mar.30
Intertype Corp.. 1st pref.(guar.)
Extra
*2
Apr. 1 *Holders of rec. Mar. le
40e. Apr. 1 Mar.24 to Mar.30
Investment Foundation, Ltd.,Prof.(on.) 37340. Apr. 15 Holders of roe. Mar.3
anufacturers' Finance Co., Baltimore,
Invest. Co. of Am., pref. A & B (guar.). •134 Apr. 1 *Holders of rect. Mar. 18
Preferred (guar.)
•4334e Mar.30 *Holders of rm. Mar.20
Investors Corp.(R.I.) tat pf.(quar.).._ •$1.50 Apr. 1 *Holders of rec. Mar.20
Mapes Consol. Mfg.(guar.)
*750. Apr. 1 *Holders of roe. Mar. 18
Second preferred (guar.)
*31.50 Apr. 1 *Holders of roe. Mar.20
Extra
•25o. Apr. 1 *Holders of roe. Mar. 18
Convertible Prof.(guar.)
Marathon Razor Blade. Inc.(monthly) •334e. Apr. 15 *Holders of roe. Apr. 1
•$1.50 Apr. 1 *Holders of roe. Mar. 20
Irving Air Chute (guar.)
Monthly
•25e. Apr. 2 *Holders of roe. Mar. 20
•3140. May 15 *Holders of rec. May 1
Island Creek Coal, common (quar.)_... $1 Apr. 1 Holders of rec. Mar. 130
Monthly
•11140. June 15 *Holders of roe. Juno 1
Preferred (guar.)
Monthly
$1.50 Apr. 1 Holders of rec. Mar.13a
•3140. July 15 *Holders of roe. July 1
Ivanhoe Foods, Inc.. class A
•500. Apr. 1 *Holders of rec. Mar.20
Monthly
%Mo. Aug. 15 *Holders of roe. Aug. 1
Preferred (quar.)
Monthly
'8734 Apr. 1 *Holders of rec. Mar.20
•314e. Sept.15 *Holders of ree. Sept. 1
Jamison Coal & Coke. corn.(guar.)
•75o. Mar.30 *Holders of rec. Mar.28
Monthly
•834o. Oct. 15 *Holders of rec. Oct. 1
Jefferson Electric Co.(guar.)
•50o. Apr. 1 *Holders of roe. Mar. 15
Monthly
•3360 Nov.15 *Holders of roe. Nov. 1
Jenkins Bros., pref.(Ouse.)
Monthly
.0134 Apr. 1 *Holders of roe. Mar. 14
•8310 Deo. 15 *Holders of roe. Dee, 1
Jewel Tea, Inc., corn. (guar
Apr. 15 Holders of roe. Apr. 1 a Marconi International Marine$1
Jones & Laughlin Steel. pref.(guar....- 134 Apr. 1 Holders of roe. Mar. 13a
Communication Am.der,. rots. ordXfsif *10
Apr. 2 *Holders of rm. Mar. 17
Johns-Manville Corp., 03M.(quar.)
750. Apr. 15 Holders of rec. Mar. 253 Marine Midland Corp.(guar
300 Mar.31 Holders of rec. Mar. 24
Preferred (guar.)
Marlin-Rockwell Corp.. corn. (guar.)--- 500. Apr. 1 Holders of rec. Mar. 21a
134 Apr. 1 Holders of rm. Mar. 11
Johnson Punish, corn. (guar.)
Maryland Casualty (guar.)
*50e. Apr. 1 *Holders of rec. Mar. 23
*58 M o Mar. 31 *Holders of reo. Mar. 12
Preferred (guar.)
Maryland Commercial Bankers, pref.- *35e Apr. 15 *Holders of rm. Mar. 31
112 Apr. 1 *Holders of roe. Mar. 23
Journal of Commerce, pref.(guar.)
•lai Apr. 1 Holders of roe. Mar. 2
Mathieson Alkali Works, corn.(qua?.)
500 Apr. 1 Holders of roe. Mar. 130
Kahn's (E.) Sons Co., Prof.(quar.)
•$1.75 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 130
Participating pref. (guar.)
Maud Miner Candy. corn.(guar.)
•80e. Apr. 1 *Holders of roe. Mar.20
230 Apr. 1 Holders of roe. Mar .153
Kalamazoo Stove (guar.)
McAleer Mfg. Co. (guar.)
•8234c Apr. 1 *Holders of rec. Mar. 20
*3734o Apr. 1 *Holders of roe. Mar.20
Kalamazoo Vegetable Parchment(gu.)__ •15o. Mar.30 Holders of roe. Mar. 21
McCall Corp., corn. (guar.)
82440 May 1 Holders of rec. Apr. 206
Quarterly
MoCaskey Register, 1st prof. ((Var.).- *IA Apr. 1 *Holders of roe. Mar.25
•150. June 30 Holders of reo. June 20
Quarterly
MoCell-Prontenec Oil, pref.(guar.)
•150. Sept.30 Holders of roe. Sept.19
134 Apr. 15 Holders of rec. Mar. 31
Quarterly
McCord Radiator & Mfg., class A (gu.). *75o. Apr. 1 *Holders of rep. Mar.24
•150. Doe. 31 Holders of roe. Dee. 21
Kati Drug Co.. pred.(quar.)
McGraw Electric Co. (quar.)
51.826 Apr. 1 Holders of rec. Mar. 15
O250. Apr. 1 *Holders of roe. Mar. 20
Kaufman (Chas. A.) Co., LW.(Czar.)
McGraw-Hill Publishing,common(qua
134 Apr. 1 Holders of rec. Mar.20
500. Apr. 1 Holders of roe. Mar. 20e
KaufmannDept. Stores, corn. (quar.)
25e. Apr. 28 Holders of rec. Apr. 106 McKee (A. 0.), Class B (guar.)
87340 Apr. 1 Holders of roe. Mar. 20a
Preferred (quar.)
McKeesport Tin Plate (guar.)
134 Apr. 1 Holders of roe. Mar. 10
31 Apr. 1 Holders of rec. Mar. 126
Kaybee Stores, Inc.. corn.(guar.)
Extra
150. Apr, 15 Holders of roe. Apr. 1
50e. Apr. 1 Holders of roe. Mar. 123
Class A (guar.).
43340. Apr. 1 Holders of roe. Mar. 113
McLellan Stores, Prof. A & B
134 Apr. 1 Holders of roe. Mar. 20s
Kaynee Co.,common (guar.)
50e. Apr. 1 Holders of rec. Mar. 206 McLeod Bldg.. Ltd.(guar.)
Apr. 1
Common (extra)
750, Apr. 1 Holders of roe. Mar.23
1234c Apr. 1 Holders of rec. Mar. 200 moQuay-Norris Mfg.(guar.)
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 206 Mead Corp., corn. (guar.)
*250. Apr. 15 *Holders of roe. Apr. 1
Keitia-Mbee-Orpheum, pref. (guar.).- 134 Aim. 1 Holders of rec. Mar. 20a
Common (payable in common stook)
Apr. 15 *Holders of reo. Apr. 1
*I
Kelley laid. Lime & Transport (qua'.)
8234o pr. 1 Holders of roe. Mar.20a Mead Johnson tiz Co., common (guar.)._
75, Apr. 1 Holders of roe. Mar. 15
Kelley-Koett Mfg., pref. (guar.)
Common (extra)
•37340 Apr. 1 Holders of rec. Mar. 20
50e. Apr. 1 Holders of roe. Mar.15
Kellogg (Spencer) dr Sons (guar.).
200. Mar.31 Holders of me. Mar. 143 Medusa Portland Cement. corn. (guar.) 075o, Apr. 1 Holders of roe. Mar. 25
Kelsey-Hayes Wheel. sum.(guar.)
Preferred (guar.)
600. Apr. 1 Holders of rec. Mar.20a
•114 Apr. 1 Holders of reo. Mar. 25
Kemper-Thomas Co., corn. (quar.).... •750. Apr. 1 *Holders of roe. Mar. 20
Menai. & Mfrs. Smut.. corn. A (guar.). •37340 Apr. 1 Holders of roe. Mar. 18
Common (guar.)
Merchants & Miners Transp'n (qua?.)... *82 tic Mar.31 *Holders of rec. Mar. 9
•750. July I *Holders of rec. June 20
Common (guar.)
Merchants Nat. Realty. pref. A dr B (gu) •114 Apr. 1 Holders of rec. Mar. 25
•750. Oct. 1 *Holders of rec. Sept.20
Common (guar.)
•75o. J'n 1'32 *Holders of roe. Dec. 20
Merchants Transport. & Storage (utter.) •134 Apr. 1 Holders of roe. Mar. 21
•1,i June 1 'Holders of roe. May 20
Preferred (gum)
Merck Corp., preferred (guar.)
Apr. 1 Holders of rec. Mar. 17
2
•194 Sept. 1 *Holders of roe. Aug. 20
Proferred (guar.)
Preferred (guar.)
July 1 Holders of rec. June 17
2
Preferred (guar.)
•134 Doe. 1 *Holders of rec. Nov. 20
Mergenthaler Linotype (guar.)
$1.50 Mar.81 Holders of reo. Mar. 4a
Kennecott Copper Co.(guar.)
50o. Apr. 1 Holders of rec. Mar. 126 Mesta Machine (guar.)
*50o. Apr. 1 Holders of rec. Mar. 14
Kimberly-Clark Corp..corn.(guar.)...- 82340. Apr. 1 Holders of roe. Mar.12. Metal Package Corp.. coin. (guar.)
Apr. 1 Holders of roe. Mar. 28
51
Preferred (guar.)
Metropolitan Ice. pref. (guar.)
116 Apr. 1 Holders of roe. Mar. 12
*194 Apr. 1 Holders of rec. Mar. le
King Royalty Co., pref. (guar.)
Mar.31 Molders of rec. Mar. 16
2
Preferred (extra)
*300. Apr. 1 Holders of rec. Mar. 18
Kinney (G. R.) Co.. corn (guar.)
25e. Apr. 1 Holders of rec. Mar.20a Metrop. Paving Brick. Prof. (guar ___
11
/
4 Mar. 1 Mar li1 to Mar. 31
Kirsch Co., common(gum.)
Mexican Petroleum, common (quar.)_
*We. Apr. 1 *Holders of rm. Mar.23
Apr. 20 Holders of roe. Mar.3I0
3
Preference (guar.)
Preferred (guar.)
•450. Apr. 1 *Holders of roe. Mar.23
Apr. 20 Holders of roe. Mar. 31a
2
Klein(D.Emil) Co.. coin.(guar.)
Michigan Steel Tube (guar.)
•250. Apr. 1 *Holders of roe. Mar.20
*200. Apr. 1 Holders of rm. Mar.25
Knapp Monarch Co., pref. (guar.)
Mlekeinerrys Food Products-.
81340 Apr. 1 Holders of rm. Mar. 18
Knight-Campbell Music, prof.(qua'.)..
Common (payable in corn.stock)._ *1234 May 15 Holders of roe. May 1
Apr. 1 *Holders of roe. Mar. 15
Knott Corp., common (guar.)
Common (payable in corn. Mock)
*25e. Apr. 15 *Holders of rec. Mar.30
41234 Aug. 15 Holders of rm. Aug. 1
•13.‘ Apr. 1 *Holders of rec. Mar. 12
Koppers Gas & Coke. pref. (guar.)
Common (payable in corn. stock)._ '/234 Nov.18 Holders of rec. Nov. 2
Kresge(S. 8.) Co.. corn.(guar.)
Preferred (guar.)
40e. Mar.31 Holders of rec. Mar. Ils
'87340 Apr. 1 Holders of ree. Mar. 20
Preferred (guar.)
134 Mar.31 Holders of rec. Mar. lie Midland Steel Products, oom. (guar.)._
75e, Apr. 1 Holders of roe. Mar. 23a
Kroger Grocery & Baking, 1st pfd.(qua •134 Apr. 1 *Holders of rm. Mar.20
$2 preferred (quar.)
•500. Apr. 1 Holders of rm. Mar. 23
Laing Auto Spring,7% prof.(gtiar.).... 04334 Apr. 1 *Holders of rec. Mar. 15
8% preferred (guar.)
Apr. 1 Holders of roe. Mar. 233
2
Lambert Co.. common (guar.)
$2 Apr. 1 Holders of roe. Mar. 176 Midvale Company (guar.)
Apr. 1 Holden of reo. Mar. 14
41
Land Title Bldg. Corp.. PhIla
Mill Factors, class A and B (guar.)
Mar.31 *Holders of reo. Mar. 14
$1
•75o. Apr. 1 Holders of roe. Mar.20
Miller & Hart !no (guar.)
Land Title Bldg. Corp., Philo
51
June 30 *Holders of roe. June 13
'8734c Apr. 1 Holders of roe. Mar. 15
Landed Banking & Loan(Canada)(gu.). 2
Miller Wholesale Drug (guar.)
Apr. 1 Holders of roe. Mar. 15
400. Apr. 1 Holders of rec. Mar. 20
Landers. Frary & Clark (quar.)
Minneapolis-Honeywell Regulatorell Mar. 31 *Holders of rm. Mar. 21
Landis Machine. common (guar.)
Preferred (guar.). (No. 1)
750. May 15 Holders of rec. May 5
*114 Apr. 1 Holders of ree. Mar. 17
Common (guar.)
Minnesota Mining at Mfg. (quar.)
750. Aug. 15 Holders of roe. Aug. 5
Apr. 2 Holders of reo.SMar. 20
Common (guar.)
Mississippi Glass-Dividend omitted.
750. Nov.15 Holders of roe. Nov. o
Preferred (guar.)
Mitchell (J. S.) & Co., Ltd., pref. (qua 134 Apr. 1 Holders of roe. Mar. 16
elai June 15 *Holders of rec. June 5
Preferred (guar.)
Mitchell (Robe.) & Co.. Oom.(quar.)--250. Apr. 15 Holders of roe. Mar. 31
•134 Sept.15 *Holders of roe. Sept. 5
Preferred (guar.)
Moak,Judson, Voehringer, Inc.. Pf(qua 194 Apr, 1 Holders of rec. Mar. 15
•134 Dec. 15 *Holders of roe. Doe.
Lane Bryant, Ina.,eom.(guar.)
250. Apr. 1 Holders of roe. Mar.126 Monarch Mtge. & Invest., Prof. (quar.) •200. Apr. 15 Holders of rec. Mar. 30
eftnic Apr. 1 Holders of rec. Mar. 13
Monroe Chemical, pref. (guar.)
•2
Larus & Bro. Co.. Preferred (guaraApr. 1 Holders of rec. Mar 25
Preferred (guar.)
•2
311(0. Apr. 1 Holders of rec. Mar. 103
July 1 *Holders of rm. June 24
Monsanto Chemical Works (qua'.)
Montgomery Ward & Co.. class A (gu.) es1.75 Apr. 1 Holders of roe. Mar. 21
Preferred (guar.)
•2
Oct. 1 *Holders of roe. Sept.23
•11
/
4 Apr. 1 Holders of roe.
La Salle Extension University, Pfd.(a ) 134 Apr. 1 Holders of rm. Mar. 21
Moon Elec. Co., pref. (guar.)
Mar. 20
Lawyers Mortgage Co.(guar.)
Moore Corp., oom.(guar.)
700. Mar.31 Holders of reo. Mar. 19
25e, AM. 1 Holders of rec. Mar. 10
Lawyers Title & Guaranty (guar.)
Clam A and B (guar.)
3
Apr. 1 Holders of rec. Mar. 2Ia
134 Apr. 1 Holders of rec. Mar. 10
Lawyers Westchester Mortgage dr Title
Moores Coney Corp., common A (guar.) •250. Apr. 1 Holders of rec. Mar. 24
2
Apr. 1 Holders of roe. Mar.20
Co.(guar.)
Morris (Philip) & Co., Ltd, Inc. (guar.) 230. Apr, 15 Holders of roe. Apr. 2a
•8734c Apr. 1 *Holders of roe. Mar. 15
Leath dr Co.. preferred (guar.)
Morris Plan Bank (Hartford). (quar.).. *2
Apr. 1 Holders of rec. Mar. 27
Lehigh Portland Cement, corn.(guar.)
25e. May 1 Holders of roe. Apr. 140 Morris Plan Bank (Va.)(quar.)..... '623.40 Apr. 1 Holders of roe. Mar. 25
134 Apr. 1 Holders of roe. Mar. 14a Morris Plan Co., N. Y.(guar.)
Preferred (guar.)
•80o. Apr. 1 Holders of roe. Mar. 27
Lehigh Valley Coal Corp., prof.(gu.)
75e. Apr. 1 Holders of roe. Mar. 1211 Morristown Securities Corp.(guar.).- 25o. Apr. 2 Holders of rec. Mar. 18
Lehigh Valley Coal Sales (guar.)
90c. Mar.81 Mar. 13 to March 31
Mar. 30 Holders of roe. Mar. 25
Mortgage-Bond Co.(gam.)
1
750, Apr. 3 Holders of roe. Mar. 203 Mortgage-Bond Title Corp. (qua'.)....
Lehman Corp.(guar.)
15e. Mar.3/ Holders of rec. Mar. 25
Leland Electric Co.(quar.)
500. Mar.31 Holders of rec. Mar.20
Mortgage Guar.(Los Angeles) (qua'.).. •2
Apr. 1 *Holders of ree. Mar. 28
Lewin Nat'l Securities, el. A & B (gu.)- •25o. Apr. 1 Holders of roe. Mar. 15
Motor Products (guar.)
50o. Apr. 1 Holders of roe. Mar. 20a
*350. Apr. 1 *Holders of roe. Mar. 15
7% preferred (guar.)
Mountain at Gulf Oil (guar.)
•10. Apr. 15 *Holders of roe. Mar. 31
35e. Mar.131 Holders of roe. Mar.11
Leasing's. Ins. (guar.)
Mountain Producers Corp.(guar.)
250 Apr. 1 Holders of rec. Mar. 143
Ley (Fred T.)& Co.. Inc., 0001.(Mara •37340 Apr. 1 Holders of rec. Mar. 15
Molle Co., clam A (No. 1)
•75e Mar. 31 *Holders of rec. Mar. 14
•25e. Mu.31 Holders of roe. Mar. 18
Liberty Share Corp. (guar.)
*No Mar.30 *Holders of rec. Mar.20
M.& T.Securities Co.(guar.)
Liggett& Myers Tob., preferred (guar.). 134 Apr. 1 Holders of roe. Mar. 104 Murphy (0. C.) CO.. prof.(War.)
Apr. 2 Holders of roe. Mar. 21
2
*1.34 Mar.31 *Holders of reo. Feb. 24
Lily Tulip Cup Corp.. pref. (guar.)
Muskegon Piston Ring (guar.)
•75e Mar. 31 *Holders of rec. Mar. 13
Lhnsetone Products. 7% Pref. (qua?.).. *OW Apr. 1 Holders of roe. Mar. 15
Mutual Chemical of Amer., pref. (GU.) '134 Mar.28 *Holders of roe. Mar. 19
Lincoln Telephone Securities. 01. A (qu.) *500. Apr. 10 Holders of rec. Mar. 31
Myers(F. E.)& Bros.. corn.(qua'.)
500 Mar.81 Holders of roe. Mar. Ha
Class B (guar.)
*250. Apr. 10 Holders of reo. Mar.31
Preferred (guar.)
134 Mar.81 Holders of roe. Mar. 146
•114 Apr. 10 Holders of ree. Mar. 31
Preferred (qua,.)
Nash (A) Co., Inc. (guar.)
Apr. 15 *Holders of reo. Apr. 9
*2
Linde Air Products, prof. Mara
*134 Apr. 1 *Holders of roe. Mar. 20
Nashua Gummed & Coated PaperLook Joint Pipe Co.,corn.(monthly)
•880. Mar.31 'Holders of ree. Mar. 31
Preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 25
Apr. 1 *Holders of rec. Apr. 1
Preferred (guar.)
*2
Nassau-Queens Bond & Mtge. pref.(O.) •$1.75 Mar.81
tra
July 1 *Holders of roe. July 1
Preferred (guar.)
National Battery. prof. (guar.)
550 Apr. 1 Holders of rect. Mar. 170
Oat. 1 'Holders of roe. Oct. 1
Preferred (guar.)
•2
National Breweries (Guar.)
40e Apr. 1 Holders of rec. Mar. 18
Dec. 81 Holders of roe. Dee. 31
Preferred (guar.)
*2
Preferred (guar.)
64e Apr. 1 Holders of roe. Mar. HI
FINANCIAL CHRONICLE
MAR. 28 1931.]
M6 gRX$Xi. v-ag"X
.
o, v....
$1460
ggegWWg'.Vg P
P
PPPPP..
. •
Aug. 1 *Holders of rec. July 14
FebP32 *Hold. of roe. Jan. 14'32
Apr. 1 *Holders of roe. Mar.20
July 1 *Holders of roe. June 20
Oct. 1 *Holders of roe. Sept. 20
Jan2•32 *Holders of roe. Dee. 20
Apr. 15 *Holders of roe. Apr. 1
July 15 *Holders of roe. July 1
Oct. 15 *Holders of rec. Oct. 1
.1a16'82 *Hold, of roe. Jan. 2'32
Apr. 1 *Holders of roe. Mar.20
AD?. 15 Holders of rec. Mar.31
May 1 Holders of roe, Apr. Ta
Mar.31 *Holders of roe. Mar. 14
Mar.31 *Holders of roe. Mar. 20
Apr. 15 Holders of tee. Mar.20
Mar.28 *Holders of roe. Mar. 13
Apr. 1 *Holders of roe. Mar. 20
Apr. 15 Holders of rec. Mar. 25
Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 19
Apr. 1 Holders of rec. Mar. 19
Apr. 1 *Holders of roe. Mar.20
Mar. 31 *Holders of rec. Mar. 21
May 15 *Holders of rec. May 1
Aug. 15 *Holders of roe. Aug. 1
Nov.15 *Holders of roe. Nov. 1
Apr. 1 *Holders of rec. Mar. 12
Apr. 1 *Holders of tee. Mar. 12
Apr. 1 *Holders of rec. Mar. 18
Apr. 20 *Holders of rec. Mar. 31
Apr. 20 *Holders of roe. Mar. 31
Apr. 1 *Holders of rec. liar. 10
Apr. 1 Holders of roe. Mar. 10
Apr. 1 Holders of rec. Mar. 10
Mar. 31 *Holders of roe. Mar. 20
Apr. 1 Holders of rec. Mar. 16
Apr. 1 *Holders of rec. Mar. 15
May 1 *Holders of rec. Apr. 15
June I *Holders of roe. May 15
July 1 *Holders of rec. June 15
Aug. 1 *Holders of rec. July 15
Sept. 1 *Holders of rec. Aug. 15
Oct. 1 *Holders of rec. Sept. 15
Nov. 1 *Holders of rec. Oct. 15
Doe. 1 *Holders of tee. Nov. 15
Janl'32 *Holders of roe. Dec. 15
Apr. 1 "Holders of rec. Mar. 16
May 1 *Holders of tee. Apr. 15
June 1 *Holders ol rec. May 15
July 1 *Holders of tee. June 15
Aug. I *Holders of recs. July 15
Sept. 1 *Holders of roe. Aug. 15
Oct. 1 *Holders of roe. Sept.15
Nov. 1 *Holders of rec. Oct. 15
Doe. I *Holders of rec. Nov. 16
J'n 1'32 *Holders of rec. Dec. 16
Mar.31 'Holders of rec. Mar. 27
Mar. 31 *Holders of rec. Mar. 27
Mar.81 *Holders of roe. Mar. 27
*Holders of rec. Mar. 20
Apr.
Apr. 1 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar.21
Apr. 1 Holders of roe. Mar. 21
Mar.3 *Holders of rec. Mar. 14
Mar.3 *Holders of rec. Mar. 14
Mar. 31 *Holder of rec. Mar. 14
Apr. I Holders of rec. Mar. 24
Apr. 15 Holders of ree. Mar. 31
Apr. 15 Holders Of tee. Mar. 31
Apr. 1 Mar. 15 to Mar. 31
Apr. 1 *Holders of rec. Mar.20
Apr. 1 *Holders of roe. Mar. 24
Mar.31 *Holders of roe. Mar. 16
Apr. 1 *Holders of reo. Mar. 15
Apr. 1 Holders of rec. Mar. 130
Apr. 1 Holders of rec. Mar. 18
Mar.3 *Holders of roe. Mar. 20
Apr. 1 Holders of rec. Mar. 1
July.
Oct.
Jan.'32
Apr. 1 Holders of rec. Mar. 16
Apr. 1 Holders of roe. Mar.20a
Apr. 18 Holders of rec. liar. 31a
Apr. 15 Holders of roe. Mar. 31a
Apr. 1 Holders of roe. Mar. 19
Apr. 1 Holders of rec. Mar. Is
Apr. 1 Holders of rec. Mar. 10
Apr. 1 *Holders of roe. Mar. 15
Apr. 15 *Holders of reo. Mar.31
Apr. 1 Holders of reo. Mar.20e
Apr. 1 Holders of reo. Mar. 20
Apr. 1 Holders of rec. Mar.20
Mar.28 Holders of roe. Mar. 6a
Apr. 1 Holders of refs. Mar. 19
Mar.31 Holders of roe. Mar. 20
June 30 Holders of rec. June 30
Sept.30 Holders of rec. Sept .20
Doe. 31 Holders of rec. Dee. 30
Apr. 1 Holders of rec. Mar.23
May 15 Holders of rec. May 5
May 1 Holders of rec. Aor. 21
.
• .
444
4
il
1„,,rrrrrrvx8x===tix.888811i;:it:mx
0000000000•
.
..•..
0000000000.
•
S.
•
Books Closed.
Days Inclusive.
Apr. 15 Holders of rec. Mar. 20a
Apr. 1 Holders of rec. Mar. 12
Apr. 1 Holders of rec. Mar. 12
May 1 *Holders of rec. Apr. 20
May 15 *Holders of roe. May 1
Mar. 31 *Holders of rec. Mar. 18
Apr. 1 *Holders of roe. Mar. 18
Apr. 1 Holders of reo. Mar. 10a
Apr. 1 Holders of roe. Mar. 10
Apr. I *Holders of roe. Mar.20
Apr. 10 *Holders of rec. Mar. 31
Mar.31 Holders of roe. Mar.13a
May 1 Holders of roe. Apr. 175
Mar.31 Holders of roe. Mar.23
Apr. 1 *Holders of rec. Mar. 20
Apr. 1 Holders of roe. Mar. 15
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of tee. Mar. 17
Apr. 1 Holders of rec. Mar. 2
Mar.31 Holders of rec. Mar.210
Apr. 1 Holders of roe. Mar.18a
Apr. 1 Holders of rec. Mar. 130
Apt, 1 *Holders of roe. Mar. 16
Apr. 1 Holders of rec. Mar. 21
Apr. 10 *Holders of roe. Apr. 1
Apr. 1 *Holders of roe. Mar. 17
June 1 *Holders of rec. May 20
Sept. 1 *Holders of rec. Aug. 20
Dee. 1 *Holders of rec. Nov. 20
Apr. 1 Holders of roe. Mar.20
May 15 Holders of rect. May to
Aug. 15 Holders of rec. Aug. la
Nov.15 Holders of ree. Nov. le
Mar. 31 Holders of roe. Mar.13a
Apr. 1 *Holders of roe. Mar.16
Apr. 15 *Holders of roe. Mar.31
Apr. 1 Holders Of roe. Mar.18
000.00.0.0o0.
•
"gr1;;;IWPW
Miscellaneous (Continued).
National Blecult, coin.(guar.)
National Candy common (guar.)
First and second pref. (guar.)
National Carbon, preferred (guar.)
National Casket, common
Preferred (guar.)
Nat.Comm. TItle&Mige.(Newark)(qu.)
National Dairy Products,corn.(guar.).Preferred A and B (quar.)
National Fruit Products, prof. (guar.)._
Nat'l Industrial Loan Corp.. monthly...
National Lead, common (guar.)
Preferred B (guar.)
National Licorice. preferred (guar.).National 011 Prod., pref. (guar.)
National Refining. prof.(guar.)
National Standard Co. (guar.)
National Steel Car Corp. (guar.)
National Sugar Refining (mar.)
National Supply of Del., pref. (quhr.)..
National Surety Co.(gnat.)
National Tea. corn. (guar.)
National Theatre Supply, prof. ((War.).
National Trust (Toronto) (guar.)
Natomas Co
Neill Corporation, 1st pref.(guar.)-...4
Neiman-Marcus Co., pref. (guar.)
Preferred (guar.)
Preferred (guar.)
Nelson (Herman) Corp.(guar.)
Neptune Meter, prof.(guar.)
Preferred (guar.)
Preferred (qua?.)
Nevada Consol. Copper Co. (guar.).NewbornY (J. J.) Co.. corn.(guar.)
New Bradford 011 (guar.)
New England Equity, pref. (guar.).New England Grain Prod.Cora.(1-100 share in pref. A stook) -.
Corn.(1-100 share In pref. A stook) -$7 preferred (guar.)
$7 Preferred (guar.)
$7 preferred (guar.)
$7 preferred (guar.)
Preferred A (guar.)
Preferred A (guar.)
Preferred A (guar.)
Preferred A (guar.)
Newman Mfg., oom. (guar.)
Newmont Mining Corp. (guar.)
New York Alt Brake, coin.(guar.)
N.Y. Realty & Impt., pref.(guar.).New York Title & Mtge. CO.(guar.).New York Transit (guar.)
New York Transportation (guar.)
N. Y. Trap Rock. $7 prof. (guar.)
Niagara Share Corp.. corn. (guar.)
Preferred (guar.)
Niagara Wire Weaving, corn.(guar.).Preferred (guar.)
Nichols Copper Co., el. A & V (guar.).Niles-Bement-Pond Co. (guar.)
Nineteen Hundred Corp.,cl. A (guar.).Class A (guar.)
Class A (guar.)
Noblitt-Sparks Industries, Inc.(guar.).Stock dividend
North American Creameries. el. A (qu.)
North Amer. Invest. Corp..6% Pfd.(1u)
534% preferred (guar.)
Nortn American Provision, pref. (quar.)
North American Securities
North Central Texas 011 (guar.)
North & Judd Mfg.(guar.)
North Star 011, pref.(guar.)
Northern Discount, pref. A (mthly.)--•
•
Preferred A (monthly)
•
Preferred A (monthly)
•
Preferred A (monthly)
•
Preferred A (monthly)
•
Preferred A (monthly)
•
Preferred A (monthly)
•
Preferred A (monthly)
Preferred A (monthly)
•
Preferred A (monthly)
Preferred 0(monthly)
Preferred 0(monthly)
Preferred C (monthly)
Preferred 0(monthly)
Preferred C (monthly)
Preferred C (monthly)
Preferred C (monthly)
Preferred C (monthly)
Preferred C (monthly)
Preferred 0 (monthly)
Northern Paper Mills, oom. (guar.).--28 preferred (guar.)
$7 preferred (Wen)
Northwest Bancorporation (guar.)
Norwich Pharmaeal Co.(guar.)
Novadel-Agene Corp., oom.(guar.)._
Preferred (guar.)
Nunn-Bush & Weldon Shoe, corn. (nu.).
First preferred (altar.)
•
Second preferred (guar.)
Ogilvie Flour Mills, common (guar.).Ohlo Brass. class A & B (guar.)
Preferred (guar.)
Ohio Seamless Tube. pref. (guar.)
Ohio Wax Paper (qua?.)
Ohmer Fare Register, pref.(QUAL)
Oil/docks. 1.01.. clam A & B (guar.).Old Colony Trust Associates (guar.).Omnibus Corp.. Prof.(guar.)
Ontario Loan & Debenture (quer.)
Ontario Manufacturing. pref.((var.).Ontario Tobacco Plantations, pref.(qu.)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Orange Crush. Ltd.. pref. A (Quar.)-Orphesim Circuit. prof. (guar.)
Otis Elevator, corn. (guar.)
Preferred (guar.)
Otis Steel, prior pref. (Cinar.)
Owens Illinois Glam. pref.(qua?.)
Pacific Freight Lines Corp., pref. (qu.)
Peons Indemnity (guar.)
Packard Electric Co., oom.(guar.)
Packer Corp. (guar.)
Page-Hershey 'room, oom.(guar.)
Preferred (guar.)
Paramount Publix Corp.. cum.(guar.)._
Passwall Corp., $3 pref.(guar.)
Peabody Engineering, pref. (qua?.). __ _
Preferred Auer.)
Preferred (lean)
Preferred (guar.)
Peasiess-GaUlbert Co., pref. (quar.)--Penmans. Ltd.. common (guar.)
Preferred (Qua?,)
gu;....
;M:141;yz
Name of Company.
PerI When
Cent. Payable.
Name If Company.
Whoa
Per
Cost. Payable
Books Clem.
Days /adults.
Miscellaneous (Continued).
*1,4 Apr. 1 *Holders of roe. Mar.20
Penn Federal Corp., pref. (guar.)
600 Mar. 31 Holders of reo. Mar.20
Penney (J. C.) Co., corn. (guar.)
134 Mar.31 Holders of roe. Mar.20
Preferred (guar.)
*42 Apr. 1 *Holders of rec. Mar.24
Pequot Mills (guar.)
500. Apr. 1 Holder' of roe. Mar.20
Perfect Circle Co.(guar.)
'18(c Mar. 31 *Holders of rec. Mar. 20
Perfection Stove (monthly)
'134 Apr. 1 *Holders of rec. Mar.20
Peter Paul, Inc. (qUer.)
3734c Apr. 1 Holders of rec. Mar. Ila
Pet Milk Co., common (guar.)
1,4 Apr. 1 Holders of roe. Mar. 11
Preferred (quer.)
4.134 Apr. 1 *Holders of red. Mar.20
Pfaudler Co.. cum.(guar.)
50c. Apr. 1 Holders of rec. Mar. 14a
Phelps Dodge Corp.(guar.)
600 Mar. 31 Holders of tee. Mar.16
Phila. Co. for Guar. Mtge.(guar.)
1.44 Apr. 1 Holders of roe. Mar.20
Phila. Dairy Products, Pr. prof. (qu.)
•43Me Apr. I *Holders of rec. Mar.20
Picardy Candy, Ltd.. prof.(guar.)
50c. Apr. 1 Holders of rec. Mar. 14
)
(guar
A
class
America,
Bakeries
of
Pie
144 Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
Pinchin, Johnson & Co., Amer. abs....• dto1214 Apr. 1 Holders of rec. Mar. Hi
3o Apr. 1 Holders of roe. Mar.16
Pioneer Gold Mines
•10o Apr. 1 *Holders of roe. Mar.20
Pioneer MIDI (monthly)
•5e Apr. 1 *Holders of roe. Mar.24
Pitney-Bowes Postage Meter (guar.)._
*20c Apr. 1 'Holders of rec. Mar. 10
Pittsburgh Plate Glass (guar.)
350. Apr. 15 Holders of roe. Mar.270
Pittsburgh Screw &Bolt(guar.)
.156 Apr. 1 *Holders of rec. Mar. 23
1
(guar.).
Pittsburgh Steel Foundry, pref.
38e. Apr. 1 Holders of roe. Mar. 180
Pittston Company,common (guar.)._
•25o. Apr. 30 *Holders of rec. Apr. 15
Plymouth 011 Co
Port Huron Sulphur & Paper, pf. (qu.).. .01,4 Apr. 1 *Holders of rec. Mar.15
Porto Rican Amer. Tobacco (guar.)._ 8734c Apr. 10 Holders of rec. Mar.20a
•230. Apr. 1 *Holders of reo. Mar. 26
Potter & Co., corn. (guar.)
Powdrell & Alexander. pref.(guar.).- *I M Apr. 1 *Holders of rec. Mar. 18
Power Gas & Water Seour.. prat.(m.). *150. Apr. 1 *Holders of roe. Mar.20
500. Mar.31 Holders of rec. Feb. 280
Prairie Oil& Gas(guar.)
75e. Mar.31 Holders of rec. Feb. 285
Prairie Pipe Lino (guar.)
Apr. 1 *Holders of rec. Mar.16
*41
Pratt & Lambert. Inc.(guar.)
3o Apr. 4 Holders of roe. Mar. 13
Premier Gold Mines (guar.)
Pressed Metals of America, corn.(guar.) 1234e. Apr. 1 Holders of rec. Mar.16
134 Mar.31 Holders of rec. Mar. 20
Preened Steel Car, pref. (guar.)
M Apr. 1 Holders of rec. Mar. 14
Price Bros.& Co., Ltd.,common (guar.)
134 Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
Apr. 15 Holders of rec. Mar.25e
2
Procter & Gamble.8% pref.(quar.).._
Provident Adj.& Inv., pref.(guar.).- '134 Mar. 31 *Holders of roe. Mar.23
Public Utility Holding Cori).•750. Apr. 1
Preferred (guar.)
1,4 Apr. 1 Holders of roe. Mar.10
Pure 011 Co. 634% prof. (guar.)
134 Apr. 1 Holders of roe. Mar.10
8% preferred (guar.)
Apr. 1 Holders of rec. Mar. 100
2
8% Preferred (guar.)
Apr. 1 *Holders of roe. Apr. 1
*21
Quaker Oats, common (guar.)
Apr. 1 *Holders of roe. Apr. 1
•63
Common (extra)
40134 May 29 *Holders of rec. May 2
Preferred (guar.)
Holders of rec. Mar. 24
Radio Corp. of Amer. pref. A (guar.)__ 8714e. Apr.
21.25 Apr. 1 Holders of rec. Mar. 24
Preferred B (guar.;
*500. Apr. 1 *Holders of rec. Mar. 20
Rath Packing (guar.)
Apr. 1 Holders of rec. Mar. e204
Real Silk Hosiery Mills, corn.(guar.)._
Corn.(guar.) (payable in cum.stook). or234 July 1 Holders of rec. June 194
Oct. 1 Holders of roe. Sept. 184
Corn.(guar.) (payable in corn.stook).
Corn.(guar.) (payable In corn.stook). e1234 Jan 1'32 Holders of rec. Dec. 18/
el M Apr. 1 Holders of roe. Mar. 204
Preferred (guar.)
350. Apr. 1 Holders of roe. Mar.16
Reeoe Buttonhole Machine (guar.)
fie. Apr. 1 Holders of rec. Mar. 16
Reece Folding maehlae (guar.)
*30. Apr. 1 *Holders of roe. Mar.16
Reed (Torn) Gold Mining (No. 1)
•23e. Mar.31 *Holders of too. Mar. 21
Reed Roller Bit (emir.)
•1M Apr. 1 *Holders of roe. Mar. 20
Regal Shoe, pref.(guar.)
•141 Apr. I 'Holders of roe. Mar. 20
Reliance Mfg. of Ilia., pref.(guar.)
Reliance Mfg. (Ohio) com. (guar.)... 50e. Apr. 1 Holders of rec. Mar.161
Remington Arms Corp.. tat Prof.(guar.) *IX Apr. 1 *Holders of rec. Mar. 20
Remington Rand, Inc..first pref.(guar.) 134 Apr. 1 Holders of rec. Mar. I&
Apr. 1 Holders of rec. Mar. 184
2
Second preferred (guar.)
100. Apr. 1 Holders of rec. Mar. 104
Reo Motor Car (guar.)
75e. Am. 15 Holders of rec. Apr. 1
Republle 841101)17 Co. Mara
75e. July 15 Holders of rec. July 1
Quarterly
75e. Oct. 15 Holders of ree. Oct. 1
Quarterly
Research investment Corp., pref. (qu) 720 Apr. 1 Holders of ree. Mar. 16
Revere Copper & Brass, Prof. (guar.). 1,4 May 1 Holders of rec. Apr. 101
4.134 Apr. 1 *Holders of roe. Mar. 17
Reversible Collar Co. (guar.)
Reynolds (R. J.) Tobacco730 Apr. 1 Holders of rec. Mar. 18
(guar.)._
Common and common B
Rioe-Stix Dry Goods, 1st & 2d pf.(qu.). 134 Apr. 1 Holders of rec. /der. 15
'134 Mar.31 'Holders of rec. Mar. 16
Rich's, Inc., pref.(guar.)
•750 Apr. 1 *Holders of reo. Mar.23
Richman Bros. common (guar.)
55e Apr. 1 Holders of ree. Mar. 16
Rike-Kumier do.. common (guar.)._
Apr. 1 *Holden of rec. Mar.24
•134
Preferred (guar.)
6234oApr. 1 Holders of rec. Mar. 20
Ritter Dental Mfg., coin. (guar.)
50c Apr. 1 Holders of rec. Mar. 14
Riverside Silk Mills. class A (guar.).Robinson Consolidated Cone (guar.)._ 3734c Apr. 1 Holders of rec. Mar. 15
Apr. 1 *Holders of rec. Mar. 20
*2
Rockwood & Co., prof. (guar.)
Ross Gear & Tool. common (guar.)._ .... •50c Apr. 1 *Holders of rec. Mar. 20
25e Apr. 1 Holders of rec. Mar. 9
Royal Baking Powder, common (guar.)
134 Apr. 1 Holders of rec. Mar. 9
Preferred (guar.)
134 Apr. 1 *Holders of rec. Mar. 25
Sabin Robbins Paper. prof. (guar.)
Safety Car Heating & Ltd., cont.(guar.) .$2 Apr. 1 'Holders of rec. Mar. 14
25c Apr. 15 Holders of rec. Mar. 31
St. Lawrence Corp., pref. A (guar.)._
750 Apr. 15 Holders of rec. Mar.31
St. Lawrence Paper Mills,6% pf. (qu.).
250 Apr. 1 Holders of toe. Mar.20
St. Louis Bank Bldg. Equip.(guar.)._
Apr. 1 *Holders of roe. Mar.24
*2
Stook
(guar.).
Yards
Bt. Louis National
St. L. Rocky Mt.& Pao. Co.,corn.(qu.) 25c Mar. 31 Holders of roe. Mar. 16
1.)( Mar. 31 Holders of rec. Mar. 16
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 10
St. Regis Paper, common (guar.)
134 Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
1 Holders of roe. Mar.18
Apr.
$1.25
Safeway Stores (Guar.)
134 Apr. 1 Holders of roe. Mar.18
7% preferred (guar.)
134 Apr. 1 Holders of roe. Mar.18
6% preferred (guar.)
.7e. Apr. 1 *Holders of rec. Mar. 14
salt Creek Comm] Oil (guar.)
'Holders of reo. Mar.23
*26o. Apr.
Sangamo Electric Co..Oom.(guar.)
Apr. 1 *Holders of rec. Mar.23
01,6
'
Preferred (quer.)
Sept. 1 *Holders of rec. Aug, 11
Saranac Pulp & Paper, stock dividend.. '45
4.134 May 15 *HOlden of rec. May 1
Ravage AMR, second Prof.(guar.)
4.134 Apr. 1 *Holders of rec. Mar.24
Sayers & Scoville, com, and pref
Schoeneman (J.) Inc., 1st pref. (guar.) 134 Apr. I Holders of roe. Mar. HI
Apr. 1 Holders of roe. Mar.12
2
Schulte Retail Stores, Prof.(guar.)
*134 Apr. 1 *Holders of roe. Mar.14
Schulze Baking, pref. (guar.)
75e. Apr. 1 Holders of rec. Mar. 16
Convertible Preferred (guar.)
Schumacher Wall Board, partio. pf.(qu,) •500. May 15 *Holders of roe. May a
•50e. Apr. 1 *Holders of roe. Mar.241
Schwartz (B.) class A (guar.)
350, Mar.31 Holders of roe. Mar. 17
Scott Palter (guar.)
*5043. Apr. 1 *Holders of roe. Mar. 14
Soovill Mfg. (guar.)
•37340 Apr. 1 *Holders of re°. Mar.2€
Seaboard National Scour. (guar.)
Seaboard Utilities Shares Corp.(guar.)._ 12340 May 1 Holders of rec. Apr. 1
150. Apr. 15 Holders of rec. Mar. 31
Seagrove Corp., common (guar.)
'134 Apr. 1 *Holders of res. Mar.20
Preferred (guar.)
May 1 Holders of roe. Apr. I
Sears, Roebuck & Co., stook div.(qu.). 51
25c Apr. 1 Holders of rec. Mar. 14
Second Internat. Corp., corn. A (guar.).
75c Apr. 1 Holders of rec. Mar. 14
8% first preferred (guar.)
750 Apr. 1 Holders of rec. Mar. 14
6% second preferred (guar.)
Second Internarl See. clams A (guar.)._ •2543 Apr. 1 *Holders of rec. Mar.If
Apr. 1 *Holders of roe. Mar. If
•750
First and second prof. (guar.)
134 Apr. 1 Holders of rec. Mar. lf
Record (Laura) Candy Shops, pf.(qu.)._
*3 Apr. 1 *Holders of rec. Mar. 2C
Security Investment Trust, let pref
Seeman Brothers, the,, Com.(guar.)._ •750 May 1 *Holders of roe. Apr. 11
Selected Industriee, Inn.26.60 unstamped prior stock (Oct. 1
42.75 Apr. 1 Holders of rec. Mar. 2€
1930 to March 31 1931
$5.50 stamped prior stock (Jan. 1 to
Apr, 1 Holders of rec. Mar. 2C
81.375
March 311931)
lJnstamped convertible stook (Oct. 1
$1.875 Apr. 1 Holders of rec. Mar. 2C
'29 to Dec.31'30)
Sera.Stations, Ltd.(Toronto). A&B(qu.) 650. Apr. 1 Holders of roe. Mar. le
*50o. Apr. 1 *Holders of rec. Mar. 20
Shafer Co.. class A (guar.)
*10o. Apr. I *Holders of rec. Mar. le
Shareholders Corp. (guar.)
250. Apr. 10 Holders of roe. Mar. 2(
Shattuck (F. (1.) Co. (guar.)
200. Apr. 1 Holders of rec. Mar. 17
Shawmut Association (quer.)
134 Apr. 1 Holders of rec. Mar. 1C
Shell Union Oil. Prof.(guar.)
Shenandoah Coro.. oenv. ore!. Mara.. (o) May 1 Holders of rec. Apr. 1
OM
OH
2338
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Sheaffer(W. A.) Feu CO., 01/1111l10171-- '61
Sept. It *Holders of rec. Sept. I
Preferred (quer.)
Apr. 20 *Holders of rec. Mar. 30
*2
Preferred (guar.)
*2
July 20 "Holders of rec. June 30
Preferred (qua:.) .
•2
Oct. 20 *Holders of roe. Sept .34)
Sherwin-Williams Co.(Cana„ corn. (111.)
40o. Mar. 31 Holders of tee. Mar. 14a
Preferred ((filar.)
Mar.31 Holders of rect. Mar. 14a
Short Term. Tr. Shares, ser. U reg..- •31c. Mar. 15 *Holden of roe. Feb. 28
Shur-On Stand. Optical Co., pr. pf.(qM.)
Apr. 1 *Holders of rec. Mar. 31
Sieloff Packing, corn. (guar.)
30o. Apr. 1 Holders of rec. Mar. 20
Sigmode Steel Strapping, pref. (guar.).- •6240 Apr. 15 *Holders of rec. Mar.30
Silent Automatic Corp., pref
4
Apr. 1 *Holders of roe. Mar. 25
Silver Brook Anthracite, pref. (guar.).- "75o. Apr. I *Holders of rec. Mar. 20
Simpson (Robert) Co
3
May 1 Apr. 16 to Apr. 30
Sinclair Consol. Oil Corp., corn.(guar.).
250. Apr. 15 Holders of rec. Mar. 18a
Singer Manufacturing (guar.)
*24 Mar. 31 *Holders of rec. Mar. 10
Extra
*24 Mar. 31 'Holders of rec. Mar. 10
Skelly Oil. prof. (Qua:.)
14 May 1 Holders of roe. Apr. 10
Slattery (E. T.) Co.(guar.)
*14 Apr. 1 "Holders of rec. Mar. 21
• Sloan & Zook Prod., common (guar.).- •50e. Mar. 31 'Holders of rec. Mar. 20
Preferred (guar.)
•1q Mar.31 *Holders of rec. Mar. 20
S. M. A. Corp., corn. (guar.)
•750. Apr. 1 *Holders of rec. Mar. 20
Common (payable in common stock)_ 110
Apr. 15
Smith (L.C.)& Corona Typewriter.•1,‘ Apr. 1 *Holders of roe.
Preferred (guar.)
Mar. 20
*IA
Sorg (Paul A.) Paper Co., pref.(guar.)-Apr. 1 "Holders of rec. Mar. 15
Preferred (guar.)
*14 July 1 'Holders of rec. June 15
South Penn Oil (guar.)
•25o. Mar.31 'Holders of roe. Mar. 14
South Porto Rico Sugar Co.. pref. (guar.) 2
Apr. I Holders of rec. Mar. 120
Southland Ice, Pref. A (guar.)
*14 Apr. 1 *Holders of rec. Mar. 14
fta
Southwest Pa. Pipe Lines (quar-)
Apr. 1 *Holders of roe. Mar. 16
Spalding (A. G.) & Doe., corn.(guar.).
50e Apr. 15 Holders of rec. Mar. 310
Sparig, Chalfant & Co., pref. (quar.)-lid Apr. 1 Holders of rec. Mar. 160
Sparks WIthington Co.. corn. (qua _25e Mar. 31 Holders of rec. Mar. 14a
Sparta Foundry Co.(Var.)
75c. Mar. 31 Holders of roe. Mar. 15
Spencer Trask Fund, corn. & pref. (qu.)
250. Mar. 30 [folders of roe. Mar. 10
Spicer Mfg., preferred (quar.)
75e. Apr. 15 Holders of rec. Apr. 3a
Square 0 Company, class A (luar.)---- •550. Mar.3 *Holders of tee. Mar.20
Stahl-Meyer. Inc., com. (guar.)
300. Apr.
Holders of rec. Mar. 25
Preferred (guar.)
14 Apr.
Holders of rec. Mar.20
Standard Braude. Com. (guar-)
300. Apr.
Holders of rec. Mar. 90
Preferred (guar.)
14 Apr.
Holders of rec. Mar. 90
u Apr. 1. *Holders of ree. Apr. 15
Standard Coosa Thatcher, pref. (guar.).
Standard Fuel, Ltd.. pref.(guar.)
•14 Apr.
*Holders of roe. Mar. 16
Standard National Corp., prof. (qua:.). 514 Apr.
*Holders of roe. Mar. 25
Standard Oil (Kentucky) (guar.)
•400. Mar.3 *Holders of roe. Mar. 16
Standard 011 (Ohio). corn. (guar.)
624e Apr.
Holders of rec. Mar. 18
5% preferred (guar.)
Holders of rect. Mar. 31
13. Apr. 1
Standard Safe Deposit CO.(guar.)
*2
Mar.3 *Holders of roe. Mar. 24
•fai
Standard Screw (guar.)
Apr.
*Hollers of rec. Mar. 13
Standard Steel Constr., el. A (guar.)._ _
75c. Apr.
Mar. 18 to Mar. 31
Starrett (L. S.) Co., corn.(guar.)._
50c. Mar. 31 Holders of rec. Mar. 180
First preferred (guar.)
Mar,3 *Holders of rec. Mar. 18
Starrett Corp.. Prof. (guar.)
•750. Apr.
'Holders of roe. Mar. 14
State & City Bldg. Corp., pref. (guar.)__ •1
Apr.
'Holders of rec. Mar. 20
State Title & Mortgage (guar.)
•1
Apr.
*Holders of rec. Mar. 20
Stedman Rubber Flooring, Prof. (guar.) taal Apr.
"Holders of rco. Mar. 26
Stearns (Frederick)& Co., corn. (guar.)_ •30c. Mar.3 *Holders of rec. Mar. 20
Steel Co. of Canada, own.& pref.(guar.) 434c May
Holders of reo. Apr. 7
Stein (A.) & Co., Prof. (guar.)
Apr.
Holders of rec. Mar. 16
Steneek Title & Mtge. Guaranty (qu.)
•10c.
*Holders of rec. Mar. 15
Extra
.5e Apr,
*Holders of ree. Mar. 15
Stix Baer & Sutler, pref.(guar.)
*43
Mar.3 *Holders of ree. Mar. 15
Preferred (guar.)
"4340 June 30 *Holders of tee. June 16
Preferred (guar.)
*4340 Sept.30 *Holders of rec. Sept. 15
Pre/erred (guar.)
•4340 Deo, 31 'Holders of rec. Dec. 15
Stock Exchange Secur., Inc.. el. A (go.) 5374c Apr. 1 *Holders of rec. Mar. 15
Stone & Webster, Inc. (guar.)
750. Apr. 15 Holders of roe. Mar. 17o
Strawbridge & Clothier.7% pref.(guar.) '15( Apr. 2 *Holders of rec. Mar. 10
Str000k (S.) & Co., corn.(guar.)
•150. Apr. 1 *Holders of roe. Mar. 18
•
ea
Sunray Oil Corp.(stock dividend)
Apr. 15 *Holders of roe. Mar. 25
Superheater Co. (guar.)
6240. Apr. 15 Holders of rec. Apr. 40
Superior Portland Cement.al. A (mthly.)'27 403 Apr. 1 *Holders of roe. Mar.23
Superior Underwear, pref. (guar.)
Apr. 1 "Holders of roe. Mar. 20
Supertest Petroleum, ord. & corn. (qu.)
250 Apr, 1 Holders of rec. Mar. 13
Preferred A (guar.)
14 Apr. I Holders of rec. Mar. 13
Preferred B (guar.)
374c Apr, 1 Holders of roe. Mar. 13
Swann Corp., class A & B (mist.)
•15e. Apr. 1
Sweets Co.of Amer.(guar.)
2.50. May 1 Holders of rec. Apr. 15
Swift & Co. (guar.)
50c Apr. 1 Holders of rec. Mar. 10
Taggart Corp., class A (qua:.)
*50e. Apr. 1 'Holders of roe. Mar. 20
Preferred (guar.)
•14 Apr. 1 "Holders of rec. Mar.20
Tamblyn (G.) Ltd., (guar.)
ft Apr. 1 Holders of rec. Mar. 21
Taylor Col.:mitt Co., common ((Mar.).- '5840 Apr. 1
Preferred (guar.)
*14 Apr. 1 *Holders of roe. Mar. 27
Taylor Milling Corp., corn. (guar.)
621.0 Apr. 1 Holders of roe. Mar. 10
Telephone Bond & Share, corn. A (extra)
25o. Apr. 15 Holders of rec. Mar. 25
Preferred (guar.)
Apr. 15 Holders of roe. Mar. 25
31
Telep. Inv. Corp.(monthly)
•200. Apr. 1 *Holders of roe. Mar. 20
ol 5( Apr. 1 'Holders of roe. Mar. 31
Temple Bar Bldg. Co. 7% pref.(au.)Tennessee Products Corp., corn. (guar.) •25e. Apr. 10 '(folders of rec. Mar.81
Texas Corporation (guar.)
The Apr. 1 Holders of rec. Mar. rta
Texon 011 & Land, common (qua:.)
25e Star. 31 Holders of rec. Mar. 10
Textile Banking (guar.)
•50e. Apr. 1 'Holders of rec. Mar. 25
Thatcher Manufacturing, corn. (guar.).
40c Apr. 1 Holders of rec. Mar. 20e
Preferred (guar.)
900. May 15 Holders of ree. May 5a
Mayers, Ltd., pref. (guar.)
874c Apr, 1 Holders of rec. Mar. 24
Thompson (John R.) Co.(guar.)
500. Apr. 1 Holders of roe. Mar. 23a
Thomson-Gino Elec. Weld., cl. A (Not) •50c May 1 'olders of rec. Apr. 21
Thompson Products Corp., corn. (guar.)
300. Apr. 1 Holders of roe. Mar. 200
Thompson's Spa, Inc.. $6 pref. (guar.).- "$1.50 Apr. 1 *Holders of rec. Mar. 9
Thompson-Starret Co.. prof. (guar.)-- 874,Apr. 1 Holders of roe. Mar. lie
Tide Water Associated OIL Prof. (go.)- 14 Apr. 1 Holders of rec. Mar. 140
Tide Water Oil. corn. (guar.)
20c Mar,31 (folders of rec. Mar. 140
TIM Roofing, corn.(guar.)
"1740 Apr. 1 *Holders of roe. Mar. 20
$2 Preferred (guar.)
*500. Apr. 1 'Holders of roe. Mar. 20
Timken-Detroit Axle. corn.(guar.)
20e. Apr. 1 Holders of reo. Mar. 200
Maio Standard Mining (guar.)
•20e.
Tip Top Tailors, Ltd., pref.(qua:.)
141 Apr. 1 Holders of roe. Mar. 180
Title Ins. (Minn.) (guar.)
Apr. I "Holders of rec. Mar. 20
•1A Apr. 1
Title Securities Co.(guar.)
'Holders of roe. Mar. 28
Tooke Bros., Ltd., preferred (guar-).-- 14 Apr. 15 Holders of rec. Mar.31
Toronto General Trusts (guar.)
3
Apr, 1 Mar. 24 to Mar. 31
Toronto Mortgage Co.(guar.)
$1.50 Apr. 1 Holders of roe. Mar. 14
Torrington Co. (attar.)
750. Apr. 1 Holders of roe. Mar. 19
Transamerica Corp. (guar.)
250. Apr. 25 Holders of roe. Apr. d4a
Traylor Eng.& Mfg., prof.(guar.)
"2
Apr. 1 *Holders of rect. Mar. 25
Trio° Products Corp. (guar.)
624e Apr. 1 Holders of rec. Mar. lla
Tri-Continental Corp., pref. (guar.)
14 Apr. 1 Holders of rec. Mar. 180
Corp.. corn. (guar.)
30e. Apr. 1 Holders of roe. Mar. 13
Common (Payable in common stock)- /I Al/r. 1 Holders of rec. Mar. 13
$3 convertible preferred (guar.)
750. Apr. I Holders of rec. Mar. 13
$3 cumulative pref. (guar.)
75c. May I Holders of roe. Apr. 16
38 preferred (flour.)
$1.50 May I Hoidens of rec. Apr. 15
Trumbull-Cliffs Furnace, pref. (qfer.) 1
Apr. I Holders of too. Mar. 260
Truscon Steel, common (guar.)
30c Apr. 15 Holders of rec. Mar. 26a
Ulen & Co.. 00III.(WW1
400. Apr. 15 Holders of roe. Apr. la
Underwood-Elliott Fisher Co..com.(qu)_ $1.25 Mar.31 Holders of rec. Mar. 120
Preferred (guar.)
lit Mar. 31 Holders of rec. Mar. 124
Union Carbide & Carbon (guar.)
650. Apr. 1 Holders of rec. Mar. 40
Union Hudsoo Secur. (guar.)
'12340 Apr. 1 *Holders of rec. Mar. 11
Union Metal Mfg., corn. (guar.)
50e. Apr. 1 Holders of roc. Mar. 200
Common (extra)
25e. Apr. I Holders of rec. Mar. 200
Preferred (guar.)
Apr. I *Holders of rec. Mar. 20
"2
Union Twist Drill, corn.(guar.)
25o. Mar.31 Holders of rec. Mar.20
Preferred (guar.)
'151 Mar. 31 *Holders of roe. Mar.20
United Aircraft & Transport, pf. faaj _
750. Apr. 1 Holders of res. Mar.190
United Business Publishers, pref. (au.) .1% Apr. 1 "Holders of rec. Mar. 20
United Cigar Stores o Amer.. pref. 00u.) 14 May 1 Holders of ree. Apr. 1138
Preferred (attar-)
14 Aug. 1 Holders of rec. July 10"
Preferred (guar.)
Nov. 2 Holders of rec. Oct,
United Dyewood, pref. (guar.)
151 Apr. I Holders of tee. Mar. 130
Name of Company.
[VOL. 132.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
United Finance & Realty Trust (guar.) *14 Apr. 10 *Holders of reo. Mar. 31
United Fruit (Ount.)
Apr. 1 Holders of roe. Mar. 24
$1
United Fuel Invest., pref. (guar.)
Apr. 1 Holders of rec. Mar. 16
1
United Linen Supply, class A (guar.)-- '8754o Apr. 1 "Holders of rec. Mar. 20
United Loan Corp.(Bklyn.) (quar.)--- "14 Apr. 1 *Holders of rec. Mar. 20
United Ohio Utilities, el. A & B (quar.)-- 51
Apr. 1 "Holders of tee. Mar.31
8% prior preferred (guar.)
'13.( May 1 *Holders of rec. Apr. 10
6% preferred (guar.)
Apr. 1 'Holders of tee. Mar.31
"1
United Piece Dye Works. corn.(guar.,60e. May 1 Holders of rec. Apr. 160
Common (guar.)
500 Aug. 1 Hoidens of roe. Jule 150
Common (guru.)
50e. Nov. 1 Holtlece of rec. Oct. tha
Preferred (guar.)
14 Apr. I Holders of tee. Mar. 20a
Preferred (guar.)
14 July 1 Holders of rue. June 20,
Preferred (guar.)
134 Oat. 1 Holders of rec. Sept. 190
Preferred (guar.)
15' Jan1•32 Holders of rect. Dec. 19a
United Securities, Ltd.(annual)
2
Apr. 10 Holders of rec. Mar. 23
United Shoe Mach.,corn.(guar.)
624e Apr, 6 Holders of rec. Mar. 17
Preferred (guar.)
374e Apr. 6 Holders of tee. Mar. 17
United Verde Extension Mining
50c May 1 Holders of rec. Apr. 20
U. S. Capital Corp., class A (No. I)._ .25e Apr. 1 *Holders of rec. Mar. 14
U.S. Gypsum, corn.(qua:.)
400 Nfar. 31 Holders of rec. Mar. I40
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar l•
U.S. Leather, prior preferred ((Mara- 14 Apr. 1 Holders of rec.'Mar id
U. S. Playing Card (guar.)
'6234c Apr. I 'Holders of rec. Mar. 21
U. S. Printing & Lithographing (guar.). *750. Apr. 1 *Holders of ree. Mar. 21
United States Casualty (guar.)
*41 Apr. I *Holders of rec. Mar. 23
United States Foil corn A & B (qu.)
124o Apr. 1 'Holders of rec. Mar. 160
Preferred (guar-)
14 Apr. 1 Holders of rec. Mar. 160
United States Pipe & Fely., corn.(qu.)_
.50c Apr. 20 Holders of rec. Mar. 310
Common (guar.)
50e July 20 Holders of rec. June 30a Common (Oust.)
60e Oet. 2t) Holders of roc. Sept. 300
Common (guar.)
bfle jn26'32 Holders of rec. Dee. 31c
First preferred (guar.)
30c. Apr. '20 holders of rec. Mar. 31a
First preferred (guar.)
300 July 20 Holders of too. June 300
First preferred (guar.)
30c. Oct. 20 Holders of rec. Sept.30a
First preferred (guar.)
30c Ja20'32 Holders of rec. Dee. 31a
United States Steel Corp.. corn.(guar.). 14 Mar.30 Holders of rec. Feb. 28a
United States Tobacco, corn (guar )_ _ _ 81.10 Apr. 1 Holders of rec Mar 16a
Preferred (guar)
15' Apr. 1 !folders of rec Mar 160
Universal Leaf Tob., corn.(guar.)
750. May 1 Holders of roe. Apr. 17
Preferred (guar.)
2
Apr. 1 lIolders of rec. Mar. 19
Universal Pictures. let Prof. (quar.)
Apr. 1 Holders of rec. Mar. 24a
2
Universal Products (guar.)
•50c. Apr. 1 *Holders of rec. Mar. 16
Utah Conner Co (guar )
$2 Slur 31 Holders of roc Mar 134
Utilities Hydro & Rails Shares (guar.)-- *10c. May 1 'Holders of rec. Apr. 1
Valve Bag Co.. prof. (guar-)
"14 Apr. 1 'Holders of rec. Mar. 18
Valvoline Oil. preferred (guar.)
*2
Apr. 1 *Holders of rec. Mar. 18
Vanadium-Alloys Steel (guar.)
*50o. Mar. 31 'Holders of tee. Mar.20
Van de Europe Holland Dutch Bakeries
Preferred (guar.)
• $1.625 Apr. 1 "Holders of roe. Mar. 10
Vapor Car Heating. pref. (guar.)
'151 June 10 *Holders of rec. June 1
Preferred (guar.)
•14 Sept. 10 *Holders of roe. Sept. 1
Preferred (guar.)
•14 Dee. 10'Holders of rec. Doe. I
Vlau Biscuit. first preferred (guar )--- Holders of rec Mar 7
14 Apr
Victor Monaghan CO., pref. (quar.)- *Holders of rec. Mar. 20
Apr.
Vogt blarinfacturIng (qua:.)
*50c. Apr.
*Holders of rec. Mar. i 4
Vortex Cup Co., corn. (guar.)
Holders of reo. Nlar. 20
50e. Apr.
Class A (guar.)
*Holders of rec. Mar. 20
'6234c Apr.
Vulcan Detianing. earn. (guar.)
Apr. 2 Holders of rec. Apr. 7o
11
Preferred (guar.)..
141 Apr. 20 Holders of roe. Apr. 70
Wabash Telephone Securities, pref. (1U.) 14 Apr.
Holders of tea. Mar. 21/
Wagner Eleu Co., prof (guar )
Holders of roe Mar 20
15' Apr
Waitt & Bond. Inc.. class 11 (guar.)._ •20c. Slat. 3 *Holders of rec. Mar. 16
Waldorf System, com.(guar.)
Holders of rec. Mar.20a
374c Apr.
Preferred (guar.)
Holders of roe. Mar. 20
20c. Apr.
Walgreen Co., pre/.(guar.)
Holders of roe. Mar. 20a
14 Apr.
Wallace Sand Quarries, pref
•134 Apr. 1 *Ilolders of rec. Mar. 20
Waltham Watch, 6% pref. (guar.)
Holders of tee. Mar 23y
50c. Apr.
*Holders of roe. June 22
6% preferred (guar.)
"500 July
% preferred (guar.)
'[folders of rev. Sept.21
*500 Oct.
Prior preferred (guar.)
'154 Apr. 1 *Holders of too. Apr. 8
Walworth Co., preferred (guar.)
•750. Mar.3 *Holders of rec. Mar. 20
Ward Baking, pref. (guar.)
Holders of roe. Mar. 174
14 Apr.
Warner Co.. common (guar.)
500 Apr. 1 Holders of reo. Mar. 31
First and second preferred (quar.)____ $1.7; Apr.
Holders of roe. Mar. 14
Warren Bros. Co., oom.(guar.)
Holders of roe. Mar. 21a
750. Apr.
First preferred (guar.)
Holders of rec. Mar. 21a
25e. Apr.
Second preferred (guar.)
Holders of rec. Mar. 21a
291-dc Apr.
Convertible preferred (guar.)
Holders of reo. Mar. 21a
750. Apr.
Warren Foundry & Pipe (qua:)
Holders of roc Mar 110
50e Apr.
Waukesha Motor, common (guar.)._ •75e, Apr.
*Holders of rec. Mar. 15
Webster-Eisenlohr, Inc.. Prof. (guar.).- 14 Apr.
Holders of tee, afar. 200
Weeden & Co., common (qua:.)
*80e Mar.3 'Holders of rec. Mar. 20
Weinberger Drug Stores, Inc., com.(qu.) 25
Apr.
Holders of roe. Mar. 210
Common (extra)(payable in coin.stk.) fl Apr.
Holders of ree. Mar.21a
Wellman Engineering, pref. (guar.)---- 154 Apr.
Holders of rec. Mar. 200
Weston Oil & Snowdrift, common (qu.).
500 Apr.
Holders of rec. Mar. 140
Westchester Service Corp.,37 pr.Pf.(gu.) *31.75 Apr.
'Holders of roe. Mar. 18
West Coast 011, pref (guar
•1 4 Apr
*Holders of rec 11 rr 26
West Point Mfg. (guar.)
*14 Apt.
*Holders of roe. Met 14
West Va. Pulp & Paper. corn. (guar.)...
50c Apr.
Holders of rec. Mar. 17
41% preferred (guar.)
14 May 1
Holders of rec. May 1
8% preferred (guar.)
14 Aug. 15 Holders of rec. Aug. I
6% preferred (Ouar.)
14 Nov, 16 Holders of rec. Nov. 2
Western Electric Co., corn. (guar.)
41 Mar. 31 'Holder, of tea. Mar. 28
Western Grain Co., Ltd. (guar.)
•14 Apr. 2 *Holders of rec. Mar. 15
Western Grocers (Canada) pref. (quar.)_
14 Apr, 15 Holders of roe. Mar. 20
Western Maryland Dairy. pf. (guar.)___ *31.50 Apr. 1 'Holders of roe. Mar. 20
Western Reserve Investing pr. pt. (flu.). 14 Apr. I Holders of roe, Mar. 14a
Western Tablet & Stat.. corn.(quar.).__ *50o May 1 *Holders of roe. Apr. 20
Preferred (guar.)
*14 Apr. 1 *Holders of rec. Mar. 20
Westinghouse Air Brake (guar.)
50e. Apr. 30 Hollers of rec. Mar.31
Westmoreland, Inc. (guar.)
30c. Apr. 1 Holders of rec. Mar. 16
Weston Electrical Instrument.corn.(qu.) 25c Apr. 1 Holders of rec. Mar. 190
Class A (guar.)
50e Apr. 1 Holder, of roe. Mar. 19a
Weston ((Jeo.), Ltd., common (guar.)._
25e Apr. I Holders of tee. Mar. 20
Wheeling Steel Corp.. Pref. A (Quar.)--- •2
Apr. 1 'Holders of roe. Mar. 12
Preferred B (guar.)
"24 Apr. 1 *Holders of rec. Mar. 12
Whitaker Paper, common (qua:.)
Apr. I *Holders of reo. Mar. 20
•61
Preferred (guar.)
*14 Apr. 1 *Holders of rect. Mar. 20
White Motor Co. (guar.)
250 Mar. 31 Holders of ree. Mar. 230
White Motor Securities. prof. (guar.)... 14 Mar.31 Holders of rec. Mar.23e
Whitt) Rock Mineral Springs, Oom.(qtr.) $1
Apr. 1 Hollers of reo. Mar. 140
Common (extra)
500 Apr, 1 Hollers of rec. Mar. I44
First preferred (guar.)
14 Apr. 1 Holders of tee. Mar. 14
Second preferred (guar.)
5
Apr. 1 Holders of reo. Mar. 14
Second preferred (extra)
24 Apr 1 Holders of too. Mar. 14
Whitman (William) Co.. Prof. (guar.).- 154 Apr. I Holders of rec. Mar. 20
Wilcox-Rich Corp., class A (guar.)
624e Mar. 31 Holders of rec. Mar. 200
& Balmer Candle Co., pref.(guar.) 2
Apr. 1 Holders of rec. Mar. 16
WIllye-Overland Co., pref. (guar.)
14 Apr. 1 Holders of roe. Mar.230
Wilson (Percy)& Co..Common (quar.)_ _ •50e Apr. 1 *Holders of tee. Mar. 14
Winn & Lovett Grocery, el. A (guar.).-50o Apr, 1 Holders of roe. Mar. 20
Preferred (guar.)
14 Apr. 1 Holders of roe. Mar.20
attained Hosiery, oom.(guar.)
'2% May 1 'Holders of rec. Apr. 16
Common (guar.)
'234 Aug. 1 "Holders of rec. July 15
Common (quar.)_
'2)4 Nov. I *Holders of roe. Oct. 15
Wisconsin Bankshares (guar.)
"50e. Mar. 31 *Holders of reo. Mar. 23
Wood (Alan) Steel Corp.. pref.(guar.).- 14 Apr. 1 Holders of tee. Mar. 105
Woodruff & Edwards. class A (guar.).- •25e. Apr. I *Holders of roe. Mar. 20
Woodward dr OathroP. pref. (guar.)--- '14 Mar.31 *Holders of rec. Mar. 21
Woodward & Lothrop. pref. (guar.)._ '154 Mar. 31 *Holders of rec. Mat.21
Worcester Jail, common (guar.)
'134 Apr. 1 *Holders of tee. Mar. 28
Worthington Pump & Mach..pf.A (qu.)_
14 Apr. 1 Holders of roe. Mar. 10
Preferred A (acct. accum. dive.)
514 Apr. 1 Holders of tee. Mar. 104
Preferred B (guar.)
104 Apr. I Holders of tee. Mar. 100
Preferred B (scot. &scum. dive.)
51)4 Apr. I Holders of rec. Mar. 10a
Wrigley (Win,) Jr. Co.(monthly)
25e tor 1 Hollers of me Mar. 200
Wright-Hargreaves Mines
24e Apr. 1 Holders of tea. Mar. 14
WorlItaer (Ruflolph), pref. (guar.) -- •I
Apr. I *Holders of tee. Mar. 200
Preferred ((uar.)
'151 /lay 1 *Holders of res. June 20
.151
When
Per
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
500. Apr.
Yale .4 Towne Mfg. quer.)
Yosemite Holding Corp.. pref. RAMO-- *87Ho Apr.
*231
Young (J. S.) Co.,common (qua:.)
•13( Apr.
Preferred (qua:.)
Young (L. A.)Spring & Wire. eons.(qu.) 750. Apr.
Si Apr
Youngstown Sheet & Tube, corn
)
Apr.
Preferred (quar.)
Books Closed.
Days Inclus(ve.
Holders of rer. Mar. lie
*Holders of reo. Mar. 15
*Holders of ree. Mar.20
*Holders of rec. Mar.20
Holders of rec. Mar. 16a
Holders of rec Mar. 14a
Holders of rec. Mar. 14a
•From unofficial sources. t The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until furthoe notice.
I The New York Curb Exchange Association has ruled that stook wM not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
I Internat. Hydro-Elec. class A divided is optional either 50 cents cash or 1-50th
share class A stock.
a Correction. e Payable In stock.
Payable In common stock. it Payable in scrip. h On account of accumulated
dtvidends. I Payable in preferred stook.
Algonquin Minas dividend Is one share of North Ontario Mines, Inc., for each
five shares of Algonquin Mines stock.
Maxweld Corp. common stock dividend optional either 10c. cash or 2% in
common stock.
Gong 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 for payment of dividend to trisitsferees.
n Commeneal Invest. Trus cony. pref. dividend will be paid In com, stock at
rate of 1-52 shares unless holder notifies company on or before March 16 of his
desire to take cash.
o Central States E'ec. cony, pref. series of 1928 div. payable $1.50 In cash or
3-32d. share cons, 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 13 stock
at rate of 1-32d share, unless holder notifies company by April 14 of his desire to
take cash, 75c.; class 11 dividend is payable in class B stock.
q Shenandoah Corp. pref, stock dividend will be paid 1-32d share common stock,
unless holder notifies company on or before April 14 of his desire to take cash75c. per share.
r Utilities Power & Light class A div. Payable 140th sh. class A stock or 50o. cash.
Class Is, 140th share com, 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 corn, stock or 25e. cash.
a Imperial Tobacco of Canada dividend for year 1930 is subject to ratification at
stockholders meeting on March 16.
8 General Realty & Utilities $6 pref. dividend will be paid in common stock,
60-1,000ths share, unless holder notifies company on or before Mar. 31 of his desire
to take cash, $1.50.
u Georgia RR. & Banking April dividend erroneously reported in previous Issue
as 4%.
o Real Silk Hosiery Mills stock dividends ratified at stockholders' meeting
March 26. New York Stock Exchange rule; common stock will sell ex-dividend
on March 30.
as Less' deduction for expenses of depositary.
x General Utilities Co. common dividend optional either 15c. cash or 1-40th
share common stock.
y Waltham Watch transfer books close March 7 for annual meeting: stock will
be ex-dividend March 7. not March 23.
z Payment of Associated Gas & Electric class A dividend will be made to all
stockholders entitled thereto who do not, on or before April 10, request payment
In cash or preferred stock $4 preferred dividend will be paid in $5 preferred-1-70th
share-unless holder notifies company on or before April 10 of his desire to take cash.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House 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, $165,930,000
to the net demand deposits and $104,090,000 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. 21 1931
Clearing House
Members.
* CapUal.
*Surplus and Net Demand
Undivided
Deposits,
ProfUs.
Acerage.
Time
Deposits,
.4forage.
$
s
$
S
14,178,2
6,000.000
66,939,000
12,792,000
Bank of N. Y. dr Tr. Co_
22,250,000
54,439.900
262,619,000
53,679,000
Bk.of Manhattan Tr.Co.
157,263,000
36,775.300 e33,079,700
55,554.000
Bank of Amer.Nat.Asen
National City Bank_.._ 110,000,000 114,554,300 21,031,081,000 202,819,000
21,000,000
43,426,000„
30,636,000
Chem.Bk.& Trust Co__
90,000,000 207,442,800 6953,777,000 129,870,000
Guaranty Trust Co
164,854,000
16,200,000 1'18.688,000
33,671,000
Chat.Ph. N.Bk.&Tr.Co
87,278,200
21,000,000
437,959,000
83,209,000
Cent. Han.Bk.& Tr.Oo
35,431,300
181,629,000
15,000,000
37,898,000
Corn Exch. Bk.Tr. Co__
10,0130,000 114,009,500
272.882,000
30.516,000
First National Bank__
85,390,500
389.770,000
50,000,000
50,584.000
Irving Trust Co
11.353.100
6.000,000
12,929,000
774,000
Continental Bk.dsTr.Co..
National Bank._ 148.000,000 209,775,900 c1.435,681,000 194,535,000
3.842.100
500,000
26,550,0003,683,000
Fifth Avenue Bank
25,000,000
88,887,300 d464,950,000
76.384.000
Bankers Trust Co
34,080,000
24,830,
10.000,000
1,072,000
Title Guar.& Trust Co
9,527,100
47,030,000
10,000,000
6,134,000
Marine Midland Tr. Co_
4,822,500
17,000.000
3,000,000
2,512,000
Lawyers' Trust Co
35,554,700
12,500,000
193,604,000
54,584,000
New York Trust Co_
9,992,600
46,156.000
7,000,000
3,517,000
Oom'l Nat. Bk.& Tr. Co
2,811,900
27,441,000
2,000,000
6.408.000
Harriman Nat. Bk.&'tr.
40,058,000
13,729,300
8,250,000
34,137,000
Public N.B.& Tr. Co_._
69,953,000
125,872.000
23,610,390
27,500,000
Manufacturers Trust Co.
Chase
Clearing Non-Member.
Mech. Tr. Co., Bayonne
-es4st.,
2339
FINANCIAL CHRONICLE
MAR. 28 1931.]
500,000
924,800
ass 475 lOn 1 941 275 (inn
2,671.000
A R41 SIM
non
5,276,000
1 170 0117
mei
• As per official reports: National, Dec. 311930. State. Dec. 311930. Trust
companies, Dec. 31 1930. e As of Mar. 16 1931. f As of Feb. 27 1931.
Includes deposits In foreign branches as follows: (a) $290,012,000; (b) 1117,409,000; (c) 1115,692,000; (d) 559,089,000.
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. 18:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED WEDNESDAY, MAR. 18 1930.
NATIONAL AND STATE BANKS-Average Figures.
Loans,
Disc, and
Invest.
OtherCash Res. Dep., Dep. Other
Gross
including N. Y. and Banks and
Gold. Bk.Notes. Elsewhere. Thrst Cos. Deposits.
s
s
ManhattanBryant Park Bk_ 2,268,200 100,500
Grace National_ 22,069,850 3,000
BrooklynBrooklyn Nat'l__ 10,028,500 16,500
Peoples Nat'l... 6,500,000 5,000
$
$
$
$
1,782,000
393,900
82,600
65,621 2,173,4.59 1,938,867 21,380,357
130,600
110,000
577,800
459.000
634,700
249,000
7,432,700
6.700.000
TRUST COMPANIE%---Average Figures.
Loans,
Disc. and
Invest.
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
s
$
E
ManhaUars143,826
675,926
Bank of Europe & Tr 14,057.380
83,866,200 *4,479,600 7,390,100
Empire
148,853 1,029,899
15,483,123
Federation
19,307,800 *2,570,200 1,438,800
Fulton
69,353,325 3,616,667 12,228,357
United States
Brooklyn118,768,000 2,129,000 24,809,000
Brooklyn
28,542,334 2,148,642 3,543,174
Rings County
Bayonne, N. I.808,556
269,560
8,388,343
Mechanics
Gross
Deposits.
$
$
12,800,628
2,881,700 82,922,500
252,591 15,161,213
204,000 18,707,100
55,817,229
2,519,000 127,662,000
27,607,811
299,327
8.315,956
•Includes amount with Federal Reserve Bank as follows: Empire, 13,012,600;
Fulton. $2,570,200.
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 CEEARING HOUSE MEMBERS.
Week Ended Changesfrom
Precious
March 25
Week.
1931.
S
94,075,000
Capital
96,982,000
Surplus and profits
Loans, disc'ts & investla. 1,038,669,000
597,946,000
Individual deposits
157,886,000
Due to banks
277,435,000
Time deposits
52,468,000
United States deposits-.
15,785,000
Exchanges for Clg. House
126,479,000
Due from other banks
78,345,000
Reeve in legal depositles
5,657,000
Cash in bank
2.548.000
Ree've in excess MF.R.Bk
s
Week Ended
March 18
1931.
Week Ended
March 11
1931.
s
s
94,075.000
94.075,000
Unchanged
96,982,000
96,982,000
Unchanged
+11,092,000 1,027,577,000 1,020,012,000
-8,885,000 606,831,000 607,219,000
-7,505,000 165,391,000 163,789,000
-1,806,000 279,241,000 281,595,000
660,000
24,961,000
+27,505,000
21,374,000
18,938,000
-3,153.000
+6,147,000 120,332,000 107,557,000
81,715,000
81,254,000
-2,909,000
5,475,000
5,687,000
+182,000
3,555.000
3,765,000
-1.217,000
Philadelphia Banks.-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Mar.21
1931.
83,034,000
Capital
260,711,000
Surplus and profits
Loans, Meets. and Invest_ 1,537,959,000
27,599,000
Exch. for Clearing House
215,565,000
Due from banks
277,481,000
Bank deposits
822,956,000
Individual deposits
437,600.000
Time deposits
1,538,037,000
Total deposits
Reserve with F. R.Bank_ 122,833,000
Changesfrom
Previous
Went.
Week Ended
Mar. 14
1931.
Weak Emeal
Mar.7
1931.
3
83,034,000
83.034,000
Unchanged
260,711,000 260,711,000
Unchanged
+40,560,000 1,497,399,000 1,480,069,000
26,382,000
30,800.000
+1,217,000
+21,629,000 193,936.000 198,08.5,000
+14,948,000 262,533,000 254,741,000
+55,474,000 767,482,000 781,570,000
436.039,000
. .
+74,161,000 1,463,876,000 1,452,350,000
+4.447.000 118,386,000 117,925,000
2340
FINANCIAL CHRONICLE
[VOL. 132.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar.26, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2296, 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 MARCH 25 1931.
Mar.251931.Mar.181931. Mar.11 1931. Mar.4 1931. Feb. 25 1931. Feb. 18 1931.1Feb. 11 1931. Feb. 4 1931. Mar. 26 1930.
RESOURCES.
$
$
$
s
$
$
Gold with Federal Reserve agents
1,729,624,090 1,710.384,000 1.715,384,000 1,705,384.000 1,724.089,000 1,713,789.00011.752,459.000 1,724.459,000 1,717,859,000
Gold redemption fund with U. S. Tress_
32,672,000
33.005.000
33.118,000
33,620,000
34.467.000
34.467,0001 34.467.000
34.844,000
51,865,000
Gold held exclusively agst. F. It. notes 1.782,298,000 1,743,389,000 1,748.502,000 1,739,004,000 1.758,556,000 1,748,256.0001,786,926,000
1
1,759,303,000 1,769,724,000
Gold settlement fund with F. Ft. Board
504,271,000 519,463,000 500,222,000 491,679,000 472,060,000 480.497.000 470,484,000
587,321,000
Gold and gold certificates held by banks. 859,801,000 853,022.000 847.650,000 863,614,000 850,706,000 855,655,000 820,081,000 419.179,000 693,957,000
897,930,000
Totalgold reserves
3,126.368,000 3,115,874,000 3.096,374.000 3,094,297,000 3,081,322,000 3,084.408,000 3.077,491,000 3.076,412,000 3,051,002,000
Reserves other than gold
183,894,000 178.265,000 184.172,000 175,990,000 179,194.000 181,995,000 176,855,000 184,445,000 191,079,000
1
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,310,262,000 3,294,139,000 3,280,546,000 3,270,287,000 3,280,518,000 3,266,403,000 3,254,346,000 3,260,857,000 3,242,081,000
74,333,000
74.791.000
78,878,000
75,634,000
76,037,000
82.298,000
76,649,000
72,366,000
78,110,000
61,950,000
103,475,000
52.892.000
109.030,000
49,628,000
122,922,000
83.258,000
127,318.000
60.507,000
129.340.000
66.101.000
133,722,000
79,396,000
142,793,000
74.578,000
148,339,000
86,476,000
120,353,000
165.425,000
83,272,000
161,922,000
122,550,000
172,550.000
151,402,000
199,576,000
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
206,829,000
256,482,000
66.633,000
63,227,000
468,698,000
66,959,000
53,223,000
497,564.000
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
41,603,000
192,520,000
294,876,000
Total U.S. Government securities
Other securities (see sou)
Foreign loans on gold
598,558,000
817.746.000
604.701.000
599.867.000
599.443.000
599.674,000
609,620,000
609.511,000
528,999,000
8,780,000
Total bills and securities (see 0010)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Federal Reserve notes of other banks
Bankpremises
All other resources
847,255,000
902,218.000
928,656,000
890.998.000
896,607.000
893,492.000
919,548,000
936,703.000 1,001,090,000
710,000
14,959,000
464,466,000
58.323,000
16,546,000
703,000
14,772,000
563,821,000
58.297.000
16,073,000
698,000
14,664,000
461.472,000
58,243,000
19.850.000
808.000
16.239,000
518,299,000
58.196,000
19,729,000
699,000
15,750,000
522 264.000
68.192,000
19,085.000
699,000
15,332,000
513.097.000
58,191,000
19,338.000
711,000
17.785,000
444,122,000
58,098,000
10,243,000
704.000
22,875,000
467,135.000
58.039,000
19,028.000
Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total resources
LIABILITIES.
F.It. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
724,000
22,283,000
559,911,000
58,501,000
11,479,000
4,786,854,000 4,924.814.000 4,843,007.000 4.848,080,000 4.848,150,000 4.848,848,000 4,790,502,000 4,843,460,000 4,968,435,000
1,441,715,000 1,441,823,000 1,445.855,000 1,459,837.000 1.448.416.000 1.449.756,000 1,481,008,000 1.476,742,000
1,572,900,000
2,357,011,000 2,436,383,000 2,435,520,000 ,385,192,000 2,378.411,000 2,379,736,000 2,364.686.000
2,378.806,000 2,339,844,000
51.404,000
33,124,000
2,535,000
43,644,000
25.847.000
35,248.000
28.913,000
51,792,000
20,418,000
5,086,000
5.234,000
5,183,000
5,197.000
5,200,000
5.261,000
5,308,000,
5,456.000
8,128,000
19,266,000
21.104,000
10,944,000
16,737,000
18,111.000, 19,305,000
18,445,0001
18.744.000
20,077,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,432,767,000 2,465,256,000 2,490,771.000 2,430.770,000 2,427,569.000 2,439.550,000 2,417.350,000 2,454.798,000
2,388,467,000
454,585,000 559.941.000 448.988,000 500,381,000 515.070.000 502,628.000
435,473,000 455,356,000 537,074,000
168,894,000 169,004,000 169,024.000 169,092,000 169.135.000 169,285,000 169,296,000 169.361,000 174,266,000
274,636,000 274,636,000 274.636,000 274,638.000 274.636.000 274,636.000 274,636,000 274.636,000 276,936,000
14,257,000
14,154,000
13,733,000
13,364,000
13.324.000
13.013.000
12,741,000
12.567,0001
18,792,000
Total liabilities
4.786,854,000 4.924.814,000 4,843,007,000 4.848,080.000 4,848,150.000 4,848.848.000 4.790,502,000 4,843.460.000
4,968,435,000
Ratio of gold reserves to del:midis and
F. It. note liabilities combined
80.6%
79.7%
78.6%
79.5%
79.5%
79.3%
78.9%
78.2%
77.0%
Ratio of total reserves to deposits and
F. R. note liabilities combined
85.4%
84.3%
83.3%
84.1%
84.1%
84.0%
83.5%
82.9%
81.8%
Contingent liability on bills purchased
437,233,000 453.072,000 460,945.000 462.261.000 453,814,000 448.637,000 445,684,000 448,382.000 496,661,000
for foreign correspondents
$
54.399,000
102,694,000
Distribution by Maturities1-15 days bills bought in open market1-15 days bills discounted
1-15 days U. S. certif. of indebtedness
1-15 days municipal warrants
18-30 days bills bought in open market..
16-30 days bills discounted
16-30 days U. S. certil. of indebtedness..
16-30 days municipal warrants
31-60 days bills bought in open market..
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness31-60 days municipal warrants
61-90 days bills bought in open market
81-90 days bills discounted
131-90 days U.8. certif. of indebtedness61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
74,872,000
95,670,000
45,000,000
$
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
28,807,000
32,460.000
139,548,000
25,607.0001
$
172,731,000
132,180,000
2,160,000
17,835,000
14,152,090
26,095,000
16.061,000
49,372,000
18,725,000
40,488.000
19,318.000
38,653.000
16,946.000
25,642.000
18,288,000
15,686,003
20,099,000
13,314,0001
19.927,000i
28,467,000
17,966,000
9,886,000
22,426,000
36.000.000
19,919,000
23.102.000
6,000,000
21,095,000
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
30,618,000i
1,245,000
14,236,000
113,718.000
1,434,000
15,132,000
158,717,000
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
22.000.006
13.868.000
19.439.000
23,831,000,
20,844,000
40,634,000
27,694,000
38,000,000
30,000
13,977,000
16,462,000
56,115,000
127,000
11,917,000
318,980,000
230,000
11,957.000
297.847,000
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
358,000
12,330,000
309,988,000
930.000
11,980,000
309,986,000
F. It. notes received from Comptroller_
F.R.notes held by F. It. Agent
673,000
12,527,000
198,601,000
3,142,406,000
1 226,726,000
Issued to Federal Reserve Banks
1,874,535,000 1,871,904,000 1.861,648,000 1,869,906,000 1,858,233.000 1.858,540,000 1,897,944,000 1,902.134.000 1,915,680,000
Now SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
1,111.480.000 1,091,730,000 1,096.730,000 1.090,730.000 1,106,730.000 1,094.230,000 1,099,730.000 1.141.730,000 1,315,620,000
239,742,000 256,650,000 288,207,000 255,540,000 250,470,000 252.991,000 265,920.000 282.149.000 451,956,000
618,144,000
818,854,000
618,654,000
814,654,000
617,359.000
619,559.000
652.729,000
582,729,000
402,239,000
Total
1,989,366.000 1,967,034.000 2,003,591.000 1,960.924.000 1.974.559.000 1,966.780.000 2,018.379.000 2,006,608.909 2,169,815,000
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount o balances held abroad and amounts
due to
foreign correspondents. In addition, the caption, "All other earning assets," previously made up of Foreign Intermedla e Credi Bank debentures, was changed to "Other
securities," and the caption. "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of the
discounts, acceptances and securities acquired under the provision of sections 13 and 14 of the Federal Reserve Act which, it was stated, are the only Items included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 25
1931.
Two Ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston.
RESOURCES.
1
1
Gold with Federal Reserve Agents 1,729,624,0 149,917,0
32,672.0 1,223,0
Gold red'n fund with U.S.TressGold held excl. agst. F.R.notes 1,782,296,0 151,140,0
[told aettle't fund with F.R.Board 504,271.0 30.251,0
Gold and gold cefs. held by banks- 859,801.0 35,863,0
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
1
1
$
$
1
$
1
1
1
1
366,919,0 160,000,0 102,550,0 84,080,0 138,900,0 215,000,0 72,380,0 47,515,0
65,000,0 26,600,0 210,763,0
13,300,0 1,147,0 2,567,0
812,0 1,042,0 3,995,0 1,535,0
476.0 1.354,0
770,0 4,451,0
380,219,0 161,147,0 195,117.0 84,892.0 139,942,0 218,995,0 73,915,0 47,991,0 66,354.0 27.370,0 215,214,0
131,425,0 56,981,0 50,738.0 20,378,0 12,355,0 106,291,0 22.496,0 14.685.0 17,410.0 15.182,0 26,079,0
562,088,0 30,824,0 65,702,0 5.416,0 7,784,0 78,199.0 11,314,0 5,623,0 12,805.0 4,851.0 39,522,0
-3.126.368.0217,054,0 1,073,732,0 248,952,0 311,557,0 110,886,0 160,081,0 403,485.0 107,725,0 68,299,0 96,589,0 47,413,0
Total gold reserves
280,815,0
183,894,0 17,730,0
Reserve other than gold
56,838,0 10,312,0 15,469,0 10,867,0 7,120,0 21,741,0 11,490,0 4,145,0 8,375.0 9,169,0 10,838,0
3,310,262,0 234,784,0 1,130,570,0 259,264.0 327,026,0 121,553.0 167,201,0 425,226,0 119,215,0 72,444,0 104.944,0 56,582,0
Total reserves
291.453,0
74,333,0 9,449,0
Non-reserve cash
18,592,0 3,946,0 4,635,0 4,772,0 4,823,0 9,417,0 5,410,0 1,741,0 2,056,0 3,736,0 5,756,0
Bills discounted:
61.950,0 4,685.0
15,214,0 5.523,0 7,805,0
Bee. by U. S. Govt. obligations
364,0
963.0
911,0
243,0 3,884.0 2,792,0
157,0 19,409,0
103,475,0 5,880.0
19,467,0 11,859,0 6,043,0 12,516,0 11,350,0 8.981,0 5,154,0 3,005,0 8.197,0 6,704,0 4,328,0
Other bills discounted
165.425,0 10,565,0
Total bills discounted
34.681,0 17,373,0 13,848,0 13,479,0 11,593,0 12,865,0 7,916,0 3,369,0 9,108,0 8,861,0 23,737,0
83,272,0 6,925,0
Bills bought In open market
15,240,0
105,0 10,258.0
473,0 5,080,0 14,059,0 5,308,0 3,128,0 4,379,0 2,427,0 15,894.0
2. B. Government securities:
66,633,0 1,202,0
Bonds
22,523,0
989,0
682,0 1,325,0
666,0 7,416,0
479,0 10,192,0
250,0 20,590,0
319,0
63,227,0 2.745,0
Treasury notes
13,363,0 5.625,0 12,853,0
923,0 4,152,0 3,645,0 4,393,0 1,099,0 2.032,0 1,149,0 11,348.0
468,698.0 42,235,0 146,927,0 42,738,0 44.320,0 14,735,0 8,403,0 56,893,0 18,840,0 17,031,0 31,368,0 17,883.0 27,325,0
3ertlfinates and bills
TOW ,
5 0 (toot aeenritlee _ _ 598,558.0 46,182.0 181.713,0 49.352.0 57.855.0 18.983.0 12.1105.0 81,128.0 23.899.0 25.546.0 33.879.0
29.224.0 38.992.0
MAR. 28 1931.]
2341
FINANCIAL CHBONICLE
Two Ciphers (00) omitted.
RESOURCES(Conduded)Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
F. R.notes of other banks
Bank premises
All other resources
Total.
Boston.
New York.
Phila.
$
5
$
$
Cleveland, Richmond Atlanta. Chicago. St, Louis. Minneap.Iran.Cay. Dallas. San Fran.
$
$
$
$
$
$
$
$
$
232,634,0 66,830,0 81,959,0 30,935,0 29,478,0 108,052,0 37,153,0 32,041,0 47,386,0 38,512,0 78,623,0
21,0
48,0
16,0
94,0
28,0
69,0
20,0
25.0
25,0
240,0
71,0
4,283,0
259.0 1,465,0
462,0
176,0 1,090,0 1,141,0 1,068,0 2,410,0 1,386,0
976.0
127,248,0 41,519,0 44,645,0 34,032,0 14,120,0 56,701,0 19,891,0 7,690,0 25,877,0 15,805.0 26,546,0
'15,240,0 2,614,0 7,124,0 3,438,0 2,573,0 8,061.0 3,635,0 1,928,0 3,803,0 1,830,0 4,621,0
597.0
382,0
4,548,0
932.0
726,0
311,0 1,455,0 1,052,0 3,838,0 1,213,0 1,413,0
847,255,0 63,672,0
53,0
710,0
14,959,0
243,0
464,466,0 50,392,0
58,323,0 3,458,0
16,546,0
279,0
4,786.854,0 362,330,0 1,533,355,0 374,729,0 468,005,0 196,951,0 222,926,0 611.174,0 188,128,0 117,046,0 185,424,0 117,677,0 409,109,0
Total resources
LIABILITIES.
1,441,715,0 132,434,0 246,320,0 136,642,0 177,885.0 79,483,0 129,869,0 165,303,0 76,287,0 48,069,0 65,193,0 26,882,0 157,648,0
F.R.notes in actual circulation
Deposits:
Member bank-reserve account 2,357,011,0 138,605,0 988,857.0 149,435,0 195,603,0 60,599.0 57,848,0322.258,0 71,746,0 49,237.0 80,993,0 57,270,0 184,560,0
17,559,0 5,587,0 2,237,0 2,776,0 2.813,0 4,926,0 1,036,0 1,062,0
867,0 2,986.0 2,935,0
51,404,0 6,640,0
Government
353,0
151,0
182,0
156.0
119,0
701,0
389,0
208.0
514,0
5,086,0
1,601,0
187,0
525,0
Foreign bank
381,0
8.475,0
184,0
697,0
423,0 2,106,0
88,0
19,266,0
528,0
382,0
85,0 5,708.0
209,0
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
AU other liabilities
2,432,767,0 145,843.0 1,016.492,0 155,959,0 200,471,0 63,671.0 61,230.0328.542,0 73,492,0 50,602,0 82,392,0 60,477,0 193,556,0
454,585,0 50,677,0 120,644,0 38,085,0 43,812,0 35,147,0 13,691,0 55,213,0 21,639,0 7,383,0 24.461.0 16,597,0 27,236,0
168,894,0 11.832,0
65,623,0 16,780,0 15,760,0 5,741,0 5.270,0 19,959,0 4,839,0 3,056,0 4,248.0 4,322,0 11,464,0
274,636,0 21,299,0
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,936,0 10,562,0 7,144,0 8,702,0 8,936,0 18,475.0
663,0
792,0
298,0 1.106,0
14,257,0
730,0
428,0
3,701,0
245,0
795,0 2,009,0 2,181,0 1,309,0
Total liabilities
4,786.854,0 362,330,0 1,533,355,0 374,729,0 468,005,0 196,951,0 222,926,0 611,174,0 188,128,0 117,046,0 185,424,0 117,677,0 409,109,0
Memoranda.
Reserve ratio (per cent)
71.1
64.9
73.4
84.4
84.9
88.6
83.0
79.6
85.4
87.5
86.4
89.5
86.1
Contingent liability on bills purnhaaai Mr Inrwlon /NTH.nnriri.fia 427 2220 22 7R2 n 144 122 n 42 248 0 44 Ite 0 17.473.0 15.726.0 58.972.0 15.289.0 10.047.0 12.668.0 13305,0 29.704,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila.
$
3
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to P.R. bk. by P.R. Agt. 1,874,635,0 159,279,0
Held by Federal Reserve bank_ 432,920,0 26,845,0
3
$
5
$
$
5
$
5
5
393,101,0 166.661,0 212,382,0 89,454,0 153.464.0222,369,0 84.338,0 52,948,0 74,320,0 33,541.0 232.778,0
146,781,0 30,119,0 34,497,0 9,971,0 23.595,0 57,066,0 8,051,0 4,879,0 9,127,0 6,859,0 75,130,0
In actual circulation
1,441,715,0 132,434,0
Collateral held by Agt.as security
for notes issued to bank:
Gold and gold certificates
618,144,0 35,300,0
Gold fund-F. R. Board
1,111,480,0 114,617,0
Eligible paper
239,742,0 17,474,0
Total collateral
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
246,320,0 136,542,0 117,885,0 79,483,0 129,869,0 165,303,0 76.287,0 48,089,0 65,193,0 26.682,0 157,648,0
351.919,0 38,700,0 12,550,0 10,080,0 9,400,0 82,000,0 14,080,0 6,815.0
7.300,0 50,000,0
15,000,0 121,300,0 180,000,0 74,000,0 129,500,0 133,000,0 58,300,0 40,700,0 65.000,0 19,300,0 180,763,0
47,446,0 16,892,0 23,209,0 13,713,0 15.583,0 26,720,0 12,326,0 6,035.0 12,827,0 8,280,0 39.237,0
1,969,366,0 167,391,0
414,365,0 176,892,0 215.759,0 97,793.0 154,483,0 241,720,0 84,706,0 53,550,0 77,827,0 34,880.0250,000,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 2297, 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 bills of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans,
and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on
securities being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U. S. obligations and those secured
by commercial paper, only a lump total being given. The number of reporting banks is now omitted: in Its place the number of cities Included (then 101) was for a time
given, but begInnIng Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank 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 thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MARCH 18 1931 (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
s
2,265
632
587
$
3,338
6,346
850
1,426
433
415
2,349
3,595
2,751
439
411
675
751
164
269
132
283
1,164
1,185
Loans-total
15,518
1,061
7,365
8,153
414
647
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Duo from banks
Due to banks
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.City. Dallas. San Pron.
1,372
$
Loans and investments-total
S
1,493
On securities
All other
Phila.
a
$
23,111
9,316
$
$
645
372
634
456
S
2,001
450
240
381
310
1,257
179
271
60
180
105
276
91
219
347
910
$
$
,
$
$
7,593
432
2,970
522
839
199
172
989
195
132
253
146
744
3.860
3,733
179
253
1,613
1,357
220
302
437
402
87
112
89
83
524
465
58
137
66
66
106
147
94
52
387
357
1,846
205
97
13
917
53
93
12
141
26
36
15
39
9
254
32
45
6
28
5
53
11
32
ti
111
17
13,782
7,249
522
864
521
.58
6,529
1,756
181
784
394
49
1,114
1,017
24
322
251
27
300
231
35
1,803
1,308
56
369
239
16
218
150
1
445
205
4
274
149
25
760
1,028
46
1,956
3,994
132
154
218
1,463
192
296
179
400
113
127
98
118
307
568
107
134
90
98
195
228
117
121
208
287
Borrowings from F. It, Bank
27
3
3
2
3
3
2
3
1
• Exclusive of figures for one bank in New York City, closed Dec. 11. Last report of bank showed loans and investments of about $190,000,000
7
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business March 25 1931,
In comparison with the previous week and the corresponding date last year:
Mar.251931, Mar.181931. Mar. 26 1930.
$
$
$
i
Resources (Concluded)366,919,000 366.919,000 258,594,000 Gold held abroad
13,300,000
13,398,000
15,402,000 Due from foreign banks (see note)
Uncollected items
Gold held exclusively agst. F.R. notes 380,219,000 380,317,000 273,996,000 Federal Reserve notes of other banks
Gold settlement fund with F. R. Board. 131,425,000 168.150,000 162,698,000 Bank premises
Gold and gold certificates held by bank_ 562,088,000 555,783,000 425,216,000 All other resources
Mar.251931. Mar.181931. Mar. 26 1930
$
$
5
Total gold reserve
Reserves other than gold
1,533,355,000 1,615,671.000 1,474,465,000
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
1,073,732,000 1,104,250,000
56,838,000
51,589,000
1,130,570,000 1,155,839,000
Total reserves
Non-reserve cash
18,592,000
17,065.000
Bills discountedSecured by U. S. Govt. obligations...
15,214,000
16,459,000
19,467,000
21.417,000
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates and bills
S.:•••
Total U. Gsovrnment securities-Other securities (see note)
Foreign loans on gold
861,910,000
54,243,000
Total resources
LiabIlitIes916,153,000 real Reserve notes in actual circulation
15,270,000 DeposIts-Member bank, reserve acct._
Government
21,088,000
Foreign bank (see note)
15,770,000
Other deposits
34,681,000
15,240,000
37.876,000
24,463,000
36,858,000
105,750,000
22,523,000
13,263,000
146,927,000
22,523,000
11,551,000
187,640,000
1,989,000
79,321,000
138,214,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
240,000
4,283,000
127,248,000
15,240,000
4,548,000
234,000
5,476.000
153,832.000
15,240.000
4,132,000
240,000
7,462,000
148,380.000
15,664,000
2,414.000
246,320,000 249,295.000
988,857,000 1,054,612,000
658.000
17,559,000
1,750,000
1,602,000
8,474,000
11,168.000
196,860,000
954,721,000
14,549,000
3,675,000
8,695,000
1,016,492,000 1,068,188,000
120,644,000 148.387.000
65,656.000
65,623,000
80,575,000
80.575,000
3.570,000
3.701,000
981,640,000
140,629,000
69,718,000
80,001,000
5,617,000
Total liabilities
1,533,355,000 1,815,671,000 1,474,465,000
•
Ratio of total reserve to deposit and
Fed'I Reserve note liabilities combined
87.7%
89.5%
77.7%
Contingent liability on bills purchased
Total bills and securities (see note).- 232,634,000 264,053,000 368,882,000
144,122,000 148,365,000 158,910.000
for foreign correspondents
NOTE.
-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the cannon "All other earning assets." previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
securities," and the Caption, "Total earning assets" to "Total bills and securities."
The latter term was adopted as a more accurate description of the total of the discount,
acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It WAS stated, are the only items included therein.
182,713,000
201,714,000
219,524,000
6,750,000
[VOL. 132.
FINANCIAL CHRONICLE
2342
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty
Loan and Treasury certificates on the New York Stock ExWall Street, Friday Night, Mar. 27 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 2324.
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond Prices. Mar.21 Mar.= Mar.24 Mar.25 Mar.26 Mar.27
week of shares not represented in our detailed list on the
First Liberty Loan
lEigh
-___ 1012.33 101"31 101"81 1012131 101"U
pages which follow:
3%% bonds of 1923-47_ _ Low____ 1012233 1012133 1012313 1012,11 10121ss
aniters' Gazette.
STOCKS.
Week Ended Mar. 27.
Range for Week.
Sales
for
Week.
Range Since Jan. 1.
Highest.
Lowest.
Highest.
Lowest.
J
RailroadsPar. Shares. $ Per share.1 $ per share. $ Per share.$ Per share.
Jan
Feb 60
Colo & Sou lot pref_100
20 60 Mar 24, 60 Mar 24 59
2nd preferred__ _ _100
30 5631 Mar 24 5631 Mar 24 56% Mar 56% Mar
Jan 78% Feb
Hudson & Manh 131_100
300 75 Mar 26, 7531 Mar 26 72
1
Jan 1331 Mar
Jot Rye of Cent Am_100
40 13 Mar 23 13 Mar 23 10
Jan 5531 Feb
Preferred
50 5031 Mar 23 51 Mar 25 44
100
Feb
Certificates
20 1031 Mar 26 1031 Mar 26 831 Jan 11
Manhat Elev guar_ _100
Market St RY
100
Nat Rys of MexIstp1100
Pacific Coast 1st pf A00
Indus. & Miscell.Amalgamated Leather..
AmerAgr Chem(Conn)5
Amer Agric Chem(Del)*
Preferred
Amer Beet Sugar p1_100
Amer Chain pref___100
American News
Amer Radiator & Stand
Sanitary prof... _1
Amer Water Works &
Electric ctfs
Arch Daniels Mid pf100
AssoDry Gds 1st pf 100
Austin Nichols prior A *
30 58
120 131
20
%
160 9
40
1,200
100
100
20
100
10
1%
2%
23%
24
17
82%
57
Mar 211 59
Mar 26 131
Mar 23
%
Mar 211 12
Mar 23
Mar 23
Mar 24
Mar 27
Mar 24
Mar 27
Mar 21
2%
2%
25%
24
17
82%
57
Mar 25 5231 Jan 61
% Jo. 331
Mar 25
% NI
131
Mar 23
Jan 12
Mar 23 8
Feb
Feb
Feb
Mar
2%
2%
29%
29%
17%
88
57%,
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Mar 25
Mar 26
Mar 26
Mar 27
Mar 24
Mar 27
Mar 21
1
Jan
2
Jan
20
Jan
21% Jan
Jan
8
82% Ma
Feb
50
1014531 Mar 25145% Mar 25 141
Jo' 14531 Mar
Mar 271 71
Mar 2P102
Mar 23 97
Mar 26 2431
Mar 23 5431 Jan 8031 Feb
Jan
Ma 102
Mar 27 101
Feb
Mar 23 85
Jan 97
Jan 2431 Mar
Mar 26 21
Barnet Leather
•
600 2 Mar 2
231
Certain-Teed Product
1st preferred
300 20 Mar 21 2531
100
Chile Copper
25
140 28 Mar 27 3231
Colo Fuel & Iron pf_100
50110 Mar 26 110
Comp Cred pref(7)_ _25
190 2131 Mar 24 2331
CommInv'Tr 01(634)100
100 102 Mar 26 102
Consol Cigar of (7)J00
160 75 Mar 24 78
Consol Laundries
• 2,200 15 Mar 25 1531
Crown Cork & Seal pf_*
200 3131 Mar 25 3131
Cuban Dom Sugar_ __.* 2,700
51 Mar 23 1
Cushm Sons pf(7%)100
30 111 Mar 2 112
Preferred(8%)
50 105 Mar 25 107
2% Mar
800 68
10 102
100 97
30 2431
Duplan Silk pref._ 100f
Elk Horn Coal pref.,_50
Emerson-Brant el B *
Emporium Capw Corp*
20103
30 4%
200
%
210 9
Fash Park Assoc p1d10
Fed Mining .3. Smelt 10
Franklin-Simon pref100
Fuller Co 2nd pref_ _•
250
100
10
50
Gen Gas &Elec pf A(7)*
General Print Ink_ __ _*
Preferred
Gen Ry Signal pref_100
Gold Dust pref
Guantanamo sue 131 100
11 82
340 24
50 6931
5010931
200 115
zo 10
20
75
74
65
Hackensack Wat pf A 25
2 2934
Hawaiian Pineapple_20
801 39
Hamilton Watch
•
1 3831
Houston Oil new_ _ _ _25 51,000 12
IndianMotorcycle p1100
20 24
Intrnat Silver pref_ _100
210 90
Inter Dept St pref_ _100
10 67
Mar 23103
Mar 24 4%
Mar 251 1
Mar 24] 10
Mar 27
Mar 27
Mar 24
Mar 23
25
75
74
65
Mar 21 82
Mar 27 3031
Mtn- 25 72
Mar 2510931
Mar 26 115
Mar 24 10
Mar 24
Mar 21
Mar 21
Mar 21
Mar 27
Mar 27
Mar 23
2931
40
8831
1431
24
90
67
Mar 26
131
Mar 25
Mar 27
Mar 24
Mar 23
15% Jan 25
Mar 80
75
Mar 75
67
Feb 65
65
Feb
Mar
Jan
Mar
Mar
Jan
Mar 24
Mar 26
Mar 21
Mar 25
Mar 27
Mar 27
Mar 23
Mar
Jan
Feb
Feb
Feb
Jan
Mar
26%
38
37%
831
21
73%
5751
McLellan Stores pref100
Norwalk T P Rub p1100
Omnibus Corp Ore!..100
Outlet Co pref
100
50 6631
20 11
100 85
10 110
Mar 24, .58
Mar 271 9
Mar 271 68
Mar 24'106
30102 Mar 21 102 Mar 21 96%
Peoples Drug St pref.•
Phila Co 6% pref new'
10010131 Mar 23 101% Mar 23 95%
Phoenix Hosiery pfd100
50 68 Mar 25 68 Mar 25 68
Pitts Term Coal pref100
10 24 Mar 24 24 Mar 24 24
Procter & Gamble p11001
5010931 Mar 2410934 Mar 24:107
Pub Service of N J Ns_ 126,300 1-128 Mar 21 1-64 Mar 21 1-128
Punta Alegre Sug etfs50
Mar 24 1 Mar 24
300 1
Si
•
ScottPaper
Shell Transp & Trad £2_
Sloss-Sheff St & Ir p1100
South Calif Edison rts_
Southern Dairies cl A_*
•
Spear & Co
TobaccoProd diva's C*
United Dyewood_ _.100
Preferred
1001
Unit Piece Dye pfd_100
U S Distrib pref_
linty Leaf Tob pref_ 100
Unlv Pipe & Rod pfd100
10
Utah Copper
Va Iron Coal& Coke100
100
Preferred
Wllcox-Rich class A._.•
Class fl
200 8 Mar 23 8
10 70 Mar 26 70
100 3034 Mar 24 3031
1
218 4731 Mar 24 48
Mar 21 31
10 31
20 34 Mar 27 34
45,460 234 Mar 23 231
100 1631 Mar 26 1631
100 334 Mar 23 4
1
100 634 Mar 21 634
30 234 Mar 25 231
40 4131 Mar 25 4334
60104 Mar 26 108%
400 48 Mar 21 5031
60107 Mar 24 110
20 50 Mar 25 50
80122 Mar 23122
80
10
2,400
50
3131
60
2934
20
Mar 26
Mar 26
Mar 27
Mar 21
3334
60
30
20
Mar
Feb
Jan
Feb
Jan 90
Mar 21 72
Feb 31
Mar 23 19
Feb 76
Mar 25 67
Mar 25,104% Jan 114
Mar 26 104
Jo. 115
Mar 24 10
Jan 12%
1010831 Mar 25 10831 Mar 25,107
3012031 Mar 27 12031 Mar 271 118
200 99 Mar 2610034 Mar 231 9054
Reo Motor Car ctfs__1
Revere Cop &Br pfd100
Rhine Westph El Pr.__
Mar
Feb
Feb
Jan
Jan
Feb
Mar
Feb
Jan
Mar
Mar
Feb 103)4 Feb
Mar 23,103
Mar 24 1 434 Mar 6
Feb
Mar
Mar 26
54 Jan 1
Jan
Mar 24 634 Jan 10
Kresge (S S) Co pf_100
Loose-WilesBislat pf100
Lorillard Co pref.__100
Mar 23 6831
Mar 27. 11
Mar 27 85
Mar 24 110
Jo.
Mar 24 11
Jan 25%
Mar 24 26
Ja 38
Mar 20 100)4 Jan 115
Mar 26 20
Jo. 23%
Mar 26 102
Jo. 10234
Mar 26 64% Jan 78
Mar 21 15
15%
Mar 25 31% Jan 34%
Mar 26
34 Jan 1%
Mar 26 100
Jan 112
Jo' 107
Mar 21 95
Ma
Ma
Ja
Jan
Feb
Jan
Feb
29%
42%
41
14%
26
90
67
Jan 111
Feb
Ja 126% Jan
Jan 100% Mar
Mar 68,1 Mar
Jan 12
Jan
Jan 85
Mar
Feb 110
Mar
Feb 102
Jan 101%
Mar 70)4
Mar 28
Feb 112
Feb 1-64
Jan 1)4
Mar
Mar
Jan
Feb
Mar
Jan
Jan
Feb 8% Feb
Mar 23 7
Mar 83)4 Jan
Mar 26, 70
Mar 24' 2851 Jan 32% Mar
40
Jan 48
29)4 Mar 34
Jan 39
29
2% Feb 2%
14% Feb 16%
2% Jan 4
Mar
Jan
Feb
Mar
Mar
Feb
Mar 21 3%
Mar 25 2
Mar 24 40%
Mar 23 102
Mar 21 45
Mar 26 102
Mar 25 50
Mar 23 100
Jan 6%
Janrl 3
Feb
Jan 45108%
Ma 50)4
Feb 110
Mari 60
Feb 124%
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Mar 23
Mar 26
Mar 23
Mar 21
Jant
Mar
Jan
Mai
33%
67%
30
20
Mar
Mar
Mar
Mar
Mar 24,
Mar 21'
Mar 27
Mar 21
Mar 26
Mar 24
22
60
20
20
• No par value.
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
(All prices dollars per share)
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate.
Bid.
Asked.
9931, 1001.
June 15 1931.... 234% 10093r 1001133 Mar. 15 1932___ 2%
June 15 1931-- 134% 100131 100233 Dec. 15 1931-32 334% 10111n 1011433
Sept. 15 1931___ 231% 100uss 100"31
Tan
1S 1 O'l 1
17L 01-
10011.
100324
(First 334)
Close
Total sales in $1,000 units_Converted 4% bonds of1Hto
i
1932-47 (First
LowClose
Total sales in $1,000 units.Converted 4%% bonds f High
of 1932-47 (First 4%s)(Low(Close
Total sales in $1,000 unitsSecond converted 431% High
bonds of 1932-47(First{LowSecond 434s)
Total sates in $1,000 units ___
Fourth Liberty Loan
{High
St% bonds of 1933-38
Low(Fourth 43,
18)
Close
Total sales in $1,000 units__
Treasury
High
434s, 1947-52
Low_
Close
Total sales in $1,000 units_{High
4s, 1944-1954
Low_
Close
Total sales in $1,000 units__
High
Low_
3349, 1946-1956
Close
Total sales in $1,000 untts___
{High
Low_
331S. 1943-1947
Close
Total sales in $1,000 units__
High
3548, 1940-1943
Low.
____
____
101,3u 101iin 101"32 1012131 1012in
4
6
2
24
48
..___
__
___-- ------ -____ 1022233
_1022733 1022833 102"22 1022,32
.1022433 1022133 1022233 1022281
---_ 10222
____ 1022233 1022733 102%1 1021522 10228,2
6
171
18
24
30
_______
____
103un
1032533
1032633
9
____
____
____
--107"2s
107"32
10723.1
5
____
___
-__
___
101n33
10033
1013133
1
1012433
101",,
_--
--_-
----
----
----
_ __ ---1032S,,103"22
1032,31 1032433
10321133 1032in
39
68
112
111"22
1112633 1112,33
112
1112133
27
3
107",,107"32
107"33 107"ss
10713n 107"32
10
3
10521% 1052233
105t1133 1052231
1052322 1051132
2
3
102
102
102
1012233
102
1012233
10
27
1012933
- ----101lin
---1032122
103243
103"n
203
111"33
1112.33
111%1
---103"n
1031131
1032122
2
1112,32
1112633
111"31
_-_- --
close 10114,, nu lin
1
1
107"32 1072422
107",,107"32
107lin 107012
2
13
_-__ 1051833
____ 105"32
--- 105lin
___
1012,33
101,11u
1012.33 1012a31
1012633 1012311
1
13
1012533 1012133
101lon 101"so
1032233
103".,4
103143
111
1111211
1112233
11117.1
40
107"12
107"33
107,422
16
-----101"23
1012433
1012433
15
----
....101",, 101"3,
2
10
1
___
Total sales in $1,000 untie.8
{High 101"33 101"n 101 lin 1011422 101"32 10-1"31
334s, 1941-43
Low_ 101",,101n,, 1011131 101",,1011132 101182s
Close 101"22 101"32 101"32 101"32 101"32 101"22
41
99
22
151
34
Total sales in $1,000 units...
52
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
103liss to 103"23
7 4th 434,
Foreign Exchange.To-day's (Friday's) actual rates
for sterling exchange were 4.8534®
4.85 13-16 for checks and 4.85%@4.85 15-16 for cables. Commercial
on banks, sight, 4.85 7-16@4.8534. sixty days, 4.8351 @4.83 5-16; ninety
days, 4.825104.82 3-16, and documents for payment, 4.8234®4.S3 5-16.
Cotton for payment, 4.8551, and grain for payment, 4.8551 •
To-day's (Friday's) actual rates for Paris bankers'francs were 3.91 1-16©
3.91 3-16 for short. Amsterdam bankers' guilders were 40.0734 @)40.0851
for short.
Exchange for Paris on London, 124.22; week's range, 124.23 franc
high and 124.17 francs low.
The week's range for exchange rates follows;
Cables.
Checks.
Sterling. Actual4.86
4.85 27-32
High for the week
4.85 27-32
Low for the week
4.8531
Paris Bankers' FrancsHigh for the weekLow for the week
Germany Bankers' MarksHigh for the week
Low for the week
Amsterdam Bankers' GuildersHigh for the week
Low for the week
3.9154
3.91 1-16
3.91 7-16
3.91 3-16
23.84
23.8154
23.84
23.83
40.0954
40.0734
40.1054
40.0894
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 2324.
A complete record of Curb Exchange transactions for the
week will be found on page 2361.
CURRENT
NOTICES.
-Freeman & Co., specialists in equipment trust securities and underlying railroad mtge. bonds, have moved into the new building at 30 Pine
St., the site where the firm started its business 26 years ago.
-William B. Nichols & Co., Inc., N. Y., announces the election of
Lee A. McCann as a Vice-President. Mr. McCann has recently been
representing the company in Montreal.
-John J. Myers, formerly of Herzog & Co., has become associated
with Gallaher Bros., 43 Exchange Place, N. Y. City, in their public utility
trading department.
-Haar, Cohen & Co. announce the opening of a branch office at The
Madison, 15 E. 58th St., under the management of Arthur C. Heck.
-Charles D. Robbins is now associated with Gurnett & Co., members
New York and Boston Stock Exchanges, at 39 Broadway, N. Y. City.
-G. Walter Levett has become associated with Lovett Bros., specialists
in unlisted securities, with offices at 30 Broad St., New York City.
-Holt, Rose & Troster announce that Harold L. Stephens,formerly with
G. M.-P. Murphy & Co., is now associated with their organization.
-Marston & Co., members of the New York Stock Exchange, announce
that Robert A. Watson is now associated with their firm.
-Evans,Stillman & Co., have issued a comprehensive analysis of General
Motors Corp.
1 Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Eh.
AM
For sales during the week of stocks not recorded here,see preceding pale.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
M
Mar.21.
Monday
Mar.23.
Thursday
Friday
Mar.26. I Mar.27.
Tuesday ( Wednesday
Mar.24.
Mar.25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
per share
1784 Jan 2
1021
/
4 Jan 2
103 Slur 27
6818 Jan 2
7214 Jan 2
564 Jan 6
108 Jan 13
59 Jan 9
8 Jan 14
62 Feb 26
68/
1
4 Jan 17
8534 Jan 21
54 Jan 20
3811 Jan 18
3912 Jay 2
78 Jan 2
14 Jan 2
54 Jan 2
1914 Jan 14
514 Jan 2
gig Jan 2
33 Jan 2
103 Jan 8
47/
1
4 Jan 2
94 Jan 8
84 Jan 3
401a Jan 2
34% Jan 2
13812Mar 27
74 Mar 26
2772 Jan 2
28 Jan 2
89 Jan 19
3834 Moe 24
584 Jan 2
164 Jan 19
5112 Feb 10
37 Jan 15
6958 Jan 2
52 Mar 11
2412 Jan 19
35 Jan 2
53 Jan 2
52 Mar 18
893s38ar27
3258 Jan 28
15 Jan 3
4 Jan 7
8 Mar 21
424 Jan 10
1814 Mar 18
70 Jan 2
3012 Jan 2
864 Jan 2
73 Feb 3
58 Jan 8
108% Mar 18
71 Mar 26
85 Jan 21
165 Jan 2
75 Jan 2
110 Jan 3
4/
1
4 Jan 2
1 Jan 2
6 Jan 8
196 Mar 23
89 Jan 8
4714 Jan 2
4 Jan 10
65/
1
4 Jan 1
514 Mar 25
34
78
114 114
100 100
5258 5314
79
*75
528/
1
4 95
•84 9
•111,2 12
52
52
188 18812
•8558 8612
174 174
3314 3312
1634 17
1714 1714
*1114 1312
271
/
4
•25
114
4
4
9814 100
98
99%
511
/
4 5214 6114 53
*75
7612
*75
79
*78% 95
*78% 95
*84
*8% 9
1114 1112 .
12
11
*514 57
5114 5114
187 188
18812 193
8538 85% 85% 8558
•17
1812 *1712 1812
*32
36
*32
36
1658 1634 1634 17%
•15
1978 *15
19%
14
•12
14
*12
28
*25
28
•25
1158 12
1112 1178
4412 4458 4314 44
39 .
30
3812
*30
*101 103 *101 103
2114 2112 2114 2112
89
+88
8812
*88
3214
28% 31% 31
•2258 2318 *2258 234
101
/
4
1012 10% 10
- ---- ---12
38
58
58
99 10234 974 1,30
7
712
734 714
- -618 --.7.:.•
9'I3 I's
111
/
4 1112
43
43
381
/
4
.30
103 103
211
/
4 2138
8812 8812
.3114 32
*2212 2318
934 1018
.--- ---52
53
9714 10012
784 8
--..z:. - .:3 -708
8,
65 I
90
733
74
80
48
4634
388 41 I
6112 6112
*244 31 I
*35
55
14
7.1,
114
1141
7
9
99 10012
53
54
*75
76
*7834 95
*814 9
•1158 12
*411 50
19012 19412
8638 8658
•1734 1812
*32
36
1612 1712
•1512 197
•12
14/
1
4
*25
28
1
•65
75
88
90
*604 733*
63
63
78
80%
*45
46
*43% 4634
41
4112
584 5814
*24
31
•35
55
34
34
.114
112
100 10014
53
5312
75
75
*7834 95
8
814
1134 114
*45
50
189 18914
8614 8612
*17
19
*31
36
1614 17
*15
197g
*12
13
.25
28
1034 1 1,
8 1078
41
43 I 4014
.30
3434 *30
104 104 1+105
2114 2112 2118
•88
8812 88
31
31 I 3058
*2234 2318 *2212
10
1114 1012
---- ----I -- -'
13 /
11
4
5,2
9814 100 I 9712
7% 7%
712
--:- - 2-1 ---9
-914
94
1
65
*7014
*6014
61
.75
*45
65
88
733
62
84
46
.4358 4654
40
4034
•5812 60 I
3112
*24
*35
55
%
73
11
/
4
114
9912 100
5214 5234
75
75
•7834 95
8
814
•1112 12
45
45
18514 188
86
86
*16
1712
*31
36
1534 1618
*15
1812
*12
13
*25
28
11% 1034
42
42
3434 *3012
10512 •105
2112 207
88
*8534
3034 31
2318 *2278
11
10
- - -- 53
"13
9914 9438
712
634
_- - -r - -11118 1038
200 Pere Marquette
100
60
Prior preferred
100
30
100
Preferred
1,300 Pittsburgh & West Virginia 100
500 Reading
ao
50
First preferred
Second preferred
ao
4.300 St Louls-San Fr:mei/re--100
900
109
First preferred
St. Louis Southwestern_-_ _100
Preferred
100
4,200 Seaboard Mr Line
100
1,000
100
Preferred
6,400 Southern Pacific Co
100
5,700 Southern Railway
100
500
Preferred
100
Texas .4 Pacific
100
600 Third Avenue
100
300 Twin City Rapid Transit-100
297
Preferred
100
4.800 Union Pacific
100
2.600
Preferred
100
100 Wabash
100
600
Preferred A
100
5,900 Western Maryland
100
100
Second preferred
100
Western Pacific
100
Preferred
100
Industrial & Miscellaneous
/
4 Feb 25
8,000 Abitibi Power de Paper_No per
9 Jan 3 141
Preferred
4,000
100 39 Feb 19 52 Feb 26
Abraham de Straus--No par 25 Jan 22 34 Feb 26
Preferred
20
100 100 Jan 8 101 Mar 25
/
4 Feb 24
No par 1618 Jan 2 231
11,900, Adarna Express
20
Preferred
100 8311 Jan 5 9112 Mar 17
No par 224 Jan 14 3214 Mar 23
6,100, Adams 381111,
1 Addreasograph lot CorpNo par 2112 Jan 15 234 Feb 2
54 Mar 13 1134 Mar 17
11,400 Advance Rumely new. No par
I
Preferred
100 114 Jan 29 2012 Feb 16
78 Feb 27
es Jan 6
53
700, Ahumada Lead
1
9814 47.400 Air Reduction Ino__ _No par 9212 Jan 19 10938 Feb 24
6I2 Mar 18 10% Feb 24
714 1,809 Ali-way Elea Applian-oeNo par
la Jan 5
14 Jan 2
-- -_ _I Ajax Rubber Inc
No par
7 Jan 2 1238 Mar 27
I238 194,900 Alaska Juneau Gold Min_10
1138
44
3484
10512
2133
88 I
32
2318,
1038
•Bid and asked prices: no sales on this day. a 80% Moot dividend Pad.
$ Per share
20338 Feb 24
10712 Feb 24
120 Jan 23
8778 Feb 24
8012 Feb 27
6634 Feb 26
1131238ar 9
66 Feb 20
1038 Mar 3
58 Mar 3
69% Mar 2
94/
1
4 Feb 11
9/
1
4 Feb 10
46/
1
4 Feb 24
4612 Feb 10
2% Jan 12
178 Jan 12
778 Feb 10
2638 Feb 25
8/
1
4 Jan 23
153s Feb 10
4512 Feb 24
116 Mar 18
6512 Jan 27
101 Mar 24
90 Jan 28
48 Jan 9
4212 Feb 24
15714 Feb 25
102 Jan 8
453* Feb10
3984 Feb 24
4512 Feb 27
404 Jon 5
6934 Feb 24
2714 Feb 17
75 Jan 9
4412 Feb 17
89 Feb 24
61 Jan 23
34 Mar 2
45 Feb 25
64 Feb 9
61 Jan 9
111 Feb 9
39 Feb 28
22 Feb 18
14 Jan 12
1112 Feb 10
45 Mar 11
2634 Jan 20
85 Jan 16
42114 Feb 16
107 Feb 11
80 Feb 25
h Jan 5
132/
1
4 Feb 24
88 Feb 11
94 Mar 9
227 Feb 24
9478 Feb 24
11918 Feb 24
8 Jan 9
2 Feb 27
8/
1
4 Jan 9
217 Feb 26
9212 Jan 13
6078 Jan 27
7 Mar 23
64 Feb 10
94 'Jan 9
65 Mar 25 85 Feb 10
88 Jan 20 9214 Feb 25
7338 Mar 24 80 Jan 8
5914 Mar 17 86 Jan 9
7212 Mar 18 974 Feb 11
45 Mar 20 46 Jan 5
44 Jan 10 47 Jan 16
1
4 Jan 27
35 Mar 18 82/
5712 Mar 13 76 Jan 27
23 Jan 2 8312 Jan 9
39 Mar 16 60 Feb 24
1% Jan 12
Is Jan 2
218 Jan 12
1 Jan 2
9214 Jan 2 10912 Feb 11
4734 Jan 2 6578 Feb 10
75 Afar 26 83 Feb 10
90 Mar 10 100 Jan 14
611 Jan 5 10 Mar 6
9 Jan 22 1778 Feb 17
4114 Jan 17 62 Feb 9
17914 Jan 2 2054 Feb 24
8334 Jan 5 8634 Feb 24
1614Mar 13 213 Jan 9
33 Mar 19 51 Jan 9
1314 Jan 2 19% Feb 24
16 Jan 6 20 Feb 24
10 Jan 3 1478 Feb 9
26 Jan 18 3138 Feb 24
Ex-dividend. p E8-1181ta. a Ex-(UvIdend and at-rigida
PER SH ARE
Range for Previous
Year 1930.
Lowest.
$ Per share
168 Dec
100 Dec
9514 Dec
66/
1
4 Dec
7014 Dec
5018 Dec
10612 Dec
44 Dec
61
/
4 Dec
53 May
554 Dec
83 D
5/
1
4 Nov
34/
1
4 Dec
3233 Dec
as Dec
14 Dec
45 Dec
12 Dec
414 Dec
714 Dec
2812 Dec
101 Dee
45/
1
4 D
92 Dec
81 Dee
4018 Dec
30 Dec
130/
1
4 Dec
6912 Dec
2518 D
2218 Dec
27 Dec
25 Dec
51 Dee
1018 Nov
553* Nov
347 Dec
6534 Dec
58 D
2038 Jan
84 Dee
53 Dec
40 Nov
84 Dec
24 Jun
13 Dec
Oct
84 Dec
41 Nov
1478 Dec
60 Dec
2038 Dec
79 Dec
70 Deo
% Dec
10518 Dec
73 Dec
75 Dec
152 Dec
678* Dec
10612 Dec
314 Dec
1
Oct
44 Dec
18112 Dec
83 Feb
4238 Dec
318 Dec
53 Dec
412 Dec
7512 Dec
90 Dec
9112 Oct
481s Dec
73 Dec
4418 Mar
46 Dee
395 Dec
624 Dec
174 Dec
35 Dec
12 Dec
h Dec
88 Dec
4612 Dec
76 Dec
85 Dec
4 Dec
74 Oct
4414 Dec
16612 Dec
8214 Jan
1114 Dec
39 Dee
10 Dee
114 Dec
712 Dec
23 Dec
8
36
21
102
1414
804
21
24
HigbeSi.
Per share
242/
1
4 Mar
10814 Sept
17512 Mar
12258 Mar
845* July
844 Mar
1164 June
112 Feb
15% May
6611 Map
7838 Mar
98% Sept
3334 Apr
5214 May
513* Sept
10 Apr
105 Apr
1734 Mar
5238May
263* Feb
4614 Feb
89% Feb
14014.1une
12518 Feb
1104 Mar
1041s Mar
95 Feb
62 Apr
181 Feb
153 Feb
80 Mar
6334 Feb
67/8 Feb
6212 Feb
102 Mar
46/
1
4 Feb
9814 Mar
5335 Mar
136/
1
4 Apr
77 May
394 Max
85% Mar
70 Apr
84% Mar
1384 Apr
42/
1
4 Sept
2512 Feb
Apr
85 Feb
5912 Feb
6658 Apr
108% Mar
984 Mar
14512 Mar
132 Mar
112 July
19214 Feb
144 Feb
11014 May
324 Feb
12818 Mar
13512 Mar
1714 Mar
4/
1
4 Jan
3312 Feb
265 Feb
9212 Oct
97 Feb
1978 Apr
868* Mar
244 Mar
16412 Apr
101 May
99 Apr
1213* Feb
14112 Feb
83 Feb
57 Feb
11878 Mar
101
AP,
76$i May
945 July
1212 Feb
28 Feb
127 Feb
136114 Jan
101 Mar
145 Apr
1512 Mar
314 Jan
79 Feb
24234 Mar
6883 Sent
6738 Apr
8914 Apr
36 Mar
38 Mar
301s Mar
5312 Mar
Dec 4218 Apr
Nov 8613 Apr
Dec 66 Apr
Nov 11012 Aug
Dee 375 Mar
Dec 94 Sept
Oct 32 Mar
Dec 84% June
10 Dec 414 Jae
/
1
4 Dec
1% Mar
8712 Dec, 151338 June
614 Dec; Ed Mar
14 Deo, 24 Jan
412 June, 91i Ise
2344
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Mar.21.
Monday
Mar.23.
Tuesday 1 Wednesday
Mar.24,
Mar.25.
Thursday
Mar. 28.
Friday
Mar. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ per share 8 per share 1$ per share $ per share $ per share Shares Indus. Sc efiscell. (Con.) Par
7
7
*612 71s
3,400 A P W Paper Co
74 8
618 618 .618 714
614 612
No par
93 10
934 10
912 1014 10
1014
No par
958 10
914 912 26,000 Allegheny Corp
*48
.53 .47
50
1,100
Pref A with 830 warr___100
48
50
48
49
51
5018 5012 50
.44
52
45
45
.41.
*447 49
49
50
400
Pref A with 840 warr_ _100
50
*45
48
50
4978 •49
__. 487 •
Prat A without warr____100
*____ 49
15612 15914 15312 157
15214 15434 34,100 Allied Chemical & Dye_No par
152 1591/ 15413 15734 154 157
12312 12358 123 123
123 123
1,700
123 123
123 123
Preferred
123 123
100
3734 3814 36
3712 3613 3714 37
38
367 3712 3512 3634 8,900 Allis-Chalmers Slfg _ __No par
•1512 1612 1612 1612 *16
1612 1612 1612 16
16
500 Alpha Portland Cement No par
158 1558
21
23
207 22
2078 1934 2014 1934 20
21
2114, 20
11,600 Amerada Corp
No par
.58
60 .57
5812 .58
5812 *58
300 American Bank Note
58
60
10
58
58
53,2
*6418
6414 6414 *6414 66
10
•644 66 .644 66
Preferred
50
434 414
4
4
*334 4
44 413
4
412
1,500 American Beet Sugar__No pa
414 41 1
35,2 3512 .3458 36
35
35 .3412 35
400 Am Brake Shoe & Fdy_No Pa
*3434 36 1 .34% 36
•12112 124% *12112 12418 •12112 12418 .12112 12418 *12112 124% *12114 12418
Preferred
100
10
10 I 10
10 1
9% 9% *gki 9781
900 Amer Brown Boverl El_No pa
912 912
91.1 912
.
53
55
54
55
52
5014 52 .50
52 I *514 52
60
Preferred
52
100
126 12714 12414 12658 12414 12734 127 12912 12658 12934 12418 12714 196,900 American Can
25
•15014 15012 150 150 1 150 150 ,*15014 15012 *15014 15013 15018 15011
Preferred
600
100
34
344 33%
1,300 American Car & Fdy__No par
334 34 1 3318 3314 3338 338 33
33
•8518 86
.85
86
*8412 85,2 8512 8512 *8412 86
Preferred
100
100
34 I .8412 85
38
3814 *37
38
4,200 American Chain
40
3812 3812 4012 39
37
No par
4012 *39
48
4858 43
47
47
4814 4734 4812 43
46
48
4613 4,800 American Chicle
No par
1934 19341 1914 197
194 1934 197 20 I 194 194 1914 1958 2.700 Amer Colony Pe Co-- - -Na par
1012 1034 104 1034 1018 1012 10
9
7,500 Am Comm'l Alcohol
978
834 9
No par
1012
•12
1312 .12
1313 1312 15
1312 *12
1,100 Amer Encaustic Tiling_No par
1312 *12
1312 13
3212 32%, 32
32.3 32
33
32
3113 3158 1,500 Amer European See's No par
*3113 3212 *32
4613 47%1 4558 47
45% 4714 46
4718 4512 4714 4332 461.206,700 Amer h Porn Power
No par
99
*9614 100 I •97
9918 9912 *9614 100
9812 9812
Preferred
*9614 100
No par
700
75
7312 7012 7212 1,300
5
2d preferred
7312 7414 7314 74
*73
7378 •73
No par
•88
8858 8858 8858 87% 88
873883
8814 8814 87
87
1,500
$6 preferred
No Par
7
7 1
*7
634 634
734
400 Am Hawaiian S S Co
7
734
10
.61
734 *7
7
3
618 678
*4114 514
5
5
6
414 558
6
3,800 American Hide St Leather_ 100
514 7 4
22
22
*2012 2212 2212 2212 2278 2412 244 25
23
Preferred
24
1.900
100
637 6378 62
624 6134 614 61
614 6114 6114 80% 6218 11.200 Amer Home Products__No par
2878 29
2814 29
2914 2914 2913 2912 2934 3012 *294 30
No par
2.100 American lee
207 21% 2014 2078 2014 21
2034 1958 20% 18.100 Amer Internal Corp
2058 20% 20
No par
78
78
78
34
78 *78
78, .8
1
1
8
1,1
87
.
4 2,500 Amer L France & Foamlte_ 10
8
.634 8
.634
.634 8
Preferred
100
60
28
28
28
28
28
28
28
21 I 23
2818 27
27
1,200 American Locomotive_No par
8312 8312 83
*8212 84
83
84
8212 8213 *79
*79
84
Preferred
100
300
424 43
4014 424 3934 407
3812 40 1 3838 4014 378 3914 21,800 Amer Mach & Fdy new _No par
5
5
5
434 434
5 I
5
534
434 478
434 434 1,800 Amer Mach & Metals__No par
2112 2112 21
21
2112 21
21
21
2038 2034 2014 2034 1,800 Amer Metal Co Ltd___No par
•80
88 .75
88 I .75
84
84
*75
*75
84
84
*75
Preferred (6%)
100
2058 21
2058 2158 2058
2118 2212 21
21% 1918 2138 2,103 Amer Nat 099 pret____No pa
574 5612 58
58'4 5914 57
5712 58
5612 578 5512 5634 10,500 Am Power h Light____No pa
10112 10112 10112 1014 1014 10112 .10034 1014 *10114 103
Preferred
No pa
1,400
10112 102
*8318 84 .8012 84 I *8012 84
*8012 84 I .8012 84
Preferred A
No par
*804 84
.8012 84
83
3318 84
8414 .84
844 8414 844 .
Fret A stamped
Na pa
800
8372 3412
2058 2118 2014 21 1 2058 21
1934 2078 1913 20
194 1978 72,300 Am Rad & Stand San'y_No pa
1012 1118 1014 1118 10
1058 1012 11
9
10
9
9,200 American Republics_ No pa
325 3312 3158 3234 31
3212 32
3178 18,900 American Rolling Mill
2.
3158 32% 30
5813 58% 5812 5812 5814 5814 587 5912' 5918 8018 5814 5812 2,600 American Safety Razor_No pa
.8
84
8
8 j .712 8
*712 8 I *712 8
100 Amer Seating v t e____No pa
*712 8
114 *1
•1
114 .1
1181 •1
118 .1
118! *1
Amer Ship & Comm
1 18
No pa
*377 3914 *3712 3914! *3712 3914 *3712 3914! *3712 3914 *3712 394
Amer Shipbuilding new_No pa
52
48
5158 464 4914 4518 47
5258 5114 52 I 5078 52
41,400 Amer Smelting & Refg_No pa
•13713 13313 13734 13734 13712 13712 13712 13814, 138 138
138 13312 1,500
Preferred
100
10212 10213 10212 10212 10234 10234 10234 10234i 10214 10258 .101 102
6% cum 20 prof
100
600
*4018 41 I 404 4034 .40
4112 41
41 1 .40
41
*40
41
25
300 American Snuff
•10512 110 I 109 109 *10534 109 1.10534 109 1 *1054 109 .10534 109
Preferred
100
20
314
338
312 312
27
3
24 3
358 358
212 2% 2,800 Amer Solvents Ai Chem..No pa
612 612 1,600
812 812 *8
*812 912
812
8
8
Preferred
No pa
714 734
28% 29 i 2812 29 1 .28
2812 27
26
233
2714 7,800 Amer Steel Foundrice No pa
2558 28
.111 113121.111 11312 *111 112 .111 11312 .111 11312 111 111
Preferred
20
100
48
48141 4758 4758 .4712 4814 47
4712 4634 4714 47
47
1,300; American Stores
No par
574 5712 5612 5718 5712 597
5814 60
5734 5918 5712 5812 9,000. Amer Sugar Refining
100
*107 109 I 108 108 I 1064 10 8 1084 10813 .106 108
800! Preferred
108 108
100
858 858 •85s 8%
9
9141 .834 9141
812 84
84 858 2,100' Am Sumatra Tobacco__No par
Amer Teieg & Cable Co
100
1944 19434 19314 19412 19334 19714 195F2 fii 19518 1-50.1-3 iiiis 19514 tio;Oii Amer Tolep de Tel
100
1171311734 11614 11814 116 117
11612 11713 11614 116141 11578 117
5,000, American Tobacco new w I 25
11914 12014, 11814 11978 11813 120
11914 120% 119 12014 11812 1194 14,700, Common °leas 13 new w 1_25
*127 12734 127 127 .12718 12712 12634 1274 127 127 *12712 1277o
100
600, Preferred
•99 105
*97 105 .99 105
*99 104
100 American Type Founders_ _100
99
99 .99 104
107 107
108 109
10912 110 .108 111 •108 110
Preferred
100
160
10814 108,4
7314 737
7012 7212 70
7358 7214 73% 7053 7212 69l 70e 14,600' Am Water Wks & Eleo_No par
107 107 *101 108 1.103 106
105 105 •105 10512 .105 10512
300, 1st preferred
1038 1012 1038 107
100
7,500 American Woolen
1018 1058 10% 1034 10
10
1078
9
100
12,900; Preferred
3918 3714 3858 3712 3852 3634 3834 3414 37
3534 38531 38
1,100 Am Writing Paper otts_No par
3
.212 312, .24 318 *212 31
3
3
3
*3
318
I
Preferred certlficatio_ _ _ _100
20 .14
*1258 20 I •14
.1258 20
20
*14
20
20
•14
4 7
612 64
7
612 658
7
613 612
612 6% 1,500 Amer Zinc Lead & Smelt___25
•38
40 .38
25
40
100
40 1 *38
Preferred
45
33
•38
38
40
*38
3734 39
3378 232,200 Anaconda Copper Mining 50
33
3634 3712 3638 3712 34
368 38
37
2614 2614 2618 2614 26
26
1,000 Anaconda Wire & Cable No Par
28
*25
26
2614 *2512 26
3012 304 3012 3012 3014 3014 3013 31% 301a 30% *304 31
No par
1,000 Anchor Cap
•1612 18
1614 16581 .1814 18 .1614 18
3,090 Andes Copper Mining__No par
1418 15
15
1614
•18
16 .1534 1612, •1534 164 16
1618 1,600 Archer Daniels Midl'd_No par
16% •1613 1612 16
5312 49
5858 58% 577i 5814 50
53
5318 5312 534 5318 5,500 Armour & Co.(Del) pre(__100
258 3
2% 3 I
258 2%
238 234 14,100 Armour of Illinois class A___25
258 234
258 2%
178 17
Class B
25
134 178
13
134 7,900
134
134 178
134 134
134
2614 264 2558 2614 25
100
2512 2414 26
Preferred
25
2513 3,800
2514 .25
*7
7
*7
7
3,100 Arnold Constable Corp_No par
718
714 714 *7
7
7
718
812 .8
.8
9
*8
.8
9
*8
Artioom Corp
No par
9
*8
9
9
2114 217
2114 2134 214 2113 2112 2358 23
4,600 Associated Apparel Ind_No par
2313 2234 23
2812 2878 2812 2834 28
2858 2714 277
No par
2638 9,300 Assoc Dry Goods
2634 2738 26
35
35 .31
*31
35 .31
*31
35
35
25
Associated 011
*31
35
*31
*32
•32
36
36
*32
•3212 35
36
100 Atl 0 & W I S S LIne__No par
*3112 34
3334 33%
*4812 49 .4812 49
*4813 49 .4812 49
*4813 49
100
Preferred
*4812 49
1912 1934 1912 2018 1938 2012 1934 2014 1913 20
25
194 1912 15,500 Atlantic Refining
*46
48
473 4734 4714 4714 4514 467
1,900 Atlas Powder
44
44
No par
4514 43
*9712 984 .9712 98,2 •9712 9812 .97,2 9812 *9712 9312 *9712 9812
Preferred
100
Ills 1112 1112 1112 1112 114 114 1112
1158 1158 .1138 12
No par
800 Atlas Stores Corp
53
*3
312 *3
312
3
312 *3
3
312
100 Atlas Tack
312 *3
No par
20612 21614 208 22134 21412 24212 237 2514 23412 24434 234 243 188,200 Auburn Automobile
No par
.218 3 I •24 3
.218 3
.
218 3
100 Austin Nienois
218 218 *218 3
No par
112 112 *112 17
112
•113 178
*112 178 4)14 1%
112
600 A nt
Preferredos
No par
Corpales
*314 4
.314 4
*314 4 I *311 4
*314 4
*314 4
1
58
5
5 I
5181
5
54
5
513
5
5
4% 54 10,400 Aviation Corp
No par
2652 2713 2614 26781 257 2613 2638 2738 2634 2778 257 271 1 31,600 Baldwin Loco Works__No par
1037s 1037s 10014 10014 101 102 5100 10312 100 100
090
101) 100
Preferred
100
•10312 105 510313 105 1•10312 10412 1034 10313 *104 105 .101 105
10 Bamberger(L)& Co pref.. _100
.714 734
54 5181
718 714
6
6
734
.5
734 •5
400 Bapr
rkeefrerBred
rothers
•____ 60 ...-__ 60 ,•____ 60 *_- 53 .35
53
*35 53
No 100
11% 1214 1178 1238 12
1214 1134 1214 115 1178 14,400 Barnsdall Corp class A
1238 12
25
*25
27 .25
2678 27
27 1 *25
100 Bayuk Cigars Ins
27 1 .25
27
*25
No par
2634
90
90
90
.90
90
91
•90
91
130
90
*90
First preferred
91
90
100
77
7734 795
7812 77
79
7312 78
7812 7912 77
6,300 Beatrice Creamery
79
50
11034 1103.s *10934 111 1.10934 111 1.10934 11014 *10934 1104 11014 11058
200
Preferred
100
59
59
*58
5912 5912 5934! 5812 581. .59
60
5914 5914 1,800 Beech-74ut Packing Co____20
212 212 *234 334 *3
334'
1,000 Belding Hem'way Co_ _No par
3
318
3
3
234 23
'
yips 8312 .7938 8312 .7938 531/ *7938 8113 •79313 8114
100 Belgian Nat Rys part pret___ _
7958 7958
2358 2418 2314 24 I 23
234 2312 2414 2318 2413 2213 2334 44,800 Bend': Aviation
No Par
4413 454, 4414 4512 4412 46 I 4512 4 6
4413 4534 434 41
8,900 Beet St Co
No par
8312 64% 6234 6414 6212 644 63
64% 6218 6358 5878 6258 130.300 Bethlehem Steel Corp
12314 12314 12314 12312 .12314 124 I 12314 12378 123% 12378 12318 123% 1,300: Preferred 7%)
100
2713 2734 .2614 27 I 2814 2741 2638 27
2012 2714 2618 2714 5,200 Blew-Knox Co
No Par
•18
2112 *1812 2112 .2053 2112' 2058 2058 *18
10 Bloomingdale Brothers_No par
20% *18
2058
95
.90
95 .90
591
1 Preferred
95
95 1 *91
95
*91
95 .91
*8213 85 .8212 85 .8258 85
.8312 85
*8212 85
Blumenthal & Co pref____110%
*8212 35
)
36
3714 344 3618 34
3614 38
3678 36% 39
38
3934 18,300 Bohn Aluminum St Br __No Par
I
I
32,
• 1310 and asked prices. no sales on this day. z Ex-dividend.
v Ex rights.
PER SHARE
Range Since Jan. 1.
On basts of 100-share lots.
Lowest.
$ per share
618N1ar 7
7% Jan 2
3934 Jan 2
39% Jan 2
49% Jan 23
14714 Mar 13
122 Jan 3
Jan 2
1412 Jan 13
174 Jan 2
54% Jan 3
62 Jan 7
213 Jan 26
32 Jan 2
118 Jan 13
818 Jan 2
4514 Jan 12
10814 Jan 19
145 Feb 4
27 Jan 2
74% Jan 5
2978 Jan 20
38,4 Jan 2
1414 Feb 3
834 Mar 27
9 Jan 8
19 Jan 2
2634 Jan 19
8514 Jan 3
6712 Feb 6
74 Jan 3
634 Mar 21
1% Jan 7
1012 Jan 8
47% Jan 2
2334 Jan 19
1813 Jan 15
52 Jan 5
6 Feb 21
2033 Jan 2
724 Jan 3
31 Jan 2
312 Jan 1
1858 Jan 30
89 Feb 21
19% Mar 27
45 Jan
9478 Jan
78 Jan
80 Jan
1512 Jan
7 Jan 13
2612Mar 41
57 Jan
64 Jan 3
% Jan
37 Jan 1
4012 Jan
129 Jan
9312 Jan .
37 Jan '
105 Jan 20
212 Jan
83)4 Jan 1
25 Jan 1
110 Jan 13
37 Jan 7
4234 Jan 5
96 Jan 2
8 Jan 12
1514 Jan 12
17613 Jan 2
104 Jan 2
10434 Jan 2
12414 Jan 3
913 Jan 24
105 Jan 21
54 Jan 15
10114 Jan 29
678 Jan 2
21 Jan 2
2 Jan 3
14 Jan 13
44 Jan 2
26 Jan 10
2934 Jan 2
22 Feb 4
27 Jan 2
1358 Jan 12
1512 Jan 3
49 NIar 2')
2583.1er 23
134:Mar 23
2114 Mar 25
358 J911 2
5 .Tan 13
197 Slur 11
22 Jan 2
2612 Jan 2
31 Jan 28
4334 Mar 16
18 Jan 2
43 Mar 27
95 Feb 4
8% Jan 2
278 Feb 9
10113 Jan 14
1% Feb 26
1 Jan 2
2% Feb 3
3 Jan 2
2034Jan 2
Jan 2
103 Mar 3
5% Mar 24
54 Feb 10
1114 Jan 2
2678 Mar 8
8713 Jan 2
65 Jan 2
108 Jan 15
50 Jan 15
24 Jan 15
78 Jan 5
1678 Jan 2
3212 Jan 13
4532 Jan 19
11412 Jan 5
24 Jan 2
1613 Jan 5
92 Feb 19
7513 Jan 15
2034 Jan 2
32
884
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
$ per share $ per share
$ per share
813 Feb 10
6 Dec 1512 Feb
534 Dec 3514 Mar
1234 Feb 24
3614 Dec 10713 Feb
594 Feb 25
3712 Dec 9934 Apr
59 Feb 11
8434 Oct 9014 Feb
5512 Feb 25
1823 Feb 24 17014 Dec 343 Apr
12412 Mar 4 120% Dec 12614 Apr
3114 Dec 68 Mar
4234 Feb 26
1113 Dec 4214 Mar
1878 Feb 9
164 Dec 3112 June
23 Mar 21
62% Feb 13
454 Nov 97% Mar
6014 Nov 6614 Jan
6614 Feb 26
24 Dec 12 Jan
4% Jan 9
38 Feb 24
30 Dec 54% Mar
12458Mar 10 118 July 128 Feb
1238 Feb 22
64 Oct 21% Apr
Oct 84 Sept
63 Feb 20
38
1294 Mar 26 10458 Dec 15612 Apr
15014 Mar 14 1404 Jan 150% Ocl
3834 Feb 24
244 Dec 8212 Feb
88 Mar 18
Jan
71) Dec 116
43% Feb 24
27 Dec 69% Apr
4858 Mar 20
35 Dec 6114 Ain
2114 Feb 27
Oct
1578 Dec 22
1413 Feb 16
9 Nov 33 Jan
16 Mar 2
8 Nov 30% Mar
3318 Feb 24
17 Dec 5912 Mar
25 Dec 10134 Apr
5134 Feb 24
100 Mar 24
84 Dec 11112 Apr
7912 Feb 25
6313 Dec 100% June
90 Feb 26
73 Dec 101 May
10% Jan 9
513 Dec 33% Mar
714 Mar 2.5
14 Dec
7 Apr
2.5 Mar 26
8,3 Dec 34% Apr
64 Mar 20
4612 Dec 69% Mar
31% Feb 9
2412 Dec 41% Mar
26 Feb 26
16 Dec 55% Apr
13 Dec
112 Jan 9
4
Apr
12 Jan 9
7 Dec 35 Feb
1814 De 105
3034 Feb 26
Jan
884 Dec 11812 Mar
84% Mar 6
43% Mar 19
29% Dec 45 Sept
3 De
7 Mar 2
1413 July
2334 Feb 24
134 Dee 5113 Feb
8912 Feb 5
80 Dee 118 Feb
20 De
3978 Jan 20
95 Mar
64% Feb 20
364 De 11933 Apr
102 Mar 27
90 De 107 Mar
83% Mar 20
7411 De
87% Sept
8134 Mar 12
74% 1)ec 8912 Sept
15 Doc 39% Apr
21 12 Mar 20
12% Feb 27
518 De
37 Mar
37% Feb 20
28 Dec 100% Feb
66 Feb 26
5213 June 6738 Apr
9 Feb 13
5 Dec 284 Feb
358 May
13 Dec
153 Feb 27
42 Jan 6
35 Dec 5412 June
3713 Dec 794 Apr
584 Feb 24
13513 Mar 27 131 Dec 141
Apr
9338 Dec 10338 Aug
10234 Mar 12
4214 Mar 10
3578 T)ec 43% Jan
1094 Mar 13 10018 Jan 112 Sept
2 Dec 2212 Mar
413 Feb 16
1113 Feb 24
534 Oct 3314 Mar
2313 Dec 524 Mar
314 Feb 20
113 Feb 20 110 Dee 116 Feb
3413 Dee 5513 Apr
4814 Mar 10
3914 Dec 6978 Mar
60 Mar 25
95 Nov 110 Apr
10812Mar 16
5 Nov 2634 Feb
114 Feb 13
15 Dec 2712 Feb
2312 Feb 18
20134 Feb 26 170% Dec 274,4 Apr
9812 Dee 127 Sept
12012 Feb 21
994 Dec 13078 Sept
12213 Feb 24
12812 Feb 4 120 Feb 129 Sept
95 Nov 14134 Apr
105 Jan 16
11013 Feb 23 10313 Nov 11434 July
4753 Dec 12478 Apr
80% Feb 26
107 Mar 19
98 Nov 10818 Oct
532 Nov
1178 Jan 12
2014 Feb
394 Mar 23
1558 Nov 44% Feb
1% Dec
4 Jan 23
9 May
1018 Dee 4434 Feb
18 Feb 20
3% Dec 17% Feb
8% Feb 26
4034 Mar 11
26% Dee 79% Jan
4314 Feb 27
25 Dee 814 Apr
19 Dec 5314 Feb
2614 Mar 10
24 Dec 5134 Apr
36 Feb 21
1058 Dec 374 Apr
1912 Feb 27
1318 Dec 2914 Apr
18 Feb 4
60 1)ec 82% June
72 Jan 7
2% Nov
413 Jan 6
818 Mar
112 Nov
278 Jan 7
4% Mar
47 Jan 6
2514 Nov 65 June
738 Feb 24
313 Dec 13% Apr
1012 Feb 26
4% 1)ec 204 Apr
2878 Feb 10
20 Nov 4418 Mar
2958 Mar 20
19 Dec 5012 Apr
31 Feb 18
30 Dec 51 June
39 Jan 7
33 Dec 8038 Jan
534 Jan 21
48 Dec 6511 Feb
23% Feb 24
1658 Dec 5138 AD1'
54 Feb 11
42 Dec 106 Mar
99% Jan 16
97 Nov 106 Mar
1312 Feb 10
7% Dec 37 May
34 Jan 5
212 Oct
811 Mar
25113 Mar 25
6038 Nov 263% Apr
218 Jan 23
152 1)ec
7 May
2% Feb 16
78 Dec 10% Mar
13 Dec 25 Mar
5 Feb 27
258 Dee
618 Mar 2
9% Apr
1938 June 38 Feb
27% Mar 19
19
Jan
10112 Mar
84 Dec 116
107 Feb 11 103 Dec 11011 Feb
8 Nov 203 Mar
10 Jan 2
60 Mar 10
58 Dec 91 Star
85 Dec 34 Mar
1413 Feb 26
23 Nov 48 Feb
33 Jan 19
89 Dec 101 July
90 Mar 5
62 Dec 92 AP11
81 Mar 1!)
111 Mar 16 1014 Mar 10914 Sent
4634 Nov 7015 Jan
60 Feb 11
218 Dee
638 Jan
4 Jan 30
7614 Dec 8512 Mar
8034 Jan 22
1414 Nov 573 Apr
2512 Feb 24
30$8 Dec 5614 Apr
461 1 Mar 19
4738 Dec 11014 Apr
7038 Feb 26
123% Mar 6 11234 Dec 134 Mar
Oct 4111 Apr
23
29 Feb 21
1612 Dec 2978 Apr
2058 Mar 25
Oct
95 Dec 104
95 Jan 9
Apr
74 Feb 90
754 Jan 15
APT
1534 Novi 69
3934 Mar 27
New York Stock Record-Continued-Page 3
2345
For gales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Mar. 21.
Monday
Mar.23.
Tuesday
Mar. 24.
WednesdayThursday ; Friday
Mar.21 I Mar.26. I Mar. 27.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ per share $ per share $ per share! $ per share 1 $ per share Shares Indus.& Miscell.(Con.) Par
6312 6312 63% 6435 .6314 66 .6312 86 I *64
66
64
61
800 Bon Ami class A
No par
•134 214 .134 214
112 112 *112 2,4 .134 214 * 1 N
100 Booth Fisheries
No par
214
•12
18 .12
•12
16 I .12
.12
16
16
16
16 I *II
1st preferred
100
1
75 8 7534 7434 7514 7412 757
754 7584 7.5
7534 7313 7535 22,200 Borden Co
25
2912 30N 2814 2914 2814 2914 2334 2912 28,
8 30 1 2714 2878 42,500 Borg-Warner Corp
10
.2
23
2
•134 2
2
*134 2
.134 2 1 *134 2
50 Botany Cons Mills class A 50
2134 2214 2118 217s 2115 21% 2134 2234 204 2218 2034 2134 104,000 Briggs Manufacturing_No par
23
23
2334 2418 2414 2112 2414 2414 24
24 1 23
23
5,500 Briggs & Stratton
No par
43
432 434
438 412
438 458
44 414
414 414 1,100 Brockway Mot Truck No par
434
14
151, 14
•1414 24 I *1412 24
.1418 24
14
*1412 24
220
100
Preferred 7%
12634 12638 125 12634 *125 12512 12258 12434 12214 12512 12014 122
4,400 Brooklyn Union Gas___No par
*3334 3414 3418 3418 *3334 344 *3334 344 .3334 3414 *3334 3414
100 Brown Shoe Co
No par
•10
12
11
12
1112 •10
*10
12 1 .1018 12 I 1114 1114
500 Bruns-Balke-Collender_No par
1712 1712 1718 1738 1712 1712 174 174 1738 177' 1734 18
2,600 Bucyrus-Erie Co
10
3278 327
3214 3534 31
32
307 3078 .304 31
*3012 31
1,000
Preferred
10
•I12 113 *112 113 •112 113
112 112 .112 113 *112 113
10
Preferred (7)
100
*518 514 .5t8 514 *5
534 *5
514
434 434 *432 5
100 Budd (E G) Mfg
No par
1118 1132 10% 113
114 1114 1118 1112 11
1134 1078 114 8,300 Budd Wheel
No par
•1312 1435 *137 1412 14
1412 14
15 I 14
1418 14
14
3,000, Bulova Watch
No par
1712 1638 174 174 17141 17
177 17% 17
17 1 1614 1634 3.700 oullard Co
No par
291 .18
•I8
2912 •18
2912 .1512 25 .1512 25
*1512 20
Burns Bros new clAoomNo par
•35s 5
*312 5
•312 5
•312 5
*312 47
.334 478
New class B eom
No par
41
41
35
35
4112 43
42 .42
42
4312 .42
1312
100
Preferred
100
2814 281
287g 2878 2812 2812 29
3038 294 30,8 29
2912 11,500 Burroughs Add Mach_No par
274 28
27
2718 •2718 2812 27
2734 2612 27
27
27 I 2,500, Bush Terminal
No par
10214 102'4 102 1033 •10314 10414 103 10358 102 10218 10278 103
290, Debenture
100
*110,4 113
113 113 •11014 112 *110 112 1 110 110
11234 1124
70 Bush Term Bides prof
100
14 ils •14 11
118
14
118
118
14 •14
1141
114
Butte
800:
dr
Superior
MinIng.....10
517
2
*I% 2
178
17
.175 2
*178 2
14 14
600 Butte Copper & Zinc
5
177 18
1753 18
1734 17
17
1712 1634 17
1612 1634' 3,300 Butterfat Co
100
5412 5738 56
564 581
5534 58
5738 5518 5634 53
56
45,700 Byers & Co (A M)____No par
100 100
9714 997 .
99 100 .99 100
100 100
100 100
150
Preferred
100
4434 4434 544
441
45
4412 45
45
4234 44
417 4238 3,400 California Paoking___ _No par
•1
118 *
11*1
'1
1
1
1
1
1 I 1,100 Callahan Zino-Lead
10
4012 4012 4012 41
4012 41
4034 41
4018 4012 40
40141 3,100 Calumet & Arizona Mining_20
912 912
912 91
*912 934
914
*912 934
9I2 *9
941
800 Calumet & Heels
25
15
1538 15,4 16 I 1514 1534 1512 1638 1512 165
1478 154 7.800 Campbell W & C Fdry_No par
371g 3778 37
3734 3712 3734 38
3812 3712 38N 3718 37N, 8,700 Canada Dry Ginger Ale No par
2318 23,4 234 2314 2314 25
2478 248 24
24
*2312 24341 1.600 Cannon Mills
No par
1434 144 .1412 1512 141. 15
147 147
1484 1514 1412 144:
900 Capital Adminis al A Ife par
33
36
•33
3712 .33
3712 *33
3712 .33
3712'
3712 •33
Preferred A
50
11612 11834 11234 11612 11112 1157,41 11414 11675 11434 11812 11238 11712 223.100 Case()I
Co)
100
116 116
11534 116 I 11534 116 *115 116 *115 116 *115 118
290
Preferred cortiffeates___100
• 4534 4612 44
4534 4418 46
404 47,4 4614 4712 4412 4612 31,600 Caterpillar Tractor_ _ _ _No par
*3
4
.3
4
4
*3
3
*3
4
*3
4
4
Cavanagh-Dobbe Inc_ N5 Par
.
23
24 .23
24 .23
24
24 .23
23
•23
23
24
10
Preferred
100
•13
1314 .13
1338 .12
1338 12
12 .1212 13
*1234 134
200 Celanese Corp of Am _No Par
13
133
134 14
13
1318 •1234 13
1212 13
1278 13
1,500 Celotex Corp
No par
117 1334 1212 1334 1234 131
1114
12
1112 12's 1034
13
22,300
Certificates
No par
34
3734 36
*3214 36 .
36
324 38
*3214 38'2 32
3314
140
Preferred
No par
•21
2214 22
2214 22
23
231
20
23
24'3 2312 24
5,300 Central Aguirre Asso No pa
1
*54 512 .418 5 2
54 53
54 51
54 51
*434 55
800 Century Ribbon Mills_No pa
*5714 70
*5714 65
*574 65
*5714 65
*5714 65
.5714 65
Preferred
100
27
2712 2612 2612 2614 261
26
261
2412 26
24
2534 6,000 Cerro de Paseo Copper_No pa
614 634
612 714
614 67
6
6%
514 S'z
5
54 7,900 Certain-Teed Products_No pa
*3638 37
3634 3634 365 363
3612 31134 3612 36'5 3634 3634 2,200 City Ice & Fuel
No pa
8514 8514 .86
87
86
90
863 *86
8612 87
8712 8712
Preferred
350
10
1414 1338 14
14
144 141
1234 14
14
1434 14
15
10,400 Checker Cab
No pa
45
4518 4414 4534 4534 4758 464 40
47
4738 464 464 3,100 Chesapeake Corp
No
pa
1114 1112 1114 1112 1114 114 1114 1154 1134 1134 1073 Ills 4,200 Chicago Pneumat Tool_No pa
•2478 2514 2478 2478 .24
2434' 2418 241s 2412 2412 *2418 2538
Preferred
400
No pa
•23
26
2912 .23
.23
25 I •23
25 .23
2314 .23
2334
Chicago Yellow Cab
No Pa
1214 12,2 1212 1212 •1234 1312 1238 1238 1234 123g
1234 1238 1,400 Chickasha Cotton 011
1
324 3214 317 32
314 32 I 3112 324 3114 314 2978 314 3,700 ChIlds Co
No pa
2418 2478 2312 2414 2314 24N 2418 25
224 2432 2212 2312 200.500 Chrysler Corp
No par
37
33
334 334
33
334
4
*33
34 334
312 37s 1,900 City Stores now
No par
*2014 36 .224 36 .2214 24
2334 •15
2212 227g .22
21
300 Clark Eaulpment
No par
32 .29
32
32
3212 •29
•29
33
3012 3078 •29
33
400 Cluett Peabody & Co_ _No par
59914 ____ .9914 __ •9914 ____ *994 _--_ 9914 9914 *9914 ---20
Preferred
100
163 163 .16112 16314 *161 16278 16278 1627s 163 163
goo Coca Cola Co
16012 16118
No par
5214 5214 .52,4 5212 *5214 5234 .524 5212 *5214 5212 *524 5212
200
Clam A
Ns par
49 .48
49
49
49
49
49
*43
49
4812 4734 481
700 Colgate-Palmollyo-Peet Na par
•10212 105 .10212 105 *10212 105 .10212 106 *10312 107 .10312 106
6% preferred
100
1412 1412 1412 14'3 14
1412 1612 154 153
14
1412 15
10,000 Collins & Altman
No Par
*72
78 .72
*73
78
*72
78
*7314 78
78
.7314 78
Preferred non-voting _ _ _100
9
9
93
59
94
.9
912
9
9
9
*9
9
1,100 Colonial Beacon Oil Co_No Par
26
26
2512 2512 *2514 26
2512 251
2514 251
2458 25
1.000 Colorado Fuel & Iron
100
9914 1003* 9512 99
8814 31,000 Columbian Carbon v t a No par
8814 9434 8334 8814 85
8734 84
437 454 4314 4434 43
4312 4434 434 4414 4234 44
44
87,700 Columbia Gas & Mee_ _No par
•107 10873 •107 10834 10812 1081 10914 10912 1084 1081s 103 108
1,200
Preferred
100
1275 1412 124 135
13
1112 1258 175,800 Columbia Graphophone
1334 1278 1358 1234 1314
215 2134 2134 2134 21
21% 2014 21
2015 4,300 Commercial Credit_ ___No par
2078 20
20
35
35
3512 35
•35
35
35
354 35
35
35
35
1,300
Class A
60
*24
2412 *24
2412 *24
2412 2412 2412 2375 24
2375 237
90
Preferred B
25
85
85 .85
854 *85
85% 85
85
85
85
•85
8534
70
1st preferred (6.4%)...100
•33
33% 3234 325 .325 3278 32% 33
32
3275 31
32
4,800 Com Invest Trust_ __ No par
1612 88
'
8772 8775 8758 88
88
8814 8814 88,2 88,2 8812 1,500
Cony preferred
No par
*8
712 *6
712 •6
734 •8
712
6
6
*5
6
600
Warrants stamped
1978 20
19% 204 19% 204 1912 1934 1873 1912 184 19
30,300 Comm Solvents
No par
11% 1134 1113 1134 1134 1112 104 113* 1034 11
1014 105 101.500 Commonw'ith & Sou-rn No Par
995 9934 9934 994 994 10014, 9978 10014 100 100
9952 100
2,600
$6 preferred wise_ _ _No par
34
3234 3234 .32
•32
324 .32
324 .32
3272 32
32
30 Conde Nast Publica
No par
104 1012 10
1014 1012 1158 11
1034 10
1112 114 123 54,20 Congoleum-Nairn Ino_No par
297
28
.2712 281
29
29
2912 293
29
293
2753 2753 5.80 Congress Cigar
No par
2
3414 34
34
3412 *34
34
34
35
344 3412 34
34
1,10 Consolidated Cigar
No par
73
70
72
72
*70
•70
70
72
6812 6934 6812 68%,
21
Prior preferred
100
912 953
918 95
914 912
94 91
918 914
858 9141 5.70 Consol Film Indus__No par
18
18
18
18
*1712 18
18
18
1754 177
1712 2,600
17
Preferred
No par
1054 1071 10618 10758 106 1064 1064 10812 104 107 1125,10 Consol
107 108
Gas(N
No par
10234 103
103 10314 103 10314 10314 10335 x10212 10212 5,800
102% 103
Preferred
No par
14 13s
114
134
114
I% 11
134
138
112
IN
1381 8,600 Consolidated Textile_ _No par
534 67
*IA 6
0
*57
555 6
614 63
512 6
2.900 Container Corp A vot No par
21
214
214
173 2%
•218 214
218
24 214
2,4 24, 5,900
Class B voting
No par
24
25
2458 2212 2453 22
25
23
22
2212 1912 2218! 18,900 Continental Bak' el A_No par
258 23
25s 258
213 258
212 21
232 213
214 212' 11,500
Class
B
par
No
71
7113 7112 •70
684 7012 67
69
6734 68
674 674' 2,000
Preferred
100
59,4 59,2 584 5958 5838 5934 594 6214 6118 6234 59% 61181 45,600 Continental
inc
Can
_No
par
14% 1478 145 1458 •1412 1434 143 1433 1434 1412 1414 1441 2,900 Cont'l
Diamond Fibre_No par
473 4812 4812 4812 48
48
4814 4813 48
4875 47
47 I 2,900 Continental Ins
10
41s 414
41
4
4
4
4
44
4
4
4
44 7.900 Continental Motors__ _No par
95
912 10
94 10
91's
912 10
933 97s
914 938 36,300 Continental 011
N pa
83
94 914
812 914
9
9
O's
83s 878
712 858' 18,800 Continental Shares_ _ _ _No pa
8538 8312 85% 85
85
8512 83% 85
8212 8438 7818 83141 20,900 Corn Prod ets Refining ____25
•150 --- 151 161 *1493 15212 •149% 1521 •149% 152
14978 1497
30
Preferred
100
14's 1334 1378 1414 141 *1414 1458 1214 14
1414 14,4 14
9,000 Coty Ins
No pa
3312 3334 3212 3212 3314 3314 .3314 331
3278 3312 33
3334 1,000 Cream of Wheat
No
pa
16% .1534 17
16
•I534 17
•15% 16
•1534 17
•1534 17 I
200 Ores Carpet
10
4634 7
63
7
7
7
8
.7
*612 7
612 634600 Crosley Radio Corp_ _ _No pa
*35
•3512 36
*3512 36
36
*3512 36
3512 3512 3412 3412
30 Crown Cork & Seal_ _ _No pa
.478 5
*434 47
.438 5
47s 47
*43
5
*434 5
10 Crown Zellerbaoh
No pa
493
48
4838 4934 48
4934 4934 5034 491 5012 5014 61
10,20
Cruoible Steel of Amerlea_100
99
10114 10178 96 100
9912 9314 99
99
991 4 99 100
Preferred
80
10
43
458 45
•475 5
6
5
5
434 434
4% 5
2,60 Cuba Co
No pa
2
IN
*184 2
2
2
218
215
1% 2
1% 1% 8.10 Cuba Cane Products_ _ _ No pa
6
5
5
5
512 53
534
5
5
5
512
5
4,50 Cuban-American Sugar_ __.A0
32
2878 2878 •2838 284 2812 3078 31
30
30
.30
32
Preferred
29
100
4712 4712 471 48
4812 4838 484 4812 48
48
47
4718 1.40 Cudahy Packing
60
9114 914 9114 9112 9112 9112 91
913
9112 9112 *91
91
1.10 Curtis Publishing Co__ _No par
11612 11612 11638 11638 •11534 117
•115 117 •11412 117
11614 11614
Preferred
30
par
47
47
54
5
518
6
5
5
51s
44 478 60,88 Curtise-Wright
518
No par
755
758 738
713 735
714 714
74 74
715
63s 7
Clam A
5,90
100
•294 31
304 30
30
30 1 *2912 3014 2912 2912
*2934 30
50 Cutler-Hammer Mfg___No par
20
2012 20
194 195
1912 20
•20
19
19% 1812 19
3,40 Davison Chemical
No par
•Bid and asked prices; no sales on this days
x Ex-dividends
y Es-dividend and ex-right/J.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
$ per share
60 Jan 8
133 Jan 2
7 Jan 9
6713 Jan 15
2034 Jan 2
112 Jan 28
1613 Jan 15
1612 Jan 14
2 Jan 2
14 Mar 21
103 Jan 2
32N Jan 22
1018 Jan 2
1414 Jan 16
25 Jan 13
11134 Jan 3
4 Jan 2
9 Jan 2
1114 Jan 2
1134 Jan 2
158* Mar 17
472 Mar 17
22 Mar 17
2113 Jan 16
2314 Jan 22
10013 Feb 11
109 Jan 3
1 Jan 7
Ili Jan 6
1234 Jan 20
3753 Jan 2
9714 Mar 23
4178 Mar 27
32 Jan 8
863* Feb 7
8 Jan 2
1114 Jan 2
2975 Jan 19
1734 Jan 2
94 Jan 3
30 Jan 10
81% Ja 19
111 Feb 10
2675 Jan 2
24 Jan 5
23 Feb 17
11 Feb 4
513 Jan 2
412 Jan 2
2214 Jan 5
1913 Mar 9
212 Jan 6
59 Jan 8
2212 Feb 6
214 Jan 2
35% Jan 27
7713 Jan 14
12 Mar 10
40 Jan 2
912 Feb 5
23% Jan 2
20 Mar 2
1013Mar 6
2513 Jan 2
1575 Jan 2
234 Jan 10
18 Jan 14
2434 Jan 12
95 Jan 28
1424 Jan 2
5012 Jan 2
47 Jan 20
102 Jan 15
9 Jan 30
72 Jan 20
9 Mar 20
2175 Jan 2
7312 Jan 2
3314 Jan 16
10o73 Jan 2
71 Jan 16
184 Jan 2
34 Jan 2
214 Jan 20
7812 Jan 29
25 Jan 2
82 Jan 20
2% Jan 7
1518 Jan 2
8 Jan 2
9112 Jan 2
32 Mar 11
672 Jan 2
22 Jan 13
254 Jan 8
55 Jan 2
84 Mar 27
153 Jan 2
824 Jan 2
10112 Feb 27
14 Jan 2
5 Mar 11
173 Mar 19
1734 Jan 2
24 Jan 2
67 Mar 25
47 Jan 2
1012 Jan 2
41 Jan 2
272 Feb 5
852 Feb 2
712 tier 27
7612 Jan 2
14675 Jan 6
84 Jan 16
27 Jan 14
1472 Jan 26
412 Jan 2
31 Jan 16
4 Feb 6
48 Mar 20
06 Mar 23
4 Jan 6
Ps Jan 2
3 Jan 5
22 Mar 9
41 Jan 2
8973 Jan 12
1134 Jan 15
2/
1
4 Jan 2
37 Jan 2
28 Mar 12
1313 Jan 5
Highest.
$ Per share
6 IN Mar 23
3 Feb 20
1714 Feb 20
7612 Mar 20
3034 Feb 27
238 Mar 18
2234 Mar 25
2412 Mar 24
514 Mar 2
28 Feb 17
12938Mar 19
354 Jan 6
15 Feb 13
2072 Feb 19
347 Feb 10
1133k Feb 2
558 Feb 25
13 Feb 27
1534 Jan 30
23 Feb 26
51 Jan 7
10 Jan 7
85 Jan 20
324 Feb 9
31 Feb 24
104 Jan 23
113 Mar 17
134 Feb 20
2 Jan 29
2053 Feb 26
69% Feb 20
10672 Feb 24
53 Feb 16
134 Mar 2
43351Mar 17
1134 Feb 24
1658 Mar 25
404 Feb 27
25 Mar 24
16 Feb 26
3633 Feb 25
13113 Feb 24
116 Mar 21
524 Feb 17
4 Feb 27
26 Mar 7
16 Feb 25
143sMar 2
13% Mar 21
3734 Mar 21
244 Jan 9
614 Feb 21
70 Feb 26
3015 Feb 24
714 Mar 23
37% Feb 25
8712 Mar 27
234 Feb 7
5418 Feb 24
1512 Feb 26
35 Feb 26
23 Jan 9
12581M ar 20
3334 Feb 10
2534 Mar 9
48s Feb 11
2278 Mar 25
3413 Feb 17
102 Mar 4
170 Feb 24
5212Mar 16
5012 Mar 18
104 Feb 16
1734 Feb 26
74 Feb 3
104 Jan 8
3214 Feb 19
1111'o Feb 25
4555 Mar 19
109101ar 18
1614 Mar 13
2314 Feb 26
3575 Feb 26
2412 Mar 18
85% Mar 5
34 Mar 19
90 Jan 26
8 Feb 27
2113 Feb 24
12 Feb 24
1003311:far 16
3414 Feb 16
1234 Mar 27
3034 Mat 10
374 Mar 12
73 Mar 19
15 Feb 17
1873 Feb 17
10955 Mar 19
1045* Mar 13
134 Mar 18
84 Jan 9
3 Jan 12
30 Feb 26
35* Feb 2
7712 Feb 27
6234 Mar 26
1678 Feb 27
5172 Feb 24
413 Feb 27
12 Fob 13
12 Feb 24
8653 Feb 17
152 Mar 13
18 Feb 27
84127%lar 11
1634 Mar 23
85 Feb 25
3814 Feb 24
67s Jan 12
63 Feb 11
106 Jan 3
5% Jan 8
252 Jan 8
534 Mar 24
35 Jan 9
487 Mar 19
100 Feb 7
11838 Mar 5
54 Feb 27
812Mar 2
41 Jan 7
23 Feb 24
PER SHARE
Range for Precious
year 1930.
Lowest.
Highest.
2 per share $ Per share
5912 Oct 78
Apr
1
6 Mar
Oct
514 Dec 3314 Jan
6012 Jan 9034 Mar
15 Nov 5012 Mal
6 Mar
34 Dec
1212 Oct 2532 J1117
1514 Nov 3513 Api
134 Dec 2214 Mal
13 Dec 85 AIN
984 Dec 17814 Mai
3334 Nov 42 Fat
10 Dec 3053 Mai
1118 Dec 317 Nisi
21 Dec 43 Mai
1072 Jan 117 Ben
3 Dec16% AD
84 Oct 144 Pal
813 Dec 43 Ma
97 Dec 74 AD
2512 Dec 11012 AD
3 Dec 35 AD
7134 Dec 100 Fel
1834 Dec 5172 Ma
214 Dec 4813 Ma
97 Nov 110 M.D.
108
Oct 118 AD
4 Dec
514 Jai
114 Dec
44 Pal
10 Nov
2958 Fel
3313 Dec 11234 AD
106 Dec 114
Jai
41,4 Dec 7713 Ma
32 Dec
215 Fel
2852 Dec 8972 Jai
78 Dec 333 Ja
10 Nov 30 Ma
3012 Dec 7538 Ma
1612 Dec 344 Ma
713 Dec 28% At,
2912 Dec 42 Ma
8312 Dec 86214 Al
113 Dec 132 Mat
22 Dec 79% Apr
14 Dee 1374 Jan
24 Dec 75
Jan
94 Dec 20% Oct
3 Dec 60 Mar
3 Dec 12 Sept
1714 Dec 8478 Apr
18 Dec 30'3 May
214 Dec
814 Mar
51 Feb 6972 July
21 Dec 651% Jan
2 Dec 1572 Feb
32% Dec 49 Fey
79 Oct 98% Feb
1432 Dec 6772 Mar
3214 Dec 8212 Mar
7% Nov 37 Mar
224 Nov 5572 Mar
204 Dec 32 Mar
1012 Dec 324 Apr
2275 Dec 6753 June
144 Dec 43 Apr
213 Dec 1314 Apr
1513 Dec 4412 Apr
21 Dec 60 Apr
914 Jan 105 Apr
13314 Jan 19133 June
4812 Jan 53 Mar
44 Dec 6472 May
97 Ma 104 Dee
Oct 3534 Feb
12
73 Jan 92 May
8% De
2032 Apr
1834 De
77 Apr
6513 De 199 Mar
3053 Dec 87 Apr
99 Nov 110 Apr
74 Dec 3733 Apr
154 Dec 4
@FedFRASER