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VOL. 130.
SATURDAY, MARCH 29 1930.
financial Throniclt
PUBLISHED WEEKLY
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The Financial Situation.
There has been an upward reaction from the extreme ease in the money market at New York which
was such a conspicuous feature last week. At the
same time, the fact that monetary ease is still a
worldwide condition was made apparent on Monday when the Bank of Germany further reduced its
discount rate from 5/
1
2% to 5%, after having as
recently as Mar. 7 marked the rate down from 6%
to 5/
1
2%. When a country troubled as Germany has
been in recent years, with big reparations payments
to make, reaches a pass where a discount rate of 5%
)(Tomes possible, important progress has obviously
been made in the restoration of normal conditions,
to the extent where loanable funds aplenty become
available even in quarters where the task of providing them is more than ordinarily difficult because
of unfortunate circumstances not common to the
rest of the world. Additional evidence of the monetary glut became apparent in the cut which the Bank
of the Netherlands made in its rate on Tuesday
from 3/
1
2% to 3%. It is stated that this is the first
time a 3% rate has prevailed in Holland since 1910.
NO.3379.
The upward rebound in money rates at this center
has been particularly marked in the case of bankers'
acceptances. It will be recalled that last week no
less than five reductions of /
1
2% each were made
in the rates for bankers' acceptances, this following
two reductions of 1/
8% the previous week and three
reductions the preceding week, making altogether
10 reductions of /
1 8% each during the current month
of March, with the result that rates on bills running for 30 days, for 60 days, for 90 days, and for
120 days, were all down to the extremely low figure
of 2r/870 bid and 2/
1
2% asked. The present week
the movement of rates has been reversed and the
upward rebound has been as sudden and as spectacular as was the drop last week. On Tuesday
rates were twice marked up, the first advance on
some of the maturities being a full 1/
4%, and on
others /
1
2%, while the second advance on the same
day was 1/
8% all around. Not only that, but at the
close of the day a third advance of 1/
8% was announced, this, however, not becoming effective until
the next day—Wednesday.
The vagaries of the bill market the past two weeks
are beyond understanding, and no adequate explanation of the same has yet been offered. Last week
bill rates tumbled at a time when the Federal Reserve Banks reduced their holdings of the same in
amount of no less than $71,521,000. The present
week the Reserve Banks have again added $71,465,000 to their holdings, and yet bill rates have,
as stated, suddenly and sharply moved up. The
newspapers have pointed out that the Federal Reserve Bank of New York would not reduce its
buying rate for acceptances below 3%, while the
effect of the repeated reductions in rates made last
week was, as already stated, to lower market rates
to 2%7
0 bid and 2/
1
2% asked. As a consequence,
all inducement to tender bills to the Reserve institutions disappeared. On the other hand, with rates
again marked up the present week, so that for all
dates of maturity except 60- and 90-day bills, market
rates are once more back to 3% bid and 27
/8% asked,
the Federal Reserve Banks again became an available market for acceptances.
But that merely deepens the mystery concerning
the erratic character of the fluctuations in acceptance rates during the past two weeks. It is easy to
understand why the Reserve System's holdings of
acceptances should decline, as they did decline last
week, when market rates fell below the Reserve
Bank's buying rates, and also to understand why
the Reserve Bank's holdings of bills should again
have increased when conditions once more became
favorable for their purchase by the Reserve Banks,
but it is difficult to comprehend why rates should
have tumbled the way they did last week when the
market for bills was so greatly narrowed by the
2082
FINANCIAL CHRONICLE
withdrawal of the Federal Reserve Banks which are
always the main dependence of the acceptance market, or to understand why acceptance rates should
hal e so suddenly and rapidly jumped up again the
present week, when the Federal Reserve Banks once
more became extremely avid buyers of bills. It is
known that a desire existed last week in financial
circles to get the New York Reserve Bank to reduce
its rates still lower, to 3%,coincident with the action
2%,
1
of the Bank of England in cutting its rate to 3/
and it has been suggested that an artificial demand
for acceptances may have been temporarily created
with the purpose in view of forcing a reduction.
The suggestion has an air of plausibility, but its
feasibility may well be doubted. Whatever the explanation, the performances of the acceptance market in the last two weeks are not calculated to promote confidence in its stability, which ought always
to be a first prerequisite.
As concerns the money market as a whole at this
center, some erroneous views here likewise prevail.
'Last week, it will be remembered, the call loan rate
on the Stock Exchange at one time dropped as low
2% by the
1
as 2%, though there was a recovery to 4/
range has
the
week
present
The
of
close
the week.
2% and 4%. There was something
1
been between 3/
anomalous in the drop in the call loan rate to the
very exceptional figure of 2%, and as it came concurrently with a downward plunge in acceptance
rates, it may have been part of the same movement.
But the drop in the call loan rate is more readily
susceptible of explanation, though the prevailing
view as to the cause of the temporary extreme glut
of loanable funds is at variance with the real facts.
Current comment is to the effect that an "overdraft"
by the United States Treasury was responsible for
the sudden development of extreme ease. There is
of course never any overdraft by the United States
Treasury. When Treasury funds run low, as often
happens at the quarterly period of Government
financing, the practice is to borrow at the Federal
Reserve Banks by the issuance to them of temporary certificates of indebtedness pending the collection of the Federal income taxes in the gathering
of which there is always more or less delay, the
process taking ordinarily from one to two days.
This temporary borrowing by the United States
Treasury was present the early part of last week,
and the Federal Reserve statements for the week
ending Wednesday evening of that week showed that
•:29,000,000 in temporary certificates of indebtedness
were then outstanding, which had been issued by
the Treasury to the New York reserve Bank pending the collection of the quarterly tax payments.
The accommodation thus extended involved, of
course, the putting out of Reserve credit to a corresponding amount. But that cannot have cut any
figure in bringing about the condition of extreme
ease which we are discussing, since there was concurrently a huge cancellation of Reserve credit in
other directions. In a word, whatever effect the
purchase of the $29,000,000 of temporary certificates of indebtedness from the United States Treasury might have had in accentuating ease was more
than neutralized by the diminution of $71,521,000 in
the holdings of bankers' acceptances purchased in
the open market, to which reference has already
been made, and by the concurrent reduction of no
less than $60,704,000 in the discount holdings of
the 12 Reserve institutions, both of which involved
[Vol_ 130.
corresponding reductions in the amount of Reserve
credit outstanding. Plainly, therefore, the so-called
Treasury "overdraft" was not a factor of any consequence in promoting monetary ease.
One Government operation, however, of large size
did play an important part in the great ease which
suddenly developed. That is a factor which has
been completely overlooked in all the discussions of
the subject, as far as they have come under our
notice. It is a factor, too, of which cognizance
should be taken, since it still continues in existence,
and its influence will only slowly disappear. We
have reference to the sale by the United States
Treasury of a new issue of Treasury certificates of
indebtedness running for nine months and on which
allotments were made to an aggregate amount of
$483,841,000. It is the practice of the Treasury to
leave the proceeds a these certificate sales with the
banks subscribing for them or through which the
subscriptions are received. The first effect of a
new issue of certificates is to swell enormously Government deposits with the member banks. Such
Government deposits are the most valuable of all
the deposits held by the banks, first because the
banks are not required to hold any reserves against
the same, and, secondly, because the banks are
obliged to pay only 2% interest to the Government
on such deposits, while the certificates bear (in this
instance) 314% interest.
How the plan works in creating for the time being
an enormous volume of Government deposits can be
seen by turning to the statement of the member
banks for the week ending Mar. 19, which was made
public in the ordinary course on Monday evening
of the present week. This statement showed Government deposits with these reporting member banks
on Mar. 19, footing up no leas than $280,000,000,
against no Government deposits whatever on Mar.
12 and Mar. 5; this is the amount, moreover, simply
for the reporting member banks, that is, the banks
from which the Federal Reserve Board requires regular returns each week. If figures were available
for the whole body of member banks the amount of
Government deposits with the same would, of course,
be considerably in excess of the $280,000,000 mentioned.
It is these huge Government deposits that must be
held accountable for the extreme ease which so suddenly developed last week and for the inordinately
low rates for all classes of loans to which they
It is very important to bear this in mind, since
the influence of these large Government deposits
will continue to be felt, as already said, in the immediate future. In other words, these Government
deposits will be drawn down only slowly. Some
drafts upon them have already been made,and others
are in prospect, but in the nature of things they
will disappear only gradually. What the reduction
has been the present week in the ease of all the
reporting member banks cannot be known until
Monday evening of next week, but we notice that
in the case of the reporting member banks in New
York City, where Government deposits increased
from nil Mar. 12 to $99,000,000 Mar. 19, the figures
this week for Mar. 26 show a reduction to $85,000,000, and at Chicago, where there was an increase
from nil Mar. 12 to pom000 Mar. 19, there is a
decrease this week to $8.000.000, Mar. 26.
Kul. 29 1930.]
FINANCIAL CHRONICLE
In view of the great ease in money, in view also
of the revival of stock speculation to which it has
led, the sales on the New York Stock Exchange on
Wednesday of this week having run in excess of five
million shares (5,029,340 shares), besides 1,724,800
shares on the Curb Exchange,making 6,754,140 shares
on the two Exchanges combined, and the sales yesterday on the Stock Exchange having been 5,065,240
shares,and on the Curb 1,560,100 shares, or 6,625,340
shares together, it must be regarded as a matter for
extreme regret that the Federal Reserve authorities
should again be engaged in thrusting out Reserve
credit when there is so plainly no need for it, besides
maintaining a rediscount rate of only 3/
1
2%. This
week's return of the Federal Reserve Banks is very
illumining in that respect. Last week, it will be
remembered, the Reserve Banks showed a great
diminution in the holdings of bankers' acceptances,
the market rate for these acceptances having fallen
away below the buying rate of the Reserve Banks,
but to offset this diminution in the holdings of acceptances (and in the amount of Reserve credit outstanding to which it led) the Reserve Banks greatly
increased their holdings of United States Government securities, adding no less than $47,326,000 to
the same, of which $29,000,000 represented the purchase of temporary certificates from the United
States Treasury pending the collection of the Federal income taxes, to which reference has already
been made further above. This week the holdings
of United States Government securities have again
been somewhat reduced, though not much more than
the amount of the $29,000,000 of temporary certificates purchased from the U. S. Treasury, and which
now have been cancelled, the total amount of such
Government securities the present week being $528,999,000 against $561,439,000 last week, while the
holdings of acceptances have run up from $185,017,000 to $256,482,000, besides which the discount
holdings (representing direct borrowing by the member banks) are also slightly larger at $206,829,000
against $205,634,000. The result altogether is that
total bill and security holdings Mar. 26, representing the amount of Reserve credit in use, is $40,220,000 larger than it was a week ago on Mar. 19,
the total standing at $1,001,090,000 against
$960,870,000.
As far as brokers' loans are concerned, after an
expansion of $352,000,000 in the three weeks preceding, there is the present week a small decrease,
the total of the loans on securities to brokers and
dealers by the reporting member banks of New York
City standing at $3,820,000,000 Mar. 26 against
$3,841,000,000 Mar. 19. The loans made by these
reporting member banks, however, for their own account show a big increase, having risen from $1,266,000,000 Mar. 19 to $1,424,000,000 Mar. 26. Big decreases, however, appear in the loans madefor account
of out-of-town banks,these having fallen from $1,171,000,000 to $1,118,000,000, and in the loans "for account of others," these latter having declined from
$1,404,000,000 Mar. 19 to $1,278,000,000 Mar. 26.
The reason for the shrinkage under these two latter
heads has been explained on previous occasions.
With call loans ruling at the very low figures there
is no inducement for large capitalists to indulge in
direct lending on the Stock Exchange, nor for outof-town institutions to send their funds here for
investment.
2083
In the railroad world a piece of news this week is
the reported acquisition of control of the Chicago &
Eastern Illinois by the Van Sweringen brothers.
This must be regarded as a distinctly favorable development. The Inter-State Commerce Commission,
in its recent grouping of the railroads of the country, assigned the Chicago & Eastern to the Chicago &
North Western, which is understood not to care to
incorporate the road in its system. The Van 2weringen brothers get control through the purchase of
the interest in the road held by the estate of the
late Thomas F. Ryan, and it is not yet known in
what way they mean to deal with the property—
whether they intend to hold it as a separate unit or
will seek to get the approval of the Inter-State Commerce Commission for grouping it with some of their
other systems. All these are matters of minor consequence. The important thing is that control of
the road is now lodged with the Van Sweringens.
who have gained for themselves a wonderful record
in the development of railroad properties. Great
success has attended all their efforts in that direction, as witness their experience with the Nickel
Plate, the Lake Erie & Western, the Chesapeake &
Ohio, the Erie, and a number of others. Under Van
Sweringen control and management, all the possibilities of the Chicago & Eastern Illinois, we may be
sure, will be developed to the utmost.
The annual report of the Southern Ry.has recently
come to hand and attracts attention by reason of
the successful results achieved in the operation of
the property under quite unfavorable conditions in
the more recent years. In this we use the word "unfavorable" advisedly. The Southern Ry. stands in
the front rank of the great railroad systems of the
South, and in considering the operation and management of these systems it must always be borne in
mind that the South during the last few years has
been an exception to the rule of prosperity enjoyed
elsewhere in the United States. The South for at
least three years past has suffered trade depression,
and this has naturally been reflected in falling traffic and falling revenues. During 1929 there were
indications at one time of revival of trade activity
after the long period of depression, but the crash
in the stock market in the autumn changed all this
and plunged the South back once more into depression.
The Southern Ry. has managed to do well in spite
of all drawbacks and it is the operating methods pursued by Fairfax Harrison, the President, that must
be held mainly responsible for this, as also, of course,
the conservative policy pursued in plowing back into
the property surplus earnings over a series of years.
payment of dividends having been deferred for a
long while to admit of the carrying out of this policy.
For the calendar year 1929, the period covered by
the report, the balance of income after the payment
of fixed charges and the preferred stock dividend is
found to be equivalent to $11.65 per share on the
common stock as against $12.53 per share in the
preceding calendar year. This is the result in face
of the fact that the revenue from the operation of
the road fell off nearly $1,000,000, notwithstanding
the receipt of $1,614,000 in payment of mail earnings. President Harrison in his remarks points out
that for the first time in the company's history the
expenses for maintenance of the property exceeded
the cost of conducting transportation. He also
2084
FINANCIAL CHRONICLE
notes the decline in the transportation expense ratio
to the lowest figure since 1916, notwithstanding unusual expenditures for the repair of flood damage
and other heavy charges to the maintenance account
dictated by the policy of writing off during the year
obsolescent freight care and rails.
There was a net increase of $6,933,455 in the capital investment in physical property, this including
the cost of 2,500 new freight train cars delivered
after the turn of the year. Yet there was no increase
in capital liabilities. On the contrary, it is pointed
out, the $5,250,000 principal amount of South Carolina & Georgia RR.Co.51/2% bonds, which fell due on
May 1 1929, were acquired by the Southern out of
treasury funds and are held available for future
financing. This transaction accounts, it is stated,
for the decline in current cash assets apparent on
the balance sheet. As the Southern had been paying
the interest on these bonds as rental for a leased
line, the acquisition of the bonds resulted in a decrease of $288,750 in the annual charge for interest
•
and rentals.
Another point is worth noting. The inventory
item in the balance sheet for Dec. 31 1929, Mr. Harrison notes, is down to $6,819,382, the lowest figure
in 13 years. On Dec. 31 1920 the amount stood at
$17,635,896. Mr. Harrison says that the opportunity
to accomplish this liquidation of over $10,000,000 of
frozen assets is found partly in the promptness with
which manufacturers now fill orders, partly in expeditious railroad transportation service, but mostly
in closer supervision by those on the railroad charged
with the distribution and use of serviceable materials and a disposition of obsolete items and scrap.
In all these particulars, the record of the Southern
Railway is obviously an enviable one.
The stock market has continued to gain in
strength and in activity the present week and quite
a number of stocks have established new high records for the year. It cannot be said that there have
been any especially favorable developments to account for this, aside from the great ease in the
money market and the mass of bank credit and idle
funds available for the prosecution of speculative
operations in the stock market. These advantages
have been availed of to the utmost, notwithstanding
that trade and industry continue to lag, with slight
indications of any decided change for the better in
the near future. The advance in prices on the Stock
Exchange, under more or less manipulation, has been
gradually gaining momentum, and on Wednesday
the market fairly boiled with activity, the volume
of business for the day reaching 5,029,340 shares,
with sales of 1,724;800 shares more on the Curb Exchange, making a total for the two exchanges combined on this one day of 6,754,140 shares. The Stock
Exchange ticker was unable to keep pace with the
growing volume of business, and around the middle
of the day was some 30 minutes behind in recording
the transactions on the floor of the Exchange. The
gains for the day ran all the way from 2 to 10 points
among the market leaders, and speculative enthusiasm ran very high.
Public utilities were most in favor and enjoyed
the largest advance, some huge transactions being
reported in special stocks. Thus in General Electric
there was a single transaction of 35,000 shares at
80; 50,000 shares of Curtiss-Wright changed hands
1
2, and 18,000 shares United Corp. sold at 42.
at 12/
[Vol,. 130.
Trades involving 3,000 to 5,000 shares were common.
The activity continued during the greater part of
Thursday, though the sales for the day did not
again reach 5,000,000 shares, and in the afternoon
the market displayed considerable irregularity on
sales to realize profits, besides which the unfavorable
reports of earnings made by leading railroadsin their
statements for the month of February had somewhat
of a dampening influence upon values. On Friday,
however, the upward swing of prices was resumed,
though apparently considerable distribution of
stocks was accomplished at one time or another
under cover of the general strength of the market
The fact that brokers' loans, after expanding P62,000,000 in the preceding three weeks, now showed a
reduction of $21,000p0, was made much of, and the
tone continued good up to the close of the day.
As stated, trading in stocks reached large proportions. At the half-day session on Saturday the dealings on the New York Stock Exchange were 2,314,900
shares; on Monday the sales were 4,126,140 shares;
on Tuesday, 4,526,050 shares; on Wednesday,
5,029,340 shares; on Thursday, 4,707,030 shares, and
on Friday, 5,065,240 shares. On the New York Curb
Exchange the sales last Saturday were 651,100
shares; on Monday, 1,042,500 shares; on Tuesday,
1,363,500 shares; on Wednesday, 1,724,800 shares;
on Thursday, 1,591,300 shares, and on Friday,
1,560,100 shares.
Prices are again quite generally higher than a
week ago. General Electric closed yesterday at
831/
8 against 771
/
4 on Friday of last week; Electric
Power & Light at 927
/
8 against 80; United Corp. at
42% against 40%; Brooklyn Union Gas at 1681/
4
against 167%; North American at 1237
/
8 against
1217/s; American Water Works at 111/
1
2 against
1091/
2; Pacific Gas & Electric at 717
/
8 against 671/
2;
Standard Gas & Elec. at 115 against 1155
/
s; Consolidated Gas of N. Y. at 124% against 121%; Columbia
Gas & Elec. at 98% against 94¼;Public Service Co.
of N. J. at 110%8 against 103; International Harvester at 92% against 947
/
8; Sears, Roebuck & Co. at
83% against 88; Montgomery Ward & Co. at 361/s
against 41; Woolworth at 617
/
8 against 641/
8; Safeway Stores at 951/
4 against 100; Western Union Telegraph at 185/
1
2 against 204; Amer. Tel. & Tel. at
25714 against 247%; Int. Tel. & Tel. at 641/
8 against
641/
2; American Can at 151 against 1481%; United
States Industrial Alcohol at 102% against 100;
Commercial Solvents at 361/
4 against 32%; Corn
Products at 101 against 977
/
8; Shattuck & Co. at 45%
against 46%, and Columbia Graphophone at 265
/
8
against 287
/
8.
Allied Chemical & Dye closed yesterday at 295
against 288 on Friday of last week; Davison Chemical at 411/
2 against 41%; E. I. du Pont de Nemours
at 1401/
4 against 1361
/
4; Radio Corp. at 51 against
513%; National Cash Register at 67% ex-div. against
65%; Fox Film A at 32% against 29%; International Combustion Engineering at 121/
4 against
10%; International Nickel at 41% against 41%;
A. M. Byers at 1051/
8 against 991%; Simmons & Co.
3
%
at 45 against 48; Timken Roller Bearing at 86
against 83%; Warner Bros. Pictures at 801/
8 against
761/
2; Mack Trucks at 871
/
4 against 85%; Yellow
Truck & Coach at 27 against 23%; Johns-Manville
at 126% against 138; Gillette Safety Razor at 867
/
8
against 841/
8; National Dairy Products at 501/
2
against 51%; National Bellas Hess at 12% against
12; Associated Dry Goods at 447
/
8 against 417/8
MAR. 29 1930.]
FINANCIAL CHRONICLE
Lambert Co. at 111 against 103%; Texas Gulf Sul8 against 63%, and Bolster Radio at
phur at 651/
against
4%.
51/
8
The steel shares have not been so conspicuous in
the forward movement as was the case last week,
even though accounts regarding the steel trade have
become somewhat more optimistic. United States
Steel closed yesterday at 192% against 190% on
Friday of last week; Bethlehem Steel at 105%
against 104, and Republic Iron & Steel at 76%
against 75. The motor stocks have also been more
subdued. General Motors closed yesterday at 50
against 48% on Friday of last week; Nash Motors
at 47% against 48%; Chrysler at 39% against 40%;
Packard Motors at 227
/8 against 22%;Hudson Motor
s
Car at 57 against 581/
8, and Hupp Motors at 251/
against 21%. The rubber group is irregularly
changed. Goodyear Rubber & Tire closed yesterday at 92% against 93% on Friday of last week;
4 against 521/
4; United States
B. F. Goodrich at 551/
and
the preferred at
Rubber at 301/
28%,
8 against
59 against 561
/
4.
Railroad stocks have displayed strength, notwithstanding the unfavorable character of the returns
of earnings that have come in for the month of February. Pennsylvania RR. closed yesterday at 84%
against 84% on Friday of last week; New York
Central at 1891/
8 ex-div. against 187%; Erie RR. at
4 against
60% against 58%; Del. & Hudson at 1781/
177; Baltimore & Ohio at 120% against 120%; New
4; Union Pacific at 238
Haven at 126% against 1261/
at 124 against
Pacific
Southern
against 234%;
/8 against 93%; St.
1247
/8; Missouri Pacific at 947
/8; MissouriLouis-San Francisco at 118 against 1127
Kansas-Texas at 62% against 61%; Rock Island at
124 against 121%; Great Northern at 1001/8 against
4 against 95.
993%, and Northern 'Pacific at 961/
The oil shares are not greatly changed except in
one or two instances. Standard Oil of N. J. closed
yesterday at 72/
78 against 69 on Friday of last
4;
week; Simms Petroleum at 33% against 361/
Skelly Oil at 34% against 35%; Atlantic Refining
8;
at 477
/8 against 48%;Texas Corp. at 58 against 571/
Pan American B at 55 bid against 55%; Phillips
Petroleum at 381/
4; Richfield Oil at
4 against 381/
8
261/s against 26%; Standard Oil of N. Y. at 351/
against 347
/8,and Pure Oil at 24% against 24%.
The copper shares have continued strong. Anaconda Copper closed yesterday at 777
/8 against 75
on Friday of last week; Kennecott Copper at 591/8
against 58%; Calumet & Hecla at 291/
8 against 28;
Andes Copper at 35 against 33%; Inspiration Copper at 28% against 28%; Calumet & Arizona at 83%
against 82; Granby Consolidated Copper at 58%
against 557
/8; American Smelting & Refining at 75%
4, and U. S. Smelting & Refining at 35%
against 741/
against 32/
1
4.
Share prices on the important European stock exchanges have followed an irregular course this week,
with trading at a considerably slower pace than in
previous weeks. The substantial gains that resulted
last week from the rapid decline in money rates have
been maintained on the whole, but there has been no
disposition to bid prices up further. There has been,
instead, a very general concern with the constant
growth of unemployment in Britain and Germany,
while in France also the industrial situation has
caused perturbation. British unemployment figures
reached the highest level since the intense depression
2085
of 1921. The official total reported Tuesday was
1,621,800, an increase of 57,993 in a week and of
439,346 in a year. Part of the recent increase is
attributed to the operation of the new unemployment
insurance act. Berlin reports indicated that at the
end of February 23.7% of all German labor union
members were out of work, compared with 22.3%
at the same time in 1929. Although France is but
little afflicted by this problem, French merchants
are complaining of slack business at present.
The London Stock Exchange was firm at the opening Monday, but irregularity developed later, owing
to profit-taking. Gilt-edged securities continued their
advance throughout the session, but international
issues, British industrial stocks and others all suffered setbacks. The tone was easier Tuesday, with
gilt-edged securities irregular, while most other
stocks declined on profit taking. De Beers and other
diamond stocks dropped sharply on reports that the
industry was suffering from over-production and was
facing a crisis. International issues improved a little
on optimistic reports from New York. Selling predominated in Wednesday's session and prices again
sagged. The gilt-edged list was measurably lower,
with the exception of the 5% war conversion loan.
International stocks joined the downward movement. Canadian Pacific advanced, however, following approval by the Ottawa Parliament of the stocksplitting bill. The turnover diminished quite a little.
Some improvement occurred at London Thursday,
largely on the basis of more favorable reports from
New York. A little disappointment was caused by
the failure of the Bank of England to effect a further reduction in the discount rate, but in more responsible circles such action was hardly expected in
view of the succession of declines already placed in
effect. It was noted, however that the Bank rate is
still well above the open-market rates for money, a
condition that usually brings about a reduction in
the Bank rate. Most issues in the gilt-edged list
sold off, while stocks in other departments of the
market also lost ground. Slight declines were recorded in all departments of the London market
yesterday.
Trading on the Paris Bourse was quiet in the first
session of the week, and the tone was soft. Most
stocks declined, reports said, chiefly because of lack
of trading. "The market reassumed all the aspects
of stagnation which had been characteristic earlier
this year," a "Times" dispatch remarked. Weakness
persisted throughout the session, and the volume of
transactions was very small. A brief period of recovery and of greater activity occurred early Tuesday on the Bourse, but this was followed by a further
relapse and by accentuated dullness. Political uncertainties caused some of the dullness, reports said,
as the French Cabinet is insecure. Activity remained
limited Wednesday, but prices followed a better
tendency. Rentes were stronger, and some issues in
the electrical group also improved. The Bourse
waS closed Thursday in observance of the Mi-Careme
holiday. Prices were steady in yesterday's dealings,
but the volume of trading was again very small.
Prices on the Berlin Boerse were stimulated in
the first session of the week by two favorable developments. The Reichsbank announced a reduction
in its discount rate from 5% to 5%. The effect of
this action was diminished by a statement by Dr.
Schacht, who relinquishes his office as President
early next month. The low rate, he said, does not
3.2086
FINANCIAL CHRONICLE
reflect Germany's present monetary and capital conditions, the Reichsbank having merely been forced
to follow the example set by other central banks.
The second development on the Berlin market was
the confirmation of a working agreement between
the North German Lloyd and the Hamburg American
shipping lines. Shipping issues dominated the session, all stocks advancing materially in this section.
Most other issues also gained. Realizing sales caused
recessions in the industrial section Tuesday, but
shipping stocks held firm. The approaching monthend settlements and the bankruptcy of a large Hamburg leather firm caused unsettlement in the general list. The entire market turned weak Wednesday,
owing to a threatened Cabinet upset. The volume of
trading was restricted and lower prices were recorded in all departments. Further uneasiness developed Thursday in view of the unsettled political
position, but some extensive purchasing orders
turned the trend upward. Artificial silk shares and
mining issues were favored in the buying movement.
The Boerse was depressed yesterday on the fall of
the German Cabinet. Traders were inclined to await
the results before entering upon new commitments.
Developments at the London naval armaments
conference have taken a quick turn this week, but
whether the turn is for better or worse is a grave
question, since it apparently involves reconsideration by the American delegation of the determined
stand against political agreements announced earlier
this mnnth. An obvious impasse was reached in the
gathering early this week after almost ten weeks
of fruitless endeavor to adjust the difficulties raised
on the one hand by the Japanese demand for a high
percentage of British and American cruiser and
auxiliary strength, and on the other hand by the
mutually unsatisfactory requirements of France and
Italy. No visible progress toward settlement of
these questions had been recorded, and there was
also no indication of a downward scaling of the
French demands for a fleet of 724,000 tons by 1936.
Maintenance by France of a correspondingly large
building program would necessitate an increase in
the figures tentatively agreed upon between President Hoover and Prime Minister MacDonald, while
the French alternative proposal of consultative or security treaties covering the Atlantic and the Mediterranean had apparently been definitely ruled out
by the American statement of March 11 and the
British statement of March 12. Matters were at
such a pass early this week that Foreign Minister
Grandi of Italy suggested adjournment of the conference for six months, so that the French and
Italian delegations might seek a solution of their
differences. In this situation, and apparently as a
measure of desperation to save the conference, the
American and British delegations apparently made
a complete volte face on the matter of "consultative" agreements. The conference, accordingly, has
taken on a new lease of life, but grave misgivings
have nevertheless been caused by this development
and all the attendant circumstances.
Something of a sensation was caused in London
late March 21, when it was made known that Minister of Marine •Dumesnil and Minister of Colonies
Pietri, the two remaining French delegates, would
leave the British capital for Paris. Premier Tardieu, who is the official head of the French delegation, did not appear in London at all, notwithstand-
[VoL. 130.
ing his frequently announced intention of visiting
the conference every week-end. Foreign Minister
Briand, who actually conducted the negotiations for
France, left London March 20 in order to assist M.
Tardieu in parliamentary affairs at Paris. The departure of the remaining French delegates implied
the virtual disappearance of the French delegation
from the conference, since only Ambassador Fleuriau, who resides in London in any event, was left.
"The delegates will have a very quiet week-end," a
London report to the New York "Times" said. "No
activities of any kind are scheduled, and as the sun
shone to-day they are looking forward,to a delightful time in the British countryside." Observers asserted positively, according to the dispatch, that
the French much preferred to see the conference
fail than accept parity with Italy, since such a
treaty would inevitably result in the downfall of
the Tardieu Cabinet. The Italian delegation remained similarly opposed to any change in the announced aim of Premier Mussolini for theoretical
parity with any other Continental power. Both the
French and the Italians were reported in favor of
adjournment of the meeting, but the British and
American representatives were intent on further
efforts. A three-power agreement to which Britain,
America and Japan would subscribe was suggested
in some reports as a probable outcome of this situation.
Both the British and American delegations were
aroused late last week by numerous statements in
British journals to the effect that the meeting had
failed and was beyond the power of human aid.
Secretary Stimson protested against the wave of
pessimism, a report to the New York "Times" said.
"He regards the statements in many London papers
that the naval conference is dead or dying as not only
premature, but really unfair and palpably untrue,"
the dispatch added. A reassuring statement was
issued also by the French, who declared that Ministers Dumesnil and Pietri would return to the conference Sunday, with Foreign Minister Briand
scheduled to return later in the week. "It is true
that the French regard the prospects of a settlement between themselves and the Italians as unlikely
as long as Premier Mussolini insists on complete
parity with France, but the French are unwilling to
have it said that they deserted the conference," the
"Times" dispatch said. Both the British and American Ambassadors in Tokio were reported to have
taken diplomatic steps with a view to securing
Japan's acceptance of a three-power treaty. Some
hope was nevertheless said to remain for a five-power
accord.
The difficulties facing the gathering and the aims
still held by the delegations were summarized last
Sunday by Edwin L. James,European representative
of the New York "Times." Further efforts to achieve
a five-power accord would be made, Mr. James said,
but if the effort fails again then attention would be
directed to a three-power treaty. Even a threepower treaty, however, would be a highly complicated matter, from both technical and political
angles, it was indicated. "At the outset, it should
be stated that the American delegation favors making a tripartite treaty should a five-power treaty
prove impracticable," the dispatch continued."Prime
Minister MacDonald also favors such a pact, but it
can be stated that all the British Cabinet does not
agree with him, and,indeed, it may be surmised that
MAR. 29 1930.] •
FINANCIAL CHRONICLE
2087
from the very highest British quarters doubt has the time, "that in making such a pact at this conbeen expressed as to the wisdom of a treaty which ference as a condition for France's cutting her means
might have the effect of complicating Britain's of national defense, all the other powers, including
standing on the Continent, taking into consideration America, would be assuming an obligation which
not only her position at Geneva but her Continental so far as the United States is concerned would be
commitments." The Japanese also were intent on contrary to its traditional foreign policy of avoidfurther efforts toward a five-power pact, it was said, ing political entanglements. Looking at future posand it was also indicated that the American proposal sibilities, the American delegation finds with regret
for settlement of the Japanese demands was recom- that to go into a consultative pact here and now
mended by the Japanese delegation to Tokio on the would be either unfair to France or unfair to the
express understanding that it would form part of a historic foreign policy of the United States. Facing
five-power agreement. "It is to be noted," Mr. that dilemma, Secretary Stimson and his colleagues
James said, "that Premier MacDonald's effort to have now decided to abstain from any political pact."
help the American proposal by letting it be known This statement epitomizes the numerous reports
that the British approved it has, instead of helping from Washington and London regarding consultait, apparently produced the impression in Tokio that tive pacts, no single one of which was ever disputed
England and America are trying to dictate to or questioned, officially or unofficially.
It became known in London, Tuesday, however,
Japan." The result of a three-power treaty, in view
of the high French tonnage figures, was said to be that Secretary Stimson had informed Premier Maceither an increase of 100,000 tons in the British fig- Donald of a change in this attitude, notwithstanding
ures with a consequent increase in the American the unequivocal and sweeping nature of the asserfigures, or else the insertion in the treaty of safe- tions at first made. When it became apparent that
the London newspapers of Wednesday would reveal
guarding clauses for Britain.
A recommendation that the conference adjourn for the change, a statement was prepared by the Amera period of six months was made to the Chairman, ican delegation and released to the press. "A rumor
Premier MacDonald, by Foreign Minister Dino was current last evening to the effect that the AmerGrandi Monday. The Italian Minister indicated, re- ican delegation had made a change in their attitude
ports said, that this would give France and Italy toward consultative pacts and were willing to enter
time to adjust their differences, while in the mean- into such a pact for the purpose of saving the conwhile Great Britain, America and Japan could make ference," the statement said. "It is authoritatively
a three-power treaty if they so chose. This proposal denied at the headquarters of the American delegawas made following a series of conferences between tion that any change has taken place in the attitude
the British and Italian delegations, and between the of the American delegation, and its attitude remains
British and American delegations. The British as its spokesman gave it out several weeks ago. At
Prime Minister, in his capacity of Chairman of the that time it was made clear that America had no
conference, tried to get Signor Grandi to submit objections to entering into a consultative pact as
definite figures for Italy's naval needs, dispatches such. On the contrary, the United States already is
said. "It is understood," a report to the New York a party to a number of treaties involving the obli"Times" said, "that Signor Grandi took the position gation of consulting with other powers. It will not,
that a resolution just passed by the Fascist Grand however, enter into any treaty, whether consultative
Council in Rome made it impossible for him to re- or otherwise, where there is danger of its obligation
cede from the position Italy has held since the first being misunderstood as involving a promise to renday of the conference, which is to say, she cannot der military assistance or guaranteeing protection
produce any definite figures of her naval require- by military force to another nation.
"Such a misunderstanding might arise if the
ments beyond asserting her right to parity with the
strongest Continental power." No immediate de- United States entered into such a treaty as a quid
cision on the Italian suggestion for adjournment ap- pro quo for the reduction of the naval forces of anpeared possiblevin view of the absence of the French other power. That danger has hitherto inhered in
delegation. Washington reports indicated at the the present situation, where France has been desame time the virtual abandonment of hopes for a manding mutual military security as a condition of
five-power treaty, and the expectation that efforts naval reduction, as appears from her original statewould be concentrated on the negotiation of a tri- ment of her case last December. If, however, this
demand for security could be satisfied in some other
partite agreement.
way, then the danger of a misunderstanding of a I
Rumors of a change in the American attitude on consultative pact would be eliminated, and in such
consultative agreements began to be circulated early case the question would be approached from an enin the week. In reporting these rumors, a dispatch tirely different standpoint. In such case the Amerito the New York "Times" remarked that "a consul- can delegation would consider the matter with an
tative pact which might partially satisfy France entirely open mind."
as to relative needs would still leave the conference
The new American declaration was naturally
problem unsolved if Italy insisted on parity with looked upon in London as having the greatest imFrance." Little credence was placed in such rumors, portance. It was suggested in a dispatch to the
moreover, since the American delegation was re- New York "Times" that it resulted from a conversaported unanimously and emphatically opposed on tion between Secretary Stimson and Prime Minister
March 11 to any pacts for consultation or mutual MacDonald in which the possibility was envisioned
assistance in connection with the naval armaments of England acting as the guarantor for some sort
treaty. The adverse decision unofficially made of Mediterranean pact, "to do which England has
known at that time was reached after President already said would depend in some measure on the
Hoover had been consulted. "It is the position of assurances which could be obtained from the United
the American delegation," a "Times" report said at States." The dispatch added that "unless Secretary
2088
FINANCIAL CHRONICLE
Fop.130.
Stimson's new stand was taken on his own initiative, interpretation which would be worthy of acceptwhich is not considered probable, it must form part ance." In further reports this apparent divergence
of a new effort to save the conference." It was indi- of the American delegation from the position of
cated, moreover, that "what is now established is the Washington Administration was emphasized.
that if the project of a Mediterranean pact and a No explanatory statement was issued, however,
consequent reduction in French tonnage can be either at the White House or the State Department.
helped along by America agreeing to a consultative Opposition to any consultative agreement was expact, we will approach the subject with open mind." pressed, on the other hand, by important' members
Washington reports, appearing concurrently with of the Senate Foreign Relations Committee.
the London statement, still reflected the attitude at
Hints of the probable course of the London negofirst expressed by the American delegation. A tiations on political aspects of the conference were
Washington dispatch of Tuesday to the New York given yesterday in dispatches from the British capi"Times" said: "As for the United States, its po- tal. Foreign Minister Briand and Prime Minister
sition was that a consultative pact, however innocu- MacDonald, a "Times" dispatch said, have underous it seemed to be, might lead to a contention in taken to frame a European peace pact based on an
time of war that the United States is obligated to interpretation of Article XVI of the League covenant
furnish material aid to menaced nations with which which would be signed by England, France and
it had agreed to consult. Beyond that, it was the Italy, and would then be open to signature by all
contention of the United States that naval strength European countries. A committee of experts headed
would not be reduced by a single ton or a single by Sir Robert Vansittart and Rene Massigli was
gun through the conclusion of a consultative treaty. formed to draft the proposed in,terpretation. "The
Therefore, in the knowledge of this attitude on the purpose is to fill the gap which has existed in Article
part of our representatives in London, who reflected XVI so as to assure action in the event of any
the sentiment of the home government, suggestions European nation going to war in violation of its
that proposals for a consultative or other security pledges under the covenant of the League, as well
pact are to be considered by the delegates to the as under the Kellogg pact," the report added. The
London conference may be dismissed as groundless proposal, based on the frequently voiced idea of M.
as far as they concern the United States."
Briand for stabilizing peace in Europe, is to embrace
Discussions based on the new declaration were every country in Europe, including Russia. "Amerresumed at the conference, Thursday, Foreign Min- ica would be expected to agree," the "Times" disister Briand having returned to the British capital patch continued,"to go into a consultative pact with
late the previous evening. Much doubt prevailed the other nations here represented and to promise
regarding the precise significance of the change, but that in case of danger to peace we would take counit was generally assumed in London that France will sel with the other nations."
be invited to reduce her tonnage figures in return
for security guarantees by Great Britain and Italy.
Ample assurance of early ratification of the
"Such guarantees would then be accompanied by a Young plan protocol and the related agreements by
five-power consultative pact to which the United the French Chamber of Deputies was seen Thursday
States would be a party," a dispatch to the New York in the results of the first test of strength on the
"Herald Tribune" said. Dispatches from Paris, sent legislation. Premier Tardieu sought a vote of conbefore the departure of M. Briand for London, indi- fidence on the bills at the first opportunity because
cated that the French statesman has in mind a con- the party alignment appeared uncertain. The Presultation pact so far as the United States is con- mier was sustained in two tests, first by a show
cerned. "For the Mediterranean he is admittedly of hands and then by a favorable vote of 319 to 262,
anxious to obtain more," a "Times" report said, "as leading all parties in France to agree that the Cabithe interdependence of interests in that narrow land- net is now safe until after the new plan of German
locked sea is such that he believes more than consul- reparations payments is ratified. The bills for
tation is imperative." The London press, however, ratification were introduced in the Chamber of
at the same time took a stand in strenuous oppo- Deputies on Thursday after they had been approved
sition to any suggestion that Britain take on a semi- by a virtually unanimous vote of the important Formilitary responsibility in the Mediterranean without eign Affairs and Finance Commissions of the French
the support of the United States. It was pointed Parliament. Premier Tardieu, Foreign Minister
out, moreover, that even if a political arrangement Briand and Minister of Finance Reynaud gave these
is made and the French requirements thus satisfied, commissions an exhaustive explanation of the new
the issue of the Italian demand for parity with plan. The discussions before the commissions reFrance remains unsolved.
volved chiefly around the related questions of the
Washington reports made frank avowal of the Rhineland evacuation and sanctions. M. Reynaud
"utter confusion" that existed there as a result of explained that France expects to complete evacuaSecretary Stimson's announcement. "The position tion of the Rhineland by June 30, unless unforeseen
of the Administration was well understood from obstacles should arise. Ratification by the French
information obtained from the most authentic Parliament is now expected before April 6,in accordsources," a dispatch to the New York "Times" said. ance with the request made last week by M. Tardieu.
"In no event, it was made clear, would our delega- Parliamentary consideration of the Young plan was
tion consent to bring this government into a political begun in Belgium also this week and ratification
pact of any character." After close consideration is looked for shortly. Swift and favorable action
of the various statements and of the information is counted upon in Britain, Italy and Japan, and
available in Washington, the correspondent of the the way will then be cleared for formal organization
"Times" concluded that "those who believed they of the Bank for International Settlements and the
knew the position of the Administration and our first issue of reparations bonds on the international
delegates in London were at a loss to furnish any markets.
1
MAR. 29 1930.]
FINANCIAL CHRONICLE
An address in which much incidental light was
thrown on the plan was delivered in San Francisco,
Monday, by Owen D. Young, whose name the document bears, owing to his chairmanship of the Paris
Experts' Conference. Mr. Young sketched the conflict of political and economic views that followed
the World War, placing emphasis upon, the vain
promises of politics and the solid achievements of
her modest handmaiden, economics. "The world
learned," he said, "that coal and steel for reparations would come at the point of a-pen on a checkbook and would not come at the point of the bayonet
in the hands of the soldier. Certainly it was demonstrated that in this field the pen is mightier than
the sword." Notwithstanding the effort made at
Paris to effect an economic settlement and remove
the reparations problem from the political sphere,
Mr. Young admitted that the resultant settlement,
strictly speaking, is neither an economic nor a political one, but a compromise between the two. "At
The Hague politics again appeared," Mr. Young remarked,"and while protetsting that she did not wish
to put larger burdens on Germany, did increase
somewhat the burdens of the Paris plan; and most
of those burdens do, in fact, ultimately fall on Germany. Then, too, at the second Hague conference
politics again made an effort to substitute military
sanctions for Germany's non-performance, and in
a most attenuated form such sanctions were provided." Mr. Young admitted readily that only time
will tell whether the burden placed on Germany is
too great. "It is true," he pointed out, "that the
countries participating in the Paris plan have added
all their indebtedness to the United States together,
and added approximately 50% to it, in fixing the
sum which Germany is to pay. Each of those countries, you will remember, had protested against the
burden of their indebtedness to the United States,
even under the favorable debt settlements made.
Yet they have paid Germany the compliment of
assuming that she can bear the burden of them all,
together with a substantial premium." He, nevertheless, expressed great confidence in Germany's
capacity to pay.
•
Party differences in Germany caused the downfall
Thursday of the "Grand Coalition Cabinet" formed
in June 1928 by the Socialist leader, Chancellor
Herman Mueller. Resignation of the Mueller Cabinet caused no surprise, as opposition to the Government had increased markedly in the Reichstag in
recent months. Only the necessity for Parliamentary acceptance of the Young plan protocol kept the
Cabinet in office through the strained period of
the last two weeks, when discussions of the financial
program were begun. The Government did not
resign on an adverse vote of the Reichstag, but presented its collective resignation to President von
Hindenburg rather than submit its financial program to certain defeat in the Parliament. The question actually at issue concerned the addition of
100,000,000 marks to a subsidy of the Federal Unemployment Institute. The coalition, formed of Socialists, Democrats, Populists and Centrists, split
on this proposal and resignation -followed. Chancellor Mueller's Cabinet had the distinction of staying in power longer than any other Cabinet since
the German Republic was formed. "Its greatest
achievement," a dispatch to the New York "Herald
Tribune" pointed out,"was its co-operation with the
2089
Allies in putting the reparations problem on a
definitive basis and so paving the way for winding
up the Allied occupation of the Rhineland and for
final liquidation of the World War." The task of
forming a new Cabinet was entrusted by President
von Hindenburg yesterday to Heinrich Bruening,
leader of the Catholic, or Center, party. Dr. Bruening, who has consistently advocated acceptance.of
the Young plan, was elected chairman of the Centrist
faction in the Reichstag three months ago.
Signatures of the more important European governments were attached at Geneva Monday to a
series of modest but significant agreements on customs tariffs elaborated by the "tariff truce" conference called by the League of Nations. This gathering, composed almost entirely of European countries, met in February as a direct result of the
suggestions for an economic "United States of
Europe" made by Foreign Minister Briand of France
while the last League Assembly meeting was in
progress. In subsequent discussions a two-year
tariff truce among European States was proposed.
The question was debated in "five exhausting and
often exasperating weeks," as Chairman Karl von
Moltke said Monday in his closing speech of the conference. Practical results were achieved, however,
in the signing of a "commercial convention and
protocol," a "protocol concerning future negotiations," and a "final act." The convention, which
establishes a customs truce for a year among signatories, was accepted by Austria, Belgium, Britain,
Estonia, France, Germany, Italy, Luxembourg, the
Netherlands, and Switzerland. These countries also
signed the protocol for future negotiations, and they
were joined in this by Greece, Latvia, Lithuania, and
Portugal. All the States named signed the final
act, and they were again augmented by the signatures of Denmark and Sweden.
"Substantial progress toward an economically
more united Europe" had been achieved by the signature of a commercial convention "very different
in form, duration and extent" from his first conception of a two or three years' truce, the Chairman
said. The commercial convention provides that the
signatories will not denounce existing commercial
agreements between parties to the convention before
April 1 1931. It will be open for ratification of
signatures until Nov. 1 next, and if not denounced
before that date will go into force until the succeeding April. Then, if there are still no denunciations, it will be in force for another six months.
The practical effect of the convention must depend,
Herr von Moltke explained, less upon legal prescriptions than upon "the psychological and practical restraints it may impose" upon tendencies to
increase hindrances to trade, and "less upon its
immediate results than upon its possible future development." The protocol regarding future negotiations, a Geneva dispatch to the New York "Times"
said, consists of a general outline within which the
negotiations will ultimately proceed.
A special message of good will from King George
to President Hoover was conveyed by Sir Ronald
Lindsay, newly appointed British Ambassador, who
presented his credentials at the White House Monday, shortly after his arrival in this country. Sir
Ronald transmitted the "friendly greetings" of his
Majesty, as well as the earnest hope of the British
2090
FINANCIAL CHRONICLE
Monarch for the happiness and prosperity of the
United States. "It is the earnest desire of his
Majesty's Government," Sir Ronald continued,"that
relations of the utmost cordiality and a spirit of
close co-operation shall prevail between the American and British peoples. Following the example
set by my distinguished predecessor, Sir Esme Howard, and in accordance with my instructions, I shall
do my utmost to draw still closer the ties which so
happily unite the two countries, and I trust that in
this honorable task I may receive your support, Mr.
President, and that of your Administration. The
principal effort of diplomacy to-day is directed
toward the noble task of making impossible any
future outbreak of war. What for centuries has
been the dream of poets and idealists has come to be
regarded by practical men as a possibility of practical politics. In this task the co-operation of all governments is necessary; but no co-operation is more
important and none more completely assured than
that which so happily subsists between the government of the United States and that of the United
Kingdom. The naval disarmament conference now
sitting in London is a part of this inspiring effort
and it is the hope of my government that it will
result in an agreement satisfactory to all its participants and marking a long step forward along the
path to permanent peace."
President Hoover replied to Sir Ronald, in part,
as follows: "It is a source of unusual gratification
to receive you as his Britannic Majesty's Ambassador and to acknowledge his Majesty's kind and
friendly wishes on my behalf and on that of the
American people. I cordially reciprocate your Sovereign's good wishes and I express my earnest hope
that the British people may long continue to benefit
from the wise and patriotic labors of his Majesty
for their welfare. It is the established policy of
the United States, as it is the sincere purpose of
the American people, to promote the closest and
most friendly relations between the two nations.
Your predecessor, Sir Esme Howard, has won a
peculiar place in the hearts of the Americans by his
earnest labors to further the co-operation between
our peoples in the cause of world peace. It is my
pleasure to anticipate in your person, Mr. Ambassador, a worthy successor in the cause which all rightthinking Britons and Americans have at heart."
Swift retaliation is planned in France for the
action of the United States Senate in revising upward, unexpectedly, the duty on French lace. This
development brought an immediate marshalling of
forces in France that favor prohibitive duties on
American automobiles, and the recent decision of
the Tariff Commission of the Chamber of Deputies
to keep the French increases to a reasonable figure
was promptly overthrown. It will be recalled that
much controversy followed the attempt of French
interests last year to place prohibitive duties on
American automotive products. American motor
car representatives in France joined forces in a
move against such duties and the informal intervention of the Paris Embassy also was enlisted. A
modified measure resulted, in which increases were
confined to between 10 and 20%. In French circles
it was declared last Saturday, according to a dispatch to the New York "Times," that "the drastic
move against an important item in the French export
trade had entirely changed the situation." The
[vol. 130.
American Senate, it was explained, could not have
selected a French product for high duty which would
arouse the resentment of the French Parliament
more readily than lace, owing to the great depression
that now prevails in the industry. The immediate
reaction was a favorable report by the Tariff Commission on the prohibitive measures on American
automobiles, but as only a few members of the Commission were present at the meeting further consideration was decided upon. Late reports this week
indicate a disposition in France to await the final
rates on French lace to be fixed by the whole Congress. All accounts agree, however, that the step
taken in Washington is likely to have an unfavorable
effect on the French Parliament's handling of the
American automobile problem.
Friction between the Polish Dictator, Marshal
Joseph Pilsudski, and the Sejm, or lower house of
Parliament, is likely to lead to a considerable prolongation of the Cabinet crisis in Poland caused
by the resignation of the Bartel Government two
weeks ago. After a conference between Marshal Plisudski and President Moscicki, the task of farming
a new Cabinet was entrusted to Professor Stanislaus
Szymanski, Marshal of the Senate. The latter
asked Marshal Pilsudski to join his Government,
but the Dictator said he could only join the new
regime under certain stipulations which amounted
to a renunciation of all Parliamentary rights of
control over • the Government. When these conditions were reported to the Sejm by M. Szymanski,
all Parliamentary groups joined in declaring them
unacceptable, and this attempt to form a Cabinet
was ended. President Moscicki selected Jan Pilsudski, brother of the Marshal, to form a Cabinet
Wednesday. A Warsaw dispatch to the New York
"Times" indicates that Marshal Pilsudski and the
Government party used the good offices of M. Szymanski merely as a means of prolonging the crisis
until after the end of the present budget session of
the Sejm.
"One reason for the Government party's prolonging the crisis," the dispatch, said, "Is that it wants
to prevent the Sejm meeting on the budget before
Mar.31. It the Sejm does not have the budget ready
by then President Moscicki has arranged to publish
it by decree, according to Senate's proposal, without any of the changes made by the Sejm, and that
is one of the aims of the Government party and
Marshal Pilsudski. A few days ago the Government
party published a declaration that it intended preventing even by force any Sejm meeting before the
Cabinet crisis had terminated. Yesterday the budget committee of the Sejm was called to consider
the changes made by the Senate. The Deputies of
the Government party tried to break up the meeting
by screaming, beating their desks, and even throwing chairs at the Speaker, but after a short interruption the committee continued its work, accepting
all motions concerning the changes made by the
Senate. It is not yet known when the next plenary
meeting of the Sejm will take place."
President William Gosgrave of the Irish Free
State announced his resignation last night after the
Government party was defeated in the Dail Eireann
by a vote of 66 to 64 on a bill to extend old age
pensions. Defeat of the Government was attributed
largely to the laxness of the Government members
MAR. 29 1930.]
FINANCIAL CHRONICLE
of the Dail, and it was considered possible, therefore, that a new Government will be formed by the
former President. The situation was admittedly
very complex, however, and it was contended in some
quarters that Eamonn de Valera, leader of the
Fianna Fail, would probably form the next Cabinet.
The Government which fell had been in power since
1923, giving it the distinction of remaining in office
longer than any other democratic regime in post-war
Europe. Under the Free State Constitution, the
fall of a Government does not necessarily involve
a general election. Party leaders are nominated for
the Presidency by the Dail Eireann, and the President supported by majority vote of that Parliament
remains responsible to it. Apart from the political
issue, fall of the Government involves also some
questions of the Free State's future industrial development. President Cosgrave advocated a policy
of selective tariffs, while the Fianna Fail opposition
desires out-and-out protectionism as embodied in
high tariff walls.
The Bank of Germany on Monday reduced its discount rate from 5/
1
2%, the figure in effect since
Mar. 7, to 5%. Yesterday the National Bank of
Hungary lowered its rate from 6/
1
2% to 6%. The
6/
1
2% rate had been in effect since Feb. 13. The
National Bank of the Netherlands, which had been
maintaining a rate of 3/
1
2% since Mar. 6, on Tuesday reduced to 3%. It is stated that this is the
first time so low a rate has prevailed in Holland
since 1910. Rates remain at 6/
1
2% in Italy; at 6% in
Austria; at 5/
1
2% in Spain; at 4/
1
2% in Denmark
and Norway; at 4% in Sweden; at 3/
1
2% in England,
Belgium, and Switzerland, and at 3% in France.
In the London open market discounts for short bills
yesterday were 2%@2 5/16%, the same as on
Friday of last week, and 2 3/16@21/
4% for long bills
also unchanged from the previous Friday. Money
on call in London yesterday was 2/
1
2%. At Paris
the open market rate remains at 3%, but in Switzerland has falleD from 2%% to 2 9/16%.
The Bank of France statement for the week
ended March 22 reveals a decline in gold holdings of
42,000,000 francs, thus reducing the total of the
item to 42,551,848,215 francs, as compared
with
34,121,355,973 francs at the corresponding date
last year. A decline appears in credit
balances
abroad of 5,000,000 francs and an increase in bills
bought abroad of 14,000,000 francs. French commercial bills discounted show a contraction of 218,000,000 francs during the week. Notes in circulation fell off 383,000,000 francs, reducing the total
of notes outstanding to 69,587,157,180 francs, which
compares with 62,626,800,320 francs a year ago.
Advances against securities and creditor current accounts record an increase and a decrease of 46,000,000
francs and 26,000,1200 francs, respectively. Below
we furnish a comparison of the various items of
the
Bank's return for the past two weeks, as well as for
the corresponding week a year ago:
BANK OF FRANCE'S COMPARATIVE STATEMENT:
Changes
Stalos as of
foe Week.
Mar.221930. Mar. 151930. Ma,.
F ..
Francs.
Francs.
Francs
Gold holdings— _Dec. 42,000,000 42.551,848,215 42,593,848,215
34.121,355,073
Credit bals. abr'd-Dec. 6,000,000 8,932.689,365 8.937.711.791
10.709.977.244
French commercial
bills discounted.Dec. 218,000,000 5,211,538,297 5.405.134.883
4.848.013.515
Bills bought abrd-Inc. 14.000,000 18,738.678.942 18,718.883.359
18.313.158.939
Adv.agst. securs..Ine. 46,000,000 2.839,594,055 2.593.830.291
2.330.089.058
Note eirculation..Dee. 383,000,000 89,187,157.180 89.970.0138,970
82.828.800.320
Cred. curr. acets__Dec. 28,000,000 15,488,485,212 15,492,449,854
18,110,815,049
2091
The Bank of England statement for the week
ended March 26 shows a gain of £1,751,194 in
bullion,. but, due to an expansion of £3,413,000 in
circulation reserves fell off £1,662,000. The Bank's
gold supply now aggregates £155,996,569, as compared with £154,245,375 last week, and £153,733,551
a year ago. The rate of discount was lowered a
week ago to 3 2% and remains unchanged at that
figure. Public deposits rose £5,904,000 while other
deposits fell off £7,178,485. The latter consists of
bankers accounts, and of other accounts, the first of
which decreased £7,212,196, while the latter increased £33,711. The proportion of reserves to
liabilities is 58.12% in comparison with 58.95% last
week and 45.44 a year ago. Loans on government
securities showed an increase of £3,285,000 and
those on other securities, a decrease of £2,907,066.
Other securities include "discounts and advances"
and "securities." The former rose £50,503 while the
latter fell off £2,957,569. Below we furnish a comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1929.
1928.
1927.
1926.
Mar.28.
Mar. 27.
Mar. 28.
Mar. 30.
Mar. 31.
Circulation
2352,304,000 3131,785,000 135.410.000 137.952.555 142.761.930
Public deposits
18,788,000 19,705.000 13,635.000 32,981,148 35,441.335
Other deposits
90,791,013 94,594,000 98,247.000 97.485.345 93,007,140
Bankers accounts 54,874.277 58.240.000
Other accounts.— 33,918.738 38.354.000
Governm't securities 44,7813,855 50,588,855 30,825,000 32,887,560 37,015.328
Other securities.— 19,411,418 30,087,000 58,878,000 83.724,394 88,509,835
Disct. & advances 8,110.557 13.003,000
Securities
13,300,881 17.084,000
Reserve notes & coin 83,692,000 51,947.000 42,471,000 32,345,6132 23.758.637
Coin and bullion-155.9913.589 153,733,551 158,130.454 150.548.247 148,788,587
Proportion of reserve
to liabilities
58.12%
45.44%
37.98%
2410%
18.41%
Bank rote
315%
514%
414%
5%
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 an increase in gold
of 11,331,000 marks. Owing to this gain the total
of the item now stands at 2,491,789,000 marks, in
comparison with 2,646,946,000 marks in 1929 and
1,908,950,000 marks in 1928. An increase appears
in reserve in foreign currency of 38,702,000 marks
and in silver and other coin of 11,817,000 marks,
while deposits abroad remain unchanged. Bills of
exchange and checks show a contraction of 134,708,000 marks during the week, whereas notes on other
German banks rose 1,971,000 marks. Notes in circulation show a decline of 156,858,000 marks, reducing the total of the item to 4,109,157,000 marks,
as compared with 4,032,997,000 marks a year ago.
A decline is also recorded in advances of 12,718,000
marks, in investments of 1,000 marks and in other
liabilities of 6,000 marks; on the other hand, other
assets and other daily maturing obligations reveal
increases of 61,332,000 marks and 134,590,000 marks,
respectively, Below we furnish a comparison of
the various items for the past three years:
REICHSRANK'S COMPARATIVE STATEMENT.
Changesfor
Week.
Mar.231930. Afar 231929. Mar. 231928.
Antis—
Retch:marks,
Reichnnacks, Inichnnarks. Reich-Marti.
Gold and bullion
Inc. 11,331,000 2,491,789,000 2,846,948.000 1.908.950,000
Of which dopes. bard. Unchanged
149.788.000
85,828,000
85.626,000
Reeve In foen curr—Ine. 38,702,000 350.617,000
68.970.000 226.768.000
Bills of exch.& checks.Dee. 134.708,000 1,504,718,000 1,872,888.000 1.927.592.00
0
Silver and other ooln--Inc. 11.817,000 185,877.000 13(1,289,000
77,119,000
Notes on oth.Ger. blame. 1,971,000
21,074.000
21.958,000
25,954.000
Advances
Dec. 12,718,000
45,827,000
43.609,000
31.341.000
Investments
Dec.
1,000
93,245.000
93,138,000
94,158.000
Other assets
Inc. 81,332,000 563,891,000 528,783,000 548.238,000
LiabUitiei—
Notes In circulation—Dec. 156,858,000 4,109,157,000 4.032.997.00 3.7133,098,00
0
0
0th. daily mat. oblig_Inc. 134,590,000 593,104,000 528,255,000 495,195.000
Other liabilities
Dec.
11,000 147,501,000 205.889.000 174,825,000
Money rates in the New York market were steady
this week at normal levels, with no indication of
--2092
[vou 130.
FINANCIAL CHRONICLE
any immediate repetition of the pronounced changes
that characterized the preceding dealings. The
tendency was toward slight stiffening, particularly
in the later sessions, when month-end requirements
began to be felt. No changes in Federal Reserve
rediscount rates were announced by any of the 12
institutions, but some downward adjustments of
rates were again effected by foreign central banks.
2%
1
The Reichsbank lowered its rate Monday from 5/
to 5%, while the Bank of the Netherlands changed
2% to 3% on the same day. Call
1
its figure from 3/
loans on the New York Stock Exchange fluctuated
2% and 4%. In the unofficial outside
1
between 3/
market funds were available at 3% Tuesday and
Wednesday, but no variation from the official level
occurred on other days. Withdrawals of more than
$60,000,000 tightened the market perceptibly Thursday, and additional but more moderate withdrawals
yesterday exerted a similar influence. Time loan
rates were unchanged all week. Yield rates on bankers' bills were advanced Tuesday, in readjustment
of the overdone declines of the previous week.
Brokers' loans against stock and bond collateral
declined $21,000,000 in the statement for the week
ended Wednesday night issued by the Federal Reserve Bank of New York. The statement of gold
movements for the same period issued by the Bank
showed imports of $253,000 and no exports. No
change was noted in the stock of gold held earmarked for foreign account.
4% asked for 60 and 90 days, and 3% bid
/
bid and 23
/8% asked for 120 days, for 150 days and 180
and 27
days. The Acceptance Council no longer gives the
rates for call loans secured by acceptances, the rates
varying widely. .Open market rates for acceptances
have also been raised, as follows:
Prime eligible bills
Pram eligible bills
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked
Bid. Asked.
235
3
235
3
3
234
—90Days— —60Days-- —30Days—
Bid. Asked.
SW. Asked.
Bid. Asked.
3
214
234
214
234
234
FOR DELIVERY WITHIN THIRTY DAYS.
P2igible member banks
Eligible non-member banks
3 bid
3 bid
There have been no changes this week in the rediscount rates of any of the Federal Reserve Banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Baton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Sao Francisco
Rate in
Wed on
Mar.28.
4
334
4
a
434
434
4
434
434
4
434
4
Date
Established.
Previous
Rate.
Feb 13 1930
Mar 14 1930
Mar. 20 1930
Mar. 15 1930
Feb. 7 1930
Dee. 10 1929
Feb. 8 1930
Feb. 11 1930
Feb. 8 1930
Feb. 15 1930
Feb. 8 1930
Mar. 21 1930
44
4
434
4li
a
5
415
5
a
434
5
414
Sterling exchange was firm and somewhat in
demand from Wednesday of last week until Tuesday
of this week, when cable transfers sold at the year's
high of 4.87 1-32. The market was particularly
active on Monday and Tuesday; thereafter it became
dull and irregular, to such an extent that the fluctuation during the week has been about 17-32. The
range this week has been from 4.86H to 4.86 13-16
for bankers' sight bills, compared with 4.85 11-16 to
4.86 9-16 last week. The range for cable transfers
has been from 4.8634 to 4.87 1-32, compared with
4.863/i to 4.86 13-16 the week before. • The firmness
and demand for sterling from Saturday until near
the close on Tuesday are attributed largely to short
covering and to the withdrawal of British funds
attracted by the revival of confidence in the London
stock market. The short covering, it was thouTht,
was induced partly by a widespread belief that the
Bank of England might again reduce its rediscount
rate. However, opinion seems to be less certain that
there will be an immediate reduction in the rate
from the present 332% level.
In accounting for Tuesday's strong market it was
said in foreign exchange circles that something of a
has
acceptances
bankers'
corner in the currency was effected by one of the
The market for prime
available.
bills
of
supply
leading
banks here, with the result that a shortage of
good
a
been brisk, with
movement
the
rates,
in
bills
break
a rapid rise in quotations since the supbrought
sharp
After last week's
advances
to meet the demand for short
The
ply
upward.
was
inadequate
again
was
week
this
of rates
occurred on Tuesday. Some dealers made two ad- covering and transfer purposes. „ Hence Tuesday's
8%,and another of 14%, strong quotation of 4.87 1-32 for cable transfers. It
vances on that day, one of 1/
while others made three separate advances of Y8%, is also thought that the transfer of proceeds from
the last not going into effect until the morning of the sale of Royal Dutch $40,000,000 issue helped give
the next day. The Reserve Banks heavily increased firmness to the London rate. There can be, no questheir holdings of acceptances during the week, rais- tion that seasonal influences also favor sterling and
ing the amount from $185,017,000 to $256,482,000. will do so until about the end of August. It is generTheir holdings of acceptances for their foreign corre- ally believed in banking circles that Great Britain's
spondents further slightly decreased, being reduced autumn imports have been largely paid for. Howfrom $503,362,000 to $496,661,000. The posted rates ever, increasing activity on the New York Stock
of the American Acceptance Council are now at 3% Exchange, especially if long continued, may through
/8% the counterflow of funds to the New York market,
8% asked for bills running 30 days, 27
/
bid and 27
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, all loans on Monday were at 4%, including renewals. On Tuesday,
after renewals had again been effected at 4%, there
2%.
1
was a drop in the rate for new loans to 3/
On Wednesday all loans were put through at
2%. On Thursday, after renewals had been
1
3/
2%, the rate for new loans advanced
1
arranged at 3/
to 4%. On Friday all loans were at 4%. Time
money was fairly firm on Monday, but later in the
week the demand simmered down. Rates were
2@3%% for 30 days all week; for 60 days they
1
3/
4@4% the rest
/
1% on Monday and 33
/
2@33
1
were 3/
4@4%
/
33
months
four
and
days
90
for
of the week;
4@)
months
six
and
months
five
for
and
week,
all
0 the entire week. Prime commercial paper in
4%7
the open market was featured by a brisk demand
throughout the week. Extra choice paper of short
4%, while names
/
maturities could be obtained at 33
of choice character maturing in four to six months
were quoted at 4%. Shorter choice names and other
4%.
names were supplied at 41/
MAL 29 1930.]
FINANCIAL CHRONICLE
offset seasonal factors favoring the European exchanges. At present there is much hesitancy and
irregularity in quotations. London money rates have
been static all week and seem to have reached the
end of their decline. A slight stiffening in New York
money rates after the radical declines last week has
caused uncertainty as to immediate trends and
foreign exchange traders are cautious in making commitments.
The Bank of England is in an exceptionally strong
position. The statement for the week ending
March 27 shows an increase in gold holdings of
£1,751,194, the total standing at £155,996,569, compared with £153,733,551 a year ago. On Saturday
the Bank of England bought £206 in gold bars and
received £2,000,000 from abroad. On Tuesday
approximately £200,000 South African gold was
available in the open market, of which £50,000 was
taken by India and the trade and the balance, according to dispatches from London bullion dealers,
was taken by the Bank of England at the price of
84s. 10d. Next week £969,000 in bars will be available and the following week £376,000. On Thursday
the Bank of England bought £1,030 in gold bars and
received £1,000,000 in sovevigns from abroad.
At the Port of New York the gold movement for
the week March 20-March 26, inclusive, as reported
by the Federal Reserve Bank of New York, consisted of imports of $253,000 chiefly from Latin
America. There were no exports and no change in
gold earmarked for foreign account. The Reserve
Bank announced that $10,500,000 in gold arrived
in San Francisco on Friday of last week, of which
$9,900,000 came from Japan and $600,000 from
China. On Monday of this week an additional
$2,970,000 gold was received at San Francisco from
Japan and
50,000 from China. On Friday the
Guaranty Trust Co. announced that it was shipping
$200,000 in gold to England. This was a special
transaction not related to the rate of exchange.
The last movement of gold to England took place in
December with sterling cables at $4.88 15-32. There
was no change in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended March 26, as reported
by the Federal Reserve Bank of New York, was as
follows:
2093
wheat comes into the world market it is believed that
Canadian exchange will experience a prolonged
period of strength. The gold export point from New
York to Canada is tentatively set at about 11-64 or
13-16 of 1% premium.
Referring to day-to-day rates sterling exchange on
Saturday last was steady. Bankers' sight was
4.8614@4.86 7-16; cable transfers, 4.86%©4.86%.
On Monday sterling was in demand. The range was
4.86 5-16@4.86% for bankers' sight and 4.86 11-16Q
4.86 27-32 for cable transfers. On Tuesday sterling
continued in demand,going to a new high for the year.
The range was 4.863/
2@4.86 13-16 for bankers' sight
4@4.87 1-32 for cable transfers. On Wedand 4.867
nesday the market eased off. The range was
4.86 7-16@4.86Yi for bankers' sight and 4.86 11-16
@4.87 for cable transfers. On Thursday the market
was dull and irregular. The range was 4.8614©
4.86 for bankers' sight and 4.863/
2@4.86 11-16 for
cable transfers. On Friday there was further ease;
the range was 4.8614©4.86 7-16 for bankers' sight
and 4.86 9-16Q4.86/5á for cable transfers. Closing
quotations on Friday were 4.86% for demand and
4.86% for cable transfers. Commercial sight bills
finished at 4.863, sixty-day bills at 4.84 A ninetyday bills at 4.83k, documents for payment (60 days)
at 4.843/2 and seven-day grain bills at 4.85 9-16.
Cotton and grain for payment closed at 4.863,i.
Exchange on the Continental countries has been
firm following the trend of sterling. German marks
have been especially strong with demand for the
unit not only in New York but at other centers. The
outstanding news of importance is the long expected
lowering of the Reichsbank rate of rediscount on
Monday from 514% to 5%. The 53V0 rate had
been effective since March 7, when it was cut from
6%, which had prevailed since Feb. 4. The Reichsbank continues to strengthen its gold position, taking
its new accessions it would seem for the most part
from Paris. The Bank statement for the week ended
March 23 shows an increase in gold holdings of 11,331,000 marks. Ordinarily a lower Bank rate
would have an unfavorable effect on mark exchange,
but the present action of the central bank has already
been discounted by the market, besides which the
general lowering of central bank rates in other
GOLD MOVEMENT AT NEW YORK, MARCH 20-26,
INCLUSIVE. markets during the past few weeks exerted an
Imports.
Exports.
equalizing influence in favor of the mark. It is also
$263,000 chiefly from Latin America
NoneI
Net Change in Geld Earmarked for Foreign Account.
pointed out that the stimulus given to industry and
None
to security markets has offset the factor of cheaper
Canadian exchange was quoted at par on Saturday money and induced some repatriatio
n of German
last for the first time since November 1928. On funds for domestic investment.
Monday Montreal funds remained at par. The rates
French francs have been dull but steady, reflecting
dropped to 1-64 of 1% discount on Tuesday and on the firmness in sterling and the major
European
Wednesday Montreal funds were at a discount in despite the fact that owing to low
money rates
New York of 1-16 of 1%; on Thursday they were at and superabundant funds in Paris,
surrounding
a discount of 3-64 of 1% and on Friday at 1-32 of markets continue to draw
upon the French banks,
1% discount. Further improvement in Canadian, especially for short-term
credit. Evidence is not
exchange is expected in view of the fact that Canada wanting that French funds are moving,
if ever so
has begun to market some of her wheat crop and a slightly, to the investmen
t markets of London and
flow of gold to the Dominion is regarded as a possi- New York. However, French holdings
of dollar
bility in the near future. Foreign exchange traders and sterling bills are so excessively
large that franc
feel that the remarkable feature of the recovery in exchange is easily under the control
of the Bank of
the Canadian dollar is the fact that the rate has France. For the week ended March
21 the Bank
moved up from a low of 27
4% discount last fall to of France shows a reduction in gold
holdings of
present levels upon only nominal shipments of grain. 42,000,000 francs. For the most
part this gold has
Around April 15 navigation will be resumed on the been permitted to go to
Germany. Despite the
• St. Lawrence and large supplies now in the Montreal loss in gold holdings the Bank
of France ratio of
elevators will become available. When Canadian reserves is at record high,
standing at 50.03%,
2094
compared with 49.84% on March 14, with 42.26%
a year ago, and with legal requirements of 35%.
Italian lire have been exceptionally strong and in
Thursday's trading sold as high as 5.24 7-16, a new
high for the year, which recalls a similar rise in
February just previous to the reduction in the Bank
of Italy's rate March 1. The firmness in lire is considered the more remarkable since official control
of exchange has been abandoned. Austrian currency is one of the minor units in the New York
market, but interest attached to it this week owing
to the fact that the Bank of Austria reduced its
rediscount rate on Friday of last week from 63/2%
to 6%. Although rates for money in Austria are
apparently distinctly cheaper, the majority of enterprises in central Europe cannot obtain loans without
great difficulty. The tenders of short-term loans
are abundant enough, but offers of long-term credits
are entirely lacking, according to Austrian dispatches. Exchange on Czechoslovakia, which has
been remarkably steady for a few years past, came
into notice on Monday when the Czech crown was
quoted at 2.963/2, a new high for the year.
The London check rate on Paris closed at 124.26
on Friday of this week, against 124.31 on Friday of
last week. In New York sight bills on the French
% on Friday
center finished at 3.91 5-16, against 3.913
of last week; cable transfers at 3.913/2, against
3.91 9-16; and commercial sight bills at 3.913/2,
against 3.91 3-16. Antwerp belgas finished at13.943/2
for checks and at 13.953/2 for cable transfers, against
% and 13.953/2. Final quotations for Berlin
13.943
% for cable
marks were 23.87% for checks and 23.883
3
transfers, in comparison with 23.85% and 23.86%
a week earlier. Italian lire closed at 5.23 13-16
for bankers' sight bills and at 5.24 for cable transfers.
against 5.233/2 and 5.23 11-16 on Friday of last
week. Austrian schillings closed at 143.j, against
143. Exchange on Czechoslovakia closed at 2.963%,
against 2.963.; on Bucharest at 0.60, gainst 0.60;
on Poland at 11.25, against 11.25; and on Finland at
2.52, against 2.52. Greek exchange closed at 1.30
for bankers' sight and at 1.30g for cable transfers,
against 1.30 and 1.30g.
Exchange on the countries neutral during the war
has been steady, though dull, and gives evidence of
approaching seasonal firmness. Holland guilders
have been exceptionally firm. On Monday the Bank
of
of The Netherlands reduced its discount rate
it
as
in
20-years,
lowest
1% from 33/2% to 3%, the
low
a
so
had
has
bank
Dutch
is the first time the
the
favor
should
factors
Seasonal
rate since 1910.
neutral exchanges until towards September. Swiss
francs are lower, though there has been some buying
of francs preparatory to the establishment of the
Bank for International Settlements and some transfer
of German funds to Switzerland. A more important
factor is believed to be the repatriation of Swiss
funds following the world-wide decline of bank
rates, while the Swiss rate remains unchanged at
332%. Swiss money rates are now more nearly at
a par with those of countries which previously offered
more attractive interest rates.
Bankers' sight on Amsterdam finished on Friday
at 40.12, against 40.11 on Friday of last week; cable
transfers at 40.133/2, against 40.121%; and commercial sight bills at 40.08, against 40.071%. Swiss
francs closed at 19.353( for bankers' sight bills and
at 19.363. for cable transfers, in comparison with
[Vol. 130.
FINANCIAL CHRONICLE
19.36% and 19.37% a week ago. Copenhagen
checks finished at 26.773/2 and cable transfers at
26.79, against 26.773/2 and 26.79. Checks on
Sweden closed at 26.873/2 and cable transfers at
26.89, against 26.86% and 26.883; while checks
on Norway finished at 26.763/2 and cable transfers
at 26.78, against 26.763/2 and 26.78. Spanish
pesetas closed at 12.42 for checks and at 12.43 for
cable transfers, which compares with 12.39 and
12.40 a week earlier.
Exchange on the South American countries has
been firmer and in somewhat greater demand than
in many weeks. As noted here before, the firmness
in the South Americans is largely attributed to the
lower money rates prevailing throughout the world
which have made it easier for these countries to
arrange accommodations while at the same time
removing the magnet of attraction from their own
temporarily idle funds. Argentine paper pesos
closed at 37 15-16 for checks, as compared with
37 11-16 on Friday of last week; and at 38 for cable
3
Brazilian milreis finished at
transfers, against 37%.
11.75 for bankers' sight and at 11.80 for cable transfers, against 11 9-16@11/2. Chilean exchange closed
% for cable transfers,
at 12 1-16 for checks and at 121
at 4.00 for checks and
Peru
121%;
and
against 12 1-16
4.00 and 4.01.
against
transfers,
cable
at 4.01 for
Exchange on the Far Eastern countries is little
changed from the past few weeks. Japanese yen are
exceptionally firm. As noted above, the Federal
Reserve Bank of New York continues to report large
weekly receipts of gold at San Francisco from Japan.
It is thought in banking quarters that the gold movement from Japan is about at an end. The Chinese
quotations continue to fluctuate with the low silver
rates, and the demoralized political and social conditions of the country are of course an important
factor. Closing quotations for yen checks yesterday
were 49 7-16(44493/2 against 49.40@49.50. Hongkong closed at 373%@)37 11-16, against 373/8@38 1-16;
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
MAR. 22 1930 TO MAR. 28 1930, INCLUSIVE.
Noon
Country and Monetary
(Ind.
Rats for Cal* Transfers In Nees Yon
Value In Monad Slates Money.
Bowing
Mar. 22. Var. 24. Mar. 25. Mar. 28. Mar. 27. Mar. 28.
$
EUROPE.140761
Austria,schilllng
.139475
Belgium. belga
.007223
Bulgaria, ley
Czechoslovakia, krone 029628
267889
Denmark, krone
England, poun
4 866704
sterling
025168
Finland. mark ka
039167
France. franc
Germany, relchilmark .238660
.012957
Greece, drachma
Holland. guilder__ .401164
Hungary, pengo
.174737
.052369
Italy, lira
267785
Norway. krone
112027
Poland. zloty
.044900
Portugal.excudo
005962
Rumania.leu
.124856
Spain. peseta
Sweden. krona
268798
Switzerland. franc_ _ _ 193691
Yugoslavia, dinar__ 017648
ASIAChina-Chefoo tael__ 493125
Hankow,tael
486875
.475178
Shanghai. tael
.499375
Tientsin. tael
Hong Kong, dollar_ .376250
Mexican, dollar_ _
.340625
Tientsin or Pelyang,
dollar
.341666
Yuan, dollar
.33.8333
.360846
India, rupee
Japan, yen
.494259
Sinzapore(S.S.), dollar .558791
NORTH AMER..999871
Canada, dollar
.999143
Cuba, peso
.475250
Mexico, peso
Newfoundland. dollar .997187
SOUTH AMER.Argentina, peso (gold) .863441
.116112
Brazil. milrein
.120697
Chile. peso
.893722
Uruguay, peso
.963900
Colombia, peso
8
S
.140778 .140797
.139491 .139526
.007228 .007220
.029633 .029632
.267943 .268022
$
.140770
.139541
.0072 k8
.029635
.268071
$
.140788
.139104
.007218
.029632
.267939
$
.140794
.139511
.007218
.029635
.267884
1.867883
.025170
.039176
.238678
.012960
.401333
.174741
.052366
.267813
.112090
.044900
.005955
.125045
.268812
.193700
.017662
4.869538
.025172
.039187
.238768
.012964
.401573
.1747 i 7
.052372
.267905
.112085
.044920
.005958
.124970
.268932
.193680
.017662
4.868229
.025173
.039171
.238811
.012065
.401523
.174708
.052386
.267948
.112070
.044925
.005956
.124506
.268964
.193644
.017658
4.885699
.025171
.039147
.238727
.012967
.401326
.174750
.052427
.267846
.112070
.044916
.005958
.124181
.268897
.193591
.017657
4.885800
.025170
.039153
.238800
.012968
.401284
.174757
.052415
.267790
.112025
.044916
.005959
.123609
.268878
.193801
.017659
.492291
.485781
.474017
.498541
.376821
.339687
.492291
.485625
.473214
.498541
.375892
.339C62
.488958
.482031
.469732
.495208
.374464
.337031
.490000
.482812
.471160
.496250
.374107
.337812
.487708
.481406
.469196
.493958
.373214
.236875
.341250
.337500
.361060
.494346
.558791
.340833
.337083
.361075
.494321
.558958
.338125
.334375
.361078
.494309
.558958
.338333 .337916
.334583 .334166
.361178 .361150
.494371 .494396
.558791 .558791
.999991
.999156
.475862
.997359
.999861
.999093
.475750
.997312
.999765
.999093
.475550
.997062
.999544
.999093
.475250
.997125
.999531
.999155
.475737
.996888
.865510
.116310
.120707
.893559
.963900
.856858
.116532
.120721
.892589
.963900
.857460
.116977
.120710
.895338
.963900
.859009
.116812
.120680
.906493
.963900
.864919
.116965
.120681
.910647
.963900
MAR. 29 19301
FINANCIAL CITIZONICLE
3 Manila at
Shanghai at 4741 (4)47 5-16, against 47%;
Singapore
at
56
3-16@)56%,
49%;
against
49%,
against 56%©563; Bombay at 363, against 36%;
and Calcutta at 363, against 363.(.
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORE FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Tuesday, Wednesd'y, Thursday, Friday,
Mar. 25. Mar. 26. Mar. 27. Mar. 28.
Saturday, Monday,
Mar. 22. Mar. 24.
164400,000 128,000,000 178,000,000
172.000,000 158.000,000 169,000,000
Aggregate
for Weal.
Cr. 969400,000
Note.—The foregoing heavy credits reflect the huge mass of checks which Come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
House Institutions, as only the items payable in New York City are represented
In the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Mar. 28 1929,
Mar. 27 1930.
&lids of—
Gold.
Silver.
Total.
Gold.
Silver.
I
Total.
£
£
£
E
153.733,551
155,996,589 153.733.551
OH
(d)
340.414,785272.970,847
272.970.847
994.600 129,060,600
c994.800118.094,650 128.066,000
28,354,000j127,062,000 102.381,000 28.498,000 130.879.000
54,711.000
56,130,000 54,711,000
38,416400 30,627.000 1.781.000 32.388.000
1.288.000 35,018,000 25.932,0(1) 1,288,000 27.200,000
789.0001 23.228.000 19,253.000 1,822,000 21.075,000
I 1.3.071,000
13,545,000 13.071.000
470,000 10.063.000
398,000 9,972,000 9,593.
8.158.000
8,145,000 8,158,000
£
England.. 155.996,569
France a__ 340.414,785
Germany b 117,100,050
OR 702
Spain
Italy
58,130.000
Netherl'ds 38,415,000
Nat. Bela_ 33,730,000
Switzeri'd. 22,439,000
Sweden.- _ 13,645,000
Denmark
9474,000
Norway___ 8,145.000
I
Total week892,197,404 31,823.1500924421,004 818.496.398 34.813.600863,309,998
Prey. week1890,135.681 31.777.60( 921.913.281 816.887,143 34.721.600852,579.730
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 £7,489,400. c As of Oct. 7 1924.
d Silver is nowjeported at only a trifling sum.
A
New American Policy at London—The
Question of a Consultative Pact.
The hope that the American delegation at the London Conference had put aside, once and for all, not
only the question of a security pact to which the
United States should be a party, but also the question of providing some implementation for the Paris
anti-war pact, has been dissipated, for the moment
at least, by an event which promises to set the Conference off on a new course. Following the proposal
by Signor Grandi, the head of the Italian delegation,
on Sunday, that the Conference should adjourn for
six months, with the understanding that France and
Italy would undertake to adjust their controversy
over parity in that interval, Secretary Stimson gave
out on Wednesday a statement undertaking to make
clear the position of the American delegation regarding a consultative pact. The statement was issued
shortly after midnight, following a day of unusual
activity that contrasted sharply with the lethargy
of the past few weeks. On Tuesday morning Secretary Stimson conferred with Prime Minister MacDonald, after which the heads of the delegations
also conferred. It was shortly announced that the
Conference would not adjourn, that there would be
a plenary session next week to make a report of prog-
2095
ress, and that M. Briand would return to London
on Thursday. Then came the announcement in the
"Daily Herald," the Labor party organ, that President Hoover had given his consent to the entrance
of the United States into a security pact, and presently, after further consultations, the issuance of
Secretary Stimson's statement.
The statement began by referring to a rumor current the previous evening 'to the effect that the
American delegation had made a change in their
attitude toward consultative pacts and were willing
to enter into such a pact for the purpose of saving
the Conference. It is authoritatively denied," the
statement continued, "that any change has taken
place in the attitude of the American delegation,
and its attitude remains as its spokesman gave it
out several weeks ago. At that time it was made
clear that America had no objection to entering into
a consultative pact as such. On the contrary, the
United States already is a party to a number of
treaties involving the obligation of consulting with
other Powers. It will not, however, enter into any
treaty, whether consultative or otherwise, where
there is danger of its obligation being misunderstood
as involving a promise to render military assistance
or guaranteeing protection by military force to another nation. Such a misunderstanding might arise
if the United States entered into such a treaty as a
quid pro quo for the reduction of the naval forces
of another Power. That danger has hitherto inhered
in the present situation, where France has been demanding mutual military security as a condition of
naval reduction. . .. If, however, this demand for
security could be satisfied in some other way, then
the danger of a misunderstanding of a consultative
pact would be eliminated,.and in such case the question would be approached from an entirely different
standpoint. In such case the American delegation
would consider the matter with an entirely open
mind."
The publication of this statement appears to have
taken Washington by surprise. The well-informed
correspondent of the NewYork "Times," writing on
Wednesday, reported that "except possibly in the
minds of those who are in confidential official communication with" the American delegation, "what
amounted to utter confusion prevailed" regarding
the announcement. There seems no reason to doubt
that the London "Daily Herald" was in error in
stating that Mr. Hoover had agreed to a security
pact. In regard to such a pact, or to any agreement
with an obvious political obligation, the opposition
of Mr. Hoover, as far as is known, remains final and
complete. A careful reading of Mr. Stimson's statement, however, raises such grave questions regarding
the significance of a consultative pact, the form that
it might possibly take, and the use that might be
made of it, as to leave little wonder that Washington
should have found the statement itself, as well as.
the situation which its publication creates, extremely
confusing.
The grave significance of this new proposal appears more clearly when one recalls the circumstances which have called it out. It will be remembered that France, in submitting its demand for a
very largely increased naval tonnage, stated frankly
that its figures could not be reduced unless it could
obtain from the other Powers some additional guarantee of security. The most obvious form of security
was either a treaty assuring France of aid in case
2096
FINANCIAL CHRONICLE
she were threatened with attack, or some implementation of the Briand-Kellogg pact which would put
"teeth" into that instrument. It was at once announced that the United States could not become
a party to any security pact, and serious objections
presently developed to any implementation of the
anti-war pact involving the use of force to support
it. The reply to these objections was that while the
grounds of American aloofness were understood and
appreciated, there was really no reason why the
United States should not be willing to consult with
other Powers in the event of a threatened war, even
though such consultation carried with it no obligation to resort to force either on its own part or in
conjunction with other Powers. The implication
clearly was that the moral weight of American opinion, expressed in international council, would have
great influence in deterring a warlike Power from
actually venturing upon hostilities.
It is to this suggestion that the American delegation has now yielded, to the surprise of Washington and, we are confident, of the country. With all
respect for the wisdom of Mr. Stimson and his associates, and with full appreciation of their desire to
make a success of the Conference, we must nevertheless point out that neither the position which they
have taken, nor the arguments advanced to sustain
it, stand up well under examination. For what purpose, it may fairly be asked, do governments consult
in the face of an actual or expected crisis? Certainly not merely for the purpose of examining the
situation, exchanging opinions, and then going their
several ways and leaving events to take what course
they may. The only object of consultation in such an
emergency is to concert measures to deal with the
crisis or avert the threatened danger. Back of consultation, in other words, lies the presumption of
intended action, and a Power whose delegates attend
only to give advice, announcing in advance that their
government recognizes no obligation to do anything
more, is not a Power whose advice is likely to be
long besought unless it carries the very implications
which in this case it is especially sought to avoid.
The Stimson statement points out, quite properly,
that a consultative pact entered into by the United
States as a quid pro quo for the reduction of the
naval forces of another Power would devolve upon
the United States an obligation easily susceptible of
misunderstanding. If, on the other hand, the state.ment continues, the security which France desires,
and the demand for which is the sole basis of the
present offer of a consultative pact, can be guaranteed in some other way, the United States may go
ahead without fear that its attitude will be misinterpreted. We cannot follow Mr. Stimson in such reasoning. From whatever sources other than the
United States the security of France may be guaranteed, the fact remains that an agreement by the
United States to consult would constitute, for
France, an important addition to that security. The
only possible reasons for proposing a consultative
pact at this time are, first, that France may thereby
be made to feel more secure, and, second, that in
return for that assurance it may be induced to moderate its demand for a big navy. The quid pro quo
of which Mr. Stimson speaks is not to be got rid of
by leaving to Great Britain, for example, the pledge
of military or naval aid while the United States restricts itself to the moral aid of consultation. An
obligation is not eliminated simply by dividing it.
[VOL. 130.
The quid pro quo would remain, and remain, be it
said, essentially in the way in which France has all
along desired it.
One must speak frankly, although in the most
friendly spirit, of the attitude of France in this
matter. Weeks before the London Conference met,
France injected into the discussion the question of
security, and with it the related question of the relation of the Conference to the League of Nations. In
so doing it used a language and a mode of thought
as familiar to France and to other Continental
Powers as they are foreign to the United States.
The whole foreign policy of France hinges upon its
determination to maintain and enhance its position
as the dominating Power on the Continent and the
second colonial Power in the world. It can secure
the result which it desires either by obtaining a free
hand in military and naval matters, or by obtaining
from other Powers guarantees of security which will
transfer to them some of the burden of defense which
it must itself otherwise bear. Its leaders at the
present moment, Tardieu and Briand, are men of
great ability and experience, brought up in the
atmosphere of mingled fear and political ambition
which Europe has breathed for generations and centuries, and thoroughly familiar with the intricacies
and sinuosities of a diplomacy which is continuous,
relentless and far-seeing. The co-operation of Great
Britain, especially now that the MacDonald Government seems to be nearing its end, can probably be
secured, indirectly if not directly, but the co-operation of the United States is the greater prize, and
for that the campaign has been ordered from the
first. There was no need to tell Tardieu or Briand
that the United States would never bind itself to
intervene by force in Europe, but consultation might
be conceded as the price, direct or indirect, of calling
a halt in naval building.
It is to the plausible and far-seeing diplomacy of
France that the American delegation seems now disposed to surrender. We have no doubt that the delegation, in the draft of a consultation pact which is
reported to have been already framed, will admit no
word or phrase which would directly commit the
United States to the use of force. It is what may
happen, what it is well nigh certain would happen,
when the pact is appealed to in the event of a
threatened war, that should cause the United
States to withhold its signature even at the cost
of letting the Conference go by the board. It is
the appeals that will be made to the United
States to "stand by," to "prevent war," to "give
reality to the Kellogg pact," to "aid an endangered
people," to "put its great resources at the service of a
cause," to "play a part in preserving peace," that
constitute the grave perils of a consultative pact.
Ever since the close of the World War, Europe has
sought by every device that circumstances could suggest to have the United States waive its objections to
becoming involved in the political entanglements of
European countries. The latest appeal, subtle and
persuasive, comes now from France by way of
London.
We do not begrudge France the security that it
asks for, if the security is needed to give France
peace of mind. It is not for Americans to object
to any political arrangements that Great Britain
and France may make to insure peace, as long as
American interests are not jeopardized. If Italy
desires naval parity with France, that, it seems to
1
MAR. 29 1930.]
FINANCIAL CHRONICLE.
us, is something for Italy and France to settle. A
consultative pact, however, no matter how carefully
its terms may be drawn, would be an entering wedge
which time, the course of events, strained interpretation under circumstances as they arise, and specious appeals to moral or international obligation,
would drive farther and farther into the sound American policy of non-interference with the political affairs of the rest of the world. The risk is too great
and the price.too high for any gains, moral or material, that a consultative obligation would bring.
Capitalism and the College. '
On Mar. 16 last the following special dispatch
from Clinton, N. Y., appeared in the New York
"Times." We give it in full as an example of the
precious wisdom that is permeating some of our
universities and the gratuitous teaching that, in
some instances, is paid for by large endowments of
capital. The dispatch reads: "Christian civilization is doomed unless it can produce something as
good as Sovietism, the Rev. Dr. Robert R. Wicks,
dean of the University Chapel at Princeton University, told Hamilton College students here to-day.
Denouncing the motives of American capitalism, Dr.
Wicks ascribed the World War to commercialism
and pleaded with the students for creative work
after graduation rather than a financial race. . . .
'Not because we want Communism,' he said, 'but
rather because we do not want it. We Americans
must change completely our economic system. It
is amazing how many people blindly assume
that this capitalistic commercialism of ours is as
ancient and abiding as the very order of nature.
The emphasis on gaining money came in modern
times as a revolt from aristocracy.' . . . 'Sanctioned by industrial practice, justified by philosophy, obsessed by so-called religion, this worldwide selfishness is cataclysmic. As more and more
people get million-dollar incomes, more and more
clerks, miners and mill folk see no end to the increase they want so long as people about them are
getting more.' . . . 'Our absorption in this
process of acquiring more things is as silly as the
preoccupation of the Middle Ages with theological
argument. Later generations will laugh at us.'
. . . 'We must learn the secret of doing things
not for people, but with people. Men will not work
their best for a leader whom they suspect to be a
profiteer paying them a wage and a salary to make
a fortune himself.' . . .
am not preaching
Socialism, but I am saying that if such an appreciation cannot be built up in the world, the nations will
succumb to the Russian idea. There is something
moving in Russia, and we have got to get ahead
of it.'"
It is so easy to talk—much easier to dream—about
what ought to be! But just what, specifically, are
we to do to banish capitalism and still escape Socialism and Communism? It tickles the ear to tell a
student: "Don't be a money-grubber; do creative
work." What kind of creative work? Paint pictures, perhaps! But who will buy the pictures when
there are no capitalists? Be a poet, perhaps! Live
in a garret and commune with Beauty; but even in a
typical garret the landlady must be paid, and a few
crusts of bread be secured—somehow. Is it intended
to set up a new form of universal exchange, in which
poems and paintings will exchange equably for potatoes and pots to cook them in? Or, again, perhaps
2097
creative work will consist of building new theories
of human relations, without reference to food,
clothing and shelter. Man might escape the capitalistic products of clothing and shelter and run
naked in the woods, as a cult in Germany proposes
to do—but what of food for the masses in the absence
of manna from heaven? Does this "creative work"
contemplate any hard labor in field and factory?
If there is to be no Socialistic or Communistic possession and ownership of things and the capitalistic
private ownership is to be banished, just how is this
reform to be worked out by creative minds? There
have been many Utopias suggested—but "creative
work" as a panacea for the non-existence of all three
—capitalism, Socialism and Communism—has not
often been proposed before, if ever. Perhaps the
learned doctor envisions some mighty fiat to come to
man by which he will only have to wish and the
thing will appear. But what if two wish for the
same thing, at one time and place?
"Something is moving in Russia"! Well, according to the best accounts, bloodshed, wholesale executions, suppression of speech and press, atheism and
confiscation of churches, poverty and easy divorce,
terrorization of a hundred and sixty millions by
about six hundred thousand—these are moving in
Russia. Are we not now so far "ahead" of these
conditions that as a people we thank God every day
that we are not plunging through such a fatal. experiment? Is this fantastic endeavor the kind of creative work the graduate should engage in? Oh, no;
the doctor expressly says he does not advocate Socialism and would escape Communism. What is
the plan? Creative artists are very good folk in
their way in a capitalistic country, but so are farmers and blacksmiths and carpenters and lawyers and
judges, and most of the teachers and ministers!
The stern fact is that this sort of preaching is mere
fustian unless economics, politics, government and
individual endeavor, initiative and enterprise, are
woven into the scheme. And can a man work without tools, or exist without ownership of some kind?
What is the matter with the United States that
we should reform or be outreached by the "moving"
spirit of Russia? Are we not tending toward Socialism with our governmental restrictions, our
bureaus, commissions, Federal Boards? Why not
return to the freedom of our fathers, who never
thought of putting government into business or even
of putting business into government? Now we ask
this only in the broad sense, only as to principles
involved. But why this wailing over conditions, admittedly the best in the world? We have some unemployment, but it will pass. The poor we have with
us, but there is sacred authority that we will always
have. We cannot fit production to consumption,
because we leap ahead too fast and outrun our legiti-.
mate needs. Can we imagine any socialistic scheme,
headquarters at Washington, that will be able to do
any better, even with its slaves? Why worry? Why
not depend on a natural evolution of things and of
human relations rather than invite revolution by
"creative" minds? There is no good in this everrecurring preaching by innuendo that the country
is going to the dogs. Our universities are not sacred
repositories of wise economics or purified politics.
There are millions of adult citizens outside working,
thinking, voting for the best.
We suffer enough from ambitious politicians in
legislative halls striving to set the world right.
2098
FINANCIAL CIIRONICLE
There are underlying natural laws that by the converging efforts of serious and righteous men, endeavoring to make a living and educate their children,
guide us into rational relations. Why advocate a
sudden overturn? if semi-Socialism is to be the
cure the soapbox and not the school should be the
rostrum. But these vague charges of "something
wrong"—what is fundamentally wrong? We are
aware of some of our faults and striving to cure
them—when we can be aroused from the apathy of
over-confidence. Pulling down a hundred and fifty
years of natural progress is a poor remedy. Capitalism, accumulation of things, is not a crime. What
other can we do? Sit down and hold our hands while
the "creative" spirit exalts us? Will this method
fill the dinner pail, clothe the children, or keep a
roof over our heads? It is well enough to think on
life and government, even to nourish ideas and
ideals. Important and necessary to support a representative democratic form of rule—shall we turn
government into a benevolence, or turn away from
it because it countenances capital and follow the
will-o-the-wisp of every created fancy?
How can "we Americans completely change our
economic system" without changing our environment
and our inherent energies? Economics is not politics; it is not dreaming—it is the natural laws of
human powers applied to physical resources that
man may live, love, and be happy. In the doing
there spring up institutions and inventions, there
arises knowledge and eventuates wisdom. Each
worker with brawn and brain contributes something
to the whole which we call civilization. Our schools
would perish were there not capital (the saved-up
product of labor) upon which to lay taxes for their
support. Individual initiative provides the ways
and means of constant betterment. There are bound
to arise classes, because of selfishness and proposed
changes—but unless these become fixed by law or the
tyranny of majorities, they are washed out and disappear in that competition which is the true co-operation. Where on earth is their greater opportunity for the individual, a more sure reward for the
worker, a greater independence for every man than
in this capitalistic United States? Let us not be
obsessed by.vagaries of objection and reproof!
A Year of Politics.
If, as some assert, the people are tired of the tariff,
are disgusted with the long drawn-out debate, will
It be possible to make this time-tried subject an
effective issue in the coming campaign? There has
been a triangular division in Congress over the question; and there will be a compromise of some sort
when the joint committee of the two Houses brings
in its final report. But, despite a coalition of Democrats and Independents, the schedules have been,
for the most part in the Senate, the result of a mixed
vote. Neither Republicans, Democrats nor Independents can claim sole credit for the law when
eventually enacted.
As for putting the farmers on a parity with manufacturers, as promised so sedulously in the last campaign, there is slight evidence to show, at this time,
that the former are satisfied. At no other time has
it been more conclusively proven that the tariff is a
"local issue." Satisfied or unsatisfied, the populations of the Congressional districts will be unable
to accept the tariff as a national issue. Speakers
sent out by the national committees will have to be
[VoL. 130.
chary in their references or find themselves embarrassed as they "stump" the country. The old sharp
contention between high protective policies and low,
promises to become a washout. Probably in the long
run this will do no harm, for it is now recognized
the tariff is a burden that must be borne whatever
its form, rates, and provisions. It is a football for
politicians to kick about, to which business must be
subjected every so often, in any event. Once the law
is written, all that can be done is to adjust trade to
its requirements. Business breathes a "sigh of relief" when the end of the quarrel comes, but votes in
these latter years depend upon some other question.
A desperate effort has been made to embroil the
President in the matter. He has been accused freely
of evasion and a lack of leadership, but has kept his
own counsel and maintained the dignity of his office
and the separation of the executive and legislative
functions. The Federal Farm Board must bear the
stamp of his approval, and it is not likely, from ,
evidences so far, that this measure is likely to do
him or his party any political good. Like other Federal Boards, it has undertaken an impossible task,
and already there are murmurings in the agricultural camps over its attitude toward the "co-operatives" and independent individual farmers, and over
its manifest efforts to fix prices, even going so far
as to deal in "futures" to do so.
Whatever the outcome of the London conference,
its protracted effort has imbued the people with the
belief that there is to be no real "reduction," and
though there may be, this dissatisfaction will have
to be overcome. At the outset, therefore, there appears to be no justified advantage gained by either
of the great parties. Perhaps this is not as deplorable as it seems to be. Perhaps the less violent controversy we have in the campaign the better it will
be for all concerned.
We do not live by politics alone. Our parties are
to be criticized alike for prosperity promises they
cannot perform. The economics of the laws of supply and demand are even now working their will,
in despite of the "agricultural depression" and the
cataclysmic smash in the stock market. The Federal
Reserve Board cannot escape criticism and discussion, but it is claimed as a creature of the Wilson
administration and cannot therefore become a divisive factor and the cause of all our ills in a political
sense. We look in vain, then, for a basis for sharp
political division. However, there is yet the issue
of "wet" and "dry." Here again we find the rank
and file of both parties divided, and so far no specific
Proposal on which to found a clear-cut fight. We
must confess, however, that in a representative form
of government this is not a salutary condition. What
are we to send our Senators and Representatives to
Congress to do? Uninstructed on great measures
and principles, they become powerless to effect even
the "reforms" that may be preached from district
to district. We suffer from this condition continually, and the result is a mass of bills, resolutions,
investigations, that confuse the voters and contract
the liberties of the citizens. There is likely to be
sufficient unemployment to excite the interest of
candidates, but can it be shown that either party is
directly responsible? Each has used the government
as a promissor on a note given to the people at large
that they will receive business benefits, but as the
years and campaigns go by there is less and less confidence placed in these promises.
MAR. 29 1930.]
FINANCIAL CHRONICLE
2099
We need a clearly defined issue on the nature, recurring investigations of extraneous matters obpowers and duties of government. Shall we con- scure the vision and cloud the elections? Looked at
tinue by these innumerable laws and boards to en- in the light of experience, we are to have a year of
croach on the rights and prerogatives of citizenship tempest in a teapot, a year of contest over questions
or shall we turn away and take a new path that will that are irrelevant to the nature and duty of govlead us to original Constitutional principles and pro- ernment, a year of running for office in a whirlwind
visions? "What chance have the people, however, to campaign of charge and countercharge that amount
crystallize sentiment, to unify public opinion, to to nothing. And the Government will survive, for
formulate principles and policies, with Congress in the people are interested in work and their indialmost continuous session, and stretching the ses- vidual fortunes.
sion, in election years, to within three or four months
of the balloting? This year is not an unusual off- A Great National Institution—The History of
year. A like condition has occurred before—a resThe Bank of France.
tiveness to get "back-home" to lay plans for succeedCritics of the proposed Bank for International
ing themselves, rendering members excited, am- Settlements have urged that the bank, because of
bitious to "make a record," throwing legislation into
its primary preoccupation with the administration
a turmoil. No one can now predict what will be the
of reparations, would be likely to become a quasi"leading issue." Undoubtedly "wets" and "drys"
institution rather than a purely financial
political
will leave no stone unturned to succeed. But this
will be a local fight in scores of districts—neither one, and that its independence as a bank would be
party will take a firm stand as a whole for repeal. interfered with by the necessity of regarding the
As we have said, the tariff is so mixed up that no wishes—and perhaps the whims—of governments
party can gain much advantage by it. "Issues" not particularly interested in the reparation payments.
now apparent may be suddenly created, and likely The criticism is a natural one to be offered in
will be. And if the present depression in business
Europe, where the connection between governments
persists, as it is quite likely to do, notwithstanding
the boosting of tariff duties, which the public has and banking has always been closer and more obvibeen educated to believe is a certain panacea against ous than has ever been the case in this country.
anything of the kind, and notwithstanding also Fed- Each of the great central European banks, with
eral Reserve easy money policy and Federal Re- the exception of the Bank of England, has always
serve inflation, which likewise we have been told been closely affected in its policy, its organization,
can always be depended on to maintain business and its currency and securities operations by its
activity and business prosperity, it may easily hap- peculiar relations with the government, and the
pen that the dominant political party will go down
course of party politics has again and again been
to overwhelming defeat at the coming November
reflected in the course of the banks in a way that
elections.
A republican representative government must be would have been thought undesirable, if not actually
more than a product of a hodge-podge of politics. dangerous, in the United States.
It requires the sacred support of a citizenry conseThe extremely valuable "History of the Bank of
crated to its protection and maintenance. It must France," by Gabriel Ramon, which has lately apalways return from its excursions into Socialism peared at Paris'* not only traces in elaborate detail
and bureaucracy to its fundamental principles of
the history of the Bank from its earliest ,beginnings
unalienable human rights and the freedom of initiative and enterprise, the guaranty of private owner- to about 1900, but brings out interestingly the govship of property. Drifting as we are into channels ernmental relations of the Bank during the more
of adventure we may easily run upon the reefs of than a century of its notable history. The author
disaster. Why should a modicum of unemployment has had access to a wealth of documents not previin a time of readjustment and recovery from a much. ously used, and in addition has studied carefully
heralded prosperity become the opportunity of Com- the debates in the French Parliament and other
munists to exploit their wild projects of proletarian legislative bodies in which the affairs of the Bank
equality and revolutionary overthrow? It is because have been discussed. The result is a book which,
there is an unperceived decay attacking our own while kept as closely as possible to the historical
institutions. There is no cause whatever for alarm. development of the Bank itself, is also in part a
But is it not time to examine some of our patent financial, industrial, commercial and even political
tendencies, and in our legislation and in our party history of France. The evolution of the Bank charprinciples to organize for our own purification ter and its successive modifications, the accumularather than follow the false fires of governmental tion of a specie reserve and the handling of paper
aid to this class or to that?
currencies, the extension of credit to industry and
When a people reaches a don't-care feeling there commerce, the aid extended to the government in
is danger that the classes of enmity and disruption times of national or international crisis, the flotawill have their day. Politics does not mix with busi- tion of foreign bond issues, and the development of
ness. Clamor by farm organizations for financial branch banking—all these, with other related mathelp is no more to be countenanced than clamor by ters, are set out in M. Ramon's pages with characindustrialists for "protection" against the foreign teristic French orderliness and lucidity, and with a
goods which, entering our ports, would create com- comprehensiveness that leaves little to be desired.
petition and lower price. Each side is seeking to
The historical beginnings of the Bank of France
use the Government as a provider and an aid which go back to 1716, when a royal decree created a
it was never intended to be. But if this be true, Banque Generale. At that time, as M. Ramon rehow are the people at large to overcome it while
•"Histoire de la Banque de France." Gabriel Ramon. Paris: Bernard
prolonged sessions and interminable debates and Grasset.
501 pages.
2100
FINANCIAL CHRONICLE
marks, France was "completely wanting in traditions or experience of banking," notwithstanding
that banks of issue or deposit had long existed in
Italy, the Low Countries, Germany, Switzerland,
and England. This elementary institution was replaced by another in 1776, but the Revolution played
havoc with its operations, most of its directors perished by the guillotine, and it had already ceased
to exist when a decree of the Convention suppressed
it. Still another institution was created in 1796,
but it was not until January 1800, under the Consulate of Bonaparte, that the Bank was at last
permanently established.
Thereafter, for many years, the history of the
Bank was one of irregular and often anxious development. The original statutes were repeatedly revised
to meet changing conditions, and the official charter
was not granted until April 1803. The Bank did not
at first enjoy a monopoly of note issue, and its specie
reserve was a variable quantity depending, it would
seem, a good deal upon the volume and character of
its frequent advances to the Treasury. The progress of the Napoleonic wars brought a succession of
crises, and these did not end with the final overthrow of Napoleon and the Restoration, for the
revolutionary movements of 1830 and 1848, the
Crimean War, the Franco-Prussian War, and the
World War faced the Bank with situations which
required all of its resources and the abilities and
experience of its directors to meet. Each renewal
and extension of the charter, also, brought the question of the Bank before Parliament, the extension
of its privileges being seized upon to extract from
the Bank further obligations of whose benefit the
government might avail itself. The charter has been
several times extended, the last extension, in 1918,
running to 1945. Similarly, the limit on note circulation has been repeatedly raised, in the main to
meet the expanding currency needs of the country,
but also, apparently, to enable the Bank to make
advances to the Treasury. A resort to enforced circulation of the Bank notes was found necessary in
1848 because of the revolutionary conditions of that
year, and again in 1870, at the outbreak of the
Franco-Prussian War, the legal requirement in the
latter instance continuing in force until the end
of 1877.
The events of 1870-71 confronted the Bank with
the gravest problems in its history prior to the
World War, at the same time that they afforded a
demonstration of its power. In addition to the
enforced circulation of its notes, the extension of
numerous loans, and the issuance of notes of small
denominations to combat a scarcity of currency, the
Bank was called upon to meet requisitions from the
government, to steer its course as well as it might
through the stormy days of the Commune, and to aid
the government in the payment to Germany of five
milliards of francs in specie. The share of the Bank
in this last transaction, one of the largest, if not
actually the largest, pieces of government financing
that had ever been undertaken, comprised, among
other things, a series of loans to the Treasury upon
new issues of government bonds, or rentes, which
the country was asked to absorb as an act of patriotism; the accumulation of gold and silver in unprecedented amounts, and reductions of the rates
of interest on outstanding government advances.
M. Ramon, influenced perhaps by the proverbial
reticence of the French in discussing business mat-
[VoL. 130.
ters, refrains from giving many details about the
industrial or commercial transactions of the larger
kind in which the Bank has shared, and in the matter
of accounts contents himself with giving from time
to time summary statements of the condition of the
Bank. (The requirement of a published weekly
statement of condition, it may be noted in passing,
dates from 1848.) He does, however, offer important information about the help extended in 1836 to
the Wells Bank in France, and the Bank of England,
and about financing in connection with Russia and
the French railways. In 1890 the Bank of England,
embarrassed by a serious failure at London (the
failure of the Barings), obtained from the Bank of
France a loan of 75,000,000 francs in gold (M. Ramon's figures relate throughout, of course, to the
old pre-war franc, not to the franc as now revalued)
to enable it to maintain its gold reserve and avoid
raising the discount rate. For this an attempt was
made to censure the Bank in the Chamber of Deputies, but the motion was rejected by a huge majority
of 419 to 25.
The outbreak of the World War, M. Ramon declares, came as no surprise to the Bank. The administration of the Bank had looked upon the accumulation of a strong specie reserve as one of the strongest
elements of the national defense, and for that it had
long been preparing. In addition to expanding its
note issue and putting into circulation throughout
France in a few days large quantities of 5- and 20franc notes, the Bank undertook to advance to the
Treasury 2,900,000,000 francs. Other huge advances
followed as the war went on, the Bank meantime
putting its great resources at the disposition of the
government for the flotation of the national defense
loans and other government financing. The note
circulation, fixed at 12,000,000,000 francs in 1914,
rose by September 1918 to 32,000,000,000 francs.
Besides these internal operations, M. Ramon gives
the principal facts regarding the foreign operations
of the Bank during the war period, including
its connection with loans from the United States.
It is to be hoped that he may before long carry
forward his narrative to include the post-war
experiences of inflation, depreciation, and stabilization.
M. Ramon makes it clear that the Bank, at least
during the period which his book covers, did its best
to keep free from political entanglements, and was,
so to speak, the victim rather than the cause of the
political pressures to which it was from time to time
subjected. Privately incorporated though it was, it
enjoyed monopoly privileges and opportunities for
profit for which it made return by coming to the aid
of the State whenever aid was needed. M. Ramon's
narrative brings out particularly the generally high
character of the Bank's directorate, the marked
ability and devotion which it has been able to command, and the skill and success with which its
affairs have been conducted. "The hour has come"—
so runs a secret communication from the Governor
of the Bank to the heads of branches and bureaux
when mobilization was ordered—"for you and those
who collaborate with you to justify our confidence
by meeting this severe test with calmness, vigilance,
initiative, and firmness." The appeal was called out
by an extraordinary situation, but its substance, as
M. Ramon's able and well-written volume shows,
contemplated only a service which the Bank for
many years had both apected and received.
MAR. 29 1930.1
FINANCIAL CHRONICLE
2101
of these political appointees were completely incompetent.
In six months this situation was drastically remedied, and
THE KINGDOM UNIFIED AND CONSOLIDATED all the "dead wood" eliminated.
UNDER THE DICTATORSHIP OF 4ING ALEXThe same treatment was applied to the Councils of the
ANDER AND HIS NEW GOVERNMENT AND COUNand to the Municipalities of the principal
Departments
SELLORS.
cities. All superfluous and incompetent functionaries were
[By CAPTAIN GORDON GORDON-SMITH.]
and experience.
On Jan. 6 last the dictatorship in the Kingdom of dismissed and replaced by men of talent
territorial division
fresh
a
was
reform
great
first
The
the Serbs, Croats and Slovenes, proclaimed by King
purposes of local administration.
Alexander year before, reached its first anniver- of the country for the
the Kingdom had been divided
Constitution
former
the
By
sary. It is, therefore, of interest to establish the
Departments, each presided over by a Prefect,
33
into
balance-sheet of the new regime, in order to see
appointed by and responsible to the Minister of the Interior
whether or not it has contributed to the well-being
in Belgrade. These Departments were, in turn, divided
of the nation.
into "arrondissements," each with its Sub-Prefect. The
Up to Jan. 6 1929 the country was torn by politi"arrondissements" were divided into Communes, each with
cal factions. The opposition of the Croats, led by
its Mayor and Municipal Council.
Stephan Raditch, had, months before, degenerated
But it was soon evident that these Departments were too
into mere sterile obstruction. All useful work on small. Their revenues did not suffice for undertaking pubthe part of the national Parliament had come to a lic works on any large scale, and their dependence on
standstill. The debates were dominated by political Belgrade rendered the local administrative machinery ex-
Jugoslavia in 1929.
passion and often led to scenes of physical violence.
This culminated, on June 6 1928, in the tragic incident, when Punitza Ratchitch, a Montenegrin
deputy, infuriated at the insults hurled at him by
the Opposition, opened fire with a revolver on the
Croatian benches, killing Pavle Raditch and another
deputy, and wounding four others, including Stephan Raditch, the Croatian leader, who, two months
later, succumbed to his wounds.
The Croatian party withdrew to Zagreb, the capital of Croatia, and declared it would never again set
foot in the Belgrade Parliament until its demand
for a new Constitution was granted. In Belgrade
the remaining political parties were hopelessly divided on
the policy to be observed toward the Croatian party and its
political aims. One section advocated concessions, another
was for making use of drastic coercive measures. From
day to day the parliamentary machine became more and
more dislocated and the political situation more and more
chaotic.
The political situation had naturally its reflex action on
the economic world. Its uncertainties had a paralyzing
effect on trade and commerce, and affected the credit of
the Kingdom in foreign countries.
In this crisis all eyes were turned toward the King. The
monarchy was the only rock in the tempest, the one political
Institution outside of and superior to the struggle of political
parties. King Alexander, in the prevailing crisis, which
was clearly becoming a constitutional one, showed admirable
patience and impartiality. For weeks he conferred with
the leaders of every political party, listening to the views
of the Serbs, Croats and Slovenes with equal attention.
It soon became clear to him that the solution of the crisis
was beyond the power of the existing political parties.
Each had gone so far in their demands that no concessions
or agreement was possible.
The only solution was to sweep away the warring political
factions and abolish the Constitution of June 28 1921, which
was proving a complete stumbling block to any agreement.
On Jan. 6 1929 King Alexander took the final step. On
that date he dissolved the Parliament and all the political
parties, abolished the Constitution and appointed a Ministry
responsible to himself alone, of which General Zhivkovitch
was Premier and Minister of the Interior. A Legislative
Council, composed of the leading men from the entire Kingdom, was created to advise the Cabinet and draw up the
necessary laws. These were promulgated by royal decree,
countersigned by the responsible Minister.
The first task of the new Government was to purify the
whole Administration. During the years of parliamentarism
thousands of people having political "pull" had secured
public office. Every Ministry was overstaffed, and many
tremely cumbersome.
On Oct. 4 last a royal decree appeared abolishing the 33
Departments and substituting for them nine "Banats," each
presided over by a "Ban," or Governor, appointed by and
responsible to King Alexander. Under this new regime
Croatia forms a "Banat" by itself. This allows it a large
measure of self-administration, and thus grants to the Croats
the measure of autonomy they have always demanded. The
same holds good of Serbia, Slovenia, Dalmatia, and the
other sections of the Kingdom. This new measure will
undoubtedly make for the consolidation and union of all
the Provinces composing the Kingdom.
At the same time, in order to give emphasis to this, a
second royal decree announced that the title of the country,
Kingdom of the Serbs, Croats and Slovenes, would be
abolished and the title Kingdom of Jugoslavia substituted.
("Jug" is the Serbian word for South, so that the new
title means Kingdom of the Southern Slays.)
I was in Jugoslavia when these royal decrees were promulgated, and can bear witness to the boundless enthusiasm
with which they were received throughout the whole Kingdom. This has just been confirmed on the occasion of
King Alexander's birthday, on Jan. 17 last, when delegations
totaling thousands of citizens of every rank and class from
every part of the Kingdom came to Belgrade to assure the
King of their loyalty and devotion. The delegation from
Croatia, over 500 strong, was received by the citizens of
Belgrade with boundless enthusiasm during their three
days' visit to the capital.
The improvement of the political situation has been
equaled and even surpassed by that of the economic one.
In every branch of the economic life, in trade and commerce, in finance, in roads and railways, in the merchant
marine, in mining and agriculture, and in the lumber trade,
the past year has been a most prosperous one.
One of the greatest proofs of the growing financial stability of the country was the recent creation of the National
Agrarian Bank. Jugoslavia being a country where 85%
of the population lives by tilling the soil, and where each
peasant owns the soil he tills, one of the greatest needs
was a financial institution to provide funds for these
peasant farmers. Up to now they had been dependent on
loans from usurers, who took 20% and more for the money
they loaned.
The share capital of the new bank was to have been 300
million dinars (over $5,000,000), and it was believed that
this sum would be difficult to find. But when the lists
were closed it was found that 700 million dinars (nearly
$13,000,000) had been subscribed. This makes the new
Agrarian Bank the most important financial institution in
Jugoslavia. The new bank has set busily to work, and has
already granted considerable credits to peasant co-operative
societies (which in Jugoslavia are very numerous and very
well organized), and to individual peasants.
The Postal Savings Bank has also made great progress.
At the end of 1928 it had deposits of only 30,000,000 dinars.
At the end of 1929 these had increased to 100,000,000 dinars.
Credits on current account were also much larger than
formerly.
2102
FINANCIAL CHRONICLE
Private banking is progressing satisfactorily. The difficulties which had arisen as the result of war and post-war
conditions have now been completely surmounted. During
the past year business was much better and funds much
more liquid than previously. After the falling off of deposits, due to the economic depression of 1927 and 1928,
the improvement in 1929 has been very great. Equally
satisfactory was the business done by the Municipal Banks,
which are constantly growing in number. The Provincial
Savings Banks have now been transformed into Banat Sayigs Banks in the new administrative divisions of the country.
Thanks to the excellent harvest, the year 1929 was a record
one for agricultural export. Over 70,000 truckloads (700,000
tons) of wheat and 150,000 truckloads (1,500,000 tons) of
maize were exported. New markets for wheat were found
in England, Holland, and the Scandinavian countries. The
recbrd crop of maize has also allowed the peasants to fatten
thousands of cattle and pigs for foreign export. The fact
that wheat and maize could be sold at low prices in Jugoslavia has greatly benefited the working classes in the
towns and cities.
The year 1929 was also a record one in the mining world,
especially as regards coal. The Trbovlje mines, the largest
In Jugoslavia, had constantly to take on fresh labor. In
all the coal mines work was carried on on a large scale,
many mines having more orders than they could fill. The
output of coal increased by nearly 30%.
Other branches o f mining showed similar progress. The
Iron mines of Ljubija, In Bosnia, had a record year. The
copper mines of Bor, in Serbia, were working at full capacity, practically day and night, and greatly increased their
output.
Bauxite mines, especially those in Dalmatia, had a most
satisfactory year. Exports were twice as large as in 1928.
A number of new mines have been opened with foreign
capital. It is further proposed to erect a factory for the
manufacture of bauxite cement and another for the mannfactuie of aluminum.
'.1 he most important fact of the year 1928 was that It
saw the beginning of a lively exploitation of the mineral
wealth of Southern Serbia and Bosnia. In the opinion of all
geologists, these Provinces contain enormous stores of mineral wealth. The want of communications and the former
political situation had, up to then, hindered any opening
up of these natural resources. But now British, French,
and A inelkall capital is beginning to take interest In them.
ln E128 and 192.) several hundred in
dinars have been
invested in lead, zinc, and copper mines at Trepee, Janjevo,
and elsewhere. Winks are being erected and communications established on such a scale as to make a large output
seem likely. If the present tempo should be maintained, a
few years front now should see a complete transformation
of many parts of the country which were formerly completely undeveloped.
The year 1929 saw the founding of more industrial enterprises. most of them joint stock companies, than in the
preeeding three years together. In addition, many of the
existing enterprises extended or modernized their works.
The griba test development was seen in the textile industry.
At the time peace was signed there were only about 10 large
textile factories in the whole country. To-day there Are over
100. Many of these are foreign enterprises transferred to
Jugos!am Ia. But these i.mploy native labor for the most part,
and also serve to reduce the import of textiles. The progress
of the textile industry must largely be ascribed to the proteeth e hit k's now in force. The exhibit of the industry
at the snmple Fair, held at Zagreb last year. proved that
enormous progress has !wen made In the last 10 yea I'S.
Progress in other industries was also exceptionally good.
A State with a population of 13.000 000. with a strong protectiye tariff, and with rapidly growing national prosperity,
which makes constant demand for new articles, offers au
excellent field for the extension of Industry, especially Whet,
the State. gives suitable protection and concessions and
does everything In its powers to encourage commerce.
Communications also show steady improvement. Many
new railway lines have been constructed and others will
very shortly be completed. About two months ago the new
line from Kraguevatz to Kraljevo was opened to traffic,
and In a few months the section Kraljevo-Kosovska Nigrovitza will be finished. This will give Belgrade a second
line to Skoplje and Saionica. The existing line via Nish
has long been carrying the peak of traffic.
[VOL. 130.
The line Krapina-Rogatec has also been completed, which
gives Zagreb, the capital of Croatia, direct connection with
Maribor and northeastern Slovenia. On the Adriatic coast
the new line to the harbor of Baker Is rapidly nearing completion, which will give great relief to the port of Sushak
(the Jugoslav half of Fiume), which is now forced to work
night and day and can even then hardly handle the traffic..
In southern Serbia two lines of great importance, BitoljPrelep and Trebinje-Lastvo, have been finished and opened
to traffic.
In addition to new construction, extensive improvement
of the existing lines has been undertaken. A new bridge
of reinforced cement, the largest of its kind in the Balkans,
has been constructed at Zidani-Most, which will give better
connection between Zagreb and Ljubljana. When the line
Zagreb-Zidani Most is finished, there will be a double-track
line from Belgrade to Zagreb and Zidani Most, and thence
to Ljubljana and Trieste, and also to Maribor and Graz.
'Much was also done in the last year for the improvement
of the rolling stock. Several hundred locomctives and
several thousand trucks were Obtained from Germany on
account of war reparation. Great additions were also made
to the railway repairing shops so as to keep the rolling
stock in good condition. As a result, the export of an
immense amount of grain was carried out without a hitch.
The Jugoslav merchant marine also made great progress,
.and now amounts to over 300,000 tons, or three times as
much as in 1920. The coastal service has also been-much
Improved. By the contract just signed between the Government and the lines on the Adriatic, these have undertaken
to build 20 new vessels, large and small, within the next
10 years.
After adverse trade balances in 1927 and 1928, and the
first half of 1929, a remarkable change for the better took
place. In the month of August the trade balance was
favorable to the extent of 350,000,000 dinars. In September
the favorable trade balance was 70,000.000 dinars. and in
October 300,000,000 dinars. Though the exact figures for
November and December are not yet available, it is certain
that on the whole year 1929 there will be a favorable trade
balance of about 300,000,000 dinars, in contrast to the adverse balance of nearly 3,000,000,000 dinars in the two
preceding years.
The favorable trade balance bad as its consequences a
favorable balance of payment. The bill reserve of the
National Bank has risen to 1,500,000,000 dinars, or a billion
more than at tile end of the first six months of 1929. The
cover for time note circulation is now 40%, and is, therefore,
on a level with that of many countries which have normal
economic conditions. With such a rise in the bill reserve
It was naturally very easy to maintain the stabilitr of the
dinar. In fact, it Is the conviction of all business circles
that Jugoslavia could carry out the legal stabilization of
the dinar on a gold basis at any moment, and also carry
out a large part of the currency reform, and do this from
her own resources without the aid of a foreign loan.
The Advice of Gov. Young of the Federal Reserve
Board to Business Men.
[Editorial In New York "Journal of Commerce," Mar. 22 1930.]
Governor Young of the Federal Reserve Board, In an address to executive officers of the Automobile Chamber of
Commerce, offers first of all an apologia for the methods
of the Federal Reserve system, and, secondly, some advice
to business men how to act in the present circumstances.
In view of existing conditions in many lines of trade, the
latter is the more important of the two elements In the
address.
Briefly speaking, Mr. Young's advice Is "more Initiative
and less hesitancy"—boldness in business management. and
the overcoming of Inertia which might otherwise result in
holding business back and condemning it to a long period
of delay. The Federal Reserve system, the governor alleges,
has done its utmost to get things started by cutting rates
of interest and thereby preparing the groundwork for progress, which, however, must be made by our business men
themselves. Credit, he says, is only a "contributing factor
toward reviving business," so that tile real responsibility
must be undertaken by "the men who are engaged In the
business of agriculture, industrial production and wholesale
and retail trade." This advice Is rather vaguely expressed,
MAR. 29 19301
FINANCIAL CHRONICLE
as much such counsel often is, but put in plain language,
It seems to mean that business men of all grades ought to
proceed actively in planting, manufacturing, trading, distributing and selling, using as an auxiliary the "cheap
credit" which has been made available by the reduction of
rate.
Every proposal made in a time like the present ought to
be carefully scrutinized and judged on its merits. Let us
see what Mr. Young's suggestion amounts to from that
point of view. Of course, every business man is anxious to
do what is thus suggested—go ahead with a greater degree
of activity. Why does he not do it, then? For a variety
of reasons. In a good many cases there has been great overproduction. That is true in all lines in which the installment plan has been resorted to, for instance, in such
branches of manufacture as automobile making. Some
classes of electric equipment, and a great number of manufactures, as well as farm staples, suffer likewise. Whatever may be the original cause of the present situation, it
has produced a great deal more goods, both staple and
manufactured, in certain lines, than can be taken off the
market. Another factor that holds back business men is
the entire collapse of demand in certain quarters due to
the fact that the banks and the investors of the country are
not functioning as they formerly did. This is conspicuously
true in the export trade. Thus the list might be indefinitely
prolonged. Surely Governor Young would not ask business
men to make matters worse by turning out goods for which
demand had been satiated temporarily, or to ship them
abroad to buyers who have not ordered them. That would
be nonsense. We recognize to-day that it Is not even wise
to employ forces of men in doing unnecessary work, as
President Hoover urged some months ago, because of the
Improper diversion of capital thereby produced.
Mr. Young's advice Is based upon the theory that the
trouble with this country is "hysteria" or "false psychology,"
when the truth Is that it Is not suffering from imaginary
ailments but from real evils which need to be corrected.
It is of no use to urge a bold advance upon a man who has
broken both legs. The patient needs time to recuperate,
and the proper kind of medical treatment. "Boldness" will
help him, but only after his disability has been corrected.
And, unfortunately. the Reserve System, instead of, as Mr.
Young asserts, making business money cheap is doing all
that It can to render it more expensive. It is cutting discount rates and drawing funds into the stock market again,
so that as a result there has been absolutely no cheapening
of money to the legitimate business man since last autumn.
At that time it was fully 50% higher than it was two
years ago.
Regretfully it must be said that Governor Young's record
as a bin:Riess advisor does not stimulate confidence in his
analysis of present conditions. Ile says that "from September 1927 until October 1929 this country experienced
a hysteria that eventually became world-wide in Its effects."
This Is true, but Mr. Young himself, during those very
years on several occasions publicly stated that there was
nothing to be feared In the relation between credit and
stocks, and sneered at those who felt that the Reserve
System was not being well managed. Ho now adds that if
bankers had not acted as "quickly and courageously as they
did, this country would have witnessed one of the greatest
panics it has ever experienced." He might more accurately
have added that if bankers had not acted as they did In
several parts of the country for some months before the
panic, and particularly if the Federal Reserve System had
not set them so bad an example, no panic would have
occurred at all.
Both in retrospect and at the present moment, Mr. Young
appears to be an unsatisfactory advisor.
A Fruitless Effort to Establish an Alibi for
Federal Reserve by Gov. Young.
[Editorial in New York "Journal of Commerce." Mar. 24 19301
Attention was called in these columns on Saturday to
the dangerous and disquieting advice given to business men
by the Governor of the Federal Reserve Board in an address
before automobile executives a few days ago. At that time
It was noted that a part of Mr. Young's remarks consisted
of an apologia for the policies of the Federal Reserve System. Since that time this same official has been a witness
before the House Committee on Banking and Currency. It
2103
would seem from what he has said on butii occasious, as
well as from other evidence that is gradually becoming
available in authentic form, that there is effort at a definite
attempt to make a formal alibi for the Federal Reserve
System, and particularly for the Federal Reserve Board in
connection with the panic.
Perhaps there is no subject in the economic history of
the United States as to which more misrepresentations have
been made, and more erroneous statements put forth than
this apparently simple matter of the Federal Reserve System, its origin, and history. Therefore it is worth while to
endeavor to make the real facts plain step by step as the
development of events renders this possible. Mr. Young
told the automobile men that there had been some criticism
of the Reserve System for its slowness to act, but that
such slowness was to be explained by the fact that policies
were not determined in any one place but were settled by
the 12 Federal Reserve Banks with their nine directors in
each case, or 108 men in all. He now tells the House Committee In the same strain that the Board had used its powers
so far as it could in an effort to hold down speculative
hysteria. As to this, the statement made by the Chairman
of the Federal Reserve Bank of New York in his recently
published report, is worthy of note. Mr. McGarrah states
that "from February to May [1929] directors of the Federal
Reserve Bank of New York voted an increase in the discount
rate from 5 to 6%. The increase was not approved by the
Federal Reserve Board." This fact, of course, was common
knowledge at the time, and now it is authentically certified.
How does Mr. Young reconcile it with his statements about
the 108 men whose decision must be awaited, and the fact
that the Board was putting forth all its efforts?
Looking back a little bit further, to the year 1927, it will
be recalled that the then Governor of the local Reserve
Bank, who bad become greatly devoted to the idea of low
rates, succeeded in inducing the Board to compel interior
Reserve Banks, notably that of Chicago, to cut their rates,
using the doubtful powers of dictation which an AttorneyGeneral of the United States had once said (in a decision
for a long time unpublished, and never before acted upon)
the Board possessed. The Board was at that time presided
over by a gentleman who afterward went into the securities
business himself, and was later indicted in the District of
Columbia. The simple truth of the matter is that the Federal Reserve System has never at any time in the past three
years occupied the position of antagonism to "speculative
hysteria," and to excessively low rates that Mr. Young
alleges. It has been a consistently low rate Board, and
has not only from time to time refused to allow the raising
of rates, but at least on one occasion has compelled the
cutting of them. Plenty of stock market influence has
centered around the individual Reserve Banks, but they,
being fairly close to the situation, have been able to recognize the imminence of immediate danger from time to time.
But the Board has not been willing to allow them on such
occasions to use the full protective powers which they
possessed.
Now Mr. Young and Secretary Mellon, the Chairman of
the Federal Reserve Board, as well as the members of that
organization, simply cannot make good the alibi which both
of these officials have been trying to establish. They have
been deeply culpable, in fact, fundamentally responsible for
what has happened during the past few months. This Is
not because they wanted to bring on the panic, or that they
had anything to gain from it; quite the contrary. The
simple fact is that the majority of those who are in charge
of our banking affairs, both at Reserve Ranks and in Washington, are too weak to be able to resist the general pressure
brought to bear upon them for policies which will promote
or maintain speculation. This pressure Is both financial
and political, and Is felt, of course, very strongly from
administrative sources which are prone to identify active
stock market operations and stock market profits with
what is called "prosperity." This is the truth of the matter,
and there is no escaping it. The effort to file an alibi in
the matter is wholly fruitless.
The importance of the situation thus depicted is seen in
the fact that just at the present moment we are again
witnessing a repetition of the same unwise, not to say disastrous, tactics that have caused repeated trouble in the past
few years. What can or will the community do to bring
about a better management of our central banking
mechanism?
• 2104
FINANCIAL CHRONICLE
[Vol,. 130.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIALTEPITOME. active. Some have an idea that the competition of cheaper
Friday Night, March 28 1930.
feeds may have cut down the farm consumption of corn.
General retail trade has suffered so far as the Central However that may be, the crop movement has been small
West and the South are concerned by freezing weather which and the cash demand for the most part good. Oats prices
has penetrated far to the South and by snowfalls like that have been in the main well sustained by the action of other
In Chicago of over 19 inches with drifts under a 45 mile grain and an excellent cash demand. Rye has dropped
gale of 6 feet. It has blocked roads for days and delayed some 3 to 6c. with export trade as hopeless as ever whatwith
railroad transportation. Schools in parts of the West plentiful supplies abroad and European prices lower than
adjacent to the lakes have had to close and the activities ours. Provisions have declined a little.
of ordinary life stopped for the time being. General trade
Cotton was firm for the old crop during most of the week
for one reason or another suffers by comparison with that as spot interests covered hedges and straddlers also covered.
of last year. With Easter coming at an earlier date than On the other hand the next crop declined for as the old crop
this year by three weeks, buying of goods a year ago was was covered the hedges were transferred to the new. The
comparatively active. But while retail trade lags, wholesale entrance of the Farm Board into the market has brought
and jobbing business is gradually gaining. Employment about an unexpected and unforeseeable turn in cotton afthus far in March is a trifle larger than it was in February. fairs. A big trade short hedge account had to be covered
Car loadings are still below the levels of recent years. The in May. The old crop went to a premium. Then somebody
stock market however has been more active and often at wanted to know whether the agents of the Farm Board were
new high prices for many different issues. There has been obeying the rule that no one firm should carry more than
a falling off in lumbering operations. At the Pacific North- 200,000 bales of May and 150,000 bales of July. The Conwest it is said to be much below the normal. Buying of trol Committee of the Exchange investigated and made a
hard woods in the Mississippi Valley is smaller than what report that so far as its information went no firm was violating
might be expected at this time of the year.
the rule. This episode made a mild sensation. It is beTaking trade and industry as a whole it is smaller than a lieved that it has in no wise changed the situation. The
year ago. Wholesale and jobbing trade makes a better Farm Board agents it is understood keep their holdings
showing than retail. Steel scrap, it is said, has declined intact and it is supposed are just as much bent on requiring
and lower prices are also reported for structural shapes, delivery on May contracts as they were before and at the
automobile body sheets and steel strips and also tank plates. same time the hedge short account in the new crop is steadily
But large pipe orders were given out. Pig iron in some parts growing. Some who are selling out their holdings of the old
of the country is reported a little more active, but Eastern crop are buying the new. Coffee statistics are considered
Pennsylvania iron is said to be somewhat depressed. Lead very bearish and Rio coffee has declined though Santos has
has advanced, tin has been firmer and zinc somewhat lower. made a better showing. It is reported too that the RotheCattle and other live stock have declined in price with a childs have granted a loan to Brazil of £10,000,000 to be used
liberal movement to market and the meat trade less active. partly it is said in paying debts to other foreign bankers and
Coal production has fallen off somewhat. The West reports the remainder in "defending" the price of coffee. Some asa better business in cotton goods with the Southwest. The sert that Brazil has enough coffee in sight to last the world
spring wheat acreage promises to be nearly 4% smaller, for two years at the present rate of consumption. Raw
whereas the Farm Boards ask for a 10% decrease. Canada sugar has advanced as the indications point to the continuand our Western and Southwestern States need rain, especi- ance of the existence of the Cuban Selling Agency which
ally in Kansas, Oklahoma and Northwestern Canada. There some have been making strenuous efforts to have dissolved.
is said to be a good deal of ice in the Straits, but harbors One thing can be said for sugar and that is that its price is
are generally clear and resumption of Lake navigation is very low. On that account some are avoiding the short side.
expected early in April.
Rubber has been in the main firm here and in London with
Print cloths of certain construction have sold here more some increase in the estimates of the consumption though as
freely; otherwise cotton goods have been quiet. But buyers a rule the factories have not been good buyers. Cocoa has
have endeavored to secure lower prices without success as advanced. Hides declined slightly.
raw cotton was mostly firm. Now and then second hands
The stock market on March 26 advanced 5 to 10 points on
have cut quotations Mc. but the offerings were small, and active trading amounting to more than 5,000,000 shares with
spasmodic. Sheetings have been quiet and steady. Fine call money easy at 3%%. The trading included blocks in
and fancy cotton cloths were dull and irregular. Man- some cases of 15,000 to 50,000 shares, the latter in Curtisschester reported a better demand both for cloths and yarns, Wright, while a block of 35,000 shares of General Electric
and it is said that the trade situation in China is better. sold at 80; a new high. There were many transactions of
Woolens and worsteds were quiet. The cold weather hurts 5,000 shares each. Exchange rates were generally lower.
the sale of spring lines in many parts of the country. Broad Car loadings for the second week in March were much
silks of the popular sort were in fair demand. Raw silk was smaller than in any similar week in the last eight years, but
somewhat firmer, responding to higher prices in foreign decreases are an old story and seem plainly to have been
markets, but here in New York trade has not been good. discounted. On the 27th inst. stocks declined in many cases
The weekly food index price was somewhat lower. Building 2to 4% with no change in the Federal Reserve bank rate and
has been unfavorably affected by cold weather in the East transactions below 5,000,000 shares. There were exceptions
and South and the great storms in the Central West. There to the prevalent decline. But brokers loans to the surprise of
is less business being done in furniture than a year ago and everybody decreased for the week $21,000,000 and in an
the same is true of hardware, leather and shoes, as well as irregular market there were noticeable advances in some
men's wear, suits and other clothing. Also this is true of stocks including Anaconda, Industrial Rayon, Lambert,
electrical goods at retail, and of the coal trade and woolens Remington, Rand, Republic Steel, Associated Dry Goods
and worsteds, wholesale and jobbing. One of the hopeful and Worthington Pump, while there were sharp declines in
signs of the times is the tendency towards lower rates for American Water Works, American Power & Light, Brookmoney, while the revival of confidence in the stock market lyn Union Gas, Columbia Gas, Johns-Manville, Peoples Gas,
should not pass unnoticed.
Western Union and Southern Pacific. Bonds declined led
Wheat ended somewhat lower after a week of slim export by Government issues. To-day stocks were active and many
trade and with supplies large and suggesting a large carry- new high prices were touched as the day's trading overover unless there is a remarkable change for the better in the topped the 5,000,000-share mark again. The buying fever
foreign demand. France may export anywhere from was on. Some commodities were higher including grain,
8,000,000 to 16,000,000 bushels and Germany has raised cotton,rubber and sugar. Bonds were higher led by Governits duty on wheat to 78 cents a bushel. But the Southwest ment issues.
needs rain and the weather has been too cold. The Farm
At Fall River a fair business was done at firmer prices.
Board has bought May and cash wheat freely but of course Production was unchanged. Fall River reported that stockthat does not consume the wheat. Corn has been generally holders of the King Philip Mills voted to accept offer of
firm with the weather bad, receipts small and expected to Berkshire Fine Spinners Associates, Inc., to pay 3,6 share
continue so for a time, stocks small and speculative, more preferred and 2 1-7th shares common of Berkshire stock for
MAR. 29 1930.]
r
FINANCIAL CHRONICLE
2105
and Northern Indiana are completely
each share of King Philip stock and thereby acquire King Southern Michigan
with street car service in many cities
drifts,
snow
by
buried
wired
C.,
N.
Charlotte,
estate.
real
its
and
Philip plant
snow near Hamlet, Ind., stopped
of
Drifts
abandoned.
better
is
feeling
the
that owners of five outside mills all say
on the roads and 150 motorists spent
with considerable inquiry lately. One large manufacturer busses and automobiles
until Pennsylvania Railroad trains
said business in the past week is the best since the first of the night at farm houses
Chicago.
to
them
bring
to
able
were
closed
the year. Anchor Mills of Huntersville, N. C., have
time to time on March 27th
from
little
a
here
snowed
It
Mills,
Cotton
Halifax
The
period.
indefinite
an
for
down
to 38 degrees. Boston had
32
were
temperatures
the
and
days
four
of
schedule
of South Boston, Va., have gone on a
26 to 34, Cleveland
Cincinnati
38,
to
26
Chicago
44,
to
per week and the Aiken Mills of Longley, S. C., will shut 34
to 46, Los Angeles
24
City
Kansas
32,
to
24
Detroit
32,
to
24
reported
C.,
S.
Spartanburg,
week.
down on each alternate
22 to 36, Omaha
Minneapolis
34,
to
22
Milwaukee
82,
to
56
later that that State alone kept its mill spindles running
44, Portland, Me. 30 to 42,
to
34
Philadelphia
42,
to
26
than
more
of
average
an
at
February
of
month
the
throughout
Francisco 68 to 82, Seattle 46
300 hours, which compares with the total activity of mills Portland, Ore. 50 to 76, San
zero to 22 above. To-day
Winnipeg
40,
to
28
Louis
in the United States of 205 hours. According to the figures to 76,St.
forecast is cloudy and
the
and
here
degrees
42
to
31
was
it
South
Manufacturers,
Census
of the Federal Bureau of
and still cool on
showers
and
Saturday
for
cool
continued
262
Carolina's average for the month was 303 hours against
Sunday.
States
United
the
for
205
States;
growing
cotton
the
all
for
and 135 for New England. South Carolina's average of
Hoover's National
303 compared with 247 for North Carolina, 245 for Georgia J. H. Barnes, Chairman of President
Public Reports
Makes
Conference,
Survey
Business
and 244 for Alabama.
Factors
Retarding
Situation—Some
Business
on
On the 23rd inst. light rains and snows were reported in
Overcome.
Been
Have
to
Appear
was
it
the Western Plains States and the Northwest. Here
"Without presuming to draw conclusions," the essential of
24 to 45 degrees. Boston had 22 to 44; Chicago, 34 to 54;
reports obtained by President Hoover's National
detailed
36;
to
26
Detroit,
44;
to
26
Cincinnati, 26 to 58; Cleveland,
Kansas City, 50 to 62; Miami,70 to 82; Milwaukee,30 to 38; Business Survey Conference were made available on March
In
St. Paul, 32 to 44; Montreal, 10 to 26; Omaha, 38 to 62; 24 by Julius H. Barnes, Chairman of the Conference.
indi"they
that
states
Barnes
Mr.
reports
the
presenting
Philadelphia, 26 to 48; Portland, Me., 18 to 40; Portland,
the interOre.,42 to 48;Seattle,42 to 48; St. Louis,36 to 68;Winnipeg, cate both strong and weak points and show clearly
statethe
makes
also
Barnes
Mr.
industry."
all
of
relation
28 to 30; San Francisco, 52 to 84.
early retarding factors, partly psychological,
"some
that
ment
West
the
in
Central
blizzard
a
came
On the 25th inst.
have been gradually overcome." In the case of
with a big snowfall driven by gales into drifts 6 feet deep, appear to wholesale trade the report says "practically all
and
retail
stalling rail, auto and air traffic. It crippled Chicago's busicautious buying. Stocks of merchandise were
ness. It was the biggest snowfall there on record for 24 lines report
Consumer buying shows little appreciable
low.
relatively
hours in March. The gale from the Northwest aggravated
Conditions in rural sections are reported better
curtailment.
low
pressure
queer
area
over
A
fall.
the effect of the snow
year." The report as to "new construction and
Indiana explained the protracted fury of the wind and the than last
expenditures" states that "upon the basis of
capital
other
snow storm. By nightfall the storm was blowing itself out.
made this year, it is now possible to restate
already
progress
blocked
and
street transBut country roads and rails were
estimates of probable expenditures in
earlier
totals
larger
in
portation was difficult. A number of persons lost their
new construction. Utilities of all
and
equipment
for
1930
was
permission
given
to
close
lives. Schools were open, but
this year to an aggreexpenditures
such
contemplate
kinds
them on the 26th inst. Two hundred men in the New York
last year."
$2,863,000,000
against
as
$3,250,000,000
Central yards at Chicago had a serious time trying to unload gate of
construction industries that
the
to
as
stated
further
is
It
a circus with its lions, tigers, monkeys, camels, hyenas,
"there are continued signs of improvement, except in resielephants and other crazed animals.
dential building, which still drags." The summary of
On the 25th inst. here fog and rain interfered with navigabusiness conditions as issued by Mr.Barnes follows:
tion and delayed the arrival of ocean liners even the Europa
Comprehensive and detailed reports obtained by the National Business
though making a new quick record in coming from Europe Survey Conference from virtually every important line of business and inpossible to draw a fairly accurate
slowing down to a pace that barely made headway from dustry in the 'United States make it is
now four months after last fall's
of the business situation as it
picture
British
to
and
its pier. Two
quarantine
Italian liners security decline.
anchored off Ambros Channel with small prospects of reachThese reports come largely from trade association sources and are transmembers of the general committee of the coning the city that night. Mail air pilots in Virginia had to mitted in the main through are
familiar by long experience with the sigference, through men who
drop in parachutes to save their lives, in one case 11,000 ficance of trends and factors in their own lines of business.
feet. Boston had 38 to 48 degrees; Chicago, 26 to 28;
The reports are received at a time when we have passed through a suf1930 to indicate definitely trends and tendencies
Cincinnati, 32 to 46; Cleveland, 32 to 50; Denver, 26 to 34; ficient portion of the year formulation
of reasonable expectations. Current
to make possible some
Detroit, 30 to 32; Kansas City, 32 to 40; Los Angeles, 66 to and
govern the course of economic events in the
to
conditions would seem
88; Milwaukee, 24 to 34; St. Paul, 24 to 34; Montreal, 22 ensuing months.
the reports deal with existing ocnditions as compared
to 30; New York, 44 to 57; Omaha, 28 to 40; Philadelphia, In many instances
with the end of the year 1929. They also show to a considerable extent
50 to 68, and Winnipeg, 16 to 24.
conditions as contrasted with a year ago, and some of them provide data
both strong and weak spots, and show
On the 26th inst. it was said that Chicago had had since for a range of years. They indicate
clearly the inter-relation of all industry.
on
of
m.
the
inches
24th
p.
snow,
the
inst.
11.25
greatest
173/
Some early retarding factors, partly psychological, appear to have been
on record and it was still snowing and traffic was at a stand- gradually overcome.
The reports from the various industries indicate that the importance laid
still. The heaviest previous snowfall there was 14.9 inches
upon construction as an influence in restoring industrial balance have not
on Jan. 6 1928. Snow was falling in parts of Virginia, been over-emphasized. They show that for a revival of construction in
Kentucky and Tennessee. Rain in New England was ex- its manifold forms a first requirement is adequate and reasonably priced
pected to turn to snow. Here on the 26th inst. it was cold credit.
Without presuming to draw conclusions we submit the essentials of the
and blustery. The blizzard had on the 26th inst. passed reports for the information of business men.
Since finance is of such importance, we summarize its various reports
eastward and over Lake Ontario. Its progress was surfirst.
prisingly slow notwithstanding its severity. Snow was still
Long Term Credit.
falling in parts of Northern Illinois, Indiana and Ohio. The
January and February bond issues were 33% larger than the same period
Southwest was mostly clear with temperatures unofficially last year. Bond prices formerly tending downward have turned upward
few weeks. Interest rates on standard issues continue lower
20 to 32 in Kansas and around 30 in Nebraska. Later in these last ago
with indications of further softening. In general, there
than a year
reports from Chicago showed that it snowed for 44 hours Is an increase in funds available for both long and short time securities.
inventories are
making 19.1 inches a high record fall. The Central West Bond dealers are disposing of good offerings and their
decreasing. The general outlook in the investment field is favorable.
from the Mississippi River to Central Ohio was buried in although
bankers continue warnings against artificial stimulation.
snow, aggravated by a 40 mile gale with low temperatures.
Short Term Credit.
Twenty-two thousand were digging out Chicago where only
Customers' rates at their banks have shown a declining tendency. In
the main streets are open to traffic. Schools were closed. addition, acceptance rates, call rates and time money rates have all declined
lower than last year, some rates marking the low
Street car service in Chicago and its suburbs on the 26th and are now substantially
points for several years. There is evidence that the general easing of bank
Inst. were still virtually at a standstill. State and local credits
is reaching the smaller centers. After downward tendency for some
highways are blocked from the Mississippi River to the months, total bank loans are increasing, showing funds going into use.
Bank Debits.
middle of Ohio and from Milwaukee and Detroit almost
Excluding New York City with its largo security transactions, this
down to the Ohio River, threatening to cut Chicago's milk
of business turnover is now slightly less than the weekly average
supply to a severe shortage and seriously threatening food indicator
of last year and slightly greater than the first quarer of 1928, with the
conditions in Northern Indiana, the centre of the storm belt. seasonal decline this year less than the seasonal decline last year.
2106
FINANCIAL CHRONICLE
Savings.
New York Saving Bank deposits since the first of the year show steady
net increme, substantially greater than last year's corresponding months.
Elsewhere some districts show moderate increases over last year and others
slight losses.
Life Insurance,
New February business at $1,003,000.000 exceeded February 1929 by
3%. Thus the December estimate of 8800,000.000 from life Insurance
reserves for new investment during the first half of 1930 Is proving conservative.
Building And Loan Associations.
In most sections a marked increase in receipts in comparison with closing
months of 1929 Is seen. Some associations have begun actively to solicit
applications for home construction and for modernization.
Mortgages.
Farm loans report slight increase with marked decrease in delinquencies
and foreclosures as compared with last year and the previous year. Funds
for good farm loans seem reasonably available. City mortgages show
smaller volume than last year and year before with a small increase in delinquencies and foreclosures. Adequate funds are reported available for
conservative new loans.
Installment Finance.
Reports indicate installment sales approximately equal to last year with
no marked increase in delinquencies.
New Construction and Other Capital Expenditures.
Upon the basis of progress already made this year, and more matured
plans of the various fields of business, it is now possible to restate in larger
totals earlier estimates of probable expenditures in 1930 for equipment and
new construction. Utilities of all kinds contemplate such expenditures
this year to an aggregate of 53,250,000,000, as against $2,863,000,000 last
year.
Other private construction in all of its forms, it now seems probable, will
reach at least as large as last year.
The Construction Industries.
There are con limed signs of improvement, except In residential building,
whi ;it still drags. Contracts awarded In the week ended March 14 totaled
$105.000.000, the highest weekly figure in eight weeks. February permits
for additions, alterations and repairs in 279 cities show a decided increase
in numbers over January, but a smaller total value.
Awards for concre e pavements for January and February and for State
and county roads exceed last year by 82% and are 40% above 1928. Shipments of Por land ement this February wore the largest of any February
in the last four years.
The crushed stone industry, usually dormant until mid-April. expects
this year's business to prove 10% above normal and above last year. Shipmen's of s•one. sand and gravel are Increasing slowly.
Common lei le has had a very dull three months.
The slate indtLatry finds orders light and prices lower, but expects better
condi i MN last half ef the year.
Lime for cons ruc•lon purposes indicates 40% below normal, while
for agrieul era I and chemical use it is 10 to 15% over last year. Manufacturers exneet Improvement wi h the construction seas n.
Plate 41ass manufacturers report conditions quiet but Improving.
Window class Is 10 to 20% below last year.
Paint, sates are lower, hut manufacturers expect the usual improv !merit
which places half their year's business in the Remold quarter.
The price Index of building materials indicates unchanged {Area for
strut.,teal a eel common trick. hollow tile, sand, gravel and crushed stone.
'on; II increases for cement and lumber.
Lit ther manufacture shows a de line of 11% for the Rost ten weeks of
the ear. compared with last year. and sl•ipmente are 12% below last year.
The rite of shipmen's recently shows imarovement. The lumber Indus ry
Ing program and expects for the year a larger
relies upon an enlar-el
volume than in 1928 or 1929.
[Vol.. 130.
Radio.
Radio tube sales were 12% less in January and February as compared
with last year. New set sales for January and February were 12% more
than in November and December and compare favorably with one year
ago. Distribution in March continues fair and liquidation of stock is
85% to 90% completed.
Power.
The electric light and power utilities plan for 1930 total capital expenditures of $865.000.000, an 'increase of $65,000.000 over last year. The
first quarter contracts indicate good progress in carrying this out. Electricity produced the first half of March exceeds the same period last year
by about 2%. The gas companies construction program of $400.000,000
Is proceeding and with the portion allocated to the first quarter likely to
be exceeded will equal or exceed 1929. Sales of manufactured gas in
January were 2% under last January and in February under 3% under
last February.
Gasoline.
Stocks of gasoline on March 8 equaled 53 days' supply, and haveled
to a suggestion of the Federal Oil Conservation Board that the refining
industry reduce operations to a six-day basis.
Refining and production by reason of conservation efforts show a decrease, with a resulting relief from accumulation. Prices have steadied.
Coal.
Anthracite production has averaged about 5% below last year, weather
conditions being moderate.
Bituminous coal production has fallen below last year, partly because
of the same weather conditions and partly by reason of the level of industrial activity being under the level in the early part of 1929.
Manufacture.
The iron and steel industry for the third week in March operated at
75% against 94% in last year's high activity. Indications are for an
increase In production.
Structural steel orders are about 4% under 1929. Rail mills are operating at capacity. Tinplate mills at 95%. Some line pipe business is in
contemplation. Steel industry still feels a smaller automobile production. Increased structural steel orders are expected to sustain or perhaps
increase present rate of activity.
Automobile Industry.—February production of 359,000 cars would indicate an average seasonal trends a 1930 production of about 4.000.000 cars.
Current reports indicate increasing production. Dealers' new car stocks
are reported low. February payrolls exceeded January by 25% and
exceeded Deeember by 28%.
Farm Implements.—This industry reports some curLailment. Total payrolls in this Industry for February exceeded January by 5%.
Machinery—Sales are normal. Inquiries In good volume, but there is
some hesitancy about placing new crders. Machine tool orders continue
lower and payroll 'Mice; In this field showing Ili% below last year's good
figure. Activiries in construction machinery are equal to 1928 and are
12% below 1929. The heavy machinery industry Is doing well, being almost
up to 1929 record.
Chemicals—The general volume of activities is unsatisfactory. although
February for' Dicer salts in the Southern States were 31% greater than
last year. The paint, varnish and lacquer industries 11:1Vr moderately
receded. Payroll indicts were slightly higher in February than in January,
Electrical Manirfacturers.—Spring demand for electrital equipment has
developed. Some large manufacturer"; report orders submani la ily ahead of
last year's flan, to "ate. Some branches report conditions moderately
below last year's average. The export market Is reported favorable.
Payrill indices this February were 6% larger than February 1929.
Leather and Leather Pro tucts.—January and February coostanptIon was
subnormal. with price declines reported. Leather steaks are low but there
La much hesitancy In all branches of the Industry.
Ilardware.—The I .w point was reached in February with a turn for inss
provement in the firm week In March. Average plata att. Ivi. y as been
four days a week. Payroll indices were 15% under February a year ago.
Transportation.
The mice altita flan Is better than a year ago. The Industry expects inThe railroads, on March I, had on order :5.101 no•cars. as aga trot 37.820 creased demand with expanding construct lati.
last year anti 21.700 • wo years ago, an I lo mmotivea on order were 110.
Tertites,—entton takings In February were 17% under Fearttary 1929.
againa' 201 last year and 171 two years ago. Steel rails, ordered sluice February payroll totals In production of cotton cloth were
15% under
Jan. 1 wire 108.000 tons, against 189.000 tom last year and 125010 wo
February 1929. January takIncit of wotl were 1 t ,010 000 paunds less
years ago. Tim program contemplating total expenditures In Imo for than in January 1)2i akh Februa-y showing some
Improvement.. Februequipment and improvements of $1.050.000,000 is obviously well tinder way. ruary payroll totals
far woci anti worsted goods we-e 10'3. under Fe'smary
,
. In the firat mix month,' of 1930 than for the
This means $110 0 non mot
February
was
1429.
Raw
silk
consump•inn
In
about
4% 1-99.9 than in
Brio six month; last year. Total employees Jan. 1 in class one rallrearis January. but ahem) 8% above February 1929. February silk in
warewere I 591.000 a mins! 1.5'14.000 last year and 1.611.01(1 two years ago. houses was In% lens In January but 46% a txtve Fo'utuary 1929. February
The m y--1) total fig February 1930. was higher than for February last Payroll totals In silk mills was 6% over January but 7%
under
February
year and 4% larger than February two years ago Carloadings, RO fir this last year. Carom aryl rug prodUctIon was 12% lose
than In the correyear. are shout 6% off as compared with last year. but the loadings of sponding period In 1929: Payroll totals were 17% under
Fahrintry a "oar ago.
package freight--so-called less-than-carload freight—represent Inc mer- alanufacturIng
furn!shinea
of cloth'at. and men's
sltow ttttt.r I totals for
chandise moving Into consumption, show about. only 3% tinder last. year. February of I% OVLT January and 10% hits than
February 1929.
with the seasonal increase since the first of the year In the same ratio as the
Printing and Eptrii,
htng.
seasonal inerease last year.
Book and Jab printing this February were about 2% larger than last
Electric Railways.
February and newspaper printing was ate ut
airgre titan last year.
pI al expenditures of $147.000.000 are contemplated In 1930. agalnat
ArVerttsino.
$103.0:10.000 last. year and ropers indicate this program is well forward.
Advertising in)') leading periodicals was 4% less than In March last year,
The February payroll Indicts for car building and repairs are practically
but larger by I 141, tan in March 1929. Newspaper advert Lying in 173
the same cm for February last year.
leading newspapers decreased about 8% from February last year. Adver.Ship ping and Ship Building.
tisina over the mina shows a remarkable Increase, March being estimated
at 40% over a year ago.
Shipping trades report falling off In tonnage tarried.
Ship building yards this February were employing 28% more men than
Wholesale Trade.
Retail
portam::
In February a year ago. They were employing 10% more than in November
Praett-ally all lines
dons buying. Stocky' of merchandise
es report
In
merchant
contracts
for
$05.000.000
yards
had
sheaved
the
when a survey
were relatively low. Consumer buying shows little appreciable curtailvessels and $32.000.000 In naval vessels. Recently new ocean mail contracts ment. Conditions' In rural sections are reported hector than last
year.
have been advertised and contracts for four such routes awarded meaning Retail sales In February and the first half ef March appear to be lower
In time more new construction.
variations
than last year. but In view of price
the quaatity of merchandise
going over retail counters seems to approach the vtdume lit this time last
Telegraph and Cable.
y
tar.
Domestic telegraph business since January first has averaged ;i%
below last year, against an expected 4% increase. Cable and overseas radio
business has not been as good as last year. due in part to cable breaks.
Silberling Research Corporation Finds February BusiTelephone.
Construction expenditures in January were 25% In excess of corresponding expenditures in January 1929. There has been a good start on the
mei ..1 os•-madIture program of $700.000.000. comparing with $633,000,000
total for 1929. New Installations of telephones In January and February were
below expeetalions, but preliminary reports for March Indicate Improvements in volume. Long distance telephone business, although below
expectations, shows an increase of 3% in January, 4% in February and
5% so far in March.
ness Conditions Less Favorable Than In January.
The S'ilberling Research Corp. reports that the evidence
supplied in February data indicates that in a gemral way
conditions were not improved as compared with January and
in some respects were less favorable. The corporation makes
this statement in presenting the "Outlook for National
Buying Power By RegionalAreas," in which it goes on to say:
During the first part of March, a number of these commodities declined
lower,
still further in price. Wheat and cotton prices were considerably
of the
and silver reached the lowest point on record. By the middle
somewhat.
recovered
had
silver
month, however, prices of cotton, hides, and
Bank Credit.
Liquidation of credit at member banks continued throughout February,
in leading
and on Feb. 26 total loans and investments of member banks
of last year.
cities were in about the same volume as in the early summer
of
increase
an
During the following two weeks, however, there was
All
$230,000,000 in loans and investments, chiefly in loans on securities.
other loans, largely for commercial purposes, increased slightly.
of
From the middle of February to the middle of March the volume
This
Reserve Bank credit outstanding decreased further by $90,000.000.
a
and
decline reflected chiefly an increase in gold stock of $75,000,000,
in
further decline of money in circulation, offset in part by some increase
member bank reserve balances. Member bank indebtedness at the Reserve
in 1925;
Banks declined to $267,000,000, the lowest level since early
Reserve Bank holdings of bills declined, while those of United States
Federal Reserve Board's Summary of Business Conditions in the United States-Increase in Industrial Production-Factory Employment on Par
With January.
In its monthly summary of business conditions in the
United States, issued Mar. 23, the Federal Reserve Board
states that "industrial production increased in February,
while the number of workers employed in factories was
about the same as In January." "Wholesale commodity
prices continued to decline," says the Board, which goes
on to say;
securities increased.
Money rates in the open market eased further and bond yields declined
rapidly to the lowest level since 1928. At the middle of March the discount
4 to 336%,
rate at the Federal Reserve Bank of New York was reduced from
from
and the rate at the Cleveland, Philadelphia, and San Francisco Banks
2 to 4%.
1
4/
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
Commercial transactions during the week ended March 22,
as reflected by check payments, were larger than in the
preceding week but declined from a year ago, according to
the weekly statement of the Department of Commerce.
Operations in steel plants during the latest reported week
were on a lower level than in either the previous week or the
same week of last year. The output of bituminous coal also
showed declines from both periods. Petroleum production
expanded over the preceding week but was lower than in
the same period of 1929.
The general index of wholesale prices was fractionally
lower than in the previous week, showing a decline also from
a year ago. Prices for cotton averaged higher than in the
previous week but were lower than last year. Iron and steel
prices were lower than in either period. Copper prices were
unchanged from the previous week but were lower than a
year ago.
Bank loans and discounts at the end of the week were
higher than in either the previous week or the same period
of the preceding year. Prices for stocks showed further recovery during the week but were lower than a year ago.
Bond prices showed the most notable gain in months over
both the preceding week and the corresponding period of
last year. Interest rates for both time and call funds averaged
lower than in either period.
Credit extended by member banks was further reduced in February,
but increased in the first two weeks of March. Money rates continued
to decline.
Production.
In February industrial production 'increased about 2%, according to
the Board's index, which is adjusted to allow for seasonal variations. This
increase reflected chiefly a substantial gain in the output of iron and
steel. Automobile production was in larger volume than during January,
but was 30% smaller than the large output of a year ago. Cotton and
wool consumption by mills was substantially lower in February, and
production of bituminous coal and copper also decreased.
In the first two weeks of March the output of steel mills declined in
comparison with February, contrary to the usual seasonal movement.
Bituminous coal output also was smaller.
The volume of building contracts awarded in February was about the
same as in the preceding month. Residential building continued at an
exceptionally low level, while contracts for public works and utilities were
large in comparison with the corresponding month in other recent years.
Awards in the first two weeks of March were larger than in the first half
of February.
Empfemetent mid Pagrells.
The volume of factory employment, which had reached a low point in
January, showed little change in February, when an increase usually occurs.
Factory payrolls increased during the month, but by a smaller amount than
is usual at this season. In the steel, automobile, agricultural implement,
and tobacco industries, employment increased during the four-week period,
while further decreases occurred in the cotton and wool textile, lumber,
automobile tire, electrical machinery, and machine tool industries.
Distribution.
Freight car loadings on an average daily basis were slightly larger than
in January, but smaller than in the corresponding month of any other
recent year. Slight seasonal increase was reported during early March.
Department store sales in February continued to be below the level of a
year ago.
Wholesale Prices.
Wholesale prices of commodities declined further during February, and
the Bureau of Labor Statistics index at 92.1% of the 1926 average was
at the lowest point since January 1922. Marked declines occurred during
the month in the prices of many agricultural products-grains, hides, raw
wool and cotton; in certain imported raw materials, notably sugar and
silk; and also in textiles, petroleum, and pig iron.
WEEKLY BUSINESS INDICATORS.
(weeks Ended Saturday. Average 1923-25=1003
1930.
1929.
Mar. Mar. Mar. Mar. .tear. Mar. Mar. Mar,
2.
23. 16. 9.
1.
22, 15. 8.
122.4
123.7
125.0
125.0
103.9
100.0
97.4
Steel operations
83.0 87.9 83.9 86.3 98.4 105.3 114.5
Bituminous coal production
124.0 121.7 126.0 127.5 126.0 128.0 129.8
Petroleum produc'n(dally average)
_ 91.1 93.8 100.2 99.9 98.6 101.9
__
Freight ear loadings
104.7 102.2 101.1 .. -- 113.0 107.8 107.2
a Lumber production
States
Building contracts, 37
109.2 75.8 139.4 110.0 127.9 93.2 124.5
(dully average)
51.3 66.4 78.5 76.3 79.7 82.8 105.9
Wheat receipts
48.8 51.5 60.4 81.5 84.2 68.5 80.0
Cotton receipts
77.8 71.8 69.3 78.5 69.3 64.6 63.3
Cattle receipts
81.2 76.0 98.1 92.8 63.6 83.7 94.1
Bog receipts
77.5 82.2 86.8 90.7 92.2 90.7 91.5
Iliee No. 2 wheat
54.0 52.2 56.3 77.6 79.4 79.8 76.1
Price cotton middling
84.8 85.1 87.9 87.9 87.9 87.9
84.4
Price iron and steel. composite
129.0 129.0 129.0 171.0 152.9 139.9 139.1
Copper, electrolytic, price
91.9 98.3 98.2 98.2 98.4
91.0
90.9
Fisher's index (1926=100)
116.2 139.9 109.0 149.2 130.6 157.8 124.8
Check payments
132.4 131.5 131.4 130.9
131.4
132.2
133.7
discounts
and
loans
Dank
93.9 97.0 106.1 206.1 178.8 218.2 187.9
Interest rates, call money
137.6 129.5 129.2 107.6 113.0 120.4 131.9
Business failures..
233.1 232.9 228.7 252.9 250.7 250.3 253.5
Stock prices
106.9 105.2 105.0 105.7 105.7 106.3 108.4
Bond mica(
100.0 102.9 111.4 182.9 180.0 177.1 177.1
Interest rates, time money
104.3 103.0 101.7 92.6 91.2 89.9 90.2
Federal Reserve ratio
157 5 __ __ 125.0
ton n
1115 n
s 1,•trritt onInInorrant
Data available
b
shown.
week
for
927-1929
average
to
weekly
Relative
a
semi-monthly only.
"o-e466,:.:44.b:.1.
some lines of
It is now becoming clearer that the apparent tendency in
was either
Industry toward increased activity after the turn of the year
financial
purely seasonal or in the nature of a sharp rebound from the sudden
recovery.
definite
shocks of 1929 rather than the beginning of
manuOwin to the simultaneous overexpansion of almost all important
a drastic
facturing lines last year the industrial areas are now suffering
among
readjustment, which is being accompanied by considerable distress
This in
the working population and a serious curtailment of buying-power.
comturn Is beginning to be a facotr in weakening the demand for many
by world-wide
modities raised by the farmer who Ls also being affected
overproduction.
conditions which can best be summarized by the term
factors
We therefore have at this juncture a combination of unfavorable
(b)
which has not existed in recent years; (a) curtailment in manufacturing.
period
a disappointing outlook for agricultural prices ov r a fairly long
foreign
ahead, and (c) serious decline in the buying-power of improtant
in general
countries. We are also in the aftermath of a prolonged boom
essentially
now
are
conditions
buidling construction. This is why the
general business
different from tho e which prevailed In 1924 or 1927. when
experienced relatively moderate depression. The present year will proba
ably prove to be even more depressed than was 1924, although less, by
fair margin, than was 1921.
in this
The reduction in money rates has thus far been mainly limited
country to the markets of the financial centers and reflects a sharply rean abthan
duced demand for funds used in speculative turnover rather
important
solute expansion in the volume of available capital. The really
point to observe in connection with interest rates at present is that the
,% is not likely
recent reduction of the New York rediscount rate to 33
Immediately to involve a corresponding reduction in the rates charged by
loans. The
agricultural
or
most interior banks on commercial, mortgage,
lower discount rates do not help to ease money in localities where bank depoists are falling rapidly or bank funds are frozen in heavy collateral loans
to customers (which in some sections have actually expanded in the past
month or two) and where the doubts as to the business and commodity
outlook are causing bankers to refuse advances altogether. In view of these
finds
considerations it will be some little time before business enterprise
sufficient stimulus from the capital market to offset the many depressing
and
products
fcr
elements which have lately combined to restrict demand
for construction. It must be recognized, furthermore, that improvement
in some lines will be promptly neutralized by lee; active operations in industries which have thus far been working on the exceptionally heavy
accumulation of orders obtained last summer. In short, we are in the course
of a major business depression which will gradually be remedied, not so
much by cheap capital but by the removal of excessive supplles of many
commodities.
With no surplus fo funds seeking investment in building and with mortconstrucgage money almost impossible to obtain, it is not surprising that
tion throughout the country is being supported now mainly by large projects
Governin the engineering field and by public building in response to the
contracts
ment rpogram of artificially stimulating such work. February
was
which
year,
already
reported by the Dodge Corp. were 12% below last
A further seasonal exbeginning to feel the pinch of high money rates.
to
is
not
liekly
there
but
expected,
be
to
is
pansion in heavy construction
sort in the building field as a
be an early improvement of a well-balanced
Whole.
2101
FINANCIAL CHRONICLE
.....
't" """
83:9204Z1VV8', Tg"
:::::
;we.:
MAR. 29 1930.]
Decline in Wholesale Trade in New York Federal
Reserve District During February as Compared
With Same Month Last Year.
The New York Federal Reserve Bank announces that
"wholesale dealers in this district reported an average
decrease of 8% in February sales as compared with a year
previous, or about the same decrease as in January."
The April 1 Monthly Review of the Reserve Bank will
also have the following to say regarding wholesale trade:
Sales of groceries showed a very small increase over February 1929, but
in
sales in all other reporting lines showed decreases. Following increases
and
January, the sales of men's clothing and paper declined in February,
sales of stationery showed the first decrease in almost a year. Large
decreases continued to be reported in the sales of jewelry and diamonds,
and there were fairly substantial declines also in sales of cotton goods,
Tool
shoes and hardware. Machine tool orders, reported by the Machine
Builders Association. were only a little over half as large as in February
FINANCIAL CHRONICLE
1929. Quantity sales of silk goods, reported by the Silk Association,showed
a comparatively small decrease, and drug dealers reported sales only slightly
smaller than a year ago.
Stocks of silk goods, shoes, and drugs remained larger than a year ago,
but stocks held by cotton goods and hardware dealers continued to be
smaller than last year. Collections were slower than in 1929 in a majority
of lines
Commodity.
Percentage
Change,
February 1930
Compared with
January 1930.
Net
Sates.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools_x
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
-12.0
5.2
+50.0_
+15.2
+1.8
-9.8* -0.3*
+24.1
+6.9
-13.2 +19.7
-6.9
-0.2
-0.5
.__
-17.3
-9.5
___
-7.0
-9.4
+7.4
+2.0
Percentage
Change,
February 1030
Compared with
February 1929.
Net
Sales.
Stock
End of
Month.
+0.4
-0.6
-1.7
___
-11.5
-4.3
-2.3* +9.9*
-12.7
+2.8
-0.7 +17.0
-12.2 -12.7
-49.3
--5.6
___
-37.1 -30.61
-33.5 -10.61
Percent of Accounts
Outstanding
Januar:, 31
Collected in
February.
1929.
1930.
66.3
42.9
28.9
43.2
35.2
39.0
39.6
67.7
34.6
26.0
43.8
32.4
31.4
42.2
76.4
64.9
26.1 f
26.1
64
- -ft
64.4
22.4
1
Weighted average
+6.4
-7.9
43.0
• Quantity not value. Reported by Silk Association of America.
a Reported by the National Machine Tool Builders' Azsciation.
45.4
[VOL. 130.
After allowance for changes in the number of stores operated, all types of
chains, except grocery and candy chains, continued to show smaller sales
per unit than a year ago.
Percentage Change February 1930
Compared with February 1929.
Type of Store.
Number of
Stores.
Total
Sales.
Sales per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+2.8
+8.3
+11.4
+9.6
+24.2
-5.2
+8.7
+3.0
+4.9
-2.4
+17.0
+5.6
+5.7
-4.9
-5.8
-11.0
-5.8
+11.4
Total
+7.6
+6.8
-0.7
Monthly Indexes of Federal Reserve Board.
The Federal Reserve Board's indexes of production, factory employment and payrolls, &c., for February, were
made available as follows under date of March 24:
INDEX NUMBERS OF PRODUCTION, FACTORY EMPLOYMENT AND
PAYROLLS,BUILDING CONTRACTS AND FREIGHT CAR LOADINGS.
(1923-1925=100.)
Adjusted for
Seasonal Variations.
1930.
February Department Store Sales in New York Federal
Reserve District on Par with Year Ago.
The April 1 Monthly Review of Credit and Business
Conditions by the Federal Reserve Agent at New York
will contain the following item on department store trade.
The total sales of reporting department stores in this district during
February were practically unchanged from a year ago. Sales of New York
City stores were 1.5% larger than last year, and the Hudson River Valley
district showed an increase of more than 5%,but the sales of the Rochester,
Northern New York State, and capital district department stores showed
little or no change from a year ago,and all other localities reported decreases.
The sales of the reporting apparel stores continued to be substantially
smaller than last year.
Stocks of merchandise on hand in department stores were slightly smaller
than a year ago, and the average rate of stock turnover was a little higher.
Collections on charge accounts outstanding continued to be slower than a
Year previous.
Locality.
Percentage Change
February 1930
Compared with
February 1929.
P. C. of Cccounts
Outstanding
Jan. 31 Collected
in February.
Stock on
Net Sales. Hand End
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
+1.5
-9.2
+0.2
-4.1
-2.0
+0.6
-1.9
-8.5
+5.9
+0.3
-7.5
-0.1
-0.2
+5.0
-10.3
+2.7
-4.8
+0.6
-5.7
1929.
1930.
45.3
42.2
36.8
25.4
Y5-.5
24.1
38.2
37.5
37.0
36.2
-0.9
43.3
40.7
+1.1
71.6
67.1
Sales and stocks in major groups of departments are compared with
those in February 1929 in the following table:
Toys and sporting goods
Toilet articles and drugs
Hosiery
Shoes
Women's and Misses' ready-to-wear
Women's ready-to-wear accessories
Books and stationery
' Furniture
Men's and boys' wear
Cotton goods
Men's furnishings
Home furnishings
Musical instruments and radio
Linens and handkerchiefs
Silverware and jewelry
Woolen goods
Luggage and other leather goods
Silks and velvets
Miscellaneous
Net Sales
Percentage Change
February 1930
Compared with
February 1929.
Stock on Hand
Percentage Change
Feb. 28 1930
Compared irith
Feb. 28 1929.
+15.9
+10.5
+8.3
+7.3
+6.4
+3.4
+1.7
+1.4
+0.8
-1.2
+9.9
+3.1
-7.7
+2.0
-3.3
+11.6
+14.7
+3.7
-2.6
4-7.7
+2.8
-0.9
-13.6
+8.4
+0.7
-17.0
+10.7
-15.4
-8.8
-3.2
-10.7
-10.9
-12.5
Chain Store Sales in New York Federal Reserve District
in February 7% Larger Than in Same Month Last
Year.
Total sales of reporting chain store system in the New
York Federal Reserve District during February were 7%
larger than a year previous, a slightly smaller gain than in
January. This is made known in the "Monthly Review,"
dated April 1 to be issued by the Federal Reserve Bank
of New York, which will further state:
Increases reported by grocery and candy chains, while substantial,
were not as large as in the previous month, but comparisons of sales in
other lines with those of a year ago were much the same as in January.
Sales of variety stores continued to show the largest increase, and sales
of ten cent store and drug chains showed moderate increases, while sales
of shoe chains were slightly smaller than in February 1929.
Feb.
Industrial production, total
105P
Manufactures
105P
Minerals
107P
Building, value of contracts awarded.. 104
Factory employment
Factory payrolls
Freight car loadings
99
Without
Seasonal Adjustment.
1929.
1930.
1929.
Jan.
Feb.
Feb.
Jan.
Feb.
103
102
112
101
117
116
120
119
97
107
108P
109p
103p
77
92.9
07.4
92
103
102
107
79
92.9r
94.2
89
120
120
116
88
99.7
108.4
99
INDUSTRIAL PRODUCTION INDEXES BY GROUPS.
(Adjusted for seasonal variations)
Manufactirres.
Industry.
Mining.
industry.
1929.
1930.
1930.
Feb. Jan. Feb.
Iron and steel
Textiles
Food products
Paper and printing...
Automobiles
Leather and shoes__
Cement, glass
Non-ferrous metals__
Petroleum refining___
Rubber tires
Tobacco manntne'rm
118
98p
94
.._
103
04p
117p
99p
__
-_
i 33
99
103r
96r
120
102
95r
116
105
163
107r
131
126
113
101
123
148
98
128
123
160
152
129
1929.
Feb. Jan. Feb.
Bituminous coal
Anthracite coal
Petroleum
Copper
Zino
Lead
Silver
91
102
130P
95
99
0055580
ta.—baco.—tomo
-...
2108
110
110
137
136
106
99
91
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS.
(Without seasonal adjustment)
Employment.
industry.
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay and glass
Non-ferrous metals
Chemicals,group
Petroleum
Rubber products
Tobacco
r Revised. p Prellnitniu7.
1930.
1929.
Payrolls.
1930.
1929.
Feb.
Jan.
Feb.
Feb.
Jan.
Feb.
93.5
109.3
92.9
91.2
07.0
96.7
104.0
75.0
83.9
89.7
92.4
75.3
84.6
110.2
120.9
87.9
88.9
91.7
109.9
92.8
91.8
95.1
97.4
105.1
76.8
83.2
85.7
91.4
74.7
85.9
110.6
120.8
89.7
84.2
98.3
110.4
98.0
98.8
96.2
98.8
103.4
85.8
99.0
129.5
94.1
84.5
106.1
110.0
106.7
112.3
92.0
98.1
115.2
94.1
89.6
103.1
101.6
114.9
72.6
89.8
92.7
86.2
70.2
91.7
110.0
125.0
92.1
80.0
90.5
113.8
92.2
88.9
99.0
102.5
114.9
72.8
80.9
74.0
85.4
67.3
91.5
109.3
121.1
88.9
77.0
107.2
120.7
103.6
102.3
106.3
102.5
113.0
86.5
111.4
147.4
94.5
81.0
124.1
111.3
110.2
145.8
82.3
United States Continues to Buy More Life Insurance
-February Figures Show 7% Gain.
In the first two months of 1930, life insurance sales continued the increases of 1929. During this period the country
as a whole paid for a volume of insurance which was 6%
larger than in the same period of last year. This increase
was not localized, but was shared by all but one section
of the country. Life insurance sales are closely united with
the general business conditions of a locality and this general
increase in life insurance sales evidences a period of widespread prosperity. The largest increase in the first two months
of 1930 was made by the Pacific and East South Central
States. These sections each showed an increase of 14%.
The West North Central and the South Atlantic States
with a 10% increase rank second. These figures are issued
by the Life Insurance Sales Research Bureau at Hartford,
Conn. and represent the experience of 78 companies which
have in force 88% of the total legal reserve ordinary life
insurance outstanding in the United States.
Figures on February business, which are now available,
show that sales during the past month increased 7% over
the same month in 1929. This increase was shared by all
sections except the West South Central which showed a
slight decrease. The following figures show the general
nature of the insurance increase in sales:
MAR. 20 1930.]
United States total
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Salsa inWeb.11930,
(1913=100).
Cornparedito Feb411929.
- 7%
March 1929.
Febru'y 1930.
March 1930.
-10
-7
145.4 -12.3
133.7
2
127.6 - 4.6
Farm products
144.2- 5.6
139.0
138.1 - 2.1
-12
Food products
136.1
153.7 -14.3
131.7 - 3.2
-7
Textile products
161.3 - 6.4
154.4
-11
150.7 - 2.4
Fuels
131.1 -6.3
123.4
-3
122.9 - 0.4
Metals
154.0 - 2.1
151.3
150.8 - 0.3
+6
Building material
134.9 - 2.2
132.3
131.9 - 0.3
+22
Chemicals
123.6 - 6.3
117.8
115.8
1.7
Miscellaneous
146.5 - 8.5
137.4
134.0 - 2.5
was made by the All commodities
The largest increase during the month
Pacific States. There were some exceptional gains made by
individual states. New Hampshire lead with a 41% increase, Missouri came second with a gain of 33%. California, Wisconsin, District of Columbia, all increased their
production 23% in the month.
The Bureau also has figures on the 12-month period which
ended Feb. 28 1930. Sales inithis period increased 7% over
the preceding 12 months. Every section showed a gain
during this period and only four states failed to increase their
production.
Sales of Life Insurance in Canada Show Slight Decrease.
Business conditions in Canada, although showing a slight
recovery in the first two months of 1930, are still well below
a year ago. Life insurance sales are closely allied with
general economic conditions and a recession in business,
such as has been experienced in Canada, is accompanied by
a decrease in life insurance sales. For the first two months
of 1930, sales of ordinary life insurance in Canada were 6%
below those of the same period last year. Only 47% of the
companies reporting figures to the Bureau recorded increased sales.
In February, the sales of insurance showed a 4% decrease
compared to the same month in 1929. Three provinces,
British Columbia, Quebec and Prince Edward Island increased their production; New Brunswick paid for practically the same volume as in February of last year, while
the other provinces showed slight decreases. In the Dominion as a whole, only 47% of the contributing companies
recorded increased production during the month.
Figures for the 12-month period just ended show that
sales increased 3% over the preceding year. These figures
are issued by the Life Insurance Sales Research Bureau at
Hartford, Conn. which receives reports from companies
having in force 84% of the total legal reserve ordinary life
insurance outstanding in the Dominion.
The Bureau also has figures for several cities and the
records varied widely in February. Hamilton showed the
greatest gain,25%,over February 1929. Vancouver followed
olosely with a 21% increase. Quebec and Winnipeg also
showed increases while Ottawa and Toronto fell below their
production of last February.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100).
Mar. 25 1930. Mar. 18 1930. Mar. 26 1929.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All nnInnuulittra
126.8
136.0
131.1
149.8
122.9
149.9
131.7
116.6
131.8
142.7
142.8
152.6
162.2
134.5
154.0
134.9
122.1
145.6
126.4
136.3
130.8
149.5
122.7
149.9
131.8
115.5
133.3
Further Advance in Commodity Prices Reported By
National Fertilizer Association.
Commodity prices advanced one-tenth of 1% during the
week ended Mar. 22, according to the wholesale price index
of the National Fertilizer Association. This, it is noted,
is the second week of slight advance in the index, and it
is the first week since Dec. 7 that advances have outnumbered declines. Advances numbered 32 and declines 31.
Five groups advanced, and four declined. The Association
adds:
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist Weekly" Index of Wholesale Commodity
Prices stands at 133.6, an increase of 0.3 point from last
week (133.3), and compares with 145.6, the index on the
corresponding date last year. In indicating this the "Annalist" says:
This is the first time in six weeks that the downward course of the index
has been checked. The reversal is not large nor is the advance distributed
over a large number of commodities.
Of the eight groups included in the Index, two food products and chemicals, show declines; five show advances, and bunking materials remain
unchanged. The farm products index has risen 0.3 point because of advances in corn, oats, steers, cotton and hay; these advances have been
partly balanced by declines in wheat, rye, hogs, lamb, eggs and wool.
A sharp drop in butter prices sent the food index down 0.3 point; the textile
index rose because of advances in cotton goods and yarns; this is the second
week that the textile index has risen; some recovery from the sharp drop
of bituminous coal, reported last week, has advanced the fuel index: higher
prices for load and tin and for lubricating oils and rubber, has made for
higher indexes in the metal and miscellaneous groups.
The Commodity Index for the month of March stands at 134, a decline
of 2.47% from February, and is 8.5% lower than in March 1929. All of
the eight groups comprising the index have dropped, and are from 4.6 to
0.3% lower than February and from 14.3 to 2.1% lower than in March
1929. The farm products group has made the steepest monthly decline,
4.6% below February and 12.3% below March 1929. All grains are
lower, with especially sharp declines in rye and wheat. Rye has declined
from 93'4 cents early in February to 697A cents this week. Heavy steers
and lambs show sharp declines, but hog prices have held reasonably steady.
Cotton was lower during March than in February, but had recovered at
the end of the month and was higher than at the end of February. Eggs
have declined 12 cents to 24 cents, and hides and wool have gone to lower
price levels.
Foods in March wore 2.1% lower than in February and 5.6% lower
than last year; textiles have declined 3.2% In March and are 14.3% lower
than last year. This is the largest yearly decline of any group and one
that comes on top of declines that go back for several years. The decline
In fuels of 2.4% is accounted for by the sharp drop in bituminous coal,
which is seasonal; metals are 0.4% lower, largely because of lower prices
of lead, tin and zinc. The metal decline since last year is 6.3%. Building materials and chemicals have declined 0.3% each for the month and
2.2% for the year. The decline in the miscellaneous group, largely because of lower rubber prices, is 1.7% for the month and 8.5% for the year.
2109
FINANCIAL CHRONICLE
The larger declines occurred in mixed fertilizer, feeds, cattle, bogs,
lambs, house furnishings and methanol, indicating declines in Industrial
groups except for the declines in feeds and livestock, which occurred early
in the week. The larger advances occurred in cotton and butter, but
advances also occurred in silk, lard, cottonseed oil, food, tin, silver and
rubber. These advances were largely in the sensitive commodities, indicating that a general turn in commodity prices took place.
Based on 1926-1928 as 100, and 474 quotations, the index for the week
ended Mar. 22 stood at 91.5; for Mar. 15, 91.3, and for Mar. 8, 91.2.
Loading
of
Revenue-Freight
Railroad
Contracted.
Continues
Loading of revenue freight for the week ended on March 15
totaled 881,187 cars, the Car Service Division of the American
Railway Association announced on March 25. This was an
increase of 7,639 cars over the preceding week, but a reduction of 77,414 cars below the same week in 1929. It also
was a reduction of 61.385 cars under the same week in 1928.
Details are outlined as follows:
Miscellaneous freight loading for the week of March 15 totaled 356.776
cars, 25,611 cars below the same week in 1929 and 5,066 cars below the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 252.265
cars, a reduction of 8,694 cars under the same week last year and 8,038
cars under the same week two years ago.
Coal loading amounted to 130,200 cars, a decrease of 27.481 cars under
the same week in 1929 and 30,165 cars below the same week in 1928.
Forest products loading amounted to 60,215 cars. 6,390 cars below the
same week last year and 6,989 cars under the corresponding week in 1928.
Ore loading amounted to 8,924 cars, a decrease of 3,001 cars under the
same week in 1929, but811 cars above the corresponding week two years ago.
Coke loading amounted to 9,689 cars, a decrease of 3.589 cars under the
corresponding week last year and 1,405 cars below the same week in 1928.
Grain and grain products loading for the week totaled 39,257 cars, a
reduction of 3.980 cars under the corresponding week in 1929 and 5,165
cars below the same week in 1928. In the western districts alone, grain and
grain products loading amounted to 26.124 cars, a reduction of 3,459 cars
unler the same week in 1929.
Live stock loading totaled 23,861 cars, 1,332 cars over the same week in
western
1929, but 5,368 cars below the corresponding week in 1928. In the
districts alone, live stock loading amounted to 18,869 cars, an increase of
1,497 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1929 while all except the Southwestern
District reported reductions compared with the same week In 1928.
Loading of revenue freight in 1930 compared with the two previous years
follows:
1928.
1929.
1930.
3,448,895
3,571,455
3,349,424
Four weeks in January
3,590.742
3.766,136
3.505,962
Four weeks in February
959,491
978,201
899,189
Week of March 1
951,556
947.539
873,548
Week of March 8
992.572
958,601
881,187
Week of March 15
Total
9,509,310
10,221,932
9,893.259
National Association Reports Index Figure for Real
Estate Market Activity at 74.5.
Real estate market activity for February is indicated by
the figure 74.5, according to the index of real estate market
activity compiled monthly by the National Association of
Real Estate Boards. This compares with 75 for January.
The index is based upon official reports of the total number
of deeds recorded in 64 typical cities throughout the country.
Real estate activity for the year 1926 is taken as the base
year in computing the monthly figure.
2110
FINANCIAL CHRONICLE
Cincinnati Jobless Aided by Foresight—Census of Idle,
Taken Last Summer, Prepared City to Handle
Unemployment Problem.
The New York "Times" in its issue of March 22, gives the
following from a staff correspondent at Cincinnati, under
date of March 21:
Metropolitan Cincinnati has furnished more work for the unemployed
during the past winter than ever before during an unemployment crisis
Not only has the city reduced the extent of unemployment and given material assistance to a larger number of the unemployed than in former lean
years, but the misery and suffering which usually accompany an unemployment crisis have almost entirely been lacking this winter.
These are the calm and reasoned statements of Colonel C. O. Sherrill.
City Manager, and Fred K. Hoehler, head of the Department of Public
Welfare, and those associated with them in planning to meet the unemployment situation.
The story of how Cincinnati met the unemployment crisis during the
winter goes back to a decision made more than a year ago by City Manager
Sherrill, who laid down the dictum that intelligent planning should precede
the next unemployment crisis this city had to face. From that decision
came the citizens' committee for stabilizing employment, which, with the
co-operation of the city and county government, social welfare agencies
and industries, has planned and carrked out the attack on unemployment.
Began When"Skies Were Clear."
The formation of the citizens' committee on stabilizing enployment
grew out of a meeting called by City Manager Sherrill in January 1929.
Those who attended the meeting represented governmental, industrial,
social and labor groups. The purpose of the committee were to study the
problem of stabilizing employment and to handle the unemployment
situation.
"This committee was formed when financial skies were clear," said
Colonel Sherrill. "There was no labor strife anywhere in this vicinity and
very little unemployment present locally or in the nation as a whole. It
was a case of preparing in peace for a possible future war.
"The basic idea of those forming the committee was to form an organization extending over the entire metropolitan area, regardless of political boundaries, to be devoted not only to caring for the unemployed
and providing temporary employment for them, but to make a continuous
scientific and comprehensive study of every phase of the unemployment
problem, with a view to building up an enployment technic that would
stand the strain of panic times without the usual breakdown of employment
continuity."
Many Viewpoints Represented.
The citizens' committee consisted of representatives of important industries, labor unions and welfare agencies as well as economists and
statisticians. Among these were Dr. Frederick C. Hicks, former President of the University of Cincinnati: William Cooper Procter, President
of the Procter & Gamble Co. (whose stabilization plan guarantees fortyeight weeks of work a year to his own employees,: Julian Pollak, VicePresident of the Pollak Steel Co.,and 0. M.Bookman, Executive Secretary
of the community chest.
Ten subcommittees were formed, varying in size up to 100 or more.
The subcommittees consisted of men who were conversant with the needs
of the community.
These committees dealt with the following subjects: State-city employment exchange, continuous employment, temporary employment, public
works, co-opera tinn of agencies, budget and finance. State and national
co-operation, transients, fact-finding and publicity, and education.
Idle Census Taken Last Summer.
It was obvious to the members of the general committee that the first
thing necessary was to ascertain the facts of the situation, the extent of
unemployment.
The subcommittee on fact-finding took an employment census last
as a result of stitch it was disclosed that of the 106.583 employable persona in the city 88S4% were regularly employed, that more than
i% were employed only part time and that nearly 6% were unemployed.
That information and additional material gathered later served as the
arch on which the employment program was built.
Last fall the committee realized that an unusual depression was approaching. They immediately urged all employers to "stagger" their work
If they were compelled to reduce production.
The campaign of education obtained results. Employers co-operated
to a considerable extent by operating plants fewer number of days a week
with a full complement of men rather than laying off men in order to run
full week with a reduced crew, and in consequence unemployment lessened
to a considerable extent.
Public Improvements Put Ahead.
The subcommittee on temporary enployment was instrumental in obtaining temporary work for the unemployed by placing the problem before the heads of more than 100 local organizations. Some of these temporary jobs became permanent ones.
City and State governments (Ohio and Kentucky in the metropolitan
area) pushed forward public improvements for which funds had previously been provided but which would ordinarily have waited for Spring.
The expenditure of public funds was well timed and gave many men
employment.
The public works committee devised a method of heating concrete,
and other expedients were thought out to stimulate the building program,
private as well as public.
Public works for the first six months of this year will absorb $15,000,000
within the Cincinnati metropolitan area, or three times the normal expenditure for the same period.
The committee on transients, working through the Department of Public Welfare, supervises the physical examination of all transients, sorts out
those with infectious and contagious diseases and sends the physically
disa'aled back to their homes.
The employment situation is explained to those who elect to remain
and when the latter learn that outsiders may find it extremely difficult
to get a job they usually leave town.
Odd Jobs to Cut Relief Expense.
Increased appropriations have been given the employment exchange, and
a department which was once the "step-child" of the city, with two rooms
in the basement of the City Hall, is now flourishing on two floors of an old
police station.
Agents of the employment exchanges formerly visited industrial plants
occasionally: now they are keeping a record of employment in those plants
and visiting them regularly.
In spite of all the efforts of the main committee there were still found
to be a considerable number of unemployed with apparently no work to
[vol.. 130.
look forward to. For these the committee adopted a special plan of in"
dustrial relief.
Under this plan, men of good character, with families to support, are
sent out to do odd jobs in churches, hospitals, schools and other public
and semi-public trust buttons, for which they are paid at the rate of 30 cents
an hour from a special fund made up jointly by the city and the commiunty
chest. Nobody fulfilling the qualifications has thus far been denied the
opportunity to participate in this work.
It is confidently expected that Cincinnati's extra relief allowance IS a
result of this plan, will be between 830.000 and 850.000 this year, as
compared to an estimated 8100.000 or more.
Effect on Crime Studied.
Lee .T. Zoeller. Chairman of one of the subcommittees, estimated that
at present there are only 16.000 employable individuals out of work in
the metropolitan area, which includes a population of 500.000. and that
the maximum of unemployed was 18,000.
If Cincinnati's Industries are an indication of employment conditions In
the United States, there are approximately 3,840,000 unemployed in the
nation, according to Mr. Zoeller.
The effect of unemployment on crime was studied. It was found that
out of 11.180 misdemeanor cases in the first six months of 1929 40% of the
offenders were without employment.
Parallel with the study being made of employment conditions by the
citizens' committee, two surveys are being conducted—one to ascertain
the economic possibilities for employment of Negroes in Cincinnati and
vicinity, and the other of married women in industry.
Gov. Roosevelt of New York in Message to Legislature
Urges Amendment to Labor Law Giving Citizens
of State Preference in Employment on Public
Works.
An amendment to the New York State labor law stipulating that preference be given to citizens of the State in
employment on public works was recommended in a message
sent to the State Legislature by Gov. Franklin D. Roosevelt on March 21. In his message the Governor commenting
upon the tendency of unemployment in other states to seek
employment in New York State, thus shutting out its own
citizens, said:
In the present undoubted conditions of unemployment I think it is highly
desirable that the power of the State be directed toward the obtaining of
employment for as many of its own citizens as possible. One step in this
direction would be the giving of preference to citizens of New York State
in employment on the public works of the State and its municipalities. So
far as possible, employment on public works within the State should be
given to its own citizens before the employment of outsiders.
It is only natural that when, occasionally, widespread unemployment
comes to different sections of the nation at the same time, men and women
out of work gravitate to New York City and other large cities of this State
searching for employment.
There seems no good reason why on the public works of the State and
local governments units we should not give the first chance to our own
citizens. Furthermore, this may help in distributing the obligations of
taking care of the unemployed over much larger areas, thus simplifying
the problem and avoiding congestion in districts which already have large
numbers of people of their own who are out of work.
The labor law of this State between the years 1909 and 1915 provided for
such a preference. I believe that such preference again should be established by statute and for that reason I urge upon your honorable bodies to
adopt the legislation which is being introduced for that purpose.
Measures carrying out the Governor's suggestion wore
introduced by Senator Dowling and Assemblyman Steingut,
Democratic leaders.
Union Trust Company of Cleveland Finds Business
Improving But at Slower Pace Than Was Expected.
Business is showing steady improvement but the pace of
recovery is slower than was generally expected, says the
Union Trust Co.,Cleveland,in a survey of the trade situation.
Employment conditions are growing better and spring
weather should stimulate retail sales and building construction. In its magazine Trade Winds the bank says:
Business is proceeding cautiously but with confidence, looking forward
to a staisfactory level of operation by the end of the summer.
It is evident that the reaction from last year's peaks of production and
speculation is proving more far-reaching than was at first anticipated—
and that therefore, the necessary readjustment is going to take somewhat
longer than was expected.
The most important recent favorable development is the continuing
ease of credit rates, not only in this country but in Europe. Further
reductions have also occured in domestic rates for bankers acceptances
and call money. This is encouraging both from the standpoint of domestic
financing, and from the standpoint of foreign trade.
Considerable significance has also been attached to some increase in
production schedules among the automobile factories, and the sharp
upturn in steel output during February.
Contemplated construction work in the United States is said to be the
largest in the history of the country, with plans under way in the direction
of governmental projects, road building, factory alteration and repair,
and other improvement work, which with the added impetus of low money
rates, should eventually prove decided stimulus to business. Total expenditure on highways alone in 1930 is expected to exceed 52,000,000,000.
Meanwhile, statistics from many sources show without question that
the general volume of business still remains low. In this respect, carloadings present a fair composite picture. Loadings for the first eight weeks
of 1930 totaled 6,855,386 cars, as compared to 7,337,591 cars in 1929.
Balancing unfavorable factors against the favorable ones, we arrive at a
middle ground which, although not particularly satisfactory is by no means
discouraging. As the season advances, automobile production, even according to the most conservative estimates, must increase to some extent.
Even if the amount of heavy construction work actually undertaken
should prove less than anticipated, it will nevetherless prove of large
volume—and as soon as the weather permits this should help decidedly
to solve the unemployment situation and bring added impetus to many
businesses.
MAR. 29 1933.]
FINANCIAL CHRONICLE
steel mills at a
These two factors should in turn maintain activity in the
above the average
level which, though below that of 1929, might yet prove and of Itself may
in
for the last five years. The coming of spring weather
even though putllc
be expected to bring some improvement to retail trade,
be desired.
buying newer should not recover as quickly as might
should gradually
effect
As general business activity thus increases, the
be manifested in growing volume of railway freight.
Bank of Nova Scotia Says Those "Psychologically
Poor" Through Losses on Paper Can Do Much to
Restore or Weaken Confidence in Business Situation.
2111
mills fell to 69% in
same month of 1929. Operating ratio of Canadian
about 78% last year.
February from 71.4% in January, and compares with
operation in New
During this month a large new mill has been put into
Brunswick.
industries and labour
The important trade of building, upon which allied
of permits affords
much depend, has started the year well so far as the issue
do not show any serious
indication. Permits issued in January and February
torsiness structure
recession in building operations, whether of residential and
Builchag cantracte
or of engineering projects, when taken in the aggregate.
from the same period a
in the last two months show a decrease of 35.9%
engineering works.
year ago, against which is an increase of 48.4% in
and wool, the drop
Led by wheat, farm foodstuffs, rubber, sugar, cotton
goods, bringing the index
in commodity prices has extended to a long list of
94 from 95.6 in January,
of wholesale commodity prices in February down to
has been even greater.
and 96.7 a year ago. In the United States the drop
wait, unless, indeed,
Upon enlarged demand an upward turn in prices must
extent.
some
to
the sources of supply of basic commodities dry up
time since last midThe automobile industry is more active than at any
number of passenger
summer, but production is not equal to last year, the
1,532, contrasting with
cars turned out in January, 8,856, and of trucks,
17,164 cars and 4,337 trucks in the same month last year.
ies
Pointing out that "during recent months the perplexit
upon
bly
unfavora
reacted
have
situation
business
of the
many countries including our own" the Bank of Nova Scotia
in its "Monthly Review" for March says that "to deny the
,
facts of the situation would be foolish; to form a judgment
busiat this stage, on the probable duration or extent of the
ness recession would be premature. Our common task at
Ohio Cities During
, so Industrial Conditions in Ohio and
present is, in the light of the knowledge now available
Month Shown
Previous
Over
ases
y—Incre
Februar
disto conduct our personal affairs as not to cause additional
August.
Last
Since
for First Time
location of business; to base our conduct upon reason, and
industrial employment in Ohio in February showed
Total
combank's
The
y."
psycholog
crowd
by
be
swayed
not to
from the previous month for the first time since
increase
Povan
ogical'
"Psychol
ments are presented under the read
g to the summary of industrial employaccordin
August,
erty" and in addition to the portion quoted above it says:
choice, but
Those who have recently suffered actual looses have now no
But the
to work hard and economise with a view to making them good.
are merely
behaviour of those who have only suffered losses on paper, who
confidence.
"psychologically poor," can do much to restore or weaken
myriads
In the highly organized markets of to-day, where the demands of
sensitive merthrough
of purchasers are in effect, pooled and transmitted
their multichandising organizations to the great producing industries with
habits
tudm of employees, a comparatively small change in the purchasing
greater
of the individual may produce serioua consequences. A slightly
liveliof
the means
readiness to spend in a particular direction may provide
expendihood for numbers of unemployed workers. A slight curtailment of
Though
ture in a particular direction may result in numerous discharges.
reflect on
the private individual, as he spends his insane, seldom pauses to
often at
the matter, the character of his spending is helping to determine,
quite remote distances, who shall and who shall not be employed.
have
groups
In our own country, and in the present instance, two large
against the
been unfortunate. Many, who were insufficiently protected
suffered actual
stock market decline of October and November last, have
an insufficient
loss as a result of the sale of securities previously held on
a short crop,
margin. On the western prairies also, the combination of
farmers' purchasing
delayed marketing and low prices, has contracted the
in many
economies
power, causing delays in collections, and enforced
Business
ment in Ohio and Ohio cities issued by the Bureau of
ing
Research of the Ohio State University. In summariz
say:
to
on
goes
Bureau
the
February
conditions in
January was due
The employment increase in Ohio in February from industries of the
ing
primarily to employment increases in the manufactur employment in the
of
State, since there was no change in the volume
a decline of 2%
construction industry in February from January, and
in the non-manufacturing industries.
employment in
Although there was an Increase of 1% in total industrial12% below the
total fell
Ohio In February from January. the February
two months of
first
the
total for February of last year, and the total for
ing period of last year.
19311 was 11% less than the total for the correspond
State showed an employAlthough the non-manufacturing industrial of the
employment in the nonment decline of 2% in February from January,
than in February
manufacturing industries in February was only 3% less
manufacturing industries in
of last year—whereas employment in the
of last year, and 14%
February was 15% less than in the same month
ing period of 1929.
less for the first two months of 1930 thanfor the correspond
showing no change
Employment in the construction industry, although
1929 and
February
in
than
in February from January was 2% greater
for the same period of
3% greater for the first two months of 1930 than
last year.
industries of the State
Although the automobile and the iron and steel
households.
increases, many other manufacturing
t
employmen
groups
should
these
marked
of
most
the
expenditure
showed
curtailed
It was inevitable that the
been industries also showed employment increases in February. As comcause unemployment elsewhere. So far, the recession of business has
In all
5% pared with February 1929 however there were employment declines
moderate: the Bank's adjusted Index of Employment is only about
State except in the food products, and the paper
below the high point at last August; hut that unemployment is felt, there the industrial groups of the
and printing groups.
is no doubt.
industries of this
Employment in the automobile and automobile parts
Involving, as it must; discomfort for those with slender resources, and
than
4% greater than in January, but 40% less
actual hardship for some, this is the most distressing feature of the situ- State in February was
year, while the average for the first two months
ation. It is the result of economic influences that are world-wide and, in in the same month of last
year.
the average for the same period of last
the light of our present knowledge, unavoidable. Our own action ought of 1930 was 38% below industries, the decline in employment in February
In the metal products
2%
to he such as will tend to minimize these hardships; and we may reasonamounted to 10%, but there RSS an increase of
ably believe that individual efforts to this end will not be without avail, from February 1929February of this year from January, indicating an
t in
employmen
in
to
often
impossible
are
individuals
of
of
the
the
results
of
the
conduct
though
Eighty-seven
improved condition in the metal products industries.
trace.
group showed employment
165 reporting concerns in the metal products
February from January. and
increases or no change in employment in
Business as Viewed by Bank of Montreal.
78 showed employment decreases.
no change in February
Employment in the machinery industries showed
The Bank of Montreal in its business summary, issued
last year, and of
January, but a decline of 8% from February of
with the same period
Mar. 22, states that "business in Canada can best be de- from
7% for the first two months of this year as compared
scribed as marking time in a between-seasons period." Ac- of last year.
and tube manufacturing is
In the rubber products group, of which tire
cording to the bank, "there has been less activity both in
February from January,
the principal industry, employment declined 2% in
ago,
a
and glass products
year
and
than
manufacturing and merchandising
and 19% from February 1929. In the stone, clay,
but was 13%
trade cannot yet be said to have emerged from the slough group, February employment increased 1% from January.
in February 1929.
than
less
slump
the
and
market
stock
t was 3% greater
Into which it was thrust by the
In the lumber products group, February employmen
storing of a short wheat crop." In part, the bank continues: than in January, but 4% leas than in February 1929.
employment was
industrial
The February-to-January increase in total
Bank clearings, for example, indicate a shrinkage in volume of turnover,
Cleveland
two of the larger cities of the State: namely.
only
in
d
experience
decreased
during
clearings
returned
centers
having
reporting
all
practically
showed no
Cincinnati, Columbus, Toledo. and Young-Mown
Canton
the last few weeks; car loadings, heavily lessened for several months by a and Dayton.
and
in employment in February from January and Akron year, there
meagre movement of wheat, have latterly shown a smaller traffic in change
February of last
with
compared
As
decline.
slight
a
showed
does
note
circulation
Columbus,
general merchandise; business mortality rises; bank
t declines in all the cities of the State except in
ly unnot expand; there has been more than normal unemployment during the were employmen
t conditions seem to have remained substantial
employmen
where
prices
slowly
recede;
commodity
has
declined;
trade
past winter; foreign
from the same month of last year.
January.
and keen competition cuts profits. In many other countries, both customer changed
from
In Akron industrial employment in February declined 3%
Cincinnati
and competitor of Canada, there is also a condition of quiet trade, the
and 17% from February 1929. Industrial employment in
Febconsequence of which is not helpful.
in February from January. but declined 8% from
unchanged
remained
side
is
the
other
the
near
On
1%
These are the dark spots in the situation.
ruary 1929. February industrial employment in Cleveland was
that
always
factors
instil
navigation,
Columbus
approach of spring and reopening of
greater than in January. but 9% less than in January 1929. In
briskness in many branches of business. Building operations promise to be there was no change in industrial employment in February from January.
carried on with consideralale activity; hydro-power development continues; or from February 1929. In Dayton industrial employment increased 3%
road-making and mending will employ much labor; railways have mod- in February from January,and declined 2% from January 1929. February
erately large programs of construction and new equipment; mining projects, industrial employment in Toledo was 44% less than in February 1929,
including erection of refineries, are being pushed; and inventories, gen- although there was no further decline in February from January. In
erally, have been kept so low that a reaction in trade should quickly speed Youngstown industrial employment, although unchanged in February
the wheels of industry. A larger importation of coal from Great Britain from January, was 3% less than in February 1929.
in Cinis expected when St. Lawrence navigation begins, but return cargoes depend
Construction employment in February increased from January
upon the wheat movement, and as yet few charters have been made.
cinnati, Columbus. Dayton, and Toledo.
set
in
which
a
few
months
Canada
The decline in the foreign trade of
ago has not yet been arrested. In February, exports of domestic products
Wholesale and Retail
decreased $15,569,000 compared with the corresponding month last year, Advance Report for February on
and imports $16,120,000, the aggregate falling off being $31,690,000;
Trade in Philadelphia Federal Reserve District.
while the elapsed 11 months of the current fiscal year show an increase
Conditions in wholesale and retail lines in the Philadelphia
of $4,898,000 in imports and a decrease of $218,186,000 in exports. The
nearly
item,
18%,
latter
occurred
the
whole of the considerable decline in
Federal Reserve District during February are indicated in
in wheat and flour.
the following survey of the Federal Reserve Bank of PhilaThe newsprint industry has somewhat slackened its pace. In February,
shipments at 178,691 tons were approximately 8,000 tons less than in the delphia.
2112
FINANCIAL CHRONICLE
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL
RESERVE
DISTRICT FOR THE MONTH OF FEBRUARY 1930.
Net Sales.
Index Numbers
(P. Ct. of 1923-1925
Monthly Average).
Jan.
1930.
Boots and shoes
Drugs
Dry goods
Electrical supplies
Groceries
Hardware
Jewelry
Paper
Feb.
1930.
42.4 , 47.0
111.4*
110.5**
49.8*
43.8
72.2*
84.7**
98.7*
90.5
65.2
63.1
52.5
54.2
101.3
85.0
Stocks at End
of Month.
Jan. 1 to
Feb. 28
Compared
with Same
Previous Same Mo. Period
Month. Last Year. Last Year.
During Month
Compa ed with
+10.7% -6.2% -5.7%
-5.9
-0.5
-8.6
-12.1
-12.9
-8.1
+17.3
-9.7
-11.0
-8.3
-2.5
-2.1
-3.5
-5.5
-6.0
+3.3
-23.0
-19.8
-16.1
-5.8
-4.7
Accounts Outstanding
End of Month.
Collections
During Month.
Compared Compared Compared Compared Compared Compared
with
with Same
with
with Same
with
with Same
Previous Month
Precious Month Previous Month
Month. Last Year. Month. Last Year. Month. Last Year.
Boots and shoes__------3.4% -13.9% -16.3% -13.2%
Drugs
____
-0.8
-3.8
-5.4
-14.0
Dry goods
+4.1% -3.1% -5.1
-10.3
-15.8
-8.0
Electrical supplies
-3.4
-1.1
-5.9
+8.3
-34.6
+9.8
Groceries
-2.3
-2.0
-3.7
-1.5
-11.1
-3.9
Hardware
-0.4
+24
-1.3
+5.4
-19.3
+2.3
Jewelry
-7.5
+4.7
-6.4
-1.5
-72.2
-10.5
Paper
+5.3
+2.6
-5.7
-1.9
+4.7
-9.7
*Revised. ** Preliminary.
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
FOR 'THE MONTH OF FEBRUARY 1930.
Index Numbers
Net Sales.
of Sales
Per Cent of
February Jan. 11923-1925
1930
Feb. 28
Monthly Average). Compared Compared
with
with Same
Jan.
Feb.
Feb.
Period a
1930.
1930.
1929. Year Ago.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel stores
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
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
Month
Ago.
Year
Ago.
All reporting stores_
+8.4
-6.9
Department stores_
+8.4
-7.5
In Philadelphia._
+9.8
-7.3
Outside Phila__
+5.8
Apparel stores
Men's apparel st's
In Philadelphia
Outside Phila.- 41.6
-i-17i
Women's apparel +7.3
-0.7
In Philadelphia +8.1
+0.3
Outside Phila- _
+3.9
-5.3
Shoe stores
-1.9
-3.3
Credit stores
+1.8
-10.6
Stores in:
Philadelphia
+10.3
-6.6
Allentown, Bethlehem & Easton +3.7
Altoona
+6.9
Harrisburg
+7.2
-16.7
Johnstown
-3.4
Lancaster
+12.2
-1.9
Reading
+8.9
Scranton
+8.9
-7.8
Trenton
-2.0
-8.7
Wilkes-Barre-8.3
+5.6
Wilmington
+1.2
-7.8
All other cities-. +4.0
-5.4
•Revised. **Preliminary.
81.6
79.3
81.1
73.8
73.0
72.2
113.2
106.2
85.5
76.1
115.9
89.2
-91.0*
62.3*
88.5
78.1
85.0
82.5
82.5
78.1
60.1
75.3
80.8
63.6
73.0
67.1
79.6
74.0
1.2
-11.6
85.9
71.5
-9.3
68.7
-5.0
81.1
-6.6
71.3
-7.3
77.4
61.1
-14.8
74.0
60.9
-1.9
97.6** +2.8
-6.2
Stocks Turnover
Jan. 1 to
Feb. 28.
1930.
1929.
0.58
0.58
0.64
0.46
0.56
0.56
0.61
0.46
-3.1
-3.2
-1.3
7.3
-11.7
-6.1
-16.5
+0.2
+0.6
2.7
--1.1
+2.8
-3.0
+2.4
-10.9
+2.0
-3.6
-13.9
-0.9
Accounts Collec'ns
Receivable During
at End
Month
of Month Compared
Compared
with
Year Ago. Year Apo.
[VOL. 130.
Clay and glass products, and food products-continue
d to decline. Rubber
products firms in Wisconsin reported a large reduction
in employes and
their earnings.
In non-manufacturing activities continued declines occurred
in all lines
with the exception of coal raining, which had
a 23% increase in payroll
amounts during the period covered, largely due to
impro ed activity in
the latter part of January. More recently,
however, reduced demand
for domestic coal has brought about curtailment. Total non-m
anufacturing
employment declined in all States of the district, with
the greatest loss In
Wisconsin. Building and construction work fell off more
than during
the same period of 1929 and 1928, but the decline
was much less than in
the preceding month, with Wisconsin alone showing smaller
payrolls, while
the Seventh District portion of Illinois and the three
other States had
increased aggre;ate earnings. The decline in merchandising
is largely
found in retail lines, including mail order business,
while wholesale trade
showed greater steadiness in all sections, with an increase
in Wisconsin
both in men and in payrolls.
Corresponding to the increase in industrial employment in Illinois,
the
ratio of number of applicants to jobs available in
cities which have free
employment offices fell off to 246 from the January figure
of 257, but
exceeded the February 1929 ratio of 169. Improvement
in the unemployment situation was reported for Chicago, Cicero,
Decatur, Springfield,
and Aurora, while Peoria and Rock Island reported
increased labor surplus.
The average for five reporting cities in Indiana showed
an opposite trend
to that in Illinois, the February ratio of 181 comparing
with 164 in January
and 136 in February 1929. At offices in Iowa this
ratio was higher than
for any month in the past two years, being 346 as
against 315 in January,
and 336 in February 1929.
EMPLOYMENT AND EARNINGS-SEVENTH FED'L RESERVE
DISTRICT.
Industrial Groups.
No. of Wage Earners.
Total Earnings.
No. of
ReWeek Ended.
Week Ended.
port'g
Per
Per
Firms. eb. 15/an. 15 Cent
Feb. 15 /an. 15
Cent
1930. 1930. Change. 1930.
1930. Change.
Metals dt metal prod'
(other than vehicles) 531
Vehicles
68
Textiles & textile prod. 140
Food & related prod_ 296
Stone,clay & glass prod 119
Lumber & its products- 231
Chemical products.- 61
Leather products
67
Rubber products x____
6
Paper & printing
252
Manufacturing (total
01 10 groups)
1 771
$
$
+0.7 6.010.141 5,788.15 +3.8
+2.0 1,220.163 1,138,062 +7.2
+1.4
717,851 692,649 +3.6
-0.6 1,081,717 1,105,379 -2.1
-2.1
272,851 275.666 -1.0
+1.7
642,719 585,299 +9.8
+1.1
237.07k
243.514 -2.6
__-365,847 339,814 +7.7
11.7
69,265
75,15 -7.8
-4.3 1,064,941 1,100,707 -3.3
413,579412,767 +0.2 11,682,57111,344.488 +3.0
196,488195.092
42,199 41,36
31,704 31.172
40,558 40,811
9,908 10,123
29,493 28,99
8.591 8,499
17,154 17,149
3,212 3,63
34,272 35,824
Merchandising y
136 28,913, 31,15: -7.2
763,756 811,6.1 -5.9
Public utilities
72 94,9571 97.037 -2.1 3,204,057 3,328,992 -3.8
Coal mining
43 10,5921 10,584 +0.1
325,917 264,361 +23.3
Building & construct'n 210 10,440 11,244 -7.2
341,975 346,778 -1.4
Employment (total of
14 groups)
2,232 558,481 562,790 -0.8 16,318,27616,006,249 +1.4
Wisconsin only• v Illinois and Wisconsin.
Federal Reserve Bank of San Francisco Reports Failure
of Continuance of Improved Conditions Witnessed
Earlier in Year.
In indicating conditions in his District Isaac B. Newton,
Chairman of the Board and Federal Reserve Agent of the
Federal Reserve Bank of San Francisco, states that the
apparent improvement in business conditions in the Twelfth
Federal Reserve District late in January and early in February did not continue throughout the later month. Mr.
Newton, whose summary is issued under date of March 22,
goes on to say:
Total industrial production averaged approximately the same as in January, while trade was less active than in that month. Wholesale commodity
prices continued the decline that has been evident since the summer
if
1929, reaching the lowest level since 1922. Total carloadings increased
sharply during February and were in about the same number as a year
ago.
0.36
0.40
Credit ease has become more evident during the past six weeks, but
0.86
0.91
interest
rates changed little and commercial loans continued at relatively
0.92
1.00
low
0.57
0.56
levels.
0.37
0.36
+5.2
-1.7
Growing conditions,improved by beneficial rainfall, are perhaps the most
0.34
0.33
+2.9
+2.0
favorable factor in the present agricultural outlook. The continued declines in prices of farm products have had a depressing influence on the
0.65
0.63
markets for many crops and for livestock, and have introduced some
0.38
0.39
+2.2
-3.4
uncertaint
y in planning agricultural operations for the current season.
0.42
0.42
+19.2
-5.1
Wheat has not been marketed as satisfactorily as it was last year, with the
0.48
0.43
+0.5
-1.3
0.51
result that stocks are larger and total shipments smaller than they were a
0.49
+4.3
+0.2
0.42
0.46
year ago. Constant additions to the district's herds of sheep during the
0.46
0.45
past three years have combined with the current recession in prices of both
0.44
0.46
-6.8
-3.9
lambs
and wool to handicap that industry in maintaining the favorable
0.48
0.50
-0.1
+0.5
0.34
0.34
market position it has occupied during recent years. This year's Navel
-9.5
+0.2
0.40
0.39
+17.1
+8.3
orange crop, of moderate size and good quality, has been bringing satis0.38
0.39
+2.5
+6.4
factory returns to citrus fruit growers. Engineering contracts awarded
showed an increase in value during February, but residential and ether
building operations declined further during the month. Increased output
in two industries-lumber and petroleum-offset declines in most ether
Industrial Employment Conditions in Chicago Federal lines
of industrial activity during February, and total industrial production
Reserve District-Slight Gains Reported.
was maintained at about the levels recorded for January. It should
be
noted, however, that the lumber cut was unusually small in January and
Some improvement in manufacturing employment for the that increased
crude oil production in February was the result of perChicago Federal Reserve District was reflected in slight in- mitting unrestricted output for a few days in order to establish the proper
creases in both number employed and payrolls at 1,771 basis of pro-ration in the current curtailment program of that Industry.
The value of trade, partly because of price declines, was less in February
plants, according to the Monthly Business Conditions Report than
in other recent months or in February of last year. Retail sales
deof the Federal Reserve Bank of Chicago, dated March 31, creased in most cities in the district, Portland and Oakland
being the only
exceptions,
and wholesale trade declined more than seasonally. Activity
which also has the following to say:
in both foreign and inter-coastal trade receded further during February.
The general level for ten groups is brought by this gain to approximately
Continued commodity price declines have become an increasingly imthat in the middle of December, but continues lower than for the correportant, though not entirely unfavorable influence in the business situation.
sponding period of last year. The vehicles group continued the expansion
Prices of many basic commodities (for example, wool, silk, silver, lead,
begun between Dec. 15 and Jan. 15, and four other groups which declined
zinc, tin, rubber, coffee) are at the lowest levels recorded for several years.
prior to Jan. 15, regLstered increases during the period Jan. 15 to Feb.
15- Declining prices and rather large stocks in the hands of producers
and users
wood products, textiles, leather and metals. With the exception of
textiles, of many important raw materials have accompanied decreasing industrial
these groups have been in continual decline since October. The upturn in
output.
the metal products group was effected largely by expansion in the steel
Changes in the credit situation since mid-February have added to the
industry of this district, which has been operating at more
than
supply of funds available to district money markets. Loans and discounts
capacity. Three highly seasonal industries-paper and printing. 90%
stone, of member banks have not shown any significant movements since that
2113
FINANCIAL CHRONICLE
MAR. 29 1930.]
as a
time, although their investment holdings have increased somewhat
Disresult of the March 15 issue of United States Treasury certificates.
volume
low
unusually
counts at the Reserve Bank have remained at the
Federal
which has prevailed since mid-January. The discount rate of the
Reserve Bank of San Francisco was reduced from 4 % to 4%, effective
March 21.
Merchandising Conditions in Chicago Federal Reserve
District-Decline Indicated in Half of Wholesale
Reporting Lines-Department Store Trade Lags.
In reviewing merchandising trade in the district, the Federal Reserve Bank of Chicago in its "Monthly Business Conditions Report" dated March 31 says:
MILLS-1930
WEEKLY COMPARISON (IN FEET) FOR 212 IDENTICAL
are complete for
(All mills whose reports of production, orders and shipments
the last four weeks.)
Feb. 22.
Mar.l.
Mar. 8.
Mar. 15.
Week Ended181,449.188 173,903.152 175.326,625
184,397,778
Production
153,425.417
151,099.122
157,441.687 164,354.053
Orders
65,033,450 66,552,103 85,573,424 64.747,330
Rail
50.935,218
46.761,103 53.604,200 39,598,343 28.087,855
Domestic cargo
34,150,444 31,585.413 33.521,432
Export
9,655,014
12,405,923
12,612,337
11,496.690
Local
153,816,640 154,466,805 158,774,609 150,047,288
Shipments
69,985,955 65,634,364 68.742,573 62.275.151
Rail
55.740.588
48,261,226 54,757,110 50,748,381
Domestic cargo
21,462,994 28.877,732 22,376,535
24,072.769
Export
9.655.014
12.405,923
12.812.337
11,496,690
Local
624,532,338 625,566,905 618.619,846 629,952,421
Unfilled orders
197,909,077 205,015,304 204.328,014 209,168.148
Rail
228,393,412 231,400,525 238,002.068 248,554,151
Domestic cargo
198,229.849 189,151,076 178,289,764 172,232.122
Export
185 IDENTICAL MILLS
shipments are complete
(All mills whose reports of production, orders and
for 1929 and 1930 to date.)
Average 11
Average 11
Weeks Ended
Weeks Ended
Week Ended
l6'29.
Mar.
l5'30.
Mar.
Max.15'30.
151,854.828
139.290.858
172,957,245
Production (feet)
182,618.449
133,468,627
149,401,383
Orders (feet)
149,288.765
132,812,430
144,203,585
Shipments (feet)
(113 Mills)
1030
8
MAR.
ENDED
WEEK
ION
DOMESTIC CARGO DISTRIBUT
unissea
Orders
Orders on
Week
BeHand
Ended
ShipCancel.pining Week Orders
meets. Mar. 8 '30.
Mar. 8 '30. Received, lotions.
Sales in half the reporting lines of wholesale trade in this district declined
in February from a month previous, and decreases from a year ago were
general, except in • roceries where sales totaled about the same as last
February. The aggregate olume sold by hardware firms increased 6%
over January. dry goods sales were 9% larger, and those of shoes 47%
heavier than in the preceding month, while sales by grocery firms declined
11%, those of drugs 6% and of electrical supplies 4%. As in January,
sales ca dry goods and shoes iv owed the heaviest declines from a year ago,
with practically all firms sharing in the recessions. The wholesale drug
and hardware trades recorded the smallest decrease in this comparison.
Uncertainty still prevails in the price situation.
A decline of 1% from January was shown in the aggregate sales of 112
department stores in the Seventh District; sales in Detroit totaled 5%
larger in the comparison, although half the firms reported declines, and the
Washington & Oregon
Feet.
Feet.
Feet.
Feet.
volume sold by stores in smaller cities increased a little over 1%. with less
Feet.
(94 Mitts)420,859 15,453,883 71,467,561
71,110,440 16,231,883
than half the firms sharing in the gain. Sales by Chicago stores totaled California
32,558,823 105,537,649
1,819,333
27,266,810
112,648,995
less
7%
Coast
were
stores
Atlantic
1% under a month previous, those by Indianapolis
120,864 4,432.689
None
465,843
4,087,710
and sales by Milwaukee firms aggregated 10% smaller. Among the larger Miscellaneous
181.437,899
48,133,570
2,240,192
,964,516
187,847,14543
cities, both Chicago and Detroit showed substantial declines in the com&
Total Wash. Oregon
parison with February 1929, while the volume sold by Indianapolis and
Mllis)(19
Col.
Brit.
the
of
243,000 1,910,270
Milwaukee stores totaled somewhat larger; more than one-third
None
335,000
1,818,270
California
None 1,411,000 22,188.620
stores in the smaller cities had increased sales over last February, reducing Atlantic Coast
19,013,620 4,586,000
6,874.994
1,149,000
lees
None
was
slightly
turnover
1,492,994
Stock
6,531,000
3%.
than
the average decrease to less
Miscellaneous
in the first two months of 1930 than in the same period of 1929. Stocks
None 2.803.000 30,973,884
6,413,994
27,362,890
Columbia_
Brit.
Total
held the end of February averaged about 2% under those of the come212,411,783
spondins date a year age.
Total domestic cargo_ 215 210.035 50.378.510 2.240.192 50.936,570
In other retail trade of the district, shoe sales increased 4% in February
over January, while the furniture trade showed a 17% expansion. In the
comparison with February a year ago shoe sales increased 7% and those
of furniture declined 9%. Despite the gain shown in the shoe trade, the Production and Shipments of Pneumatic Casings and
volume sold in the first two months of this year totaled 5% below the
Inner Tubes in January 1930 Exceed Those of the
by hardware dealers in the
corresponding period of 1929. February sales
Preceding Month, but Fall Below the Figures for
five States of the district aggregated heavier than either a month or a
Year previous.
Sales of 22 chains totaled 1% less in February than in the preceding month
rnd with very little change in the number of stores operated average sales
for the month exPer store showed the same recession. The aggregate
ceeded that of last February by more than 10%, but the number of stores,
sales
average
declined 33i %•
was 14% greater, so that in this comparison
Total sales were larger than a year ago in all groups except musical instruments, while average sales per store increased in the grocery, cigar and
shoe groups, and were smaller for drugs, five-and-ten-cent stores, furniture, men's and women's clothing, and musical instruments.
WHOLESALE TRADE IN FEBRUARY 1930.
Per Cent Change from Same Month Last Year.
Net
Sates.
Commodity.
Stocks.
Accounts
Outstanding
Collections.
Ratio of
Accts. Outstanding to
Net Sales,
(25)+ 0.1 (15)- 6.2 (21)-11.7 (17)+10.6 (21) 97.7
Groceries
(9)- 8.0 (14) 263.6
(9)- 4.2 (13)- 1.7
Hardware
(13)-- 5.1
(9)-16.7 (10) 386.5
Dry goods
(10)-23.0
(8)+ 0.2 (10)- 9.4
(8)- 4.1
(9) 159.9
(9)+ 4.4
(13)- 5.9 (10)- 8.3
Drugs
(7) 458.8
(6)-29.4
(7)+ 1.2
(8)-22.6
(6)- 3.0
Shoes
1.2
158.6
(35)
(23)0.0
Elec. supplies.. (36)- 9.3 (29)- 2.4 (341+
included.
firms
of
Figures in parentheses indicate number
DEPARTMENT STORE TRADE IN FEBRUARY 1930.
Ratio of February
P.C.Change
Per Cent Change February 2 Mos. 1930 Collections to Accounts
Outstanding Jan. 31.
from
1930 from February 1929.
2 Mos. 1929.
Locality.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh Dist__
Net
Sales.
Slocks End
of Month.
Net
Sales.
1930.
1929.
-7.1
-20.1
+3.0
+1.4
-2.8
+3.2
-14.6
+6.5
+6.1
-8.3
--8.5
---18.9
--2.2
4-2.0
---3.6
36.0
37.9
39.3
43.2
33.4
36.0
41.3
43.1
46.3
85.8
-8.6
-2.8
-9.1
37.3
40.0
the Corresponding Month Last Year, According
to Estimates by the Rubber Manufacturers Association, Inc.
According to estimates by the Rubber Manufacturers
Association, Inc., there were produced during the month of
January 1930 a total of 4,745,149 pneumatic casings, as
compared with 6,722,040 in the same month a year ago
and 3,261,089 in December 1929. A total of 4,700,539
pneumatic casings were shipped in January last as against
3,346,020 in the preceding month and 6,626,196 in January
•
1929.
It is also estimated that 4,913,880 inner tubes were
produced in January 1930, as compared with 6,517,243 in
January 1929 and 3,716,161 in December last, and that a
total of 5,180,956 inner tubes were shipped in January 1930
as against 3,630,713 in the previous months and 7,241,673
in January 1929.
Inventories at Jan. 31 1930, according to estimates, were
12,719,137 pneumatic casings and 13,551,023 inner tubes,
as compared with 13,712,211 pneumatic casings and 15,385,993 inner tubes at Jan. 31 1929 and 12,627,157 pneumatic casings and 13,660,487 inner tubes at Dec. 31.1929.
Statistics relating to the tire industry for January 1930,
as compared with previous periods compiled by the Rubber
Manufacturers Association, are as follows:
Pneumatic CasingsJanuary 1930
December 1929
January 1929
Inner TubesJanuary 1930
December 1929
January 1929
Solids and Cushions-January 1930
December 1929
January 1929
Production.
4,745,149
3,261,089
6 722,040
Shipmeet:.
4,700,539
8,348,020
6,626,196
Inventory
(End of Month).
12,719,187
12,627.157
13.712,211
4,913,880
5,180,956
13,551.023
13,660,487
3,630.713
3 716,161
West Coast Lumbermen's Association Weekly Report.
15,385,993
7,241,673
6,517,243
n,
n's
Associatio
According to the West Coast Lumberme
169.045
28,635
33,399
162.933
reports from 215 mills show that for the week ended March 15
27,776
37,936
198,987
44,068
42,111
15.06%
and
were
16.84%
1930, orders and shipments
furnished
reports
on
based
are
n's
estimates
The Associatio
respectively, below production, which amounted to 185,by manufacturers who produce approximately 75% of the
501,083 feet. The Association's statement follows:
total for the United States, but which have been adjusted
WEEKLY REPORT OF PRODUCTION. ORDERS AND SHIPMENTS.
215 mills report for week ended March 15 1930.
to 100% in the above tables.
Production
Orders
Shipments
(All mills reporting production, orders and shipments.)
185,501.083 feet (100%)
147.572,283 feet (15.06% under production)
154,270,122 feet (16.84% under production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (302 IDENTICAL MILLS).
(All mills reporting production for 1929 and 1930 to date.)
211.495,055 feet
Actual production, week ended March 15 1930
166,588,611 feet
Average weekly production. 11 weeks ended March 15 1930
206.511,2.57 feet
Average weekly production during 1929
feet
213,798,339
Average Weekly production last three years
•
295,311.969 feet
:Weekly operating capacity
a Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill cheek and the normal number of operating hours Per
week.
France Plans Grain Reserve-Credit Created to Carry
Out Plan.
Establishment of a Government reserve supply of grain
to assure a proper amount for the population in times of
emergency and to allow a certain Government control of
domestic prices was approved by the French Chamber of
Deputies on March 26, according to Associated Press advices
from Paris that day published in the New York "Evening
Post," which added:
2114
FINANCIAL CHRONICLE
[VoL. 130.
A credit of 200,000.00 francs (about 88,000.000) is created for this law on the
ground that it was not sufficient to meet the needs of the situapurpose. The stocks are to he acquired gradually from each department, tion. Moreover,
a number of students of the psychol gy of the rye camunder supervision of the Ministry of Agriculture.
paign fear that it may result in an all-around decrease in bread consumption
when the desired white bread becomes dearer, instead of castling a nationwide return to rye.
Italy Get Soviet Wheat-Milan Paper Sees Russian Bid
for Its Pre-War Place in Market.
From Milan, March 27, the New York "Times" reports British Refuse Grant to Aid Sugar Growers-Government Opposes Lord Olivier's Proposal to Guarantee
the following Associated Press account:
Price for the West Indies.
The newspaper "Sole" to-day said Russian wheat had reappeared on
the Italian market. The newspaper expressed the belief that wheat imThe MacDonald Government of Great Britain has
ports from Russia win am,unt annually, almost certainly creating American
rejected the proposal to guarantee the price of West Indian
and Russi in rivalry. The paper asserts Soviet Russia is seeking to recoup
the Russian pre-w r s..periority aided by the nearness of the Italian market. sugar, and has decided not to provide a grant in aid for the
Mauritius sugar industry. This is learned from a London
cablegram March 24 to the New York "Times," which
Australian Bank Will Aid Compulsory Wheat Pool Plan.
added:
From the New York "Times" we take the following
These measures are among the recommendations of two reports prepared
for the Government-one by Lord Olivier. on the grave problems facing
Associated Press advices from London, March 24:
the
A Reuters dispatch from Melbourne says that Premier Scullin during a
conference with Sir Robert Gibson, Chairman of the Commonwealth Bank,
received an assurance that the bank would co-operate in a practical scheme
for financing the proposed compulsory wheat marketing pool.
The scheme involves a Federal guarantee of Is. (about 97 cents) a bushel
for wheat delivare I at designated stations for a period of one year.
Australia to Grow More Wheat if U. S. Farmers Cut
Crops.
The New York "Evening Post" this week carried the
following Associated Press account from Canberra (Australia) March 25:
Parker Moloney, Federal Minister of Markets and Transport, to-day
insisted that the Australian Government was on the right track in urging
farmers of the Commonwealth to grow more wheat.
His statement was made in the course of comment on cabled reports from
the United States the purport of which was that the United States Farm
Board had advised American farmers to grow less wheat. He insisted that
this advice did not indicate a fallacy in the Australian Government's policy.
In any event, he added, the effect of the advice to American farmers must
be to raise wheat prices and thus benefit Australia.
growers in the West Indies, and the other by Sir Francis Watts, on the
plight of the industry in Mauritius.
Lord Olivlees chief recommendations, made In his report which was
issued to night, are that the Government should make an effort in concert
with other powers to get rid of high tariffs and subsidies; that, by way of
an immediate moratorium, the British preference on imperial sugar should
be raised as quickly as possible to 4s. 8d. per hundredweight (it is now
about 3s.9d.)and that a single purchasing agency should be established to
buy all sugar for the United Kingdom, paying for imperial sugar £15
Per
ton and buying other sugar at the market price.
Sir Francis recommends that, for at least five years,a grant should
be
made by the Government equal to the difference between the general
cost of production, estimated at E13 per ton, and the general average
selling price.
In his observations of the reports Lord Passfield, Secretary for the
Colonies, says both would require the British taxpayers to contribute
some millions of pounds yearly to the West Indies and Mauritius. He
adds that the Government is not prepared to ask Parliament to "impose
on the community a burden of this magnitude."
Lord Passfield declines to anticipate the budget statement, but says:
"It has been already stated that the Government will not deal with the
difficulties of the sugar industry by way of preference, but that as long as
there is duty on sugar the preferences will be maintained."
Some time ago the Government made an offer of financial assistance to
the growers in the shape of bank guarantees, but the sugar producers
regard this as a gesture which does nothing for their credit and will not
lead to planting a single acre.
Brazil Has "Wheat Week"-Farmers Urged To Plant
More Grain in View of Recent Coffee Crisis
From Sao Paulo, Brazil, March 27 Associated Press Transactions in Grain Futures During February on
advises as follows are reported by the New York "Times":
Chicago Board of Trade and Other Markets.
The recent coffee crisis has turnel V'e thoughts of ranchers in this State
Revised
figures showing the volume of trading in grain
toward other crops, especially to wheat.
A "wheat week" was held here recently under auspices of State authori- futures on the Board of Trade of the City of Chicago, by
ties. Wheat grown in different sections of the State and seed wheat from days, during the
month of February, together with monthly
the United States and Argentina were shown.
Reports from the States in the South, where the climate is even more totals for all "Contrast Markets" as reported by the Grain
favorable to wheat raising, show that an intensive campaign is being Futures Administration, of the U. S. Department of Agricarried on for more extensive wheat growing. This campaign is expected
culture, were made public March 6 by the Grain Exchange
to bring results with nr re planting in 1930 and greater crops.
No State in Brazil grows enough wheat to supply its own demands, and Supervisor at Chicago. For the month of Feb. 1930 the
imports, both of wheat and of flour, are made from the United States and total transactions at all markets reached
1,848,932,000
Argentina.
bushels, compared with 1,342,333,000 bushels in the same
month last year. On the Chicago Board of Trade the transChile Votes To Advance Sums to Agriculturists.
actions in Feb. 1930 totaled 1,600,526,000 bushels, as
According to press advices from Santiago March 25, at against
1,146,549,000 bushels in the same month 1929. Bea Cabinet meeting assistance was accorded Chilean agri- low we
give details for February, the figures representing
culturists, who have been affected by the world economic sales
only, there being an equal volume of purchases:
crisis. The Caja de Credito Fiscal, it is stated, will advance,
VOLUME OF TRADING.
proportional sums to agriculturists, and a campaign to
Expressed in Thousands of Bushels. e. (000) Omitted.
Increase consumption will be started immediately.
February 1030.
Germany's Crain Tax Helps Rye Bread CampaignIncreases on Other Imports-Aimed at Halting
Shift to White and Aiding Farmers.
A cablegram as follows from Berlin March 26, is taken
from the New York "Times:"
The campaign to improve prices for the overwhelmingly ample supply of
rye through raisin; the prices of other grains and attempting to arrest the
progress of the nation's changing taste, which since the war has been shifting
toward white bread, advanced a further step with the passage by the Reichstag yesterday of the new agrarian laws raising the import duties on wheat,
feed, barley and oasts and establishing a monopoly in corn.
The measures, which are scheduled to run until Dec. 31, are regarded as
tentative and intended to alleviate the present critical agricultural situation,
which is especially severe in East Prussia and Pomerania. where the black
flag, indicating bankruptcy, has been raised on many farmhouses. It will
be recalled that President von Hindenburg last week issued a moving plea
on behalf of the farmers of the Eastern frontier provinces when he urged
speeding up the passage of the new laws, as well as extending financial
assistance in needier cases.
Observers anticipate that the change in the wheat duty which will operate
on a sliding scale, will most affect America. The duty has been raised
from a range of 3M marks to 9;.‘ to one of 134 to 12 marks a metric ton
(a mark is worth about 24 cents, a metric ton 2,204.6 pounds), the variability permitting the Government to stabilize prices. Similar changes have
been made regarding the other grains involved.
Nevertheless, close calculation indicates that the effect of tt'e now laws.
coupled with the campaign in favor of rye, will probably be to keep the
total imports of wheat for the year ending June 30 at the same level as
the previous year instead of increasing them by 300,000 tons, as had earlier
seemed likely, since import at the end of February were above those of
the same period last year, and the prevailing low prices will tend to overcome the effects of the advanced duty.
In this connection, it is noteworthy that the farmers of the Eastern
provinces and their Reichstag representatives battled against the new
1
2 Sunday
3
4
5
6
7
8
9 Sunday
10
11
12 Holiday
13
14
15
16 Sunday
17
18
19
20
21
22 Holiday
23 Sunday
24
25
26
27
28
Wheat.
Corn.
Oars.
Rye. Barley. Flax.
Total.
4.521
1,470
2,264
68,576 8,876
60.246 12.220
41.582 10.015
56,343 8,113
53,110 8,792
29,139 5,018
1,729
1.716
1,125
1,246
1,710
793
2.538 --------81,719
3,554 --------77,730
2,405 --------65,121
3,659 --------60,361
2.427 --------66,039
1,104 --------36,064
26,031
37,317
8,851
7,010
808
1.176
2,609
2,557
--------38,209
--------48,060
33.867
51,319
26,222
7.751
8,649
7,161
1.316
1.079
1,004
914
1,113
1,061
--------43,848
--------62,160
--------35,448
62,063 15,673
53.184 10,886
74.592 0,966
78,007 11.313
53,961 9,590
3.711
3,297
1,729
3,046
1,584
3,046
3,152
2,743
5,184
2,571
--------84,493
--------70,619
--------80,030
--------97,650
--------67,706
17,492
16,169
13,482
11,153
12,153
3,555
3,889
2,8.57
2,031
2.846
3.320 --------116,801
1,782 --------128,639
2.092 --------106,997
1,839 --------86,280
2,384 --------96,380
37,019
91,434
106,799
87,566
71.263
77,997
--------41,274
Chicago Board of Tr_ 1,277,637 224.854 43.717 54.318 --------1,600,626
Chicago Open Board_ ------------- - 41,305
219
34,200 6,886
Minneapolis C. of C_ _. 99,541
___ _ 4,588 2,728 4,665
235 111,757
Kansas City Bd. of Tr_
53,857 17,021
----------------70,878
Duluth Board of Trade_ •11,360
--------1,429
1
358
13,148
St. Louis Merch. Exeh_
1,435
----------------2,082
647
Milwaukee C. of C
774
3,900 2,420
230 --------7,324
Seattle Grain Exch _
1,108
--------------------1,108
Portland Grain Exch.__
804
Los Angeles Or. Exch..
_
Ban Francisco C. of C_
- Tot.all markets Feb.'30 1,483,842 251,828 49,298 58,705 4,666
593 1,848,932
Tot.all markets Feb.'29 892,246 372,817 45.065 26,870 3,007 2,328 1,342,333
Tot.Chlo.Bd. Feb. '29_ 743.378 340,898 40,466 21,807 --------1.146.549
• Durum wheat With the exception of 50 wheat.
MAR. 29 1930.1
2115
FINANCIAL CHRONICLE
..ognif CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE Cotton-Textile Institute. In announcing this March 25
FOR FEBRUARY 1930 (BUSHELS).
the Institute said:
("Short" side of contracts only,there being an equal amount open on the "long" side.)
February 1930.
1
2 Sunday
3
4
5
6
7
8
9 Sunday
10
11
12 Hollday
13
14
15
16 Sunday
17
18
19
zo
21
22 Holiday
23 Sunday
24
25
26
27
28
AverageN
February 1930
Feburary 1929
January 1930_
December 1029
November 1929
October 1929_ _
September 1929_
August 1929
July 1929
June 1929
May 1929
April 1929
March 1929
Wheat.
Corn.
Oats.
Rye.
Total.
198,790,000 *38,728,000 36,598,000
20,223.000 294,247,000
199.267,000
199,370.000
200,086.000
200,210,000
197.175,000
195,986,000
20,337.000
20,025,000
20,161,000
19.887.000
19,795,000
19,769,000
39,046,000 a36,749,000
40,140,000 38,656,000
40,938.000 36,508,000
40,949,000 36,636,000
41,262,000 36.555,000
41,858,000 38,584.000
1913,936,000 42,527,000 38,367,000
194,059.000 42,857,000 36,273,000
295,399,000
296,191,000
297891,000
297,882,000
294,787,000
294,197,000
20,332,000 296,162,000
20,319,000 293,508.000
193,459,000 43,674,000 36,070,000 20,273,000 293,478,000
193,751,000 44,620,000 35,887,000 20,382,000 294,640,000
194,008,000 44,983,000 35,772,000 <120,850,000 295,413,000
196,396,000 44,454,000
197,474,000 44,646,000
a201.308,000 44,957,000
197,898,000 45,775,000
195,319,000 a46,454,000
193,483,000
194,499,000
185,855,000
183,217,000
*178,130,000
194,872,000
127,350,000
196,559,000
185.959,000
202,549,000
238,356,000
227,863,000
218,044,000
172,889.000
129,161,000
128.261,000
146,314,000
144.719.000
35,529,000
35,130,000
34,829,000
34,467,000
34,369,000
20,223,000 297,102,000
19,641,000 296,891,000
19,497,000 0300,591,000
18,171,000 296.311,000
17,503.000 293,845,000
45.574,000 33,588,000 16,316,000 288,961,000
45,913,000 33,443,000 16.585,000 290,440,000
45,201,000 33,274,000 16,409,000 280,739,000
45,537,000 33,325,000 15,925,000 278,004.000
45,999,00 *32,711,000 *15,530.000 *272,370,000
43,459,000
79,574,000
34,348,000
34,283,000
35,850,000
42,787,000
46,419,000
46,998,000
48,567,000
51,210,000
54,897,000
88,315,000
78.542 000
35,329,000
26,288,000
38,795,000
40.762,000
44,710,000
47,866,000
47,772.000
42,208,000
23,220,000
15,376,000
19,095,000
25.871,000
27.320.000
18.998,000
9.343,000
18,894,000
22,298.000
24,815,000
19,395,000
15,000,000
12,377,000
7.975,000
9,334.000
8.698.000
8,971,000
8.510.000
292,658,000
242.555,000
288,598.000
283.302,000
307,524,000
348,204,000
337,054,000
319,627,00C
252,651,00(
205,081.00€
210,949,001
249,271,00(
259.091.001
American Woolen Co. Announces Price Readjustments
on Semi-Staple and Fancy Worsted Suitings-Reductions of From 21 to 37 Cents Below Last Year.
Price readjustments on semi-staple and fancy worsted
suitings announced by the American Woolen Co. at the
week-end range from 21c. to 37c. below last year, said the
New York "Journal of Commerce" of March 24, which also
stated in part:
The new price list on worsteds was issued to the trade Saturday and contains a number ofattractive values in cloths ofrecognized quality. As many
buyers are confining early business to cloths known for a high standard of
quality, style and durability, it is believed that the American will book its
full share of business on worsted suitings.
The cloths affected by the price readjustments are confined to Departments 1 and 2. Buyers who viewed the lines on the occasion of the formal
opening several weeks ago remarked on the values offered. In some quarters it was reported that the American readjusted its prices in justice to
customers who place the bulk of their business with the big concern.
The readjustment of prices on worsted suitings was the second undertaken by the firm this season. Earlier in the season the American announced prices on staple suiting, at almost unchanged levels in an effort
to stabilize the market for Barges, cheviots, pencil stripes and the like. A
number of leading factors followed the American.' However, several mills
cut out of line and the American in order to meet competition from these
quarters was forced to withdraw its list and reduce its prices in line with
the market established by competing mills.
On opening its worsted suitings the American quoted prices appreciably
lower than last year, but not quite as low as prices named by competitors.
The company was forced by market conditions and a declining wool market to readjust its prices.
Prevailing opinion is that few firms will readjust prices in line with the
American. A number of leading firms recently announced that they would
guarantee prices for the remainder of the season. It was said Saturday
that buyers may begin to operate more freely as the American policy protects its accounts.
Following is a group of representative cloths and reduction from fall
1929:
DEPARTMENT I.
Washington Mill.
Fall
Reduen
•
1030
frOM Fall
Base.
Range1929.
$1.76
24c.
A-13,394
1.78
13,398
27c.
1.79
26c,
13,414
2.60
84,416
280.
Wood Worsted Mill.
AA-407
• 1.84
30c.
2.05
870
220.
673
2.08
210.
97,013
2.17
23c.
Ayer Mill.
BB-2.167
2.23
25e.
2,189
300.
1.90
2,420
2.41
22c.
Fulton Mill.
D-1,580
2.20
270.
DEPARTMENT 2.
National & Providence Mill.
B-3,001
$2.23
250.
3.005
2.47
28c.
3,010
2.73
270.
Fall
Reduc'n
1930
from Fall
Base.
1929.
Ayer Mill.
1,84
BB-3,048
36c.
Fulton Mill.
2.61
D-3,071
29c.
3,073
2.88
37c.
Shawsheen Mill,
1.98
DD-3,089
27c.
Arden Mill.
E-3,101
30c.
2.35
3,107
25c.
Manton Mill.
Q-3,220
2.29
31c.
Weybosset Mill.
W-3,261
2.03
37c.
3,274
2.44
250.
Beoli Mill.
F-3,155
2.27
23c.
Puritan Mill,
N-3.202
23c.
3,023
2.33
25e.
3,205
3.08
32c.
3,206
2.88
37c.
Range-
Per Capita Consumption of Cotton Cloth Nearly 20%
Above That of 30 Years Ago According to P. B.
Halstead of Cotton-Textile Institute.
Per capita consumption of cotton cloth is nearly 20%
greater than it was 30 years ago, according to an analysis
of statistics made by Paul B. Halstead, Secretary of the
This analysis of Government and trade statistics indicates that per
capita consumption has increased from 57 square yards in 1899 to an average
of 68 square yards during the past seven years. It also indicates that the
annual volume of cotton cloth consumed in this 30-year period has increased
more rapidly than population. While population has increased at an
average rate of approximately 2% a year during this period the analysts
indicates that consumption has increased at an average rate of more than
3% annually.
Cloth consumption has shown an upward trend in spite of drastic changes
in fashion and fabrics required for wearing apparel. Extensive new
markets for cotton goods for other purposes-notably in the manufacture
of automobiles, artificial leather, rubberized fabric sand for home decoration-have more than offset any decline in per capita consumption of cotton
for wearing apparel.
The extent of this change is clearly reflected in a comparison of indicated
consumption in each of the three decades. Average annual consumption
from 1899 to 1909 was 60 square yards per capita. In the next decade this
average increased to 62 square yards. Since 1923 annual per capita consumption has averaged 68 square yards, touching levels in 1923 and 1927
estimated in excess of 70 square yards per capita.
Report on Hosiery Industry in Philadelphia Federal
Reserve District.
The following preliminary report on the Hosiery Industry
by 130 hosiery mills in the Philadelphia Federal Reserve
District from data collected by the Bureau of the Census, is
made available by the Federal Reserve Bank of Philadelphia:
PERCENTAGE CHANGES FROM JANUARY TO FEBRUARY 1930.
Women's
Boys'
Men's
Misses'
Inand
Full- Seam- Full- SeamTotal. fashion, less. fashion less. Class. fasts.
Hosiery knit during
--12.1 --16.4 --17.9 --9.3
month
Net shipments during
month
+0.5 +10.0 -20.5 +4.3
Stock on hand at end of
month, finished and in
+1.5 -0.5 +5.4 +11.2
the gray
Orders booked during
month
-9.8 +8.0 -17.0 -4.3
Ratio of cancellations in
February to unfilled orders on hand at end of
2.9
3.0
January
2.5
5.7
Unfilled orders at end of
month
--24.8 --27.8 --45.2 --15.7
--3.3 --21.7 --12.8
-0.6
+3.3
+1.7
+2.9 -23.3 -17.3
-0.1 -24.8 -28.9
8.0
0.2
1.5
--437 -55.1 --40.1
Activity in the Cotton Spinning Industry for
February 1930.
The Department of Commerce announced on March 21
that according to preliminary figures compiled by the
Bureau of the Census 34,523,296 cotton spinning spindles
were in place in the United States on Feb.281930 of which 28,926,580 were operated at some time during the month,compared with 29,198,134 for January, 29,069,510 for December,
29,649,394 for November,30,134,716 for October,30,037,922
for September, and 31,008,794 for February 1929. The
aggregate number of active spindle hours reported for the
month was 7,091,385,449. During February the normal
time of coperation was 23 2-3 days (allowance being made
for the observance of Washington's Birthday in some
localities) compared with 263' for January,25 for December,
253 for November, 263A for October and 243' for September. Based on an activity of 8.88 hours per day the average
number of spindles operated during February was 33,742,793
or at 97.7% capacity on a single shift basis. This percentage
compares with 100.3 for January, 88.2 for December,
100.9 for November, 10R.7 for October, 104.0 for September,
and 110.7 for February, 1929. The average number of
active spindle hours per spindle in place for the month was
205. 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.
State.
In
Place
Feb. 28.
Cotton-growing States_ _ _ 19,096,036
New England States
1.3,997,332
All other States
1,429,928
Active Spindle Hours for Feb.
Active
During
February.
Total.
Average
per Spindle
in Place.
17,868,788
9.818.100
1,241,692
4,997,184,614
1,885,492.757
208,708,078
262
135
148
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,847,978
1,074,538
3,259,088
1,061,058
8,246,388
180,872
1.301.648
377.012
695,628
6,232,456
2,196,440
5.849.862
611,146
282,240
708,426
798,520
1,727,530
969,274
3.028,074
773,732
5,648,552
121,504
936,854
348,056
586,324
5,750.454
1.370,424
5,524,678
583,820
229,778
669,928
877,598
451.573.746
182,361,162
798,597,844
144,977,244
1,095,591,124
41,994,236
193,367,301
52.533,930
100.950,639
1,537,176,449
245,972,063
1,711,279,257
189,350,678
49,201,308
155.560.097
140,898,371
244
170
245
137
133
232
149
139
145
247
112
303
310
174
220
176
United States
34,523,298
28,928,580
7,091,385,449
205
2116
[VOL.130.
FINANCIA_L CHRONICLE
Petroleum and Its Products-Further Cut in Crude
Output Expected This Week-Injunction Issued
Against Santa Fe Producers Brings Reduced Flow
-Oklahoma Reports Prospects of Higher Prices
as Heavy Consumption of Gas Begins.
While there was a decline last week, ending March 22,
of more than 40,000 barrels per day in this country'F., crude
oil output, it is believed that this week will show a more
marked drop, due to deeper curtailment. Santa Fe Springs,
Calif., and a daily cut of 20,000 barrels per day ordered in
the Yates Pool, west Texas. The temporary injunction
which cuts production at Santa Fe Springs is now in operation, and operators are already complaining of numerous
inequities. It is expected, under this gas restraining order,
that the production oe this field will be kept to about 100,000
barrels per day, as compared with its potential of nearly
240,000 barrels per day.
Hearing on the question of making this injunction permanent is set for June 16. The court order sets a gas
allowance for each lease in the field based on the potential
for that lease. It requires that operators submit a daily
report and a weekly report of gas and oil production, and
permit the State Oil and Gas Supervisor to check their
accuracy.
The hearing on the Kettleman Hills injunction is set
for April 1, and reports from the Coast indicate that the State
will encounter considerable opposition, especially if the
enforcement of the Santa Fe Springs injunction proves
Injurious to oil operators.
From Oklahoma come reports of expectations of higher
crude prices, as the heavy consumption season begins to get
under way throughout the country. Gar°line sales this
year will probably top all records, due to the further increase
In the number of automobiles running the public highways.
Crude producers, while not unduly optimistic, nevertheless
feel that the increased consumption should prove of sufficient volume to cause a withdrawal of the recent lower
price schedule, and a return to the levels formerly in force.
No crude price changes were reported this week.
into operation shortly, and thlir operation will add to the
consumption of Diesel in this market.
Price changes follow:
March 22-Standard 011 Co. of New York announced reduction of 2c.
per gallon, tank wagon and service station, in Syracuse, N. Y. New
prices tank wagon 13.8c. and service station 15.8c. per gallon.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
NY(Bayonne,3.08._a.osm Arkansas
$.06 H North Louisiana-J.07Si
West Texas
.08H California
08%'North Texas
06(
Chicago _
.09)4 Los Angeles. export.. .07% Oklahoma
.08
New Orleans
.07H Gulf Cot,
Coast. export.
export- .08A Penylvania
Pennsylvania
1
New York
At,anta
Baltimore
Boston
Buffalo
Chicago
Gasoline, Service Station, Tax Included.
Minneapolis
$ 18
5.163 Cincinnati
Denver
.21
New Orleans
.16
Detroit
.22
188 Philadelphia
.20 Houston
18 San Francisco
.15 Jacksonville
.24 Spokane
15 Kansee City
.179 St. Louis
Kerosene, 41-43 Water White, Tankcar Lots. P.O B Refinery.
NY.(Bayonne).073,10.075jIChicago
5.0554'New Orleans
$.075(
North Texas
.05H1Los Angeles. export. .05%'Tulsa
.0614
Pu.1 011, 18-32 Degree, F O.B. Refinery or Terminal.
New York (Bayonne)$1.05[Los Angeles
$ 851Gulf Coast
2.001New Orleans
Diesel
95 Chicago
lib
Gas Oil, 32-34 Degree, F. 0. B. Refinery or Terminal.
N. Y.(Bayonne)--$.05XIChicago
3.031Tubsa
$.03
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,497,400 barrels, or 95.5% of the 3,660,900 barrel estimated daily potential refining capacity of
the plants operating in the United States during the week
ended March 22 1930. That the crude runs to stills for the
week show that these companies oi orated to 72.5% of their
total capacity. Figures published last week show that
companies aggregating 3,494,400 barrels, or 95.5% of the
3,660,900 barrel estimated daily potential refining capacity
of all plants operating in the United States during that week,
but which operated to only 72.7% of their total capacity,
contributed to that report. The report for the week ended
March 22 1930 follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOOKS:
WEEK ENDED MARCH 22 1930.
(Figures in barrels of 42 gallons.)
District.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P.1. degrees are not shown.)
Bradford, Pa
Corning, Ohio
Cabell, W. Va
linnets
Western Kentucky
Mideentinent, Okla , 37
Corsleana. Texas. heavy
Hutchinson, Texas, 35
Luling. Texas
speunetop, Texas, grade A
Spindletop, Texas. below 25
Winkler. Texas
$2.80
1.75
1.35
1.45
1.53
1.23
.80
.87
1.00
1.20
1.05
65
Smackover, Ark., 24 and over
Smackover, Ark. below 2
Eldorado, Ark.. 34
Urania, La
Salt Creek. Wyo., 37
Sunburst, Mont
Artesia, N. M
Santa Fe Springs, Calif.. 33
Midway-Sunset, Calif., 22
Huntington, C.altf., 26
Ventura, Calif.. 30
Petrolia, Canada
2.90
.75
1.14
.90
1.23
1.68
1 OS
1.45
1.05
1.34
1.13
1.90
REPINED PRODUCTS-PRICE TREND TURNS UPWARDGASOLINE TANK CAR MOVEMENT SHOWS RENEWED
ACTIVITY AS JOBBERS RETURN TO MARKET-KEROSENE
CONTINUES QUIET-FUEL OIL STRONG-DIESEL FIRM.
The eastern gasoline markets have taken a decided turn
for the better, and all reports in the trade point to a rising
price structure, This is a sharp reversal of the feel:ng which
has obtained here for more than a month, with price-cutting
reported from all sides, and buyers holding back on commitments. The "ono-seventh" refinery reduction is credited
with much of the improvement,while the nearness of the spring
motoring season and resultant mounting gasoline sales is also
an important factor.
Tank qar gasoline is firm at 834is. and most of the factors
who were selling from Ue. to he. below this posted prices
have raised to it. California U. S. Motor gasoline is being
quoted by one factor here at 8% cents per gallon, as against
the general market of 83c.
Marked increase:, in sale of tank wagon gasoline is reported. Price cutting has been practically wiped out by
the stronger tendency shown this week.
Kerosene is still a "sore spot" in the trade. Consumption
this winter has not been up to expectations, and it is understood that stocks in local refineries are above normal. While
posted prices hold at 73
% cents per gallon, tank car lots,
sales are being made at Yi to 3/20. per gallon below this
level.
Bunker fuel oil is strong, the price of $1.05 per barrel, at
refineries, being held to firmly. Sales this week have been
in good volume, while movement against existing contracts
has been largo.
Diesel oil is steady at $2 per barrel, f.o.b. New York
Harbor refineries, and sales volume continues unabated.
Shipping interests report that a number of ocean-going
yachts of 1,000 d.w. tonnage and over, are scheduled to go
5.182
196
.21
.251
.195
.16
Crude
Runs to
Stills.
P. C.
°Per.
of Total
Capac
Report
Gasoline
Monts
Gas and
Fuel Oil
Stocks.
3,097,100
565,300
2.147.800
2,087.600
4,217,400
1,189.000
413.800
4,026,600
73.0
69.3
85.7
72.4
84.5
64.8
42.4
64.5
9.266.000
1,828.000
8,202.000
4,583.000
7.698,000
2.522,000
3.109,000
16,622,000
6,462,000
657.000
3,024.000
3,509,000
11,549,000
2,064.000
1,052,000
108.936,000
95.5 17.744.400
2,534,900
95.5 xi7,78l.900
2,540,200
72.5
53,830,000
137,253,000
72.7
53.986,000
137,134.000
99.4
3,176.900
86.7
6,520.000
8,917,000
inn n
7611 0041
71 1
9 1 a g•nnn
1 000 nnn
P. C.
PotenHai Capacify
Report.
-100.0
East Coast
91.0
Appalachian
Ind., Ill. and Kentucky.. 99.4
Okla., Kansas de Missouri 89.1
90.4
Texas
96.8
Loublana-Arkansas
Rocky Mountain
93.6
99.3
California
Total week Mar. 22_
Daily average
Total week Mar. 15...
Daily average
Texas Gulf Coast
Louisiana Gulf Coast- ---
x Revised due to receipt of information from an East Coast company
that they had overstated their runs for the week ending the 15th by 96,400
barrels.
Note.-All crude runs to stills and stocks figures follow exactly the
present Bureau of Mines definitions. In California. stocks of heavy crude
and all grades of fuel oil are included under the heading "Gas and Fuel
011 Stocks." Crude oil runs to stills include both foreign and domestic
Crude.
Crude Oil Production in United States Again Falls Off.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended March 22 1930 was 2,535,900 barrels,
as compared with 2,583,200 barrels for the preceding week,
a decrease of 47,300 barrels. Compared with the output.
for the week ended March 23 1929, the current figure represents a decrease of 119,700 barrels per day. The daily
average production east of California for the week ended
March 22 1930 was 1,886,500 barrels, as. compared with
1,931,600 barrels for the preceding week, a decrease of
45,100 barrels. The following are estimates of daily average
gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Mar. 22 '30. Mar. 15 '30. Mar. 8 '30. Mar. 23'29.
Weeks Ended616.200
Oklahoma
652,100
604.300
677,860'
Kansas
117,150
116,200
94.9511
113.650
Panhandle Texas
93.550
91,600
58,150
86.900
80,800
North Texas
80.150
78.600
83,650
West Central Texas
51,300
51.100
53.300
52,350
West Texas
334.000
343,950
384.550
339,150
East Central Texas
25.200
25,450
19.806
26.050
Southwest Texas
61,600
68,650
63.000
64.500
North Louisiana
38.650
42,000
35,850
41.750
Arkansas
58,700
74,700
59,250
58,100
Coastal Texas
183,950
180,200
128.150
184,550
Coastal Louisiana
19,100
20.600
19,650
20.800
Eastern (not incl. Michigan)._
120,250
104,500
120.500
120.000
Michigan
11.650
12.550
4.750
13,800
53.200
Wyoming
50.350
50,500
45,050
8,250
10.200
Montana
7.1100
8,350
7.050
Colorado
4.400
4.750
4.650
2,950
New Mexico
11.400
10.610
10.650
773,900
California
649.400
651.600
661.400
Total
2.535,900
2,583,200
2.535,350
2,655.600
MAR. 29 1930.]
FINANCIAL CHRONICLE
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 22 1930, was 1,477,150 barrels, as compared with
1,524,800 barrels for the preceding week, a decrease of 47,650 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,436,000 barrels, as compared with 1,483,100 barrels, a decrease
of 47,100 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.22. llfar.15.
Southwest TensMar.22. Mar.15
Allen Dome
20,150 19,900 Darst Creek
15,500 15,500
Bowlegs
22,050 28,600 Luling
10.100 10,200
Bristow-Slick
16,250 16,300 Salt Flat
22.500 23,600
Burbank
16;500 16,550
North Louisiana-Carr City
9,650 9,950 Haynesville
4,600 4,650
Earlsboro
37,500 40,450 Urania
5,400 5,350
East Earlsboro
41,050 41,600
ArkansasLittle River
42,300 44.800 Champagnolle
4,950 4,950
East Little River
17,850 15,150 Smackover, light
5,350 5,300
Maud
6.150 6,150 Smackover, heavy
41,150 41,700
Mission
14,250 12,700
Coastal TexasOklahoma City
64,050 85,100 Barbers Hill
27,800 23,000
St. Louis
40,400 43,650 Pierce Junction
10,300 11,750
Sasakwa
10,200 8.400 Raccoon Bend
10,200 10,100
Searight
8,350 8,600 SpIndletop
15,500 15,750
Seminole
20,550 25,700 Sugarland
10,600 10.300
East Seminole
3,100 4,100
Coastal LouisianaKansasEast Hackberry
1,200 1,200
Sedgwick County
21,800 21,700 Old Hackberry
1,200 1,200
Panhandle TexasSulphur Dome
3,500 5,350
Gray County
59,600 57,800
Hutchinson County
23,500 23,350
WyomingNorth TexasSalt Creek
29,650 30,700
archer County
17,650 17,850
MontanaWilbarger County
25,950 23,900 Sunburst
4,950 4,950
West Central TermsBrown County
California7,800 7.850
Shackelford County--_ 6,600 6.600 Dominguez
8,500 9,000
West TexasElwood-Goleta
39,200 37,200
Crane & Upton Counties 45,200 45,400 Huntington Beach
29.500 28.500
Howard County
38,500 38,650 Inglewood
17,700 17,800
Reagan County
16,700 16.850 Kettleman Hills
12.700 12,700
Winkler County
88,000 88,900 Long Beach
104,000 103,000
Yates
126,000 135,950 Midway-Sunset
72,500 72,500
Balance of Pecos County 5,700 5,850 Santa Fe Springs
152,400 157,700
Zest Central TexasSeal Beach
24.500 25,000
Corsicana-Powell
6,000 6,100 Ventura Avenue
45,400 45,200
2117
Enthusiasm in the zinc market continues-at a low ebb, both as regards
prime Western and high-grade. Sales during the week were slightly
higher than a week ago, but this was due chiefly to one good order secured
for April, May, and June shipment.
The average price of Straits tin for the week was more than lc higher
than last week. Demand was moderate. At the higher prices, offerings
Increased in London, acting as a check against speculative enthusiasm.
Steel Production Holds-Prices Still Unchanged.
Sentiment has improved in the iron and steel trade, but
to what extent this change is based on hopes rather than on
justifiable expectations is still uncertain, the "Iron Age" of
March 27 reported. Among favorable straws are an upturn
in steel production, following a continuous decline since the
middle of February, and scattered evidences of better demand, added the "Age," which further is quoted:
Although neither the gain in output nor the expansion of business is large,
the pronounced conservatism of buyers makes the industry unusually
sentitive to fluctuations in the requirements of its customers. Mill backlogs
are small and price unsettlement discourages forward contracting. Hence
any rise in commitments can be safely regarded as reflecting an increase
in the acutel needs of the consuming trade.
The ingot output of the two largest producers continues at slightly above
80%. but the operations ofsome of the smaller interests haveshown improvement, raising the average for the entire country to 76%, compared with a
shade below 75% a week ago. The rates for the two leading steel centers,
Pittsburgh and Chicago, remain unchanged at 75 and 95% respectively.
The most impressive indication of a seasonal upturn in business is seen
In the placing of 100,000 tons of plates with Chicago mills for gas and oil
pipe, including 60,000 tons for a 24-in. gas line from Texas to Omaha. On
top of these bookings, the steel trade looks for considerable business in pipe
for gasoline-carrying lines, in which oil companies are showing a growing
Interest. The Gulf Refining Co. Is mentioned as planning a gasoline line
across the State of Pennsylvania, similar to that contemplated by the Sun
Oil Co.
Seasonal influences are also seen in better orders for sheets and other light
rolled products from sources other than the automobile industry and in
the rounding out of a record-breaking highway program, which promises
to get under way in April.
Less reassuring are the week's developments among consuming lines that
have been giving the steel industry its greatest support. Structural steel
awards, at 20,000 tons, are the smallest since the end of February and
compare with 37,000 tons a week ago. Pending inquiries for freight cars
are the smallest in a year, and the week's purchases were limited to 500 cars.
The "Iron Age" composite prices remain unchanged, pig iron at $17.75
a gross ton and finished steel 2.312c. a lb.
Finished Steel
Pia Iron,
Mar, 2.5 1930, 2.312c. a Lb.
Mar. 25 1930. $17.75 a Gross Ton.
One week ago
2.312e. One week ago
$17.75
One month ago
2.312c. One month ago
17.92
One year ago
2 391c. One year ago
18.38
10-year pre-war average
1 689c. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates,
Based on al,erase of basic iron at Valley
wire, rails, black pipe and black sheets. furnace and foundry irons at Chicago.
These products make 87% of the United Philadelphia, Buffalo, Valley and
BirmStates output of finished steel.
Ingham.
High.
Lou'.
inch.
Low.
1930..2.362c. Jan. 7 2405e. Jan. 28 1930-318 21 Jan. 7 517.75 Mar, 4
1929...2.412c. Apr. 2 2.3620. Oct. 21) 1929.... 18.71 May 14
18.21 Dec.
1928..2.391c. Dec. 11 2.3140. Jan, 3 1928- 18.59 Nov. 27 17.04 July 17
1927__2.453c. Jan, 4 2.2930. Oct. 25 1927_ 11.71 Jan. 4 17.54 Nov. 24
1
1926_2.453c. Jan, 5 2.403e. May 18 I928..._ 21.54 Jan. 5 14.46 July 13
1925..2.560e. Jan. 6 2.396c. Aug. 18 1925_ 22.50 Jan 13 15.96
July 7
World Copper Production Lower.
According to figures compiled by the American Bureau of
Metal Statistics, the copper production for the month of
February, by principal countries of the world, which
furnished about 98% of the total, amounted to 136,729 short
tons as compared with 164,090 short tons in the corresponding month last year and 151,752 short tons in the month of
January 1930. The daily rate of output for these countries
in February 1930 was 4,883 short tons, as against 4,895
short tons in the preceding month and 5,860 short tons in
February 1929. Production of non-reporting countries this
year is reported at 2,500 tons per month as compared with
3,000 tons per month during 1929.
Total output of copper for the two months ended Feb. 28
1930 (excluding non-reporting countries) amounted to
288,481 short tons as against 339,873 short tons in the same
Moderate expansion in sales of pig iron and specifications
period last year.
for finished steel, improved sentiment in the automotive
A comparative table follows:
industry, and approached of the season when outdoor work
MONTHLY COPPER PRODUCTION (IN SHORT TONS).x
is resumed in the northern states brighten the outlook in
(By principal countries of the world, which furnished about 98% of world's
total.)
iron and steel perceptibly this week. the "Iron Trade ReMonthly Production.
Daily Rate.
view" of March 27 stated. The "Review" also continued
1928.
to say:
1929.
1928. 1929. 1930.
1930.
The fact that production of steel is not giving further ground, holding
at about 74%, is regarded as encouraging. Producera and consumers alike
continue cautious and are modest in their expectations, but the feeling is
widespread that both production and demand have turned the corner and
may be expected to improve slightly over the next few weeks.
Most automotive manufacturers have adopted heavier schedules for April
and a few have specified accordingly, resulting itt heaver output of high.
finished sheets this week. Actual building steel awards have fallen off, but
specifications against recent lettings are brisk. Plate demand at Chicago
Is sufficient to provide plate mills a small backlog. In strip and wire,
bookings are net shrinking further, also a good omen.
Total
1,880.471 2.100.405
288,481 5.138 5.298 4.889
The price situation in pig iron and semifinished steel a ppetrs fairly firm,
Monthly average...
156.706
144,240
175,034
x Table includes p oduction by the United States, Mexico, Canada, Chile and but In scrap further weakness has developed alid in the finished steel lines
Peru, Japan, Australia. Europe (partly estimated) and Africa.
some concessions are noted. Flat-rolled steel producers' quotations for
April delivery to the automotive industry are on a par with the low levels
of the first quarter. While 1.85c., Pittsburgh, Is the basis for most transactions
in bars, plates and shapes, 1.80c, shows a tendency to be designated
Active Lead Demand in Non-Ferrous Mart-Moderate
more freely.
Trade in Copper and Tin-Zinc Unsettled.
Evidencing the changing season, sales of cast iron pipe the past week
An active demand and higher price for lead featured the totaled 25.550 tons, chiefly for municipal work. More activity is apparent
in
market for non-ferrous metals in the past week, "Metal linesteel pipe, the A. 0. Smith Corp. bocking 60.000 to 70.000 tons for a
for the Moody Seagraves Corp. from Kansas to Omaha. The Doherty
and Mineral Markets" reports. Tin and silver were slightly Interests are considering
a 500-mile line of 12-inch pipe from Oklahoma City
higher than a week ago, but among the major metals, zinc to the Houston ship canal.
Largely because of line pipe business, plate mills at Chicago have booked
sold below last week's price level. Copper stabilisation is noteworthy
ordess recently, one single entry being for 50.000 tons. For
being more generally accepted, and foreign demand has picked oil tanks in the Southwest
on inquiry at Chicago. 30.000 tons of plates will
be needed. New bids are being taken on barges at Pittsburgh requiring
up. The report goes on to say:
5.000 tons of plates.
Moving up to 5.75c. New York, lead met with an active call from
large
All classes of sheet users have been slightly better buyers in the past week,
consumers. An excellent volume was booked, total tonnage
being well with improvement outstanding in autobody material.
which is quoted more
above the average. The majority of sales were for April shipment,
although freely at 3.80c., Pittsburgh. Consideration is being given
March metal was also in good demand. Shipments to consumers
to a revision
during In the base for black sheets from No. 24 gage possibly to
the current month may exceed 60,000 tons.
No. 20 gage.
Strip mills have not experienced the quickening in automotive demand
The volume of copper bookings varied little during the week from
to
levels the extent sheet mills have. Buying of wire in rural districts
established In the last three months. Domestic demand moderated
is the equal
slightly, of a year ago, but manufacturing demana lags.
Bar
orders in most districts
but this was offset by several good days abroad, which brought total
export do no more than neutralize shipments.
business so far this month to about 28,000 long tons. This indicates
that
March freight car orders, estimated at 5.200, bring the first quarter
total March export sales will equal January and February. The
auto- total to about 27.100, contrasted with 41.163 in the first
quarter of 1929
mobile industry is more active than a week ago and brass mills
report a and 17,358 in the opening quarter of 1928. liowever, if
late November
slight Improvement in orders.
and December buying be considered, the 1930 movement has equalled that
January
February
March
April
May
June
July
August
September
October
November
December
140,546
144.546
144.843
143.427
153.414
158,474
153.190
158.838
154,518
173.623
180,813
176.240
175,783
184.090
189,792
193,820
189,589
171,588
171,507
170,430
171,135
172.360
167,585
162,728
151,752
136,729
4,534
4,984
4.672
4,781
4,940
5,216
4.942
5,124
5,151
5,601
6.027
5.685
5.670
5.860
6,122
6.461
6,115
5,719
5,532
5,498
5,704
5.560
5.586
5.249
4.895
4.883
2118
FINANCIAL CHRONICLE
[VoL. 130.
of 1929. The Pacific Fruit Express has placed 500 refrigerator cars with previous three years, according to figures compiled by the
its own shoes, and may build 1,000 to 1.500 additional. Most railroads Department of Statistics and Research of the Federal Reare placing second quarter bar, plate, shape and sheet requirements.
serve Bank of Philadelphia on the basis of reports received
Sales of pig iron at Cleveland jumped to 41,000 tons the past week, including one lot of 10,000 tons Buffalo furnaces booked 20.000 tons, which by the Anthracite Bureau of Information from operators
sales at New York reached 14,000 tons. A Milwaukee melter has closed employing about 110,000 workers. The Bank's advices
on 5,000 tons. Automotive foundries in the lake district are slowly expandstate:
ing their shipping instructions.
The index for employment in February stood at 107.8% of the 1923-1925
Negotiations for second-quarter requirements have enlivened the beehive
of about 2% over January huts loss of 1.5%
coke market. with $2.75 still holding as the contract level and 32.60 as the average, which was a gain
comparison with February 1929.
in
cents
minimum for spot. Most scrap grades at Chicago have declined 25
The index for wage disbursements was 103.7% of the 1923-1925 average,
this week, typical of the generally weaker scrap situation. The decline
almost 13% in comparison with January but a dein offerings at Detroit is an offset to shrinking demand from Pittsburgh and showing an increase of
crease ofabout 3% from the amount paid in February 1929.
Youngstown consumers.
follow:
indices
Comparative
Ford Motor Co. Is expected to close this week on its inquiry for 330,000
INDEX NUMBERS- 923-25 MONTHLY AYERAGE=100.
tons of iron ore, opening the Lake Superior market for 1930 earlier than
expected. Last year's prices are understood to have been quoted by
Wage Payments.
Employment.
some producers.
Steelworks operations at Buffalo advanced this week from 71% to 74.
1928.
1929. 1930.
1929.
1930.
1928.
about
at
hold
to
and at Cleveland from 68% to 76. Pittsburgh continues
92.1
115.8 109.8 105.6
91.9 112.6
75%, and Chicago at 90 to 95%. Some independents in the Youngstown January
110.6 109.4 107.8
85.4 107.0 103.7
district are on lower schedules, but the valley as a whole still averages 65%. February
113.9
101.3
__
83.1
79.5
---Steel corporation subsidiaries continue at 80% for the third consecutive March
116.3 104.1
____
118.8
77.4
---April
week. Independent mills are at 66%,a drop of 2 points, giving the industry May
114.0 107.2
____
97.6
85.4
--102.3
95.4
____
60.6
71.0
---an average of 73 to 74%. about the same as last week.
June
100.7
85.6
____
82.5
56.8
---The fourth decline this month in the "Iron Trade Review" composite July
110.9
93.6
____
97.2
68.9
--August _
of 14 leading iron and steel products drops this index to $34.85, compared September
112.7 105.5
____ 112Z
83.4
-135.9 109.8
with $34.89 last week and gives March an average of $34.95, compared October
____
134.7 116.6
-117.7 107.6
____
110.1
87.6
-November
with $35.24 for February and $36.42 last March.
,
020 1102
109.4 110.8
.
December
Itgot production of the U. S. Steel Corp. is being maintained at 80% of theoretical capacity stated the "Wall Street
Coal and Pennsylvania
Journal" on March 25. This is the first time in three weeks Production of Bituminous
Again
Falls Off.
Anthracite
that
mean
may
and
reduced,
been
not
has
that the rate
According to the United States Bureau of Mines, Departthe downward trend has been arrested for the time being.
Last week the corporation was at 80% and two weeks ago ment of Commerce, a total of 8,088,000 net tons of bituminous coal, 933,000 tons of Pennsylvania anthracite and
at 82%. The "Journal" further reported:
Independent steel companies continue to reflect the lessened demand for 67,000 tons of beehive coke were produced in the week ended
certain products and are now running at an average of 66%.compared with March 15 1930. This shows a falling off as compared with
88% in the preceding week and 70% two weeks ago. The reduction has
the corresponding week last year and with the preceding
been caused by the curtailment among the smaller units. Bethlehem Steel,
the largest of the so-called independents, continues to run at about 81%, week this year. In the week ended March 16 1929 there
the same as last week.
were produced 9,713,000 toils of bituminous coal, 1,191,000
For the entire industry the average is now a shade over 73%, contrasted
tons of Pennsylvania anthracite and 126,700 tons of beehive
with about 74% in the previous week and 76% two weeks ago.
At this time last year the Steel Corp., was running at 97%, with inde- coke. The figures for the period under review also compare
pendents at 9234% and the average was 9434 %. Toward the end of March with 8,565,000 tons of bituminous coal, 1,177,000 tons of
In 1928 the Steel Corp. operated at 8834%. independents at 78% and the
Pennsylvania anthracite and 65,000 tons of beehive coke
average was 84%.
in the week ended March 8, 1930.
Monthly Production of Coal by States in February.
For the coal year to March 15 1930 the output of bitumiThe total production of bituminous coal for the country nous coal totaled 499,125,000 net tons as against 492,469,000
as a whole during the 23.9 working days of February is net tons in the coal year to March 16 1929. The Bureau's
estimated at 39,555,000 net tons, as against 49,778,000 tons statement follows:
BITUMINOUS COAL.
for tho 26.4 days in January, reports the United States
production of soft coal during the week ended March 15 1930,
total
The
Bureau of Mines. The average daily rate of output in including lignite and coal coked at the mines, is estimated at 8,088,000 not
February was 1,655,000 tons. Compared with the average tons. Compared with the output in the preceding week, this shows a detons, or 5.6%. Production during the week in 1929
daily rate of 1,886,000 tons for January this shows a de- crease of 477,000
corresponding with that of March 15 amounted to 9,713.000 tone.
crease of 231,000 tons, or 12.2%.
Estimated United States Production of Bituminous Coal (Net Tons).
1928-1029
The production of Pennsylvania anthracite in February
1929-1930Coal Year
Coal Year
Is estimated at 6,157,000 net tons. The average daily rate
to Date.
to Date.
Week.
Week.
Week Ended472.360,000
482.472,000
11.302.000
8,179.000
of output in February was 262,000 tons, a decrease of 8,700 March 1
1.674,000
1.884.000
1,708.000
363.000
1
Dally
tons, or 3.2%, from the daily rate of 270,700 tons for Janu- Marchaverage
482.756.000
10.396.000
491,037,000
8,565,000
8
1.675.000
1.733,000
1,703,000
1 428,000
Daily average
ary. The Bureau also reports:
492.469.000
9.713.000
499.125.000
088.000
8
March 15_a
1,674,000
1,619,000
1,695,000
1 348,000
Daily average
Feb. 1923.
a Subject to revision.
1,629,000
15
March
to
year
during
coal
the
coal
present
soft
of
production
The total
101.000
net tons.
921.000 (approximately 294 working days) amounts to 499.125.000
7.938.000 Figures for the corresponding periods in other recent coal years are given
2.439,000 below:
542.000 1928-29
567.083,000 net tons
492,469,000 net tons 11926-27
377.0011 1927-28
515.482.000 net t0/111
458,188,000 net ton511925-28
2,216.000
total production
the
revised
above,
figures
the
by
As already indicated
902,000
202,000 of soft coal for the country as a whole during the week ended March 8 1930
10'000 is estimated at 8,565.000 net tons. Compared with the output in the
316,000
shows an increase of 386.000 tons, or 4.7%. The
317,000 preceding week, this
comparable
233,000 following table apportions the tonnage by States and gives
147,000 figures for other recent years:
2,764.000
Estimated Weekly Production of Coal by States (Net Tons).
245.000
Mar.'23
Week Ended
12,300,000
Mar.8'30. Mar. 1 '30. Mar.9'29. Mar.10'28. Average..
Stale505,000
423,000
359.000
390,000
289,000
296,000
93.000 Alabama
22,000
26.000
34,000
18,000
15,000
382,000 Arkansas
195,000
168.000
176,000
130,000
143,000
846,000 Colorado
875,000 1,186.000 1,696,000 1,684,000
1,037,000
307.000 Illinois
575,000
517.000
398.000
305,000
309,000
4,491.000 Indiana
98.000
122,000
108.000
63.000
70.000
2,679.000 Iowa
84,000
67,000
75,000
46,000
40,000
Kans
621,00(1
923.000
560,000
880,000
626,000
701,000
27.000 Kentucky-Eastern
215,000
291.000
393,000
181,000
217,000
Western
52.000
58.000
59.000
49.000
43.000
32,000
13.100
18.000
11.000
Total bituminous coal _39,555.000 49,778.000 47,900,000 42.022,000 43,645.000 Maryland
16,000
Michigan
60,000
82,000
Pennsylvania anthracite 6.157,000 7.038,000 6,670,000 5,481,000 7,602.000 Missouri
61,000
72,000
59,000
68,000
40.000
59,000
72,000
52.000
45.712,000 56,816.000 54,570,000 47,503,000 51,247,000 Montana
53.0(1)
6(1.000
30,000
55.000
Total all coal
32.000
New Mexico
34,00)
40,000
34,000
44.000
46.000
b Includes operations on North Dakota
740,000
,2....10
2
425.040
360.000
a Figures for 1928 and 1923 are final, revised figures. on
888,000
the Charleston division Ohio
55,000
54,000
the N.& W., C. & 0.. Virginian and K.& M. Loadings
31.000
93.000
28.000
Oklahoma
of the B. & 0. are excluded. c Rest of State. Including Panhandle. d This group Pennsylvania (bitum.)
2,311,000 2,292,000 2,710,000 2,637,000 3,249,000
118,000
Is not strictly comparable In the several years.
119,000
120.000
88.000
101,000
Tennessee
coal,
bituminous
of
production
of
estimates
19,000
Note.-Above are given the first
23,000
23.000
35,000
12,000
68.000
by States, for the month of February. The distribution of the tonnage Is based in Texas
87,000
63,000
102.000
83.000
Utah
230,000
Part (except for certain States which themselves furnish authentic data) on figures Virginia
222,000
271.000
228.000
229.000
Association
74,000
53,000
of loadings by railroad divisions, furnished by the American Railway
41,000
53.000
43,000
and by officials of certain companies, and in part on reports made by the U. S. Washington
1,547,000 1,531,000 1.898,000 1,780,000 1,172,000
W. Va.-Southern_b
Engineer offices.
717,000
724,000
660,000
680,000
643,000
Northern_c
136,000
130,000
81,000
131,000
102,000
Wyoming
7,000
7,000
1,000
2,000
2,000
Gain in Employment in Anthracite Collieries Reported Other States
Estimated Production of Coal by States in
Feb. 1930. Jan. 1930.
State1,370.000 1,640,000
Alabama
242.000
153,000
Arkansas
743.000 1,281,000
Colorado
4.900.000 6,800.000
Illinois
1,500.000 1,785,000
Indiana
400.000
327,000
Iowa
296,000
255,000
Kansas
3.515,000 4,33(1,000
Kentucky-Eastern
1,015.000 1,397,000
Western
268,000
220,000
Maryland
76,000
60,000
Michigan
410,000
327.000
Missouri
342,000
218,000
Montana
241,000
148.000
New Mexico
304.000
193,000
North Dakota
1,825.000 2.106,000
Ohio
286,000
440,000
'
Oklahoma
Pennsylvania(bltuminous)10.130.000 11,643,000
555.000
440,000
Tennessee
62,000
76,000
Texas
659,000
360.000
Utah
1,068.000
1,220.000
Virginia
100.000
256,000
Washington
West VIrginia--Southernb 7,147,000 9,133,000
2,675,000 3,080,000
Northern_c
737.000
439,000
Wyoming
5.000
5,000
Other States_d
February (Net Tons).a
Feb. 1929. Feb. 1928.
1.560.000 1,479,000
120.000
228,000
846.000
1,156,000
6.655.000 5.974.000
1,887.000 1,711.000
480,000
367.000
352.000
378,000
4,017,000 3,530,000
1,549.000 1,515.000
232.000
254.000
71,000
72,000
204,000
421.000
273,000
336,000
236.000
233.000
257,000
175.000
850,000
1,864,000
411,000
275,000
11,630,000 10,755,000
478.000
524,000
97,000
100.000
607,000
373.000
953.000
1,165,000
282.000
201,0410
8,347,000 7,286,000
2,840.000 3,011,000
539,000
637.000
13.000
26,000
By Federal Reserve Bank of Philadelphia.
The volume of anthracite employment and wage payments
increased between January and February, contrary to the
downward tendency occurring in the same period in the
10,764,000
Total bituminous coal_ 8,565.000 8,179,000 10,896,000 10,560,000 2,040,000
Pennsylvaniaanthracite-- 1,177,000 1,114,000 1,221,000 1.459,000
9,742,000 9,293,000 11,617,000 12,019,000 12,804,000
Total all coal
operations on the
a Average weekly rate for the entire month. b Includes
Panhandle.
N.& W.; C. & 0. Virginian, and K.& M. c Rest of State, including
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended March 15 is estimated at 933.000 net tons. Compared
with the output in the preceding week, this shows a decrease of 244,000
tons, or 20.7%. Production during the week in 1929 corresponding with
that of March 15 amounted to 1,191,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929-----
1930------Week Ended—
March 1
March 8
March 15.a
2110
FINANCIAL CHRONICLE
MAR. 29 1930J
Week.
1 114,000
1,177,000
933.000
Weekly
Average.
185,700
196,200
155,500
Week.
1,492,000
1.221,000
1.191,000
a Subject to revision.
Daily
Average.
BEEHIVE COKE.
The total production of beehive coke during the week ended March 15
1930 is estimated at 67.000 net tons, as compared with 65.000 tons in the
corresponding period last year and 126.700 tons during the week ended
March 8 1930.
Estimated Production of Beehive Coke (Net Tons).
1930
Week Ended
Mar 16
to
Mar. 15
Mar. 8
1929.
Date.
1930.c
1930.b
Region—
Pennsylvania, Ohio and
113.200
650.400
58,500
56,000
West Virginia
Georgia, Ky., Tenn., and
6,100
7.700
64,500
6,100
Virginia
5,800
30,800
2,400
2,900
Colorado, Utah and Wash.
1929
to
Date.a
1,060,300
69,900
65,800
248,700
745.700 1,196,000
65,000
126,700
203,500 I
67,000
United States total__ _ _
18,688
21,117
11,652
11,167
10.833
198,500 Daily average
iow
n eekc in Januaryto equalize number of days
uttio
onreftrist
yoenaersda
. y:spzdec
I in IhM
e itnwuso
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on March 26, made public by the Federal
Reserve Board, and which deals with the result for the
12 Reserve banks combined, shows increases for the week
of $71,500,000 in holdings of bills bought in open market
and of $1,200,000 in holdings of discounted bills, and a decrease of $32,400,000 in U. S. Government securities, which
last week included $29,000,000 of temporary certificates
limed by the Treasury to the Federal Reserve Bank of
New York pending collection of the quarterly tax payments.
Member bank reserve deposits increased $49,300,000, Government deposits $17,400,000 and cash reserves $21,000,000,
while Federal Reserve note circulation declined $10,800,000.
Total bills and securities were $40,200,000 above the amount
reported a week ago. After noting these facts, the Federal
Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills for the week were
increasds of $6.000,000 at the Federal Reserve Bank of New York and
$1.200,000 at Cleveland and decreases of $3.200,000 at Atlanta, $1,500,000
at Chicago and $1,200,000 at Philadelphia. The System's holdings of
bills bought In open market increased $71,500,000 and of Treasury bills
and certificates $1,500,000, while holdings of (I. S. bonds declined $14,700,000 and of Treasury notes $19,200,000.
Federal Reserve note circulation declined $5,200,000 at Chicago, $2,300.000 at San Francisco, $2,-00,000 each at Atlanta and St. Louis, and $10,800.000 at all Federal Reserve banks.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 2163 and 2164.
A summary of the principal assets and liabilities of the
Reserve banks, together with changes during the week and
the year ended March 26, is as follows:
Mar. 26 1930
Total reserves
)Gold reserves
Total bills and securities
3242,081,000
3051.002,000
Increase 1+) or Decrease (—)
Durino
Week.
• Year,
+20.986.000
+14.965,000
+363,066.000
+341,742,030
1 001,090,000
+40,220,000
—408,622,000
Bills discounted, total
206,829,000
Secured by U. S. Govt. obligations_
86,476.000
'Other bills discounted
120,353,000
+1,195,000
+3,;06.000
—2.311,000
—817,301,000
—535,504,000
—281,797,000
+71,465,000
+48,055,000
U. S. Government securities. total._ 528,999,000 —32,440.000
41,603,000 —.4,649,000
192,520.000 —10.243,000
+1,462,000
294,876,000
+358,689,000
—10.008,000
+ 101.330.000
+267,367,000
Federal Reserve notes in eirculation_1,572,900,000 —10,801.003
— 79,979,000
2,339,844,000
+68.969.000
+49.304.000
20,418,000
+17,410.000
+5,081,000
+7,663,000
—2,087.000
13,1111s bought in open market
Bonds
Treasury notes
Certificates of Indebtedness
Total deposits
Members' reserve deposits
Government
256,482,000
2 388,467,000
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 District,
aS well as those in the Chicago Reserve District, on Thursdays, simultaneously. with the figures for the Reserve Banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, whicn
latter will not be available until the coming Monday. The
New. York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$21,000,000, the total of these loans on March 26 standing
at.$3,820,000,000. A year ago on March 27 the, total stood
at $5,649,000,000. The present weeks decrease of $21,
000,000 _follows an increase of $121,000,000 last week,.
$137,000,000 two weeks ago and $94,000,000 three weeks
ago. Loans "for own account" increased during the week
from $1,266,000,000 to $1,424,000,000, but loans "for account of out-of-town banks" decreased from $1,171,000,000
to $1,118,000,000, and loans "for account of others" declined
from $1,404,000,000 to $1,278,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES. •
•
New York.
Mar. 26 1930. Mar. 19 1930. Mar.27 1929.
S"
Loans and Investments—total
7,756,000,000 7,747.000.000 7,366,000.000
Loans—total
5,810,000,000 5,787,000.000 5,484,000,000
On securities
All other _
Investments—total
U.S. Government securities
Other se,mt Ries
3,280,000,000 3.160.000,000 2.852,000,000
_2,530,000,000 2,627,000,000 2,632,000,000
.1,946.000.000 1,960,000,000 1,881,000.000
1 120,000,000 1,146,000,000 1.109,000,000
826,000,000 814,000,000 772.000.000
751,000,000
47,000.000
Rescme cith Federal Reserve Bank
Cash in vault_
Net demand deposits
Tine deposits
Government deposits
713,000.000
46,000,000
744,000,000
55,000.000
5320.000.000 5,278.000,000 5,251,000,000
1 351,000.000'1,304,000.000 1,187,000,000
99.000,000 129,000,000
85,000.000
Due from banks
1)ue to brnks
107,000.000
983.000,000
112,000,000
982,000,000
133,000,0)0
927,000,0)0
204,000.000
Borrowings from Federal Reser% e Bank.
Loans on secur to brokers & dealers:
1 424.000,000 1,266,000,030 1,071,000,000.
For own account
1-or account of out-of-town banks. _ _ ,1 18.000,000 1,171,000.000 1.680,000,000
1,278,000,000 1.404,000,000 2,898,000.000
For seri:ma of others
Total _
On demand.
On tin e
3 820,000,000 3,841,000,000 5,649,000,000
3,337,000,000 3.387,000.000 5,205.000,000
483,000,000 454,000.000 444.000.000
Chicago.
Loans and In% esti ents—total
i,9241,000,000 1.984,030,000 2,006,000.00))
loans--total
1 687.000.000 1,591,000,000 1,643,000,000
973,000,000
614,000,000
979,000,000
612,000,000
919,000,000
724.000,000
393.000,000
393.000,000
433.000,000
150,000,000
234,000,000
162,000,000
231,000,000
201,000,000
252,000.000
Reserve with Federal Reserve Bank__ . 174,000,000
14,000,060
Cash in vi ult
168.000,000
15,000,000
170.000,0'JO
15,000,000
On securities
All other
Investn:enta— total
U. S. Government securities
Other securities_
Net demand deposits
Time deposits
Government deposits
1 247,000,000 1,236,000,000 1,197,000.000
625,000,000 618,000,000 655,000.000
33,000,000
10,000,000
8.000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.
-_-_-_-_----
131,000,000
338,000,000
150,000,000
341,000,000
152,000,000
328,000,000
86,000,00o
--------
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve Spitern for
the week ended with the close of business March 19:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on March 19 shows increases for the week of
5281.000.000 In loans and investments. $280.000.000 in Government de-
posits, and $27,000.000 in time depcsifs, and decreases of 576.000 000 in
net demand deposits and $45,000,000 in borrowings from-Federal Reserve
banks.
Loans on st,..urities increased $95.000,000 at reporting banks in the New
York district, $27.000,000 in the Chicago district, $14.000,000 in the Heston
district. $11.000,000 In the Philadelphia district, $10,000,000 each in the
Cleveland and Dallas districts, and $171.000,000 at all reporting banks.
FINANCIAL CHRONICLE
2120
"All other" loans declined $16.000,000 in the San Francisco district.
$9,000,000 in the New York district, $8,000,000 in the Chicago district
and $28,000,000 at all reporting banks.
Holdings of U. S. Government securities increased $108,000,000 at all
reporting banks, 558,0e0m00 in the New York district, $23,000,000 in the
San Francisco district. $12,000.000 in the Cleveland district, $9,000,000 in
the Dallas district and $8,000,000 each in the Richmond and Atlanta districts, and decllned 512,000,000 in the Chicago district. Holdings of other
securities increased $20,000,000 in the New York district and $31,000,000
at all reporting banks.
Borrowings of reporting banks from Federal Reserve banks declined during the week in all districts, the principal decreases by districts being
$11,000,000 at the Federal Reserve Bank of Chicago and $8,000,000 each
at Cleveland and 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
March 19 1930, follows:
Increase (+1 or Decrease (—)
Since
Mar. 19 1930. Mar. 12 1930. Mar. 20 1929.
$
$
$
—67,000.000
Loans and investments,- -total........22.514.000,000 +281,000,000
16,847.000,000
+143,000.000
+295,000.000
8,054.000.000
8,793,000.000
+171.000.000
—28.000,000
+412,000.000
—117.000,000
5,667,000.000
+139.000.000
—361.000.000
2.861,000.000
2,808,000,000
+108,000.000
+31,000.000
—252,000,000
—109,000,000
Reserve with Federal Res've banks 1,653.000.000
212,000,000
Cash In vault
—80,000.000
—10,000.000
—62.000.000
—23.000,000
13.076.000,000
6.975,000.000
280,000,000
—76,000.000
+27.000.000
+280.000.000
—205.000.000
+170.000.000
—25.000.000
1,219,000.000
2,933,000,000
+106,000.000
+106,000,000
+40.000.000
+102.000.000
51,000.000
'1,-45,000,000
—660,000.000
Loans—total
On securities
All other.
Investments—total
U. S. Government securities....
Other securities
Net demand depo9its
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
• March 12 figures revised.
[VOL. 130.
products) and a consequent reduction in the unfavorable balance. Imports.
In February of this year were valued at 4,807,000,000 francs as against 5,149.000,000 francs last February, and exports at 4,017.000,000 francs as
against 4,113,000,000 francs. The adverse balance for the first two months
of 1930 has totaled 1,853.000.000 francs as compared with 2.459.000.000'
francs in the corresponding period of 1929. Tax receipts during February
totaled 3.042,000.000 francs of which 2,994,000,000 francs were derived (rem•
normal and permanent sources, showing an increase of 165,000.000 francs
as compared with February, 1929, and of 306,000,000 francs as compared
with budget estimates. The increase over estimates since Jan. 1 1929, total
7,260,000,000 francs (on account of the change in the beginning of the fiscal
Year from Jan. 1 to Apri, 1, the 1929 budget remained in effect until March
31 1930). Receipts of the Autonomous Office for debt amortization
amounted to 612,000,000 francs duzing February, an increase of 62,000,000'
francs over February, 1929.
ITALY.
The Italian foreign trade balance for 1929 showed improvement over
that for 1928, but was still considerably in excess of that for 1927 when.
it reached the lowest figure realized since 1916. Imports for the year just
closed amounted to 21,352,000,000 lire and exports 14,886,000,000 lire,
the excess of imports over exports being 6,465,000,000 lire. The corresponding figures for 1928, were; imports 22,042,000,000 lire; exports 14,529,000.000 lire, and trade deficit 7,513,000,000 dre.
MEXICO.
On the whole business was dull throughout March. President Pascual
Ortiz Rubio issued a statement on March 14 characterizing the prevailing
situation as an -economic crisis". A board is being organized to study
the situation with a view to relieving unemployment and stimulating production. One plan under consideration calls for the purchase of 200 tractors.
to be used in preparing for the cultivation of irrigated lands at the Callas
and Don Martin reclamation projects, in the States of Aguascalientes.
Coahuila and Nuevo Leon. Continued decline of silver prices, combined
with weak prices of zinc and copper, is causing alarm in the mining industry
and already has resulted in a considerable reduction of mining operations
and has aggravated the unemployment situation. Official petroleum
production during January 1930 amounted to 3.718,000 barrels, while
exports totaled 1,838,000 barrels. The Secretary of Communications and
Public Works is pushing plans for an ocean to ocean highway connecting
Matamoras and Mazatlan. Work has begun on the Matamoras-Reinosa
section of the highway and also on the Arriaga-Tuxtla Gutierrez section in
Southern Mexico of the Pan American highway.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
PANAMA.
exchange or drafts sold with endorsement," and include all
Collections in Panama are good. General business during the first quarter
real estate mortgages and mortgage loans held by the banks; of 1930 is reported to be bettor than for the last quarter of 1929. A steady
of conditions in the Puerto Armuolles-David area and the
previously acceptances of other banks and bills sold with Improvement
Volcan coffee district is also reported. The Volcan district although still
endorsement were included with loans, and some of the in the early stages of,development appears to offer a fair market for coffee
banks included mortgages in investments. Loans secured by cleaning machinery and small electric plants for farm use.
„PERU.
U.S. Government obligations are no longer shown separately,
The economic and commercial situation in Peru remained unchanged
only the total of loans on securities being given. Furtherduring the week. Exchange during the week was quoted at 2.69 gold soles
more, borrowings at the Federal Reserve are not now sub- (1 sol equals $0.40 U. S. currency) to the dollar. The Reserve Bank statedivided to show the amount secured by U. S. Government ment as of Feb. 28, placed the gold reserve at 59,750,860 gold soles. Note
circulation was 59,918,965 gold solos and total clearings amounted to
obligations and those secured by commercial paper, only a t5.767,389
gold soles. Import orders continue to be con.siderably below norlump total of the two being given. The figures have also mal with no Immediate prospects of improvement.
been revised to exclude a bank in the San Francisco district,
POLAND.
with loans and investments of $135,000,000 on Jan. 2 1929,
The following changes in the principal accounts of the Bank of Poland
for the month of February are shown in the bank's balance sheet as of Feb.
which was merged with a non-member bank.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication March 29 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business in general for the week ended March 21 improved slightly, owing
to the provisional settlement of the railway strike, easier money and the
beginning of the outward movement of crops. The Mendoza wine growers
have finally adopted an agreement establishing a system of co-operative
production and marketing, have received financial assistance from banks
and are purchasing supplies, especially automobiles and trucks. Gold
deposited with Argentine legations and embassies amounts to 11,467,000
gold pesos. A second Argentina Government estimate places this year's
acreage planted to corn at 5 647,000 hectares but owing to drought and other
weather conditions 1,673,000 hectares have been reported seriously damaged
and present conditions are that the crop will be below normal.
28. Total reserves earmarked as cover against all demand obligations,
Including notes in ci:culation and deposits, declined by 11,123,000 zlotys
(slightly more than 1%). The entire decrease occurred in the supply of
stable foreign currencies and bills, the metal reserve showing a further
slight gain. The amount of discounted paper in tho bank's portfolio decreased by 16,000,000 zlotys to 668,447,000 zlotys and loans against securities with a total of 'O,270,000 zlotys were reduced by WS'S than 1,000,000
zlotys. Note circulation expanded by 37,619,000 zlotys to a total of 1,281.760.000 zlotys, and the percentage of cover against all demand obligations
declined to 61 against 62 a month ago and the statutory minimum of 40%.
The gold cover against banknotes in circulation equals 55%.
RUMANIA.
Receipts of State revenues up to Dec. 31 1929, totaled 33,738,900.000
lei (par value of lei equals $0.006), representing an increase of 2.959.618.000
lel over the actual collections for the same period of 1928 and amounting to
about 90% of tho budgetary estimates for 1929. Since the Treasury aocounts for the past year remain open until June 30 of the current year, it
Is considered probable that the budget tor 1929 will ultimately be entirely
balanced or will show only a small deficit.
SWEDEN.
Swedish State revenues, during the first six months of the fiscal year
1929-30, amounted to 433,800,000 crowns and actual expenditures totaled
BRAZIL.
352,500.000 crowns compared with 407.300,000 crowns and 358.700.000
Exchange has been firm clue to a plentiful supply of export bills resulting respectively for the corresponding period of the previous year. The increase
from recent coffee shipments. Bank; report tighter money, however. In revenues of 26.500,000 crowns was principally due to greater income from
and Santos coffee shipments are lighter though prices are up slightiy. operation of State railways, increased royalty from iron ore mining, and
The stock on hand is reported at 1,162.000 bags. There is little change in greater revenues from the new tobacco tax. The National debt at the close
of December 1929, amounted to 1,798.600,000 crowns, a decrease of 36.the import demand.
600.000 crowns since July 1 1929. The reduction was brought about by
CANADA.
the redemption of the 6% interest bearing $25,000,000 loan of 1910 and
Although business conditions continue generally quiet, there were some the issuance of a
new Swedish State loan bearing 4;i% interest. Swedish
faVoaable developments during the past week which improved the economic Imports during
January. 1930 were valued at 136.682.000 crowns against
outlook. Increased export demand for wheat halted the downward trend of 122.521.000 crowns for
January, 1929, while exports totaled 111,712,000
Prices, and to the close of trading on March 21, Winnipeg quotations on No. crowns compared with 109,414,000 crowns for the same month of the
1 Northern cash wheat showed a net gain for the week of approximately previous year,
ten cents per bushel. Canadian exchange on New York also made slignificant gains, having been quoted at par on March 22 for the first time since
Stock of Money in the Country.
November, 1928. Newsprint operators are reported to be more optimistic.
A slight but definite improvement in wholesale trade Is reported in Quebec
The
Department at Washington has issued the
Treasury
prospect
of
St.
weather
and
the
warm
and the Maritime Provinces, with
Lawrence navigation within the next month the favorable factors. Feb- customary monthly statement showing the stock of money
ruary building Perrnits in this section are outstanding in the Dominion in the country and the amount in circulation after deducting
in recording increases over last year. Trade turnover continuos on a less
satisfactory basis in the Western provinces than in eastern Canada, Alberta the moneys held in the United States Treasury and by Feddistributors, in particular, reporting losses. The Dominion Bureau of eral Reserve banks and agents. It is important to note that
Statistics reports the gross value of Canadian manufactured production in beginning with the statement of Dec. 31 1927, several very
1928 at $3,700,000.000 a gain of 10% over the 1927 return.
FRANCE.
French foreign trade in February continued the trend noted in January
with a decline in imports from the figures for the corresponding month of
last year (resulting to a considerable extent from lower prices on imported
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,
FINANCIAL CHRONICLE
MR.291930.]
Mid gold held abroad for Federal Reserve banks is now included; (3) minor coin (nickels and cents) has been added.
On this basis the figures this time, which are for Feb. 28
1930, 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 $4,578,508,351,
as against $4,562,027,826 Jan. 31 1930 and $4,698,362,323
Feb. 28 1929, and comparing with $5,698,214,612 on Oct.
.31 1920. Just before the outbreak of the World War, that
is, on June 30 1914, the total was only $3,458,059,753. The
following is the statement:
•
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5,396.596,677
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117.350.216 5,126,267,436
188,397,009 3,458,059.755
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li14
While Mr. Lamont's trip is primarily a vacation, it is generally expected
that he will discuss the question of the forthcoming German annuities loan
with representatives of the Bank 'for International Settlements whom he
will probably see in Paris. Issuance of the loan is not expected before the
middle of May. It is expected to total about $300,000,000, of which the
American share will be about $100,000,000, it is thought. .
No definite date has yet been set for the subscription to sharee of theBank for International Settlements, but it is anticipated that the shares
will be sold within two weeks. Mr Lamont was alternate to J. P. Morgan
on the committee which drew up the reparations agreement and the plan
for the Bank for International Settlements under the chairmanship of
Owen D. Young in Paris last year. It is generally understood that the
firm of J. P. Morgan & Co. will represent the bank in this country and
will head a small group of banks which will subscribe the American share
of the bank's capital.
German Reichsbank Lowers Discount Rate to 5%—
Retiring President Schacht Lays Cut to Foreign
Reductions.
With regards to the cut in the discount rate of the German
Reichsbank to 5%, Associated Press advices from Berlin,
March 24 to the New York "Times" said:
Amt. Held in Res've Against
Trust Against United States
Notes
Gold & Saver
Certificates (&(and Treasury
Notes
Treas'y Notes
of 1890).
of 1890).
.
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T. W. Lamont of J. P. Morgan & Co., Sails for Europe.
Thomas W. Lamont, partner of J. P. Morgan & Co.,
sailed last night (March 28) on the Olympic for a six weeks'
vacation in Europe. Mr. Lamont, who will be accompanied
by Mrs. Lamont, will spend three days in Paris and will then
go to Florence for Easter, according to the New York
"Times" which said:
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2121
The central board of the Reichsbank, presided over for the last Oneby Dr. FIJalmar Schacht, its retiring President, decided to-day after
deliberations to reduce its discount rate Ji of 1% to 5%,and the Lombard
rate Ji of 1% to 6%.
The previous bank rate of 53i% had ruled for only 17 days since March 7.
the day when Dr. Schacht tendered his resignation.
The Boerse reacted favorably with prices generally higher.
"On Germany rests the curse of being financially dependent upon the
foreigner," said Dr. Schacht in explaining the reduction
He added that the world-wide decline in money rates compelled Germany
to keep step to avoid the necessity of borrowing gold. He believed that
seasonable movements would not be unduly disturbing and that the Reich,.'
bank would be able to keep the reduced rate, although it was imposed by
necessity. The reduction was not Justified by Germany's capital or
money market situation, however, he declared.
Reparations Loan Speeded By France—Passage Likely
Before April 6—Officers of Bank for International
Settlements to Be Appointed by Mid-April.
From its Paris office the "Wall Street Journal" reported
the following in its issue of March 22:
C,./
In Circulation.
37.82 120,619,000
39.38 119,313,000
53.01 107,491,000
40.23 103.716,000
34.921 99,027,000
16.92 48.231,000
MONEY OUTSIDE OP THE TREASURY.
The French Government's resolve to do everything possible to get the fret
reparation loan issued before summer is stressed in preamble of bill for
ratification of Young Plan which had been introduced into the Chamber
of Deputies. The odds are in favor of passage of the bill before April
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after a long debate, so that bonds may be offered in May.
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Informal discussions among international bankers indicate that Parb
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distributed in London and other European centers. Provided French series
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the most.
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early April and board of Bank for International Settlements will meet
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in mid-April to appoint officers and decide conditions for issuing capital.
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It is hoped that a prominent German banker will be found to head the
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France and Belgium, but will probably be retained by banks in America,
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Italy, Germany and Japan. Formal inauguration of the bank is set for
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the beginning of May, with the reparations loan as its immediate task.
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Gates W. McGarrah has returned to Paris after visit to Berlin and is
continuing his informal conversations with ministers and bankers. He
11
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stresses the business aspect of the bank to the exclusion of political and
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9
National considerations. Many thousands of applications have been re§
ceived from all over the world for positions on bank's staff, which is, howa Includes United States paper currency In circulation In foreign eotin rles and ever, expected to number only 100. Central banks of almost all the smaller
the amount held by the Cuban agency of the Federal Reserve Bank of Atlanta.
portiett
b Does not Include gold bullion or foreign coin other than that held by the Treas- countries are extraordinarily eager to participate, and unassigned
ury. Federal Reserve banks, and Federal Reserve agents. Gold held by Federal of capital will probably be widely distributed.
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Reserve banks under earmark for foreign account Is excluded, and gold held abroad
for Federal Reserve hanks Is Included.
c These amounts are not Included In the total since the money held In trust against
gold and sliver certificates and Treasury notes of 1890 Is Included under gold coin
and bullion and standard silver dollars. respectively.
0 The amount of money held in trust against gold and silver certificates and Treasury notes of 1890 should be deducted from this total before combining It with total
money outside of the Treasury to arrive at the stock of money in the United Staten
e Thla total inoludeo 821,328,281 of notes in process of redemption, 853,770.383
of gold deposited for redemption of Federal Reserve notes, 830.928,328 deposited
for redemption of National bank notes, 81,900 deposited for retirement of additional
circulation (Act of May 30 1908), and 87,075,733 deposited as a reserve against
postal saving deposits.
f includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Nots.—Oold eerttfloates are secured dollar for dollar by gold held In the Treasury
for their redemption; sliver certificates are secured dollar for dollar by standard silver
dollars held In the Treasury for their redemption: United States notes are secured by
•gold reserve of 8100,039.08ft 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. Federal Reserve notes
are obligations of the United States and a first lien on an 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 MUM maintain a gold reserve of at leant 90%, including the gold
redemption fund. which must he deposited with the United States Treasurer.
against Federal Reserve notes In actual circulation. Lawful money has been deposited with the Treasurer of the !felted States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where !awful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund Is also maintained In lawful money
with the Treasurer of the United States for the redemption of National bank notes
secured by Government bonds.
German Mobilization Loan May Take Cash From Other
Markets.
Under the above head the New York "Times" reported
the following from Paris March 21:
It is still noticeable on the Bourse that investment buyers gives preference
chiefly to fixed-income securities. But the prospect seems to be that the
issue of German mobilization bonds next May will deprive both the 'Sock
and bond markets of fairly large sums of capital.
The proceeds of the mobilization loan will be paid into the Caine d'Amortissement. which will utilize them to redeem Government rentes. For
that reason a certain time will have to elapse before the money absorbed
by subscription to the German bonds will come back into circulation The
terms of the issue are still unknown, except that the Government proposes
to exempt the bonds from taxes imposed on all securities other than French
rentes.
At the same time a Berlin cablegram to the same paper
said:
There was much comment here this week on the rise at New York In
dollar bonds of Germany and other European countries. This was regarded
as favoring the impending reparations loan.
It was also remarked that, after the floating of that loan, Germany
should be able to borrow cheaply in America if such borrowing were nem-
2122
FINANCIAL CHRONICLE
sary. But it also seems to be thought that the present downward tendency
of German trade may easily render the German market independent of
foreign credit.
Swiss Socialists Oppose Establishment of Bank for
International Settlements—To Launch Referendum, Saying Country Is Menaced.
A wireless message from Geneva March 22 to the New York
"Times" stated:
The League for the Independence of Switzerland, composed chiefly of
Swiss Socialists, is preparing to launch'a referendum against the establishment of the Bank for International Settlements at Basle.
The league declares the bank is a political and not a commercial institution and represents an "immoral application of the Treaty of Versailles,"
and holds that the Bank would restrict Swiss liberty of action in eternal
and external affairs. The Bank will only serve as a receiving house for
Germany's debts, while the largest part of the money received will go to
America without enriching Europe, the League asserts.
There is little likelihood that the projected referendum will succeed, as
the Swiss Government has already accepted the Allies' condition for opening
the bank at Basle April 1.
[VOL. 130.
The following from Washington appeared in the "Wall
Street Journal" of March 25:
British-Indian Government has agreed to impose a countervailing excise
duty on domestic silver production, equal to import duty of four annas an
ounce, which became effective March 1, and to amend the existing tariff
schedule upward to 38% from 30% on silver plates, silver thread and other
silver manufactures, according to the American Trade Commissioner at
Calcutta.
The reimposition of the silver duty was referred to in
our issues of Mar. 1, page 1367, and Mar. 8, page 1568.
Operators of Silver Mines in Americas Urged to Co-operate—Colorado Mine Commissioner Says 30Cent Tariff Will Present Opportunity to Control
Price of Metal.
The following from Denver, Colorado, March 27 is from
the "United States Daily" of March 28:
Now is the time for the oper.tors of silver mines in the large silverproducing sections of North, Central and South America to unite in a
federation
that will be able to control the price of this metal, taking conTalk of Converting British 5% War Loan—London'
trol from London, according to the State Mine Commissioner of
Colorado.
However, Considers Single Operation for Whole John
T. Joyce.
£2,000,000,000 Loan Impossible.
Mr. Joyce stated that t e psycholo I al effect of the tariff of 30 csnts
ounce approved by the Senate, if it is finally adopted, will be of treIn advices from London March 21 the New York "Times" an
mendous advantage to the industry. He said he does not believe that
said:
the price of silver would immediately jump 30 cents an ounce if the
tariff
The buoyant market for Government securities has given rise to chance is approved, but he does think the price will increase gradually and perhaps
rumors concerning the Ministry's plans for future financing. It has been by that amount ultimately.
reported in one newspaper that the treasury is contemplating conversion of
Affords Market Protection.
the 5% war loan by moans of one operation into a lower interest-bearing
In any event, Mr. Joyce said, such a tariff is bound to prove a great
stock. This story has been embroidered with hints at plans for raising
stimulus to the industry and will create a more healthy condition.
large 'credits abroad, particularly in America, for the purpose of paying
One of the principal features of a silver tariff will be to keep the United
off foreign holders who refuse to convert their stock.
States from being a dumping ground for hoards of silver from Japan,
No credence is attached to these reports in authoritative quarters,
India, and China, the commissioner stated, pointing out th t Japan has
however. It is true that the 5% loan referred to can now be paid off on
changed to a gold standard, that England plans to change India's standard
short notice, but its e tormous size—more than L'2,000,000,000—rules
from silver to gold, and that there is a determin d effort under way to
out any possibility of its being converted or paid off in one operation.
bring about such a change in China as soon as conditions there are stabilized.
It is considered probable, however, that the treasury will take advantage
Without a tariff this silver would be dumped into the United States,
from time to time of favorable market conditions to convert portions of that
ruining the market completely, whereas a duty would protect tile indusloan. and thus gradually reduce it to has unwieldly proportions. Some such
try in this country and stabilize the price, in Mr. Joyce's opinion.
operation is possibly now in contemplation, for the public is beginning
In this connection, the commissioner cited figures from the American
to realize that events are tending strongly in the direction of permanently
Bureau of Metal Statistics which he said tended to show that silver Ls an
lower interest yields. This state of mind always gives marked stimulus
exportable commodity in the United States and needs a tariff badly for
• to voluntary conversions
its protection.
In 1928, according to his figures, the e .ports of silver from the United
Indian Assembly Voted Down Motion to Reject Pro- States and the consumption by coinage and the arts exceeded by some
22,000,000
ounces the country's production and imports.
posed Silver Duty—Status of Duty.
Production was 56,150,000 ounces, imports were 118,000,000 ounces.
• From New Delhi, India. a cablegram (United Press) to consumption was 46,000,000 ounces and exports were 150,000,000 ounces.
For the same year the total world production, also in round numbers,
the "Wall Street Journal" said:
was 258,000,000 ounces, of which 56,150,000 ounces were produced in the
' Le dslative Assembly voted down by 56 to 49 a motion to reject the Gov- United States, 108,500,000 in Mexico. 21,000,000 in Peru and 22,000,000
ernment of India's proposal to Impose an import duty on silver of four in Canada. Of the total world production, 220,000.000 ounces were proawns per ounce.
duced in North, Central and South America, The British possessions,
• In explanation of the status of the duty the same paper including Canada, accounted for a production of only 33,000.000 ounces.
although I.ondon still fixes the silver price, Mr. Joyce said.
IA its issue of March 25 stated:
Some confusion has e d.stcel for the past few days regarding exact status
of duty of four annas per ounce which the Indian Government placed upon
silver imports on March 1. In latter part of the week,a mction was brought
before the Indian Legislative Assembly to reject the duty but motion was
voted down by 56 to 49. Fact that such a motion had been brought before
the Assembly has caused some belief in the pcssibillty that tariff would not
become effective.
As matters stand now, the import duty, which amounts to about 9 or
10 cents an ounce, was imposed on March 1 and Is being paid on all silver
brought into India. As yet, however, it has not become a law and the
vote in the Legislative Assembly was merely the regular discussion incident
to adoption of a new tariff. Only difference batween an adoption of such
a duty in-India and th3 Unite I States is that the duty was imposed before
actually becoming a law while a change in an American tariff must first
be adopted form :11y before the schedule goes into effect.
Ruling Majority Favors Duty.
Circles close to Indian affairs are confident that formal enactment of
She duty into law is only a matter of a few weeks at most. The Government has a majority in Its favor in the matter as indicated by the vote
In the Assembly.
There are several reasons for adoption of the duty. As has been pointed
mit before, Indian Government has constantly increasing supplies of silver,
eine to withdrawal of silver rupees from circulation, which must be disposed of under program leading to the gold standard. It is desirable that
the Indian bazaars absorb as much of those supplies as possible. But the
Bombay mint is not capable of melting down sufficient amount of rupees
7tomeet demand from the bazaars. They must turn to outside sources,
but, without a duty, price would be so low as to yield Indian Government
much smaller revenue from its silver reserves.
.Iedlan Government Is looking toward disposal of its holdings for revenue
and amount to be sold during the coming year will depend largely upon
business conditions. If there is a poor monsoon, yielding the Government
smaller revenues from taxes, it is probable that attempts will be made to
dispose of large amounts of the reserves.
May Put End to Native Unrest.
TheAuty has its social aspect as well. Sharp decline In world price for
the metal has,caused value of native holdings to shrink and Is thought to
be responsible in some degree for social unrest. Imposition of the duty
automatically increases the value of these holdings. For this reason it is
argued that there will be little opposition to enactment of the duty into
law on the part of native members of the Indian Government.
Latest advices from American Trade Commissioner at Calcutta state
that British-Indian Government has agreed upon an excise tax of four
annas.an ounce, the same as the import duty, upon domestic production
of the metal. This appears to be an attempt to make the import duty
more effective and prevent native speculation In silver. Exact details
are not yet available, but it Ls believed that this excise tax will apply also
to movement of metal, other than Government, within the country to
prevent natives from withdrawing hoarded silver bullion and dumping it
upon the market in competition with Government metal.
Offering in New York Market of $8,000,000 04% Bonds
of Province of Buenos Aires, Arzentina.
Public offering of a new issue of $8,000,000 63/2% external
sinking fund gold bonds cf 1930 of the Province of Buenos
Aires, Argentine Republic, was made on March 24 by a group
headed by The First National Old Colony Corporation, and
including Harris, Forbes & Co. and Continental Illinois
Co., Inc.
Not including the private sale of $4,000,000 of short-term
notes of the Province in this market earlier this year (referred
to in our issue of Jan. 11, page 215), this $8,000,000 loan
comprises the first financing on behalf cf the • •ovince in
this market since March 1928. The new $8, ,000 issue
will be dated Feb. 1 1930 and will mature Aug. 1 1961.
The bonds were offered at 953/i and int. to yield 6.85%
to maturity. The issue is redeemable in whole or in part
on 30-days' notice on any int. date at par and accrued int.
It is also announce that:
The Province covenants to provide a cumul. sinking fund of 1% Per
annum, calculated to be sufficent to retire all the bonds by maturity to
operate semi-annually by purchase below par and acrrued interest, or, if
bonds are not so obtainable, then through drawings by lot at par and
accrued interest. The Province reserves the right to increase any sinking
fund payment.
Prin. and int. (F. I Sr A. 1), payable at the office of The First of Boston
Corporation, Paying Agent. in New York, in United &atm gold coin of
the present standard of weight and fineness, or, at the option of the holder.
in London, at the office of Harris, Forbes & Co., Ltd., Sub-Paying Agent.
in sterling at the rate of $4.8665 to the pound,or at the option of the holder.
in Buenos Aires, at the principal office of The First National Bank. Buenos
Aires Branch, Sub-Paying Agent, in Argentine Gold Pesos at the rate of
1.0364 gold pesos to the dollar. It is further stated that prin. and int.
will be payable in every case without deduction for any Argentine taxes,
present or future. They are coupon bonds In denom. of $1,000 and $500.
registerable as to principal only.
Information (transmitted by cable) furnished by Senor
Francisco Ratto, Minister of Finance of the Province to
the group offering the bonds says in part:
Authority and Purpose of Issue.
The issuance of these bonds is authorized by Law 3941 of Nov. 2 1927
enacted by the Legislature of the Province. The proceeds will be used
to provide school houses and other public buildings in various parts of the
MAR. 29
1930.]
FINANCIAL CHRONICLE
2123
Province and to redeem $4,000,000 of short-term obligations of the Province these bonds have been drawn by lot for redemption at their
Issued to provide funds for like purposes. Under contracts already entered
principal amount and accrued interest on June 1 1930.
into by the Province, 110 school houses have been completed or are nearing
completion and plans have been prepared for 223 additional school buildings.
This new construction will result in a substantial saving through the release
Gates W. McGarrah and Leon Fraser, Americans on
of rented buildings.
Security.
Board of Bank for International Settlements,
These bonds are the direct obligation of the Province of Eneno Aires,
Visit Governor of Belgian National Bank.
which pledges its full faith and credit for the due and punctual paymelit of
Associated Press advices frcm Brussels March 27 said.
prin., int. and sinking fund. In addition, Law 3941 authorizing these
bonds appropriates, as subject to specific charge and lien for the exclusive
Gates W. McGarrah and Leon Fraser, American directors on the board
benefit of the bonds imitable thereunder, an annual amount out of the of the Bank for International Settlements, arrived in Brussels to-day on
Inheritance Tax calculated to exceed the maximum annual requirement for a courtesy visit to Louis Franck, Governor of the Belgian National Bank.
Interest and sinking fund on such bonds.
M.Franck planned to give a luncheon in honor of the visiting bankers_
After deducting annual prior charges from the Inheritance Tax receipts
Other guests at the luncheon will be Mr. Tanaka, substitute of the Govfor 1929, the remainder is equivalent to more than 5M times annual service ernor of the Bank of Japan, and Warden McKee Wilson. American Charge
charges on this issue and more than 3% times annual service charges on the d'Affaires.
total amount of bonds authorized under Law 3941 including bonds not yet
issued—calculated at current rates of exchange. Such remainder is equivalent to more than seven times annual service charges on this issue at par House Ways and Means Committee Approves Bill Under.
of exchange.
Which United States Would Receive from Germany.
Finances.
$273,000,000
for Army Occupation Cost.
The revenues of the Province continue to reflect the constant improvement in its financial status that has been manifest for the last four years.
In line with the Young Plan settlement, the House Ways
For the fiscal year 1927 the revenues collected amounted to $48,995,000: and Means Committee on March 23 approved a bill under.
for 1928 to $54,531,000, and for 1929 to $57,750,000. The fiscal year
1927 showed a deficit of $1,993,000. The fiscal year 1928 closed with a which the United States would receive $273,000,000 from
surplus of $443,000 and the fiscal year 1929 with a surplus of $224,000.
Germany to cover the cost of the American army of occuFor over 30 years, with the exception of two years during the World pation. Payment of the
amount has been approved by the
War, the Province has never failed to provide funds for the interest payments on its external debt. The Province funded the 1915 and 1916 interest German Reichstag, Chairman Hawley of the committee said.
payments at the time and sinking fund payments were resumed in 1919 Notes relating to it have been exchanged between the.two
and 1920.
countries. The Associated Press advices from Washington
The total funded indebtedness of the Province, including this issue,
amounts to 1268.340.000 and the assessed value of privately owned real added:
estate is in excess of 15.000,000,000.
The original bill presented by this country to Germany called for payAll conversions of Argentine pesos into United States currency have been ment of about $292,000,000, but this total was scaled down in proportion
made at par of exchange, viz. 42.45 cents per paper peso. The current to the reductions made by other nations in their claims against Germany
rate of exchange (as of March 19 1930) is approximately 37.75 cents per under the Young Plan.
Paper peso. The Caja de Conversion (Argentine Currency Conversion
Office) was closed continuously from August 1914 until August 1927,
when it was reopened. It was again closed on Dec. 16 1929. The total Lee, Higginson & Co. Forming Syndicate to Discount
amount of gold held by the Caja de Conversion exceeds, however $427,Proceeds of Loan by Kreuger & Toll to German,
690,000 (as of March 19 1930), representing a reserve of over 77% of the
Reich—Discount Rate Dependent on New York'
currency in circulation, which gives Argentine currency one of the highest
gold reserves in the world. In addition, there is on deposit abroad to the
Reserve Bank Rate.
order of Argentine embassies and legations an amount of geld equal to
Lee, Higginson & Co. have given out the following official,
more than $11,000,000 and against such deposits there have been issued
in Argentina approximately 26,000,000 paper pesos (not included in the statement issued to the press by the German Government:
foregoing calculation), with respect to which the gold reserve is accordingly
A German Syndicate headed by the Reichsbank and an International
100%.
syndicate to be formed under the leadership of Lee, Higginson & Co. have
undertaken to discount the proceeds of the $125,000,000 loan to be made,
to
Province of Buenos Aires Redeems Six Months Note by the N. V. Financieele Maatschappij Kreuger & Toll of Amsterdam
the Deutsches Reich. As is known this loan is payable to the Reich In'
$4,000,000.
Issue of
two trenches, one of a face amount of 50,000,000 on Aug. 30 1930 sad a
The Province of Buenos Aires has called for redemption on second of a fact amount of $75,000,000 on May 29 1931. The syndicate
will place the proceeds of the first tranche in April 1930 and of the second
April 10 1930, its 84,000,000 short-term obligation due tranche
about the middle of June 1930 at the disposal of the Reich. The
June 30 1930. Certificates of participation in the above members of the International syndicate will be announced later. As will
loan, issued by the First National Bank of Boston, are there- be recalled the proceeds of the Match Loan were to servo for the reduction
the current debt of the Reich. Through the discounting of the proceeds
fore called for redemption on that date. Certificates should of
of this loan the Reichsfinanz Ministry will immediately effect this reduction:
be presented at the First National Bank of Boston for pay- of the current indebtedness. Aside from the foregoing the debt reduction
be
ment. This borrowing on the part of Buenos Aires was will be carried out as provided for in the law of Dec. 24 1929 which shalland
effected in the course of the fiscal year 1930-1931 through new taxes
referred to in these columns Jan. 11, page 215.
•
economies in the amount of R.M. 450,000,000.
C. A. Tornquist, Argentine Banker Plans Visit to New
York—Expected to Be Financial Agent Here—Loan
Outcome Awaited.
We give as follows from the New York "Times" the following (Associated Press) from Buenos Aires March 27:
Financial circles are deeply interested in the trip to New York of Carlos
Alfredo Tornquist, President of the Buenos Aires Tornquist Bank, particularly as the Government is believed ready to announce the results of
conversations with British and American bankers dealing with the large
Argentine Government foreign loan.
The political writer of the newspaper "El Mundo" to-night expressed the
opinion that Senor Tornquist would be named Government Financial
Agent in the United States.
Although the Argentine financier said he was making only a periodical
visit to New York, it is learned he is planning to establish a residence there.
Re will sail on the steamship Western Prince. The official newspapers
are silent regarding the reported loan negotiations.
Bonds of Republic of Chile Called for Redemption.
The National City Bank of New York, as fiscal agent,
has notified holders of Republic of Chile 20-year 7% external
loan sinking fund gold bonds, due Nov. 1 1942, to the
effect that $254,000 aggregate principal amount of these
bonds will be redeemed at par and accrued interest on
May 1 1930. Drawn bonds should be surrendered with
all interest coupons maturing on and subsequently to the
redemption date at the principal office of the National City
Bank, where they will be redeemed and paid through operation of the cumulative sinking fund. After May 1 drawn
bonds will cease to bear further interest.
As to the terms of discount, Lee, Higginson & Co. have:
disclosed that the rate for the first tranche is 43, % and for'
the second tranche 1%% above the New York Federal Re-'
serve Bank rate on June 16, but not less than 5N% nor,
more than 53%, adding that the entire transaction is sub!
ject to enactment of the necessary legislation by the Reich-,
stag.
Hambros Bank Places Bonds of National Mortgage'
Bank of Greece.
•
From the "Wall Street Journal" of March 27 we take the
following London advices:
Hambros Bank, Ltd., has placed privately £1,000,000 of 7% sterling
mortgage bonds of National Mortgage Bank of Greece at 9534 ranking
equally with previous issue fo £2,000,000 at 9354 in 1927 and .£1,000.00Q
at 92 in 1928.
Part of American Portion of Greek Government Refugee
Loan Drawn for Redemption.
Speyer & Co.announce that $48,000 bonds of the Americasf
portion of the Greek Government 7% refugee loan of 1924
have been drawn for redemption at par on May 1 1930.
Of this amount $37,000 bonds were drawn for the regular
semi-annual sinking fund and the balance of $1),000 bonds
out of additional funds received from the sale of land to
refugees.
Reported Loan of £1,000,000 For Sydney, Australia. •
The following announcement was issued March 27 by the
Commissioner General of Australia, located at 25 Broadway
Drawing for Redemption of Bonds of Republic of Peru. this city.
Australian Finance.
J. & W. Seligman & Co. and the National City Bank of
An advertisement appearing in the March 26 and 27 issues of the New
New York,fiscal agents of the Republic of Peru, are notifying York "Times" over the name of a Sydney (New South Wales, Australia)
estate firm, announced that cabled applications for "City of Sydney
holders of Peruvian National Loan,6% external sinking fund real
First Mortgage Debenture Loans" maturing March 1937, would be re.
gold bonds, first series, due Dec. 1 1960, that $281,500 of ceived until April 2 1930.
Z124
FINANCIAL CHRONICLE
I am authorized by cable from the Prime Minister of Australia to state
that neither the Civic Commissioners of'the City of Sydney, nor the Treasurer of the State of New South Wales, nor the Loan Council of the Commonwealth of Australia is in any manner whatsoever associated with the project
for which funds are solicited. Until informed by myself by cable none of
the fiscal authorities named had been advised of the appearance of the
advertisement.
HERBERT BROOKS,
Commissioner-General for Australia.
Commissioner Bestor of Federal Farm Loan Board on
Eligibility of Applicants for Loans Under Federal
Land Banks—Decrease in New Loans in 1929
Compared With Previous Year.
"Few if any applicants for loans from the Federal Land
Banks at present, if eligible under the provisions governing
them, cannot secure the benefits of the amortized loan, if
they wish," said Paul Beater, Commissioner of the Federal
Farm Loan Board in Washington, at Syracuse, N. Y., on
March 26 in addressing representatives of the local national
farm loan associations of New York who were meeting with
officials of the Federal Land Bank of Springfield for the
purpose of discussing long-term farm mortgage credit. Mr.
Beater stated that "there are many loans, of course, that
cannot qualify under the provisions of the act. There are
applicants whose financial condition does not justify a loan,
and there are those whose farms are so run down or in such
inferior locations that a long-time loan would be hazardous.
Associations and banks generally recognize this. But there
are very few, if any, applicants who are eligible who cannot
obtain a long-term loan from a Federal Land Bank and
repay it gradually over a long series of years."
After pointing out that the bond market during the last
year had not been propitious for the floating of bonds of any
kind, Mr. Bestor said that "during the last few weeks there
has been a marked improvement in the bond situation, and
there is every reason to believe that under present conditions the Federal Land Banks should have no difficulty
in marketing their bonds." Mr Bestor stated, however,
"that present indications are that the banks will need a
relatively small amount of money to lend in 1930, and that
the issue of bonds will therefore be increasingly small."
"While it is true," he added, "that individual banks have
had considerable trouble and have acquired quite a good
deal of real estate, the statements of the 12 Federal Land
Banks as of Dec. 31 show that over and above reserves for
suoh real estate the banks had but 1.3% of their total assets
Invested in farms owned outright and subject to redemption."
Mr. Bestor noted that "the banks made new loans during
1929 of $64,250,600. This is a decrease below the previous
year. It should be borne in mind, however," he said, "that
the Federal Land Banks are the only loaning agencies which
have increased their loam during the last few years. The
total loans made by the Federal Land Banks from organization to Dec. 31 1929 was $1,605,000,000. All of the Federal
Land Banks report a decrease in applications during 1929."
Commissioner Beater went on to say:
The national farm loan associations and their members have benefited
-greatly by the amortized loan and by the stable interest rates which have
Prevailed since the system was organized. The farmers over the country
have benefited not only by the rate of interest of the Land Banks but also
by the forcing of other loan companies to meet that rate. Even during
the high interest rates of 1929, six of the Federal Land Banks did not
quote a rate at any time in excess of 5%.though others due to the cost
Of funds which they obtained were compelled to make a 6% rate. Since
the first of the year, all but two of the banks have returned to the 5%%
rate.
The local national farm loan assoolations practically own the 12 Federal
Land Banks; that is, out of total capital stock of $65,735,453 as of Dec. 31
1929 the associations owned $64,594,535; and that with the exception of
two banks—of which the Springfield bank is one—the Government has no
financial interest in the banks.
These associations have the responsibility brought about by their endorsement of the loans made by them. The law is specific as to this obligation—
keeping in mind that the unit of the system is the farm loan association,
the law and common justice are fully in accord that each association be
responsible for its own business.
These associations have profited greatly through the dividends on their
stock. The total amount since the organization of the banks is in excess of
$23,000,000. The Farm Loan Board is firmly of the opinion that the banks
and the associations should give the building of adequate reserves preference
over the payment of dividends.
Speaking of what size farm is eligible for a loan under this system, Mr.
HeCor said: "A farm unit under the terms of the Farm Loan Act must be
able under ordinary conditions and under ordinary management to raise
general agricultural crops sufficient topay taxes, interest upkeep and supPort the family."
Federal Farm Board Reduces Its Loan Basis For Spring
Wheat in Minneapolis Area—Similar Action May
Be Taken in St. Louis Market.
The loan basis was reduced for northwest Spring wheat in
Minneapolis and millers agreed recently at Chicago to provide facilities for storing the Grain Stabilization Corp.'s
[Volk 130.
wheat, Chairman Alexander Legge, of the Federal Farm
Board,stated orally on March 24. According to the"United
States Daily" of March 25 from which we also quote as
follows:
He declared that the export debenture plan is not feasible, and that the
Farm Board does not sponsor it.
The Board's loan basis on Spring wheat for credit extended through the
Farmers National Grain Corp., VMS lowered because there had been great
fluctuation in Minneapolis and Chicago prices, the Chairman said. He
stated that the price at Minneapolis was Changed from $1.25 a bushel to
$1.20 a bushel.
If the St. Louis market continues lower than the Hoard's loan basis there,
it is possible that similar action might be taken on the St. Louis price, Mr.
Legge continued. Up to a few days ago the St. Louis market price, he recalled, had been running close to the Board's loan basis price, but recently
had dropped below the basis price.
Few farmers, Mr. Legge pointed out, are involved in the reduced Minneapolis loan basis as they have been rather expecting this action. Mr.
Legge said that the reduced basis on loans through the Farmers National
Grain Corp. is to run the remainder of the season.
Loans to farmers on wheat are no longer running very heavy, the Chairman said. He said that if wheat acreage were reduced the reduction would
take care of the price. The Farm Board, Mr. Legge said, has been receiving
very favorable reports on acreage reduction.
Although the Farm Board is indifferent to export debentures, the debenture plan would reduce foreign markets for America, Mr. Legge
pointed out. Any debenture plan, he explained, would be stopped by
foreign cou a:ries.
"All the nations of the world," said Mr. Legge,"are sensitive to dumping
and that's what the debenture would amount to in one way or another."
The millers agreed at a recent conference in Chicago with officials of the
Grain Stabilization Corp. to permit storage of a great deal of wheat in the
millers' facilities, Mr. Legge stated. He declared that this would relieve
the question of storing May deliveries to the corporation.
Asked how much space the millers would provide, Mr. Legge stated.
"I think they'll take all we want them to take."
According to a telephone conversation with officials of the Grain Stabilization Corp. in Chicago, Mr. Legge said that he understood the millers would
have an option on the wheat, and the cooperation would pay the storage
costs.
The Farmers National Grain Corp. is asking for contracts on farmers'
crops, Mr. Legge said. He recalled that the corporation had been taking
this action since October.
The Federal Farm Board is against new reclamation projects, according
to a statement by the Chairman.
"The Farm Board," declared Mr. Legge, "is not going to sponsor any of
the bills in Congress for opening more land to cultivation."
April 7 Set as Date for Hearing on Complaints Involving Charges of Manipulation of Grain Prices
Under Grain Futures Act.
The hearing on the complaints of the Secretary of Agriculture against William B. Massey, John S. Reddy, and
Philip J. Reddy, members of the Chicago Board of Trade,
involving charges of attercipted manipulation of the price of
grain and other alleged violations of the Grain Futures Act,
which was to have been held at Chicago, March 24, has
been postponed until 10 a. m.,April 7,according to announcement of the Grain Futures Administration, U. S. Department of Agriculture. The hearing will be held at 717 Postal
Telegraph Building, Chicago. The Department of Agriciulture in its announcement says:
As provided by the Grain Futures Act, the hearing will be conducted by
a referee designed by the Secretary of Agriculture, who is Chairman of the
Commission created by the Grain Futures Act. The Grain Futures Commission is composed of the Secretary of Agriculture, the Attorney-General,
and the Secretary of Commerce.
The formal complaints, after setting forth the respondents' alleged
violations of the Grain Futures Act, including attempted manipulation of
the price of grain on the Chicago Board of Trade, the issuance of false,
misleading, or knowingly inaccurate reports affecting the price of grain,
the failure to keep records of grain futures transactions, and other irregularities, direct the accused brokers to show cause why an order should not be
issued by the Commission barring them from all trading privileges on the
grain futures markets of the United States.
S. R. McKelvie, of Federal Farm Board, In Talks in
Grain States Indicates Policy of Federal Farm
Board Under Agricultural Marketing Act.
A series of talks given in various grain States by Samuel R.
McKelvie, a member of the Federal Farm Board, dealing
with the Board's loan policy, its policy in the matter of
encouraging the development of co-operative marketing,
etc., were made available in consolidated form under date
of March 17. It is indicated therein that Mr. McKelvie
"addressed no less than 50 meetings since January 1, and
everywhere the halls were crowded." The Federal Farm
Board, said Mr. McKelvie, had its origin in the Agricultural
Marketing Act., after several years of demand by those
engaged in the nation's basic industry that agriculture
should have a place of equality with other industries. The
members of the Board, he said, have no choice and seek no
choice in what they shall do. "Our task, clearly defined, is
to serve the American farmer, and in doing so, we will serve
all others, aye more, contribute most to the national security
and prosperity." In carrying out this program, Mr.
McKelvie went on to say, "It is inevitable that there will
be some changes in our system of marketing agricultural
MAR. 29 1930.]
FINANCIAL CHRONICLE
crops. Indeed, if the present system were entirely satisfactory, there would be no need for an Agricultural Marketing
Act. However we may regret the necessity for some of
these changes, and however temporarily unfortunate it
may be that some may suffer or be inconvenienced, there is
nothing new about that. In the progress of our country,
and the greater the progress the truer it has been, men have
found it necessary to readjust their affairs. These changes
occur every day. They have touched the lives of all of us
at one time or another."
Mr. McKelvie undertakes to draw a parallel with the
development of the radio, saying, "It is not so long ago that
the radio came into general use. That was coincident with
the production of a large number of talking machines.
Largely those machines were in the hands of dealers. Far
from complaining about their lot, the manufacturers and
• dealers promptly recognized the condition, adjusted themselves to it and to-day are generally more prosperous than
they ever were before." Contending that "movements
like this cannot be stopped arbitrarily," he added that "they
•can be stayed only to the extent that they are unsound. If
this movement is unsound, sooner or later it will be die- covered. But, my friends, I warn you now that the onward
march of agriculture will not be stopped by arbitrary
barriers."
,
"After all," continued Mr. McKelvie, "there are more
than thirty million people living on farms in the United
States. Those people are just as vital to the bone and sinew
of our country as any other class. Yet, they have not
shared equally in the national prosperity. As the result,
all have suffered in a measure and business will continue
to suffer until agriculture is placed upon a basis of equality
with other industries and with labor in other industries.
"So," he argued, "if we can bring some improvement to
agriculture and reflect greater prosperity to the man upon
the farm, that in turn will be reflected to you and me regardless of what our business is, and the result will be much
more beneficial than if we should stand aside while those
who for the moment may be inconvenienced shall go on
their merry way."
Mr. McKelvie declared that "It is not the purpose of
the Federal Farm Board to injure anyone. Our job is to
benefit someone, and that someone is the American Farmer
in the terms of thirty million people whose hopes and aspirations are the same as yours and mine. After almost a decade
of demand from the agricultural regions that something be
done for this industry, there is no longer reason for delay.
This law, passed by the Congress of the United States and
signed by the President of the United States, must be given
a fair trial." Mr. McKelvie then proceeds as follows:
The Agricultural Marketing Act says that agriculture shall be placed upon
a basis of economic equality with other industries. What is economic
equality among industries? It is that the products of my farm shall be
- exchanged for the products of your factory upon a basis of fairly equal value.
In that scale, agriculture was at its worst in 1921 when the exchange value
of agricultural commodities was only 65 in the aggregate compared with
non-agricultural commodities based upon the level of 1914. Gradually the
exchange basis has .mproved until to-day it is about 92. I feel that gradually that improvement is going to continue so far as the exchange value is
concerned until there will be a parity. But there is more to be done if the
future of agriculture is to be assured.
For instance, when agricultural exchange values went to 65 it meant that
the farmer must pay in cheap dollars for debts that he incurred on a higher
level. Consequently there was swept down upon agriculture a condition
of loss—aye, more than loss, of suffering for which the farmer was not
responsible. Perhaps the primary reason for the distressed condition was
that agriculture was unorganized. Six million farms in this country,
operating individually, were unable to cope with the national post-war
• crisis. They naturally could not do it as welt as Industry and labor that
were organized. Therefore, equality for agriculture means not only parity
of exchange in commodities but organization so that when future exigencies
arise the farmer shall be able to adjust his affairs along with other industries
and organized labor.
The means by which we are called upon to assist in this are quite clearly
set forth in the Agricultural Marketing Act. It says that the Federal
Farm Board shall help to minimize specualtion in marketing agricultural
commodities and their food products; that we shall assist in eliminating
Inefficiency and waste from handling those products; that we shall assist in
organizing farmers into co-operative societies, and, finally, that the Federal Farm Board under the authority given it shall assist in preventing and
controlling surpluses of agricultural products. We are undertaking to do
those things by the most practical means at our command.
The Agricultural Marketing Act says that speculation in marketing
agricultural commodities and their food products shall be minimized.
This is not a request. It is a command.
Twenty-five times the annual production of wheat is dealt in annually.
This indicates the vast extent to which speculation exists in a single commodity and I insist that much of that speculation is harmful. The spirit
of gamble in the American public, plus, if you please, the information that
Is given to the public from day to day regarding conditions in the wheat
market, adequately account for this speculative trading.
Since the first of January, you have seen occasional reference to the
exports
of wheat from Russia. They aggregate less than two million
•
bushels. Before the war Russia was exporting between 140 and 150 million
bushels of wheat and we thought nothing about it. But now Russia comes
In with less than two million bushels,a mere drop in the bucket in the world's
2125
market, and whenever a Russian cargo comes in representing from 100 to
200 thousand bushels of wheat, it usually is given as a reason for the decline
in the price of wheat on that day. It is held up as a monumental thing.
when in fact the actual amount involved had no real significance with
reference to world supply.
I am not saying that these stories originated in this country. Maybe
they originated across the sea where, in may opinion, the buying is well
pooled. If those buyers can lead us to believe that two million bushels of
wheat exported from Russia is significant of much larger supplies to come
out of Russia, it gives tham a bargaining basis which to depress the price
of our wheat.
In order to minimize speculation we propose to carry out the spirit
and the purpose of this Act by giving farmers an opportunity to own
and control their marketing machinery. We propose also to supply farmers
with the very best information available, not only in this country but from
other countries about supply and demand. These agencies of reporting will
reach around the world. We hope this information will be so helpful that
many of the things now brought to play upon the market will not be so
influential. This, we hope, will have a very strong tendency to take purely
speculative activities out of the market.
When I speak of speculation I do not mean those engaged in growing,
handling or processing grain.
It is reported in rather authentic sources that the American farmer is
four times as efficient as any other agricultural producer. But it is reliably
stated also that the American farmer is only half as efficient in marketing
as industries in other lines. What is the result? I will state a parallel
that is easily understood.
Let us imagine two men dependent for their existence upon the exchange
of their commodities. One is twice as efficient as the other. You can
guess which is going to survive. Therefore, the farmer suffers to the
extent that his marketing system is less efficient than those with whom lie
trades. There are many illustrations of inefficiency and waste in agricultural marketing.
There is at the present time grain at some terminal markets that should
not have been moved there. It should have been kept where it would be
more accessible to the processor. Some of this grain is being shipped back
after having once passed the point of processing. In other words, that
the
grain has been given a Joy ride and the waste incurred came out
pocket of the farmer. It is the opinion of the Federal Farm Board that
agricultural products should be stored as near as possible to the point of
processing or consumption so that they may go to the best and quickest
and most economical market. That does not mean that logical terminals
are not going to continue to be important grain markets. In my opinion
many of them are going to be just as important grain markets in the future
as they have been in the past. But it does mean this, for instance: Shipment of wheat from certain Montana points can be made west as well as
east at the same freight rate and wheat from that State has a particular
milling value. That wheat may also go south. It should be held at diversion points in Montana until there is a call for it. In that poeition, it
has three times the bargaining power, and whatever that advantage is,
it should accrue to the Montana farmer.
Another thing: Due to carry over and abnormal shipments last harvest.
the terminals were quickly filled. I suspect the owners of these terminals
did the same as I would have done. They exacted a higher carrying charge
than ever before. Whatever that excess charge was, it came out of the
pocket of the producer and it should not occur again.
When I speak of additional facilities, such as interior storage, tam
talking about a thing that is being done in every other industry that distributes on a national scale. It does not mean that anybody is going to
to be put out of business if he is operating usefully, but it does mean that
storage facilities are going to be expanded so that they will be more serviceable to the grower of grain.
The program for organized commodity marketing is not a matter of
choice with us, and frankly, I would not change it if I could. The Agricultural Marketing Act (Section 5), says:"The Board is authorized and
directed (1) to promete education in the principles and practices of cooperative marketing of agricultural commodities and food products thereof.
(2) To encourage the organization, in methods and development of effective
co-operative associations." From the first page to the last of this Marketing
Act, you will find that word co-operative repeatedly used. It is the very
heart and soul of this Act and contemplates the development of a farmerowned, farmer-controlled marketing system.
There are those who say it can't be done. There are times when I thought
it couldn't be done. Even to-day I am not leaving the impression with
farmers that this is a tea party or knitting bee. But it is a job that is
worthy of the time and effort it will take to put it over.
In this country there are more than 12.000 farmers' associations, with
over 2,000,000 farmers who are members of one or more of these organizations, handling every year agricultural products valued at two and a
half billion dollars. They represent the determination of purpose of the
American farmer to own and control his marketing system. Where are
they
Back in the country principally, at the local marketing points.
Locally they market the commodity co-operatively, but when it passes
to the terminal market, it goes to someone else who is not co-operative
either in spirit or results. It is in the terminal market that the greatest
influence is exercised upon control of prices and orderly distribution. At
the very point where it is vital that the farmer should exercise his initiative
and his prerogative as a marketer he yields it to someone else. The Federal
Farm Board feels that it is well nigh useless to assist farmers in organizing
co-operatively unless terminal sales agencies are included in the plan.
It was upon that theory that the representatives of the large grain cooperatives were Invited to meet in Chicago last July. That was before
I became a member of the Federal Farm Board. I think there were 36
organizations invited and 52 representatives were Present. It was the
first time they had ever been in the same room together. After hearing
the proposal of the Federal Farm Board, they selected a committee of 16.
That committee formed the articles of the Farmers' National Grain Corp..
which was organized under the laws of Delaware. That corporation is now
established and doing business at 343 South Dearborn St., Chicago. It Is
a co-operative sales agency with branches in every important grain market
in this country and throughout the world. It will serve farmers'co-operative
elevators and such other co-operative units as may exist, or be developed.
The subject uppermost in the mind of the farmer is how he may take
advantage of the Agricultural Marketing Act. The first step is to join a
co-operative that deals in a specific commodity, such as grain. Membership in a local elevator or some local marketing unit is sufficient. A marketing agreement with some larger unit, such as a pool or terminal agency.
also fills the requirements. Membership in a general farm organization is
not necessary.
The local co-operative unit is the most important in any large scale cooperative undertaking. This unit is democratic in principle and gives
farmers an opportunity to manage their affairs at home. Unless this unit
functions fully and in complete harmony with the central sales agencies
or all similar units, large scale co-operative marketing cannot be successfully carried out.
or
2126
FINANCIAL CHRONICLE
There are 4,000 farmers' elevators in. this country. Largely they are
co-operative and meet the requirements of the Capper-Volstead Act. That
Is, they are farmer-owned and farmer-controlled, pay not more than 8%
;on their capital stock and allow patronage dividends or permit but one vote
per member and do no more business for non-members than members.
These, in addition to pools and other commodity sales agencies formed into
.larger co-operatives, constitute the bads upon which the Farmers' National Grain Corp. is built.
, The Federal Farm Board does not make loans direct to local co-operatives. It deals with the Farmers' National Grain Corp. and the money
in turn is passed along to members of the National, these members being
group co-operatives. The steps are these: First, the farmer becomes a
member of a local co-operative which in turn becomes a member of a group
or regional co-operative and that group or regional co-operative becomes
.a member of the Farmers' National Grain Corp.
The loan policy of the Federal Farm Board thus far must not be regarded as permanent. It may be changed to meet developments. Due to
an unwarranted decline in grain prices when the stock market collapse took
place last Fall, the Federal Farm Board announced on Oct. 26 that it would
loan to farmers through their co-operatives on a basis slightly less than
the cash price at terminal markets as of that date. It was understood,
of course, that the co-operatives in advancing this money to growers, would
make ample deduction to cover freight handling and carrying charges. This
applies to last year's crop only. Your local co-operatives can tell you how
to take advantage of this loan, if you still have wheat.
The grower agrees to market his grain through his co-operative on three
options; namely, (1) for cash on the day of delivery at the local elevator;
(2) to be stored and an ample advance made on the storage ticket; (3) to be
Pooled and an advance made with subsequent payments as the grain is
sold during the marketing year. Cash grain will be sold in the competitive
market; stored grain will be held subject to the call of the grower and will
not be sold 'until he so orders; pooled grain will be sold according to the
best judgment of the central sales agency. The grower's marketing agreement embodying these options contains also a provision that during a twoweeks period each year the grower has the right to waive delivery for that
year. All grain will be sold under direction of the Farmers' National
Grain Corp.,thus to eliminate competition among co-operatives and provide
ample volume to insure economy in handling and orderly marketing.
It is my opinion that it should be illegal to sell or in any way deal in
grain under oPtMn (2) until the grower exercises his option. In other
words, when the grower sells his grain or permits anyone else to do it for
him add then buys the futures, he is gambling. Chances are he will have
spent the money before the option matures and will not be in a position to
protect his option. So long as the farmer owns the actual grain he may
legitimately hedge it for future delivery, but when he lets go of the grain
he had better let go of his interest in it.
The Federal Farm Board insists that co-operatives shall not compete
among themselves. Unless such competition is discontinued the success of
this undertaking will be seriously jeopardized. It will be required that
co-operatives taking advantage of the Agricultural Marketing Act shall
sell through the sales agency that is recognized by the Federal Farm Board.
There will be ample competition from other sources without co-operatives
competing among themselves.
The Federal Farm Board requires that so Ion as a central sales agency
like the Farmers' National Grain Corp. is Indebted to the Federal Farm
Board the management of the corporation shall be satisfactory to the Federal Farm Board. Why? Because the money that is loaned to the Farmers' National Grain Corp. and to its members and finally to the farmer, is
money from the Treasury of the United States, accumulated there from the
taxes of all the people and mast be returned to that source. Therefore.
when we exercise some vigilance over the management of an institution that
borrows government money, we not only do not keep faith with the taxpayers but exercise what we believe is good business in the Interest of the
co-operatives themselves. If more banks that loan to co-operatives
exercised some interest in those co-operatives before they get into trouble,
instead of getting In such a sweat afterwards, they would be fewer fatalities
among co-operatives.
The rate of interest on loans is not a matter for the Board to decide.
,The Agricultural Marketing Act says, -Loans to any co-operative association or stabilization corporation and advances for insurance purposes shall
bear interest at a rate per annum equal to the lowest rate of yield of any
government obligation bearing a date of issue subsequent to April 6 1917;"
That is the basis upon which the rate is fixed. The rate has ranged from
23 %. up to, 3%%. This money is loaned to the Farmers' National Grain
Corp. and when it finally reaches the local elevator, it probably will bear an
additional charge of 2% for handling by the Farmers' National Grain Corp.
and the regional that borrows it from the Farmers' National. This 2%
represents the ordinary charge. It probably will cost less than that to
handle the money. If so, the savings go into the reserves of the National.
and the regional and local co-operatives share in those reserves to the extent
they patronize the National.
Finally there is the question of preventing and controlling surpluses.
You will note that the law places the word prevent" ahead of "control."
It recognizes that the way to handle a surplus is to avoid it, if possible.
Farmers have not been ignornat of the necessity for doing that. They have
used the best information available in respect to their plantings. See the
statistics for 25 or 30 years with reference to wheat and cotton and you
will find that the acreage each year, aside from abnormal times, has been
determined almost entirely by the price of the commodity the year before. It
Is the principal thing they have had to go b
The Federal Farm Board will
place 1 efore farmers information regarding probable production and consumption of the various commodities and we believe they gradually will
adjust their production and their planting to those facts.
If this is the result, it will be just too had for the farmer,for there is no
law of chance or state that will save him from persistent and deliberate
over-production. When farmers realize that usually 650,000,000 bushels
of wheat will sell for as much as 850,000,000 bushels in this country, we
believe they will heed the Farm Board's suggestion for a 10% decrease in
acreage.
There is in the possession of many of our agricultural colleges and experiment stations actual figures regarding the cast of production of various
agricultural crops. If these facts were consolidated into one picture, I as a
wheat farmer in eastern Nebraska, observing what it costs to produce
wheat in Dakota. western Nebraska, Kansas, Montana, and some other
regions, might conclude that I had an awful handicap because of the price
of my land and smaller operating units. Then I would begin to see what
else I could do to get out of competition with that wheat growing farmer
out West. If we spread these facts before producers, they in turn will
adjust their operations to the thing that they can do best and most profitably. It is the same in agriculture as in any other industry.
I saw a statement by Mr Henry Ford in which he said that he did not
fire a man until he had to. If he found an employee was not adapted to one
.task, he.put him at something else and then at something eise, until he
'found the niche in which that man fit. So it is with us farmers. We must
adapt ourselves to the thing that we can do best. What more is logical?
[VOL. 130.
What, if you please, is mote patriotic than that? For we, as owners of the
land, hold the very destiny of the nation in our hand. It, therefore, devolves
upon us to so manage the land as to make a profit and serve society in the
most effective and economical manner..
It has been the dispostition of those who have talked upon this question
to say, -Well, among all the people, there is one class who has nothing to
say about the prices of their product. That is the farmer. The manufacturer and the dealer fix the price on what they seil." Yes, that is how it
could be done, but it isn't the way it is done. That Is not the course that
American industry has pursued in making 'itself great. The owner of,a
factory considers his men-skilled workers with dependents, men Just as
human as you and I; and these men work at machines, highly developed.
expensive machines. Those machines and that factory bear taxes year in
and year out, whether the factory is operating or not. Bo the factory
manager does not sit complacently by and say,"I should worry; I can close
my factory." Instead, he says, "The way to save my men and myself is
to keep this factory going just as long as I can find new uses and new markets
for my produzt." As a result of that initiative, that determination, that
well-organized salesmanship, American industry has sold Its products
throughout this country and the wort .
I can visualize the time, and not so far away, when standing along the
side of the farmer will be the scientist to assist in finding new uses for raw
materials of the farm and next will be the salesman; then will be the advertising that goes to find new markets for American agricultural products In
this country and foreign countries
Nor need we go outside this country to find some things that we can do.
To-day, if we were consuming as much wheat per capita as we were in
1910, our surplus would be reduced 100,000,000 bushels and the surplus
would not be a very troublesome matter. Why are we eating lees of the
products of wheat? I do not know. Maybe it is because we are too
prosperous. Maybe it is because bread is too common a food, or maybe
it is because we fear too much avoirdupois. That might probably apply
better to our lady friends.
Yet I remember when as a youngster I had walked two miles from school,
I was met by my mother with a generous slice of bread and it was well
buttered. Thus, a family of boys and girls were grown. It was the
foundation of our diet, and It was the best food and the most nourishing
food we could have had. There is no better food, there Is flà cheaper food
than good bread. Whether the price to the farmer for wheat is a dollar
a bushel or a dollar and a quarter a bushel, doesn't make, One thousandth
of a cent difference to the consumer of a loaf of bread in the cost of that
loaf. • So, if we consume more bread we may at once scrim the farmer
without inflicting any hardship upon the consumer.
Some farmers who grow wheat, go to store and buy butter substitutes
In order to save cents, thereby making it less profitable to have Cows on
the farm. There is no better feed for cows than the Mill feed that is made
from wheat. So the wheat farmer who uses butter substitutes, takes money
out of his own pocket. We must make one hand wash the other in this
proposition.
This is not to suggest that we are going to eat more, but it is to say
that we can and should eat more of the things produced in this country.
If we do just that, it will help a lot in disposing of the surplus.
There is one other means by which we are to meet this surplus situation.
I refer to the Stabilization Corporation.
It is provided in the Agricultural Marketing Act that the Federal Farm
Board shall declare commodities, and the commodity having been declared.
the Board may then call upon the co-operatives dealing in that commodity
to select an advisory committee. That was done with respect to wheat.
The Federal Farm Board called upon the Farmers' National Grain Corporation, which represents that commodity to select an advisory committee.
The committee was selected and certified to the Farm Board. The cornmute represents the four principal wheat areas and the personnel is as follows:
F. J. Wilmer. Rosana, Wash.
John Schnitzler, Prot& Mont.
W.G. Kellogg,formerly of Minneapolis, General Manager of the Farmers'
National Grain Corporation.
E. H. Hodgson, Little River. Kan.
John Manely, Enid. Okla.
William H. Settle, Indianapolis, Ind.
Bert Lang, St. Louis, Mo.
The law provides that two of the committee members shall be handlers
or processors of the commodity. Mr. Kellogg fills the bill as a handler.
The millers are the processors, and their representative in this group is
Mr. Bert Lang. Vice-President of the First National Bank. St. Louis.
Shortly after the Advisory Committee was selected it was called to meet
with the Federal Farm Board. Among other things it recommended that
a Stabilization Corporation be set up. The Grain Stabilization Corporation
was set up to handle wheat, its members being Capper-Volstead Co-operatives, and it is doing business in Chicago. The purpose is to take a part of
the surplus temporarily off the market. It is then marketed to the best
advantage.
If the Stabilization Corporation makes a profit, that profit will go to
make up a reserve for future stabilization operations. If it sustains a loss,
the loss will be borne temporarily by the government until another stabilization operation is undertaken and a profit is made. You say that is met**
soft. A sort of heads I win, tails you lose. But it isn't just exactly that
easy because the law contemplates that stabilization operations shall not
be deliberately founded upon a loss, but shall be undertaken as a sound
business enterprise. We, as farmers, agreed to that long before this Act
was passed. We said we wanted no subsidy; all we wanted was an opportunity to work out our problems. This is part of the scheme for working
them out. This is the first Stabilization Corporation to be set up under
the Agricultural Marketing Act, and we will know more about its operations
as time goes on. It is an emergency measure, not intended to operate
throughtout the marketing year. The large scale co-operative, the sales
agency. is designed to carry on the orderly merchandising of grain.
That covers the story. There are those who say this law is revolutionary
and socialistic, and that the government is in business. I think such views
are born of undue alarm. Some others say it does not go far enough.
I have traveled across this country from Washington to the Pacific Coast
and southwest into Kansas and Oklahoma. I have addressed no less
than fifty meetings since Jan. 1 and everywhere the halls were crowded.
They did not come to see me. They came to hear about the Agricultural
Marketing Act, and I should say there is united support among farmers
in their desire to give this new charter for agriculture a fair trial. This
law is founded upon the development of a marketing system for the farmer
himself; a thing he always has claimed a right to: that he does have a right
to; and the government is undertaking to help him get it. It is evolution,
as opposed to revolution. In the absence of the former, we probably
would have had the latter.
W. H. Young & Bro., Inc., St. Louis Brokerage House,
Fails—Two Receivers Appointed.
W. H. Young & Bro., Inc., security brokers with head office
in St. Louis and 55 branches located in fifteen States, were
MAR.
29 1930.]
FINANCL-L CHRONICLE
named in a number of receivership suits filed in the State
and Federal Courts in Missouri on Monday of this week,
Mar.. 24. Frances E. Williams, a St. Louis attorney, was
appointed receiver for the company late that day by Federal
Judge Faris in one of two suits filed in the Federal courts
and W. Blodgett Priest Was appointed receiver by Circuit
Judge Mulloy at Clayton, St. Louis Co., Mo. The St. Louis
"Globe-Democrat" of Mar. 25, from which the above inforniation is obtained, said in part as follows:
,A legal tangle may result from the jurisdiction of claims by the litigants
in the seven suits already filed. The list, includes in addition to the
federal suit and the suit in St. Louis County already mentioned, a second
federal suit filed here by stockholders of the company, a suit filed yesterday afternoon (Mar. 24) in the Circuit Court here by clients of the concern, and separate suits filed in Randolph, Barton and Boone counties.
According to the Better Business Bureau, the company has sold $300,000 of its own preferred stock since the early part of 1929 and has sold
between 3,000,000 and $4,000,000 worth of stock for clients in recent years.
An audit of the books of the company was under way before the suits
were filed, but no information was available of its findings.
The St. Louis officers of the company could not be reached for statements yesterday. William Baer, who has been retained as their attorney,
said last night he preferred not to make a statement until he had the
opportunity to confer more fully with his clients.
•
•
•
Attention was first focused on the brokerage house Saturday, when
William H. Young, President, and his brother, Fred C. Young, Vice.
President and Treasurer, were arrested in connection with the alleged
sale of $11,200 worth of unregistered stock to two residents of Barton
County, Mo. They were released on bonds of $5,000 each.
The firm was established here three years ago on a capital of $5,000
arid since that date has increased its capitalization to $2,100,000, and
has operated branch houses in fifty-five cities.
The local company in the course of its expansion recently took over
the numerous branch offices of W. B. Foshay & Co., a Minneapolis brokerage firm, which failed. This was intended to gain greater facilities for
distribution of securities.
In announcing the acquisition of the Foshay business President Young
said that deal made his company the largest dealers in investment securities west of the Mississippi River.
Confidence that threats of criminal prosecution against the brokers are
groundless was expressed yesterday by Attorney Siegal. "I am certain,"
he commented, "that the difficulties which caused them can and will be
corrected during the administration of the receiver.
"An audit of the company's books has been in progress for some time,
and until it is completed we are in no position to say just what the actual
financial condition of the company is."
.Beceivership for Young & Bro., Inc., was asked in a suit filed in Boone
County Circuit Court yesterday by 0. F. Offel of Callaway County. Offel
asserted in his petition that he is the owner of seventy shares of stock
in the corporation and alleges that the company is insolvent.
W. H. Young & Bros., Inc., is not a member of the St. Louis Stock
Exchange and so far as could be learned does not own memberships on
any other exchange. Most of their stock transactions in listed securities
were made through other brokers.
2127
certification. An item regarding the organization of the
corporation appeared in our issue of Mar. 22, page 1945.
0. H. Cheney of Irving Trust Co. on Wall Street Crash
—Loss of Touch by Bankers With Economic Needs
of People Cited as Cause.
In his address of welcome before the Eastern Regional
Savings Conference under auspices of the Savings Bank
Division, American Bankers Association, at the Hotel
Commodore, New York on March 20 0. H. Cheney, VicePresident of the Irving Trust Co. of New York, directed his
remarks to the Wall Street crash of last Fall, and stated in
his reference thereto that "never has there been a more
dramatic, a more harrowing demonstration of the weakness
of our system of thrift banking than the events which culminated last October and November." Mr. Cheney declared
that "after each of us has blamed his pet aversion . . .
the truth, if we have the courage to admit it, lies within us
and the banking system we represent. The truth is that we
failed to prevent the crash—that is clear. It may be true
that without the Federal Reserve System it might easily
have been more violent and prolonged. It may be true that
we, as bankers, did not have the power to prevent it. It
may be true that it would be undesirable if we did have
such power as great as that. It may be true that no banking
system ever devised will be able to prevent the alternating
boom and crash of finance. Granting all these truths, the
inescapable fact remains that if, by some means, we had
harnessed the bull instead of letting it run wild, we should
not have met disaster. The weakness wasn't in our actions
of 1929 but in those of 1928." Further on in his speech
Mr. Cheney asserted that the crash came as "the result of
banking which had to a serious degree lost touch with the
economic needs of the people." We quote in part from his
speech as follows:
Let us ask ourselves without fear the question, "Is it or is it not within
our power to do anything at all to help prevent a recurrence of last Fall?
Were the events altogether beyond our control? If not, wherein did we
fail?"
What can you, as leaders of savings banks,do to help restore our slackened
economic progress and protect it in the future from repetitions of adversity?
It isn't good enough banking to provide savings machinery only— education is needed, and guidance and stimulation. Thrift banking—all
banking—is no longer a matter of dealing with money—it is most decidedly
a matter of dealing with human beings. All business these days has to
make the discovery Over again that it is not dealing merely with products
but that it is dealing also with human beings, their desires, instincts,
ambitions, likes and dislikes, habits, inertias, strengths and weaknesses.
In its issue of the next day (Mar. 26) the paper mentioned It
is not enought to build up machinery for production and for distribution
reported Mr. Williams the Federal receiver as saying the — no matter how marvelous It may be. These are only means to an end—
previous night that after one day's investigation into the the end of serving human beings. Fo some businesses this process of
is proving rather painful.
affairs of the company, the only assets he had been able rediscovery
No one has a greater respect and admiration than I have for our modern
to find consisted of four apartment buildings in Kansas City machinery of banking. For a number of years I have watched it from
the honor of serving this
in which a subsidiary of the brokerage firm has an unde- the outside and from the inside. When I had Governorship
of our new
State as Superintendent of Banks during the
termined equity. The same paper furthermore said in part: Chief Justice. I had the opportunity ofstudying very closely this machinery,
structure
types
of
different
evolution,
of
comparing
the
of
watching
its
Williams also found in the offices of the company a memorandum indicating the company had over-drafts aggregating $26,794.99 at three and their effectiveness. And It was then that I first realized the possible
St. 'Louis banks and a balance of $1,762.27 in one St. Louis bank and sources of weakness—that the weaknesses of routine operations of the
banking machinery can be more easily strengthened and that therefore
tom' Kansas City banks.
they are not nearly so important as the weaknesses at those points where
•
•
•
Hi* (Williams) said last night that a cursory examination of the books the machine performs its function of serving people. During the years
and records of the company yesterday did not throw very much light on in which I have been viewing this machinery from the inside, I have been
even more impressed with the importance of this element. To-day I
its state of affairs.
,• •
believe it is more vitally important than it ever was before in banking
history.
And the reason for that is in the very size and complexity of the maFirst Week's Operations of Financial Stock Clearing
chinery itself. There has been a great deal of sweeping oratory in the
Corporation—Shares with Market Value of $34,- past year or so warning us of the menace of the increasing size of banks.
000,000 Cleared.
There is a danger, but not the one referred to in the dire prophecies of our
preachers. The threat is not in the concentration of resources.
The Financial Stock Clearing Corp., organized to clear economic
but in the possibility, in Kipling's words, of the banks walking with kings
transactions in bank and insurance stocks, reports the results and losing the oomroon touch. The gigantic tasks of serving big business:
of its first week in operations, showing total clearances of handling efficiently transactions of increasing Magnitude and intricacy.
organizing machinery for dealing with increasing numbers of customers
during that period of 220,000 shares with an aggregate of
—all these make it more and more difficult to keep the common touch
market value of $34,000,000. Of this total, it is stated, at all times— to sustain human relations with all customers— to serve them
only 66,000 shares were delivered, approximately 66% of In those ways in which it is a bank's duty to serve.
This is no imaginary, theoretical danger—the best proof that it is real
deliveries on trading being eliminated. The new corpora- was the Wall Street crash.
It was the result of banking which had to a
tion cleared 11 stocks last week and beginning Mar. 27 serious degree lost touch with the real economic needs of the people. It
banking for the sake of security trading. It was banking for too many
increased that total to 25. Stocks cleared last week are was
purposes besides banking.
Chase National Bank, The National City Bank, Guaranty
Those institutions which kept the conunon touch were able to keep their
Trust Co., Equitable Trust Co., Irving Trust Co., Home customers within the bounds of economic sanity—were able to make them
that business came first and that if they neglected their desks for
Insurance Co., The Manhattan Trust Co., Central Hanover realize
the ticker there might be no business to which to return. Those banks
Bank & Trust Co., Corn Exchange Bank Trust Co., Manu- which served their customers thus, under difficulties very frequently, were
facturers Trust Co., and Bankers Trust Co. Beginning rendering them real banking service.
That is the kind of banking service which is needed to-day—needed this
Mar. 27 the corporation included the following stocks:
very moment— more than ever. It is needed not only from commercial
Bank of the United States
Chatham-Phoenix Nat.Bk. & Tr.Co. banks but from every banking institution. It is the kind of service which
Chemical Bank & Trust Co.
Continental Bank & Trust Co.
the savings depositor needs just as much as the commercial customer. We
Empire Trust Co.
Interstate Trust Co.
may be justly proud of the growing democratization of the ownership of
York
Bank of America
Trust
Co.
New
industry through widening ownership of securities. But we must guard
Public Natl. Bank & Trust Co.
Baltimore-American Insurance Co.
against the democratization of financial folly—we must protect the little
Great American Insurance Co.
Home Fire Securities Co.
of thoss who have little.
National Liberty Insurance Co.
Westchester Fire Insurance Co.
The service of financial guidance is needed now because that is the only
Way in which the efforts of President Hoover, of his conference and of the
-According to members of the corporation last week's Chamber
of Commerce can be effective in bringing business back to where
operations resulted in considerable savings in deliveries over we all want it. Business will be better when we each do better in our own
2128
FINANCIAL CHRONICLE
businesses. If we had all been attending to business in 1928 and 1929.
business now wouldn't need attention.
There is talk of a new bull market. If there's a bull market now,it is a
creeping bull market— which is more dangerous than a creeping bear
market. We must not allow it again to divert attention from business.
There are still too many people who believe that the cure or their present
financial ills is a hair of the bull that bit them.
I hope that the dark days of October and November will never be repeated. If they should be, banks may again attempt to ease the shock.
But if such days ever come again, it may be due in part to shirkinr. of the
first duty of a bank to its customers and depositors— to keep them within
sound economic bounds.
It may seem that I am asking the banks to assume too great a burdeneven if it is one of duty. But I believe that the time is not yet here for the
banks to be able to relinquish this vital function. We have begun to
experiment with large-scale economic control but so far it has not been
effective. Some say it is because the powers of control are not adequate—
others that the powers were not used. But the fact remains that no large
scale economic control of the fluctuations which mate business good or bad
can yet be effective without the help of small-scale control. I mean that
the financial and economic policies which are to guide our progress as a
nation must still be translated into language and action which can be
followed by the rank and file of business men and the rank and file of
savings depositors.
We must face the fact that a million or so small speculators running wild
in Wall Street can handicap the efforts of the greatest central banking
system in the world—can twist national economic policies.
But these amateur speculators cannot achieve this if the banks do their
part in guiding them and keeping each Individual depositor along a sound
path. That is why I believe that the banks are the key not only to the
present situation but to the future.
I recognize the difficulties of this task. But I am encouraged to believe
that they can be overcome when I see the progress now being made. There
is real encouragement in the practical co-operation of the two great thrift
agencies—the bank and the insurance company. The devel•pment of life
insurance trusts and insured savings plans mark tremendous forward steps
in the direction which I have been urging. So also is the adaption of the
sound principles of the investment trust to the requirements of bankercustomer co-operation.
I do not believe that the small banks are doomed. Many will naturally
be absorbed into large systems, both for their own good and for the good of
their customers. But the small bank which organizes itself really to serve
its customers need have no fear of its future.
Nor can I agree with those who foresee a future of decay for the mutual
savings banks. I do not believe that the savings banks are doomed to die—
I don't believe they are doomed even to remain as they are. Alre dy the
four leading mutual savings banks have an aggregate of well over a billion
dollars in deposits. The savings hanks will grow as they serve. Between
them and the thrift departments they will some day give the person of
small means the same range of service that the commercial banks and trust
companies give to those of greater means.
But the growth of the savings institutions will be retarded as long as
they refuse to recognize that the methods which were effective 50 and 75
years ago cannot be effective to-day. The people of to-day are economically
and psychologically a different people. We can talk as much as we like
about the fundamental instinct of self-preservation—but when that instinct
comes to express itself in thrift, it may be fundamental, but it also takes on
a bewildering variety of utterly different forms.
Those banks will grow which solve the problems of multipl log human
contacts and still keeping them human. The technique of multiplying
branches, tellers' windows, passbooks, signature cards, deposits—this has
been worked out—but the technique of multiplying human contacts and
keeping them human is far from perfect. But this is not a problem peculiar
to banking—it is becoming increasingly serious in every business. But in
banking its proper solution is more important, because upon the success
of the banks depends the economic well-being of the country.
The banks must not evade this responsibility. There are many grave
economic problems facing us. It is too easy to dodge them—to lull
our consciences— by reassuring ourselves that alone, as individuals or
individual institutions, we can do so little. Yet in this one service of
guiding the customer and depositor, each bank, alone, can do a great deal.
Together they can do everything. That is why I expect to see, in the next
year or two, not only In thrift banking but also in commercial banking, a
new technique and a new spirit.
[Vol,. 130.
Morgan Dominant, He Says
In the present international situation J. P. Morgan & Co. is t' e most
powerful banking force in the world, Mr. McFadden said. He went on:
"They are not only a potential influence in Federal Reserve operations but
are till fiscal agents of Great Britain. France, Belgium and Italy; and,
now that the State Department has forbidden any partici ation on the part
of the Federal Reserve Banking System in the organization or operation
of the Bank for International Settlements, J. P. Morgan has assimed that
representation, in so far as this country is to participate therein," he declared.
The "scheme of the foreign bankers to get a grip on our banking resources." he asserted, released an excess amount of credit that resulted
in the "orgy of speculation" which led to the stock market slump.
The International Bank of Settlements, as now constituted, declared
Mr. McFadden, who spoke over the National Broadcasting Co.'s coastto-coast network, is authorized not only to collect and remit the reparation
payments but is to continue the cooperation between the central banks of
the world.
"As soon as the organization is perfected and the bank is opened," he
said, "almost the first business will be to supervise the issuance of $300,000,000 worth of reparation bonds. Out of the proceeds of the sale of
this issue, $100,000,000 is to be paid to Germany and $200,000,000 paid to
France. It is understood that the major portion of this latter amount
is to be used to refund loans which France has made through the house
of J. P. Morgan & Co. Accredited authorities estimate that the United
States is to absorb within the next five or six years between five and six
billion dollars' worth of these German reparation bonds.
Questions Legality of Bonds.
"Why should the people of the United States assume the debt that is
now owned by Germany to the European allied countries, particularly
when the legality of these bonds is seriously questioned?
"I have definitely raised the question of the legality of these reparation bonds and am calling upon the State Department to advise the Amercan investors as to whether or not these commercialized German reparations bonds are legal. These bonds will be offered through the Bank for
International Settlements and under the direction of J. P. Morgan & Co.
in this country.
"I desire to warn the American people of the danger in this newly proPosed association in this Bank for International Settlements and against
absorbing these illegal reparations bonds, and to warn American bankers,
who are custodians of trust estates, not to trade these sacred estates, which
belong to American widows and orphans, for these securities which will
allow Germany to repudiate them and re-establish the institution of poverty
on which the monopoly of the staples of international commerce are
founded to support and strengthen a European monarchy and at the same
time tend to destroy our independence and involve us in European political,
economical and financial affairs.
"The agreement signed by Germany under the Dawes and Young committees is held by good authority to be void in law," Mr. Mcirrdden contended.
Hjalmar Schacht, President of the Reichsbank, who was Germany's representative at the Young conference, informed the industrialists of the
Ruhr that there was no alternative but to sign the agreement and it was
to prevent catastrophe in Germany that the German delegates signed the
Young report.
Stresemann's View Noted.
"The late Herr Stressmann, the leading statesman of Germany, pointed
out the illegality of this agreement and stressed the point that Germany
would pay for only 10 years. Only this week, (luring the debate in Paris
where the Young plan is up for ratitic tion, the French Right Chief, Louis
Morn, in assailing the Young plan, exclaimed: 'Without counting the
consequences, we are abandoning every guarantee and in return we not
only get nothing, but we are left at the mercy of the international commissions in which France will be a minority.'"
Mr. McFadden asserted that France understands that the "influence of
the House of Morgan is going to dominate the future of the Ban% for
International Settlements."
"I am toll," he added, "that the signature of France to the Young
pact was secured y the promise that they would rend e S200,000,000
out of the first flotation of reparation bonds.
"Those who have followed the history of German reparations can but
conclude that the framers of the Treaty of Versailles visualized fully the
fact that Europe had lost most of its liquid wealth to America, and that by
certain provisions in that treaty they hope to turn world history aside.
"The League was designed for three things: To disarm the United
Representative McFadden Reviews Protest Against
States and transfer to either the League or the four dominant membersBank for International Settlements—Calls Pro- of
its council the war-making powers of Congress; to persuade the United
posed Bank Foreign Bid for United States Gold— States to obey the decisions of its advisory court made in advance of the
in the absence of positive treaty agreement, and allow such decisions
Reparations Issue Illegal, He Argues—Sees Effort issue
to fix the status of international practice in dealing with every question
to "Drag" Us Into League.
involving the policy of the open door and commercial sphere of influence;
Attacking the proposed Bank for International Settlements, and to induce the United States to furnish its central banking resources
and
gold to create a revolving fund to be used in the organization of a
in which he pictured J. P. Morgan Sr Co. as the dominant worlditsbank
to stabilize the finances of its council members."
influence, Representative Louis T. McFadden of PennsylCalls Financial Ties Dangerous.
vania, Chairman of the Banking and Currency Committee,
Mr. McFadden objected to American participation in the League of
argued on March 27 in a radio address at Washington under Nations and the World Court and argued that the "folly" of America
entering the Kellogg-Briand pact "has been manifested in the deliberathe auspices of the Daughters of the American Revolution tions
of t e present so-called disarmament conference in London."
that the agreement signed by Germany under the Dawes "Even more dangerous," he declared, "than pro-League propaganda
and Young plans was void in law. According to a New is that which, under the guise of private banking transactions, would tie
the United States with Europe economically and financially.
York "Times" dispatch, from which the foregoing is taken, up"The
first definite knowledge had by Congress th t our Federal ReMr. McFadden strongly opposed absorption by the American serve banking system was becoming involved in European financial affairs
was
when
the Governor of a Federal Reserve Bank appeared before the
pdople of German reparations bonds to be issued under the
House
and Currency Committee and stated that the 12 Federal
supervision of the proposed bank which, he asserted, could ReserveMilking
Banks had granted
gold loan or credit of $200,000,000 to the
Bank of England, which loan was guaranteed by a special act of Parliabe repudiated by Germany.
Further indicating what Representative McFadden had ment by the British Government.
"The cons •mmation of this particular loan had given definite assurto say the "Times" stated:
ance to European central banks that our Federal Reserve System had been
Pointing out the connection of J. P. Morgan & Co. with the world banking made readily available for their assistance. Thus was
established a danmovelreat, Representative McFadden declared that international financiers gerous precedent to mark further cooperation between the
Federal Reserve
"knee that these entangling alliances will drag us into the World Court, Bank of New York and European banks.
the Bank for International Settlements and eventually into the League of
"Since then it has been known that cur Federal Reserve Banks are
Nations."
Participating in the granting of other loans to other foreign banks. It
The framers of the Treaty of Versailles, realizing that Eurore had lost has also been ascertained th
t these negotiations are usually carried on
moit of its liquid wealth to America, placei provisions in the treaty in- by the Governor
of the Federal Reserve Bank of New York, jointly with
tended to readjust this candition, he charged, adding that one of the main the private banking house of J. P. M ran & Co., acting in the c parity
purposes of the League was "to induce the United States to furnish its of fiscal agent.
central banking resources ani its gold to create a revolving fund to be used
"The climax of these International Bank relationships
reached in
in the organization of a World Bank to stabilize the finances of its council the summer of 1927 when the heads of the central bankswas
of the major
members."
countries of Europe Came to the United States and held one of their con--
MAR. 29
1930.1
FINANCIAL CHRONICLE
2129
fldential meetings with the officers of the Federal Reserve Bank of New authorities who have criticized on previous occasions because more was not
done to control the stock market.
York. This onference lasted two weeks.
"The results were made known to the Federal Reserve Board in Washington. At this conference a definite change of policy on the part of the
Federal Reserve System was declared. Immediately the discount rate Branch Banking Plan May Be Universal, Gov. Young
was lowered to 3 % and large amounts of money were released into the
of Federal Reserve Board Predicts at Hearing of
money market through active operations in the open market, causing the — House Committee—Says It May Be Adopted on
resulted
in
the
export
release of a large volume of credit which
of over
0 Trade Area Basis—Opposed to Call Rate Limit.
$500,000,000 worth of gold to Europe.
"These internationally minded men, who are attempting to direct our
Adoption of the plan proposed by Comptroller of the
participation in international political, economic and financial affairs, know
the importance of the mobilization of our financial resources with the fi- Currency Pole for extending branch banking to economio
nancial resources of Europe through the Bank for international Settle- or trade areas in the United States eventually would lead
ments and through the sale of billions of dollars' worth of German reparato a universal branch banking system, Governor Roy A.
tion bonds to our people here in exchange for our gold. They know that
these entangling alliances will eventually drag us into the World Court, Young of the Federal Reserve Board predicted on March 26
the Bank for International Settlements, and eventually into the League of
fore the House Commitee on Banking and Currency in
Nations.
testimony in the branch, chain and group banking
"Apparently, the Federal Reserve's participation in the Bank for Inter- resuming
national Settlements is, through an edict of the State Department, to be inquiry. This is learned from advices to the New York
by and through the firm of J. P. Morgan & Co. This action of the State "Journal of Commerce" whose report of the hearing conDepartment—forbidding any further participation by the Federal Reserve
banking system in the Bank for International Settlements— turns over to tinued:
the Morgan firm one of the most valuable franchises which any private
Governor Young's predication was not advanced in the nature of ot.
banking house in the world ever possessed. It is of more than passing position to the proposal submitted by the Comptroller of the Currency, but
interest when you consider the fact that they are the fiscal agents for the rather as an admission in reply to a question with respect to the effect of
leading countries whose central bank officers are the directors of the Bank such a branch banking system in the event flexibility Is permited in the
for International Settlements."
determination of the proposed trade areas. The Reserve Board head himhad suggested there should be such flexibility through permitting
Representative McFadden's earlier protests against self
some administrative authority to determine the trade areas instead of Conco-operation of Federal Reserve System with the Bank for gress as proposed by the Comptroller.
International Settlements was given in these columns
Feb. 15, page 1058.
Changes in Federal Reserve Act Proposed by W. P.
G. Harding of Federal Reserve Bank of Boston.
In an item in our issue of March 22, page 1955, under the
above head, we credited the article by Mr. Harding on the
subject to the "American Bankers' Journal." The article
appeared in the "American Bankers' Association Journal."
Meeting of Open Market Committee of Federal Reserve
Board—Board May Reduce Purchases of Government Securities—Fear Too Great Availability of
Funds May Revive Stock Speculation.
Discussions of the Open Market Investment Committee
of the Federal Reserve System which met with the Reserve
Board on March 25 were understood to have centered around
the question of slowing up on the purchase of Government
securities said the Washington correspondent of the New
York "Journal of Commerce" whose account continues:
Officials who attended the meeting refused to discuss it publicly but the
understanding was conveyed that there is still a fear on the part of some
bankers of the Federal Reserve System that another booming speculative
market might be stimulated by the too great availability of funds.
For some time the Reserve System has been purchasing Government
securities and for the week ended March 19 was holding $561,000,000 of
these bonds, as compared to $185,000,000 a year ago. The gain in the week
was $45,000,000.
See Danger in Rapid Purchases.
While there is a feeling that a resumption of real activity on the stock
market might have a tendency to restore confidence and put business back
on its feet in a hurry, others take the view that there might lurk a real
danger in the continued rapid purchase of Government securities. Federal
Reserve money thus put out really means 12 times its face value in credit.
This view apparently was present in spite of the statement of Governor
Roy A. Young of the Reserve Board, who told executives of the American
Automobile Association a few days ago that there appeared to be no danger
of a resumption of the speculative hysteria that marked the 1928 and 1929
market up to the time of the crash.
There was reason to believe that the Open Market Committee would
reverse its policy of adding cash to the market, and thus carrying out the
policy of the Administration to create money, but rather that securities
might be purchased in smaller volume. The Board has made every effort
to ease up money through reduction in the rediscount rates and through
the purchase of "Governments." It went at the task just as it did in 1927.
Recollecting the events which followed the artificial easing of the money
market at that time has led some Reserve bankers to question the policy
of making such large purchases of Government securities as have been
taken in during the last few months. They were said to favor making pm.chases, but at a reduced rate.
Rediscounts Lower.
Another factor presenting itself was the substantial reduction of member
bank rediscounts at the Reserve banks. For the week of March 19,
bills discounted by member banks at the Reserve banks totaled $205,000,000, as compared to $912,000,000 the year before.
While the law provides for Reserve bank supervision over the member
banks, the real weapon it holds is the rediscounting privilege. With the
member banks out of debt, or nearly so, to the Reserve banks, the big
stick wielded over the credit is lost. The large purchases of Government
securities have been one important factor in the liquidation of member
bank credit at the Reserve banks.
Some members of the Reserve System felt that it was a mistake to permit credit to get out of control. They pointed out that such a situation has
resulted disastrously on previous occasions and no chances should be taken.
Notwithstanding this situation there will be no action taken by the
Reserve System to tighten credit_ The policy of easy money still exists and
It will be continued. Further reductions in the rediscount rates may be
anticipated at any time.
At the present time it was pointed out,, there is no lack of funds in the
market, although conditions in this regard have not improved as rapidly
in the Middle West as in the East. For this reason it was felt in some quarters that it is unnecessary for the Reserve banks to continue to pour extra
millions onto the market through the purchase of securities.
Some felt also that the extensive planing of Reserve money on the market
might leave the Administration open to attack by those Congressional
Areas Important Question.
Explaining that he was doing his thinking as he talked, Governor Young
first contended the power of determining the trade areas should be vested in
the Comptroller of the Currency and later agreed that such power should also be extended to the Federal Reserve Board.
"When we come to write a bill, if we are going to write one, the question
of how these trade areas shall be determined will be a very Practical one."
observed Representative Stevenson (Dem.), South Carolina. This observation caused committee members to pick up such line of reasoning to the
point of whispering to their colleagues that the present hearings would continue for 25 years at the rate the proceedings have progressed to date.
However, the sub-committee appointed yesterday to map out procedure
for obtaining information from bankers and economists interested in the
various forms of banking is optimistic that it will formulate a plan to correct
the roundabout method pursued to date in eliciting views of GovernorYoung and Comptroller of the Currency Pole, the only two witnesses
heard since the inquiry began Feb. 25. Furthermore,it has been indicated
that within the next few days legislation embodying the Pole proposal
might be drafted with a view to having some vehicle before the committeeupon which witnesses may be specifically examined.
Cites Monopoly Possibility.
Governor Young's prophesy concerning the approaching universal brands
banking system was brought out in the course of questioning by Representative Goldsborough (Dem.) Maryland, who asked if the term "decentralized" as constantly used by the Comptroller of the Currency in presenting his proposal sought to make more attractive "a banking monopoly?'
The Reserve Board head contended that Mr. Pole was most sincere in his.
belief that adoption of trade area branch banking would tend to decentralize banking and such a proposal was aimed at the larger banking centers, New York and Chicago.
Goldsborough explained that he was not arguing against branch banking,
but declared the issue to be whether "we should have monopolistic or unit
banking," The Maryland member urged that the general subject be takenup with that thought in mind.
The colloquy between Governor Young and Representative Goldsborough came near the close of to-day's proceedings and lifted the hearing
which up to then promised to lack anything resembling a high light tothe realm of importance. Continuance of examination along such lineswhen Governor Young resumes at the next session on Friday was indicated
at adjournment.
Representative Steagall's Bill Proposing Use of Earnings of Reserve System for
Guaranty of Deposits.
At the outset of the hearing Representative Steagall (Porn.) Alabama,
again discussed for more than an hour his proposal for using the earnings
of the Reserve System to set up a guaranty system for deposits. During
the day the Alabama member introduced in the House a bill authorizing the
earnings of the system to be put to such use. He argued that the $150.000,000 that has gone into the Treasury as earnings of the Reserve SYstedswould have taken care of losses through bank failures.
Governor Young pointed out that the difficulty in applying the guaranty
system would be that "good banks would be carrying poor banks." Be
explained that the large part of the Reserve System's earnings is derived
from big banks.
Discussing the monopolistic tendencies in modern banking. Goldsborough read from a publication in undertaking to show that 12 financial
concerns controlled 80% of the banking capital of the United States. To
this contention, Governor Young replied that figures compiled by the
Reserve Board did not bear out such a statement, recalling exhibits already
inserted into the committee record.
Goldsborough pressed that his figures showed that out of a total of
$4.000,000,000 of banking capital in the country. $1,155,000,000„ or more.
than a quarter of the nation's banking, was lodged in the banks of New
York City.
Chairman McFadden wanted to know if it had not been intended by
enactment of the Federal Reserve Act to decentralize the credit facilities of
the country in 12 centers,and asked if that purpose had failed to materialize.
"I don't think it has 100%," replied Governor Young. Answering e.
question by Chairman McFadden as to whether the Reserve system could
be classed as a branch banking system, the Governor said he would charmsterize it as "a group banking system."
Chase-Eguitab!e Merger.
In referring to the recent permission granted by the Comptroller of the
Currency for the gigantic triple consolidation of the Chase National Bank.
the Equitable Trust Co. and the Interstate Trust, Representative Goldsborough wanted to know if the Comptroller could have refused such permission if he thought it was an unwise thing to do. Governor Young said
that the banks could have consolidated under State charter, after his Inquisitor observed that political pressure might have been so great that the
Comptroller would be forced to approve the merger.
I
•
Previous reference to what Governor Yiiijhad to,sax
before the House Committee will be found in our issue of
2130
FINANCIAL CHRONICLE
March 22,. page 1950, and Comptroller Pole's statements
• before the Committee were given in these columns March 1,
page 1348, and March 15, page 1757.
In discussing methods by which the Federal Reserve
System might be made more attractive to present and prosrfective Members, and means of strengthening the influence
of the System over banking and credit mechanism and
operations, Governor Young stated on March 25 that the
suggestion has been made that all banks be required to carry
si part of their reserves with Federal Reserve banks, whether
members or not. Governor Young was responding to questions from Representative Dunbar (Rep.) of New Albany,
Ind., a member of the Banking and Currency Committee
of the House, which is conducting the hearings. The
"United States Daily," from which we quote, added:
'Governor Young stated that the suggestion was one which required a
good deal of study, and one which might entail a number of legal complications. When asked if Congress could legally enact such a requirement,
he replied that they had, under their currency powers, taxed State bank
notes out of existence. The Governor made it clear that he was not sanctioning the proposal at this time, and stated that since he was not a lawyer,
he did not care to make categorical answer on the legality of such a
Procedure.
Mr. Dunbar directed his questions, for the most part, to the subject of
strengthening the Federal Reserve System and preventing a defection for
the national banking system.
"If all banks were members of the Federal Reserve System," he asked.
!'wouldn't most of our banking difficulties disappear_"
Governor Young stated that he would be reluctant to agree with so strong
alstatement as that, and that it should be definitely understood membership
In the Federal Reserve System is not a guarantee of bank deposits. Something more than technical adherence to a banking system is necessary to
safety, in his opinion.
.Governor Young agreed that there is a trend away from the national
banking system. In response to a direct question, he stated that he has
been informed the Chase National Bank of New York City plans to continue
under national charter.
Larger Dividend Proposed
, One means by which additional inducement to member banks may be
held out, Governor Young stated, is giving them a larger return on their
invested capital.He stated that a number of proposals had been advanced
directed to that end.
- The matter has been referred to a committee of Federal Reserve Bank
Clovernors and to a committee of Federal Reserve Agents, who are practically unanimous, according to Governor Young, in their belief that a
larger dividend than the present 6% rate on the stock held by member
banks should be paid.
,
'He leans strongly toward an increase in the dividend, also, he said.
- Governor Young opposed the idea of requiring Reserve Banks to pay
interest on deposits. He would regret legislation, he said, compelling
Federal- Reserve banks to pay a fixed amount of interest on such balances.
He would agree, however, to any equitable plan that can be worked out,
permitting a greater distribution of profits, if earned. Anything beyond
that, he felt might unduly emphasize the profit motive, and that, he
stated,should not be the chief aim of Reserve Bank operations.
Reference was made by Mr. Dunbar to the litigation concerning the
succession by a national bank to the fiduciary functions exercised by a
State bank which had consolidated with it, under national charter, in which
the Worcester County National Bank figured, and the Governor was
questioned as to the necessity for curative legislation.
Waiter-Wyatt, general counsel for the Reserve Board, responded with
an explanation of the difficulties encountered as a result of the decision in
that case, and gave as his opinion that Congress could enact legislation
requiring States to give the same recognition to a national bank in the
execution of trusts of a constituent former State bank, now consolidated
with it, that is given to a State bank which has grown out of a merger of
two or more banking institutions.
In most States, he felt, there is little hesitancy about continuing under
national charter, because of the disposition of the courts, upon proper
application, to appoint the consolidated institution as substitute trustee or
fiduciary to replace the merged institution.
Representative (Mrs.) Pratt (Rep.), of New York City, asked whether
or not the decentralization which is expected to result from an adoption of
decentralized branch banking, as proposed by Comptroller Pole, and apProved by Governor Young, would be inconsistent with such banking
mergers as recently occurred in New York.
Governor Young stated that the development of a number of important
trade area centers would help in credit mobilization, permitting the tansfer
afunds from sections where there was an excess to those where there was a
need.
Business Comparison Made.
•
, Mrs. Pratt inquired whether concentration in banking had kept pace
vxpn concentration with business generally, to which reply was made by
D. E. A. Goldenweiser, director, division of research and statistics, that
generally speaking it had not gone so far, Mrs. Pratt referred to the agencies
that had been set up in this country for the relief of the farmer, and to the
apparent lack of necessity for such agencies in Western Canada, and asked
Governor Young if he did not think that perhaps branch banking would do
more for the farmers than paternalistic farm relief devices.
,Governor Young referred to himself as a country banker, who had great
Sympathy with and admiration for the resourcefulness and the "stickto-it-iveness" of the independent unit bankers of the country who had
pilled through the recent years of adversity and for many of those who did
not pull through, and stated that he is reluctant to get away from our traclltjonal system of banking, but that he feels we are faced with a condition
which must receive attention.
The possibility of a special banking board to bolster up banks in bad
condition before they become actually insolvent was suggested by Mrs.
Pratt. Governor Young thought such a board unnecessary. He stated
that banking supervisors do everything they can to keep banks open in
the interest of depositors and of the communities they serve, and that any
board set up would do the same thing that is being done now.
i Many steps have been taken, he said, toward a reduction of the number
of small, weak banks. Both Federal and State officials are slow to grant
new charters, unless necessity IS shown. Competition is desirable, he
stated, but not over-competition.
Representative Steagall (Dem.) of Ozark. Ala., reviewed the earnings of
Reserve banks and their distribution in recent years, as well as proposed
clianges''In methods of distribution.- Governor. Young agreed with him
[VOL. 130.
that a surplus accumulation of 100% of subscribed capital was sufficiently
large, and that the Reserve banks could very well distribute a larger portion of earnings to member banks, based partly on capital contribution and
partly on average reserve balances.
A recommendation is being made in the annual report of the Board,
Governor Young stated, for a greater distribution of earnings.
Reservebank earnings, Governor Young stated, come from three sources
largely: Discount on paper submitted by member banks, interest on
Government bonds bought in the open market,and discount on bills bought.
Most of the earnings are made out of the member banks, he stated.
On March 21 Governor Young was questioned by the
House Committee about various phases of the country's
financial operations, particularly the functions of the Reserve System, the report as to this being given as follows
in the "Journal of Commerce":
Representative Seiberling (Rep.), Ohio, who conducted the examination of the Reserve Board head, harked back to colonial days in proposing
an arbitrary maximum call money rate as a means to curb speculation of
the variety witnessed for two years up to last October on the New York
Stock Exchange. Replying to a suggestion by the committee member that
Congress should place a limit of6 or 8% on the call money rate, Mr. Young
said "those things adjust and control themselves."
"But they did not adjust themselves last fall when the rate went to 25%.
until you and the Federal Reserve Board had put on the brakes," Seiberling
remarked. Mr. Young replied that the Board had taken no drastic steps
toward holding down the call rate. He insisted, however, that the Board
did use its powers in open market operations in an effort to restrain the
"speculation hysteria." He said that there was a question whether the
board's restraining influences were effective or the public had just "changed
its mind."
How Rate is Fixed.
The Ohio member pressed for an explanation as to how the call money
was fixed and Mr. Young patiently went over the entire operation, detailing
the factors taken into consideration by the committee of the New York
Stock Exchange in making the renewal rate each morning. Asked in whose
interests the rate was fixed, he said it was determined by the combined
interest of the borrower and lender. He argued against a limit in the call
rate on the ground that a high rate curbed speculation.
"If an 8% rate were named as a maximum,speculation would be greater,
and in the case of a sudden decline the crash would be correspondingly
greater," Mr. Young said.
Mr. Seiberling's contention that the Reserve Board's functions influenced
business conditions brought the statement from the governor that the board
has "a contributing influence rather than a determinable influence."
At this point the conunittee's inquisitor expressed a fear that the country
was heading toward monopolistic banking as a result of the development
of group banking. Mr. Young observed:"What if these groups do develop
wouldn't there always be more than one of them to invoke competition_'
Seek To Widen House In' uiry Into Branch Banking To
Include Units, Combinations—Committee Named
To Review Bankers, Economists, To Get all Available Data.
Steps toward formulating a procedure for expanding the
inquiry into branch, chain and group banking to include
unit and combination banking were taken by the House
Committee on Banking and Currency on March 25, when
a sub-committee to consider a new program for further
hearings was appointed. The New York "Journal of
Commerce," in stating this, added:
Chairman McFadden, Representative Strong of Kansas,ranking majority
member, and Wing° of Arkansas, ranking minority member, comprise
the subcommittee. They will review a list of bankers and economists
interested in the various phases of banking in mapping a definite schedule
for obtaining information from every available source.
L. W. Munro Says Definite Place Exists for Small, WellOrganized Banks—Need, However, for Educational
Work on Part of All Institutions.
Speaking before the annual Eastern Regional Savings
Conference of the American Bankers' Association, held in
New York on Mar. 21, on "Banking Service and Savings
Banking from the Business Man's Viewpoint," L. W. Munro,
New England Manager of Doremus & Co., outlined the
progress which has been made in applying fact-finding and
research in bank advertising and the banking field. Basing
his remarks on the results a a recent research of the Boston
banking field, he stated that these results showed a distinct
need for educational work on the part of the banks to give
the average business man a clearer understanding of the
functions of the banks: It developed that there still exists
a mental barrier—a certain fear—in the minds of business
men toward their banks. He stated that the ideal banking
situation exists only when the bank official, through his
sincere desire to understand the manufacturer's or merchant's special problems, has won'their complete confidence.
While such a situation was found in a number of instances,
both in the largest and smallest banks, it had more common ,
existence among the smaller banks. As to bank mergers
the research showed a definite place for the smaller, well
organized bank.
Personal equation is an important factor, Mr. Munro said,
and there is a substantial feeling in favor of those banks
whose officials are friendly and enjoyed the confidence of
their customers. An impressive fact gained from the investigation, he stated, was the feeling that banks should
MAR. 29 1930.J
FINANCIAL CHRONICLE
have in their employ practical business men to counsel on
matters of production, merchandising and sales, criticism
being made that the helpfulness of many bank officials
stops with financial matters. The research also disclosed
that from an advertising and sales standpoint there is a
real need for advertising the commercial departments of
the banks as evidenced by the specific interest in that
direction by corporate officials and business owners.
Owen D. Young Expresses Confidence in Germany's
Ability to Pay Under Young Plan—Bank for International Settlements Not a Super Bank—Too
Late for America to Remain Isolated.
The Young plan for the settlement of the German reparations problem was discussed by Owen D. Young, Chairman
of the Experts' Committee, from whom the plan takes its
name, in an address at San Francisco, Mar. 24, at the sixtysecond Charter Day celebration of the University of California. Mr. Young, in enumerating some of the larger
aspects of the Young plan, stated that under it "the receivership of Germany Is withdrawn. The mortgage of $2,600,000,000 on the German railway system, created by the Dawes
plan, is discharged. The general mortgage on German
industry of over $1,000,000,000 is also lifted." He further
said:
By the. Young plan, the annual installment of the Dawes plan of
2,500,000,000 rein:marks, plus a variable resulting from an index of
prosperity, was reduced to an average for the first 37 years of 2,050,600,000
gold marks, that is to say, a reduction of 20% or more. The annuities
begin at 1,707,900,000 marks and advance slowly toward a maximum of
2,428,800,000 marks. After the first 37 years, the German installments
gradually diminish from approximately 1,600,000,000 gold marks in 1966
to 897,800,000 in 1988.
2131
and who disarranged all the notions of our daughters! Is it any wonder
that politics commanded our admiration?
What high hopes we had of her! True, there was on the stage also *
very modest being, ragged in clothing, bewildered in her senses, known as
Economics. No one paid much attention to her in comparison with their
lovely idol. Truly, Politics was mistress of the world. And with that
setting, the play went on.
Politico, conscious of her power and with impatient hand, wrote a treaty
while all the world was lost in admiration of her daring. In those days
a part of her charm lay in her many moods. One day she spoke through
Woodrow Wilson, and the audience sat breathless, moved by the high
idealism of a great man and the rich expression of a master. Another
day, by contrast, she was hard and cynical, and what the world calls
practical, as she spoke through Cletnenceau. And still another time she
had the delightful abandon and irresponsibility of a mischievous mistress
as she was impersonated by Lloyd George. And she had courage, too,
because she swept away age-old boundaries and made new ones.
True, occasionally was heard the weak voice of Economics modestly
protesting here and there, occasionally even offering advice, only to 114
silenced by the imperious gesture of the leading lady. And one day sht
decided what Germany was to pay by way of reparations the Ellin 01
132,000,000,000 marks, or one-quarter as many dollars. Then it wai
Indeed time for Economics to speak, and she did, in protest. But she
was quickly silenced by the great party in the Palace of Versailles, the
scene of so many grand affairs. Had not Politics always been mistress of
Versailles? Had not Economics always been a scullery maid? Why break
the precedent now? Why listen to her in these great councils—and thei
didn't. And then:
"The tumult and the shouting dies;
The captains and the kings depart"
Permit me to carry the figure one step further. Politics now goes on;
tour, always taking her bedraggled associate with her, because even Politics'
knows that Economics must do the work. Politics in France says, -mad.
properly and sympathetically so:
"Your houses and lands have been destroyed; rebuild them, and dct it
handsomely—others will pay the costs." That was the program ,whish
Politics could start but which Politics could not stop. So the buildidg
went extravagantly on, and a kw years later, when Germany failed.td
pay the cost and consequently there overhung Franoe this addition to-her
vast interior debt, Politics said:
"We will make Germany pay. We will move our armies; into. the
Ruhr and compel by force the production of coal and manufactured goOde
for reparation account."
But it turned out that the sword was a poor instrument with willed' W
get economic results. Politics could put a French army in the Ruhr; but
Politics could not take it out.
'
Politics in England said: "If there be people out of work, or - eyed
people who do not want to work, give them a dole from the publla
treasury."
How generous she was! But there was a program which Pdlitics could
start but which Politics could not stop.
Politics in Germany said to Economics: "You seem depressed this
morning with the great work you have to do. Let me give you a cocktails
I do not intend to get you intoxicated. Take a little stimulant, and
after you are started, we will cut it out."
So Politics gave to Economics inflation. That was something which.
Politics could start, but which Politics could not stop. As a result, the
currency of Germany was destroyed and her people were plunged into the'
depths of want and despair. Yes, it is easy for Politics, with her armed
to the emotions and her ingratiating manner, to start things in the fidld
of Economics which she cannot stop.
And so it happened in the autumn of 1923. Then, for the first.timea
Economics got a heart*. The world began to doubt whether Pontine.
with all her charm, was safe and sound. Losing the applause of -her
audience, and with that something of her confidence, wringing her hand"
In despair, Politics finally called to Economics and said: "If I. gin
you the opportunity will you try to save the show?"
Mr. Young, in the course of his remarks, noted that "Dr.
Schacht has been accused in taking this action of having
domestic political ambitions." "It is fair to him to say,"
observed Mr. Young, "that his protest arose, not because
there was politics in Dr. Schacht, but because politics had
again crept into the plan." The most striking feature of
the new plan, Mr. Young said, is the Bank for International
Settlements. He stated that "the Bank is in no sense a
supensbank. It cannot operate in any country in which the
central bank of that country objects. It cannot issue demand
notes in any form, and therefore there is no danger of an
international currency." According to Mr. Young, "It is too
late, in our own interest, to think in terms of selfish isolation. To secure the advantages of economic equilibrium
we must go beyond political frontiers. We may sign great
declarations of peace, but we shall concurrently find, if
we follow a narrow economic policy, an increasing resistance
in countries less well off than ourselves to that disarmament which is the insurance of the peace we seek. Politics
Convening of Dawes Committee.
In America may start a program which politics cannot
The Dawes Committee convened in Paris on the 14th
of January 1924.:
stop." In likewise stating that "isolation to America, either Its task was to provide a plan for the balancing ofday
the German budge*
and for the stabilization of the German currency. It was not permitted
economic or political, is impossible," Mr. Young said:
to revise the amount of 132,000,000,000 marks which Politics had fixed
for Germany to pay. So the Dawes Committee did the very simple thing
of fixing the annual installments which Germany shouqd pay on account et
reparations. These being fixed, the budget could be balanced and the
currency stabilized. The Dawes Committee did not specify-the-number of
years which the installments were to run. No one ever computed the
years, because it was apparent to the world from the size of the
ments that the earlier reparation figures had been in fact, if not in half,.
Mr. Young's speech, as given in full in the New York abandoned.
The Dawes Committee brought out its plan on the 9th day of April 1924'.
"Times," follows:
It was made effective on Aug. 16 1924, at the Conference of London,
a
treaty signed by the nations which were the beneficiaries of German repaMr. President, Ladies and Gentlemen of the University of California:
rations. By it a new central bank was established for Germany and a new
If one were to speak on international affairs, it would be fitting to do currency was created
with an adequate gold supply.
so at one or the other of those great ports which are our most sensitive
And to give you an idea of the results of the inflationary intoxication,
contacts with the outside world. Through New York and San Francisco, let me say that
one mark of the new currency was exchangeable for one
inward and outward, flow in substantial part the great movement of men billion marks of
the old currency, and I mean the Continental billion, not
and things which constitute international transportation; of voices and ours;
that is to say, a million million old marks for one new Mark.
;
records which make up international communication; of finance, that essenAnd so Eo.tomics took the stage in Germany on the let
day of Sep
tial mechanism through which all these interchanges are made possible.
Umber 1924. A few days later the French armies began
to move out.
It is true that Washington, as the political focus of the nation, makes the Ruhr
back home. The Germans began to work their mines and factories.
our political contacts abroad, but they are relatively superficial and The
world learned its first great lesson—that nor:mules don
not function.
inconsequential compared with these sensitive forces of quick and constant under political threats
or military coercion. It performs obligations which
action which represent our participation in the economic activities of the are reasonably
'air. It recognizes in the long run only self-interest
world. So, after the completion of the Dawes plan, I spoke of my experi- honor.
and:
ences abroad, first in New York. Now, after the completion of the new
In a word, On world learned that coal and steel
for reparations wouhT
plan, I consider it a privilege to say my first word at the great port of come at the
poPA of a pen on a checkbook, and would
not come at the
entry of the West. It is perhaps not inappropriate that it be said as a point of the bay
met in the hands of the soldier. Certainly
it was demonpart of the celebration of this significant anniversary in the life of the strated that in
\his field the pen is mightier than the
University of California.
sword.
You all know the story of Germany's economic
recovery under the Dawn"
On the 11th day of November 1918 the military forces engaged in the plan. She pa'd to
her creditors during those five years
the full amount
great war suspended operations. For more than four years they had been set out
in the plan, namely, 7,600,000,000 marks, which
is the equivalent
our masters. They commanded our thoughts and our ambitions; they held of $1,917,000,000.
Nevertheless, the Dawes plan was a receivership
as hostages our property and our lives; politics had retired to second place; for Germany. It was
plan
not a plan of permanent
economics had temporarily been forgotten.
S. Parker Gilbert, p brilliant young American, reorganization. Under it
was the receiver, and let
After the military had suspended its act in the tragic drama, Politics me take this opportunity
of
and Economics again came on the stage. Politics, as she advanced to the largely made possible by saying that the success of the Dawes plan WU
his wise and efficient administration
footlights, had never seemed so charming. She received the applause of receivership. May
of the
I step aside long enough to MU the
attention Of the
all the world. How delightful it was to get rid of that old witch of war students of California to
the
fact that Parker Gilbert -was made Agent
who destroyed our wealth and our peace of mind, who murdered our sons General for Reparations
Payments at the age of 32? He was graduated
"The material development of countries will necessarily be to us a
matter of great concern, both from an idealistic and practical point of
view. If all peoples everywhere could be lifted in productive capacity
and consuming power to a point equal to our own, envy and hatred would
be alleviated; capital would be better employed; markets would be enlarged;
unemployment would diminish, and a much more peaceful world would be
Insured?
a
2132
FINANCIAL CHRONICLE
from Rutgers College in the class of 1912, and from the Harvard Law
School in the class of 1915. I speak of it here only because I want you to
know that great opportunities and great responsibilities lie before you,
not somewhere in the distant future, but almost here and now.
As I have said. the Dawes plan was an interval receivership plan—it did
not even fix the total amount of the debt, although all the world knew that
the original sum fixed by politics was quite impossible. Then, too, one
could not expect a great nation of 60,000,000 people to function permanently in the hands of a receiver, and so at Geneva on Oct. 20 1928
Economics was again called by politics, in the form of an Experts' COM mace, to make proposals for a complete and final settlement of the
reparation problem. That committee met on Feb. 11 1929, in Paris, and
on June 7 signed and transmitted its report of final settlement. That
report IS popularly known as the Young plan.
However, as I say, a settlement was made in Paris.
settlement that could be made.
[VOL. 130.
It was the best
Young Plan Compromise Between Economic Settlement and Political One.
Strictly speaking, it was neither an economic settlement nor a political
one. It was a compromise between the two.
The compromise was difficult. Both politics and economics in all
countries had been waiting for this day of final settlement to even up sonic
of their old scores. Things which had been said and actions which had
been taken, things which had been left unsaid and actions which had been
withheld, were now to be brought on the stage for the last time.
So, in a sense, our committee at Paris was compelled to review and
reargue, and so far as possible adjust, all of the conflicts involving reparations and their redistribution, and everything collateral thereto which had
arisen during the preceding 10-year period. Questions of parity and ratios
Young Plan.
which are so important to guns and ships, were not by any means absent
in dealing with a limitation program expressed in currency.
May I say In passing that this habit of adopting the name of the
Perhaps you will pardon me if I stop here long enough to pay a slight
tImirman as the name of the committee began when the first Experts'
tribute to my assOciates in Paris. They were men of competence and
'Committee was christened the Dawes Committee? General Dawes was not
independence in thought and action. Economic theorists could not dominate
keen about that change of name, but he said, you will remember, that
them. They had the highest regard for the apecialized expert, but they also
somebody had to take the garbage and the garlands. It was in that same
had experience in making practical application of expert theories. Financial
Spirit that the Young Committee and the Young plan were so named—and
or business interests could not coerce them. They had the greatest respect
you may be sure that the Chairman will receive more than his fair share
for men of business, but they were not blind to the large social and political
of social prestige at the front door and a proportionate amount from the
factors also involved. Politics could not control them because they held
can at the back door, depending wholly on whether the affair is an after- no
public offices and were not responsible to political constituencies.
noon tea or the "morning after" clean-up.
From midi a group only could a settlement come. That does not mean
By the Young plan, the annual installment of the Dawes plan of
that it could come from these individuals only, but it does mean that
2,500,000,000 reichsmarks, plus a variable resulting from an index of
individuals, to be successful, must have the qualifications which I have
prosperity, was reduced to an average for the first 37 years of 2,050,600,000
indicated. Then, too, the members of this committee had the good
gold marks, that is to say a reduction of 20% or more. The annuities
fortune of intimate personal acquaintance. Most of them had been friends
begin at 1,707,900,000 marks and advance slowly toward a maximum of for many
years. This was a contributing factor to success.
2.428,800,000 marks. After the first 37 years, the German installments
I wish I might take the time to speak of each member of the committee
gradually diminish from approximately 1,600,000,000 gold marks in 1966
individually and give you some idea of the value of his contribution, parto 897,800,000 in 1988.
It must suffice here for me to
ticularly as to my American associates
Under the plan, the receivership of Germany is withdrawn. The mortgage say that
no man ever had more competent and loyal associates than I had
ot $2,500,000,000 on the German railway system, created by the Dawes in J.
P. Morgan, Thomas NV. Lamont, and Thomas Nelson Perkins. The
plan, is discharged. The general mortgage on German industry of over respect in
which they held each other and in which they were held by
' /P.000,000,000 is also lifted. Germany is given a specific task to
their European associates had a very great influence on our work.
perform. Foreign armies provided by the political treaty are withdrawn.
Whether the burden placed an Germany is too great, only time will tell.
' The Reparation Commission is wound up.
It is true that the countries participating in the Paris plan have added all
Care was taken in the plan to avoid the term reparations. And so, at
of their indebtedness to the United States together, and added approximately
(net, 10 years alter the armistice, under the new plan as drawn in Paris, 50%
to it, in fixing the sum which Germany is to pay. Each of those
-Germany is free. She has a debt to pay, but that is all. Her honor, not
countries, you will remember, had protested against the burden of their
her freedom, is at stake.
indebtedness to the United States, even under the favorable debt settleMay I say a word about the problems and difficulties in Paris? I have
ments made.
tuld you that the Dawes payments were reduced something like 20%, and
Yet they have paid Germany the compliment of assuming that she can
the total number of years which Germany should pay was also fixed. bear
the burden of them all, together with a substantial premium.
These installments, computed at their present value, represented a charge
But I have great confidence in Germany's capacity to pay. True, she
co Germany of something like $9,000,000,000, or 36,000,000,000 marks. has
not a large supply of what the world calls basic raw material. She
Politics, you will remember, fixed Germany's obligations at 132,000,000,000
has, in large measure, however, a supply of that kind of raw material too
marks, or $33,000,000,000. In a word, our kitchenmaid, Economics, was
little taken into account in the world's affairs, namely, a capacity for
compelled to cut the menu of her leading lady by more than 70% to make
scientific research, and the ability to apply it and organize it in production.
larder.
fit
the
prospects
of
the
It
It is not unlikely that in the years to come this particular kind of raw
Tet The Hague politics again appeared, and while protesting that she
material with which Germany is well endowed may be the reservoir out of
did not wish to put larger burdens on Germany, did increase somewhat— which
these vast sums will be produced and paid.
sufficiently for political purposes, I dare say—the burdens of the Paris
If Germany does make the payments out of such a reservoir, the refit of
plan; and most of those burdens do, in fact, ultimately fall on Germany. the
world must be careful to avoid the enervating effects resulting from the
Shen, too, at the second Hague conference, politics again made an effort
receipt of such payments. We should all remember that the discipline
to substitute military sanctions for Germany's non-performance, and in a of hard work
and of heavy responsibility is likely to do much for a people
most attenuated form such sanctions were provided.
as well as for an individual. Let no man be sure, let no nation be sure,
Gconomics does not like military sanctions. Dr. Schacht protested, and merely
because be is a creditor of some one else's labor, that therefore he
ihas recently resigned the presidency of the Reichsbank because he was is strong and
will always remain so.
unwilling to assume responsibility for the execution of a plan which carried
burdens additional to those imposed at Paris, and which had any color
For International Settlements.
of military sanctions. Dr. Schacht has been accused in taking this action
The most striking feature of the new plan is the Bank for International
of having domestic political ambitions. It is fair to him to say that his
Settlements. That institution is unlike anything which has existed in the
protest arose, not because there was politics in Dr. Schacht, but because
world before. It was not created merely for the sport of inflaming the
politics had again crept into the plan.
imagination of men, or even for the laudable purpose of providing a new
However, I have no fear of the slight political tinge which the plan
subject for the debaters of the world. Like all inventions and new creatook on at The Hague. Certainly this settlement was better than none.
tions, it arose out of the mind of man to meet a new need.
It would have been a great catastrophe for Germany and all the world had
Obligations, as I have said, are to be delivered by Germany of approxithe plan tu,reed upon at Paris by the representatives of all the countries,
mately $9,000,000,000, payable over a period of nearly 60 years, in fixed
including Germany, failed in the hands of politics at The Hague. We are
annual installments. As these obligations mature, vast sums must be
all to be congratulated that it did not do so, and perhaps most of all the
paid over frontiers and translated into the currencies of other countries.
Government of the United States.
Who should hold these obligations and control these transfers?
Should they be put in the hands of political treasuries of more than a
jIailed States to Get afore than 60% to be Paid by Germany.
dozen nations, where, in case of slight difficulties, they might become the
T speak of my own country, because more than 60% of the total sum to football of domestic or international politics? Even more dangerous would
be paid by Germany must find its way to the United States in payment it be to have them become the trading medium in all kinds of international
to us of the so-called international debts. You see that was one of our negotiations.
Should they be left where Germany, if she chose, might default in the
'serious problems at Paris. Roughly, one-half of the Dawes payments were
needed by the creditors of Germany to pay their debts to the United States. payments to one power and continue those to another?
Should they be left where these transfers in political hands might become
That obligation was fixed. So the entire reduction by the creditor countries In the Dawes payments, so far as their respective budgets were con- a menace to the normal economic exchanges of the world?
No;
it was quite apparent, in the interest of all, creditor and debtor
that
is,
every
6%
cerned, had to be made out of one-half of the payments;
reduction to Germany in the Dawes plan payments meant a 10% reduction alike, that these obligations of Germany should be held and the payments
managed by a single organization for the account and benefit of all. Any
In the net budget benefits of the creditor countries.
Now a 20% reduction in the Dawes plan payments looked small to default by Germany must be a common default for all creditors. Any
Germany, but a resulting 40% reduction in net budget benefits to the moratorium must be a common moratorium. Therefore, it seemed to
creditor countries looked very large to them. That was one serious problem our committee necessary to mobilize the German obligations in single hands.
For that purpose the Bank for International Settlements was created.
at Paris.
Another was that the Dawes plan payments were distributed under what Any difficulties in German payments must be between Germany and the
was known as the Spa percentages. Now, as the reduction in the German bank. The bank should be, as far as possible, insulated from politico, both
payments took place, some of the countries, notably Italy, under these per- domestic and international, and be free from government domination and
centages, would not have received enough to pay their indebtedness to the control. To accomplish this, the charter and by-laws of the bank were
United States, while others would have a considerable surplus. Therefore, established by international treaty and evidenced by a protocol signed at The
in order to secure a settlement at all, it was necessary at Paris to remake Hague, on Jan. 20 of this year. Corporate entity is to come into existence
by an Act of the Legislature of Switzerland, where the bank is to be
Lhasa percentages.
We not only had to set the total amount which Germany should pay, but located, Switzerland being a party to the treaty.
The capital of the bank is to be $100,000,000, and its stock is to be sold
we had to redistribute that diminished amount among the creditor countries
ea that all would be satisfied. The problem of fixing Germany's total to private persons in the principal countries of the world. Its directorate
is
to consist principally of the governors of the central banks of Europe,
amount was not as difficult as the redistribution among the creditors. The
German problem was largely an economic one. The redistribution problem or their nominees, America having declined to participate.
was largely a political one.
Earning Power of the Bank.
So, unfortunately, from my point of view, the Young committee in Paris
had to deal with these combined problems of economics and politics. If I
The earning power of the bank is to come from small commissions on
chow some dislike for Politics to-day, it results largely from my experience reparation payments, and certain deposits from governmental treasuries
with her in Paris. Charming as she may be at times on the stage, she provided in the plan. The bank has power to accept deposits from or to
is often petulant and petty, arid always selfish, in the dressing rooms, make deposits in central banks of countries on a gold exchange basis.
and, Imbilnally, she puts a low estimate on the intelligence of her Thus the endeavor has been made, in the interest of the world, to eliminate
politics from the control of reparation payments, and from the machinery
audience.
MAR. 29 1930.]
FINANCIAL CHRONICLE
which will handle them. The bank is to be truly the ineulator between
the political treasuries of the creditor powers and their debtor, Germany.
Functions Denied Bank.
The bank is in no sense a super-bank. It cannot operate in any country
in which the central bank of that country objects. It cannot issue demand
notes in any form, and therefore there is no danger of an international
currency.
It may be used as a clearing house by central banks to the extent which
they may elect to do so. This lies in the future. But there is no question
in many mind that some such development will come about if the diminishing supply of gold in the world threatens a general deflation in the
price level.
Price Stability the Problem of the Capitalistic System.
The proper handling of price stability is one of the most important
matters facing the capitalistic system to-day. In it will be found the
roots of those maladjustments which result in the unequal and unfair
distribution of wealth, in unemployment and other serious problems.
The International Bank may turn out to be an essential and useful
piece of machinery for an economic world which of necessity is becoming
more and more closely integrated. Politics becomes dangerous on a stage
so small unless economics functions well. Fortunately the bank has the
power of growth, but it will grow only as our needs compel it. It will
grow only as, the central banks of the world wish to use it. In a word,
it is the servant of all and the master of none.
Bank Independent of League of Nations.
The question has been raised whether the League of Nations and the
Bank for International Settlements might not unite their forces. The
League represents international political co-operation, and the bank international financial co-operation. Well, if that means that the bank will
come under the domination of the League, and so there will be added
to the political forces of the League the financial resources of the bank. I
think we may din-miss once and for all our fears if we are opposed to the
League, or our hopes, if we are its proponents.
Nothing is clearer, from the experience of the last 10 years, than the
necessity of keeping our economic machinery, and especially our finance,
free from the domination and control of politics. That seems to me one
great lesson which we have learned. I do not mean that the struggle of
politics to control economics is ended. It is going on in every country, and
will continue to do so.
But what about the relationship of economies to politics in international
co-operation? Well, my answer is this: Economic integration of the
worm is a necessary prerequisite to effective political co-operation in tne
world. America, as the greatest creditor nation, is more interested than
any other in economic integration. It is inevitable that from an economic
point of view she take an interest in and be concerned in the material
problems and affairs of every country on the globe.
2133
or sober arid sensible responsibility, a spirit of gratitude for the
things we have, a spirit of friendliness and helpfulness and co-operation
for all, a spirit of restraint in the use of any power which has been
entrusted to us, and, most of all, restraint in speech.
"If drunk with sight of power we loose
Wild tongues that have not Thee in awe,
•
•
•
For frantic boast and foolish word
Thy mercy on Thy people, Lord."
T. W. Lamont of J. P. Morgan & Co. on the Final
German Reparations Settlement or Young Plan—
Advantages to Creditor Governments—Bank for
International Settlements.
In the April issue of "Foreign Affairs," an American quarterly review, Thomas W. Lamont of J. P. Morgan & Co.
and one of the American bankers serving on the International
Committee of Experts which evolved the Young reparations
plans, discusses at length "The Final Reparations Settlement" and the proposed Bank for International Settlements"
"designed as the chief mechanism for the carrying out of the
Young Plan." The divergence in the Experts' views is
dealt with, together with unacceptable suggestions and the
final successful conclusion of the Experts' conference, after
a breakdown "which at the time seemed almost complete."
Mr. Lamont likewise discusses the advantages to the Creditor
Governments and towards the end of his treatise states that
"it is a truism to say that the adoption of the Young Plan
ought to prove an immense stimulus to the European
economy. Be adds that "the restoration of confidence, the
renewed friendliness, the fresh methods of co-operation
through the International Bank and otherwise all these
factors should go far to tranqualize Western Europe, and
to hasten all the processes of reconstruction." Mr. Lamont
before taking up the Young Plan alludes to the appointment of the First Committee (Dawes Committee) of Experts
which convened at Paris early in 1924 and goes on to say:
The work of the Dawes Committee covered several months, but according
to those members of it who were also member of the Young Committee its
work
was not so arduous, complex or difficult as that of the Young CornIsolation to America, either economic or political, is impossible. The
material development of countries will necessarily be to us a matter of mittee. In the first place, the situation in 1924 was so critical that by
great concern, both from an idealistic and practical point of view. If all common agreement something had to be done. In the second place. Gerpeoples everywhere could be lifted in productive capacity and consuming many was not present at the Dawes Conference, so that the conferees,
power to a point equal to our own, envy and hatred would be alleviated; being all creditor experts so to speak, were united to a common end. The
capital would be better employed; markets would be enlarged; unemploy- Dawes I'lan was happily able to transfer the question of reparation "from
ment would diminish, and a much more peaceful world would be insured. the point of the sword to the point of the pen." It manifestly constituted
Let no man think that the living standards of America can be perma- the work of a rescue party, building a temporary bridge over existing diffinently maintained at a measurably higher level than those of the other culties. But as the Dawes report itself stated, it was designed only to
words, the
civilized countries. Either we shall lift theirs to ours or they will drag facilitate "a final and comprehensive agreement." In other
ours down to theirs. Tariffs and other petty political barriers, temporarily Dawes Plan still left the question of Germany's total liabilities indefinite.
What it succeeded in doing, however, was of enormous importance and
justifiable, will, in the lung run, only accentuate the trouble.
firmly reOur experience at home during the last generation should teach us that value. It reconstituted the Reichsbank with ample capital and
established
the German currency upon a gold exchange basis, thus enabling
segregation into different groups for the selfish purpose of benefiting
meet its own Treasury situaloans
to
sufficient
abroad
obtain
Reich
to
the
one at the expense of the other is a failure. It was not so many
years ago tion until such time as the budget could be actually brought into balance
that our industrial leaders in the United States thought that a low
wage from Germany's own resources. Further, it provided that certain imscale was necessary to enable capital to earn a profit. Now we have
learned portant State revenues of the Reich be set aside to help constitute a fund
that a high wage scale may be consistent not only with low
production for German reparations; it laid mortgages amounting to four billions of
costs but also with the greatest security to and return
on capital dollars upon railway and industrial corporations of Germany; it set up
investment.
various other controls. And at the head of the whole machinery for coilsIn a word, we are learning in America that the highest
welfare of all tion and remittance of reparation funds was appointed an Agent General
rather than of any class is a wise objective even for the group
previously of Reparations in the person of an American, Seymour Parker Gilbert.
privileged. How long will it take us to learn that fact in a
world se The I'lan set up as a safeguard a Transfer Committee which was to have
small that Commander Byrd talks from New Zealand on
Wednesday at power to suspend transfer of German funds across the frontier in the event
noon, in the fall of the year, with Adolph S. Ochs in
Schenectady, on that, in the view of the committee, the exchanges were in danger. (As a
Tuesday at 7 :30 a. m., in the spring of the year—and that
conversation matter of fact the Transfer Committee has never had occasion to invoke
can be heard by practically everybody in the world at
varying times and its powers to suspend transfers.) Taken all in all. the Dawes Plan sot up
SeaS0118.
receivership machinery for Germany and since the Plan went into effect
Must Pass Political Frontiers.
on Sept. 1 1924, the Reich has in effect been in the hands of a receiver.
It is too late, in our own interest, to think in terms of selfish
Dawes Plan and
isolation. That receivership is to be ended by termination of the
effect. The
To secure the advantages of economic equilibrium we must
go beyond Inception of the new Young Plan, if and when it goes into
political frontiers. We may sign great declarations of peace, but
was Sept. 1 1929.
we shall date for the change provided in the Young Plan itself
concurrently find, if we follow a narrow economic policy, an
increasing
Annuities under the Dawes Plan.
resistance in countries less well off than ourselves to that
disarmament
which is the insurance of the peace we seek. Politics in America
As to the annuities provided by the Dawes Plan, these began at a commay start
a program which politics cannot stop.
paratively low figure ($235,000,000 per annum) and in the fifth year
After all, we must remember politics and economics are not the
been known as the Standard Dawes Annuity, namely.
masters worked up to what has
8587,500.000). The Plan
of inen—they are their servants. The managers of both too
often think two and one-half milliards of gold marks (say
and sometimes act as if human beings were merely the fodder of
provided that this payment was to be supplemented in future years by an
political
which,
as the Reich prospered
and economic mills. Merely because I have spoken of economics and
Index of Prosperity, under the provisions of
politics
payments were also to increase. It
I would not wish you to think that I consider them in any
sense ends in in certain directions, her reparations
has been generally figures that such increase would amount to about 3%
themselves. Back of them stand myriads of human faces, some young,
some
annum based upon the standard annuity. In other words, if the
old, some prosperous, some needy, some charitable, some
selfish. some par
Dawes Plan had continued in effect, the standard annuity for 1930 might
generous, some envious, but all vitally affected not only in their
material well have become
2,575 million marks.
but in their cultural and spiritual development by these
organizations,
There is no denial anywhere that the Dawes Plan has worked with remarkpolitical and economic, which they have imposed upon themselves.
able success. This success has been due to several factors. One has plainly
So long as such organizations render an uplifting service
just so long
been the honest determination of the German people themselves to work
can we go forward in reaping the advantages which civilization
has brought.
out the terms of the Plan. Another potent factor has been the extraordinary
But those faces in these days of a closely compact world can
no longer be rehabilitation
of Germany's external credit; Germany's foreign long-term
segregated into compartments, one of which shall be prosperous
and the borrowings have been estimated by Dr. Schacht as amounting, in the five
others not; one of which shalt go forward and the others
back. Those years of
the Dawes Plan operation, to upwards of three billion dollars, in
faces must all move together for good or ill. So politics
and economics, addition to large short-term current credits. A third cause of the success
their servants, must move together, too, not in one country
alone, but has been the extraordinary ability shown by the Agent General for Reparaeverywhere. That way only can the benefits of civilization be
enlarged— tions Payments to carry out smoothly and without interruption the complex
that way only can peace come.
machinery of his office. And the skill which he has employed in transferring
And one word more. America is too rich to be loved.
She is well the large sums called for under the Plan without disturbance to German
enough off to be envied. The attitude of the world toward
her will be economy has been an achievement of high order.
largely influenced by her spirit.
To the world generally, however, it has long been understood that inIf it be one of selfishness in isolation, she will have failed
in her great asmuch as the Dawes Plan was of a temporary nature, it must sooner or
responsibilities. If it be one of boastfulness in her success, she will
have later be superseded by something permanent. As early as his annual
misused the things which God has given her.
report of 1927 the Agent General pointed out that there could be no effec-
America Cannot Remain Isolated.
2134
FINANCIAL CHRONICLE
tive settlement of reparations until Germany's final liability had been
determined, and he stiggested that steps be taken to that end. Said he:
"And as time goes on, and practical experience accumulates, it becomes
always clearer that neither the reparation problem, nor the other problems
depending upon it, will be finally solved until Germany has been given a
definite task to perform on her own responsibility, without foreign supervision and without transfer protection." It is a matter of public knowledge
that in private comeero .tions which he had in the course of the next year
with the heads of Government in most of the European countries concerned,
Mr. Gilbert urged that a second committee of experts be appointed to
take up the question.
[Vol.. 130.
a starting-point seemed only justibeginning to make themselves felt.
Neither side would propose anything approaching a definite figure, nor anything that could be considered as within the debatable area. All the experts
(including the German, I think it is fair to assume) felt that with certain
safeguards Germany could commit herself to pay an amount much in excess
of one billion marks per annum. On the other hand, everybody knew,that
the creditor Governments would be willing to content themselves with materially less than the two and one-half billion marks per annum of the DaWeri
Plan. But to get the creditor experts to begin to recede and to get the German experts to be tin to reach a little higher ground proved at this stage of
the Conference quite impossible.
The Second Experts' Committee.
The Principles of Settlement.
These heads of Governments, being assembled in Geneva in September
Consequently, just prior to the Easter holidays, Chairman Young,
1928, discussed the question further, and finally determined upon a course with the assent of
the whole Committee,prepared a memorandum in which
of action embodied in the following Terms of Reference:
he laid down certain principles upon which a set of annuities might well
be
The Belgian, British, French, German. Italian and Japanese Govern- built up by either the creditor or debtor experts. The principles of Mr.
ments, in pursuance of tee decision reached at Geneva on Sept. 16 1928, Young's memorandum declared that,
first, Germany should cover the net
whereoy it was agreed to set up a committee of Independent financial exoutpayments of the creditor Governments, that is to say, the net sums
perts, hereby entrust
a
of drawing
p ete and final settlement
Committeeof the
heobligations
n resutiunp
stall
g
'
s; that each and every one of them was obliged, under various international
existing Treaties and Agreements oetween Germany and the Creditor debt agreements, to remit in payment of the outstanding
Governmental
Powers, The Committee shall address its report to the Governments indebtedness
to Great Britain on the one hand and (or) to the United States
which took part in the Geneva decision and also to the Reparation Comon the other. Second, such annuities must manifestly be sufficient to
mission.
meet
..
for Great Britain the terms of the Balfour Note. The scheme
suggested
In the case of the Belgian, French, British, Italian and Japanese experts
and their alternates, the Reparation Commission made the appointments for France was an additional sum for reparations equivalent in present
upon the nominations of the respective Governments. The German ex- value to say forty billion francs, this according to French calculations being
perts were appointed by the German Government. The private American con.siderably loss than one-third of the amount that France had already
• citizens who consented to serve were appointed by the Reparation Com- expended on reparations account alone, irrespective of expenditures on
• mission conjointly with the German Government. Prior to these last account of pensions. Something additional was also provided on strictly
named appointments, the American Government was informed of the reparations account in the cases of both Italy and Belgium.
Even with these guiding principles before them and recognized on all
American nominees and interposed no objection to their acceptance of the
sides as constituting the basis for a fair start, neither the creditor not
the
appointment.
The first meeting of the Committee of Experts was convened at the Hotel debtor experts were prepared to formulate these principles into 'actual
George V at Paris on Monday, Feb. 11 1929. Its final meeting for the propositions. Thereupon Chairman Young st gg stud that the only course
of procedure left open was for the creditor a.perts to outline
separately,
signature of the Report was held at the same place on Friday evening,
country by country, to Dr. Schacht their minimum requirements for settleThe Committee sessions thus occupied almost exactly 17 weeks.
.
At the outset the Committee was plainly confronted with several major ment. After the ensuing conferences between Dr. Schacht and the heaths of
each creditor delegation, it appeared that the creditors' minimum require, tasks, the chief of them being these:
1. The final determination of Germany's liability for reparations, this ments, as indicated by time presentations, aggregated approximately
' determination including the fixing of the amount of annuities which Ger- 2,900 million marks per annum,a sum far in excess of the standard annuity.
many should pay and the period of years over which they should be paid. When this anomalous situation had become known to the public, critical
2. The abolition of foreign controls in Germany (taking Germany out world opinion began immediately to express itself, and the creditor delegates
set to work to reduce the aggregate of their requirements to a point
of receivership), and the setting up of a new mechanism for the receipt and
at least
disbursement of the annuities and for the handling of the questions incidental within the debatable area. They Invoked the assistance of Chairman Young
and finally evolved a proposition which, while by no ineatIS commanding
to reparations.
3. The formation of a plan for the mobilization and ultimate issuance the unqualified endorsement of the Chairman, at least furnished figures
subject to discussion. The annuity thus disclosed amounted to 2,223
for sale on world markets of a certain portion of the German annuities.
The Committee felt itself obligated in a larger sense to devise a plan million marks, including 25 million marks a year for 37 years in settlement
calculated to "banish the atmosphere of war, to obliterate its animosities, of the so-called ,Belgian Mark Claim.
its partisanships, and its tendencious phrases." The Committee's work
Unacceptable Suggestions.
was to liquidate the war and to bring about a state of economic peace in
This proposition the German delegates promptly rejected,and,the ice hav• Europe.
ing been broken, undertook to present a proposition of their own. Their
In order to arrive at the ends just described, in order to fix the German
annuities, it was necessary for the Committee to take into account Ger- figures constituted roughly an annuity of 1,650 million marks per annum.
But it Was specified that even of this amount no portion should be put in the
many's past performances; her present capacity; her condition—economic,
• financial and even political; the sums which she had already paid on account category of unconditional payments unless amelioration were afforded to
Germany through certain measures which in the view of the creditor deleof reparations; the extent of her willingness to pay in the future; the Hetigates had the distinct color of political conditions. In the early days of the
mate requirements of the chief creditor powers; methods for future coConference,
Dr. Schacht had been frank in stating to many of the creditor
operation between the debtor and the creditor countries; and other kindred
experts that in his view Germany's capacity to pay would be.extremely
matters. Specifically, in order to fix the annuities the Committee had to
reconcile two indeterminate and shifting viewpoints—Germany's opinion limited unless it were possible for her to establish direct contact with East
' of her capacity to pay, and the feeling of the chief creditor countries regard- Prussia, gain access to the raw materials in her lost colonies, and improve
her export trade through lower European tariff barriers.
Dr. Schacht
ing the sums which they could accept in satisfaction of their requirements. had
never declared that the Polish Corridor must be abolished forthwith.
To bring about this reconciliation implied, in the first instance, expert
or that the German colonies must be restored to the Reich, but he had
dwelt
knowledge and study of a high order, and in the second place, an underto such an extent upon the economic Importance of certain changes
standing of diplomatic and political expediency. This slow,long-drawn-out
in the
process filled up the four months of steady negotiation, inquiry, demand, status quo that when, although in strictly economic and non-political lanrefusal, impasses and crises; and then finally brought reconcilement in a guage, they were introduced into the German proposition of April 16. the
spirit of excellent good-will. The final agreement, so far as the American creditor experts at once looked upon these conditions as political and the situdelegates were concerned, was based upon their conviction that the an- ation of the whole Conference became tense. Chairman Young endeavored
nuities which Germany undertook to pay under it represented no more to save the situation by pointing out the value that would lie in attempting.
at any rate, to agree initially upon annuities for the first 10
than her fair, equitable and economically feasible share of the cost of
or 15 Years
of the period, believing that if that could be accomplished it
would be a
liquidating the war.
comparatively
easy
the
later
matter
at
arrive
to
annuities
whose
present
The first few weeks of the Conference were occupied largely with the
exposition of Germany's situation by the German delegates, led ably by value would bulk so much less. This procedure seemed reasonable, because
of the fact, for instance, that the difference for the first year between
the
Dr. Schacht. He and his associates gave us in great detail information as
to Germany's demand for capital in the last five years and the extent to German annuity proposition of 1,650 million marks and the Allied first
Year
proposition
of
million
approximately
1,800
marks
was
inconsiderable.
which that demand had been fulfilled; Germany's external assets; the
A subcommittee was immediately appointed in the hope of working
out
extent to which her industrial equipment and stocks of raw materials had
this reconcilement upon early years. It held an all-day session on
April
been reconetituted; the present state of German Industry and agriculture;
18. But the German delegates were unwilling to agree to any change in
the wage levels; the balance of foreign payments; the budgetary situation
their proposals, they declined to graduate their proposed annuity
of 1,650
of the Reich; the extent of Germany's natural resources; comparison of the
million marks by even small annuity amounts,and they refused to withdraw
fiscal burdens of the Reich with those of other countries, and so on. The
what they called the economic but, the creditor experts designated the
summing up ofthe German exposition was to the effect that, witli the present
transfer of one billion marks annually necessary for the service upon her political conditions.
Thus came a breakdown in the Conference which at the time looked
foreign loans, Germany could not safely assume, without transfer protection,
almost complete. It was followed on that same night of April 18 by the
an obligation to pay over her frontier more than an additional one billion
• marks for reparations, thus making a total annual transfer burden of two sudden death of Lord Revelstoke of the British delegation, and the Conference adjourned for a few days. During that period there were signs In
billion marks.
Germany of considerable currency disturbance. Early the next week,
Divergence in the Experts' Views.
Dr. Schacht requested Chairman Young to assist the German delegation
From this it appears that although Dr. Schacht was making no tangible in preparing a new set of figures which in themselves might meet the ideas
proposition, the extent of absolute obligation which he was prepared that of the Chairman,and which he and his American colleagues could justifably
Germany should assume was an annuity of one billion marks. Between declare as sound, as being within Germany's capacity, and as
meeting
this amount and the standard annuity of the Dawes Plan, two and one-half reasonably the requirements of the creditor Governments. From
this rebillion marks, such a great gulf was fixed that the Committee was impelled quest emanated what were destined to become the final figures of
the
to put aside for the moment any immediate attempt to reach actual recon- Conference, namely, an annuity which although it began at a figure of
cilement upon figures, and to occupy its time in the endeavor to work out 1,675 million marks the first year, remained constant for the entire
period
some machinery by which the heavier burden, which all the creditor ex- of 37 years at 2,050.6 (including service on the Dawes Loan) million
marke,
perts felt that Germany should assume, could be rendered less difficult and yielded an amount sufficient within that time to cover
the out-payfor the debtor to handle. For some weeks, therefore, the Committee's ments of the creditor Governments, plus the excess sums
they agreed to
deliberations centered around the scheme for the Bank for International accept on strictly reparations account. Germany's payments were
to run
Settlements, which will be described later on in this paper, and also upon for 213 years beyond the 37-year period in order to cover
various items,
a plan for dividing Germany's obligations into categories which, while but chiefly the net out-payments of the creditor Governments
to the United
embodying larger aggregate annuities, could, in view of the safeguards States Government during that final period.
provided, be safely assumed by Germany. These categories consisted of (a)
This set of annuities, as suggested by the Chairman and his American
unconditional payments, namely, amounts that under any and all condi- colleagues, was finally accepted, first, by the German delegation
and then
tions must be paid; (b) conditional or postponable payments, that is to say, by the creditor delegations; but in both instances with
such difficult conamounts subject to safeguards for Germany's benefit; and (c) deliveries-in- ditions attached that several weeks of the Conference
were consumed in
kind, also constituting an easing of cash demand upon the debtor country. the endeavor, which finally proved successful, to work
out an adjustment.
With the rough framework of the International Bank sketched out. In the very last week of the Conference the Belgian Mark
Settlement loomed
and with an accord upon the Idea that Germany should be granted certain up again as a formidable obstacle to agreement. But when
all the experts
safeguards as to a very considerable portion of her annuities-payments, undertook to recommend to their respective Governments
that the new
the Conference was then ready to go on with its work of determining the Young Plan should not go into effect until the Belgian mark
difficulty had
size ofthe annuities. Even so, however, the inherent difficulties in reaching been adjusted, the Belgian delegates accepted this solution
and with their
MAR. 29 1930.]
FINANCIAL CHRONICLE
associates signed the Report as stated on the evening of June 7.* It was
thereupon transmitted to the Governments concerned as representing under
their terms of reference the proposals of the Second Committee of Experts.
The Conference, having successfully concluded its labors, adjourned
sine die.
Leading Features of the Report. •
What, now,is the nature of the new Plan and of the Report, and in what
manner does it primarily affect advantageously or otherwise the interests
of the creditor Governments on the one hand and the German Government
on the other First of all, as heretofore stated, the Plan attempts to scrap
;completely the Reparation Commission and similar post-war machinery
and to transfer Germany's debt from the political to the commercial field.
Thus by the very nature of the future handling of "reparations" the annuities will lose even that name and simply become swallowed up in the
general flow of international trade and of international exchange.
As for Germany. the Report (Chapter IV, "The Study of Germany's
Economic Conditions") states: "As a substitute to the present system of
transfer protection with its semi-political control, its derogation from Germany's initiative, and its possible reactions upon credit, we are recommending a scheme of annuities appreciably smaller than the Dawes obligations
and subject to new and elastic conditions, which are described at length in the
succeeding chapters of the present Report. As an internal burden to be
borne by annual taxation the scheme we proposed is materially less; it is
closely assimilated to comma mai and financial obligations; it carries with
it welcome freedom from 1 lterference and supervision and it is provided with
adequate safeguards against any period so critical as to endanger Gannet y's
economic life."
The foregoing is, it must be remembered, a statement to which the
German delegates subscribed equally with their creditor associates. Now
what are. the actual financial advantages accruing to Germany. The
"Magazin der Wirtschaft," a leading impartial and .most authoritative
German economic publication, says: "What enormous.progress the new settlement means as compared with conditions immediately following the war,
and how near we are to the amount which Germany herself offered at former
conferences, is shown by a brief historical survey. At the great conference
in London in 1925. Germany offered payments of 1,600 to 1.700 millions
a year for five years. This corresponds strikingly to the present beginning
annuities. The proposals of Cuno in June, 1924, with their annuities of
two milliards, correspond rather closely to the present average annuity."
• This German publication adds that, using 4% as the rate of discount and
including the index of prosperity, the present value of what Germany
. was obligated to pay under the Dawes Plan would, if continued for 58
years, be almost 72 milliards (equivalent to about 18 billions of dollars),
whereas, according to this publication, the present value of Germany's
obligations under the new Young Plan will be about 445i milliard marks
(11 billions of dollars).
Furthermore, as contrasted with the Standard Dawes Annuity of two
and one-half milliard marks, the annuities under the new schedule of
payments will not rise for ten years above 2,000 million marks, and for a
part of that period they will be under 1,800 million marks. This saving
to Germany compared with the payments required by the Dawes Plan
in these ten years is very great. It amounts in present value to well over
1,000 million. It will mean that the German budget will receive average
relief in the next throe years of 750.000.000 marks per annum, the present
value of which is approximately $500,000,000. In the next five years the
German budget will be relieved to the extent of approximately 3,400,000.000
marks, tho present value of which is $730,000,000. Extending the above
calculations to a period of 10 years, the savings to the German budget
under the Young schedule of payments, as compared with the Dawes Plan,
will be $1,320,000,000, the present value of which at 5.4% discount is
81,040,000,000.
Aside from the purely financial benefits which will accrue to Germany
under the Plan, de-control will mean material economies to the Reich
and abolition of the costly machinery set up during the post-war period.
Finally, the financial credit of Germany benefits enormously from the
definitive fixing of the reparations burden at a reasonable figure. While of
course opinions varied, many of the Germans were inclined to believe that
the acceptance of the new Plan might mean that Germany's domestic
credit would fall to a 5-5M % basis within the next three years (the last
German internal loan was made on an 8.30% basis). Her foreign credit
will, of course, also improve. The effects ofsuch general improvement upon
the cost of Germany's extensive short term borrowing should be most
favorable.
Quite aside from the functions which it will perform as Trustee for the
creditors, the Bank for International Settlements should also prove of
great service to Germany. Its governor and directors (the latter coming
from the leading commercial countries of the world) will be thrown into
confidential relations with Germany's leading financial and economic
authorities. They will thus always have at their disposal the information
to permit the rendering of prompt aid in the unlikely event of transfer or
other difficulties arising. The Bank for International Settlements, as a
matter of fact, offers in my opinion greater protection to German economy
than the old Transfer Committee or any other suggested body could offer.
With the Germans co-operating loyally with the Bank they need have no
fear of the future.
2135
of the world. To be sure, the total amount of such bonds issued to private
investors may be nothing like as great as the French had originally hoped,the
diminution being due to the limited amount of the unconditional annuities,
namely about 700 million marks per annum. It is obvious that no public
loan issues could be made against annuities subject to postponement.
Now. if the total amount of annuities available for debt service is only
about 135 to 145 million dollars per annum,it is obvious,taking Lito account
both interest and sinking fund, that the amount of reparation bonds that
can be issued to the public will not greatly exceed, over the total 37 year
period of annuity payments, two or two and a quarter billion dollars.
The French authorities have expressed themselves as expectant that,
of this possible total, French investors themselves will absorb perhaps
three-quarters or even four-fifths.
At the Second Hague Conference, which adjourned sine die on Jan. 29
1930. an agreement was reached which provided for a possible issue in the
spring of 1930 of German annuity bonds in the amount of300 million dollars,
of which 100 million dollars or its equivalent might be turned over to the
German Government for the rather pressing requirements of the Reichapost
and Relchabahn. The plan of the creditor Governments to share with
Germany in the proceeds of the first German annuity bond issue was deemed
highly expedient. Of the total issue (300 million dollars or its equivalent)
the American investment market might be invited to share to tho extent of
75 million dollars, more or less. It is not improbable that those are the only
German reparations bonds that the American investment markets will ever
have a chance to offer—an amount far below the fantastic figures which
some of our head-line writers have for several years been predicting would
be "dumped" upon the American market.
Great Britain's likely gains from the reparations settlement are leis
apparent but perhaps not less real, allowing for scale, than those of France.
British reconstruction has proved one of the most complex of all post-war
economic problems. Anything which makes for peace and for stability
In Europe thus acquires a significance, as far as Great Britain is concerned.
perhaps out of proportion to the actual advance made. The settlement at
Paris is directly favorable to Great Britain in that from now on she will
figure on full coverage for whatever sum she must pay the United States.
Compared with the past—except as to very recent years—this will mean
real relief for the British tax-payer; for as long as the New Plan lasts Britain
is completely relieved from providing funds for her debt to the United States.
Great Britain, it is true. abandond in part a claim to some £90,000,000
of arrears (debts already paid to the United States Government), but this
claim would have been most difficult to establish. In the final analysis,
while Great Britain made no great direct monetaey gain as a result of the
New Plan, the mere fact of a settlement is of substantial benefit to her.
Italians have reasons for satisfaction at the outcome of the Conference.
Before it started. Italy's reparations receipts, even supposing Germany
agreed to meet the Dawes Annuity for 37 years, would not have been sufficient to cover her payments to Great Britain and the United States. Now
she is assured coverage for all outpayments and in addition a surplus of
about $7,000,000 a year payable unconditionally for 37 years. Furthermore,
Italy has much to gain through the successful functioning of tho new Bank
for International Settlements. Italy is one of these "dear" money countries
which may greatly benefit through the occasional investment by the Bank
of some part of its free funds within its borders. Considering that the Conference reduced Germany's obligations by a minimum of 450,000.000 marks
Per year, the relative improvement of Italy's position as a result of the settlement appears all the more striking. The injustice which Italy felt had
been done to her at Spa has been repaired.
As to Belgium, aside from the recent settlement of the mark question,
as already explained, her outpayments are fully covered under the Plan
and she will receive in addition a minimum of some 13 million dollars a
Year surplus in each of the next 37 years. The Plan confirms the fact that
Belgium is to be compensated for war damages, which she suffered in considerably greater proportion than any other belligerent.
Political Benefits for Germany.
On the political side, the benefits which Germany will presumably derive
from the final settlement of the reparations problem are so well known that
they need hardly be stressed. The final withdrawal of Allied troops from
the Rhineland five or six years ahead of schedule and the obliteration of this
sign that Germany lost the war are what the German statesmen have constantly been striving for. It is manifestly to France's great advantage
also to make early withdrawal of her troops from the Rhineland and consequently to strengthen the Locarno sentiment. Someone has said that the
Germany complex is "isolation" and that the French complex is "security."
The reparations settlement goes far to banish both these complexes. The
better political relations between France and Germany, the more certain
is peace in Europe. If such problems as Polish-German relations, the Macedonian frontier question, the question of minorities, and so on, are to be
solved without new troubles, it must be because France and Germany
co-operate to this end. For this reason perhaps more than any other the
French and Germans have done a good stroke of business In settling the
reparations problem on terms favorable to themselves. German statesmen
have often expressed the hope that the reparations settlement might eventually lead to possible revision of certain clauses of the Versailles Treaty,
particularly those which affect Germany's eastern frontier. It remains to
be seen whether the accord does not serve to bring some moderate treaty
Advantages to the Creditor Governments.
revision within the realm of possibilities for the long future.
As to the United States, the American experts at Paris received word
Let us now consider the advantages of the new Plan to the creditor
Governments. Of all the countries interested in reparations, France in May from Washington that the Administration would recommend to
stands to gain most from the successful operation of the new Plan. France's Congress concessions as regards the sums which the German Government
actual receipts are of course much less than they would have been had the was obligated to pay on account of the cost of the American Army of OccuDawes Plan continued in full effect for 37 years. But two principles for pation in the Rhineland, to the same extent to which the chief creditor
which the French have always contended are recognized and given validity Governments proposed to give up the payments due them for army costs.
by the experts: first, that the chief sums which France desired to receive Except for this concession the New Plan covers all the sums due the United
on account of reparations proper should in the last analysis have priority; States Government from Germany, including what is known as Mixed
second, that the term of payment of reparations should continue as long as Claims. The chances that the American Government will receive fully and
the term of payment of the Inter-Ally Debts. The German acceptance without delay payment of all these claims against Germany seem to be
of a 59-year term of payment represents for France the attainment of an surer under the Young Plan than they would have been under the Dawes
objective sought with great stubbornness for the past five years. Failing Plan. I may add that the report that the proposed American concession
to secure approval of any general cancellation of the Inter-Ally Debts, came as a result of a request from the American experts at Paris to the AdFrance felt that the next best thing was to obtain formal recognition by the ministration at Washington was without foundation. Mr. Young and his
• Allied powers and by Germany of the fact that, as a matter of finance and associates made no request or suggestion to Washington on this point.
It may well be argued, however, that President Hoover would wish, in
public economy, the debts and reparations were related problems.
France's success in arranging to receive for herself the bulk of the un- the matter of Army Costs of Occupation, to show towards the German
conditional portion of the German annuities will enable her to attain an People fully as much leniency as the chief creditor Governments were showobject which has long been uppermost in the minds of her statesmen, ing. The gesture which President Hoover made at this moment was a happy
that is to say, the steady commercialization of a considerable part of the and a helpful one.
The Bank for International Settlements.
German annuities. France has felt that nothing would so impress the German mind with the future commercial character of its reparation debt as
The proposed Bank for International Settlements (B. I. S.) is designed
the knowledge that its obligations were to a considerable extent reduced to as the chief mechanism for the carrying out of the Young Plan, and the
the form of bearer bonds and scattered throughout the investment markets experts at Paris were inclined to believe that for the long future it might
prove to be the most constructive accomplishment of the Conference. The
•In the summer of 1929 an arrangement was signed between the German
and Beigitun Governments settling the mark question by payments for primary purpose of the Bank is to perform a limited set of functions, first
37 years by Germany to Belgium: at
% discount these payments have in the receipt and disbursement of the German annuities. But early
a present worth of 315,000.000 marks.
in the Conference Dr. Schacht presented to Chairman Young the:idea of an
2136
FINANCIAL CHRONICLE
International Bank the workings of which might contribute to the legitimate
growth of Germany's export trade, an increase which Dr. Schacht and his
• colleagues not unnaturally felt was important for the development and
maintenance of Germany's capacity to fulfill her obligation under the Plan.
M.Francqui of Belgium also had a scheme for a Bank to handle the reparation payments.
• With these various tentative suggestions before them, the experts set
to work to devise an institution whose primary purpose, as I say, is to
handle the annuity payments, but whose scope can be greatly extended in
case,in years to come, there proves to be a specific and practicable demand
for it to function in branches of economic life not now served. In addition
to dealing with the annuities, the Bank will from the start undertake to
co-ordinate such plans as the creditor Governments may from time to time
desire to put into effect for the commercialization of the unconditional
annuities—that is to say, the issuance to the public of German Government bonds the service of which will rest upon such annuities.
[Arm 180.
endeavored to establish the thesis that there is no possible connection between German reparation payments to Germany's Government creditors
and the payments by those Governments of their debts to the United States
Government. Clearly there has never been any connection in law between
these two great International movements of funds. Nothing was said or
done at the Paris Conference—nor does the new Plan contain any feature—
which can be construed as releasing the Allied Governments from their
heretofore executed debt agreements with the United States Government.
But with the stability of the world, exchanges dependent upon the smooth
and proper handling of these two great series of payments there is necessarily
a close relationship between them in fact. Why not recognize—not any
legal—but the indutiable economic link between these two sets of payments
Here are the concrete figures making up this link: The average payments
of Germany to her creditors under the new Plan will be $495,000,000 Per
annum. The average net payments of those recipients to the United States
Government will be $325.000,000. During the 58-year period when Germany will be paying over to her creditors a capital sum of say nine billions
of dollars, the United States will be receiving from approximately those
same recipients almost six billion dollars. This is an economic link that
it would be hard to ignore.
From this brief survey it is obvious that the United States Government,
quite aside from its proper and frequently expressed desire to see America's
export trade and the international payments therefor maintained without
interruption, has a direct interest in the smooth functioning of the new
machinery of the International Bank. For from this time forward, the new
Plan gives an economic sanction to the validity of the Inter-Allied debt
agreements with our Government which heretofore they have not possessed.
Whether we like it or not. Germany has underwritten the debts of the Allied
Governments to our Government. In an address at Berlin on June 28
last, Dr. Schacht, the chief German expert, in describing certain of the
Proceedings at Paris, declared: "All representations on the part of the German experts that Germany had nothing in the world to do with the Allied
debts broke down. . . ." And the first thought of the American experts
in the early discussions as to the advantages of the proposed B. I. S. was
that, with the great interest of our own Government in the regular processes
of foreign debt payments, the authorities at Washington would consider
it appropriate to have the head (a private individual not appointed by the
Government),of one of the Federal Reserve Banks nominate the two American directors of the Bank. Directors nominated in this manner, just
as the foreign central bank heads are to make nominations, would obviously
carry great authority in their judgments and be well able to express views
fairly representative of opinion at Washington as well as at large. Washington's rejection of this view at the time caused great concern in Conference
circles, not so much in the American delegation as among the European
experts, who felt that their painstaking efforts to eliminate German reparations once for all from the political field were being negatived by the Washington declaration which, to the foreign experts, seemed to be based upon
political rather than economic considerations.
But there has been too much misunderstanding over this whole matter.
First of all, the bylaws of the new Bank will prevent any official of any
Government from serving as a director. So just how the view first obtained
that an American Government official was to be invited to serve does not
appear. Of course some method of co-operation will be worked out in harmony with the Administration's views. Whatever its wishes may be as
to the desirability of a Reserve Bank head publicly nominating the two
American directors, no member of President Hoover's official family has
offered the slightest objection to the idea that such Reserve Bank head
shall be privately consulted and that his privately expressed views as to
nominees shall carry great weight.
Safeguards for Germany's Benefit.
It follows from the nature of these various operations that the Bank,
being a depositary under the Plan for both short and long term deposits
(in an amount now figured at about $100,000,000), will perform certain
banking functions. Particularly it is expected that the Bank will, in time
of financial strain, furnish to the Reichsbank certain credit facilities looking
to the regular and uninterrupted payment of the German annuities. It
is provided, too, that in the event that Germany should, owing to develop.
ments now unforseen, meet serious and continued difficulty in discharging
her obligations under the Plan, the Bank shall have the important power
of convening a committee whose duty shall be to explore the situation completely and to proffer plans for remedy. Thus we see a safeguard clause of
great importance for Germany, provision having been made that this committee, "having (in case of postponement of transfer) satisfied themselves
that the German authorities have used every effort in their power to fulfil
their obligations," shall make its recommendations as to future procedure.
The committee shall of course have no power of revision, but its recommendations should carry great weight, as it will be composed largely of the
beads of the leading central banks of issue. It may be noted that the Allied
creditors grant to Germany a far greater measure of postponement and thus
protection than they receive under their respective debt agreements with the
United States Government.
It must, however, be manifest that the necessity for convening such a
special committee will be rendered much more remote by the very protection
which Germany will enjoy in the regular functioning of the Bank's directorate itself. That board will in time be the regular meeting place of the representatives of the 12 or 15 leading central banks of the world. They will be
able periodically to report to one another on economic and financial conditions prevailing in the regions from which they come and, by reason of
being thoroughly posted in advance, to minimize or even prevent through
co-operative methods the development of perilous economic or exchange
conditions. With a common aim from the very start—namely, the maintenance of currency and credit stability throughout the world and, within
the limits proper, the promotion of trade and prosperity—these men
should come to know,appreciate and collaborate with one another in a manneedand to a degree not heretofore considered possible. There will be no
Der to convert such men to such ideas of co-operation as I have suggested;
they are already converted.
There are those, too, who believe that in time the Bank may be entrusted with gold settlement funds. It would be exceedingly rash to predict
anything concrete along these lines. But certainly the present method
of international gold settlements is slow, clumsy, hazardous, expensive
and unscientific. A reading of the statutes of the Bank for Interantional
Settlements shows that while its Organization Committee realized this fact,
Maintenance of the Gold Standard.
they wisely left the divising of proper means of dealing with It entirely to
I may perhaps be accused of having laid too much emphasis upon the
the Bank's board and staff. The B. I. S., In its design, is intended to help
carry on in the international field some part of the work now done by central importance of this international co-operation in affairs of economies and
banks in the National fields. And being under the control of the existing finance. But such importance will always exist. At this particular moment
central banks, being inhibited, further, from doing business in the several this necessity is vital because of the importance of handling evenly and regcountries except through or with the consent of the central banks of those ularly the great exchange problems created by the obligations to transfer
countries, the B. I. S. can hardly become the serious competitor, the each year to the United States Government the large credits heretofore
"super-bank," that some critics have feared. It ought, as the Report provided for. The same necessity exists in connection with the handling
suggests, to "become an increasingly close and valuable link in the of the net payments duo America on account of her immense export trade.
co-operation of Central Banking institutions generally—a co-operation Further, we cannot ignore the fact that the maintenance of the gold standard
abroad may be menaced. Eminent European economists have felt that
-essential to the continuing stability of the werld's credit structure."
it would require another fifteen years to reconstitute the liquid capital
America's Trade Interest.
destroyed by the war. This Is a condition to be reckoned with. It can be
All this may sound hifalutin. Yet this in fact is the feature in which met only through constant and continued co-operation on the part of the
the American industrial and commercial community has a vital interest. American community. It would be a sad commentary upon our intelligence
And it follows automatically that the banking system of the United States if, because of the adverse attitude of a few of our legislators, perhaps not
must be deeply concerned from the start in the successful functioning of all of them through students of economics, we should awake some morning
any institution the operations of which may have so great an influence upon to find that the value of maintaining the gold standard was seriously questhe stability of the exchanges, and therefore directly upon the maintenance tioned in Europe. Then we should be in danger of being left sitting disconof America's export trade. We can hardly forget that the development of solate on our pile of that once precious metal, our share constituting almost
our foreign trade, which in 1928 amounted (exports and imports) to nearly a half of the entire world's present supply.
I have digressed considerably in order to show America's vital interest
310,000,000,000, is largely dependent upon the prompt and regular functioning of our international banking system. Nor must we forget that the in the reparations settlement as proposed under the Young Plan. Returning
regular functioning of the international banking system is in turn largely now to certain final features of that Plan. I venture to point out again that
the Report of the Committee of Experts makes plain that, in accordance
dependent upon the maintenance of the gold standard.
In this connection It may be useful to point out that especially during the with its terms of reference, the Committee's conclusions are simply in the
last five years, marking the period in which the Inter-Ally debt payments nature of "proposals for a complete and final settlement of the reparation
have been made in large volume, and Germany's reparation payments problem." This attitude is made clear in one of the early clauses of the
under the Dawes Plan have been steadily increasing, the strain upon the Report which says:"We have realized, like our predecessors, that political
international exchanges has been heavy. This period has marked the efforts factors necessarily set certain limits within which a solution had to be found
of the great European nations to resume the gold standard. In turn Austria, if our proposals were to secure acceptance," that is, by the Governments.
Hungary, Germany, Great Britain, Belgium. Italy and France have re- In fact, at one stage of the Conference one of the European delegates comturned to the gold (or gold exchange) standard and, except in the case of plained that "our work as experts is being ruined by our limitations as poliFrance. have done so with the active and important co-operationofAmerican ticians." But, as I have explained in some detail, such political considerabanking interests, including in certain instances the Federal Reserve Banks tions were, In the minds of the Committee, sufficiently reconciled at the
•of this country. That is a feature of the economic history of the last five end and, as the Report states, "the Committee is satisfied that the scheme
years which has been of striking and particular Importance to American it recommends is within its terms of reference."
trade. And it would appear that, for the long future, the proposed B. I. S.
Distribution By the Governments.
is likely to furnish one of the most ready Callant3 of international banking
Chief of these political problems was, of course, the question of the proco-operation, in the favorable results of which America is possibly—because
portions in which the German annuities should be distributed. Discussion
of her enormous volume of foreign trade—most concerned.
over this question necessarily claimed much time from the chief creditor
The Attitude of Official Washington.
experts. In fact, on one occasion when they seemed far from agreement
Now from public comment it would appear that the idea has gained one of them made an earnest plea for compromise,saying what a misfortune
ground that the Administration at Washington has, through the statements it would be to have the creditor experts fall at the last to achieve "the
of the Secretary of State, declared that such co-operation shall cease I most difficult task of the Conference, namely, agreement among the creddo not read Secretary Stimson's declarations in that light. The President itors," as contrasted with the lesser task of agreement with Germany.
and he would be among the last persons in the world to attempt to turn These recommendations as to distribution of the German annuities were of
back the hands of the clock and to declare that the international banking course no concern of the German experts: but in the Report the general stateco-operation which has been an immense contribution to American prosper- ment was made that they were "drawn up after careful examination of
ity shall never be again. What certain of the officials at Washington have the existing distribution arrangement (Spa percentages) and of other releapparently feared has been lest the particular form of co-operation planned vant considerations laid before them (the creditor experts) and with due
should give color to the idea that the American banking system was engaged regard to the rights and equities of the other countries (Greece, Portugal.
in the collection of German reparations. For years past Washington has Poland, Rumania, Serbia, Japan and the United States of America) having
MAR. 29 1930.]
FINANCIAL CHRONICLE
a share in the Dawes annuities." It has been for the Governments concerned
to declare that in the main the distribution arranged at Paris is acceptable
to them.
Other important features of the Young Report (upon which the Governments acted favorably at the Second Hague Conference in January)
are embodied in the chapter entitled "Liquidation of the Past." Under
this general heading recommendations were made concerning the various
unsettled claims and counterclaims arising out of the peace treaties between
the Allies on the one hand and all the Central Powers (except Turkey) on
the other; and among the Succession States themselves. These claims
and counter-claims, which ran into billions of dollars. have been finally
disposed of on a sensible basis. The series of complicated interlocking
documents which will put the settlement into effect have received the approval of the Great Powers in principle, though at the time of writing they
are still being elaborated in detail at Paris. These present discussions,
however, should not affect the general lines of the arrangements made at
The Hague. which among other things dispose for good of the so-called
"optants question" between Hungary and Rumania and relieve Austria
of all further danger of being required to make reparations payments.
The Young Committee permitted itself to consider the foregoing claims
(although, strictly speaking, they did not fall within the Committee's
terms of reference) because their settlement manifestly formed an integral
part of the general settlement of the reparations question. In other words,
the Committee made every effort to end the exercise of measures sanctioned
under the Versailles Treaty but calculated, if continued, to keep war memories alive. The Committee expressed "their unanimous desire that the
remaining financial questions arising out of the War should be settled as
soon as possible, in order to promote the spirit of international harmony and
collaboration." It reflects great credit on the interested Governments that
they should have acted so promptly and so favorably upon the Committee's
recommendations concerning the complicated and difficult problems involved.
As to the general conclusions of the Report,the German delegates made it
clear(with the exception of Dr.Voegler, who resigned and left the Conference
two or three weeks before its end) that while they were by no means cons
vinced of the capacity of Germany under all conditions to fulfill its obligationunder the Plan, nevertheless as a whole they were prepared to accept and
heartily support it. Naturally the action of the Committee in so unanimously recommending the abolition of all foreign control in Germany
went so far to meet the views of the German experts. The abolition of the
Index of Prosperity was under favorable factor. The huge liens on German
railways and industries aggregating 16 billion marks were swept away, as
was the transport tax. The imposition of a direct tax on railway revenues,
to flow directly to the unconditional annuities, was in accord with German
Ideas.
On the general question of Germany's capacity, certainly if any group
were ever justified in its conclusions through the process of painstaking
study, it was the group of experts at Paris which gave the most patient
inquiry and consideration to all the factors involved in Germany's capacity
to pay. "These statements (as made by the German delegation) have
been present in the consideration of the Experts and in a large measure their
conclusions have been influenced by them," is a declaration made early in
the Report, and reflected upon almost every page of it. As for the burden
on the budget of the Reich, it is pointed out that the average increase
necessary to fulfill the annuities of the 20 years is less than one quarter
of I% per annum. and "indeed the substantial reduction of the budgetary
contribution as compared with the Dawes Plan makes possible an immediate
resumption of the tax reduction program which has been in progress since
1924."
Finally, it is a truism to say that the adoption of the Young Plan ought
to prove an immense stimulus to the European economy. The restoration
of confidence, the renewed friendliness, the fresh methods of co-operation
through the International Bank and otherwise—all these factors should
go far to tranquilize Western Europe, and to hasten all the processes of
reconstruction.
Mr. Young's Achievement.
2137
"Times" those who voted for the Thomas motion were
Senators Blease, Caraway, Smith, Thomas of Oklahoma,
Walsh of Montana,and Wheeler, Democrats.and McMaster,
Nye and Pine Republicans. The same paper, in a Washington dispatch stated that administration leaders in the House
on March 25 started seeking a way to avoid a clash with
Democrats and Middle Western Republicans over sending
the tariff bill to conference when the measure found its way
back to that body that day after nearly 10 months in the
Senate's hands. The advices in the dispatch are further
quoted as follows:
The most feasbile plan seemed to be to bring up a rule in the House,
allowing certain schedules to be opened up for debate and a separate
vote and sending the remainder to conference. This, it was thought,
would satisfy the dissenting elements, who have been threatening to
organize a coalition to keep the leaders from sending the bill to conference without a previous vote by the House membership on schedules altered by the Senate.
This plan was indicated when Representative Snell of New York, Chairman of the Rules Committee, announced that a rule would be brought
in Monday. That such a procedure would be acceptable to the opposition
was indicated by both Representative Ramseyer of Iowa, leader of the
Western Republicans, and Representative Garner of Texas. Democratic
floor leader.
Garner Ready to Compromise.
The result of the procedure likely will be to keep the tariff bill an open
subject in the House for the major portion of next week. Mr. Garner
predicted that the bill would not be out of the House by that time. He
has insisted on a separate vote on each schedule, but indicated that he
was willing to compromise.
It became apparent yesterday that the House leaders were considering
the coalition threat more seriously than before. To-day they called Mr.
Rarnseyer into the conference, where the plan of procedure was discussed.
Talk of a tariff coalition in the House was heard before the Christmas holidays, but little attention was paid to it at that time. Representative Garner, both on the floor and in public statements, had since laid the
ground for concerted action, and the actual merging of forces to keep the
bill frAn being sent directly to conference was said to hinge only on the
question of leadership.
Speaker Longworth said that it never had been the intention of administration forces to rush the bill through the House.
Debenture Plan Taken Up.
Representative Garner has started making overtures to farm belt Republicans for aid in keeping the debenture plan in the bill. During a
speech by Representative Sproul of Kansas, in which Mr. Sproul was
stressing the debenture as one of the most important provisions of the bill,
Mr. Garner asked him if he would line up those who thought the same
as he to retain the plan.
"If you'll line up 90 votes on that side of the House we'll keep the debenture plan in the tariff bill," declared Mr. Garner.
Mr. Sproul criticized the the manner in which the original bill had been
"shoved" through the House, and declared himself in accord with those
who wanted some discussion of the measure in the House before it was
sent to conference.
Mr. Garner also started agitation during the day to have details of the
conference committee's discussion of rates made public as consideration of
the bill progressed.
We have from week to week indicated the course of the
bill in the Senate, and in our issue of a week ago,(page 1958)
we noted that for the fifth time the Senate on March 21
refused to place a tariff on oil and gasoline. In a last
desperate effort (we quote from the New York "Times"),
Senator Thomas of Oklahoma, on March 22 offered an
amendment at 6:30 p. m. to take oil from the free list and
place it under Paragraph 1,558, putting a duty of 10% on
crude oil and 20% on derivatives. The amendment, the
sixth attempt to put a tariff on oil, was defeated by a vote
of 45 to 33. Noting that the Senate measure carries the
highest protection in history on agricultural and woolen
products, Associated Press dispatches March 22 said:
The geese boosted these levies generally, but the Senate jumped
them
up still higher.
I cannot close without being permitted to say that to Owen D, Young,
more than to any other one man, the settlement at Paris was due. His
active and efficient part in the construction of the Dawes Plan was already
a tradition in Europe and it was only natural that, seeking as experienced
and as disinterested a Chairman as possible, the European experts should
have promptly and unanimously chosen Mr. Young to guide their deliberations. The task which he undertook bristled with difficulties. On every
side lay pitfalls, not dug for the Chairman, but inherent in the situation.
His work was a work of infinite undertstanding and infinite patience. I
mention understanding particularly because at the conference all the dregs
of distrust and enmity that had been eddying about since the days of the
armistice and the writing of the Versailles tready were finally drained off;
they all came to the top and had to be dealt with and dispersed. All the
bitterness that had lain in men's hearts, all the hard things said, and all
those that men had not dared say, came creeping forth and had to be met.
To understand these men and these things took great understanding, deep
wisdom. Mr. Young had them both. And patience, to meet the trying
The measure also provides a higher duty on sugar, although lower than
ups-and-downs of negotiation, of point and counterpoint; patience in the
face of bitter personal criticism against him and his methods that succes- the House, and a general revision of the industrial rate schedules and
Administrative
provisions.
sively filled the French, the Belgium, and even the British press. To meet
Embraced in the latter are two amendments placed in the bill by the
all these situations the Chairman had patience, sagacity, resource. His
was a leadership that was never demanded by him, but was freely accorded coalition of Democrats and Republican independents over the expressed
to him by all his associates, because of their clear recognition of his fairness, opposition of President Hoover. These are: Substitute for the existing
his character, and his eminent capacity to be a leader of both affairs and flexible tariff provisions, which restores to Congress the power now invested
in the Executive to make emergency tariff changes; and the export debenture
men.
plan, by which exporters of farm surplus crops would be given a Federal
bonus equal to half the tariff on similar imported products.
While it has not been disclosed whether the President, who initiated
Senate Passes Tariff Bill by Vote of 53 to 31—House
the tariff legislation shortly after he entered the White House with a
to Discuss Bill for a Week.
request for a limited revision," favors the rate revisions made by the Senate
The Hawley-Smoot tariff revision bill, which passed the and House. Republican leaders believe he will sign the bill if the two adprovisions are removed.
House nearly a year ago (May 28 1929) was passed by the ministrative
On the whole, the Senate bill represents a lower percentage of protection
Senate this week, March 24, by a vote of 53 to 31. Following than the House measure passed last May. However,
it would have been
the adoption of the bill by the House last year, it was re- still lower if the coalition, in control of the revision for nearly six months,
had not wilted in the closing days of debate and permitted many important
drafted by the Senate Committee on Finance, and as re- Increases to go through.
written by that Committee, was reported to the Senate on
By virtue of this break in coaltion ranks a new coaltion formed around
Sept. 4 last. The Senate completed its revision of the bill the old guard Republican high protectionists got through the increase in
Cuban sugar rates and duties on brick, cement and soft wood lumber,
on March 22; just before the bill was passed on March 24, all now on the free list.
All of these rates, however, are below those passed by the House, except
the Senate, by a vote of 70 to 9,rejected a motion by Senator
lumber, which the House kept on the free list. The House, however
Thomas (Democrat) of Oklahoma, to recommit the bill to that onduties
on cedar lumber, shingles, hides, leathers and shoes and the
placed
the Senate Finance Committee, with instructions to re- Senate retained these in the free category.
measures
carry higher rates on raw wool and increases all down the
Both
the
increased
draft it by limiting the revision to
rates conon the products of wool.
tained in the farm schedule and the amendments to the ad- line
The most important reductions in duties approved by the
were
ministrative provisions. According to the New York on pig iron, aluminum, plate glass and automobiles. On the Senate
other hand,
2138
FINANCIAL CHRONICLE
higher levies were placed on furniture, pottery and chinawares, and rayon
yarn and clothing of all kinds.
In addition to the move on March 21 to place a duty on
oil, (to which as already stated reference was made in these
columns last week) further amendments proposed that day
were indicated in the following which we take from the
New York "Times" account:
An unsuccessful move was made by Senator Barkley of Kentucky to
place brick on the free list. It was lost by a vote of 36 to 35, and the
duty of $1.25 a thousand on plain brick and $1.50 on vitrified brick was
retained.
Reduction on Plate Glass Won.
Senator McMaster's amendment to reduce the rates on plate glass was
adopted by a vote of 39 to 26. He convinced the Senate that the plate
glass industry did not need such a high protection by reading the financial
report of the Pittsburgh Glass Company, which, he said, showed profits
of $111,000,000 last year, representing a great increase over the previous
year.
The duty on plate glass was made 12%, 17 and 194 cents a square foot
instead of 123, 19 and 22 cents a square foot.
An amendment to increase the duty on gypsum from $1.40 to $3 was
rejected.
Senator Hatfield. of West Virginia, succeeded in having a separate duty
of 10 cents per dozen in addition to 75% ad valorem imposed on kitchenware
and tableware of porcelain or china.
The duty on tungsten metal was Increased from 60 cents a pound and
25% advalorem to 60 cents a pound and 50% advalorem.
* * *
Senator Copeland succeeded in getting an increase on the duty in wire
netting during the absence of Senator Norris, who was opposed to it.
Later Senator Norris succeeded in getting a reconsideration and the action
reversed. He said that Senator Copeland's amendment would have increased the duty to 90%, while at present it is 50%.
Threat of Duty on Crutches.
Senator Goff of West Virginia sought a duty of 45% on electrical devices
for the deaf. He contended that 60,000 such instruments were used in the
United States, half of which were imported. At present they enjoyed a
duty of 20%.
It was explained that the Instruments sold at about $70. Senator
Barkley said that the increased duty would bring them to above $100.
"We have put a duty on medicines, on surgical instruments and now we
wish to unduly tax the deaf," he said. "If this prevails, I will offer a dutY
of 100% on crutches so as to cover all of humanity in the tariff bill." The
amendment was rejected.
••
Black Strap Duty Rejected.
The agricultuists lost one proposal when the Senate rejected by viva voce
vote a duty of 1.44 cents per pound on black strap molasses.
Senator Steck of Iowa had proposed that the tariff be applied to all black
strap. Then Senator Brookhart of Iowa moved that the duty be made
effective on black strap used exclusively in manufacturing alcohol, which,
he said, replaced about 60,000,000 bushels of corn annually. Senator
Brookhart stated that while the domestic sugar refineries would benefit to
a certain extent by the tariff, the farmers would gain perhaps 75% of the
diverted business, or find a market for 45,000,000 bushels of corn. His
amendment also was defeated without a record vote.
A duty of $20 a tenon broom corn was voted, 37 to 22, when proposed by
Senator Glenn of Illinois on behalf of Senator Deneen.
The Senate rejected a proposal for a 4 cents a pound tariff on short staple
cotton, introduced by Senator Heflin of Alabama, but adopted a compensatory rate of 10 cents a pound on long staple cotton used in cotton cloth,
Introduced by Senator Smoot of Utah, to equalize this classification with
the rate of 7 cents previously voted on all long staple cotton.
Battle Over Adjourning.
A discussion over whether the Senate should continue indefinately into
the night in considering the tariff bill enlivened the last few minutes of the
session.
Senator Walsh of Montana. who had risen to speak on an amendment,
mentioned that it was 10.05. five minutes past the customary hour for adjournment, and said he would yield the floor for that purpose. Senator
Smoot, who is steering the bill, agreed with the suggestion.
Senator Heflin of Alabama immediately objected, asking that consideration of the bill be pushed to a point where it might be possible to
adjourn until Monday.
To this Senator Smoot also agreed, but a mixed chorus of voices on the
floor shouted -let's go on." or "let's adjourn."
Senator Smoot then suggested a compromise in which the Senate would
take a recess until 10 a. m. to-morrow, an hour earlier than customary for
convening. This also met with mixed sentiment.
Senator Walsh asked Senator Smoot to put the question in a motion and,
when the latter demurred, offered a motion himself to adjourn until the
usual time to-morrow. In the viva voce vote the opinion seemed almost
evenly divided, but Vice-President Curtis ruled in favor of the ayes and
adjournment was taken.
On March 22, when the Senate completed its revision of
the rates embodied in the bill, the New York "Times" had
the following to say regarding the disposition of amendments
before the Senate that day:
After dispo,ing of all the schedules and acting on Individual amendments
the Senate adjourned at 8.20 o'clock with the prospect that the bill will be
Passed finally late Monday or Tuesday after insurgent Republicans and
Democrats, members of the defeated coalition faction, have delivered
denunciatory speeches.
The Senate will send to conference a measure that not only imposes
high farm duties, but constitutes a general revision of more than half
of the tariff structure. It departs greatly from the program originally
announced by President Hoover, who favored increased farm rates and
only a limited revision of industrial rates.
• • •
Limit on Debate Blocked.
Senator La Follette objected to a proposed unanimous-consent agreement to limit the debate on final action to 30 minutes to each Senator
and even opposed an hour limit and a final vote at 4 o'clock Monday
afternoon. About a dozen long speeches are scheduled for Monday,
with the administration leaders determined to force a final vote that day.
* • •
After making Progress last night, the Senate resumed at 11 o'clock
this morning with six schedules to be disposed of. Senator Watson, the
(Vol,. 130.
Republican floor leader, stated at the outset that the Senate would remain
In session until all the schedules had been acted upon and the bill was finished except for a final vote.
At 6.45 p.m., the last schedule had been considered and this made it
Impossible under the rules to effect further rate changes. For another
hour, the Senate wearily discussed the administrative features and then
adjourned until Monday, when the bill will come up for final action.
Present indications are that by late Monday night, after much speechmaking and explanations for campaign purposes, the bill will be Passed.
In the opinion of Republican leaders, the bill will remain in conference
at least four weeks, with final action by Congress not earlier than May 1.
During the day the Senate adopted an amendment by Senator Frazer.
Republican, of North Dakota, to place a countervailing duty on bread.
Mr. Frazer used the language of a similar clause on coal which the Senate
recently agreed to on reconsideration. It provides that if any country
places a duty on American bread a like duty shall be placed on bread
coming from that country.
*
*
*
In making his final bid for a duty on oil, Senator Thomas said that the
Senate yesterday in rejecting his plan for duties of 40 cents and 20%,
"sentenced the American oil industry to death and commissioned a British
concern to carry out the penalty." The British concern he referred to is
the Royal Dutch Shell Co.
A compromise amendment offered by Chairman Smoot of the Finance
Committee on fabrics containing wool, but not in chief part of it, was
adopted, as a result of which the wool in fabrics containing 17% or more
of wool will be dutiable at the higher woolen rates and the other materials
contained in the fabrics will be dutiable at the rates on such materials.
The vote was 49 to 28.
Senator George, Democrat, Georgia, opposed the amendment because
as he explained, the cotton in such fabrics will be dutiable at 60% ad
valorem, since in the cotton schedule this duty is provided on cotton
cloth containing a minor portion of wool. However, the amendment
is a marked reduction from an amendment by Senator Thomas, Republican,
Idaho, previously adopted and later rejected, assessing all fabrics containing 15% or more of wool at the rates on wool fabrics.
Many Items Voted On.
The previous action of the Senate in adopting the House rate of 30%
on sensitized paper was reversed when an amendment by Senator McKellar,
Democrat, of Tennessee restoring existing rates of 3 cents a pound and
20%, was adopted by a vote of 40 to 32. The amendment provides for a
reduction in the existing duty of 3 cents a pound and 15% on basic paper
for albumenizing or sensitizing to 3 cents and 10%.
Despite an attack by Senator La Follette, Republican, of Wisconsin,
characterizing the rate as "an increase over existing law of 2,800%. the
highest in the bill," the Senate retained, by a vote of 39 to 29, a specific
duty of 1% cents per line per gross and 25% ad valorem on agate buttons.
The existing duty is 15% ad valorem.
Two attempts by Senator Barkely, Democrat, of Kentucky, to reduce
the duty on matches imported in boxes containing not more than 100
matches each, met with defeat. Mr. Barkley first moved to reduce the
rate from 20 cents to 8 cents a gross. After this was rejected, he moved
to reduce the duty to 12 cents a gross, with the same result.
An amendment by Mr. Barkley was adopted by a vote of 36 to 33,
reducing the duty on photographic films from 25% to .2 cent a linear foot.
This is the duty applying on motion picture films. Mr. Barkley feinted
to large profits of the Eastman Company as an argument for the reduction,
Farm Move Defeated.
The final farm relief tariff measure met with defeat. An amendment by
Senator Capper, Republican, of Kansas, to place on the dutiable list at
1% cents a pound crude sago, sago flour, tapioca, tapioca flour and cassava, was rejected. These articles are imported in large quantities, Mr.
Capper said, seriously interfering with the domstic corn-starch industry.
"This will be the last opportunity to help the farmers," Senator Thomas
of Idaho announced. But the Senate rejected the amendment without a
roll-call.
An amendment by Senator Sheppard, Democrat, of Texas, to Place on
the dutiable list olive, palm kernel, rapeseed and similar oils, now on the
free list, was rejected by a vote of 39 to 28.
Senator Thomas of Oklahoma served notice that, before the final roll-call
he would move to eliminate all rate changes except those on farm products.
The Senate has twice voted down similar motions.
An amendment by Senator Bratten, Democrat, of New Mexico, to strike
out a provision to the effect that the 70% duty on dolls would be a minimum duty on all such articles was adopted by a vote of 38 to 30.
Senator Copeland was defeated in two attempts to take cresote off the
free list and make it dutiable.
In the last-hour action on administrative clauses Senator Thomas of
Oklahoma succeeded in getting through an amendment providing for an
Investigation by the Tariff Commission of the cost of crude petroleum
delivered to Atlantic seaboard refineries from oil fields in the United States
during the three years preceding 1930, as compared with the present cost
of crude petroleum from Venezuela.
An amendment by Senator Wagner, Democrat,of New York,to postpone
the effectiveness of the provisions extending the exclusion of articles made
by convict labor to goods made by forced or indentured labor of all kinds
to Jan. 11932. was adopted.
The Senate also adopted an amendment by Senator Walsh, Democrat,
of Massachusetts, directing the Tariff Commission to consider the depletion
of natural resources and the question of conservation, in arriving at rates.
which would be recommended to Congress under the revised flexible provision.
Smoot Calls Bill A Good One.
Senator Smoot who had charge of the bill, said to-night that "generally
speaking" the measure as it came to its final stages was a very, very
good bill."
-It is a much better bill than I expected we could get," he said. "Of
course, it has some things in it that I had rather not be there, but every
man Can't get his way all the time. There are some things which I am sure
will be worked out better in conference, but even as it now stands, it is a
very, very good bill. I am sure that, when it comes from conference, a
good majority of the Senators will be glad to approve It."
Senator Copeland assailed the measure.
"It is fined with imperfections," he asserted. "Some relief is afforded
for the suffering industries. The relief given farmers will be largely fictitious. The sum total of the long fight is that it was not worth the effort.
There should have been no special session and no request for revision of the
tariff".
It has been estimated that the Senate bill will increase prices from $500.000,000 to $1,000,000,000.
Senator George W. Norris of Nebraska, a leader of the insurgent forces,
said that the bill would levy a burden of nearly $1,000,000,000 on the.
American people.
MAR. 29 1930.]
"The bills has the widest of extremes," he said. ''In some of its administrative features, it takes advance ground never before undertaken in the
history of the United States. In its rate structures, it goes just as far the
other way. The rates are unjust, unfair and indefensible and some of them
are almost criminal."
Harrison States His Opposition.
Senator Harrison, in his "summing up" on the bill as acting Democratic
leader, said that he would vote against it, chiefly because it placed too heavy
burdens on the consumer.
"The bill when finally voted on passage will, so far as its rates are concerned, be the most obnoxious and indefensible ever passed by any Congress
in the history of the country," Senator Harrison said. "The PayneAldrich and the Fordney-McCumber tariff laws sink into insignificance
when its rates are compared, especially the rates on the articles of every
day use.
"In the Committee of the Whole we had put into shape a fairly good bill
But since the bill got into the Senate proper the new combination has undone much of the good that had been accomplished by the DemocraticProgressive coalition.
"Within the last few days, through inexcusable log-rolling and trading
tactics, several million dollars in increased cost to the American consumer
has been added. Sugar, lumber, cement, plate glass and innumerable
other articles and things necessary to life have been given excessive rates.
This action makes the bid unacceptable to many, and for myself I shall
vote against it."
Senator Capper of Kansas, as spokesman for the farm interests, represented the bill as offering as satisfactory rates for the farmers as could be
obtained.
Sees Improvement By Senate.
"The Senate has greatly improved the bill, although many imperfections
still exist," he said. "The agricultural rates will help the farmer as much
as he can be helped by tariff, and the law ought to go a long way toward
placing the farmer on an equality with industry.
Some of the industrial
rates are too high, but they have been reduced greatly by the Senate as
compared with the House bill. The bill is not perfect by any means, but
appears to be the best that could be obtained in the circumstances"
*
*
*
The day's discussion brought to an end one of the most intense legislative and politicial battles ever waged over a tariff measure since the days
of Aldrich. In many respects it was more destructive to political stability
and party harmony. Then only seven Republican Senators appeared
in opposition to the recommendations of the powerful Finance Committee,
but on the present bill 12 Republican Senators refused to go along with the
regulars and joined with the Democrats.
These formed the coalition faction which until the last two weeks, when
the bill came up to the Senate from the Committee of the Whole, dominated in tariff making. They succeeded in obtaining high farm rates and
in keeping down below the present law most of the industrial rates.
In the final days a new combination arose, consisting of Senators from
industrial States in co-operation with those representing the oil and lumber
States. This combination, declared to be led by Senator Grundy, increased industrial duties, such as those on wool: increased the duty on sugar,
maintained the House rates on brick and cement and in effect generally
raised the industrial rates above those in the present law.
In many instances the Senate reduced the rates in the House bill, but
generally speaking the duties accepted exceed those in the present law.
The rates on farm products are the highest in history. Both bills are
about the same in the duties imposed on clothing and raw wool. An increased duty is put on rayon, but the cotton and textile rates do not differ
greatly from the present law.
Hides and Shoes Kept "Free."
The Senate refused to take hides, leather and boots and shoes from the
free list as at present, while the House bill gives these items a duty. Both
give a duty to cement and brick, and lumber is dutiable in both measures.
The sugar rate is 2 cents a pound on Cuban sugar and 2.50 cents a pound
on world sugar, as against 2.40 on Cuban and 3 cents on world products
in the House bill. The present rate is 1.76 cents on Cuban sugar.
Many increases on agricultural products are contained in the Senate
bill over those in the House bill, which are considerably above the present
law. Commodities on which rises were voted in the Senate include cattle.
milk, cream, cheese, poultry, eggs, hay and nuts. The farm groups are
dissatisfied with the action on casein and vegetable oils, on which some
increases are given, and on starches and hides.
The average ad valorem rate in the farm schedule is about 35% in the
Senate bill, as compared with 33% in the House bill and 22% in the present
law.
Both bills carry the same increases in the duty on raw wool, the Senate
bill making a large increase in the rate on wool rags. The Senate imposed
a new duty on long staple cotton and raised the duty on hemp.
Of the 53 votes whereby the bill was adopted by the
Senate on March 24,46 of the votes were those of Republicans
and seven those of Democrats; five Republicans and 26
Democrats in the Senate registered their opposition to the
bill; included among the Republicans who stood by the bill
on final passage says the New York "Times" were eight
members of the Democratic-insurgent coalition, which lost
-control of the measure a few eeeks ago through a new combination effected by the Old Guard leadership.
These eight were Senators Borah, Brookhart, Frazier,
Howell, Nye, Pine, Schall and Cutting. The "Times" in
its Washington dispatch March 24 likewise said in part:
The 7 Democrats, who deserted the main body of their party to vote
for the bill, were Senator Bretton, Broussard, Copeland, Hendrick, Pittloan. Ransdell and Trammell.
The Vote on the BW.
Here is the roll call on the bill's passage:
Allen
Baird
Bingham
Borah
Brookhart
Canner
Couzens
Dale
Fess
Frazier
Gillett
'-Glenn
FOR THE BILL-53.
Republicans-46.
Goff
McCUlloch
McNary
Goldsborough
Metcalf
Greene
Hale
Moses
Nye
Hastings
Oddle
Hatfield
Patterson
Hebert
Phipps
Howell
Johnson
Pine
Robinson
Jones
Kean
(Ind.)
Robison
Keyes
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FINANCIAL CHRONICLE
Schall
Shortridge
Smoot
Steiwer
Sullivan
Thomas
(Idaho)
Townsend
Vandenberg
Walcott
Waterman
Watson
Bratton
Broussard
Copeland
Kendrick
Democrats-7.
Ransde
Trammell
Pittman
AGAINST THE BILL-31.
Republicans—S.
Norbeck
McMaster
Norris
Democrats-26.
George
McKellar
Thomas
Ashurst
Sheppard
(Okla.)
Glass
Barkley
Harris
Simmons
Black
Tydings
Smith
Wagner
Harrison
Blease
Steck
Walsh (Mass.)
Caraway
Hawes
Swanson
Walsh (Mont.)
Hayden
Connally
Heflin
Wheeler
Dill
Pairs.
For the Bill.—Cutting, Deneen, Grundy, Reed, Gould, Republicans: Fletcher,
Democrat.
Against the Bill.—Brock, Overman, Stephenson, Robinson of Arkansas, King,
Democrats: Shipstead, Farmer-Labor.
Blaine
LaFollette
Borah Holds to the Amendments.
Speaking with great earnestness, Senator Borah emphasized his interest
in the debenture, flexible tariff and Norris anti-monopoly amendments.
He indicated his purpose to vote for the bill on the ground that he wanted
particularly to stress his advocacy of the debenture plan, which, he said,
amounted to the payment of a bounty to the farmers.
"I cannot help but believe," he said,"that the debenture, or the bounty,
is an indispensable part of the protective system so far as the protective
system is concerned. Many of the rates on agricultural products designed
to help the farmer will prove ineffective. On the other hand, most of the
rates imposed on the products that he buys will prove effective.
In the original conception of the protective system, payment of a
bounty to take care of agriculture was advocated. That was regarded
as essential because the farmer sells in an open market and buys in a protected market."
Mr. Borah said there had been suggestions that when the bill emerged
from conference it would be minus the debenture plan.
"I have some suspicions myself about it," he remarked. "but I have
to accompany the principle to its grave, and I want to be there in the
procession when it takes place. If we take debenture out of this bill and
leave the farmer without the protection which that would give him, what
will we have done for agriculture at this session of Congress? We will
go away from here without any substantial, permanent benefit to the use
for which we were called heel)."
Referring to the Farm Board's activities, Mr. Borah said:
"Assuming that the Farm Board is not more successful in the future
than it has been in the past, we must look elsewhere for relief for the farmer.
If we had raised the agricultural rates as originally proposed and let the
industrial rates stand as in the present law, the farmer would have derived
bensfits from the tariff. But as things have been ordered the only alternative left for those who advocate relief for the farmer is the payment of
bounties as proposed by the debenture amendment."
Senator Borah said that unless the felxible tariff provisions were modified as proposed by the Senate. Congress would once more signify its approval of the delegation to the President of power to levy taxes.
"I am not willing," he said, "to place myself in a position where I seem
to have surrendered to the present law with respect to the flexible tariff."
Senator Borah concluded with a regret that there would be no friend
of the debenture plan on the conference committee.
"If debenture goes out of this bill in conference and stays out, that
does not mean that the fight for the principle is over," he said. "It
.'
means that the fight will have just begun."
Walsh Attacks Rate Structure.
In his attack on the rate structure of the bill, Senator Walsh of Massachusetts insisted that in many instances duties on raw products had been
increased without extending compensatory benefits to finished manufactures. This was notably true, he ssid, in textiles, candy,and leather.
"Fourteen materials that enter into the tanning of leather have been
Increased.
"If President Hoover listens to the voice of industry, he will veto this
bin," Mr. Walsh said.
The effect of the bill, he charged, would be to increase food prices,
building costs and rents, and generally to lay an additional burden on
the consumers that would run into the hundreds of millions of dollars.
"The bill," Mr. Walsh concluded,"means injury to the American people
and to American industries of every class and kind. Mr. Hoover has the
opportunity no American statesman ever had before. I believe he will
take advantage of it.
"I believe he wid veto this bill and endear himself to the hearts of the
people. I believe he will renounce and condemn and repudiate a bill
made in such an unscientific, slip-shod, log-rolling and trading manner
as this, without purpose, without aim, without benefit and filled with
burdens of unmeasured proportions to our people".
Blaine Reads of "Boycott" Threat.
Senator Blaine submitted some evidence that, he said, indicated a disposition in some quarters to influence the judgment of the Wisconsin
Senators on the tariff bill. He said that Friday he received a copy of a
telegram from Mrs. H. E. Thomas, Republican National Committeewoman for his State, reading:
Olanulgee. Okla.. March 12.—Mrs. H.E. Thomas, Republican Committeewoman.Sheboygan, Wis.
There appears to be a spontaneous boycott against Wisconsin products
starting in the mid-continent oil field, because of Senator Blaine's attack
on oil organization. The boycott seems to be growing, although apparently sponsored by no organization. Will you wire us any information
you may have that will help us stop boycott?
R. D.PINE.
"If Mr. Pine states the truth in that telegram," Mr. Elaine said, "the
same oil interests who are organizing this boycott against the products of
my State were engaged in an unlawful undertaking. To enter into an
organization for the purpose of boycotting products in inter-State commerce
Is denounced by the statutes of the country as a criminal act."
Mr. Blaine said that R. D. Pine was "a business partner" of Senator
Pine of Oklahoma. He charged that Mr. Pine's request for information
"as to how to stop the boycott was a merely subtle design.
PPPII
"The whole principle of the telegram was to interest the Republican
National Committeewoman to bring such influence, as Mr. Pine might
Imagine she might have, to control the action and the votes of the Senators
from Wisconsin on the question of oil."
As to the existence of a boycott, Mr. Blaine said he was convinced that
"this telegram does not tell the truth."
At the same time an Oklahoma City dispatch March 24
(Associated Press) was published in the "Times" as follows:
Wirt Franklin, President of the Independent Petroleum Association of
America, denied to-day that his organization has any connection with a
2140
FINANCIAL CHRONICLE
reported boycott on Wisconsin products, which Senator Blaine of Wisconsin said he has been informed was instituted in Oklahoma in retaliation
for his opposition to a tariff on petroleum products.
"The Independent Petroleum Association would not stoop to the low
tactics of the Senator from Wisconsin," Mr. Franklin said.
Tariff Bill Takes Rate Powers from President—Senate
Amendment Makes Congress Arbiter of Changes—
Farm Relief Debenture Proposal and Other Alterations.
A farm relief debenture proposal and an amendment that
strikes at "monopolies" are among the new features incorporated in that section of the tariff bill which will govern
the work of Treasury officials charged with the duty of
administering the measure. Noting this, a Washington
dispatch March 22 to the "Times" continued:
The Senate adopted amendments to the bill, as passed by the House on
May 29 1929, making radical changes in the flexible tariff provisions. It
likewise modified the sections of the House bill dealing with the valuation
of important merchandise. The Senate bill also offers a compromise of
the House provision which would authorize customs officers to exercise
plenary powers in banning obscene and seditious literature.
Under an amendment embodied in Section 341 of the Senate bill, the
President would be required to create the "office of Consumers' Counsel."
to represent the public in proceedings before the Federal Tariff Commission. The Senate bill makes it an offense punishable by fine or imprisonment for any person to "interfere" or "influence" the judgment of
the Commission in matters pending before it.
Strips President of Powers.
The Senate bill strips the President of authority to change tariff rates
by proclamation on reports of the Tariff Commission. Under the Senate amendment the Commission would continue to make investigations
Into present rates and report to the President. Instead of action by the
President, as provided in the current law and in the House bill, the President would under the Senate measure transmit the Commission reports
to Congress without recommendations, and Congress would determine
whether changes in tariff should be made.
In acting upon recommendations by the Commission. Congress would
be restricted in increasing or lowering rates, to the article or articles discussed in a given Commission report. Here is the limitation as incorporated in which is known as the Norris amendment:
"Any bill having for its object the carrying out, in whole or In part, of
the recommendations, shall not include any item not included in the
Commission's report and in consideration of such bill no amendment
thereto shall.be considered wbich is not germane to the items included in
such report."
Other changes affecting the Tariff Commission include the reduction of
Its membership from seven to six and a provision that not more than three
Commissioners shall be of the same political party. The Commission's
method of Inquiry into domestic production costs also are carefully defined
in the Senate bill to include the conditions of domestic industry with respect
to profits and losses, the extent to which productive capacity is utilized and
the extent of unemployment.
[Vou 130.
The Senate struck from the Houselbill the provision giving finality to
appraisers' decisions subject to appeal only to the Secretary of the Treasury.
If the Senate provision becomes a law importers may take cases involving
controversies over methods of valuation to the courts as under existing
law.
Valuation Modified.
The House definition of what constitutes "United States value" and
the modifications in this definition reported by the Finance Committe
also were deleted. The definition of "United States value" as it appears
In the Senate bill reads:
"The United States value of imported merchandise shall be the price
at which such or similar imported merchandise is freely offered for sale
packed ready for delivery in the principal market of the United States to
all purchasers at the time of exportation of the imported merchandise, in
the usual wholesale quantities and in the ordinary source of trade, with
allowance made for duty, cost of transportation and insurance and other
necessary expenses, from the place of shipment to the place of delivery, a
commission not exceeding 6%, if any has been paid or contracted to be
paid on goods secured otherwise than by purchase, or profits not to exceed
8 per centum, and a reasonable allowance for general expenses, not to exceed 8 per centum, on purchased goods."
The House bills' provision for a Tariff Commission investigation of
the question of domestic and foreign valuation for the purpose of future
application in the tariff law were broadened by the Senate. Where the
House bill virtually limited the investigation to an inquiry into domestic
production, the Senate provided for an Investigation of the entire field
"to determine in what respect the present methods of valuation have been
deficient, in what manner they have failed to function to the best interests
of the country."
The Senate amended the provisions of the present law and the House bill
prohibiting the importation of convict-made goods to include all goods
made from "forced or indentured labor."
The Finance Committee recommendation to eliminate the so-called milling in bond was also rejected by the Senate. At present, foreign wheat.
may be imported into the United States duty free, milled in bonded warehouses and the flour exported. American millers thereby may mill Canadian wheat for Cuban trade and obtain the treaty preferential rate of duty
into Cuba.
House Provision Rejected.
Because of the protest of Southwestern millers the House inserted a
provision designed to prevent millers of Canadian flour from taking advantage of this preferential. The words, as set down by the Senate, which
amount to amendment of existing tariff law, are:
"No flour manufactured in a bonded manufacturing warehouse from'
wheat imported after ninety days after the date of the enactment of this
Act, shall be withdrawn from such warehouse for exportation without
payment of a duty on such imported wheat equal to any reduction in duty
which by treaty will apply in respect of such flour in the country to which
it is to be exported."
Protection was granted to the coffee growing industry in Porto Rico
by a provision of the Senate bill which permits Porto Rico to assess a duty
on coffee brought into the island from other foreign countries.
Advertising Reciprocity Sought.
Authority is given to the President and Postmaster-General to make reciprocal agreements with foreign countries for duty-free entry of advertising matter. Specific exemption is made in the case of matter printed
or produced in a foreign country advertising the sale of articles by persons
carrying on business in the United States, or containing announcements
relating to their business or merchandise.
Export Debenture Plan.
The "merchandise bearing patent notice" Is regarded as very important.
The export debenture plan, formerly proposed as an amendment to the It reads:
Farm Relief Act, and then rejected, was incorporated in the tariff bill
"It shall be unlawful to import Into the United States any merchandiseby the Senate after prolonged debate. The plan embodies an arrange- of foreign manufacture if such merchandise or any part thereof, or the
in which it is inclosed, is not marked or labeled in accordance
ment under which exporters of those agricultural products of which the package
with the provisions of Section 4900 of the revised statutes (relating to
United States produces a surplus shall receive from the Treasury Depart- notice of patent under the laws of the United States) or any Act amendment certificates having a face value intended to represent the difference atory thereof,supplementary thereto, or in substitution therefor."
in costa of production here and abroad, such certificates being made negoCollectors of customs are authorized to receive uncertified checks,
tiable in the payment of import tariffs on any article later brought into United States notes and circulating notes of national banks in payment
this country.
of import duty under the Senate bill.
More specifically, the amendment provides that when the Federal Farm
The Senate bill contains a provision that smoking opium and other narBoard finds it advisable, it shall direct the Secretary of the Treasury to issue cotics barred by the Harrison Act and other laws, and not legally posdebenture certificates to the seller of a specific product up to one-half of sessed, shall be considered excisable merchandise.
the amount of the tariff on the same product imported into the United
Representatives of organize labor shall, under the bill, have equal rights
States.
with American manufacturers, producers or wholesalers, to complain, appeal
These certificates would be redeemable with customs collectors at not or protest,"in respect of merchandise in the manufacture or production of
less than 98% of their face value. To prevent an over-production of agri- which members of such organization or association take part."
cultural commodities the debenture provision is drawn so that the amount
of the debenture would be reduced on a graduated scale inversely to the
volume of production. For example, an arbitrary rate of two cents a Senate
Amended Tariff Bill 1,253 Times—Senator Smoot
pound, equivalent Co about $10 a bale, is set on standard cotton. The
Computes Changes Made in House Bill in Commitscale provides that for an increase in production of 20% and less than 40%
there shall be reduction of 20%; for an increase in production of 40% and
tee and on the Floor—Ad Valorem Duties Shown
less than 60%, there shall be a reduction of 50%; for an increase in producwith the Equivalents in the 1913 and 1922 Acts.
tion of 60% or less than 90%. there shall be a reduction of 75%; for a reduction in production of 90% or more, there shall be a reduction of 99%.
More than 1,250 amendments were made to the House
Gives Censorship to Courts.
The Senate provision banning tho importation of obscene and seditious
literature modifies the sections of the House measure dealing with this
subject. Instead of the procedure of the Act of 1922, strengthened by the
House bill vesting authority in customs officials for seizure and exclusion, the Senate approved an amendment providing for seizure by the
customs and placing with the Federal Courts the final decision as to whether
any book shall be barred.
The Senate bill authorizes the Secretary of the Treasury In his discretion
to admit the so-called classics or books of recognized literary or scientific
merit, but only when imported for non-commercial purposes. The Importer of a seized book, under the Senate bill, would have the right to
have the facts in controversy determined by a jury, and also the right of
appeal to the United States Supreme Court from the judgment of a lower
tribunal.
The so-called "monopoly" amendment Is a departure in tariff legislation in that it denies tariff production to manufacturers who maintain
"agreements in restraint of trade." This provision, adopted on motion of
Senator Norris, makes it mandatory upon the President, within 30 days
after the Court of ClIntkine Appeals finds the existence of a monopoly or
price-fixing agreement,"to proclaim the suspension of the imposition and
collection of duty or duties levied in the Tariff Act," affecting the articles
of a corporation concerned.
To Check Monopoly by Tariff.
The amendment provides that complaint of the existence of a monopoly
may be filed with the Customs Court by any interested party or by the
"consumers' counsel."
The Court will take Immediate jurisdiction and report its findings to
the President. Senator Norris contends that this provision is designed to
prevent the development of monopolies through the aid of the tariff.
Tariff Bill on its way through the Senate, according to a
statement submitted for the "Congressional Record on
March 24 by Chairman Smoot of the Finance Committee.
The disclosures in Senator Smoot's statement, as indicated.
in the New York "Times" follows:
As reported by the Finance Committee, the bill contained 431 amendments.
The Senate adopted 1.112 amendments to Titles 1 and 2 of the bill,
namely, the dutiable and free lists, Senator Smoot told the Senate. The
amendments include those of the Finance Committee which were accepted
by the Senate, together with the additional amendments made by the
Senate itself.
According to Senator Smoot, there are 141 amendments to Titles 3 and
4, making a total of 1,253 amendments to the House bill as it goes back
to the body where it originated.
Dealing with the ad valorem rates proposed by the Senate bill, as compared with the House bill and those of the 1913 and 1922 Acts, Chairman
Smoot said:
"The equivalent ad valorem rates in the Tariff Act of 1913. the Tariff
Act of 1922 and in the Bill HR-2667, as passed by the House of Representatives, as reported by the Senate Finance Committee and as passed by
the Senate, of the various schedules, are as follows:
"The equivalent ad valorem rates provided in Schedule 1 (c.hemicals,
oils and paints) under the Act of 1913 was 16.09%, under the Act of 1922
28.92%; under the bill as passed by the House 31.82%; under the bill as
reported by the Finance Committee, 29.37%; and under the bill as it was
voted upon by the Senate, 30.95%.
"The equivalent ad valorem rates provided in Schedule 2 (earths, earthenware and (glassware) under the Act of 1913 WRS 31.67%; under the Act
MAR. 29 1930.]
2141
FINANCIAL CHRONICLE
-of 1922, 45.52%; under the bill as passed by the House. 54.87%; under
the bill as reported by the Finance Committee, 53.61%; as passed by the
Senate, 53.09%.
"The equivalent ad valorem rates provided in Schedule 3 (metals and
manufacturers) under the Act of 1913 was 14.32%; under the Act of 1922,
33.71%; under the bill as passed by the House, 36.34%; under the bill as
reported by the Finance Committee, 29.47%, and under the bill as passed
by the Senate, 32.35%•
The equivalent ad valorem rates provided in Schedule 4 (wood and
manufactures) under the Act of 1913 was 6.70%; under the Act of 1922,
15.84%; under the bill as passed by the House, 25.34%; under the bill
as reported by the Finance Committee, 15.65%. and under the bill as
voted by the Senate, 15.65%.
Reductions in Schedule Fire.
"The equivalent ad valorem rates provided in Schedule 5 (sugar, molasses
and manufactures of) under the Act of 1913 was 39.23%, under the Act
of 1922, 67.85%; under the bill as passed by the House, 92.36%; under
the bill as reported by the Finance Committee, 84.75%; under the bill
as voted upon by the Senate, 77.15%.
"The equivalent ad valorem rates provided in Schedule 6 (tobacco and
manufactures of) under the Act of 1913 was 60.5%, under the Act of 1922
63.09%, under the bill as passed by the House 66.93%, under the bill
as reported by the Finance Committee 63.09%, and under the bill as voted
upon by the Senate 63.09%.
"The equivalent ad valorem rates provided in Schedule 7 (agricultural
products and provisions) under the Act of 1913 was 9.84%, under the Act
of 1922 22.37%, under the bill as passed by the House 33.35%, under
the bill as reported by the Finance Committee 32.40%, and under the
bill as voted upon by the Senate 35.99%.
"The equivalent ad valorem rates provided in Schedule 8 (spirits, wines
and other beverages) under the Act of 1913 was 25.54%, under the Act of
1922 36.48%, under the bill as passed by the House 47.44%, under the
bill as reported by the Finance Committee 47.44%, and under the bill
voted upon by the Senate 47.44%.
Dingley bill, 1897-May 4-July 7, two months and three days.
Payne-Aldrich bill, 1909-July 8-Aug. 5. twenty-eight liars.
Underwood-Simmons bill, 1913-July 11-Sept. 9,one month and 29 days.
Fordney-McCumber bill.1922-April 11-Aug. 19,four months and 8 days.
ChiefTariff Rates in Senate and House Bills Compared
With Those of Old Law.
Among the important rates in the tariff bill as it is expected to pass the Senate, compared with rates in the House
bill and the present law, the following are of general public
interest according to a dispatch from Washington March 22
to the New York "Herald Tribune":
Senate.
6c.
Free
The.
House.
80.
Free
51.123-S
Present Law.
Free
Free
750. (Meese
50% by flexible tariff)
Cast iron pipe
30%
25%
20%
Aluminum utensils
25%
110. & 55% 110. & 56%
Surgical instruments
45%
45%
70%
Dental instruments
35%
60%
35%
Aluminum, crude, lb
2c.
5c.
Sc.
Aluminum, sheet, bar
90.
90.
315c.
Logs of fir, pine, &c
Free
S1 a 1,000 ft. S1 a 1.000 ft.
$1.50 a 1,000 ft. Free
Lumber and timber of fir, pine. &c
Free
Shingles, wood
Free
Free
25%
Sugar, raw, world rate, lb
2.50.
2.2c.
3c.
Sugar, raw, Cuban
20.
1.76e.
- 2.40.
8c.
714c.
Maple sugar, lb
40.
Maple syrup, lb
5;Sc.
40.
Sc.
Cattle, lb
2310. to 30. 2c. to 214e. 110. to 2e.
Milk, fresh or sour, gallon
fiiic.
Free
5c.
Cream, fresh or sour, gallon
56.60.
48c.
30c.
Skimmed milk and butter milk, gallon_ _ _ _ 2 1-20c.
10.
13(0.
Cheese and substitutes, lb
50. not lees
7c. not less
8c. not less
than 42%
than 35%
than 25% •
Cotton Cut from House Rate.
8c.
30.
6c.
"The equivalent ad valorem rates provided in Schedule 9 (manufactures Live chickens and other live poultry. lb
Frozen halibut, lb
2c.
Sc.
2c.
of cotton) under the Act of 1913 was 30.53%, under the Act of 192240.27%. Cod, haddock, &c.,
not over 43% mole.
under the bill as passed by the House 43.19%, under the bill as reported
ISic.
two, lb
13-ie.
3-j0.
qc.
14c.
by the Finance Committee 43.19%, and under the bill as voted upon by Cod, haddock, &c., over 43% moisture...
2c.
23-Sc.
Boned cod, haddock, &c.. lb
1 no.
the Senate 40.59%.
Oats, bushel
I60.
150.
I50.
"The equivalent ad varloem rates provided in Schedule 10 (flax, hemp, Plums, prunes, lb
-lc.
2c.
Mc.
3
$4.00
jute and manufactures of) under the Act of 1913 was 10.06%, under the Hay, ton
84.00
$5.00
Free
7c.
Act of 1922 18.16%, under the bill as pasSed by the House 19.03%, under Cotton. long staple, lb
340.
Wools, lb
340.
31c.
the bill as reported by the Finance Committee 19.36%. and under the Hides
Free
Free
10%
bill as it was voted upon by the Senate 18.95%.
15%
Leather
Free
Free
20%
Free
Free
"The equivalent ad valorem rates provided in Schedule 11 (wool and Shoes
Free
Free
Free
manufactures of) under the Act of 1913 was 20.86%, and under the Act of Crude petroleum
1922 49.54%, under the bill as passed by the House 58.09%, under the
bill as reported by the Finance Committee 56.87%, and under the bill as
it was voted upon by the Senate 57.38%•
John J. Parker Named to U. S. Supreme Court Suc"The equivalent ad valorem rates provided in Schedule 12 (manufactures
seeding Late Justice E. T. Sanford-Estate of
of silk) under the Act of 1913 46.36%, under the Act of 1922 56.56%,
under the bill as passed by the House 60.17%. under the bill as reported
Former Chief Justice W. H. Taft, Whose Death
by the Finance Committee 62.44%, and under the bill as it was voted
on Same Day as That of Justice Sanford.
Occurred
upon by the Senate 58.03%.
"The equivalent ad valorem rates provided in Schedule 13 (manufacOn March 21 President Hoover sent to the U. S. Senate
tures of rayon) under the Act of 1913 was 34.39%. under the Act of 1922
nomination as Associate Justice of the U. S. Supreme
52.68%, under the bill as passed by the House 53.43%, under the bill as the
reported by the Finance Committee 53.78%. and under the bill as it was Court of John J. Parker (Republican) of Charlotte, N. C.
voted upon by the Senate 49.14%.
to succeed Edward T. Sanford, whose death on March 8, in
The equivalent ad valorem rates provided in Schedule 14 (paper and
boolcs) under the Act of 1913 was 21.67%, under the Act of 1922 24.51%, Washington preceded only by a few hours that of William
under the bill as passed by the Hoase 26.14%. under the bill as reported Howard Taft, former Chief Justice of the Supreme Court.
by the Finance Committee 26.13%, and under the bill as it was voted
While Mr. Taft's health had for some time been in a preupon by the Sneate 25.91%.
"The equivalent ad valorem rates provided in Schedule 15 (sundries) carious condition, prompting his resignation as Chief Justice
under the Act of 1913 was 16.25%, under the Act of 1922 20.99%. under on Feb. 3 (as noted in our issue of Feb. 8, page 917), the
the bill as passed by the House 28.57%, under the bill as reported by the
Judge Sanford came unexpectedly and was attributed
Finance Committee 26.52%, and under the bill as it was voted upon by death of
to acute uremic poisoning. Judge Sanford, who was 64
the Senate 19.99%.
"The equivalent ad valorem rates provided for the dutiable schedules, years of age collapsed at his dentist's early in the day on
which is a computation based upon the equivalent of the several schedules,
as I have outlined above, are as follows: Under the Act of 1913 21.08%, March 8 and died several hours later at his home. Mr.
under the Act of 1922 34.61%. under the House bill 43.15%, under the Taft's death occurred at 5.15 P. M. on March 8. While Finance Committee bill 40.54%, under the bill as it was voted upon by there was for a brief time, following his resignation as Chief
the Senate 38.99%.
"The computed duties shown in the tables above set forth were cal- Justice, improvement in the condition of Mr. Taft, early
culated by applying to the 1928 imports the several rates of duty under this month he showed signs of losing ground, and he failed
the Tariff Act of 1913, the Act of 1922. the bill as passed by the House,
to rally from a sinking spell suffered on the 8th. A proclamathe bill as reported by the Finance Committee of the Senate and the bill
tion announcing his death was issued as follows by President
as it was voted upon by the Senate."
Cement. cwt
Gypsum
Pig iron. ton
Hoover on March 8:
Chronology of the Long-Discussed Tariff Bill Since
House Hearings Began in January 1929.
As we indicate elsewhere in our issue to-day the HawleySmoot Tariff Bill was passed by the Senate on March 24;
the chronology of the tariff bill up to March 22, when the
Senate completed its revision of the bill, was set out as follows in a Washington dispatch March 22 to the "Times:"
Jan. 1929- House Committee on Ways and Meals began hearing.
Feb. 27- Hearings concluded.
Apr. 15- Congress convenes in extra session.
May 7- Bill reported to House by Ways and Means Committee.
May 28-House passed bill.
May 29-Bill referred to Senate Finance Committee.
June 13- Hearings begun before Finance Committee.
July 18- Finance 0 nunittee ended hearings.
July 22- Republlcan members of Finance Committee began redrafting
MA.
Sept. 4-Redrafted bill reported to Senate.
Sept. 12-Debate began in Senate.
Nov. 22- Extra session adjourned.
Dec. 2- Regular session convened and Senate resumed consideration of
bill.
Mar. 22 1930- Senate completed revision.
The measure has thus been before the Senate for six months and 18 days.
The Senate record on previous tariff bills in the last 40 years is as follows:
McKinley bill, 1890-June 18-Sept. 20, a period of three months and
two days.
Wilson-Gorman bill. 1804- Feb. 2-March 20. one month and 18 days.
ANNOUNCING THE DEATH OF THE
HONORABLE WILLIAM HOWARD TAFT.
By the President of the United States of America,
A PROCLAMATION.
To the People of the United States:
It become my sad duty to announce officially the death of William
Howard Taft. which occurred at his home In the City of Washington on the
8th day of March, 1930, at 5.15 o'clock in the afternoon.
Mr. Taft's service to our country has been of rare distinction and was
marked by a purity of patriotism, a lofty disinterestedness, and a devotion
to the best interest of the nation that deserve and will ever command the
grateful memory of his countrymen. Ills career was almost unique in the
wide range of official duty,as Judge, as Solicitor General, Governor General
of the Philippines. Secretary of War. President of the United States and
finally Chief Justice.
Ins private life was characterized by a simplicity of virtue that won for
him a place in the affection of his fellow countrymen rarely equaled by any
man. In public and in private life beset a shining example, and his death
will be mourned throughout the land.
As an expression of the public's sorrow it is ordered that the flags of the
White HOUSe and of the several departmental buildings be displayed at
half staff for a period of 30 days,and that suitable military and naval honors
under orders of the Secretary of War and the Secretary of the Navy may be
rendered on the day of the funeral.
Done at the City of Washington on this 8th day of March in the year of
our Lord 1930, and of the independence of the United States of America
the 154th.
HERBERT HOOVER.
By the President:
WILBUR J. CARR, Acting Secretary of State.
2142
FINANCIAL CHRONICLE
fVoi. 130.
were very substantial and of great importance to the cotton growers of the
Mr. Taft would have been 73 years old on Sept. 11 next. South.
The former Chief Justice, clothed in the robes of that office
"THOMAS D. THACHER."
Judge Thacher is on the Federal bench in the Southern District of New
was buried in the Arlington National Cemetery on March 11
with full military and naval honors. President Hoover, York.
Vice-President Curtis, members of the Cabinet, the Supreme
Court and of Congress were among the nation's representa- Edward L. Doheny Acquitted of Charges of Bribery
Growing Out of Leasing of Elk Hills Naval Oil
tives who participated in the final honors accorded the
Reserve.
former President and Chief Justice. Under date of March 21
A jury in the District of Columbia Supreme Court, WashAssociated Press dispatches from Washington stated:
A petition for the probate of the will of the late William Howard Taft ington, D. C., on March 22 acquitted Edward L. Doheny,
showed the former President and Chief Justice left an estate valued at 73-year-old oil operator, of a charge of paying a bribe of
$475,000.
As filed recently by Mrs. Taft, the petition for probate showed Mr. Taft $100,000 to Albert L. Fall, Secretary of the Interior in Presiowned real estate near Murray Bay, Quebec, Canada, and the mansion dent Harding's cabinet, to influence the leasing of the Elk
on Wyoming Ave. in Washington, together estimated to be worth $125,000.
Hills (Calif.) Naval Oil Reserve to the Pan-American PetroThe former Chief Justice's personal estate, comprising stocks, bonds and
leum and Transport Co., a Doheny company, According
personal effects, was estimated at $350,000.
Mrs. Taft added that his debts, including the expenses of the funeral, to the "Times" the jury of three women and nine men
would not exceed $3,000.
few minutes more than an hour before
She told the court also that the subscription of $10,000 to Yale Uni- deliberated only a
versity, mentioned by Mr. Taft in his will, had been paid during his life they filed into the court room at 12.07 p. m. to deliver their
time. Likewise he had paid the $2,500 to the Taft School, founded by verdict through Foreman Chesley H. Ray, a 41-year-old
his brother, Horace Taft, which was mentioned in a coidcii.
steamship agent.
As noted in our issue of Feb. 8, page 917 and Feb. 22,
From the Brooklyn "Daily Eagle" we take the following
page 1213, Charles Evans Hughes succeeded Mr. Taft as from Washington March 22:
Chief Justioe.
Doheny's acquittal follows by only a few months the conviction of Fall
On March 24 the nomination of Judge Parker to be a In the same court room as a $100,000 bribe taker from Doheny in the Elk
Justice of the Supreme Court was referred by the Senate Hills lease.
The acquittal was the second returned the Doheny in the oil scandal
Judiciary Committee to a sub-committee headed by Senator trials, the first coming on a charge of conspiring with Fall for the Elk
Overman, Democrat, of North Carolina. Senator Over- Hills lease. The former Secretary of the Interior was also adjudged not
man said he would call an early meeting with a view to guilty of the conspiracy charge.
Verdict on First Ballot.
getting a report back to the whole committee in time for its
The verdict came on the first ballot taken by the jury, the Associated
meeting next Monday. Other members of the sub-comsays.
mittee are Senators Borah and Herbert, Republicans. Prins
Doheny stood stock still staring ahead awaiting announcement of the
Senator Overman has endorsed Judge Parker. The latter verdict by the jury foreman, Chelsey H. Ray.
With the words "Not guilty," some of the spectators who crowded the
at present is a member of the Circuit Court of Appeals of
room cheered, to be silenced immediately by bailiffs.
the United States for the Fourth Judicial Circuit. The court
Tears rolled down Doheny's wrinkled cheeks. For minutes they came,
possibility of serious Senatorial objections to the elevation but he did not sob.
Mrs. Doheny pushed her way to the side of her husband after hearing
of Judge Parker to the United States Supreme Court be
the verdict today, and clasped him in her arms while she wept.
came manifest on March 25 when it was learned that the
After Justice William Ritz had left the bench, numerous friends and relaAmerican Federation of Labor proposed to submit his tives followed her within the fenced enclosure. They surrounded the
record of labor decisions to the Senate. A dispatch from Dohenys as they thanked members of the jury for their verdict.
.lary Members Wept.
Washington to the New York "Herald Tribune" reporting
Some jury members wept and one, Emory H. English. who walked on
this said:
right leg, sat in his chair and cried when
Judge Parker was co-author of a much-discussed injunction decree in a
long drawn out struggle between the coal miners and operators of West
Virginia: The decision forbade representatives of the United Mine Workers
from asking miners who had signed "company agreements" to Join the
union.
Decision Criticized.
The decision excited widespread criticism at the time and when the
Senate sent an investigating committee into the West Virginia and Pennsylvania coal fields to view conditions first hand, some time later, it was
one of a number of injunction decisions by the Federal Courts which called
forth Senatorial denunciation.
U. S. Senate Confirms Nomination of T. D. Thacher
as Solicitor General of the United States Succeeding Charles E. Hughes, Jr.
On March 22 the United States Senate confirmed the
nomination of Judge Thomas Day; Thacher of New York
as.Solicitor General, succeeding Charles Evans Hughes, Jr.
Judge Thatcher's nomination to the post was referred to in
these columns Feb. 22, page 1214. From a dispatch (Washington) to the New York "Herald Tribune" March 22, we
take the following:
crutches due to the loss of his
Doheny came over and shook his hand. Leaving the court room Doheny
posed for photographers and sound pictures.
"Of course I am happy," he said. "I am only sorry that the same
verdict could not have gone to my friend, Mr. Fall, who deserved it as
much as I do."
Fall was tried in tbe same court. He is free on bond pending appeal.
The jurors refused to discuss what took place in the jury room today,
other than to say that the first ballot taken was unanimous for acquittal.
The foreman told counsel that the verdict had been reached 15 minutes
after the jury retired. He said the indictment was read, to be followed
with a brief discussion of its terms, and then the first ballot was called for.
After finding that there was no difference of opinion, the jury rested for
little more than half an hour before returning to the court room. It was
locked up during the trial.
Senator Nye's Criticism.
The Government charged that the $100,000 which Doheny sent to Fall
on Nov. 30 1921 was a bribe prior to the negotiation of a contract for
construction of a naval oil storage plant at Pearl Harbor, Hawaii. That
contract contained a clause which gave the successful bidder, Doheny's PanAmerican Petroleum & Transport Co.,a preference to the Elk Hills lease.
Doheny said that the money was a loan to an old firiend in need and
testified that it was given to Fall without any thought of influencing his
official actions regarding the leases.
Justice Ritz, in his charge to the jury, told it that the only thing they had
to decide was whether Doheny intended to bribe Fall when he sent him the
$100,000. He said unless they determined that it was Doheny's intent to
influence Fall's action they must acquit him.
Chairman Nye of the Senate Lands Committee, which conducted the
Senate inquiry into oil leases,said:
"It is unfortunate that Doheny and Fall were not tried together and by
the same jury. The same jury should have received the evidence in such
cases. It is another one of those queer twists of justice in the District of
Columbia courts."
Dohenys to Take Sea Trip.
Doheny, his wife, their daughter-in-law and 3 grandchildren will board
their•290-foot ocean-going yacht Casiana this summer and "go to places,
mostly on the ccean, particularly down the Pacific Coast to the South Seas."
Flushed with the pride of vindication, Mrs. Doheny disclosed the plans
as she sat with her husband in the drawing room of their fashionable hotel
suite here a few hours after Doheny was acquitted.
Between them and that South Seas cruise they glimpsed, ahead, what
they hope will be the last court action they must face together as a result
of the oil scandals of the Harding Administration—a civil suit for $18,000,000 damages, brought by one of the stockholders of Doheny's PanAmerican Petroleum Co.
"We will fight that out together." Mrs. Doheny said, referring to .the
suit scheduled in a Federal Court of California for April 22,"and then we
will get some rest."
Judge Thacher several days ago disposed of his power company stock at
the request of the Judiciary Committee. An attempt by certain leaders of
patriotic societies to block the confirmation because of allegations that a
decision by Judge Thacher in an alien deportation case encouraged communism was not looked on by the Senate as well-founded.
Senator William E. Borah,insurgent Republican, of Idaho, proposed that
confirmation be considered in executive session. He had read a letter
which he had received from Judge Thacher in relation to the immigration
case, as follows:
"My Dear Senator:
"I have been advised that some objection has been made to my qualification for the office of Solicitor-General because of a decision rendered by me
In the case of'United States of America ex rel John Voich, alias Vujevich,
relator, against the Commissioner of Immigration (Docket No. M.12-285):
"So that you may be informed in regard to the matter. I am taking the
liberty of enclosing to you herewith a copy of the memorandum decision
and a letter from the District Attorney of this district enclosing copies of
his correspondence with the Attorney General and the Commissioner of Immigration. You will note from these documents that the department
agreed with the District Attorney that the adminstmtive record did not
sustain the charges contained in the warrant of deportation, and accordingly the appeal which was taken by the District Attorney pending the receipt
of instructions from the Attorney General was withdrawn on the advice of
the Attorney General.
"I am also informed that some question has been raised because I acted
at one time as counsel for the Amtorg Trading Corp., a corporation organized to carry on Russian American trade, it being stated that this company
was engaged in bringing into the United States a large amount of Russian
The conviction of Albert B. Fall on a charge of accepting
gold. I represented this company in a purely professional capacity for
about nine months before becoming a member of this court on Feb. 3 1925. a bribe from E. L. Doheny was noted in our issue of Nov. 9
In Feb. 1928, the State Bank in Moscow shipped to New York certain gold
specie to be used as a basis of credit, for purely business purposes. This 1929, page 2952. Associated Press advices from El Paso,
transaction occurred after I had been on the bench three years. I was not
Tex., March 22 had the following to say:
concerned in any way with this transaction.
"Perhaps I should also add that I acted as counsel, from the time of its
Albert 13. Fall, convicted of receiving a $100,000 bribe from Edward L.
organization until I became a member of this court, for the All-Russian Doheny in the leasing
of the Elk Hills Naval 011 Reserve, to-day asked the
Textile Syndicate, a corporation organized to purchase raw cotton in the
United States, of which Mr. Alexander Gumberg was general manager. public to consider the "puzzle" of his conViction in the light of the oil
As you are no doubt aware, the purchases of raw cotton through this agency magnate's acquittal by a jury in Washington.
3fAn. 291930.]
FINANCIAL CHRONICLE
2143
The aging former Secretary of the Interior declared at his home here today in Doheny's acquittal;"Truth and innocence have finally triumphed."
In the two cases, he contended, the evidence was "identical."
Mrs. Fall said the outcome of the Doheny trial was "a splendid vindication that surely will call to the attention of the entire world the terrible
injustice that has been done to Mr. Fall and his family."
Fall is awaiting action on an appeal from his conviction.
Contracts to Be Awarded.
Treasury Department plans as now outlined, it was made known by
Secretary Mellon, call for the award of contracts during this year for other
new Federal building projects as follows:
Massachusetts.—Boston, two buildings. Federal office building and
immigration station; Worcester, Lowell, Fall River and Framingham.
Kansas.—Wichita and Junction City,
Ohio.—Toledo, Marine Hospital at Cleveland.
New York.—Assay office, parcel post and Government warehouse in
Manhattan; Brooklyn. superstructure; Peekskill and White Flatus.
Nine-Year History of Oil Scandals Incident to Leasing
New Jersey.—Red Bank and Passaic.
Wisconsin.—Racine and Marshfield.
of Naval Oil Reserves.
Louisiana.—New Orleans, two buildings, marine hospital and a quarantine station, Bogalusa.
The following is from the Brooklyn "Daily Eagle" of
Virginia.—Lynchburg, Roanoke, Alexandria and Buena Vista.
North Carolina.—Greenboro and Lenoir.
March 22:
West Virginia.—Morgantown and Parkersburgh.
Oklahoma.—Oklahoma City and Tulsa.
March 31 1921 (nine years ago)—President Harding signs order giving
Georgia.—Savannah.
Secretary Fall control of naval oil reserves.
Alabama.—Sheffield and Union Springs,
Nov. 14 1921—Sinclair, Stewart, O'Neil and Blackmer organize notorious
Missouri.—Kansas City and Sedalia.
Continental Trading Co.. getting $8,000,000 profit from sale of Oils.
Arizona.—Prescott and San Luis.
Washington.—Seattle. Federal office building; Blaine, inspection station.
Nov. 30 1921—Fall gets $100,000"loan" from Doheny, delivered in cash
Michigan.—Benton Harbor and Flint.
in little black bag.
Connecticut.—New London, Coast Guard academy.
Dec. 11 1922—Doheny gets secret lease of Elk Hill reserves from Fall.
Indiana.—Lafayette.
Dec. 20 1922—Fall awards Salt Creek contract to Sinclair.
Tennessee.—Kingsport.
Iowa.—Iowa City.
May 1923—Fall resigns, enters Sinclair service. Talk of inquiry into
New Ilampshire.—Hanover.
scandal. Continental goes out of business.
Vermont.—High Gate Springs, inspection station, Bellows Falls.
Oct. 22 1923—Senate investigation begins.
Oregon.—Klamath Falls.
Texas.—Cialveston, Marine hospital.
Jan. 31 1924 (six years ago)—Senate orders prosecution to cancel leases
Minnesota.—South St. Paul.
and criminal trials.
South Dakota.—Vermilion.
June 30 1924—Fall, Sinclair, Doheny and F. L. Doheny Jr. Indicted for
North Dakota.—St. Johns, inspection station.
bribery and conspiracy to defraud.
Utah.—Ogden.
Wyoming.—Casper.
Dec. 16 1926—Fall and Doheny Sr acquitted of conspiracy after trial.
New Mexico.—Albuquerque.
Feb. 8 1927—Supreme Court cancels Doheny oil leases denouncing it as
Idaho.—Nampa.
a fraud and conspiracy.
Montana.—Havre.
March 16 1927—Sinclair found guilty of contempt of Senate, sentenced to
Rhode Island.—Pawtucket.
California.—San Bernardino.
three months.
South Carolina.—Spartanburg.
Oct. 10 1927—Supreme Court cancels Teapot Dome lease, calls-Fall
Colorado.—Canon City,
"faithless public officer."
Arkansas.—Eldorado.
Mississippi.—Greenwood.
Nov. 2 1927—Sinclair-Fall criminal trial halted by jury tampering.
Maine.—Houlton, Inspection station.
Feb. 21 1923—Sinclair sentenced to six months for jury shadowing,
Mr. Mellon concluded:
H. Mason Day four months, William J. Burns, 15 days.
This list of buildings does not include projects that may be selected under
March 7 1928—Stewart forced out as Chairman of Standard Oil of
the
authorization of $115.000,000 for the country at large Included in the
Indiana.
Keyes-Elliott bill, and after the passage of that bill it will be possible ot
April 21 1928—Sinclair acquitted for conspiracy to defraud.
June 14 1928—Stewart acquitted of contempt for refusal to answer expedite the construction of the Federal buildings at Chicago, San Francisco, Pittsburgh, Portland, Ore., Hartford and Springfield. UI.. involving
Senate.
a total of approximately $30,000,000. besides 10 other projects yet to be
June 25 1928—Stewart indicted for perjury.
determined.
Nov.20 1928—Stewart acquitted of perjury.
Oct. 25 1929—Fall convicted of accepting bribe of $100,000 from Doheny.
Nov. 1 1929—Fall sentenced to year in jail, $100,000 fine. Appeals.
Senate Votes $383,000,000 in Bills to Aid Business,
Nov.21 1929—Sinclair leaves jail, after serving 7M months.
Pushing Hoover Program—Senator Watson DisMarch 22 1930—Doheny acquitted of charge of bribing Fall.
"The administration of criminal law in the United States is a disgrace
closes Party Plan for Six Weeks' Drive on Vital
to civilization."—Wllllam Howard Taft.
Measures—Leader Calls for Disposal of Tariff
Secretary of Treasury Mellon Announces Federal
Building Plans in Various Cities Involving $92,000,000 With View to Remedying Unemployment
Conditions.
Expanding this year's Federal building program by $92,000,000, in addition to $40,000,000 construction already in
progress, Secretary Mellon outlined on March 22 further
plans for stimulating national business and industrial
activity and for the decrease of unemployment.
A Washington dispatch to the New York "Times" from
which the foregoing is taken, further indicates as follows the
Secretary's plans:
Shoals, Prohibition and Supply Bills by June 16
—Stabilization Chief Aim—$230,000,000 is Provided
for Public Buildings, $153,000,000 for Agriculture
Outlays.
Plans to stimulate business and bring about stability by
prompt passage of the tariff bill and rejection of pending
controversial legislation were evolved by Republican Congressional leaders on March 25, after the Senate passed two
bills aimed to encourage construction and road building.
Advices to this effect were contained in a Washington dispatch to the New York "Times" on March 25, this going
on to state:
In lass than two hours the Senate passed the agriculture and public
"Accelerating its activities in line with President Hoover's policy of buildings bills which carry appropriations of Federal aid in road building
increased construction as a means of relieving unemployment," he said, and the erection of public buildings throughout tho country totaling $383."the Treasury Department has mapped out a program for putting under 000,000. These are the first concrete acts by the Senate to carry out the
way this year $92,000,000 worth of public buildings in addition to the program recommended by President Hoover as the Federal Government's
$40,000,000 now under construction.
contribution to relieve the business depression by encouraging public works.
"Prompt passage of the Keyes-Elliott public building bill by the Senate
After the passage of these measures, following its disposal of the tariff
would enable the department to speed up its plans much more rapidly bill yesterday, the Senate took a virtual recess until Tuesday to get a
than at present, besides making available for this and other years an brief rest before tackling the legislation accumulated during the six weary
increased sum of money."
month.s given over to consideration of the tariff. The Senate will meet on
Mr. Mellon explained that contracts that have been or are to be awarded Friday with the understanding that no actual business will be transacted
this year cover every section of the country, with structures ranging in until next week, when the Senate and House will take up the tariff bill
size from village postoffices to the enormous $14,000.000 building to be and appoint conferees.
erected in Chicago. This will be the largest postoffice building in the
Would Centre on Essential Bills.
world.
According to Secretary Mellon,"this program will afford employment not
It Is the opinion of leaders of both parties that the long delay in passing
only for many thousands of men in the actual building construction but the tariff has tended to retard restoration of prosperity and the belief
for many other thousands in the quarries and factories.
exists that there will be no resort to dilatory tactics in conference to hold
"Besides the Chicago building," said Mr. Mellon. "other mammoth up final action by Congress on the tariff bill, which as been before Congress
structures, the contracts for which will be let this year, include a $6,500,000 for nearly a year.
structure in Pittsburgh, a 21-story $6,000,000 structure in Boston and a
Senator Watson, the Republican leader, in outlining the program of
$3,300.000 building which is to rise on the present site of the Federal his party to expedite tariff legislation and aid business, said to-day that
Building in Baltimore."
all controversial legislation would be dropped and the remaining months
The Secretary said that leaving out of the question the $40,000.000 of the session devoted to passing only such bills as were necessary, including
expenditure which will be expedited by the passage of the Keyes-Elliott the general supply measures.
bill for this calendar year, $10,000,000 in projects are to be on the market
"I believe that restoration of prosperity has been retarded greatly by
by June, and others to cost approximately $35,000.000 between that time the delay in passing the tariff," Senator Watson said. "This couldlnot
and Oct. 1.
be helped because of the Senate situation. But, now that we are through
"All of this projected work," said the Secretary of the Treasury, "is with the political and sectional struggle, I believe that there is a general
outside the District of Columbia, where nearly $30,000,000 in Federal agreement that Congress should speed up, do nothing to embarrass business
construction is under way, with an additional $10,000,000 to be put under and adjourn by June 15 at the latest.
way this year under the Keyes-Elliott bill, beginning construction on the
I feel that business has begun to breathe more freely since the Senate
Interstate Commerce and Public Health Service buildings, and the remodel- acted on the tariff bill. If the stock market is any symptom of business,
ing of the State, War and Navy Building to make it conform to the archi- t would appear that there is a gradual upward turn in business activity.
tecture of the Treasury Department Building so that the White House will
So far as the Republican leaders can control the situation, every effort
be flanked by two similar structures as Congress originally intended.
will now be turned to action aimed to stimulate business and prevent
"Buildings for which contracts have been awarded this year include legislation of a disturbing character."
81,147,338 Marine hospital in San Francisco; a $1,000,000 Federal building
Program for Next Six Weeks.
in Scranton, Pa.; a $900,000 Federal building at Memphis, Tenn.; a
$585,000 immigration station at Seattle; an $830,000 building at Denver
S nator Watson said that in six weeks Congress should dispose finally
and smaller structures at Honolulu, McMinnville, Tenn.; Rushville, Incl., of the tariff bill and he headed for early adjournment after passing the
and Waynesburg and Tyrone, Pa.
annual appropriation bills and some non-controversial matters.
"Bids are now in for buildings in East Chicago, Ind.; Pullman, Wash.,
The Senate's program is to pass the Norris Muscle Shoals bill, which
Sterling,
Colo.,
and
and
tenders have been asked for structures in Mil- provides for government operation of that project. This is scheduled to
waukee, Ottawa, Ill.; Price, Utah and Scotts Bluff, Neb."
come up next week, following which the administration prohibition bill
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FINANCIAL CHRONICLE
[Vol.. 130.
and the supply measures, comprising the present legislation program, will
be considered.
Senator Watson feels that there should be no other controversial legislation passed in this session and that business should be free to adjust itself
to the tariff bill without disturbances and innovations. In his opinion
there will be no railroad consolidation legislation, no provision for a communications commission and no legislation to control bus and truck rates
accepted by the Senate at this session.
If we take up these questions there will be no adjournment until early
In the Fall," he said.
I find that there is a general desire to get away
as early as possible this Summer because of the primaries, and after the
tariff, Muscle Shoals, prohibition transfer and the supply bills have been
acted upon by the Senate there will be a rush for adjournment."
The Senate is expected to name the tariff conferees on Tuesday. In
the meantime the House leaders are manoeuvring to prevent a long debate
there through a rule that would permit separate votes on some of the
chief items in dispute. Indications are that the bill will not reach conference until the last of next week.
on any Jan. 1 on record. The projects included under these authorizations for $624,310,000 of capital expenditure will be carried to completion
as rapidly as possible during the current year, along with additional projects that will be authorized between now and the end of the year. The
amount of the additional authorizations, however, can not be estimated at
this time.
Of the unexpended authorizations carried over into 1930 $183,908,000
was for equipment and $440,402,000 for roadway and structures. In
both instances, the amounts represent the largest amount of unexpended
authorizations from physically uncompleted work ever carried over from
ono year to another.
Capital expenditures during the final quarter of 1929 amounted to
$279,901.000 compared with $176,498,000 during the corresponding three
months of 1028. This was an increase of $103.403,000 or 58.6%. Expenditures for new equipment totaled $110,617,000 compared with $58,334,000 in the final quarter of 1928, an increase of 89.6%. Expenditures
for improvements to roadway and structures amounted to $169,284,000
compared with $118,164.000 in 1928, an increase of 43.3%.
The amount of capital expenditures devoted in 1929 to purchase of
Provisions of Buildings Bill.
equipment was $321.306,000 compared with $224,301,000 in 1928. This
The Elliott-Keyes public buildings bill, which will accelerate construction was an increase of 597,005,000 or 43.2%
above the preceding year.
by the Federal Government in all parts of the country, besides providing
Roadway and structures expenditures aggregated $532,415,000 comfor expansion already planned in the District of Columbia, was passed pared with $452,364,000 in 1928, or an
increase of 880,051,000 or 17.7%.
'by the Senate virtually without debate. It already has been approved
Capital expenditures made in 1929 for locomotives amounted to $70,by the House and returned to the lower chamber only for concurrence in a 660.000 compared with $51.501.000 made
in 1928. For freight cars,
amendment.
expenditures amounted to $191,917,000 compared with $116,549,000 in
The agricultural appropriation bill, also passed by the Senate. makes 1928. For passenger cars, capital
expenditures in 1920 amounted to
S153.000.000 available to the Department of Agriculture.
$38.670,000 compared with $41,215.000 in the preceding year. For other
The sum of $230,000,000, carried in the Elliott-Keyes bill, added to equipment, capital expenditures amounted to
$20,059.000 compared with
sums previously made available, makes a total of $553,000,000 appropriated $15.036,000 in 1928.
for public buildings. Of this, $190.000,000 will be spent in the District of
Capital expenditures for additional track in 1929 amounted to $129,Columbia for land and buildings in keeping with the expansion of govern- 148.000 compared with $116.494,000 in 1928.
For heavier rail, expendimental facilities and carrying out a program for the improvement of the tures totaled $46,862,000 compared with
$47.192,000 the year before.
capital's appearance.
For shops and engine houses, including machinery and tools, expenditures
The money is not all available immediately, its use being spread over totaled $36,561,000 compared with $24,324,000 in
1928. Expenditures
several years, but the legislation is expected to aid materially in speeding for additional ballast showed an increase, from
$15.748.000 in 1928 to
up projects to relieve unemployment. Every section of the country $17,049,000 in 1929. For all other
improvements, $302.795,000 were
.eventually will be benefited.
expended during the past year compared with $248,606,000 in 1928.
The $230,000,000 just provided is equally divided between the work in
Capital expenditures made each year since the close of Federal control
the capital itself and buildings in other parts of the country. Of the In 1920 follow:
capital's portion $15,000,000 may be used in purchasing land.
19203653.267,00011924
$874.744,00011928 _ _
$676,665.000
1921557,036.00011925
748.191,00011929_ ___
Increase in Annual Outlay.
853.721,000
1922
885.086,0001
429,273.00011926
An authorization for the expenditure of $50,000,000 a year, of which
1923
_
_
_1,059,1-19.09011927
771.552,0001Tot.10yrs$7
508.684,000
$15,000,000 annually may be used in Washington, is included in the measCapital expenditures during this 10-year period aggregated 73j billions
ure, but it is specifically provided that if the total sum is not used in any
one year it may be added to the maximum allowance of a following year. of dollars, or $750,000.000 per year. Expenditures during 1929 exceeded
this average by 8103,000,000 and were exceeded by the expenditures of
The annual allowance under the old bills had been $35,000,000.
Observing that "this will result in a speeding up of building construction only three previous years-1923, 1924 and 1926.
under the terms of this act," Senator Henry W. Keyes, sponsor of the
bill in the Senate, also said in a recent committee report:
"The amounts carried in this bill are deemed sufficient to carry out Transamerica Corp. Declares Extra Stock Dividend of
the program of rebuilding the national capital and to construct throughout
3%—Changes Stock Dividend Policy.
the country postoffices where needed, in towns having more than $20,000
L. M. Giannini, President of Transamerica Corp., anannual postal receipts.
Under the act of March 4 1913 and former acts,
a large number of building sites were authorized and afterward purchased." nounced, following a meeting of the board of directors
Hoover's Aims Followed Out.
The passage of this bill is in direct line with suggestions in the President's
message to tho second session of the Seventy-first Congress, when the
Executive stated:
"I recommend that consideration should be given to the extension of
authorizations, both for the country at large and for the District of Columbia, again distributed over a term of years. A survey of the need in both
categories has been made by the Secretary of the Treasury and the Postmaster General. It would be helpful in the present economic situation
If such steps were taken as would enable early construction work.
"An expedition and enlargement of the program in the District would
bring about direct economies in construction by enabling the erection of
buildings in regular sequence. By maintaining a stable labor force in
the city, contracts can be made on more advantageous terms.
"The earlier completion of this program, which is an acknowledged
need, would add dignity to the celebration in 1932 of the 200th anniversary
of the birth of President Washington."
The widespread use of the money, as one avenue in providing employment of labor in public works, was assured by an amendment to the bill
requiring that "at least two building's shall be constructed in each State
for postoffices with receipts of more than 810.000 during the last preceding
year for which postoffices no public buildings have been provided."
The bill also ordered preference in the construction of buildings for
postoffices which have receipts of $7.500 annually, where land already
tea been acquired for building purposes.
Amendments Raise Farm Bill Total.
The agricultural bill, despite the large sum named in it, was in the
nature of a routine item on which action had been deferred by consideration
of the tariff. Among the regular allotments was that of $75.000.000 for
Federal road aid during the next fiscal year. A measure increasing this
amount to $125.000.000 is now before Senate and House conferees.
However, the final total was swelled by the adoption of several amendments, upon which the House must now act. These included *6,900,000
for eradication of the Mediterranean fruit fly, $900,000 for a forest products
laboratory at Madison, Wis., and $805.561 for repairing South Carolina
roads damaged in last year's floods.
One feature of the bill is an item of $20,000 to be used in investigating
the possibility of producing rubber from the Hevea tree, which can be
grown in Florida, the Canal Zone and other tropical or send-tropical parts
or possessions of the United States,
Wednesday, March 26, that the usual quarterly cash
dividend of 40 cents per share had been declared, payable
April 25 to stockholders of record April 5, and in addition
the board has declared an extra stock dividend of 3%,
payable on July 25 to stockholders of record July 5. An
announcement in the matter goes on to say:
The change in the payment of the extra dividend is made in the interest
of both the stockholders and the corporation, as the handling of the quarterly payment of extra dividends has proved costly and cumbersome to
the corporation and has created considerable inconvenience to stockholders
In completing fractions and keeping an accurate record of their holdings,
Hereafter it will be the policy of the corporation to declare extra dividends
in round amounts at such times as the directors deem advisable, instead of
quarterly as heretofore.
In commenting on the board's proceeding, Giannini said that the report
of certified public accountant had been presented covering the consolidated
earnings statement for the year 1929 for the corporation and its subsidiaries, excepting banks and bank affiliates. In the case of the latter
only dividends actually received have been included. On this basis the
audited statement shows net earnings of $80,960,092.90, before deducting
depreciation, taxes and special compensation for employees for the companies consolidated, amounting to $7,409,864.22.
The list of organizations whose earnings other than dividends are not
included in the consolidated report follows: Bank of Italy, Bank of
America, New York; Bank of America of California; Hance d'America
e d'Italia; National Bankitaly Co.; 13ancamerica-Blair Corp.; Corporation
of America; American Investment Co.; Merchants National Realty Corp.;
Ameritalia Corp., and Inter Coast Trading Co.
Transamerica Corporation Obtains Three Large Pacific
Coast Organizations With More Than $25,000,000
In Resources.
Acquisition by the Transamerica Corp. of three large
Pacific Coast organizations—the Occidental Life Insurance
Capital Expenditures by Class I Railroads in 1929, Co., Occidental Corp. and Occidental Investment Co.—
$853,721,000—Largest for Any Year Since 1926.
representing more than $25,000,000 in assets, was formally
Capital expenditures made by the class I railroads in 1929 confirmed on Mar. 21, according to the San Francisco
for new equipment and additions and betterments to property "Chronicle" of Mar. 22, which went on to say:
First intimation of the deal was reported recently by "The Chronicle"
used in transportation service totaled $853,721,000, acin San Francisco.
cording to complete reports for the year just received from
Occidental Life Insurance Co. has over $150.000.000 insurance in force,
the rail carriers by the Bureau of Railway Economics and and is licensed to do business in 14 States as well as in Alaska, the Hawaiian
made public March 10, by the American Railway Association Isalnds and Canada. acquisition of these organizations L. M. Glanini,
In commenting on the
which said:
Prosient of Transamerica—and mewly elected head of Occidental Life InThis was the largest amount expended for such purposes in any year
since 1926. when capital expenditures totaled $885.086,000. Capital
expenditures in 1929 were greater by 8177,056.000 than in 1928 and greater
by $82,169.000 than in 1927.
Unexpended authorizations representing physically uncompleted work
were carried over into 1930 from 1929 to the amount of $624,310,000, the
largest amount of carryover found on the books of the railroad companies
surance Co. said that the latter had been under consideration for several
weeks.
"We have felt that the acquisition of a life insurance company, well
established on the Pacific Coast, was essential to our plans. It has been
the intention to have the institutions under Transamerica control, thoroughly representative of every type offinancial service, including the various
phases of insurance," said Giannini.
MAR. 29 1930.]
FINANCIAL CHRONICLE
Headquarters of the companies are in Los Angeles, with Robert J. Giles
,a4General Manager.
The board of directors consists of James A. Bacigalupi. A. P. Giannini,
Glannini, Robert J.. Giles, P.O. Hale, Marco Hellman, A. J. Mount,
E. J. Nolan and Ellsha Walker. The executive committee will be L. M.
Glannini, Robert J. 011es, P.O. Hale, R. E. Trengove and 0. R. Bell.
ITEMS ABOUT BANKS, Tr.UST COMPANIES, ETC.
The N. Y. Coffee & Sugar Exchange membership of M.E.
Ronda was sold this week to Slauc!:.ter, Home & Co. for
$15,250, unchanged from the last pmvious sale.
At a special meeting uf the directors of the Central National Bank of New York the following officials of the
Manhattan Co. and the Bank of Manhattan Trust Co. were
elected: J. Stewart Baker, President, Bank of Manhattan
Trust Co.; P. A. Rowley, President, the Manhattan Co., and
Vice-Chairman Bank of Manhattan Trust Co.; H. M. Bucklin, Vice-President, Bank of Manhattan Trust Co. The
Manhattan Co. has recently acquired the controlling interest
in the Central National Bank, as was noted in these columns Mar. 15, page 1762.
2145
The National Exchange Bank & Trust Co. of New York
will open for business on Thursday, April 3, it was announced Mar. 24. The new bank, with a capital and surplus
of $2,000,000, will be located in the new National Title Guaranty Company Building at 185 Montague Street, Brooklyn.
Organized primarily to serve Brooklyn interests, the officers
of Brooklyn's newest National Bank have long been identified with banking circles in that borough. Arthur S. Somers, President of the bank, is also President of Fred. L. Layanburg Co., a member of the Board of Education, former
President of the Brooklyn Chamber of Commerce, a director
of the Manufacturers' Trust Co., and other important corporations. William R. Miller, Executive Vice-President of
the National Exchange Bank, comes from the Midwood
Trust Co., where he was Vice-President. Manasseh Miller
and James J. Brooke are the Vice-Presidents. Mr. Miller
is also President of the Prudential Savings Bank and
National Title Guaranty Co. Mr. Brooke is First Vice-President of the National Title Guarantee Co., and former VicePresident of the Bedford National Bank. The other officers
are Peter A. Farrar, Cashier, and William F. Crowell, Assistant Cashier. Milton Dammann, President of the AmerE. M.'Berry, formerly Vice-President of the Baltimore ican Safety Razor Corp., is Chairman of the Board, and
Trust Co., and of the Interstate Trust Co. of New York Meier Steinbrink is counsel to the bank.
Prior to the opening of the bank, a dinner will be tendered
City, has been elected Vice-President of the Banco di Napoli
Trust Co., which will open its doors for business at 526 to Mr. Somers by the directors at the Hotel St. George on
Monday evening, Mar. 31. Mr. Stelnbrink is Chairman of
Broadway, New York City, about May 1.
the committee arranging the tribute to the new bank
The Chatham Phenix National Bank and Trust Co. of President. The board of directors of the new'ihank includes:
New York announces the appointment of Edmund Gorman Alexander Block, James J. Brooke, Irwin S. Chanin, Milton
as special representative of the bank in the Eighth Federal Dammann, Benjamin B. Englander, Michael Furst, Dr.
Reserve District, with headquarters in St. Louis, and of Edward E. Hicks, Clarence Kempner, William Kennedy, Jr.,
Norton Thayer as special representative in the Tenth Fed- August Klipstein, Henry R. Lathrop, Charles C. Lockwood,
Nathaniel H. Lyons, Manasseh Miller, Andrew.Nelson, Jr.,
eral Reserve District, with offices in Kansas City.
Edward A. Richards, James J. Sexton, Arthur S. Somers,
Meier Steinbrink, and Travis H. Whitney. An item regardAnnouncement was made on March 26 by Medley G. B. ing the organization of the National Exchange Bank &
Whelpley, President of the newly organized American Trust Co. appeared in our issue of Oct. 26, page 2631.
Express Bank & Trust Co. of New York, that the date of the
opening of the new institution has been set for Tuesday,
April 15. The bank will occupy the main floor of the American Express Building, 65 Broadway, and extensive renovations are under way preparatory to the housing of the officers
and staff of the new institution. A vault is under construction on the lower level of the building and the steel
protective door, weighing 18 tons, will be set in place
this week. Warrants for subscription to the stock of the
American Express Bank & Trust Co. expired on March 26,
when payments on the capital stock subscriptions were
completed. When the new bank opens next month its
Initial capital and surplus of $15,000,000 will be greater,
It is claimed, than any other bank has ever reported at the
outset of its career. Mr. Whelpley announces that the
board of directors has elected Kenly Saville to serve as
Treasurer. Mr. Saville was for many years Assistant
Cashier of the National Park Bank, and since the merger
of that institution with the Chase has been Assistant Cashier
of the larger bank. A reference to the American Express
Bank & Trust Co. appeared in our issue of March 1, page
1379.
The Irving Trust Co. of New York on March 27 announced the leasing of quarters in the New York Central
Office Building, at the southwest corner of Park Ave. and
46th St., for its Park Ave. Office, which is now at Park Ave.
and 48th St. It is expected that the removal of the office
will take place in May. The new office, which will be on
the street level, will be more than four times as large as the
present office. It will have entrances from 46th St., Park
Ave. and Vanderbilt Ave. It can also be reached conveniently by direct passage from the Grand Central Terminal.
A completely equipped safe deposit department, including
a modern vault on the main banking floor, will be a new
service feature of this office. The official personnel of the
office will remain unchanged.
The Clinton Trust Co. of New York announces the appointment of Edward W. Smith as Assistant Trust Officer.
Mr. Smith was formerly in charge of the trust department
of the Manufacturers Trust Co. at its Columbus Circle
branch.
F. S. Bancroft has been elected a trustee of the Excelsior
Savings Bank of New York.
A charter was issued by the Comptroller of the Currency
on Mar. 22 for the newly organized Niagara National Bank
of Buffalo, N. Y. The institution is capitalized at $300,000.
Charles I. Martina Is President and M. H. Whitmer, Cashier.
Wilbur W. Higgins, a Vice-President of the First National
Bank of Boston, Mass., died in that city on Mar. 22. Mr.
Higgins was born in Cambridge, Mass., in 1883. As a young
man he entered the employ of the Old Colony Trust Co., of
which he eventually for many years was Treasurer. Upon
the recent consolidation of the trust company with the
First National Bank, Mr. Higgins was made a Vice-President
of the enlarged bank.
The directors of the Globe Bank & Trust Co. and the
Rugby National Bank of Brooklyn on Feb. 26 voted to
merge. The stockholders of the respective institutions will
meet May 1 to act on the merger plans. The Globe Bank
& Trust Co., organized in 1920 as the Globe Exchange Bank,
took over the Bank of Glendale the latter part of 1928. On
April 1 1929 the Bushwick National Bank was taken over
and on Sept. 21 1929 the Erasmus State Bank was merged
with it. On Dec. 1 1929 it was converted into a trust company. The merging of the Rugby National Bank of Brooklyn, therefore, is the fourth for the Globe Bank within a
period of 16 months. Morris Walzer, President of the Globe
Bank, states that more mergers are contemplated in the
near future, as well as the opening of new branches. The
Globe Bank has expanded considerably since its organization, when its capital was $150,000; under the merger agreement with the Rugby National Bank the capital will be
$1,525,000 and the surplus ovre $1,100,000, with total resources of about $14,000,000, thus making it one of the
largest independent Brooklyn banking institutions. Assisting Mr. Walzer in the active management of the Globe
Bank are Jacob Davis, Executive Vice-President, and
Nathaniel Orens, Vice-President, who joined the official
staff on Jan. 1 of this year, and who is also a director of the
National Bank of Far Rockaway, and the Rugby National
Bank of Brooklyn. The Rugby National Bank of Brooklyn
was organized in 1926. It has a capital of $300,000 and a
surplus of $170,000, with total resources of $1,700,000.
William J. Glacken, its President, will become, at the eon-
2146
FINANCIAL CHRONICLE
[VOL. 130.
summation of this merger, a director and Vice-President
of the Globe Bank & Trust Co.
The City Trust felt that it should have the chairmanship of the board•
the presidency and the vice-chairmanship. The three-cornered merger was
proposed March 6.
Chester D. Pugsley, Vice-Chairman of the board of
directors of the Westchester County National Bank at Peekskill, New York, left yesterday (March 28)for New Haven to
attend the Yale Conference on International Relations,
which he suggested and endowed. He was the guest at a
dinner given by President Angell last night for Lard Eustace
Percy, British Minister of Education in the Baldwin Cabinet,
who delivered the address at the opening seesion.
A subsequent dispatch Thursday, March 27, from Passaic
to the same paper reported that the directors of the People's
Bank & Trust Co. and the Hobart Trust Co. on that day
had approved the consolidation of the two banks under the
name of the former, and that the consolidated bank would
have resources in excess of $16,000,000.
John J. Sullivan, Vice-President and Trust Officer of the
Market Street National Bank of Philadelphia, has been
Albert H. Hansen, former President of the Elmhurst Na- made a director of the Finance Co. of Pennsylvania to fill
tional Bank, Elmhurst, Borough of Queens, N. Y., whose the vacancy caused by the death of James F. Sullivan,
indictment Mar. 4 by the Federal Grand Jury for alleged according to the Philadelphia "Ledger" of Mar. 26.
embezzlement of the bank's funds was noted in the "Chronicle" of Mar. 8, page 1683, on Wednesday of this week,
W. M. Baldwin, formerly Vice-President and Executive
Mar. 26, pleaded "guilty" before Judge Clarence G. Galston Manager
of the Union Trust Co., Cleveland, was elected,
in the Brooklyn Federal Court to two counts of a 15-count
President of the bank at a meeting of the Board of Directors.
indictment charging him with complicity in looting the bank J. R. Nutt,
who has been both President and Chairman of the
of $240,000, and later was remanded to jail for sentence Board
of the Union Trust Co., resigned the Presidency but
May 15. The New York "Times" of Mar. 27, in reporting
remains Chairman of the Board. Mr. Baldwin has been
the matter, furthermore said:
active in'banking in Cleveland for 36 years, having entered
The sentence was deferred at the request of Assistant United States
upon his banking career in 1894 with the Park National
Attorney Conrad Printzlein, who said that he expected Hansen to give
information and assist in the prosecution of William Douglas Miller, a Bank of Cleveland, one of the banks which through subsenote broker of Englewood, N. J., who is under indictment as a co-conspira- quent consolidations went to form the Union Trust Co. of
tor with Hansen, and who is expected to be tried before May 16.
The specific counts to which Hansen pleaded guilty charged him with Cleveland. Mr. Nutt, who has filled the office of President
having misapplied on Nov. 20 1929, from the individual ledger deposit as well as Chairman of the Board for more than a year,
account of Kidder, Peabody & Co. the sum of $5,000, and with having announced that he would continue actively
as Chairman
embezzled on Oct. 29 1929 a $1,000 bond of Certainteed Products in an
escrow account on the customer's security ledger under the natne of of the Board. Mr. Nutt is Treasurer of the Republican
Mrs. Columbia A. Poling. The prosecutor put Hansen's total thefts at National Committee and identified with many of the coun$700,000.
try's outstanding industrial enterprises. In addition to the
election
of the President, George A. Coulton, formerly ExSamuel Hemingway, President of the Second National
Bank of New Haven, Conn., for the last 31 years, and a ecutive Vice-President, was elected Vice-Chairman of the
director of several concerns, died unexpectedly at his home Board, and J. R. Graus and Allard Smith were named,
in that city on Mar. 26, after a brief illness. Mr. Heming- Executive Vice-Presidents.
way, who was 71 years of age, had recently completed his
From the Cleveland "Plain Dealer" of Mar. 22 it is learned'
fiftieth year with the bank, which he entered as a clerk.
In 1894 he was made a director, in 1897 a Vice-President, that a proposal by a group of Cleveland and Canton, Ohio,
and in 1899 President. Among other interests, he was a investors to purchase controlling interest in the Canton
director of the Milford Water Co., the West Shore RR., and Bank & Trust Co. was approved by the directors of the
the New Haven Water Co., and a Vice-President and Trustee trust company as individuals on Mar. 21 and recommended
of the New Haven Savings Bank. He was also a member to the stockholders, according to the Cleveland "Plain
Dealer" of Mar. 22. The syndicate, it was stated, is headed
of the New Haven Chamber of Commerce.
by Charles Wild and R. V. Mitchell, President and ViceCharles Glover Sanford, Chairman of the Board of the President, respectively, of the Mitchell-Herrick Co., and
First National Bank of Bridgeport, Conn., died in Jack- Includes Parmely W. Herrick, Cleveland, son of the late
sonville, Fla., on Mar. 23. Mr. Sanford, who was 74 years Ambassador to France, Myron T. Herrick. Others of the
of age, was born in Bridgeport, and in his early years Syndicate were not disclosed. Continuing, the paper menworked in his father's hat factory in that city. Following tioned said:
Stock in the Canton Bank is held by 174 persons, and the last financial
the destruction of the factory by fire, however, he entered
showed total resources of 3,000,000. Under the plan of sale,
the banking field, becoming the first investment banker in statement
stockholders will retain 40% of their investment.
Bridgeport. Subsequently he became a director of the
The Midland Bank of Cleveland has been named trustee for financial
First National Bank of Bridgeport, and in 1906 was ap- guarantee of good faith, depositary for stock, and disbursing agent for
of funds.
pointed its President. In 1912 Mr. Sanford was also ap- distribution
A short time ago the Herrick Co. and the R. V. Mitchell St Co. voted to
pointed President of the Bridgeport Trust Co., but, owing merge and the Mitchell, Herrick Co. was the result of the merger.
to the provisions of the Clayton Anti-Trust Act, he relinIn its issue of Mar. 23, the Detroit "Free Press" reported
quished this position. On July 1 1919 he became Chairman
of the Board of the First National Bank, the office he held that the Wojcik State Bank, a new institution recently
at his death.
chartered in Lansing to broaden the scope of the former
Wojcik Industrial Bank of Detroit, would open the next
The Hampshire County Trust Co. of Northampton, Mass., day, Mar. 24, at Joseph Campau Avenue, corner of Hewitt
was closed yesterday, March 28, with a shortage in its funds Avenue. In addition to Louis F. Wojcik, the President, it
of approximately $285,000, according to Associated Press was said, active direction of the affairs of the institution
advices from Northampton, printed in last night's "Evening would be in charge of John A. Blaska, Vice-President and
Post." Blame for the loss it was said, was placed directly Cashier.
upon Harold R. Newcomb, former Manager of the Savings
Department, by Arthur Guy, State Bank Examiner in
The respective stockholders of the Logansport Loan &
charge. A statement by the President, Ralph Hemenway, Trust
Co., Logansport, Ind., and the Citizens' Loan & Trust
said savings depositors would suffer no loss. In conclusion Co.
of the same city, have approved a merger of the inthe dispatch said:
stitutions under the name of the former, according to a disNewcomb. banker by day and leader of a popular jazz orchestra by night,
was arrested on March 17 charged with the specific theft of $15,000, on patch from Logansport on March 26 to the Indianapoliswhich charge he was held in default of S30.000 bail when arraigned in District "News." George E. Hilton, President of the Logansport
Court.
Loan & Trust Co., will continue as head of the new organize,•--tion.
With reference to the proposed merger of the People's
Bank & Trust Co., the Hobart Trust Co. and the City
That the stockholders of two Evansville, Ind., banks have
Trust Co., all of Passaic, N.J.,reference to which was made
in our issue of March 8, page 1583, the City Trust Co. on approved a consolidation of the instituions—namely the
Monday of this week, March 24, withdrew from the proposed Evansville Morris Plan Co. and the Mercantile Commerce
union, according to advices from Passaic on that day to the Bank—was reported in advices on March 26 from that city
to the Indianapolis "News." The resulting institution, yet
New York "Herald Tribune" which said:
The withdrawal was decided upon when it was found impossible to agree unnamed, will, it is said, be capitalized at $500,000, with
on the higher officers of the merged bank.
surplus and undivided profits of $150,000 and total resources-
MAR. 29 1930.]
FINANCIAL CHRONICLE
2147
of $6,000,000. It will be housed in the Morris Plan Bank W. J. Steiner, Arthur C. Murray, B. G. Dally and R. W. Meinicke.
Assistant Cashiers.
Building now under construction.
Safe deposit boxes and assets of the Second Wisconsin have been moved
to the National Bank of Commerce.
Headquarters of the First Wisconsin Personal Loan Plan, formerly at
With reference to the affairs of the N. H. Schuyler State
Bank of Pans, Ill., which with several other small Illinois the Second Wisconsin, have been transferred to the Second Ward Office
of the First Wisconsin National Bank. All other transactions handled
banks was closed the early part of February, a dispatch and special services offered at the Second Wisconsin are now being taken
from Pana on March 25 to the St. Louis "Globe-Democrat" care of at the National Bank of Commerce. The personnel of the enlarged
stated that more than 2.000 depositors of the closed bank institution combines the staffs of the consolidated banks.
The National Bank of Commerce first opened its doors for business
the previous night voted unanimously to accept a reorganiza- July 3 1903 as the Germania National
Bank. Its original capitalization
plan under which they will waive 50% of their deposits to was $300,000. The name was changed in 1918. From the beginning it
cover unsound paper held by the institution. The adviees has occupied its present quarters in the Brumder Building. They were
remodeled in 1928, and the bank's departments now occupy the entire first
furthermore said:
floor. The National Bank of Conunerce is a unit of the Wisconsin BankThe plan also involves the sale of $150,000 worth of stock in the reor- shares Corporation.
ganized bank to residents of Pana. The new bank will take over $1,000.000
The Second Wisconsin was organized in 1928 to occupy the building of
In good securities. Whatever State Auditor Oscar Nelson realize; from the Second Street office of the American National Bank when the latter
the "unsound" paper will be pro-rated among the depositors.
institution was consolidated with the First Wisconsin in January of that
The reorganization plan was explained by Chief Bank Examiner E. year. The Second Wisconsin operated under a new charter as an affiliated
B. Nicholson at a mass meeting in Pans, attended by about 3,000 per- bank in the First Wisconsin Group.
sons, :host of them depositors of the closed bank. The plan is acceptable
At its meeting on Mar. 24 the Board elected Herman Fehr, Chairman,
to the State Auditor. The audit of the bank, completed three weeks ago. and W. F. Myers, Chairman of the Executive
Committee.
showed deposits of $2,069,237. The bank was closed Feb. 6.
The alternative to the reorganization, as explained by Nicholson, was
the appointment of a receiver and a liquidation extending over from 5 to 10
Thirteen employees of the Mercantile-Commerce Bank &
years.
Tile closing of the N. H. Schuler State Bank was noted
in the "Chronicle" of Feb. 15 last, page 1064.
The Union Trust Co. of Detroit advises us that a new
came, a new building, and a new banking personality will
rbecome a part of the financial picture in Jackson, Mich.,
to-day, when the new home of the National Union Bank &
Trust Co. and People's National Bank is to be formally
opened to the public. The union of these two banking institntions will now be known as the Union & People's National
Bank, and will have total resources of $18,000,000. Preceding the consolidation of these two leading Jackson banking institutions, they became associated with the Guardian
Detroit Union Group, Inc.
Trust Co. of St. Louis were retired on Mar. 1 under • the
provisions of an old-age pension and insurance plan inaugurated by the bank on Jan. 1 of this year. The insurance
program, which, it. is said, is the first of its type adopted
by any financial institution west of the Mississippi River,
provides for retirement annuities, life insurance to the
amount of approximately twice the individual's yearly salary, weekly income in case of sickness or non-occupational
accidents, total and permanent disability payments, and
free nursing service: The retirement pension is based on
the employee's salary and number of years he has served.
The age of retirement is fixed at 65, and most of those on
tile list of 13 are near the 70 mark. The oldest is 75, and
the youngest is about six months past 65. Nearly all are
veterans in banking service, their combined years of service
with either "Mercantile" or "Commerce" totaling 330, in;
an average of more than 25 years. (The Mercantile Trust
Co. and the -National Bank of Commerce merged on May
20 1929. The oldest employee in point of service was
Irvine A. McGirk, Paying Teller, who on Washington's
Birthday—last Feb. 22—rounded out 53 years in the banking business.
With reference to the proposed absorption of the Transportation Bank of Chicago by the Congress Trust & Savings
Bank of that city, indicated in our issue of Feb. 22, page
1222, the stockholders of the two banks at their special
meetings on Mar. 25 ratified the action of their respective
directors, according to the Chicago "Journal of Commerce"
.pf Mar. 26. As soon as the work of enlarging the quarters
of the Congress Trust & Savings Bank has been completed,
The Kimball National Bank, Kimball, Neb., representing
it was said, the banking business of both institutions will
be consolidated and carried on in the banking rooms of the a conversion of the Bank of Kimball, was recently granted
Congress Trust & Savings Bank, Congress Bank Building, a charter by the Comptroller of the Currency. The new
organization is capitalized at $50,000. P. C. Mocked is
Wabash Avenue and Congress Street.
President and G. W. Broadhurst, Cashier.
The appointment of Harland H. Allen as economist to
the Foreman State Banks, Chicago, and their securities
The National Bank of Bloomfield, Iowa, capitalized at
affiliate, was announced on Mar. 21. In reporting the $55,000, was placed in voluntary liquidation on Feb. 26.
matter, tile Chicago "Journal of Commerce" of that date The institution was taken over by the State Bank of Davis
said:
County, Bloomfield.
• Mr. Allen will prepare a mid-monthly survey of finance and
business
for the Foreman State Banks.
The newly named economist has long been identified with the
field as
speaker, writer and university instructor. He is a graduate of
the University of Chicago and has served on the faculty of that university.
Mr. Allen has made extensive studies of the international
aspects of
business and finance and has spent considerable time in
research along
this line in Europe.
The new Chicago bank, the State Savings & Trust Co.,
opened auspiciously at its new quarters, 3159 West RooseVeit Road, on Mar. 24, according to tile Chicago "Journal
of Commerce" of the next day. The institution is headed
by Albert K. Foreman as President, with Edwin G. ForeMan, Jr., as Chairman of the Executive Committee.
The
Approaching opening of the bank was noted in our issue of
last week, page 1964.
Advices by the Associated Press from Bartletsville, Okla.,
on Mar. 22, printed in the New York "Times" of the next
day, reported the closing of the Central National Bank of
Bartletsville on that date by its directors. In its last statement the bank showed capital of $100,000, surplus of
$25,000, and deposits of $834,002. Howard D. Cannon,
President of the Institution, was quothed as saying that
in the opinion of the directors there would be "little or no
loss to depositors after the stockholders have been assessed
for double liability on their stock." Mr. Cannon attributed
the closing to withdrawals following the circulation of
rumors concerning the bank's condition. The dispatch furthermore stated that L. K. Roberts, Chief National Bank.
Examiner for the Tenth Federal Reserve District, attributed'
the failure to inability to meet competition from two older
and larger banks.
Incident to the merger of the National Bank of Commerce
And the Second Wisconsin National Bank, Milwaukee, reThe Exchange National Bank of Little Rock, Ark., with
ferred to in our issue of Mar. 22, page 1964, the
following capital of $400,000,
was placed in voluntary liquidation on
•acmes to us this week from the First Wisconsin Group:
Feb. 21. It has been succeeded by the American Exchange
4 The consolidation of the Second Wisconsin and National
Bank of
•Commerce, Milwaukee, became effective Mar. 24. The enlarged
institution Trust Co.
I. doing business in the quarters of and under the name of the
National
Bank of Commerce, with a capital of $1,000,000, deposits of
$13,000,000,
and total resources of $16,000,000. The Board of Directors is a
combination of the directorates of the two banks.
At a meeting of the Board, Mar. 24, the following officers were
elected:
Walter Kasten, President; Herman Fehr, Chairman of the Board;
W. F.
Myers, Chairman of the Executive Committee; Alfred 0.
Schultz, W. C.
Whyte, Roy L. Stone, Edmund Fitzgerald, Thomas M. Rees,
Edwin A.
Reddeman, and Walter C. Georg, Vice-Presidents; H. W.
Zummach,
.Cashier; Milon F. Bahr, Assistant Vice-President; M. P.
Heideman,
On Mar. 11 a consolidation of the Mercer National Bank
of Harrodsburg, Ky. (capital $100,000), and the First
National Bank of the same place (capital $50,000) was consummated under the title of the First-Mercer National
Bank
of Harrodsburg. The enlarged bank is capitalized
at
$150,000.
2148
FINANCIAL CHRONICLE
[VOL. 130.
Effective Dec. 31 last, the Bevans National Bank of $11,000,000, deposits of $80,000,000, and resources of $100,Menard, Texas, capitalized at $100,000, was placed in volun- 000,000. The acquisition "further advances the United
tary liquidation. The institution has been succeeded by the States National in the forefront of Pacific Northwest banking institutions," the bank nosi occupying "position number
Bevans State Bank of Menard.
eighty-three among the country's largest banks."
Announcement was made on Mar. 24 by S. L. Cantley,
The Board of Directors of the Commerce-und PrivatState Finance Commissioner for Missouri, that a consolidation of the Farmers' Bank of Armstrong and the Bank of Bank, A. G., Berlin, has decided to propose to the stockArmstrong had been completed, making the 17th State bank holders the declaration of an 11% dividend for the year
merger this year, according to Associated Press advices from 1929, according to official advices received by cable recently.
Jefferson City, Mo., on Mar. 24, printed in the St. Louis This is the rate that has been in force for several years.
"Globe-Democrat" of the next day. The union, the dispatch The stockholders' meeting has been called for April 25.
said, will bring the total resources of the bank of Armstrong The proposed dividend of 11% will be paid for the first time
to about $263,000. It had $205,000 resources, while the on the bank's increased capital of R. M. 75,000,000, comresources of the Farmers' Bank of Armstrong were approxi- pared with the former capital of It. M. 60,000,000. As of
Dec.31 1929, total assets of the bank were R. M. 1,876,529,420
mately $93,000.
compared with R. M. 1,618,778,167 at the end of 1928.
Announcement has been made that W. D. Davis, President
of the Brookhaven Bank & Trust Co. of Brookhaven, Miss.,
hsa accepted the position of Vice-President and Trust Officer THE WEEK ON THE NEW YORK STOCK EXCHANGE.
of the Capital National Bank of Jackson, Miss., and of ViceExcept for a sharp setback on Saturday, the stock market
President of the latter's affiliated institution, the Citizens' has improved and expanded the present week, and while
Savings Bank & Trust Co. of the same city, according to there have been brief periods of irregularity due to realizing
the Jackson "News" of Mar. 23. Mr. Davis succeeds in both sales, the market as a whole has shown an advancing teninstances the late Webster M. Buie. He is a native of dency. Steel stocks assumed the leadership on Monday,
Caseyville, Lincoln County, Miss., and received his education but were superseded by the public utilities which developed
at Grange Hall and the Mississippi College, from which he considerable strength as the week progressed. The daily
turnover has been exceedingly heavy, particularly on Wedwas graduated in 1898.
nesday when the sales crossed the 5 million mark, and
The Board of Directors of the Hibernia Bank & Trust Co. established a new high since January 1 of the current year.
of New Orleans, at a meeting held on Mar. 19, declared a On Friday the sales volume again exceeded 5,000,000 shares.
quarterly dividend of 5%, or $1.25 per share, on its $25 par The demand for copper shares and oil stocks showed convalue shares of capital stock. This dividend was made pay- siderable improvement and prices have climbed upward to
able on April 1 to stockholders as of record Mar. 25 1930. higher levels. The weekly statement of the Federal Reserve
This dividend combines the dividend of the bank of Its own Bank, made public after the close of business on Thursday,
stock and that of the common stock of the Hibernia Securi- showed a decrease of $21,000.000 in brokers' loans. Call
ties Co., Inc., which is held in trust for the stockholders money renewed at 4% on Monday and fluctuated between
of the bank. A bonus to the employees of the Hibernia Bank 4% and 3M% throughout the week.
Realizing on.an unusually heavy scale carried stock prices
was also authorized at the same meeting. The institution's
staff has received this extra compensation each quarter for in all sections of the list sharply downward during the abthe past 11 years. It is based upon salary and length of breviated session on Saturday. The high-priced speculative
service and includes every employee of the bank. This favorites suffered the most. though some of the specialties
also manifested considerable weakness. Many of the stocks
bonus is to be paid on April 1.
that were more or less heavy during the previous week showed
•
Formation in Los Angeles of the Guaranty Trust Co. signs of improvement particularly Vanadium which crossed
and the Harold G. Ferguson Co., Ltd., was announced Mar. 107 with a gain of 3 or more points, United States Steel
25 by Harold G. Ferguson, who will be Chairman of the common closed at 187% with a net loss of 3 points and
Board of each company. The authorized capitalization of Republic Iron & Steel recorded a fractional gain. Bethlehem
the Guaranty Trust Co. is $1,000,000, and of the finance Steel on the other hand dropped back a point to 103.
company, $2,000,000. Frank C. Mortimer will serve as National Cash Register dipped about 5 points to a new low
as it touched 603
4. Woolworth,
President of both the trust company and the finance com- on the current movement
pany, and Dain Sturges will be Vice-President of both was down 5 points at 59, Montgomery-Ward slipped back to
companies. The official communication in the matter goes below 40 and Johns-Manville receded 7 points to 131.
Other prominent shares displaying more or less weakness
on to say:
were, J. I. Case which was off 33j points, Columbian Carbon.
Mr. 3fortimer is a nationally known and veteran banker of 32 years'
banking experience covering all branches of activity. He was for many which slipped back 4X points, Westinghouse Electric Mfg.
years associated with the National City Bank of New York in an executive Co. which dropped 53
4 points and General Electric which
capacity, and is now resigning as the Vice-President of the Citizens' National
receded about a point.
Trust ts Savings Bank in Los Angeles to take up his position. Mr. Sturges
On Monday the market manifested considerable improveis also resigning as Vice-President of that institution. The Board of
Directors of the Harold G. Ferguson Finance Co. will include Harold G. ment as a spectacular upward movement which included a.
Ferguson, founder of the 50,000,000 participating trust bearing his name, half dozen
or more popular speculative favorites, stimulated
President of the Los Angeles Realty Board, Director of Southern Sugar Co.,
carrying
and many other successful commercial enterprises; Merritt H. Adamson, trading among a long list of the more active issues,
A. R. Walker, Murray Morgan, Marc Mitchell, Attorney; William S. the total sales of the day in excess of the four million mark.
Porter, Executive Vice-President, Security Title Insurance & Guaranty Co.; Vanadium Steel was bid up violently to a new top at 119Clayton Luckey, Frank 0. Mortisner, and DaM Sturges.
4 with a net gain of 13% points on the day.
In connection with the announcement, Mr. Ferguson stated: "The and closed at 1183
purpose of the formation of both the trust company and the finance United States Steel also displayed great strength as it
company at this time is to place at the disposal of our 17,000 clients a bounded forward to a new high for the year at 19234 and ,
complete investment service. With the organization of these two compoints on the day. Rubber shares
panies the Harold G. Ferguson Corp. interests now place at the disposal recorded a gain of about 5
of their thousands of customers the experience, contacts, organization and enjoyed renewed activity, especially United States Rubber •
resources adequate to the fullest requirements of modern finance."
which advanced into new high ground above 30 with a gain.
of 2 or more points. Goodyear closed with a gain of 5 or •
The Bank of Italy has purchased the business and assets more points to around 96. United Aircraft & Transport
of the Bank of America of California's branch bank at closed at 83 with a net gain of 5 or more points. Bendix .
135 West Sixth St., San Pedro, Calif., according to advices Aviation gained 3 points to a new peak above 49. Nationall
from San Francisco on March 22, appearing in the "Wall Air Transport shot ahead nearly 2 points to new high groundl
Street News" of the same date.
above 22.
The main body of stocks closed somewhat lower on TuesWe are advised by J. C. Ainsworth, President of the day, the heavy selling in the closing hour cutting off a goodly
United States National Bank of Portland, Ore., that effective part of the gains recorded earlier in the day. There were,
at the close of business Mar. 22 the United States National however, a number of especially noteworthy gains scored
Bank acquired the business and took over the entire per- during the session, particularly in the copper, oil and aviation
sonnel of the West Coast National Bank of Portland and shares. The outstanding feature of the trading was the,
Its eight affiliated banks. This gives the United States sensational run up of Vanadium Steel which raised its top •
National group in round figures invested capital of more than 5 points above the preceding close as it crossedl
MAIL 29 1930.]
FINANCIAL CHRONICLE
124. In the heavy selling of the final hour this stock broke
badly and closed at 114 with a loss of 10 points. United
States Steel, common was bid up into new high ground above
193, but slipped back to nO with a loss of 2 points. Bethlehem Steel closed at 107 with a gain of 3 or more points.
Coppr shares moved up with the leaders, Anaconda recording a gain of 23% points at 763%. Oil shares moved briskly
forward under the guidance of Standard Oil of New Jeresy
which registered a gain of 3 points as it climbed into new high
ground above 73. Standard Oil of California followed with
a gain of 2 points and most of the independent oils scored substantial gains ranging from 2 to 3 or more points.
The stock market displayed a firmer tone on Wednesday
and the volume of trading exceeded 5,000,000 shares, thereby
establishing a new record of sales for 1930. The feature
was the strength of the public utility group which moved
vigorously forward under the leadership of Electric Power
& Light which rushed upward more than 10 points and registered a now high above 89. American & Foreign Power
advanced 23 points to 90, American Power & Light gained
534 points as it crossed 117,
American Water Works improved six points to 115 and Standard Gas & Electric closed
at 1153% with a gain of 33% points. Consolidtaed Gas ran
3 points to 1243
up 4%
%. Bethlehem again raised its top,
but slid back to 1063%, and most of the independent units
were more or less inactive. Vanadium Steel sold up to 120
at its peak for the day but closed at 1175
% with a net gain
5 points. The market
of 3%
tumbled sharply downward
in the final hour on Thursday. United States Steel, common
assumed the leadership and worked into a new high for the
year above 193, but dropped back to 1903% and closed with a
fractional loss. Copper shares displayed considerable
activity and Anaconda closed at 783% with a gain of three or
more points.
The stock market again moved upward on Friday, many
leading issues moving briskly forward and closing at higher
levels. Speculative interest centered to a large extent in the
steel stocks, electric shares and specialties which changed
hands in large blocks and,new tops for the year were registered
by a score or more of the active market leaders, including
General Motors, General Electric, Amer. Tel. & Tel. and
Columbian Carbon, while a number of other stocks reached
their highest levels for 1929. Radio Corp. closed with a
gain of 33% points at 51. Railroad stocks were stronger and
substantial gains were scored by Chesapeake & Ohio which
closed at 2413% with an advance of 7 points. New York
Central crossed 189 with a gain of
33% points. Wabash did
equally well and Atchison improved 2 points. Specialti
es
were represented in the advances by Timken Roller Bearing,
Liquid Carbonic and Remington Rand. Copper stocks,
oil
shares and motors eased off to some extent on account
of
profit taking. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK
EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended March 28.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bales at
New York Block
Stocks.
Number of
Mares.
Railroad,
stc..
Bonds.
State.
Municipal dt
Foreign Bonds.
2,314,900
4.126.140
4.525.050
5,029,340
4.707,030
6.085.240
15,346.000
8,130.000
11,554,000
8.371.000
9.983.000
11.795.000
22,465.000
4,134.500
3,669,000
3.333.000
3,425.000
2,645,000
$331,000
484,000
612,000
877,000
823,000
272,000
25,788,700
$55,179.000
$19,671,500
$3,199,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Blocks
(No. Mares).
Rights.
FOTMOS
Domestic.
Government.
851.100
1,042.500
1,363,500
1,724,800
1,591,300
1,560,100
1.900
11,500
14,800
3,200
7,100
10.600
$1,775.000
4,116.000
4,802.000
3.479,000
3.526.000
3.690,000
2725.000
688,000
923.000
627,000
7154.000
710.000
7.933.300
49,100 I $21,188,000
$4,425,000
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, Mar. 29) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will fall 17.6% below those for the corresponding week
last year. Our preliminary total stands at $11,111,887,356,
against $13,484,299,932 for the same week in 1929. At this
centre there is a loss for the five days ended Friday of 26.2%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending March 29.
1930.
1029.
Per
Cent.
26,419,000,000
432.211.544
418,000,000
359,000,000
91,109.987
97,900,000
157,922,000
142,511,000
154,575.109
156,683,671
101,891,283
89,185,381
44,782,313
18,699,000.000
587,247,203
405,000,000
419,000,000
110,134,092
111,700,000
163,482,000
194.975,000
130,433.779
204,000,000
119,780,618
58,993,601
41,238,478
-26.2
-25.4
+3.2
-14.a
-17.4
-12.4
-3.4
-26.9
+18.6
-23.2
-15.1
+21.4
+8.5
218,781,940
2134,436,250
$3,199,000
19.671.500
65.179.000
$2,187,500
12,090,000
39.641.900
228.939.900
177.348,000
520.731.000
135.116,600
182.311,050
429,515.000
Thirteen cities,5 days
Other cities, 5 days
$8,644,552,288 $11,242,964,771
948,687,175
978,005.375
-23.2
-3.0
Total all cities, 5 days
All cities, 1 day
$9,593,239,463 $12,220,970,148
1,518,847,893
1,263,329,788
-21.5
+20.2
$11.111.887.358 $13,484,299,932
-17.6
1929.
1930.
1929.
278.049,600 163.918.600
$727,018,900
$626,942.650
DAILY TRANSACTIONS AT THE BOSTON,
PHILADELPHIA AND
BALTIMORE EXCHANGEEL
Total
Bonds (Pox Value).
Week Ended
March 28.
28,968.830
Jae. 1 Se March 28.
Total bonds
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANG
E.
26,788,700
1930.
Week Ended
March 28 1930.
THE CURB EXCHANGE.
Trading on the Curb Exchange was active and buoyant
this week, substantial advances in prices being recorded
with many new high records made. Some profit-taking
toward the close of the week caused irregularity but prices
were well maintained throughout. The oil stocks were
leaders and sharp advances were made. Standard Oil
(Ohio) coin. ran up from 943% to 1083% but reacted to
973%.
Humble Oil & Ref. from 106 reached 1163/8, receding finally
to 112%. Cosden Oil weakened from 553% to 50. Gulf
Oil sold up from 148 to 154% and closed to-day at 153.
Utilities generally registered gains. Electric Bond & Share
com, was heavily traded in up from 1013% to 1093%. United
Gas corn. was also very active advancing from 393/i to 453
%,
3
the close to-day being at 43%.
The new stock gained over
three points to 283
4 reacting finally to 27. Amer. Gas &
Elec. corn, rose from 14334 to 1537
% and rested finally at
151. Internat. Superpower improved from 383
% to 45 and
5
ends the week at 44%.
Pennsylvania Water & Power
jumped from 88 to 953
4. Tampa Elec. sold up from 69 to
90 and finished to-day at 85. United Light & Pow. corn. A
was heavily traded in advancing from 393% to 48%, the
close to-day being at 483%. Several noteworthy advances
were recorded in the industrial and miscellaneous section.
Amer. Chain corn. sold up from 603% to 743%, though it
reacted finally to 675%. A. 0. Smith Corp. corn. rose from
210 to 244% and receded finally to 230. Aluminum Co.
corn. gained over 19 points to 3353%, Deere & Co. old stock
advanced from 669 to 725 and the new stock from 134 to
151. The close to-day was at 710 and 150 respectively.
Electro Power Associates fell from 333% to 313
4 then rose to
343
4.
A complete record of Curb Exchange transactions for the
week will be found on page 2184.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Week Ended March 28.
Stooks-No. of sharesBends.
Government bonds...
Stateand foreign bonds
Railroad 4 misc. bonds
United
Stales
Bonds.
2149
Boston.
Rhaostetpuo.-
Baltimore.
Mares ,Boad Sales. Mares. Bond Salm. Mares. Bond
Raise.
*23,7871 $19,000 656,356
$24,000
*38.709
11,000 675,838
20.000
blf
i iM DA3113,9°°
*54.382
3.000 677,173
22.100
b2,321
8,000
*54.509
27.000 61131,396
13,500
33,857
12,100
*57.208
4,000 0194.897
21,000
04,708
45,500
*54,710
8,000
54,365
4,000
35,379
31,000
283.285
$72.000 620,025 1104.800
17,860 $110,500
Prey. week revised 238.428 2135,800 567,017
$119,000
18.105 $175.500
• In addition, sales of rights were: Saturday, 2,209;
Monday, 2,118; Tuesday,
2,145: Wednesday, 1,132; Thursday, 3,459.
a In addition, sales of rights were: Saturday, 3,400;
Monday, 3,000; Tuesday,
2,800; Wednesday, 1,100; Thursday, 2,700. Sales
of warrants were: Saturday,
700; Monday. 1,100: Tuesday, 900: Wednesday 800;
.
Thursday,
900.
b In addition, Baku of rights were: Saturday. 529;
Monday, 1,134: Wednesday,
996; Thursday, 371: Friday, 667.
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above, the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however which we
present further below, we are able to give final and complete
results for the week previous-the week ended March 22.
For that week there is a decrease of 11.4%, the aggregate of
clearings for the whole country being $12,960,016,603 against
$14,632,593,784 in the same week of 1929. Outside of this
city the decrease is 9.1%, while the bank clearings at this
centre record a loss of 12.5%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York
Reserve District, including this city, there is a decrease of
12.5%, in the Boston Reserve District of 11.5% and in the
Philadelphia Reserve District of 11.7%. The Cleveland
Reserve District suffers a loss of 8.2% and the Atlanta Reserve District of 7.9% but the Richmond Reserve District
enjoys a gain of 8.6%. In the Chicago Reserve District
the totals are smaller by 12.5%, in the St. Louis Reserve
District by 3.3% and in the Minneapolis Reserve District
by 12.7%. In the Kansas City Reserve District the totals
show a shrinkage of 17.4%, in the Dallas Reserve District
of 16.1% and in the San Francisco Reserve District of 5.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OP' BANK CLEARINGS.
Week End. Mar. 22 1930.
Inc.°,
Dec.
1929.
1930.
1928.
1927.
$
633,844,758
8,169,127,177
597,179,661
410,052,041
176,308,885
191,371,918
1,124,520,237
218,102,071
114,939,199
194,554.750
73,557,310
603,210,795
$
442,246,331
5,887,103,082
639,479,163
391,754,276
167,968,128
187,713,987
906,216,670
215,928,984
103.060,849
192,120,205
74,778,499
583.248,728
126 ettleti 12,960,016,603 14,632,593,784 -11.4 12,391,342,408
Total
4.142,204.525 4,556,456,279 --9.1 4,455,308,265
Outside N. Y. City
9,690,627,362
$
%
$
Federal Reserve Diets.
579,193,233 -11.5
512.792.724
let Batton_ _._12 cities
8,956,618,877 10,226,166,851 -12.5
2ndliNew York _ r 1 "
640,612,609 -11.7
566,720,243
3rd Philadel 'la _10 "
466,897,977 -8.2
428,409,038
6th Cleveland__ 8 "
173,892,090 +8.6
188,702,943
6th Richmond . 6 "
198,876,756 -7,9
183,035,690
"
5th Atlanta...-12
902,337,498 1,033,390,026 -12.5
7th Chicago _ _ _20 727,878,133 -3.3
220,364,876
6th 81. Louts... 8 "
128,497,472 --12.7
112,132,800
Dth Minneapolis 7 "
220,347,903 -17.4
202,043,939
10th KaneasCity 10 "
83,763,744 -16.1
70,246,324
11th Dallas
663,176,990 -6.4
617,612,661
12th San Fran.._17 -
r5knasia
[Vou 130.
FINANCIAL CHRONICLE
2150
11 r11.1a.a
a,0114 ,Irl
f Cil nan ^ol
_,0
,1010 "10 9CA
3,919.059316
101 1A7 L.
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 22.
'!ear 44438 at
1930.
1929.
Inc. or
Dec.
1928.
1927.
First Federal Reserve Dist rict -Bosto n.572,574 -7.7
528,405
.
Maine-Bangor _
3,359,772 -5.3
3.183.661
Portland
Mass.-Booton. _ 459,254,912 519.000,000 -11.5
1,325,182 -7.1
1,230,693
& Fall River.
1,148,693 -5.8
1.082,374
& Lowell
1,197,604 -15.1
1.016.817
& New Bedford_ _
4,503,144 -8.2
4,230,765
& Springfield_
3.584,301 -16.4
2,998,872
Worcester
20,327,590 -17.0
16,854.514
Conn.-Hartford
8,597,525 -9.8
7,752,061
New Haven_ _
14,986,300 -7.0
13,938,500
R.I.-Providence
590,548 +21.9
720,250
N.H.-Manchee'r
589,547
3,247,723
579,000,000
1,781,237
1,030,421
1,083,848
5,160,868
3,247.271
15,227,947
8,217,952
14,521,500
736,442
679.139
3.081.584
395,000,000
1,584,123
1,045,328
945,313
4,855.820
3,388,552
12,247,441
7,110,517
11,728,600
579,014
579,193,233 -11.5
633,844,756
442,246,331
Total(12 cities)
512,792,724
Second Feder al Reserve D iatrict-New York.-6,425.583
6,112.573
5,429,192 +11.7
6.072,881
N. Y.-Albany _
907,100
1,155,696
1,394,423 -12.4
Binghamton
1,222,820
46,323,453
48,514,213
63.355.967 -16.5
52,879.007
Buffalo
853,394
993,006
1,306.945-37.1
821,085
Elmira
1,495,110
1,297,581
1.038,904 -1.6
1,021,002
Jamestown._ _ _
8,817.812.078 10076137,205 -12.5 8,051.472.890 5.774,568.246
New York
11.914,252
12,350,224
14.968,736 -26.4
11,022,749
Rochester
5.034,709
5,471,805
5,750.376 -4.4
5,499.757
Syracuse
3.721,494
3,870,760
4,273,454 -5.4
4,041,228
Conn.-Stamford
788,544
853,794
1,027,949 -4.1
985.900
N. 1,-Montclair
38,078,206
37,095.635
51,483,400 +7.3
55.240.370
Northern N. J_
Total (11 Mice )8,956,618.87 710226166,85 1-12.5 8,169,127,177 5,887,103,082
Third Federal Reserve Dist rict-PhIlad elphi a
1,493.168 -10.3
1,339,103
Pa.-Altoona _ _
5,058.836 -13.5
4,376,624
Bethlehem._
1,252,089 -20.1
1,000,160
Chester
2,100.379 -2.9
2,040,159
Lancaster
Philadelphia _ 539,000,000 611,000,000 -11.8
3,578,502 -8.8
3,260,895
Reading
5,926,726 -7.9
5,456,321
Scranton
3,699.730 -8.9
3.371.098
Wilkes-Barre_
2,086,692 -3.7
2,008,883
York
4,318,477 -10.4
3,867,000
N.J.-Trenton..
1,398,547
4,225,601
1,278,416
2,111,323
566,000,000
3,578.957
8,164.601
3,700,000
1,728,575
4,991.631
1,726,335
4,501,914
1,245,017
1,906,751
510,000,000
3,720,697
5,854,829
3,739,126
1,588,038
5,196,456
-11.7
597,179,651
539,479.163
Total(10 cities)
565,720,243
640,512,6
Fourth Feder al Reserve D istrict--Clev eland
6,669,000 -42.3
3,848.000
Ohio-Akron _
4,248,715 -9.1
3.862,091
Canton
-9.9
76,013,203
68,522,396
_
Cincinnati_
143.731,788 159,689.912 -19.9
Cleveland
14,813,000 -0.6
14,719,800
Columbus .._
3436,854 -36.3
1,998.376
Mansfield
5,017.250 -17.9
4,120,933
Youngstown - -4.9
197.310,043
187,605,854
Pa-Pittsburgh
5,411,000
3,888,268
74,552,731
120,751,929
15,466,300
2.755,993
4,937,824
182,288,356
5,136,000
3,566,428
73,515,717
106,622,711
14,838,700
1,994,248
4,825,395
181,265,077
410,052,401
391,764,276
1,031,713
4,766.314
46.273,000
2.000,000
94,262,392
27,975,466
1.088,345
4.353.803
47,942,000
2,183,659
86,935,092
25,465,229
428,409,038
466,897,977
+8.6
176,308,885
167,968.128
lall
Sixth Federal Reserve Dist riot-Atlant a2,900,310 -7.2
2,690,992
Tenn.-Knoxville
25,815,655 -6.6
Nashville
24,115.234
61,311,058 -18.6
Ga.-Atlanta _ _ _
49.887,557
2,000,603 -16.7
1,665,245
Augusta
1,677,324 -12.1
-Macon
1,475,444
-1.6
19,409,554
_
Fla-Jack'nville
19,089,001
4,159,000 +1.6
Miaml
4,224,000
24,096.769 +0.5
Ala.-BIrming'm
24,211,644
1,651,157 +22.2
Mobile
1,850,780
2,536.000 -8.1
Miss.-Jackson_ _
2,332,320
311,656 -39.2
189,547
-Vicksburg
53.007,670 -3.2
La.-New Orlean s 51,304,116
3,000,000
22,509.176
51,615,966
2,067,758
2,077,907
19,125,853
4.031,000
24,124.549
1,316,714
2,128,000
259,963
59,115,032
2,742,961
20,387,130
46,410,178
1,794.603
1,850,149
24,139,614
'7,764,493
23,564,315
1,857.696
1,761,000
298.531
55,143,317
-7.9
191,371,918
187,713,987
Total(6 cities)_
Total(12 cities)
188,702,943
183,035,880
173,892,090
198,876,756
1930.
I
I
1929.
Inc. or
Dec.
Seventh Feder al Reserve D istrict.-Chi cago.293,534 -3.9
282,140
Mich.-Adrian _
825,39 -28.5
589,931
Ann Arbor _
214,572,521 262,368,684 -18.2
Detroit
7,347,831 -29.0
5,214,845
Grand Rapids.
3,802.299 +7.5
4,087,950
Lansing
3.628,478 -14.9
3,087,344
Ind.-Ft. Wayne
21,282,000 -8.3
19,523,000
IndianapolLs_ _ _
2,943,782 -15.5
2,487,638
South Bend_5,179,197 +3.3
5,350,384
Terre Haute...
33,548,669 -12.0
29,511.029
Wis.-Milwaukee
2.800,472 -0.6
2,781,208
Iowa--Ced. Rap.
9.903,566
+1.4
10,044,497
Des Moines_ _
7.364,021 -16.7
6,145,699
Sioux City.
1,468,590 +1.2
1,485,752
Waterloo
+0.3
1,905,721
1,911,073
583,371,076 655.289,898 -11.0
Chicago
1,176,486 +3.0
1,211,307
Decatur
5.607,549 -18.1
4,590,491
Peoria
4.069.339 -15.1
3,454,318
Rockford
2,584,517 +2.0
2,635,315
Springfield_ _..
Total(20 cities)
1928.
I
1927.
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
7,286,645
1,364,334
1,752,202
705,519,569
116,604,794
5,508,404
3,043,715
2,492,979
230,537
1,039,128
148,437,541
7,586,438
2,174,000
2,740,582
19,443,000
3,845,700
5,907,604
42,474,805
2,506,801
8,874,379
6,592,881
1,194,395
1,479,649
640,235,058
1,274,299
4,236,641
3,345.670
2,597.499
902,337.498 1,033,390,026 -12.5 1,124,520,237
906,216.607
Eighth Federa I Reserve Dia trIct.-St. L oafs.5,710,411 -6.7
5,331,498
Ind.-Evansville
Mo.-St. Louis. _ 138,800,000 145,200,000 --23.3
36.261.182 +8.8
39,463,937
Ky.-Louisville
367.004 -7.3
340,282
Owensboro._
23,231,923 -10.9
20,691,287
Tenn.- Memphis
15,259,746 -17.5
14,105,604
Ark.-Little Rock
349.681 -43.5
197,682
111.- Jacksonville
1,498,186 -4.3
1,434.386
Glancy
5,166.036
140.400,000
35.401,914
289,725
20,988,708
13.924,648
328,042
1,603,003
5,289,071
138,800,000
35,856,550
346,034
20.257,000
13,345,178
315.486
1,717,715
-3.3
218,102,076
215,926,984
Ninth Federal Reserve Die trict-Minn eapolls
6.614,108 -38.4
4,072,085
Minn.-Duluth..
81,024,126 -6.4
75,857,142
Minneapolis...
34,019.601 -24.5
25.675,714
St. Paul
2,009.150 -5.0
1,908,174
N. 0388.-Fargo.
1,082,568 -19.7
988,188
S. D.-Aberdeen.
614,919 -12.1
540,682
Mont.-Billings _
3.133,000 -1.4
3.090.815
Helena
6,405,483
71,018,731
30,424,268
1,749,100
1,422,221
649,396
3,270,000
5,365,371
65,200,365
26,784,163
1,606,282
1,084,447
464,221
2,556,000
128,497,472 -12.7
114,939,199
103,060,849
Total(8 cities) _
Total(7 cities) _
220,364,676
112,132.800
227.878.133
Tenth Federal Reserve DIs trict-Kane as City402,942
388,373
385,002 -13.1
334,464
Neb.-Fremont _
590,221
391,767
546,849 -2.9
530,906
Hastings
4,104,820
4,220,833 -24.9
4.620.007
3,168,922
Lincoln
37,195.150
48.094,012 -7.1
44.787.066
44,695,418
Omaha
2,649.286
3,732,120 -17.7
3,781,056
3,071,465
Kan -Topeka..
8,060.390
7,485,376
7,359,091 -12.3
7,195.288
Wichita
-7.5
123,222,989
131,614,267
145,588,918
134,584,535
Mo-Kansas City
6.798,391'
5,955,799
7,342,384 -20.4
5.848.928
St. Joseph _ _
1.118,329
1,203,498
1,300,199 -11.1
1,156,917
Colo.-Col. Sege
1,117,300
1,187,928
-18.1
1,778,495
1,457,096
Pueblo
220,347,903 -17.4
194,554.750
192,120,205
Eleventh Fede rat Reserve District-Da Ilas2,073,901 -20.4
1,651,296
Tex -Austin.__58.029,690 -18.6
47,253,355
Dallas
13,807.618 -12.2
12,128,686
Fort Worth
5,046.000 -20.7
4,002.000
Galveston
4,806.535 +8.4
5,209,987
La.-Shreveport _
1,548,195
51,131.207
11,197,850
4,397,000
5,283,058
1,707,559
48,347,418
11,383,720
8,602,000
4,737.802
83,763,744 -16.1
73,557,310
74,778.499
Fraudl sco-18.3
58.424,926
+5.7
13,089,000
-31.1
1,373.535
34,016,196
-0.1
+1.3
17,150,746
-2.7
3.242.660
7.814,168
-22.9
-18.1 200,950,000
19,231,999
-17.5
6.736,214
-16.5
-13.1
5,126,384
-3.6
4,956.410
+12.4 222,641,493
-7.3
2,379,986
1,436,091
+9.1
-9.1
2,010,287
+8.0
2,731,700
45,740.587
10,999,000
1,182,252
33,022,665
14.904,205
3,101.530
7,340,165
247,398,000
17,364,564
6,539,273
7.722,816
4,727.314
175,649.000
1,977,517
1,139,834
1,949,706
2,502,300
Total(10 cities)
Total(5 cities):
202,043.939
70,245,324
Twelfth Feder al Reserve D istrict-San
59.962,212
49,015,415
Wash -Seattle.
14,101,000
14,901,000
Spokane
1,490,921
1,026,414
Yakima
36,491,327
36,443,714
Ore.-Portland. _
19,204,288
19,448,116
Utah-S. L. City
3,278.202
Calif.-Fresno
3,188,233
10,042,313
7.745.029
Long Beach...
Los Angeles... 199,090,000 242,930,000
19,468,868
16,068,724
Oakland
7.700.159
6,431.430
Pasadena
7,182,029
6,240.999
Sacramento _
5,543,401
5,345,925
San Diego
San Francisco - 243,323,391 210,559.939
2.913.930
2,700,637
San Jose
1,637,351
Santa Barbara_
1,050,880
2,061,450
1,873,645
Santa Monica.
2,609,600
2.819,100
Stockton
Total(17 cities) 617,612,661 653.176,990 -5.4 603,211.795 583.248,728
Grand total (126
2960,016,603 14632.593,784 -11.4 12391,342,408 9,690,627362
cities)
Outside N. Y.. 4,142,204,5254.558,458,279
-9.1 4355,308,265 3,919,059,116
Week Anded March 20.
Clearings at1936.
Fifth Federal Reserve Dist riot-Riche& ond1,268.035 -14.1
1,089,341
W.Va.-Hunt'g'n
4,623,887 -14.9
3,953,763
Va.-Norfolk.-- 42,620.000 +16.6
46,483.000
Richmond ___ 2,253.927 -4.8
2,144,482
S.C.-Charleston
91,559,897 +18.1
Md.-Baltimore _ 108,171.924
-14.9
31,566.344
26,860,433
D.C.-Washing'n
Total(8 cities) _
Week Ended March 20.
Clearings at-
8
Canada137,221,500
Montreal
115,855,469
Toronto
37,455.515
Winnipeg
18,820,105
Vancouver
7,503,722
Ottawa
5.761477
Quebec
2,851.122
Halifax
5,592,228
Hamilton
7,964,187
Calgary
2,185,551
St. John
2,272,643
Victoria
3,764,279
London
5,329,240
Edmonton
3.678.449
Regina
468,052
Brandon
569,744
Lethbridge
1,917,020
Saskatoon
1,231,606
Moose Jaw
1,058,150
Brantford
716,915
Fort William
715,868
New Westminster
Medicine Hat _ _.
286,697
881,583
Peterborough_ _._
859,202
Sherbrooke
1,175,587
Kitchener
5,051,366
Windsor
417,639
Prince Albert _ _ -777,251
'Moncton
667.301
Kingston
556.771
:lhatham
688,631
Sarnia
Total(31 cities)
• Estimated
374,294,570
1929.
Inc.or
Dec.
1928.
1027.
-47.8
-8.6
-9.6
-12.3
-10.3
-57.4
-20.9
-27.8
+18.8
-11.8
-18.0
-24.3
-17.5
-22.4
-4.1
-33.9
-22.1
-12.0
-55.8
-2.8
-16.2
-10.9
-26.4
-18.0
-5.8
-25.8
-19.3
-4.0
$
142,337.624
142,701,334
55,344.610
21,530,292
8,220,670
5,362,214
3.323.994
5,749,096
14,794.069
2,487,625
2,550,532
2,816,341
6.110.483
5,068,108
568,044
868,582
2,269,781
1,232,061
1,292,901
838,907
915,051
465,160
737,252
967,566
1,075,691
5.201,574
392,040
787,280
734,741
828,206
621,938
$
100,603,098
107,500,159
44,764,156
16,580,153
5,895,364
5,587,133
2,515,706
5,090,246
7,054,027
2,381.119
1,882,523
2,778,505
4,303,352
3,608,551
475,210
529,530
1,532.225
1,033,819
944,857
793,481
692,221
282,738
742,857
878.313
977,302
4,791,102
377,041
748,418
486,492
828,823
608.013
481,264,723 -22.2
438,247,766
328,167,434
$
158,242,772
155,389,104
45,205.291
36,039,522
8.211,607
6,373.856
3,250,859
6,237.666
18,678,804
2,763.995
3,147,617
3467.782
6,908,052
4,972.359
617,977
690,622
2,471,367
1,284,878
1,597,916
919,643
813,657
647,904
906,465
1.025,138
1,319,494
6,862,625
502.825
825.360
782,495
689,806
717,265
%
-13.3
-25.4
-38.1
MAR. 29 1930.]
•
FINANCIAL CHRONICLE
'2151
Public Debt of the United States-Completed Returns
THE ENGLISH GOLD AND SILVER MARKETS.
Showing Net Debt as of Jan. 31.
We reprint the following from the weekly circular of
The statement of the public debt and Treasury cash holdSamuel Montagu & Co. of London, written under date of
ings of the United States, as officially issued Jan. 31 1930,
Mar. 12 1930:
On the 6th inst. the Bank of England lowered its official rate of discount delayed in publication, has now been received, and as interest
from 43i to 4%.
attaches to the details of available cash and the gross and
GOLD.
The Bank of England gold reserve against notes amounted to £151,601,773 net debt on that date, we append a summary thereof, making
on the 5th inst. (as compared with £151,326,826 on the previous Wednes- comparisons with the same date in 1929:
day), and represents a decrease of 12,304,542 since the 29th April 1925,
when an effective gold standard was resumed.
Gold from South Africa to the value of £937.000 was offered in the
open market yesterday. The exchange with Germany having moved in
favor of sterling, there was no inquiry from that quarter this week, but
£720,000 was taken by an undisclosed buyer (believed to be Switzerland)
at the fixed price of 84s. 11d. India took 150,000, the Continental trade
192,000 and the home trade £30,000. Of the balance a further £20,000
was taken by toe trade to-day at 84s. 11;0.
Movements of gold as announced by the Bank of England show a net
influx of E269,088 during the week under review. Receipts amounted to
£282.524, which included £250,000 in sovereigns from South Africa and
£30,817 in sovereigns from Brazil.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 3d inst. to mid-day on the 10th inst.:
Imports.
Exports.
Brazil
£51,930 Germany
£66,975
British West Africa
36,513 France
20,643
British South Africa
1.340,152 Switzerland
8:560
France
17,765
6,860 Austria
Other countries
27.183
809 British India
Other countries
4.315
£145,441
£1,436,264
The Southern Rhodesian gold output for the month of January last
amounted to 46,121 ounces, as compared with 46,829 ounces for December
1929 and 46,231 ounces for January 1929.
The Transvaal gold output for the month of Februari last amounted to
818,188 fine ounces, as compared with 882,801 fine ounces for January
1030 and 815,284 fine ounces for February 1929.
The balance of trade figures for India for January last are as follows:
Lacs of Rupees.
Imports of merchandise on private account
2293
Exports, including re-exports, of merchandise on private account
2690
Net imports of gold
147
Net imports of silver
84
Net imports of currency notes
8
Total visiole balance of trade, in favor of India
177
Net alliance on remittance of funds, against India
31
SILVER.
Although prices have fluctuated, some recovery was made from the low
level touched last week. Inquiry from China lent the market more steadiness and ay the 8th inst. quotations had risen to 19 3-16d. and 18 15-16d.
for cash and two months' delivery, respectively. Offerings from the
Continent and India since served to depress t..te forward quotation, which
lapsec. to 1850 yesterday , out reacted to 18 13-16d. to-day in tee absence
of further selling, with cash delivery quoted at 193(. A continuation of
the demand from India for silver for near delivery, however, helped to
maintain the cash quotation, and the premium on silver for prompt delivery Increased yesterday from hd. to 7-16d.
America has been only a moderate seller but sales on Continental account have steadily continued.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 3d inst. to mid-day on the 10th inst.:
Imports.
Exports.
France
£86.837 Netherlands
127,393
Mexico
54.054 Hong Kong
38.541
Irish Free State
20,000 British India
268,891
Canada
27,894 Other countries
3.803
British West Africa
18.491
Other countries
7,291
£338.628
£214,567
.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Mar. 7. F,b. 28. Feb. 22.
Notes in circulation
18160
18171
18115
Sliver coin and bullion in India
10761
10751
10722
Silver coin and aullion out of India
Gold coin and million in India
3227
3227
55
Gold coin and bullion out of India
Securities (Indian Government)
3873
3888
3872
Securities (British Government)
310
294
294
The stocks in Shanghai on the 8th inst. consisted of about 92,900,000
ounces in sycee, 134.000,000 dollars, 6.100.000 Saigon dollars and 19,000
silver bars, as compared with 91.600,000 ounces in sycee. 132,000,000 dollars, 6.300,000 Saigon dollars and 19.000 silver bars on the 1st inst.
Quotations during tie week:
-Bar Silver pa* Or. Stu.Bar Gold
per Oz. Fine.
Cash
2 Mos.
84s. 10%d.
March 6
18 9-16d.
18(d.
1830.
84s. 10 Yid.
March 6
18 9-16d.
per Or. Fine.
Cash.
2 Mos.
189-16d.
18;1d.
84s. 103id.
March 6
March 7
19 1-16C..
18 13-166.
848. 10%d.
March 8
193-164.
S4s. 11d.
18 15-164.
84s lliid.
March 10
19 1-16d,
18 13-16d.
March 11
19 I-16d.
181.d.
84s. lid.
13-16d.
March
84s. 1130.
1218
Average
18.760d.
19.&2d.
848.11.08d.
The silver quotations to-day for cash and two months' delivery are
respectively 5-164. and Xd. a.love those fixed a week ago.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.
Mar. 22.
Silver, p. oz.& 1950
Gold, p. fine oz. 848.11d.
Consols,250%. _ _ _
British, 5%___
British, 4
- --French Rentes
__
(Ir: Paris).fr_
French War Li,
(in Paris) _ fr
Mon.,
Mar. 24.
1954
84s.1 1d.
5750
10334
100
Tues.,
Mar. 25.
19%
848.10d.
5750
100
(195i
Wed.,
Mar. 26.
19 7-16
84s.11d.
57
100
9951
87.80
87.90
88.50
102.60
102.55
102.55
Thum.
Fri.,
Mar. 27. Mar. 28.
19!4
1934
84s.11d. 848.114d,
57
57
100
100
991.1
991.1
Holiday
88.50
Holiday 102.30
The price of silver in New York on the same days has been:
Sliver in N. Y., per oz. (cts.):
Foreign
4231
4334
4234
4294
4250
4234
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Jan. 31 1930. Jan. 31 1929.
Balance end of month by daily statement, &c
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
Total
98,928,297
131,445,500
-1.665,200
+1,541,803
97,263,097
129,903,697
23,631,130
73,390,899
5,387,290
933,586
25,862,210
78,463,354
5,992.585
1,535,801
103,342,905
111,853,950
-6,079,808
INTEREST-BEARING DEBT OUTSTANDING.
Interest Jan. 31 1930.
Title of LoanPayable.
9
2s Consols of 1930
Q.-J. 599,124,050
2s of 1916-1936
48,954,180
0.-F.
2s of 1918-1938
25,947,400
0.-F.
as of 1961
Q -M
49,800,000
3s conversion bonds of 1946-1947
Q.-J,
28,894,500
Certificates of indebtedness
.1.-J. 1,305,557,500
3508 First Liberty Loan, 1932-1947
J -J 1,392,257,750
4s First Liberty Loan converted, 1932-1947_ _ _ _J.-D.
5,005,450
450s First Liberty Loan, converted. 1932-1947..J.-D. 532,810,000
414s First Liberty Loan, 26 cony., 1932-1947„J.-D.
3,492,150
4$4s Fourth Liberty Loan of 1933-1938
A O. 6,268,269,050
41.18 Treasury bonds of 1947-1952
758,984,300
4s Treasury bonds of 1944-1954
1,036,834,500
31.4s Treasury bonds of 1946-1956
489,087,100
31.0c Treasury bonds of 1943-1947
493,037,750
334c Treasury bonds of 1940-1943
359,042,950
45 War Savings and Thrift Stamps
254s Postal Savings bonds
19,224,720
550s to 550s Treasury bonds
2.644,625.000
+18,049,747
Balance. deficit(-) or surplus (+1
Treasury bills, series maturing Mar. 17 1930
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Jan. 31 1929.
5
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
1,950.111,200
1,397,685,200
5,135,450
532,816,600
3,492,150
6,284,034,100
758,984,300
1,036,834,500
489,087,100
493,037,750
359,042,950
54,914,062
16.887,180
2,944,797,200
0.00,000.000
16,161,548,350 17,080,199,872
231,029,877
234,890,840
30,429,475
64,216,300
Total debt
16,423,007,702 17,379,307,051
Deduct Treasury surplus or add Treasury deficit.- -6,079,808
+18,049,747
Net debt
516,429,087,510 17,361,257.304
a The total gross debt Jan. 31 1930 on the basis of daily Treasury statements
was $18,423,009,674.19 and the net amount of public debt redemption and receipts
in transit. Say.. was $1,972.
S No reduction is made on account of obligations of foreign governments or other
investments.
C Maturity value.
Tourtnercialand MisceiliattennsRIMS
Breadstuffs figures brought from page 2265.-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 at-
Flour.
Wheat.
Corn,
Oats,
Barley.
Rye.
bbls.196Ibs. bush. 6015:.bush. 56 lbs.bush. 32 lbs.bus. 48 15s bus. 56 lbs.
Chicago
203,000
61,000
792,000
292,000
129,000
Minneapolis.1,082,000
115,000
223,000
290,000
152,000
Duluth
683,000
2,000
1,000
23,000
22,000
Milwaukee
15,000
16,000
176,000
34,000
121,000
Toledo
93,000
22,000
38,000
Detroit
26,000
15,000
6,000
20,000
Indianapolis
32,000
302,000
192,000
St. Louis._ _ _
131,000
350,000
422,000
365,000
11,000
Peoria
45,000
8.000
317,000
93,000
89,000
Kansas City..
583,000
404,000
234,000
Omaha
76,000
380,000
316,000
St. Joseph_
77,000
143,000
38,000
Wichita
81,000
79,000
4.000
Sioux City..
18,000
117,000
198,000
4,000
Tot. wk.
'i
Same week '29
Same week '28
394,000
453,000
486,000
3,186,000
6,062.000
5,068,000
3,276,000
5,369,000
6,165,000
2,068,000
666,000
2,018,000
829,000
2,927,000 1,071,000
169,000
243,000
402,000
Since Aug.11929
14,595,000 97,934,000184.276,000100,731,000 55,095.00020,851,000
1928
16,576,000397,902,000213,678,000 106,267,00081,295.00022,101,000
1927
16.314.0t I 369.195.000224.772.000 110_:122 ono 80_388.00031.186.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday Mar. 22, follow:
Receipts al-
Flour. I
Wheat.
Corn.
Oats.
I Barley.
Rye.
bls.1961bs.bush. 6015:.bush. 5615:.bush. 32 ibs)bus. 48 lbs bus.66 lbs.
New York--- 288.000
2,000
719,00
44,000
36,000'
Portland, Me_
Philadelphia__
9.000
38,000
92,
524.000
Baltimore__.
Newport New
Norfolk
New Orleans*
Galveston_ ___
St.John, N.B.
Boston
18.000
31,000
1,000
1,
27,000
2,000
663,000
i
42.000
192.000
35,000
26,000
Tot. wk.'30j 648.000 2,060.000
Since Jan.1'30 5,620,000 16,141.000
2.000
27,000
2,000
11,000
42,000
14,000
3.000
2.000
19,000
17,000
22,000
211,000
21.000
80,000
14,000
115,000
1.083,000
Week 1929..._
690,000 2,216,000
371,000
Since Jan.1'29 6,913,000 36,352,
12,987,000
77,000
988,000
388,000
3,000
487,000
3,879.000 6,753.000 1.786.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
2152 •
The exports from the several seaboard ports for the week
ending Saturday, Mar. 22 1930, are shown in the annexed
statement:
ExportsfromNew York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
St. John, N.B
Houston
Halifax
[Vora. 130.
FINANCIAL CHRONICLE
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
708,000
82.236
92.000
10.000
8,000
231,000
3,000
197,000
1,000
1,000
'
1,000
8,000
6,000
3,200
7,000
25,000
9.000
19,000
66,300
17,000
35,000
24,000
2,000
CONSOLIDATIONS.
Mar. 18-The First National Bank of Ripon. Wig
100,000
and
The American National Bank of Ripon. WI,
100,000
Consolidated under Act of Nov.7 1918 under the charter
and corporate title of "The First National Bank of
Ripon," No. 426, with capital stock of $300.000.
Mar. 22-The National Bank of Commerce of Milwaukee, Wis 1,000.000
and
Second Wisconsin National Bank of Milwaukee, Wis.. 200,000
Consolidated under Act of Nov.7 1918 under the charter
and corporate title of "The National Bank of Commerce of Milwaukee," No. 6853, with capital stock
of 21,000,000
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
Mar. 19-The Winters National Bank & Trust Co. of Dayton, Ohio.
Location of Branch, 915 South Brown St., Dayton, Ohio.
Mar.22-The Fulton National Bank of Atlanta, Ga.
Location of Branch, vicinity of the corner of Peters and Walker
SM.. Atlanta.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
19,000
Total week 1930.... 1,948,000
17.000
8,000 182,236
7,000
Same week 1020
2 415 000 720 000 24A caa 144.04)4)
494.138 in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
The destination of these exports for the week and since Shares.
Stocks.
$ Per Sh. Shares. Stocks.
$ Per EL
July 1 1929 is as below:
42 Hans Rees' Sons, Inc
60 21.314 Internat. Tr, Co., par 220-- 55
Flour.
Exports for Week
and Since
Week
July 1 to.1i ar.22
United KingdomContinent
So.& Cent. Amer.
West Indies
Brit. No. Am.Col.
Other countries_ _ _
Since
July 1
Wheat.
Week
Mar. 22
Since
July 1
Corn.
Week
Mar. 22
Since
July 1
Bushels.
Bushels. Bushels. Bushels.
Barrels. Barrels.
30,000
580,000 41,269,000
67,013 2,694,812
4,000
2.000
69,943 2,900,552 1,338,000 63,579.000
2.000
51.000
8,000
587.000
15.000
621.000
35,000
4,000 246,000
13,000
661.000
____
33,400
22,000
763.000
17,280
499,838
3,333 1-3 internat. Tr. Co.. N. Y.
'rrust Co., ctis. of dep.. Par $20 7734
5 "Cy" Waterfall Co.. Inc.(N. Y.)
$25 lot
common
7,731 Earn. Players Mo. Corp_ _3100 lot
30 Landover Holding Corp., Cl A;
5 Fulls Motors Corp.. 7% Pki;
1 Falls Motors Corp., corn.: 500
'Fri-Bullion Corp., class B. 500
TH-Bullion Smelt. & Bevel. Co..
common
$25 lot
50 Sterling Land Co., Inc.(N. Y.)_24 la
4334 Assembly Constr. Co.(N.Y.)_32 lot
250 No. Central Coal Co.(Conn.).Al lot
All right, title and int. In lost Ws.
No. C586 dr 325 for 735 slui. of
Southwest Metals Co., no par--37 lot
Bondi.
Per Cent.
2150,000 Wakenva Coal Co.. Inc..
20-yr. s. f. 634s, Aug. 1 1947-.240 lot
$10,000 Realty Foundation, Inc..
guar partic. 6s, son. E,Feb. 1939 75
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
$ Per Sh. Shares. Stocks.
$ per Sh.
60 Western Mass. Cos
50 Central Trust Co., Cambridge,
62 ex-div.
8,000
331,000
Total 1930
182,236 7,411,402 1,948,000 108.233.000
$10
65-70 ex-div. 12 North Boston Lighting ProperPar
Total 1929
245.553 8.300.167 2.416.000 227.731.418 720.000 26.709.322 15 National Shawmut Bank,
ties, prof. v. t. c., par $50
5834
71 ex-dIv. 50 Eastern Utilities Associates,
Par $25
Convertible shares
125 First National Bank. Par
1534
12234-123% ex-div. 88 MOBS. Bonding & Ins. Co.. par
$20
New York City Realty and Surety Companies.
10 Nat'l Shawmut Bk.. par $25_71 ex-clIv. $25
13034-135
(Alt prices dollars per share.)
38 Dennison Mfg. Co., 8% deb__12834
44 Lincoln Manufacturing Co____ 12
35
10 Dennison 511g. Co., 7% p1.102 & div.
10 Associated Textile Co
10
3
Tennessee Eastern Elec. Co..
Amoskeag
6734
Co..
preferred
Bid. Ask.
BM. Ask.
Bid. Ask.
9434
6 New England Southern Mills
7% Preferred
$2 lot 5 Morse Twist Drill & Machine,
Corp., common
54I2U S Casualty- 96 100
Mance Rlty 96 108 Lawyers Mtge 63
Common
137
13 Nashuwena Mills
2634
2 Parker Mills
434 3 New Hampshire Mutual Liability
N T InvVrs
Am Surety.... 118 121 Lawyero Title
75
Co.. non-voting, preferred
& Guarantee 292 297
1st pre-- 98 ---. 20 William Whitman Co., Inc,
15 Merrimac Hat Corp., com_60 ex-div.
ex-div.
preferred
7874-8034
Bond & Mtg0
jLawyers West2d pref---- 97
--__
10 Merrimack Mfg. Co., coin- 7534
35
10 Associated Textile Cos
chest M & T 226 300
($20 par).- 101 104
24 Interstate Utilities Corp., class
35 Berkshire Fine Spinning AssoWestchester
A. common
$11106
20
ciates. common
Title & Tr__ 130 155
66 IMtge Bond__ 193 203
EfemeTitielns 60
10 Associated Textile Cos
35 50 Graton & Knight Co.. corn. -734-2
20 Craton & Knight Co., pref.-- 59
99 Berkshire Fine Spinning Asso75 250 Amer. Investment Securities
preferred
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. 10ciates,
16
Co., common, par 210
3634
Associated Textile Cos
1 Boston & Maine RR., common
110 Boston Herald-Traveler Corp.
Int.
Int.
2834-28 ex-div.
8034 ex-div.
(Unstampted)
Maturny.
Rate. Md. !Asked
Maturity.
Rate. Bid. Asked.
10 New England Pub. Serv. Co..
35 Central Maas Light & Pow. Co..
10034
102
6% preferred
26 convertible preferred
goat. 100i.
June 16 1930._ 434% 1001zu 10015,, Sept 15 1930_32 ayi%
116
15 Amer. Glue Co., pref
3 Fitchburg G. dr E. Co., (linden.)
Sept. 15 1930._ 314% 1002,2 100.8 Mar. 151930-32 334% 99"n 110In
as
Par
$25
Dec. 15 1930_ 334% 100,s1 100.si Dec. 151930-32 334% 99"ss, 100In
Per Cent.
2 Seamless Rubber Realty AlisoBonds.
dates, Pref.. Par $1,000_986% & div. $500 North Packing & Provision
10 Thompson's Spa, Inc., corn
Co.. 1st 5s, due Jan. 1945_ _9834 &Int.
1034
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Bh.
$ Per Sh. Shares. Stocks.
100 Boston-Herald-Traveler Corp.,
4 Webster & Atlas Nat. Bank
226
100 Finn Nat. Bk.Boston, par $20-122
common
27-2734 ex-div.
100 Nat.Shawmut Bank, par $25 7134 100 General Alloys, pref., par $10-- 7
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
40 U. S. Trust Co., par $25
10034 2 New England Pow. Assn., pref- 9134
REQUESTED.
50 Beacon Trust Co.. Par $20
3634
6134 10 Associated Textile Cos
Capital. 3 Hudson (Mass.) National Bank_ _225
25 Dennison Mfg., Co., pref....103 & div.
Bank
of
Goleta.
Calif
Mar. 18-The First National
250.000 3 Old Lowell Nat. Bank, Lowell,
10 Fall River Gas Works, par 225„ 55
Correspondent, U.Dardl,P.O.Box 627,Santa Barbara,
167 50 Western Massachusetts Cos.__ 62
Mass
Calif.
10 North Boston Lighting Proper2 Medford (Mass.)'tr. Co., par $20 61
CHARTERS ISSUED.
52
50 Samoaet Cotton Mills
ties, pref. (undep.). Par 250
1734
10 Nashawena Mills
2534 20 Dennison Mfg. Co., pref. _103 & div.
25,000 10 Naumkeag
Mar. 18-Hot Springs National Bank, Hot Springs. N. M
20
American
Mason
Safety
Thread
Co-88-8834
Steam
Cotton
President, Hilmar E. James; Cashier, Grady Jones.
20 Saco Lowell Shops, common_ _ _ 6
Co.. par $25
15
Mar. 18-The National Bank of East Standwood, Wash
25.000 5 Morse Twist Drill Co
11 Mass. UM.A/1800., pref., par $50 3834
134
Conversion of State Bank of East Standwood, Wash.
Per Cent.
10 New Boston Arena Co., pref.;
Bonds.
President, Peter Henning; Cashier, C. R. Amundson.
$18 lot $4,000 Central States Edison Co.
10 common
28-30 6s. April 1949
75
Mar. 19-Kimball National Bank, Kimball, Neb
50.000 127 Nat. Service Co.. 23 met
4 Dennison Mfg. Co., pref__103 & div. $4,000 Cottage City Water Co.
Conversion of Bank of Kimball, Neb.
2 New England Pow. Assn., Pref.- 97
5s, Dee. 1930
98
President, P. C. Mockett; Cashier, G. W. Broadhurst.
300,000
Mar. 22-The Niagara National Bank of Buffalo, N. Y
By Barnes & Lofland, Philadelphia:
President, Charles I. Martina; Cashier, M.H.Wbitmor.
Shares. Stocks.
$ Per Sh. Shares. Stocks,
2 Per Sh.
225
30 Eighth Natl. Bk. of Phila., par
5 Real Estate Tr. Co
VOLUNTARY LIQUIDATIONS.
114
$10
18 Bryn Mawr Ice Mfg. St Cold
55,000 50 Southwark Nat. Bank, par $10- 25
Storage Co.. par $25
25
Mar. 17-The National Bank of Bloomfield, Iowa
10 Main Line Nat, Bank, Wayne,
8 William Penn Fire Ins. Co., par
Effective Feb. 26 1930. Liquidating Agent, W. B.
125
Pa
170
$50
Taylor, Bloomfield. Iowa. Absorbed by the State
1 Citizens Nat. Bank, Jenkintown,
$75 lot
100 L. H. Gilmer Co., pref
Bank of Davis County. Bloomfield. Iowa.
Pa
100 50 I.. H. Gilmer Co., coin
$32 lot
Mar. 17-The Farmers & Merchants National Bank of Achille.
100
120 Aberfoyie Mtg. Co..com
25,000 238 Commercial Nat.Bk.& Tr.Co.,
Okla
25 39 Northern Liberties Gas Co., par
per $10
Effective March 4 1930. Liquidating Agent, W. E.
1 Olney Bk.& Tr. Co.. per $50
3734
380
$25
Holland, AchMe, Okla. Absorbed by the Durant
55 Corn Exch. Natl. Bk.& Tr. Co.
121 30170 Bond & Mtge. Guaranty
National Bank in Durant. Okla., No. 13018.
14%
125
Co
$20
400.000 15Par
Mar.20-The Exchange National Bank of Little Rock, Ark
13(150. B. Newton Co.. lst pref.- 50
Interboro Bk, St Ti'. Co.. ProsEffective Feb. 211930. Liquidating Agent, American
110 $2,000 note of B. A. Seaman, dated
pect Park, Pa., par $50
Exchange Trust Co. of Little Rock, Ark. Succeeded
5 Metropolitan 'tr. Co., par $50 62
July 17 1929, payable 60 days
Rock,
Ark.
of
Little
Trust
Co.
Exchange
by American
50 Real Estate Land Title & Tr.
after date to IL Karl Kalbach, at
25.000
Mar.20-The First National Bank of Iona, Minn
Co., par 210
4394
939 Wayne Ave., Wyomissing,
F.
D.
Effective Feb. 27 1930. Liquidating Agent,
10 United Security Life Ins. & T.
Pa
2200 lot
Weck,Slay-ton, Minn. Absorbed by Murray County
Co
250
State Bank of Slayton, Minn.
85 Frankling Trust Co., par 310- 66
Bonds.
Per Cent.
7034 $500 York Ice Machinery Corp.,
100.000 2 Bankers Tr. Co., par 350
Mar.20-The Sevens National Bank of Menard, Tex
25 Girard Ti'. Co., par $10
17534
1st s. f. 6s Oct. 1 1947
91
Effective Dec. 31 1929. Liquidating Agent, Geo. C.
52 Girard Tr. Co., par $10
175 $200 CoatesvUle Boiler Works, 1st
Stengel, Menard, Tex. Succeeded by Bevans
2 Bryn Mawr Ice Mfg. & Cold
7s, Aug. 1 1942
60
State Bank of Menard. Tex.
2534 15 Land Title Bldg. Corp
Storage Co. par $25
80
25,000
Mar.21-The First National Bank of Canby, Minn
Samuel
Liquidating
agent,
Effective Dec. 31 1929.
By A. J. Wright & Co., Buffalo:
Lewison, Canby, Minn. Absnrbed by Bank of
$ Per Mt. Shares. Stocks.
Shares. Stock,
$ Per share.
Canby, Minn.
500
Lance Creek Royalties Co.,
1000 Tonopah Midway Cons. Min40,000
Mar.22-The Terre Hill National Bank, Terre Hill. Pa
824101
hag Co., par 21
Par
$1
$1.50 lot
Agent,
the
Blue
Liquidating
Effective March 7 1930.
10 Monetary service Corp., Pfd-t553i
100 Boston and Montana Develop.
Ball National Bank, Blue Bail, Pa. Absorbed by
Co., par 25
3.5e lot
the Blue Ball National Bank, Blue Ball, Pa., No.
8421.
Mar.22-The First National Bank of Newcastle, Tex
25,000
DIVIDENDS.
Effective March 17 1930. Liquidating agent, Edgar
,In7the
Dividends are grouped in two separate tables!
MacDonald, Newcastle, Tex. Absorbed by the
First National Bank of Throckrnorton, Tex.. No.
first we bring together all the dividends announced the
6001.
current week. Then we follow with a second table, in
Mar.22-The First National Bank of Wrightstown, N. J
25.000
which we show the dividends previously announced,,but
Effective March 13 1930. Liquidating agent, the First
National Bank & Trust Co. of New Egypt, N. J.
which have not yet been paid.
Absorbed by the First National Bank & Trust Co.
The dividends announced this week are:
of New Egypt, N. 1.. No. 8254.
MAR. 29 1930.1
Name of Company.
Railroads (Steam).
Carolina ClInchfleld & Ohio. corn. (qtr.)_
Stamped certificates (qua:.).
Delaware Lackawanna & West (quar.)_ _
Norfolk dr Western, adj. pref. (guar.).Northern Pacific (guar.)
Reading Company,corn.(guar.)
United N. J. RR.& Canal Cos.(quar.).
Quarterly
Quarterly
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Apr. 10 *Holders of res. Mar. 31
*$1
*$1.25 Apr. 10 "Holders of rec. Mar. 31
"31.50 Apr. 21 *Holders of rec. Apr. 5
May 19 *Holders of rec. Apr. 30
1% May 1 Holders of rec. Apr. 10
May 8 *Holders of rec. Apr. 10
"51
*2% July 1 *Holders of rec. June 20
234 Oct. 1 *Holders of rec. Sept. 20
.2% Jan1'31 *Holders of rec. Dec.20 30
Public Utilities.
•
Amer. Cities Power & Light.class A
75e. cash or 1-32d six. el. B stock.- (ad) May 1 *Holders of rec. Apr. 5
Class B (payable in class B stock).- "234 May 1 "Holders of rec. Apr. 5
Amer. Light & Traction, conk. (guar.)._
234 May 1 Holders of rec. Apr. 16a
Preferred (quar.)
134 May 1 Holders of roe. Apr. 16a
Appalachian Elec. Power, 27 pref. (qu.) *51.75 Apr. 1 *Holders of rec. Mar. 6
Bell Term,. of Pa.,com.(guar.)
*2
Apr. 30 *Holders of rec. Mar. 31
Brooklyn Borough Gas, com.
*$1.50 Apr. 10 'Holders of rec. Mar. 31
Participating pref.(guar.)
'75c. Apr. 1 *Holders of rec. Mar. 17
Central & S Vi Utilities, corn.(qu.)
*.11,
,i July 15'Holders of rec. June 30
Cincinnati Street Ry.(guar.)
75c. Apr. 1 Holders of rec. Mar. 25a
Columbus Elec. & Pow., pref. B (guar.). 154 Apr. 1 Holders of rec. Mar. 15
Preferred series C (guar.)
154 Apr. 1 Holders of rec. Mar. 15
Preferred series D (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Second preferred (guar.)
154 Apr, 1 Holders of rec. Mar. 15
Commonwealth-Edison (a uar.)
May 1 'Holders of rec. Apr. 15
"2
Consumers Power. $5 (guar.)
$1.25 July I Holders of rec. June 14
6% Preferred (guar.)
134 July 1 Holders of rec. June 14
6.6% preferred (guar.)
1.65 July 1 Holders of rec. June 14
7% preferred (guar.)
154 July 1 Holders of rec. June 14
6% Preferred (monthly)
50c. May 1 Holders of rec. Apr. 15
6% preferred (monthly)
50c. June 2 Holders of rec. May 15
6% Preferred (monthly)
50e. July 1 Holders of roe. June 14
6.6% preferred (monthly)
55e May 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
55c June 2 Holders of rec. May 15
6.6% preferred (monthly)
55c July I Holders of rec. June 14
Diamond State Telep., com.(guar.)._
*2 Mar. 31 'Holders of rec. Mar. 31
Edison Elec. 111.01 Boston(guar.)
*3.40 May 1 *Holders of rec. Apr. 10
Electric Power di Light, corn. (guar.).25e May 1 Holders of rec. Apr. 8
Haverhill Gas Light (guar.)
560. Apr. 1 Holders of rec. Mar. 25a
Internat. Utilities. $7 prof. (qirer)
81.75 May 1 Holders of rec. Apr. 18a
Class A (guar.)
87340 Apr. 15 Holders of rec. Apr. 3a
Lone Star Gas, pref. (guar.)
'1.62 May 1 "Holders of rec. Apr. 19
Maseachusetts Utilities. pref. (guar.)._ _ '6234c Apr. 15 *Holders of rec. Mar. 31
Middle West Utilities,com.(guar.)
May 15'Holders of rec. Apr. 15
"r2
Preferred A ($1.50 or 3-80thsshare common stock)(guar.)
May 15 Holders of rec. Apr. 15
Milwaukee Elec. Ry.
.& Light, pref.(qu.) 1% Apr. 30 Holders of rec. Apr. 21
Minnesota Northern Power (guar.)
•100. Apr. 1 "Holders of rec. Mar. 20
Montreal Telegraph (guar.)
Apr. 15 Holders of rec. Mar. 31
2
Ohio Edison Co.. 6% pref. (guar.)
1% June 2 Holders of rec. May 15
6.6% preferred (guar.)
1.65 June 2 Holders of rec. May 15
7% preferred (guar.)
154 June 2 Holders of rec. May 15
5% preferred (guar.)
1% June 2 Holders of rec. May 15
6% preferred (monthly)
500. Apr. 1 Holders of rec. Mar. 15
6% preferred (monthly)
50e. May 1 Holders of rec. Apr. 15
6% Preferred (monthly)
50e. June 2 Holders of rec. May 15
6.6% preferred (monthly)
550. Apr. 3 Holders of rec. Mar. 15
6.6% preferred (monthly)
55e. May 1 Holders of rec. Apr. 15
6.6% preferred (monthly)
550. June 2 Holders of rec. May 15
Ohio Public Service, 1st pre/.(mthly)-* 58 1-30 Apr. 1 'Holders of rec. Mar. 15
Pacific Public Service, corn. A (qu.)._kb "32 .‹.,e May 1 *Holders of rec. Apr. 10
Peninsula Telephone, corn. (qu.)(No. 1) "35c. Apr. 1 'Holders of rec. Mar. 15
Common (guar.)
'35e. July 1 'Holders of rec. June 14
Common (guru'.)
•350. Oct. 1 'Holders of rec. Sept. 15
Common (guar.)
0350. Jan 1'31'Hold. of rec. Dec. 15 '31
Philadelphia Elec. Co.$5 Md.(gu.)
*31.2k May 1 *Holders of rec. Apr. 10
Phila. Eleo. Power, $5 pref. (qu.)
*$1.25 May 1 "Holders of rec. Apr. 10
Puget Sound Pr. & Lt., $6 pref. (qu.)._ "21.50 Apr. 1 "Holders of rut. Mar. 20.
South Carolina Power.$6 pref.(qua:.).- $1.50 Apr. 1 Holders of rec. Mar. 22
So. Plttsb Water,6% pref. (gu.)(No. 1) •114 Apr. 15 "Holders of rec. Apr. I
So. California Edison, corn. (guar.).
- '500. May 15 *Holders of rec. Apr. 20
St. Louis Public Service, prof.(guar.) _ _ _ $1.75 Apr. 1 Holders of rec. Mar. 20
San Diego Cons Gas & El., pref.(qu.)•154 Apr. 15 'Holders of rec. Mar. 31
Southern Counties Gas.6%, pref.(qu.). •134 Apr. 15 *Holders of rec. Mar. 31
Banks.
Eastern Exchange (guar.)
Jamaica National (guar.)
Trust Companies.
Bank of Sicily Trust Co.(guar.)
154 Mar. 30 Mar. 21 to afar. 30
134 Mar.31 Holders of rec. Mar. 20a
•50e. Apr. 10 *Molders of roe. Mar. 31
Miscellaneous.
Abitibi Power & Paper,6% pref. (qu.)._ *114 Apr. 21 'Holders of rec. Apr. 10
Alabama Fuel & Iron (auar.)
114 Apr. 1 Mar. 22 to
Afar. 31
Allegheny Steel. common (monthly)._
150. Apr. 18 Holders of rec. Mar. 31
Common (extra)
25c. Apr. 18 Holders of rec. Mar. 31
Common (monthly)
•180. May 17 'Holders of rec. Apr. 30
Common (monthly)
"15e. June 18 *Holders of ree. May 31
Alliance Realty, common (guar.)
75e. Apr. 22 Holders of rem. Apr. 8
Allied Chemical & Dye Corp., corn.(qu.) $1.50 May 1 Holders of rec. Apr. 8
Allied Mills, Inc
*15e. Mar. 31 "Eel lers of rec. Mar. 20
American Fork & Hoe. 7% pref
*334 Apr. 15'Holders of rec. Apr. 5
Amer. Glanzstoff Corp., pref.(our.).-- •154 Apr. 1 *Holders of rec. Mar. 24
Amer. Home Products Corp.(mthly.)___
35c. May 1 Holders of rec. Apr. 14a
American foe, common (guar.)
75e. Apr. 25 Holders of rec. Apr. 4
Preferred (guar.)
I% Apr. 2.5 Holders of rec. Apr. 4
American News Co.(stook dividend)_
*e8 Apr. 15 *Holders of rec. Apr. 4
Amen. Rediscount Corp., 1st pf. (qtr.)._ $1.75 Apr. 4 Holders of rec. Mar. 31
Second preferred (guar.)
51 Apr. 4 Holders of rec. Mar. 31
American Service Co., pref.(quar.)..... '154 Apr. 1
Amer. Shipbuilding, com. (guar.)
May 1 'Holders of rec. Apr. 15
"2
Preferred (guar.)
•154 May I 'Holders of roc. Apr. 15
Amer. Vitrified Prods.,com.(guar.)_ _
*50c. Apr. 15'Holders of rec. Apr. 5
Preferred (guar.)
•1•4 May 1 "Holders of rec. Apr. 19
Anaconda Copper Mining Co.(qu.)
$1.75 May 19 Holders of rec. Apr. 12
Anaconds Wire & Cable (guar.)
075c. May 12 'Holders of rec. Apr. 12
Andes Copper Mining (guar.)
•75c. May 12 'Holders of rec. Apr. 12
Animal Trap Co.(guar.)
*500. Apr. 1 *Holders of rec. Mar.29
Associated Dry Goods, common (guar.).
620. May 1 Holders of rec. Apr. 12
First preferred (guar.)
134 June 2 -Holders of rec. May 10
Second preferred (quar.)--154 June 2 Holders of rec. May 10
Atlas Powder, preferred (quar.)------- 115 May 1 Holders of rec. Apr. iSa
Baer-Sternberg dr Cohen, 1st pref. (qu.)_
154 Apr. 1 Holders of roc. :War. 22
Secondpreferred (guar.)
Apr. 1 Holders of rec. Mar.22
2
Bancroft (Joseph) & Sons Co., pf.(qu„). 134 Apr. 30 Holders of rec. Apr. 15
Barnacled Corp., corn. A & B (guar.)._ __
500. Slay 7 Holders of rec. Apr. 7
Bayshore Packing. pref.(No.
'9354c Apr. 5"Holders of rec. Apr. 1
Bon Arni Co., class A (guar.)
Apr.'30 'Holders of rec. Apr. 15
*31
Class B (quar.)
.50c. Apr. 1 'Holders of rec. Mar. 27
Bond Clothing, class A (No. 1)(puma_ *250. Apr. 1 *Holders of rec. Mar. 18
Bonded Capital Corp., pref. (quar.)....... •154 Apr. 1 "Holders of rec. afar. 22
Boyd-Welsh Shoe,corn.(guar.)
75e. Apr. I Holders of roc. Mar. 25
Brading Breweries, common (guar.)._ 331-30 Apr. 10 Holders of rm. Mar. 31
British Aluminum Co., Ltd.
Amer. dep. rota for ord. shares
Apr. 7 *Hollers of rec. Mar. 20
'P6
British Columbia Packers. Ltd pf.(qu.) 1% Apr. 1 Holders of rm. Mar. 20
Buckeye Pipe Line (guar.)
June 14 Holders of rec. Arr. 28
$1
Bunker Hill & Sullivan Mining dr
Concentrating (monthly)
*25c. Apr. 5 "Holders of rec. Mar. 25
Extra
*25e. Apr. 5 *Holders of rec. Mar. 25
Burkard (F.) Mfg., pref. (guar.)
Mc. Apr. 1 Holders of rec. Mar. 21
Calaveras Cement. pref.(guar.)
31.75 Apr. 15 Holders of rm. Star. 31
Canaria Bud Breweries. corn.(quar.).....
25e. Apr. 15 Holders of rm. Mar. 31
Canadian Consol Felt, pref
254 Apr. 2 Holders of rec. Mar. 31
Canadian Flarbanks Morse Co. pf. (au.) 134 Apr. 15 Holders of rec. Mar. 31
Canadian Industrial Alcohol, el. A& B-- divide •Ici omit ted
Cassidy's, Ltd., pref. (guar.)
41.75 Mar. 31 *Holders of rec. Mar. 19
Name of Company.
2153
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Celluloid Corp.. tot partic. (panic. div.) $1.60 June 2 Holders of rec. May 10
Central Coal & Coke, pref. (guar.)
134 Apr. 15 Holders of tee. Mar. 31
Champion International Co., corn. (qu.)
Apr. 1 *Holders of rec. Mar. 21
s194, Apr. 1 *Holders of rec. Mar. 21
Preferred (guar.)
Champion Shoe Mach., 1st pref. (guar.) 1.1 Apr. 1 Holders of rec. Mar. 25
Checker Cab Mfg. Corp.(nronthly)_- *350. May 1 *Holders of rec. Apr. 15
Monthly
"35e. June 2 *Holders of rec. May 15
Monthly
*35e. July 1 'Holders of rec. Jt to 16
City Machine dr Tool (qua:.)
*40c. Apr. 1 'Holders of rec. Mar.20
City Savings Bank (Budapest)
American shares
*32.79 Mar. 29'Holders of rec. Star. 22
Claremont Investing Corp., com.(qu.)
19e. Apr, 1 Holders of rec. Mar. 21
Preferred (guar.)
31c. Apr. 1 Holders of rec. Mar. 21
Clark (D. L.) Co. (guar.)
"34%c Apr. 1 *Holders of rec. Mar. 15
Cleveland Union Stock Yards (guar.).-•
50c. Apr. 1 Holders of rec. afar. 21
Colt's Patent Fire Arms Mfg.(guar.).- *50e. Mar. 31 *Holders of rec. Mar. 12
Commerz-und-Privat Bank
Amer. depositary receipts
"ts11 May 5 *Holders of rec. Apr. 28
Consolidated Ice. pref. (guar.)
"750. Apr. 21 "Holders of rec. Apr. 10
Consol. Retail Stores, corn.(guar.)
"25e. Apr. 1 'Holders of rec. Slay 14
Preferred (guar.)
Apr. 1 'Holders of roe. Mar.14
•2
Corn Products Refining, com.(quar.)-- *750. Apr. 21 'Holders of rec. Apr. 4
Preferred (guar.)
'1% Apr. 15 "Holders of rec. Air. 4
Coronet Phosphate (quar
134 Apr. 1 Holders of rec. Ilsr.213
Corporation Securities Co. of ChicagoCorn.(3-200ths share corn. stk.)
June 20 Holders of rec. June 2
Prof. (7.5e. or 1-40sh. com. stock)
(t0 May 1 Holders of rec. Apr. 10
Crucible Steel, com. (guar.)
1% Apr. 30 Holders of rec. Apr. 10
Cuneo Press. corn.(guar.)(No.1)
•62340 May 1 'Holders of rec. Apr. 15
Preferred (guar.)
June 15 'Holders of rec. June 1
Crystal Tissue Co.rguar.)
*373ic Apr. 1 'Holders of rec. Mar.20
Curtis Publishing, rom. (monthly).-- *50e. May 2 "Holders of rec. Apr. 20
Preferred (guar.)
*$1.75 July 1 "Holders of rec. June 20
Darby Petroleum (guar.)
*250. Apr. 16'Holders of rec. Mar.31
Deco Refresh., Inc., corn. (qua:.)
*25c. Apr. 1 *Holders of rec. Mar. 25
Del. Lack. dr Western Coal (guar.).- -- *52 Mar. 15
Denver Union Stock Yards,coin.(qu.)-- "31 July 1 Holders of rec. June 20
Common (guar.)
Holders of rec. Sept.20
"311 Oct.
Common (guar.)
•31 Jan 1'3 Hold. of rec. Dec. 20'30.
Common (guar.)
Ap.1 3 Hold. of rec. Mar. 20 '31
•11
Detroit Gray Iron Foundry (quar.)- - '25c. Apr.
'Holders of rec. Mar. 14
Diamond Match (guar.)
June 1 "Holders of rec. May 31
*2
Eagle Picher Lead Co. (guar.)
•20c. Apr. 1 "Holders of ITC. Mar.31
Preferred (guar.)
'151 Apr. lo *Holders of rec. Mar. 31
Easy Washing Mach., pref. (qu.).
*Holders of rec. Mar. 20
4.1% Apr.
Edwards (Wm.) Co, prof.
Holders of rec. Mar.20
1% Apr.
Elder Manufacturing, com.(qu')
Holders of rec. Mar.21
250. Apr.
(guar.)
First preferred (guar.)
Holders of rec. Mar.21
2
Apr.
Class A (guar.)
1% Apr. 1 Holders of rec. Mar. 21
Elwell Parker Elec. Co., corn. (tau.)---- •21 Apr.
"Holders of rec. Mar. 20
Common (extra)
*Holders of rec. Mar. 20
*31 Apr.
Electric Household Utilities, com. (qu.) •500. Apr. 1 *Holders of rec. Apr. 7
Equitable Invest. Trust (qu.)(No. 1).. *10e. Mar. 31 "Holders of rec. Mar.25
Federal Cooperative Fin.. Pt.(gm) ---- 17%c. Apr,
Holders of rec. Mar. 10
Firestone Tire dr Rubber. com.(qu.).-40c. Apr. 2 Holders of rec. Apr. 4
Fishman (M.H.) Co.. Inc.. pref.(qu.)
1% Apr. 1 fielders of rec. Apr. 1
Franklin (H. H.) Mfg.. pref. (guar.)
'Holders of rec. Apr. 20
*1% May
Fuller Brush, pref. (qu.)
"1% Apr. 1 *Holders of rec. Mar. 26
Gary (Theodore) di Co.. com. (qu.).
•15c. Apr. 1 Mar. 16
to
Mar. 31
Preferred (guar.)
400. Apr. 1 Mar. 16 to Mar.31
Gemmer Mfg., class A (guar.)
•750. Apr. 1 *Holders of rec. Mar.25
Class H (guar.)
"300. Apr. 1 'Holders of rec. Mar.25
General Inaustrial & Baneshsrmr A (qu.) '37.e Apr. 18 'Holders of rec. Apr. 10
Goal Outdoor AdvertIsing, Corn. (qu.) - "500. Apr. 15 *Holders of rec. Apr. 5
General Stockyards, com. (guar.)
*50c. May 1 *Holders of rec. Apr. 15
Common (extra)
May 1 *Holders of rec. Apr. 15
4.$1
Preferred (guar.)
*31.50 May 1 'Holders of rec. Apr. 15
Geometric Stamping (guar.)
45e. Apr. 1 Holders of rec. Mar. 21
Gibraltar Fin. Corp. of N. Y.. corn......
100. Apr. 1 Holders of rec. Mar. 24
Preferred(guar.)
1% Apr. 1 Holders of rec. Mar.24
Gilchrist Co.(guar.)
Apr. 30 'Holders of rec. Apr. 15
*2
Gln bel Bros.. Inc.. prof. (qua:.)
•1% May 1 "Holders of rec. Apr. 15
Cladding MeBean & Co.. cam.(rju.)•750. Apr. I 'Holders of rm. Mar.20
Grace(W. R.) & Co. ((Mar.)
Mar. 31 'Holders of rec. Mar. 30
"El
Graham-Paige Motors, 1st Pf.(nu.)
3,1% Apr. 1 'Holders of rec. Mar. 15
Gray & Dualey Co., corn.(gum.)
2% Apr. 1 Holders of rec. Mar. 24a
Great Nor. Iron Ore Prop.. etts.bear.int_
75c. Apr. 29 Holders of rec. Apr. 7a
Greyhound Corp., Prof. A (guar.)
*SI .75 Apr. I 'Holders of rec. Mar. 21
Participating pref. (guar.)
*52 Apr. 1 "Holders of rec. Mar.21
Godman (H. C.) Co., corn. (guar.) --- *750. May 10 "Holders of rec. Apr. 25
Ground Gripper Shoe, pref. (quar.).--- *75c. Apr. 18 *Holuers of rec. Apr. 1
Gruen Watch, common (guar.)
*50c. June 1 'Holders of rec. May 20
Common (guar.)
*50e. Sept. 1 "Holders of rec. Aug. 20
Common (guar.)
*50c. Dec. 1 'Holders of rec. Nov.20
Common (quar.)
*50c. afar131 'Hold, of rec. Feb. 20'31
Preferred (ouar.)
•154 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
.1,154 Aug. 1 'Holders of rec. July 20
Preferred (guar.)
'154 Nov. 1 'Holders of rec. Oct. 20
Preferred (quar.)
"154 Feb 1 31 "Hold, of rec. Jan. 20'31
Gulf Oil Corp.(guar.)
•37340 July 1 *Holders of rec. June 20
Quarterly
'3734e Oct. 1 'Holders of rec. Sept. 20
Quarterly
"37I4c Janl 31 *Hold. of rec. Dec. 20'30
Hall(W. F.) Printing (qu.)
•50c Apr. 30 *Holders of rec. AM. 19
Hamilton (R. G.) Corp., com.(No. 1) _ *15c Apr. 1 *Holders of rec. Mar.17
Ilarbauer Co. (guar.)
450. Apr. 1 Holders of roe. Mar. 27
Hayes Wheels & Forg., Ltd
*50c. Apr. 1 *Holders of rec. Mar.21
Hercules Powder, pref. (qu.)
1% May 15 Holders of rec. May 3
Herring-Hall-Marvin Safe (guar.)
'1(4 Apr. 1 *Holders of rec. Mar.27
Heyden Chemical, pref. (quar.)
•15/ Apr. I *Holders of rec. Mar.25
lirlicrest Collieries, common (quar.).... 1% Apr. 15 Holders of rec.'Mar. 31
Preferred (guar.)
134 Apr. 15 Holders of rec. Mar. 31
Hook Drug, Inc.. com.(qu.)(No. 1).-- "250. Apr. 1 *Holders of rec. Mar.20
liorlucks, Inc.-Dividend omitted.
Horn dr Hardart Co.of N.Y.,com.(qu.)'6234c May 1 'Holders of rec. Alm. 10
Iluyiers of Delaware, pref. (qu.)
*1% Apr. 1 'Holders of rec. Mar.21
'mull Utility Investments, corn. (pay.
In com. stk.) (additional)
1% Apr. 15 Holders of rec. Mar. 31.
Insurance Securities, Inc. (quax.)
•350. Apr. 15'Holders of rec. Mar. 31
Intercontinental Inv. Corp.. pref.(qu.). '134 Apr. 1 *Holders of rec. Mar. 21
Internat. Paper.7% pref.(guar.)
1% Apr. 15 Holders of rec. Mar.29
Internat. Paints(Canada), Ltd., pf.(qu.) 1% Apr. 15 Holders of rec. Star. 31
Internat. Printing Ink, COrn.(W.)
•750. May 1 "Holders of rec. Apr. 16.
•134 May 1 *Holders of rec. Mw. 16
Preferred (guar.)
Jameson Coal & Coke (quar.)
•31 Mar.31 *Holders of rec. Mar.29
Johnson Iron Works Dry Dock &
Shipbuilding. prof. (qua:.)
*2
Apr. 1 *Holders of rec. Mar.26
Preferred (extra)
*1
Apr. 1 "Holders of rec. Mar. 26
Kawneer Co.,com.(guar.)
'62340 Apr. 15'Holders of rec. Mar.31
Keisey-Hayes Wheel, Prof.(guar.)
1% May 1 Holders of rec. Apr. 21
Key Boller Equipment (guar.)
25e. Apr.
Holders of rec. Mar.26
Laclede Christy Clay Prod.(guar.)
3134e. Apr. 1 Holders of rec. Mar. 21
Landers, Frary az Clark (quar.)
*750. Mar. 31 "Holders of rec. Mar. 21
Extra
.25e. Mar. 31 *Holders of rec. Mar. 21
Lane Drug Stores. Inc., pref.-dividend °mine d.
Lefcourt Realty Corp., corn.(guar.)40e. May 15 Holders of rec. May 5
Preference (guar.)
750. Apr. 15 Holders of me. Apr. 4
Leland Electric Co.(guar.)
50e. Mar. 31 Holders cd rec. Mar.20
Link Belt Co., corn. (guar.)
•85c. June 1 'Holders of rec. May 15
*3 1.8234 Apr, 1 *Holders of rec. Mar. 25
Preferred (Muir.)
Loew's, Inc., pref. (quar.)
1.11234 May 15 Holders of rec. Apr. 30
MacMarr Stores, Inc., corn. (quar.)---25c. May 1 Holders of rec. Apr. 20
Maple Leaf Milling. 1st pref. (guar.)_
1% Apr. 18 Holders of rec. Apr. 3
Marbellte Corp., pref. (guar.)
*50e. Apr. 10'Holders of rec. Mar.31
Marine Union Investors, Inc
"25e. Apr. 15 *Holders of rec. Mar.,31
Massey-Harris Co.(guar.)
75e. Apr. 15 Holders of rec. Mar.29
McCrory Stores Corp..6% pref.(quar.)_
1% May 1 Holders of rec. Apr. 18
Mead Pulp & Paper. common (quar.)___ "2
Apr. 15 "Holders of rec. Apr. 1
Medusa Portland Cement (guar.)
$1.50 Apr. I Holders of rec. Mar. 21
Metal Package Corp., corn.(qu.)(No. 1) $1
Apr. 1
Metropolitan lee, pref.(quar.)
"$1.75 Apr. 1 *Holders of rec. Mar. 15
Preferred (extra)
•300. Apr. 1 *Holders of rec. Mar. 15
Name of Company.
When
Per
Cent. Payable
Books Closed,
Days Inclusive.
Miscellaneous (Concluded).
Mid-Continent Laundries, class A-divid passed .
•75c. May 1 *Holders of rec. Apr. 21
Modine Mfg., corn.(guar.)
154 Apr. 1 Holders of rec. Mar. 28
Mohawk Rubber, pref.(guar.)
Mortgage Corp. of Rhode laid. pfd.(q11.) •154 Apr. I •Holders of rec. Mar. 20
Mount Royal Hotel, pref.-dividend °nil tted.
37540 May 1 Holders of rec. Apr. 15
National Acme Co.,coin.(guar.)
Nat. Distillers Products, corn. (guar.)._ •50c. May 1 *Holders of rec. Apr. 15
Nat. Shareholders Corp.(No. 1)
Apr. 15 Holders of rec. Apr. 1
250.to cash or 1% stock
Apr. 1 Holders of rec. Mar. 26
2
Nat. Shirt Shope. Inc., Pref. (guar.)
Apr. 1 Holders of rec. Mar. 24
2
(guar.)
Cotton
Steam
Naumkeaft
*50c. May 10 *Holders of rec. Apr. 19
New Jersey Zinc (guar.)
*600. Apr. 15 *Holders of tee. Apr. 1.
New York Investors, Inc., corn
Apr. 15 *Holders of rec. Apr. 1
*3
Preferred
Apr. 1 Holders of rec. Mar. 31
4
New York "Sun," Inc. preferred
Mar. 31 Holders of rec. Mar. 21
Northern Investors. Ltd.(Canada)corn - $5
*83.43 Apr. 10 *Holders of rec. Apr. 14
North German Lloyd. Amer.shares
*50c. May 1 *Holders of rec. Apr. 15
Northwest Engineering (guar.)
Ohio Telephone Service, pref. (guar.). _ $1.75 Mar. 31 Holders of rec. Mar. 24
154 May 1 Holders of rec. Apr. 12
Oil Well Supply, pref.(guar.)
Oliver United Filters, class A (guar.)_ _ _ - *50c. May 1 *Holders of rec. Apr. 21
200. Mar. 31 'Holders of rec. Mar. 22
.
Onondaga Silk
154 July 15 Holders of rec. June 30a
Otis Elevator, pref.(guar.)
Oct. 15 Holders of rec. Sept. 30a
154
Preferred (guar.)
154J an15'31 Hold. of rec. Dec.31'30a
Preferred (guar.)
Packer Corporation,com.-dividend oml ted
•154 May 15 *Holders of rec. May 8
Paepcke Corp.,eom•(Qua!'.)
•134 Apr. 1 *Holders of rec. Mar. 25
Preferred (guar.)
3754c. Apr. 1 Holders of rec. Mar. 26
Pedigo-Weber Shoe(guar-)
June 1 Holders of roe. May 20
8754c.
Pender(D.) Grocery Co.,cl. A (gu.)_
*32 Apr. 1 *Holders of rec. Mar.24
Pequot Mills (guar.)
divide
nd
passed.
Apref.
Permanent Mtge. Corp.,
37340. Mar. 31 Holders of rec. Mar. 25
Petroleum Corp. of Amer.(guar.)
141 May 1 Holders of rec. Apr. 21a
Phillips-Jones Corp.. Pref.(guar.)
•154 Apr. 18 *Holders of rec. Mar. 31
Plymouth Cordage (guar.)
*31340 Apr. 1 *Holders of rec. Mar. 28
Prudential Co., corn. (guar.)
•18340 Apr. 1 *Holders of rec. Mar. 28
Common (extra)
*4341c Apr. 1 *Holders of rec. Mar. 28
Preferred (guar.)
•18410 Apr. 1 *Holders of rec. Mar. 28
Preferred (extra)
(guar.)
8734c. Apr. 1 Holders of rec. Mar. 27
A
Public Industrials, pref.
$1.75 Apr. 1 Holders of rec. Mar. 27
Preferred B(guar.).
Republic Iron & Steel-See note (es)
*50c. Apr. 25 *Holders of rec. Apr. 10
Rio Grande 011 (guar.)
Riverside & Dan Cotton Mills, corn. divi dend p weed.
May I *Holders of ree. Apr. 20
•65c.
(quar.)
Rudd Manufacturing
•250. May 1 *Holders of rec. Apr. 20
Extra
650. Aug. 1 'Holders of rec. July 20
.
Quarterly
Apr. 15
*2
St. Croix Paper, corn. (guar.)
250. Apr. 1 Holders of rec. Mar. 20
St. Louis Bk. Bldg.& Equip.(quar.)__
Apr. 1 Holders of rec. Mar. 28
$5
Compress
Cotton
St. Louis
13I May 1 Holders of rec. Apr. 16
Scott Paper. pref. A (guar.)
134 May 1 Holders of rec. Apr. 16
Preferred B (guar.)
Seagrove Corp. (quar.)Apr. 19 Holders of rec. Mar. 31a
300. cash or 254% In stock
*6250 May 1 *Holders of rec. Apr. 14
Sears, Roebuck & Co. (guar.)
Aug. 1 *Holders of rec. July 15
*el
Stock dividend (guar.)
Nov. 1 *Holders of rec. Oct. 15
*el
Stock dividend (guar.)
Apr. 1 Holders of rec. Mar. 20
75c.
corn.
(quar.)
Investment,
Securities
Apr. 1 Holders of rec. Mar. 20
2
Preferred (guar.)
•
Seeman Brothers. Inc.. corn. (guar.)-- 75c. May 1 Holders of rec. Apr. 15
Apr. 25 *Holders of rec. Apr. 5
•50c.
Sharon Steel Hoop, corn.(guar)
•87540 May 1 *Holders of rec. Apr. 17
Sharp & Dohme, Inc., pref. A (qua!'.)
(;) May 1 Holders of rec. Apr. 5
Shenandoah Corp.. preference (quar.)- 111.75 May 15 *Holders of rec. Apr. 15
Solvay Amer. Invest., pref.(guar.)
3754c. Apr. 1 Holders of roe. Mar. 25
Spree°. Inc., pref.(guar.)
com.stk.)
Apr. 15 Holders of rec. Mar. 31
(in
1100
corn.
Standard Cap & Seal,
200. Apr. 1 Holders of rec. Mar. 29
Standard Corporations, corn.(extra)---Steel Co. of Canada, corn. dr pf.-- •4339c May 1 *Holders of rec. Apr. 7
50c. Apr. 1 Holders of rec. Mar. 27
Stein Cosmetics Co., pref.(guar.)
Suffolk Title & Guarantee Co.-DIV. P used.
Apr. 15 *Holders of rec. Mar. 25
•I00.
Corporation
Sunray 011
•30e. May 1 *Holders of rec. Apr. 15
Telantograph Corp., corn.(guar.)
'Sc. May 1 *Holders of rec. Apr. 15
Common (extra)
Textile Finishing Mach., pref.(guar.)... *$1.75 Mar. 31 *Holders of rec. Mar. 24
*$1 Mar. 31 *Holders of rec. Mar. 24
Preferred (extra)
Tonopah Mining-Dividend omitted.
154 Apr. 15 Holders of roe. Mar. 31
Tooke Bros., Ltd., pref. (guar.)
•40c. Apr. 25 *Holders of rec. Apr. 5
Transamerica Corp.(guar.)
*e3
July 25 *Holders of rec. July 5
Stock dividend
Transue & Williams Steel Forging (nu.). •25c. Apr: 15 *Holders of rec. Mar. 31
Apr. 1 *Holders of rec. Mar. 20
*50c.
(quar.)
corn.
Sunshade,
Troy
*25c. Apr. 1 'Holders of rec. Mar.20
Common (extra)
Trustees System Discount Co., pref.(qu) •154 Apr. 1 *Holders of rec. Mar. 15
•134 Apr. 1 *Holders of rec. Mar. 15
Preferred (payable in stock)
Apr. 1 *Holders of rec. Max. 15
Trustees System Service Co., Prof. (qu.) •2
Apr. 15 Holders of rec. Mar. 31
1
Tuckett Tobacco, Ltd., corn. (qua!'.),_
134 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
*32.50 Apr. 1 *Holders of rec. Mar. 20
Tnbize-Artificial Silk, corn. B ((iu.)•250. Mar. 31 'Holders of rec. Mar. 29
United Advertising (qua!'.)
•400. June 1 'Holders of tee. May 17
United Biscuit, corn.(guar.)
*154 May 1 *Holders of rec. Apr. 17
Preferred ((Wan)
Aug. 1 *Holders of rec. July 17
*154
Preferred (guar.)
•750. June 1 *Holders of rec. May 15
United Chemicals, Inc., pref. (quar.)..
1)
1 *Holders of rec. Mar. 27
Apr.
.75c.
(No.
(gu.)
pf.A
s.,
Mb
dr
Mere.
United
'134 Apr. 1 *Holders of rec. Mar. 27
6% convertible pref. (gust.)
'15e, Apr. 1 *Holders of rec. Mar. 27
6% preferred (guar.)
United Milk Products Corp.. pref. (qu.) *31.75 Apr. 1 *Holders of rec. Mar. 20
50e. Apr. 30 Holders of rec. Mar. 31a
United Profit-Sharing Corp. pref
•8739c Apr. 15 *Holders of rec. Mar. 28
United Retail Chemists (quar.)
U. S. Industrial Alcohol, corn. (guar.)._ $1.50 May 1 Holders of rec. Apr. 15
U.S. Smelt., Ref. dr mu.,corn.(guar.). 87340 Apr. 15 Holders of rec. Apr. 3
87Ke Apr. 15 Holders of rec. Apr. 3
Preferred (quar.)
Apr. 1 *Holders of rec. Mar. 18
*2
Valvoline 011 pref. (guar.)
Vanderbilt Hotel Corp., pref.(guar.)... •1% Apr. 15 *Holders of rec. Apr. 1
Julyi 21 Holders of roe. July 5
1
Vulcan Detinning. corn. /4 COM. A (qu.)_
154 July 21 Holders of rec. July 5
Preferred and preferred A (guar.)
•75c. Mar. 31 Holders of rec. Mar. 20
Washburn Wire, corn. (guar.)(No. 1)
•8755e Apr. 1 *Holders of rec. Mar. 31
Werner (F.) & Co., corn. (gust.)
*$1.50 Apr. 1 *Holders of rec. Mar. 31
Common (extra).
•1% Apr. 1 *Holders of rec. Mar. 31
Preferred A (guar.)
Apr. 1 *Holders or rec. Mar. 31
*23
Preferred A (extra)
60c. Apr. 7 Holders of rec. Mar. 31
Westchester Title dr Trust (guar.)
West Virginia Pulp & Paper corn.(qua_ *50c. Apr. 1 *Holders of rec. Mar. 21
Winters & Crampton Mfg. pref. A (qu.)_ *50c. May 1 *Holders of tee. Apr. 15
*50c. Apr. 15 *Holders of rec. Mar. 31
WorthingtonBall class A (guar.)
500. June 2 Holders of too. May 20
Wrigley (Wm.) Jr. Co.(monthly)
2.50. July 1 Holders of rec. June 20
Monthly
•234 Apr. 1 *Holders of rec. Mar. 21
Young (J. S.) Co. common (quar.)
Apr. 1 *Holders of rec. Mar. 21
•15(
(qua!'.)
Preferred
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Names of ComPost
Railroads (Steam).
Alabama & Vicksburg
Boston & Albany (guar.)
Boston & Maine, corn.(guar.)
Prior preferred (guar.)
First pi e'erred. class A (qua!'.)
First preferred, class B (qua!'.)
First preferred, class C(guar.)
First preferred, class D(guar.)
First preferred. class E (guar.)
6% preferred (guar.)
[Vol,. 130.
FINANCIAL CHRONICLE
21M
When
Per
Cast. Parable.
3
2
1
•154
•134
*2
•1%
•239
'134
•134
Books Closed.
Days !admire.
Apr. 1 Holders of rec. Mar. 10a
Mar. 81 Holders of rec. Feb. 28
Apr.
Holders of rec. Mar. 8a
*Holders of rec. Mar.
Apr.
*Holders of rec. Mar.
Apr.
Apr.
*Holders of rec. Mar.
Apr.
*Holders of rec. Mar.
Apr,
*Holders of ree. Mar.
Apr.
*Holders of rec. Mar.
*Holders of rec. Mar.
AM.
Name of Company.
When
Per
Cent. Payable.
Book's Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
Baltimore & Ohio, common (guar.).- 154 June 2 Holders of rec. Apr. 19a
1
June 2 Holders of rec. Apr. 190
Preferred (guar.)
88e. Apr. 1 Holders of rec. Max. la
Bangor & Aroostook, corn,(guar.)
1% Apr. 1 Holders of reo. Mar. la
Preferred (guar.)
50c. Apr. 1 Holders of rec. Mar. 140
Beech Creek (guar.)
234 Apr. 1 Holders of roe. Feb. 280
Canadian Pacific common (guar.)
Apr. 1 Holders of roe. Feb. 28
2
Preference
750. Apr. 1 Holders of roe. Mar. 80
Chesapeake Corporation (quar.)
234 Apr, 1 Holders of rec. Mar. 80
Chesapeake & 010o. corn. (guar.)
3% July 1 Holders of roe. June 70
Preferred
1)9 Mar. 31 Holders of rec. Mar. 49
Chicago & North Western corn.(guar.)._
1% Mar. 31 Holders of rec. Mar. 40
Preferred (quar.)
Chicago Rock Island & Pacific com.(qu.) 1% Mar. 31 Holders of rec. Mar. 7
Consolidated Rita. of Cuba. Prof.(am). 139 Apr. 1 Holders of Leo Mar..100
•87Ke Apr. 1 *Holders of rec. Mar. 15
Dayton & Michigan
•3
Apr. 15
Georgia RR.& Banking (quar.)
1% Apr. 1 Holders of reo Mar. 150
Gull Mobile a, Nor. pf (quar.)
(Qua!'.)
corn,
254 Mar. 31 Holders of rec. Mm. 8a
Hooking Valley Ry..
1)4 Apr. 7 Holders of rec. Mar. 28a
Joliet dr Chicago (quar.)
Kansas City Southern, common (qua!'.). 1% May 1 Holders of rec. Mar. 31a
Apr, 15 Holders of rec. Mar. 310
1
Preferred (guar.)
87K e Apr. 1 Holders of rec. Mar. Ma
Lehigh Valley, corn.(guar.)
Apr. 1 Holders of rec. Mar. 159
$1.25
Preferred (guar.)
• $12.50 May 1 *Holders of rec. Apr. 16
Mahoning Coal RR.,Corn.(guar.)
1)4 Apr. 1 Holders of rec. Mar. 15
Maine Central, corn.(guar.)
Apr, 10 Holders of rec. Mar. 310
Maryland & Pennsylvania (No. 1)
$1.25 Apr. 15 Holders of rec. Mar. 31a
Midland Valley, common
2
Apr. 1 Holders of rec. Mar. 20
Minn. St. P. & S. S. Marie leased line
1% Mar.81 Holders of rec. Mar. 15a
Meseouri-Kansas-Texas, pref.(guar.)._
134 Apr. I Holders of rec. Mar. 140
Missouri Pacific, pref. (guar.)
2
May 1 Holders of rec. Mar. 280
New York Central RR.(guar.)
N.Y.Chicago & St. Louis corn.& pf.(qu) 134 Apr. 1 Holders of rec. Feb. 154
134 Apr, 1 "Holders of rec. Mar. 14
N.Y.Lackawanna & Western (quar.)_ '
N.Y. New Haven & Hartford corn.(qu.) 1)4 Apr. 1 Holders of nw. Mar. 70
1% Apr. 1 Holders of rec. Mar. 70
Preferred (quar.)
•1,„4 Apr. 1 'Holders of rec. Mar. 15
Old Colony (guar.)
Apr, 1 Holders of rec. Mar. 80
Pere Marquette, corn. (quar.)
Apr. I Holders of rec. Mar. 80
Common (extra)
May 1 Holders of rec. Apr. 50
Prior pref. and pref. (qua!'.)
Apr. 1 Holders Of rec. Mar. 15
Pitts. Bessemer & Lake Erie common.-June 1 *Holders of rec. May lb
Preferred
Apr. 1 Holders of rec. Mar. 100
PItteb. Ft. Wayne & Chic., corn.(qu.)..
Apr. 8 Holders of rec. Mar. 100
Preferred (guar.)
AM. 80 Holders of rec. Apr. 150
Pittsburgh & West Va.(guar.)
Apr. 10 Holders of tee. Mar. 200
Reading Co. 21 pref. (Omar.)
Apr, 15 Holders of rec. Mar. 280
Rutland RR.,Preferred
Apr. 1 Holders of rec. Mar. la
Bt. Louis-San Francisco coin. (guar.)May 1 Holders of rec. Apr. 129
Preferred (quar.)
1 Holders of rec. July la
Aug.
Preferred
(quar.)
d(
Nov. 1 Holders of rec. Oct. la
Preferred
Mar.81 Holders of roe. Mar. 12e
St. Louis Southwestern pref.(quar.)
Apr. 1 Holders of rec. Feb. 240
Southern Pacific Co.common (quar.)._.
May 1 Holders or rec. Apr. la
Southern Ry. common (guar.)
Apr. 15 Holders of rec. Mer. 24a
(guar.)
Preferred
Apr, 1 Holders of rec. Mar. 150
Southern Ry M.& 0.stock tr. ell's
Mar. 31 Holders of rec. Mar. 150
Texas & Pacific. ann. & pref. (guar.)- Apr. 1 Holders of tea. Mar. la
Unlon Pacific common (qua?.)
Apr. 1 Holders of roe. Mar. la
Preferred
Apr. 10 "Holders of rec. Mar. 20
United N. J. RR.& Canal Coe.(qu.)-Apr. 1 Holders of nee. Mar. 100
Vicksburg Shreveport & Pacific, com__
Apr. 1 Holders of rec. Mar. 100
Preferred (qua!'.)
May 24 Holders of ree. Apr. 19.
Wabash Ry.. pref. A (quar.)
Apr. 1 *Holders of rec. Mar. 15
West Jersey & Seashore
Public Utilities.
Alabama Power, $7 pref.(guar.)
$6 Preferred (quar.)
$5 Preferred (guar.)
Amer. Commonwealths Power Corp.Corn. A & B (payable in class A stk.)-$6 first preferred (guar.)
$654 first preferred (guar.)
First and second pref.(guar.)
Amer. Community Power $6 pf. (qu.)..
$6 first preferred (guar.)
Amer. Dist. Teleg. of N.J.,corn.(1U.).Preferred (guar.)
Amer.& Foreign Power.$7 pref. (quo".).
$8 preferred (quar.)
$
Allotment certificates 95% paid
Euar
Gas &01
ferred
Amer.
lee.
)corn.(guar.)
..
$1.75 Apr. 1 Holders of roe. Mar. 15
$1.50 Apr. 1 Holders of roe. Mex. 15
$1.25 May 1 Holders of ree. Apr. 15
2;4 Apr, 25 Holders of re*. Mar.81a
$1.50 May 1 Holders of res. Apr. 150
81.63 May 1 Holders of rec. Apr. 15a
$1.75 May 1 Holders of rec. Apr. 150
$1.50 Apr. 1 Holders of rec. Mar. lb
$1.50 Apr. 1 Holders of rec. Mar. 15
•21 Apr. 15 *Holders of res. Mar. 15
•1% Apr. 15 *Holders of res. Mar. 15
$1.75 Apr. 1 Holders of rec. Mar. 150
$1.50 Apr. 1 Holders of rec. Mar. 150
1.68% Apr, 1 Holders of roe. Mar. 15
25e. Apr. I Holders of roe. Mar. 17
$1.50 May 1 Holders of rec. Apr. 9
Apr. 1 *Holders of roe. Mar. 20
•17Ke
(qua!'.)
Amer. Natural Gas. 2d pref.
$1.25 Apr. 1 Holders of rec. Mar. 80
Amer. Power & Light. $5 pref. A (qu.)
1 Holders of roe. Mar. 89
Apr,
$1.50
(qua:.)
$6 preferred
'134 Apr. 1 *Holders of rte. Mar. 15
Amer. Public Service. pref.(qua:.)
134 AM. 1 Holders of rec. Mar. 15
Amer. Public Utilities, prior pref.(qu.)
1% Apr. 1 Holders of rec. Mar. 15
Participating preferred (guar.)
States(qua!'.)
Staes
ferr
Service A (qua!'.)- -- •400. Apr. 1 *Holders of rec. Mar. 20
•$1.50 Apr. I *Holden of rec. Mar. 20
Amer..ePreferred
Amer. Superpower Corp.. let pf.(qtr.)._ $1.50 Apr. 1 Holders of rec. Mar. 15
$1.50 Apr. 1 Holders of rec. Mar. 15
234 Apr. 15 Holders of rec. Mar. 140
Amer.
)
Teleg.
nc (quar.
.
:
ep
Telre
prefe
(quar.)
Amer. Water Wks.& El. $6 pref.(qu.)__ $1.50 Apr. 1 Holders of rec. Mar. 120
Arkansas Natural Gas pref. (quar.)..._ •15c. Apr. 1 *Holders of rec. Mar. 20
ArkansasPower dc Light, $7 Pf.(MO --- 81.75 Apr. 1 Holders of req. Mar. 17
$1.50 Apr. 1 Holders of rec. Mar. 17
$6 preferred (guar.)
Associated Gas & Electric
Class A (in cash or 140th all, A stock)- •50e May 1 *Holders of rec. Mar.31
Associated Telephone & Telegraph
$1 Apr. 1 Holders of rec. Mar. 17
Class A & D (quar.)
1% Apr. 1 Holders of rec. Mar. 17
7% first preferred (guar.)
Apr. 1 Holders of rec. Mar. 17
81.50
(guar.)
preferred
first
26
.50c Mar. 31 *Holders of rec. Mar. 21
Barcelona Tr., Lt. & Pr., ord. (qua:.)
•139 Mar. 31 *Holders of rec. Mar. 21
Participating preferred (quar.)
Mar. 31 *Holders of rec. Mar. 31
"1
Participating preferred (extra)
Holders of rec. Mar. 22
Apr. 1
2
Bell Telephone of Canada (guar.)
Bell Teiep. of Pa. 6)9% pf. (qUar.)--- •159 Apr. 1 *Holders of rec. Mar. 20
*Holders of rec. Feb. 28
Binghampton L., H.& Pow.,$8 pf.(qu.) 031.50 Apr.
Holders of rec. Mar. 15
21.75 Apr.
Birmingham Elec.. $7 pref.(guar.)
Holders of rec. Mar. 15
$1 _So Apr.
$6 preferred (guar.)
Holders of rec. Mar. 10
1% Apr,
Boston Elevated. corn.(guar.)
Holders of rec. Mar. 10
3y9 Apr.
Second preferred
*Holders of rec. Mar. 15
Bruillan Traction, Light & Power(gu.) *31.50 Apr.
*400 Apr. 1 *Holders of rec. Apr. 21
Bridgeport Hydraulic (guar.)
500. Apr. 1 Holders of tee. Mar. 31
British Column% Power.class A(MO --Brooklyn-Manhattan Transit,corn.(cm.) $1 Apr. 1 Holders of rec. Apr. la
$1.50 Apr. 1 Holders of rec. Apr. la
Preferred, Ser. A (guar.)
Holders of rec. Mar.270
Brooklyn & Queens Transit, pref.(guar.) $1 Apr.
$1.25 Apr.
Holders of rec. Mar. aa
Brooklyn Union Gas(quar.)
Apr.
•40o
of ree. Mar. 15
(qu.)_
*Holders
pref.
Pow.,
Buff., Niagara & East
Cables & Wireless, Ltd.*Holden of ree. Feb. 28
American dep. cots, for Preferred-- *in% Apr.
Holders of roe. Ma:. 16
134 Apr,
Calgary Power, corn, (guar.)
%
Power,7% pref. (au.) 1% Apr. 1 Holders of roe. Mar. 31
California-Oregon
nqar)
Orego(
134 Apr. 1 Holders of roe. Mar. 31
15e Apr, 2 Holders of ree. Mar.31
Canada Northernallorttger
Power, corn..(Gum./-n.
uar)
Per
1% Apr. 1 Holders of ree. Mar.81
Preferred
Holders of rec. Mar. 14
Capital Tree., Washington. D. C., (qu.) 13.9 Apr.
Holders of rec. Mar. 15
Carolina Power & Light $7 pref. (qu.).__ $1.75 Apr.
of rec. Mar. 15
Holders
Apr.
$1.60
$6 preferred (guar.)
Holders of rec. Mar. 15
154 Apr.
Central his. Light, 6% pref. (guar.)._
Holders of rec. Mar. 15
1% Apr.
7% preferred (guar.)
•1A Apr. 1 *Holders of roe. Mar. 31
Central Ill. Pub Service. pf. (flu.)
*Holders of rec. Mar. 17
Central Public Service. $7 pref.(qua:.).. 0$1.75 Apr.
10c Apr.
Holders of rec. Mar. 6
Central States Elec. Corp.,corn.(qu.)
Holders of MO. Mar.
1234 Apr.
Common (payable in corn.stook)
Holders of roe. Mar. 5
1% Apr.
6% preferred(guar.)
Holders of rec. Mar. 6
Apr.
154
7% preferred(quar.)
Holders of re°. Mar. 6
Pref.aeries of 1928 (3-32d corn or._.. 81.50 Apr.
Holders of rec. MU. 5
Preferred series of 1929(3-54th corn or 81.50 Apr.
1
MAR. 29 1930.]
Nous ef Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Continued).
Apr. 1 Holders of rec. Mar. 31
/1
Cent. dr S. W. Utilities, corn. (guar.)
Holders of reo. Mar. 5
Central States Power & Light. pf. (au.) $1.75 Apr.
*Holders of reo. Mar. 5
Central States Utilities Corp.. 1/1.(all.)- *$1.75 Apr.
Central Vermont Pub. Serv., corn. (flu.) '$1.50 Mar.3 *Holders of rec. Mar. 15
*Holders of reo. Mar. 15
Chic., North Shore & Milw_ pr.lien(qu.) •134 Apr.
*Holders of res. Mar. 18
Chic. Rapid Transit, pr. pref. A MI- •65e. Apr.
*Holders of ree. Apr. 15
"1150. May
Prior preferred A (Gear.)
*Holders of reo. May 20
Prior preferred A (quar.)
•650. June
*Holders of reo. Mar.18
•1300. Apr.
Prior preferred B (guar.)
*Holders of reo. Apr. 15
•6043. May
Prior preferred B (guar.)
"Holders of rec. May 20
•60e. June
Prior preferred B (guar.)
*Holders of reo. Mar. 19
•21.13 Apr.
Cincinnati Sub. Bell Telep. (fillar.)
Cities Service Pr.& Lt.,$6 pf.(monthly) "500. Apr. 1 *Holders of reo. Apr. 1
•58 1-30 Apr. 1 •Hloders of reo. Apr. 1
27 Preferred (monthly)
Holders of rec. Mar. 20
Citizens Water Co., Wash.,Pa., Pf.(qu.) 134 Apr.
*Holders of rec. Mar.25
•40c. Apr.
Cleveland Elec. III.. corn. (guar.)
Holders of rec. mar. 26
134 Apr.
Cleveland Ry.,corn.(guar.)
Columbia Gas dr Electric, corn.f25 Mar.8 Holders of rec. Feb o28a
Common (payable in corn. stock)
*Holders of rec. Mar. 15
Columbus Ky.. Pr.& Lt.. let Pf. WO
•134 Apr.
Holders of rec. Mar. 14
75o. Apr.
Connecticut Elec. Service, corn.(guar.).
Holders of rec. Mar. 15
Control. Gas, El. L.& P.,Balt.,com.(aU.)
1100. Apr.
Holders of rec. Mar. 15
5% preferred series A (quer.)
134 Apr.
Holders of rec. Mar. 15
1% Apr.
6% Preferred series D (guar.)
Holders of roe. Mar. 15
(guar.)
E
aeries
Apr.
preferred
134
533%
Holders of reo. Mar. 29a
Consolidated Gas of N. Y., pref.(quar.)- $1.25 May
Holders of rec. Mar. 15
Consumers Power. $5 Pref. (guar.)
$1.25 Apr.
Holders of rec. Mar. 16
13.3 Apr.
6% Preferred (guar.)
Holders of rec. Mar. 16
$1.65 Apr.
6.6% Preferred (guar.)
Holders of rec. Mar. 15
I% Apr.
7% preferred (guar.)
Holders of reo. Mar. 15
6% preferred (monthly)
500. Apr.
Holders at rec. Mar. 15
6.8% preferred (monthly)
550. Apr.
Holders of rec. Mar. 12a
Continental Gas & Elec., corn.(guar.)._ $1.10 Apr.
Holders of rec. Mar. 124
Prior preference(guar.)
I% Apr.
Holders of reo. Mar. 1$
Continental Telep.(K. C.,Mo.), pf.(qu.) 134 Apr.
Holders of reo. Mar. 15
633% preferred (guar.)
134 Apr.
Mar.3 Holders of rec. Mar. 150
Cuban Telephone. corn.(qu.)
2
1% M.3 Holders of reo. Mar. 150
Preferred (guar.)
Apr.
Dakota Central Telep., corn.(guar.).- *22
633% preferred (guar.)
*134 Apr.
Holders of rec. Mar. 150
Denver Tramway Corp., pref.(guar.)...
75e. Apr.
Apr. I Holders of rec. Mar. 200
2
Detroit Edison Co. (finer.)
Diamond State Telep.. pref.(quar.)
4.134 Apr. 1 *Holders of rec. Mar. 20
*Holders of reo. Mar. 20
Dixie Gas & Utilities. pref.(guar.)
•$1.75 Apr.
Holders of rec. Mar. 15
Duke Power, corn. (quar.)
134 Apr.
Holders of rec. Mar. 15
Preferred (guar.)
I% Apr.
Duquesne Light, let pref. (guar.)
1% Apr. 1 Holders of rec. Mar. 150
Eastern Gas & Fuel AssociatesHolders of rec. Mar. 15
Prior preferred (guar.)
$1.125 Apr.
Holders of rec. Mar. 16
6% preferred (lIaar.)
134 Apr.
Holders of rec. Mar. 14
Eastern Mass. St. Ky.,adj. stk.(qu.)-- 134 Apr.
Holders of rec. Mar. 11
Electric Bond & Share, corn.(guar.)._ f134 Apr. 1
Holders of reo. Apr. 10
Preferred (guar.)
$1.50 May
Holders of rec. Mar. 80
Elec. Pow.& Lt., Allot.etts. full pd.(qu.) $1.75 Apr.
Holders of rec. May 80
$1.05 Apr.
Allotment Ws.,6% Paid (quar.)
Holders of reo. Mar. 8a
$1.75 Apr.
Preferred (guar.)
El Paf10 Electric Co., pref. A (guar.).- •134 Apr. 1 *Holders of reo. Apr. 1
*Holders of rec. Mar. 16
EmPlre Gas & Fuel.6% pref.(mthly.)-- 0500. Apr.
*Holders of reo. Mu.15
•54 1-60 Apr.
633% preferred (guar.)
"Holders of rec. Mar. 15
•58 1-3c Apr.
7% preferred (quar.)
*Holders of rec. Mar. 15
8% preferred (guar.)
•662-30 Apr.
Holders of rec. Mar. 17
Empire Power Corp.. $6 pref.(guar.)... $1.50 Apr.
Holders of reo. Mar. 17
50e. Apr.
Participating stock (guar.)
Holders of rec. Feb. 28a
250. Apr.
Engineers Public Service common (au.)Holders of rec. Feb. 280
Apr.
fl
Corn (2-100ths share com.stook
Holders of no. Feb. 28a
Apr.
$5 preferred (guar.)
$1.25
Holders of reo. Feb. 250
_ $ 1.3734 Apr.
$5.50 preferred (miss.)
Holders of reo. Mar. 31
750. Apr.
English Elec. Co of Canada. el. A (q1.).
*Holders of rec. Mar. 14
Fall River Electric Light (guar.)
•500. Apr.
Holden of reo. Mar. 13a
Federal Light & Trio. oommon (quar.-- 8734c Apr.
Holders of reo. Mar. 13a
Apr.
Common (Payable in common stock).- 11
*133 Apr. 1 *Holders of rec. Mar. 31
Federal Pub.Serv., pref.(guar.)
Holders of reo. Mar. 140
Federal Water Service. $6 Pref.(War.). 21.50 Apr.
Holders of rec. Mar. 14a
$0.60 preferred (guar.)
$1.625 Ape.
Holders of roe. Mar. 144
$7 preferred (guar.)
$1.18 Apr.
Holderkof rec. Mar. 12
Florida Pow.& Lt., pref.(guar.)
$1.75 Apr.
Foreign Light & PowerHolders of rec. Mar. 20
$6 first preferred (guar.)
$1.50 Apr.
Holders of rec. Feb. 28a
General Gas Sr El. common A & B (flu.). rn871se Apr.
Holders of tee. Feb. 286
$1.75 Apr.
$7 preferred (guar.)
Holders of rec. Feb. 28a
$8 preferred (guar.)
Apr.
82
Holders of rec. Mar. 15
General Public. Utilities $7 Pref. WO -- $1.75 Apr.
Holders of rec. Mar. 20
Gen. Water Wks.& Elec., corn. A (au.). p500. Apr.
Holders of reo. Mar. 20
$7 preferred (guar.)
$1.75 Apr.
Holders of reo. Mar. 20
$1.625 Apr.
$6.50 preferred (guar.)
Holders of reo. Mar. 15
Georgia Power $6 pref.(guar.)
$1.50 Apr.
Holders of rec. Mar. 15
$1.25 Apr.
$5 preferred (guar.)
Holders of rec. Mar. 31a
Gold & Stock Telegraph (quar.)
134 Apr.
*Holders of rec. Mar. 5
Great iVestern Pow.,7% pref. (guar.)._ •134 Apr.
*Holders of rec. Mar. 5
*133 Apr.
8% preferred (quar.)
Holders of rec. Mar. 20
Greenwich Water & Gas Sys.. Pf. (r111.). 134 Ain.
Hackensack Water, pref. A (guar.)
4334c Mar. 3 Holders of rec. Mar. 144
Illinois Bell Telephone (guar.)
Mar.3 *Holders of reo. Mar. 29
•2
*Holders of rec. Apr. 15
Illinois Northern Utilities, pref. (guar.) •134 May
Holders of rec. Mar. 15
Illinois Power,6% pref.(quar.)
134 Apr.
Holders of roe. Mar. 15
7% preferred (guar.)
IS( Apr.
Holders of rec. Apr. 10
Illinois Power & Light. $8 Pref.(guar.).- $1.50 May
Holders of rec. Mar. 10
6% preferred (guar.)
133 Apr.
Holders of rec. Mar. 5
Indianapolis Power & Light, pref.(guar.) 134 Apr.
Holders of rec. Mar. 124
Indianapolis Water Co.. pref. A (guar.). 134 Apr.
*Holders of rec. Mar. 14
•4233e Apr.
Inland UtIlitiee,elafel A (guar.)
Internat. Hydro-Electrio. System
Apr. 1 Holders of rec. Mar. 29a
Cl. A (au.)(50e.cash or 2% in A stk.).
Holders of reo. Mar. 15
134 Apr.
Internat. Power, lot pref (guar.)
*Holders of rec. Mar. 18
•25e. Apr.
International Superpower (guar.)
50e Apr. 1 Holders of rec. Mar. 21a
Internat. Telep. & Teleif•(quar.)
Holders of rec. Mar. 5
$1.50 Apr.
Interstate Power, $6 pref.(guar.)
Holders of rec. Mar. 5
$1.75 Apr.
$7 preferred (guar.)
Interstate Public Serv., prior lien ((AL).- 134 Apr. 1 Holders of rec. Mar. 31
Holders of rec. Mar. 15
Jeney Central Pow. & Lt.. 7% 1/1. (au.) 134 Apr.
Holders of rec. Mar. 15
134 Apr.
6% preferred (guar.)
Holders of rec. Mar. 14a
51.50 Apr.
K. C Power & Light, pref. B (guar.)
Holders of reo. mar. 15
Apr.
$1
K. C. Publie Service. pref. A (guar.)
Holders of reo. Mar. 17
Kansas Gas & Elec., pref. (guar.)
134 Apr.
Holders of rec. Misr. 18
134 Apr.
Kentucky Securities, own.(quar.)
Preferred (guar.)
134 Apr. 1 Holders of reo. Mar. 18
•250 Mar.3 *Holders of rec. Mar. 17
Lone Star Gas (guar.)
Holders of rec. Mar. 17
Long Island Leg., 7% pf., sec. A (guar.) 134 Apr.
Holders of rec. Mar. 17
6% Preferred, series B (guar.)
134 Apr.
Holders of rec. Mar. 14a
Mackay Companies, common (quar.)
134 Apr.
I
Holders of rec. Mar. 14a
Apr.
Preferred (guar.)
134 Apr.
Holders of reo. Mar. 20e
Manhattan Ry.. guar. (guar.)
Holders of rec. Mar.21a
Modified guar.(guar.)
40o Apr.
Holders of rec. Mar. 15
Memphis Power & Light, $7 pref.(au.). 51.75 Aim.
Holders of rec. Mar. II
51.50 Apr.
$6 preferred (guar.)
"Holders of ree. Feb. 28
Apr.
Metropolitan Edison, corn. (quar.)
.32
*Holders of rec. Feb. 28
$7 preferred (guar.)
'$1.75 Apr.
*Holders of rec. Feb. 28
"51.50 Apr.
$6 preferred (guar.)
*Holden of rec. Feb. 28
'$1.25 Apr.
$5 Preferred (filler.)
Mar. 3 *Holders of rec. Mar. 6
*2
Michigan Bell Telephone (guar.)
Middle Western Telep.. corn. A (flu.)
•4334 June 1 *Holders of rec. June 5
Common A (guar.)
*4334 Sept. 1 *Holders of rec. Sept. 5
Common A (guar.)
'4334 Dec. 1 "Holders of ree. Dec. 5
Holders of reo. Mar. 22
1% Apr.
Midland Utilities,7% pr. lien (guar.)
Holders of reo. Mar. 22
8% prior lien (guar.)
134 Apr.
I% Apr.
Holders of no. Mar. 22
7% preferred A (guar.)
Holders of reo. Mar. 22
133 Apr.
6% preferred A (guar.)
Holders of rec. Mar. 15
Minnesota Power & Light 7% ed.(flu.).. 134 Apr.
Holders of rec. Mar. 15
21.50 Apr.
$e preferred (guar.)
"Holders of rec. Mar. 15
•134 Apr.
Mississippi River Power. pref. (qu.)
Sioux City Mire.. pf.(qua_ $1.75 Apr. 1 Holders of rec. Mar. 31
:
Mo. my
2155
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days luau:foe.
Public Utilities (Continued).
Mohawk & Hud.Pow.2d pref.(guar.).- *$1.75 Apr. 1 *Holders of reo. Mar. 20
Monongahela West Penn P.S., pf.(qu.). 43%c Apr, 1 Holders of reo. Mar. 15
600. Apr. 30 Holders of reo. Mar.31
Montreal L., H.& Pow.(guar.)
134 Apr. 21 Holders of rec. Mar. 31
Mountain States Power, pref. (guar.)._
Apr. 1 Holders of rec. Mar. 17
1%
(guar.)
pref.
Lighting,
Suffolk
Nassau &
National Electric Power, corn. B (guar.) 450. Mar. 31 Holders of rec. Mar.20
1% Apr. I Holders of rec. Mar. 15
7% preferred (guar.)
1% Apr. I Holders of ree. Mar. 15
6% preferred (guar.)
250. Apr. 15 Holders of rec. Mar. 31
National Fuel Gas(guar.)
Apr. 1 *Holders of rec. Mar. 20
81.625
(quar.)....'
pref.
Elec.,
&
Gas
National
National Pow. & Light. $6 pref. (qu.)_. $1.50 May 1 Holders of rec. Apr. 8
$1 75 Apr. 1 Holders of rec Mar. 10
•
$7 pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 17
Nat. Public Serv. 7% pref. A (guar.)._
Nevada-California Elec., pref. (quar.).. 1% May 1 Holders of rec. Mar. 31
June 10 *Holders of rec. May 31
•31
Newark Telephone (guar.)
Sept. 10 "Holders of rec. Aug. 80
1.51
Quarterly
Dec. 10 *Holders of rec. Nov. 29
*S1
Quarterly
Apr. 1 *Holders of rec. Feb. 28
$1.375
•
(gu.).
pf.
Assn.,
El.
dr
Gas
New Engl.
New England Power Assn.. corn.(qu.).. •50e. Apr. 15 *Holders of rec. Mar. 31
1% Apr. 1 Mar. 16 to Mar. 31
Preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 10
New England Power Co.. pref.(quar.)
250. Mar. 31 Holders of rec. Mar. 15
New England Public Serv.. corn.(qu.)
fly( Mar. 31 Holders of rec. Mar. 15
Common (payable in com.stock)
$1.75 Apr. 15 Holders of rec. Mar. 31
$7 preferred (guar.)
$1.75 Apr. 15 Holders of rec. Mar. 31
Adjustment preferred (guar.)
11.50 Apr. 15 Holders of rec. Mar. 31
$6 preferred (guar.)
$1.50 Apr, 15 Holders of rec. Mar.81
26 convertible preferred guar(
Mar. 31 Holden of rec. Mar. 10
2
New England Tel.& Tel.(guar.)
New Jersey Water Co.. Pref. (qua?.)... 134 Apr. 1 Holders of reo. Mar. 20
New Orleans Pub.Serv., pref.(guar.)--- $1.75 Apr. 1 Holders of rec. Mar. 17
N.Y.Power & Light Corp.,7% pi.(qu.) "134 Apr. 1 *Holders of ree. Mar. 17
*SI .50 Apr. 1 'Holders of rec. Mar. 17
$6 Preferred (guar.)
New York Steam Co., $7 pref. (qu.)-- - 31 75 Apr. 1 Holders of rec. Mar. 154
$1 50 Apr. 1 Holders of rec. Mar. 154
$8 Preferred (guar.)
N. Y. Telephone, 634% prof. (final.)... 1% Apr. 15 Holders of reo. Mar. 20
Power,
Niagara & Hudson
corn.(flu.)... •100. Mar. 31 *Holders of rec. Mar. 8
1234 Apr. 1 Holders of rec. Mar. 54
North American Co., corn. (guar.)
750. Apr. 1 Holders of rec. Mar. 50
(quar.)
Preferred
North Amer. Light & Pow..$6 pt.(qu.) - $1.50 Apr. 1 Holders of reo. Mar. 20
Northern Indiana Pub.Serv.7% pf.(qu.) 134 Apr. 14 Holders of rec. Mar. 31
1% Apr. 14 Holders of reo. Mar. 31
6% preferred (guar.)
1% Apr. 14 Holders of rec. Mar. 31
533% preferred (guar.)
34 Apr. 1 Holders of rec. Mar. 25
North. Mexico Pow.& Devel.corn.(qu.)
134 Apr. 1 Holders of rec. Mar.25
Preferred (guar.)
133 Apr. 1 Holders of rec. Mar. 14
Nor. Ohio Power &Light.6% Pt.(q11.).
134 Apr. 1 Holders of rec. Mar. 14
7% preferred (emu%)
500. Apr. 25 Holders of rec. Mar. 31
Northern Ontario Power, corn.(quar.)..
134 Apr. 25 Holders of reo. Mar.81
Preferred (guar.)
May 1 Holders of rec. Mar. 31
2
Nort'n States Pow.(Del.) corn. A (qua 1% Apr. 21 Holders of rec. Mar. 31
1% preferred (guar.)
134 Apr. 21 Holders of rec. Mar. 31
6% preferred (guar.)
Northport Water Works pref.(anal.)._. 133 Apr. 1 Holders of rec. Mar. 17
Mar. 31 Holders of reo. Mar. 280
Northwestern Bell Telep.. corn.(a11.)-- 2
1% Apr. 15 Holders of rec. Mar.200
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
North West Utilities, pr. lien pf. (gu.)
134 Apr. 1 Holders of rec. Mar. 20
Ohio Bell Telephone. pref.(quar.)_
134 Apr. 1 Holders of rec. Mar. 15
Ohio River Edison, pref. (guar.)
Ottawa Light, Heat& Pow.corn.(flu.).. 133 Mar. 31 Holders of rec. Mar. 154
Apr. 1 Holders of rec. Max. 15a
1%
Preferred (guar.)
50e. Apr. 15 Holders of rec. Mar. 814
Pacific Gas & Elec. corn. (guar.)
•$1.50 Apr. 15 *Holders of tee. Mar. 31
Pacific Lighting 16 pref. ((Mar.)
Pacific Teleg. & Teleg.. corn. (quar.).... 1% Mar. 31 Holders of rec. Mar.204
134 Apr. 15 Holders of rec. Mar.310
Preferred (guar.)
*1% Apr. 1 "Holders of rec. Mar. 15
Panama Power & Light. pref.(qu.)
Penn Central Light & Pow. pref. 0211.1-•$1.25 Apr. 1 "Holders of rec. Mar. 15
Pennsylvania Gas & El.. 7% pref. (att.) el% Apr. I *Holders of rec. Mar.20
•21.75 Apr. I *Holders of re*. Mar. 20
$7 preferred (guar.)
Pennsylvania-Ohio Power & 14111 Co.
21.50 May 1 Holders of reo. Apr. 21
16 preferred (guar.)
134 May 1 Holden of rec. Apr. 21
7% preferred (guar.)
600. Atm. 1 Holders of rec. Mar. 20
7.2% preferred (monthly)
7.2% preferred (monthly)
600. May 1 Holders of rec. Apr. 21
560. Apr. 1 Holders of rec. Mar.20
6.6% preferred (monthly)
55e. May 1 Holders of rec. Apr. 21
(monthly)
preferred
6.6%
21.75 Apr. 1 Holders of rec. Mar. 15
Pennsylvania Pow.& Lt..27 Id.(qu.)
$1.50 Apr. 1 Holders of roe. Mar. 15
$6 preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 15
$5 preferred (guar.)
750. Apr. 1 Holders of rec. Mar. 14
Pennsylvania Water & Power (guar.)...
Apr. 17 Holders of rec. Apr. 34
2
Coke
&
Light
(guar.)
Peoples Gas
People I.gt. & Pwr. Corp., corn. A (qu.) 00600. Apr. 1 Holders of reo. Mar. 8
1% Apr. 1 Holders of rec. Mar. 20
Peoria Water Works, pref.(guar.)
*31.25 Apr. 10 *Holders of rec. Mar. 14
Phila.& Camden Ferry (an.)
Apr. 30 Holders of rec. Apr. la
Philadelphia Company, corn. (guar.).- 1
750. Apr. 30 Holders of fee. Apr. la
Common (extra)
$1 .50 May 1 Holders of rec. Apr. la
6% preferred (guar.)
500. Apr. 1 Holders of rec. Mar. 114
Philadelphia Electric Pow., pref. (guar.)
31 Apr. 30 Holders of rec. Apr. 150
corn
Philadelphia Rapid Transit,
$1.75 May cll Holders of rec. Apr. 1
Preferred (guar.)
Philadelphia Suburban Water, pf.(quar.) 114 May 31 Holders of rec. May 120
•22 Apr. 1 'Holders of rec. Mar. 10
Philadelphia Traction
Philadelphia & Western Ky.. pref.(flu.). •62,33e Apr. 15 *Holders of rec. Mar. 31
(qua?.)...
134 Apr. 1 Holders of reo. Mar. 15
Portland Elec. Power, let pf.
134 Apr. 1 Holders of rec. Mar. 15
Prior preference (guar.)
4 Apr. 1 Holders of rec. Mar. 150
Porto Rico Telep., preferred
134 Apr. 1 Holders of rec. Mar. 140
Postal Telegraph Cab,e pref. (quar.)..
Power Corp. of Canada,6% Pref.(qu.). 133 Apr. 15 Holders of rec. Mar. 31
750. Apr. 15 Holders of rec. Mar. 31
Participating preferred (guar.)
300 Air. 1 Holders of reo. Mar. 15
Providence Gas (guar.)
824. Mar.81 Holders of reo. Mar. la
Public Service Corp. of N. J., corn.(qu.)
Mar.81 Holders of rec. Mar. la
2
8% Preferred (guar.)
1% Mar.81 Holders of rec. Mar. la
7% preferred (guar.)
Mar. 31 Holders of reo. Mar. la
51.25
$5 Preferred (guar.)
50c. Mar. 31 Holders of rec. Mar. la
8% preferred (monthly)
50e. Apr. 30 Holders of rec. Apr. la
6% preferred (monthly)
Public Service Elec.& Gas..6% O.(4t1.) 134 Mar. 31 Holders of tee. Mar. la
'3' Mar.81 Holders of rec. Mos. I
7% preferred (guar.)
Apr. 1 Mar. 21 to Apr. 1
Public Service of Oklahoma, corn.(au.). 2
194 Apr. 1 Mar. 21 to Apr. 1
7% prior lien stock (guar.)
1% AM. 1 Mar. 21 to Apr. 1
6% prior lien stock (guar.)
6233e. Apr. 15 Holden of rec. Mar. 27
Quebec Power Co. (quar.)
'37 tic Apr. 1 *Holden of rec. Mar. 15
Shasta Water Co. pref (guar.)
6234e Apr. 10 Holders of rec. Mar. 15
Shawinigan Water & Power(guar)
500. Apr. 15 Holders of rec. Mar.20
Southern Calif. Edison, orig. pf. (guar.)
34330. Apr. 15 Holden of rec. Mar.20
Series C 534% pref. (guar.)
Southern Calif. Gas, pref. A (qu.)__ . _ '37.34c Apr. 15'Holders of rec. Mar.31
1% Apr. 15 Holden of rec. Mar.20
Southern Canada Power, pref. (guar.)._
Southern Ind. Gas& Elec.,7% pfd.(qu.) 134 Apr. 1 Holders of rec. Mar.24
134 Apr. 1 Holders of rec. Mar.24
6% Preferred (guar.)
. 1.65 Apr. 1 Holders of rec. Mar.24
6.6% preferred (ouar.)
Apr. 15 'Holders of rec. Mar. 31
*2
Southern N. E. Telephone (guar.)
1% Apr. 15 Holden of rec. Apr. I
South Pittsburgh Water, pref. (qu.)
134 Apr. I Holders of rec. Mar. 20
Southwestern Bell Telco. pref.(guar.)
Southwestern Gas & Elec.. pref.(guar.). '134 Apr. 1 'Holders of rec. Mar. 15
Springfield Gas at Elec., pt. A (qua?.).. 134 Apr. 1 Holders of rec. Mar. 15
Standard Gas & Elec.. corn. (quar.)87336. Apr. 25 Holders of rec. Mar. 31
$1.75 Apr. 25 Holders of rec. Mar.310
Prior preference (guar.)
Standard Power & Light. pref.(guar.)_ _ $1.75 May 1 Holders of rec. Apr. 16
Superior Water,Light dr Pow., pfd.(au.) '134 Apr. 1 *Holders of rec. Mar. 15
Tennessee Electric Power, 5% pt. (qu.)* 13( Am. 1 Holders of rec. Mar.15
1% Apr. 1 Holders of reo. Mar. 15
6% preferred (guar.)
1% Apr. 1 Holders of reo. Mar. 15
7% preferred (guar.)
1.80 Apr. I Holders of rec. Mar. 15
7.2% preferred (qua?.)
500. Are. 1 Holders of rec. Mar. 15
6% preferred (monthly)
600. Apr. I Holders of reo. Mar. 15
7.2% preferred (monthly)
134 Apr. 1 Holders of rec. Mar. 20
Texas-Lodislana Power, pt. (guar.)
'Fri-State Tel. de Tel.; corn. (quar.)..... "21.50 Apr. 1 *Holders of reo. Mar. 15
Twin City Rapid Transit, pref. (qu.)... 1% Apr. 1 Holders of rec. Mar. 124
Mar. 31 *Holders of rec. Mar. 15
Twin States Gas & Elec., corn.(auar.)_. *2
Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
'134 Apr. 1 'Holders of rec. mar. 15
Prior lien stock (guar.)
Union Natural Gas of Canada (guar.)... •u40c. June 1 *Holders of rec. Apr. 15
•
2156
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Concluded).
United Corporation pref. (guar.)
750. Apr. 1 Holders of roe. Mar. 60
United Gas & Electric Corp., Prof.(qu.) 1)4 Apr. 1 Holders of rec. Mar. 15
United Gas improvement. corn (qu.) _
30e Mar. 31 Holders of rec. Feb. 28a
15 preferred (quar.)
$1.25 Mar.81 Holders of rec. Feb. 280
United Lt. & Pow.,com. A & B.old (qu) $1.25 May 1 Holders of rec. Apr. 15a
Common A & B new (quar.)
25c May I Holders of rec. Apr. 15o
$8 cons, first pref. (qua:.)
$1.50 Apr. 1 Holders of rec. Mar. 15a
United Public Service, $7 pf. (quar.)__
$1.75 Arin 1 Holders of rec. Mar. 15
$8 preferred (quar.)
$1.50 Apr. 1 Holden of rec. Mar. 15
United Public Utilities 55.75 p1.(Cin.)--S 1 7-16 Apr. 1 Holders of rec. Mar. 15
$13 preferred (guar.)
$1.50 Apr, 1 Holders of rec. Mar. 15
Utah Power & Light. $7 pref.(guar.)... $1.75 Apr. 1 Holders of rec. Mar. 5
$6 Prof. (qua:.)
$1.60 Apr. 1 Holders of rec. Mar. 6
Utilities Power & Light, coin.(quar.).. (cc) Apr. 1 Holders of rec. Mar. 10a
Class A (quer.)
(cc) Aron 1 Holders of rec. Mar. 10a
Class B (qua:.)
(cc) Apr. 1 Holders of rec. Mar. 100
Preferred (qua:.)
51.76 Apr. 1 Holders of rec. Mar. 10
Virginia Public Service. 7% pt. (qu.)
13 Apr. I Holders of rec. Mar. 15
6% preferred (altar.)
1)4 Apr. 1 Holders of rec. Mar. Iii
Wabash Telep. &cur., pref. (quar.)__ $1.75 Apr. 1 Holders of rec. Mar. 20
Western Massachusetts Cos.(qua:.) _
82Sic Mar.31 Holders of rec. Mar. 17
Western Power Corp . pref. (quar.).._. 131 Apr. 15 Holders of roe. Mar. 31
Western Power. Lt & TeleP.. p1. A (go.) 51.75 Apr. 1 Holders of rec. Mar. 15
Western Union Tetra. (Qua:.)
2
Apr. 15 Healers of rec. Mar.210
West Kootenay Pow.& Light, pfd.(qu.) 131 Ape. 1 Holders of tee. Mar. 24
Westmoreland Water Co., pref. (Guar.). $1.50 Apr. 1 Holders of rec. Mar.20
West Penn Elec Co., clan A (quar.)._. $1.75 Mar. 31 Holders of rec. Mar. 170
West Penn Power Co., 7% pref. (qt.)._
134 May 1 Holders of rec. Apr. 50
6% preferred (ouar.)
1,4 May 1 Holders of rec. AM. 5
West Texas utilities, $6 pref. (00.).--- '51.50 Apr. 1 "Holders of rec. Mar. 15
Winnipeg Electric CO., prat.(guar.)..
I,' Apr. 1 Holders of roe. Mar. 6
Banks.
American Unlon (quar.)
1.ai Apr.
Holders of rec. Mar.22a
Bank of America (National Association)
Bancamerica-Blair Co
$1.125 Apr.
Holders of roc Mar. 15a
Bank of United States (quar.)
'Holders of rec. Mar. 18
Apr.
$1
Bankus Corporation
Bryant Park (Oiler.)
Holders of rec. Mar. 3Ia
50c. Apr.
Chase National (1119x.)
Apr.
Holders of rec. Mar. 120
1 51
Chase Securitlea Corp.(quar.)
Chatham Phenix Nat. Bk.& Tr.(go.)... $1
Apr. 1 Holders of rec. Mar. 140
Chelsea Bank & Trust Co.(qua:.)
6214c Apr. 1 Holders of roe. Mar. 14a
Fifth Avenue (quar.)
6 Apr. 1 Holders of rec. Mar.31a
First National (quar.)
Apr. 1 Holden of rec. Mar. 2aa
First Security Co (quar.)
Apr. I Holders of rec. Mar. 250
20
Fiatbush National (qua:.)
Mar. 31 Holders of rec. Mar. 25a
1
Globe Exchange (miar.)
1)4 Apr. 1 Mar. 21 to Mar. 25
International Acceptance Bank (qu.)
Apr. 1
4
National City Bank (quar.)
Apr. 1 Holders of rec. Mar. 8
$1
City Bank Farmers Trust (quar.)
Peoples National (Bklyn.) (qua:.)
Apr. 1 Holders of rec. Mar. lla
3
Prise. State ((mar
2)4 time 1 Holders of rec. May 150
Public National Bank & Trust (quar.)
$1
Apr. 1 Holders of roe. Mar. 20a
nilichmond National (stock dIvidend).• 633 1-3 Apr. I *Holden of rec. Mar 211
Trade (quar.)
134 Apr. 5 Holders of rec. Mar:25
Trust Companies.
Banes Comme:ciale itadana Tr (qu.)_.
Bank of Europe Trust Co.(guar.)
Extra
Bank of Manhattan Tr. Co. Me)
Bank of N. Y. & Trust (guar.)
Bronx County (quar.)
Brooklyn (qnar.)
Central Hanover Bank & Trust (gear.)-Chemical Bank & Trust (quar.)
County (guar.)
Empire, new $20 par stock (qua:.)
Equitable (guar.)
Fidelity (quar.)
Fulton (quar.)
Guaranty (qua:.)
Irving (Oiler.)
Lawyers (qear.)
Manhattan Co.(mar.)
Manufacturers (qua:.)
New York (qua:.)
Title Guarantee & Tr., new 320 Par (ria)
New $20 par stock (extra)
U. S. Trust (quar.)
$2.50 Apr. 1 Holders of rec. Mar. 16
75c Apr. 1 Holders of rm. Mar.20
25e Apr 1 Holders of rec. Mar. 20
4
Apr. I
4)4 Apr. 1 Holders of roe. Mar. 2la
40c. Apr. 1 Holders of rec. Mar. 20a
.6
Apr. I 'Holders of roe. Mar. 25
81.50 Apr. 1 *Holders of roe. Mar. 21
450 Arr. 1 Holders of rec. Mar 18
Apr. 4 Holders of roe. Mar. 28
2
60e. Mar. 31 Holders of rec. Mar. 19a
75e. Mar. 31 Holders of rec. Mar. 19
50e. Mar. 31 Mar. 21 to Mar.31
Apr. 1 Holders of rec. Mar. 24
3
Mar. 31 Holders of rec. Mar. 14
5
40e. Apr. 1 Heiden of rec Mar. 4
Mar. 31 Holders of rec. Mar. 21
2
Apr.
Holders of rec. Mar. 181
$I
$1.50 Ann I Holden of roe. Mar. 15a
$1.25 Mar. 31 Holders of rec. Mar. 22a
$1.20 Mar. 31 Holders of rec. Mar. 21
80c. Mar. 31 Holders of rec. Mar.21
Apr. 1 Holders of rec. Mar.2Ia
15
Fire insurance.
American Sala maodra Corp.(qu.)...._. 750. Apr.
Brooklyn (quar.)
30e. Apr.
City of N.Y. Ins. Co.(quart.)...--Apr.
4
Hanover (quar.)
40e. Apr.
Home insurance (quar.)__
50e. Apr.
Resells Bluer.)
Mc. Apr.
United States Fire (qua:.).......--- •60e. May
Holders of ref. Mar 20
Holders of roe. Mar. 20
Mar. le 'to
Mar 31
Mar. 20 to Mar. 31
Holders of rec. Mar. 15
Holden; of rec. Mar. 140
*Holders of roe. Apr. 22
Miscellaneous.
Abbott Laboratories. tom. (quar.)____
600. Apr. 1 Holders of roe. Mar. 21
Abitibi Power dr Paper. 7% pref.(qu.).. 13( Apr. I Holders of reel. Mar.20
Abraham & Straus. Inc., pref. (gunn)_
1 af May 1 Holders of roc. Apr. 15a
Acme Steel (quar.)
Am. 1 Holders of rec. Mar. 20
$1
Adams Express, corn.(quar.)________
40e. Mar. 31 Holders of rec. Mar. 150
Preferred (Vier.)
II.' Mar. 31 Holders of rec. Mar. 15a
Addressograph international (qu.)
*37 He Apr. 10 "Holders of rec. Mar. 21
Aeolian Company. pref. (quar.)
131 Mar. 31 Holders of rec. Mar. 25
Aetna Rubber pref.(quari_ _
144 Apr. 1 Holders of ree. Mar. 15
Ainsworth Mfg.(stock div.) (quar.)____ oil
June 2 *Holders of rec. May 20
Air Reduction Co.(quar.)
Holders of rec. Mar. 31a
750. Apr. 1
An-Way Elec. Appliance. corn.(qu.). 024e Apr.
Holders of rec. Mar 20a
Preferred (quar.)
Holders of rec. Mar. 20
131 APT.
Alberta Pacific Crain. pref.(qua:.)
Holders of rec Mar. 15
131 Apr.
A lemeo Associates (Qua:.)
*Holders of rec Mar. 22
*40e Apr.
yi June
Allegheny Steel, pref.(guar.)
'Holders of rec. May 15
*Holders of roe Aug. 16
Preferred (quar.)
H Sept.
*Holders of rec. Nov. 18
Dec.
Preferred (quar.)
'Holders of rec. Mar. 12
Alice & Fisher (quer.)
*50e. Apr.
Alliance Investment Corp., cote. (qua:.)
Holders of roe. Mar. 14
20e. Apr.
Holders of roe. Mar. 14
Common (Payable in common stock)
Apr.
11
Holders of rec. Mar. 14
Apr.
Preferred
3
Antance Realty. pref.(guar.)
134 June
Holders of rec. May 20
134 Sept.
Holders of roe Aug 20
Preferred (quar.)
134 Dee.
Holders of roe Nov. 20
Preferred (qua:.)
Allied American Induztrfes. pr. Pf.(qu.) $1.50 Apr.
Holders of rec. Mar. 14
Allied Chemical & Dye Corp.. pref.(Mt) 144
Holders of rec. Mar. 84
Allied Motor industries pref. (quer.)'Holders of rec. Mar. 15
Apr.
Allied Products, corn
•50c. Apr.
*Holders of roe. Mar. 10
Class A (quar.)
'Holders of tee. Mar. 10
'8734c Apr.
*Holders of rec. Mar. 21
Alloy Steel Spring & Axle. el. A (Quar.). *35c. Apr.
Aloe (A. S.) Co.. corn.(quar.)
62e. Apr.
Holders of rec. Mar. 19
Preferred (quar.)
Holders of rec. Mar. 19
131 Apr.
Alpha Portl. Cement, corn.(quar.)
075e. Apr. 1 *Holders of rec. Mar. 25a
Aluminum Co.of Amer., pref.(quer.)--*Holders of rec. Mar. 15
Apr.
Aluminum Goode Mfg.(quar.)
Mar. 22 to Mar. $1
30e. Apr.
efit June 30 *Holders of rec. June 15
Aluminum Mfrs.. pref. (qua:.)
Preferred (guar.)
'131 Sept.3 'Holders of rec Sept. 15
.14/ Dec. 3 'Holders of rec. Dee. 15
' Preferred (quar.)
Amalgamated Elee Corp., Ltd., Prat-Holders of rec. Mar. 27
750. Apr. 1
American Art Works, corn. & Pt. (qua:.) 1)4 Apr. 1
Holders of rec. Mar. 31
American Bank Note. corn.(quar.)
Holders of roe. Mar 70
50e. Apr.
Preferred (qua:.)
Holders of rm. Mar. 70
750. Apr.
Amer. Brake Shoe & Fdy... corn.(qu.)- -80e. Mar. 3 Holders of rec. Mar. 21a
Preferred (qua:.)
134 Mar. 3 Holders of rec. Mar. 2la
Amer. Brown Boverl Elec., pref.(qu.)- 131 Apr.
Holden of roe. Mar. 200
American Can. pref. (quar.)
Holders of roe. Mar. 145
131
Amer. Car & Frly.. corn. (qua:.)
Holders of rec. Mar. 17a
$1.50 Apr.
Preferred (miar.)
134 Apr.
Holders of rec. Mar. I70
Name of Company.
[VoL. 130.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
American Chain common (qua:.)
750. Apr. 20 Holders of roe. Apr. 10
Preferred (Oiler.)
114 Apr. 1 Holders of roe. Mar. 21a
American Chicle. corn.(goal.)
50e. Apr, 1 Holders of rec. Mar. 120
Common (extra)
25e. Apr. 1 Holders of rec. Mar. 120
American Cigar. pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Amer. ColortyPe. corn. Bluer.)
600. Mar.31 Holders of roe. Mar. 12
Preferred (enn)
144 June 1 Holders of me. Mar. 14
Amer. Comm'l Alcohol, corn. (quar.)
40e. Apr. 15 Holders of rec. Mar. 29a
Amer. Credit Indemnity (St. Louis)(qu.) 31
Apr. 1 Holders of rec. Mar. 26
Amer. Cyanamid, corn. A & B (gust.)..
400. Apr. 1 Holders of rec. Mar. 15
Amer. Encaustic Tiling. corn. (qua:.)...
50e Mar. 31 Holders of rec. Mar. 144
American Express (qua:.)
$1.50 Apr. I Holders of rec. Mar. 144
American Felt, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 21
Amer. Fruit Growers Co., prof. (qI.) -- *51.75 Apr. 1 'Holders of rec. Mar. 26
Amer. Furniture Mart Bldg., pf. (qu.) _
131 Apr. 1 Holders of rec. Mar. 20
Amer. Home Products (monthly)
350. Apr, I Holden of rec. Mar. 140
American International Corti corn
$1
Apr. 1 Holders of roe. Mar. 120
Corn.(payable in corn.stock)
Apr. 1 Holders of roe. Mar. 120
12
Corn.(payable In com.stk.)
Oct. 1
12
Amer. Laundry Machinery (quar.)
Tune I 'Holders of rec. May 20
.$1
American Locomotive. corn. (guar.)._
22
Mar. 31 Holders of rec. Mar. 13a
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 130
Amer. Maize Products, Mint•
*We. Mar, 31 *Holders of rec. Mar. 15
Preferred (guar.)
*144 Men 31 "Holders of rec. Mar. 15
.
American Manufacturing, corn.(gar.). 1
Mar. 31 Mar. 16 to Mar. 30
Common (quar.)
July 1 June 16 to June 30
Common ((Oar.)
1
Oct. 1 Sept. 18 to Sept. 30
Common (Oiler.)
1
Dec. 31 Dee. 16 to Dec. 30
Preferred (guar.)
134 Mar. 31 Mar. 16 to Mar.30
Preferred (Oiler.)
134 July 1 June 16 to June 30
Preferred (quer.)
134 Oct. I Sept. 16 to Sept.30
Preferred (quer.)
114 Dec. 31 Dec 18 to Dec. 30
American Pneumatic Sen., 1st pf. (go.) "87)4c Mar. 31 'Holders of rec. Mar. 21
Second preferred (quar.)
*75c Mar. 31 *Holders of rec. Mar. 21
American Products, partic. pf. (quar.)
*50e Apr. 1 *Holders of rec. Mar. 15
Amer. Radiator & Stand Sanitary Corp.
Common (guar.)
37 He Mar. 31 Holders of roe Mar. ho
American Rolling Mill, corn.(oiler.)....
Me. Apr. 15 Holders of rec Mar. 310
Amer. safety Razor (quar.)
$1 25 Mar. 31 Holders of rec. Mar. 100
Amer. & Scottish Menu.(quar.)
"30e. June I 'Holders of rec. May 16
American Screw (Oiler.)
1)4 Apr. 1 Holders of rec. Mar. 20.
American Seating, corn. (qua:.)
50c. Apr. I Holders of rec. Mar. 20e
American Shares, Inc., pref. A
80e Apr. 1 Polders of me. Mar. 20
American Snuff, coin. (quar.)
Apr. 1 Holders of rec. Mar. 130
3
Prefer-ed (quar.)
1)4 Apr. 1 Holders of roe Mar. 130
Amer. Steel Foundries. corn.(quar.)---750. Apr, 15 Holders of rec. Apr. 10
preferred (quar.)
134 Mar. 31 Holders of rec Mar. 154
American Stores common (qua:.)
50c Apr. 1 Holders of rec. Mar. lea
Amer lean sugar Reg.. corn.(guard- -- 1)4 Apr. 2 Holders of rec. Mar 5a
Preferred iquar•1
1 14 Apr
Holders of ree Mar be
American Surety (guar.)
41.50 Mar. 31 Holders of rec. Mar. 15a
Amer. Title & Guaranty(lean)
114 Apr. 1 Holders of rec. Mar. 20
Amer. Type Founders. corn. (quar.),.__. 2
Apr. 15 Holders of rec. Apr. 50
Preferred (quar.)
144 Apr. 15 Holders of rec. Apr. 54
American Tobacco, prat (quar.)
1)4 Apr. 1 Holders of rec. Mar. 10a
American Trustee shares-Diversified
38.850 Apr. 1 Holders of roe. Mar. 15
Trustee Shares, eeries B
Extra
31.991c Apr. 1 Holders of rec. Mar. 15
Amer. Writing Parser. preferred
Mar.81 Healers of rec. Mar. 20
SI
American Yvette Co., pref Near./
*50c Apr.
*Holders of rec. Mar. 21
Amer. Zinc. Lead dr Smelt, pref.(rel.)--- $1.50 Apr. 1 Holders of rec. Mar. 20.
Amoskeag Mfg.,corn.(qua:.)
*50e. Apr. 2'Holders of rec. Mar. 22
Common (quar.)
*25e. July 2 *Holders of rec. June 14
Common ((plan)
Oct. 2"Holden of rec. Sept. 13
Anchor Cap Corp., corn. (quar.)
Mc. Apr. 1 Holders of rec. Mar. 2110
Preferred (quar.)
51.825 Apr. 1 Holders of roe. Mar 200
Anchor Post Fence. corn.(In corn.
'.1214 Apr. 1 'Holders of rec. Mar. 15
Ansbaeher-Stecle Corp.. pref. (Mien)...
600. Apr. 1 Holders of rec. Mar. 20
Apex Elec. Mfg.(acct. scrum. divs.).-- *WM Apr. 1 *Breners of rec. Mar. 20
Apponaug Co., rem. (quar.)
•50c Apr. 1 'Holders of roe. Mar. 15
•134
Preferred (quar.)
Apr. 1 'Holders of rec. Mar. 15
armour & Co.(Illinois) Prof.(guar.)-- 114
Apr. 1 Holders of rec. Mar. 10.
Armour & Co. of Delaware. pref.(gOein) 154 Am.
Holders of roe. Mar. 10.
Armstrong Cork (quar.)
*Me Apr. 1 'Holders of roe. Mar. 14
Arrow Hart & ifegeman Elec., corn. 03u2 *75c Apr, 1 'Holders of rec. Mar. 24
Preferred (quar.)
51.625 Apr. 1 *Holders of rec. Mar. 24
Artloom Corp.. common (Qua:.).
SOc Apr. 1 Holders of roe. Mar. 240
Art Metal Construction (quer.). --50e Mar.31 Holders of me Mar. 21a
Aruedel Corn. (quar.)
75e Apr. 1 Holders of rec. Mar. 24
Associated Apparel Indus. corn. (guar.). $1
Apr. 1 Holders of tee. Mar. 200
Associated Breweries (Can.) cora.(qu.).
50e Mar. 31 Holders of roe. Mar. 15
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 15
Aiwoelated 011 (guar.)
50e Mar. 31 Holders of rec. Mar. 140
Associated Portl. Cement Mfrs.
Amer. dep. refs. for, ord. reg. shares_ *tc8
Apr. I *Holders of rec. Mar. 17
Moorland Security investors:eom.,(qr.)
40c Apr, 1 Holders of rec. Mar. 20
Astor Financial Corp.. class A (ottani__ 87 sic Apr. 1 Holders of roe. Mar. 20
Atlantic Cuff & W. I. 8. S. Lines pf.(qu.) 134 Mar. 31 Holders of roe. Mar. 12.
Preferred (guar.)
114 June 30 Holders or rec. Tune II.
Preferred (quar.)
134 Sept. 30 Holders of refs Sept. 10.
Preferred (quar.)
114 Dec. 31 Holden of roe. Dee. 11
Atlas Plywood (qua:.)
*500 Apr. 15'Holders of roe. Apr. 1
Atlas Stores Corp.. pref. (qaur.)
*75e Apr. 1 *Holders of rec. Mar. 24
Auburn Automobile (qua:.)
Apr, 1 Holders of rec. Mar. 21e
$1
Sleek dividend
e2
Apr. 1 Holders of rec. Mar. 21a
Antomatie Washer pref.(mien)
*500 Apr. 1 'Holders of ree. Mar. 15
Auto Strop Safety Razor clan A (qu.)..
750 Alin I Holders of roe. Mar. 10.
Class B (No
400 May 1 Holden, of roe Apr. 10
Axton Fisher Tobacco, class A (quar.)__ *80e Apr. 1 *Holders of rec. Mar. 15
itsbcock & Wilcox Co.(quar.)
1)4 Apr. 1 Holder, et me Mar 20
Backetay Welt Co. common (guar.).- *500 Apr. 1 *Holders of roe Mar. 20
Common (payable in common stock)..
Apr. 1 *Holders of roe. Mar. 20
Baker (J. T.) Chemical Co. common.... 0710e Apr. I *fielders of roe. Mar. 15
Bakers Share Corp.. Corn. (guar.)
1)4 Apr. 1 Holders of rec. Mar. 20
Balaban & Rats. corn. (quer.)
*75e Mar. 29 *Holders of roe. Mar. 15
Preferred (quar.)
'194 Mar, 29 'Holders of roe. Mar. 15
BaneOhlo Corp. (quar.)
*3110 Apr. 1 *Holders of rec. Mar. 17
Bancoltentucky Co.(quar.)
*20c Apr. 1 *fielders of roe. Mar. 24
Bancalcilla Corp. (quer.)
*215e Apr. 14 *Holders of rec. Mar. 31
Bancomit Corp., corn. Acorn A((Man)-40c Apr. 1 Holders of rec. Mar. 15
Bancroft (Joseph) & Sons Co.. com.(qu.) 62 He Mar. 31 Holders of rec Mar. 15
Bankers Securities Corp., pref.(qu.)- -75e Apr. 15 Holders of rec. Mar. 31a
Barker Broil Corp. common (qtlar.)---50e Apr. 1 Holders of roe. Mar. 140
6 % preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 144
Baum Candy Co., corn.(qua:.)
*10e May 15 *Holders of roe. May 1
Common (extra)
*100 May 15 *Holders of rec. May 1
Apr. 1 *Holders of roe. Mar. 15
Preferred (quar.)
Baxter Laundries pref. (qua:.)
144 Apr. 1 Holders of reo. Mar.20
Bayuk Clean, Inc., coin. (Qum.)
75e Apr. 15 Holders of rec. Mar.31.
First preferred (qua:.)
134 Apr. lb Holders of rec. Mar. ale
Bearings Co. of Amer.. 1st prof. (Qum.) 4.1,4 Mar. 31 *Holders of rec. Mar. 15
Beatrice Creamery. corn.(quar.)
$1
Apr. 1 Holders of rec. Mar. 15a
Preferred (qua:.)
131 Apr. 1 Holders of roe. Mar. 150
Beech-Nut Packing (quer.)
75c Apr. 10 Holders of rec. Mar. 25a
Belgo-Canadian Paper pref. (qUar.)---134 Ayr. 1 Holders of rm. Mar. 4
Reedit Aviation Corp (quar.)
50c Apr. 1 Holders of rec. Mar. 10,1
Benson & Hedges, pref. (quar.)
af Apr. 1 *Holders of ree. Mar. 20
Berry Motor (quar.)
30e. Apr, I Holders of rec. Mar. 20
Bethlehem Steel common (11.110.)
$1.50 May 15 Holders of rec. Apr. 180
134
7% Preferred (qua:,)
Apr. 1 Holden of rec. Mar Is
Rickford'e, Inc.. cum.(quar.)
25e. Apr. 1 Holders of rec. Mar. 20
Preferred (quer.)
(1234e. Apr. 1 Holders of roe, Mar. 20
Bigelow-Sanford Caret, corn. ((Or.).
*3E50 May 1 *Holders of rec. Apr. 18
Preferred (quer.)
14 May 1 *Holders of rec. Apr. 18
Rinks Mfg., p..ef A (oiler.)
'511Ho Apr. 1 *Hoiden of roe. Mar 24
Bird & Sons, Inc., corn.(qua:.)
*25c Apr, 1 *Holders of rec. Mar. 24
Bishop Oil
Mar.81 Holden of roe. Mar. 16
Blies (91 W.) Co.. common (ouse.)
25e Apr. 1 Holders of roe. Mar. 18
First preferred Omar.)
$1
AM', 1 Holders of rec. Mar. 18
Keened prof clays A (qua:.)
87340. An?. 1 Holders of roe. Mar. IS
Second pref ciao it (quar.)
15e Apr. 1 Holden of no. Mar 18
MAR. 29 1930.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cotginued).
Black & Decker Mfg., corn.(quar.)_. •40e. Mar. 31 *Holders of rec. Mar. 19
"50c. Mar. 31 *Holders of rec. Mar. 19
Preferred (guar.)
•3744c May 15 *Holders of rec. May 10
Bloch Brea., coin. (guar.)
Common
'37%c Aug 16 'Holders of roe. Aug. 9
•3734e Nov. 15 *Holders of rec. Nov. 10
Common (guar.)..
*14 Mar. 31 *Holders of rec. Mar. 26
Preferred (quay.)
*114 June 30 *Holders of roe. June 25
Preferred (guar.)
Si 14 Sept. BO *Holders of reo Sept.25
Preferred (guar.)
*14 Dec. 31 *Holders of rec. Dec. 26
Preferred (guar.)
Blumenthal(Sidney)& Co.. Pref.(qu.)- 154 Apr. 1 Holders of rec. Mar. 17a
•5154e June 1 *Holders of rec. May 20
Hobbs-Merrill Co.(guar.)
750. Apr 1 Holders of tee Mar. 14a
Bohn Aluminum & Brass common 021.1.).
02e. Apr 15 *Holders of rec. Mar. 31
Boise Chico 011, claws A (guar.)
374c. Mar. 31 Holders of rec. Mar. 15
Bonner Co., class A (guar.)
'81340 Apr. 1 *Holders of roe. Mar. 20
BonwIt Teller & Co., pref.(guar.)
•750. Apr. 1 "Holden; of rec. Mar. 14
Booth (F. E.) Co.. class A (guar.)
Apr. 1 Holders of re,'. Mar. 15a
$1
Borg Warner Corp., corn. (guar.)
31.75 Apr. 1 Holders of rec Mar. IS
Preferred (guar.)
Apr. 15 Mar. 22 to Apr. 14
$1
Borne Scrymaer Co
Boston Herald-Traveler Corp. com.(qu.) 40e. Apr. 1 Holders of rec. Mar. 26
10e. Apr. 1 Holders of rec. Mar. 26
Extra
Brandrarn Hendenton. Ltd.. pref. (qu.). 14 Apr. I Holders of roe. Mar. t
25e. May 1 Holders of rec. Apr. 20
Bridgeport Mach., corn. (qu.)(No. I)._
14 Apr. 1 Holders of roe. Mar. 20
Preferred (qua?.)
50e. Mar. 31 Holders of rec Mar. 200
Briggs & Stratton Corp. (guar.)
50e Apr. 1 Holders of reo Mar. 17a
Brill° Mfg class A (qua?.)
Mar 31
40e. Apr. 1 Mr,r. 15 to
British American ()Bold stock Reg
40e. Apr. 1 Holders et coup Mat.13
Coupon stock.
(q) Mar. 31 Holders of coup. No. 134
British-AmerTobacco. ord. (Interim).
British American Tobacco preference_ _ _
234 Mar.81 Holders of croup No. 53
8c. Apr. 1 Holders of roe. Mar 1
British Type Investors(bl-monthly)
30e. Apr. 1 Holders of rec. Mar. 17
Broad Street Investing (guar.)
14 Apr. 1 Holders of rec. Mar. 106
Brockway Motor Truck. pref. (guar.)._
50c. Apr, 15 Holders of rec. Mar. 31
Brompten Pulp & Paper (guar.)
Holders of rec. Mar. 21
1 34 Apr.
Bruce (E. L.) Co., pref. (guar.)
Holders of rec. Mar. 20a
Brunswiek-Balke-Collender. pref. (qu.). 154 Apr.
Hollers of rec. Mar. 21
25e. Apr.
Brunswick Site Co
Holders of rec. Feb. 24a
25e. Apr.
Bucyrus-Erie Co. common (guar.)
Holders of rec. Feb. 24a
14 Apr.
Preferred (guar.)
Holders of rec. Feb. 24a
62140 Apr.
Convertible preference (guar
Holders of rec. May 27
Bucyrus Erie Co.. common (guar.).- 25e. July
Holden) of rec. May 27
14 July
Preferred (guar.)
Holders of rec. May 27
62.40 Judy
Convertible preferred (guar.)
250 Mar. 3 Holders of me Mar. 10a
Budd Wheel common (guar.)
154 Mar. 3 Holders of ree Mar ign
First preferred (guar.)
750. Mar.3 Holders of rec. Mar 10a
First preferred (extra)
Holders of rec. Mar. 20
50e. Apr.
Building Products, Ltd., class A (guar.)
Apr. 1
Mar. 21 to
(guar.)
pref.
134 Apr.
Bulkley Bldg.(Cleveland),
40e. Mar.8 Holders of rec. Mar. 1Sa
Bullard Co. (guar.)
Holders of rec. Mar. I5a
The. Apr.
Burro. Inc., pref. (guar.)
*Holders of rec. Mar. 15
*50c. Apr.
Burdinee, Inc., preference (guar.)
'holders of rec. mar 15
Apr.
•2
Burger Brut) . Prof.(guar.)
of rec. June 16
'Holders
July
•2
Preferred (quar.)
•rinniers of rev. Sept 1)
Ore
.2
Preferred (gnarl- Holders of rec. Mar. 13a
14 Apr.
Burns Bros.. pref. (quar.)
- 25c. June 5 Holders of rec. May 9a
Burroughs Adding Machine (guar.).
'750. Apr. 1 •Heiders of rec. Mar. 14
Burt (F. N.) Co., Ltd., corn. (guar.)
6240 May I holders of ree. Apr. 40
(guar.)
Bush Terminal. corn.
14 Apr. IS Holders of rec. Mar 28a
Debenture stock (guar.).
;inkier,' of rec. Mar. 14a
14 Apr.
Bush Terminal iildgs.. pref. (qu.)
Holders of rec. Apr. I5a
134 May
Byers (A. M.) Co., pref.(guar.)
50e. Star. 3 Holders of rec. Mar. 15
Byllesby (H. M.)& Co.. class A (qu.)..
50e. Mar. 3 Holders of rec. Mar. 15
Class 11 (special)
50c. Mar. 3 Holders of rec. Mar. 15
Preferred (guar.)
Calaveras Cement, pref. (qua?.)
'134 Apr. 1 *Holders of roe. Mar. 31
Mar.3 'Holders of tee. Mar 15
•4140
Calif. Art Tile, class A (guar.)
,Heiden) of rec. Star. 15
'20e. Mar.3 '
Class B (guar.)
*Holders of rec. Mar. 17
*50c. Apr.
Callfornla Ink. ;leas A & B (qua?.)
Mar.8 Holders of roe. Feb. 280
81
Calumet & Hecht Consol. Copper Co.,.
'Holders of rec. Mar 10
•500 Apr.
Caine, Corp. common (guar.)
*Holders of rec. Apr 15
•14 May
Preferred (guar.)
"Holders of rec. Star. 15
Canada Bread. pref. A. & B.(guar.)... •154 Apr.
14 Mar.3 Holders of rec. Feb. 28
Canada Cement. pref. (guar.)
Holders of rec. Apr. la
$1.25 Apr. 1
Canada Dry Ginger Ale (guar.)
Canada Foundries & Forts.. el. A (qu.).. 37140. Apr. 1 Holders of rec. Mar. 31
May 1 Holders of rec. Apr. 30
r3
Canada Iron Foundries, common
re
May 10 Holders of rec. Apr. 30
Preference
1% Apr. 1 Holders of rec. Mar 15
Canada Steamship Lines pref.
(guar.)Cndi
Bank Stocks. Inc
50e. Apr. I Holders of ree. Mar. 1
44e. Apr. 10 Holders of rec. Mar. 26
Canadian Car & Fdy. pref. (guar.)
Canadian Cottons, Ltd.. pref. (guar.)... 1% Apr. 4 Holders of rec. Mar. 22
Canadian Gen. Electric, corn.(guar.)...
The. Apr. 1 Holders of roe. Mar. 26
874e. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Canadian Industries, Ltd., corn.(01U.).. •624c Apr. 30 *Holders of rec. Mar. 31
"25e. Apr. 30 *Holders of rec. Star. 31
Common (extra)
14 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
Canadian Investors Corp.,corn.(No. I)_ *25e.
Canadian Wirebound Boxes,ann. A(qU.) 374e Apr. 1 Holders of rec. Star. 15
Canal Construction Co., cony. pref.(qu.) '373.4c Apr. 1 "Holders of rec. Mar. 21
Mar. 24
Canfield Oil. common & pref.(quar.)_
14 Mar. 31 Mar. 21 to
Cannon Mills (guar.)
70e. Apr. 1 Holders of rec. Mar. 180
Capital Adminia. Co., Ltd., pfd. A (go.)
75c. Apr. 1 Holders of rec. Mar. 216
Carey (Philip) Mfg.. Pref.(guar.)
*1H Mar. 31 "Holders of roe Mar. 20
Apr. 1 *Holders of reo. Mar. 20
•1
Carnation CO. Pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 12a
Case (J. I.) Co.. tom.(guar.)
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 12a
Cavanagh-Dobbs, Ins., pref. (guar.)... 14 Apr. 1 Holders of rec. Mar. 200
Celotex Co., corn.(guar.)
75e Apr. 1 Holders of rec. Mar. 15a
154 A. 1 Holders of rec. mar. lea
Preferred (guar.)
Apr. 1 'Holders of rec. Mar. 20
CeCo Mfg.(guar.)(payable In stock)... •e2
Celanese Corp. of Am., let part. p1.(qu.) .115e Apr. 1 *Holders of rec. Mar. 18
•154 Apr. 1 *Holders of rec. Mar. 18
New 7% preferred (qua?.)
37140 Apr. 1 Holders of rec. Mae. 20.2
Central Aguirre Associates (qua?.)
*50c Apr. 17 *Holders of rec. Apr. 3
Central Alloy Steel, common (guar.)
14 Apr. 1 Holders of rec. Ma?. 134
Central Alloy Steel. pref.(guar.)
114 Apr. 15 Holders of rec. Max. 31a
Central Coal & Coke, pref.(guar.)
•40e mar. 31 *Holders of roe. Mar. 25
Central Cold Storage. 0101n.(guar.)
•40o June 30'Holders of rec. Juno 25
Common (guar.)
750 Apr, I Holders of reo. Mar. 18
Central National Corp.. class A (Qum.)
15e May 15 Holders of roc May 5
Centrifugal Pipe Corp. (guar.)
I5r Aug. 15 Holders of rec. Aug. 5
Quarterly
Quarterly
15r. 'Inv. 15 Holders of rev. Nov. 5
Apr. 1 Holders of rec. Mar. 15a
1
Century Electric Co.(guar.)
Century Ribbon Mills, prof. (guar.).- •14 dune 2 *Holders of rec. May 20
Chain Store Products Corp..000v.Pf.(1111) •3740 Apr. 1 'Holders of rec. Mar.20
Channon (H.) Co.. hat pref. (qua?.)_.__ '134 Apr. 1 'Holders of rec. Mar. 20
•a2 Apr. 1 "Holders of rec. Star. 20
Second preferred (guar.)
Chapman Ice Cream (qua?,)
•3140 Apr. 15 *Holders of rec. Mar.25
Chase Brass & Copper. pref. (quar.)..... 13.4 Mar. 31 Holders of rec. Star. 20
Checker Cab Mfg.(monthly)
35o AM. 1 Holders of roe Mat. 15a
Chelsea Exchs nee Corn el tas A &B(gr.)
toe. May 15 Holden; of tee May I
e1
Mar.81 Holders of reit. Mar. 10
Chesebrough Mtg. Coned. (guar.)
Extra
500. Mar. 81 Holders of roe, Mar.10
I .1-Jokier:I I IA, Ma, 21
•3111. Apr
Chicago Flexible Shaft, con) (guar )..
rs•
tole'
,,,,,,..„•
Common (guar.)
*30e. Oct. 1 'Holders of rec. Sept. 20
8740 Apr. I Holders of ree Mar. 20a
Chicago Pneumatic Tool, pref.(quar.)
250. Mar. 31 Holders of rec. Mar. 20
Chicago Sty. Equipment, corn. (au.)
Preferred (guar.)
154 Mar. 31 Holders of rec. Mar. 20
25e. Apr. 1 Holders of rec. Mar. 200
Chicago Yellow Cab (monthly)
Monthly
25e. May I Holders of rec. Apr. 21a
Monthly
25e. June 2 Holders of rec. May 20a
The. Apr. 1 Holders of rec. Mar. 100
Chickasha Cotton 011 (qua?.)
87140 Mar.81 Holders of tee. Mar. 5a
Chile Copper Co.(guar.)
•750. Mar.81 'Holders of reo. Mar. 3
Chrysler Corporation(quan)
Cincinnati Ball Crank, pref. (quar.)____ •560. Mar. 31 *Holders of rec. Mar. 15
Cincinnati (Jo. Stk. Yds .el.A(gnarl_ _ '56340 Mar. 31 'Holders of tee. Mar. 20
Cities Service, common (monthly)
2340. Apr. 1 Holders of rms. Mar. 13
Common (payable In common stock).- f34 Apr. 1 Holders of rec. Mar. 13
Preference and pref. BB rmenthlY)- -50c. Apr. 1 Holders of rec. Mar. 13
Se. Apr. 1 Holders of Tee. Mar 13
Preference B (monthly)
2157
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued). •
24c May 1 Holders of rec. Apr. 15
Cities Service, common(monthly)
Common (payable in common stock)_ f4 May 1 Holders of rec. Apr. 15
50e. May 1 Holders of rec. Apr. 15
Preference and pref. BB (monthly)...
Sc. May 1 Holders of tee. Apr. 15
Preference B (monthly)
Sept. 1 *Holders of roe. Aug. 15
*6134
dividend
stock
City Ice & Fuel,
14 Apr. 1 Holders of rec. Mar. 27
City Investing Co., pref.(guar.)
124c Apr. 15 Holders of rec. Mr's. 316
City Stores Co.. coin (guar.)
8714e May 1 Holders of rec. Apr. 15
Class A (guar.)
ee.rod.,corn. Mari-- •250. Apr. 1 'Holders of rec. Mar. 20
quar
El
Claude NeoneNeen(
*35c. Apr. 1 *Holders of rec. Mar.20
Preferred
July 1 *Holders of res. Jan. 20
Neon Elec Prod., stock My.... "3
Cleveland Automatic Mach..PL(gu.).... $1.75 Mar.31 Holders of rec. Mar.21
50c. Apr, 1 Holders of rec. Mar. 14
Cleveland Builders Supply (guar.)
•50e. Apr. 1 Holders olive. Mar. 20
Clorox Chemical, el. A dr B (guar.)
Cluett, Peabody & Co. pref.(quiz,).... 14 Apr. 1 Holders of rec. Mar. 210
Coats (J. P.) Ltd.American deposit rota, for preferred-_ *w24 Apr. 5 Holders of reo. Feb. 21
.250 spr 15
Coca Cola Bottling See.(guar.)
•250 rely 15
Quarterly
•25e Oct 15
Quarterly
$1.50 Apr. 1 Holders of coo. Mar. 12.
Coca-Cola Co. common (guar.)
Apr. 1 Holders of rec. Mar. 126
$3
Coca-Cola Internat.. corn. (guar.)
374c May 1 Holders of rec. Apr. 15
Cockshutt Plow (guar.)
Apr. 1 'Holders of rec. Mar. 18
Coleman Lamp & Stove corn.(quar.)- .31
Colgate-Palmolive-Peet, corn.(guar.)... 623.4c Apr. 15 Holders of rec. Mar.201
Holders of rec. Mar. 100
Apr.
14
Preferred (qua?.).
•Holders ;if ree. Mar. 2o
Colonial Finance Corp pref. (nu.) .... '134 hue
750 Mar 3 Holders of rec. Mar. 110
Commercial Credit. el Acorn. (guar.).
50o. Mar. 3 Holders of reo. Mar. III
Commercial Credit, corn (guar.)
50e Mar. 3 Holders of reo. Mar. 11$
Preferred B (guar.)
Mar.3 Holders of roe. Mar. 110
4340
(qua?)
7% preferred
134 Mar.3 Holders of rec. Mar. Ill
64% preferred (guar.)
Holders of two. Mar. 54
40e. Apr.
Comnaerol Investment Trust. corn. (go.)
Holders of rec. Mar. tra
Common (payable ID common stock) 1114 Apr.
Holden; of rec. Mar. 54
14 Apr.
7% find preferred (qua?.)
of rec. Mar. 50
Holders
Apr.
(guar.)
154
64% first preferred
Holders of rec. Mar. 54
Cony pref. opt series of 1929 (guar.). (aa) Apr.
250. Mar. 3 Holders of rec. Niar. 10.
Commercial Solvents. corn (guar.)
Mar.3 Holders of rec. Mar. Irre
Common (Payable In common stock). 12
Holders of rec. Mar. 14.
Comn)onwealth Securltles, pref. (guar.). $1.5(1 Apr.
3 'Holders of rec. Mar. 26
Mar.
•124e
A
class
corp.,
State
Community
(guar.)
'12(4c June 30 •Iiraders of rec. June 28
Class A (guar.)
"124c Sept. 30 *Holders of rec. Sent.26
' Class A (guar.)
'123.40 Dec. 31 'Holders of rec. Dec. 26
Class A (guar.)
•1214c Mar. 31 *Holders of rec. Mar. 26
Class B (guar.)
June 30'Holders of rec. June 26
*12
Class B (guar.)
•I24c Sept. 30'Holders of rec. Sept. 26
Class B (guar.)
*12 4c Dec. 31 'Holders of eve. Dec. 26
Class 11 (guar.)
50e Apr. I Hi•iders of roe. Mar. 171
Conde Nast Pub., Inc.. coin.(guar.)
81.25 Mar. 31 Holders of roe. Mar. 1114
Congress Cigar (guar.)
250. Mar. 31 Holders of roe. Mar. 1441
Extra
Mar. 31 'Holders of rec. Mar.21
*2
Conley Tank Car, pref.(guar.)
$1.75 Apr. I Holders of ree. Mar.20.
Consolidated Cigar. coin (guar.)
Apr. 1 *Holders of rec. Mar. 31
((luar.)
•500.
Consolidated Dairy Prod.
Holders of reo. Mar. 184
50o. Apr.
Consol. Film Indus.. atm. & pref. (qu.).
*Holders of ree. Mar. 1$
Consolidated Steel rent.. Pre/ (qua:.).. •4314c Apr.
Holders of rec. Max.20
Apr.
4
Constructive Credit Service. pref
*Holders of roe Mar. 1115
Consumers Co.. prier preferred lunar.) •114 Apr.
Holders of tee. Mat. III
300. Apr.
A (guar.)
corn.
urCoritnrallo
ed wnw
Coortzlerrr
•1% Apr.
*Holders of rec. Mar 11
Preferred
Holders of rec. Mar. 17a
Apr.
$2
Continental Raking pref. ('liar.)
75e Mar. 3 Holders of rec. Mar. 20e
Continental Diamond Fibre (guar.)
.81.25 Apr.
Continental Oin reniar 1
Apr. 1 *Holders of rec. Apr. 1
Continental Securities Corp., corn. (qu.) *51
Holders of rec. Mar. 144
2.5e. Apr.
Continental Shares, Inc., corn. (guar.)._
*Holders of rec. Apr. 15
•700. May
Coon (W B) Co.. corn. (guar.)
yi
1
•
of roe. Apr. 15
'Holders
May
7% preferred (guar.)
Holders of rec. Mar. 10
50e Apr.
Cooper-Bessemer Corp., corn (quar.)-Holders of rec. Mar. 10
75e Apr.
Preferred (quar.)
50c. Apr. 1 Holders of rec. Mar. VS
Copper Range Co. corn. ((lear)
Holden' of rec. Mar. 20
). prof A (guar.)._ 81.50 Apr.
olds
11;tqtunia
50e. Mar.3 Holders of rec. may. me
rry7Innt
Cnt
Co
June 80 Holders of rec. June Me
Stork dividend.-- •50c. Apr. 10 *Holders of rec. Apr. 1
Creamery Package. corn. (guar.)
'14 Apr. 10'Holders of rec. Apr. 1
Preferred (guar.)
50e. Apr. 1 Holders of rec. Mar.20.
Cream of Wheat Co., mum (guar.)
50. Apr. 10 Holders of rule. Mar.31
Cresson Como/ Cold Stifling (guar.).250. Apr. 1 Holders of roe. Mar.Si.
Crosley Racllo, corn. (qua?.)
.50e Mar. 31 *Holders of rec. Mar. 10
Crowley. Milner & ro cool (rimir
Crown Cork Internat. Corp . el A (au) 250 Apr. 1 Holders of rec. Mar. 104
Crown Willamette Paper. 1st pref. (go.) $1.75 Apr. 1 Holders of rec. Mar. 13a
$1.50 Apr. 1 Holders of rec. Mar. 13
Second preferred (quay.)
250. Apr. 15 Holders of rec. Mar.2Ia
Crown Zellerbsch Corp . tom. (guar.).Crucible Steel Co. of Amer.. pref (qu.). 14 Mar. 81 Holders of rec. Mar. 1.59
Crum & Forster, corn. A & B (qua?.)... 24 Apr. 15 Holders of roe. Apr. 4
June 30 Holders of rec. June 29
2
Preferred (guar.)
Mar.31 Holders of rec. Mar.20
2
Crum dr Forster pre/. (guar.)
Crystalite Products Corp, prof. (guar.) •1,4 Apr. 1 "Holders of rec. Mar. 20
4 Apr. 1 'Holders of rec. Mar.20
Preferred (acct. accumulated diva.)..."hi 5,
Apr. 15 Holders of rec. Apr. 4
$1
Cudahy Packing, corn (guar.)
May 1 Holders of rec. Apr. 21
3
6% preferred
May 1 Holders of rec. Apr. 21
3%
7% preferred
,Holders of res. Mar. 15
Clans Manufacturing. tom.(quiz.).... •62140 Apr. 1'
$1.75 Apr. 1 Holders of rec. Mar. 20e
Preferred (guar.)
roe Apr. 2 Holders of rec. Mar.20.
Curtis Publishing, corn.(monthly)
600 Apr. 2 Holders of rec. Mar.20.
Common(extra)
Davenport Hosiery Mills, Inc., com.(qu) 50c Apr. 15 Holders of rec. Apr. 1
14 Apr. 1 Holders of ree. Mar.
Preferred (guar.)
33.4 Apr. 1 Mar. 16 to Apr. 1
Dayfield Realty Corp.. pref
•250 Apr. 15 *Holders of rec. Apr. 1
Debentures Inv. Corp.(guar.)
Cohn. pref.(guar.)... •15.i June 2 "Holders of rec. May 20
)
&.
uar
Alfrecl)
Decker (Alfred)
•14 Sept. 2 *Holders of rec. Aug. 20
Preferred
Deere & Co.. common (quar.)...... -- 13.4 Apr. 1 Holders of rec. mar. 16
Common (payable in common Moe))-- 114 Apr. 15 Holders of rec. Mar. 15
Do Forest Crossley Radio (gIL)(NO.1,- .200 May 1 'Holders of rec. Ape. 25
May 1 Holders of rec. Apr. 19
2
fer Mfgdep stock (guar.)
Dennisonprered
134 May 1 Holders of ree. APT. 12
(qua?.)
Detroit & Cleveland Navigation (guar.) 20e Apr. 1 Holders of rec. Mar. 15
'52)40Apr. 1 *Holders of rec. Mar. gli
Detroit Electric Co.. pref. A (qu.)
•200 Apr. 1 'Holders of rec. Niar. 20
Detroit Gasket & Mfg. (guar.)
•250 Apr. 1 *Holders of roe. Mar. 20
Detroit Steel Products (guar-)
Devoe & Ray nolds. Inc., corn. A &B((111) 60e Apr. 1 Holders of rec. Mar.21.
134 Apr, 1 Holders of rec. Mar. 21.
First & Second pref. (guar.)
•15c. Apr. 1 'Holders of rec. Mar. 15
Devonian 011
corn.
(qu.)_ *50c. Apr. 1 *Holders of rec. Apr. 1
Devonshire Investing Corp.,
*50e. Mar. 31 "Holders of rec. Mar.20
Diamond Electrical Mtg.,corn.(guar.)
•14 Mar.31 "Holders of rec. Mar 20
Preferred (guar.)
Diamond Shoe, corn. (qtutr.)
3734c. Apr. 1 Holders of rec. Mar. 20
154 Apr. 1 Holders of n)e. Mar. 20
634% preferred (guar.)
Diversified Investment, corn. AApr. 15 *Holders of rec. Apr. 1
50c. cash on 1-50 sh. A stock
Preferred ((huar.)
•$1.75 Apr. 15 *Holders of rec. Apr. 1
Apr. 15 Holders of rec. Apr. 1
Diversified Investm'ts,Ine.,part.PL(qu.) $1
Mar. 31 Holders of rec. Mar.22
2
Dixon (Joseph) Crucible (guar.)
250. Apr. 21 Holders of rec. Mar.lila
Come Mirics. Ltd (quite')
Apr. 15 Holders of rec. Mar. 31
Dominion Engineering Wks. (guar.) _ _ _ $1
.) 14 Apr, 1 Holders of rec. Star. 15
.
Dominion Glass. corn, and pref.(rs
30e. Apr. 1 Holders of rec. Mar. 150
Dominion Stores. Ltd.(guar.)
$1.25 Apr. 1 Holders of rec. Sfax. 15
DOM.Textile.Ltd..com.(guar.)
14 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
*25e. Mar. 31 'Holders of rec. Mar. 20
Donohoes. Inc.. class A (guar.)
14 Apr. 1 Holders of rec. Mar. 15
Douglas(W.L.)Shoe, pref.(guar.)
•25e. Apr. 1 'Holders of rec. Mar. 21
Dow Drug. COM.(guar.)
Preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 21
Apr. 1 Holders of roe. Mar. 1
$1
Draper Corporation (guar.)
Dufferin Paving & Crushed Stone$1.75 Apr. 1 Holders of rec. Mar. 17
First preference (qua:.)
Apr. 1 *Holders of rec. Star. 18
Dunham (James H.) dr Co..corn.(qu.)_ _
First preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. 18
'134 Apr, 1 *Holders of rec. Mar. 18
Second preferred (guar.)
2
Arr. I Holders of roe. Mar. ISO
Dnplan Silk Corp., pref (guar.)......
NI\
2158
Name of Comma,.
FINANCIAL CHRONICLE
Per
Wiles
cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continual).
Dunhill International common (guar.).- $1
Apr. 15 Holders of rec. Apr. la
Common (payable in corn, stock)
Apr. 15 Holders of rec. Apr. la
11
Du Pont(E. I.) de Nemours ds Co.
Debenture stock (qual.)
I% Apr. 26 II odor, of rec. Air. 100
Durant Motors of Canada
200. Apr. 1 Holders of rec. Mar. 10
Early & Daniels common (guar.)
*50o. Mar. 31 *Holders of rec. Mar. 20
Preferred (qua?.)
*1% Mar.31 'Holders of rec. Mar. 20
Eastman Kodak common (guar.)
31.25 Apr. 1 Holder sot reo. Feb. 280
Common (extra)
75e. Apr. 1 Holders of rec. Feb. 28a
Preferred (guar.)
1% Apr. 1 Holders of rec. Feb. 286
Eastern Manufacturing, pref.(quar.)
•137340 Apr. 1 *Holders of roe. Mar. 10
Eastern Rolling Mill,core.(guar.)
3734e. Apr. 1 Holders of roe. Mar. 200
Eastern SS. Lines, corn.(on.)(No. l)_..
*50e. Apr. 1 *Holders of reo. Mar. 14
First preferred (guar.)
•13f Apr. 1 'Holders of rec. Mar. 14
No par preferred (guar.)
•87340 Apr. 1 *Holders of rec. Mar. 14
Eastern Steel Products, pr. pref.(qu.)
Apr. 1 Holders of rec. Mar. 15
Eastern Utilities investmentParticipating preference (guar.)
81.75 May 1 Holders of rec. Mar. 31
$6 preferred (Otter.)
$1.50 June 2 Holders of rec. Apr. 30
$e preferred (gam%)
$1.75 June 2 Holders of rec. Apr. 30
$5 prior preferred (qua?.)
81.25 Apr. 1 Holders of rec. Feb. 28
$5 prior preferred (guar.)
$1.25 July 1 Holders of rec. May 31
Eaton Axle & Spring. corn. (qaur.)
750. May 1 Holders of rec. Apr. Ito
Economy Grocery Stores (guar.)
•25e. Apr. 16 *Holders of rec. Apr. 1
Ecuadorian C,orp. ordinary (qua?.)
6c. APr. 1 Holders of rec. Mar. 5
Edison Brothers Stores, corn. (qua?.)...
25e. Apr. 20 Holders of rec. Mar. 31
Preferred (guar.)
1% June 14 Holders of rec. May 31
Electric Auto Lite. corn. (guar.)
81.60 Apr. 1 Holders of rec. Mar. I5a
Preferred (qua?.)
Holders of rec. Mar. 15a
1% Apr.
Electric Controller & Mfg., corn.(qu.).. $1.25 Apr. 1 Holders of reo. Mar. 20
Common ((litre)
$3 Apr. 1 Holders of reo Mar. 20
Elec. Stor. Batt. corn.& pf. (In com.stif.) 100
Subj. to stockhold. meet. Apr. 16
Elec.Storage Battery,corn.& Pt.(qu.).. $1.25 Apr. 1 Holders of rec. Mar. Sa
• $1
Electric Vacuum Cleaner (guar.)
Apr. 1
Elgin National Watch (guar.)
*6234e May 1 *Holders of rec. Apr. 16
Emerson Bromo Seltzer Co.
Common A & B (guar.)
•60c. Apr. 1 *Holders of roe. Mar. 16
Preferred (guar.)
*50e. Apr. 1 *Holders of rec. Mar. 15
Emerson Elec. Mfg., pref. (guar.)
1% Apr. 1 Holders of rec. Mar. 20
Empire Bond & Mtge..com.(in com.stk.) '11% Apr. 15 "Holders of rec. Mar. 31
Preferred (quar.)
*1% Apr. 15 "Holders of rec. Mar. 31
Empire Corp.. parte. pref. (guar.)
*Holders of rec. Mar. 17
*We. Apr.
26 preferred (guar.)
*Holders of rec. Mar. 17
*81.50 Atm.
Empire Safe Deposit Co.(guar.)
Mar. 29 Holders of rec. Mar. 22a
3
Endicott Johnson Corp., corn. (qual.).. $1.25 Apr.
Holders of roe. Mar. lga
Preferred (guar.)
1% Apr.
Holders of rec. Mar. I80
Equitable Office Bdg.,corn.(ou.)
62%c. Apr.
Holders of rec. Mar. 16a
Preferred (guar.)
13( Apr.
Holders of rec. Mar. 15a
Equity Inv. Corp.. pref. (guar.)
•750. Apr.
*Holders of rec. Mar. 15
Evans Auto Loading, corn. (guar.)
62%e Apr.
Holders of rec. Mar. 20a
Ewa Plantation (guar.)
*60o. May 15 *Holders of roe. May 5
Ex-Cell-0 Aircraft & Tool,corn.(qu.)- - *30c. Apr.
"fielders of rec. Mar. 21
Fair(The)Common (guar.)
60e May 1 Holders of rec. Apr. 21a
led May I Holders of roe. Apr. 21a
Preferred (guar.)
Fairbanks, Morse dr Co., corn.(guar.).76c. Mar. 31 Holders of reo. Mar. 120
Fairfax Airports common(No.1)-- .
25e Mar. 31 Holders of rec. Mar I
Fanny Farmer Candy Shops, corn. (qu.) •25c. Apr.
"Holders of rec. Mar. 15
Preferred (guar.)
*60c. Apr.
'Holders of rec. Mar. 15
Farr Alpaca (guar.)
Mar.3 *Holders of rec. Mar. 21
*2
Faultless Rubber (guar.)
6234c Apr.
Miners of ree Mar. 14
Federal Knitting Mills,corn.(guar.)
*Holders of roe. Apr. 15
6214r May
Common (extra)
*Holders of rec. Apr. 15
*12%e May
Federal-Mogul Corp.(guar.)
•30c. Apr.
*Holders of rec. Mar. 15
Federal Motor Truck (qua?.)
20e. Apr.
Holders of tea Mar. 170
Federal Screw Works, corn. (guar.).- 750. Apr.
Holders of roe. Mar. 15
Federated Bun. Publications, 1st pt.(qu.) 624c. Apr.
Holders of rec. Mar. 20
Federated Metals Corp.(guar.)
25e Apr. 7 Holders of rec. Mar. 27
Extra
25e. Apr. 7 Holders of rec. Mar. 27
Ferro Enameling,class A (guar.)
Mar. 31 *Holders of red. Mar. 20
'Si
Class A (extra)
•25e. Mar. 31 *Holders of roe. Mar. 20
Class B
*M. Mar. 31 *Holders of rec. Mar. 20
Feltman & Curme Shoe Stores. W.(QU.) 184 Apr. 1 Holders of rec. Mar. 1
Ferry Cap dc Screw,corn.(qua?.)
50e. AM. 1 Holden of rec. Ma- 15
Fifth Ave. Bus Securities. corn. (guar.).
160 Mar. 29 Holders of rec. Mar. lea
Fifth Ave. Investing Corp., corn. (qu.). $I
Apr. 1 Holders of rel. Mar. 24
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 24
$2
none(William) Sons Co.,pref.(on.)... 154 Apr. 1 Holders of rec. Mar. 170
Filing Equipment Bureau. pf.(ou.)
1% Apr. 1 Holders of ree. Mar. 21
Finance Co. of America(BMWCommon A and B (guar.)
20e. Apr. 15 Apr. 6 to Apr. 14
7% preferred (guar.)
43840 Apr. 15 Apr. 6 to Apr. 14
First National Stores, Inc., corn.(On.).. 6234c. Apr, I Holders of rec. Mar. 2I0
551 Fifth Avenue, Inc., prat
3
Apr. 15 Mar. 26 Us Apr. 15
FlIatkote Co. class A dr B (guar.)
•3714c Apr. 15 *Holders of rec. Apr. 10
Florsheirn Shoe, class A (qu.)(No. 1)--75e. June 2 Holders of rec. May 170
Clam B (gear.)(No. 1)
"Holders of rec. May 17
*37%e June
Preferred (guar.)
1% Apr.
Holders of roe. Mar. 15a
Flour Mills of Amer., pref.(guar.)
Holders of rec. Mar. 15
$2 Apr.
Flynn Electric Co., common A & B..
5
Apr.
Holders of roe. Feb. 10
Food Machinery stork dividend__ - Apr. 1 'Holders of rec. Mar. 31
•el
Foote Bros. Gear & Mach.,corn.(qu.)- - *30c. Apr.
*Holders of rec. Mar. 20
Preferred (guar.)
•13t Apr.
*Holders of roe. Mar. 20
Foremost Dairy Products. pref. (qu.)_... *40c. Apr.
*Holders of rec. Mar. 17
Formica Insulation (guar.)
*500. Apr.
*Holders of rec. Mar. 15
Quarterly
•50e. July
*Holders of rec. June 15
Quarterly
•500. Oct.
*Holders of rec. Sept. 15
•50e. Janl'3 *Holders of see. Dec. 15
Quarterly
Fewer w .
Company. pref.(quar.)
Holders of roe. Mar. 21
I'd Apr.
Foster & Kleiser. preferred (guar.)
'184 Apr.
*Holders of roe. Mar.27
Foster-Wheeler Corp., corn. (Qua?.)
50e. Apr.
Holders of rec. Mar. 12a
Preferred (guar.)
$1.75 Apr.
Holders of roe. Mar. 12a
Fostoria Pressed Steel(guar.)
50e. Mar. 3 Holders of rec Mar. 24
•1%
Frank (A B.) Co.. Pref. (guar.)
*Holders of rec. Mar. 15
•13( July
Preferred (cUar.)
*Holders of rec. June 15
Preferred (guar.)
'led Oct.
*Holders of rec. Sept 15
Franklin Process (guar.)
Apr.
Holders of rec. Mar. 22
d25o. Apr.
Extra
Holders of rec. Mar. 22
May
Freeport Texas Co.(guar.)
Holders of rec. Apr. lea
$1
Freiman (A. J.). Ltd.(Ottawa), pf.(qu.) 134 Apr.
Holders of rec. Mar. 15
3% Apr.
French (Fred F.) Construction, pref.
Mar. 16 to
Apr. 1
Fuller (George A.) Co.. part. Pref.(Ou.) 21.50 Apr.
Holders of rec. Mar. 100
Participating pref. (Panto. dividend). 51.95 Apr.
Holders of rec. Mar. 106
$1.50 Apr.
Second preferred (guar.)
Holders of rec. Mar. 100
$1.40 Apr.
Second pref.(partic. dividend)
Holders of roe. Mar. 10a
Gardner-Denver Co., corn. (guar.)
•76e. Apr.
*Holders of rec. Mar. 20
Garlock Packing, corn. (guar.)
300. Apr.
Holders of rec. Mar. 14
General Amer. Investors. pref. (qu.)Holders of roe. Mar. 20a
134 Apr.
Apr.
General Amer. Tank Car, corn. (guar.). $1
Holders of rec. Mar. 130
fl
Corn. (payable In corn. stock)
Apr.
Holders of rec. Mar. lea
Mar.3 Holders of reg. Mar. 220
General Baking Co., pref. (guar.)
2
General Baking Corp., pref.(guar.)
•750. Apr.
"Holders of roe. Mar. 19
General Electric new corn(qu.)(No. l)
40e. Apr. 2 Holders of reo. Mar. 7a
150. Apr. 2 Holders of rec. Mar. 7a
Specialstock (guar.)
General Fireproofing. corn. (qu.)
*50c. Apr,
*Holders of rec. Mar. 20
Preferred (guar.)
"Holders of rec. Mar. 20
Apr.
General Mills. Inc., pref.(guar.)
1% Apr.
Holder.; of rec. Mar. I4a
General Motors Corp.,7% pref.(qua?.) *1% May
*Holders of roe. Apr. 7a
•134 May
6% Preferred(qua?)
*Holders of roe. Apr. 7a
6% debenture stock (guar.)
*1% May
*Holders of roe. Apr. 7a
General Paint Corp.,class A (guar.). - - .500. Apr.
*Holder, of rec. Mar. 17
Class 13 (guar.)
'Holders of rec. Mar. 17
•373te
General Printing Ink, corn.(guar.)
Holders of rec Mar. 176
62%c Apr.
Preferred (guar.)
Holders of ree. Mar. 17a
21.50 Air.
General Railway Signal, corn. (guar.).- $1.25 Apr.
Holders of roe. Mar. 10
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 10
General Realty & UtilitiesPref.($1.50 rash or 75-100ths sh. coin.
Apr. 1 Holders of rec. Mar. 26
General Steel Castings pref. (quar.)
$1.50 Apr.
Holders of rec. Mar. 18a
General Tire & Rubber, pref. (guar.)._
134 Mar. 3 Mar. 21 to Mar. 30
Gerlach-Barklow Co.,corn.(guar.)
*30o. Apr.
*Holders of rec. Mar. 20
Preferred (guar.)
•50e. Apr.
*Holders of roe. Mgr. 20
Name of Company.
[VOL. 130.
Per
When
Cast. Payable.
Books Closed
Days Incltalse.
Miscellaneous (Continued).
Gibson Art, corn.(guar.)
*65c. Apr. 1 *Holders of rec. Mar. 20
Gilbert (A. C.) Co.. core. (qu.)
*25o Mar.81 *Holders of rec. Mar. 19
Common (qua?.)
•25e. June 30 *Holders of the. June IR
Gilbert (A. C.) Co., pref. (guar.)
fel734c Apr. 1 *Holder of tee. Mar. 20
Preferred (guar.)
*87;41) Apr. 1 *Holders of roe. Mar. 20
Gladding McBean dr Co. corn. (31-60the
',hare corn. stock)
(e)
Gleaner Combine Harvester (quar.)
500 Apr. 1 Holders of roe. Mar. 18
Glidden Co.,corn.(guar.
r•Oo Apr. 1 Holders of rec. Mar. 12a
Common(payable in corn.stook)
11 Apr. 1 Holders of rec. Mar. 120
Prior preferred(guar.)
1% Apr. 1 Holders of roe. Mar. 120
Globe Finance Corp. pref.(guar.)
*(30e. Apr. 1 *Holders of roc. Mar. 25
Globe Grain & Milling Co., corn.(guar.) •50o. Apr. 1 *Holders of roe. Mar. 20
First preferred (guar.)
'43340 Apr. 1 *Holders of roe. Mar.20
Globe-Wernicke Co., corn. (guar.)
$1.50 Apr, 1 Holders of rec. Mar. 20
Godchaux Sugars,Inc., cl. A (guar.) _
50c. Apr. 1 Holders of rec. Mar. 20
Preferred (qua?.)...
let Apr. 1 Holders of rec. Mar. 20
Goldberg
250. June 16 Holders of roe. June 2
M.)Steres corn.(guar.)--Preferred (guar.)
$1.75 June 16 Holders of rec. June 2
Goldblatt Bros. common (guar.)
•37%e Apr. 1 *Holders of rec. Mar. 10
Common(payable in common stock)._ *.r134 Apr. 1 *Holders of reo. Mar. 10
Gold Dust Corp., corn.(guar.)
6234c May
Holders of rec. Apr. 10a
Preferred (guar.)
1% Mar. 31 Holders of rec. Mar. 170
Goldman Sachs Trading (guar.)
•134 Apr. 1 *Holders of rec. Mar. 14
Goodrich (B. F) Co.. preferred (guar.)._
1% Apr. 1 Holders of rec. Mar. 150
Preferred (guar.)
134 July 1 Holders of ree. June 140
Goodyear Textile Mills, pref.(guar.).- - •134 Apr. I *Holders of rec. Mar. 20
Goodyear Tire & Rubber,corn.(guar.)-- $1.25 May 1 Holders of roe. Apr. la
First preferred(guar.)
1% Apr. 1 Holders of roe. Mar. la
5.‘ Apr. 1 *Holders of rec. Mar. 20
Goodyr.T.& R.of Calif., pref.(guar.).Goodyr. T.& R. of Canada, corn.(qu.) $1.25 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
1% Apr. 1 Holders of roc. Mar. 15
Gotham Silk Hosiery,corn.(qua?.
6234e Apr. 1 Holders of roe. Mar. 12a
Gotham Silk Hosiery, pref.(guar.)
1% May 1 Holders of rec. Apr. lia
Gottfried Baking, Inc.. pref. (qu.)
I'd Apr. 1 Holders of rec. Mar. 20
Goulds Pump,Inc., corn.(guar.)
2
Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
1% AM. 1 Holders of rec. Mar. 20
Granby Conn). Mln.Smelt.& Pow.(qu.) $2
May 1 Holders of rec. Apr. 17a
Grand Rapids Varnish (qual.)
.25o. Apr.
*Holders of roe. Mar. 20
Granite City Steel (guar.)
$1
Mar. 3 Holders of rec. Mar. 170
Grant(W.T.) Co., corn.(guar.)
25e. Apr,
Holders of rec. Mar. 120
Great Britain & Canada Invest. pref
234 Apr. 1 Holders of roe. Feb. 29
GreatLakes Engineering, corn.((PO--- "25e. May
*Holders of rec. Apr. 24
Great Lakes Towing, corn. (guar.)
13e Mar. 3 Holders of rec. Mar. 14
1% Apr.
Preferred (guar.)
Holders of rec. Mar. 14
Great Northern Bond & Share corn.(qu.) *$1
Apr.
*Holders of rec. Mar. 15
Preferred (guar.)
•$1.75 Apr.
*Holders of roe. Mar. 15
Great Western Sugar, corn.(guar.)
700. Apr.
Holders of roe. Mar. 15a
134 Apr.
Preferred (guar.)
Holders of roe. Mar. 180
Green (Daniel) Co.. pref. (guar.)
$1.50 Apr.
Holders of rec. Mar. 20
Greene Canaries Copper (guar.)
52
Apr.
Holders of roe. Mar. 13a
Greenfield Tap dr Die Corp.6% Pf.(W.) 134 Apr.
Holders of roe. Mar. 15
Apr.
8% Preferred (guar.)
Holders of rec. Mar. 15
Greenfield Tap & Die,5% pref.(131.)--- 134 July
Holders of roe.. June 14
2
July
8% Preferred (guar.)
Holders of rec. June 14
$1.75 Apr.
Greenwald, Inc., pref.(guar.)
Holders of rec. Mar. 22
1300. Apr.
Greif Bros. Cooperage. com. A (qua?.)..
Holders of rec. Mar. 14
Greif (L.) & Bros.. pref.(guar.)
1% Apr.
Holders of rec. Mar. 21
*500. Mar.3 *Holders of roe. Mar. 12
Guardian Detroit Group (guar./
•300. Mar.3 *Holders of roe. Mar. 12
Extra
Guardian Investors Corp.
21.75 Apr.
$7 first preferred (guar.)
Holders of moo. Mar. 15
$1.50 Apr.
$6 first preferred (guar.)
Holders of rec. Mar. 15
750. Apr.
Holders of roe. Mar. 15
$3second preferred (guar.)
Guenther (Rudolph)-Russell Law
*504). Apr.
*Holders of rec. Mar. 20
•3734c Apr,
Gulf Oil Corp.(guar.)
*Holders of rec. Mar. 20
Gulf States Steel, corn.(qual.)
Apr.
Holders of rec. Mar. 150
134 Apr.
First preferred (qua?.)
Holders of roe. Mar. 15a
1% July
First preferred (guar.)
Holders of rec. June 1130
First preferred (guar.)
1% Get.
Holders of rec. Sept. 15a
First preferred (guar.)
134 Jan21 Holders of roe. Dee. 154
Gurd (Chas.) & Co.,corn.(qua.)
*50c. Apr.
*Holders of rec. Mar. 15
'134 Apr.
Preferred (qual.)*Holders of roe. Mar. 15
Gypsum Lime & Alabaetine(Canada)
Holders of rec. Mar. 15
3735n. Apr,
Habil-thaw Cable & Wire (oiler.)
25e. Apr.
Holders of rec. Mar. 19a
Hahn Department Stores. pref.(guar.).- 134 Apr.
Holders of rec. Mar. 22a
Hamilton Bridge.corn.(guar.)
50c. May
Holders of rec. Apr. 15
1% May
Preferred (guar.)
Holders of rec. Apr. 15
FlammermIll Paper pref. (guar.)
'134 Apr,
*Holders of rec. Mar. 20
Hanes(P. H.) Knitting Co., pref.(qu.). 1% Apr.
Holders of rec. Mar. 20
Harbison Walk Retrace., prof. (quar.)-Apr. 1 Holders of roe. Apr. 95
Harnischfeger Corp., coin. (guar.)
•450. Apr.
*Holders of roe. Mar. 15
Preferred (guar.)
•$1.75 Apr.
*Holders of rec. Mar. 15
Hartley Rogers Trading, corn. A (au).. •20r3 Apr.
*Holders of reo. Mar. 15
Hayes-Jackson Corp.. pref. (guar.) ---- •813‘c Apr.
*Holders of rec. Mar. 20
Hazel Atlas Glass(guar.)
*50c. Apr.
*Holders of rec. Mar. 15
Extra
*25c. Apr.
*Holders of rec. Mar. 15
Heath (D. C.) & Co. pref.(guar.)
1% Mar,3 Holders of rec. Mar. 29
Heime(G. W.) Co., corn. (guar.)
$1.25 Apr.
Holders of reo. Mar. 100
1% Apr,
Preferred (guar.)
Holders of tee. Mar. 100
Hercules Motor (guar.)
45c. Apr.
Holders of rec. Mar. 20a
Hibbard. Spencer. Bartlett & Co.(mthlY) 35c. Apr, 2 Holders of rec. Apr. 18
35c. May 29 Holders of rec. May 23
Monthly
Monthly
350. June 27 Holders of roe. June 20
•15,4 Aug.
Higbee Co., first pref. (guar.)
*Holders of roe. July 20
•1yi Nov.
First preferred (guar.)
*Holders of roe. Oct. 19
*2
Second preferred (guar.)
"Holden of roe. May 20
June
Second preferred (guar.)
*2
Sept,
*Holders of roe. Aug. 20
*2
Second preferred (guar.)
Dec.
*Holders of roe. Nov.21
Efightstown Rug, corn. (guar.)
$1
Apr.
Holders of rec. Mar. 26
Preferred (guar.)
$1.75 Apr.
Holders of rec. Mar. 26
.1% Apr.
Hilo Varnish (fluter.)
*Holders of ree. Mar. 15
Holland Furnace, corn.(guar.)
6244c. Apr.
Holders of rec. Mar. 15a
Holly Development Co.(guar.)
'240. Apr. 15 *Holders of roe. Mar. 31
*25c Mar. 31 *Holders of rec. Mar. lb
Trolly 011 (guar.)
Ilolophane Co.,common
*50e. Apr. 1 *Holden of roe. Mar. 15
Preferred
*Holders of roe. Mar, 16
41.05 Apr.
Holt, Renfrew Co., Ltd., COM.(qua?.)
34 Apr. 1 Holders of rec. Mar. 26
Preferred (qua?.)
1% Apr. I Holders of rec. Mar. 26
Hoover Steel Ball (guar.)
*Me. Apr. 1
Hoskins Mfg. (guar.)
*75c. Mar. 31 *Holders of rec. Mar. 15
HoudeMe Hershey Corp. elan A (qU.)-- e5%0 Apr. 1 *Holden of roe. Mar. 20
Class B (guar.)
5043. Apr. 1 Holders of roe. Mar. 200
household Fin. Corp partic. pt. (qu.)..
750 Apr. 15 Holders of reo. Apr. la
1234e. Apr. 15 Holders of rec. Apr. la
Participating preferred (extra)
Howe Sound Co.(guar.)
81
Apr. 15 Holders of rec. Mar. 310
Hudeon Motor Car (guar.)
$1.25 Apr. 1 Holders of reo. Mar. 110
Humble Oil dr Refining (qua?.)
50o. Apr. 1 Holders of roe. Mar. 1
Hungarian General Savings Bank-$6.09 Apr. 2 Holders of rec. Mar. 28
American shares
50c. May 1 Holders of rec. Apr. 160
Hunt) Motor Car, corn. (guar.)
Hydraulic Brake Associates (guar.)- - - - *Si
Apr. 1 *Holders of rec. Mar. 13
HYgrecle Lamp, emn.(guar.)
25e. Apr. 1 Holders of roe. Mar. 10
Preferred (guar.)
51.625 Apr. 1 Holders of rec. Mar. 10
Ideal Cement (guar.)
•75e. Apr. 1 *Holders of rec. Mar. 15
Ideal Financing Assn. (guar.)
•121,
4c Apr. 1 *Holders of rec. Mar. 10
Illinois Brick (guar.)
*600. Apr. 15 *Holders of roc Apr. 3
Quarterly
•60o. July 15 *Holders of roe. July 3
Quarterly
*600. Oct. 15 .1.11 dere of roe. Oct. 9
Imperial Royalties, Prof. A (mthly)18e. Mar. al Holders of rec. Mar. 25
Old preferred (monthly)
14e. Mar. el Holders of rec. Mar. 25
Imperial Tobacco of Can. pref
*2
Mar. 31 *Holders of rec. Mar. 6
Incorporated Investors, corn. (guar.).- .2543. Apr. 15 *Holders of rec. Mar.22
Stock dividend
*e234 Apr. 15 *Holders of rec. Mar- 22
Independent 011 & Gas (qual.)
150e. Apr. 80 Holders of rec. Apr. 16a
Independent Pneumatic Tool (qual.)... *31
Apr. 1 *Holders of rec. Mar.22
indite. Acceptance Corp. lot M. (all.).. 1% Apr. 1 Holders of roe. Mar. 21
IndustrialFinance Corp.,com.(In stk.) f2% May 1 Holders of roe. Apr. 18
Common (payable in common stock)- f2% Aug. 1 Holders of rec. Apr. 18
Common (payable In common stock)
r234 Nov. 1 Holders of rec. Apr. 18
Common (payable in common stock).. f234 Feb1.31 Holders of rec. Aer18 31)
MAR. 29 100.]
Name of Company.
When
Per
Cent. Payable.
Books Mom
Days incIusies.
Miscellaneous (Continued).
Indiana Pipe Line (guar.)
50e. May 15 Holders of rec. Apr. 25
Extra
25c. May 15 Holders of rec. Apr. 25
Inspiration Cons. Copper Co.(guar.)._ $1
Apr. 7 Holders of rec. Mar. 20a
'mull Utility Invest., corn.(In stock) _ _ _ fl)i Apr. 15 Holders of tee dater. 31
Common (payable in common stock). rf1)4 July 15'Holders of rec. July
1
Common (payable in common stock). .11 ft Oct. 15 'Holders of rec. Oct
$5.50 prior pref. (gust.)
.$1.37 Apr. 16 "Holders of rec. Mar. lb
Interbanc Investors, Inc.(No. 1)
*10c. Mar. 31 'Holders of rec. Mar. 20
Intercoast Trading, coin
.25c. Apr. 1 'Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 20
Interlake Steamship corn.(guar.).
$1
Internat. Business Machlues (guar.)
$1.50 Apr. 10 Holders of rec. Mar. 22a'
Internat. Button Hole Sw. Mach. (on.)
20c. Apr. 1 Holders of rec. Mar. 15
May 1 Holders of rec. Mar. 1
Internat. Educational Publishing pref._ $1
International Equities, el. A (qu.)
875o. Apr. 1 Holders of rec. Mar. 19a
Internat. Harvester, corn. (guar.)
62)e Aor. 15 Holders of reg. Mar. 20a
International Match. corn. (guar.)
Apr. 15 Holders of rec. Mar. 25a
$I
Apr. 15 Holders of rec. Mar. 25a
Participating preference (guar.)
$1
Inter. Nickelof Canada.COM.(qu.)
250 Mar. 31 Holders of rec. Mar. is
Preferred (guar.)
1M May 1 Holders of rec. Apr. 1 a
Internat. Paper & Power 7% Pf. ((FL).1ft Apr. 15 Holders of rec. Mar. 21)a
6% preferred (guar.)
1 It Apr. 15 'Holders of rec. Mar. 29
International Products. pref
Mar. 31 Holders of rec. Mar. 17
53
International Salt (guar.)
1 ft Apr. 1 Holders of rec. Mar. 15o
International Shoe, corn. (guar.)
750. Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
500. Apr. 1 Holders of rec. Mar. 15
Preferred (monthly)
4.500. May 1 *Holders of roe. Apr. 15
Preferred (monthly)
*50c. June 1 *Holders of rec. May 15
International Silver, pref. (gust)
1 K Apr. 1 Holders of rec. Mar. 12a
International Textbook
750. Apr. 1 Holders of rec. Mar. 6
Interstate Bakeries, cont.(qu.)(No. I) _ _ *25c. July 1
Interstate Dept. Stores, coin. (guar.)._
50c. Apr. I Holders of rec. Mar. 24a
Intertype Corp., 1st pref.(guar.)
Mir. 1 *Holders of rec. Mar. 14
'2
Investment Foundation, Ltd., et (qu.)_
75c. Apr. 15 Holders of rec. Mar. 31
Investors Corp. of Rhode Island
Met,second & cony. prof.(cruet.)_ _ _.. $1.50 Apr. 1 Holders of reo. Mar. 2(1
Investors Equity Co., Inc., corn.(qu.)
50c. Apr. 1 Holders of rec. Mar. 17,
Irving Air Chute(guar.)
37(40 Apr. 2 Holders of tee. Mar. 21
Apr. 1 Holders of rec. Mar. 20a
Island Creek Coal, corn. (guar.)
$1
Preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 20a
Isle Royale Copper Co. (guar.)
*50c. Mar. 31 *Holders of rec. Feb. 28
Jefferson Electric (guar.)
•750. Apr. 1 *Holders of rec. Mar. 15
Extra
.500. Apr. I *Holders of rec. Mar. 15
Jewel Tea common (guar.)
750. Apr. 15 Holders of rec. Apr. Ta
Johns-Manville Corp., corn. (quar.)._
75c. Apr. 15 Holders of rec. Mar. 25a
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. ha
Joint Investors, Inc., corn. A (guar.).- _
51)c. Apr. 1 Holders of rec. Mar. 21
Common A (extra)
250. Apr. 1 Holders of rec. Mar. 21
Jonas & Naumburg, pref. (guar.)
750. Apr. 1 Holders of rec. Mar. 15
Jones & Laughlin Steel. pref.(quar.)---- 14 Apr. 1 Holders of rec. Mar. 13a
Apr. 1 *Holders of rec. Mar. 20
Kalamazoo Stove, corn.(guar.)
Corn. (Payable In common stock)....
* $15 Apr. 1 'Holders of rec. Mar. 20
Katz Drug. pref.(guar.)
"5 1.62(4 Apr. 1 'Holders of rec. Mar. 15
370. Apr. 28 Holders of rec. Apr. 106
Kaufmann Dept. Stores, corn.(qu.) _ _ _ _
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 10
Kaybee Stores, Inc., class A (quar.)
43Sic Apr. 1 Holders of rec. Mar. 14
Kaynee Co.,com.(guar.)
50c. Apr. 1 Holders of rec. Mar. 20
12Mc Apr. 1 Holders of rec. Mar. 20
Common (extra)
1M Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
May 1 *Holders of rec. Apr. 15
Kayser (Julius) & Co., corn.(qu.)
•$1
Keith-Albee-Orpheem Co., pref. (qu.).. 1M Apr. 1 Holders of rec. Mar. 19a
Kelley Did. Lime & Transp., corn. MO- 62Ste Apr. l Holders of rec. Mar. 21
40c. Mar. 31 Holders of rec. Mar. 150
Kellogg (Spencer) & Sons, Inc., (guar.).
50e. Apr. 1 Holders of roe. Mar. 21a
Kelsey Hayes Wheel, corn. (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 14a
Kennecott Copper Corp.(guar.)
Kent Garage Investing Corp., pf.(guar.) 1M Apr. 1 Holders of rec. Mar. 10
Kentucky Rock Asphalt, corn. (guar.).- •400. Apr. 1 *Holders of rec. Mar. 15
25c. Apr. 15 Holders of rec. Mar. 21
Keystone Steel & Wire, corn. (guar.)...
Preferred (guar.)
111 Apr. 15 Holders of rec. Mar. 21
Kidder Participations. Inc., common... •56 Mc Aug. 1 *Holden of rec. July 17
Preferred (extra)
•3714c Apr. 1
Kidder Participations No. 2, pref.(extra) •25.3. Apr. 1
Preferred (extra)
•250. Oct. 1
Kimberly-Clark Corp., corn. Marl.... 02(40 Apr. 1 Holders of roe. Mar. 150
Preferred (guar.)
1)4 Apr. 1 Holders of rec. Mar. 12
King Phillip Mills (guar.)
'154 Apr. 1 "Holders of rec. Mar. 20
Mar. 31 Holders of rec. Mar. 15
King Royalty Co., pref. (guar.)
2
Kinney (G. R.) Co.. common (guar.) _
25c Apr. 1 Holders of ree Mar 17o
Kirby Lumber (guar.)
•1K June 10 *Holders of rec. May 31
•1
Quarterly
Sept. 10 *Holders of rec. Aug. 30
Quarterly
•1.4 Dec. 10 'Holders of rec. Nov. 29
Kirsch Co.. corn.(Ouar.)
.30c. Apr. 1 'Holders of rec. Mar. 18
Convertible preferred (Ouar.)
.450. Apr. 1 *Holders of rec. afar. 18
Klein (D. Emil) Co.(guar.)(No. 1)....
•250. July 1 *Holders of rec. June 15
Knott Corp.((mar.)
"0300. Apr. 15 *Holders of rec. Mar. 29
•1% Apr. 1 *Holders of rec. Mar. 11
Kopper Gas & Coke, pref.(guar.)
Kraft-Phenix Cheese, corn.(guar.)
37l4c Apr. 1 Holders of rec. Mar. 10a
Preferred (guar.)
1.4 Apr. 1 Holders of rec. Mar. 10a
Kresge (S. S.) Co., corn.(guar.)
400. Mar. 31 Holders of rec. Mar. 10a
Preferred (guar.)
1(4 Mar. 31 Holders of rec. Mar. 10o
Kroger Grocery & Baking,stk. dividend. el
June 2 Holders of rec. May Irra
Stock dividend
Sept. 1 Holden; of roe. Aug. 11,
el
Kroger Grocery & Baking, let pref. (qu. )'I(4 Apr. 1 'Holders of rec. Mar. 10
Second preferred (guar.)
'11.4 Apr. 1 'Holders of rec. Mar. 10
Labaratory Products (guar.)
•750. Apr. 1 'Holders of rec. Mar. 20
Steak dividend
Apr. 15 'Holders of rec. Mar. 20
*e3
Laclede Steel (guru.)
500. Apr. 1 Holders of rec. Mar. 24
Lambert Co., com.(guar.)
Apr. 1 Holders of rec. Mar. 17a
$2
Landis Machine, corn. (guar.)
•750. May 15 *Holders of rec. May 5
Common (guar.)
*750. Aug. 15 'Holders of tee. Aug 6
Common (guar.)
•750. Nov. 16 'Holders of rec. Nov. 5
Lane Bryant, Inc., corn. (guar.)
60c. Apr. 1 Holders of rec. Mar. 17
Langendorf United Bakeries A & B (qu.) *500. Apr. 15'Holders of rec. Mar. 31
La Salle Extension University. of.(qu.). R1H Apr. 1 'Holders of rec. Mar. 20
Slat. 29 'Holders of rec. Mar. 15
Lawrence Portland Cement, corn. Biu.). •$1
Lawyers Mortgage (Mum)
700. Mar. 31 Holders of rec. Mar. 20
(guar.)
Guaranty
Apr. 1 Holders of rec. Mar. 21a
Title
&
Lawyers
3
Apr. 1 Holders of rec. Mar. 19
Lawyers Westchester Mtge.& Title(qu.) 2
Leath & Co., common (quar.)_.
"25c. June 30'Holders of rec. June 20
Common (quar.)
5250. Sept. 30 'Holders of rec Sept
*87)4c Apr. 1 *Holders of tee. Mar. 15
Preferred (guar.)
Lehigh Portland Cement, corn. (guar.). 62it c May 1 Holders of rec. Apr. I40
Preferred (guar.)
1(4 Apr. 1 Holders of r7c. Mar. I46
900. Max. 31 Mar. 14 to Mar. 31
Lehigh Valley Coal Sales (guar.)
75e. Apt. 1 Holders of rec. afar. 13a
Lehigh Valley Coal Corp., pref.(guar.).
Leasing's. Inc. (guar.)
25e. Mar. 31 Holders of rec. Mar. 11
50. Mar. 31 Holders of tee. Mar. 11
Extra
Ley (Fred. T.) & Co., Inc. (guar.)
•75c. Apr. 1 'Holders of rec. Mar. 18
Liberty Baking, pref.(guar.)
1(4 Apr. 1 Holders of rec. Mar. 24
_
Dec. 31
Liberty Snares(:ore stock div1dend. _ _ 'el
Mar.81
Stock dividend
•el
Liggett & Myers Tob., pref.(guar.).- 1M Apr. 1 Holders of rec. Mar, lera
Lily Tulip Cup Corp., pref.(guar.)
$1.75 Mar. 31 Holders of tee. Mar. 8
Lindsay Light, pref. (guar.)
'1(4 Mar. 31 *Holders of rec. Mar. 15
Lion 011 Refining, corn. (guar.)
"50c. Apr. 28 *Holders of rec. Mar. 27
Liquid Car bonic Co., corn. (guar.)
May 1 Holders of rec. Apr. 19a
$1
Lit Brothers, pref. (guar.)
.$1.50 Apr 1 *Holders of rec. Mar. 15
Locomotive Firebox (owe.)
•500. Apr. 1 "Holders of rec. Mar. 15
Extra
•25c. Apr. 1 'Holders of rec. Slat. 15
Loew's Inc., corn. (guar.)
750. Mar. 31 Holders of reo„ Mar. 1441
Loose-Wiles Biscuit, corn. (guar.)
65e. May 1 Holders of rec. Apr. 18a
Common (extra)
10c. May 1 Holders of rec. Apr. 185
First preferred (guar.)
1(4 Apr. 1 Holders of rec. Mar. 18a
Lord & Taylor, corn. (guar.)
23t Apr. 1 Holders; of rec. Mar. 17a
May 1 Holders of rec. Apr. 170
2
Lord & Taylor, 2nd pref. (guar.)
Lorillard (P.) & Co., pref.(guar.)
1(4 Apr. 1 Holders of rec. Mar. 150
•750. Apr. 1 *Holden) of rec. Mar. 14
Loudon Packing. corn. (guar.)
Louisiana 011 Refs. profs (guar.)
154 May 16 Holders of rec. May Is
*50c. Apr. 1 'Holders of rec. Mar. 21
Ludlow Typograph, corn. (guar.)
•250. Apr. 1 'Holders of rec. Mar. 21
Common (extra)
•154 Apr. 1 *Holders of rec. Mar. 21
Preferred (ouar.)
Lunkenheimer Co., pref. (guar.)
*1)4 Apr. 1 *Holders of rec. Mar. 22
2159
FINANCIAL CHRONICLE
Name of Company
Per
Cent
When
Payable.
Books Closed
Days /schist's.
Miscellaneous (Continued).
50c Apr. 1 Holders of rec. Mar. 20a
Ludlum Steel common (guar.)
$1.625 Apr. 1 Holders of rec. Niar. 20a
Preferred (guar.)
650 Apr, 15 Holders of rec. Mar. 31a
MacAndrews & Forbes Co. corn. (qu.)_.
134 Apr. 15 Holders of rec. Mar. 310
Preferred(guar.)
Apr. 15 'Holders of rec. Mar. 15
.$1
Macfadden Publications, corn
$1.50 Mar. 31 Holders of rec. Mar. 150
Mack Trucks, Inc.. corn. (guar.)
50c May 15 Holders of rec. Apr. 25a
Macy (It. H.) & Co., corn. (guar.)
37fte Apr. 14 Holders of rec. Apr. 40
Madison Square Garden (guar.)
$1.25 Apr. 15 Holders of rec. Mar. 31a
Magma Copper Co. (guar.)
"3754c Apr. 15 *Holders of rec. Mar. 31
afa,gnin (I.) Co., corn. (guar.)
•134 May 15 *Holders of reo. May 5
Preferred (guar.)
'154 Aug. 15 "Holders of rec. Aug. 5
Preferred (guar.)
•lft Nov. 15 'Holders of rec. Nov. 5
Preferred (quar.)
•lft Mar. 31 "Holders of rec. Mar. 24
Magor Car Corp. pref. (guar.)
*55c Apr. 15 *Holders of rec. Apr. 1
Mahon (It. C.) Co., pref. (ouar-)
Mallinson (II. IL) & Co., Inc., pf.(qu.). 154 Apr. 1 Holders of rec. Mar. 20a
1(4 Apr. 1 Holders of rec. Mar. 170
Manhattan Shirt pref. (guar.)
Manischewitz (ii r
June 1 'Holders of rec. Mar 211
fl
(Day In e0(11. Mt0Cli)
-- Preferred (guar.)
*154 Apr. 1 *Holders of rec. Mar. 20
•154 July 1 'Holders of rec. Mar. 20
Preferred (guar.)
Manning, Bowman & Co., cl. A (qu.).. •37ft c Apr. 1 *Holders of rec. Mar. 20
•12fir Apr. 1 'Holders of rec. Mar. 20
Class B (guar.)
.750 Apr. 1 "Holders of rec. Mar. 14
Mapes Consolidated Mfg.(guar.)
50c Apr. 10 Holders of rec. Mar. 18
Margay Oil Corp. ((lust.)
•300 Mar. 31 *Holders of rec. Mar. 1
Marine Midland (War.)
Marks Bros. Theatres, pref. (guar.)._ •50c Apr. 1 'Holders of rec. afar. 22
Marion Steam Shovel, pref. (guar.).- 154 Apr. 1 Holders of rec. Mar. 20
50c Apr. 1 Holden) of rec. Mar. 220
Marlin-Rockwell Corp., coin. (Oust.)...
500 Apr. 1 Holders of rec. Mar. 22a
Common (extra)
• *1.12.5 Apr. 1 *Holders of rec. Mar. 14
Maryland Casualty (Ouar.)
50c Apr. 1 Holders of rec. Mar. 140
Mathieson Alkali Works, corn. (guar.)._
1M Apr. 1 Holders of rec. Mar. 1443
Preferred
250 Apr. 1 Holders of rec. Mar. 14
Maud Muller Candy Co. (guar.)
May Department StoresCommon (payable In common stock). 1114 June 2 Holders of rec. May 160
Common (payable in common stock). /11$ Sept. 2 Holders of rec. Aug. 15.
g Dec. 1 Holders of tee. Nov. 150
Common (payable In common stock).
3734c Apr. I Ho!ders of rec. Mar. 15a
Maytag Co. common (guar.)
6
2
McCall Corp.(guar.)
34e May 1 Holders of rec. Apr. 19a
McCall Frontenac Oil, pref. (guar.).- •1A Apr. 15'Holders of rec. Mar. 31
134 Apr. 1 Holders of rec. Mar. 24
McCaskey Register, 1st pref. (guar.)._
McCord Manufacturing, pref. mfr./- •ig Apr. 1 'Holders of tee. Mar. 20
*50e Apr. 1 'Holders of roe. Mar. 20
Debenture stook (guar.)
McCord Radiator & Mfg., Cl. A (qu.)... •7541 Apr. 1 "Holders of tee Mar. 24
50c Apr. 1 Holders of rec. Mar. 200
McGraw Hill Publishing (guar.)
McGraw Electric Co.. corn. (guar.)._ *50c Apr. 1 *Holders of rec. Mar.20
75c Apr, 1 Holders of rec. Mar. 20
McKee(A. G.) & Co.. class A (guar.)...
8754e Apr. 1 Holders of rec. Mar. 20
Class B (guar.)
$1
Apr. 1 Holders of "cc. Mar. 1543
Tin
McKeesport
Plate (guar-)
McLellan Stores, Inc., pref. A & B (qu.) 134 Apr. 1 Holders of rec. Mar. 20a
50c Apr. 1 Holders of rec. Mar. 22
McQuay Norris Mfg.(guar.)
Apr. 1 Holders of rec. Mar. 22
1
Stock dividend
750 Apr. 1 Holders of rec. Mar. 1543
Mead Johnson & Co., cons. (oust.)....
250. Apr. 1 Holders of rec. Mar. 150
Common (extra)
Mercantile Discount Corp.. pref. A (qu.) *50e. Apr. I "Holders of rec. Mar. 15
Merchants dr Mire. Secur. corn. A (qu-) "37ft c Apr. 1 "Holders of rec. Slat. 15
"$1.75 Apr. 15 'Holders of rec. Apr. 1
Prior preferred (guar.)
•112fte Mar. 31 *Holders of rec. Mar. 8
Merchants & Mlners Tninsp. (guar.)
Apr. 1 Holders of rec. Mar. 17
$2
Nferck Corporation pref. (guar.)
$1.50 Mar. 31 Holders of rec. Mar. 5a
Mergenthaler Linotype (guar.)
250. Mar. 31 Holders of rec. Mar. 5a
Extra
400. Apr. 1 Holders of rec. Mar. 15
Mesta Machine. corn. (Ouar-)(No. 1)..
100. Apr. 1 Holders of rec. Mar. 15
Common(extra)
•30c. Apr. 1 *Holders of rec. Mar. 21
Metal & Mining Shares (guar.)
Metropolitan Paving Brick. pref.(guar.) 134 Apr. 1 Holders of rec. Mar. 14
Apr. I Holders of rec. Mar. 24
Metropolitan Title & Guaranty (guar.). $1
Apr. 21 Holders of rec. Mar. 310
$3
Mexican Petroleum, corn. (guar.)
$20 Apr. 21 Holders of rec. Mar. 315
Common (extra)
Apr. 21 Holders of rec. Mar. 310
2
Preferred (guar-)
82(4c Apr. 21 Holders of rec. Mar. 31s
Michigan Steel (quer.)
Michigan Steel Tube Products (gust.) *374c Apr. 1 *Holders of rec. Mar. 22
50e. May 15 Holders of tee. Apr. 15a
Nild-Corit Dien t Petroleum, corn.(qu.) Holders of rec. Mar. 25a
75c. Apr.
Midland Steel Products, new com. (on.)
Holders of rec. Mar. 250
Apr.
2
New first pref. (guar.) (No. 1)
of rec. Mar. 25
*Holders
Apr.
*50c.
New second pref. (guar.) (No. H.-Holders of rec. Mar. 15
Apr.
El
Midvale Co.(guar.)
Holders of rec. Mar. 15.
Milgrim (H.)& Bros., Inc., pref.(guar.) 1K Apr.
'Holders of rec. Mar. 15
'573.4c Apr.
Miller & Hart. Inc., pref. (guar.)
Holders of roe. Mar. 15
50c. Apr.
Miller (I.) & Sons, corn (guar.)
Holders of rec. Mar. 20
Apr.
40e.
Miller Wholesale Drug (guar.)
'Holders of rec. Mar. 15
*250. Apr.
Manor, Inc.(guar.)
'Holders of rec. Mar. 14
"75e. Apr.
Minneapolis Consol. Mfg.(guar.)
alJimmie Mining & Milling (Oust.)... •I5c. Apr. 2'Holders of rec. Mar. 20
250 Apr. 15 Holders of rec. Mar. 31
Mitchell (Robert) Co., Ltd.(guar.)._
134 Apr. 1 Holders of rec. Mar. 15
Mock, Judson & Voehringer Co. pf.(qu.)
750 Mar. 31 Holders of rec. Mar. 10a
Mohawk Carpet Mills, corn.(quar.)
•500 Apr. 15 *Holders of rec. Mar. 31
Mohawk Investment (guar.)
Montgomery Ward & Co., class A (qu.). •$1.75 Apr. 1 'Holders of rec. Mar. 20
Apr. 1 *Holders of rec. Mar. 27
"2
Mortgage Guarantee Co.(guar.)
1254c Apr. 10 Holders of rec. Mar. 31
Monarch Royalty. pref. A (mthly.)
1 Mc. Apr. 10 Holders of rec. Mar. 31
Preferred (monthly)
*45c. Apr. 1 *Holders of rec. Mar. 20
Monighan Mfg.. class A (guar.)
'373.4c Apr. 1 'Holders of rec. Mar. 7
Monroe Chemical, corn. (guar.)
•87.14o Apr. 1 'Holders of rec. Mar. 7
Preferred
Monsanto Chemical Co.(guar.)
313.40. Apr, 1 Holders of rec. Mar. 100
el K Apr. 1 Holders of rec. Mar. 100
Stock dividend
250. Apr. t Holders of rec. Mar. 144
Moore Corp., Ltd.. common (Oust.)....
Preferred A & B (oust.)
l4 Apr. 1 Holders of rec. Mar. 140
Moreland Motor Truck, pref.(Oust.)... •173.4e Mar. 31
•15c. Mar. 31 *Holders of rec. Mar. 14
Moreland OIL class B (guar.)
'Se, Mar. 31 *Holders of rec. Mar. 14
Class 11 (extra)
Morris (Philip) & Co.. Ltd., Inc.(guar.) 250. Apr, 15 Holders of rec. Apr. 2a
340. Mar, 31 Holders of rec. Mar. 22
Nfortgage-Bond & Title Corp. com.(gu.)
•35c. Apr. 1 "Holders of rec. Mar. 20
Motor Bankers Corp., corn. (quar.)
it Apr. I Holders of rec Mar. 20
Motor Prorluets Corp. (guar.)
•2c. Apr. 15 *Holders of rec. Mar. 29
Mountain & Gulf 011 (guar.)
400. Apr. 1 Holders of rec. Mar. 150
ountain Producers (ouar-)
unsingwear Corp., pref. (guar.)
'154 Apr. 1 'Holders of rec. Mar. 20
$2 Apr. 2 Holders of rec. Mar. 22
Murphy (G. C.) Co., pref. (qu.)
40c. Apr. 1 Holders of rec. Mar. 20
Murray-Ohio Mfg. (guar.)
•25c. Apr. 1 "Holders of rec. Mar. 15
uskegon Piston Ring
500. Mar. 31 Holders of rec. Mar. 150
Myers(F. E.) & Bro. Co.. corn.(guar.)_
Preferred (guar.)
1K Mar. 31 Holders of rec. Mar. 15
Nachman-Springfield Corp. (guar.)._ •50c. Apr. 1 *Holders of rec. Mar. 17
Nashua Nlfg., pref.(guar.)
154 Apr, 1 Holders of rec. Mar. 17
National Battery pref.(guar.)
•55c. Apr. 1 'Holders of rec. Mar. 17
National Biscuit, corn.($10 par) (guar.)
70e. Apr. 15 Holders of rec. Mar. 200
National Biscuit. corn.($26 par) (guar 1. $1.75 Apr. 15 Holders of rem' Mar.'200
Nat. Breweriee, new corn. (on.)(No. 1).
40o. Apr. 1 Holders of tee. afar. 15
New Preferred (oust.)
440. Apr. 1 Holders of roe. Mar. 15
National Candy. coin. (guar.)
50e. Apr, 1 Holders of rec. Mar. 12
First and second pref. (Oust.)
1(4 Apr. 1 Holders of rec. Mar. 12
National Cash Credit Assn.. corn. (au)..
20c. Apr. I Holders of rec. Mar. 13
Corn.(3-100ths share corn. stock) _ _ _
U) Apr, 1 Holders of rec. Mar. 13
Preferred (guar.)
15c. Apr, 1 Holders of rec. Mar. 13
Preferred (extra)
20c. Apr, 1 Holders of rec. Mar. 13
Preferred (3-100ths six. pref. stock)... (J) Apr. 1 Holders of rec. Mar. 13
Nat. Cash Register, class A (guar.)._
750. Apr. 15 Holders of rec. Mar. 28•
National Casket, common
May 15'Holders of rec. May 1
"$2
Preferred (guar.)
•$1.75 Slat. 31 *Holders of rec. Mar. 19
Nat. Dairy Products Corp., cum.(gu.).
50e Apr. 1 Holders of roe. Mar. 30
Ii
Apr. I HotrIers of roe. Mar 30
'om (payable in coin stock (guar
fl
July 1 Holders of rec. June 80
Corn. (payable In corn stock) (altar 1
ri
Corn (payable In corn. stock) (guar.)
Oct. 1 Holders of rec. Sept. 80
Preferred A (guar.)
'154 Apr, 1 'Holders of rec. Mar. 3
500 Apr. 1 Holders of tee. Mar. 150
Nat. Depart. Stores,corn.(guar.)(No. I)
50c Mar. 31 Holders of rec Feb. 28e
Nat. Enameling & Stpg. (guar-)
Apr. 1 Holders of rec. Mar. 22
National Equity Co., Inc., pref. (on.).. 2
National Fireproofing Corp., corn
75c. May 1 Holders of rec. Mar. 31
Preferred (oust.)
134 Apr. 15 Holders of rec. Mar. 31
2160
Name of Compost.
FINANCIAL CHRON CLE
Weems
Per
Cos*. Payable.
Books Closed
Days laclustre
Name of Company.
[VOL. 130.
Per
When
Cora, Payable.
Books Closed;
Days /what,e,
Miscellaneous (Corginued).
Miscellaneous (Continued).
National Erie Co. class A (guar.)
•50c Apr. 1 'Holders of rec. Mar. 15
PiIMPPe (Louis) Inc., class A (quar.)_.
400. Apr.
Holders of rec. Mar. 19
National Lead, corn. (guar.)
1% Mar. 31 Holders of rec. Mar. 140
Class A & B (special)
10e. May
Holders or rec. Apr. 18
Common (extra)
Mar. 31 Holders of roe. Mar. I440 Pickrel Walnut (guar.)
3
511c. Apr.
Holders of rec. Mar. 21
Preferred B (guar.)
1 A May 1 Holders of rec. Apr. 18a Pie Bakeries or Amer.,class A (quar.)
500 Apr.
Holders of rec. Mar. 15
National Licorice, pref.(guar.)
14 Mar. 31 Holders of rec. Mar. 17
Preferred (guar.)
14 Apr.
Holders of rec. Mar. 15
National Refining, pref.(guar.)
2
Apr. I Holders of reo. Mar. 14
Pierce Governor (guar.)
374c Apr.
Holders of tee. Mar. 15
National Rubber Machinery. corn. (qu.) 5500. Apr. 15 *Holders of rec. Mar. 26
Pilot Radio & Tube. class A (guar.)._
Apr,
30c.
Holders
of rec. Mar. 20
National Screen Service (guar.)
*40c. Apr. 1 *Holders of rec. Mar. 20
Pinchin Johnson & Co., Ltd., Amer.Ithe "w20 Apr,
'Holders of rec. Mar. 12
National Securities, pref. A (guar.)
"750. Apr. 1 'Holders of rec. Mar. 15
Pirelli Co. of Italy, Amer. shares
$3.14 Apr. 8 Ilolders of rec. Mar. 31a
National Standard Co., corn. (guar.)... •750. Apr, 1 *Holders of rec. Mar. 20
Pittsburgh Plate Glees (guar.)
"We Apr. I *Holders or rec. Mar. 15
National Steel Car (guar.)
50c. Apr. 1 Holders of rec. Mar. 20
Pittsburgh, Screw & Bolt (guar.)
35e. Apr. 15 Holders of tee. Mar. 28a
Nat. Sugar Refining (guar.)
500. Apr. 1 Holders of rec. Mar. 3
Pittsburgh Steel, Corn. (goar.)
*SI
Apr. 1 'Holders of rec. Mar. 25
National Supply. Pref. (quar.)
14 Mar. 31 Holders or tee. Mar. 2141 Pittsburgh Steel Foundry (guar.)
4,1% Apr. 1 *Holders of rec. Mar. 20
National Surety (quar.)
$1.25 Apr. 1 Holders of reo. Mar. 18a Poly met Mfg. Corp., corn. (guar.)
25e. Apr. 1 Holders of rec. Mar. 22
National Tea, corn. (guar.)
50c. Apr. 1 Holders of rec. Mar. 1440
Common (payable in common stock).., fl
Apr. 1 Holders of rec. Mar. 22
National Title Guar. Co.(guar.)
*51.75 Apr. 1 *Holders of rec. Mar. 20
Porto Rican Amer. Tobae. el. A (qu.)..
Apr. 10 Holders of rec. Mar. 200
Neet. Inc., class A (guar.)
40c. Apr. 1 Holders of rec. Mar. 19
Class A (acecount aecum.dive.)
514 Apr. 10 Holders of roe. Mar. 200
Class B (special)
40e. Apr.
Holders of rec. Mar. 19
Potter & Co., corn. (guar.)
5434c Apr. 1 'Holders of reo. Mar. 26
Nohi Corp., 1st preferred (guar.)..._*$ 1.31(4 Apr.
*Holders of rec. Mar. 17
Powdrell & Alexander Co. pref.(guar.). •14 Apr. 1 *Holders of rec. Mar. 15
Nelener Bros. (guar.)(No. 1)
400. Apr.
Holders of reo. Mar. 15a Prairie Oil& Gas(guar.)
50e. Mar. 31 Holders of reo. Feb. 28a
Nelsner Bros., Inc., corn. (guar.)
40c. July
Holders of rec. June 14a Prairie Pipe Line (quar.)
750. Mar. 31 Holders of rec. Feb. 280
Common (guar.)
40c. Oct. 1 Holders of rec. Sept. 150
Extra
50e. Mar. 31 Holders of rec. Feb. 2,3a
Common (guar.)
40c. Jan1'31 Holders of rec. Dec. 156 Pratt Sr Lambert. trio. (guar.'
Apr. 1 Holders of rec. Mar. 15
Si
Nelson (Herman) Corp.(guar.)
•50c. Apr. 1 *Holders of rec. Mar. 20
Premier Gold Mining (guar.)
60. Apr. 4 Holders of rec. Mar. 12
Nevada Consol. copper Co.(guar.). _ __
75c. Mar. 31 Holders of rec. Mar. I4a _Premed Steel Car, prof.(guar.)
Mar,3 Holders of rec. Mar. la
New Bradford 011 (guar.)
*1234c Apr. 15'Holders of rec. Mar. 29
Trice Bros. & Co., Ltd., Coln. (qua?.)_
Holders of rec. Mar. 15
34 Apr.
Newberry (J. J.) Co., corn. (guar.).- -- 27340 Apr. 1 Holders of rec. Mar. 17
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 15
Newberry (J. J.) Realty. prof. A (qu.)__ •14 May 1 "Holders of reo. Apr. 16
Procter & Gamble,8% pref. (quar.).._ 2
Apr.
1
Holders of rec. Mar. 25e
Preferred B (guar.)
'134 May 1 'Holders of rec. Apr. 16
Public Utility Investment pref.(guar.)._
AM.
Holders of rec. Mar. 15
Newcastle-Upon-Tyne Elec. Supply
Pure 011,5 % pref.(qua?.)
11.4 Apr.
Holders of rec. Mar. 10
Amer dep. rights ord. reg.she
*rah Apr. 1 *Holders of rec. Mar. 14
6% preferred (gnar.)
Holders of rec. Mar. 10
134 Apr.
Newhall Bides. Trust(Boston), pf. (qu.)1 14 Apr. 15 Holders or rec. Apr. I
8% preferred (guar.)
Apr.
Holder, of rec. Mar. 10a
New Britain Machine,corn.(guar.)
'*3754c Mar. 31 *Holders of rec. Mar. 15
Quaker Oats, corn. (guar.)
'$1
Apr.
1
'Holders
of rec. Apr. 1
New Haven Clock, corn. (guar.)
.3740 Apr. 1 'Holders of rec. Mar. 21
•a4
Common (extra)
Apr. 1 'Holders of rec. Apr. 1
New Jersey Ice Cream. pref.(guar.).- •52
Apr. 1 *Holders of rec. Mar. 5
Common (payable in common stoek)- .120
'Holders of tee. AM. 1
Newrnont Mining Corp. (guar.)
Apr. 15 Holders of rec. Mar. 31
$1
•i
Preferred (guar.)
May 3 'Holders of rec. May 1
Newton Steel, corn.(guar.)
75c. Mar. 31 Holders of rec. Mar. 206 Radio Corp. of Amer.. prof. A (quar.)__ 874e. Apr.
Holden; of roe. Mar. la
Preferred (guar.)
'11.4 Apr. 30 *Holders of roe. Apr. 15
Preferred B (guar.)
$1.25 Apr,
Holders of rec. Mar. la
New York air Brake (guar.)
90c. May 1 Holders or rec. Apr. 2a Rapid Electrotype, stock dividend
July 1 *Holders of tee. July 1
.85
New York Hamburg Corp
$1.25 Apr. 29 Holders of reo. Apr. 15
Rat h Packing, corn.(gust.)
"50e. Apr.
'Holders of rec. Mar. 20
N. Y. St Hanseatic Corp
Apr. 15 Holders of rec. Mar. 26
$3
Real Silk Hosiery Mills, corn. Marl-- $1.25 Apr.
Holders of rec. Mar. 13a
N.Y.State Holding Corp., clam.(qu.)
50c. Mar. 31 Holders of rec. Mar. 15
Preferred (Qilar.)
13( Apr.
Holders of rec. Mar. I3a
Preferred (guar.)
$1.75 Mar. 31 Holders of rec. Mar. 15
Reece Button Hole Machine (quar.)____
35e. Apr.
Holders of rec. Mar. 15
N.Y. Title & Mtge.(guar.)
50c. Apr. 1 Holders of rec. Mar 21
Reece Folding Machine (guar.)
Apr.
Sc.
Holders
of rec. Mar. 15
New York Transit (guar.)
400. Apr. 15 Holders of rec. Mar 21
Regal Shoe. pref.(guar.)
Apr.
*Holder, of rec. Mar. 20
Extra
Apr. 15 Holders of rec. Mar. 21
Rellanee Mfg. of Ills., corn.(guar.)
Apr.
3714e
Holders
of
reo. Mar. 20
Niagara Share Corp. of Md. corn.(qu.)
10e Apr. 15 Holders of rec. Apr. 10
Preferred (gnar.)
1% Apr.
Holders of rec. Mar. 20
Preferred (gar.)(No. l)
$1.50 Apr. 1 Holders of rec. Mar. 27
Reliance Mfg. (Ohio), corn. (quar.)---- Si
Apr.
Holders of reo. Mar. 14
Niagara Wire Weaving, corn
500 Apr. 1 Holders of reo Mar 15
Remington-Rand, Inc., corn
400 Apr.
Holders or rec. Mar. 85
Preferred (quar.)
750 Apr. 1 Holders of reo. Mar 15
First preferred (goar.)
Holders of tee. Mar. 84
1% Apr.
Metal Holding Corp.. corn. (quar.)____ *600. Mar. 31 "Holders of roe. Mar. 1
Second preferred (goar.)
Apr.
2
Holders of rec. Mar. 8a
Nichols Copper Co.. class A (quar.)____ •434c Apr. 1 'Holders of rec. Mar. 20
Remington Typewriter, corn. (quar.)..
Apr.
"Holders of rec. Mar. 9/1
Class B (guar.)
•750. MaY 1 'Holders of rec. Apr. 21
First preferred (guar.)
Holden; of tee. Mar. So
1% Apr.
Niles-Bement-Pond common (guar.)._
•50e. Mar. 31 *Holders of rec. Mar. 21
Second preferred (quar.)
Apr.
Holders of rec. Mar. 8a
2
Common (extra)
•25e. Mar. 31 'Holders of rec. Mar. 21
Ron Motor Car (quar.)
20e. Apr.
Holders of rec. Mar. 10a
Common (guar.)
Republic Investing. uref.(qu.)
•50c. June 30 Holders of rec. June 20
*Holders of roe. Mar. 15
•35c. Apr.
Common (guar.)
•50e. Sept. 30'Holders of rec. Sept 20
Republic Iron & Steel. pref. (guar.)._
holders of tee. Mar. 1240
1% Apr.
Common (guar.)
*50e. Dec. 3 ...Holders of rec. Dec. 20
Republic Stamping & Enamel (quar.)...
400. Apr.
Holders of rec. Mar. 21
Nipissing Mines Co.(guar.)
Apr.
'holder,
2
of rec. Mar. 31
'7(40
Reliable Stores Corp., corn. (In stoek)- .115i Apr.
'Holders
or reo. Mar. 15
NoblItt-Sparks Industries,corn.(qu.)_ %75c. Apr.
Holders of rec. Mar. 20
Ropuolle. supply (guar.)
•75c. Apr. 1 •Holders of rec. Apr. 1
Noblitt-Sparks Industries tin stock). _ _ *el 4 Apr
Holders of rec. Mar 20
Quarterly.
•75c July I 'Holders of tee. July I
Stock dividend
.
!illy
1•1'.4
*Holders or rec. June 20
Quarterly
*75e. Oct. 1 •Holders of tee Oct
1
Stock dividend
"1 4 Ort
'Holders of rec. Sept. 20
Research Investment Corp.. prof. (go.). •75e. Apr.
*Holders or rec. Mar. 15
Noma Elee. Corp. (quar.)
40e. May
Holders of rec. Apr. 15
Retail Properties, Inc, pref. (guar.).'Holders of rec. Mar. 20
750. Apr,
Noranda Mines(guar.)
750. Apr.
Holders of rec. Mar. 15
Rave,e Copper & Brass,class A (quar.)__
Apr.
Holders of rec. Mar. 105
51
No. Amer. Car Corp.. corn. (guar.)... 62 Sic Apr.
Holders of rec. Mar. 25
Preferred (guar.)
111.75 May
Holders of rec. Apr. 106
Preferred (guar.)
$1.50 Apr.
Holders of reo. Mar. 25
Reynolds (R. J.) TobaccoNorth American Creameries. el. A (au.). "35c. Apr.
'Holders of ree. Mar. 17
Common and common B (guar.)
750. Apr.
Holders of rec. Star. 1841
North American Oil Censor (mthly.)- - _ •Ifie Apr.
'Holders of rec. Mar. 20
Rice Silk Dry Ooods, corn. (guar.)
37 Lic. May
Holders of rec. Apr. 15
No. Central Texas 011. pref.(quar.)___' $1625 Apr.
'Holders of reo. Mar. 10
First and second preferred (guar.)._ _
Apr,
Holders of ree. Mar. 15
I%
Northern Disc., pref. A (mthly)
'Holders of rec. Mar. 15
•662-30 Apr.
Rich field 011, Pre!. (goar.)
"434c May
*Holders of rec. Apr. 5
Preferred A (monthly)
•66'2-3c May
*Holders or tee. Apr. 15
Richman Bros.. corn.(goat.)
75e. Apr.
Holders of rec. Mar. 25
Preferred A (monthly)
•662-30 June
'Holders of Fee. May 15
Rich's. Inc.. pref. (guar.)
Mar, 30'Holders of rec. Mar, 15
Preferred A (monthly)
•662-3r July
*Holders of rec. June 15
Hike Kurnler Co
•55e. Apr,
'Holders of rec. Mar. 15
Preferred A (monthly)
•66 2-3e Aug.
*Holders of rec. July 15
Ritter Dental Aire.. corn.(gum.)
824e Apr.
Holders of reo. Mar. 20.
Preferred A (monthly)
•66'2-3e Sept.
*Holders of to. Aug. 15
Rockaway Point Devel.56 pref. (quar.)_ $1.50 Apr,
(folders of rec. Mar. 16
Preferred A (monthly)
•662-3e Oct.
'Holders of rec. Sept. 15
Ross Gear dr Tool, corn.(guar.)
.750. Apr.
•Holders of rec. Mar. 20
Preferred A (monthly)
•662-3c Nov. 'Holders of rec. Oct. 15
Royal Baking Powder, corn. (guar.). _
250. Apr.
Holders of rec. Mar 1.0a
Preferred A (monthly)
•662-Sc Dec.
'Holders of roe. Nov. 15
Preferred (guar.)
Holders of reo. Mar. 106
134 Apr.
Northern Paper Mills, corn. (guar.)._ •50c. Mar. 3 *Holders or rec. Mar. 27
Safety Car Heat. & Lighting (quar.).__ •2
Apr.
*Holders
of rec. Mar. 14
Northwest Bancorporation(qua!)
'Holders of rec. Mar. 21)
•45c. Apr.
Safeway Stores, corn. (gnar.)
r$1.25 Apr.
Holders of rec. Mar. 12a
Novadel-Agene Corp., corn. (quar.)____ •500. Apr.
*Holders of rec. Mar. 20
8% preferred (guar.)
114 Apr.
Holders
of
ree. Mar. 12a
Preferred (guar.)
*14 Apr.
'Holders of rec. Mar. 211
7% Preferred (guar.)
Holder, of reo. Mar. 12,
134 Apr.
Occidental Petroleum
"30 Mar. 3 *Holders of ter. Mar. 20
St. Joseph Lead Co. (quar.)
511c June 20 June 10 to June 20
Ocean Spray Press, A
*50e Apr. 1 •Ffolders of rec. Apr. 1
Extra
250. June 20 June 10 to June 20
Preferred
'3(4 Apr. lb *Metiers of rec. Apr. I
Quarterly
50e. Sept. 20 Sept 10 to Sept. 21
Ogglesby Paper pref.(guar.)
*51.50 May I •Holders of rec. Apr. 20
Extra
250 Sent. 20 Sept 10 to Sept. 21
Preferred (quar.)
•31 50 Aug. I *Holders of rec. July 20
Quarterly
50e fie°. 2( Dee 10 to Dec. 21
Preferred (guar.)
.11.50 Nov.I *Holders of rec. Oct. 20
Extra
25e Dee 20 nee le to Dee 31
Ogilvie Flour Mills,corn.(guar.)
$2 Apr. 1 Holders of rec. Mar. 20
St. Lawrence Paper Mills, pref. (gnat.). 134 Apr. 15 Holders of reo. Mar. 28
Ohio Braes, common B (guar.)
$1.25 Apr. 15 Holders of rec. Mar. 31
St. Louis Nat. Stock Yards. pref. tutu.).,. •2
Apr.
*Holders of rec. Mar. 22
Preferred (guar.)
1 4 Apr. 15 Holders of rec. Mar. 31
St L. Rocky Mt. & Pac.Co. corn .(mr.)
50c. Mar. 3 Holders of reo. Mar. 155
Ohio Seamless Tube. pref.(guar.)
I 4 Apr.
Holders of rec. Mar. 14
Preferred Mar )
Mar. 3 Holders of rec. Mar. 150
11.4
Oliver Farm Equipment, prior pfd.A (au) $1.50 Apr.
Holders of reo. Mar. 10a St. Maurice Valley Corp., Pref. (quar.)_
11 Apr,
Holders of rec. Mar. 14
Cony. panic. stock (quar.)
Holders of rec. Mar. 10a St. Regis Paper Co., corn.(guar.)
750 Apr.
•25e. Apr.
"Holders of rec. Mar. 15
Oliver United Filters. class B (guar.)... "500. Apr.
*Holders of reo. Mar. 20
Preferred (guar.)
•14( Ara.
'Holders of reo. Mar. 15
Omnibus Corp.. pref (guar.)
Are.
2
Holders of rec. Mar. 140 Sally Frocks, Inc., corn. (guar.)
40e. Apr.
Holders of rec. Mar. 22
Ontario Mfg.. corn. (guar.)
*Hol(1ers of rec. Mar 20
•75e. Apr.
Salt Creek consol (Ill (guar.)
"tine Apr,
*Holders of rec. Mar. 15
Preferred (guar i
'Holders of tee. Mar. 20
•14 Apr.
Sangarno Electric Co., corn. (quar.).._
50o. Apr.
Holders of rec. Mar. 10
Orpheum Circuit. pref. (guar.)
Apr.
Holders of rec. Mar. I9a
2
Preferred (guar.)
1% Apr.
Holders of tee. Mar. 10
Otis Elevator, new corn. (guar.)
62(40. Apr. 15 Holders of rec. Mar. 310 Sarnia Bridge. clans A (guar.)
•50.4 Apr,
•Holders of ree. Mar. 15
Preferred (guar.)
114 Apr. 15 Holders of rec. Mar. 310
Class B (Interim)
•25e. Apr,
'Holders of tee. Mar. 15
Otl" Steel, corn.(guar.)
6214c Ara.
Holders of rec. Mar. 19
•1
Savage Arms. pref. (giar.)
May 15 •Holders of rec. May 1
Preferred (guar.)
1% Apr.
Holders of rec. Mar. 19
grhlarre Lock, rem.(guar.)
•15o. Mar.
*Holders of rec. Mar. 15
Owens Illinois Glass. pref. Mar i __ .___
Holders of tee. Mar. 16
geld •tter dc Zander. pref. (gnarl.. -. '27 tic May 15
1 4 Apr.
o/ere of ree. A Pr. 30
Pacific indemnity, new $10 par stk.(qu.) •350. Apr.
'Holders of reo. Mar. 15
Sehoeneman (J.) Inc., it pref.(quar)- - 1% Apr.
Holders of roe. Mar. 15
Pacific Mutual Co.(guar.)
•Holdere of rec. Mar. 20
*50c Apr.
Schulte Retail Stores. Pref. (gnar.)
2
Apr.
Holders of rec. Mar. 12.
Packard Electric Co., corn.(guar.)
65e. Apr. 15 Holders or rec. Mar. 31
Schulze Baking,cony. pref.(quar.)
Holders of rec. Mar. 10
75e. Apr.
Page-Hershey Tubes, corn (qu.)
Si 25 Apr. I Holders of rec. Mar. 20
Preferred (guar.)
Holders of rec. Mar. 10
134 Apr.
Preferred (givar.)
14 Apr. 1 Holders of rec. Mar. 20
Sant Paper, corn. (goar.)
3540. Mar. 3 Holders of rec. Mar. 17a
Paragon Refining, class A (guar.)
750. Apr. 1 Mar. 22 to Apr.
esi
Scoville Mfg. (goar.)
Apr.
'Holders of rec. Mar. 17
Paramount Cab Mfg.(go.)(pay. In stk.) e2
Apr. 1 Holders of rec. Mar. 24
Scullin Steel. Prof.(goar.)
750. Am. 15 Holders of rec. Mar. 31
Paramount Famous Lasky CorpSeaboard Dairy Credit. eon). (qua!).... •500. Apr,
*Holders of roe. Mar. 20
Common(guar.)
Mar. 29 Holders or roe. Mar. 7a
St
Preferred (guar.)
*Holders of roe. Mar. 20
'134 Apr.
Parke, Davis & Co. (guar.)
•250. Mar. 31 'Holders of rec. Mar. 21)
Seaboard Utilities Shares Corp..Del.(q
Holders of rec. Mar. 10
12)40 Apr.
Extra
•10c. Mar. 31 *Holders of rec. Mar. 20
Sears, Roebuck & Co.,stock dlr.(qu.)- - el
May
Holders of rec. Apr. 14.
Park &'Mord. Inc. (guar.)
76c Apr. la Holders of rec. Mar. 290 Second Intern. Sec. Corp. corn. A (qtr.)
Holders of rec. Mar. 15
60c. Apr.
Stock dividend _
Apr. la Holders of tee. Mar. 20,
First and second pref (guar.)
Holders of tee. Mar. 15
75e. Apr.
Parmelee Transportation corn.(mthly.). 124c Apr. 10 Holders of ree. Mar. 250 Second National Investors.
Holders of ree. Mar. 10a
mei (quar.) $1.25 Apr.
Preferred (guar.)
Selected Industries, Inc., prior stk. (qtr.) 51.375 Apr.
•SI 50 Apr. I "Holders of rec. Mar. 31
Holders of reo. Mar. 14a
Passwall Corp., pref. (guar.)(No. 1)
.750. Apr. 1 'Holders of rec. Mar. 20
Allot certificates, 1st and 2nd prof..$ 1.034 Apr.
'Holders of rec. Mar. 14
Pender (D.) Grocery Co.. Class])(qU.)- 250. Apr. 1 Holders of rec. Mar. 15
Service Stations, class A & B (guar.)
Holders of reo. Mar. 15a
6.5e. Apr.
Class B (extra)
Shaffer 011 & Reg.. pref.(guar.)
250. Apr. 1 Holders of reo. Mar. 16
14 Apr. 25 Holders of rec. Mar. 31
Penick & Ford. pref. (guar.)
15 Apr. 1 Holders of reo. Mar. I4a Shaffer Stores (No. 1)
•25o. Apr. 1 •Holdere of reo. Mar. 22
Penmans, Ltd.. corn. (guar.)
May 15 Holders of rec. May 5
Shattuck (Frank G.) Co.(111.)
51
25e. Apr. 10 Holders of rec. Mar. 204
Preferred (quar.)
Shawmut Association (guar.)
14 May 1 Holders of rec. Apr. 22
•
•200. Apr. 1 "Holders of reo. Mar. 20
Penney (.1. C.) Co.,corn.(guar.)
.51
75c Mar. 31 Holders of rec. Mar. 200 Shearfer(W.S.) Pens,corn.(guar.)
Sept. 15 'holders of rec. Aug. 25
Preferred (quar.)
Holders
Mar. 31
1
of rec. Mar. 20a Sheffield Steel. torn. (quar.)
50e Apr.
Holders of rec. Mar. 8
Penn-Federal Corp., pref. Mar.)
Common (payable In common stock) _ 11
Apr. 1 'Holders of tee. Mar. 20
*1
Apr,
Holders of rec. Mar. 8
Pennsylvania Salt Mfg. (quar.)
•$1.25 Apr. 15 *Holders of ree. Mar. 31
Preferred (guar.)
11.4 Apr.
Holders of tee. Mar. 21
Peoples Drug Stores. corn (goat.)...... •25c Apr.
'Holders of res. Mar. 8
Shell Union Oil Corp.. corn. (guar.).- 350. Mar. 3 Holders of roe. Mar. 60.
Pepperell Manufacturing (guar.)
Holders or reo. Mar. 19
Apr.
2
Preferred (Quar.)
Holders of roe. Mar. 10.
11.4 Apr.
Perfect Circle, corn. (guar.)
*Holden' of tee. Mar. 20
Sherwin-Wms. Co. or Canada. coni.M.1
"50e Apr.
40e. Mar.3 Holders of rec. Mar. 15
Perfection Stove(monthly)
Common (extra)
•37)40 Mar. 3 'Holders of reo. Mar. 20
Sc. Mar.3 Holders of rec. Mar. 15
Permutit Co., corn. (guar.)
'Holders of rec. Mar. 20
Preferred (guar.)
Apr.
"al
14 Mar. 3 Holders of ref. Mar. 15
Common (extra)
Siete( Packing, corn. (quar.)
'Holders of reo. Mar. 20
Apr.
•511
300. Apr.
Holders or rec. Mar. 20
Pet Milk, corn. (guar.)
Common (extra)
Holders of rec. Mar. 110
3740 Apr.
60o. Apr.
Holders of tee. Mar.20
Preferred (giar.)
Signal
Holders or rec. Mar. 11
011 & Gas. Clfilie A & B (guar.). - '434r Apr. 10 "Holden of rec. Feb. 28
Apr.
Phelps Dodge Corp. (cHar.)
Holders or rec. Mar. 640 Signode Steel Strapping, corn. (qual.)... .2(X. Apr. 15 Holders of rec. Mar. 30
750 Apr.
Phila. Dairy Prod, prior ord. (quar.)._* Si .625 Apr.
*Holders of rec. Mar. 20
Common (payable in common stock). *11
Apr. 15 *Holders of tee. Mar. SI)
hillips Petroleum (guar.)
Holders of rec. Mar. 1441
50c Apr.
Preferred (quar.)
•6240 Apr. 15 *Holders of rec. Mar. 30
11An. 29 1930.]
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Apr. 1 Holders of roe. Mar. 25
Silent Automatic Corp.. pref
4
Silver King Coalition Mines (guar.)._ *250. Apr. 1 *Holders of roe. Mar.20
Sinclair Consol. Oil., corn. (guar.)
500. Apr. 15 Holders of rec. Mar. I5a
Singer Mfg.(guar.)
*24 Mar. 31 *Holders of rec. Mar. 10
Extra
0414 Mar. 31 *Holders of rec. Mar. 10
Sloan & Zook Products (qu.)(No.1)_. *500. Mar.31 *Holders of rec. Mar.20
Extra
Mar.31 *Holders of roe. Mar.20
•SI
Sloss-Sheffield Steel & Iron, pref.(rm.).- 1,4 Apr. 1 Holders of rec. Mar. 20a
Smith (L. C.) & Corona TypewriterCommon (guar.)
•750. Apr. 1 *Holders of rec. Mar. 22
Preferred (guar.)
'1j Apr. 1 "Holders of rec. Mar. 22
Southern Acid & Sulphur (guar.)
•750. June 15'Holders of rec. June 10
Southern Dairies,class A (guar.)
374c. Mar. 31 Holders of rec. Mar. 20a
Southern Ice. pref. A (guar.)
*31.75 Apr. 1 'Holders of roe. Mar. 21
Southland Royalty (guar.)
•25c. Apr. 15 *Holders of rec. Apr. 1
South Penn Oil (guar.)
050o. Mar.31 *Holders of rec. Mar. 15
Extra
'123.40 Mar.31 *Holders of rec. Mar. 15
South Porto Rico Sugar, corn. (guar.)._
50o Apr. 1 Holders of rec. Mar. 100
Preferred (guar.)
2
Apr. 1 Holders of tee. Mar. 10a
Southwestern Dairy Prod. pref. (guar.). •1,1 Apr. 1 *Holders of rec. Mar. 10
South West Pa. Pipe Lines(guar.)
Apr. 1 Holders of rec. Mar. 15
11
Spalding (A. G.) 3, Bros. corn.(gu.)
50o Apr. 15 Holders of roe. Apr. la
Spans, Chalfant de Co., pref. (guar.)._ 14 Apr. 1 Holders of rec. Mar. 15a
Sparks, Withington .1, Co.,corn.(gu.)_
25e Mar. 31 Holders of rec. Mar. 140
t3picer Mfg., preferred (guar.)
750. Ayr. 15 Holders of rec. Apr. 4a
Square D Co.. class A (guar.)
•55c. Mar.3 *Holders of rec. Mar. 20
Stahl-Meyer,Inc.,corn.(guar.)
Holders of rec. Mar. 28
300. Apr.
Preferred (guar.)
Holders of rec. Mar. 20
$1.50 Apr.
Standard Brands, corn. (guar.)
37,4c Apr.
Holders of roe. Mar. 10,1
Preferred (guar.)
Holder, of rec. Mar. 100
61.75 Apr.
Standard Corporations(guar.)(No. 1)_ _
Holders of rec. Mar. 15
20e. Apr.
Standard Dredging, pref.(guar.)....._ *50c. Apr.
*Holders of rec. Mar. 15
Standard Oil (Kansas)(guar.)
•50c Mar.3 *Holders of rec. Feb. 28
Standard Oil (Ohio), corn.(guar.)
Holders of rec. Mar. 14
62,4c Apr.
Standard Screw,corn.(quer.)
Apr.
Holders of rec. Mar. 19
2
Standard Steel Constr., Ltd. pt. A (W.)Holders of reo. Mar. 15
75c. Apr.
Standard Steel Spring (guar.)
Mar.3 *Holders or rec. Mar. 20
•31
Standard Textile. pref. A.(guar.)
Holders of rec. Mar. 24
31.75 Apr.
Preferred B (guar.)
Holders of rec. Mar. 24
$1.25 Apr.
Stanley Works(guar.)
'Holders of rec. Mar. 15
'824c Apr.
Starrett (1.. S.) Co.,corn.(guar.)
500. Mar. 3 Holders of roe. Mar 22a
Common (extra)
25e. Mar.3 Holders of rec. Mar. 22a
*cm Mar.3 *Holders of reo. Mar. 22
Preferred (guar.)
Starrett Corp.. pref.(guar.)
Holders of reo Mar. 18
750 Apr.
State Street Investing (guar.)
*Holders of roe. Mar. 15
•75e. Apr.
Stearns(Fred'k)& Co.,corn.(mont,111.195 162-Sc Mar.3 *Holders of roe. Mar. 20
Stein (A.) & Co., pref.(guar.)
"Holden' of rec. Mar. 15
'134 Apr.
Sterling Motor Truck, pref.(gust.)
'Holders of rec. Mar. 20
•50c. Apr.
fitlx. Baer & Fuller, corn. (guar.)
*Holders of rec. May 15
*374e June
Common (guar.)
*Holders of ref. Aug. 15
*37
Sept.
Common (Quin)
*Holders of tee. Nov. 15
•37,4e Dec.
Stock Exch. &sour. Inc.. A (qu.)(No. 1) 3740
Stone(H.0.)& Co.corn. (in corn. stk.). •f5
July
*Holders of rec. June 16
Stone & Webster, Inc.(qaar.)
Apr. 1
Holders of rec. Mar. 14a
$I
Storkline Furniture, corn. tquar.)
*Holders of rec. Mar. 20
•25c. Apr.
Strauss (Nathan)Inc
*Holders of roe. Mar. 21
'373.40 Apr.
Straus (S. W.) & CO. of Del.(gttar.).*Holders of rec. Mar. 20
•50o. Apr.
*Holders of roe. Mar. 15
•14( Apr.
Strawbridge & Clothier. pref. (guar.)*Holders of rec. Mar. 21)
Strooek (S.) &
•750. Apr.
Inc.(guar.)
Stuart(D. A.) &
Holders of roc. Mar. 15
250. Apr.
Co..
Co., Ltd., corn. A (qu.)
"Holders of rec. Mar. 20
Studebaker Mail Order,class A (guar.)- •50c. Apr.
Submarine Signal Co
Holders of rec. Mar. 15
25e. Apr.
.31
Apr.
Sullivan Machinery
Apr. 1
to
Apr. 7
*ei
May
Super-Maid Corp.(stook
*Holders of roe. Apr. 21
(guar.).dividend)
Holders of roe. Mar.16
Superfast Petroleum. eom. & ord. Mo./201 Are.
"Holders of tee. Mar. 16
Preferred A (guar.)
41.75 Apr.
*Holders of reo. Mar. 15
Preferred B (guar.)
'37140 Apr.
Swartwout Co. (guar.)
Holders of rec. Mar.20
200. Apr.
Sweets Co. of Amerles (guar.)
Holders of roe. Apr. 15
250. May
Swift & Co., old 100 par stock (guar.)._
Holders of ree. Mar. 10
Apr.
2
New $25 par stock (guar.)
Holders of rec. Mar. 10
600. Apr.
Taggart Corp.. corn.(guar.)
*Holders of rec. Mar. 15
•25c. Apr.
Class A (guar.)
'Holders of rec. Mar. 15
•500. Apr.
Preferred (guar.)
'Holders of rec. Mar. 15
021.75 Apr.
Taylor Milling Corp.,corn.(guar.)
Holders of rec. Mar. 10
0240. Atm.
Telephone Corporation (monthly)
"Holders of ree. Mar. 20
•200. Apr.
Monthly
*Holders of ree. Apr. 20
1.200. May
Monthly
*Holders of reo. May 20
•20e June
Monthly
*Holders of rec. June 21)
020e July
Monthly
•20o Aug.
*Holders of roe. July 20
Monthly
•200. Sept. *Holders of rec. Aug. 20
Monthly
*Holders of roe. Sept.20
•200. Oct.
Monthly
•200. Nov. 'Holders of rec. Oct. 20
Monthly
*Holders of rec. Nov. 20
•20c. Deo.
Texas Corporation (guar.)
Holders of roe. Mar. 7r
750, Apr.
Textile Banking (guar.)
•500. Apr.
*Holders of rec. Mar. 25
Thatcher Mtg. common (guar.)
Holders of rec. Mar 200
400. Apr.
Thompson (.1 R.1 Co.(monthly)
Holders of rec. Mar.2 a
300. Apr.
Thompson Products.new no par com.(gu) 600. Apr.
Holders of roe. Mar 200
Thompeon's Spa, Inc., 38 pref.(guar.)._ 31.50 Apr.
Holders of rec. Mar. 10
Thompson-starrett Co., Inc., pref. (qu.) 87%c AM.
Holden, of rec. Mar. Iii
Timken-Detroit Axle, corn.(guar.)
Holders of rec. Mar. 20a
200. Apr.
Tide Water Assoc. 011. pref.(guar.)
Holders of tee. Mar. 14a
14 Apr.
Tide Water Asenelated Oil, semi-annual. 10e Aug. 1
Holders of rec. July 31a
Tide Water Oil, corn.(guar.)
20o. Mar. 3 Holders of rec. Mar. 14
Time-0-Scat Control, class A (guar.). _
"Holders of rec. Mar. 20
•50e Apr.
Tintic Standard Mining (guar.)
•200 Mar.2 *Holders of rec. Mar. 18
Extra
'be.Mar.2 *Holders of rec. Mon 18
Torrington Co. (guar.)
Holders of rec. Mar. le
75e. Apr.
Extra
Holders of rec. Mar. 14
500. Apr.
Transeontinental Oil (new)
Holders of rec. Apr. If
30e. May
Trawls label & Lithograph, Cl. A (go.) '374c June 1 "Holders of reo. June 1
Class A (guar.)
'37%c Sept. IS *Holders of roe. Sept. t
Class A (guar.)
*374e Deo. 15'Holders of rec. Dec. t
TH.-Coot!nonfat Corp., pref.(guar.)._ _ 111.60 Apr. I *Holders of roe. Mar. 14
Trico Products(guar.),
62)40 Apr. 1 Holders of rec. Mar UM
Tri-National Trading
(qu.). 14 Apr. 8 Holders of rec. Mar 21
TrI-UtIlltJes Corp.. corn.(go.)(No. 1)._ 0300. Apr. 1 *Holders of reo. Mar. 15
Common (payable In 001131900 stook). "11
Apr. 1 *Holders of reo. Mar. IS
Holders of roe. Mar. 14
$3 Preferred (guar.)
75o. APr.
Trumbull-Cliffs Furnace. pref. (guar.). 14 Apr.
Holders of rec. Mar. 20
Truseon Steel, from. (guar.)
30e. Apr. 15 Holders of roe. Mar. 26e
Twenty Wacker Drive Corp.. Prof. (Mt.) *21.50 Arm. 15'Holders of rec. Mar. 31
Twin Tape Corp., corn.(guar.)(No.1)_ •25e. Apr.
*Holders of Teo. Mar. 21
Underwood Elliott Fisher Co..corn.(gu.) 111.25 Mar.3 Holders of roe. Mar. I2a
1,4 Mar. 3 Holders of rec. Mar. 12e
Preferred (guar.)
Union Carbide & Carbon (guar.)
Holders of rec. Feb. 28a
650. Apr.
Union Guar. & Mtge. corn,(guar.)
"Holders of rec. Mar. 21
•$1.50 Apr.
Union Metal Mfg.(guar.)
Holders of roe. Mar.20
500. Apr.
Extra
Holders of reo. Mar. 20
25o. Apr.
Union Mortgage common (guar.)
Apr.
'Holders of rec. Mar. 21
•112
Preferred (guar.)
*Holders of rec. Mar. 21
011.50 Apr.
Union Storage Co.(gust.)
'6240 May 15 *Holders of rec. May
Quarterly
'6240 Aug. 16 *Holders of rec. Aug. 1
Quarterly
'6240 Nov. 15'Holders of rec. Nov. 1
Union Twist Drill, oom.(guar.)
*250. Mar. 31 *Holders of rec. Mar. 20
Preferred (guar.)
*134 Mar. 31 *Holders of nee. Mar.20
Unit Corporation, Prof. (guar.)
50c. Apr. 1 Holders of rec. Mar. 20
United Aircraft & Transport. 9ref.(gal
750. Apr. I Holders of roe. Mar. 130
United Bond & Share Corp., pref. (oft.). 13.4 Mar. 31 Holders of roe. Mar. 15
United Carbon. corn. (guar.)
500. Apr. I Holders of rec. Mar. 150
Preferred
*34 My 1 *Holders of tee. June 13
United Dyewood Corp., pref. (guar.)... 1% Apr. 1 Holders of roe. Mar. 13e
United Founders Corp. common
(5) Apr. 1 Holdens of rec. Mar. 12
United Fruit (guar.)
Apr.
Holders of roe. Mar. 3o
United Fuel Investments. Ltd.. Pf.(MO
1,4 Apr. 1 Holders of rec. Mar. 15
United Linen Supply. pref. A (guar.).-•87140 Apr.
*Holders of rec. Mar. 20
Preferred B (guar.)
81.50 Apr. 20 *Holders of rec. Apr. 1
United Paper Box, class A (guar.)
*Holders of roe. Mar. 20
"40o. Apr.
United Porto Rican Sugar pref. (gu.)._ '873.4c Apr. 1 *Holders of rec. Mar. 24
United Securities Ltd.. pref.(guar.)._
Holders of roe. Mar. 19
134 Apr.
2161
FINANCIAL CHRONICLE
Name of ConsPetnP.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive
Miscellaneous (Continued).
United Piece Dye Works, corn.(guar.)-500. May 1 Holden; of tee. Apr. 15a
50e. Aug. 1 Holders of zoo. July 15e
Common (guar.)
50c. Nov. 1 Holders of two. Oct. leer
Common (guar.)
Preferred (guar.)
134 Apr. 1 Holders of tee. Mar. 20e
Preferred (guar.)
134 July; 1 Holders of roe. June 20a
Preferred (guar.)
144 Oct. 1 Holders of roe.apt. 200
134 Jan 2'31 Holders of tee. Dee. 200
Preferred (guar.)
United Shoe Machinery, corn. (guar.)_ 82340. Apr, 5 Holders of rec. Star. 18
37340. Apr. 5 Holders of rec. Mar.18
Preferred (guar.)
250. Mar.31 Holders of rec. Mar.12
United Thrift Plan
May 1 Holders of recs. API% 2
United Verde Extension Mining (Guar.). Si
U.S. Bobbin & Shuttle. pref.(guar.) ...134 Mar. 31 Holders of rec. Mar.20
Apr. 1 *Holders of rec. Mar.24
*31
U. S. Casualty (guar.)
"500. Apr. 1 'Holders of rec. Mar. 29
U. S. Cold Storage. corn.(guar.)
Preferred (guar.)
"134 Apr. 1 Holders of rec. Mar.29
50c. Apr, 15 Holders of rec. Mar. 12
U. S. Finishing. cons. (guar.)
Apr. 15 Holders of rec. Star. 12
f2
Common (payable in common
(guar.)
stok).Prefd
13.4 Apr, 1 Holders of rec. Mar. 12
U. S. Foil. corn. A. & B.(guar.)
250. Apr, 1 Holders of rec. Mar. 140
Preferred (guar.)
1% Apr, 1 Holders of rec. Mar. 14a
U. S. & Foreign Seeur. 1st pfd.(quar.)
$1.50 May 1 Holders of rec. Apr.dlla
U.S. Gypsum.corn.(guar.)
•400 Mar. 31 *Holders of rec. Mar. 15
Preferred (guar.)
•154 Mar. 31 *Holders of rec. Mar. 15
U. S. Leather, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 100
13.4 Apr. I Holders of rec. Mar. 10
Prior preferred vot. trust certificates_
U. S. Lumber
'$1.50 Apr. 1 *Holders of roe. Mar. 20
U. S. Pipe & Foundry, corn.(quar.).-- 234 Apr. 20 Holders of rec. Mar.31a
'24 July 20 ,Holders of rec. June 30a
Common (guar.)
Common (guar.)
234 Oct. 20 Holders of rec. Sept. 200
Common (guar.)
234 Ja 20'31 Molders of rec. Dec. 3I0
First preferred (guar.)
30e. Apr. 20 Holders of rec. Mar. 310
First preferred (guar.)
300. July 20 Holders of rec. June 300
800. Oct. 20 Holders of ree. Sept. 30e
First preferred (guar.)
30o Ja 2031 Holders of rec. Dec. 31.
First preferred (guar.)
ti30c. Apr. 20 Holders of rec. Mar. 310
Second preferred (guar.)
530e. July 20 Holders of roe. JUDO 300
Second preferred (guar.)
t300. Oct. 20 Holders of roe. Sept. 300
Second preferred (guar.)
r300. Jo 20'31 Holders of roe. Dee.
Second preferred (guar.)
Apr. 1 *Holders of rec. Mar.21
U. S. Playing Card (guar.)
*S1
U.S. Printing & Lithographing (guar.)." 4.13.5 Apr. 1 *Holders of rec. Mar.21
*50c. Apr. 15 *Holders of rec. Apr. 1
U. S. Radiator common (mar.)
Preferred (guar.)
•134 Apr. 15 *Holders of rec. Apr. 1
United States Steel Corp. DOM.(guar.)._
IX Mar. 29 Holders of rec. Feb. 27o
Apr. 1 Holders of roc. Mar. 170
$I
U.S. Tobacco,corn.(guar.)
134 Apr. 1 Holders of rec. Mar. 170
Preferred (guar.)
Universal Leaf Tobacco corn. (guar.)
750 May 1 Holders of roe. Apr. 21a
Apr. 1 Holders of rec. Mar. 17e
Preferred (guar.)
32
Universal Pictures. Inc • prof (guar.)._ 32
Apr. 1 Holders of roe. Mar. 24e
*500 Apr. 1 *Holders of rec. Mar. 15
Universal Products, corn. (guar.)
.400 Apr. 15'Holders of rec. Apr. 1
Upson Co. class A & B (guar.)
•10c Apr. 15 *Holders of rec. Apr. I
Class A 3, B (extra)
Utah Copper Co.(guar.)
$4 Mar. 31 Holders of net. Mar. 14a
Utilities & Hydro Rails Shares(No. 1)... •140 Apr. I *Holders of rec. Mar. 15
Mar. 31 *Holders of rec. Mar. 20
Steel
*SI
(guar.)
Vanadium Alloys
Van de Kamps Holland Dutch Bakers"37,4c Apr. 1 *Holders of reo. Mar. 11
Common (quer.)
•124c Apr. 1 'Holders of rec. Mar. 11
Common (extra)
Van Sick lenCorp..crass A (guar.)
•50e. Apr. 1 *Holders of rec. Mar.115
•1% June 1 *Holders of rec. June 1
Vapor Car Heating, pref. (guar.)
•1,ei Sept.10 *Holders of rec. Belot. 1
Preferred (guar.)
•15,4 Dec. 10'Holders of rec. Dec. 1
Preferred (guar.)
13.4 Apr. 1 Holders of roe. Mar.22
Viso Biscuit Corp., pref.(guar.)
Apr. 1 *Holders of rec. Mar. 17
Vickers, Ltd.. Amer. dep. rots. ord.ohs.. sio8
400 Mar.31 Holders of rec. Mar.20
VIcheck Tool, corn.(Oust.)
•31.75 Apr. 1 'Holders of roe Mar.20
Preferred (guar.)
•50c. Apr. 1 *Holders ef reo Mar 15
Vogt Mfg. (guar.)
•500. Apr. 1 *Holders of rec. Mar. 20
Vortex Cup Co. common(guar.)
•6234e Apr. I *Holders of rec. Mar. 20
Class A (guar.)
I
Apr. 19 Holders of Two. Apr, 10o
Vulcan Detinning corn. de corn. A
13.4 Apr, 19 Holders of rec. Apr. 104
Preferred and pref. A (guar.)
13.4 Apr. I Holders of rec. Mar. 20
Wagner Electric pref.(guar.)
*30e Mar.29 *Holders of rec. Mar. 16
Wolff & Bond, class B (guar.)
Waldorf System. Inc., corn.(quar.).-- 3734t Apr, 1 Holders of rec. Mar.200
200 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 200
Walgreen Co.. prof. (guar.)
Walker Mining Co.(No. 1)
•740. Apr. 25 *Holders of rec. Apr. 10
Waltham Watch. pref. (guar.)
13.4 Apr. 1 *Holders of rec. Mar. 22
.1% Apr. 1 *Holders of rec. Mar. 22
Prior preferred (guar.)
•75o Mard31 'Holders of rec. Mar. 20
Walworth Co., Pref.(guar.)
Ward Baking Corp.. pref.(guar.)
144' Apr. I Holders of rec. Mar. 175!
*500 Apr. 15'Holders of rec. Apr. 1
Warner Co., corn. (guar.)
(guar.)
•51.75 A. 1'Holders of rec. Mar. 18
First and second pref.
250. Apr. 3 Holders of rec. Mar. 140
Warner-Quinton Co.,corn.(guar.)
Holders of rec. Mar. I7a
Apr.
$2
Warren Bros. common (guar.)
Holders of rec. Mar. l7a
75c. Apr.
First preferred (guar.)
Holders of rec. Mar. 170
874e Apr.
Second preferred (guar.)
Holders of rec. Star. laa
50e Aye.
Warren Foundry & Pipe Corp
'Holders of rec. Mar. 15
•750. Apr.
Waukesha Motor common (guar.)
Holders of rec. Mar. 204
Webster-Eisenlohr Co.. Pref.
---- 144 Apr.
Holders of rec. Mar. 21
250 Apr.
Weinberger Drug Stores,new corn
Holders of rec. Mar. 21
Apr.
New common (payable In corn.stook). 11
134 Apr. 1 Holders of roe. Mar. 21
Wellman Engineering. pref. (guar.)_ _
Wellman-Seaver-Morgan. Pref. (g11./..- •134 Apr. 1 'Idol fere of rec. Mar.21
500 Apr, 1 Holders of rect. Mar. 164
Weseon On & Snowdrift. MM.
*Holders of rec.'Mar.17
coast oli(guar)
•134 Apr.
(qua?.),Welt
Apr. 1 Holders of rec. Mar. 15
2
West Point Mfg.(guar.)
Apr. 1 *Holders of rec. Mar.15
Western Breweries (guar.)
•2
Mar. 31 Holders of rec. Mar.25
Western Electric, common (quar.)....... 11
Western Grocers, Ltd., pref (guar.)._ 111.75 Apr. 15 Holden of rec. Mar.20
Western Reserve Invest., pr. pref.(qu.). 14 Apr. 1 Holders of rec. Mar. 11
Western Tablet & Stationery, corn.(go.) 600 May 1 Holders of rec. Apr. 21
Preferred (gust.)
•13.1 Apr. I "Holders of rec. Mar.Ill!
Westinghouse Air Brake (guar.)
500 Apr. 30 Holders of ree. Mar. 30
Westinghouse Elec. & Mfg.$1.25 Apr. 30 Holders of rec. Mar. 11
Common and preferred (guar.)
Westmoreland, Inc
•30c Apr. 1 *Holders of rec. Mar. lb
Weston Electric Instrument (guar.).. 250. Apr. 1 Holders of reo. Mar. 21e
50c APT. I Holders of rec. Mar.Ela
Class A (guar.)
Westvaco Chlorine Prod., pref. (gu.)
'134 Apr. 1 *Holders of rec. Mar. 15
Wheatswortn, Inc.. corn. (guar.)
•250 Apr. 1 *Holders of roe. Mar.110
Apr. 1 *Holders of rec. Star. 12
Whee'ing -feel Corp., pref. A (guar.).__ $2
Preferred B (guar.)
Apr. I *Holders of rec. Mar.
Whitaker Paper, common (guar.)
.11.50 Apr, 1 'Holders of rec. Mar. X
eferred (guar.)
'134 Apr. 1 *Holders of rec. Mar. X
White Motor Co., corn.(guar.)
500 Mar.81 Holders of roe. Mar. 12
White Motor Securities, pref.(quit.)..., 134 Mar. 31 Holders of rec. Mar. 12
White Rock Mineral Springs, corn,(qu.) $I
Holders of rec. Mar. 28
Apr.
Common (extra)
500 Apr. 1 Holders of roe. Mar. 230
First preferred (guar.)
134 Ayr. 1 Holders of Me. Mar,24
Second preferred (guar.)
Apr. 1 Holders of tee. Mar.28
5
Second preferred (extra)
2)4 Apr. 1 Holders of roe. Mar. 28
White Star Refining,corn.(guar.)
*624 Apr. 1 *Holders of roe. Mar. 15
Whitman(Wm.)Co., pref.(guar.)
Holders of tee. Mar.21
144 Apr.
Wiebolt Stores (guar.)
*Holders of tee. Apr. 15
•40e May
Wilcox-Rich Corp.. class A (guar.)
624 Mar. 3 Holders of rec. Mar. 200
500. Mar. 3 Holders of roe. Mar. 200
Class B (guar.)
WIII & Boomer Candle, corn. (guar.).100 May 1 Holders of refl. May 1
Common (extra)
10o May 1 Holders of roe. MAY 1
Apr.
Preferred( guar.)
2
Holders of ree. Mu.15
350. May
Williams(R. C.) & Co.(guar.)
Holders of rec. Apr. 16
WIllys-Overland Co.. Prof.(guar.)
1,4 Avr,
Holders of roe. Mae. ISP
Wilson & Co. prof (acct. accum. diva.). 81,4 Apr.
Holders of roe. Mar. 10
•50c. Apr,
Wilson (Percy) & Co.(No. I)
50e. Apr.
Winn & Lovett Grocery Co.. Cl. A (go.).
Holders of rec. Mar. 21
1,4 Apr.
Preferred (guar.)
Holders of rec. Mar.21
.2% May
ViOnsted Roeder)
*Holders of roe. Apr. 15
,(gnu.)
Extra
*50e. May
*Holders of reo. Apr. 15
0214 Aug. 1 *Holders of rec. July 15
Quarterly
Extra
•500. Aug. 1 *Holders of TOO. July 15
•234 Nov. 1 *Holders of -roe. Oct. 15
Quarterly
Extra
*50e. Nov. 1 *Holders of rec. Oct..)
2162
[VOL. 130.
FINANCIAL CHRONICLE
Per
Cent.
Name of Company
When
Payable.
Books Closet
Days Inclusive.
Miecelitineous(Conauded).
Wisconsin Bancshares
Wiser Oil (guar.)
Wolverine Tube (guar.)
Extra
Wood (Alan) Steel pref.(quar.)
Wood Chemical Products. class A (qu.).
Class B (guar.)
Woodruff di Edwards, Inc., al. A (qu.).
Woods Manufacturing, pref.(quar.)_ _
Worthington Pump di Mach., pt. A (qu)
Preferred A (accrued acoum. diva.)
Preferred B (guar.)
Preferred B (accrued accum. divs.)
Wrigley (Wm.) Jr., Co.(monthly)
Monthly
Yale & Towne Mfg. (quar.)
Yosemite Holding Corp., pref. (quar.)
Young (L. A.) Spring di Wire,corn.(qu.)
Youngstown Sheet di Tube, corn. (qu.)_
Preferred (guar.)
Zoller (William) Co., Prof. (guar.)
'Sc. Mar. 31 *Holders of rec. Mar. 25
*25e. Apr. 1 *Holders of rec. Mar. 11
.30e. Apr. 1 *Holders of rec. Mar. 15
*15c. Apr. 1 Holders of rec. Mar. 15
*Ix Apr. 1 *Holders of rec. Mar. 12
50o. Apr. 1 Holders of roe. Mar. 18
250. Apr. 1 Holders of roe. Mar. 18
•504). Apr. I *Holders of rec. Mar. 20
lit Apr. 1 Holders of roe. Mar. lb
lit Apr. 1 Holders of rec. Mar .100
hl% Apr. 1 Holders of rec. Mar. 100
134 Apr. 1 Holders of rec. Mar. 10a
3134 Apr. 1 Holders of rec. Mar. 10a
25c. Apr. I Holders of rec. Mar. 20a
256. May 1 Holders of rec. Apr. 19a
Apr. 1 Holders of rec. Mar. 100
81
8734c Apr. 1 Holders of roe. Mar. 15
75e. Apr. 1 Holders of rec. Mar. 130
81.25 Apr. 1 Holders of ree. Mar. 140
IR Apr. 1 Holders of roe. Mar. 14
•1,‘ Mar. 31 *Holders of roe. Mar. 20
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Mar. 21:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, MARCH 21 1930.
NATIONAL AND STATE BANKS-Average Figures
OtherCash Res., Dep., Dep. Other
Loans.
Including N. 1'. and Banks and
Gra!
Gold. Bk.Notes. Elsewhere. 7`rust Cos. Depos
s
Manhattan$
S
$
S
s
Bank of U.S. _ __ 213,622,000 17,000 3,843,000 33,103,000 8,274,660 211,194 ,000
Bryant Park Bk. 2,686,600
--_- 181,100
2,18(,150
329.200
Grace National__ 22,831,957 4.000
75,693 1,835,741 11,1$1,454 20.19:,195
Port Morris
3,479,100 22,700
96,700
148,200
2.851 .300
Public National.147,344,000 33,000 1,715,000 8,969,000 30,219.000 157,511 ,000
*From unofficial sources. t The New York Stock Exchange has ruled that stock
Brooklyn
52,700
will not be quoted ex-dividend on this date and not until further notice. I The Brooklyn Nat'l
471,100
8,121,500 9,500
581,300 5.151 .400
New York Curb Market Association has ruled that stock will not be quoted ex- Peoples Nat'l_ _ _ 7,400,000 5,000 100.000
506,000
126,000 7,30( .000
dividend on this date and not until further notice.
Transfer books not closed for this dividend.
b Payable in cash or one-fortieth share class A stock.
TRUST COMPANIES-Average Figures
d Correction. e Payable In stock.
accumulated
Payable
In
scrip.
h
On
account
of
fPayable In common stock. g
Reeve Dep.. Depot.01her
dividends. .1 Payable in preferred stock.
Cash.
N. I'. and Basks and
Gross
Loans.
Elsewhere. Trust Cos. Deposes•
Knott Corp. dividend payable either in cash or one-fiftieth share stock. Stockholders must notify company by March 3111 they desire stock.
$
$
Manhattan$
$
$
as General Gas di Electric common A dr B dividend will be applied to the purchase American
829.700
51,500 49,651,400
50,730,200 9,588,700
of common A stook at rate of $25 per share unless written notice of their desire to Bank of Europe &'Fr. 15,838,570
798,268
130,878
15,178,526
March
22.
take cash is given by stockholders prior to
537,007 1,859,121
Bronx County
26,260,032
24,122,677
20.771,000
Richmond National Bank dividend ratified by stockholders at meeting on Chelsea Exchange Bk 22,796,000 1,304,000 1.696,000
Empire
85,673,400 *5,164.500 6,440,900 4.614,000 86,333,600
Feb.25.
105,662 1,335,042
Federation
17,774.950
125,915 17,612,870
o New York Stock Exchange rules Columbia Gas is Elec. common stock be not Fulton
541,300
16,051,900
18,762,000 *2.080,200
Quoted ex the stook dividend until April 1.
360,169,000 2,928,000 47.590,000 2,516.000 335,56E000
Manufacturers
65,725,658 3,433.334 9.176,480
49,949,983
p Holders of General Water Works & Electric, common A dividend have right to United States
Brooklyn
apply this dividend to the purchase of class A stock at $24 per share. Notice of this
Brooklyn
118,778,000 2,020,000 22,034,700
119,430,0
Intention must be received not later than March 22.
Kings County
27,968,890 1,932.201 1,917,818
25,211,7'36
London
(British American Tobacco dividend is 10 pence. All transfers received In
Bayonne, N. J.•
On or before March 3 will be In time for payment of dividend to transferee.
TAprhanira
R I%2 100
217.370
762.290
235.392 il A52 A 21
r Canada Iron Foundries preferred and common dividend subject to confirmation
* Includes amount with Federal Reserve Bank as follow': Empire, $3,370,900:
by general meeting on AprU 17.
Fulton, $1,974,500.
s United Founders Corp. dividend is one-seventieth share common stosk.
I Payments on 2d pref. stock of U. S. Pipe & Fdy. Co. subject to discontinuance
In the event of the redemption of that stock before all dividends are paid.
Union Natural Gas of Canada dividend payable either 40c. cash or 2% stock.
es Less deduction for expenses of depotittarY
aa Commercial Investment Trust cony. pref. dividend payable in eom, stock
Boston Clearing House Weekly Returns.-In the
at rate of 1-52nd share common unless company is notified on or before March 17
following we furnish a summary of all the items in the
of shareholders' desire to take cash-S1.50 per share.
CD Unless advised on or before close of business March 18 by stockholder of his Boston Clearing House weekly statement for a series of weeks:
desire to take cash Peoples Light & Power dividend will be paid in class A corn.
stock at rate of 1-50th share for each share held.
BOSTON CLEARING HOUSE MEMBERS.
cc Utilities Power & Light corn, and class A dividends will be paid 1-40th share
corn, stock unless stockholders request cash-25e. a share. Class A dividend will
be paid 1-40th hbare class A stock unless stockholders request cash-50c. a share.
Change:from
Mar. 17
Mar. 12
Mar. 26
dd American Cities Power & Light class A dlv. Is payable in class B stock unless
19311.
1930.
1930. ' PreviousWeek.
written notice is received on or before Apr. 15 of stockholder's desire to take cash.
ee A dividend at rate of $4 per share per annum from Mar. 1 1930 to date upon
Which plan shall be consummated is payable 14 days after date of consummation
97,975,000
97.475.000
97,475,000 Unchanged
Capital
of plan to holders of record Apr. 2.
102,461,000 105,487,000
102,461,000 Unchanged
Surplus and profits
If Safeway Stores coin, dividend payable In cash or 1 % in common stock at Loans, Marls & invest'ts 1,117,112,0001 +16,916,000 1.100.196.000 1,090.972,000
stockholders' option. Dividend will be paid In cash unless notice of election to fnd iv[dual deposits
669,093,000 +6,537,000 662.556,000 864.534,000
take stock Is reeelyrd prior to close of business March 22.
146,196,000i +3.413.000 142,783.000 135,905,000
Due to banks
277,494,0001 +9,105,000 263.388,000 287,930.000
00 Shenandoah Corp. dIv. Is 1-32d share common stock or at option of stock- Time deposits_ - holder on written notice on or before Apr. 15, 75c. cash.
802,000
15,773.000
United States deposits_ _
19,172,000, +3.399.000
27,934,0001 -1,698.000
29,934,000
20.632.000
Exchanges for Crg House
hh Unless notified to the contrary Pacific Public Service dividend will be Paid in Due
74,928.000
80,255,0001 +1,658.000
78.507.000
from
other
banks_
__
class A stock.
81,929,000
82.200,000
83,463,0001 +1,263,000
Res've In legal deposit's..
U Preferred stockholders of Corporation Securities Co. who desire cash must Cash In bank
+283,000
7,205,000
7,189.000,
6,908.000
give written notice to that effect not later than April 10.
1,042,000
-19.000
1,390,000
1,371,000
Res've excess in F
Weekly Return of New York City Clearing House.Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MAR. 29 1930.
Clearing House
Members.
*Capital.
Bank of N.Y.& Tr. Co__
Bk.of Manhattan Tr. Co.
Bank of Amer. Nat. Ass*n
National City Bank
Chem. Bk.& Trust Co
Guaranty Trust Co
Chat.Ph.N at.Bk.&Tr.Co
Cent. Han. Bk.& Tr. Co_
Corn Exch. Bk, Trust Co_
First National Bank
Irving Trust Co
Continental Bk.& Tr.Co_
Chase National Bank___.Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar.& Trust Co__
_
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Com'l Nat. Bk.& Tr Co.
Harriman Nat. Bk. & Tr_
*Surplus and Na Demand
Undivided
Deposits
Profits.
Average.
Time
Deposes
Average.
*
$
$
14,297,300
64,989,000
6,000,000
22,250,000
43,209.600 187,563,000
38,653,000 164,580.000
35.775,300
110,000,000 129,650,200 a1003077,000
15,000,000
22,017.700 206,525,000
90,000,000 202,636,000 6797,301,000
16,200,000
19,466,100 155,295,000
21,000,000
84,117,700 349,523,000
12,100,000
22,604,000 174,712,000
10,000,000 103,359,800 245,303,000
50,000,000
83,741,000 366,013,000
8.887,000
6.000,000
11.280,300
105,000,000 136,365,100 c745.624,000
500,000
3,627,700
24,105,000
63,611,000 d483,094,00
50,000,000
25,000,000
82,631,400 e376.258,000
24,321,600
34,339,000
10,000,000
42,547,000
5,659,200
6,000,000
19,300,000
4,615,100
3,000,000
12,500,000
34,276.600 151,092,000
39,980,000
7,000,000
8,790,500
2,509,700
30,925,000
/2,000,000
5
10,435,000
41,772,000
59,759.000
226,856,000
19,072,000
122,370,000
41.496,000
44,547,000
33,649,000
11,597,000
51,410,000
813,000
82,966,000
1,492,000
69,551,000
65,056,000
1,566,000
5,117,000
2,033,000
28,068,000
10,606,000
6,886,000
8,174,000
2,801,000
1,660,000
5,443,000
non
944.220.000
Clearing Non-Metisbers-
City Bk. Farmers 'tr. Co_
Mech. Tr. Co.. Bayonne_
Totals
10,000,000
500,000
12,167.700
888,300
69K519, non 1 lAA Laa Ann A AR9 007
*As per official reports: :stational, Dec. 31 1929; State, Dec. 31 1929; trust
companies, Dec. 31 1929. f As of Jan. 20 1930.
Includes deposits in foreign branches: a $293,784,000; b 514E975,000; c 516,186,000; d 5116,715,000; e $61,829,000.
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Mar.22, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
g
Beginning with the return for the week ending May 14 19,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Mar. 29 1930.
Two Ciphers (00)
omitted.
Trust
Members of
P.R. System Competitive
Mar, 15
1930.
Total.
1
Mar.8
1930.
7,500,0
70,038,0
62,538,0
Capital
69.908,0
69,908,0
16,869,0 232,994,0 233,714,0 233,714,0
Surplus and profits-216,125,0
63,989,0 1,139,283,0 1,136,335,0 1,137.710,0
Loans, discts.
1,075,294,0
317,0
34,291,0
Exch. for Clear. House
38,305,0
33,974,0
39,341,0
13,0 106,400,0
92,944,0
Due for banks
09,070,0
106,387,0
1,837,0 147,693.0 145,558,0 147,223,0
Bank deposits
145,856,0
29,179,0 652,845,0 648,220,0 641,700,0
Individual deposits_ -- 623,666,0
15,302,0 256,263,0 252.118,0 249,886,0
Time deposits
240.961,0
46,318,0 1,056,801,0 1,945,896,0 1.038,809,0
Total deposits
1,010,483,0
Res. with legal depos71,486,0
72,245,0
70,994,0
71,486,0
4,807,0
Res. with F. R. Bank.
4,807,0
4,972,0
5,835,0
1,590,0
Cash In vault*
11,362,0
11,431,0
11,643,0
9.841,0
87 724 0
Total res. dc cash held_
6 97.0
88,191,0
88,860.0
81 327.0
Reserve required
?
Excess reserve and cash
In vault
•
•Cash In vault not counted as reserve for Federal Reserve members
MAR. 29 1930.]
FINANCIAL CHRONICLE
2163
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday atternoon, Mar.27,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 wc.ek 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 2119, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAR. 26 1930
Mar.26 1930. Mar. 19 1930. Mar.12 1930. Mar.51930. Feb. 26 1930 Feb. 19 1930. Feb. 12 1930. Feb. 5 1930. Mar. 271929.
RESOURCE'S.
S
6
5
$
6
$
$
$
$
Gold with Federal Reserve agents
1,717,859,000 1,683,659,000 1,656,159,000 1.615.230,000 1,629,630,000 1,663,332,000 1,646,634,000 1.646,264,000 1,271,104,000
Gold redemption fund with U. S. Treas.
51,865,600
53.266,000
53,766,000
53,770,000
55,409,000
55,109,000
57,558,000
58,258,000
66,785,000
Gold held exclusively agst. F. R. notes 1,769,724,000 1,736,925,000 1,709,925,000 1,669,000,000 1,685,039,000 1,718,441,000 1,704,192,000 1,704,522,000 1,337,889.000
Gold settlement fund with F. R. Board
587,321,000 615,496,000 638,670,000 648,856,000 634,655,000 627,763,000 664,423,000 661,780,000 709,176,000
Gold and gold certificates held by banks_ 693,957,000 683,616,000 690,564,000 677,667,000 669,937,000 631,314,000 606,363,000 610.261,000 662,195,000
Total gold reserves
Reserves other than gold
3,051,002.000 3,036,037.000 3,039,159,000 2,995.523,000 2,989,631,000 2,077,518,000 2,974,978,000 2.976,563.000 2,709,260,000
191.079,000 185,058.000 183,703,000 188,436,000 196,954,000 199,412,000 198,479,000 199,872,000 169,755,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,242,081,000 3,221,095,000 3,222,862,000 3,183,959,000 3,186,585,000 3,176.930.000 3,173,457,000 3,176,435,000 2,879,015,000
72.366,000
71,600,000
71,724,000
67.857.000
70.001,000
69,602,000
68,031.000
69,144,000
77,510,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificatee and bills
Total U.S. Government securities
Other securities (see note)
Foreign loans on gold
86,476,000
120.353,000
82,970.000
122,664.000
120,838,000
145,500,000
148.890,000
159,726.000
184,163.000
158,618,000
204,930,000
172,013,000
212,650,000
169,264,000
197,928,000
183.494,000
206,829,000
256,482.000
205,634.000
185,017,000
266,338,000
256,538,000
308,616,000
271,202,000
342,781,000
299,306,000
376,943,000
281,057,000
381,914,000
276,084,000
381.422.000 1,024,130,000
295.791,000 208,427,000
41.603,000
192,520,000
294,876,000
56,252.000
211,763,000
293,424.000
66,339,000
214,504,000
233,270,000
69,660,000
209,665.000
206,820,000
79,167,000
221.030.000
182.558,000
69,770,000
200,532,000
210.313,000
69,592,000
186,182,000
222,786,000
69,679,000
171,226,000
236.939,000
51,611,000
91,190,000
27,509,000
528,999,000
8,780,000
561,439,000
8,780,000
514,113,000
12,080,000
486,145,000
12,230.000
482,755,000
13.680.000
480.615,000
14.280,000
478,560,000
11,280,000
477.844.000
12,180,000
170,310,000
6,845,000
621,980,000
402,150,000
Total bills and securities (see note).God held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,001,090.000
Total resources
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
4,066,435,000 5,030,587,000 5,057,700,000 5,035,622,000 5,147,303,000 5,124,287,000 5,112,972.000 5,079,762,000 5,107,312,000
2,339,814,000 2,290,540,000 2,353,902,000 2,315.190,000 2,345.858,000 2.315,411,000 2,307,658,000 2,338.845,000 2,332,181,000
1,171,000
20,418.000
3,008,000
6,732,000
36,840,000
48,987,000
11,743,000
25,552,000
23,405,000
8,128,000
6,503,000
6,696,000
7,710,000
6,389,000
8,226,000
6,305,000
5,669,000
6,058,000
20,077.000
19,447,000
19,672.000
19,476,000
18,893,000
18.297.000
63.165,000
19.226,000
21,742,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
AU other liabilities
2,388.467,000 2.319.498,000 2,381,441,000 2.349,108,000 2,407,980,000 2,390.921,000 2,388,871,000 2,389,301.000 2,383,386,000
537,074,000 660,145.000 599,918,000 578,440.000 635,683,000 611,818,000 576,719,000 542,446,000 640,280,000
174,266,000 172,245,000 172,212,000 172,064,000 171,813,000 171,591,000 171,434,000 171,547,000 154,310,000
276.936,000 276,936,000 276,936,000 276,036,000 276.936.000 276,936,000 276,936.000 276,936.000 254,398,000
18,792,000
18,062,000
18,277,000
17,648,000
17,797,000
16,860,000
16,568,000
16.051,000
22,059,000
724.000
582,194,000
58,501,000
11,479,000
960,870.000 1,049,069,000 1,078,193,000 1,138,522,000 1,152,895,000 1,147.838,000 1,167,237,000 1,409,712,000
723.000
705.903,000
58,450,000
11,916,000
722,000
639,502.000
58,453,000
15,458,000
722,000
631.687,000
58,419,000
14,783,000
721,000
678,198,000
58,419,000
14,857,000
722,000
651,924,000
58,388.000
13.826,000
721,000
650,812,000
58.311,000
13,802,000
722,000
594.478.000
58,267.000
13,479,000
723,000
673.68P,007
58,693,007
7,',70,000
1,572,900,000 1,583,701,000 1,609,006,000 1,641.426,000 1,637.094,000 1,656,161,000 1,682,444,000 1,683,481.000 1,652,879,000
Total liabilities
4,968,435,000 5,030,587,000 5,057.790,000 5.035,622,030 5,147.303.000 5.124,287,000 5,112,972,000 5.079,762.000 5,107,312,000
Ratio of gold reserves to deposits and
F. It. note liabilities combined
77.0%
77.7%
76.2%
75.9%
73.9%
73.5%
73,7%
67.1%
73.0%
Ratio of total reserves to deposits and
F II note liabilities combined
81.8%
82.5%
80.8%
79.8%
78.8%
78.5%
77.9%
71.3%
78.0%
Contingent liability on bills purchased
for foreign correspondents
406,661.000 503,362,000 505,599,000 505,179,000 513,346.000 518,664.000 523,891,000 526,924,000 332,165,000
—
Distribution by Maturities—
6
$
3
$
5
$
$
6
5
1-15 day bills bought In open market
172,731.000
79,605,000 135,843,000 125,896.000 158,895,000 150,444,000 146,001,000 146,963,000
93,984,000
1-15 days bills discounted
132,180,000 128,042,000 179,416,000 222,086,000 253,437,000 284,604,000 281,658,000 273,883,000 865,446,000
1-16 days U. S. certif. of indebtedness_
2,160,000
29.000.000
77.728,000
54,032,000
150.000
630,000
130,000
2,940,000
1-15 days municipal warrants
18-30 days bills bought in open market
28,467,000
36,401,000
49,042,000
63,532.000
70,628,000
62.413,000
68,485,000
69,096,000
52,370,000
18-30 days bills discounted
17,966.000
19,040,000
23,522,000
24,488,000
23,760,000
24,845,000
27,426,000
28,299,000
40,319,000
18-30 days U. S. certif. of indebtedness
34,037,000
61.102,000
16-30 days municipal warrants
31-60 days bills bought in open market_
40,634,000
45,272,000
45,257,000
52,697,000
50,007,000
59,899,000
49,840,000
60,674,000
33,147,000
31-60 days bills discounted
27,694,000
30,205,000
33.082,000
34,230,000
36,142,000
36,363,000
39,968,000
42.472.000
65,365,000
31-60 (lays U. S. certif, of indebtedness.
38,000,000
38,000,000
61,516,000
76,531,000
31-60 days municipal warrants
30,000
30,000
30.000
30.000
61-90 days bills bought In open market__
22,669,000
13,977.000
25,618,000
10,583,000
28,375,000
8.123,000
11,551,000
18,651,000
26,164,000
61-90 (lays bills discounted
17,080,000
16,462,000
20,536.000
18,927,000
20,012,000
22,191,000
24,070,000
25.415,000
42,679,000
61-90 days U. S. certif. of Indebtedness_
56,115,000
72,530,000
20.000
128,000
81-90 days municipal warrants
30,000
30,000
30.000
30,000
Over 90 (lays hilts bought In open market
673.000
1,070.000
778,000
702,000
193,000
178,000
207,000
407,000
2,762,000
(lays
bills
discounted
Over 90
12,527,000
11,267,000
9.782,000
8,885,000
0,430,000
8,940,000
8,792.000
9,353.000
10,321,000
Over 00 days certif. of Indebtedness_
198,601,000 153,894,000 155.542,000 152,768,000 148,371,000 149,211,000 160,640,000 160,278,000
24,441,000
Over 90 days municipal warrants
F.R. notes received from Comptroller
F. R.notes held by F.R. Agent
3,142,406,000 3,230,561,000 3,295,118,000 3,332.638,000 3,391,218.000 3,449.193,000 3,459,900.000 3.459,114,000 2,867,384,000
1,226,726,000 1,283,902,000 1,291,275,000 1,318,110,000 1,363,869,000 1,382,813,000 1,411,803,000 1.403,314,000
816,637,000
1,915,680,000 1,948,659,000 2.003,843,000 2.014,528,000 2,027,349,000 2,066,380,000 2,048,097,000 2,055,800,000
2,050,747,000
Issued to Federal Reserve Banks
_
=
How Secured—
By gold and gold certificates
402,239,000 401,539,000 399,239,000 397,210,000 404,910,000 418,112,000 421.114,000 421,744,000
367,195,000
Gold redemption fund
97,659,000
Gold fund—Federal Reserve Board-.... 1,315,620,000 1,282,120,000 1,256,020,000 1.218,020.000 1,224.720.000 1,245,220,000
1,225,520,000 1,224,520,000 806,250,000
451.956.000 381,856,000 507,391.000 562,422,000 597,048,000 621,869,000
By eligible Paper
625,288,000 654,526,000 1,178,876,000
Total
2,169,815.000 2,065,515,000 2,163,550,000 2,177,652,000 2,226,678,000 2,285,201,000
2.271,922,000 2,300,790,000 2,449.980,000
NOTE.—Iteginning with the statement of Oct. 7 1925, two new items were added in
order to show separate y the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption. "All other earning assets," previously made up of Foreign Intermediate
Credit 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
She 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. 26 1931
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta.
Total.
Federal Reserve Bank of—
Chicago. St. Louts. 211inneap. Kan.City. Dallas. San Fras.
RESOURCES
$
$
$
$
$
$
3
$
$
$
$
$
$
Gold with Federal Reserve Agents 1,717,859,0 194,917,0 258,594,0 130,000,0 175,550,0 70,211,0 129,270,0
310,564,0
Gold redo fund with U.S. Treas.
15,402,0 3,113,0 4,048,0 1,704,0 1,677,0 10,949,0 75,345,0 55,845,0 80,000,0 33,800,0 194,763,0
51,865,0 1,477,0
1,982,0 1,951.0 1,712,0 1,450,0 6,400,0
Gold held exeLaitst.F.R. notes 1,769,724,0 196.394,0 273,996,0 113,113,0 179,598,0 71.915,0
330,513,0 77,327,0 57,796,0 81,712,0 35,250,0 201,163,0
Gold aettle't fund with F.R.Board 587,321,0 20,259,0 162,698,0 45,514,0 80,412,0 19.964,0 130,947,0
10,755,0
Gold and gold ctfs.held by banks,. 693,957,0 30,296,0 425,216,0 30,895,0 46.007,0 7,896,0 5,675,0 97,422.0 29,430,0 15,780,0 42,497,0 19,659,0 42,902,0
95,646,0 6,933,0 4,367,0 8,063,0 8,662,0 24,301,0
Totalgold reserves
:3,051,002,0 246,949,0 861,910,0 209,522,0 306,017,0 99,795,0 147.377,0 523,581,0
Reserve other than gold
54,243,0 17,133,0 13,177,0 8,191,0 15,518,0 20,056,0 113,699,0 77,94:3,0 132,272,0 63,571,0 268,366,0
191,079,0 18,734,0
12,554,0 4,746,0 8,861,0 6,848,0 11,018,0
Total reserves
3,242,081,0 265,683.0 916,153,0 226,655,0 319,104,0 107,986,0 162,895,0 543,637,0
Non-reserve cash
72,366,0 9,810,0
15,270.0 3,605,0 4,497,0 4,929,0 4,853,0 8,705,0 126,253,0 82,689,0 141,133,0 70,419,0 279,384,0
5,601,0 1,702,0 2,606.0 4,938,0 5,850,0
Bills discounted:
Sec. by U. S. Govt. obligations
21,088,0 14,106,0 14,749,0 3,275,0
86.476,0 9,410,0
614,0 9,968,0
270,0 3,429,0
574,0 3,288,0
Other bills discounted
15,770,0 17,191,0 11,721,0 12,029,0 13,920,0 12,717,0 5,705,0
120,353,0 9,165,0
6.534,0 1.941,0 9.269,0 5,005,0 5,091,0
Total bills discounted
206,829,0 18,575,0
36,858.0 31.297,0 26,470,0 15,304,0 14,534.0 22,685,0
Bills bought in open market
379,0
256,482,0 9,839.0 105,750,0 6,831,0 19,051,0 10,422,0 15,081,0 23,275,0 12,239,0 2,211,0 12,698,0 5,579,0
9,533.0 11,995,0 9,136,0 8,543,0 27,026,0
U. S. Government securities:
Bonds
1,989,0 1,121,0
41,603,0 1,199,0
595,0 1,352,0
155,0 20,796,0
694,0
4,753,0
108,0
8,351,0
490.0
Treasury notes
192,520,0 9.322.0
79,321,0 17,175,0 17.799.0 3,607,0 4,480,0 15,989,0
Certificates of indebtedness
294,876,0 19,802,0 138,214,0 27,829,0 16,601,0 6,681,0 4.164,0 33,854,0 11,462,0 6,474.0 1,860,0 6,906,0 18,125.0
7.112,0 7.202,0 3.957,0 10,380,0 18,080,0
528,999,0 30,323,0 219,524.0 46,125.0 34.995,0 12.640.0 8.799.0 70.639.0 19268.0
Total U. S .Gov't securities
18 4215 n 5 n95 0 95 11.17 0 qa an, n
[Vol,. 130.
FINANCIAL CHRONICLE
2164
teli8()(Ilee'0'8 (Conatided)•Tier, Cipher& ran, omitted
$
6,750,0
$
1,000.0
$
8,780,0
Other securities
Foreign loans on gold
$
1,000,0
$
$
3
$
$
30,0
$
$
$
Smarms.
$
368,882.0 85.253,0 80,516,0 38,366,0 38.414,0 116,599,0 41,070,0 32,635,0 27,769.0 39.759,0 72,100,0
22,0
50,0
22,0
26,0
16,0
97,0
26,0
72,0
30,0
70,0
240,0
155,842,0 47,005,0 57,865,0 43,445,0 18,695.0 78.023,0 26,548,0 11.880,0 31,553,0 22,841,0 30,984;0
15,664,0 1,762,0 7.058,0 3,264,0 2,658,0 8,291,0 3,811,0 2,018,0 3,972,0 1.876,0 4,603,0
315,0
445,0
521,0
286.0
890.0
777,0
681,0 3,847,0
133,0 1,100,0
2,414.0
1,001,090.0 59,737,0
53,0
724,0
582,1134,0 57,513,0
58,501,0 3,580,0
70,0
11,479,0
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
SU other resources
Dallas
Cleveland. Richmond Allanta. Chicago. St. Louis Minneap. Kan.CUg
Phila.
New York.
Boston
Total
4,968,435,0 396.446,0 1,474,465,0 364,483,0 470,302,0 198.641,0 231,338,0 756,133,0 203,624.0 131,461,0 207,231,0 140,745.0 393,416,0
Total resources
LI.48ILITIES.
79.323.0 58,720,0 77,609,0 35,325,0 153,455,0
F. R. notes In actual circulation- 1.572,900.0 161,112.0 196,860,0 142,845,0 180,475,0 73,188,0 128,589,0 285,399,0
Deposits:
79,528,0 51,483,0 86,994,0 68,345.0 168.739,0
Member bank-reserve ace't- 2,339,844.0 143,391,0 954.721,0 133.496,0 186,829.0 63,963,0 64.775,0 337,580,0
358,0
200,0
897,0
205,0
428.0
60.0 1,248,0
260,0 1,436,0
358,0
14,549,0
419.0
20,418,0
Government
239,0
458,0
153,0
199.0
199.0
889,0
239.0
684.0
279.0
644,0
3,674,0
491.0
8,128,0
Foreign bank
181.0
54,0 7,367.0
220,0
272.0
1.168.0
186.0
1,626,0
98,0
114,0
8.696,0
95.0
20,077,0
Other depoelts
2.388,467,0 144,396,0 981,640,0 134,612,0 189,379,0 65,776.0 65,260.0 340,885,0 80,239,0 52,061,0 87,802,0 68,956,0 177.461,0
Total deposits
537,074,0 57.214,0 140,629,0 42,727,0 53,791,0 40,111,0 19,144,0 66,604.0 26,344,0 9,555,0 27,991,0 22.176,0 30.788,0
Deferred availability items
69.718,0 16,627,0 15,960,0 6.003,0 5,466,0 20.281,0 5,300.0 3.079,0 4.335,0 4,435,0 11,413,0
174,268,0 11,669.0
Capital paid in
80,001,0 26,965.0 29,141,0 12396,0 10,857,0 40,094,0 10,877,0 7,143.0 9,162,0 8.935,0 19.514,0
276,936,0 21.751,0
lumina
785,0
903,0
432,0
918.0
707,0 1.556,0 1,067,0 2,072,0 2,890,0 1,541.0
5,617,0
304.0
18,792,0
MI other liabilities
4,968,435,0 396,446,0 1.474,465,0 364,483,0 470,302,0 198,641,0 231,388,0 756,133,0 203,624,0 131,481.0 207,331.0 140.745,0 393,416,0
Total liabilities
Memoranda.
74.6
79.1
84.4
85.3
67.5
86.8
84.0
86.3
77.7
81.7
77.7
87.0
81.8
Reserve ratio (Per Cent)
Contingent liability on bills pur18,121,0 11,577,0 15.101,0 15,101.0 34,731,0
chased for foreign oorrespondis 496,681,0 37,248,0 158,910,0 48.825,0 50.335.0 21,141,0 18,121,0 67,450,0
P. R. noteei on hand (notes rood
from F. R. Agent less notes In
58.240.0 21.783.0 32.044.0 15.889.0 28.903.0 45.579.0 16.232.0 5.678.0 11.483.0 10 558 n 52 701 n
142 790 Ii 44 804 0
.ArrmIntInn1
1930
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAR. 26
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan.City. Dallas. San Fran
---s
a
$
$
$
$
s
$
$
$
$
860,979,0 211,108,0 289,799,0 125,457.0 246,442,0 548,288,0 112,155,0 103,948,0 130,3112,0 92,770,0 308,622,0
39,550,0
41,270,0 46,887,0 101,400,0
407,879,0 46,500,0 77,280.0 36,400,0 88,950,0 217,310,0 16,600.0
New York.
Boston.
Total.
Federal Reserve Agent at-
$
$
Two Ciphers (00) omittedP.R.notes recd from Comptroller 3,142,408,0 312.476,0
P.R.notes held by F. It. Agent__ 1,228,726.0 106,700,0
2.53,100,0 164,608,0 212,519.0 89,057,0 157,492,0 330,978,0 95.555.0 64,398.0 89,092,0 45,883,0 207,222,0
F. R. notes issued to F. R. Bank _ 1,915,880,0 205,778.0
Collateral held as security for
F. R. notes issued by F. R. Bk.
Gold and gold certificates-- 402.239,0 35,300,0
Gold redemption fund
1,315,620.0 159,617,0
Gold fund-P.R.Board
451,956.0 28,337,0
Eligible paper
229,968,0 39,900,0 15,550,0
9,254,0 11,845,0
5.920,0
14,300,0 35,000,0
28,626,0 90,100,0 160,000,0 65,000,0 123,350,0 319,564,0 68,100,0 44,000,0 80.000,0 19,500,0 159.763,0
139,038,0 35,580.0 45,404,0 25,402,0 28,432,0 45,762,0 20,727.0 13,685,0 21,308,0 13,525,0 34,758.0
397.632.0 165.580.0 220.954.0 95.813.0 157.702.0 365.328.0 96.072.0 69.530.0 101.306.0 47.325.0 229.521.0
2.189.815.0 221.2'4.0
Tow conatorel
5,211,0
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 member banks in 101 cities 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. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
immediately prethe figures for the latest week appears in our department of "Current Events and Discussions," on page 2119,
ceding which we also give the figures of New York and Chicago reporting member banks for a week later.
and bills of exchange or drafts sold with enBeginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks
acceptances of other banks and bills sold with
dorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously
secured by U. S. Government obligations are
endorsement were included with loans, and some of the bank. included mortgages in investments. Loansthe
Federal Reserve are not any more subno longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at
total being given. The number of report In
divided to show the amount secured by U. S. obligations and those secured by commercial paper,only a lump
revised to exclude a bank to the Bag
been
also
have
figures
The
substituted.
been
has
included
cities
of
number
the
place
Its
in
banks Is now omitted,
non-member bank The figures are now given In
Francisco district with loans and investments of $135,000,000 on Jan.2 which recently merged with a
round millions instead of in thousands.
RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIAM LITiE /F ALL REPORTING MEMBER BANKS IN EACH FEDERAL
BUSINESS MARCH 19 1930 (In millions of dollars).
Boston. New York
Total.
Federal Reserve District-
208
115
605
64
53
90
118
74
40
348
257
46
6
26
.5
55
11
33
8
97
17
1,835
1,201
14
378
231
4
225
132
1
479
177
4
284
144
19
719
1,014
77
109
229
471
57
125
47
80
131
198
72
89
168
214
7
6
3
a
2
644
154
66
63
293
352
38
116
38
11
40
9
244
34
1,015
948
23
347
241
16
319
241
24
73
171
100
216
49
96
5
12
5
623
162
80
209
308
314
76
86
778
58
79
13
121
27
897
478
20
5,877
1,876
IOS
701
293
18
1,219
2,933
54
119
153
1,041
Al
A
A
2,298
157
169
1,267
1.029
1,653
212
97
13
13,076
6,975
280
2,861
2,806
Borrowings from F. II Bank
117
129
289
326
5,667
Due from banks
Due to banks
445
910
90
169
107
332
518
667
Net demand deposits
Time deposits
Government deposits
1,355
118
237
259
233
283
499
197
298
484
430
1,183
8,034
8,793
Reserve with F. R. Bank
Cash In vault
355
135
302
516
1.301
1,263
495
727
796
915
3,638
3,099
16,847
U. S. Government securities Other securities
437
2,569
1,524
6.737
Loans-total
lavestmente-total
$
1,960
$
• 645
S
3,214
$
$
$
470
376
628
$
9.033
$
670
6.57
$
2,146
Loans and investments--total.---
$
1,511
On securities
All other
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Ran. Clly Dallas. SartPron
Phila.
$
1,203
$
22,514
ao
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 Mar. 26 1930.
In comparison with the previous week and the corresponding date last year:
Mar.26 1930, Mar. 19 1930 Mar. 27 1929.
$
Resources-
$
$
281,581,000
10,754,000
258,594,000
15,402,000
258,594,000
15.590.000
Gold held exclusively WM.F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
273,998,000
182,698.000
425,216,000
274,184,000 292,335,000
181,938.000 214,217,000
417.535,000 414,346,000
Total gold reserved
Reserves other than gold
881,910,000
54.243,000
873,657,000
51,634,000
920,898,000
48,388,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligationsOther bills discounted
916,153,000
15,270.000
925,291,000
14.086,000
969,286,000
29,880,000
21.088,000
15,770,000
17,422,000
13,388,000
196,001,000
103,172,000
Total bills discounted
Hills bought in open market
U. S. Government securities,
Bonds
Treawiry noted
Certificated and bills
38,858,000
105,750,000
30.810,000
7,431.000
299,173,000
35,821,000
1,989,000
79,321,030
138.214,000
6,808,000
97,701,030
148,483,000
1,384,000
9,195,000
9,569,000
Total U.S. Government secUrities-Other securities (see note)
Foreign loans on gold
219,524,000
6,750.000
252,974,000
6,750,000
20,148,000
2,095,000
388.842.000
297.985.000
357.237,000
Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury-
TntA/ htTI
And .wourlt104 (See
WW1_
Mar.261930. Mar.19 1930. Mar. 27 1929.
Resources (Cone.lueted)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Tote resources
240,000
155,842.000
15.664,000
2,414,000
239,000
199.533,000
15.664.000
2,687,000
218,001
194,143,001
16,087,000
970,000
1,474,465,000 1,455,465,000 1,567,821,001
LfablIttles-Fedi Reserve notes in scans circulation.
Deposits-Member bank, reserve sect-Government
Foreign bank (See NOM)
Other deposits
196,860,000
190,550,000
295,027,000
954,721,000
14.519,000
3,675,000
8,095,000
917,944,000
394,000
2,049,000
8,140,000
938,782,000
9,969,000
1,982,000
8,095,000
Total deposits
Deferred availability Items
Capital paid he
Surplus
All other liabilities
981,640,000
140,629.000
69,718,000
80,001,000
5,617,000
928,527,000
177,504,000
67,647,000
80,001,000
5,236,000
958,828,0011
181,890,000
55,229,000
71,282,000
5,565,000
Total liabilities
Ratio of total reserved to deposit and
Fedi Reeve note liabilities combinedContingent liability on bills purchased
for foreign correspondence
1,474,465,000 1,455,465,000 1,567,821,000
77.7%
82.2%
77.3%
158,910,000
165,812,000
103,178,089
balance] held mooed and wnounte due to
NoT E.-Beginning with cue statement of Otn 7 1925, two new Items were added la order to show separately the amount of
changed to
" PreVloiily in tie kw 01 Federal intermediate Credit bank debentures. was
correspondents. to a Iditlou. tne caption "All 040er Otr,litl4 &Meta.
term
adopted
mere
latter
a
was
as
rue
aneurate claiorlption of the total of the
SEIOUritlei."
and
bills
'"Tjr.91
*
assets
••
etion
rota'
earning
ca
'other securities," and the
Mentos
Included
wag
t
Items
whIch,t
only
stated.are
the
Alt.
Rsserve
Iralsrat
toe
Ito?
disceunt acceptances and semi-Mel a,'aired under the provisioas of 330t1011.9 13 and
forgign
MAR. 29 1930.]
STOCKS.
Week Ended Mar. 28.
giankers' J azette.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
I
Par. Shares.
per share. $ per share. $ Per share.$ Per Mare.
Railroads—
Mar
Feb 87
400 83 Mar 26 83 Mar 26 77
Buff & Susqueh ctfs____
Jan 101
Mar
50 100 Mar 25 100% Mar 24 96
Caro Cl &On ctf stpd100
Jan 315
Feb
300290 Mar 24 290 Mar 24 279
Cent RR of N J__10
% Mar 234 Mar
Chia Rk .81 & Pac rts__ 29,600 1% Mar 26 254 Mar 27
Mar
28 75 Mar 27 76 Mar 27 7434 Feb 76
Cleve & Pittsburgh _100
Mar
100
110 6634 Mar 25 70 Mar 25 5754 Mar 70
Cuba RR prof
Jan
100
1
Duluth S S dr A
134 Mar 28 1% Mar 28 1% Jan 3
7956 Mar 24 7934 Mar 24 75
Feb 7934 Jan
1
Hud & Manh pref.. 100
Feb 7954 Jan
100 7034 Mar 24 7954 Mar 24 75
Ill Cent leased floe..100
Mar 134 Mar
100
Iowa Central
80 154 Mar 27 134 Mar 27 1
Market St Ry pref.. 100
70 1034 Mar 27 1034 Mar 27 log Mar 1034 Mar
109
Common
Feb
100 2 Mar 27 2 Mar 27 134 Jan 3
100
2d preferred
200 634 Mar 25 634 Mar 25 454 Feb 654 Mar
Mar 5536 Mar
10 54 Mar 25 54 Mar 25 50
Minn St P & SS Mar p
2 Mar 22 256 Mar 28 2
Mar 334 Feb
22
N Y State Rys pf 100
Feb 1934 Mar
Pao Coast 2d pref _ _100
6( 15 MAX 25 16 Mar 25 15
30 153 Mar 25 153 Mar 25 151
Jan 15334 Mar
Pitts Ft W et Chic pf100
200 125% Mar 26 128% hlar 25 90
Jan 135% Mar
So Ry M & 0 ctfs 100
Jan
Jan 86
Wabash pref B
100
2Q0 82 Mar 26 82 Mar 26 75
Indus. & MIsc.ell.
Alleghany Corp w I--- 2,00 9934 Mar 22 9936 Mar 25 99%
Am & For Pow pf (6)-*
5 98 Mar 24 9834 Mar 24 95
American Ice pref...100
3tj 8534 Mar 26 8.534 Mar 20 84
American News Co---80 Max 27 8034 Mar 28 80
Am Red & Staud San—
100
100 137 Mar 24 13756 Mar 24 126%
Preferred
56
Am Rolling Mill rights 37,900 1 Mar 25 134 Mar 22,
250 6% Mar 28 954 Mar 28 334
Amer Plano Co pref 100
34.10 9334 Mar 27 9334 Mar 27i 85
Ass° Dry Gds lot pf 100
600 9456 Mar 22 9634 Mar 27 85
2nd preferred1U0
Atlas Stores
• 87,800 33 Mar 22 3534 Mar 28 3134
Beech-Nut Packing.20
700 6234 Mar 22 6334 Mar 241 6034
100 67 Mar 20 67 Mar 26 67
Budd CE G) pret__-100
100 83 Mar 27 83 Mar 27 71
Celotex Co pref__100
Cent Alloy Steel °Us_ 4,000 3134 Mar 22 3334 Mar 28 31
23010834 Mar 22 10934 Mar 25 108
Preferred ctfs
38 Mar 28 3934 Mar 27 38
3
Certain-Teed Prod 63100
Colgate-Palmolive-Feet• 8,200 60 Mar 22 6234 Mar28 60
Columbia Gas 32 Elea—
100
740 98 Mar 25 98 Mar 25 91
Preferred B
63 24 Mar 22 2434 Mar 26 2234
Commerelal Cred pret25
2 90 Mar 2 90 Mar 28 7734
Preferred x-warr_l S
200 108 Mar 27 108 Mar 27 99
Corn Inv Tr pf (7)_100
1
87 Mar 28 87 Mar 28 87
Convertible preferred
Commonw & South pf • 6,20 100 mar 2610134 Mar 22 99
15 83 Mar 20 8334 Mar 27 7634
Consol Cigar prof (7) *
74 Mar 21 74 Mar 27 6056
1
Prior pref x-warr__
54 Mar 25
56 Mar 28
%
Consol Film rights_- 42,500
20 9634 Mar 22 9634 Mar 22 93
Crown William let pf-•
800 156 Mar 22 134 Mar 24 154
Cuban Dom Sugar—•
2 109% Mar 22 110 Mar 26 105
Cushman's Bons pf 8%*
30 120 Mar 20 120 Mar 26 111
Preferred (7%).100
50 2 Mar 28 2 Mar 28 2
Duluth Superior Trac__
40 100 Mar 25 100 Mar 25 97
Duplan Silk pref.._105
20 52 Mar 25 52 Mar 25 4454
Durh Ens Mills Pf.10
EastmanKodakpreflol
27012634 Mar 24 127 Mar 24 12034
Elk Horn Coal prat —50 1.620 934 Mar 24 12 Mar 251 9
200 19 Mar 27 19 Mar 27 1734
Emporium Capwell---•
57 Mar 22 6134 Mar 271 55
Eng Pub Service ctfs___ 13,2
10018.5 Mar 26 185 Mar 26,17454
Fed Min & Smelting lii
101,2
Fox Film A rights
334 Mar 20 554 Mar 281 334
93,40
1,, Mar 26
% Mar 22
Deb rights
1111
6,100 4654 Mar 2 4734 Mar 27 4634
Fourth Nat Inv
140 96 , Mar 26 99 Mar 25 94%
Franklin Simon prof 100
Mar
Jan
Mar
Mar
99% Mar
98% Mar
8734 Jan
80% Mar
Jan 138
Jan 2
Ja
9%
Feb 9334
Jan 96%
Mar 35%
Jan 70;6
Mar 67
Ja 84
M
34%
M 10934
Mar 45%
Mar 63%
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Feb
Mar
Mar
Mar
Jan 98
Jai 25
Jan 90
Jan 108
Mar 87
Feb 10134
Ja 8434
Feb 74
M
Ig
Feb 97
M
234
Ja 110
J 120
Mar 2
Feb 11034
1e 5754
Fe 127
M
14
Ja 2034
Mar 6134
M 185
M
734
M
34
M
4734
Jan 99
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
100
Gen Cable met
10010834 Mar 2410834 Mar 24 10434 J • 10856
20 118 Mar 24 118 Mar 24 11234 Jan 118
General Cigar prat _10
Gen Gas & El A (new)•268,000 13% mar 24 1634 Mar 28 1334 M
1634
Gen Italian Edison w I_ 3,000 41 Mar 24 4134 Mar 22 41
M
4434
•
104..1 42 Mar 26 42 Mar 25 42
Gen Printing Ink
M
4234
30 107 mar 2 107 Mar 281 100% Jan 110
Gen Ry Signal pref.100
Gotham Silk Hosiery
3u 77 Mar 24 7836 Mar 28 65
Preferred ex-warr 100
J
7834
200 90 Mar 24 90 Mar 24, 86
Grand Stoma pret_10
Ja 9034
4 28 Mar 24 28 Mar 24 28
Hackensack Water p12
Jan 29
100 128 Mar 24 128 Mar 24 100 Si Ja 128
Hanna 1st prat cl A.100
1012434 Mar 2812434 Mar 28 123% Jan 12434
Helme(0 W) pref__100
100 80 Mar 27 80 Mar 27 7856 Feb 85
•
Hercules Powder
Internet Carriers Ltd__ 16,500 1634 Mar 27 19 Mar 28 1634 M
19
100 118 Mar 26 118 (Mar 26 116
Internat Nickel pref 100
Feb 121
Internal Tel & Tel rte._ 188,600 1% Mar 25 154 Mar 22 136 ,M
154
150113 Mar24115 Mar 26 108
KCL&P 1st pf 0113_•
Ja 115
200 854 Mar 25 9 Mar 241 834 J
Kresge Dept Stores- •
9
100
100 50 Mar 24 5034 Mar 24 50
Preferred
Mar 62
Ja 113
Kresge (85) pref —100
6011034 Mar 27 112 Mar 24 110
• 61,800 9134 Mar 22 95 Mar 24 89
Lehman Corp
Marl 95
10014234 Mar 2414234 Mar 2 188
Jan 142%
Liggett dc Myers pf_100
2012234 Mar 26 126 Mar 28 11834 Jan 126
Loose-W Disc let ri1-10
400 9434 Mar 26 9634 Mar 27 9234 Janl 9736
Lorillard Co pref. 100
50 100 Mar 28 100 Mar 28 93
MaeAn & Forbes p1_100
Feb100
30 8034 Mar 26 8234 Mar 27 8034 Mail 8234
Mackay Cos pref___100
500 9 Mar 28 934 Mar 22 534 JanI 1054
Maracaibo 011
60 9134 Mar 28 92 Mar 24 83
Mengel Co pref.-100
jaxuj 9234
700 2534 Mar 22 25% Mar 24 2334 .JanI 2534
Met-Gol Plot let pt.-27
500 85 Mar 25 85 Mar 25 8334 JanI 85
McLellan Stores 0.100
Midi Steel Pr let p1.100 3.700 105% mar 2410734 Mar 24 90
Feb 110
20014634 Mar 28 147 Mar 24 14234 Jan 148
National Biscuit pf_100
Nat Supply pref____100
1011334 Mar 24 11334 Mar 24 11356 Mar 115
*
400 45 Mar 22 48 Mar 27 43
Neisner Bros
Jan 50
Norwalk T & R pf__1
50 13 Mar 24 19 Mar 26 9
Jai 19
300 7554 Mar 28 7534 Mar 28 7334 M
Omnibus Co pref _100
7536
Oppenheim Collins •
100 45 Mar 26 45 Mar 26 43
M
54
70 60 Mar 25 61 Mar 26 53
Outlet Co
Ja 69
Preferred
100
15 103 Mar 26 103 Mar 26,102
Mar 103
Pacific Lighting rights. 94.900 434 Mar 22
'
356 M
556
Pacific Tel & Tel rights. 3,460 20% Mar 2: 2434 Mar 22 19
M
24%
Park & Tilford
• 8,700 29 Mar 28 3234 Mar 25 25
Jan 3354
Phila Co 5% pref _ _50
10 4936 Mar 28 4934 Mar 28 47
Jan 4934
Phoenix Hosiery p1_10
70 8256 Mar 22 83 Mar 24 82% M
83
30 101 Mar 28 101 Mar 28 010
Pittsb Steel prat _ _ __100
Jan 103
Pitts Term Coal p1_10
100 38 Mar 24 38 Mar 24 36
M
45
Common
600 11 Mar 27 11 Mar 27 8
Mar 1534
Post Tel &Cable pf_100
900 102 Mar 24102% Mar 24 97
Jan 103
Prod & Refiners p1..5090 35 Mar 28 38 Mar 24 31
Jan 40
Pub Sec of N J pf (5).•
200 97 Mar 22 97 Mar 22 9234 Jan 97
Republic Ir & Steel ctfs_ 4,500 7136 Mar 24 75 Mar 28 71% Mar 79
Revere Cop & Br p1_100
30103 Mar 28104 Mar 28 102
Jan 104
Scott Paper
*
300 50 Mar 26 50 Mar 26 45
Mar 50
Shell Tramp & Trad.£2
41() 45 Mar 24 4534 Mar 28 42% Feb 47
Sloss Shelf Steel 321r100
300 50 Mar 27 55 Mar 24 35
Ja .5636
Spear & Co
•
140 734 Mar 25 734 Mar 26 6
Jan 10)6
Preferred
100
20 80 Mar 24 80 Mar 24 71
Ja 8034
Sou Calif Edison rights_ 62,400 334 Mar 24 4 Mar 27 3% Mar 4
Stand 011 of Kansas__ 8,300 3754 Mar 28 4034 Mar 27 3734 Ma 40%
2,600 4454 Mar 27 4554 Mar 271 4434 Ma 45%
Third Nat Inv
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Range for Week.
Sales
for
Week.
Wall Street, Friday Night, Mar. 28 1930.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 2148.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Mar. 28.
2165
FINANCIAL CHRONICLE
II
Highest.
Lowest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares. S per share. $ per share. S per share.S per share
Indus. & Misc.(Cone.)
Feb
Thompson Products__* 3,000 3434 Mar 27 3654 Mar 22 3336 Feb 38
Mar 1854 Mar
Thompson-Starrett. __* 53.700 1434 Mar 22 1854 Mar 28 11
Jan 4934 Mar
Preferred
• 1,400 46 Mar 27 4934 Mar 25 40
Transcont'l Oil new...• 69,400 18% Mar 24 2034 Mar 25 1634 Mar 2054 Mar
50 55 Mar 28 55 Mar 28 50
Mar 57
Feb
United Dyewood P1.100
10 196 Mar 28 196 Mar 28 195
Jan 225
Jan
Utah Copper
10
40 113 Mar 25 113 Mar 25 10334 Jan 115
Univ Leaf Tob prcf.100
Mar
180 1834 Mar 25 1834 Mar 25 1834 Feb 22
Jan
Van Raaite
60 50 Mar 26 5034 Mar 22 4834 Feb 5434 Jan
1st preferred
100
Va El & Pow pf (6).100
,103 Mar 27 103 Mar 27 10034 Jan 103
Mar
100'103 Mar 26 103 Mar 26 97
Jan 103
Mar
Walgreen pref
100
601 65 Mar 26 65 Mar 26 5154 Jan 65
Mar
Webster Eisenlohr p1100
Feb 7034 Jan
Wrigley Co
• 1.100 68% Mar 24 6954 Mar 26 68
• No par value.
New York City Banks and Trust Companies.
(Au prices dollars per share).
Banks.
New York
America
Amer Union*.
Broadway Nat
13k & Tr Co
Brooklyn_...
Bryant Park*
Bid
137
120
110
112
49
Chase
169
Chath Pheni
Nat Bk &Tr 137
Commercial.. 570
Fifth Avenue. 450
.275
First
Grace
600
Harriman.... 1450
Industrial_
200
Lelcourt
157
Liberty
130
National City
Penn Exch___
Port Morris-Public
Seward
Sterling Nat
Ilk & Tr Co
Straus Nat Bk
& Trust Co..
U S par 525._
Yorkville
242
78
50
144
112
55
290
81
Ask
139
130
120
116
53
Banks.
. Y. (Con.) Btd
orktown*___
Brooklyn
.lobe Exchs_ 220
450
conies
Trust Cos.
New York
aura Comb
140
Banana Tr_
580
ank of N Y
& Trust Co_
3650 Bankers Trust
6300
ionx C'o Tr_
__ Cent Hanover
15041 Chelsea Bank
225
& Trust Co_
177 Chemical Bk
140
& Trust
ontInentalBk
243
& Trust.....
85 Corn Fach Bk
60
& Trust....
14512 County
120 Empire
Equitable TI
60 Fulton
Trust Cos.
Ask V. Y. ('on.)
200 International_
nternat Ma
Bk &
245 Interstate....
625 Irving Trust__
54
60
41
5315
7
45
52144
irip4
Lawyers Trust
_
170
347
805
181
70
392
57
Manhattan... 15012 lfille
352 Manufactur
147 149
Mutual(West920
chester)____ 375 425
162
80 N Y Trust__ 303 306
396
Pacific
200 212
130 150
61 Plaza
881
8912 Timm Square. 65
73
Title Cu & T 169 171
4616
United States_ 3875 4000
240 242 Westehes'r Tr 1000
295 303
90
92
Brooklyn
133:14 1341
600 650 Brooklyn __- - 940 955
Globe Exch Bk
& Trust __ _ _ 220 245
310 Guaranty_ - _ 838 841
Kings County
3250
82
170 178 MilIWOOd -.- 215
200 Hibernia
45'z
•State banks. I New stock. s Ex-dIvIdend
g Ex-stock dia. p Ex-rights.
New York City Realty and Surety Companies.—p. 2152.
Quotationsfor U.S.Treas.Ctfs.of Indebtedness.-p.2152.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Daily Record of U. S. Bond Prices. Mar.22 Mar.24 Mar.25 Mar.26 Mar.27 Mor.21
First Liberty LoanHigh 10010,2 10010,2 10012,2 1001122 1000n 10010,2
334% bonds of 1923-47- _{Low- 10010n 1000,2 100%, 1001,2 100522 1005,2
Close Muss 100,432 1001032 100,as 100,ss 100"ss
(First 334)
6
166
90
16
2
216
Total sales in 51,000 units__
Converted 4% bonds of.1,Illgh
1932-47 (FIrst 45)
Close
Converted 4;4% bondarligh 101un 1015022 10111,2 10110,2 10114,2 101uss
of 1932-47 (First 4345) Low- 1010,2 10115,2 10110,2 1011122 1010,2 1010112
Close 101522 10111,2 10110,2 10110,2 10114n 101on
6
2
45
24
8
Total sales in $1,000 unite__
9
Second converted 456%{High
bonds of 1932-47(First LowSecond 434s)
{High
Fourth Liberty Loan
04% bonds of 1933-38— LowClose
(Fourth 4545)
Total sates its $1,000 units__
{High
Treasury
Low_
434,. 1947-52
Close
Total sates In $1,000 units__
(High
(Low_
411, 1944-1954
(Close
Total tales In $LOW units__
1021,2
1020:2
102%,
53
1122022
1122022
11206n
50
10810,2
10820,2
10830,2
2
106%,
bow_ 106022
3348. 1946-1956
Close 1060,2
Toted sales in $1,000 units ___
1
(High 10014,1
3548, 1943-1947
Low_ 10011,2
Close 1001431
Total salsa in $1,000 'mtgs.__
1
(High
____
354e, 1940-1943
Low_
___
(Close
-Total sales in 11.000 units
102022
1020,2
1020,2
76
1120%2
11200n
11200,2
151
10804,2
10850,2
10850,2
124
105",High
1050122
105n
10501,2
25
10114,2
1010,2
101,
.31
41
10115,,
1010,2
1015,2
57
1020,2
1010112
1021,2
368
11221n
11211n
11211,2
4
10800,2
1081022
1081022
46
10505,2
10500,2
1050022
101nn
10150,2
10130,
524
11210,
11210,
11210,
26
108142
10810,2
10810,
31
--__
____
--_-
10111n
1015
10101,2
124
11215n
112
112022
20
1085n
10705,2
1070522
20
10510,1
1040022
1040*,2
20
1010,2 1011022 1000522
1010,2 10112,, 10002.
101.:3 101",, 100",,
4
37
1
101
10115,2 100",,
100042, 1001522
101
100"gt 100
101
50
56
13
101,08.
1015522
10120,2
145
112022
112
112
22
1080,2
108522
1080n
1
10515,2
10510n
105"s3
1
100"21
10024.,
100"11
26
100"si
10015,1
100"si
54
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
io 1st 336s
10011,2 to 1001,ss
45 4th 411s_
1 Tress 4365
10150,8 to 112522
1121•22 to 11255n
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.863f@
4.86 7-16 for checks and 4.86 9-16@4.86% for cables. Commercial -on
banks, sight 4.8604.8654; sixty days, 4.8434, ninety days, 4.83X@
4.83%8 and documents for payment,4.8434. Cotton for payment,4.85 9-10.
and grain for payment 4.85 9-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91 5-16
@ 3.91 17-32 for short. Amsterdam bankers' guilders were 40.10M @40.12
for short.
Exchange for Paris on London, 124.26; week's range, 124.28 franc high
and 124.21 franc low.
Sterling, Actual—
Cables.
Checks.
High for the week
4.86 13-16
4.87 1-32
Low for the week
4.8634
4.88%
Paris Bankers' Francs—
High for the week
3.9154
3.92
Low for the week
3.913i
3.9134
Amsterdam Bankers' Guilders—
High for the week
40.17
40.1534
Low for the week
40.12
40.09%
Germany Bankers' Marks—
High for the week
23.88
23.89
Low for the week
23.87
23.84
Report of Stock Sales-New York Stock Exchange
DAILY WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding Page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Mar. 22.
Monday.
Mar. 21.
Tuesday.
...ar. 25.
Wednesday. Thursday.
Friday.
Mar. 27. ' Mar. 28.
Mar. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On balls of 100-share lots
PER SHARE
Ranye for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest
--------$ per share $ per share $ per share $ per share S per share $ per share Shares
Railroads
Par 3 per share $ per share $ per share $ Per *hare
236 236
236 23712 236 23712 23634 23814 23714 23814 23718 240
8.80.) Atch Topeka & Santa Fe--100 21938 Jan 6 24414 Feb 8 19518 Mar 29138 Aug
"10434 105
105 105 '105 10514 105 10618 '105 106 '105 106
1,000 Preferred
100 10238 Jan 3 10618 Mar 26
99 May 10478 Dec
175 175 "175 17514 17514 17514 175 175 '17312 175% 17512 17512
400 Atlantic Coast Line RR- _100 166 Jan 11 17512 Mar 18 161 Nov 20912 July
11918 12014 119 11978 11912 12014 119 11934 11912 12014 120 121
25,600 Baltimore he Ohio
100 115 Jan 2 121 Mar 20 10514 Nov 1.451
/
4 Sept
8112 83
*8118 83
*8212 83
8112 8234 '8118 82
*8118 83
300 Preferred
100 781; Feb 10 8234 Mar 21
75 June 81 Dec
7812 7812 7778 8114 80% 82
23,800 Bangor he Aroostook
8238 8312 8112 824 8184 83
50 83 Jan 3 8312 Mar 26
55
OM 903* Sept
11078 11078 "11014 11034 11034 11034 *11014 1103 11014 11014 *11014 1103
60 Preferred
100 109 Feb 28 112 Jan 9 y10314 Oct 115 Sept
108 108
109 109 "108 110
108 108 *105 103
600 ostou & Maine
10514 1051
100 99 Jan 14 112 Feb 8
35 Apr 145 July
4)1124 1212 1234 12% '1134 1212 1178 12
121
1218 1218 *12
800 rooklyn & Queens Tr _No par
10 Jan 11 13/
1
4 Jan 25
7 Nov
15 Dee
"6318 651
*55
651
65
6518 *60
/
4 *55
/
6518 '61
4 '55
651
Preferred
No par 54 Jan 11 6512 Mar 18
44 Nov 66 Sept
7412 75
7512 76
773 12,100 Bklyn-Manh Tran v t c_No par 63 Jan 2 7838 Mar 18
7434 76
7414 7434 7212 7334 72
40 Oct 8178 Feb
92
*92
92
*90
400
92
92
91
92
'91
91
92,4 '91
Preferred v t e
No par 847s Jan 6 92 Mar 22
7612 Nov 9238 Feb
19
19
1858 19
1858 1914 1812 183, 1812 1918 1978 211
5,200 Brunswick Term he Ry 3)3(1_100 1412 Feb 17 2378 Jan 16
412 Oct 4418 Jan
206 20638 205 20678 207 20814 20978 215
21214 21418 211 2137 12,800 Canadian Pacific
100 18758 Jan 3 22634 Feb 10 185 Dec 26978 Feb
23112 23212 23314 231
23214 23312 233 2331z 23314 23412 233 2413
6,800 Chesapeake & Ohlo
100 203 Jan 7 24134 Mar 28 160 Nov 27934 Sept
712
6
678
638 638 15,900 Chicago he Alton
618
6
71
68 7
/
4 73
714
100
4 Nov
4/
1
4 Jan 8
712 Mar 27
1934 Feb
"634 7
100
712 8
712 8
812
/
4
584 Jan 20
6% 81
8
712 734
8.000 Preferred
872 Jill 21
311 Nov
2534 Feb
"19
27
26
(.2254 2612 2,300 Chic he East Illinois RR
24
2434 2234 2518 26
28
26
1414 Jan 7 28 Mar 26
15 Dec 43 Feb
10
"48
49
49
51
518
518 527
50
5012 4918 52
5074 5,700 Preferred
100 36 Jan 2 527 Mar 26
363 Dec 6678 Feb
13% 1414 14
1412 15% 21,500 Chicago Great Western
1414 1378 14
133, 1434 1418 15
100 1218 Mar 6 1578 Jan 8
7 Nov
23% Feb
3812 3934 3818 3818 3812 3812 3812 398 3912 417
403, 427 23.003 Preferred
100 34 Feb 25 4278 Mar 28
1712 Nov 6318 Jan
2314 2378 2314 2334 2338 2412 2312 24
233, 2414 24
24,4 9,700 Chicago Milw St Paul he Pee_
16 Nov 441k Aug
22'! Mar 13 2631 Feb 7
4034 4134 4014 4138 4112 4214 4134 42
4078 4258 41
4214 23,300 Preferred new
2812 Nov 6854 Aug
3914 Mar 13 4614 Feb 10
8618 87
, 8612 8838 13,300 Chicago & North Western.100 84 Jan 3 8978 Feb 8
8512 8612 864 867
8818 8678 8678 867
75 Nov 10812 Sept
4013958 14014 14014 11014 '140 14012'140 14012 *140 14012 *140 14012
100 Preferred
100 138 Mar 5 14014 Mar 24 131 Apr 145 Feb
120 12012 122 122
1223i 1227 120 12214 123 124
1231
/
4 124
3,200IChlcago Rock Isl & Pacific_ 100 114 Jan 6 12518 Feb 14 101 Nov 14312 Sept
10912 10912 "109 11014 •109 110
•109 110 •109 110
100 7% preferred
0
100 107 Jan 2 110% Mar 20 100 Nov 109
Oct
'10312 105 '10312 106 *10312 10414 *10312 10414 "10312 104
400 6% Preferred
104 101
94% Nov 10314 Nov
100 9934 Jan 6 108 Feb 7
94
94
94
"9212 94
*93
94
94
94
*86
"9234 94
500 Colorado & Southern
8614 Dec 135 July
100 83 Jan 15 95 Feb 13
.7458 77
*7438 77
*76
*7612 77
7612 7612 7512 7512
190 First preferred
77
7612
3
Jan
Mar
27
100 6834
6512 Oct 80 Jan
70 '66
70
70
70
7()
*66
*66
*66
*68
70
158 Second preferred
70
64 Apr 7212 Mar
100 65 Jan 23 70 Mar 19
58
60
5912 59
60
60
6014 4,600 Consol RR of Cuba pref
45 Nov 7058 Jan
59% 5918 60
597 "58
/
4 Mar 5
100 49 Jan 2 611
17712 17814 3,600 Delaware he Hudson
176 17734 '175 176
176 17834 178 17834 176 176
100 16112 Jan 3 181 Feb 8 14112 Oct 228 July
145 145
14312 14112. 14412 14412 11212 14312 14314 14514 143 14434 3,000 Delaware Lack & Western, 100 136 Jan 28 153 Feb 8 12014 June 16934 Sept
*7412 76
7412 7538 7512 76
7534 7534 7614 78,2 7834 80
3,300 Deny. & Rio Or West pref_100 60 Jan 2 80 Mar 23
49
Oct 778 Feb
573, 58% 5734 5934 58% 5934 5814 5914 587 5933 58% 60,2 27,000 Erie
4112 Nov 9312 Sept
100 5534 Slar 17 63% Feb 14
6612 6612 6614 6614 6638 66% 6638 66% 66,4 66,2 66
66,4 1,700 First Preferred
5511 Nov 6614 July
100 6138 Jan 10 673s Feb 19
*6212 63
6214 6212 "6212 63
1)00 Second preferred
6212 6212 *6212 6234 6212 6212.
52 Nov 6378 July
100 5712 Jan 2 6212 Feb 10
10018 10078 4,800 Great Northern preferred 100 95 Jan 13 10114 alar 26
100 101
10014 10078 10034 100% 1003, 10114 10018 101
8514 Nov 12814 July
9678 97
9618 97
96
9618 9618 9612 967
9714 9738 2,900 Pref certificates
96
8512 Nov 42214 July
100 9014 Jan 3 9914 Feb 21
4218 42
42
4234 4134 42
4134 4318 42
4234 4,400 Gulf Mobile & Northern__ _100 3812 Jan 2 4612 Feb 17
4218 42
18 Nov 59 Feb
98% *96
*9614 9678 96,4 961 1 *9618 9718 96
1,200 Preferred
9714 9814 9614
70 Nov 103
Jan
100 94 Jan 14 9814 Mar 10
"414. 734 *414 734 8414 734 *414 734 '414 8
lavana Electric Ity _No Par
'414 734
81
/
4 Jan 17
1112 Apr
812 Dec
8 Jan 2
*____ 70
Preferred
55 Feb 7334 Dec
100 6814 Jan 14 72 Jan 2
*iig- 491- "475 503 *475 503 '475 508 '475 525 '475 525
Hocking Valley
100 450 Jan 25 520 Feb 14 370 Nov 600
Oct
50
50118 4914 527
5318 5034 517
51
51
5118 50% 51% 14,700 Hudson & Manhattan
3412 May 5418 Jan
100 4038 Jan 16 533 Mar 25
12912 13012 1293, 130
.
1 129 12912 12912 12912 129% 130
12918 12912 2,400 Illinois Central
100 128% Feb 1 131 Jan 6 116 Nov 15312 July
74
75
74
74
75
530 RR Sec Stock certificates___
75
75
75
74
7312 75
75
70 Nov 8018 Feb
70 Jan 2 75 Mar 21
3312 3178 3358 3458 3518 3612 20,300 1nterboro Rapid Tran vi(3_100 2038 Jan 3 3912/Mar 18
37
35% 3734 3314 37
38
15 Oct 5838 Feb
"2814 2812 82814 2834 "281
/
4 2834 "2814 2834 "2812 2834 2878 287.
100 lot Rys of Cent Anterlea 100 2814 Mar 18 32/
1
4 Jan 18
25 Nov 59 Jan
72
*7014 75
72
6934 70
70
70
270
71
70
70
70
Preferred
100 6134 Jan 2 72 Mar 27
6114 Dec 8014 Jan
8114
81
8012
81
8114 80
80
8114
81
81
5,300 Kansas City Southern....100 77 Jan 31
8012 85
85 Star 28
60 Oct 10878 July
/
4 6914 6918 6918
6912 6914 69/
700 Preferred
"6838 6912 *6838 6912 69
1
4 691
100 6718 Jan 6 139% Mer 14
63 Nov 7012 Jan
7534 7712 7718 7912 80
7912 80% 7938 81.
9,500 Lehigh Valley
828 7918 81
50 7014 Jan 27 8238 Mar 25
135 Nov 10214 Feb
135 135
•13414 135
131 135
135 135
137 137 '13634 137
900 Louisville &Nashville
100 128 Jan 3 134 Jan 22 110 Oct 15434 Sept
2,800 Manhat Elev modified guar 100 3014 Jan 3 4012 Mar 18
3778 3512 36 .2512 2512 3614 38
37% 38
3738 3812 37
24
Oct 5712 Jan
24
23
25 '24
25
300 Market St Ry prior 1)eef_100 17 Jan 16 25,2 Feb 13
25
24 '23 • 24
23
.24
*24
1412 Nov
3912 Jan
134 1,100 Minneapolis & St. Louts_ 100
134
1%
112
134
134 *134 18
112 *112
15s 134
2 Jan 7
112 Feb 27
331 Jan
11
/
4 Nov
100 Minn St Paul & S S Marlo_100 2818 Mar 17 35 Feb 7
*3018 35
"3018 35
*3213 3434 *3312 3434 3212 3212
*3014 35
35 May 6112 Sept
"50
"56
60
260 Leased lines
59
5814 5814 5814 56
5612
5614 56,4 '56
100 54 Jan 3 5913 Feb 21
51 Dec 66 Jan
6212 82,600 Mo-Kan-Texas RR___No par 467 Jan 2 623 Mar 21
6112 61
62
5912 61% 60
5934 6138 5938 6138 60
2718 Nov 6534 July
108 108
105% 10578 10712 10758 10718 10734 108 10838 108 10814 3.000 Preferred
100 103 Jan 3 108% Star 27
937 Nov 10712 A ,
9334 9434 *94
9134 93
9314 93% 94% 1,700 Missouri Pacific
"9338 95
94,2 93
100 87 Jan 2 941 2 Mar 6
46 Nov 1013* July
139 14018 1,400 Preferred
•140 14034 14014 14014 140 140
13912 140
139 139
100 134 Jan 7 14512 Mar 6 105 Nov 149
Oct
*8134 8614 *8131 86,4 '8178 8614 *8178 86,4 "8212 8614 "8212 8614
Morris de Essex
50 81% Jan 29 83% Mar 14
7538 Oct 8638 Jan
132 132
230 Nash Chatt he St LouLs____100 r12412 Feb 18 132 Star 25 173 Nov 240 Aug
•130 13134 *130 13134 13134 132
130 131 •130 131
1
Ils
*1
1
2,300
114
118
*1
118
Nat
*I
118
Rya
118
118
of Mexico 2d pref.100
11
/
4 Jan 11
1 Feb 5
1
3.8 Jan
Oct
186 18814 18634 18712 187 18812 18712 189,4 18712 189% x187 18912 34,600 New York Central
100 167 Jan 8 1923 Feb 14 160 Nov 2561
/
4 Aug
140 140
139 140
139 139
13812 13812 •13512 13812 135 13812 3,900 NY Chic he St Louis Co
100 130 Jan 6 144 Feb 10 110 Nov 1923, Aug
1101.
110 11018 *10912 11034 •1093
1,700 Preferred
"109 110 *10912 110
10934 110
100 10834 Jan 7 11018 Mar 26 100 May 110 Dec
288 288
110 NY & Harlem
279 280
284 290 "278 289
278 278
280 280
50 180 Jan 6 324 Fob 3 155 Oct370
Jan
35,800 N Y N II de Hartford
12414 124% 12438 12478 12412 127
12514 1261
/
4 125 12534 12412 126
8078 Jan 13212 Oc
100 105% Jan 20 12714 Mar 21
132
133%
2,600
132
132
134
13414
1333
13334
4
134 13414 134
134
Preferred
122 Jan 23 13512 Mar 21 11448 Jan 13434 Aug
1578 5,400 N Y Ontario de Western._ 100 1318 Jan 2 16 Feb 14
1518 1518 1458 1514 14% 15% 15
15
1514 1518 15
8 Nov
32 Feb
212 234 *212 2%
212 212 "212 278 *212 2%
212 212
500 N Y Railways pref____No par
97 Feb
2 Jan 7
41s Jan 16
112 Dee
NY State Rys
214 "218 214 *218 2,4 *218 214
•118 214 '114 2,4 "2
11
/
4 Jan 15
212 Feb 6
100
1
Oct 141
/
4 Mar
31
3118
825
31
1,300 Norfolk Southern
30
30
31
30
"30
3014 3038 *28
100 16% Jan 8 3312 Feb 14
1412 Dee
4812 Feb
4,900 Norfolk he Western
259% 25978 25834 260% 25718 25818 257 261
25834 25834 260 260
100 226 Jan 4 285 Feb 18 191
Jan 290 Sept
100 Preferred
8612 8712 8512 8512 '8538 8814 "85% 8814 "8554 8814 .8518 8814
100 83 Feb 3 8712 Mar 22
82 Nov
8714 May
9458 9318 9614 10,000 Northern Pacific
93
9538 9538 91
9412 9312 93,2 93% 95
100 81 Jan 20 97 Feb 21
7514 Nov 1187 July
9114 94
9412 94
4,000 CertifIcates
95
9334 93% 9314 93% 9312 9312 94
100 8212 Jan 23 9838 Feb 21
75 Nov 11433 July
15
800 Pacific Coast
15
15
15
15
1518 15
•15
15
15
47 Dec 43
17
15
Feb
7 Jan 3 16% Mar 17
100
8338 8414 8318 84
83% 8112 83% 8414 8312 8418 83% 84% 56.700 Pennsylvania
50 7218 Jan 8 8514 Feb IS
7212 Mar 110 Aug
20
20
400 Peoria he Eastern
20
20
20
*17
*17
20
*17
*17
20
20
1110 1714 Feb 28 21 Feb 11
17 Dec 35 July
163 163 •160 167 *160 165
100 Pere Marquette
'150 170 '160 170 *160 170
100 150 Jan 30 163 Mar 18 140 Nov 260 Aug
9912 98
98
•98
70 Prior preferred
98
*98
"98
98
98
9912 98
__
94 Nov 101 Mar
100 9434 Jan 31 9912 Mar 20
•9512 97 '9512 97
100 Preferred
"9512 97 '9512 97
97
*9512 97
97
90 Nov
07
100 95 Jan 7 97 Mar 12
Jab
115 11738 1,700 Pittsburgh he West Va
•110 117 '105 116 '112 117 *105 117 *108 116
90 Nov 148% Jan
100 110 Mar 3 12134 Feb 11
12434 126
2,300 Reading
12618 12618 124 124
12678 127
12412 12514 "125 127
50 121 Jan 4 14111 Feb 6 10112 May 147% Sept
47
47
47
47
First preferred
1,400
*4618 4678 4618 4618 "4618 47 '4618 47
4112 Apr 50 Sept
50 44,8 Mar 11 53 Feb 21
*49% 50
50
"4914 50
50
200 Second preferred
"4914 51
*4914 52
*4914 55
43% May 60% Sept
50 4704 Jan 4 57 Feb 8
100 Rutland RR pref
6812 *65
6812 '65
6812 '65
68,2
4974 Oct 7414 Sept
65 '65
67 '65
65
100 6012 Feb 1 674 Mar 5
13,600 St Louis-San Frandsco
11512 11578 115 11812 116% 11874 11712 118
11218 11212 113 115
100 10758 Jan 3 118,4 Star 27 101 Nov 1333 Aug
100% 103% 100% 100% 100% 100% 10012 10054 10012 10012 10014 100% 2,200 1M pref paid
87 Nov 9612 Feb
100 92 Jan 2 10078 Mar 22
1,800 St. Louis Southweatern____100 5914 Jan 20 6938 Feb 11
'6612 6712 6734 6758 67% 67% 681 6878 6878 68% 68% 69
50 Nov
155 Feb
Preferred
9()
Mar
5
4
*8734 9334 "8734 9334 *8734 9334 '8734 9334 *8734 93% *8734 933
Jan
84
100 87
Oct 94 Apr
1014 11,500 Seaboard Air Line
918 Dec 2134 Mar
93, Jan 15 1212 Feb 15
1012 1034 1034 1078 1018 1078 1014 1012 1014 1012 10
100
Preferred
*23% 26
*2334 26
28 Feb 7
*2334 26
*2414 26
25
.24
•2534 26
1614 June 4138 Oct
100 2214 Jan 31
124 12414 4,000 Smallest) Pacific Co
124 12112 12014 125
12434 12434 124% 12434 124 124
100 11914 Jan 8 127 Feb 10 105 Nov 1571
/
4 Sept
13012 13118 1301s 130% 130 13012 129 13012 12734 12978 12812 12934 5,600 Southern Railway
100 12318 Mar 8 13604 Jan 13 109 Nov 16218 Sept
800 Preferred
*10012 102
z9914 9914 *9914 10034 10014 100,4 9914 100% *9912 100
93 June 100 Dec
100 98 Jan 2 101 Mar 20
125 126
300 Texas he Pacific
"118 126 *120 126 "120 128 *120 126 •122 126
100 117 Jan 6 126 NIar 28 115 Nov 181 May
1312
400 Third Avenue
14
*1412 15
1512 Mar 20
*14
13,2 1312 "1212 1312 13
1434 "13
100
9 Jan 14
612 Nov
39 Feb
500 Twin City Rapid Transit_100 23 Mar 28 3113 Jan 29
2314 23
2314
"2312 2512 *2313 24
24
2312 23% *23
24
2014 Dec 5414 Jan
30 Preferred
70
7478 70
•__
77
76
7518 7534 '70
76
77
*70
ioo 70 Jan 24 79 Feb 3 75 Dec 100 Jan
233 234
23712 239% 237 239% 237 23918 237 238% 5,000 Union Pacific
23312 238
100 215 Jan 8 23958 Mar 25 200 Nov 2975, Anil
1,000
Preferred
86
"85
84% 85
*8412 86
8512 8512 85% 8538 86
100 821,t Jan 17 86 Mar 25
86
SO Nov
3511 Sent
5712 5012 60
17,800 Wabash
57
58
40 Nov 813 Jan
100 51 Jan 6 62 Mar 28
6012 5914 59,4 58% 59,4 5814 62
.8512 88
87% 1,100 Preferred A
87
88
89
*87
87
82 Nov 10474 Jan
100 83 Jan 7 874 Mar 25
87% 87% 87% "87
30% 3134 3012 31% 3038 31% 3018 31,8 3034 31% 3114 3412 119,000 Western Maryland
10
100 24,4 Jan 18 3112 Mar 28
Oct 54 Feb
900 Second preferred
38
33
31
31
31
33
31
*30
30
3178 32
31
100 2112 Jan 14 38 Mar 28
143, Nov 53/
1
4 Feb
300 Western Pacific
/
4 28% 2814 2812
'2814 29 '2814 29 '28,4 2')
2814 28,4 •271
100 21 Jan 2 2934/Mar 19
15
Oct 417 Mar
49% 1,700 Preferred
50
51
50% 49
5114 51,4 5114 51,4 51
50
3712 Nov 13734 July
50
100 4012 Jan 2 5312 Mar 19
ndustrlal & Miscellaneous
3314 34
32
35
3414 3412 9,2001 AbitIbi Pow he Pap
341 34
No par 22 Jan 18 35 Mar 27
3212 34
3414 Dec .17,4 Aug
33% 32
Preferred
SOU
8358 84
*8312 3112 831
/
4 43,2
S1
83% 83% 8174 85
81
100 6474 Jan 17 8514 Mar 19
69 Nov
3143
. Jan
El-rights.
•Bid and asked prime; no alias on this day. .60% stook dividend paiels I Ex-div,ueud
New York Stock Record-Continued-Page 2
2167
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. 22.
Monday.
Mar. 24.
Tuesday.
Mar. 25.
Wednesday. Thursday.
Mar. 27.
Mar. 26.
Friday.
Mar. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest.
$ per share
Per share
Per share
per share 3 per share $ per share Shares
Railroads (Con.)
Par 3 per share
.51
53
•51
53
.51
5238 5014 51
53
*51
53
200 Abraham dt Strauss____No par 45 Jan 2
*51
*106 110 *108 110 *10814 110 *10812 110 *10814 110
108 10814
300 Preferred
100 104 Jan 11
3238 3318 3253 3314 3318 3358 3318 3312 3313 3412 341
/
4 3512 78,800 Adams Express new___ _No par 23,8 Jan 20
89
89
89 .91
89
92
*90
92
92
93
500 Preferred
9218
*90
100 8514 Feb 4
2773 2838 2712 28,8 2714 2778 27% 2912 2958 31
3012 3112 14,100 Adams Millis
No par 23 Jan 23
1712 17,2 1712 2014 1834 201
2018 2112 25.400 Advance Rumely
1812 19/
100 1112 Jan 6
1
4 1814 21
3514 3534 3514 38/
40
1
4 38/
9,300 Preferred
1
4 39
39,2 39
37
100 22 Jan 4
37/
1
4 37
34
34
114
*34
1
158 41,100 Ahumada Lead
74
7s
34
11
/
4
3
/
1
4
4 Jan 4
34
13758 139/
/
4 14018 14638 14514 148
142/
1
4 13918 1411
1
4 1451
/
4 14212 14514 50,000 Air Reduction, Inc
No par 119 Jan 22
3412 3514 3434 36
3412 353
341
/
4 28,100 Air-Way Elec ApplianceNo par 21 Jan 13
3314 3478 3212 33% 33
218 214
218
2
21
2
2
218
2
2
2
218 7,500 Ajax Rubber. Inc
138 Jan 2
No par
7/
1
4 8
7/
1
4 7/
1
4
758 8
74 73
25,200 Alaska Juneau Gold Min__ _10
734 8
712 7/
1
4
7 Mar 3
1312 1418 1312 1418 14
141 *13
1214 3,300 Albany Pert Wrap Pap_No par
1314 1214 1214 12
814 Jan 21
3114 311
/
4 3133 3214 3112 321
3278 3438 239,000 Alleghany Corp
3112 3212 3214 33
No par 23 Jan 8
10418 1044 10414 10411 10412 1041 10414 10414 10414 10434 10414 10434 3,000 Preferred
100 9513 Jan 3
92% 93
93
93
9314 931
9312 9312 *9134 9312 *9134 9312
500 Preferred ex-warrants
89,4 Jan 27
282 288
279 28112 282 287
293 29714 294 297
12,600 Anted Chemical & Dye_No par 255/
28313 292
1
4 Jan 3
*12412 - - - - •12412
- *1241z _ _
125 125 •12413 -*12412
i Preferred
100, 121 Jan 2
64
6514 6372 6513 6438 654 6414 65/
6458 6533 44,13001A11H-Chalmers Mfg new No par' 494 Jan 3
1
4 6453 66
*344 358 3534 37
z3518 3934 37
3838 4214 3814 40
33
5,8001 Alpha Portland Cernent:Vo par 2818 Mar 7
*2/
1
4 312 *278 312
2% 2/
1
4 *3
314
314
500 Amalgamated Leather_No par
3
3/
1
4
3
258 Jan 6
23
2312 2338 25
25
/
4 2834 2878 2934 61,600 Amerada Corp
2614 261
25% 25
No par
18 Jan 16
7% 8
7/
1
4 8
718
778 1,600 Amer Agricultural Chern_..100
734 8
734 734
638 Feb 25
734 734
3234 3234 *3113 32
3114 32
32
*3114 32
3214 1,200 Preferred
32
31
100 26 Feb 21
9112 9312 92
96
94
971
/
4 9312 9514 10.200 Amer Bank Note
95
961
/
4 9312 957
10 77 Jan 2
62/
1
4 6234 •62/
1
4 63 .6234 63
6234 6234 •6234 63
200 Preferred
*6234 63
50 61 Feb 3
812 812
81
/
4 812
9
9
1,800 American Beet Sugar__No par
9
938 *914 9/
94 94
1
4
7 Jan 4
*51
52
5118 6333 51
/
4 5114 5234 4,600 Amer Bosch Magneto_ _No par 4018 Jan 17
5012 511
531 4 *5178 52
.5314 5312 5314 54
53
5238 53
2,600 Am Brake Shoe Jr F__ -_No Par 47 Jan 9
5334 5214 5214 *5238 53
•124/
1
4 127 *12438 127 *12438 125 *1241
12412 1241
/
4 126 *12438 126
30 Preferred
100 11814 Jan 14
1434 15
15
1514 1434 1538 15
1514 147 15/
22,500 Amer Brown Boverl El_No par
1
4 1514 17
8/
1
4 Jan 16
70
70
*70
74
7134 72
7012 73
180 Preferred
*70
72
71
72
100 8013 Jan
14518 143/
1
4 146 148
147 15112 14734 14914 149 151 14 1504 15138 136,900 American Can
25 11714 Jan
*1441
/
4 14512 14438 145 *14438 146 *144 146
14413 14412 144/
1
4 1411
/
4
400 Preferred
100 14014 Jan 2
66
67
6612 63
6818 68
70
8,400 American Car & Fdy__No par 6512 Mar 2
6914 72
6714 68/
1
4 67
*11012 11112 11013 111
11113 11112 .111 11214 1,000 Preferred
111 11112 111 111
100 110 Jan 21
99
99
98
99
4,000 American Chain pref
9878 9934 9934 10034 9934 101
99
99
100 7578 Jan
*48
4814 4812 4834 48
48
4734 477
/
4 47
3,300 American Chicle
4712 481
No par 3653 Jan
49
2134 2212 2214 2312 2334 2434 25
254 2413 251
Tro parr
/
4 2334 2514 30,500 Ain Comm'l Alcohol
1912 Mar 2
28% 2878 2834 2378 *28
1,500 Amer Encaustic Tiling_No par 23/
28
23
,
4 2614 29
2834 *2712 28
1
4 Jan 1
4758 4734 4712 48
52
48
5'14 11,200 Amer European Sec's No par 35 Jan
5234 5153 53
4714 48
86/
1
4 89
871s 89,2 8634 8838 86
9012 3758 9134 88/
1
4 90 118,300 Amer & Poen Power
No par 8258 Mar I
110 110
110 110 *10913 110 *10934 110
109/
400 Preferred
1
4 109/
1
4 *10934 110
No par 107 Jan 3
*97
98
97
98
97
9734 9734 96
98
98
97
98
1,300 2,1 preferred
No par 95 Mar 12
3114 32
31
/
4 3011 301. 29
32
3018 8,800 Am Hawaiian S9 Co
3034 3138 3034 311
I
19/
1
4 Jan 2
*438 512 *458 5/
1
4 .4/
1
4 55
*438 558 *41
/
4 538 *4/
American lilde & Leather_100
1
4 512
418 Jan 30
*29
33
32
*2912 31
32
3234 3234
*2934 33
*2958 33
300 Preferred
100 2718 Feb 7
67
6712 87
6713 6614 67
674 67
6534 661
/
4 3,400 Amer Home Products__No par 55/
674 67
1
4 Jan 11
39
4013 4014 4114 4034 4158 4038 4118 41
411
/
4 41
41
13,200 American Ice
No par 3518 Feb 7
4838 4814 46/
1
4 48
4812 4978 4912 5013 52,800 Amer Internal Corp
474 48
4718 48
No par 3538 Jan 20
214 214 *214 21
2/
1
4 21
*214 212
900 Amer La France & Foamite_10
214 214
1
4
214 2/
2 Jan 20
*32
33
*30
33
32
*3014 32
33
3018 3018
120 Preferred
3234 33
100 30 Jan 9
83
8414 82
84/
1
4 82
8112 80
8212 12,100 American Locomotive_No par 80 Mar 27
8334 8118 8212 80
11213 1121
/
4 *11212 113
109 109 *107 109
11034 111
112 112
700 Preferred
100 109 Mar 27
25014 25014 *250 255 *250 255
1,500 Amer Machine & FdyNo par 210 Jan 10
2501 2 25112 2541
/
4 25434 254 256
4538 474 46
47
4813 47
45/
1
4 46/
46
1
4 1613 47
49
13,000 Amer Metal Co Ltd___No par 44 Jan 21
*11512 11834 *11513 11634 11512 11513 11558 115/
1
4 *112 11534 *112 11534
400 Preferred (8%)
100 110 Feb 6
*80
8612 86
85 1 85
93
95
9212 94
8912 90
87
2,590 Amer Nat Gas pref__No Par 65 Jan 23
/
1
4
58
/
1
4
58
Na par
53 10.300 American Piano
/
1
4
/
1
4
53
/
1
4
12
/
1
4
58
12 Feb 7
10918 11134 10934 1117a 11158 114
11314
11712 11412 11712 45,800 Am Power Sz lAntit
11238 1171z
No par 77 Jan 2
10613 10612 107 107
106 106 *105 100
10612 10612 *10518 106
800 Preferred
No par 100 Jan 28
85
85
*85 ....... *85
*84
____ *84
85
80
85
____
600 Preferred A
No par 75 Jan 8
•8814 8914 8814 8814 88
1
4 8814 88
1
4 8778 87/
8838 87/
88
1,100 Prat A stamped
No par 80 Jan 6
3534 37
3538 3633 3518 36
1
4 3612 37/
3518 37/
1
4 3614 3718 113,500 Am Rad & Stand San'ry No par 3018 Jan 3
3118 33/
1
4 32
34/
1
4 314 37
344 3518 34
36
3412 3538 17.300 American Republica
No par 2012 Jan 21
93
944 9212 93
9138 90/
9134 9234 9112 9234 91
1
4 9213 20,800 Amer Rolling M111
25 8058 Jan 2
*63
6312 6214 63 .9212 6338 *621z 63
63/
1
4 6258 63
*63
500 American Safety Razor_No pa
69 Jan 16
2134 2134 •21
22
2013 21
*2012 2112 20
20/
1
4 2013 2012
Ms: an 3
600 Amer Seating v t c
No Pa
134
11
/
4
11
/
4 173
134
11
/
4
173
11
/
4
178
134
134
11
/
4 5,100 Amer Ship & Comm
118 Feb 25
No Pa
*86
90
.80
90
9118 93
90
93
93
92
91
92
680 American Shipbuilding_100 83 Jan 24
7534
7412 75
7413 7514 7114 75/
76s 7534 774 30.700 Am Smelting & Refining__ 100 8978 Jan 22
1
4 7434 751/4
*13714 138 *13712 139 *138 139
1
4 13812 13822 138121391
13818 138/
00 133/
1
4 Feb 6
600 Preferred
4233 4238 42
42
*4212 43
4212 42/
4213 *14
1
4 *42
02
5,
78
2 14
02
578
25 42 'Mar 21
700 American Snuff
*10512 108 •1054 108 *1051z 108 *10512 108 *10512 108
Preferred
100 10018 Jan 3
17
17
17
21
19
20/
1
4 1914 2018 1858 1958 1814 19
V,o par
15 Mar 4
50,000 Amer Solvents & Chem:\o
294 29/
1
4 29
3034 30
30/
1
4 2912 30
2918 2918 4,200 Preferred
304 30
2534 Mar 1
49
5034 4912 5014 494 5034 4914 50
49
48/
1
4 4912 13,000 Amer Steel Foundries No pa
50
4412 Jan 2
•11138 115 *11138 115 *1111
113 113
/
4 114
113 113
112 112
40 Preferred
100 11012 Jan 7
*4812 4913 *4312 491
/
4 484 48,2 48
1
4 4838 48/
4814 48/
1
4 49
900 American Stores
No par 4612 Jan 2
6634 6753 6612 601
/
4 6714 69
8918 6973 6714 6934 8834 6878 7.900 Amer Sugar Refining
100 6018 Jan 3
108 108
10734 108
10734 108 *108 10812 *108 10812 •108 10812
700 Preferred
100 104 Jan
17
1714 18
1812 18/
1
4 17s 18
1
4 1813 174 18/
1738 1738 2,700 Am Sum Tob
1513 Mar 21
2512 264 25
2578 2412 25
2418 244 2414 2414 24
24
180 Amer Telegraph & Cable
19a7. 24 Mar 28
No_100
244 24814 24478 2484 24614 249/
1
4 251 25712 98,900 Amer Telep A. Teleg
1
4 24612 24911 24912 252/
100 210 Jan 2
230 232
229 234
234 237
238 24234 24112 24222 241 24134 6,600 American Tobacco com____50 197 Jan 8
23113 23634 23312 23712 237 24014 241 24534 24134 2457 *2
14
20
2,
14
22
14
241
3/
4 34,590 Common class B
50 197 Jan 8
•12314 124
12314 12314 *122 12312 12214 12214 *12214 123
200 Preferred
100 120 Feb 3
*138 14434 *140 14212 140 140 •138 142
14012 1401 •130 140
300 American Typo Founders..100 125 Jan 22
*11214 113
113 113
11112 113 •111 113
11378 11378 •11313 115
140 Preferred
100 106 Feb 5
10812 110
10814 110
109 11034 109 115
110 116
11112 11312 86,600 Am %Vat Wks & El___ _No par 8813 Jan 2
*10414 106 *10414 10512 •10414 10512 *1044 108 *10414 108 *1044 108
lot preferred
9913 Jan 4
•1378 1414
1333 1478 15
154 1334 15
1534 15
*1434 15
7,400 American Woolen
100
712 Jan 2
3914 39/
1
4 37
3812 • 38
3838 3734 39,1 38
3914 38
40
8,700 Preferred
100 1934 Jan 2
*534 6
534 534
1
0
534 634
612
8 3 612
6,3 612 5,500 Arn Wilting Paper ctfs_No Par
5 Jan 20
*3912 42
*3913 42
3912 41
40
40
40
39
*39
41
1.100 Preferred certificate_
100 2912 Jan 17
1412 14/
1
4 1413 1412 14
1434 1413 144 1414 1414 1313 1412 2,800 Amer Zinc, Lead & Smelt___25
812 Jan 2
*69
7212 •69
7212 •68
72
7212 *69
70
721z .68
70
300 Preferred
25 50 Jan 6
73/
1
4 7578 74
75,2 74
77
7612 754 7612 7534 79
7334 411,700 Anaconda Copper Min new_50 8912 Star 14
*46
4812 4711 4712 *46
481
47
47
47
47
4713 48
1,700 Anaconda Wire & Cable No par 40 Jan 22
4434 4(112 4634 4878 4878 49/
4712 4818 13,800 Anchor Cap
481
1
4 4812 4934 48
No par 35 Jan 2
*110 120 *110 120 *110 120 *111 115 *110 120 •110 120
Preferred
No par 105 Jan 2
34
34
3314 3314 33
353
3534 34
35
3478 33
3573 3,700 Andes Copper Mining_ _No par 301
/
4 Feb 20
*2512 26
24/
1
4 25
2518 2512 *2434 25
24/
1
4 25
2434 2434 1,600 Archer, Dan'Is, Mierld_No par 2212 Mar 6
75
74/
1
4 74/
75
75
1
4 75
7514 7512 7518 751
7534 7534 1.100 Armour ,k Co (Del) pref___100 74/
1
4 Star 14
513 512
54 534
6/
1
4 818
611 738
5/
1
4 713
61
/
4 7
63,900 Armour of Illinois class A___25
514 Jan 18
278 3
3
2/
1
4 3
378
378 414
4
438
3,2 3/
1
4 79,100 Class B
25
2/
1
4 Jan 20
571
/
4 571
/
4 5713 58
5978 6014 5912 5912 60
58/
1
4 59
60
1,900 Preferred
100 5712 Mar 24
014 91
/
4
91:: 10
1012 1158 1012 111
914 914
/
4 1012 1012 9,800 Arnold Constable Corp_No par
838 Feb 8
*18
2012 *We 2013 O161z 20
*1812 2012 *1812 2013 *1813 2012
Artloom Corn
No Par 1718 Feb 8
4118 4114 4112 42
40/
1
4 41,8 4018 40/
1
4 4014 411.4 41
10,000 Associated Apparel Ind No par 364 Jan 4
43
4013 42
4014 42,
1
4 4212 4678 44/
4 4214 4333 4218 42/
1
4 4634 38.8001Assoe Dry Goods
No par 28 Jan 4
*4312 4478 43
43
*44
45
4078 4118 *44
45
44
44
25 3213 Feb 27
*69
7013 6812 6812 *6813 70
68/
1
4 *6714 68
674 6934 67
1,200 AtlG&WISSLIne.,No par (154 Mar 13
*6312 64
*6313 61
1
4 634 6312 6312 6378
63/
64
1
4 63/
64
900 Preferred
100 59 Jan
4712 49
48
4914 4818 494 4712 48/
1
4 4712 4814 47/
1
4 4812 69,200 Atlantic Refining
25 3814 Jan 1
10214 106
102/
1
4 105's 10314 105
103 10414 10334 1041
/
4 102 10378 12,700 Atlas Powder
No par 8118 Jan 17
*103 104 •103 104 •103 104
10412 1041z 104 10412
103 104
130 Preferred
100 101 Jan 21
.714
7
/
1
4
1
4 •6/
•)11
1
4 77
/
4 7/
.714
.678 7/
7711 'Pt 7/
Atlas Tack
1
4
No par
1
4
64 Jan
247 2524 24784 251
247 25112 246 2503 245 25114 250 25514 12,400 Auburn Automobile_ _ No par 17512
Jan 18
•438 412
413 413
413 412
412 438
4/
1
4 41
1
4 1,400 Austin, Nichols & Co No par
4/
1
4 4/
334 Jan 2
*33
30
*32
36
344 3112 *35
36
35
35
•33
36
200 Preferred non-voting__ --100 24 Jan
*5614 58
/
4 58
*561
*5614 58
*5614 58
*5614 58
*5614 68
Austrian Credit Anstalt
56 Jan I
74 734
7/
1
4 7/
1
4
734 873
9
8
812 834
812 834 6.600 Autosales Corp
No par
4/
1
4 Jan 20
•18
19
20
19
19
22
*21
21
21
23
2138 2312 1,300 Preferred
60 15 Jan 11
4734 48
48
50
5018 5138 5118 52
511
/
4 53
5112 53
6,300 Autostr Saf Razor A_ __No par 37 Jan
714 713
713 778
7/
1
4 818
713 8
734 8
Vs par
712 734 67,100 Aviation Corp
434 Jan 21
34
3412 34
3412 344 3438 3312 3438 3313 3378 334 35
35,500 Baldwin Loco Wks new No par 304 Jan
11414 11414 112 11218 11412 11412 11412 11412 11412 11412 11413 11413
220 Preferred
100 111 Jan 1
*109 10912 *109 10913 *109 10912 *10914 10934 *109 1094 109 109
10 Bamberger(L)& Co pref 100 107 Jan 3
19
1014 19/
1
4 1978 19
1913 1818 1818
19
19
18
No par
1814
1,960 Barker Brothers
Id's Jan 1
90
00
*82
01
*83
91
90
91
*87
*87
*87
100 734 Feb 11
90
50 Preferred
*3
418 *313 4,8
5
4
6/
1
4
4
4
41
/
4
64 613 1,400 Barnett Leather
No par
2/
1
4 Feb 18
273s 2812 28
2813 2838 2912 2933 3012 3014 3234 32
34 303,700 Barnsdall Corp class A
25 2013 Feb 15
'‘ild and baked prices; no rates on this day. z Ex-dividend. 9 Extightas
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
5 per share
per share $ per chars
43 Dec 15912 Jan
574 Feb 1
110 Feb 11 10013 Nov 11212 Oct
34 Nov
35/
20 Nov
1
4 Feb 26
92 Mar 27
84 Nov
Jan
96
35/
3112 Mar 28
19 Nov
1
4 Jan
7
Oct 10478 May
2314 Jan 24
4114 Jan 29
15
Oct 119 May
47e Feb
158 Mar 28
34 Dec
77 Nov 22338 Oct
148 Star 26
36 Star 24
1818 Dec 437k May
1 Dec
1114 Jan
213 Jan 9
1014 Jan
913 Jan 7
414 Nov
5
Oct 25 Jan
1512 Feb 17
17 Nov
5812 Sept
3438 Mar 28
90 Nov 11834 July
10712 Feb 11
9614 Feb 24
8018 Sept 92
Oct
1
4 Aug
29714 Mar 27 197 Nov 354/
125 Mar 27 11812 Nov 125 Apr
68 Mar 111
3518 Nov 7513 Sept
4214 Mar 27
23 Nov 23 Nov
2 Nov
1110 Jan
3,2 Mar 10
29/
1712 Oct 4258 Jan
1
4 Mar 28
4
Oct 2358 Jan
814 Mar 10
7334 Jan
18 Nov
3514 Mar 10
Oct
97/
85 Nov 157
1
4 Mar 27
57 July 8534 June
6634 Jan 31
55, Dec 2013 Jan
12 Jan 16
7612 Sept
27 Nov
/
4 Feb 14
541
62 Feb
4012 Nov
5438 Mar 20
128 Feb 13 113 Nov 12612 Mar
418 Oct 3134 Jute
1733 Feb 14
4934 Jan 104 June
7514 Feb 14
86 Nov 18412 Aug
15112 Mar 25
14512 Mar 13 13318 Nov 145 Dec
75 Nov 10613 Jan
8213 Feb 6
116 Jan 4 11012 Oct 120
Jan
7014 May 9518 Oct
101 Mar 28
27 Nov 8133 Sept
49/
1
4 Mar 20
33 Jan 16
20
Oct 55 May
4734 Feb
291
1814 Nov
/
4 Mar 20
23 Nov 9813 Sept
5334 Mar 23
10114 Feb 19
50 Oct 19914 Sept
11014 Mar 20 1011z Nov 10812 Feb
9912 Feb 19
8614 Oct 103 Feb
3338 Star 19
1713 Dec 42 Apr
312 Dec
10
5/
1
4 Mar 10
Jan
2314 Nov 5214 Aug
34 Feb 19
40 Nov 8958 Jan
69/
1
4 Mar 20
411
29
/
4 Mar 27
Oct 5312 Aug
2912 Nov 96/
5134 Mar 11
1
4 Sept
3 Feb 20
878 Jan
212 Oct
75 Feb
35 Feb 14
2713 Nov
105 Jan 6
90 Nov 136 „Boy
11813 Mar 1 11114 Nov 120 D.13
268,2 Feb 28 142 Nov 27934 Oct
5118 Feb 7
3113 Nov 8118 Feb
116 Feb 18 106 Nov 135 Feb
95 Mar 27
58 Nov 9.314 Jan
1778 Jan
1 Jan 4
34 Dec
11712 Star 26
644 Nov 17534 Sept
9214 Oct 105 Feb
107 Mar 24
70 May 80 Fel)
85 Mar 20
3834 Star 21
72'78 Nov 8418 Feb
34 Feb 14
28
Oct 55/
1
4 Sent
37 Mar 25
121z Nov 6434 Jan
10078 Feb 17
60 Nov 14438 Sept
7434 Jan
641
44 Nov
/
4 Mar 4
2612 Fel,1 S'
/
4 Mar
17 Dec 411
2/
1
4 Jan 24
7 Feb
38 Oct
98 Feb 14
70 Oct 11218 Aug
62 Nov 13014 Sept
7812 Feb 6
139 Mar 28 12313 Nov 133 Jan
4378 Jan 27
38
Oct 49 July
98 Nov 112
Jan
107/
1
4 M ax 11
2212Mar 7
3314 Mar 5
62/
3534 Oct 797 Feb
1
4 Mar 20
116 Feb 25 110 June 114 Mar
53 Mar 4
40 Oct 85 Apr
8978 Mar 26
56 Nov 9434 Jan
99 Nov 111 Feb
104 Mar 22
2634 Feb 10
IS Nov 60 Jan
3278 Mar
2712 Feb
17
Jan
25712 Mar 28 19314 Jan 31014 Sept
1
4 Mar 3 160 Mar 23212 Oct
243/
24614 Mar 3 160 Oct 235
Oct
12418 Star 14 11458 Nov 12114 Jan
14112 Mar 21 115 Nov 181 Sept
11378 Star 27 103 Nov 112 Apr
116 Mar 27
50 Nov 199 Sept
Jan
10414 Mar 10
97 Jan 104
2014 Feb 17
5/
1
4 Oct 2778 Jan
1513 Nov
5838 Jan
44,8 Feb 18
1618 July
4 Nov
712 Jan 31
28 Nov
46 Mar
4434 Feb 27
1778 Feb 3
7 Nov
4914 Mar
4934 Nov 1114 Mar
/
4 Jan 20
791
6714 Dec 140 Mar
8038 Feb 7
5314 Feb 11
46 Dec 89/
1
4 Sept
25 Oct 80
Oct
491
/
4 Star 25
96 Nov 15412 Oct
111 Jan 27
30 Oct 6838 Mar
3713 Feb 7
1812 Nov 4913 Mar
2738 Jan 9
75 Oct 95 Jan
8138 Jan 3
1818 Jan
518 Oct
Siti Mar 26
234 Nov
1014 Jan
41
/
4 Myr 26
Jan
64 Jan 9
57 Nov 86
1214 Mar 5
1
4 Jan
814 Dec 40/
1658 Nov 30 Feb
20 Feb 6
5334 1 une
4618 Mar 10
34 Nov
461
25 Nov 7034 Jan
/
4 Mar 27
45 Mar 14
344 Dc' 4714 Apr
3218 Feb 8613 Oct
801
/
4 Jan 30
1
4 Sept
45/
1
4 Feb 62/
651% Feb 26
4914 Star 18
1
4 July
30 Oct 77/
104/
1
4 Mar 21
67 Nov 140 Sept
106 Mar 22
90 Nov 1064 Jan
812 Mar 5
1778 July
5 Nov
Ort 514 Sent
25734 Star 20 120
111
618 Jan 28
/
4 Aug
1
4 Oct
3/
35 Mar 7
18 Nov 424 Jan
60 Jan 13
4912 Nov 65
Jan
1033 Mar 3
4 Dec 2512 Aug
25 Mar 4
1
13 Dec 45/
4 Aug
53 Mar 27
50 Jan
34 Nov
84 Feb 18
412 Dec 26 Aug
38 Feb 18
15 Oct 66/
1
4 Aug
116 Jan 21 10912 Nov 125 Apr
11012 Feb 4
9313 Nov 11013 Feb
2034 Mar 5
16 Dec 3334 Jan
90 Star 21
70 Nov 97 Jan
6/
1
4 Mar 27
213 Dec 2914 Jan
34 Mar 28
Oct 4918 May
20
216
New York Stock Record-Continued-Page 3
For sales during th, week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Mar. 22.
Monday.
Mar. 24.
Tuesday.
Mar. 25.
Wednesday. Thursday.
Mar. 27.
Mar. 26.
Friday.
Mar. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Per share $ per share $ per share $ per share $ per share 5 per share Shares Indus. ac Miscel. (Con.) Par
63
6512 .6312 6512 *634 654 *6312 6512 *6312 64
100 Bayuk Cigars, Inc
6312 6312
No par
•99 100
•99 100
Flrat preferred
599 100
•99 100
*99 100
*99 100
100
15
16
15
3,800 Beacon 011
*15
16
1512 1518 1588 1518 1534 1512 16
No par
•76
80
8033 83
8214 2,200 Beatrice Creamery
81
8014
8112 8134 8138 8132 80
*109 104 •103 104 *103 101 *103 101
200 Preferred
104 104- *10312 104
100
4512 534
512 512
500 Belding fiem'way Co__No par
512 512
512
512 5% *5
512 512
*8318 834 8312 8334 83% 8315 *8312 84 .83
*8312 844
500 Belgian Nat Rys part pref____
84
7
4614 4712 4634 4933 493 50
52% 5012 52 136,500 Bendlx Aviation
50% 5212 51
No par
4114 4112 4118 424 4214 4513 4514 46,
8 4453 4533 4512 4633 23.000 Best & Co
No par
10278 10412 10318 10114 10412 10712 10553 10778 10134 1074 1051 106% 257.600 Bethlehem Steel Corp
134 134
13378 131
133 13312 132 13312 132 13312 132 1328 2,900 Beth Steel Corp nf(7%)___100
•2178 24
247 2473 *22
200 Bloomingdale Bros_
2434 2434 *22
par
*22
26
30
26
Na_
*10014 __
100 100 *100
10 Preferred
____ •100
___*100
*100
100
30 Blumenthal & Co pref
88
*3314 85
85
85
- - - .8314 85
*8314 -85
*831485
100
5812 5912 5734 59
5712 5.300 Bohn Aluminum & Br__No par
5712 5814 5712 5814 574 5314 57
*72
7212 •72
200 Bon Am] class A
7412
73
7212 7212 72,2 73
*73
7412 .73
No par
*31
*312 4
r
44 412 10,800 Booth Fisheries
418 5
4
4
a0
5
414
No 20
4
44
•22
28
22
1.9001 let preferred
29
.25
27
29
2114 254 26
314 •25
73% 7372 7312 7613 7533 76,2 7512 76,
76 135,300 Borden Co
768 75
8 75
4514 4618 4514 4718 4634 48
5012 49
47
5018 48,700;Borg-Warner Corp
4334 49
10
*334 412 •1
412 433
418
1.100,Botany Cons Mills class A50
5
418 412
5
5
5
1734 1812 1773 194 1933 2078 19
2212 1853 1912 1834 198 191,000 Briggs Manufacturing_No par
*2712 2812 2353 2812 *23
3012 3012
282 2812 2812 284 30
900,13r1ggs dr Stretton
•
2
2
•134 215 •134 2
300 British Empire Steel
2
•14 218
2
2
2
100
*4
4% *Fs 412 *41s 411
453 453 •418 478 *418 453
2001 25 preferred
100
1513 1512 1 533 2014 1733 1853 1818 194 184 19
No par
1834 187 16,200 Brockway Mot Tr
160 Preferred 7%
*6814 76
77
*70
77
76
77
77
76
77
*70
78
100
164 16914 166 16714 16212 1661 2 16212 17053 16512 17112 16712 16934 16.900 Bklyn Union Gas
No par
*4112 4212 *4118 4218 *4113 42
42 .41
4113 4112 *41
42
100 Brown Shoe Co
No par
2418 2834 62.700 Bruns-Balke-Collender_No par
2112 2134 247 2914 2212 25
2053 2212 2053 22
30% 3134 31
3114 3138 6,500 Bucyrus-Erie Co
317
3012 31
3034 3133 30's 31
10
4212 4278 4233 42% 4213 43
4,700 Preferred
424 424 4218 42% *424 43
10
*11134
•11214 ___ 112 112
20 Preferred (7)
____ "112
____
_ *112
100
1112 12
12
127s 13-14 1234 1314 13
1312 46.500 Budd (E G) Mfg
1312 1233 1314 '112-No par
12
1214 1214 13
1238 1234 1234 13% 1338 1418 28.000 Budd Wheel
No par
1233 1278
3314 331's 3334 3634 36
364 3714 25,500 Bulova Watch
3533 37
363s 3512 367
No par
5714 5918 58
6938 63
55,600 Bullard Co
70
63
69
5938 59% 6612 64
No par
105 105
104 10114 104 101
105 105
103 104
102 10314 1,400 Burns Bros new el AcomNo par
25
25
2512 2533 2518 2518 25
2512 25
No par
2534 252 264 2,400 New class B cum
•92% 9973 *934 9)78 *934 9933 *9318 9912 *0318 9912 .931s 9912
Preferred
100
4734 4812 474 49% 48's 4934 4338 484 4733 4353 4733 4814 14,600 Burroughs Add Mach__No par
425s 4312 4212 42% 4213 4212 434 434 4253 4278 42
4213 5,000 Bush Terminal
No par
110 110
10912 10934 *105 110
108 10912 108 10934
500i Debenture
108 108
100
11514 11512 1124 11238 11334 11334 1154 11512 •113 11512 11512 11512
140 Bush Term 13Idge prat
100
312 312
3% 3% 2,000 Butte & Superior NIInIng___10
312 312
334 334
33s 312
312 3%
312 312
3% 3%
700 Butte Copper & Zino
*35a 334 *348 378
358 3
,
8
312 334
5
2613 2634 2614 2612 *2512 2834 2514 25,
8 *2512 2612 2512 2614 2,800 Butter1ck Co
100
9512 9912 97 10034 101 10684 10614 110
10212 10778 1041s 107% 108,700 Byers & Co(A M)
No par
4,109 110 •109 11034 *10914 110 *10914 110 *109 11014 *109 110
Preferred
100
73
8 2.300 California Pack Mg.__ ..No par
7312 7233 7312 7333 737 *734 741z 724 7234 7212 72,
*28
29,
8 *28
California Petroleum
29% *28
2933 *28
29,
29% *28
8
25
2933 *28
128
112
112 I% 4,100 Callahan Zinc-Lead
133
114
*114 112
138
138 112
133
10
8412 8353 84
8134 8334 83
83
8312 8178 8334 86
8518 7,700iCalurnet .1, Arizona Mining_20
28% 2878 2812 29
2853 2933 284 294 29
2912 2913 2934 7,700,Calumet dr Becht
25
26
2738 2634 2812 28
28% 2712 2818 36,100 Campbell W Jr C Fdry _No par
28
30
2914 27
7414 7434 744 741z 731 7434 73% 75
7412 13,900,Canada Dry Ginger Ale No par
74
75
74
3214 3112 32
32
3115 317s 3112 3112 3112 3112 31 18 3118 1,900 Cannon Mills
No par
2614 2638 2534 2534 254 2512 2512 2512 264 2814 27% 2814 3,300 Capital Adminis cl A..,Vo par
40
40
4112 4134 *4012 41
*40
42
0 Preferred A
40
40
40
40
50
274 282
272 276
27634 27933 27112 2794 276 282% 275 231
22,500 Case Thre.sh Machine We _100
*13213 13412 •134 13412 132 132
132 132 *132 13412 132 132
60 Preferred rertificates___100
7312 74% 74
7412 738 71,2 7418 74% 7414 7518 7412 74% 15,700 Caterpillar Tractor_ __No par
'10
11
*934 11
10
10
300 Cavannagh-Dobbs Ine.No par
•934 11
10
10
*934 11
75
74
170 Preferred
*74
.72
*74
75
76
70
*75
75
76
•70
100
5234 5353 52% 542
534 5433 53% 5514 5414 5512 5234 551s 33,109 Celotex Corp
No par
*2714 28,2 28
23
284 2812 2818 2834 3,200,Central Aguirre A88o_No par
28
28
2878 28
3134, 32,8 32
3278 3318 32% 3314 33
3218 3214 33
33% 5,600 Central Alloy Steel
No par
90 Preferred
109 199
109 109 *10912 110 *10012 110
109 10912 •10918 110
100
*5
6
714
6% 8
10,500 Century Ribbon Mills_No Par
72 8
734 84
71s
6014 60,4 *130
60
20 Preferred
*58
*57
80
60
6014 *58
•6(1
80
100
6312 6212 63
6212 6314 7,900 m2errode Pasco Comier_No par
6234 6312 6314 63% 6212 64
63
12% 13% 1234 1312 13
1314 •1213 13,4 1214 1278 1214 1212 3,800 Certain-Teed Producta_No par
45
444 4478 4412 45
45
•1514 4512 454 4614 4612 4612 1,500 City Ice & Fuel
No Par
97
*9614 97
*9614 97
97
60 Preferred
.9612 97
•9618 97
97
97
100
6058 6234 6238 6612 6512 6778 62% 6712 141,900 Checker Cab
58% 60
5314 60
No par
19,300 Chesapeake Corp
No par
74
75
7512 81
7434 7534 75
75,
8 7518 7534 7512 76
36
42,500 ChIcago Pneurnat Tool_No par
3434 35% 3412 36
34% 35% 34
3612 35
3578 35
*5458 5514 *5414 55
No par
5514 55,2 55% 5578 5578 55% 5512 5312 1,100 Preferred
*2978 30
190 ChIcago Yellow Cab
30
•2912 30
*29
30
30
30
30
30
30
No par
700 Chickasha Cotton 011
n514 2512 *2533 2512 254 2512 2512 2512 *2512 25% 24% 2512
10
64
6212 6312 6212 6318 8,600 Childs Co
6412 6511 6212 65
64
64
64
No par
Chile Copper
*35
65
65
.55
55
*55
65
6..)
65
*55
*55
65
25
40 206,400 Chrysler Corp
39% 4012 3912 4033 3812 40
38% 39% 38% 39,2 39
No par
818 812 7.700 City Stores New
8
812
Vs
Vs
8,4 812
No par
8,4 8%
8,4 812
800 Clark Equipment
8 38
3612 3612 36% 374 3612 3612 3712 3713 *37% 374 37,
No par
45
600 Cluett Peabody & Co No Par
41
41
39
39
41
4118 4212 4212 '43
*1012 45
720 Preferred
100 100
100 100 *100 105 *100 103 •100 105
100
100 100
1724 175
17014 1727 17114 17412 17314 176% 174 174% 174% 184% 20,700 Coca Cola Co
No par
Class A
50
5012 5012 5014 5012 5012 5012 5012 504 2.100
*50
5014 50
No par
*29
No par
3078 2912 304 2912 30,4 2912 3014 2834 2918 28% 2914 2,800 Collins dr Alkmau
200 Preferred 000-voting____100
8512 8512
*8512 88
*85
88
*85
Rg
8514 8514 *8512 88
37,700 Colorado Fuel & Iron
66
6614 65
100
5834 6014 5834 0
6438 6714 65% 6778 64
30.200 Columbian Carbon v t eNa Par
18614 19012 18212 188
186 19214 186 18414 185 18734 183 192
93
9178 9312 9158 9438 9312 9512 9934 96% 9918 9713 9834 247,800 Colum Gas & Elea
No par
700 Preferred
100
109 10918 *10812 1084 108% 109
1094 10934 109 109
'10812 110
2858 2914 2833 29
2712 2834 2718 2818 2614 2712 2612 26% 120,100 Columbia Graphophone
22,300 Commercial Credit____No par
3818 371g 39
37
3734 394 33
39
3 i% 3812 3933 38
50
Class A
43
43
42
4234 4234 4234 *4112 4234 4234 42% 4234 43% 5,030
130 Preferred 13
2534 2534
25
28
25
•2512 26 .254 26
26
23
*251z 26
1,010
1s1
93
preferred (64%)____100
93
92
89
92
*88
9012 91
89
89
90
90
8 13.800 Corn Invest Trust new _No par
4814 48,
4912 517s 50
5058 50
5034 4818 4934 484 49
1,100 Preferred (64%)
100 100
100
100 100
100 100
100 100
*9912 ---- 100 100
1,200 Warrants
*19
20
100
•21
2212 *20
2212 21
20
21
20
20 .19
31% 3234 3134 33
3112 354 36% 35
33
36,2 35% 3612 390,300 Comm Solvents new___No par
167 17
1634 17
1634 17
16% 17% 174 1814 1712 1734 323,700 Commonwealth&Sou'rnNo par
4,900 Conde Nast Publica__ No par
56
56
57
56
4913 5034 5134 5212 53
53,2 54
56
18% 1912 19
1934 1812 19118 184 1834 1814 1812 1814 1933 107,600 Congoleurn-Nalrn Ine__No par
1,600 Congress Cigar
No par
52
*5134 52
52
5218 53
5214 52
53
*5214 53
53
.3,
7,
*34
7,
*12
78
38
78
*34
38
1
78 1,400 Cornley Tin Foil stpd No par
*5512 5634 56
Consolidated Cigar_
1
2,400
5434
No par
5514
53
5358
56
56
5634 57 2 56
250 Prior preferred
80
100
*79
80
*79
80
79
79
79
79
7934 793 80
6,500 Consol Film Indus _ _.No par
2312 24
237 24
2333 2418 2338 2378 2318 23% 2338 24
2312 24
11,300 COnsol Film Ind pref__No par
2418 247
2414 2434 241 251
23% 24% 2334 24
12312 125 306,900 Consolidated OWN Y)No par
11914 121
120 12112 120 12114 120 12412 12212 123
No par
103 103
10234 103
10278 102% 10212 10234 10212 103 x10218 10218 1,700 Preferred_
138 14 •13s
112 3,200 Consolidated TertIle...._No par
114
112
114 138
114
114
133 1%
8 194 194 19% 1914 2014 6,400 Container Corp A vot No par
1914 1914 1914 197s 1812 1914 18,
7,700 Class 13 voting
No par
74 7,4
634 7
74 8
7
7
712
734
712 734
49,400 Continental Baking Cl ANo par
3914 4218 3612 40
4112 43% 4212 4378 42,
8 41% 4218 43
54
512
6
6
Class
614
618
B
41,500
par
No
514
8
612
63
533
612
3.900 Preferred
8914 8714 88
100
*88% 90
8912 89% 89
8834 8912 8914 90
67
,
8 6812 6733 6838 6812 6918 6812 691s 68% 6934 6858 693s 26,100 Continental Can Ino__-No Par
2814 2878 2838 2833 2833 29
283s 287s 2834 29% 2912 31% 23,500 Cont'l Diamond Fibre_No par
72
7412 19,400 Oontinental Ins
7118 72
10
6818 69
7014 71
69
6912 6953 70
67s 7
10,900 :1outinental Motors_._No oar
678 7
6% 7
634 678
6% 6%
6% 7
2612 27
90,100 Continental 011
No par
25% 2612 2614 27
2614 2738 2634 2712 26% 27
36% 26,400 Continental Shares.. _No par
354 35% 3453 367
3638 3534 36% 36
364 3738 36
100 1023s 75,300 Corn Producta RefinIng____25
99 102
95
,
8 97% 9512 97
91% 99
95
97
230 Preferred
8 14612 14612 14612 *1461
*146 14612 144,
100
- - 1464 146% •14515 147
3113 39.800 Coty Inc
No par
829,
8 3012 297 314 317* 3234 31,
83233 3018 313s 30
3418 33% 33% 8,600 Cream of Wheat
No par
34% 3434 3112 3434 3453 3134 31% 34% 34
13,000 Crex Carpet
2318 254 234 25
109
21
2138 20
12
20
2112 21% 25
1,800 Crosley Radio Corp___No par
*1612 17
174 177
18
18
18
18
1738 17% 1634 17
c ateasked prices ;no sales on this day, z Ex-dividend.
Ex-dividend and ex-rights.
PER SH ARE
Range Since Jan. 1.
On basis of 1110-share lots.
Lowest.
$ per share
6312 Mar 14
97 Mar 3
13 Feb 18
6712 Jan 18
10114 Mar 20
4% Jan 3
80 Jan 3
32% Jan 18
3118 Jan 8
92 Jan 2
12214 Jan 13
23 Jan 4
100 Mar 14
74 Feb 7
47% Jan 22
70 Mar 7
3% Jan 3
22 Mar 24
6018 Jan 8
327s Jan 2
3 Jun 14
1312 Mar 6
2114 Jan 2
Ps Jan 30
418 Mar 10
13 Jan 3
68 Jan 11
131 Jan 6
40 Jan 30
1318 Jan 15
224 Jan 24
3313 Jan 7
10734 Jan 3
818 Jan 3
8% Jan 2
2618 Jan 17
2978 Jan 16
994 Jan 13
2212 FA)IS
93 Feb 7
4314 Jan 7
36 Jan 4
10014 Jan 2
10513 Feb 10
3% Mar 27
3 Jan 24
161s Jan 17
694 Feb 4
109 Jan 27
6658 Jan 3
28 Jan 22
1 Jan 2
7473 Feb 19
26 Mar 15
19 Jan 2
63% Jan 3
27 Jan 7
1838 Jan 18
31 Jan 2
19214 Jan 2
115 Jan 16
54 Jan 2
512 Jan 2
62 Jan 2
3512 Jan 2
2312 Feb 19
3034 Jan 2
10514 Feb 7
3% Feb 4
51 Feb 27
57% Mar 17
11 Jan 15
4018 Jan 3
943 Jan 15
36 Jan 2
6312 Jan 3
2212 Jan 20
5112 Jan 3
16% Feb 1
24% Mar 28
5712 Jan 8
65 Feb 8
3314 Jan 11
7% Mar 21
33 Jan 20
30 Feb 1
9114 Jan 2
13314 Jan 8
484 Jan 8
1458 Jan 2
73 Jan 3
3612 Jan 2
16818 Jan 18
70,2 Jan 2
10414 Jan 31
2431 Jan 17
233* Jan 2
3178 Jan 2
22 Jan 6
754 Jan 18
3618 Jan 29
89 Jan 3
11 Jan 3
274 Jan 22
12% Jan 2
41 Mar 8
1312 Ja., 2
45 Jan 14
as Jan 16
44 Jan 2
67 Jan 22
1512 Jan 3
18 Jan 3
Ms Jan 2
091s Jan 28
1 Jan 2
12 Jan 2
414 Jan 2
3612 Mar 28
5,2 Mar 13
86% Mar 19
504 Jan 2
28 Jan 21
59 Jan 4
553 Jan 3
1912 Feb 4
2738 Jau 21
874 Jan 3
140 Feb 10
214 Jan 2
2512 Jan 6
9 Jan 22
104 Jan 17
Highest.
per share
68 Feb 4
9934 Feb 21
1612 Mar 12
83 Mar 24
1047 Feb 18
6% Jan 17
852 Mar '9
52% Mar 27
4633 Mar 26
11,77 Mar 26
134 Mar 22
29 Jan 31
103 Mar 8
85 Feb 25
5912 Mar 22
73 Mar 26
5 Mar 26
334 Jan 3
7633 Mar 24
5012 Mar 27
5 Mar 27
2078 Mar 25
3012 Mar 28
24 Jan 25
4% Feb 6
2014 Mar 24
77 Mar 26
17814 Mar 3
42 Feb 18
28% Mar 28
31% Mar 24
43 Mar 25
112 Jan 14
14% Feb 3
14,
8 Feb 6
3714 Mar 28
70 Mar 27
109,
8 Mar 5
2634 Mar 28
MO Feb 19
517s Mar 1
48'2 Mar 5
110 afar 15
117 Mar 3
514 Jan 6
4,4 Feb 20
2938 Feb 24
110 Mar 26
114 Jan 25
7712 Mar 3
28 Jan 22
218 Feb 3
89% Jan 9
3338 Jan 7
30 Mar 23
7588 Mar 10
3414 Mar 18
2814 Mar 27
42 Mar 19
2944 Mar 10
132 at ar 25
7518 Mar 27
1374 Jan 11
75 Jan 18
60 Mar 10
29 Mar 14
3434 Jan 27
110 Jan 3
814 Mar 27
601 4 Mar 26
65% Jan 6
15% Feb 6
49 Feb 4
9834 Feb 11
67% Mar 27
81 Mar 28
3634 Mar 17
35% Mar 14
32 Mar 20
2814 Feb 6
6712 Mar 3
65 Feb 6
41% Feb 6
1014 Jan 2
3812 Feb 7
4212 Mar 27
MO Feb 13
184,
8 Mar 28
53 Mar 21
3534 Feb 13
8512 afar 28
6778 Mar 26
199 Mar 11
9934 Mar 26
1094 Mar 24
3134 Jan 6
3933 Mar 20
4312 Mar 20
26 Mar 22
93 Mar 28
55 Mar 6
100 Mar 24
2314 Mar 5
3638 Mar 26
18,4 Feb 7
57 Mar 27
1934 Mar 24
5672 Marl!
1 'Mar 24
89% Mar 17
80 Mar 25
27.3,hlar 11
2814 Jan 10
125 Mar 27
103 Mar 14
2 Jan 27
22,2 Feb 24
812 Feb 20
5212 Feb 17
7 Feb 17
94% Feb 17
694 afar 19
3412 Feb 5
7412 Mar 28
R14 Feb 19
2713 blur 26
3834 Feb 14
10218 Mar 24
147 afar 21
33 Feb 3
3538 Mar 20
2918 Mar 5
22 Jan 2
PER SHARE
Range for Previous
Year 1929.
Lowest.
Mown.
per share I per share
55 Nov 11334 Jan
95 Oct 10634 Jan
1213 Dee 324 lilly
Oct
69 Dec 131
100 Dec 10612 Aug
i784 Apr
412 Dec
75 Nov 84% Jan
25 Nov 10433 July
25 Nov 1234 Sept
784 Nov 14034 Aug
116,
8 May 128 Sept
2234 Dec 6178 Apr
Jan
100 Oct 111
Jan
704 Dec 118
,May
37 Nov 1363
70 Oct 8912 Jan
3 Dec
1134 Jan
18 Dec 63% Jan
63 Oct 10012 July
28 Nov l43,May
24 Dec 1512 Feb
812 Nov 634 Jan
173s Dec 4313 July
1,2 Dr.
64 Jan
1312 Jan
3% Nov
14 Nov 7378 Jan
7114 Dec 145
Jan
99 Nov 24312 Aug
36 Oct 614 Sept
1614 Nov 5314 Jar.
14
Oct 4234 Jan
2612 Oct 50 Feb
107% HOP 117 Aar
818 Dec 2278 Oct
7% Dee 1212 Dec
2114 Nov 34 Dec
25 Nov
54% July
88 Nov 127
Jan
22% June 39
Jan
88 Nov 10514 Jan
29
Oct 329% May
3114 Nov 8918 Feb
9118 Nov 11012 Mar
10534 Nov 11812 Feb
438 Dec
1238 Jan
2 Oct
912 Jan
1712 Dec 41
Jan
50 Nov 192% Jan
105 Apr l2114 Jan
634 Oct 84% Aug
25 June 3412 Aug
1
4 Jan
Oct
7312 Nov 136% Aug
28 Oct RI% Mar
19 Dec 4912 Aug
45 Oct 95 July
27 Dee 4334 Sent
17 Nov 654 Oct
29 Nov 3974 Oct
130 Nov 447 Sept
113 Nov l234 Dec
504 Dec 61 Dec
614 Dec 4218 Feb
58 Dec 10512 Mar
31
Oct 793a Feb
21
Oct 4834 Jan
26% Nov 5934 Oct
105% Apr 11212 Jan
3 Oct 2018 Jan
Jan
5014 Dec 82
5214 Nov 120 Mar
1078 Dec 32 July
3912 Dec 6234 Jan
96 Scot 10514 Jan
18
Oct 8034 Sept
4218 Nov 112 July
2l78 Oct 4712 Sept
47 Nov 61 Sept
2178 Oct 38 Jan
Jan •
25 Dec 50
4412 Nov 75% Sept
53 Nov 12712 Mar
28 Nov 133 Jan
7,4 Oct 27 Feb
25 Nov 6178 Oct
3412 Dec 7234 Jan
9012 Dec 119
Jan
101 Nov 1544 Aug
4434 Oct 80 Feb
10 Nov 7214 Mar
65 Den 10312 Feb
7812 mar
2734 Nov
Oct
105 Nov 344
52 Nov 140 Sept
9912 Nov 109 July
1812 Nov 88% Jan
IR Nov 82% Jan
28 Nov 51% Sept
28 June
20% Nov
70 Oct 105% Jan
Oct
284 Nov 79
Jan
87 Nov 99
9 Der 894 Sept
204 Oct 63 Oct
10 %ct 2434 Oct
35 Nov 93 Jan
11
Oct 3534 Jan
43 Nov 92,
8 Pet
14 Nov
113 Fel
40 Oct 9814 Jan
63 Nov 96
Jan
10
Oct 253s Sept
1518 Oct 30% Apr
8013 Nov 1834 Sept
9212 Nov 10012 Dec
58 Dec
638 Jan
12 May 2312 Jan
34 Nov
1112 Jan
2514 Oct 110 July
4% Oct
1514 July
7913 Nov 100 June
4012 Oct 92 Sept
2034 Nov 3312 Dec
4618 Nov 11014 Bent
64 Dec '2834 Jan
18 Nov 3734 Aug
2612 Dec 45% Dee
70 Nov 126% Oct
137 Nov 14434
18 Dec 824 Jan
24 Nov 31 Nov
15 Dec 5768 Apr
15 Dec 125 Feb
2169
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Mar. 22.
Monday.
Tuesday.
Mar. 24. I Mar. 25.
Wednesday. Thursday..
Mar. 27.
Mar. 26.
Friday.
Mar. 28.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share ; $ per share S per share S per share $ Per share Shares Indus. & Miscel. (Con.) Par $ per share $ per share $ Per share 5 per share
79 Aug
3718 Nov
55
5634 541
/
4 5614, 564 56/
567g 5518 5558 5414 5534 5,200 Crown Cork & Seal____No par 43 Jan 2 5712 Mar 18
1
4 56
17
Oct 253 Jan
No par
17 Jan 8 1812 Feb 19
300 Crown Zellerbach
1712
1712 *17
17/
1
4 *17
1758 *1714 1781 1712 1718 *17
*17
Nov 12134 Aug
71
Mar
25
14
935
8
Mar
America.
100
84
Crucible
Steel
of
18,300
9114
8858
90
897
884
8
8918
89%
8
9058 9058 8812 925
9334
100 10934 Feb 7 117 Mar Is 103 Nov 11634 Feb
180 Preferred
11234 11234 115 115
11412 11412 11414 11414 11412 11514 115 11534
5 Nov 2412 Y80
9 Jan 2 16 Feb 18
No pa
/
4 10,500 Cuba Co
1512 1514 151
1
4 15
14
1514 1412 15
14% 15/
1314 14
7 Mar 3
pa
3
Products.
No
312'Mar 26
Cane
Cuba
3.800
4
4
4
312 4
3
34
4
4
4
4
4
.1-2 -.1);;)
B4 Aug -5
1
118 Feb 2
No pa
72
118
78
34 Jan 2
3,200 Cuba Cane Sugar
78
1
1
1
1
its
1
1
11
/
4 Dec
1378 Jan
4 Mar 3
2 Jan 7
10
2
238 1.200 Preferred
24
2
2
*2
212 .2
212 *2
214
2
Jan
67
Der
17
Feb
4
6%
Mx
26
Sugar____
I
9
Cuban-American
700
67
678
678 67
*634 7
*64 7
7
718
672 678
56 Per 95 Yon
1
4 Feb 11
100 57,2 Mar 25 65/
45812 60
4571
/
4 59
60 Preferred
5712 5712 5712 5712 58
58
*58
59
Jae
Nov
677
8
36
2
Jan
Mar
r
48
443
4
Packing
5
Cudaby
4,100
7
7
463
8
465
8
464
47
451
4612
4712
4514 4514 4514
45
45
Oct
600 CurtisPublishing Co___No par 113 Jan 27 122 Feb 15 100 Nov 132
•118 12012 *118 12012 *120 12012 12014 12112 1218 121% 122 122
No par 114% Jan 29 12118 Mar 19 112% Nov 12134 May
1
4 11712 11712 1.700 Preferred
111812 11812 118 11834 118 1181
/
4 11712 1178 11738 117/
63 Dec 3018 Aug
612 Jan 31 1312 Mar 25
No par
1212 1212 1312 1212 13
12/
11
1138 11
1
4 134 1214 1234 419,900 Curtiss-Wright
1314 Dec 377 Aug
1958 Mar 25
100 1332 Feb 1
1814 1834 39,600 Class A
1828 19
1678 1714 164 1812 181
/
4 19/
1
4 1838 19
81138
Mar
8
par
Jan
25
64
Mfg___No
Cutler-Harnmer
11,300
85
8653
8
8512
81
8412
873
863
2
8478 85
8334 8512 8514
4178 4214 14.700 Davison Chemical- ____IsIo par 2858 Jan 2 4314 Mar 25 *-2114 Oct "Wile Jan
/
4 42
4258 411
4112 4228 4113 42141 42
4314 42
20 Dec 467g Jan
53 22 Mat 25 27 Jan 20
*21
____
200 Debenham Securities
25
__ "22
*21
____ *16
*21
22 1 22
22
100 117 Jan 4 12712 F' 13 109 Nov 128 Jan
530'Deere & Co pref
123
12334
122 123
*123 12312 123 123
123 123
123 124
Aug
100 195% Jan 3 25012 : so 7 151 Nov 345
23512 23512 2373 237% 1,400 Detroit Edison
238 239 *235 240 *235 238
23512 239
6472 Feb
44 Nov
30% Jan 24 4234 Mar 4
Devoe & Raynolds A--Na Par
•37
40
40
*37
41
40
*38
*38
40
*37
40
*38
11512
Jan
Ii
Dec
4
Mar
18
1113
14
4
Jan
100
1063
lot
preferred
•1053
4
"106
_
__
_--- *10534
*106
•10534
*106
- ---100 139 Jan 13 194 Mar 27 117 Nov 16412 Jan
187 19234 6,120 Diamond Match
185 191
175 18934 183 189% 182 187
177 184
114 Aug
6 Nov
952 Jan 18
No par
634 Jan 3
9
9
1,700 Dome Mines, Ltd
878 9
8% 9
9
9
*8%
83
8%
12
Oct 5414 July
918 2078
Vo par 20 Mar 28 2413 Feb 7
20
2112 2,700 Dominion Stores
21
2118 214 21
21
208 2013 2112 21
69 Nov 12618 Feb
76 Jan 2 87% Mar 10
No par
8234 8334 18.400 Drug Inc
84
811
/
4 8358 8234 8178 81
8518 834 8158 83
Jan
OA 92
25
13
4114
Jan
Mar
13
32
International_
_No
par
34
*31
100
34
*31
*31
33
3312 3218 3218 *31
*31
34
Jan
10 Nov 28% mar
15 Jan 4 1814 Feb 24
Vo pa
300 Dupan Silk
184 *1812 1914
18
194 18
•18
18
1912 *13
1912 *18
12 Jaa 191178
Duquesne Light 1st pref___100 100 Jan 7 102 2 Mar 21
*102 103 *10134 102 *10134 103 *10134 10212 102 10212 *102 10212
3913
Sept
19
Oct
2512
Jan
31
Jan
2
2012
No
pa
Hol.ing
61111.
Eastern
1,3
00
*22
23
*22
23
23
2212 2234 2114 2212 2214 2214 *22
No pa 175% Jan 9 244% Mar 25 150 Nov 26044 Oct
23514 23972 235 237% 38,700;Eastman Kodak Co
232 237
23212 241
23913 21478 23812 242
7634 Feb
18 Nov
347 36,4 8,900 Eaton Axle & Spring.. No par 27% Jan 2 374 Feb 20
35
35
3114 35
3132 3112 3414 3112 3412 35
Oct 231 fl-pt
SO
20 11218 Jan 11 14312 Mar 28
13834 14214 1404 14312 91 500,,E I du Pont de Nem
13714 139
13514 13714 135 13712 137 139
100 11412 Feb 4 120 Mar 11 107% Nov 1195, Aug
5001 6% non-vot deb
120 120
120 120 *120 12014 120 120 *120 12012 11934 120
4 Dec 39% Jan
7 Mar 25 1072 Feb 6
No par
200;Eltingon Schild
712
712 •7
*7
8
*7
712 *7
8
7
7
*7
Jan
39 Dust 113
100 41 Jan 7 62 Feb 5
100, Preferred 61-4%
*53
55
*5213 54
54
1353% 54
*5338 54
5338 53/
1
4 *53
Ort 174 July
50
11412
11
r78
par
Jan
7
SI
No
Autolite
Electric
74,400
1107
11013
10314
108
11412
10612 10814 10512 107
106 10678 106
115
Apr
Nov
102%
1103
4
JD
7
Jan
6
100
10614
Preferred
101
*107 109 *107 109 *107 109 *107 108% 107 107 *107 10312
718 Mar 1
314 Oct 18% Mar
412 Jan 4
No par
6
612 1,200,Electric Boat
/
4
618 64
84 64
638 612
*5% 61
534 61t
2918 Nov 86% Sept
No par 494 Jan 2 92% Mar 28
8614 89121 874 92% 324.81)0i Electric Power & Lt
7818 8014 77% 80,4 79
8012 83'4 891
OS Nov 10914 Feb
No par 10612 Jan 3 111 Mar 24
11018 11018 11014 11012 11018 11012 2.000! Preferred
110 III
109% 110
110 111
12614 Jan 9 14112 Feb 26 106 Nov 14017 June
Certificates 50% paid
-----____ *136
____ *136
4137 ---- *137
*137
64 Nov 10412 Oct
3.600IElec Storage Battery_No par 6934 Jan 2 7914 Feb 10
7618 77
7518 76
*7514 76
7714 777
7614 77281 *754 76
31 Star 17
1012 Oct
314 June
5/
1
4 Mar 24
Corp___No
par
512 *412 538 1,100 Elk Horn Coal
47
538 512 *4/
1
4 512 *4
512
458 452
31 Jan 6
34 Oct 2212 Feb
738 Jan 24
57
900'Emerson-Brant class A_No par
54 578
*412 434 *434 5
5
6
58
5
5
833a
Jan
4914
Nov
Jan
22
591
/
4
Jan
9
Corp----0
5212
Endicott-Johnson
55
57
.54
*55
*56
58
*56
57
6
57
*55
57
100 10713 Jan 7 112,2 Mar 15 10314 Sept 12414 Feb
Preferred
100
110 110 *11034 1117 •11034 1117g •11034 1117 *11034 11178 *11034 1117
7058 Aug
31
Oct
61%
Mar
27
par
3914
Jan
2
Public
Serv__No
Engineers
21,300
604
6072
597
8
593
4
613
4
57
57
5712 561
/
4 574 5714 58/
1
4
80 Nov 1234 Aug
No par 9458 Jan 8 10414 Mar 21
800 Preferred $5
100 100
10018 10012 10034 102 *101 105 *10034 10114 102 102
Oct
8434 Oct 109
102 Feb 13
No par 9112 Jan
700 Preferred (5'.4)
*9812 9858
1
4 9352 937 99
9813 9812 98
9818 9838 9838 98/
41 May
3114 Jar
44
Feb
6
Office
Bldg
Equitable
No
Par
3
1,700
39%
Jan
43
43
43
427
427 43
427 427 *1234 4272 4278 43
54 Feb
3612 MN
3853 39
3812 3313 38
4134 3,300 Eureka Vacuum Clean_No par 35 Jan 27 4358 Mar 5
39
39
40
39
39
.39
73% Mar
15 Nov
3034 Feb 18
5 181 Jan 21
2212 22
4,000 Evans Auto LoadIng
23
2314 24
1323
2312 23
2312 2112 2314 22
1
4 .1111y
2214 Jan 27/
2632 Mar 3
2512 2614 2512 26
210 Exchange Buffet Corp_No par 22 Jan
2512 26
26
*2512 26
26
26
26
47 Jan 2
978 Jan 6
314 Nov 13% Dec
25
600 Fairbanks Co
534 53t
534 53
534 514
"514 57
514 514
534 53
Jan
11
Apr
35
Jan
20
39%
Feb
11
1518
100
Preferred
730
191
/
4
2012
194 2034
19
20
171
/
4 17% 1818 193* 1934 20
294 Oct 5478 Sept
4534 Mar 7
No par 3413 Jan
500 Fairbanks Morse
*4212 4312 *4212 4313
42
42
*4212 4314 4212 4212 *4212 43
100 102 Jan 7 10914 Feb 19 11112 Dec 11078 Jan
0 , Preferred
105 105
105 105 *106 10914 *106 10914 *105 10914 *105 10914
22 Dec 72% Mar
15 Mar 15 2714 Feb 27
17
174 1714 1714 17/
1
4 1718 1734 1738 1658 1738 *1612 1672 1,7001Fashlon Park Awroc___No par
6011 Nov 109 June
15 5952 Feb 6 9014 Mar 18
900 Federal Light dr Trac
85
83
86
*77
85
8714
*80
84% *75
85
848 .77
90 Nov 104 Feb
Feb
17
96
13
No
par
91
Jan
1
Preferred
401
95
*95
99
99
95
*93
94
94
95
95
95
95
5 Oct 22% Feb
1214
Feb
28
73,
Jan
17
No
par
500 Federal Motor 'Fruck
11
11
11
11
11
*11
1112 *11
1112 *11
1112. 11
28 Nov 5614 Sept
6,3001Fed'i Water Service A_No par 3212 Jan 3 43 Mar 19
4214 4134 417
4012 4013 4012 41
4018 4114 4014 4114 41
2512
Dee 33 Dec
Feb
8
367
8
4
Jan
par
29
Stores_No
Dept
Federated
1,400
3112 31
3134 3014 3014
*31
32
*30
32
*30
3112 31
4712 Nov 123 Sept
84
84
8412 85
83
8538 6.700 Fidel Plzen Fire Ins N Y___10 6512 Jan 2 8538 Mar 281
8114 8234 8214 8278 8212 83
6 Oct 1314 Ma"
9 Feb 14
7 Feb 11
No par
1
4
8% 8/
190 Fifth Ave Bus
8/
1
4
812 *8
812 *8
*8
812 *8
812 *8
30 Dec 9812 Fab
No par 3414 Feb 5 4012 Jan 22
(Filene's Son.2
36
36
.33
36
*33
*33
*33
37
36
*33
37
*33
Jan
Dee 107
84
4
2
Mar
100 92 Mar 15 961
9612 9612 1,0001 Preferred
•95
07
95
95
95
95
95
95
95
95
2412 Dec 37 Dec
•28
2814 2713 28
2315 2812 2814 2812 274 2818 2758 2778 5.8001Firestone Tire dr Rubber _ __10 26 Feb 21 3318 Jan 7
54
Dec
89
Dec
83
5
8
Mar
24
3
87%
20
Feb
100
79
8618 3,5001 Preferred
8534 8612 86% 87% 8612 874 864 8738 8614 867g 86
90 Sept
4412 No
12,600 First National Stores__No par 6054 Jan 2 61% Jan 31
/
4 5512 5672 5318 56
56
5734 5512 5712 56
5714 5632 571
2018 Jan
24 Der
414 Jan 24
3 Jan 2
37
No par
312 334
3/
358 4
31/4
1
4 328
338 378
38 334 12,700 Fisk Rubber
'8
8 Der 72% Jan
20 Jan 24
100 13 Jan
1st preferred
1534 1418 15
15
15
1314 1314 1,240
15
1
4 1534 15
1612 15/
8 Dec 8212 Jan
19% Jan 27
100 1234 Jan
lot pref convertible
16
*1558 16
15
330
16
14
15
1514 *1513 10
*1512 15
Jau
54
38 Nov
5278 Mar 21
/
4 Jan
100 Florshelm Shoe class A_No par 421
51
*45
51
*45
51
*50
52
.47
52
•50
51
51
g014 Oct 10218 Jan
100 Feb 3
100 97 Jan 1
,
2001 Preferred 6,,
*9913 100
100 100 "100 10014 100 100
*9912 100
*9912 100
Nov 8234 Aug
32%
25
Star
50%
No
par
37
Jan
Bros
483
4412 44% 487
Follansbee
48
48
483
*44
20,700
4912
4878 5078 48
33 Nov 9.5 Sept
87 Mar 27
No par 6012 Jan
54.600 Foster-W heeler
84
8214 87
84% 87
1
4 83
75
7534 75/
82
86
82
1234 Nov 6958 Apr
2638 Mar 19
No par
1518 Jan
24
2334 247
1
4 24
*23
2312 23/
241
25
2512 24
/
4 2434 1,800 Foundation Co
1
4 Sept
19% Dee 105/
6
/
4
Feb
391
var
1618
Jan
Na
3414
class
A
293 3118 31
27/
1
4 3038 2734 29/
173,500 Fox Finn
1
4 2814 30% 284 30
54% Jan
2334 Nov
No par 3818 Feb 25 4934 Mar 27
491
/
4 4818 4934 4838 4914 44,700 Freeport Texas Co
4478 4578 4518 4634 4612 4712 48
8212 Nov 10717 May
No par 85 Feb 14 9512 Mar 6
*90
94
*90
94
60 Fuller Co prior pref.
*9012 92
90,4 9012 *8912 92
*8918 92
5 Oct 3372 Feb
958 Mar 13
No par
5/
1
4 Jan 2
700 Gabriel Snubber A
814 814
812 812
*818
838 8%
84 8,4 "818 81
9'3
6513 Nov 8312 July
No par 6914 Jan 7 80 SIar 28
7512 77
74
500 Garreweli Co
77
79
74
*74
80
*74
76
*74
77
3 Dec 25 Jan
Feb
18
73
2
Jan
16
Motor
5
312
57
58 53
5% 534
534 534
512 534 2.700'Gardner
534 5%
5%
12 Jan 23 1612 Feb 18
15
15
15
1514 14
1434 15
1434 15
1518 5,000 Gen Amer Investors___No par
147 151g
100 90 Jan 23 10112 Feb 18
100 100 *100 101
300 Preferred
100 110 *10014 101 *10014 131
101 1)1
W." Nov 12312 Or,
10412 105% 103% 10538 105 10634 105 19638 105 1 )578 10318 1J514 26,300 Gen Amer Tank Car__No par 993 Jan 2 108% Feb 6
4214 Nov 9444 Aug
1
4 Mar 25
100 4914 Jan 7 70/
6878 6614 69
6358 6614 6514 6812 68
72,600 General Asphalt
70% 6734 69121 67
No par 105 Mar 4 125 Jan 15 121 Nov 140 Feb
*10712 112 *108 112 *10712 11112 *10712 11112 110 119
11112 116
160 Gen linking to-el
Nov 89% June
24
15
Feb
38
,
2
par
No
2512 Jan 7
33
3314 324 3314 32's 33
3312 33
4.900 General Bronze
3318 32% 3312 33
Feb
Si
23 Nov
No par 26 Jan 7 3412 Mar 7
3038 2958 3072 6,400 General Cable
30
3012 *3012 32/
1
4 2958 3012 2918 2958 30
DeL 120% Feb
6318
5
Feb
743
4
par
8
Jan
4
No
653
A
711
/
4
737
8
Class
70
71
70
70
69
*6918 70
6914 69
3,300
70
74
Feb
Oct
42
7
No par 51 Jan 2 61 Mar
5918 5912 5934 597
5932 5978 59
2.900 General Cigar Inc
5912 60
*593 60
60
No par b 6452 Jan 29 83% Mar 28 16318 Nov 403 Aug
715
7718 7718 78
75/
1
4 77
7734 8014 787 81% 81
83/
1
4 517,500 General Electric
1114
Feb
Jas
11
28
Feb
113
4
Jan
2
10 II%
1134 1158 7,300 Special
1158 1134
1113 1112 1112 1158 1112 1152 1158 1134
Oct rps July
35
497
No par 4618 Jan 17 5558 Feb 11
47/
1
4 484 4734 4812 48
4978 56,200 Gen Foods
4912 5012 49
4712 49
112
Nov
Sept
59%
Mar
28
79%
6412
par
Jan
20
3
No
General
Gas
&
Elec
A
7414
7034
7514
78
673
4
17,600
71
784 79
6734 67%
7178 72
Oct
Jan 116
76
No par 90 Feb 25 91 Feb 7
Class 11
1
4 *9158 9358
*911
/
4 9314 *91% 9338 *9112 93/
1
4 *9134 93/
*9118 92
No par 115 Mar 19 12012 Feb 11 1111/ July 135 Feb
Preferred A (8)
*120 122 *120 122 •120 122 *120 122 *120 122 *120 122
11612
Jan
Oct
99
Mar
11
10914
19
vas
104
Feb
*10518 107 *105 108 *105 108
80 Preferred A (7%) No
10512 10512 108% 10878 *10812 109
1
4 Jan
50 Oct 89/
No par 46/
1
4 Mar 24 5514 Jan 30
48
4812 4612 477 12,700 General Mills
4638 5012 4812 4934 4812 49
5018 51
Jan
100
Dec
873
4
22
Mar
95
Jan
17
100
9014
Preferred
*90
92
*90
92
100
92
*90
92
92
*90
.90
95
95
3312 Oct 91% Mar
493 51 556,900 General Motors Corp
10 3712 Jan 18 51 Mar 28
50
4758 48/
1
4 4774 4834 4758 48% 4718 48% 43
100 11712 Jan 24 1251g Mar 22 112 Nov 12612 Jan
125 12518 125 125
125 125
125 12518 2.200 7% preferred
12518 12518 125 125
Oct 52 JSIJ
30
28
39%
Mar
3
6
35
Jan
3918 3918 3912 39
200 Gen Outdoor Adv A___No par
*35
3918 •38
*3613 381
/
4 "38
39/
1
4
39
15 Mar 17 1612;Mar 28
No par
151 1578 151
/
4 16
1512 15%
*1518 16
15% 16
16
1612 3.700 Common
OS Aug
Nov
'VC
Feb
13
49
/
1
4
Jan
2
No
par
Service
43
463
4
463
4
4812
Gen
Public
323*
4718
22,900
42% 44/
4334 4412 4214 44
1
4
4814
Oct 12612 Aug
70
No par 8618 Jan 7 10678 Mar 28
98 100/
101% 1034 10212 10638 104 10512 10312 10678 49.500 Gen fly Signal
1
4 9712 101
54 Oct 8812 Aug
84
85
8712 867 90
63,200 General Refractories_ No par 67 Jan 2 90 Mar 28
8078 81
82
82% 8234 84% 82
4412 43
4412 4214 4313 89,800 Gen Theatres Equip_ .No par 395 Jan 31 4812 Feb 18
44
4512 4413 46
4414 4512 44
Oct
80 Nov 143
1
4 873
8238 843
85/
1
4 8712 8618 881
8518 8714 183,300 Gillette Safety Razor No par 8112 Mar 21 1081s Jan 16
8652 8838 84/
4818 Jan
1012 Nov
1112 Jan 20 19 Mar 26
No par
19
1734 1812 171
1534 1613 163 1814 1758 1834 18
/
4 1814 41,100 Gimbel Bros
94
Oct
56
Dec
Mar
27
8018
Jan
30
Preferred
100
667
2
80
80
80
8018
*7212 78
600
.7612 82
76
76
7712 78
Oct 6418 July
26
No par 31 Jan 18 38 Mar 20
3513 3614 3414 3534 354 3618 25,800 Glidden Co
37
37% 3634 372
36
37
95 Nov 10618 Apr
100 981 Jan 11 10518 Mar 27
10478 10478 104% 105
103 10412 10518 1051 *10334 1041 10412 105
5411 Prior preferred
9% Nov 66 Feb
_.No par
13 Jan 16 19 Feb 7
1658 1558 16
16
1678 164 177
11,000 Gobel(Adolf)
1612 171
/
4 16
17
171
Jan
31% Oct 82
1
4 4334 414 42/
4258 4314 42/
/
4 4314 80,300 Gold Dust Corp v t c. No par 3734 Jan 2 4674 Feb 6
1
4 4058 4114 4034 4112 411
Dec 1(1534 Jan
3S14
5812
Mar
25
F)____No
par
4014
Jan
17
Goodrich
Co
(B
55 8 5812 5558 5778 5412 56
1
4 5312 527 55
45,100
52/
55
5578
9512 Dec 11518 Feb
100 9553 Jan 7 1041 2 Mar 2i
*104 10412 104 104
300 Preferred
10413 10412
104 104 *10412 105 *10413 105
Oct 15412 Mar
60
/
4 Mar 25
9438 03
26,000 Goodyear T & Rub____No par 62 Jan 2 961
961
92
94
9638 924 9512 9112 9328 9258 91
87 Nov 10474 Feb
No par 90 Jan 3 102 Mar 25
lot preferred
1011
/
4 10178 101 10152 101 10114 1,800
10018 10014 10014 1001 10112 102
Apr
14 Nov 60
25
2618 2512 2638 26
27,900 Gotham 511 Hoe new No par 2112 Jan 18 2878 Mar 8
2628 253 2712 2712 2878 2634 23
/
4 Jan
68 Dec 1011
100 70 Jan 10 82 Mar 21
82
82
82
82
82
•79
82
82
223 Preferred new
82
*79
82
82
14
May
4
Oct
1312
Mar
21
No
par
712
Jan
2
1212 *12
1214 1212 12% 1.700 Gould Coupler A
124 1272 •12
121z 1212 1234 *12
Jan
7% Oct 54
97 1018
94 Jan 16 1114 Jan 4
93 1014 10
934 1014
958 1018 11.700 Graham-Paige Motors_No par
934 934
104
7 Nov 49% Jan
No par
858 Jan 10 101s Feb
97
600 Certificates
*9
912
9% *9
9
9
878 878 *9
972 *9
: Mar
4614 Nov 1027
5634 5712 5634 5712 57
5818 58% 6,600 Granby Cons M Sm & Pr.100 51 Jan 18 59% Jan 7
5712 5614 5758 574 58
3212 Dec 4473 Dec
50
5112 4913 51
20,400 Grand Silver Storei__ No par 3214 Jan 22 5112 Mar 27
49
50
4912 5012 4812 50
49
50
33 Dee 9812 Mar
100 3353 Feb 6 4512 Mar I
Grand Stores
_
/
4 Feb 13
13/
1
4 Jan 18 201
No par
9,2 Nov 32% Jan
418
1812 18
19
191
/
4
1834 19
1812 1/4118 -1,900 Grand Union Co
Oct 54% Jan
30
No par 37 Jan 2 4314 Mar 14
500 Preferred
*4212 43,4 4212 4212 4212 4212 *4214 4234 "4238 4212 424 4214
32 Nov 634 Sep'
4512 Mar 28
an
No par 37
4318 4112 4412 45
42
44
41
41 14 4034 41
43
4512 7,000 Granite City Steel
• Bid and asked prices: no sales on this day. z Ex-div (lend. S Ex-dividend ex-right .
9 3 additional atm es for each share bald.
2170
New York Stock Record-Continued -Page 5
Fur
,ale, lint..; rile. week 555 •tocke
17ICH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Afar. 22.
Monday.
Mar. 24.
Tuesday.
Mar. 25.
Wednesday. Thursday.
Mar. 26.
Mar. 27.
Friday.
Mar. 23.
Sales
for
the
Week.
recorded
here,
see fifth
STOCKS
NEW YORK STOCK
EXCHANGE.
Oa g.
preceding
PER SHARE
Range Since Jan. 1.
On bof 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per Asare $ per share $ per share $ per share $ per share Shares
Indus. & Miscel. (Con.) Par 3 per share $ per share $ per share $ per share
*3418 3458 3412 35
3418 3412 3358 34
33
3312 33
3312 3,700 Grant (NV T)
No par 32/
1
4 Jan 2 43 Jan 9
3212 Dec 144/
1
4 Feb
2314 2352 2318 25/
1
4 2412 25/
1
4 2354 2414 2312 24
20,800 Gt Nor Iron Ore Prop No par
231s 24
19/
1
4 Jan 3 2538 Mar 25
19
Oct 3914 Feb
*3134 32
3134 32
32
3338 3234 33/
1
4 3212 331
/
4 33
33
9,800 Great Western Sugar No par 2814 Mar 1 3412 Jan 16
28
Nov
44
Jan
*11712 119 *11712 119
118 118 *118 11812 *118 11812 11712 118
140 Preferred
100 11412 Jan 4 120 Mar 14 105 Nov 11912 Feb
181
/
4 18,
8 18
1838 1712 1814 17/
1
4 18
1678 1712 1718 18
48,400 Grigsby-Grunow
No par 1212 Jan 18 2212 Jan 2
1414 Nov 70 Sept
1
4 1i4 *11
*1
114 9/
/
4 11
/
4 9
138 *118
11
/
4
100
11
/
4
Guantanamo
114
Sugar_ _No par
12 Mar 7
4 Feb 4
1 Nov
512 Jan
7112 71 12 7112 73
72
7438 72
*72
74
72/
1
4 7112 7314 6,600 Gulf States Steel
100 51/
1
4 Jan 2 80 Feb 19
42 Nov 79 Mar
•10414 10612 *10414 106 *105 106 *105 106 *105 106 *105 106
Preferred
100 9812 Jan 17 10712 Mar 14
993
4
Dee
109
Feb
*2612 28
28
30
*29
30
*2814 29
*2814 29
*2814 29
30 Hackensack Water
25 28 Jan 4 30 Mar 24
2312 Nov
35 Aug
*28
29
*2612 2814 *2612 2814 *2612 2814 *2612 2814 2814 2814
10 Preferred A
25 26 Jan 6 2814 Mar 28
26 Jan 30 Aug
1712 1814 17/
1
4 1912 18/
1
4 20
18/
1
4 1912 1812 1918
1812 1912 65.800 Hahn Dept Stores
No par
12/
1
4 Jan 2 20 Mar 25
12
Oct 5634 Jan
80
80
82/
1
4 8312 835.8 84
85
86
86
8638 86/
*85
1
4 1,300 Preferred
100 7118 Jan 3 86/
1
4 Mar 28
7134 Dec 115
Jan
28
29
28/
1
4 3114 30
3134 2912 3118 29
2978 29
297s 13,900 Hall Printing
10 24 Mar 17 3134 Mar 25
27 Dec 29/
1
4 Dec
*103
903 ____ 903 ____ *103
____ *103
____ *103
Hamilton 'Wilton pref
100 99 Jan 7 104 Feb 8
99 Nov 10558 Jan
92
92
*9112 92
92
*92
92
*92
96
96
92
92
160 Hanna pre new
No
par
85
16
Jan
92
Mar
20
*59
60
60
60
5912 5912 5912 60
60
*5912 60
180 Harbison Wak Refrac.No par 55 Mar 12 61 Jan 25
60
54 Jan 87/
1
4 Oct
15/
1
4 17
157s 1718 1612 1718 1678 17
1612 17
5,600 Hartman Cord class B_No par
1618 17
13/
1
4 Jan 15 20 Feb 5
13
Oct
4178 Aug
22/
1
4 2278 *22/
1
4 23
22/
1
4 2278 22/
1
4 2278 22/
1
4 23
*2212 23
2,000 Class A
No
par
Jan
2012
17
23 Feb 5
16/
1
4 Oct 31 Sept
*5812 60
*581
/
4 59
59
59
*5812 59
*5812 59
*5812 59
100 Hawaiian Pineapple
20 64 Jan 14 61 Feb 13
55 Dec 721
/
4 Aug
8
9/
1
4
858 10
10
1034 1018 13
1318 15
1358 1412 83,000 Hayes Body Corp
No par
614 Feb 21 15 Mar 27
512 Nov 6838 May
84
84
*8214 81
8312 8312 84
84
84
8412 8412 2.9004Ielme(OW)
84
25
82
Mar
20
92
/
1
4
Feb
19
84 Nov 11812 Jan
2514 2514 2538 2512 2512 2512 2512 26
*2512 25/
1
4 25
2512
900 Hercules Motors
No par 22 Jan 3 2714 Feb 10
2112 Dec 3312 Oct
10312 10512 10234 10712 105 10778 10414 10658 10218 10514 9912 103
33.800 Hershey Chocolate
No par
70 Jan 2 1071
/
4 Mar 25
45 Nov 14378 Oct
I0334 104
103 105/
1
4 106 10678 104 10618 10112 103
10014 10014 5,100, Preferred
No
par
8312
2
Jan
10678 Mar 25
6052 Nov 14314 Oct
*106 10614 906 10614 10614 1061
____ •106
/
4*
____ 8
200 Prior preferred
100 10414 Feb 21 10614 Mar 25 104
Jan 1061
/
4 Oct
2112 2112 21
2112 *20
22
*2012 22
*20
1062014 2-0500 Hoe (R) & Co
14
No par
15 Jan 15 2514 Feb 27
121
/
4 Dec 33 Aug
*35
3.512 351
/
4 3512 *35
3512 3512 351
36
/
4 37
4114 6,400 Holland Furnace
37
Vo par 2614 Jan 14 411
/
4 Mar 28
21 Nov 51 Mar
3
3
718 718
718 718 87/
1
4 734
714 714 871
600 Hollander k Sons (A)__No par
/
4 74
7 4 7/
1
4
12/
612 Feb 27
1
4 Jan 29
1312 May 241
/
4 Aug
*77 78 *78 79 77 77 *7612 78 *7612
*7612 78
78
100 Homestake Mining
100 76 Mar 14 80 Feb 1
65 Nov 93 Aug
2512 2738 2612 27
2538 26
2714 40,900 Houriaille-Hershey cl 13'No par
26/
1
4 2712 2634 2714 27
19 Jan 2 29 Feb 5
13 Nov
52
/
1
4
May
5212 5312 5314 5314 5312 5438 54
5412 5412 55
5434 54
2,300 Household Finance part of_56 49 Mar 5 55 Mar 28
45 Aug 5214 Sept
*5734 5934 5812 60
6018 601.2 60
6014 *59
5912 2,400 Household Prod Inc-No Par 5212 Jan 25 6112 Mar 10
5912 *59
40 Oct 791., Jan
9018 9412 9134 10014 981
/
4 10338 99/
105 108 107,900 Houston Oil of Tex tern ctfs 100 5214 Jan 17 110 Mar 27
1
4 108
10412 110
20
Oct 109 - Apr
39
39
39 . 39
39/
39
1
4 3814 39/
1
1
4 4014 391
4 38/
/
4 3978 7,500 Howe Sound
No par 3514 Mar 17 4178 Feb 7
3434 Nov 8212 Mar
5658 5338 57
5734 56
5314 Si)
5634 5518 5714 56
29.200 Hudson Motor Car
57
No par 53/
1
4 Jan 16 62/
1
4 Jan 6
38
Nov
9312 Mar
211
/
4 2214 211
/
4 2214 2158 2214 211
/
4 2218 22
2238 2518 59,700 HMV Motor Car Corp
23
10 20/
1
4 Jan 18 2518 Mar 28
18 Nov 82
Jan
27
2778 2718 2778 271
1
4 2718 27/
/
4 27/
1
4 261
/
4 2712 2718 2912 45.200 Independent Oil & Gas.No par 2014 Feb 19 291
/
4 Mar 28
l734 Oct 3938 may
12/
1
4 1278 1318 1414 1312 1-178 12/
/
4 13
1
4 1412 111
12/
1
4 1312 49,900 Indian Motocycle
Vo par
5 Jan 3 17 Mar 4
312 Oct 3212 Jan
70
*61
*61
*81
69
70
70
*61
*61
*61
70
70
Preferred
100
Mar
30
6
3
Jan
8712
25
Nov 9534 Feb
27
2338 2512 2714 25
27
2318 25/
/
1
4 25
4 231
2418 2514 240,990 Indian Refining
10 1734 Jan 2 2438 Mar 22
1318 Oct 53 Aug
26
27/
1
4 2514 2812 2318 26
2034 2112 2112 23/
1
4 2218 23/
1
4 100,800 Certificates
10 16 Jan 2 27/
111
1
4 Mar 22
/
4 Oct 5114 Aug
109 110 *103 111 *106 10912 105 105
103 103
113 11312 2.400 Industrial Rayon
No par 90 Fob 11 124 Jan 10
6812 Nov 135
Jan
*191 198
196 198 *192 197
193 197/
1
4 195 195
192 196
1,800 Ingersoll Rand
No par 15414 Jan 8 20378 Star 18 120 Jan 223/
1
4 Oct
*92
93
93
93
94
9434 9412 95
9212 94
*93
9312 2,500 Inland Steel
No
par
70
/
1
4
Mar
Jan
98
11
6
71
Dec
113
Aug
28
29/
1
4 28
28/
1
4 23
2878 2814 2878 2834 29/
1
4 2834 2934 11,900 111•01ratIon Cons Copper.... 20 2614 Jan 17 3078 Feb 7
Get gni; Mar
22
1658 17
1634 1718 167s 1714 17
1714 17
171
/
4 1678 1718 '5,400 Insuranshares Corp_ _No par 1314 Jan 3 1738 Star 10
12 Dec 16 Nov
*6
638
572 7
612 612
612 634 *6
612 *6
612 1,500 intercom.
' Rubber
No par
414 Jan 2
7 Mar 24
2 Nov
1414 Jan
2558 26
25/
1
4 2614 2538 26
2512 2512 25
2512 25
251
/
4 3.400 Interlake, iron
No
Feb
24
par
1
Feb 20 2834
*5/
1
4 6
5/
1
4 534
6
6
6
6
534 578
5/
1
4 6
2,600 Internat Agricul
No
par
Jan
412
718
16
2
Jan
4
Oct
17
/
1
4 Jan
57
*53
*55
58
*53
*5412 66
58
56
56
1,400 Prior preferred
56
56
100 5412 Mar 8 58 Feb 6
40 Nov 8812
178 178 *179 182
182 18534 184 184
182 18312 179 179
1,300 Int Business Machines.No par 15212 Jan 18 19214 Mar 11 109 Nov 255 Jan
Oct
6758 68
6814 7112 71
7112 701
7238 71
/
4 7138 7118 72
10,300 International Cetnent__No par 5534 Mar 8 72/
1
4 Mar 25
48 Nov 102/
1
4 Feb
978 1034 101
/
4 1114 111
/
4 131s 1314 1412 11
13/
1
4 1214 13 236,900 inter Comb Eng Corp__No par
4/
1
4 Dec 10312 Feb
5 Jan 2 1412 Mar 26
67
6712 6758 7214 71
741
7018 73
70
7012 70
8,400
701
/
4
Preferred
100 30 Jan 2 74.2 Mar 25
1812 Dec 121 Feb
931/4 9538 93/
1
4 9512 93
9512 9318 96
9312 95/
1
4 9212 95
21,500 Internat Harvester____No par 78/
65 Nov 142 Aug
1
4 Jan 7 9658 Mar 5
*144/
1
4 14434 144/
1
4 14414 *14414 145
14414 14414 *14414 14412 *14334 14414
700 Preferred
100 14012 Feb 10 14412 Mar 14 137 Alia 145
Jan
45
46/
1
4 4512 4618 4518 463* 4518 47
4558 47/
1
4 4558 46/
1
4 73,100 Mt Hydro-El Sys cl A_No par 3112 Jan 3 4734 Mar 21
23 Nov 5912 Sept
81
8118 81
8258 28012 83
82
85
84
8312 85
86
16,600 International Match pref. __35 6512 Jan 3 86 Mar 27
47 Nov 10212 Jan
2712 23
2712 28
28
28
2738 2712 27
2712 2612 27
3,500 lot Mercantile Marine ctfa_100 25 Jan 2 3058 Jan 6
1818 Nov
3918 Oct
411
/
4 41/
1
4 4118 42/
1
4 4114 43
4112 42
4114 4238 4134 42/
1
4 394,500 Int Nickel of Canada-Vo par 3138 Jan 2 43 Mar 25
25 Nov 72/
1
4 Jan
75
*60
*60
*60
70
70
*60
*60
70
70
*60
International Paper___No par 58 Jan 8 85 Mar 21
70
57 Dec 112
Oct
*82
85
85
*82
*85
83
83
8514 *84
8514 28512 8512
300 Preferred (7%)
100 80 Jan 23 85,2 Mar 12
77
Nov
9412
Jan
2912 3118 30
3012 29
29
2812 2958 2912 2912 29
10,100 Inter Pap & Pow cl A__No par 26 Jan 7 3118 Mar 22
29
20 Nov 4414 Oct
2012 1918 1934 1914 1912 19
20
19
1918 1918 19
1938 2,300 . Class B
No par
1514 Jan 6 2012 Mar 22
12 Nov
3378 Oct
1618 16/
1
4 16
1678 16
16/
1
4 1534 16
1512 1612 1514 1558 22,000
Class C
No par
1218 Jan 7 17 Mat 21
9 Nov 2618 Oct
80/
1
4 82
8238 84
8334 84/
1
4 84
88
8578 86
8218 8312 7,800 Preferred
100
7914
86
31
Mar
Jan
26
77
Nov 95 Oct
5112 5112 *51
/
4 5112 5112 51
52
511
5012 51
*51
52
1,100 lot Printing Ink Corp__No par 4614 Jan 17 53 Feb 14
40 Nov 6838 Oct
*9812 99
*9812 99
99
99
*9818 99
9914 9914
160 Preferred
9712 99
100 9312 Feb 7 9914 Mar 28
911
/
4 Nov 106 Mar
*8314 81
83
811
83
/
4 8278 8118 82/
1
4 8114 8114 8134 8178
320 International Salt
100 69 Jan 30 8514 Mar 17
5512 Jan 90/
1
4 Feb
*5914 60
*5914 60
59/
*59/
1
4 59/
5934 60
1
4 GO
1
4 *5912 60
1,100 International Shoe_ _No par 5934 Feb 25 62 Jan 15
54
Oct 7712 Sept
101 101 *10012 104 *10112 10378 10378 107
102 102
103 103
300 International Silver
100 100 Mar 17 119 Feb 1
95 Nov 15912 Aug
*109 110
108 109 *108 111 *108 111
10912 1091 *10912 111
70 Preferred
100
105 Feb 28 11214 Feb 17 10314 Oct 119 Jan
63/
1
4 65
8352 6478 6238 64
6212 6312 6234 64
6318 6412 119,700 Intermit Wen & Teleg.No par 6238 Jan 30 7514 Jan 2
53 Nov 14914 Sept
3012 30/
1
4 230
3012 2912 3038 2612 28,
11,600 Interstate Dept Stores_No par 2612Sfar 26 40 Feb 4
28, 271
27
/
4 28
251
/
4 Oct 9312 Jan
711
/
4 7118 *7118 771
/
4 *7113 7778 7118 711
/
/
4 777 *71 18 77/
4 *711
40 Preferred ex-warrants _ _ _100 71 Mar 12 75/
1
4
1
4
Feb
6
74
Dec 97 May
32
*30
31
*30
31
*30
32
*30
•30
311 *:30
3112
Intertype Corp
No par 23 Jan 2 31 Star 15
17 Nov
3378 July
2512 2458 25
25
24/
1
4 24/
1
4 2412 25
1
4 2378 24/
241
/
4 26
7,500 Investors EquItY
No
par
19 Jan 7 29 Feb 19
1212 Nov 7212 Aug
*4012 42
4012 4012 40
39
41
39
40
1.100 Island Creek Coal
3812 39
39
1 3812 Mar 28 43 Mar 19
39
Oct
69
Mar
57/
1
4 *57
1
4 58/
57/
*57
58
1
4 *56
58
5612 561
56/
600 Jewel Tea Inc
1
4 5634
No par 43 Jan 20 59 Mar 7
39 Nov 16214 Feb
13012 138
12758 133/
1
4 213012 132
13034 13414 129 l321s 125/
1
4 131 100.300 Johns-ManvIlle
No par 117 Jan 2 14838 Feb 5
90
242
Nov
/
1
4
Feb
*122 123 *122 123 *122 123 *122 123
122 122 *122 123
30 Preferred
100 11814 Feb 24 123 Mar 21
*122 124
122 122
122 122
122 122
122 122
170 Jones & Laugh Steel pref 100 11812 Jan 6 12:3 Mar 15 118 Nov 123 May
122 122
117 June 126
Oct
314 358
3/
1
4 314
312 3/
1
4
Jordan
5,500
312 334
Ps
2 32
312
Motor Car
No par
2 Jan 22
41
/
4 Feb 18
112 Oct 1612 Jan
121
*12
/
@FedFRASER