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1 financial
The
aninietrial
RM. U. S.
VOL. 130.
litontrie
SATURDAY, MAY 10 1930.
NO. 3385.
be a prelude to the other. To have the bottom again
drop so completely out of the market can only serve
PUBLISHED WEEKLY
to unsettle confidence anew, thereby retarding the
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recovery
in business which everyone is so earnestly
including Postage—
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$8.00 praying for and which the authorities at Washington
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7.75 are so sedulously engaged in seeking to bring about.
The following publications are also Issued. For the flank
and Quotation Record the subscription price Is $0.00 per year; for all the others is This is why we say this latest stock market debacle
$5.00 per year each. Add 50 cents to each for postage outside the United
States and Canada.
should not be lightly dismissed. It is altogether too
COMPENDIUMS—
MONTHLY PUILICATIONS—
PUBLIC UTILITY—(semiannually)
BANK AND QUOTATION RECORD
grave a matter to be treated as if it were of no
RAILWAY & INDUSTRIAL—(f01M a year) MONTHLY EARNINGS RECORD
EITAT3 AND MUNICIPAL—(16131I-ann.)
consequence.
By a strange irony of fate, at the very moment
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45 cents
when
President Hoover was addressing the Chamber
Contract and Card rate,
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CHICAGO 0yrica—In charge of Fred. if. Gray, Western Representative.
of
Commerce
of the United States and pointing out
208 South La Salle Street. Telephone State 0813.
LONDON Orrice—Edwards & Smith, 1 Drapers Gardens. London. E. C.
how successfully and how expeditiously the collapse
WILLIAM B. DANA COMPANY, Publishers,
of last autumn had been dealt with, a new crash was
William Street, Corner Spruce, New York
impending and was, in fact, already under way,
Published every Saturday morning by WILLIAM D. DANA COMPANY. though the President appeared
to be unaware of it.
President and Editor. Jacob Seibert; Businces Manager, William D. Riggs
Cress.. William Dana Seibert. Soo., lierbert D.Seibert. Addresses or all. Otilee of CO. Here is
what he had to say on the subject:
"We have been passing through one of those great
economic storms which periodically bring hardship
and suffering upon our people. While the crash only
Change of Address of Publication.
took place six months ago, L am convinced we have
The Commercial & Finaric.al Chronicle,
now passed the worst and with continued unity of
hay ng long suffered from inadequate
effort we shall rapidly recover. There is one cerfacilities for handling its growing size
tainty in the future of a people of the resources,inteland growing aubscription list, has moved
ligence and character of the people of the United
into new and larger quarters, and is now
States—that is prosperity.
"On the occasion of this great storm we have for
located at
the first time attempted a great economic experiWilliam Street, Corner Spruce.
ment, possibly one of the greatest of our history.
P. 0. Box 958.
New York City.
By co-operation between Government officials and
the entire community, business, railways, public
utilities, agriculture, labor, the press, our own financial institutions and public authorities, we have unThe Financial Situation.
dertaken to stabilize economic forces; to mitigate
The stock market crash of the last two weeks the effects
of the crash and to shorten its destructive
should not be lightly dismissed. In the suddenness period.
of the collapse, and its magnitude, the bottom having
"I believe I can say with assurance that our joint
almost completely dropped out of the market as a
undertaking has succeeded to a remarkable degree
result of declines of 5 to 15 or more points a day, and
that it furnishes a basis of great tribute to our
continued for several days in succession, during people
for unity of action in time of national emerwhich it appeared almost impossible to arrest the gency.
To those many business leaders present here
downward movement,this latest crash stands second I
know that I express the gratitude of our counonly to that experienced last autumn, and from the trymen."
ill effects of which on trade and business the country
The President went on to say that: "We have
is still suffering. In view of this renewed exhibition succeeded in maintainin
g confidence and courage.
of the instability of stock prices, driven by specula- We have avoided monetary
panic and credit strintive manipulation to unnatural heights, he would be gency. These dangers
are behind us. From the
a bold man who would venture to predict when the moment of the crash, interest
rates have steadily
end of these ill effects may be counted upon with decreased and capital has
become steadily more
any degree of certainty.
abundant. Our investment markets have absorbed
This second stock market crash, whatever one may two billions of new securities since
the crash. There
think of the attending consequences, will certainly has been no significant bank or
industrial failure.
not promote a revival of confidence in underlying That danger, too, is safely behind us.
The acceleraconditions, and such a revival of confidence is an tion of construction programs
has been successful
absolutely indispensable prerequisite to a revival beyond our hopes. The great
utilities, the railways
of trade and business. The one must precede and and the large manufacturers have responded
cour-
financial Chronicle
3236
FINANCIAL CHRONICLE
130.
9,
ageously. The Federal Government has not only 30 ran up from $3,984,768,065 to $5,063,131,35
of
months
three
of
space
the
in
addition
an
being
auhas
expedited its current works, but Congress
figthorized further expenditures. The Governors, considerably over a billion dollars, or, in exact
in
that
also,
a
fact,
not
it
Is
94?
$1,078,363,2
ures,
been
everywhere
have
authorities
Mayors and other
York
doing their full part. . . . We are suffering this period the Federal Reserve Bank of New
from a decrease in residential construction, but made successive reductions in its rediscount rate,
2 of 1%, to 3%, at
despite this we have reason to believe that the total cutting its rate down another 1/
was under way,
crash
new
the
that
construction will still further expand, and we should the very time
it not a fact,
Is
week?
last
of
Friday
on
namely,
during 1930 witness a larger gross volume of imease in
time
of
a
profound
at
that
in
furthermore,
time
first
provement work than normal. For the
very
though
outstanding,
credit
money,
Reserve
substanno
had
the history of great slumps, we have
months,
last
15
the
during
reduced
substantially
strikes
no
had
have
we
tial reductions in wages, and
or lockouts which were in any way connected with still aggregates in the neighborhood of a full billion
this situation. All these widespread activities of our dollars, the amount for the present week standing
business men and our institutions offer sharp con- at $951,095,000? Is it not also a fact that the Fedtrast with the activities of previous major crashes eral Reserve authorities will not let a diminution
and our experiences from them. As a consequence, in member bank borrowing have its due effect in
we have attained a stage of recovery within this restricting the volume of Reserve credit outstanding,
short period greater than that attained during a but thinks it incumbent in great part to counterwhole year or more following previous equally great balance and offset such contraction through security
purchases in the open market in the shape of United
storms."
Unquestionably the President was presuming too States Government obligations and bankers' acceptmuch and painting too bright a picture. It will „be ances? And all this being so, do we not find here
a long time before the country sees the last of the the source of our trouble, and which has made posill effects on trade and business of the unbridled sible, as already stated, two stock market crashes of
speculation which ran through the whole of 1928 major proportions during the last six months?
It is strange that considerations like these should
and the greater part of 1929, and then had such an
so little attention and attract so little notice.
receive
and
more
becoming
more
inglorious ending. It is
Reserve authorities seem never to have
The
Federal
the
busithen
dealt
blow
the
day
that
evident each
ness of the country, not so much by the drop in stock had them in mind. An address which Governor Roy
values as by the destroying of the illusion that the A. Young, of the Federal Reserve Board, delivered
country could count upon a never-ending period of the present week before the Executive Council of the
prosperity upon which the rampant speculation was American Bankers' Association, in session at Old
based, and which in turn affected every avenue of Point Comfort,furnishes an excellent illustration in
trade and business—it is becoming more and more point. Mr. Young confined himself to the stock
evident that the blow thus dealt was more far-reach- market collapse of last autumn. He made no alluing than generally supposed. As if this were not sion to the present week's collapse, though he may
enough, the country now is forced to face the fact have had it in mind, and been in trepidation and
that it has been passing through a new speculative fear as to its outcome, as his remarks were in the
era which was even more lacking in substance than nature of a warning. He spoke of the danger of
the earlier one and which has now met the same expansion, and asked a number of pertinent questions about it, saying: "Is this unavoidable? Is it
disastrous fate.
Are we stating the case too strongly when we say necessary for this country to go through periods of
that two stock market crashes, both exceedingly reckless exuberance, accompanied by enormous
virulent, even though the second one was not of the credit expansion and by fantastic levels of money
same devastating character as the first, are more rates, that profoundly disturb the financial and
than the community ought to be called upon to business structure, not only here, but all over the
endure, and more than it will be inclined to bear world? And to have these periods culminate in
with patience and fortitude. There is too much of a abrupt reversals, violent liquidation, and a feeling
disposition to think that speculation in inherent in of discouragement and depGression?" Answering
human nature, which is in large measure true, and his own questions, he well adds: "If all this is
that it is natural that a vent should be found for it inevitable, it is very regrettable, for the cost of these
in the stock market—that the excesses of the stock excesses is borne throughout the land, with echoes
market are to be deplored, and yet that there is across the ocean, in languishing enterprise, in unemreally nothing that can be done about it. But if ployment, and in general depression."
He urges banks to recognize their responsibility,
it is impossible to change human nature, is that
and
after praising them quite inordinately in the
means
special
provide
we
any reason why
should
for fanning the speculative spirit and for letting opening paragraphs of his remarks upon their courit burst into flame and spread and work havoc? age and co-operation at the time of last autumn, yet
Has not the underlying cause of both speculative feels called upon further along in his address, in
periods been the same? Has not easy money and discussing the changes which have occurred in the
fears
cheap credit available in unlimited amounts been country's banking system, to indicate that he
banks
the
of
part
on
y
the
responsibilit
the underlying cause in both instances? And if individual
His
so, is not that where the remedy ought to be has been weakened and is rather loosely borne.
to
"Prior
were
as
follows:
point
that
on
remarks
applied?
the
System
Reserve
Federal
the
of
the
t
establishmen
period,
Dealing only with the latest speculative
which has now met the same fate as the earlier one, great metropolitan banks were the last resort of the
is it not a fact that the compilations of the Stock country's banking system. On them rested the ultiand
Exchange show that borrowing by Stock Exchange mate responsibility for avoiding catastrophe,
it,
avoid
to
able
always
not
members in the three months from Jan. 31 to April though these banks were
MAY 10 1930.]
FINANCIAL CHRONICLE
3237
they were never entirely free from the feeling that afloat, and at a time, too, when there was no need
it was their duty to so conduct their own affairs as for it in trade channels where the demand for banknot to endanger the financial fabric of the country. ing accommodations was constantly shrinking beI fear that to some extent this feeling of joint re- cause of the slowing down of business. The unsponsibility has relaxed as the result, in part, of needed banking credit thus thrust afloat naturally
confidence that the Federal Reserve System is ready drifted into speculative channels, and the new era
to stand by in the hour of need. The banks still feel of stock speculation was a natural and the inevitable
the responsibility to their stockholders and to their outcome.
depositors, but when it comes to responsibility to
the country at large there is a tendency to let
In the meantime, developments in mercantile lines
George do it. And yet I am convinced that to an have the present week continued to manifest the
increasing, rather than a diminishing extent, the same unfavorable trend as in the weeks immediately
great key banks have a general public responsibility, preceding. The price of copper, after having been
less direct, but no less binding than their duty to cut on April 15 from 18c. to 14c. a pound, was the
their own depositors and proprietors."
present week reduced to 13c., and then allowed to
All this is good and proper, and well said, but drop to 12y2c. And the price of wheat, after a
how about the responsibility of the Reserve Banks small upward reaction, has again declined and the
themselves? Have they not also a responsibility May option in Chicago has on several occasions durwhich should never be lost sight of? We have no ing the week sold down to $1.00 a bushel. Cuban
doubt that this responsibility is always borne in raw sugar, already at the lowest level in all time, has
mind, but has the power that goes with it been further declined,sales being made at 1 15/32c. per lb.
wisely exercised? Can the Reserve authorities be Silk prices are at the lowest figure reached in 15
absolved for their part in the unfortunate results years, and prices of coffee and of rubber are likewise
which have attended both the great speculative at extraordinarily low levels.
periods under discussion. Would not a little selfexamination on that point be helpful and profitable
There is very little to say about the Federal Reand be more in accord with the proprieties than the serve statements the present week. Brokers' loans,
self-praise which is so commonly indulged in?
of course, as the result of the great shrinkage in
We will not again on this occasion go over the market values on the Stock Exchange, and the closfacts bearing on that question which we have so fre-. ing out of many thinly margined accounts show a
quently discussed in these columns, but shall content decrease the present week. There has been a reducourselves with some rather general observations tion of an even $200,000,000 in the grand total of
which appear to be especially pertinent to the occa- these loans on securities to brokers and dealers by
sion. Member bank borrowing to-day at the 12 the reporting member banks in New York City. This
Reserve institutions, as represented by the discount is a substantial sum, but comes after $785,000,000
holdings, is only $237,448,000. A year ago, on May 8 expansion in the nine weeks preceeding. In the
1929, it still amounted to $962,022,000. Suppose the week's shrinkage of $200,000,000, the loans under
Reserve authorities had allowed this contraction in each of the three different categories have shared,
member bank borrowing to have its full force and the loans made by the reporting member banks for
effect, by which we mean, had this diminution in. their own account having fallen from $1,695,000,000
member bank borrowing been permitted to reduce to $1,611,000,000; the loans for the account of out-ofthe volume of Reserve credit outstanding to a like town banks having declined from $1,183,000,000 to
extent, instead of new Reserve credit being brought $1,123,000,000, and the loans "for account of others"
into being through purchases of United States Gov- from $1,397,000,000 to $1,341,000,00
0.
ernment securities and bankers' acceptances.
The 12 Reserve Banks show no changes of conseWould the stock market speculation of the past quence during the week in their own returns outside
three months, and which has now ended so disas- of the fact that there
has been another big reduction
trously, been at all possible? The holdings of United the present week in the holdings of bankers' acceptStates Government securities now stand at $527,- ances, these having fallen
during the week from
•
844,000, whereas 12 months ago, on May 8 1929, they $209,564,000 to $175,003,000 The
.
reason for this,
were only $149,488,000. The answer seems simple of course,
lies on the surface, and follows from cirenough. Any such speculation as actually happened cumstances beyond the control
of the Reserve auwould, in the event supposed, been wholly out of thorities. Open market
rates for bankers' acceptquestion. The effect of the Reserve credit put out ances have again been marked
down, while the
through the voluntary action of the Reserve authori- buying rate for bills
by the Federal Reserve Bank
ties themselves has been to create an artificial state until yesterday, when a reduction occurred to
2/
1
2%,
of ease in which alone such a speculation could remained at 23
4%. Aecordingly, there was no
flourish.
longer any inducement for selling bills to the ReGovernor Young is asking co-operation in estab- serve Banks, and as a consequence old bills, as they
lishing sound principles of banking so as to avoid ran off, were not replaced by new ones. With the
"reckless exuberance, accompanied by enormous buying rate down to 2/
1
2% the situation in that recredit expansion," and the member banks did their spect may change. Member bank borrowing inpart towards bringing about the restoration of sound creased a trifle, the discount holdings of the 12 Reconditions by reducing their borrowings at the Re- serve Banks May 7 being reported at $237,448,000
serve institutions. Indeed, most of the larger banks against $233,452,000 April 30. Holdings of United
have been completely out of debt at the Reserve States Government securities are likewise very little
Banks for some time. All their good work, however, altered, being reported at $527,844,000 against
has to a great extent been nullified and rendered $529,509,000 last week. The net result of all these
nugatory by the action of the Reserve Banks in arbi- changes is that total bill and security holdings, which
trarily forcing a large volume of Reserve credit reflect the amount of Reserve credit afloat, are
3238
FINANCIAL CHRONICLE
[voL. 130.
somewhat smaller this week, being 051,095,000 ber this year being 8.7% and as to liabilities 39.1%.
For the four months of this year 9,566 mercantile
against $982,225,000.
failures compare with 8,508 in the corresponding
The government crop report on winter wheat in period of 1929, an increase this year of 12.4%, and
the United States, issued at Washington late yester- there was $218,417,000 of indebtedness against $159,day afternoon, shows a further slight deterioration 538,000 a year ago, the increase in the latter for
in the condition of that crop during the month just this year to date being 36.9%. Relatively, the April
closed. The May 1 average this year is indicated by report makes a somewhat better showing than that
the Department as 76.7% of normal, against 77.4% for the four months.
In the three leading classes into which this failure
on April 1 and 86% on Dec. 1 1929, the latter the
condition of the newly-sown grain just prior to its record is divided there is an increase for April this
entry of the winter season. The decline during the year for each. For the month just closed 534 manuwinter was 8.6 points, and during the month of April facturing defaults, involving $19,668,738 of indebta fraction of one point. The crop harvested last edness occurred; also 1,500 trading failures for $23,year showed a decline during the winter of 1928-29 426,764, and 164 among agents and brokers, with
of 3.3 points, but there was an advance during April liabilities of $5,963,806. In April of last year there
of that year of a fraction of one point, instead of a were 499 manufacturing defaults for $10,422,876;
decline as now appears for the crop to be harvested 1,388 trading failures involving $19,101,961, and 134
in the third division for $5,744,865. In all three
this year.
The present May 1 condition of 76.7% of normal divisions the increase in liabilities last month was
compares with 83.6% for May 1 1929, and a 10-year mainly due to an unusual number of large failures
average condition for that date somewhat higher involving a heavy total. Especially is this true in
than last year's figure. The report issued at Wash- manufacturing lines; also to a lesser degree among
ington yesterday afternoon indicated that the winter trading concerns. For the manufacturing division,
killing for the current year's crop was 4,758,000 seven of the 14 leading classes for which a separate
acres, or 10.9% of the area planted to winter wheat return is made show an increase in the number of
in the fall of 1929. The winter-killing for the crop defaults last month, over those of a year ago. The
harvested last year was 2,758,000 acres, or 6.4% of large lumber section leads all others, both as to the
the area harvested in the fall of the preceding year. number and the indebtedness. There was quite an
It is now indicated that the area remaining for increase last month in failures among manufacturers
harvest this year will be 38,676,000 acres. This com- of machinery, as well as in clothing, and in hats,
pares with 40,142,000 acres actually harvested last furs and gloves. In the division for earthenware,
year, showing a decline in area for this year at the which includes brick and glass, insolvencies last
beginning of the growing season of 1,466,000 acres. month were more numerous than a year ago, and liaLast year's harvest for winter wheat was some bilities were heavier. On the other hand, there was
325,000 acres less than the May 1 estimate, and it is a decrease last month in the number of defaults in
not unlikely that the area this year may be further the manufacturing division embracing chemicals, as
well as in the baking line and for leather goods,
reduced before the close of the season.
On the basis of the May 1 condition this year, a including shoes. For chemicals and bakeries, howyield of 13.6 bushels of wheat per acre is now esti- ever, the liabilities were somewhat larger than last
mated by the Department,indicating an approximate year.
It is in the large trading class that the increase
production for this year's winter wheat crop of
525,994,000 bushels, against the actual harvest last in the number of defaults in April was most conspicuous. In nine of the 14 leading trading divisions
year of 578,336,000 bushels.
riter some decline in condition for rye during an increase is shown. The most important of these
the past winter there was a slight recovery in April. were the clothing section, as well as those including
The average condition of rye on May 1 was 84% of dry goods, and general stores. More failures also
normal, against 82% on April 1 and 87.2% on Dec. 1 occurred last month in the hardware line, among
of last year. The condition of the crop last year on jewelers, dealers in shoes, and in hats, furs and
May 1 1929 was 87.6% of normal, which was 3.6 gloves. Liabilities increased last month for general.
points higher than the condition on that date this stores, for grocers, hotels and restaurants, dealers
year. A yield of 13.3 bushels per acre is now indi- in furniture, and jewelry. While the amount recated for this year's crop of rye, which compares ported for grocers was higher, a reduction appears
with the estimated yield of 13.8 bushels last year, for the number of defaults in that class in April,
when the harvest was only 40,629,000 bushels, a very as for a number of months past. Likewise, as to
the liabilities for hotels and restaurants, the amount
low return.
last month was very much in excess of a year ago;
Business insolvencies continue to make unfavor- but the number shows a decrease—in fact, two large
able records. Mercantile failures in the United hotel failures in April swelled the indebtedness for
States for the month of April, according to the com- that class materially. Not only grocers and the
pilations of R. G. Dun & Co., number 2,198, involv- division embracing hotels reported fewer insolvening an indebtedness of $49,059,308. This is less in cies last month, but also the furniture division, as
number and amount than in the earlier months of well as for stationery and books.
As to the large failures in April, that is, those
this year, but that is customary for this period of
reporting
in
liabilities of $100,000 each, or more, there
failures
years,
time. Compared with previous
were
87
defaults for $23,478,210 of indebtedness.
such
record
earlier
any
April this year are in excess of
April
of
In
last year the number was 48 and the
in
only
heavier
were
for that month and liabilities
$13,740,563. Much the larger intotal
liabilities
year
Last
1927.
and
1923,
1922,
the months of April
division,
in April there were 2,021 insolvencies, with $35,- crease this year was in the manufacturing
$12,060,935,
for
failures
such
269,702 of indebtedness, the increase as to the num- for which there were 42
MAY 10 1930.]
FINANCIAL CHRONICLE
against 18 for $3,997,999 a year ago. For the trading section the number of large defaults last month
was 26 for $7,712,635 compared with 17 a year ago
involving 0,749,664.
3239
Brooklyn Union Gas at 150 against 158; North American at 1171/
8 against 117; American Water Works
at 1107
/
8 against 111; Pacific Gas & Elec. at 66
5/s
against 67½; Standard Gas & Elec. at 115/
1
2against
115; Consolidated Gas of N. Y. at 126/
1
2 ex-div.
The stock market the present week has been against
123; Columbia Gas & Elec. at 74 against
through another severe experience, the downward 753 Inter
/
4;
national Harvester at 105 against 104;
plunge of prices, which was such a feature last week,
Sears, Roebuck & Co. at 811/
4 against 85; Montwhen the market tumbled with great rapidity day gomer
y Ward & Co. at 41% against 43; Woolworth
after day, having continued at the half-day sessio at
63/
1
2against 63%; Safeway Stores at 90% against
n
on Saturday, and reached a still more aggravated 88;
Western Union Telegraph at 180% against 175;
form on Monday. In this period prices
each day American Tel. & Tel. at 246 against 246; Int. Tel. &
declined all the way from 3 to 15 points or more. Tel.
at 63 against 65; American Can at 137/
1
2against
The total depreciation during the whole of the down- 136½
; United States Industrial Alcohol at 883
/
4
ward movement was the worst suffered by
the Stock against85;Commercial Solvents at327
/
8 against291/
8;
Exchange since the great collapse of last Octob
er- Corn Products at 1043
/
8 against 98; Shattuck & Co.
November. The decline on this occasion, however,
at 443
/
4 against 45/
1
4
and
,
Columbia Graphophone at
was much more orderly than then, there
never appar- 27778 against 29.
ently having been a time when some price was
Allied Chemical & Dye closed yesterday at 307
not obtam able, even though it might be at huge conces
sions. against 304/
1
2on Friday of last week; Davison Chem.
Dealingswere of unusual magnitude on Saturday ical
at 35/
1
2against 33%; E. I. du Pont de Nemours
and Monday. On the first of these days
the sales at 126 against 130; National Cash Register at 573
/
4
were 4,867,530 shares, the largest for any Saturday again
st 55½;International Combustion & Engineerhalf-holiday on record, and on Monday were
8,279,260 ing at 101/
4 against 10; International Nickel at 33/
1
2
shares, the tickers on both days being far behind the again
st 31/
1
2; A. M. Byers at 85/
1
2 against 961/
8;
transactions on the floor. At the close on Saturday Simm
ons & Co. at 38/
1
2 against 44; Timken Roller
the ticker was an hour and 56 minutes behind,
and Bearing at 75 against 793%; Mack Trucks at 677
/
8
on Monday it was two hours and 54 minut
es behind. against 73%; Yellow Truck & Coach at 27 against
On Tuesday a sharp upward reaction ensue
d, and 27%; Johns-Manville at 108 against 103; Gillette
a large part of the losses of the previous day
at least Safety Razor at 84% against 85%; National Dairy
were recovered. And this upward reaction
was well Products at 56% against 54%; National Bellas Hess
maintained the rest of the week. On Wednesday, at
15/
1
2 against 16; Associated Dry Goods at 41/
1
2
Thursday and Friday the market continued
more or against 427
/8; Lambert Co. at 100 against 1003
/
4;
less unsettled, and the movement of prices
more or Texas Gulf Sulphur at 59% against 59, and Kolster
less confused, fluctuations both up and
down being Radio at 5% against 57
/
8.
of frequent occurrence and with the volume
of busiThe
steel
share
have
s
continued weak. United
ness only moderately large, judged by recen
t stand- States Steel closed yesterday at 1693
/
4 against 176
ards. Buying of the railroad shares has been
quite on Friday of last week; Bethlehem Steel at 95 against
a feature all the week, notwithstanding the
poor re- 94%, and Republic Iron & Steel at 533
/
4 against 61.
turns of earnings,the railroad list displaying
astrong The motor stocks quite generally show declines for
rallying tendency, even at the beginning of the week,
the week. General Motors closed yesterday at 47/
1
4
when the general list was still declining in
a very ex-div. against 45% on Friday of last week; Nash
disconcerting fashion. The copper stocks
also die- Motors at 421/
8 against 45; Chrysler at 32 against
played an improved tendency, after the
new cuts in 343
/
4
;
Packa
rd
Motors at 18 against 17%; Hudson
the price of the metal. The call loan
rate on the Motor Car at 433
/
4 against 45y4, and Hupp Motors
Stock Exchange ranged between 3% and
3/
1
2% all at 19/
1
2
again
st
20.
The rubber stocks regained most
week.
of their early losses. Goodyear Rubber & Tire closed
Trading was exceedingly heavy on Satur
day and yesterday at 80/
1
4'against 77 on Friday of last week;
Monday, but thereafter was on a reduced
scale. At B. F. Goodrich at 42 against 39/
1
2; United States
the half-day session last Saturday the
dealings on Rubber at 28% against 28, and the preferred at
51/
1
2
the New York Stock Exchange were 4,867,
530 shares, against 52.
being, as stated, the largest Saturday half
-day busiThe railroad list is quite generally higher as a
ness in the history of the Exchange. On
Monday the result of the buying above referred to. Penns
ylsales were 8,279,260 shares; on Tuesd
ay 4,755,830 vania RR. closed yesterday at 78 again
st 77% on
shares; on Wednesday, 4,295,470 share
s; on Thurs. Friday of last week; New York Centr
al at 174/
1
2
day, 3,755,990 shares, and on Frida
y, 3,009,830 against 168%; Erie RR. at 48 against 471
/
8; Del. &
shares. On the New York Curb Exchange
the sales Hudson at 171/
1
4 against 1713
/
4; Baltimore & Ohio
last Saturday were 1,537,190 shares;
on Monday, at 1153
/
4
again
112;
st
New
Haven
at 113/
1
4 against
2,540,400 shares; on Tuesday, 1,213,100
shares; on 107/
1
4
;
Pacifi
Union
c
at
225
again
st
220;
Southern
Wednesday, 1,022,100 shares; on Thurs
day, 865,600 Pacific at 122 against 118½; Missouri-Kansas-Te
xas
shares; on Friday, 809,300 shares.
at 53/
1
4 against 54; Missouri Pacific at 79/
1
4 against
As compared with Friday of last
week, price 77½; Southern Railway at 115 against 103½; St.
changes are irregular, many losses appea
ring, not- Louis-San Francisco at 114/
1
2 against 110; Rock
withstanding the recovery after Monday,
and these Island at 111 bid against 110%; Great Northern at
losses, too, following heavy losses in the
two weeks 93 against 89/
1
4, and Northern Pacific at 83
preceding. Fox Film A closed yesterday
at 517
/
8 against 781/
4
.
against 51% on Friday of last week;
Warner Bros.
The oil shares have also held their own pretty
Pictures at 66% against 67½; General
Electric at well. Standard Oil of N. J. closed at 757
/8 against
783
/
4 against 801/
4; Electric Power & Light at 84/
1
2 76% on Friday of last week; Simms Petroleum at 27
against 79; United Corp. at 45/
1
4 against 44%; against 29½; Skelly Oil at 35 against
36; Atlantic
3240
FINANCIAL CHRONICLE
For,. 130.
session followed Thursday, with public interest almost entirely lacking. Gilt-edged issues held barely
steady, while other departments showed much irregularity. Some improvement in gilt-edged securities finally took place yesterday, but other sections
of the market remained irregular.
Prices at Paris dropped heavily Monday on selling
precipitated by the break at New York. Liquidation
was heavy throughout the session, holders hurrying
to sell their stocks in anticipation of another crash
in prices. French and international issues were alike
thrown over and prices rolled swiftly downward.
This sharp slump was followed by a slight recovery
Tuesday. The movement of prices was slowly upward through most of the session, notwithstanding
a very small volume of trading. Better news from
New York played an important part in this moveimprovement and a
Stock markets in the important foreign financial ment, reports said. Further
in Wednesday's
followed
activity
centers moved irregularly this week, with the gen- slight increase in
dispatches.
York
New
of
basis
the
on
eral trend again toward lower price levels. Turn- session, again
of Wall
trail
the
in
live
to
seems
market
Paris
"The
over remained of small proportions in all markets.
York
New
the
reflect
sessions
its
of
all
and
Street
Much attention was directed toward New York, par"HerYork
New
the
to
report
a
behind,"
day
a
trend
prices
ticularly in the first sessions of the week, and
again turned weak
fell in London, Paris and Berlin under the influence ald Tribune" remarked. Prices
Thursday, values
Paris
of the heavy liquidation here. To some extent, how- under a fresh selling wave at
of the market.
nts
departme
ever, the occurrences at New York were considered dropping steadily in all
in yesteralso
prevailed
salutary and a better atmosphere prevailed during The downward movement
later sessions of the larger foreign markets. The day's session.
The Berlin Boerse, like other markets, was soft in
outlook for trade and industry remained the matter
the
initial session of the week. Investors paid no atof primary concern everywhere. Signs of improveto stocks, reports said, and the market was
tention
ment have not been prominent so far and as comto
left
professionals who hammered prices downseen
is
modity prices are still falling, little reason
quiet
for entering upon new stock market commitments. ward. Tuesday's session at Berlin was very
aldivision,
In London the conclusion has been reached by the and prices again sold off in the equity
bonds.
in
noted
was
Federation of British Industries that a "consider- though slight improvement
for
able readjustment has still to be effected in finance Transactions in I. G. Farbenindustrie accounted
also
issue
this
and
market
the
in
and industry before anything in the nature of a half the turnover
in Wedsustained upward movement in world trade can lost ground. Some stimulation was derived
and
reports
York
New
better
from
session
nesday's
Institute
again take place." In Berlin the Official
electrical
The
for Studying Trade Statistics concludes that while the market as a whole turned firm.
substantial
some
and
active
most
group
the
was
their
the
near
bottom,
probably
are
prices
commodity
market
The
division.
present course does not indicate speedy recovery in gains were recorded in this
their
resumed
prices
and
trade. Similar views are prevalent throughout again turned dull Thursday
rather
were
silk
stocks
Artificial
Europe and they have placed a damper not only on downward course.
stock trading but also on new bond flotations. New weak as a group, while most other industrial issues
issues currently placed on the market have been also declined. A few stocks in the electrical list were
poorly received in London and Paris. A little im- favored, however, and some buying was also stimulated among shipping issues by reports of early reprovement is indicated in this respect by Berlin.
lease of German property in Washington. A
the
first
marked
prices
sagging
A dull tone and
slightly firmer tendency was noted at Berlin yes.
Exchange
Stock
London
the
on
week
the
session of
Heavy week-end advices from New York influenced terday.
the trading considerably and more than offset the
Naval affairs are rapidly being shaped in coneffects of the previous week's Bank rate reduction.
The gilt-edged list also declined, owing to the per- formity with the treaty signed at London April 22
sistent weakness of sterling in relation to the Conti- and submitted to the United States Senate for ratinental exchanges and the resumption of gold ship- fication May 1. Keels will shortly be laid, Washingments from London. Shipping stocks were irregular, ton reports indicate, for the three 10,000-ton cruision was delayed last year
but such groups as the oil and mining shares de- ers on which construct
of the London Conference.
n
conclusio
the
pending
steadied
market
London
clined as a whole. The
vessels are now held up only
Tuesday, some encouragement being gained from the These three American
in design which are likely
reports of the rally late Monday at New York. Inter- by some minor changes
month or two. Such cruisa
national issues improved slightly, but British indus• to be completed within
available for construction
types
will
be
the
ers
largest
trials were little in demand, while the gilt-edged list
and Japan until 1935,
States
United
by
the
Britain,
also remained heavy. Further gains were registered
new
treaty.
That the new acthe
the
of
terms
under
Wednesday in the Anglo-American group, giving the
of
the
is now genapproval
Senate
will
the
cord
meet
improved
London market tone. Gilt-edged securities
exclusion
to
the
owing
assured,
d
erally
considere
out
wiped
in the early dealings, but the gains were
or other
pacts
ve
of
consultati
t
the
from
instrumen
close
the
before
and losses established in this section
attacks
sharp
nature.
Some
similar
s
a
of
agreement
sales
further
and
owing to the weakness of sterling
indiit
is
already
however,
to be made,
of gold to the French market. An exceedingly quiet are likely
2
1
2; Texas Corp. at 57/
1
4 against 41/
Refining at 421/
GO;
against
4
/
591
at
B
Pan
8;
/
571
American
against
8; Richfield
8 against 391/
Phillips Petroleum at 411/
2; Standard Oil of N. Y. at
1
Oil at 23% against 24/
/8 ex-div.
2, and Pure Oil at 237
8 against 361/
361/
2.
against 241/
The capper stocks have also quite generally recovered their early losses. Anaconda closed yesterday at 59 against 59 on Friday of last week; Kenne4 against 44; Calumet & Hecla at
cott Copper at 461/
8 against 271/8;
19 against 19; Andes Copper at 281/
8 against 19%; Calumet &
/
Inspiration Copper at 193
Arizona at 63 against 65; Granby Consolidated Cop2 against 31¼; American Smelting & Re1
per at 32/
8, and U. S. Smelting &
2 against 681/
fining at 701/
2 against 29.
Refining at 281/
MAY 10 1930.]
FINANCIAL CHRONICLE
3241
cated, on the safety or escalator clause in Article Ministers of France, Britai
n, Italy and Belgium.
21, whereunder Britain, America and Japan may In many respects, notabl
y that of the scale of
enlarge their construction programs on due notice if German payments, the
new plan has been in operabuilding by any other nations appears menacing to tion for many months
, but in other important parthem. This clause was inserted at the instance of ticulars such as that of
the formal organization of
the British delegation at London in order to provide the Bank for Internationa
l Settlements delay was
a safeguard against possible Continental building of occasioned by the lack of
the necessary ratifications.
unduly large proportions.
German ratification was, of course, indispensable
Public hearings on the treaty are to be held by the and it was provided additio
nally that four of the five
Senate Foreign Relations Committee beginning important creditor Govern
ments also must ratify
Monday, decision to this effect having been reached the new instrument before
it could take complete
at a closed meeting Wednesday in which Senators legal effect. French and
Belgian ratifications folReed and Robinson explained points of the London lowed soon after the Germa
n action, but Italy denegotiations: Secretaries Samson and Adams will clined to take this step until
the Eastern European
both be called at the first public hearing, the As- reparations question had
been settled. Britain, in
sociated Press states. Senator Reed was the last of turn, waited upon Italian action.
In this situation
the official American delegates to return, reaching some pressure was admitt
edly applied by the greater
New York Tuesday and proceeding promptly to Powers to the Balkan
nations and the latter comWashington. He described the treaty while in this posed their reparations differe
nces on April 26. This
city as a "fair and honorable arrangement to the made possible the forgin
g of the final links as now
United States, as well as to Great Britain and Japan. announced in the exceedingly
long chain of events
It gives us a chance to correct our present serious leading to the
full legal application of the plan elabinsufficiency in cruiser strength without arousing orated by the Experts' Committee
at Paris in the
alarm in other countries or stimulating them to com- early months of last year.
petitive building. It saves all countries from wasteTo a very great degree, the political steps just
ful battleship replacements. Better than all else, taken by
the Governments concerned are likely to
it is convincing proof to each of the three
nations constitute their final moves for some time in connecthat we cherish no grudges and contemplate no war tion with repara
tions payments. It was the aim of
among ourselves." United States Ambassador Wil- the Expert Commit
s'
tee headed by Owen D. Young,
liam R. Castle, Jr., who was appointed to the
Tokio in accordance with its terms of reference, to lift this
post for the period of the naval negotiations,
will troublesome problem out of the political sphere and
return in June to resume his post as Assistant
Secre- place it within the realm of economics. The Dawes
tary of State.
Committee moved in this direction in 1924, and a
That the new treaty,will be made the subject
furthe
r long step toward the same end has now
of
much adverse debate in other countries, as well
indubi
tably been taken by the Young Committee.
as
the United States, was made amply evident in
recent The Paris reparations commission will now autodays. In England, Viscount Bridgeman of Leigh, matically
pass out of existence, while its economic
formerly First Lord of the Admiralty in the Con- functions
and all those of the Reparations Agent in
servative Cabinet, praised the five-year postpone- Berlin will be
taken over by the Bank for Interment of battleship replacements, but attacked
the national Settlements. One additional step flows by
British negotiators on most other grounds.
The agreement from the action now consummated. This
British delegates disregarded the advice of
their is the final and complete evacuation by the remainnaval advisers in agreeing to a cruiser strength
of ing French troops of the third German Rhineland
50, he charged. Britain has surrendered her
security, zone, which it is understood will be effected by July
he added. "The boast is that there is a great
step in 1, this year, although the legal right to such occudisarmament," Viscount Bridgeman said. "It
is pation apparently continues until six months after
certainly a great step in disarmament for this
coun- ratification of the Young plan protocol. This entire
try, but I fail to see how an agreement that
gives the matter dates back, of course, to the private meeting
United States a very much stronger cruiser
strength, •at Geneva, Sept. 16 1928, in which representatives
which leaves Japan where she was and does
not af- of Germany and of the former Allies agreed to seek
fect the other two Powers, can be regarded
by any- what M. Briand of France described as the "final
body as a step in general disarmament."
Interpel- liquidation of the World War."
lations in the Japanese Diet Monday by
Foremost among the steps now clearly in prospect.
advocates
of large navies indicate that the treaty will
meet in pursuance of the completed and legally effective
some serious opposition in Tokio. Much
concern Young plan is the formal organization of the Bank
was expressed regarding published reports
that the for International Settlements. Preliminary steps
United States intends to strengthen the armor
plate for subscription of the bank's capital and selection
on new cruisers, as there is no room for
Japanese of officers have already been taken, and the Board
increase of large cruisers under the new treaty
terms. of Directors will be able to declare these arrangeFrench circle's, according to Paris reports,
continue ments effective without more ado. This first legal
to feel much perturbation regarding the hasty
Ital- meeting of the Board is scheduled to take place in
ian decision to increase her fleet and acceler
ate the Basle next Monday and the bank will then to all
building program.
intents and purposes be fully constituted. In anticipation of speedy adjustment of remaining matters,
Full legal effectiveness has been given the
Young meetings of bankers and of Treasury agents have
plan of German reparations payments, the
necessary been in progress in Brussels and Paris this week for
additional ratifications of The Hague protoc
ol hav- discussion of terms and conditions of the first aning been announced Thursday by Great Britain
and nuities loan, amounting to $300,000,000. Investment
Italy. A final protocol placing the plan in operation bankers of the nine countries
that are to take porwas signed at Paris late yesterday by the Foreign tions of the bond issue met
at Brussels late last
3242
FINANCIAL CHRONICLE
[vol.. In
day strike of protest. Students and workers again
came into conflict with the authorities Monday, and
on this occasion shooting took place, two of the
workers being killed while four others and three
students were seriously injured. A Cabinet meeting
was promptly called by General Berenguer, and a
communication was issued later in the day saying
that the Government would continue its policy of
enforcing order at all costs. A fresh series of outbreaks took place in Seville, Valencia and other cities
Tuesday and a number of Universities in such centres
were closed. Professor Unamuno, around whom the
troubles developed, remarked that he intends to stay
in Madrid. A further Cabinet meeting was held
Wednesday, and at the close of the gathering an
order was isued forbidding political speeches and assemblages. It was indicated that the suspension
enough to insure stability and
Delegates of 28 nations assembled at Geneva on would last only long
country.
April 28 for a fortnight's discussions of the League tranquillity in the
of Nations Committee on Security and Arbitration.
Determined action for bringing to an end the subOf the countries represented 26 are member States,
violent campaign for politiwhile two, Russia and Turkey, are present by invi- versive and increasingly
was taken by the GovernIndia
in
tation. Projects before the committee included the cal independence
, when Mahatma
Monday
,
country
of
that
of
basis
ment
formation of a general convention on the
civil disobedience movement,
the model treaty framed by the same body in 1928; Gandhi, leader of the
at Surat. He was taken
revision of the draft convention for financial assist- was placed under arrest
there under an ordinance
ance to a State that is the victim of an aggressor in to Poona and imprisoned
opposition to British
for
violation of the League covenant, and means for as- of 1827, fixing penalties
tions were made for
prepara
suring that the League will be able to function prac- rule in India. Careful
by London statedowed
foresha
tically in an emergency through use of aircraft and this step, which was
the Labor Govthat
effect
the
to
30
other means of communication. Debate on these ments of April
to Viceroy
support
full
give
to
d
prepare
abthe
ernment was
matters proceeded slowly, partly owing to
consider
might
he
action
decisive
Benes
any
d
in
Lord
Irwin
Edouar
sence during the first sessions of Dr.
Gandhi and his civil
of Czechoslovakia, Permanent Chairman of the Com- necessary to take against Mr.
Hindu leader, who
mittee. The discussion proceeded amiably enough, disobedience campaigners. The
in his salt-making
as most of the delicate points are to be referred in courted arrest throughout April
his bungalow
from
taken
any event to a drafting committee and when formu- endeavors, was hurriedly
and thence
g
mornin
Monday
lated they will come up again for additional discus- at Surat very early
He
Poona.
to
ile
automob
and
sion and possibly some final determination at the transported by train
the
to
h
dispatc
Bombay
a
jail,
ion
was lodged in Poona
next Assembly meeting in September. A resolut
"before news of the arrest
was adopted Thursday by the Committee assuring New York "Times" said,
streets of Surat." No
dusty
the
of
times
in
ns
had
beyond
spread
to the League aircraft communicatio
the Government anemergency. Since the members of the Committee trial is to follow the arrest,
will be held under regulaare identical in great part with those of the Prepara- nounced, as Mr. Gandhi
action. Mr. Gandhi
tory Disarmament Commission of the League, Jonk- tions that do not require such
the Government's
during
heer Loudon,Chairman of the latter body, conferred "will be placed in restraint
but
"every provision
said,
with the representatives regarding the date of the pleasure," a statement
during his
and
comfort
health
next meeting of the Preparatory Disarmament body. will be made for his
s
It was decided Thursday to summon the member detention."
Since the reaction of the Indian people to the
of the Preparatory Commission to meet on Nov. 3.
nce
of their religious and political leader could
importa
nal
arrest
The session thus fixed gains additio
bes
be
not
meeting
ed
foreseen, much careful thought was apparbecause it is the last of the schedul
disgeneral
ently
ed on provisions for safeguarding the
first
s
expend
League'
fore convocation of the
of Europeans in different parts of
isolated
groups
nce.
armament confere
India in the event of a sudden and general uprising.
that the chief centers of
Political agitation in Spain, emanating chiefly "There is ample evidence
d for in the matter of
provide
from the universities, has caused a series of dis- disaffection are well
h
said,"but it is underdispatc
orderly demonstrations in Madrid with resulting troops," the "Times"
of
the
scattered European
ion
protect
clashes between the police and university students stood that the
the
greatest concern.
Viceroy
the
diss
element gave
in which several fatalities have occurred. The
them
within forts if
getting
of
means
are
utterno
There
can
orders are attributed directly to republi
cement of the
An
."
announ
follows
Salaof
serious
trouble
rector
ances by Don Miguel de Unamuno,
was issued
ties
Simla
authori
the
d
by
taken
action
expelle
was
no
manca University. Professor Unamu
placed
safely
had
been
Gandhi
Mr.
he
after
but
Monday
Rivera,
de
during the dictatorship of Primo
kn
campai
ing in the British stronghold of Poona. "The
has now returned to Spain and is openly advocat
the
been
has
of civil disobedience, of which Gandhi
peaceful establishment of a Republic. Riots marked
chief
he
again
instigator and leader, has resulted in widewhich
in
week
his speech in Madrid late last
e of law and order, and in grave disappealed for supplanting of the monarchy by a re- spread defianc
es to the public peace in every part of India,"
public. Some of the demonstrators were injured and turbanc
statement said. "Professedly nonthe students at Madrid Universities declared a one- the Government
week to consider the coupon rate, maturities, price
of issue and allocations to the respective markets.
Representatives of the various Treasuries of the
Governments concerned discussed the same questions
at Paris Wednesday and Thursday. Although there
has been much said in dispatches regarding the possible terms and conditions, it seems clear that the
bankers will follow customary procedure and fix
these definitely only on the eve of the offering. The
amounts to be offered in the various markets also
were discussed both at Brussels and Paris. While
no final decision on this point has been announced,
it is indicated in reports that France and the United
States will take approximately $90,000,000 each and
Britain $50,000,000, leaving about $70,000,000 to be
divided among other European markets.
MAY 10 1930.]
FINANCIAL CHRONICLE
3243
violent, it has inevitably, like every similar move- ago. Appropr
iate celebrations are likely to be atment in the past, led to acts of violence which, as tempte
d by revolutionary elements, it is thought.
the days passed, became more violent and frequent.
While Mr. Gandhi has continued to deplore these
Prolonged negotiations in London between repreoutbreaks, his protests against the conduct of his
sentatives of the British and Egyptian governments
unruly followers have become weaker and weaker,
for a change in the status of Egypt were suspended
and it is evident he is no longer able to control them. Thursd
ay, owing to the inability of the negotiators
Events have shown that the laws of nature are into agree on the question of the Sudan. An Egyptian
exorable, and that the history of the earlier non- delegat
ion, headed by the Nationalist Prime Minco-operation movement with its accompani- ister
Nahas Pasha, arrived in London at the end
ments of fire and blood would repeat itself if
of March to round off the draft of the treaty of indethe Gandhi campaign were allowed to continue pendenc
e initialed last summer. In proclaiming the
unchecked."
virtual independence of Egypt, the Labor GovernApproval of the course adopted by Lord Irwin and ment
made reservations regarding the defense of the
the Labor Government was general in Parliamentary
Suez Canal, defense of Egypt against foreign aggrescircles in London, with the exception of the small
sion or interference, protection of foreign residents
but fiery group of Left wing Laborites in the House
in Egypt, and the future political status of the
Of Commons. The bulk of the Labor Party, both in
Sudan. All British troops were to be withdrawn,
and out of Parliament, were agreed that no other
however, except from the narrow strip along the
course was left open, and the Liberals supported
Suez Canal; an alliance was to be concluded between
that attitude, reports said. The Conservatives comthe two countries; Ambassadors were to be exmented only that the arrest should have taken place
changed, and England was to endeavor to get Egypt
weeks ago. "The Labor Government's justification
admitted into the League of Nations. Such points
for doing what goes very much against the grain of
as the location of the Suez Canal garrison proved
the Socialists in many ways is that any government
difficult in the discussions of April and early May,
in power is bound first of all to maintain law and
but the main point of contention was that of control
order," a London report to the New York "Times"
over the Sudan. Complete parity with the English
said. In discussing the matter in the House of Comin administration of the Sudan was demanded by
mons, Monday, the British radicals criticized the
the Egyptians, but this Foreign Secretary Henderson
manner of the arrest and the determination of
was not able to concede, and the negotiations were
the Government to hold Mr. Gandhi without
terminated Thursday. In announcing this result
trial.
before the House of Commons, Mr. Henderson stated
In India the news of the arrest was accepted
that the failure occurred in spite of the most sincere
quietly at first, hartals, or short stoppages of work,
and friendly efforts on both sides. 4 possible adbeing declared in numerous cities. Sporadic outverse effect of this development on the Mohammedan
bursts of rioting followed Tuesday in Calcutta, Delhi
populations of the Near East and of India caused
and other centers, with an estimated death roll of
some concern in London.
20 or more, while scores of demonstrators were injured. "Numerous outbreaks to-day marked the
There have been no changes in European central
turning of the imprisoned Mahatma Gandhi's cambank rates the present week. Rates remain at 6%
paign of civil disobedience from peaceful into warin Italy and Austria; at 5/
1
2% in Spain; at 5% in
like progress," a Bombay dispatch to the Associated
Germany; at 4/
%
1
2
Norway
in
; at 4% in Denmark
Press said. "Bloodshed occurred in a dozen cities
and Ireland; at 3/
1
2
%
in
Sweden
; at 3% in England,
where hostile actions of the 'holy one's' followers
Holland
Belgiu
,
m,
and
Switzer
land,
and at 2/
1
2% in
were met with armed force." The events of the day,
France. In the London open market discounts for
however, were much less serious than had been
short bills yesterday were 21/
8% against 214% on
thought probable in some quarters. Lessened tenFriday
of
last
week,
and
for
long bills 2 3/16%
sion throughout India was reported Wednesday
by against 21/
8@2
1
/
4%
the
previou
s
Friday. Money on
the authorities at Simla, and there was a disposi
tion call in London yesterday was114%. AtParis
the open
to breathe more freely. Dispatches from the summarket rate continues at 2/
1
2%, and at Switzerland
mer capital of India, while worded very cautiou
sly, has been marked down from 25
/
8% to 21/2%.
nevertheless made it clear that the spontaneous
blaze
of resentment so widely predicted as the immediate
The Bank of England statement for the week
result of Mr. Gandhi's arrest had failed to appear.
ended
May 7 shows a gain of 018,601 in gold and
Late the same night, however, rioting started
on a bullion. Reserve
s increased £550,000, note circuvery serious scale at Sholapur, near Bombay,
and it lation having
been
contracted £331,000. The Bank
was resumed Thursday, resulting in more than
20 now holds £164,50
2,394
of gold in comparison with
deaths of police and natives and numerous
injuries. £160,880,419 last
year and £161,905,405 in 1928.
Eight European women and'their five childre
n were The rate of discoun
t remains unchanged at 3%.
quickly evacuated from the town, reports
said, as Public deposits
decreased £4,791,000, but other
the situation rapidly developed beyond the
power deposits increased £1,845,
572. Other deposits are
of the local police. Like other recent disturb
ances divided into bankers' account
s which increased
in India, this apparently took its rise from the
civil 0,372,146 and other account
s which declined
disobedience campaign. The town was
virtually £526,574. The reserve ratio
now amounts to
abandoned to the rioters pending the
arrival of 54.64% in comparison with
52.90% last week and
troops. This incident, dispatches said, dims
per- 54.06% a year ago. A decreas
e is shown in loans
ceptibly the prospects for a more peaceful
attitude on Government securities of £2,785,
000 and in other
in the country. Particular concern is felt
regarding securities of £590,111. The item
of other securities
possible developments to-day, which is the
anniver- includes "discounts and advanc
es" and securities
sary of the outbreak of the great mutiny of 73
years which fell off £200,356 and
089,755. respectively.
3244
FINANCIAL CHRONICLE
[VOL.
1:til
•
An easy tone Was maintained in the New York
Below we furnish a comparison of the various items
money market this week, rates shading off a little
for the past five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1927.
1928.
1930.
1929.
May 12.
May 11.
May10.
May 8.
May 9.
£
X
£
£
£
358,490.000 362,793,000 135,218,000 136,169,645 141,651,590
Circulation
16,211,000 8,679,000 13,074,000„21,264.451
Public deposits
104,568 818 98,753,000 100,782.000 102,094,453 102,150,784
Other deposits
Bankers accounts 68,534,385 63,223,000
Other accounts... 36,034,433 35,530,000
Covernm't securities 56,362,909 39,781,000 29,457,000 47,824.229 46,130,328
16,163,947 27.311,000 55,696,000 47,220,123 68,671,750
Other securities
Disct. & advances 6,554,872 11,607,000
9.609,075 15,705,000
Securities
Reserve notes & coin 66,011,000 58,086,000 46,437,000 37,539,033 26,360,713
Coin and bullion__ _164,502,394 160,880,419 161,905,405 135,958,678 148,262,303
Proportion of reserve
21.35%
32.70%
40.79%
54.06%
54.64%
to liabilities
5%
434%
454%
3%
Bank rate
54%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time F234,193,000 to the amount of Bank of England
notes outstanding.
The Bank of France in its statement for the week
ended May 3 reveals a decrease of 792,909 francs
in gold holdings, the total of which is now 42,350,022,448 francs, compared with 36,462,083,078 francs
a year ago. Credit balances abroad records a decline
of 16,000,000 francs, while bills bought abroad rose
7,000,000 francs. A large increase is shown in note
circulation, namely, 1,603,000,000 francs. Owing
to this increase the total of the item now stands
at 72,372,825,020 francs, which compares with
63,827,539,230 francs at the corresponding week a
year ago. French commercial bills discounted and
creditor current accounts reveal decreases of 715,000,000 francs and 2,182,000,000 francs, while advances against securities registers a gain of 158,000,-000 francs. Below we furnish a comparison of the
various items for last week as well as for the corresponding week last year:
2%
in the later sessions. Call loans ranged from 31/
Wedto
Monday
e
from
Exchang
to 3% on the Stock
nesday, inclusive, but in the unofficial outside mar2% on all
/
ket funds were available in quantity at 21
occasions. In the two last trading periods the
official rate was 3% for renewals and new loans
2%
1
alike, while funds were offered in abundance at 2/
plentivery
also
was
in the "Street” market. Money
ful at the Curb Exchange money desk. On most
occasions the differential of y2 of 1% over the Stock
Exchange rate was maintained for Curb loans, but
4 of 1% Thursday and yesterthis was shaded to 1/
day. Time loans also were easy. Yield rates on
bankers' bills were lowered for all maturities. One
of the important contributing causes to the abundance of money offerings was a drop of n00,000,000
in brokers' loans against stock and bond collateral,
reported by the Federal Reserve Bank of New York
for the week ended Wednesday night. Gold movements for the same period, as reported by the bank,
consisted of imports of $82,90'0. There were no exports and no changes in the amount of gold held
ear-marked for foreign account.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
May 3 1930. April 26 1930. May 4 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
792,909 42,350,022,448 42,350,815,357 36,462,083,078
Gold holdings_ _ _ _Dec.
8,044,548,265
Credit bale. abed_Dec. 16,000,000 6,885,539,276 6,901,539,276
French commercial
5,650,999,063 6,476,745,182
bills discounted_Dec. 715,000,000 4.935,999,063
6 18,105,514,576 18,300,231,160
Bills bought abed_Inc. 7,000,000 18,712,514,57 2,591,959,012 2,440,656,804
2,749,959.012
Adv.agst.securs__Inc. 158,000,000
70,769,825,020 63,827,539,230
Note circulation_ _Inc. 1603000,000 72,372,825,020 14,550,966.859 18,383,52/.170
Cred. curr. acct8Dec.2182000,000 12,368,968,859
The statement of the Bank of Germany for the
first week of May shows a decline of 85,000 marks
in gold and bullion. The total of gold now stands
at 2,565,417,000 marks, which compares with
1,765,619,000 marks a year ago and 2,040,894,000
marks in 1928. An increase appears in reserve in
foreign currency of 2,614,000 marks and in silver
and other coin of 4,597,000 marks, while deposits
abroad remain unchanged at 149,788,000 marks.
Bills of exchange and checks decreased 155,700,000
marks and advances 81,835,000 marks. Notes in
circulation contracted 260,498,000 marks, reducing
the total of the item to 4,403,678,000 marks, as
compared with 4,442,428,000 marks at the corresponding week last year. An increase is recorded
in notes on other German banks of 10,345,000 marks,
00
in other daily maturing obligations of 64,854,0
marks,
0
1,096,00
of
liabilities
marks and in cl,her
assets
whereas the items of investments and other
00
25,346,0
and
marks
30,000
of
reveal decreases
various
the
marks respeesively. A comparison of
STATEMENT.
REICHSBANK'S COMPARATIVE
Changes for
1928.
May 7 1930. May 7 1929. May 7
Week.
Reichsmarks. Reichsmarks. Reichamarks.
Reichsmarks.
2.040.894,000
Assets—
1,765,619,000
85,000 2,565,417.000 154,344,000
Dec.
85,626,000
Gold and bullion
149.788,000
Unchanged
53,580,000 197,542,000
Of which depos.abr'd_
229,989,000
2,614,000
_Inc.
curr__
for'n
in
Res've
2,985,418,000 2,281.666.000
1,758,421,000
155,700,000
66.929.000
Bills of exch.& checks.Deo. 4.597,000 138,024,000 127,896,000
17,634,000
Silver and other coin_ _Inc.
16,242,000
15,254,000
39,246,000
Notes on 0th. Ger.bks.Inc. 10,345,000
208,725,000
43,645.000
Dec. 81,835,000
94,004.000
Advances
92,899,000
93,064,000
30,000
Dec.
Investments
00 558.081,000
Dec. 25.346,000 555,396,000 408,358.0
Other assets
4,238.937,000
Liabithies—
4,442,428,000
4,403,678.000
Notes in circulation. Dec.260,498,000 774,470,000 584,768,000 460,549,000
0th. daily mat. oblig_lac. 64,854,000 160.208,000 294,793,000 189,517.000
Inc. 1,096,000
Other liabilities
a- .
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, loans renewed at
31/2% on both Monday and Tuesday, with a decline
to 3% each day in the rate for new loans. On Wednesday, Thursday and Friday all loans were at 3%,
including renewals. For time money the demand
was dull and without special feature throughout the
week, though an abundance of offerings was available and quotations were lowered as the week advanced. On Monday accommodation was offered
2% for 30-day paper, and also for 60-day money,
at 31/
4@4% for four
/
4% for 90-day accommodation, 33
/
33
months, and 4% for four- to six-month maturities.
These rates were maintained until Wednesday, when
1 2% for
4@3/
rates dropped to 3@3y4% for 30-day,31/
four
and
three
for
%
4
/
3
60 and 90 days, 3/
1 2(g3
Comsix
and
months.
five
for
4@4%
/
months,and 33
mercial paper in the open market was fairly active
throughout the week, a goodly portion of the inquiries for accommodation coming from merchants
and brokers throughout the country. The market
continued steady and the offerings improved as the
4% for
/
week advanced. Rates were unchanged at 33
to six
in
four
names of choice quality, maturing
shorter
well
and
less
known
months, while names
choice names were quoted at 4%.
The market for prime bank acceptances continued
active throughout the week, though the offerings
were not particularly plentiful until Wednesday,
when both supply and demand gradually increased.
Discounts were unchanggd on Monday and Tuesday,
8 of 1% for all
but late on Wednesday dropped 1/
/
8
another 1
Friday
were
reduced
maturities, and on
of 1% for five- and six-month accommodations. The
Federal Reserve Bank of New York has reduced its
4% to DA% for
/
buying rate for acceptances from 23
4% to
/
bills running from 1 to 60 days, and from 23
2%70 on bills running from 61 to 120 days. The
Reserve Banks further reduced their holdings of
acceptances during the week from $209,564,000 to
$175,203,000. Their holdings of acceptances for
their foreign correspondents were slightly further
increased from $465,458,000 to 068,574,000. The
•
MAY 10 1930.]
FINANCIAL CHRONICLE
posted rates of the American Acceptance Council
are now at 2%% bid and 2/
1
2% asked for bills running 30 days, and also for 60 and 90 days, and likewise for 120 days, and 234% bid and 2%% asked for
150 clays and 180 clays. 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 marked down
for the longer maturities, and are as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—150 Days—
—180 Days—
Bid.
Bid.
Asked.
Asked.
234
23i
23f
214
—120 Days—
Bid.
Asked
2)4
234
—80 Days—
Rid.
Asked.
234
234
—30 Days—
Bid.
Asked.
234
234
—90 Days—
Bid. Asked.
234
234
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
234 bid
234 bid
Announcement was made May 7 by the Federal
Reserve Board that, effective May 8, the Federal
Reserve Bank of Boston would reduce its discount
rate from 4% to 3/
1
2%. The 4% rate had been in
effect since Feb. 13, when it was lowered from 4/
1
2%.
There have been no other changes this week in the
rediscount rates of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
Banks:
DISCOUNT RATE'
S OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Mayo.
Date
Established.
Pret40148
Rate.
314
3
4
4
4
4
4
4
4
4
4
4
May 8 1930
May 2 1930
Mar.20 1930
Mar. 15 1930
Apr. 11 1930
Apr. 12 1930
Feb. 8 1930
Apr. 12 1930
Apr. 15 1930
Feb. 15 1930
Apr. 8 1930
Mar. 21 1930
4
334
434
434
434
434
434
434
434
434
43.4
434
Sterling exchange is irregular, but more active
than at any time in several weeks, despite the fact
that under pressure in Wednesday's market the
rate for cable transfers moved down to 4.853., which
was the lowest rate in effect since Oct. 2. The range
this week has been from 4.85 17-32 to 4.86 for
bankers' sight bills, compared with 4.857A to 4.861A
last week. The range for cable transfers has been
from 4.859 to 4.861A, compared with 4.86 1-16 to
4.86 5-16 a week ago. The greater activity in
sterling this week results doubtless from the conviction of foreign exchange traders that they can
now take a fixed technical position in their exchange
transactions on the basis that international money
rates and especially central bank rediscount rates
are established at the irreducible minimum. The
pressure on sterling at a time when demand for exchange on London is more active than it has been
in months is attributed in banking quarters to a
counterflow of dollar demand in Europe arising from
European buying of securities in the New York
market. The fact that funds are being drawn from
London by several European centres is also a factor
in the lower sterling quotation. Amsterdam, Berlin, Paris and Zurich are especially firm with respect
to sterling.
During the week France is reported to have taken
approximately £4,200,000 in gold from London.
The greater part of this gold seems to have come
from the open market, but a considerable portion
was taken from the Bank of England vaults. Unless
3245
the New York security market continues to draw
heavily upon European funds, bankers expect to
see a period of steadier sterling as all seasonal factors
favor London from now until toward the close of
the summer. This week the Bank of England shows
an increase in gold holdings of £218,601, despite the
French movement. The increase is accounted for
chiefly by imports from Australia. The Bank of
England's bullion holdings now stand at L164,502,394, which compares with £160,880,419 a year
ago and with the minimum recommended by the
Cunliffe committee of £150,000,000. On Saturday
the Bank of England sold £502,559 in gold bars and
received £1,000,000 in sovereigns from abroad.
On Monday the Bank sold £1,463,573 in gold bars
(believed to have gone to France). On Tuesday
the Bank received £300,000 in sovereigns from
abroad and sold 067,400 in gold bars. There was
£837,000 gold available in the open market. A
small proportion of this was shipped to Germany,
but, according to advices from London bullion dealers, the greater proportion went to France at
84s. 113/
2d. On Wednesday the Bank received
£1,050,000 in sovereigns from abroad and sold
£881,546 in gold bars. The bars sold are believed
to have been taken for shipment to Paris. On
Thursday the Bank sold £1,188,477 in gold bars
(probably for shipment to Paris) and exported
£25,000 in sovereigns. Yesterday the Bank sold
£204,419 gold bars to the Bank of France.
At the Port of New York the gold movement for
the week May 1-May 7, inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $82,000, chiefly from Latin America.
There were no gold exports and no change in gold
earmarked .for foreign account. In tabular form
the gold movement at the Port of New York for the
week ended May 7, as reported by the Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, MAY 1.-MAY 7, INCLUSIVE.
Imports.
Exports.
2.82,000 chiefly from Latin America.'
None.
Net Change in Gold Earmarked for Foreign Account.
None.
The Reserve Bank reported that $3,162,000 gold
was received at San Francisco during the week of
which $3,037,000 came from Japan and $125,000
from China. Canadian exchange moved down sharply this week. On Saturday last Montreal was at
5-16 of 1% discount on Monday and on Tuesday at
5-16; on Wednesday at %;on Thursday at 13-32, and
on Friday at 5-16 of 1% discount. In some quarters
the weakness in Canadian exchange is attributed to
the transfer of Canadian funds to the New York
security market. However, more influence is ascribed
to Canada's adverse trade balance. Navigation
opened on the St. Lawrence on April 28, but thus
far the grain movement has not been large. From
now on, however, Canadian bankers expect that
Montreal funds will move up. According to compilations of the Royal Bank of Canada, Canadian
exports for the twelve months ended with February
of this year, amounted to $1,145,000,000. This is
$211,000,000 below the figure for the previous twelve
months. At the same time there was an increase of
$20,000,000 in imports to $1,270,000,000. Thus the
visible balance of trade showed an excess of imports
during the past year of $125,000,000, against an export balance of $106,000,000 in the previous period.
There was a slight improvement in the balance with
respect to the United States, exports to this country
3246
FINANCIAL CHRONICLE
(Vol.. 130
This is partly, due to waning trade. While the
Reichsbank report shows continued dwindling of
discounts and increase of gold holdings and foreign
exchange, general trade discloses no sign of recovery.
Italian lire, contrary to the general trend of the
foreign exchanges, are firmer. Lire have been
firm since the reduction in the bank rate to 6% on
March 28. Opinion in foreign exchange circles is
that the currency difficulties under which Italy has
been suffering since the war period are now practically cleared up. It was generally felt at the time
of stabilization that the level chosen, 5.26, was
unwise, but the exchange situation has subsequently
been expertly handled, and it now seems that any
difficulties involved in the choice of this level have
been definitely resolved. According to the "Wall
Street Journal," the fact that Italy has been able
to reduce its Bank rate twice this year and that
no outflow of gold has resulted, despite the removal
of official control, seems a good indication that the
post-war adjustment of the currency has been successfully completed.
The London check rate on Paris closed at 123.86
on Friday of this week, against 123.83 on Friday of
last week. In New York sight bills on the French
centre finished at 3.92 3-16, against 3.923 on Friday
of last week; cable transfers at 3.92 5-16, against
8; and commercial sight bills at 3.913', against
/
3.928
% for
3.923. Antwerp belgas finished at 13.943
cable
against
for
Exchange on the Continental countries has been checks and at 13.953
transfers,
%
irregular and dull, with the major units inclined to 13.943/i and 13.953/2. Final quotations for Berlin
ease in sympathy with the lower sterling rate. Bank- marks were 23.86 for checks and 23.87 for cable
ers say that there is some transfer of French, Ger- transfers, in comparison with 23.863 and 23.8731
man and other Continental funds to the New York a week earlier. Italian lire closed at 5.24 3-16 for
security markets, but the fractionally lower exchange bankers sight bills and at 5.24% for cable transfers,
quotations must be attributed chiefly to the lower against 5.23 15-16 and 5.243/i on Friday of last week.
money rates and the abundant supply of funds in Austrian schillings closed at 1431, against ,143; ex,';
nearly every European centre. As noted above,' change on Czechoslovakia at 2.96%, against 2.963
French francs have been firm with respect to ex- on Bucharest at 0.60, against 0.60; on Poland at
change on London and France has drawn from 11.25, against 11.25 and on Finland at 2.52, against
London during the week approximately $21,000,000 2.52. Greek exchange closed at 1.30 for bankers
4 for cable transfers against
in gold. It is thought in some quarters that much sight bills and at 1.303
of this gold taken by France is ultimately intended 1.30 and 1.303i.
for shipment to Switzerland. Some bankers are
Exchange on the countries neutral during the war
inclined to believe that the gold movement from
has
been irregular and exceptionally dull in the New
opento
the
until
continue
likely
is
Paris
to
London
York
market. Holland guilders are more than
for
to
the
stock
of
Bank
the
slbseriptions
of
ing
International Settlements. According to Paris ad- ordinarily firm with respect to sterling exchange and
vices, the Bank of France does not favor the present fractional weakness shown in the New York market
movement of gold from London to Paris, and ad- is attributed to some transfers of Dutch funds to
vices received in New York state that the Bank of American securities. On Monday of this week
France has informed French banking institutions guilders in London advanced to 12.07% guilders to
that such shipments are contrary to its wishes. the pound, a rate which threatens London gold reMoney continues easy and abundant in Paris. This serves. Money rates in Amsterdam are at the lowest
week the Bank of France shows a small decrease level in 20 years and bankers there seem to expect a
from the present 3%,
in its gold holdings-only 792,909 francs, leaving further reduction, to 23/2%
The
Scandinavian units are
the stock of gold at 42,350,022,448 francs on May 2. the lowest since 1911.
tone in the Scandieasier
The
This compares with 36,462,083,078 on May 3 1929. inclined to sag.
easier
money rates in most
to
part
navians
is
in
due
The Bank's ratio was up to 49.98%, which compares
the
retardation in
to
g-eneral
and
European
centers
with 44.35% a year ago and with the legal requireSpanish
world
as
business.
well
as
Scandinavian
ment of 35%. German marks are on balance fracand
off
are
The
irregular
sharply.
pesetas
been
have
in
tionally easier, but nevertheless firm, although
in
further
agitation
gave
Spain
renewal
of
for
radical
quotations
less demand than usual. Closing
in the currency abroad,
mark cable transfers this week are 23.87, compared impetus to bear speculators
has been exceptionally
here
market
but
the
peseta
is
surprised
market
with dollar parity of 23.82. The
quiet.
reReichsbank
the
in
that no reduction was made
Bankers sight on Amsterdam finished on Friday
discount rate this week, but Berlin advices state
40.22% on Friday of last week;
that bankers there confidently expect such a re- at 40.223, against
against 40.243 and com40.24,
duction. The private discount rate in Berlin is cable transfers at
against 40.20. Swiss
40.20,
at
now % of 1% under the Reichsbank official figure. mercial sight bills
increasing somewhat more than imports. The chief
factor in the current import balance is the decline
in value of agricultural products to Great Britain.
Referring to day-to-day rates sterling exchange on
Saturday last was steady in a dull half-day session.
Bankers' sight was 4.85 13-16@4.85 15-16; cable
/. On Monday the martransfers, 4.86 1-16@4.861
ket was dull but steady. The rarige was 4.85 27-32@
4.86 for bankers' sight, and 4.86 3-32@4.86% for
cable transfers. On Tuesday sterling was active,
though under pressure. The range was 4.85%@
4.86 for bankers' sight and 4.85 31-32@4.86% for
cable transfers. On Wednesday sterling continued
under pressure, although active. The range was
4.85 17-32@4.859 for bankers' sight and 4.85%@
4.86 1-16 for cable transfers. On Thursday sterling
was slightly firmer in tone. The range was 4.85 11-16
s@
@4.85 13-16 for bankers' sight and 4.853/
4.86 1-32 for cable transfers. On Friday the sterling
was fractionally easier; the range was 4.85%@4.85%
3
for bankers' sight and 4.85 13-16@4.85 15-16 for
cable transfers. Closing quotations on Friday were
4.85 21-32 for demand and 4.85 27-32 for cable
transfers. Commercial sight bills finished at
/s, ninety-day bills
4.85 9-16, sixty-day bills at 4.835
(sixty days) at
payment
for
documents
at 4.82%,
bills
4.85. Cotton
at
grain
seven-day
and
4.83%
and grain for payment closed at 4.85 9-16.
MAY 10 1930.]
FINANCIAL CHRONICLE
3247
francs closed at 19.351
4 for bankers sight bills and
The following table indicates the amount of bulat 19.3631 for cable transfers, in comparison with lion in the principal European banks:
19.38 and 19.39. Copenhagen checks finished at
May 7 1930.
May 8 1929.
26.733 and cable transfers at 26.75, against 26.76 Banks of- Gold.
Total.
Cold.
Silver.
Total.
and 26.773/2. Checks on Sweden closed at 26.82
164,502,394
164.502.394160,880,419
and cable transfers at 26.833/2, against 26.86 and England__
160.880,419
France a__ 338,800,171
(d) 338,800,171291.696,66
(d)
291.696,664
Germany b 120,781,450 c994,600 121.776.050 88,231,220
26.873/2; while checks on Norway finished at 26.74 Spain
994,600 89,225,820
98,773,000 28,545,000 127,318.000 102,394,000 28,780,000 131,174,000
56,201,000
56,261.000 56,520,000
and cable transfers at 26.753/2, against 26.76 and Italy
56,520,000
Netherrds. 35.995,000 2,163,000 38,158.000 36,017,111 1,770,000 37,787,000
Belg_
Nat.
33.800.000
33,800,000 27,488,000 1,270,000 28,758,000
26.773/2. Spanish pesetas closed at 12.16 for bank- Switzerrd_ 23,151,000
23,151,000 19.704,1:: 1,664,111 21,368,000
__ 13,555,000
13,555,000 13,040.01'
13.040,000
ers sight bills and at 12.17 for cable transfers, Sweden_
Denmark _ 9,572,000
414,000 9,986,000 9,593,1
470,111 10,063,000
Norway__ 8,144,000
8,144,000 8.157,000
8,157,000
which compares with 12.393/2 and 12.403/i a week
Total week 903,335,015 32,116,600935,451,615813,721,303 34.948,600848,669.903
earlier.
Frey. week 902,565,066 31,029,600933,594,666810.390.847 34,869,600845,260.447
The South American exchanges have been more
active than in recent weeks. Argentine exchange
displays a tone of firmness for the first time in several
weeks. Argentine paper pesos closed at 38 3-16 for
checks, as compared with 38 11-16 on Friday of last
week, and at 383( for cable transfers, against 38%.
Brazilian milreis finished at 11.85 for bankers sight
and at 11.90 for cable transfers, against 11.85 and
11.90. Chilean exchange closed at 12.10 for checks
and at 12.15 for cable transfers, against 12.10 and
12.15; Peru at 4.00 for checks and at 4.01 for cable
transfers, against 4.00 and 4.01.
a These are the gold holdings of the Bank of France as reported in the
form
of statement. b Gold holdings of the Bank of Germany are exclusive of new
gold held
abroad, the amount of which the present year Is £7.489.400. c As of Oct.
7 1924.
d Silver Is now reported at only a trifling sum.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just passed:
FOREIGN =CHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
MAY 8 1930 TO MAY 9 1930 INCLUSIVE
Country and Motsektry
Unit.
The Far Eastern exchanges are essentially unchanged from the past few weeks. The silver currencies are somewhat weaker and of course continue
to rule low with the lower prices of silver. Due to
the Indian revolts, the silver market at Bombay
was closed on Monday, Tuesday and Wednesday.
Nevertheless, Indian rupees continue steady. It
is suggested in some quarters that the currency has
been pegged, but British bankers in New York in
touch with India deny this. The market for rupees
in New York is small. The steadiness of the exchange, it is felt, is an expression of confidence that
the British Government has complete control of
the situation in India. Japanese yen are steady.
It is stated that Japan has not yet found it necessary
to touch the $25,000,000 stabilization credit obtained in New York incident to the removal of the
gold embargo on Jan. 11. Closing quotations for
yen checks yesterday were 49%@493/2, against
49.37@4932. Hong Kong closed at 36%@36 15-16,
against 3714@37%; Shanghai at 463, against
46/@46%; Manila at 493/2, against 4932; Singapore at 56 3-16@563(, against 56 3-16@56h; Bombay at 363I, against 36h, and Calcutta at 363,
against 363.
Neon•Buyfug Rate for Cable Transfers On Nem Pork.
Value in United States Money.
May 3.
May 5.
May 6.
May 7.
May 8.
May 9.
EUROPE$
Austria.schillIng
140866
Belgium, belga
139520
Bulgaria, ley
007221
Czechoslovakia, krone .029622
Denmark, krone
.267628
England, pound
sterling
4.860475
Finland, markka
.025172
France,franc
039248
Germany, reichamark .238705
Greece, drachma
012960
Holland, guilder
402420
Hungary, Pens°
174788
Italy, lira
052409
Norway, krone
267652
Poland. zloty
112036
Portugal, escudo
.044900
Rumiuna,leu
.005952
Spain. peseta
123902
Sweden,krona
.268642
Switzerland, franc
.193835
Yugoslavia, dinar
.017681
ASIAChina-Chefoo tael
.482291
Hankow tael
477031
Shanghai tael
465446
Tientsin tael
489375
Hongkong dollar
.369821
Mexican dollar-----335000
Tientsin or Pelyans
dollar
.335416
Yuan dollar
332083
India,rupee
360975
Japan. yen
439631
Slugabore(8.8). dollar .558625
NORTH AMER.Canada, dollar
.997439
Cuba. peso
.999937
Mexico, peso
.475425
Newfoundland, dollar .995250
SOUTH AMER.Argentina. Pao (gold) .875217
Brasil. milreis
118485
Chile, peso
120642
Uruguay.Peso
922392
Colombia. peso
.963900
$
.140854
.139507
.007218
.029622
.267634
$
.140852
.139515
.007221
.029625
.267622
$
.140886
.139496
.007221
.029622
.257502
$
.140867
.139510
.007218
.029623
.267543
$
.140864
.139513
.007221
.029623
.267492
4.880842
.025171
039247
.238709
.012963
.402556
.174791
.052411
.267647
.112015
.044983
.005956
.123942
.268600
.193794
.017680
4.860149
.025170
039242
.238698
.012959
.402597
.174791
.052421
.267633
.112015
.044933
.005958
.122151
.268570
.193755
.017683
4.857948
.025164
.039221
.238607
.012963
.042351
.174798
.052428
.267517
.112059
.045055
.005958
.122729
.268351
.193725
.017683
4.859489
.025180
.039228
.238627
.012958
.402430
.174789
.052440
.267563
.112140
.045029
.005955
.122317
.268357
.193703
.017681
4.858192
.025173
.039224
.238597
.012957
.402411
.174800
.052427
.267526
.112017
.044979
.005955
.121904
.268316
.193660
.017675
.481875
.477968
.465982
.489791
.370089
.335312
.480416
.476250
.464107
.488333
.369464
.333750
.478750
.474531
.462232
.486666
.368035
.331875
.478958
.475156
.463482
.486875
.368678
.333437
.476250
.473750
.460892
.487083
.355428
.330937
.335000
.331666
.360860
.493650
.558525
.333750
.330416
.360875
.493643
.558525
.332916
.329583
.360846
.493543
.558525
.332916
.329583
.360750
.493834
.558625
.331250
.328333
.360714
.493781
.558625
.996033
.999937
.475375
.993720
.996821
1.000156
.475500
.994337
.996445
1.000187
.475500
.993937
.881146
.118540
.120645
.924892
.963900
.996106 .996777
1.000187 1.000341
.475500 .475625
.993512 .994400
.877922 .880817 .886298 .881034
.118510 .118577 .118490 .118392
.120758 .120705 .120744 .120733
.922767 .924035 .925285 .927047
.963900 .963900 .963900 .960900
Owing to a marked disinclination on the part of
two
or three leading institutions among the New
As the Sub-Treasury was taken over by the FedYork Clearing House banks
eral 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 YORK FEDERAL RESERVE
BANK
AT CLEARING HOUSE.
Saturday,
May 3.
Monday,
May 4.
7'ueaday, iVednesd'y,1 Thursday.
May 6.
May 7.
May 8.
173.004,000 108,000,000 196,000,000
Friday,
May 9.
$
$
185,000,000 153,000,000 156.000,000
Aggregate
for Week.
Cr 971,066,000
Note -The foregoing heavy credits reflect the huge mass of cheeks 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 cheeks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not Pam through the Clearing nous° but are deposited with the Federal Reserve
Bank for collection for the account of the local 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
eying for so many years showing the shipments and
receipts of currency to and from the interior.
The American Economists and the SmootHawley Tariff.
The protest against the Smoot-Hawley Tariff Bill
which was presented to President Hoover, Senator
Smoot and Representative Hawley last week and
made public on Sunday, is a document without a
parallel in American history. Never before has a
great body of scholarly and expert opinion voluntarily arrayed itself en masse in opposition to a
pending piece of national legislation. The signers
of the protest, 1,028 in number, include professors
3248
FINANCIAL CHRONICLE
[Tau 181.
be in need of higher tariff
of economics in no less than 179 universities, colleges to these economists to
the $12,555,000,000 to $14,of
security
The
or other institutions, together with a large number duties.
investments, as estiforeign
n
America
of
000
555,000,
of economists Who are not connected with educae as of Jan. 1
of
Commerc
ent
Departm
by
the
mated
with
done
tional institutions but whose work is
declares, be impaired by higher
banks, public utilities companies, manufacturing 1929, will, the protest
it harder for the foreign borindustries, and various merchandising or business duties through making
while as for unemployment,
concerns. In language which is all the more weighty rowers to pay interest,
ent by restricting
employm
because of its calm and moderate tone, the econo- "we cannot increase
mists condemn the Smoot-Hawley measure without trade."
Finally, the protest calls attention to the effect
qualification as unwise, unscientific, a menace to
the pending bill upon American foreign relations.
of
rs
the welfare of American producers and consume
United States was ably represented at the
"The
sethe
alike, a blow at American foreign trade and
ce which was held under the
curity of American investments abroad, and a source world economic conferen
of Nations in 1927. This
of bitterness in international relations. They auspices of the League
a resolution announcing that
"strongly urge" that the bill should not be passed, conference adopted
'the time has come to put an end to the increase in
or, if passed, that it should be vetoed.
the opposite direction.' The
The signers of the protest point out that increased tariffs and to move in
in our pending legislation
proposed
restrictive duties would be a mistake because "they higher duties
agreement and plainly inthis
of
spirit
the
would operate, in general, to increase the prices violate
with us in raising
compete
to
nations
other
vite
and
which domestic consumers would have to pay,"
war does not
tariff
A
trade.
to
barriers
further
higher
with
in so doing "would encourage concerns
world
peace."
of
growth
costs to undertake production, thus compelling the furnish good soil for the
ze the
emphasi
They
All these are serious words.
consumer to subsidize waste and inefficiency in inbe alnever
should
which
dustry," and at the same time forcing the consumer existence of a situation
namely,
country,
ned
enlighte
any
"to pay higher rates of profit. to established firms lowed to develop in
gulf between a body of inwhich enjoyed lower production costs." The conse- a wide and impassable
and the policy of the
opinion
expert
quence would be an enhancement of the cost of living formed and
protest contains not
the
that
fact
The
ent.
citiour
Governm
which would injure "the great majority of
t, but that everyargumen
or
nt
stateme
a
to
novel
single
hope
could
zens," and from which "few people
said and pleaded over and
gain." "Miners, construction, transportation and thing it offers has been
in Congress while the
public utility workers, professional people and those over again in the press and
progress, shows an
employed in banks, hotels, newspaper offices, in the Smoot-Hawley Bill has been in
on the part of the
d
disregar
wholesale and retail trades and scores of other in- almost contemptuous
Nor can Mr.
opinion.
public
for
dustries would clearly lose, since they produce no party in power
share of reial
substant
of
a
d
acquitte
products which could be specially favored by tariff Hoover be
economists
the
n
which
situatio
the
also
for
ity
sponsibil
barriers!' The vast majority of farmers would
on in
protecti
high
ned
champio
Hoover
on
the
Mr.
indict.
duties
Tariff
be found on the losing side.
Congress to
basic commodities which they produce would bring his campaign speeches, and called upon
interest
the
in
them no benefit, for the reason that "their cotton, revise the Fordney-McCumber tariff
ul of
unmindf
farmer,
pork, lard and wheat are export crops and are sold of greater protection for the
out,
points
ts
economis
the
in the world market," and have "no important com- the fact, as the protest of
raise
ly
inevitab
would
duties
d
petition in the home market." They would lose as that while increase
must buy, they
consumers through the higher prices that would be the prices of the things the farmer
he had to sell.
g
anythin
of
price
the
steel
could not raise
exacted for the textile, chemical, iron and
of the econothe
ar
protest
particul
in
lose
At
point
would
one
products which they must buy, and they
t and
Presiden
the
to
which
question
a
their
mists
sell
raises
to
as producers because their ability
the
is
That
heed.
give
serious
well
may
barriers
the
Congress
by
d
restricte
products "would be further
has
before
Never
on.
retaliati
foreign
sell
to
of
question
wished
who
rs
foreigne
of
placed in the way
such if. volume of "representation" and warning
manufactured goods to us."
counTurning to the export trade, the signers of the from producers and exporters in foreign
prothe
of
effects
adverse
protest remind the President and the Chairmen of tries, regarding the
of
ent
Departm
the
in
upon
poured
the Senate and House Committees that countries can- posed duties,
Bill.
-Hawley
d
by
the
Smoot
produce
not permanently continue to buy of us unless they State as has been
this
are permitted to sell to us, that the difficulties of Approximately 30 nations are represented in
the
ng
containi
the
ance,
list
remonstr
les,
of
automobi
chorus
such exporting industries as copper,
Persia,
and
as
s
France
countrie
diverse
likely
of
"are
as
names
ers
typewrit
agricultural machinery and
Greece,
to be increased still further if we pass a higher Italy and Finland, The Netherlands and
State,
Free
Irish
the
and
Austria
s
Turkey,
evidence
Spain
and
many
already
are
"there
tariff," and that
Argenthat such action would inevitably provoke other Australia and the British West Indies and
aggressive
countries to pay us back in kind by levying retalia- tina and Central America. The most
Dominion
the
where
tory duties against our goods." "There are few more action comes from Canada,
Canadian
a
into
what
put
effect
ironical spectacles," the protest declares, "than that Government has just
hfar-reac
and
most
"the
drastic
calls
of the American Government as it seeks, on the one Press dispatch
is
it
,
affecting
"
a
of
century,
ing
revision
the
of
customs
hand,to promote exports through the activity
,000 of imports from the
Bureau of Foreign and Domestic Commerce, while, estimated, some $300,000
have
been many evidences of
There
exportaStates.
United
makes
on the other, by increasing tariffs it
ent in Canada over the enormition ever more difficult." An industrial America increasing resentm
-Hawley Bill, and the general elecwhich already produces over 96% of the manufac- ties of the Smoot
Mackenzie King announced on
tured goods which America consumes, and looks to tion which Premier
held this year "at the earliest posforeign countries to absorb the excess, does not seem Tuesday would be
MAY 10 1930.]
'
FINANCIAL CHRONICLE
3249
sible moment" will unquestionably be fought very bidding business have hope and courage
, at the
largely on the tariff issue. As the Conservatives, time the Bank rate was reduced
, at the time the
who are now in opposition, are strongly opposed to peace treaty was being brought home
and presented
taking American encroachments "lying down," the to Congress, and at a time when
the Federal Farm
return of a Conservative Government is easily among Board, in answer to criticism, was
vaunting its
the possibilities.
•
course in buying wheat. Note that we have been
The effect of the protest of the 1,028 economists, talking about unemployment for some
weeks. Beof course, is yet to be seen. At the moment the tariff yond the debates in Congress and the passage
of a
bill is in a jam. On May 3 the House of Representa- few bills for future helps and adjustments,
we have
tives, by substantial majorities, voted to reject the not changed the situation. There is a
natural inSenate amendments which had incorporated the crease in employment with the opening
of spring.
farm debenture scheme and repealed the flexible A few months ago there were in Washing
ton at the
tariff provision of the existing law. The rejection call of the President numerous gatheri
ngs of the
of the debenture provision was due directly to a leaders in our principal industries, out
of which
communication from Mr. Hoover which was inter- came various promises to provide
improvements and
preted as conveying a threat of a veto if the provi- extensions to avoid the "depression" sett
to be
sion were retained. On the other hand, Mr. Hoover probably attendant on the "smash." Some
of these
is as strongly in favor of the flexible provision as have been in evidence; others have not.
he is opposed to debentures. The latest dispatches
Now, "hope" and "courage" are good things.
from Washington indicate that the Senate, while dis- They have been and are now well known
attributes
posed to compromise with the House on other of our people. But reason and caution
are a part
amendments reported by the Conference Committee, of our business character we cannot
dispense with.
is prepared to hold out for debentures and the re- Is there, then, a dragging conditi
on in trade and
peal of the flexible clause. Meantime the bill has industry? Is there need to open the
flood-gates of
gone back to the Conference Committee. If the out- cheap credit to quicken enterprise?
Will cheap
come of the Senate insistence should be the failure credit inflate a sagging business? Is
it wise to conof the bill and an early adjournment of Congress, tinue to harp on the foundations of our
"prosperity"
the country, we feel sure, would feel relieved, but when there is a lull in trade? And
if natural consuch an outcome would only postpone the matter to ditions of trade and industr
y are such as to show
the next session, and the menace of the Smoot-Haw- dullness and doubt, will artificia
l or psychological
ley duties would still overhang American industry promptings urge us to right
and rational recoveries?
and commerce, American agriculture and American We cannot forever boost and
boom. The reaction
foreign relations. There will be, we think, wide- must come to a puffed-up
prosperity. To repeat—
spread agreement with the economists that the tariff the bull market that could
not die, but did, is this
bill should not be passed, either with the debenture the means of stabilization
we hear so much about?
and flexible provisions or without them, and that, Though stocks are made
a symbol of general busiif it is passed, Mr. Hoover owes a duty to the country ness, which they are not,
they still exert an influto veto it. It would be better to go on with the ence on trade and often
mislead us. Must not we
Fordney-McOumber tariff, had as that is, than to look at trade and industry from
a standpoint free
have a tariff which in about every respect is indefi- from these suggestions?
nitely wjrse.
Laying aside, then,for the purpose of our analysis,
the stock booms and collapses, is credit cheap beBusiness Courage Is Not Bravado.
cause there is a shortened demand for it in legitiWe have more than once affirmed our belief that
ate business? If so, is it more than "inflation"
the autumn "smash" in stocks was not a killing blow to encourage industry
and trade to adventure new
to the country at large. It was a craze for specula- enterprises solely
because we do have the energies
tion on the part of the people, which, if continued and resources?
Will forced employment, forced
long enough, could only end in the way it did, and, business, forced
improvements and extensions, in
namely, in disaster. Just as the "longest bull mar- the long run
steady or unsteady business? There
ket in history" was artificially propagated and is no objectio
n to anything the Government may do
maintained on the specious cry of "never sell the as a mere
ministration in calling independent conUnited States short," "our prosperity is indigenous ferences
. But it ought not to employ itself in carryand cannot fail," so the "boom" had its legitimate ing out
its own theories in economics and comsequence in the "collapse." In like manner, though merce
at the expense of the taxpayer. Moreover, it
in lesser degree, the renewed fall in prices through ought
not to encourage those who in their prescience
which the Stock Exchange has just passed, and for are promisi
ng an easy and quick return to "prosthe same reason, that is, because speculation had perity,"
measuring the decline in trade from the
again been carried to dangerous extremes, while a autumn
slump.
most depressing event calculated to unnerve the
No, the autumn "smash," and the present one—
business man, need not fill the'country with dire for it
is little short of that—are merely signposts
alarm, though it will, we may be sure, raise doubts or stop-ga
ps on the road that covers the past 10
anew as to the stability of things.
years when there was a swift recovery from the big
There is one reason given, however, for this last war and
its consequences, albeit irregular and uncerdebacle that should be weighed carefully. It is tain. New inventio
ns, surplus building, reinstated
that conditions in trade and industry are such as and revised manufactures,
an attitude of mind_ that
to justify the action of the Federal Reserve Bank caused people to seek the tempora
ry satisfactions of
of New York in lowering its rediscount rate to 3%. games, pleasures, contests, speed,
spending, surface
This last "crash" in stocks occurred at the very indications of a period a good
times, all served to
time that the President was delivering an address indicate a kind of prosperity
that in the highest
to the Chamber of Commerce of the United States, economic sense was false and hollow
and had sooner
3250
FINANCIAL CHRONICLE
[VoL. 130.
appointments to that body
or later to come to an end. They told us the savings considerations affecting
The Supreme Court knows
deposits growth told the story. It did. With war ought to be different.
It has but one mentor
class.
or
wages in peace time there was room in an era of not politics, section
ch since the
tion—whi
Constitu
spending for saving. But the spending went on too and monitor—the
It is constito
interpret.
helped
it
has
long and the savings deposits fell down, down, in a beginning
and
Executive
Chief
the
of
ent
appointm
by
tuted
single year. Speculation had to subside. The recent
tenure
hold
Justices
The
Senate.
the
by
confirmed
the
revival of the speculative spirit had to meet
same fate, though now the "gamblers" seem to be for life.
This Supreme Court is by its nature representative
the losers.
the whole people, and relates all laws made by
of
turned,
has
tide
the
Why not accept the truth that
to the Constitution for their validity and
Congress
excited,
and
swift
from
true,
from the false to the
in (often by
to the slower and soberer? Why not turn from lux- right to exist. These Justices bring
opinions.
and
minority
majority
uries to necessaries? Why not begin a new epoch of four-to-five vote)
becomes
opinion
majority
the
by
The
law
sustained
saving and producing, and learn to live above and
a class,
a
of
that
section,
not
land,
of
the
the
law
independent of the storms of the get-rich-quick prothis
to
made
been
change
have
Efforts
a
State.
or
moters? Why not recognize the facts? There is
So
far
avail.
so
without
but
Court,
the
of
power
connormal
plenty of good, profitable business in
the
n
the
of
in
estimatio
Court
is
high
the
Supreme
the
forget
men
make
ditions of life. Why try to
as the chief division of
inevitable reaction to the decade we have been pass- people that it stands out
tive of rights and libering through by encouraging enterprise faster than it the Government, interpreta
tial, non-politiion—impar
is called for by the more staid elements of our ties under the Constitut
learned.
national community life? What has the Govern- cal, independent,
Obtained through appointments of the President
ment to do with hurrying or slowing down these
for
ability, fitness, knowledge, and wisdom in the
natural reactions that make demand the chief intals of law and rule, what part should and
fundamen
strumentality in supply? Once they told us to eat
the
must
Senate play in confirmation of the Justhey
more bread than we needed to sustain life; now
a Court confirmed by partisan SenSurely
tices?
get
farmer
the
tell us to produce less bread that
ators, partisan in their advice and consent, cannot
better prices.
the Senate
We deem it possible to carry encouragement by well escape being partisan. Therefore
influence
class
and
sectional
artifices too far. We feel that "boosting" has its must free itself of all
Executhe
must
as
indeed
confirm—
limits. We think Government ought to retire from when it acts to
with
is
consonant
it
Now
appoints.
tive
he
when
business, albeit it intends only to suggest to our
Feda
when
that
for
service
rewards
our
of
system
the.
business associations what to do. The more
is
good
standing
in
Court
lower
a
eral
of
Judge
have
will
it
Government undertakes to lead, the more
Senate
the
of
consent
the
named,
and
preferred
the
in
part
taking
to prove its right to lead by
in the common
reality of industry and enterprise. Who can tell. should be forthcoming. "Advice,"
have
disappeared.
to
seems
term,
of
the
meaning
Who
not?
or
n
depressio
a
entering
whether we are
Surely not
for
what?
can measure the forces, tangible and intangible, do- Consent is to be withheld,
are no
.
There
preference
political
mestic and foreign, that lie behind the so-called on account of
at the
the
Senate
before
place
the
two
nominees for
cycles? If we are immediately beset by reaction
it
confirms
not
select,
does
Senate
.me
The
time.
and depression, the results of competing men and
to regard the disinterested
competing businesses and competing products, why d. selection. It is bound
even as its own.
President
m
the
of
patriotis
or
advice
not recognize the futility of one man's
custom of Presidents to
the
become
Even
has
so,
it
enerpeople's
theory, one country's endeavors, one
party. There is regisown
their
name
out
men
from
and
flow
must
that
gies, to sweep back the tides
to
this—since, as well
objection
tered
no
severe
ebb and flow again?
of men in each
large
number
Business that is builded on pretense will some- known, there are a
Once in
supreme
tribunal.
this
time come to grief. Business that is builded on party fit to sit in
Court
the
of
Justice
Supreme
a
bunkum and ballyhoo will blow itself out before office, however,
save
he
know
any
arbiter
does
Nor
no
party.
knows
it reaches stability. Business that is founded on
his
judicial
in
Court.
Until
own
the
his
of
majority
the eternal laws of supply and demand, and that
this exalted plane he is bound to
sees in demand, not froth and fashion, not speed career he reaches
precedent. At the same time
and
follow
decision
living,
right
and
and pleasure, but sober and simple
or class. If he km been
section
he
no
to
yields
the
all
tempests,
will weather all the speculative
Court he must have made
Federal
Judge
of
a
lower
peace,
of
ents
readjustm
the
catastrophes of war and
controverted questions, apparently
and carry on forever for the benefit of the owners decisions on
favorable to one class or section over another, but
and workers and for the blessing of mankind.
never contrary to the Constitution as he sees it, and
never contrary to the higher interpretation of the
the
Confirm
to
Senate
the
Court above him. He must not be held
of
Supreme
The Failure
United
the
to
Parker
Judge
by any defeated or disgruntled class,
of
le
on
responsib
Nominati
Court.
nor
he
be refused confirmation by the Senate
shall
Supreme
States
man can be selected for this office who
President
No
therefor.
rejecting
The action of the Senate in
has
to
not
Parker
opinions.
J.
John
Hoover's nomination of Judge
•Searching the records for failure to be impartial
States Supreme
be an Associdte Justice of the United
Supreme Court and independent in decisions, or for having expressed
Court is most unfortunate. The
one of the political or economic principles outside the court
(and the Federal Judiciftry) constitutes
nt, and it room, as was done in the case of Judge Parker,
three great branches of our Governme
Execu- seems not to be within the province of the Judiciary
stands on a different plane from either the
Committee and Senate,save to discover inability and
tive or the Legislative divisions. For this reason the
MAY 10 1930.]
FINANCIAL CHRONICLE
dishonesty or, in the case of political freedom of
expression, to reveal demagogy, acrid partisanship,
or disloyalty to our institutions and the Government
itself. If the Senate, on receipt of an appointment
of ability and honesty, is to resolve itself into a
political debating society or a lawyers' club we shall
probably have, in the course of time, a Supreme
Court selected for sectionalism, and by class rule.
Impartiality is as incumbent on the Senate, sitting
as a confirming body, as on the Court sitting on
a case. Therefore, a Senator may vote to confirm
though in prior case-precedents he may find himself
opposed to decisions. He cannot refuse to confirm
because he differs from a decision or because he is a
friend to a class he feels has failed of its rights by
virtue of such decision.
Property rights and human rights are not in opposition save in the minds of extremists. But admitting apparent opposition in the minds of good citizens and true patriots, admitting there are two
views, under the Constitution—out of one body or
the other must come Supreme Court Justice, who,
once in office and true to his oath, must decide cases
independent to his own personal leanings and views.
If, for example, because of his record, he can be
defeated by the appeals of union labor or by employers of labor, when he cames up for confirmation,
the Senate can dominate and control the Supreme
Court. And for this there is no warrant in the Constitution itself and no permission in our political
polity. A "representative" Republic, founded and
sustained by honesty and ability, cannot discard an
independent Supreme Court and submit the people
to violent class rule. From a high and unbiased
standpoint, the rejection of Judge Parker is in every
way to be regretted.
3251
A Revolutionary Proposal.
The Committee on Banking and Currency of the House of Representatives at Washington has been holding a tighly important set of hearings on
the subject of group, chain and branch banking. It is giving very special
consideration to a proposal that the National Bank Act be amended so that
National banks may have the power to extend branches throughout "trade
areas" which may overlap State lines, which may be as wide as Federal
Reserve districts, and which may even overlap Federal Reserve districts
in cases where a city's "trade area" runs beyond a Federal Reserve district.
National banks, under this plan, would be empowered to do this whether
the States consent or not. National banks located in one State could
invade another State whose laws prohibit branches of banks chartered
elsewhere. The primary purpose of this proposal is to arrest the failures
among small banks in country districts. A secondary purpose is to give
the National bank charter such an advantage over State bank charters that
the National banking system will grow at the expense of State banking
systems. The theary of "parity" between State and National banks is
definitely abandoned, and the purpose is to give National banks a definite
and great advantage over State banks.
The main emphasis is placed upon the arrest of bank failures. During the
9 year period June 30 1920, to July 1 1929, about 5,000 banks, nearly all
of them in agricultural communities, closed their doors and tied up deposits
of approximately $1,500,000. (The average of deposits is thus very small
for these failed banks, being only $300,000). The figures for the year 1929
show no decline in the rate of failures among these small banks.
The proponents of this widespread extension of branch banking outside
the city of the head office apparently intend to make use of the recent rapid
development of group and chain bankina, by adopting legislation to permit
the groups and chains to transform themselves into branch systems.
With much sympathy for the main purpose which lies behind these
proposals, sincere proposals made by able men who undoubtedly have the
good of the country bank at heart and who undoubtedly have a great deal
of knowledge of country bank conditions, I am, none the less, obliged to
disagree radically both as to their diagnosis and as to their prescription.
The causes of the failures of small country banks are to be found in special
circumstances which have little to do with the general question of chain,
group and branch banking versus unit banking. And the remedy proposed
would touch and help very few of the existing country banks which are in
a weakened condition.
We do not need to make a revolution in the general banking system of
the United States because of conditions in small banks in stricken agricultural regions. Other, much more rao orate, proposals may be made
which would be much more effectivefrom the standpoint of the goal aimed at.
The Existing Chain, Group and Branch Banking Movement Leaves Out the
Small Bank.
At the end of 1929 there were in the United States 24,645 banks and
3,547 branches, or a total of 28,192 banking offices. Of this total of banking
offices there were 6,353 banks and branches that belonged to branch
banking systems and chain or group banking systems or to both. This
leaves 21,839 banking institutions that rre definitely "independent unit
banks." The overwhelming number of our banks is thus outside of chainbank, group-bank or branch-bank systems. On the other hand, on the
same date, the branch, chain and group banking systems had total loans
and investments of approximately 30 billion dollars, leaving 28 billion,
500 millions of loans and investments for the 22,000 independent unit banks.
Thia figure, 30 billion dollars, however, gives a very exaggerated picture
of the extent to which the movement has gone. From the standpoint of the
question in hand, we may take out the many billions represented by the
great New York banks whose branches are all within the city of New
York or else in foreign countries, and the bulk of whose loans and investments are in any case not in branches but in the head offices. A similar
reduction can be made for a number of other important cities. Of the banks
Benjamin M. Anderson of Chase National Bank that belong to chains or groups, but operate no branches,there were on this
of New York Sees Danger in Comptroller of date 1,984, with total loans and investments of $4,913,000,000, the average
of loans and investments being about $2,500,000. In addition, there are
Currency Pole's Proposal to Extend Branch 119 banks, belonging to chains or groups, that operate branches, with
total loans and investments of $6,264,000,000, or an average of $52,600,000
Banking Through "Trade Areas."
per bank.
These figures show the immense disparity in average size between the
"The adoption of the proposed Federal legislation authorbanks that have gone into chains and groups, and the small country banks
izing National banks to establish branches throughout great that
have been failing, with average deposits of $300,000. The existing
"trade areas" as wide as Federal Reserve districts or even- chain and group bank movement is primarily a movement which is bringing
in certain cases, wider, would be like the firing of the starter's relatively large banks together. In exceptional cases, it is including some
of the small banks which the legislative proposals are designed to help.
pistol at a race," according to Benjamin M. Anderson, Jr., Even
in these cases, it is not taking in those that are weak and failing. I
Ph.D., Economist of the Chase National Bank of the City should not know how to draw a constitutional legislative proposal which
of New York. Dr. Anderson spoke thus before the North would compel good bankers to absorb weak and failin banks. Further,
from the standp lot of what is administratively possible, the managers of a
Carolina Bankers' Association at Pinehurst, N. C., May 8, great group-bank system can contemplate with some equanimity the abwhen he addressed the Association on "Branch Banking sorption of 60 million dollars of banking resources in a dozen well organized
banks in sizeable cities, when they would very properly shrink from the
Throughout Federal Reserve Districts." The "trade area" task
of taking over 60 millions of banking resources scattered among 200
proposal, he said, "would initiate one of the fiercest com- banks in very small towns.
petitive struggles the country has ever seen among the
The Size of the Failed Banks.
Over 40% of the failed banks were situated in towns and villages having a
powerful banks in each of the districts for supremacy
of less than 500 persons. Over 60% were in towns of 1,000
throughout the district. Many hasty and ill-considered Population
people or less. Eighty per cent were in towns of 2,500 people or less. Ninetyconsolidations would be put through. Efficiency would two percent of the failures were in places having less than 10,000 People.
suffer. A great readjustment in the relations of banks and Of the remaining 8% of the failures, a high percentage was in very small
in larger places.
businesses would be necessary. It would mean competitive banks
From the standpoint of capitalization; 63% of the failures were among
bidding for the stocks of the banks which would be absorbed banks having $25,000 capital or hrs. 8 venty-one per cent were in banks
into the great branch bank systems. It would mean an having less than $50,000 capital, and 88% among banks having less than
capital.
orgy of speculation in bank stocks. It would bring into $100,000
During the last nine years there were no failures at all of banks having
play the vigorous activity of promoters, not necessarily capital of two millions or more, and there were only four failures among
one million capital. a
bankers or men with capacity in bank administration, who banks having over
Practically, it may be said that for cities of 10,000 or more people, and
would buy up or obtain options upon large numbers of that for banks with $100,000 capital or more, there has been no problem
banks with a view to selling them to competing great banks." of sufficient magnitude to justify extraordinary concern, or to call for more
than local attention.
r. Anderson added:
Certainly there is nothing in the experience of the past nine years, as
Those of Us who believe that the primary business of a banker is banking revealed in the foregoing figures, to justify a legislative revolution in our
rather than bank-stock jobbing, would not welcome a situation of this sort. banking situation, or to justify the creation of giant branch banking systems,
Within recent months a great many conservative bankers have been say- with enormous capital, ranging over "trade areas" which may equal or even
ing that they would dislike very much a competition of this sort, that they exceed Federal Reserve Districts in size. Much more moderate measures
hope it will not be forced upon them, but that if it is forced upon them they would apparently be indicated.
will of course act to protect their positions. I should think that legislative
The Causes of Bank Failures in the Past Nine Years.
restraint rather than legislative encouragement would be milled for by
The first and foremost cause of the large number of bank failures since
tendon ies like these.
1920 is the great boom in agricultural prices and land values before 1920,
Preceding his remarks quoted above, Dr. Anderson spoke the collapse of agricultural prices and land values following 1920, and the
a Branch, Chain and Croup Banking, Hearings before the Committee on Banking
in part as follows:
and Currency. H.It.. 1930, Vol. 1, Pt. 1, pages 11-12.
3252
adverse conditions in agricultural communities which have since continued'
The second great cause is real estate speculitlon in the period since 1920,
in certain important sections of the country, notably Florida and some
adjacent States.
This is strikingly evidenced by the geographical distribution of the
failures, which are largely centered in four Southeastern States, namely,
Florida (123 failures), Georgia (305 failures), South Carolina (191 failures),
North Carolina (110 failures), and in a second group of agricultural States.
namely, Minnesota (378 failures), Iowa (467 failures), Missouri (246 failures), North Dakota (444 tenures), South Dakota (315 failures), Nebraska
(307 failures), Kansas (194 failures), Montana (191 fail res), Oklahoma
(227 failures), Texas (217 failures)
During this same period all of New England had only 26 failures New
York had only 12 failures, and Ohio had only 36. New Jersey had none
at all. The failures were con entrated, in other words,in the regions which
has been most affected by the agricultural boom and collapse, and by the
real estate speculation in Florida and adjacent States. This concentration
of the problem in special areas again would raise the question as to whether
Federal legislation, affecting banks all over the country, is called for, or
whether—in so far as the matter calls for banking legislation at all—it
is not a matter for the States most concerned, with such concurrent legislation on the part of the Federal Government as would permit National banks
to have the same branch-banking rights that State institutions have in
these States.
From the standpoint of the contrast between our unit banking system
and the system of branch banking, it may be observed that the same
grave sequence of events, namely, the war, the boom of 1919-20 and the
collapse of 1920-21, which undermined so many of our small agricultural
banks, also undermined great branch-banking systems in many parts of
the world. These include a great bank in Denmark, a great bank in
Canada with four hundred branches, the Banque IndustrieIle de Chine in
China, with its widespread branches and its power of note issue, and the
Bence di Sconto in Italy, with branches spread all over that country.
More recent troubles of the same sort, deferred consequences of the same
causes, have occurred in Japan and Austria. An incomplete record shows,
also, for the United States, that 226 banks, with deposits of $102,000,000,
belonging to chain systems, failed during the period we are considering.b
And it is further to be observed that in all these American agricultural
states the great bulk of the unit banks, measured in resources, survived
the shock, and that in every state the majority of the unit banks in number
stood intact.
The situation was very greatly aggravated in many of these states by
the excessive number of very small banks. "No community can possibly
provide adequate resources, competent officers, and experienced directors
for one bank to every 750 of its inhabitants as in North Dakota, or to
1,400 as in Iowa. And the situation in these states was not exceptional:
on the contrary, an excessive number of banks have been established
throughout those sections of the country that are mainly devoted to agriculture."e
New Jersey's total immunity from bank failures in the past nine years
is probably due in part to the fact that New Jersey's banking authorities
are not over-ready to grant charters to new banks, unless there is real
evidence that a new bank is needed, and that the Federal Comptroller is
influenced by the state policy when granting National bank charters in
that state.
The situation was complicated further for many small country banks
by the withdrawal of an important source of revenue which they had
formerly enjoyed, namely, the making of exchange charges on checks
drawn against them for which remittance was expected in another place.
Their checks, when presented over their counters, they paid at par. But
when they were expected to make remittance to other places, they very
generally made a liberal (and often excessive) "exchange charge," which
was an important source of revenue. The Federal Reserve System of par
collection of checks has large.y wiped out this source of revenue for very
small banks.
Again, the institutions chartered by the Federal Government for making mortgage loans reduced an important source of revenue which many
of these small banks had, in acting as intermediary in the making of mortgage loans.
At the same time these Federal farm loan agencies brought into the
agricultural communities an unaccustomed volume of funds which were
deposited with the local banks at high rates of interest, and which the local
banker felt obliged to re-employ at high rates of interest. Many a small
town banker, who was a good banker when his loanable resources were somewhat less than the borrowing demands of his good customers, and who
could make good loans when he could discriminate among competing borrowers, found himself to be a very poor banker when he faced the unaccustomed problem of employing surplus funds. He was not trained for that.
It may be added that the well meant efforts of the Federal Government
to improve the condition of agriculture by multiplying the facilities of agricultural credit have had as their main result a great and excessive increase
in the mortgage debt of agriculture, without a commensurate increase in the
productiveness ofagriculture,and with a consequent narrowing of the margin
of free income and the percentage margin of equity in land, on the basis of
which the farmer could ask his banker for credit.
Very especially has the position of thel very small bank in villages been
weakened by the coming of hard roads and automobiles, which, in many
places, have largely destroyed the usefulness of the small local village,
doing away with the local merchant, the local mill, and the local church,
as well as the local banker, making it possible for the people to do their
business and seek their social life in the county seat and nearby larger cities.
Industrial consolidations, moreover, even where leaving local factories in
small places, have very often taken away the banking business which the
local factory gave to the local banker, and concentrated It in larger places.
The growth of chain stores has had a similar effect. The very small bank
has had a difficult time in recent years, and the marvelous thing is, not
that so many have gone under, but rather that such an enormous number
have stood, and have even prospered, despite these adverse tendencies.
Diversification of Resources Through Correspondent Banks.
One cause -ssigned for the failures of many small banks is that they have
been unable to diversify their resources because located in a ono-crop
district, whereas a great bank with branches stretching over a whole Federal
Reserve district could accomplish this diversification. It is true that many
small.banks have failed through lark of diversification of their resources.
but it is also true that the majority of small banks in the same communities
have survived because they have diversified their resources. They have
accomplished this diversification by means of their correspondent relations
with great banks in great cities. They have refrained from putting all of
their resources into local loans, and have placed part of them, through their
correspondent bank, into open market commercial paper. or readily
marketable bonds, or call loans on the Stock Exchange, or acceptances,
b Hearings, Vol. I, Pt. 4, page 457.
c"Recent Economic Changes," Vol. II, page 695.
[vol. 130.
FINANCIAL CHRONICLE
and deposit balances with their correspondent bank to build up a "borrowing equity." When times of stress have come,they have thus had se cinder/
reserves, and they have been able to borrow from their correspondent banks
sums needed to tide them over seasonal needs and emergencies. Good
banking and diversification of banking resources is perfectly possible for a
small bank in a one-crop community. We do not need branch banking
either for the purpose of securing diversification or for the purpose of
bringing about a seasonal flow of funds from region to region. The systent
of correspondent banking relations has accomplished this for many decades,
and good bankers everywhere know how to do it.
The Remedies.
I see nothing in all of this to call for a radical change in Federal laws regarding branch banking. The problems do not extend throughout the
United States. They are centered in particular States. The problems do
not relate to institutions of sufficient size to be beyond the power of each
State to deal with for itself.
Radical changes in the banking legislation of a good many States are undoubtedly indicated. The mininnun capital required for banking in many
solidation movements
States is far too small. There ought to be sweeping co,
among the smallest banks in many States. Many villages which now have
two or three struggling banks would be much better off served by one
strong bank. State legislation giving the State banking authorities power
to guide, and even to compel this in their discretion, would be very desirable in certain States.
A limited extension of branch banking by State law would probably
help the situation in a good many States. The National Bank Act should
be amended so as to permit National banks to do in this connection what
the different States allow their State banks to do.
County-wide branch banking, branch banking in groups of counties.
even, in some cases, State-wide branch banking, or branch banking centering about three or four main cities of the State, ought, in certain States,
to be permitted and encouraged. There may even be one or two cases where
a State will feel itself so much in need of outside banking capital that it will
welcome the branches of powerful banks whose heead offices are in other
States.
Mr. Platt, of the Federal Reserve Board, has made moderate proposals
along the line of county-wide branch banking, having especially in mind
the very small country banks, which deserve very careful study. Ambassador Charles G. Dawes, when Comptroller of the Currency, in his
Annual Report for the year 1898, recommended that branch banking be
authorized in communities of less than two thousand inhabitants, since
many of such communities were not able to support independent banks.
Many such villages would undoubtedly be better served by an inexpensive
office of a strong bank, whose head office is in a nearby county seat, than
they are by their local independent unit bank which is not making profits
and which must char.e very high rates for the limited local loans it is able
to make.
It is probable that legislation along this line, authorizing banks in larger
cities to establish branches in outside communities with ten thousand or
less inhabitants, or even with five thousand or less, would accomplish virtually everything, with respect to the prevention of small bank failures.
that branch banking could in any case accomplish. At the same time it
would avoid the grave evils that would come from the sudden revolution
In our general banking system, and from the destruction of local financial
independence, that the larger programme now under consideration would
involve.
Further, such a limitation would concentrate upon the communities
most in need of help the attention of the bankers who are in favor of such
developments, but who would be hunting bigger game in larger cities if the
whole field were thrown open. Such legislation ought to be drawn in such
terms as will encourage the organizers of branch bank systems to take over
the existing banks, and to discourage the starting of new branch offices
in places where such action would merely increase the difficulties of existing
small banks. Permission to establish such new branches, competing with
existing banks, ought not to be automatic, but should involve some "certificate of conveneicne and necessity", to be issued by the authorities only
after hearings.
But the problem differs greatly in different States. The different State
bankers' associations should take it up and they should carry their proposed legislation to their State capitals, rather than to Washington. The
one Piece of legislation needed at Washington would seem to be that the
National banks be allowed to have branches in a given State on the same
terms that the State banks and trust companies in that State are allowed
to have them.
State Lines and Local Financial Independence.
We are moving much too fast and too far in the direction of centralization.
If an evil arises, we rush to Washington for a remedy which, oven if a good
remedy for part of the country, is often ill-adapted to the special needs
of other parts of the country, and which, if a bad remedy, makes another
nation-wide evil. It is far better that we should use the machinery of our
48 States for social and economic experiments. If they work well, other
States may adopt them. If they work well in part, other States may modify
them in adopting them. If the new measures are good for some States and
bad for others, those that find them good may use them. If the remedies
are definitely bad, as guaranty of bank deposits proved to be, we develop
the fact by a relatively small-scale experiment, and the country as a whole
is saved. There is, for example, little danger of Federal legislation for the
guaranty of bank deposits, but I should not feel so sure of this if the experience in Oklahoma and Nebraska and elsewhere had not already given 118 an
object lesson upon the point.
I should strongly oppose Federal legislation which would force upon a
State which was unwilling to accept it, the branch bank system, and,
above all. Federal legislation which would compel a State to admit the
branch of a bank chartered in another State against its will and against
its laws. Specialists in every field, eager to bring about widespread adoption
of their remedies and reforms, are continually going to Congress to secure
Congressional legislation covering matters which are properly matters of
State concern. Congress is continually giving attention to matters which
ought to be handled piecemeal among the 48 States. Congress is overburdened with measures of this kind, and Washington has grown topheavy with bureaus for administering such legislation.
We need the States. They are a vital part of our political machinery.
and we must be content to see them make mistakes occasionally, as Part
of the price which we must pay for a proper balance between centralization
and local self-government. If the choice were between an infallible Congress
and fallible State legislatures, the issue might not be so clear, but Congress
can also make mistakes, and such mistakes are more serious than those
made in a single State. The banker is not merely a banker. He is also,
and first of all, a citizen. As a citizen, he may be permitted to attach a
higher importance to the preservation of the fundamentals of our Federal
system of government than to technical points in banking legislation.
FINANCIAL CHRONICLE
MAY 10 19301
Local Independence and Correspondent Relations.
I believe in the general system of local financial independence. I am
opposed to having the bankers of one city dominate the banking of another
city. I believe that this country ought to have in every city several strong,
independent financial institutions interested in the local community,
and dealing as principals with the banks of other cities, rather than acting
merely as their agents. I believe that our system of correspondent banks
gives us, in general, all the financial interdependence that we need, and that
the services which the correspondent bank in a great city performs for the
banker in a smaller place make it unnecessary for him to have the elaborate
facilities which a great bank has. The unit banking system has gone to
extremes with us in many States. There are too many very small banks.
But correcting this excess of the system will leave our American banking
system, I believe, far better adapted to our needs than the European
system of a few great banks with a multitude of branches, with all power
centered in a few great financial centers.d
Parity of Stale and National Banks.
I cannot sympathize with the view that it is necessary to pass unsound
legislation for the purpose of giving such supremacy to the National banking
system over the State banking systems that banks would be compelled to
d —The Chase Economic Bulletin." Vol. IX, No. .5, "Bank Consolidations In a
Period of Speculation." discusses the comparative merits of the American and
European systems.
3253
drop their State charters and take out National charters. It is now well
demonstrated that the Federal Reserve System does not depend for its success and growth upon the growth of the National bankirg .'stern. Virtually
all of the great State banks are members of the Federal Reserve System.
Seventy-five per cent of the commercial banks of the country, measured In
volume of loans and investments, are members of the Federal Reserve
System. The Federal Reserve System ran at any time dominate the money
market, which is dependent on Federal Reserve credit for a high percentage
of its cash reserves. Through the Federal Reserve System, Federal supervision extends to the great bulk of the banking resources of the country
at present.
The original purpose of the National banking system was to supply
a uniform bank note issue throughout the country, and to make a market
for the Civil War Government bond issues. With the Federal Reserve Act
and the Federal Reserve Note, the National Bank Note has become a
matter of relatively minor importance. There is no need for artificial support of the Government bond market. The National banking system is
Important, and it is desirable to maintain it. It has helped set good banking
standards throughout the country. The Federal Comptroller's supervision
and inspection of banks is better than State supervision and inspection
of banks in many States—not in all. But the State bansing systems are
also good systems, by and large. It is thoroughly undesirable that great
issues of banking policy should be settled as a mere incident to a competition
between the State and National bankin, systems.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. when July notices can be issued. Meanwhile, the New York
July premium over Liverpool July has fallen this week from
Friday Night, May 9, 1930.
Trade during the week has not improved materially 76 pts. to 35 to-day. The size of shipments to N.Y.for July
despite warm weather all over the country. Light wearing will of course depend largely on the differences. They have
apparel has sold more readily both here in the East and at latterly been narrowing. Cotton goods have been quiet
the West with temperatures abnormally high. But as re- and at times lower here. In Manchester trade has remianed
gards general business such unseasonable weather has perhaps dull for export with renewed and dangerous outbreaks in
been detrimental rather than helpful. Certainly the best India, while the domestic trade has been fairly good and it
that can be said is that business on the whole has been on seems a moderate business with India has been done in yarns.
only a fair scale and that many lines have been quiet. The It is said however, that the boycott against foreign cloth has
weather has been good for the crops for the warm tempera- been spreading in India and even some German mills have
tures have been accompanied by good rains in the grain been informed by their agents in the Far East that it is not
country as well as in the Southwestern cotton section. advisable to export goods thither. Spot cotton has been as
To-day the central and eastern parts of the cotton belt had dull as ever and exports continue to make a poor showing.
Wheat declined a couple of cents to the lowest price on the
had beneficial rains which were especially helpful in the
Atlantic States. There were cloudbursts, however, in some crop with the weather favorable in the United States and
parts of the belt. The cotton trade does not want a wet Canada, exports sales nothing remarkable and May fell to
May,either east or west of the Mississippi River. Meanwhile $1. Beneficial rains have fallen in the winter wheat belt and
the state of wholesale and jobbing business in this country also in the Northwest. The Farm Board has it appears been
cannot be called satisfactory. The demand is mostly to buying to some extent. The crop reports from France and
supply temporary wants. This is especially true in the textile Italy have been less favorable and it is said Italy's crop is
trades. Industries as a rule make a none too gratifying 37,000,000 bushels smaller than that of last year. The
showing either as regards iron, steel, textiles or anything United States government report to-day put the winter
else. To be sure unemployment has been reduced somewhat wheat crop in this country at 525,070,000 bushels against
because conditions are more favorable for outside work. But 578,336,000 harvested last year. Corn declined partly bethe factories taken as a whole are not busy. Copper has cause wheat did, but the downward turn was not very marked
been cut to 12M cents, though it is said that at the decline for the country, offerings were not large. Still there was a
trade has improved. To-day, indeed, sales of 9,000,000 lbs. decline of 2 to 23.c. on some months with supplies liberal
of copper at 12.80o. c.i.f. European ports were reported, enough and the pastures in good condition after recent rains.
the largest business for months past. Non-ferrous metals Also it is said that the farm consumption is below the normal.
declined. With the opening of Lake navigation, trade in That is also the case it appears as regards oats. Rye has
butuminous coal is reported to be somewhat better. Bene- followed wheat downward without showing any marked
ficial rains have fallen on the Pacific Coast and in the weakness. Lard declined with grain and hogs. The receipts
Mountain States. Singular to say the weather in such seb- of hogs have exceeded expectations and suggest that farm
tions of the country have been too cool for the best results in supplies have been underestimated. Coffee has been in the
crop growth while the rest of the country has been sweltering main firmer, Santos rising 30 to 40 points and Rio nearly
particularly here in the East There has been some reduc- 25 points with reports that the Defense Committee has been
tion in iron and steel production. In steel the feature has buying here and no one showing any disposition to take the
been better buying of pipe, and, as some reports state, in- aggressive on the selling side. The absence of May notices
creased purchases of automobile steel. But taken as a whole has also been a bullish factor. The new crop is nearing the
there can be no disguising the fact that there is plenty of time when frosts or big rains could do harm. There is as
room for improvement, in both the iron and steel trades, usual a certain undercurrent of bearish sentiment and the
even putting the best face upon the matter.
idea is stressed that on July 1, which by the way, is some
One gratifying circumstance is the gain in the business distance off, a new policy adverse to government manipuof chain and mail order concerns. It might perhaps be lation will be entered upon as a condition of the international
called the silver lining to the cloud. Sales in April of the loan of $97,300,000. Sugar declined 5 to 15 points to new
chain and mail-order stores showed a gain of 11%% over lows. Prompt sugar is said to be the lowest in 70 years.
those for April last year, partly to be sure because of the The tariff fixed by Congress is 2e. per pound instead of 2.20c.
Easter trade in the second and third week of April. More- and bulls have been much disappointed. Cuban for May
8c. c & f but later 13.c.
/
over there are more such stores than there were last year. shipment was sold it is stated at 15
The total sales of these stores for March and April show a was quoted. The stock of sugar in the United States and
net increase over last year of about 4%. For four months Cuba is said to be 4,535,700 tons or some 660,000 larger
the total sales pined
% over the same period in 1929. that a year ago. The crops in Porto Rico and Philippines it
In the first two months of tho year to be sure the increase appears are turning out larger than had been expected.
over the same period was about 83 %.
Everybody seems to be bearish on sugar and some Cuban
Cotton declined less than 10 points on the old crop on talk interests are said to have been selling if others bought. Bus
to the effect that shipments to New York for delivery on the price is so low that some are looking for a good rally
July were impending from domestic mill points and also sooner or later especially on the distant months. Rubber has
from Havre, Bremen and Liverpool. The next crop ad- advanced 10 to 20 points on trade buying and talk of more
vanced slightly on dry weather. It is many weeks to the day systematic and determined measures looking to a reduction
3254
FINANCIAL CHRONICLE
EvoL. 13S.
of output. Hides have declined. Cocoa is 25 to 35 points mills of Spartanburg County were idle in the 5th inst. as a
lower. Silk has been irregular with May 13 points higher. result of a decision to adopt an every-other-week schedule
The stock market during the week had frequent sinking in the plant manufacturing print cloths and narrow sheetings.
spells on liquidation and other selling which pressed hard Inactive spindles represent about two-thirds of those in
despite the cheapness of money. On the 7th inst. they fell textile plants there. Spartanburg, S. C., wired later that
2 to 8 points on many issues but Manhattan Electrical print cloth and narrow sheetings manufacturers of that
collapsed 343.4 points net and Celotex 15%. Trading in section of the industrial southeast have heartily entered into
Manhattan Electrical was resumed on the 7th inst. after the suggestion advanced by the Cotton Texitle Institute of
having been unofficially suspended since May 1. No ex- a 55-hour week for day work and 50-hour week for night work,
planation was given either by the Stock Exchange or the in the mills eliminating overtime and unnecessary halts and
company for the week's suspension of business in this stock. delays for the noon hour. Even this program is being more
It is understood it brought the operation of a pool to a halt. drastically increased by some of the mills, shutting down one
The break in Celotex attracted wide attention. It followed week and operating the next.
the announcement that a small stockholder had filed a petiManchester cabled that price increases ranging from onetion in Wilmington asking for the appointment of a receiver half penny to two pence half-penny per pound on Egyptian
for the company. It fell 20 points on this news recovering 8 cotton yarns were made jointly by the Fine Cotton Spinners
points later after opening at 42%. B. G. Dahlberg, Presi- & Doublers Association, Combined Egyptian Mills and
dent of Celotex stated that he did not know the person who Crosses & Winkworth, Ltd., in order to improve margins.
filed the petition and that no complaint or criticism had been These three groups control one-half of the spindles on
made to the management. The position of the company Egyptian cotton in Lancashire. Trade in Manchester has
is excellent, he said and its business good. To-day stocks been slow for export though the home demand has been
made an irregular advance with a perhaps salutary drop in steady.
the trading, to about 3,000,000 shares against 3,750,000
Bombay cabled that numerous outbreaks marked the imyesterday and close to 6,000,000 a week ago. Call money prisonment of Gandhi's arrest for civil disobedience. Bloodwas 3% and four months maturities fell to 3%%. Brokers shed occurred in a dozen cities and the home and Indian
loans had fallen off $200,000,000 for the week. Some stocks governments, with troops and armored cars strengthened
advanced 5 to 10 points, but as a rule the rise was confined the hands of the local police. Bombay dabled the New York
to one or two points. And some new lows were made in "Times" that a reign of terror gripped Sholapur, India on
Brake Shoe, American Locomotive, Agwi, Beech Nut, Man- the 8th inst. when Gandhi followers battled for hours with
hattan Electrical, Punta Alegre, Spiegel, May Stern and the police. Sholapur is reported to be the second largest
Yale & Towne. New highs were made by Borden and textile producing city in India. Fifty persons were killed
Loews, the latter showing heavy trading. Rails were as a and 400 wounded; three Mohammedan policemen were
rule sluggish. Southern Ry. was not. It was helped. up- burned to death by the mob.
ward by the statement of President Harrison that $8 diviMontgomery Ward & Co.'s sales for April amounted to
dends will continue. Bonds in the presence of increasing $23,776,430, an increase of 10.2% over April, 1929. Sales
money supply and cheap rates were active and higher. for the first four months of this year amounted to $81,145,499
Many railroad issues were at new highs for the year. London an increase of .2% over the corresponding period last year.
was firmer but quiet.
The F. W. Woolworth Co.'s sales for April amounted to
A further weakening in commodity prices took place during $24,368,959 an increase of 10.4% over April, 1929. Sales
April, the index number of Bradstreets showing a decline for for the first four months of this year amounted to 6,292,184
the seventh consecutive month and falling to the lowest an increase of 2.0% over the corresponding period last year.
point in nearly nine years. The recession in the wholesale S. S. Kresge Co.'s sales for April amounted to $12,724,089,
price level was most marked in the provisions, metals and an increase of 11.5% over April, 1929. Sales for the first
textiles groups of commodities, but all the other groups, with four months of this year amounted to $43,279,634, an inthe exception of fruits which advanced slightly, and hides crease of 1.2% over the corresponding period last year.
and leather, which remained unchanged, showed decreases S. H. Kress & Co. reports that sales for the month of April
for the month. Bradstreets' wholesale price index number amounted to $5,626,538, which represents an increase of
for May 1, was $109,393, a decrease of 2.2% from April 1, 11.1% over the $5,063,007 reported for the same month a
and of 12.9% from May 1 1929. The index number has year ago. For the first four months of the current year the
thus touched the lowest mark since July 1 1921, and is only company's sales have shown an increase of 4.4% over the
3% above the post-war low point reached on June 1 of that corresponding period last year.
year. Compared with the record peak for all time reached
Forest fires in 10 States kept firemen busy. The fires raged
on Feb. 1 1920, there is a decline of 47.6%.
all along the Atlantic Seaboard and the loss was very heavy
Fall River, Mass., reported that inquiries for cloth have from Virginia to New Hampshire. The States included
recently been slightly better but they were mostly for small New York, New Jersey, Connecticut, Mississippi, Rhode
lots and total sales did not equal production. According Island Maryland, Pennsylvania, and Delaware, Staten
to reports received by the Cotton Textile Institute from the Island had dangerous fires. Fire engines on Staten Island
Associated Press Industries of America, 65% more style were saved by Army tanks. New York State needs heavy
dress manufacturers are making cotton dresses this year rains as well of course as others. The newspapers gave
than at the corresponding period in 1929. It is stated that columns to the particulars of widespread destruction along a
the curtailment of production in Southern print cloth and vast area on the Eastern edge of the United States.
sheeting mills in on in earnest. Official figures showed that
On the 4th inst.it was some9degrees cooler here than it had
3,200,000 spindles and 38,000 looms are inactive this week been in the latter part of last week. The mercury did not
and in the weeks to come, this total will be swelled. A num- go higher than 74 degrees. But on the 5th inst. it rose to
ber of mills that propose to close six weeks between now and 85 degrees at 3 p. m. On the 4th inst. Boston had 60 to 70
July 19, are endeavoring to readjust their output so that degrees; Montreal 52 to 66; Philadelphia 60 to 78; Portland,
they can make contract deliveries on time. Of this volume Me.50 to 66; Chicago 66 to 82; Cincinnati, 62 to 82; Cleveof idle spindles about 75%,says the "Journal of Commerce," land, 62 to 68; Detroit, 56 to 76; Louisville, 66 to 88; Milrepresent those making print cloth yarns and the remainder waukee, 56 to 68; New Orleans, 68 to 84; Kansas City,
yarns for various grades of sheetings. It may fairly be 68 to 82; St. Paul, 58 to 70; St. Louis, 70 to 86; Denver,
assumed that Southern looms turn out an average of 80 42 to 66; Los Angeles,48 to 56; Portland, Ore., 41 to 64; San
yards daily, or about 3,040,000 for the total loomage repre- Francisco, 50 to 58; Seattle, 42 to 60. On the 6th it was
sented in the idle columns this week. The curtailment of 88 degrees here and 90 in Boston and little relief was promised.
production of sheetings and print cloths by Southern mills High records for May 6 included such temperatures as
if carried out in full should take not less than 150,000,000 92 at New Haven, Conn; 91 at Springfield, Mass.; 90 at
yards of print cloths from the supply before July 19 and more Providence, R. I. and Boston and 88 at Portland, Me.
than half that yardage of sheetings, according to the "Journal Montreal had 66 to 82; Chicago 70 to 86; Cincinnati,68 to 88;
Cleveland, 70 to 84; Detroit, 66 to 84; Milwaukee, 50 to 80;
of Commerce."
Greenville, S. C., wired that many mills closed this week Western Kansas City, 56 to 72; St. Paul, 60 to 74; St. Louis,
following the new curtailment plan (operating every other 68 to 82; Denver 38 to 60; Helena, 34 to 50; Los Angeles,
week) and a favorable effect is expected in the cotton goods 52 to 64; Portland, Ore., 38 to 52; San Francisco, 46 to 58;
market. Rockhill, S. C., reported that several cotton mills Seattle, 38 to 53.
May 7 marked the seventh day of continuous abnormal
in that vicinity are running full time, while others have curtailed to some extent. Spartanburg, S. C., wired that heat for this time of year with a temperature of 87 degrees,
approximately 675,000 spindles and 67,500 looms in textile five persons dying and eight overcome from its effects.
MAY 10 10301
FINANCIAL CHRONICLE
3255
Boston was hotter with a high record of 95 degrees. At about 5% lower than last week and 9% below what they
Providence, R. I., it was 109 in the sun. In the shade were in 1929.
Chicago had 78, Cincinnati 80, Cleveland 84, Milwaukee 74,
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-25=100.)
Kansas City 70, St. Paul and Montreal 72. In vivid contrast with this Visalia, Calif., reported a heavy snow storm
1930.
1929.
over the entire Sierra Nevada Range in Tular County, where
May Apr. Ayr. Apr. May Apr. Apr. Ayr.
"old timers" said they had never before seen snow in May.
3. 26. 19. 12.
4. 27. 20. 13.
On the 8th inst. at New York the maximum temperatures Steel operations
101.3 102.6 100.0 127.6 132.9 128.9 126.3
Bituminous coal production
---- 84.1 83.2 84.7 90.1 93.6 88.8 84.8
was 83,at Chicago 86 and Cincinnati 86, at Detroit and Kan- Petroleum
produc'n(dally average) ____ 124.3 122.9 122.9 126.3 127.3 128.3 125.5
sas City 84, at Cleveland and Milwaukee 80, at San Fran- Freight car loadings
•93.1 95.0 109.5 109.7 104.7 101.4
a Lumber production
107.0 105.4 108.3 __-- 120.8 119.8 121.0
cisco and Seattle 62, at Montreal 56, at Boston and Minneap- Building
contracts, 37 States
(daily average)
131.0 121.7 104.0 118.1 122.9 141.2 122.2 195.1
olis 66, at Winnipeg 52, at St. Louis and Portland, Me., 60, Wheat
receipts
51.3 29.4 32.7 48.3 46.1 44.7 51.8
Cotton receipts
36.9 36.2 33.8 43.8 34.8 50.0 52.3 54.2
and Portland, Ore., 64. To-day it was 80 degrees here Cattle
receipts
74.7 68.8 73.1 88.6 86.4 83.9 72.2
and the forecast was fair weather with moderate temperatures Hog receipts
' 73.5 78.3 76.4 85.7 82.4 82.1 73.5
Price No. 2 wheat
76.0 78.3 82.9 82.9 82.9 87.6 88.4
over Saturday. It has been a week of abnormally hot and Price
cotton middling
61.0 59.9 59.6 61.0 72.8 72.8 74.8 78.1
iron and steel, composite
82.8 83.1 83.2 83.4 89.5 89.5 88.9 88.9
oppressive weather and may soon be followed by a marked Price
Copper, electrolytic, Price
100.0 100.0 129.0 129.0 129.0 129.0 133.8
Fisher's index (1926=100)
89.7 90.2 90.7 91.3 96.7 96.7 96.7 97.3
fall in the temperature.
Check
Monthly Indexes of Production, &c. of U. S. Department of Commerce-No Change in Output as
Compared With Preceding Month.
The U. S. Department of Commerce, in presenting,
May 2, its monthly indexes of production, stocks and
unfilled orders says:
payments
120.4 116.1 129.6 121.2 136.0 125.6 140.7 128.2
Bank loans and discounts
135.7 135.7 134.8 134.7 131.6 131.1 131.5 131.7
Interest rates, call money
92.1 97.0 97.0 97.0 269.7 200.0 190.9 197.0
Business failures
116.0 134.4 120.6 121.4 103.4 110.3 119.9 116.7
Stock prices
233.0 244.5 249.0 248.8 257.2 253.2 249.1 246.9
Bond prices
106.0 105.9 106.1 106.4 106.0 106.2 105.8 105.3
Interest rates, time money
97.0 100.0 102.9 102.9 197.1 194.3 200.0 205.7
Federal Reserve ratio
106.4 105.5 103.9 105.2 94.6 95.9 94.6 95.2
b Detroit employment
• Revised. a Relative to weekly average 1927-1929 for week ahown. S Data
available semi-monthly only.
Production.
Annalist Weekly Index of Wholesale Commodity Prices.
Manufacturing production in March, after adjustments for seasonal
The Annalist Weekly Index of Wholesale Commodity
changes, showed no change from the preceding month but was
considerably
below the same period a year ago according to the weighted index
of the Prices stands at 131.9, a decline of 0.4 point from the preFederal Reserve Board. The output of minerals in March showed declines
ceding week (132.3), and compares with 143.0, the index
from both February, and March, 1929. Industrial production,
including
both manufacturing and minerals, while slightly lees than the
on the same date last year. In presenting its index the
preceding
month showed a decline of 12.4% when compared with March a year
"Annalist" also says:
ago.
The decline this week, bringing the composite index to the lowest postCommodity Stocks.
The general index of commodity stocks held at the end of March,
war point, is due to sharp declines In metals and textiles, together with
while
below the February level showed a gain over a year ago, the
building materials and miscelincrease over minor declines in the farm products, fuels,
last year being solely due to a gain in the holdings of raw materials.
The laneous groups.
Index of stocks of finished goods in the hands of manufacturers
made new declines during the
zinc
tin
and
lead,
copper,
steel,
Finished
showed a
slight increase over February and March of last year.
week, copper going to 12% cents a pound, the lowest in more than six years.
The textile index went to a new post-war low because of fresh declines in
Unfilled Orders.
spot silk (a lag from the declines in futures during recent weeks and in
Unfilled orders for manufactured goods at the end of March
showed a spite of firming of future prices this week), and renewed declines in worsted
gain over February, but declined from March 1929. Increases
were re- yarns. In the farm products group a sharp drop in steers and eggs is balgistered over the preceding month in orders for transportation
equipment, anced by advances in hogs, lambs, barley and oats. Prices in the food
principally railroad, lumber and iron and steel while a dec me occurred
in products group also are mixed; in the fuel group, gasoline has advanced
unfilled orders for textiles. In comparison with a year ago, gains in
trans- further, but crude petroleum has dropped sharply; declines in lumber and
portation equipment were more than offset by declines in lumber
and tex- rubber account for the lowered building materials and miscellaneous indexes.
tiles. Iron and steel showed no change from March 1929.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES'
(1913=100)
Index Numbers, 1923-1925=100.
Feb.
Mar. Mar.
1930. 1930. 1929.
May 7 1929.
April 29 1930.
May 6 1930.
Production138.6
Raw materials:
125.1
125.2
Farm products
143.6
134.4
Animal products
Food products
134.5
84
98
88
150.6
128.3
Textile products
126.4
Crops
63
55
73
161.2
157.0
Fuels
156.8
Forestry
67
73
86
128.3
115.2
Industrial (compiled by Federal Reserve Board)
Metals
113.1
107
105
118
154.0
Building materials
Minerals
149.9
149.8
108
97
107
135.2
130.8
Total manufactures (adjusted)
Chemicals
130.8
108'
106
120
122.2
Iron and steel
115.8
Miscellaneous
115.7
118
112
132
All Anmmnilltim
143.0
Textiles
131.9
132.3
99
98
116
Food products
94
91
96
Paper and printing
125
124
125
Lumber
83
Automobiles
103
109
159
Leather and shoes
.G. Lonsdale Finds Readjustment of Business Condi95
91
99
Cement, brick and glass
110
111
99
tions Proceeding in Orderly Manner.
Nonferrous metals
101
104
129
Petroleum refining
168
160
Comparison
of business conditions for the first quarter
Rubber tires
107
jai
152
Tobacco manufactures
133
128
126
of 1930 with those for the corresponding period of 1929 was
CommodUy StocksTotal
147
termed "unjustified" by John G. Lonsdale, President of
141
134
Raw materials
164
152
141
Manufactured goods
the American Bankers' Association, in a statement issued
125
126
124
Unfilled OrdersTotal
this week. Mr. Lonsdale declared that in the first three
80
84
86
Textiles
54
so
82
months of 1929 a new high level for the general run of
Iron and steel
89
93
93
Transportation equipment
112
123
business and record figures for many of our more important
81
Lumber
72
79
82
\\...
industries and trades were experienced and that when 1928
and earlier years are recalled the general level of business
The Department of Commerce's Weekly Statement of is favorable. He continued:
Business Conditions in the United States.
"The readjustment in 1930 is moving forward in an orderly manner,
without credit stringency. Recovery Is in progress, slow in some lines
According to the weekly statement of the Department and
in some sections, faster in others. Progressive adjustment of production
of Commerce, the volume of business for the week ended to current consumption is now well under way.
"Our banking position is favorable to support fully all conservative
May 3, as indicated by the volume of check payments, was
demands for credit. Rates have eased considerably and a diffusion of credit
greater than the week of April 26 but below the same week into
the smaller centers is beginning to be noticeable. Individual bank
in 1929. Operations in steel plants during the latest re- transactions, outside of the larger centers, indicate a weekly average only
ported week were slightly less than the activity for the pre- slightly less than a year ago, but larger than in the first quarter of 1928.
are no insuperable difficulties in the banking field or in the
ceding week and still below the level of the corresponding There
money market generally, and prudent undertakings are generally assured
week in 1929.
of banking support. Indications are that if money becomes much cheaper
The value of building contracts showed a gain of 7% it will not remain so for long, and I expect a firm tendency, due to
Increased demand, will be manifested within a period of months."
over last week and 6% over a year ago.
The general index of wholesale prices showed a slight decline from a week ago and were more than 7% lower than Trend of Business as Viewed by Continental Illinois
Bank & Trust Co. of Chicago-Price Trend May
last year. Composite iron and steel price showed a slight
Continue Downward 1930-1934.
decline from the preceding week and was 7% lower than a
year ago.
In the view of the Continental Illinois Bank & Trust
Bank loans and discounts at the end of the week, while Co. of Chicago, "lower money rates the world over will
showing no change from the preceding week, were more than tend to stabilize prices and perhaps even to strengthen
3% above those for a year ago. Prices for stocks were them." The bank adds however, that "the probable current
3256
FINANCIAL CHRON CLE
effect of cheap money scarcely seems to warrant the conclusion that the 1923-29 trend of commodity prices will be
completely reversed for the entire period 1930-34" This
statement is made by the bank in discussing "The T.:end of
Business" under date of May 5,—its present comments
supplementing previous views by the bank on the subject
alluded to In our issue of May 3, page 3067—In its latest
edict on the trend of business the bank says in part:
Lower commodity prices apparently have supplanted last year's stock
crash as a present cause of business pessimism. In particular, the prices
of such commodities as wheat, copper, rubber, coffee, silk, wool, sugar,
cotton seem to be causing the most concern.
In view of this unsettled state of business sentiment, no apology is
needed for placing a discussion of prices at the beginning of this, the
second, number of a series of special studies having to do with business
trends during the period 1923-29.
As a summary of the price discussion in succeeding paragraphs, may
we enumerate the following points: The level of all commodity prices
has been working lower, but the average for the past seven years was
50% higher than the prewar average. A decline of such proportions as
would restore prewar prices seems altogether improbable. l'rices of
agricultural products have been holding above the price average of nonagricultural products. Those commodity prices which have been most
disturbing are established in international markets. Foreign products
rather than domestic seem to have borne the brunt of the price decline.
In the case of several of the commodities mentioned, attempts to control
supply and price have contributed to the unsettlement of prices. The
general average of domestic prices should become firmer when business
expands, and easy money, the world over, should help to stabilize international prices.
What Is "Normal" for Commodity Prices?
American business has expanded so rapidly at various times since the
war that a natural feeling prevails to consider "normal" an unbroken
succession of yearly increases. But so far as prices are concerned, normal
has been an average decrease of 9% a year in the period 1923-29. This
trend is shown in Chart III, (this we omitted) and it is against this
downward trend that price fluctuations during the period should be
measured.
The price trend of non-agricultural commodities during the past seven
years was an average annual decline of 1.3% almost four times as much
as the 36% average yearly decline in agricultural prices. Since the fir
quarter of 1927, prices of agricultural products have been above and
helped to sustain the average of all prices.
Also, a recent study of prices by a Chicago investment house aho
that commodities of foreign origin have declined much more in pri
than domestic products.
Current Price Decline Should Presently Be Checked.
The general price level in March was lower than at any time duri
the past seven years and was 4.6% subnormal, compared with a 5.4
total decline from normal in 1924 and 4.6% in 1927. But with improv
ment in business, the decline in the general price average should at leas
be checked.
Prices Declining Front High Level but Profits Not Eliminated.
While prices in the United States were drifting lower during the
past seven years, the production trend was upward and profits were rising
rapidly. Moreover, in spite of the downward trend of prices, the average
for the entire period was 50% higher than the 1913, or prewar, level—
which means that a reduction in prices three-fourths as large as the 1920-21
deflation would be necessary to restore the prewar price average. Even
if the price trend should continue downward during the next five years,
no such deflation is in prospect, for commodity prices have not been
inflated since 1920.
Price Trend May Continuo Downward During 1930-34.
Lower money rates, the world over, will trend to stabilize commodity
prices and perhaps even to strengthen them, particularly those prices that
are determined in international markets. But the probable current effect
of cheap money scarcely seems to warrant the conclusion that the 1923-29
trend of commodity prices will be completely reversed for the entire period
1930-34.
We are not alarmed by statements that a decline in gold production
will bring about an immediate, drastic decline in prices.
The present stock of monetary gold in the United States is very large
and any outflow could be offset for a time by Federal Reserve Bank
policy. Moreover, even greater efficiency is possible in the use of gold
as a credit base. And if the time should come when the world's need of
gold is in excess of the annual increase in the production of new gold,
much could be done to avoid price reduction by cooperative action on the
part of the central banks of the leading gold standard countries.
All told, then, the worst that we can foresee is that the gold outlook does
not indicate a rising trend of prices during the next five years. The price
trend may continue downward at some such rate as during the past seven
years. The average annual decline may possibly be greater, but not of
drastic proportions.
This opinion refers, of course, to the general level of American prices.
To analyze or forecast fluctuations in the prices of particular commodities
will continue to call for study of changing supply and demand conditions in
the case of each commodity.
[VoL. 130.
normal, but there is increasing evidence that consumption
has not shrunk correspondingly and that the readjustments
necessitated by the over-expansion of 1929 are being rapidly
completed. Two generalizations, he says, are worth keeping
In mind in an attempt to forecast cyclical fluctuations of
industrial Vroduction, the economist declared. One is the
striking tendency since 1900 for industrial cycles to last
between three and four years. The other is that the first
step in predicting the course of industrial activity is to estimate its current volume in terms of its relation to a normal
trend, because the rate of consumption of basic goods in
this country tends to move forward at a remarkably uniform rate. Professor Cox said:
"For forecasting there is no adequate substitute for constant study of
the changing forces at work in the business situation. But the two generalizations provide a sound basis for forecasting. The theory of the
periodicity of industrial cycles has been belittled by economists. But the
fact remains that if during the last 30 years one had based his successive
predictions upon the assumption that each cycle, in turn, would run about
three and one-half years, he would seldom have been wrong.
"This theory would have been slightly misleading during the period
dominated by the war, but no more seriously than any one of several more
highly regarded methods of forecasting would have done.
"The forecaster, basing his expectations upon periodicity, would have
increased his accuracy slightly by expecting major advances of production
to precede those of production by from five to ten months, and would have
been more dependable than the latter, for stock prices have made a number
of false starts.
"It is possible to predict the rate of consumption of basic goods into the
immediate future with a considerable degree of confidence. If current
production is far above the projected rate, it is not likely to be maintained
there for long unless there is at work in the situation some unusual factor
which careful search should enable one to identify and appraise.
"Similarly, if production is seriously behind the normal rate, it will
not continue long depressed unless restrained by unusual factors such as
the business analyst should be able to discover. To predict the length to
which a recovery from depression or a recession from prosperity will carry,
one must estimate the net strength of the forces behind the particular
movement.
"An analysis of present industrial conditions in terns of relation to
normal trend suggests recovery of business at an earlier date than does
the theory of a 40 months' cycle, and where the two bases give conflicting
Indications, the former is the more convincing. At present all of the
well-known indexes of industrial activity are running considerably below
estimated normal.
"Evidence continues to accumulate that consumption has not shrunk
correspondingly, and that the readjustments necessitated by the overexpansion of 1929 are being rapidly completed. Meantime no new depressants
of major significance seem likely to appear. The foundation is therefore
being laid for sound and sustained recovery of business during the latter
part of the current year."
National Fertilizer Association Reports Commodity
Prices at New Low Level.
Commodity prices declined six-tenths of 1% during the
week ended May 3, according to the wholesale price index
of the National Fertilizer Association, which under date
of May 5 says:
Nine groups declined and not a single one advanced, which has not occurred since the week of Feb. 22. Forty-eight items declined and only
thirteen advanced. The thirteen items included such important commodities as cotton, cottonseed, cottonseed meal, cottonseed oil and hogs.
Most other sensitive items declined, such as fats, other foods, grains, feeds,
livestock, petroleum, coffee and rubber. The declines in fertilizer materials, butter and eggs were seasonal, and those of metals wore in conf rmity with customary lag.
Based on 1926-1928 as 100 and on 474 quotations, the index stood at
91.0 for the week ended May 3; at 91.6 for April 26,and at 92.0 for Aprll 19.
Farm Prices Recover Slightly—In Period From March 15
to April 15—Still Below Last Year However.
Some evidence that the downward course of farm prices
the last seven months has been checked is seen by the Bureau
of Agricultural Economics in a report which says that prices
of all farm products except Meat animals and wool advanced
from March 15 to April 15. The Bureau's index of farm
prices is reported at 127% of the pre-walr level on April 15,
which is one point higher than on March 15, but 11 points
below April 15 a year ago. From March 15 to April 15 this
year prices of fruits and vegetables advanced 18 points, cotton and cottonseed 7 points, grains 3 points, and poultry
and poultry products 2 points. There was a 5 point decline
In farm prices of meat animals, and the Index for dairy
Finds
Chicago
of
Professor Garfield of University
Foundation Is Being Laid For Sustained Business products showed no change. The Bureau in an announcement April 29 likewise says:
Recovery During Latter Part of Year.
Compared with a year ago, the April 16 index of prices of cotton and
resustained
and
sound
for
laid
being
is
The foundation
cottonseed Was down 32 points, meat animals down 18 points, dairy products
according
down 16 points, and grains and poultry products down 10 points each.
covery of business during the tatter part of 1930,
Prices of
and vegetables were up 77 points, the only group to show
to Professor Garfield V. Cox of the School of Commerce an advancefruits
over a year ago.
Professor
Chicago.
and Administration of the University of
Farm prices of hogs declined approximately 4% from March 15 to April
Cox made that prediction on April 25 in his talk on "Fore- 15, and brought hog prices to a level about 10% below a year ago. Coming
a time when market receipts of hogs were decreasing, the lower farm
casting Business Fluctuations," at the Art Institute in Chi- at
price was apparently a reflection of a much weaker demand situation. As
cago. Professor Cox finds that all the well known indices of a result of the decline in hog prices and advancing farm prices of corn, the
Industrial activity are running considerably below estimated corn.hog ratio for the United States declined from 12.8 on March 15 to
‘1"
MAY 10 1930.]
3257
FINANCIAL CHRONICLE
COMPARATIVE STUDY OF INDUSTRIAL CORPORATION.
11.7 on April 16. During the same period, the Iowa ratio declined 2
As compiled from published financial statements, years 1929-1928.
points to 13.3.
Farm price of sheep and lambs declined under pressure of heavy marketPer Cent Increase-1929 Over 1928.
ing. Although market receipts did not increase at a much faster rate durbig this period tl an in 1929, the much higher level of supply has exerted
Plants
Cash
No.
Classification.
of
and
Inven- Working and
a depressing influence on sheep and lamb prices during the past two
Securities
Propergs
Can.
Capital.
tortes.
months. Farm prices of sheep declined 2% and farm prices of lambs, 6%
from March 15 to April 15, when sheep prices were 23% and lamb prices Aeronautics
5 .49.95%
*4.99% 33.12%
Amusement companies
*34.12% 37.89%
9 *21.33%
52% lower than a year ago.
18 *31.21% *4.12% *9.30% 10.61%
The farm price of corn was approximately 5% higher on April 15 than Automobile and truck
49 .3.84% 9.27% 6.48% 22.08%
Auto patts and accessories
cm March 15, but despite this upturn, corn prices on April 15 were about Bakeries
16
4.47% 4.03% *4.87% 6.63%
10% below a year ago. Farm prices of corn advanced generally throughout Beverages and confections
22 *22.40% 50.92% 5.94% 4.29%
Brass
13
6.81% 7.72% 7.45%
10.85%
products
and
copper
the country during the month except in the North Atlantic States, where
Building supplies
62 .9.84% 7.17% 2.75% 5.54%
no change occurred. Commercial corn stocks in store In principal United Business
11 .13.82% 9.21% •1.84% 8.41%
equipment
States markets decreased at a somewhat faster rate from March 15 to Chemicals
20
3.92% 22.38% 9.47% 17.70%
34
3.37% 1.19% *1.13% 8.07%
Clothing manufacturers
April 12 than during the same period a year ago.
3.27%
Coal
13
3.61% •.61% 3.27%
mining
TheUnited States average farm price of wheat advanced approximately Drugs
17 .3.85% 9.91% .2.35% 15.55%
1.5% from March 15 to April 15, and at 93.4 cents per bushel on the Electric household equipment
12 *17.61% 9.42% 4.46% 5.41%
41 .3.69% .8.65% 6.56% 8.14%
latter date, the farm price of wheat is still about 6.5% below a year ago, Food products-Miscellaneous
..55% 13.60% 3.50% *1.94%
30
28% below April 16, 1928, and the lowest April figure recorded since Iron and steel
76 *26.34% 19.83% 3.41% 5.94%
Machinery and tools
1914. The advance in the farm price from March 15 to April 15 was ac- Meat packers
15 .8.01% 1.83%
.14%
.76%
53
3.63% 14.02% 10.25% 18.07%
companied by indications that the 1930 winter wheat crop came out of the Merchandising
76
9.10%
9.45%
8.31%
6.09%
Metal
-Sundry
products
winter in slightly worse than average condition.
7.58%
34
19.27%
..14%
3.04%
Mining and smelting
Adverse weather conditions in the Southeast apparently favored the Oil producers,
58
7.39% 15.69% 11.79% 8.28%
refiners
advance for the month of about 7% in the United States average farm Paper products
24 *2.87% 2.76% 5.03% 5.75%
17 26.84% 2.67% 7.06% 4.36%
price of potatoes. In this period farm prices advanced about 13% in Printers and publishers
.56% •.75%
16 .10.42% 19.61%
Railroad equipment
the North Atlantic States, 7% in the East North Central States, 6% in Restaurant
*6.60% 5.23%
6 10.481'- ---chains
the Far West and 4% in West North Central and South Central States. Shoe manufacturers
13 34.86% *11.52% 3.00%
.59%
42 10.29% *17.28% *6.58%
.88%
Farm prices declined about 1% in South Atlantic States, however, as Textiles
9.46%
.72% 12.43%
14
.91%
Tire and rubber
shipments of new potatoes from Florida continued to increase. Recent Tobacco
22 10.78% 6.33% 7.11% 5.55%
products
reports indicate that unusually heavy March rains have resulted in greatly Unclassified manufacturing and trade_ 112
6.76% 13.89% 14.08% 11.89%
reduced early crop yields in Florida.
-..
nen
.5 ,Itr>
0 RA01
A. 2707
ft All0Z
The United States average farm price of cotton, after declining for six
successive months, advanced approximately 6.5% from March 15 to April
15. On the latter date, the farm price of cotton was about 21% below a
Ratio Current Ratio InventoSales.
Assets to Cur-ries to Working
year ago. Recent price advances have been accompanied by some increase
rent Liabilities. Capital.
% incr.
in the volume of trade in both raw cotton and cotton textiles.
No. 29 Over
Classification.
The United States average farm price of wool has declined every month
1929. 1928. 1929. 1928. Cos. 1928.
since March 1929 and reached a new low point of 21.4 cents per pound
:1
6.67:1 4.61:1
3 23.90%
:1
on April 15. At that time, wool prices were approximately 37% below a Aeronautics
1.89 3.25
14.68%
companies
year ago, 40% below April 15, 1928, and at the lowest April figure in Amusement
3.16 2.78
12 1.83%
.70
.66
Automobile and truck
the past nine years. A continuation of the decline in consumption and Auto parts and accessories
9 10.89%
.52
4.69 3.84
.53
.44
4 8.58%
3.96
.40
3.31
indications of a record clip of domestic wool this spring accompanied the Bakeries
.54
13 7.37%
.ss
7.09 6.50
Beverages and confections
10% decline in the farm price from March 16 to April 15.
4 18.11%
.58
6.32 5.32
.57
Brass and copper products
Corporation Statements, End of 1929, Show Improve
ment, According to Analysis by Ernst & Ernst.
Published financial statements of nearly 1,000 corporations, both in the aggregate and classified by 30 lines, show
improvement in financial structure at the close of 1929 as
compared with the two preceding years, which in themselves
were record years, according to an analysis made by Ernst
& Ernst, accountants. But certain backward tendencies
are reflected in 1929, it is said. Inventories increased and
the cash position declined. The inventory situation at the
year-end, it is pointed out, was no doubt due partly to the
late arrival of the business reversal which checked stock
clearing and partly to sub-normal crop conditions which
necessitated the carrying over of larger stocks in certain
lines. Comparative summaries of the composite study,
1929 with 1928 and 1929 with 1927, show the following:
1929 Compared with 1928.
No. of
Per Cent
IncreasesCos.*
Increase.
In miles
396
9.00%
In Earnings
794
18.73%
In working capital_._959
4.37%
In cash and securities-950
(decrease)4.72%
In inventories
950
9.36%
In permanent assets_ _ _950
6.60%
Ratios.
Current assets to current liabilities
Building supplies
Business equipment
Chemicals
Clothing manufacturers
Coal mining
Drugs
Electric household equipment
Food products-Miscellaneous
Iron and steel
Machinery and tools
Meat packers
Merchandising
Metal products-Sundry
Mining and smelting
Oil producers, refiners
Paper products
Printers and publishers
Railroad equipment
Restaurant chains
Shoe manufacturers
Textiles
Tire and rubber
Tobacco products
Unclassified manufacturing and trade_
Total
5.15
6.04
7.77
4.72
3.11
3.87
5.28
4.21
4.90
4.82
4.19
4.23
5.92
4.27
4.47
3.23
3.11
5.63
1.82
7.36
6.19
4.50
11.42
3.88
5.02
6.97
7.49
5.65
3.60
4.59
6.20
4.01
5.20
5.23
4.48
4.19
5.84
4.31
4.45
3.11
3.41
7.38
2.12
7.15
5.80
4.71
9.44
4.15
4.5S:1 4.61:1
20 5.90%
4 17.10%
10 15.41%
12 3.77%
8 4.11%
11.48%
9 17.66%
22 20.20%
14 10.81%
21 18.23%
10 3.75%
39 12.37%
17 15.10%
23 5.69%
35 10.89%
7 7.98%
11 6.36%
.51
.44
.33
.59
.64
.62
.40
.54
.63
.50
.78
.72
.51
.61
.67
.80
.44
.31
.49
.40
.29
.48
.63
.64
.80
.55
.56
.71
.64
.80
.55
.15
58
x396
.58
.62
.55
.39
.53
.59
.43
.77
.69
.50
.55
.65
.82
.46
.26
5
.61:1
10
10
6.09%
4.86%
3.61%
4,34%
9.00%
*
x grelcr
es figures are not included in many Published reports.
1928 Compared with 1927.
No. of
Per Cent
Cos.*
Increase.
494
8.16%
815
20.49%
914
8.86%
914
19.09%
762
3.89%
914
4.60%
Production of Electric Power in the United States in
March 1930 About 2% Ahead of That for the Corresponding Month Last Year.
According to the Division of Power Resources, Geological
Survey, the output of electric power by public utility plants
950 companies, 1929, 4.58:1 in the United States for the month of March,1930, amounted
950 companies, 1928, 4.61:1
914 companies, 1927, 4.74:1 to approximately 8,164,080,000 k.w.h., an increase of about
Inventories to working capital
950 companies, 1929, .61:1
2% over the same month last year, when production totaled
950 companies,
.58:1
*Number of companies depends on reports available at time of study;1928,
sales figures around 7,992,000,000 k.w.h. Of the total for March of
are not included in many published reports.
The analysis states that a previous study covering a this year, 4,904,227,000 k.w.h. were produced by fuels
more limited number of companies that at the close of 1920 and 3,259,853,000 k.w.h. by water power. The Survey's
inventories actually exceeded the amount of net working statement shows:
capital for the group as a whole. Information supplied in PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT-HOURS).
the present study follows:
By the end of 1926 the situation was improved to the extent that
Change in Oullrld
for these
same companies inventories then represented approximately 63% of
Total by Water Power and Fuels.
from Previous IWO'.
the
net working capital, while current assets had increased to 4.64
January.
times the
March, February. .ifarch.
February.
current liabilities from a ratio of 2.85:1 at the end of 1920. At the
close
St 1929 inventories for the 950 companies included in the study
591,742,000
New
529,548,000
553,944.000
England
0%
0%
averaged Middle Atlantic_
_ - - 2,283.059,000 2,003,090,000 2,097,394,000 +5%
61% of the net working capital, still relatively a little lower than
+6%
the 1926 East North Central_ 2,071,103,000 1,520,155,000 1.940,304,000 -2%
-2%
ratio, notwithstanding the year-end slump in business and the
consequent West North Central_ 508,393.000 446,923,000 484,020,000 +5% +11%
increase in inventories in 1929 over 1928 of 9.36%. This seems to
1,110,907,000 964,607,000 1,089,437,000 +7%
+2%
be South Atlantic
concrete evidence of the careful attention being accorded Inventories
South Central_ 326,372,000 251.351,000 307,144,000 -3%
+4%
on East
West South Central. 410,190.000 378.251,000 397,336.000 +4%
+6%
the part of management generally, to the end that production be
regulated Mountain
320,298.000 277,399,000 302,023,000 -3%
-6%
to consumption and excess inventories avoided wherever possible.
1,029,730,000 921.639,000 992,478,000 +7%
Pacific
+I%
This study seems to indicate that cash and readily convertible assets
8,651,794.000 7.622.963,000 8.164.080.000 +3%
Total for U.S
available at the end of 1928 permitted corporations to carry increased
+2%
Inventories on their own resources instead of borrowing for this purpose
The average daily production of electricity by public-utility power plants
to any great extent. This is supported by the fact that the ratio of current in the United States for March was 263,400,000 k.w.h., about
3% less
assets to current liabilities declined very little, 1928 to 1929.
than the average for February. This reduction is the normal reduction
While permanent assets increased 6.60% during the year, net working from February to March as indicated by the records from
1920 to 1929.
capital increased 4.37% and the current ratio position was not materially The total output for March of this year was about 2% larger than for
affected by the increases in permanent assets and inventories.
March 1929.
Allowances should be made in these comparisons for the undeterminable
The production of electricity by the use of water power in March -showed
influences of expansion of business, acquisition of additional companies a marked increase over that for February, being 40% of the total producthrough mergers, commodity price changes, differences in composition of tion in March as compared with 35% in February. The production of
groups, &c. Items have been excluded from this tabulation in cases electricity by the use of water power is still considerably below normal,
where it was apparent that late 1929 occurrences were such as to distort and if normal precipitation occurs throughout the country the output by
the comparison for any particular company.
the use of water power will tend to increase further.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1929 AND 1930.
1929 a
January.- -_
February _ __
March
April
May
June
July
August
September
October
November
December_
[Vol,. 130.
FINANCIAL CHRONICLE
3258
Increase Inereare
1929
1930
Over
over
1928.
1929.
1930.
8.240,000,000 8,652.000,000
7.431,000.000 7,623,000,000
7,992,000,000 8,164,000,000
7.882,000,000
8,080,000,000
7.768,000,000
8,072.000.000
8,356,000,000
8,062.000,000
8,709,000,000
8.242,000,000
8,512,000,000
5%
3%
2%
97.352.000.000
Total
a Revised. b Based on output for 28 days.
Produced by
Water Power.
1930.
1929.
13%
b12%
10%
15%
14% •
11%
13%
11%
11%
10%
6%
8%
33%
33%
39%
42%
43%
40%
38%
34%
31%
M%
32%
32%
11%
3685
34%
35%
40%
____
------____
____
The quantities given in the tables are based on the operation of all
power plants producing 10,000 k.w.h. or more per month, engaged in generating electricity for public use, including Central stations and electric
railway plants. Reports are received from plants representing over 95%
of the total capacity. The output of those plants which do not submit
reports is estimated; therefore the figures of output and fuel Consumption
as reported in the accompanying tables are on a 100% basis.
[The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.[
Chain Store Sales in April Offset Loss Reported in
March.
Sales of 29 of the leading chain store companies of the
country for April indicate that the loss reported in sales during
March was more than offset by the gains roported in April,
and therefore total business for the first four months of the
year record a moderate gain compared with the previous
year, according to figures compiled by Merrill, Lynch &
Co. of this city.
Sales of 29 leading systems reporting for April aggregate
$247,329,966, an increase of $22,389,852, compared with
total sales of $224,940,114 reported for April 1929, which,
however, did not include the Easter business, which fell
in March last year. The gain in sales reported for April
more than offsets the loss in sales reported for March.
For the four months ended April 1930 sales of these 29
companies aggregated $911,009,348, an increase of $38,579,298, or 4.3%, compared with gross sales of $872,430,050
reported by the same companies last year. A comparative
table shows:
Four Months Ended April 30.
Month of April.
1929.
1929.
Inc.
8,545,539 7,559,318 13.0
2,154,948 24.6
6,912,103 4,673,480 47.9
1,313,538 64.6
1,496.146 30.13 5,373,127 5,741,208 e6.41
5,744.317 5,553,120 3.40
1,510,461 17.1
1,657,871 .10 5,296,504 5,333,362 e.70
5,442,183 4,588,873 18.60
1,171,277 20.7
4,106,936 3,347,955 22.60
971,472 43.8
5,369,487 5,252,458 2.20
1.337,898 1.1
4,345,758 3,961.585 9.70
1,131,646 19.1
1,112,339 16.03 4,401,929 4,035,413 9.08
2,742,015 2,139,008 28.20
603,780 64.6
1.405,327 1,085,429 29.40
296,682 68.9
297,160 65.16 1,553,279 1,056.132 47.07
1,909,278 1,714,694 11.30
422,857 14.5
1,227,824 1,156,318 6.20
343,656 35.0
369,517 7.13 1,576,577 1,492,484 5.63
1,290,106 1,105,523 16.70
285,806 17.3
b260,335 10.2 d1,195,386 d1,080,567 10.60
308,456 37.80
425,030
127,741 22.4
Wobbi.b;410Wo
W14,04),—.000.CAM
1930.
,
04
..00N000IPWNA.JW...W.010
Inc.
$
%
8
$
%
77,324,008 11.37 360,487,341 332,865,331 8.29
a31,950,973 e4.5 c110114879 111,485.251 el.2
2.0
22,062,080 10.4 85,292.184 83,622,417
21,573,323 10.2 81.145,499 80,974,097 0.2
16,668,503 9.93 73,280,372 64,545,139 13.53
14,928,150 16.91 53,489,536 49,264,839 8.53
11,367,652 11.9 43,279,634 42,727.920 1.2
4,421,035 29.6 18,391,614 16,407,959 12.1
3,157,734 15.6 12,610,549 12,428.201 1.5
4,621,528 23.1e 12,076.035 16.923,603 28.6e
00-4-4010ocv00.-0,.comoo01
0000000000000b.0101 CoOt
MW
C.,
ADC0tW=
100A044.0...00100.44,,
so
wwaw-..ww,4om
Great ALI. & Pacific_
Sears, Roebuck
F. W.Woolworth Co.
Montgomery Ward
Safeway Stores
J. C. Penney
8.8. Kresge Co
W. T. Grant Co
McCrory Stores Corp
National Belles Hess_
F.& W. Grand-Silver
Stores
Lerner Stores
G. R. Kinney
McLellan Stores Co
Lane Bryant
Peoples Drug
Neisner Brothers_._ _
Waldorf System, Inc_
Metrop. Chain Stores
G. C. Murphy
Schiff Co
Edison Bros. Stores
Sally Frocks
Bickfords, Inc
Kline Brothers Co_..
Federal Bake ShopeNational Shirt Shops_
B.G. Sandwich Shops
M. H. Fishman
I1014141pWl4W;..—,
1930.
247,329,966 224,940,114 9.95 911,009,348 872,430,050 4.42
Total
23. b Four weeks ended April 25. c Jan.2 to April 23.
April
ended
weeks
Four
a
d Jan. 1 to April 25. e Decrease.
Dun's Price Index.
of Dun's index number of wholecomparisons
Monthly
sale prices, based on the per capita consumption of each
of the many commodities included in the compilation,
follow:
May 1
1
GroupsBreadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Total
May 1
1930.
$30,484
22,084
19,959
18,107
31,447
20,286
35,369
Arpil 1
1930.
$31,719
22,036
19,836
18,184
31,668
20,430
35.321
May 1
1929.
$32,227
23,503
21,208
19,277
34,684
21,308
36,829
May
1928.
$42,196
21,555
21,886
19.857
36,488
20,801
36,386
1927.
529,055
20,184
21,267
19,797
32,561
22,498
37.434
8182,794
$177,736 $179,294 $189,036 8199.169
Dun's Report of Failures in April.
The insolvency record for the United States continues to
reflect the readjustments through which business is passing,
each succeeding monthly report revealing a commercial
mortality appreciably above the seasonal average. Data
compiled by R. G. Dun & Co. place the number of April
failures, exclusive of banking and other fiduciary suspensions, at 2,198, with liabilities of $49,059,308. The
number of last month's defaults, although 6 1-3% under the
total for March and the smallest of the present year, disover the 2,021 insolvencies of April
closes a rise of 8
1929, and the margin of increase in comparison with the
figures of various earlier years is even wider. In no previous
April, in fact, have there been so many failures as occurred
last month, the nearest approach to the current showing
being the 2,167 defaults of April 1922. For four months
this year, insolvencies numbering 9,566 have been close to
123-% in excess of the 8,508 failures for the corresponding
period of 1929, but a decrease of 1 1-3% is shown from the
9,684 defaults of the first four months of 1922. In comparing with the statistics for preceding years, allowance
should be made for the larger total of firms and individuals
now engaged in commercial pursuits.
As with the number of insolvencies, the April indebtedness was considerably above the monthly average. The
$49,059,308 now reported by R. G. Dun & Co., while
materially smaller than the amount for March, contrasts
with $35,269,702 for April 1929, an increase of about 39.1%.
The high record for April, however, was established in
1922, at fully $73,000,000, and the indebtedness for the
first four months of that year, approximating $290,000,000,
was largely in excess of the present aggregate of $218,400,000
for the same months. For the corresponding period of 1929,
on the other hand, the liabilities were $159,500,000.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Liabilities.
Number.
1930.
1929.
1928.
1930.
1929.
1928.
April
2,198
2,021
1,818
849,059,308 535,269,702 537,985,845
March
February
January
2,347
2,262
2.759
1.987
1,905
2,535
2,236
2,176
2,643
$56,846,015 $36,355,691 $54,814,145
51,326,365 34,035,772 45,070,642
61,185,171 53,877,145 47,634,411
7,368
6.487
7,055 5169,357,551 5124,268,608 $147,519.198
1929.
1928.
1927.
2,037
1.796
1.822
1,943
1,838
2,023
2,162
1,864
1,787
5,655
5,804
5,813 8150,824,558 5116,366.069 3123.444,698
1,568
1,762
1,752
1,635
1,852
1,723
1,573
1,708
1,756
3d quarter__ 5,082
let quarter_ _
December
November
October
4th quarter_
September
August
July
June
May
April
21 quarter__
1929.
1928.
1927.
567,465.114 540,774,160 551,062,253
52,045,863 40,601,435 36.146,573
31,313,581 34,990,474 36.235,872
534,124,731 $33,056,686 532,786,125
33,746,452 58,201,830 39,195,953
32,426,519 29,586,633 43,149,074
5,210
5,037 5100.296,702 $121,745,149 5115,132,052
1,767
1.897
2,021
1.947
2,008
1,818
1,833
1,852
1,968
5.685
5.773
5.653 5107,860,328 8103,929,208 5125,405.665
$31,374,761 529,827,073 $34,465,165
41,215,865 36,116.990 37,784,773
35,269,702 37,985,145 53,155,727
FAILURES BY BRANCHES OF BUSINESS-APRIL 1930.
Liatd/Ufes.
Number.
hianufacturersIron,foundries& nails
Machinery and tools
Woolens, carpets and
knit goods
Cottons, lace dr hos'y
Lumber, carpenters
and coopers
Clothing & millinery
Hats, gloves & furs_ _
Chemicals end drugs
Paints and oils
Printing & engraving
Milling and bakers
Leather, shoes and
harness
Tobacco, &c
Glass, earthenware
and brick
All other
1930.
1929.
12
32
5298,625
924.233
$151,423
489,637
8313.610
3,603,090
3
5
115,110
94,000
100,450
319,900
184.112
106
41
16
7
2
15
38
87
37
9
14
1
10
48
70
39
9
2
19
42
4,752,980
1,101,108
170,020
235,103
406,412
404,572
343,305
2,264,805
316,626
86,402
115,575
10,000
131,388
949.1312
3,293,995
638,808
164,304
581,114
16,054
295,400
379,440
4
3
13
4
7
8
51,220
203,836
90.365
213,721
190.107
155,200
1930.
1929.
1928.
10
32
10
24
3
1
5
1928.
9
4
576,537
63,222
52,611
10
173
0,991,677 5.130.201 6,357.976
226
246
-432 519,668,738 510,422,876 $16,236,432
499
Total manufact'g_
534
-Traders85 82,014,194 81.408,391
8983,310
88
General storm
108
293
2.741,979 2,662,817 2.663,815
329
Groceries, meat & fish
273
73
3.288.292
909,435 1,120,173
99
Hotels & restaurants
87
25
161,500
247,100
175,706
18
Tobacco, &c
26
203
2,029,367 2,193,670 1,087,209
109
Clothing & furnish'gs
202
90
1,512,447 1,587,493
965,125
83
Dry goods & carpets
103
Shoes, rubbers and
55
515,063
548,127
445,867
52
54
trunks
453,100
1,092.272
833,448
68 ' 48
61
Furniture & crockery
Hardware, stoves &
782.800
45
558,252
762,549
tools
56
63
682,444
53
637.813
684.778
75
Chemicals and drugs
75
26,172
58,749
106,013
3
4
Paints and oils
5
582.900
37
550,568
835.26a
45
50
Jewelry and clocks
128,864
9
56,025
194,884
15
Books and papers.._
10
132,200
68,450
5
287,117
7
Hats. furs and gloves
14
250
7.221.239 6.816,418 4.864,059
280
369
All other
1,500 1,388 1,276 823,426,764 519,101,961 816,048,734
Total trading
110
5,963,806 5.744,865 5.699,979
134
164
Other commercial_._
-1,818 849,059,308 535.269,702 537,985.145
Total United States 2.198 2,021
.7"
MAY 10 1930.]
FINANCIAL CHRONICLE
3259
Loading of Railroad Revenue Freight Continues Low.
Loading of revenue freight for the week ended on April 26
totaled 907,174 cars, the Car Service Division of the American
Railway Association announced on May 6. This was an
increase of 14,293 cars above the preceding week but a
reduction of 144,711 ears below the same week in 1929. It
also was a reduction of 55,833 ears under the same week in
1928. Details follow:
employment had been downward for more than two years. From the
summer of 1928 to the fall of 1929 the trend was mostly upward. The
net gain for the 15 months from July 1928 to October 1929 has been more
than offset by the drop of over 10% in the last six months.
Employees in the representative factories numbered 9% less in April
than a year ago and 3% less than two years ago. These statements are
based upon reports from about 1,700 manufacturing firms reporting monthly
to the Bureau of Statistics and Information of the Department of Labor.
The factories were chosen to represent the various industries located in the
State and employ approximately one-third of all factory workers.
Decreases were reported by the majority of industries in April. Of the
Miscellaneous freight loading for the week of April 26 totaled 370,089 11 main industry groups where the industries are classified according to
cars, 46,712 cars below the same week in 1929 and 15,252 cars below the major raw material used in production, the food, clothing and leather
groups made the largest reductions. Declines occurred in all of the other
the corresponding week in 1928.
Loading of merchandise less-than-carload-lot freight amounted to main groups except stone, clay and glass.
Movements in New York City corresponded generally with those for
247,354 cars, a reduction of 16,704 cars under the same week last year and
the State as a whole, although the total loss was slightly greater. Gen12,038 cars under the same week two years ago.
Coal loading amounted to 139,611 cars, a decrease of 25,050 cars under eral seasonal reductions were reported in the clothing trades and in the food
industries.
the same week in 1929 and 17,055 cars below the same week in 1928.
General losses in most of the metals in April caused the group to decline
Forests products loading amounted to 58,669 cars, 12,923 cars below
the same week last year and 5,221 cars under the corresponding week in 1928. for the seventh month, although some firms making automobiles and parts.
Ore loading amounted to 15,371 cars, a decrease of 38,755 cars under iron and steel, and boats and ships reported more workers employed than
the same week in 1929 but 1,313 cars above the corresponding week two in March. Small changes occurred in brass, copper and aluminum firms,
and firearms, tools and cutlery concerns, but the other metals cut forces
years ago.
Coke loading amounted to 9,929 cars, a decrease of 2,776 cars under the more usually over 1%. Reductions were especially large among cooking,
heating and apparatus firms.
corresponding week last year and 576 cars below the same week in 1928.
Seasonal declines of 5% and over were reported by three large clothing
Grain and grain products loading for the week totaled 38,768 cars, an
Increase of 1,890 cars above the corresponding week in 1929 by 4,488 cars industries, men's clothing, men's furnishings, and women's apparel. Rebelow the same week in 1928. In the western districts alone, grain and lated industries, millinery, shoes, knit goods and gloves and bags, also
grain products loading amounted to 25.142 cars, an increase of 1,464 cars made reductions. General gains occurred in cotton goods factories and
fur shops.
above the same week in 1929.
The canneries were generally beginning to take on workers and some
Livestock loading totaled 27,383 cars, 3.681 cars below the same week in
firms
in the meat and dairy products and beverage industries also reported
1929 and 2,516 cars below the corresponding week in 1928. In the western
districts alone, livestock loading amounted to 22,455 cars, a decrease of improvement. Many producers of sugar and other groceries and caddy
curtailed forces noticeably.
3,041 cars compared with the same week last year.
The chemical group moved downward irregularly with general losses in
All districts reported reductions in the total loading of all commodities
drugs
and industrial chemicals. Paper, paper goods and printing all recompared with the same week in 1929, while all except the Southwestern
ported decreases. With the exception of the saw and planing mills, which
reported reductions under the same week in 1928.
Loading of revenue freight in 1930 compared with the two previous years recorded further good improvement, the wood industries could not hold
their March gains. The upward movement continued in the stone, clay
follows:
and glass group. Good seasonal gains were reported in the lime, Cement
1930.
1929.
1928.
and
Four weeks in January
plaster and brick, tile and pottery industries.
3,349,424
3,571,455
3,448,895
Four weeks in February
3.505,962
3,766,136
3,590,742
furnished by the Commissioner follow:
Statistics
Five weeks in March
4.414.625
4,815,937
4,752,559
Four weeks in April
FACTORY EMPLOYMENT IN NEW YORK STATE APRIL 1930
3,619.293
3,989,142
3,740,307
(PRELIMINARY).
Total
14,889,304
16,142,670
15.532,503
Percentage Change
Mar.1930(0 Apr.1930.
Detroit Employment Gains.
Industry.
Total
New York
The following from Detroit May 5 is taken from the "Wall
State.
City.
Street News:"
Steady improvement in employment in metropolitan Detroit is shown
in employment index as computed by the Board of Commerce, as of April 30
index was 110.5 as compared with 109 on April 15, and 108.5 for the latter
part of March, index as of April 30 1929 as 136.
Willys-Overland Co. Introduces New Models.
The Willys-Overland Co. introduced in New York this
week the new Willys Straight Eight line offered in four
models, including a Standard coupe at $1,245, a Standard
sedan at $1,295, a Do Luxe coupe at $1,345, and a De Luxe
sedan at $1,395. The new models have a wheelbase of 120
inches and are powered by straight eight engines developing
80 horsepower.
Rubber Output Curtailed by British and Dutch Rubber
Growers-Also Agree to Cut Tea Production.
A cablegram from The Hague May 3 to the New York
"Times" said:
The Association of Dutch Rubber Growers announces 111 Dutch, 313
British, 30 Continental and 58 Dutch-Indian companies have decided to
cease tapping during May. For scientific purposes tapping is allowed
on 290 hectares (about 725 acres).
The British Indian and Ceylon Tea Growers' Association, Dutch tea
plantation owners and the tea section of the British Chamber of Commerce
for Dutch East Indies have definitely agreed to reduce tea production by
almost $18,500,000.
From London yesterday (May 9) the New York "Sun"
reported the following:
H. J. Welch, Chairman of the Rubber Trusts, at the annual meeting
said that the present scheme for the cessation of rubber tapping for one
month might prove to be sufficient, but that in case it shouldn't, he suggested a further restriction scheme for ceasing tapping for seven consecutive
specified days in every month following any month during which the average
spot price in London of standard quality smoked sheet didn't exceed nine
pence a pound. He was hopeful that another agreement covering a period
of 12 months might be negotiated between all countries along safe economic
lines.
Stone, clay and glass products
Miscellaneous stone and mineral products
Lime,cement and plaster
Brick, tile and pottery
Glass
Metals, machinery and conveyances
Gold, silver and precious stones
Brass, copper, aluminum, dic
Pig iron and rolling mill products
Structural and architectural iron work
Sheet metal work and hardware
Firearms, tools and cutlery
Cooking, heating and ventilating apparatus
Machinery (including electrical apparatus)
Automobiles, carriages and aeroplanes
Cars, locomotives and railway repair shops
Boat and ship building
Instruments sad appliances
Wood manufactures
Saw mill and planing mill products
Furniture and cabinet work
Pianos, organs and other musical instruments
Miscellaneous wood and allied products
Furs, Leathers and Rubber Goods
Leather
Furs and fur goods
Boots and shoes
Miscellaneous leather and canvas goods
Rubber and gutta percha goods
Pearl, horn, bone, celluloid, hair, drii
Chemicals, oil, paints, &c
Drugs and chemicals
Paints, dyes and colors
Animal and mineral oil products
Miscellaneous chemical products
Pape
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and book making
Textiles
Silk and silk goods
Wool manufactures
Cotton goods
Cotton and wcolen hosiery and knit goods
Other textiles and allied products
Clothing, millinery, laundering, &o
Men's clothing
Men's shirts and furnishings
Women's clothing
Women's underwear and furnishings
Women's headwear
Miscellaneous sewing
Laundering, cleaning, dyeing,.4c
Food, beverages and tobacco
Flour, feed and other cereal products
Fruit and vegetables, canning and preserving
Groceries not elsewhere classified
Meat and dairy products
Bread and other bakery products
Confectionery and Ice cream
Beverages
Cigars and other tobacco products
Water, light and power
+2.41
+5.12
-0.75
4-1.87
+16.43
+11.02
+18.14
+2.99
---0.31
+0.39
-0.52
--0.70
--2.51
-2.67
--0.49
-0.54
4.1.41
--1.76
--3.39
--2.22
-1.40
-0.10
+1336
+1.95
--6.50
--4.45
-2.35
--1.42
+3.26
+1.17
-0.69
+8.25
+7.29
--1.03
-0.79
--1.42
-1.18
+0.64
+4.68
--1.73
--3.66
--3.28
-0.84
--0.91
--2.17
-2.60
-2.10
-4.25
+14.82
+14.82
--10.0I
--3.37
--1.94
--1.92
--9.27
--4.27
+5.06
+2.43
--1.06
-0.01
--4.52
-0.69
+2.14
+1.22
--1.81
--1.90
+3.36
4-1.42
--1.14
-2.99
--0.78
-2.99
+1.92
-1.04
--1.29
--1.82
---0.88
-0.68
---4.02
-1.84
+2.39
+1.06
-0.26 No ch'ge
+0.62
-8.60
-4.57
--5.14
--3.18
---4.46
-5.06
--5.07
-7.78
-5.53
--4.62
--5.88
--6.47
--4.06
--4.18
-2.59
-2.59
+2.010
-0.58
+1.24
.,-013
-2.31
-2.73
--11.62
--53.67
--5.09
4.2.03
-3.53
--3.32
-0.12
No change
--1.26
--1.55
-6.23
--5.76
4-0.79
+0.53
-1.63
---0.73
-0.82
-1.65
Further Decline in New York State Factory Employment.
Representative New York State factories continued to
reduce forces in April to the extent of between 13'2 and 2%, Total
--1.59
--2.19
according to Industrial Commissioner Frances Perkins. A
loss is usual from March to April and the drop this year was
Conditions in Cleveland Federal Reserve
only a little larger than the average loss at this season. Business
-Downward Movement Regarded As
District
However, it did not follow spring gains as in previous years,
Checked-Wholesale and Retail Trade Conditions.
but a steady decline since October, says the Commissioner's
The Federal Reserve Bank of Cleveland In Its "Monthly
survey, issued May 7. It continues:
The index number of employment stood at 90 in April 1930, one point Business Review," dated May 1, says that "although the
below the low figure for July 1928. At that time the trend of factory extent of business recovery from the low points has not been
•
3260
FINANCIAL CHRONICLE
particularly impressive, the fact that the general downwed
movement appears at least to have been stopped is encouraging."
The Bank also has the following to say regarding business
conditions:
During the first quarter in the Fourth [Cleveland] District most production figures have shown an expansion from month to month, but the
March records (the latest complete ones available), in all cases except
building, indicate that the growth during the first quarter from the low
point of December was no greater and in some cases even less than seasonal.
6teel production declined in March and coal output was down more than
is usual for that time of year. Retail and wholesale distribution was
in smaller volume and employment showed little change from February.
On the other hand, automobile output showed practically the same increase
from February as was reported in 1929, and March building contracts
awarded exhibited more than the usual seasonal expansion. They are,
however, still well below the level of other recent years. Bank debits also
Increased more than seasonally.
The second quarter seems to have opened in a slightly more favorable
manner. Industrialists in many parts of the district state that the trend
of general business is now definitely upward, though the rate of improvement is still quite slow. Substantiating this, might be mentioned the
Increase in steel mill operations, particularly at Cleveland, where they
averaged 86% of capacity in the latter part of April compared with 60-70%
in March. Automobile producers, especially those of small cars, have
expanded schedules in response to increased demand. This resulted in a
distribution of parts orders throughout the district and increased operations
at many factories. Tire production schedules were considerably larger
in April than a month earlier, and inventories of both dealers and manufacturers are smaller than one year ago. Coal production has been increasing in preparation for Lake shipments. Department store sales were
reported in good volume, although still under last year, and car loadings
increased more than seasonally in early April.
The employment situation was improved in April by expanding industrial
activity and the commencement of outdoor work such as construction and
farming. Credit conditions are practically unchanged from one month ago
and are favorable to continued improvement.
While improved retail trade in the Cleveland Federal Reserve District is reported by the Bank,a falling off in wholesale trade Is shown in the Bank's survey, which we give
herewith:
Retail Trade.
Retail buying showed some improvement in April compared with March,
but was still slightly below the level of the pre-Easter volume of other
recent years.
In comparing department store sales in March with the corresponding
month of last year, which is the usual procedure, allowance must be made
for the occurrence +of Easter if any fair conclusion as to the present state
of retail trade is to be reached. In 1929, Easter occurred on the last day
of March, so that nearly all Easter buying fell in the third month. This
year, with Easter in the latter part of April, buying, which always increases
prior to that date, occurred mostly in the fourth month. Until April figures
have been received, the true condition of retail trade in the Fourth
District cannot be definitely ascertained.
March sales of 58 large department stores were 16% below last year,
and sales in the first quarter were 11% below the corresponding period
of 1929. This latter figure will no doubt be somewhat modified by the
April reports.
The stock figures are slightly more significant. On Mar. 31, 1930, which
marked the beginning of the Easter sales, stocks of department stores were
5% lower than at the close of March last year after all Easter buying had
been done. This clearly Indicates that retail stores, in this District at
least, are carrying smaller inventories than one year ago.
Wholesale Trade.
Wholesale trade in general in the Fourth District has been showing a
downward tendency since last fall. As shown on the chart, for more than a
year following August 1928, wholesale trade exhibited gradual improvement,
but the high point was reached in October and since that time it has
receded rather sharply. March Baits were larger than those of February;
the increase, however, was less than seasonal and the March volume was
below that of any other recent year. The decline in commodity prices
has been the cause of part of this falling-off, but the greater part of it is
probably a reflection of the retailer's policy of keeping stocks at a minimum,
which has been adhered to during the past few months. Little or no forward
buying has been done.
Of all reporting wholesale lines, groceries made the best showing.
March sake were only slightly below the same month of 1929 and first
quarter business was down 0.5% from last year. Accounts receivable were
8% larger, but collections were 3% smaller than in the corresponding
month of 1929.
Wholesale drug sales in March declined 6% and were 10% smaller in the
first quarter compared with corresponding periods of 1929. Accounts
receivable were considerably larger, but collections were smaller than one
year ago.
All reporting wholesale dry goods firms experienced a smaller demand
for merchandise during March as compared with the same month of 1929.
Sales for the month and the first quarter were 16 and 14% below the
corresponding periods of last year. Accounts receivable were down 11%
and collections 15%.
Hardware sales also showed sizeable declines both in March and the
intervals of 1929. Stocks
first quarter, being 19 and 13% below the same
collections somewhat smaller
were slightly larger and accounts receivable and
than a year ago.
[VoL. 130.
lines investigated by this bank, March sales were smaller than during the
same month in 1929, also below the average of the corresponding period
during the past half decade. Such lines as reported gains from March to
April were affected by the usual seasonal considerations, and the percentage of increase was smaller than in recent years. A number of industries which ordinarily increase their activities at this season failed
to show any upward trend. Among these were certain iron and steel lines,
building materials, clothing, automobiles and millinery.
Unfavorable weather during March and the lateness of Easter had a
tendency to hold down retail trade, both in the large cities and the country.
These same causes also reacted adversely against the volume of wholesale distribution, particularly of merchandise for ordinary consumption.
The most important factor in the curtailment of business, according to the
reporting interests, was the general disposition on the part of buyers to
purchase conservatively and almost exclusively on a necessity basis. While
retail stocks are universally small, merchants are slow to replenish and
fill out assortments. Manufacturers, in turn, are making up very little
merchandise for which they have not actual orders booked or in fairly
certain prospect.
The average rate of operations at iron and steel plants in the district
showed little variation from the preceding thirty days. The estinrit.d
melt of pig iron and scrap in March was approximately the same as in
February, though measurably below the total in March last year. Certain
specialty makers, notably of stoves and implements, increased their operations, while curtailment was reported by other plants. The general
employment situation was also spotted, and showed no marked change as
a whole from the month before. Outdoor work reduced the number of
idle common laborers, while the average number of unemployed factory
and building workers remained about stationary. There was an increase
in the surplus of clerical help and miscellaneous workers. In all states of
the district the supply of farm help is adequate, with an overplus reported
in scattered localities.
As reflected by sales of department stores in the principal cities in
March, the volume of retail trade was 10.7% smaller than for the same
month a year ago. Combined sales of all wholesale lines investigated
showed a decrease of 8.3% in March under the same month in 1929.
Debits to checking accounts in March as reported by the large centers
were larger by 12.9% than in February, but 12.9% smaller than in March
a year ago. The amount of savings deposits increased 0.9% between
March 5 and April 2 and on the latter date reached the highest figure
this year. The total, however was 4.9% below that on April 3, 1929.
Aside from a slight pickup in demand for domestic sizes, occasioned
by the cold snap in late March, the bituminous coal market continued quiet.
There Niters a decline in production in all the chief fields of the district,
despite which fact mine operators experienced difficulty in placing their
full current output. Due to smaller production of prepared sizes, however,
screenings were stronger than heretofore, though demand for steaming fuel
failed to increase in volume. Contracting for future requirements, which at
this time of year is usually an important factor in the market was much
less in evidence than during past seasons. As has been the case in recent
months, industrial users and retailers are satisfied to deal in the open
market, and there was little disposition to augment storage stocks. Absence
of labor troubles in the industry, coupled with efficient transportation
service, tended to hold down future commitments to a minimum. Such
contracting as was reported was at a reduction in prices, except in the
case of steaming coal. For the country as a whole, production of bituminous
coal during the present calendar year to April 5, approximately 81 working
days, amounted to 131,726,000 tons, against 145,762,000 tons for the
corresponding period in 1929, and 135,156,000 tons in 1928.
Reports relative to collections reflect generally less satisfactory conditions than existed earlier this year, and during the corresponding period
a year and two years ago. Retailers in both the large cities and the
country complain of backwardness in payments. In the case of country
stores the slowness was accounted for partly by preoccupation of farmers
with spring work and inclement weather during March. City retail
merchants report collections on deferred payment accounts backward.
Wholesalers in the large centers reported March settlements generally below
estimates. Boot and shoe and dry goods wholesaling interests, with whom
April is an important collection month, report payments to April 15 in
measurably smaller volume than a year ago. There has been further
good liquidation in the tobacco and rice areas, following marketing of
those crops. Manufacturers and distributors of building materials continue
to complain of backward collections. Answers to questionnaires addressed to
representative interests in the several lines scattered through the district
showed the following results:
Excellent
Good
Fair
Poor
1.4%
March, 1930
14.1%
59.2%
25.3%
1.5
15.0
February, 1930
56.2
27.3
4.1
30.6
March, 1929
50.0
15.8
Commercial failures in the Eighth Federal Reserve District in March,
according to Dun's, numbered 133, involving liabilities of $2,419,565,
against 102 failures in February with liabilities of $6,029,700, and 12S
failures for a total of $1,897,665 in March, 1929.
March Trade in Richmond Federal Reserve District
Not up to That of Year Ago-Conditions in Wholesale and Department Store Trade.
The Federal Reserve Bank of Richmond reports that
March trade in its District "was in seasonal volume in
comparison with recent months, but on the whole was not
up to the level of trade in March 1929." In its "Monthly
Review" April 30, the Bank further surveys conditions in
its District as follows:
Deposits in reporting member banks increased during the past month,
both demand and time deposits registering gains. At the same time the
member banks failed to increase their commercial and agricultural loans
as they have usually done at this time of the year. In consequence, they
Moderate Improvement in Business Reported by were
able to reduce their rediscounts at the Federal Reserve Bank,contrary
Federal Reserve Bank of St. Louis.
to the seasonal trend. At the end of March savings deposits in Baltimore
Federal Reserve Bank savings banks were at the highest figure on record, and time deposits in
In its Monthly Review April 30 the seasonal influences, reporting member banks on April 9 were above deposits of that character
to
mainly
"due
of St. Louis states that
on the corresponding date a year earlier. Debits to individual accounts
past thirty days figures,
business in this District during the
representing payments by check, were seasonally larger during the
the
with
contrasted
as
improvement
four weeks ended April 9 than during the preceding four weeks, ended
developed moderate
reports
further
Bank
The
12,
March
and were only 5.7% lower than aggregate debits during the
preceding."
similar period just
four weeks ended April 10 1929, in spite of the decline in stock trading
as follows:
volume of trade and industry and a generally lower level of wholesale prices this year. Business failures
As compared with a year ago, however, the
decrease. In virtually all In the Fifth District were fewer in number in March 1930 than in March
In March and early April showed a considerable
MAT 10 1030.1
FINANCIAL CHRONICLE
last year, in contrast with an increase for the United States, and although
aggregate liabilities involved in March 1930 failures were larger in the
Fifth District than the liabilities last year, the increase was much less in
percentage than the average increase in the nation. Labor conditions appear
to have improved during March and early April, chiefly due to seasonal
increase in construction work. Coal production in March was less than in
either February this year or March last year, and West Virginia dropped
Into second place in production of bituminous coal last month. No improvement occurred in the textile manufacturing field last month, and the
consumption of cotton by Fifth District mills was materially less than
consumption in March 1929, but the percentage of National consumption
attained by Fifth district mills was higher in March than in either Feb.
1930 or March 1929, indicating that the mills of the Carolinas and Virginia
are doing somewhat better than mills in some other sections. Retail trade
in department stores declined greatly last month in comparison with trade
in March 1929, but most of this decrease was due to the difference in the
dates of Easter in the two years, and indications are that the loss will at
least be cut down materially if not entirely overcome by the April figures.
Wholesale trade in March registered seasonal gains over February trade,
but fell behind March 1929 trade in nearly all lines. Building permits issued
last month in 32 leading cities of the Fifth District were somewhat less in
aggregate valuation than permits issued in March last year, but nevertheless
represented a large volume of work, and contracts actually awarded for
construction work in the district totaled nearly a third more than contracts
awarded in March 1929. Apparently the general situation in the Fifth
District is fairly good except in certain sections dependent upon cotton,
and to a less degree in tobacco sections. The tobacco farmers realized fairly
good prices for their 1929 crop, and for the present they are much more
favorably situated than cotton growers, but official figures indicate a
probable increase in tobacco acreage this year in the face of perhaps the
argest carry-over of the flue-cured or bright tobacco on record.
1
Department store and wholesale trade in the Richmond
Reserve District is indicated in the following which we
quote from the Bank's Review:
Dapartment store sales in the Fifth Reserve District in March 1930
averaged 15.4% less than sales in March 1929, according to reports received
from 35 stores. The decrease was due largely to the lateness of Easter this
year, which fell on April 20 in comparison with March 31 last year. The
weather in March this year was also less favorable for early spring trade.
cool weather continuing through the entire month on contrast with a week
of mild, balmy weather at the end of March 1929. Although January and
February sales this year exceeded sales in the first two months of 1929. the
decrease in March sales wiped out the gain of the earlier months, and
average sales for the first quarter of 1930 fell 5.2% behind sales in the
first quarter of 1929.
Stocks increased seasonally in the reporting stores last month with the
receipt of merchandise for the pre-Easter season, and at the end of March
were at about the same level as on March 31 1929. Baltimore and other
cities stores reported slightly smaller stocks this year, but Washington
stores averaged larger stocks. The rate of stock turnover was seasonally
higher in March than in February, but was slower than in March 1929, due
to the heavy Easter sales last year. The average rate of turnover from
Jan. 1 to March 31 was .740 times this year and .765 times in 1929.
The percentage of collections in March 1930 to total accounts receivable
on March 1 was lower by 1.4% than the percentage for March 1929, but
was slightly higher than the Feb. 1930 percentage.
Sixty-nine wholesale firms, representing five important lines of trade,
sent reports on their March business to the Federal Reserve Bank of Richmond. March sales of groceries, dry goods, shoes and hardware were less
than March 1929 sales, but drug sales were larger in the 1930 month.
March sales showed seasonal increases over February sales in all lines except dry goods, in which there was a decrease of less than 3; of 1%. Total
sales in the first quarter of 1930 in groceries and shoes were larger than
sales in the corresponding three months of 1929, but dry goods, hardware
and drug sales were lower this year, the decline in drugs being due in large
part to unusually large sales in Jan. 1929 as a result of a mild epidemic of
influenza.
Stocks on the shelves of the reporting firms declined seasonally in all
lines during March, and at the end of the month were lower than on March
31 1929, in dry goods and hardware. Grocery and shoe stocks were larger
on the 1930 date.
Collections in all five lines were better in March than in February this
year, the percentage of collections during the month to receivables outstanding on March 1 being larger than the percentages for the earlier
month. Dry goods and drug collection percentages in March 1930 were also
higher than those for March 1929, but the percentages of collections in
groceries, shoes and hardware were lower last month than in the corresponding month a year ago.
3261
condition of the district's ranges and livestock showed some improvement
during the past six weeks, it is still considerably below a year ago.
Considerable feeding was necessary throughout March and livestock in some
sections have been slow in recuperating from the effects of the severe
winter. Trading on the ranges has been slow and prices reflected a
further decline.
The business mortality rate turned upward in March, there being a considerable increase in the number of defaults as compared to both the
previous month and the same month last year. The indebtedness of
Insolvent firms, while substantially larger than a year ago, reflected a
heavy decline from the previous month.
With regard to wholesale and retail trade, the Bank says:
Wholesale Trade.
A substantial recession in the distribution of merchandise at wholesale
was in evidence during March. While a seasonal expansion usually occurs
at this season, it failed to materialize this year and sales were considerably
below those for the corresponding month last year. The decline in business
at wholesale was due in part to the reduced consumer demand and in part
to the conservative buying policy of retailers. Reports indicate that
retailers are not disposed to make purchases beyond actual needs, as they
are desirous of keeping stocks as low as possible. Furthermore, they are
deferring commitments to await the outcome of the unsettlement in raw
material prices. Collections during the month were generally satisfactory.
The demand for dry goods at wholesale reflected a decline of 11.5% all
compared to the previous month, and was 27.2% less than in the corresponding month last year. Sales during the first quarter of 1930 averaged
24.3% below those in the same period of 1929. The decline during March
was accentuated somewhat because of the lateness of Easter this year.
Furthermore, merchants are operating on a very conservative basis and are
holding commitments to a minimum. Collections showed a considerable
increase over the previous month.
The sales of reporting wholesale farm implement firms showed a further
decline of 15.3% from the previous month and were 32.0% less than in
March 1929. The decline was general throughout the district. Due to
the reduced purchasing power and the uncertainty of the agricultural
outlook, farmers are making as few replacements as possible this year.
Collections during March reflected a large increase over February but
were slightly smaller than a year ago.
For the fifth consecutive month the sales of reporting wholesale drug
firms reflected a decline as compared to both the previous month and the
corresponding month of the preceding year. March sales were 0.3% less
than in February and 16.2% below those of March 1929. Reports indicate
that business was somewhat spotty, being generally good in some sections
but poor in others. Collections were slightly smaller than in the previous
month.
The March distribution of hardware at wholesale evidenced a further
seasonal expansion of 4.6% as compared to February, but was 20.3%
below that in March 1929. Business appears to be fairly good in those
sections where conditions are favorable, but poor in other sections. Collections were approximately the same as in the previous month.
The sales of reporting wholesale grocery firms during March were 3.4%
less than in February and 2.5% below those in March 1929. Distribution
during the first quarter was only 0.5% less than in the same period last
year. Prices reflected a downward trend. Collections were slightly lower
than in February.
Retail Trade.
While the distribution of merchandise at department stores in larger
cities in the Eleventh Federal Reserve District reflected a seasonal increase
of 16.2% as compared to the previous month, it was 15.2% smaller than
in the corresponding month last year. Sales during the first quarter of
1930 averaged 10.0% less than in the same period of 1929. The large
decline in March business as compared to a year ago was due in part to the
heavy pre-Easter buying in March last year when Easter came at the end
of that month, whereas, it came three weeks later this year. The warm
weather since the beginning of April, together with the approach of Easter,
has stimulated the demand for spring merchandise.
Stocks on hand at the end of March reflected a seasonal increase of 8.5%
as compared to those a month earlier, but they were 3.7% less than at
the close of March 1929. The rate of stock turnover during the first
quarter of 1930 was .65 as against .70 during the same period last year.
Collections showed some improvement in March. The ratio of March
collections to accounts outstanding on Mar. 1 was 35.1% as compared
to 34.0% in February and 37.0% in March 1929.
Improved Business Conditions in Atlanta Federal
Reserve District.
The
Federal
Reserve
Bank of Atlanta reports, in its
Seasonal Expansion in Department Store Trade in
District summary April 30, that "business statistics for
District
Dallas Federal Reserve
-Wholesale Trade
March show increases over earlier months of the year in the
Declined.
volume of retail and wholesale distribution of merchandise,
From the "Monthly Business Review," May 1, of the Fed- in prospective building and construction activity as indicated
eral Reserve Bank of Dallas, we take the following:
by both permits issued at reporting cities and statistics of
District Summary.
contracts awarded in the District, in output of reporting
Statistical indices of business and industry in the Eleventh Federal Reserve cotton cloth and yarn mills, and in the production of pig iron
District reflected varied trends during March. Seasonal expansion was
noted in department store sales, debits to individual accounts, the valuation in Alabama." The Bank in its "Monthly Review" also says:
of building permits issued at principal cities, the production and shipments
of lumber, and cotton consumption, but in each instance there was a
substantial decline as compared to the corresponding month a year ago.
The production and shipments of cement during the month showed a large
increase over both February 1930 and March 1929. On the other hand,
the distribution of merchandise at wholesale failed to reflect the usual
seasonal expansion and was materially less than a year ago. The reduced
demand for merchandise at wholesale may be accounted for in part by
the smaller volume of purchasing power of the rural population and in
part by the desire of retailers to keep stocks at a low level and to hold
purchases at a minimum until raw material prices show a greater degree of
stabilization.
Agricultural operations in most sectioas of the district have proceeded
normally, with the advancement of crops well in line with previous years.
The persistence of cool nights over a large area has hindered seed germina•
tion, has retarded plant growth, and, in some instances, has necessitated
considerable replanting of cotton. The severe drought which is affecting
a considerable portion of the western half of Texas is seriously retarding
plant growth and seeding operations in that area. The small grain crops
have made fair to good progress in most sections, but the crops in portions
al West Texas are being affected by the dir weather. While tile physical
The amount of Federal Reserve Bank credit outstanding in this District
declined further between March 12 and April 9, and holdings of discounted
bills on that date were smaller than for any other weekly report date in five
Years. Loans to customers by weekly reporting member banks in the
District increased slightly between March 12 and April 9, and investment holdings of these banks also increased, but borrowings by these
banks from the Federal Reserve Bank of Atlanta were smaller than for
any other report date in recent years.
Retail trade in March increased 12.3% over February, but this is much
less than the usual gain at this time of the year, and this may be attributed
partly to the fact that Easter was three weeks later this year than last. Department store sales averaged 12.1% less than in March last year. Wholesale trade increased in March over the preceding month for the first time
atom November, but averaged 9.2% less than in March 1929. Failures
In the District increased both in number and liabilities over February and
over March last year. Building permits issued at 20 reporting cities increased 95% in March over February, and contracts awarded in the District
as a whole increased 7%, but both building permits and contract awards
averaged about 18% less than for March 1929. The output of cotton
cloth mills in the District which report to the Federal Reserve Bank was
6.4% greater than in February, but 12.9% less than in March last year,
and production of cotton yarn increased 5.1% over February and was
3262
[voL. 130.
FINANCIAL CHRONICLE
6.3% greater than in March 1929. Output of bituminous coal in Alabama and only 5.9% smaller than for March last year. March contracts were
and Tennessee averaged smaller in March than in earlier months of this year, larger than for other months since August. The total for the first quarter
or in March of last year, and production of pig iron in Alabama increased of 1929 amounts to $1,097,147,200, approximately 12% less than for the
Over February but was somewhat less than in March a year ago.
first three months of 1928. In March $105,349,800. or 23% of the total.
Savings deposits of reporting banks located throughout the District was for public works and utilities. $101,491,600. or 22%, was for residenIncreased 0.5% in March over February, and averaged 0.6% greater than tial building, $77,001,500, or 17%, was for commercial building, and
for March 1929. Debits to individual accounts at 26 reporting cities of the $74,332,600, or 16%, was for industrial construction.
District increased 6.2% over February, but averaged 13.3% less than In
In the table are shown building permit statistics for reporting cities of
March of last year.
this district:
Wholesale and retail trade is reviewed as follows by the Bank.
March 1930.
Percentage
March 1929.
Wholesale Trade.
Change
Following a decline each month since last October, combined sales of
Value.
No.
No.
Value.
in Value.
reporting wholesale firms in the Sixth District increased 5.3% In March
19
$10,575
29
$31,250
-66.2
over February, but averaged 9.2% less than in March 1929, and were Alabama-Anniston
Birmingham
381,910
315
407
746,795
-48.9
smaller than in March of any other year since 1922. March sales increased
Mobile
59,126
42
86
166,041
-64.4
over those in February in all of the 8 reporting lines of trade, the increases
Montgomery
108,985
142
233
-62.7
291,857
289,410
ranging from 0.3% in hardware to 24.8% in shoes. Compared with March Florida-Jacksonville
303
353
419,534
-31.0
Miami
168.400
320
238
262,854
-35.9
1929 sales of electrical supplies and of drugs show Increases, but decreases
Orlando
52
27,895
69
59,280
-52.9
were shown in the other six lines, ranging from 6.3% in groceries and stationPensacola
115
33,910
89
48,209
-29.7
ery to 20.5% in dry goods. Combined stocks of all reporting firms increased
Tampa
243,095
265
229
88,685 +174.1
*Lakeland
7,225
8
4
850 +750.0
0.2% over February, but were smaller than at the same time a year ago.
•Miami Beach
25
210,950
53
859,600
-75.5
Accounts receivable declined compared with February, but were 1.7% Georgia-Atlanta
2,115,848
317
270
1,772,214
+19.4
larger than for March 1929, and collections in March increased 4.6% over
Augusta
60,143
211
163
112,357
-46.5
Columbus
43
those in February but averaged 1.5% smaller than in March a year ago.
41
125,860
94,089
+33.8
Macon
249,217
135
258
39,533 +530.4
Savannah
Retail Trade.
32,970
19
23
100.905
-67.3
Louisiana-New
847,063
208
Orleans
120
1.989,919
-57.4
The distribution of merchandise by department stores located throughout
Alexandria
91,500
97
79
79,903
+14.5
the Sixth District reporting to the Federal Reserve Bank of Atlanta increased Tennessee-Chattanooga
452,245
287
331
198.932 +127.3
Johnson City
further in March, in comparison with the earlier months of the year. but
189,953
30
19
96,650
+96.5
Knoxville
1,044.610
142
75
847,812
+23.2
continued in smaller volume than for the corresponding month a year ago.
Nashville
271
500,903
162
509,696
-1.7
Stocks of merchandise increased slightly at the end of March,over the month
before, but were smaller than at the same time last year, and the rate of
Total 20 cities
3,095 $6,532,715 3,512 87,956,515
-17.9
stock turnover was slightly less for the month,and for the first quarter of the Index Number
58.1
70.7
year, compared with the same periods last year.
• Not Included in totals or index numbers.
Department store sales in March, reported by 42 firms In 22 cities of
the District, increased 12.3% over the preceding month, but averaged
17.4% less than in March 1929. An important factor for which allowance
must be made in considering this comparison is the fact that in 1929 Easter Canadian Pulp and Paper Exports in March Valued at
came on March 31, so that the effect of Easter buying on department
$18,166,294-Gain of $4,618,361 Over February, But
store trade was largely in that month, while this year, with Easter falling on
Decline of $1,090,660 as Compared with March
April 20, it may reasonably be considered that a considerable amount of
Easter buying will fall in April. Another fact supporting this view is that
Last Year.
the increase in department store sales in March over February is only about
Canada's exports of pulp and paper in March were valued
half as large this year as the average increase at this time during the preceding 10 years. For the first quarter of the year sales by these reporting at $18,166,294, according to a report issued by the Canadian
firms have averaged 12.1% smaller than during the first quarter of 1929. Pulp & Paper Association. There was an
increase in the
Stocks of merchandise on hand at the end of March declined at Birmingham but increased at other points, and averaged 2.8% larger than for value of these exports of $4,618,361 over the February total,
February, but were 8.6% smaller than at the end of March 1929. The but a decline of $1,090,660 from the total for March 1929.
rate of stock turnover in March was the same at Atlanta as in March last We
quote from the Montreal "Gazette" of May 3, which
year, but was less at other reporting cities. For the first quarter, the rate
at Atlanta was larger than a year ago, but smaller at other points, so that further reports as follows:
the average for the District is below that for the first quarter of 1929.
Exports of wood-pulp for the month were valued at $4,704,595 and
Accounts receivable at the end of March declined 1.9% compared with exports of paper at $13,461,699 as compared with $3,567,070 and $9,980,863
February, and were 4.0% smaller than a year earlier, and collections respectively in the previous month.
during the month decreased 4% compared with those in February, and were
Details of the various grades of pulp and paper are as follows:
3.9% less than in March last year. The ratio of collections during March
to accounts receivable and due at the beginning of the month for 32 firms
March 1930.
March 1929.
was 30.7%; for February this ratio was 30.5%, and for March last year
Tons.
Tons.
32.3%. For March the ratio of collections against regular accounts for
Pulp32 firms was 32.8%, and the ratio of collections against instalment accounts Mechanical
550,439
18,645
346,150
13,090
for 9 firms was 16.3%.
Sulphite bleached
2,411,067
1,911.072
32,606
25,254
Sulphite unbleached
1,041,300
20,749
16,160
812,617
Sulphate
646,978
11,416
14,654
881,210
Screenings
54,811
63,244
2,786
5.727
Increased Activity in Building Operations in Atlanta
Federal Reserve District.
Conditions in the building industry in the Atlanta Federal
Reserve District are indicated in the following from the
April 30 Monthly Review of the Federal Reserve Bank of
Atlanta:
Building permit statistics reported to this bank from 20 cities located
throughout the district, and statistics of contracts awarded in the district
as a whole compiled by the F. W. Dodge Corp., indicate increased activity
In the building and construction industry in March as compared with preceding months, although current figures continue below those for the corresponding period a year ago.
Permits issued at 20 cities in the district in March amounted to $6,532.715
and show an increase of 95% over the total of $3,352.568 for these same
cities for February, but a decrease of 17.9% compared with March of last
year. Increases over March 1929 were reported by eight of these regularly
reporting cities-Atlanta, Chattanooga, Knoxville, Tampa, Macon,
Columbus, Alexandria and Johnson City-but decreases for the other 12
more than outweighed these increases in the district average. The March
total for the district is larger than for other months since August of last
year.
Contract awards in the Sixth District as a whole during March amounted
to $20,898,493, an increase of 7% compared with the total of $19,526,450
for February, but were 17.7% less than the total of $25,398,000 for March
1929. Figures for the individual States show Increases in Alabama, Mississippi and east Tennessee in March over February,and there were increases
over March last year shown for Louisiana, Mississippi and east Tennessee.
Parts of Louisiana and Mississippi figures, however, apply to other Federal
Reserve districts. State totals compiled by the F. W. Dodge Corp. are
shown comparatively in the table:
March
1930.
Alabama
Florida
Georgia
Louisiana
Mississippi
Tennessee (Sixth District)
February Percentage
Change.
1930.
$3,930,800 $1,740,600 +125.8
-0.3
2,388,500 2,395,600
3,805,600 6,626,300 -42.6
-2.2
6,144,800 6,285,000
2,280,000 1,266,000 +80.1
5,120,500 3,496,200 +46.5
March
1929.
Percentage
Change.
$7,740,100 -49.2
3,580,800 -33.3
7.069,600 -46.2
5,296,500 +16.0
1,701.400 +34.0
2,116,700 +141.9
These Dodge statistics also contain figures for ten Individual cities in
the Sixth District, and of these increasse were shown over February for
New Orleans, Birmingham, Knoxville, Tampa, Palm Beach, St. Petersburg and Miami, with decreases for Atlanta, Jacksonville and Nashville.
Compared with March of last year, increases are shown for Nashville,
Tampa, Palm Beach and Miami, but decreases for the other six cities.
For the 37 States east of the Rocky Mountains March contract awards
amounted to $456,119,000, an increase of 43.0% over the February total
Total
PaperNewsprint
Wrapping
Book, ewts
Writing, cvrts
All other
86,202
4,704,595
74,985
4,014,293
225,252
1,065
3,286
154
12,918,080
111,792
36,639
1,038
394.144
244,167
1,569
9,930
1,242
14,612,542
168,332
84,002
10,558
367,233
Total
13,461,699
15.242,661
For the first three months of tho year the exports of pu p and paper
were valued at $47,720,569 as compared with $49,793,091 in the first
quarter of 1929, a decline for the current year of $2,073,525.
Wood pulp exports for the first three months were valued at $12,195,249
and exports of paper at $35,525,320 as against $10.858,275 anti $38,934,819
respectively in the corresponding months of 1929.
Details of the exports for the first quarter of 1930 and 1929 are as follows:
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
Screenings
Total
PoserNewsprint
Wrapping
Book, cwts
Writing, cwts
All other
Three Months 1930.
Three Months 1929.
Tons.
Tons.
55,240
79,041
55,742
30,466
7,534
1,636,261
5,908,479
2,786,071
1,725,276
139,162
39,788
69,340
45,177
25,642
5,827
1,060,545
5,283,358
2,257.785
2,139,493
117,124
228,023
12,195,249
85,774
10,858,275
588,229
3,698
11,367
475
33,946,754
391,109
106,967
4,839
1,075,651
613,683
4,492
23,391
1,242
37,201,883
488,932
192,587
10,552
1,040,865
Total
35,525,320
38,934,819
Exports of pulpwood for the three months amounted to 391,963 cords
valued at $3,608,359 as compared with 341,266 cords valued at $3,062,388
exported lathe first three months of 1929.
Softwood Lumber Shows Improved Order-Production
Ratio.
Considerable improvement over recent weeks in softwood
lumber demand as compared with production is indicated
in reports of 609 softwood mills for the week ended May
3 1930, to the National Lumber Manufacturers Association.
For the same week, however, 294 hardwood mills report
new business less than three-fourths of the cut. Combined
reports of 888 hardwood and softwood mills for the week give
1
MAY 10 1930.]
FINANCIAL CHRONICLE
combined new business 9% less and shipments 8% less than
production, which amounted to 374,271,000 feet. A week
earlier 892 mills reported orders 16% less and shipments 13%
less than a total production of 393,299,000 feet. Unfilled softwood orders at 496 mills on May 3 were the equivalent of
19 days' production, the same equivalent reported at the end
of the previous week by 513 mills. As compared with last
year, 468 identical softwood mills gave production 13% less,
shipments 21% less and orders 15% less than for the week a
year ago; for hardwoods, 209 identical mills gave production
12% less, shipments 32% less and orders 25% under the
volume for the same week last year.
Lumber orders reported for the week ended May 3 1930, by
609 softwood mills totaled 307,694,000 feet, or 7% below
the production of the same mills. Shipments as reported
for the same week were 307,608,000 feet, or 7% below production. Production was 330,748,000 feet.
Reports from 294 hardwood mills give new business as 31,850,000 feet, or 27% below production. Shipments as reported for the same week were 37,657,000 feet, or 13%
below production.. Production was 43,525,000 feet. The
Association's statement further shows:
Unfilled Orders.
Reports from 496 softwood mills give unfilled orders of 947,256,000 feet
on May 3 1930, or the equivalent of 19 days' production. This is based
upon production of latest calendar year-300-day year-and may be
compared with unfilled orders of 513 softwood mills on April 26 1930, of
998,171,000 feet, the equivalent of 19 days' production.
The 355 identical softwood mills report unfilled orders as 861,303,000
feet, on May 3 1930, as compared with 1,215,154,000 feet for the same
week a year ago. Last week's production of 468 identical softwood mills
was 303,726,000 feet, and a year ago it was 347,645,000 feet; shipments
were respectively 282,095,000 feet, and 356,747,000; and orders received
286,003,000 feet and 335,918,000 feet. In the case of hardwoods, 209
identical mills reported production last week and a year ago 35,272,000
feet and 40,046,000; shipments 30,250,000 feet and 44,745,000; and orders
25,725,000 feet and 39,822,000 feet.
West Coast Movement.
3263
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED MAY 3 1930 AND FOR 18 WEEKS
TO DATE.
Association,
Erodeslion
M Ft.
Shipmeats
M Ft.
P. C.
of
Prod.
Southern PineWeek-141 mill reports
58,884 95
62,130
18 weeks-2,564 mill reports
1,099,091 1,020,159 93
West Coast Lumbermens178,451
177,974 100
Week-213 mill reports
18 weeks-3,848 mill reports
2,903,663 2,683,609 92
Western Pine Manufacturers34,923 65
Week-86 mill reports
53,528
18 weeks-1,514 mill reports
637,514
609,093 96
California White dr Sugar Pine12,049
14,275 118
Week-17 mill reports
191,489
365,168 191
18 weeks-456 mill reports
Northern Pine ManufacturersWeek-8 mill reports
6,918
4,635 67
50,961
75,085 147
18 weeks-149 mill reports
N.Hemlock & Hardwood(softwoods)
1,040 55
Week-I5 milt reports
1,878
64,379
36,718 57
18 weeks-574 mill reports
North Carolina Plne9,869 110
8,979
Week-117 mill reports
166,565 92
18 weeks-1,999 mill reports
180,704
California Redwood6,815
6,008 88
Week-12 mill reports
137,430
120,641 88
18 weeks-264 mill 1eports
Orders
M 171.
P. 0.
of
Prod.
57,939
1,028,487
93
94
175,245
2.734,598
98
94
35,833
610,584
67
96
18,920
383,853
157
200
4,930
71,698
71
141
997
39,886
53
62
9,735
144,177
108
80
4,095
123,839
60
90
Softwood total307,608
Week-609 mUl reports
330,748
18 weeks-11,368 mill reports--- _ 5,265,231 5,077,038
Hardwood Manufacturers Institute35,101
39,448
Week-279 mill reports
648,908
593,296
18 weeks-4,465 mill reports
No. Hemlock es Hardwood2,556
4,075
Week-15 mill reports
93,525
163,034
18 weeks-574 mill reports
93
96
307.694
5,137,122
93
98
89
91
30,156
589,847
76
91
63
57
1,694
86,197
42
53
Hardwoods totalWeek-294 mill reports
18 weeks-4,465 mill reports
37,657
686,821
87
85
31,850
676,044
73
83
Grand total345,265
Week-888 mill reports
374,271
18 weeks-15,823 mill reports_ _ _ _ 6,077,173 5,763,859
92
95
339,544
5,813,166
91
96
43,523
811,942
Review of Cotton Mill Situation By New York Cotton
Exchange Service-Lancashire Outlook Uncertain
-Trade in Japan Slow.
The New York Cotton Exchange Service on May 6 issued
the following bulletin on the foreign mill situation in Europe
and Japan:
The West Coast Luinbermen's Association wired from Seattle that
The foreign mill situation continues satisfactory, on the whole, with
new business-for the 213 mills reporting for the week ended May 3 totaled
175,245,000 feet, of which 53,248,000 feet was for domestic cargo delivery, considerable irregularity as to conditions within individual countries.
and 38,890,000 feet export. New business by rail amounted to 63,625,000 English spinners and weavers are finding the demand very poor and are
feet. Shipments totaled 177,974,000 feet, of which 55,184,000 feet moved moving much less than their curtailed output. The outlook for Lancashire
coastwise and intercoastal, and 36,375,000 feet export. Rail shipments is regarded as very uncertain, with trade depressed by the Indian disturbtotaled 66,933,000 feet, and local deliveries 19,482,000 feet. Unshipped ances; further reduction in mill activity is probable.
On the Continent the situation appears to have taken a slight turn for
orders totaled 577,041,000 feet, of which domestic cargo orders totaled
211,895,000 feet, foreign 210.045,000 feet and rail trade 155,101,000 feet. the better in Germany and France. German spinners are still operating
at
about 70% of regular full normal, but are now finding business sufficient
Weekly capacity of these mills is 245,961,000 feet. For the 17 weeks
ended April 26, 139 identical mills reported orders 6.9% below production, to just about move their production. With spinners hesitant to accumulate
and shipments were 5.8% below production. The same mills showed an stocks, no increase in German mill activity is expected unless business improves further. French spinners and weavers are eni Ying improved demand
increase in inventories of 9% on April 26 as compared with Jan. 1.
and better margins. Spinners are booking orders through to August and
are
well sold until July; weavers ar taking orders through to September
Southern Pine Reports.
and are well sold until August.
Italian spinners, on the other hand, are finding it difficult to move
The Southern Pine Association reported from New Orleans that for 141
milds reporting, shipments were 5% below production, and orders 7% below their recently curtailed output, and stocks of yarn are increasing. Japan
advises
that business continues slow with spinners not moving their
Production and 2% below shipments. New business taken during the week
amounted to 57,939,000 feet, (previous week 56,427.000 at 148 mills); restricted output and with margins showing no profit.
shipments 58,884,000 feet, (previous week 58,464,000); and production
62,130,000 feet, (previous week 65,991,000). The three-year average production of these 141 mills is 70,236,000 feet. Orders on hand at the end of Silk Hosiery Mills Curtail Operations Business in 1930
the week at 109 mills were 154,098,000 feet. The 120 identical mills reUnsatisfactory With Lower Prices and Shorter
ported a decrease in production of 8%, and in new business a decrease
Working Hours.
of 2%,as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reFrom the "Wall Street Journal" of May 5 we take the
ported production from 86 mills as 53,528,000 feet, shipments 34,923,000
and new business 35,833,000 feet. Sixty-three identical mills reported following:
Business in silk hosiery so far this year has been unsatisfactory, with
production 2% less and new business 29% less than for the same Period
mills continuing to curtail operations and offer goods at concessions. One
last year.
The California White & Sugar Pine Manufacturers Assn., San Francisco, of the large mills has reduced operations from 50 hours weekly to 30 hours
reported production from 17 mills as 12,049.000 feet, shipments 14.275,000 weekly, with the prospect of a further curtailment unless business improves
and orders 18,920,000 feet. The same number of mills reported a 49% in the near future. Full fashioned silk hose is being offered by some
decrease in production and a 10% increase in orders compared with 1929. mills as low as $1.25, which is close to cost, against $1.45, usual price.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
As a result, earnings of the silk hosiery manufacturers are likely to show a
reported production fro& 8 mills as 6,918,000 feet, shipments 4,635,000 considerable decline in the first half of this year in spite of the fact that
and new business 4,930,000. The same number of mills reported an 11% they are operating on the lowest cost raw material in years.
decrease in production and a 47% decrease in orders compared with the same
The principal problem that the industry is facing is the same as some
period last year.
years ago, excess capacity. The amount of full fashioned and other silk
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh, hosiery machinery has been greatly increased in the last year or so, and a
Wis., reported production from 15 mills as 1.878,000 feet, shipments 1,- number of smaller manufacturers operating on a limited amount of capital
040,000 and orders 997,000. The same number of mills reported an increase have sprung up in competition with the producers of the better known trade
of 2% in production and a decrease of 29% in new business compared with marked lines. As a result, hosiery manufacturers who, for a while, were
1929.
able to maintain a fairly stable price on trade marked lines, have found
The North Carolina Pine Association, of Norfolk, Va., reported produc- themselves in the same position as the rest of the textile industry, obliged
tion from 117 mills as 8,979,000 feet, shipments 9.869,000 and new business to do business entirely on a price basis with a buyers' market prevailing.
9,735,000. Forty-eight identical mills reported production 17% less
Although Easter business stimulated the trade somewhat, volume still
and new business 34% less compared with the same period in 1929.
is subnormal, and, as a result, inventories have increased. They are not
The California Redwood Association, of San Francisco, reported produclarge enough to cause any alarm in the trade, however, and practically all
tion from 12 mills as 6,815,000 feet, shipments 6,008,000 and orders 4.095,- of the larger manufacturers have kept their stocks in shape by cutting
The
same
000.
number of mills reported production 10% less and orders production in accordance with demand.
53% less than last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 279 mills as 39,448,000 feet, shipments 35,101,000 and
new business 30,156,000. One-hundred-and-ninetx-four identical mills
reported an 11% decrease in production and a 36% decrease in new business,
compared with 1929.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 15 mills as 4,075,000 feet, shipments, 2,556,000 and orders 1,694.000 The same number of mills reported
a 17% decrease in production and a 33% decrease in new business as compared with last year.
Review of Meat Packing Industry By Federal Reserve
Bank of Chicago-Falling off in Production and
Employment.
Surveying the meat-packing industry, the Federal Reserve
Bank of Chicago, in its "Monthly Business Conditions'
Report" April 30 said:
A reduction of more than 6% from February was recorded in production
at slaughtering establishments in the United States during March, with
operations continuing below the level of a year ago. Employment trended
3264
downward as in the preceding month, and showed a decline at the end of
the period of 6% in number of workers, 3% in hours worked, and of 5%
in payrolls, as compared with February. Demand was affected to some
extent by unemployment conditions and by the usual observance of Lent.
Trade in domestic markets averaged fair for lard,fresh pork, and lamb; was
good for dry salt pork, and remained rather sluggish for beef and veal.
The inquiry for smoked meats improved. Sales billed to domestic and
foreign customers decreased 53i% in March from February and were 10Si%
below the corresponding period of 1929. Prices for the majority of packinghouse products averaged less than in the preceding month; quotations on
fresh beef held barely steady, while those on beef rounds, lamb saddles,
pork loins, and mutton advanced. Inventories at packing plants and
cold-storage warehouses in the United States were reduced slightly on April 1
from a month earlier, aggregating less than a year ago and the 1925-29
average for April 1; holdings of beef and lamb increased in the two latter
comparisons. Domestic demand was reported as fair at the beginning of
April. March shipments for export were indicated as being somewhat lighter
than in February; a few reporting firms experienced an increase. Foreign
demand remained quiet during the entire period. Prices in European countries were fairly well in line with Chicago parity.
New Grain Tariffs Demanded in Austria as Prices Drop.
Under the above head the New York "Times" in a cablegram from Vienna May 2 stated:
The fall in grain prices is providing a fresh cause for uneasiness in the
tariff policies of Central Europe. In Austria, where the index for wholesale
prices as a whole stands at 121, the wheat index is 85 to 88. There is
widespread demand for revision or notice in the matter for commercial
treaties with agrarian countries.
Harvest prospects in Central Europe are favorable, but owing to the
smallness of stocks prices are as yet declining only slightly.
1929 French Wheat Crop Exceeds Country's Needs.
Paris accounts April 25 to the New York "Times" said:
It has now been demonstrated that the crop of wheat raised in France last
season was more than sufficient to cover this year's requirements for the
country's home consumption. In fact, there is a law now under discussion
which would allow the State to place part of the surplus crop in stock.
During the first quarter of 1930 French imports of wheat did not exceed
150.000 tons. They were 265,000 in the same three months of 1929 and
213.000 in 1928.
New Minimum Specified in British Wheat Flour.
The New York "Evening Post" of April 30 in Associated
Press advices from London said:
The agricultural correspondent of the "Daily Express" says that the
British Government has definitely decided to establish regulations requiring
a minimum percentage of British wheat flour in every loaf milled in Britain
The newspaper says the minimum will be varying, not a fixed figure, and
that the Government's policy will shortly be published in the form of a
Governmental "white paper."
"I am told by a reliable authority that an entirely new method for fixing
the minimum of English wheat in a loaf will be introduced," says the newspaper's correspondent. "It will be based on a system of vouchers which will
be officially issued to millers when they purchase English wheat at the different markets. By these vouchers it will be possible to check the percentage of home-grown wheat in relation to imported wheat the millers have
handled.
"The compulsory minimum percentage will vary each year according to
the conditions and supplies of English wheat, and I understand that something between 6% and 15% is contemplated."
Swiss Cut Price of Flour-Society of Millers Decides on
Move With Wheat Home Grown.
The Swiss Society of Millers has decided to reduce the
price of flour throughout the country according to copyright
advices April 15 from Basle to the New York "Evening
Post," which added that much of the wheat is home grown.
Liverpool Could Ship Cotton Back Here Without Loss.
The following is from the New York "Times" of May 3:
An unusual situation developed on the New York Cotton Exchange
yesterday when a sharp decline in Liverpool carried the differences in prices
between the two markets so far from their normal relations that it became
possible to bring cotton from Liverpool back to New York without loss.
Instead of Liverpool quotations running at the general average of $4 to $5
a bale over New York,the July delivery sold here $2 a bale above the foreign
prices in the first hour.
Raw Silk Imports Continue to Fall Off-April Deliveries to American Mills Reach New Low Figures.
According to the Silk Association of America, Inc., imports of raw silk again fell off during the month of April,
amounting to 37,515 bales. This compares with 47,762
bales in the same month last year and 39,990 bales in March
1930. Approximate deliveries to American mills in April
1930 amounted to 41,584 bales as against 50,863 bales in
the preceding month and 53,855 bales in April 1929. Stocks
of raw silk at May 1 1930 totaled 53,704 bales, as compared
with 57,773 bales at April 1 1930 and 39,125 bales at May 1
1929. The Association's statement follows:
RAW SILK IN STORAGE MAY 1 1930.
warehouses in New York City and Hoboken.)
(As reported by the principal
Total,
European. Japan. All Other.
(Figures in Bales.)
57,773
12.468
44,260
1,045
Stocks, April 1 1930
37,515
7.835
27.339
2,341
Imports, month of April 1930 x
95,288
20.303
71,599
3,388
Total available dtwingApril
53,704
12,673
39,704
1,327
Stocks May 1 1930 z
Approximate deliveries to American mills
2,059
during Apr111930 y
[VoL. 130.
FINANCIAL CHRONICLE
31,895
7,630
41,584
SUMMARY.
Imports During the Month
Storage at End of Month.:
1930.
1929.
1928.
1930,
1929.
1928.
43,175
42,234
39,990
37,515
58,384
43,278
48,103
47,762
49,894
54.031
46,795
65,516
59,970
66,514
62,885
58,479
46,408
44,828
50,520
36,555
52,972
45.090
38,670
62.930
47,288
48,857
48,134
44.128
76,264
68,648
57,773
53,704
49,943
46,903
45,218
39,125
39,898
47,425
42,596
48.408
55.104
64,129
78,452
90,772
47,528
41.677
40,186
35,483
42,088
41,127
38,866
50,975
50.464
49,381
49,808
48,908
Total
125,399
Average monthly__ 41.800
661,811
55,134
566,378
47,198
87,561
53.839
44,707
January
February
March
Anrll
May
June
July
August
September
October
November
December
Approximate Deliveries
to American Miii3.9
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Amount of Japan
Silk in Transit Between Japan
and Newyork End ofMonth.
1930.
1929,
1928,
1930,
1929.
1928.
57,683
49.852
50,863
41,584
57,349
46,228
49,878
53,855
49,121
46.504
51,624
59,704
53,274
57,489
50.562
44,159
52,420
50.679
52,011
41,258
46,367
46.051
40,931
50,821
47,797
49,940
47.709
45,026
37,000
24,000
17,800
8,000
31,000
30,000
29.000
30,700
28,000
21.200
34.100
41,600
39,000
49,000
41,000
38,000
25.000
23,500
19,200
28,500
24,000
17,600
32,300
27,500
25,600
31,200
22,800
42,500
Total
158,398 619,747 571,010
47.584
28.267
34,383
26.642
Average monthly
51,646
52,799
z Imports at New York during current month and at Pacific ports previous to
the time allowed in transit across the Continent (covered by Manifests 72 to 98.
Inclusive). y Includes re-exports. z Includes 1,762 bales held at railroad terminals
at end of month. Stocks in warehouses include National Raw Silk Exchange
certified stocks, 4,470 bales.
Petroleum and Its Products-Pennsylvania Crude Price
Cut Brought by Over-Production Only-Long
Beach, Cal., Curtailment Program Endangered by
Recalcitrants-Nation's Production Holds Fairly
Unchanged.
The cut in Pennsylvania crude prices, amounting to 25c.
per barrel, announced here last week, was brought about
solely by over-production, as then stated, and not by competition. This is emphasized in a statement issued by
Forrest D. Dorn, President of the Pennsylvania Grade
Crude Oil Association. Mr. Dorn's statement, in part,
follows:
"At no time have reductions in the prices of Pennsylvania
oil represented any attempt at price adjustment to meet
competition from any mid-continent oil, as asserted in
published statements. Pennsylvania oil is in a class by
itself. It has a definite market, since it is the richest in
lubricant content of any oils produced, and it is used by
refiners interested in the manufacture of the highest grade
motor oils. Mid-continent and other crudes are primarily
gasoline oils, with a relatively low content of lubricants.
"As a result of the sensational rejuvenation of the Pennsylvania field tremendous investments of capital have been
attracted to this section. During the past year or so there
has been an activity in drilling comparable to the periods of
1880 and 1881 when the field reached its era of greatest
production. The work started at that time has reaped a
harvest of over-production which has exceeded even the
increased demand for the Pennsylvania product. This is a
situation which evidence at hand shows will adjust itself
and result in an upward trend in the market price of Pennsylvania crude in the near future. The peak period of overproduction will have been passed by June. Drilling operations
for the present year are only about 50% of those under way
last year. This means a decreased production for the coming
12 months. Since the Pennsylvania field is all proved territory, it will be possible in view of the past year's experience
for producers to so regulate their flooding operations as to
keep a reasonable balance between supply and demand."
The situation in California approaches another crisis as
Long Beach operators face the problem of overcoming the
opposition of about 25% of the operators in that field who
have refused to join the curtailment agreement, which was to
have become effective May 1 and continue for three months.
The operators were summoned to meet in the Los Angeles
City Hall, Friday, May 9, by Neil Anderson, field proration umpire, who urged uopn them the necessity of immediate action if a complete breakdown of the agreement is
to be avoided. The recalcitrant 25% represent only about
25,000 barrels daily average production, but their position
threatens to disrupt the entire field's agreement. Mr.
Anderson, in his telegram to the operators, warned them
that unless they agreed to do their share he would officially
MAY 10 1930.]
FINANCIAL CHRONICLE
release from their agreement those operators who had signed,
and the field would thus be thrown wide open. Mr.Anderson,
as well as Umpire H. P. Grimm of the Santa Fe Springs
field, are both insisting upon signed agreements as the most
certain means of holding operators to their allotted production.
Rumors that the Pacific Coast crude price structure would
be revised to a higher level as soon as production was cut
sufficiently have given impetus to the state-wide conservation movement this week. The research committee,
headed by Earl W. Eagy, has formulated a program which,
if effective, would reduce daily average crude production in
California to 550,000 barrels daily, necessitating a daily
withdrawal from stocks of 65,000 barrels. However, more
conservative petroleum factors are aiming at a 575,000
barrel per day level, and, barring unforeseen difficulties,
expect to succeed in this program before the expiration
of May.
Production of crude in the United States for the week
ending May 3 showed an increase of only 5,100 per day, or a
total average daily output of 2,595,200 barrels. Crude oil
imports in the same period declined 16,855 daily average,
meaning a total new crude supply of 11,755 barrels daily less
than the week previous.
Hundreds of thousands of crude oil were destroyed by fire
which swept the Bayonne, N. J., plant of the Gulf Refining
Co. this week, but it is not thought that the loss will have
any noticeable effect on the general market in this territory.
A fire earlier in the week damaged the Long Island City
bulk distributing terminal of Richfield Oil Corp., but there
will be no interruption in that company's gasoline 'distribution, stated C. A. Woodman,President.
There were no crude price changes this week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. I. degrees are not shown.)
Bradford, Pa
$2.55 Smackover. Ark.. 24 and over
Corning. Ohio
1.75 Smackover, Ark.. below 2
Cabe11, W. Va
1.33 Eldorado. Ark.. 34
linnets
1.45 Urania, La
Western Kentucky
1.53 Salt Creek. Wyo., 37
Midcontinent. Okla.. 37
1.23 Sunburst, Mont
Corsicana. Texas. heavy
.80 Artois, N. M
Hutchinson, Texas,35
.87 Santa Fe Springs. Calif.. 33
Luling, Texas
1.00 Midway-Sun/et, Calif., 22
Elphidletop. Texas. grade A
1.20 Huntington. Calif.. 20
SpindletoP. Texas. below 25
1.05 Ventura. Calif.. 30
Winkler. Texas
.66 Petra*. Canada
SAW
.76
1.14
.90
1.23
1.85
1.08
1.45
1.05
1.34
1.13
1.90
ItEFINED PRODUCTS-STANDARD OF NEW JERSEY ADVANCES
TANKCAR TO 9c. LEVEL._ CONSUMPTION SHOWS HEAVY
INCREASE-MARKET STRONG-BUNKER FUEL OIL WELL
MAINTAINED AT 31.15-KEROSENE CONTINUES QUIET.
With the announcement of the Standard Oil Co. of New
Jersey increasing tank car U. S. Motor gasoline to 9e. per
gallon the market here became firmly entrenched on the
higher basis. The Standard made its price change on
Friday, May 9. During the week two other companies
had taken similar action. Colonial Beacon Oil Co. and Continental Oil Co. The market now ranges from 90. to 10e.
per gallon. Rapidly increasing consumption as the warmer
weather persists., and moderate success in cutting down production, brought about the stronger tone. Jobbers are
placing business freely, and indications are that the spring
and summer season will set new high records for gasoline
consumption throughout the country, despite reports of
business depression in different sections.
Although export demand has not shown any great activity
during the past week, there is evidence that large European
buyers are ready to act in the near future. Prices in the
Gulf markets are holding firmly.
Bunker fuel oil consumption is being continued on the
same large scale and sales are being made in good volume
on the $1.15 per barrel basis, established a short time ago.
Diesel oil holds steady at $2 per barrel at refinery.
Kerosene still rules quiet, with quotations ranging from
73 to Mo. per gallon. Consumption has proved disappointing.
The price changes of the week follow:
May 9: Standard Oil Co. of New Jersey increases tankcar U.
S. Motor
gasoline Mc. per gallon to 9c. per gallon.
8:
May
Continental Oil Co. increases U. S. Motor gasoline
Mc. per
gallon to 9c. per gallon.
May 7:Colonial Beacon Oil Co.increases twakcar gasoline Mc. per
gallon
to 9c. per gallon.
Gasoline, U. S. Motor, Tank Car Lots, F.O.B.
Refinery.
NY (layo'n) 5.090.10
Beacon 011
.os Los Angeles. export_ .0734
Stand Oil, N J___ .09
Carson Pet
.09M Gulf Coast,export.. .08)4
Stand 011. N Y.-. .10
Crew Levick
North Louisiana-- .0734
.09
Tide Water Oil Co .09
West Texas
0834 North Texas
.0634
Richfield 011 Co-- .10
093 Oklahoma
Chicago
.08
Warner-QuinfnCo .10
New Orleans
0734 Pennsylvania
Pan-Am Pet Co-- .09h Arkansas
.0634
Shell Eastern Pet.. .10
California
.0834
New York
Atianta
Baltimore
Boston
Buffalo
Chicago
3265
Gasoline, Service Station, Tax Included.
$ 183 Cincinnati
$.19
Minneapolis
5.152
Denver
.21
.18
New Orleans
.195
Detroit
.22
.188 Philadelphia- .21
.20 Houston
San Francisco '
.18
.251
.15 Jacksonville
.24 Spokane
.195
.15 Kansrs City
.179 St. Louis
.16
Kerosene, 41-43 Water White. Tankcar Lots, F.O.B. Refinery.
WYABayonne).07lt 0.07q Chicago
5.0534 New Orleans
3.0734
.05)4 Los Angeles. export_ .05)4'Tulsa
North Texas
I
I
I
Foul 011, 18-22 Degree. F.O.B. Refinery or Terminal.
New York (Bayonne) 51.151Los A ngeleo
$ 851Outt Coast
Diesel
2.00 New Orleans
95 Chicago
I
I
Gas Oil, 32-34 Degree, F.0.B. Refinery or Terminal.
N.Y.(Bayonne)-5.05M!Chicago
5.03ITulsa
.0034
3.75
.55
_3.03
Crude Oil Output in United States Slightly Higher,
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended May 3 1930, was 2,595,200 barrels, as compared with 2,590,100 barrels for the preceding week, an
increase of 5,100 barrels. Compared with the output for
the week ended May 4 1929, of 2,629,850 barrels per day,
the current figure represents a decrease of 34,650 barrels
per day. The daily average production east of California
for the week ended May 3 1930 was 1,962,100 barrels, as
compared with 1,959,300 barrels for the preceding week, an
increase of 2,800 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedMay 3'30. Apr.26'30. Apr.19 *30. May 4'29.
Oklahoma
658,800
662,050
658,100
676,100
Kansas
125,450
125,900
117,050
111,650
Panhandle Texas
103,550
95,300
93.600
60,350
North Texas
79,900
79,800
79.350
84,150
West Central Texas
59,250
61,550
54,150
51,350
West Texas
318,300
318.800
313,950
353,100
East Central Texas
36,700
36,400
34.250
18,400
Southwest Texas
63,500
60.5.50
58,800
71,800
North Louisiana
40,900
42,000
41,750
35.450
Arkansas
58,050
57,900
57,800
72,550
Coastal Texas
179,000
183,050
185,700
139,850
Coastal Loutslana
22,100
20.850
21.650
20,700
Eastern (not including Michigan). 128,000
129.000
128,000
108,300
Michigan
11,400
11.900
11,700
5,700
Wyoming
52,300
50,550
50.700
52,900
Montana
9,200
8,700
10,450
10,450
Colorado
4,550
4,400
4,550
6,300
New Mexico
11,150
10,600
11,450
1,550
California
633,100
630,800
627,900
751.200
Total
2,595,200 2,590,100 2,560,900 2,629,850
The estimated dail • average gr3ss production for the Mid
-Continent
Field, including Oklahoma, Kansas, Panhandle, North. West
Central,
West, East Central and Southwest Texas, North Louisiana and
Arkansas,
for the week ended May 3, was 1,844,400 barrels, as compared with
1.540.250 barrels fs r the pre oiling week, an increase of 4,150 barrels.
The
Mid-Continent production, excluding Smackover (Arkansas) heavy
oil,
was 1 504,150 barrels, as compared with 1,499,950 barrels,
an increase
of 4,200 barrels.
The production figures of certain pools in the various districts
for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
-Week EndedEast Central Texas- May 3. Apr.26.
OklahomaMay 3. Apr.26. Corsicana-Powell
6,000 6,100
Allen Dome
19,500 19,150
19,000 20,250
Bowlegs
Southwest Texas20,000 17.000
Bristow-Slick
16,150 16,200 Darst Creek
9,650 9,700
Burbank
18,600 18.500 Luling
21,250 20,850
Carr city
8.700 8,750 Salt Flat
Earisboro
40,000 40,000
North Louisiana4,450 4,500
East EarLsboro
36,100 41,450 Hayneeville
5,200 5,200
Little River
37,800 38,850 Urania
East Little River
18,550 17,400
Arkansas
4.600 4,600
Maud
5,500 5,600 Champagnolle
5,250 5,300
Mission
12,600 12,600 Smackover, light
40,250 40,300
Oklahoma CltY
116.450 109,200 Smackover,heavy
St. Louis
36,600 36,850
Coastal Texas19,600 22,200
Sasakwa
10,500 13,650 Barbers Hill
,.__
9,050 10.500
Searight
10,000 11,000 Pierce Junction
10.100 10,200
Seminole
19,600 19,900 Racoon Bend
17,100 16,550
East Seminole
3,500 3,750 SpindletoP
10,200 10,200
KansasSugarland
Sedgwlck County
21,000 21,000
Coastal Louisiana2,300 2,500
Voshell
19,350 19,700 East Hackberry
1,300 1.300
Panhandle TexasOld Haekberry
5,800 4,300
Gray County
70,900 63,000 Sulphur Dome
Hutchinson County__ 22,150 22,300 Wyoming-31,750 30,050
North TexasSalt Creek
Archer County
18,100 18,000 Montana5,600 5,600
Wilbarger County
24,100 24,000 Sunburst
West Central TexasCaliforniaBrown County
7,600 7,600 Domingues
9.800 9,800
Schackelford County... 6,550 6,550 Elwood-Goleta
47,800 47.700
Young County
18,550 20,800 Huntington Beach
28,200 28,200
West TexasInglewood
17,200 17,600
Crane & Upton Counties. 42,000 44.000 Kettleman Hills
15,300 15,600
Howard County
39,050 40,000 Long Beach
98,900 99,000
Reagan County
16,600 17,350 Midway-Sunset
69,000 70.000
Winkler County
78,450 79.100 Santa Fe Springs
133,200 130,700
Yates
115.000 114.800 Seal Beach
24,000 24,000
Bal. Pecos County... 4,600 4,750 Ventura Avenue
47,700 46.20
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,518,400 barrels, or 95.6% of the
3,678,900 barrel estimated daily potential refining capacity
of the plants operating in the United States during the week
ended May 3 1930, report that the crude runs to stills for
the week show that these companies operated to 73.4% of
their total capacity. • Figures published last week show
.0934 that companies aggregating 3,518,400 barrels, or 95.6% of
the 3,678,900 barrels estimated daily potential refining
[Vox.. 130.
FINANCIAL CHRONICLE
3266
Than
capacity of all plants operating in the United States during March Production of Natural Gasoline Higher
a Year Ago-Inventories Increase.
that week, but which operated to only 76.7% of their total
capacity, contributed to that report. The report for the
According to the U. S. Bureau of Mines, Department of
week ended May 5 1930 follows:
Commerce, the production of natural gasoline during March
1930 amounted to 192,200,000 gallons, a daily average of
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS
6,200,000 gallons. This represents a decline from the
WEEK ENDED MAY 3 1930.
February daily average of 170,000 gallons, or 3%, but is
(Figures in Barrels of 42 Gallons.)
6% above a year ago. The major portion of the decline in
Gas
Fe Cent
daily average output in March occurred in California.
Per Cent
and
Crude
Oper.
Potential
in the Oklahoma City field amounted to 2,200,000
Production
Fuel
of Total Gasoline
Runs
Capac'y
District.
OR
Stocks.
Capac'y
to
Reportgallons daily. Stocks of natural gasoline
71,000
or
gallons,
Stocks.
Report
Stills.
Ins.
on March 31 amounted to 28,281,000
plants
held
at
the
6,679,000
9,621,000
81.9
3,470,700
100.0
East Coast
762,000 gallons, an increase of 4,248,000 gallons over the February
1,829,000
75.8
618,300
91.0
Appalachian
3,626,000
8,589,000
86.1
2,265,300
Indiana, Illinois, Kent'ky. 99.5
4,123,000 stocks. The Bureau's statement also shows:
4,399,000
73.3
2,112,800
89.1
Okla., Kansas, Missouri
Texas
Louisiana-Arkansas
Rocky Mountain
California
90.8
96.8
93.6
99.3
3,869,500
1,169,700
398,500
4,168,700
77.2
63.8
40.9
66.8
8,025.000
2,664,000
2,817.000
15,882.000
9,624,000
1,942,000
1,097,000
108,162,000
Total week May 3
Daily average
Total week April 26
Daily average
95.6
73.4
53,826,000
136,015,000
95.6
18,073,500
2,581,900
18,897,300
2,699,600
76.7 x53,561,000
136,685.000
Texas Gulf Coast
Louisiana Gulf Coast
100.0
100.0
2,966,600
765,300
80.5
74.1
6,948,000
2,282,000
6,984,000
1,065,000
x Revised due to the omission of 249,000 barrels by an East Coast company
In reporting last week's stocks.
present Bureau
Note.-All crude runs to stills and stocks figures follow exactly the
grades of fuel oil
of Mines definitions. In California stocks of heavy crude and allCrude
oil runs to
Stocks."
Oil
Fuel
and
"Gas
are included under the heading
stills include both foreign and domestic crude.
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Stocks End ofMo.
Production.
Jan.March
1930.
March
1930.
Feb.
1930.
9,300 29,900
4,000
1.200
57,000 150,800
8,200
2,900
33,900 114,100
5,100 21.200
7,500
2,700
3,700 11,400
65,800 208,700
4,462
493
11,291
999
7,583
986
291
630
1,546
3,235
431
10,089
816
6,116
809
247
569
1,721
192,200 178,400 181,600 555.800
Total
6.180
5,860
6,370
6,200
Daily average
4,324 13,234
4,248
Total(thousands of bbis.)._ 4,576
147
139
152
148
Daily average
28,281
24,033
673
572
Appalachian
Illinois, Kentucky, &c
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
March
1930.
Feb.
1930.
9.800
1,300
53,500
2,800
40.200
7.500
2,700
4,400
70,000
9,200
1.300
47.300
2,800
36,700
6.000
2,400
3,800
68,900
March
1929.
Oil Situation in California as Viewed by Research
Department of Los Angeles Stock Exhcnage.
Price of Copper Drcps to '1234 Cents.
A report on "The Oil Situation in California," prepared
the reduction, April 15, of four cents in the
Following
by the Research Department of the Los Angeles Stock
bringing it down from 18 cents to 14 cents
of
price
copper,
part:
in
Exchange, says
in the price this week lowered the price
cuts
two
per
pound,
The Price Sitaution in California.
to 123 cents. The action of April 15 was referred to in these
Crude oil prices have been supported by the major companies at levels
With the out on May 5,
which permit the reasonably efficient producer to make a profit, and hence columns April 19 (page 2673).
may be considered fair. It appears to be the policy of the major com- the New York "Times" said:
of
panies to conserve their own properties by buying a large proportion
their crudes, in this era of relatively cheap oil.
The price of gasoline has been consistently unstable. Most of the time
the major companies have been able to maintain gasoline prices at profitable
levels, by tacit understanding; and several of the major companies have
from time to time bought the surplus of the "independent" small refiners,
to prevent its breaking the market. However, frequent occasions of heavy
over-production and storage have resulted in cut price "gasoline wars"
during which all companies sell gasoline at or below cost.
The 1930;gasollne war was variously attributed to (1) and excessive amount
of refining, particularly by certain "independents"; (2) heavy storage of
gasoline, which forced the major companies to cease.buying:(3) price cutting
on the part of independent refiners; (4) a surplus of natural gasoline, which
permitted the "gasoline bootlegger" to make and sell an inferior product
at cut rate prices, and (5) a disagreement among the major oil companies.
Gasoline storage was a particularly annoying problem, because of the rapid
rate of deterioration. At Jan. 1 1929 there were 10,766,000 barrels, or 15
days' supply, of stored gasoline in California; and on April 1 1930 there
were 18,373,397 barrels, or 25 days'supply. Five weeks' supply of natural
gasoline was also in storage.
At present the outlook is better. The limitations on the production of
crude oil, agreements among the companies to limit refinery output, a
declining surplus of natural gasoline, and a disposition among the companies to co-operate, are all helping to achieve the desired end. The major
companies have agreed on a "wholesale" price of 123c. per gallon for the
Los Angeles area, and although rebating and bootlegging still persist, it
appears that the situation will soon be stabilized. The Standard Oil Co.
of California has announced that it wlll buy gasoline delivered in cargo lots
at Los Angeles Harbor at 6lic. per gallon for a U. S. Motor Test product,
and other qualities at prices to be determined as offered. Other major
companies will no doubt follow suit, and the California surplus will thus be
collected and shipped to the East or to foreign ports.
Estimates from various sources indicate that to most companies the
cost of producing a gallon of gasoline is between eight and nine cents.
Adding 1;c. as a local delivery cost, three cents tax, and from three to
five cents as a dealer differential, it will be seen that, after advertising,
salts, and collection costs, the average oil company will not show a reasonable profit on a retail price much less than the normal 193c. However,
the costs decline somewhat as the refineries are worked more nearly to
capacity, a factor which makes possible the shipping of a surplus to the
East to sell there at nine cents per gallon wholesale.
The Outlook.
Thus the outlook for the California oil companies is mixed. If the
oil output,
Lyons gas conservation law becomes a positive force restricting
the burden will remain
a fair Pacific Coast market seems assured; if it fails,
gasoline
California
for
on the companies. As long as there is a market
unless the Texas and Oklaat a fair price in the East, which will continue
no trouble. If
homa fields run wild, the California surplus should cause
is permanent, and the Eastern market
the Pacific Coast price restoration
comCalifornia
the
maintains its recent increase of one cent per gallon,
The refining and marketing
panies should have a good year in 1930.
the units which do a producing
companies would then hold a slight edge on
but the latter are receiving
business only, and whose output is restricted;
show profits also.
a fair price, and should be able to
of drilling and a limitation of proIt is worth noting that a cessation
and depletion charges of the
duction will greatly reduce the operating
their drilling costs to current
companies, particularly those which charge
operations.
is now justified. The situation appears
It would seem that mild optimism
time in 18 months. The smaller operto be better controlled than at any
Governmental assistance is being
ators are co-operating more willingly,
program seems to be developing.
lent in some instances, and a definite
The second reduction in the price of copper within a month took place
yesterday, when several leading domestic producers of electrolytic copper
cut their quotations to 13 cents a pound, delivered in the Connecticut
Valley. This is the lowest price established in this country since 1927,
when copper touched 12% cents.
Reduction Only on Domestic Sales.
Yesterday's price cutting was confined to domestic users. No action
was taken by the Copper Export Association, which fixes the price of
copper for export. It was learned, however, that the export price will be
lowered to 13 cents to-day.
At the new level several high-cost producing companies which made
large profits on 18-cent copper will find their earnings reduced to the
vanishing point. Several large units have an average production cost of
close to 11 cents a pound and the mining activities of these companies are
expected to be sharply curtailed.
In its issue of May 7 the "Times" stated:
On the heels of the reduction on Monday of 1 cent a pound in domestic
copper Prices, bringing the quotation to 13 cents, custom smelters and some
producers offered the metal yesterday at 12% cents, the lowest price in
more than slx years. Despite the reduced figures, copper buying remained
dull, and predictions of a 12-cent level this week were made by producers.
The Copper Exporters Association yesterday reduced the price of copper
abroad 1 cent a pound to 13.30 cents a pound, c. i. f. European base ports.
The reduction brought the foreign price in line with the 13-cent domestic
price. Foreign sales of copper, which were negligible on Monday, rose
Yesterday to 1,000,000 pounds.
Stocks of blister and refined copper at the end of March amounted to
more than 500,000 short tons.
The price of 12% cents compares with the 18-cent level at which copper
Was Pegged for a year. The slasher since April 15 have wiped out the margin of profit on which many high-cost producers of copper have been operating, it was pointed out. Numerous large companies have a production cost
of 12 cents a pound, and as the price of copper approaches this level It
becomes necessary for these producers to close some of their mines.
Three Mines in Utah Closed.
The United States Smelting, Refining 5: Mining Co. has closed three of
its mines in Utah in the last few days, and other producers are believed to
have taken or will take similar action. With production curtailed and sales
gradually expanding, producers believe a balance between demand and supply will be reached soon.
Utah Copper Wages Cut-Reduction of 20 to 25 Cents
a Day, Effective May 10, Result of Price Drop.
The following Salt Lake City advices are from the "Wall
Street Journal" of May 6:
Utah Copper Co. has posted notices that on May 10 wages will be reduced 20 to 25 cents a day, as result of the recent 4-cent a pound drop in the
price of copper. Workers receiving $4.75 and over a day get the 25-cent
Cut, and all below that figure the 20 cents a day reduction.
Copper Sells at 12c.-Price Off 6 Cents Since April 15Lead Quiet-Tin Weak.
With the sale of a substantial tonnage of copper at 120,
123/3 cents, delivered Valley, in yesterday's market, a 1 V2
to 2 cent decline from Saturday's price,a level was reached at
their intenthe report are largely which many prominent consumers have declared
It is stated that the statistics in
and
"Metal
way,
big
a
in
market
the
of
into
coming
Institute. tion
derived from the reports of the American Petroleum
lay 10 1930.]
3267
FINANCIAL CHRONICLE
Mineral Markets" reports. This further decline marks close in during March and four shut down-a net gain of six.
to a 6-cent decrease since April 15. The publication referred This is the first month this year to show a net loss in active
stacks, reported the "Age" of May 8, which further says:
to continues as follows:
Whether these levels will stimulate buying, or whether the sharp decline
of the last three days will merely make consumers revise their ideas of a
bargain to 11 cents, remains to be seen. The new price Is not in effect long
enough to determine its effect either on production or sales. Consumers are
likely to consider 12 cents an attractive buying level, despite the fact that
they may not need copper in large tonnage for immediate use.
Evidently the unanimity of opinion among producers with respect to
price is distinctly at an end, for the time being at least, but a further
important concession in quotations is not expected. A fair tonnage will
have to be bought within the next week or two regardless of price, unless
plants are to be closed down.
Zinc declined 5 points during the week. Only a few hundred tons,for
widely assorted deliveries, at prices ranging from 4.70 cents down to 4.65
cents, were sold. With London prices unsettled, domestic buyers of lead
purchased only a moderate tonnage, the price holding at 5.50 cents, New
York. Tin dropped to 32 cents, a new low, but trading during the week
was disappointing.
Production and Shipments of Slab Zinc in April Fall
Off-Inventories Higher.
According to the American Zinc Institute, Inc., the total
domestic production of all companies in April, including
electrolytic and high grade zinc, amounted to 43,080 net
tons, as against 47,573 tons in the preceding month and
54,653 tons in April 1929. Shipments fell from 44,243 tons
in March 1930 to 40,660 tons in April, and also compares
with 58,027 tons in April 1929. Stocks at April 30 1930
amounted to 96,453 net tons as against 94,033 tons at
March 31 last, and 34,588 tons at April 30 1929. The
Institute's statement further shows:
Metal sold, not yet delivered, at the end of April totaled 29,003 tons;
the average number of retorts operating April, 49,373; the number of
retorts operating at the end of April, 49,150. (Retort capacity relates
only to prime Western and a small quantity of brass special and high grade
zinc production.) A comparative table shows:
PRODUCTION, SHIPMENTS OF PERIOD AND STOCKS AT END,
(Figures in Short Tons.)
Month of' 1930.
January
February
March
April
First 4 mos. 1930
1929.
December
November
October
September
August
July
June
May
April
March
February
January
Tote In 1929_
1928.
December
November
October
September
August
July
June
May
April
March
February
January
Total in 1928....
Proauction.
Domestic
Shipments.
51,133
44,924
47,573
43,080
40,442
42,148
44,226
40,634
20
6
17
26
40,462
42,154
44,243
40,660
-_186,710
167,450
69
167,519
48,590
47.620
50,938
53,285
55.290
54,441
52,953
56.958
54,653
55.471
48,154
49.709
34,378
41.636
47,117
46,287
50.610
46.570
47,973
56,614
56,558
56,267
51.057
47,677
11
39
67
1.468
969
681
1.874
1,106
1,469
1.862
1.895
2,055
34,389
41,675
47,184
47,755
51,579
47,251
49,847
57,720
58,027
58,129
52.952
49,732
77,262
63,061
57,116
53.363
47.833
44.122
36.932
33,827
34,588
37.962
40,420
45,418
628,062
582,744
13.496
596.240
----
50,591
50.260
50,259
49,361
52.157
50,890
50,825
53,422
53.493
55.881
50,042
52,414
49.625
48,698
50,126
44,103
47,050
49,510
49,780
49,818
46,517
51,856
46,754
45,771
2.067
1,088
1,980
1,759
2.901
3.638
1,802
3.138
3,748
3,786
4,134
5.231
51,692
49.786
52,106
45,862
49,951
53.148
51,582
52,956
50.263
55.642
50,888
51,002
45,441
46,562
46,068
47,915
44,416
42.210
44,468
45,225
44,759
41.529
41,290
42.163
619.595
579.508
35.270
614.878
Exports.
Total .
Stocks
Shipments. End of Mo.
87,933
90,703
94.033
96,453
April Pig Iron Output Increased.
Returns collected by wire by the "Iron Age" from all
producing companies show that April output of pig iron
increased about 1 1-3% over March. Production of coke
pig iron in April was 3,181,868 gross tons or 106,062 tons
per day for the 30 days. This compares with 3,246,171
tons or 104,715 tons per day for the 31 days in March.
The increase last month in the daily rate was therefore
1,347 tons or 1.29%. The rate of output was back again to
that of last November, when the daily production was
106,047 tons. Comparisons with other periods show that
the April daily rate this year is the smallest for that month
since 1922, when the daily rate for April was 69,070 ton
The production for the first four months this year was
12,094,423 tons, which is 13.7% under the 14,025,653 tons
to May 1, last year. It is only a little less than the same four
months in 1928 at 12,155,065 tons. Since 1916 there have
been 10 years in which the four months' production has been
larger than this year.
There was a net loss of two furnaces in April-seven
blown in and nine shut down. This compares with 10 blown
Operating Rate on May I.
For the 183 furnace; ac lye on May 1 the operating rate is estimated at
104,770 tons per day. This compares with 106,080 tons per day for the 185
furnaces active on April 1.
Of the seven furnaces blown in last month four were independent steel
company stacks, two belonged to the Steel Corp. and one was a- mer hant
furnace. The nine furnaces shut down were distributed as follows: two
Steel Corp., five independent steel companies and two merchant stacks.
Steel-Making Iron Increased.
There was an increase in April of 1.9% in steel-tusking iron or 85,489
tons per day compared with 83,900 tons daily in March. The merchant iron
declined from 20,815 tons per day in March to 20,573 tons in April.
•
Large Ferromanganese Output.
The largest ferromanganese production this year at 27,777 tons was
made in April. The next highest was 27,260 tons in January. The output
to May 1 is 1885 tons less than for the same four months last year but
exceeds the same period in 192S.
Large New Furnace Blown In.
A new 600-ton furnace of the Wisconsin Steel Co., at Chicago, was
blown in April 21. At the same time an old stack was blown out to be
scrapped. Thus the number of possibly active furnaces still stands at
315, as stated in the "Iron Age," April 10, page 1103.
Furnaces Blown In and Out.
•
The following furnaces were blown in during April: One Midland furnace
of the P ttsburgh Crucible Steel Co. in the Pittsburgh district; one Newcastle furnace of the Carnegie Steel Co. in the Shenango Valley; No.
LaBelle furnace of the Wheeling Steel Corp. and No. 1 furnace of the
Weirton Steel Co. in the Wheeling district; the new furnace of the. Win(onsin Steel Co. and one South Chicago furnace of the Illinois Steel Co. in
Illinois; and one Detroit furnace of the M. A. Hanna Co. in Michigan.
Furnaces blown out or banked during April were: One Lackawanna
furnace of the Bethlehem Steel Corp. in the Buffalo district; the Delaware
River furn ce in the Schuylkill Valley; No. 2 Clairton furnace of the
Carnegie Steel Co. and No. 4 Monongahela furnace of the National Tube
Co. in the Pittsburgh district; one Cambria furnace of the Bethlehem Steel
Corp. in western Pennsylvania; the Sharpsville furnace in the Shenango
Valley; No.2 furnace of the OH Steel Co. and No. 4 River furnace of the
Corrigan-McKinney Steel Co. in northern Ohio, and one furnace of the
Wisconsin Steel Co. in Illinois.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1925-GROSS TONS.
January
February
March
April
May
June
First six months......
July
-,.......
August
September
October
November
December
12 months'oversee
1925.
1926.
1927.
1928.
1929.
1930.
108.720
114,791
114,975
108,632
94.542
89,115
105,039
85.936
87,241
90,873
97,528
100,767
104,853
99.735
106,974
104,408
111,032
115,004
112,304
107,844
109,660
103,978
103,241
104,543
107,553
107,890
99,712
107.043
100.123
105,024.
112.366
114,074
109.385
102,988
107.351
95,199
95,073
92,498
89,810
88,279
86,960
09.266
92,573
100.004
103.215
106.183
105,931
102,733
101,763
99,091
101,180
102.077
108,832
110,084
108.70.5
103.382
111,044
114,507
119.822
122,087
125,745
123.908
119,564
122,100
121,151
116,585
115.745
106,047
91,513
115.851
91.209
101.390
104,715
106,062
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
Steel Works.
Merchants.*
Total.
92.573
23,053
1928-January
89.520
100,004
78,444
21,560
February
103,215
March
83.489
19,726
106,183
April
85,183
21,000
105,931
20,355
May
85,576
102,733
21.103
June
81.630
July
19.578
99,091
79,513
101,180
82,642
18,538
August
September
19.487
102.077
82,590
October
108,832
88,051
20.781
110,084
21,610
November
88,474
108.705
85,415
23,290
December
25,514
111,044
1929-January
85,530
25,261
February
89,246
114,507
24,361
119,822
95.461
March
April
26,407
122,087
95.680
25,571
125,745
May
100,174
23,915
123,908
June
99,993
98,044
122,100
July
24,056
22,251
121,151
August
98,900
116,585
95.426
21,159
September
22,101
October
93,644
115,745
November
83,276
22,771
106,047
23,361
68,152
91.513
December
930-January
19.762
91,209
71,447
19,810
February
81,850
101,390
20,815
March
83,900
104,715
A nr11
85.480
20.873
1(15.052
•Includes pig iron made for the market by steel companies.
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS
Total Pig IronSpiegel and Ferromanganese.
Ferromanganese.:
1928.
1929.
1930.
1928.
1929.
1930.
'watery
gebruary
March
2,155,133
2,274.880
2,588,158
2,651,416
2.498.901
2,959.295
2.214,875
2,284,234
2,600.980
22,298
19,320
27,912
28,208
35.978
24,978
27,260
21,310
23.345
3 months
april
May
rune
7,018,171
2,555,500
2,652.872
2,448,905
8,109,612
2.826.028
3.105,404
2,999,798
7,100,089
2,564,681
69,530
18,405
29,940
32,088
79,164
22.413
25.896
33.363
71.915
27,777
Half year
fuly
kugu.st
September
14,675,448 17,040,842
2,484,896 3,039,370
2,561,904 3,065.874
2,477,695 2,862,799
149,963 160,836
32.909 31,040
24,583 28,461
22,278 27.605
9 months
Detober
November
December
22,179,943 28,008,885
2.729.589 2.902,960
2,654,211 2.498,291
2,647.863 2,112,704
230,733 247,842
23,939 31,108
29.773 28,285
28.618 28,564
30,211.606 33.522.840
Year
Includes output of merchant furnaces,
312,061 335.799
FINANCIAL CHRONICLE
3268
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
BEGINNING JULY 1 1927-GROSS TONS.
Jan__
Feb_-Mar__
Apr__
May__
June._
1928.
2,869.781
2,900,126
3,199.674
3,185.504
3.283,858
3,082,000
1929.
3,442.370
3,200.185
3.714.473
3,662.625
3,898,082
3.717,225
34 3T_ 18,520,921 21,640,960
1930.
2,827,464
2,838.920
3,246.171
3,181,868
July__
Aug
Sept- Oct__
Nov
Dec
1927.
2.951.160
2,947.276
2.774,949
2,784.112
2,648.376
2.695,755
1928.
3.071.824
3,136.570
3.062.314
3,373,806
3,302,523
3,369,846
1929.
3,785.120
3,755.680
3,497.564
3,588.118
3.181,411
2.836,916
Year•_36,232,306 37,837,804 42,285,769
•These totals do not include charcoa pig iron. The 1928 Production of this
iron was 142,960 gross tons.
Steel Ingot Production in April Lower.
The American Iron & Steel Institute in its monthly report
of steel ingot production places the output during April at
4,143,312 tons, or 145,673 tons less than in March 1930 and
794,713 tons less than in April 1929. The average daily
output in April was 158,123 tons with 26 working days,
compared with 189,824 tons in April 1929 with the same
number of working days. Below we show the monthly
figures back to January 1929:
Finished Steel.
May 6 1930, 2.228c. a Lb.
2.2420.
One week ago
2.264c.
One month ago
2.412e.
One year ago
Based on steel bars, beams,tank plates,
wire, rails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
High.
1930_2.362o. Jan. 7 2.242e, Apr, 29
1929..2.412c. Apr. 2 2.362o. Oct. 29
1928_2.391c. Dee. 11 2.314e. Jan. 3
1927_2.453c. Jan. 4 2.2938. Oct. 25
1926_2.453c. Jan. 5 2.4030. May 18
192&,.2.560c. Jan. 6 2.3960. Aug. 18
[Vox,. 180.
Pia Iron.
May 13 1930. 517.67 a Gross Ton.
$17.67
One week ago
17.75
One month ago
18.67
One year ago
Based on average of basic iron at Valley
furnace and foundry irons at Chicago.
Philadelphia. Buffalo, Valley and Birmingham.
Low.
High.
1930_318.21 Jan. 7 517.67 Apr. 29
1929... 18.71 May 14 18.11 Dec. 17
1928_ 18.59 Nov. 27 17.04 July 24
1927.- 19.71 Jan. 4 17.54 Nov. 1
1926._ 21.54 Jan. 5 19.46 July 18
.90 Jo
Iron and steel markets have drifted deeper this week into
a torpid condition, says the "Iron Trade Review" of Cleveland, May 8. Whatever support the automotive industry
is lending the situation-and this support continues extremely
spotty-is more than neutralized by the apathy of other large
consuming groups. A new and discouraging note is the tendency of some western railroads to hold back releases on track
material. In many respects, the markets are displaying
the listlessness characteristic of midsummer, continues the
"Review," which goes on to say:
The price situation grows progressively weaker and is a factor in inducing
consume s to restrict their commitments rigidly. Thus far, large proMONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1929 TO APRIL ducers apparently have been disposed to let the weakness run its course,
1930-GROSS TONS.
but there is some opinion that an attempt to stabilize will be made shortly
Reported for 1929 by companies which made 94.51% of the open-hearth and by the formal announcement of new prices, which presumably would recognize some of the current low levels.
Bessemer steel ingot production in 1928.
The United States Steel Corp., whose pipe subsidiary a month ago met
shading with an open reduction of $4 a ton, has done likewise on wire
Approx,
Per
Monthly Calculated
products through its steel and wire sub idiary, cutting these lines $2 to $3.
Cent.
Monthly No.of Daily
Output
Bessemer. Companies Output all Wkg Output, Opera- Plate, shape and bar prices appear to be working below 1.80c, Pittsburgh,
OpenReporting. Companies Days all Cos. fion.a
hearth.
Months.
though ome busin ps, especially in bars, still is done at that level. Few of
the finished steel lines are untouched by the wave of softness. Pig iron Is
1929.
166,309 84.80
off 50 cents a ton at CI v and and St. Louis, wire rods are down $2, and
549,616 4.243,834 4,490,354 27
3,694,218
January
180,250 91.91
489,279 4,088,503 4,326,000 24
3,599,224
February
scrap still is easing off.
26
5,058,258
194,548
99.20
596,691 4,780,560
4,183,869
March
Sensitive to this condition, the 'Iron Trade Review" composite declined
189,924 96.84
640,351 4,666,927 4,938,025 26
4,026,576
April
32 cents this week, to $33.96. Not since January, 1927, has the composite
182,647 93.13
moved so,- viole ly in one wzek. For ten weeks now it has receded, and
4 mos-__ 15,503,887 2,275,937 17,779,824 18,812,637 103
at present is the lowest since the first week of Apr 1, 1922.
26
189,924
4,938,025
96.84
4,666,927
640,351
4,026,576
April
Steelmaking rate; attest the dull market. For the fourth consecutive
707,484 4.983,670 5,273,107 27 195,302 99.59
4,276,186
May
week Steel corporation subs'liarlei are unchanged at 80%. Finishing
195,255 /99.56
622,585 4,613,383 4,881,370 25
3,990,798
June
4,838,093
26
186,080 .94.88
3,922,532 649,950 4,572,482
mill ratettqat Youngstown are off slightly, to just below 70% this week.
July
668,023 4,656,752 4,927,258 27 182,491 '93.05
August...- 3,988,729
At Cleveland, they have declined rom 85% to 79, and at Buffalo from
4,263,232
25
'92.01
180,435
4,510,879
635,593
3,627,639
_
September
70% to 68. Chicago rates are little changed at 90 to 95%,and Pittsburgh
644,528 4,263,960 4.511,650 27 167,098 185.21
3,619,432
October
135,116 [68.90
at 75. I
522,672 3,320,160 3,513,025 26
November _ 2,797,488
2,737,264
115,851
2,896,269
25
59.07
360,489
December_ _ 2,376,775
Statistics on April pig iron and steel ingot production reflect the difficulties of producers in matching shipments with incoming business. Pig
174,162 88.81
Total.... 44,103,466 7,087,261 51,190,727 54,164,348 311
iron was produled in April at a daily rate of 106,418 gross tons,fractionally
1930.
higher than the 104.930 tons of March and comparing with 122,106 tons
27
71.51
3,578,574
140,239
3,786,450
441,572
3,137,002
,
Jarman --last
April. Last month was the fourth consecutive one to record a gain in
169,499 86.43
508,618 3,844,639 4,067,971 24
February -- 3,330,021
the daily rate but the fact that on April 30 only 182 blast furnaces, or two
164,961 84.12
539,616 4,053,520 4,288,985 26
March __ _ _ 3,513,904
less than on March 31, were in blast, may indicate a reversal in May.
159,358 81.25
3,406,610 509,234 3,915,844 4,143,312 26
April
Steel ingot production turned downward in April, the daily rate of 159,158.123 80.59
4 tiles_ 13,393.537 1.999.040 15.392.577 16.286.718 103
358 grass ton comp ring with 164,961 tons in March and being the lowest
production, at 189.924 tons, alio declined
a The figures of "per cent of operation" are based on the annual capacity as of since January. Last April ingot
from March, but it came back in May to set an alltime record. April's
Dec.31 1928 of 60,990,810 gross tons for Bessemer and open-hearth steel ingots.
t tal of 4,143,312 tons brought the four-month total to 16,286.718 tons,
or 14% below the 8,812,637 tons of a year ago. Steelmaking has averaged
80% of capacity thus far in 1930,contrasted with 93% a year ago.
the
Freight car awards this week, other than 500 refrigerator cars for
Steel Output Again Slightly Lower-Gain in Pig Iron Union
thousand are
Refrigerator Transit Co., were miscellaneous. Three
Minneapolis
Production in April, but Steel Declined in that Pendinr, including 2,200 f r the Illinois Central, 500 for the
& St. Louis and 200 for th Erie. The Amtorg Trading Corp., buying for
Month-Further Price Changes Reported.
Russia, is inquiring for 450 cars. April fr,ight car buying totaled 1941
Iron and steel prices have undergone additional read- un ts, compared with 6001 in March and 8,205 last April. For 1930 to
date freight car awards have totaled 20,829; last year, 49,368; and two
justments, buying remains exceedingly cautious and production shows further slight curtailment, with ingot output for the country averaging 77% compared with 78%
last week, says the "Iron Age" of May 8 in its summary of
iron and steel conditions. The "Age" continues:
years ago, 23,381.
Some markets of sheets note slight improvementin demand, traceable
to the automotive Industry, but from miscellaneous sources bookings are
lighter. Mahoning valley mills appraise the galvanized market as 3.20c.
to 3.25c., Pittsburgh. Extras on autobody sheets are being waived. Hotrolled strip mills in the Mahoning valley have received enough business to
accumulate mild backlogs. Wire products demand has not been stimulated
by the reduction to $2.15, Pittsburgh, for nails to jobbers and 2.30c. for
In a ,potty market, with expanding demand for certain products offset
by diminishing requirements in other lines it is difficult to discern a definite
trend. Although steel plants have been producing considerably less than in wire.
Pittsburgh district makers have booked 20,000 tons of seamless pipe for
1929, their output compares favorably with that of previous years. Ingot
production in April, at 159,358 tons a day,fell 3.4% below the March ratel the Sun Oil Co., Plate mills at Chicago have entered 6.000 tons of plates
but was the largest for any fourth month save in 1929 and 1928. Output for southwestern refineries, and expect the season's drilling operations to
In the first third of this year has been exceeded only by the corresponding develop demand for 50,000 tons. Bar demand at Chicago is up to the
Periods in 1929, 1928 and 1926.
season's average,butlight atPittsburgh. The week'sstructural steel awards
Pig iron production makes a less favorable showing. According to blast including 7,000 tons for Santa Fe railroad bridges and 6,600 tons for a
furnace returns to "The Iron Age," April output was 3,181,868 tons, or Chicago office building, totaled 56,000 tons, against 41,060 tons last week
106,062 tons a day, compared with 3,246,171 tons or 104,715 tons a day and 26,020 one a year ago.
Pig iron is undergoing a settling process like steel. The 50-cent cut at
in March, a gain in daily rate of 1347 tons, or 1.31%. However. the
April rate was the smallest for any month since 1922. Output for the first Chicago,followed by a like reduction at St. Louis and Cleveland,1; expected
third of the year, at 12,094,423 tons, has been exceeded in 10 of the last to affect the Mahonbag valley. Southern furnaces are more active in the
northern markets. Concessions are reported on standard grades of beehive
14 years.
Price weakness, although still evident, is not a new development In iron furnace coke.
and steel since the trend of the market has been downward since the middle
of 1929. As measured by the "Iron Age" composite for finished steel,
April-Anthracite
prices are $3.68 a net ton lower than 12 months ago and the recession in Production of Coal Lower in
Individual products has been even more severe, in the case of wire nails
Output Higher.
amounting to $10 a ton.
The total production of bituminous coal for the country
The protracted character of the decline in prices has led some of the
mora hopeful spirits in the industry to look for a turn, although signs of as a whole during the month of April, with 25.8 working
such a change are still lacking.
days, amounted to 35,750,000 net tons, according to estiFor the third consecutive week pipe line awards feature ste I demand.
The National Tube Co. has booked a total of over 300,000 tons in three mates of the United States Bureau of Mines. This compares
weeks. On top of 480 miles of 24-in. se .mless pipe for a Southwestern with 35,773,000 tons in the preceding month and 37,380,000
gas line t be laid for the H. L. Doherty interests, it will supply 250 miles tons in April 1929. The average daily rate of output in
of 64-in. seamless pipe for part of a gasoline line to be built by the Sun 011
Co. from Philadelphia to Cleveland and 80 miles of 8%-in. for a gas line April 1930 was 1,386,000 tons, as against 1,376,000 tons in
for the Atlantic Refining Co. The long talked of Amarillo-Chicago gas March last and 1,460,000 tons in the corresponding period
line is now believed to be coming to ahead, while the Southern Natural Gas in 1929.
Corp. plans to lay an 800-mile line in the Southwestern States.
The production of Pennsylvania anthracite in April is
The "Iran Age" composite price for finish's steel has dropped to 2.228c.
a lb.,from 2.242c. last week. It is $3.68 a net ton below the price of a year estimated at 4,899,000 net tons, as compared with 6,441,000
below
$1
ton,
gross
ago. The pig iron composite price remains at $17.67 a
tons in the same month last year and 4,551,000 tons in the
what it was a year ago, as the following table shows:
MAY 10 1030.]
FINANCIAL CHRONICLE
month of March 1930. The average daily rate of output
in April last was 196,000 tons, an increase of 21,000 tons
over the daily rate of 175,000 tons for March. The Bureau's
statement follows:
Total for
Month
(Na Tons).
April 1930 (preliminary) a
Bituminous coal
Anthracite
Beehive coke
March 1930 (revised)Bituminous coal
Anthracite
Beehive coke
April 1929Bituminous coal
Anthracite
Beehive coke
No. of Average per Cal. Year to
Working Working Day End of April
Days. (Net Tons). (Na Tons).
35,750,000
4,899,000
304,300
25.8
25
26
1,386,000
196,000
11,704
35,773.000
4,551.000
290,700
26
26
26
1,376,000
175,000
11,181
160,856,000
22,645,000
1,202,500
37,380,000
25.6
1,460,000
177,290,000
6,441,000
25
258,000
25,492,000
26
467.700
17.988
1,920,500
a Slight revisions of these estimates will be Issued in the weekly coal report about
the middle of the month.
Output of Bituminous Coal and Anthracite Continues
Below Rate a Year Ago.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal and Pennsylvania anthracite is still below the rate for the corresponding period in 1929. The current figures however are ahead
of those of the preceding week. The output for the week
ended April 26 1930,totaled 8,197,000 net tons of bituminous
coal and 1,404,000 net tons of Pennsylvania anthracite.
This compares with 9,239,000 tons of bituminous coal and
1,885,000 tons of Pennsylvania anthracite in the corresponding week last year and 8,103,000 tons of bituminous coal and
833,000 tons of Pennsylvania anthracite in the week ended
April 19 1930.
For the calendar year to April 26 1930, the production of
bituminous coal amounted to 156,274,000 net tons as against
172,124,000 tons in the calendar year to April 27 1929. The
Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended April 26
1930,
including lignite and coal coked at the mines, is estimated at 8,197,000 net
tons. Compared with the output in the preceding week, this shows an
increase of 94,000 tons, or 1.2%. Production during the week in
1929
corresponding with that of April 26 amounted to 9.239,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1930-1929
Cal. Year
Cal. Year
Week EndedWeek.
Week,
to Date.
to Date.a
April 12
130,974,000
8,257,000
8,357,000
154,119,000
Daily average
1,607,000
1,376,000
1,393,000
1,771,000
April 19.b
148,077,000
8,103,000
8,766,000
162,885,000
Daily average
1,591,000
1,351,000
1,461,000
1,751,000
April 26_c
8,197.000
156,274,000
9,239,000
172,124,000
Daily average
1,577,000
1,366,000
1,540,000
1,739.000
a Minus one day's production first week in January to equalize number of days!n
he 2 years. b Revised since last report. c Subject to revision.
3269
The total production of soft coal during the present calendar year to
April 26 (approximately 99 working days) amounts to 156,274,000 net tons.
Figures for corresponding periods in other recent calendar years are given
below:
1929
172,124.000 net tons 1927
197.036.000 net tons
1928
159,061,000 net tonsI1926
182,785,000 net tons
As already Indicated by the revised figures above the total production
of soft coal for the country as whole during the week ended April 19
amounted to 8,103,000 net tons. Compared with the output in the preceding week, this shows a decrease of 154,000 tons, or 1.9%. The following
table apportions the tonnage by States and gives comparable figures for
other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
StateApr. 19'30. Apr.1230. Apr.20'29. Apr.21'28.
Alabama
298,000
302,000
343,000
353,000
13,000
12.000
Arkansas
15.000
23,000
83,000
101,000
Colorado
132.000
158,000
Illinois
877,000
871.000
858.000
321,0011
265,000
271,000
Indiana
266,000
201,000
50,000
56,000
Iowa
53.000
60.000
34,000
34,000
Kansas
30,000
29,000
766,000
Kentucky-Eastern
729,000
773.000
794,000
154,000
139,000
Western
201,000
324,000
46,000
Maryland
39,000
42.000
49,000
Michigan
8,000
10,000
13,000
12,000
61,000
Missouri
53,000
55.000
63.000
36,000
30,000
57,000
42,000
Montana
New Mexico
30,000
51,000
34,000
49,000
22.000
21,000
18,000
North Dakota
20,000
Ohio
387.000
381.000
380.000
201.000
24,000
36,000
29,000
41,000
Oklahoma
2,341.000 2,402,000 2,5731100 2,359,000
Pennsylvania (bitum.)
105,000
104.000
109,000
99,000
Tennessee
17,000
9,000
9.000
18,000
Texas
72,000
45,000
45,000
71,000
Utah
206.000
221,000
212,000
211,000
Virginia
42,000
33,000
31.000
45,000
Washington
W. Virginia-Southern_b 1,571,000 1,570,000 1,694,000 1,651,000
610,000
628,000
721,000
626,000
Northern_c
Wyoming
82,000
92.000
108,000
100,000
2,000
1,000
1,000
6,000
Other States d
Apr111923
Avfle.ts
412,000
21,000
184,000
1.471.000
514,000
100.000
79.000
620,000
188,000
52,000
22,000
59,000
42,000
59,000
16,000
766,000
49,000
3,531,000
121,000
20,000
70,000
249,000
35,000
1,256,000
778,000
116,000
6,000
Total bituminous coal-- 8,103,000 8.257,000 8,766,000 8,045,000 10.836.000
Pennsylvania anthracite-- 833,000 1,060,000 1,424,000 1.576,000 1,974,000
8,936,000 9,317,000 10,190,000 9,621,000 12,810,000
Total all coal
a!Average weekly rate for entire month. b Includes operations on the N. dr W.
C. dz 0., Virginian, and K.& M. c Rest of State, Including Panhandle. d This
group Is not strictly comparable In the several years.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
April 26 is estimated at 1.404,000 net tons. This is an increase of 571,000
tons over the output in the preceding week, when working time was curtailed by religious holidays. Compared with the week of April 12, there 18
again of 344,000 tons, or 32.5%.
Estimated Production of Pennsylvania Anthracite (Net Tons).
19301920
DailyDaily
Avge.
Week.
Week.
Week Endeddoge.
April 12
1,060,000
176,700
1,142,000
190,300
April 19
138,800
833,000
1,424,000
237,300
April 26
234,000
1 404,000
1.885,000, 314.200
Collieries of Lehigh Navigation Coal Co. on Full Time
.
.
Associated Press advices iiom Lansford, Pa7, April 30,
stated:
For the first time in six months all collieries of the Lehigh Navigation
Coal Co. will operate to-morrow and continue steadily throughout May.
The plants have been operated on a part time basis.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 7, made public by the Federal Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows decreases for the week of
$34,400,000 in holdings of bills bought in open market and
$1,700,000 in U. S. Government securities and an increase
of $4,000,000 in holdings of discounted bills. Member
bank reserve deposits declined $35,300,000, Federal Reserve
note circulation $14,300,000 and cash reserves $9,500,000,
while Government deposits increased $11,100,000. Total
bills and securities were $31,100,000 below 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
an increase of $15,900,000 at the Federal Reserve Bank of New
York,
and decreases of $6,200,000 at San Francisco, $2,500,000 at St. Louis
and
$1,800,000 at Philadelphia. The System's holdings of bills
bought in
open market declined $34,400,000, of U. S. bonds $11,000,000 and
of
Treasury bills and certificates $1,900,100, while holdings of
Treasury notes
Increased $11,300,009.
Federal Reserve note circulation declined $7,800,000 at the Federal
Reserve Bank of Chicago. $5.700,000 at New York, $2,300,000 at Philadelphia, $1,400,000 at Cleveland, and $14,300,000 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 3312 and 3313. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended May 7 1930, follows:
Total reserves
Gold reserves
Total bills and securities
May 7 1930.
$
3,242,124,000
3,068,169,000
Increase (+) or Decrease (-)
During
Week.
Year.
$
$
-9,473,000 +229,845.000
-4,491,000 +227,222,000
951,095,000 -31,130,000
Bills discounted, total
237,448,000
Secured by U.S. Govt. obligations_ 106,620,000
Other bills discounted
130,828,000
+3,996,000
+641,000
+3,355,000
-330,817,000
B1118 bought in open market
175.203,000 -34,361,000
-724,574,000
-419,194,000
-305,380,000
Me
+18,022,000
U. S. Government securities. total
Bonds
Treasury notes
Certificates of indebtedness
527,844,000 -1,665,000
55,145,000 -10,991.000
186,749,000 +11,258,000
285,950,000 -1,932,000
+378.356.000
+4,738,000
+102,254.000
+271,364,000
Federal Reserve notes in circulation..1,492,994,000 -14,274,000
-170,684,000
Total deposits
Members' reserve deposits
Government deposits
2,412,999,000 -20,934,000
2,349,436,000 -35,285,000
33,794.000 +11,120,000
+23.785,000
+19,403,000
+5,159.000
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 the different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
[VOL. 130
FINANCIAL CHRONICLE
3270
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$200,000,000, bringing the total of these loans on May 7
down to $4,074,000,000 as compared with $5,551,000,000 on
May 8 1929. The present week's decrease of $200,000,000,
however, follows an increase since Feb. 26 1930 of no less
than $785,000,000. The loans "for own account" decreased
during the week from $1,695,000,000 to $1,611,000,000; the
loans "for account of out-of-town banks"from $1,183,000,000
to $1,123,000,000, and the loans "for account of others"from
$1,397,000,000 to $1,341,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 7 1930. Apr. 30 1930. May 8 1929.
Loans and investments—total
7,840,000,000 7,947,000,000 7,165,000,000
Loans—total
5.870,000,000 5,969.000,000 5,314,000,000
On securities
All other
3,409,000,000 3,511,000,000 2,647,000,000
2.461,000,000 2,458,000,000 2,667,000,000
1,971,000,000 1,977,000,000 1.852,000.000
Investments—total
U.S. Government securities
Other securities
1,099,000,000 1,112,000,000 1,075,000,000
872.000,000 868,000,000 777,000,000
Reserve with Federal Reserve Bank
Cash in vault
741,000,000
47.000,000
782,000,000
47,000,000
724,000,000
55,000,000
5,384,000,000 5,625,000,000 5,146,000,000
1,370.000,000 1,344,000,000 1,157,000,000
18,000,000
33,000,000
48,000,000
Net demand deposits
Time deposits
Government deposits
141,000,000 147,000,000
949,000.000 1,030,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank..
28,000,000
12,000,000
79,000,000
806,000,000
189.000,000
Loans on secur. to brokers & dealers;
1 611,000,000 1,695,000,000 864,000.000
For own account
For account of out-of-town banks_ __ _1,123,000,000 1,183,000,000 1,734,000,000
1,341,000,000 1,397,000,000 2,953,000,000
For account of others
4 074,000,000 4,274,000,000 5,551,000,000
Total
3,450,000,000 3,697,000,000 5,182,000,000
623,000.000 577,000,000 369,000.000
On demand
On time
Loans and investments—total
Chicago.
1,866,000,000 1,863,000,000 1,865.000,000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank
1,493,000,000 1.492,000,000 1,503,000,000
879,009,000
614,000,000
890,000,000
601,000,000
831,000,000
872,000,000
373,000,000
372,000,000
363,000.000
161,000,000
213,000,000
163,000,000
209,000,000
155.000,000
207,000,000
175,000,000
13,000,000
192,000,000
13,000,000
168,000,000
14,000,000
1 246,000,000 1,258,000,000 1,184,000,000
539,000,000 538,000,000 533,000,000
2.000,000
3.000,000
12,000,000
115,000,000
334,000,000
116,000,000
328,000,000
113,000,000
318,000,000
18,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business April 30:
Increase (÷) or Decrease (—)
Since
April 30 1930. April 23 1930. May 1 1929.
2
IS
$
+9,000,000 +4442,000,000
Loans and Investments—total____22,755,000,000
Loans—total
On securities
All other
Investments—total
16,964,000,000
8,381,000,000
8,583,000,000
+9,000,000
+528,000,000
+55.000.000 +1,010,000,000
—46,000,000 —484,000,000
—84,000,000
5,791.000,000
U.S. Government securities__ — 2,852,000,000
2,940,000,000
Other securities
—21,000,000
+23,000,000
—145.000,000
+62,000,000
Reserve with Federal Res've banks 1,774.000,000
214,000,000
Cash in vault
+48,000,000
—7,000,000
+72,000,000
' —9,000,000
13,681,000,000
7,055,000,000
96,000,000
+126,000,000
+21,000,000
—12,000,000
+347.000,000
+2)5,000.000
—47,000,000
1,188,000,000
2,930,000,000
+33,000.000
+133,000,000
+31,000,000
+213,000.000
74,000,000
+16,000,000
—629,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
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 May 10 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business for the week ended May 2 was again adversely affected by the
new weakness of the peso exchange, but the improved borrowing rates
prevailing in London and New York and the persistent rumors that the
Government is about to float a loan eased the situation somewhat. The
National Minister of Finance has reported that as compared with the corresponding period of the previous year, the internal tax revenue from Jan. 1
to April 20 1930, increased by 20,000,000 paper pesos, and that while the
deposits of the principal banks for the first quarter have increased their cash
holdings discount operations have declined. Despite the May Day demonstrations labor was tranquil. Exports continue to be heavy and the weather
Is favorable to the agricultural and livestock industries. The new officers
of the Government of the Province of Buenos Aires were installed on May
1 and it is expected that their installation will result in increased activities
at least in so far as the financing of public works is concerned.
BRAZIL.
The general business situation in Brazil is showing signs of improvement
which, though largely psychological, are actually in evidence in some lines.
This optimistic feeling is engendered by the quiet political situation, by the
anticipated flotation of the £20,000,000 loan recently arranged, and by
the firmness of exchange. Basic conditions, however, are little changed,
but there is a feeling of hopefulness that the loan will considerably relieve
the present difficult position of the Sao Paulo industry. Latest official
trade statistics indicate that the value of exports this year is considerably
reduced as compared with the corresponding period of last year, despite
the larger export volume in 1930. Manufacturing industries show no improvement with the exception of the knitting mills which are increasing
their activities. Construction is still comparatively inactive with price
levels generally downward, qnd the labor situation unimproved in Rio de
Janeiro and the north, but somewhat better in Sao Paulo and the south.
BRITISH MALAYA.
It is reported that 30% of the European estates and a small proportion
of medium sized native holdings entered into the plan calling for cessation
of rubber tapping throughout Malaya and the Netherland East Indies.
An increase in Malayan rice production has been urged in recent speeches
by the Governor of the Straits Settlements. It is understood that the
Malayan Government is considering the practicability of irrigation works
in the non-federated Malay States of Kelantan.
CHINA.
Maritime Customs collections at Shanghai during the first four months
of the year, on the basis of the old tariff of 5%,totaled 12.972,000 haikwan
teals, compared with 12,285,000 in that period last year. (Haikwan tad
worth approximately $0.64 in 1929, and $0.51 in 1930.) Import collections
in this year's period totaled 9,606.000 haikwan taels, against 9,854,000
in the similar period of last year, and export collections totaled 2,966,000
haikwan taels, compared with 1,979.000 in last year's period. The increase
in import collections was largely as a result of withdrawals from bond,
rather than new import business. Political manoeuvres still hamper the
trading situation in North China. Through railway traffic has teased on
the Tientsin-Pukow, Peking-Hankow, and Lunghai lines, all of which are
occupied chiefly in military transport, although limited local services are
maintained on sections controlled by each group. Business in Manchuria is
showing gradual improvement.
The Mukden Government is arranging for a conference of Chinese bankers
aiming to assist merchants by extending loans. Enforcement is reported
of the recent order prohibiting the export of grains ani beans, and the
appointment of commissioners to regulate grain movements in order to foreThe Federal Reserve Board's condition statement of weekly reporting
stall
shortages in some districts. Provisions are being made for heavy
member banks in leading cities on April 30 shows increases for the week
immigration this season.
of $9,000.000 in loans and investments, $126,000,000 in net demand deCOLOMBIA.
posits, $21,000.000 in time deposits, and $16,000,000 in borrowings from
Business continues dull throughout Colombia,imports of automobiles are
Federal Reserve Banks and a decrease of $12,000,000 in Government
lower, and sales of foreign foodstuffs and textiles are quiet. Collections are
deposits.
Loans on securities increased $55,000,000 at all reporting banks, $104,- bad and the number and volume of protested drafts is still high. Imports
Minneapolis
disfrom
the
the United States fell off 50,
in
t during February. Additional public
000,000 in the New York district and 86,000,000
trict, and declined $21,000,000 in the Chicago district, $20,000,000 in the works have been suspended. However, coffee prices are profitable on acBoston district, $9.000,000 in the Cleveland district and $6,000,000 in the count of lower wages and cost of transportation. A now cabinet was apPhiladelphia district. "All other" loans declined $46,000,000 at all re- pointed by the President on April 14. The Government arranged a six
porting banks and in the New York district, and increased $10,000,000 in months loan of $5,000.000, the proceeds to be used to retire bankers shorttime loans of the same amount. At the request of the Government, the
the San Francisco district.
Holdings of U. S. Government securities declined $11,000,000 in the Andian National Corporation, operators of the pipeline from the oil fields
Minneapolis district, $10,000,000 in the New York district and 221,000,000 to the coast, will pay 500.000 pesos on account of the disputed income tax
at all reporting banks, while holdings of other securities increased $14,- of 1926, as a gesture of goodwill.
000,000 in the New York district, and $23,000.000 at all reporting banks.
DENMARK.
The principal changes in borrowings from the Federal Reserve Banks
The current business situation in Denmark remains favorable, but a
for the week were increases of $5,000,000 each at the Federal Reserve
pessimistic undertone is noted due to the recent decllne in prices on agriBanks of New York and San Francisco.
A summary of the principal assets and liabilities of weekly reporting cultural products, reduced earnings and unsatisfactory outlook for shipping,
member banks, together with changes during the week and the year ended and depression in certain foreign markets. These factors,however, appear to
be somewhat exaggerated locally as the present position of the money
April 30 1930, follows:
MAY
10 1930.]
3271
FINANCIAL CHRONICLE
market and the industrial situation unquestionably are as satisfactory as
a year ago. Practically all branches of Danish industry are satisfactorily
employed. Building remains especially active. The fisheries also report
good yields. Agricultural exports continue at a high level, but prices on
eggs and butter show a downward tendency. Shipping is somewhat depressed with the amount of idle tonnage estimated at 153,000 dead-weight
tons at the close of April against 103,000 tons at the end of March. The
labor market is promising, as many wage agreements already have been
renewed and others are expected to be renewed soon. The number of
unemployed is gradually being reduced and towards the end of April was
estimated at 40,000 compared with 53,000 a month ago. Prices continue
to decline with the official wholesale index recorded at 136 for March,
a drop of 8 points during the month. There is plenty of available money.
but rates of interest remain relatively high and the banks are very cautious
in their extensions of credit.
INDIA.
The continuance of disturbances throughout India, attended by boycotts
on various lines of foreign merchandise. Is making forward import business
highly speculative and uncertain. Until the situation has cleared extreme
caution should be exercised in making shipments to India.
This Week's Conference in Paris To Complete Arrangements For Floating Bonds to Be Issued Under
Young Reparation Plan—Great Britain's Share to
Be $50,000,000.
The Paris Conference of Treasury officials of the countries
interested in the Young Reparations Plan was brought under
way on May 5 as a sequel to the Brussels bankers' conference
of last week, which has assured the bringing out of the mobilization loan. A Paris cablegram to the New York
"Journal of Commerce"from which we quote added:
The French willingness to take over from $80,000,000 to 3100.000.000
of the Issue has greatly facilitated the negotiations. The American delegates have evinced an unwillingness to take over a participation in the loan
as large as that of the French, which the latter desire.
Quesnay Reports.
At the Treasury Conference were present representatives of France
England, Italy, Japan, Jugoslavia, Portugal and Germany: Dr. Quesnay
JAPAN.
managing head of the Bank for International Settlements, reported on
Shrinking industrial profits, commercial inactivity and the seriousness of the results of the Brussels Conference. He requested the power to act for the
the silk situation is reflected in declining prices on the stock exchange. nations present in conferences to be held with the bankers who will handle
Volume of selling recently caused the Tokyo exchange to close for the second the reparations bond issue in the various countries.
*
*
*
time this year and since the re-opening there has been no improvement in
market sentiment. Security prices are still falling. Preliminary returns of
The conference of Treasury officials will also have to reach an agreement
trade for April indicate a recession from March figures. Exports totaled on the method whereby Germany will provide interest payments on her
114,908,000 yen against 135,600,000 yen in March and April imports own share of the annuity loan,since the Hague protocols are concerned only
aggregated 137,272,000 yen compared with 182,400,000 yen in the previous with service on the $200.000.000 of the issue which goes to the creditor
month. (1 yen averaged 30.4933 in March and 30.4936 in April.)
nations.
It has been decided that the Credit Lyonnais will head the French syndiNEW ZEALAND.
cate handling the issue because of its widespread organization and experiPractically all lines of business activity throughout New Zealand have ence, with Lazard Freres closely associated. Numerous inquiries from cusbeen quiet during the past six weeks due to poor butter and cheese prices tomers have been received by the French bankers, and several of those
which have reached the lowest levels in many months and to depression in who will join the syndicate report they have already placed their participathe wool industry. Reports from overseas markets indicate advances may tions in the issue.
be expected in dairy produce prices and this, coupled with favorable weather
London has again indicated that it wishes to take over only that portion
conditions, is making the trading outlook brighter than at this time last of the issue which will correspond to its share in the proceeds
month. In spite of depressed conditions in New Zea'and, business conThe European bankers hope that the Morgan representatives will agree to
tinues at a higher level than had been anticipated. Motor registrations the 5X% coupon rate, despite the fact that the latter are opposed to a
during the first quarter of the year were higher than for the same period of heavy discount from par in the sale of bonds.
1929 but for the whole year it is estimated that sales will decline approxiWith the conclusion of the deliberations May 8 the New
mately 25%. The building trade and all allied industries are off approximately 40%. The unemployment position is not acute. Reports that New York "Times" in a Paris cablegram said:
Zealand has turned to the dole system are erroneous as such a plan has not
The Treasury experts of the former Allied nations which are to share the
been contemplated by the Government. A financial review of the year
plan annuity loan completed their
ended March 31 reveals a federal surplus of E500,000 more than had been non-German portion of the first Young
labors this afternoon in connection with the arrangements for the flotation
estimated.
of the $300,000,000 issue.
NORWAY.
In a general way it may be said the Treasury representatives reached
Annual statements published recently by leading industrial concerns agreement upon the outlines of the proposals submitted to them by the
reveal a general improvement in Norwegian industry, although present investment bankers of the nine countries which are to participate in the
activity is perhaps slightly below normal. The outlook for the immediate operation, but several questions still remain to be settled. These will be
future is encouraging, but the prospects for permanent improvement depend considered by the Board of the Bank for International Settlements at its
somewhat on political developments as the coining fall election is causing meeting at Basle on Monday.
some hesitancy for new committments. There was practically no change
The investment bankers will be summoned to the headquarters of the
In the amount of idle tonnage during April, but freight rates are slightly World Bank at the end of next week, or not later than Monday. May 19.
firmer and further improvement is anticipated. The latest reports from Although they will not be in session with the bankers, the Treasury agents
all fishing districts indicate satisfactory returns for the season. The whaling will also come to Basle so as to be available for consultation on the final
fleet has left the Antarctic and Is returning with full cargo. The demand details of the loan.
for lumber is brisk, with exports slightly above the level ef last year,
At the concluding meeting the bankers will determine the price the
although somewhat retarded by the turnover in broken stocks. Prices are bankers shall pay for the bonds and the offering price to the public. It is
stable. Sales of mechanical pulp are being well maintained, but paper also likely the fixing of the yield of the bonds will have to be left to the deexports are below normal and production shows some curtailment. The cision of the bankers' session, although in principle it has been decided
mining and electro-chemical industries continue to exceed prex ions records. the bonds will run 35 years and will be offered to the investors of the world on
Unemployment is gradually being reduced. March imports and exports a 5 % basis at a price sufficiently below par to assure a return of 6%•
were higher than in February and also higher than during the corresponding Unless some unforeseen development occurs the first Young plan loan will
month of 1929. Imports were valued at 92,000,000 crowns against 78,- be floated about May 30 or June 20.
100.000 crowns during February, while exports reached a total value of
Experts of the German Finance Ministry have been meeting with the
63,700,000 crowns, compared with 58,100,000 crowns for the previous allied experts, as also have Gates W. McGarrah, Leon Fraser and Pierre
month.
Quesnay, the chief officials of the world bank.
Among the issues yet undetermined is the method by which the bonds
SWEDEN.
be redeemed. However, a mass of details has been disposed of during
shall
Swedish industries and trade, on the whole, are as yet affected to only a
meeting here, and all the remaining questions will be settled at
limited extent by the current depression of certain foreign markets and by the 4-day
declining commodity prices. A small number of workers have been laid next week's meetings.
So far as the prospects of the success of the flotation are concerned.
off in certain iron works and machinery plants. Future developments
appear to entertain the greatest optimism. It is the imdepend largely upon changes in the business situation of the principal banking circles
unusually high yield for such a strong investment is cerSwedish foreign markets; however,a further slowing up Is generally expected. pression that the
appeal to the public.
The Riksdag recently abolished the gold import restriction which has been tain to make a powerful
effective since 1924, while the Riksbank has requested authority to increase
Under date of May 7 the Paris advices to the "Times" had
the amount of 125,000,000 crowns to 250,000,000 crowns,thereby obtaining
the following to say:
a better control of the fiscal situation. The lumber market is weaker than
Representatives of the Treasuries of t e former allies, who are meeting
last year because of Russian competition and decreased British buying. It
Is estimated that the year's production of lumber wilt fall 15% below the here this week to put the final touches to the preparations for the issue of
level of 1929. Advance sales were estimated at 500,000 standards (990,- the first German annuity loan under the Young Plan, decided this evening
000,000 board feet) at the end of March,as compared with 575,000 standards to increase the British share in the proceeds of the $300,000,000 flotation
(1,138,500 board feet) on April 15 1929. The chemical pulp market is from $26,000,000 to $50,000,000. This automatically reduces the French
characterized by declining prices and lower Purchases by the United portion by 324,000,000 to a total of $132,000,000.
However, it also increases the amount the British banking group will
States, particularly of sulphate pulp. The iron and steel market underwent
no marked changes during the quarter and prices remain about the same, absorb from the original figure of $26,000,000 to 350,000,000.
The extent to which Britain would participate in the selling of the issue
although orders were reduced and slight unemployment occurred. The
machinery industry reports a decline of foreign orders. The general price has been a subject of keen debate among the Treasury experts here. The
British
took the position, which reflects the attitude of Philip Snowden,
level is following the decline abroad and creating a feeling of uncertainty
in some lines. Automobile dealers are more optimistic regarding sales that they should not be required to purchase more than the British Government was to obtain under the terms of the loan, namely $28,000,000.
during the next quarter.
French Accept Reduction.
As such a relatively small share for an important market might have
had an unfortunate effect upon the flotation, the Treasury agents, with
the approval of the French representatives, agreed to increase the British
share in the proceeds to $50,000.000. This decision, and many other
PHILIPPINE ISLANDS.
was reached to-day in the course of two lengthy
While general business conditions remain unchanged, the business of a technical nature,
plenary meeting will be held to-morrow, after which
community is adopting a more optimistic attitude with regard to outlook. sessions. A final
an adjournment will be taken to permit Gates W. McGarrah, Leon Fraser
The textile market is dull and featureless.
and Pierre—officials of the Bank for International Settlements—to return
PORTO RICO.
to Basle and prepare for Monday's meeting of the world bank, which is to
The Legislature of Porto Rico ended the year's session on April 17. having give final consent to the loan.
*
*
*
passed the budget for the coming fiscal year 1930-31 and enacted several
Hope for High Yield.
important and constructive measures. The budget called for expenditures of
310,451,000 during the next fiscal period, against an estimated revenue
Though the interest rate has not been finally settled, it is understood
of $10,500,000. The more important of the legislative measures enacted the American bankers hope it may be possible to offer an even higher
included the establishment of an Insular Department of Commerce, the yield than 6%.
reorganization of the judiciary system and a uniform negotiable instruments
Owing to the immense amount of detail remaining to be disposed of,
it is not likely the loan will be floated before the last days of May or the
law.
The Department's following summary also includes the
following with regard to the Island possessions of the United
States:
3272
FINANCIAL CHRONICLE
[VOL.130.
first week of June. By that time the American bankers feel it may be Press advices from Rome to the New York "Herald Tribune,"
possible to issue the loan in more favorable circumstances.
which added:
With Britain taking $50.000,000 and France and the United States,taking
'The ratification is effective as of May 5, 1930. With Italy's approval
about $90,000,000 each, only $70,000,000 remains to be divided between
Britain involved in the reparations
the other European markets. Sweden will take $25,000,000 of this amount, registered all the nations but Great
Germany $5,000,000 to $10,000,000, Switzerland $15,000,000, Italy question have accepted the Young Plan. When Great Britain has approved,
the post-war problem of Germany's indebtedness will have been formally
$5,000.000 to $10,000,000, and Belgium $5,000,000 to $10,000,000.
Since France will receive the lion's share of the non-German portion of settled.
The Bank for International Settlements will then be able to go forward
the loan proceeds, it is likely the French part of the flotation will exceed
with business. It was recently organized and officers elected at Basle,
that taken by the American group.
Switzerland.
In our issue of a week ago (page 3087) we referred to the
Brussels Meeting of May 1; a further session was held at
Loan—Paris Expects 6
Rate, Prefers
Brussels May 2, as to which a cablegram to the New York Mobilization
532% and Bonus.
"Times" said in part:
The New York "Times" in a wireless message May 2 from
The first German annuity loan of $300,000,000—the largest International
financial operation since the War—took definite form here this evening Paris, stated:
when investment bankers of nine nations reached an agreement upon the
essential details of the Young Plan flotation. Several of the decisions
are of a tentative character, pending the meeting of the representatives
of the Treasury Departments of the countries which will share the proceeds
but during their meeting, held yesterday and to-day, the bankers were
able to smooth out nearly all the difficulties in the path of the loan.
The American bonds will be in denominations of $500 and $1,000 each.
The Bank for International Settlements will act as trustee for the bondholders.
Gates W. McGarrah, President of the Bank for International Settlements, who was detained in Berlin because of the meeting of the Reichsbank, reached Brussels at noon to-day and presided over the final session
of the bankers' meeting. Leon Fraser, American secretary of the World
Bank, took the place of his chief at the earlier meetings.
Thomas W. Lamont, partner in the J. P. Morgan Co., left for London
this evening after taking an active part in the discussions here. He will
sail for New York within a few days and will direct the flotation of the
American share of the bond issue.
Protocol Making Effective Young Reparations Plan
Signed at Paris.
A protocol putting into effect the Young Reparations
Plan was signed at Paris May 9 at the French Foreign Office
by Premier Briand and the foreign ministers of Great Britain,
Italy and Belgium. Associated Press cablegrams from Paris
yesterday reported this and added:
The signing took place at 5.45 p.m.
The last minute arrival of the necessary documentsfrom Great Britain and
Italy and their deposit in the French foreign office made the signing to-day
possible.
Premier Briand was the host of Arthur Henderson, British Foreign
Minister at luncheon. The diplomats discussed questions concerning the
forthcoming Geneva Council session, and announced afterward that they
were in complete accord.
Loans to Nations Forced Into War Urged at Geneva
By Committee of League of Nations—Smaller States
Press Plan.
A cablegram (copyright) from Geneva, May 5, to the
New York "Herald Tribune" says:
The exact amount of French shares in the mobilization loan is still
unknown. Official circles generally favor a rate of 5%%, with a bonus
rather than 6%%, which it is thought will be the actual rate.
The vote of the Chamber ratifying the Young agreement provided also
that the mobilization loan should be exempt from French taxes.
Interior Bond Houses Want Higher Yield on German
Annuity Bonds—Said To Fear Selling Difficulties
at 6%.
Reports that approximately $90,000,000 German annuity
bonds, •bearing a coupon of 5%%, will be offered in the
American market at a price to yield 6% were not received
favorably in local bond market circles, said the New York
"Journal of Commerce" of May 8, in which it was also
stated:
Unless a greater yield is offered, it was declared, it will be difficult to
distribute the bonds.
While it was generally agreed that the reduction of discount rates in
London, Paris and New York would make possible the marketing of the
bonds at a lower yield than would otherwise have been the case, a return
of 6% was said to be out of line with present conditions in the market.
The sales managers of interior branch offices of several bond houses
have communicated with their main offices that for their districts annuity
bonds yielding 6% could be disposed of only through the exertion of great
selling pressure. This, it was feared, would sometimes take the form of
inducing customers to substitute annuity bonds for others now held, with
special concessions on the bonds taken in.
The sale of the annuity bonds has been the subject of much discussion
in Wall Street quarters, not only because the offering of $75,000,000 to
$90,000,000 bonds would be a large volume of foreign securities to place
upon the market at one time, but also because the annuity bonds will, so
far as their servicing '9 concerned, be prior to other German issues, except
the Dawes loan, and therefore deserving of the best prices obtainable on
German bonds.
The lowering of the discount rates, with the purpose of lowering the
yields on the annuity bonds and other German issnes which may follow,
has been criticized by some bankers. It was pointed out that while the
forcing of low rates would firm the bond market for a time, it would be
disadvantageous to German credit to issue the bonds at prices which would
not be maintained in the market over an extended period of time.
The Arbitration and Security Committee of the League of Nations began
and ended to-day debate on its draft treaty for financial assistance in Dwight W. Morrow, Ambassador to Mexico, Decides
time of war, following the same road traveled last week by that body's disNot to Accept Appointment to U. S. Senate at This
cussion of its convention for lessening chances of war. Now, as then,
Time—Will Be Candidate For Nomination at New
everything depends upon a possible compromise in the Drafting Committee
Jersey Primary.
between the countries favoring specific instructions for action by the
League's Council in each conceivable contingency and the countries that
The
decision of Dwight W.Morrow,American Ambassador
favor leaving the Council the widest possible latitude for its decisions.
The treaty proposed provides that, should one of its signatories become a to Mexico, not to accept the appointment as United States
victim of aggression, the other signatories, at the Council's recommenda- Senator offered him by Governor Larson of New Jersey, was
tion, shall, each in its allotted degree, guarantee a loan to the victim. made known in a statement issued by Mr. Morrow in
WashThe measure is pressed by smaller nations as supplementary to disarmament.
They argue that, whereas disarmed great powers rapidly regain adequate ington on May 3. It was announced in December that
military efficiency if attacked, minor countries obviously would be worse Mr. Morrow had been chosen by Governor Larson for the
off for lack of the sinews of war, and that, moreover, the projected loans senatorial post to succeed Walter E. Edge who resigned from
would have a strong moral effect on aggressively minded powers.
But how a decision can be made between two disputants, each calling the Senate to become Ambassador to France. Temporarily
one another the aggressor, whether or not the Council must be unanimous, the Senatorship has been held by David Blair Jr., of Camden.
and whether the money is to be forthcoming only in case of war or upon Ambassador Morrow, who returned last week from Europe
the threat of war also—these matters must be decided by that drafting
where he participated in the London Naval Conference,
committee which meets to-morrow.
Meanwhile the corridors of the League's Secretariat are agitated by the states that the prolongation of that Conference and the
rumor that, because of the London Naval Conference rendts—not to men- shortness of the time remaining before the adjournment of
tion Italy's shipbuilding program—the Preparatory Disarmament Commis- the
Senate have led to his decision not to accept Governor
sion might be called together this summer to further advance the plans
for a world disarmament congress. Jonkheer J. Louden, Chairman of the Larson's offer. At the coming primary in New Jersey,
Commission, arrived last night to discuss privately during the week this Mr.Morrow will enter the campaign as Republican candidate
topic with members of the Arbitration and Security Committee, who are for Senator in
the Fall elections. Ambassador Morrow's
also members of his commission.
Reijiro Wakatsuki, who was head of the Japanese delegation to the statement of May 3 follows:
Ambassador Morrow has notified Governor Larson of New Jersey
London Naval Conference, is due this evening or to-morrow, but his visit
that he has decided not to accept his offer made last winter of the seat
is described as wholly non-political.
support,
are
Italian
in
some
British
and
the United States Senate. Mr. Morrow urged Senator Baird to retain
Scandinavia,
with
Germany and
urging the early meeting of the commission. It is understood here, how- the seat and Senator Baird consented. The unexpected prolongation of the
ever, that Washington believes the time is not ripe, and France and all London Naval Conference and the shortness of the time remaining before
other allies hold the same opinion. Paris is believed to be waiting to see the adjournment of the Senate have led Mr. Morrow to make this decision.
how far Italy can afford to go with its announced naval construction He will stand in the coming primary in New Jersey for nomination as the
program—how far, if at all, the Italians are to bluff to secure proffers Republican candidate for Senator in the elections next fall.
It will be recalled that in the statement he gave out last December
of Mediterranean parity. On the whole, the best informed opinion postMr. Morrow said that on his return from London he would go to Mexico
pones the next session of the Preliminary Disarmament Commission to
for a short time to complete unfinished duties there before entering Into
October or November.
his primary campaign in New Jersey. The prolongation of the London
Conference has, however, made it impossible for him to go to Mexico until
the close of the primary campaign in June. Moreover, he feels that he
Italy Ratifies Young Reparations Plan.
should be available in this country to give such testimony and information
concerning the naval treaty as may be required of him.
On May 7 Italy ratified the Young Plan as evolved by the
When the primary campaign is over Ambassador Morrow will return
Associated
to Mexico in order to take up a number of important matters pending.
two Hague reparations conferences in 1929, says
MAY 10 1030.1
FINANCIA.L . CHRONICLE
Annual Award of Town Club of New York Presented
to Dwight W. Morrow—Medal Voted to Ambassador
for His Work in Improving Relations With Mexico.
Dwight W. Morrow, Ambassador to Mexico, member of
the American delegation to the London Naval Conference
and candidate for United States Senator from New Jersey,
received the second annual award of the Town Club on
May 1 as the member who has contributed most to the
"fair name of the club" and to the "enlargement and enrichment of life" in the past year. Noting this the New York
"Times" of May 2 stated:
3273
After the signature the Austrian Minister issued a statement exPressing
appreciation "for the friendly spirit of helpfulness shown by the United
States in concluding this arrangement, which will make a most favorable
Impression upon the public opinion of Austria."
Secretary Mellon, in a statement explaining the pact, said that Austria
had accepted a plan by which it will make the "following payments beginning Jan. 1 1929: Five installments of 2287.556 each. 10 installments of
$460,093 each and 25 installments of $743,047 each, or a total over the 40
Years of 224.614,885." Austria has already made the 1929 and 1930
payments.
Plans for Redemption of Italian Public Debt.
According to Romolo Angelone, Italian Commercial Attache in New York, a further step was taken during the past
The award, which carried with it a bronze medal, was given by vote
of the club members in the Town Hall auditorium. Mr. Morrow was week by the Italian Government toward accelerating the
chosen from a list of five members who had previously been elected by existing process for the redemption and cancellation of the
referendum to constitute the club's 1930 roll of honor. * * *
Italian public debt. Mr. Angelone says:
Mr. Morrow won the award for his achievement in
improving the relations
between Mexico and the United States. He was championed also by
Will Irwin, who spoke in his behalf, as the man who saved the London
Conference from failure.
"When the full story of what took place in London becomes known,
when we have access to the archives and the documents, I should not be
surprised if It is shown that Mr. Morrow is the man who made the success
of the conference possible," said Mr. Irwin.
For this purpose a decree law was passed on April 29 1930 by the
Italian Council of Ministers by which the yearly allotment to the "Came
for the redemption of public debt will be increased by 500 million urea
($28,315,000) to be used in the purchase of Italian Government 5% Consolidated Loans.
The "Cassa" was established in August 1927 as an independently operated Govxernment department, to receive the budgeted surpluses of the
Government, proceeds of written-off bank notes, interest on cancelled securities and all amounts received by the Italian Government
respect of
Reported Loan of $126,000,000 to Japan—J. P. Morgan redemption and interest on various loans and sums received in
from foreign
& Co., National City and First National Under- Governments for goods sold to them or for other causes. The "Caasa"
applies its receipts towards the redemption, by purchase in the market,
writers to $71,000,000.
of all Government securities.
Associated Press accounts from Tokio yesterday (May 9)
The new decree provides for 500,000,000 lire yearly to be applied towards
the specific redemption of Italian Government 5% Consolidated Bonds,
stated:
It was learned here to-day that Juichi Tsushima, the Government's through purchase in the market. The bonds of these Consolidated Loans
Finance Commissioner, had concluded in London a contract with American contain no provision in regard to redemption.
The funds necessary for future redemption of 500,000,000 lire Consoliand British bankers for a bond issue of approximately 250,000,000 yen
(nearly 2125,000,000) to convert Japan's 4% sterling loan of 1899 which dated Bonds will be derived from the tobacco monopoly, which monopoly
falls due in 1931. Approximately 230,000,000 yen of the 1899 Issue is will increase the price of its better type products by 25%. Based on
the receipts for last year of the monopoly, the increase in question is
outstanding.
The American share of the new issue will be 271,000,000 and the British estimated to yield about 800,000,000 lire ($42,104,000) yearly.
Italian Government 5% Consolidated Bonds, which have recently been
share £12,500,000 sterling. The new issue will bear interest at 534% for a
term of 35 years. With the issue price at 90 the actual yield will be 6.2%. currently quoted in Italy around 81, to yield 8.17%, are now, following
J. P. Morgan tic Co., the National City Bank and the First National the publication of the decree law, quoted about 85, to yield 5.88%, indiBank of New York are the American underwriters. The Westminster Bank cating the very favorable impression which the measure taken by the
and the Hongkong and Shanghai Banking Corp. will handle the British Government has had upon financial circles in Italy.
The decree law just passed by the Council of Ministers is significant of
share.
There was some dissatisfaction in Tokio banking circles because Japan the determined policy of the Italian Government to reduce the outstanding
must pay more than 6% on its Government bonds, but other authorities amount of public debt.
pointed out that such terms were to be expected in view of Japan's ecoThe New York "Times" of May 4 refers to the statement
nomic depression.
of Mr. Angelone as affording en explanation of the decree
passed last week by the Italian Council of Ministers whereby
the yearly allotment of funds for the redemption of the
public debt will be increased by 500,000,000 lire. The "Times"
The supplementary estimates bill, providing 39,000,000 yen (about $19,- went on to say:
Japanese House Votes $19,000,000.
Under date of May 6 Associated Press accounts from
Tokio to the New York "Times" stated:
000,000) for an increased educational subsidy, export debenture and shipping credit, was approved today by the House of Representatives. The
bill now goes to the upper House.
Porto Rico To Tax Imported Coffee.
San Juan (Porto Rico) advices May 5 to the New York
"Times" said:
Governor Theodore Roosevelt to-day signed a bill imposing a tax of 10
cents a pound on imported coffee as a measure to protect the island
coffee industry, which is recovering from the hurricane of two years ago.
The increase, which will be equivalent to 228,315,000, will be applied
toward redemption of Italian Government 5% Consolidated Loans, which
contain no redemption features.
The only loan of the Italian Government outstanding here is about
$93,000,000 of the issue of 7s of 1951, which will not be affected by the
new law. This loan, with a sinking fund of $1,500,000 annually, is callable, only, as a whole, after June 1, 1941.
Reported Negotiations for Antwerp Loan.
United Press advices as follows from Brussels are from the
"Wall Street Journal" of May 5.:
Negotiations
have been completed by town of Antwerp for a loan of
Discount Company in Austria Unites With Electric 400,000,000 francs
(about 216,000,000) from United States banks. Loan
will run for 30 years at 534% and will be floated at 91. Due to Nation&
Concern.
Bank of Belgium's objections to foreign loans, the transaction -will be made
From Vienna, May 3, the New York "Times" reported through the Belgian Credit
Communal.
the following:
The New York "Times" in its issue of May 6 said:
An important fusion was announced to-night of the Niederoesterreichische
Escompte-Gesellschaft (Austrian Discount Company) with the Yereinigten
Elektrizitaets A. G. Simultaneously W. A. Harriman of Harriman & Co.,
New York, and Dale M. Parker of Samuel & Co., London, were elected to
the Board of the Niederoesterreichische Escompte-Gesellschaft.
One Escompte share will be given for three Elektrizitaeta shares. The
Esoompte-Gesellschaft, which last year reduced dividends by 2% to 11%,
in the third biggest bank in Austria.
Cable reports received here yesterday that Antwerp. Belgium, had completed negotiations for a loan of about 216,000.000 from an American
banking group, consisting of 30-year 534s, priced at 91, were not confirmed in Wall Street. At the offices of the National City Co. It was
said the loan at these terms had not been signed by that company but
that the amount under discussion was 212,000,000, maturing in
30 years
and carrying a 5% interest rate.
The decision of the city of Antwerp to market a loan here is believed to
be due to the fact that the recent loan for the city of Brussels, which was
offered by a Belgian banking group, was not fully subscribed, according
to cabled reports.
Hungarian Loan Will Not Be Brought to United States.
A cablegram from Berlin May 7 to the New York "Journal
of Commerce" said:
Netherlands Lend Most per Capita According to Report
A Hungarian State loan of 600,000,000 pengos has been authorized, to
Issued By League of Nations—Australia Said to
be placed directly after the ratification of the reparations agreement. LonBorrow Most on Population Basis—Great Britain's
don will take £12,000,000, the rest going to Holland, France, Italy and
Switzerland.
Income Biggest.
A part of the proceeds will be appropriated for agricultural developSeveral widely accepted ideas are jarred by a volume on
ment, although there will later be a separate agricultural loan and also
international trade and balances of payments in the year
a loan for the City of Budapest.
1928, issued by the League of Nations Economic Section
Austrian Debt Pact Signed by President Hoover— on May 2, says advices from Geneva to the New York
Provides for Payment to United States of $24,- "Times" which gives details as follows:
The country lending the most abroad per capita was not the United States,
614,885 Over Period of Forty Years.
but The Netherlands, which was followed b France and the United KingPresident Hoover, Secretary Mellon and Minister Pro- dom.
The country borrowing the most abroad per capita was not Germany,
chnik of Austria on May 8 signed an agreement funding the but
Australia, which was followed
Germany, Argentina, Norway and
Austrian debt of $24,055,708.92 over a period of 40 years. Hungary, Germany was greatest in by
the amount borrowed, her total being
The agreement was approved by Congress in February. A $1,067,000,000. Australia was second, with a total of 2267,000,000.
The heaviest anntr 1 interest payments abroad per capita are not by
Washington dispatch to the New York "Times" May 8 Europeans,
the most heavily indebted of European nations paying only
noting this said:
from 22 to 25 per ca: ita, but by Australia, New Zealand,Canada,
Argentina
3274
FINANCIAL CHRONICLE
and South Africa, the citizens of these sparsely settled countries paying
from $10 to $30 each.
The greatest net receipt.from interest and dividends was still recorded
by the United Kingdom, with $1,387,000,000 and $683,000,000,respectively
in 1928.
The United States, far from being a laggard in her merchant marine,
had the second greatest gross income from maritime freights in 1928, the
figures being for the United Kingdom $657,000,000; for the United States
$339,000,000, and for Germany $59,000,000, with Norway. Italy and
Sweden following.
Canada profits more from tourists then the country whose name is generally considered synonymous with touring, Switzerland. The nations
receiving the most from foreign tours are, in order, France, Italy, Canada
and Switzerland. A majority of the other countries show a net expenditure
on this account, the tourist expenditure of the United States for 1928 being
$614,000,000.
Austrian Loan Barred from Talks of Chancellor
Schober With British Ministers.
Under date of May 2 a wireless message frJna London
to the New York "Times" said:
The flotation of a loan to assist Austria's financial reconstruction, it was
authoritatively stated to-night, will form no girt of the conversations
between the Austrian Chancellor, Johann Schober, and Premier MacDonald and members of the Cabinet during his three days' visit to London.
The first Federal Chancellor of Austria to pay a formal public visit
to Britain since the World War has set himself to. explain the internal
situation in Austria and the methods he Is taking to reduce the possibility
of armed conflicts between the rival factions and to deprive them of firearms.
Dr. Schober had a cordial talk this morning with Foreign Secretary
Henderson and he later lunched with Mr. MacDonald. To-morrow he will
be received by the King. It i; understood Dr. Schober proposes formally
to thank the King for Britain's help in enabling Austria to obtain her financial independence. She is no longer obliged to obtain the consent
of the reparations commission before contracting a loan abroad nor will
she now be expected to provide the special security, hitherto required, of
providing a first charge upon her National revenues.
Referring to Dr. Schober's recent visits to European capitals, "The
London Times" will say to-morrow,"Dr. Schober must Indeed have gained
the encouraging impression from his travels that the Austrian Republic is
everywhere regarded with good-will, and those whom he has visited cannot
fail to have gained new confidence in the policy of the Government for which
Dr. Schober is responsible."
Greek Financing Arranged.
United Press from Athens advices published in the "Wall
Street Journal" of April 30 said:
[VOL. 130.
and in Chicago at the office of Halsey, Stuart & Co., Inc.,
without deduction for any Uruguayan taxes, present or
future. Principal and interest also collectible in Montevideo at the Bureau of Public Debt of the Republic. Hallgarten & Co. and Halsey, Stuart & Co., Inc., are fiscal
agents. A statement authorized by Javier Mendivil, Minister of Finance of the Republic of Uruguay, under date of
May 7, to the banking group offering the bonds, says:
Obligation.
These bonds constitute the direct obligation of the Republic of Uruguay.
The Republic agrees that if in the future it shall issue or dispose of any
bonds or loan secured on specific revenues or assets, these bonds shall be
equally and ratably secured therewith; but this provision shall not apply
to the creation of specific charges on new enterprises to secure obligations
issued to finance their acquisition or construction, or to the pledge of local
taxes which may be created in order to furnish funds for the construction
of new roads, railroads or bridges.
Purpose.
The proceeds of the loan are to be used for the construction and improvement of roads, ports, and other public works, and for the refunding of
certain existing debt incurred for like purposes. ...
Financial Position.
Uruguay enjoys a high credit standing throughout the world. Prior
to the World War all of its external loans were issued in Europe, and at
present there are listed on the London Stock Exchange approximately
£20,000,000 of its bonds, bearing 3M % and 5% coupon rates. Foreign
capital invested In Uruguay is substantial, and a number of American and
European banks and industrial and public utility corporations have branches
and plants in the country.
The national public debt upon completion of this financing will amount
to about $244,000,000, of which approximately $156,000,000 is external.
This debt largely represents investments in productive enterprises under
control of the State, Including banks, railways, public utilities and port
works, which showed substantial profits from operations In the last fiscal
year and are estimated to have a value substantially in excess of the amount
of the external debt. The national wealth is estimated at $3,000,000.000,
or over $1,620 per capita, this being approximately 12 times the per capita
debt.
VI
All dollar conversions In this statement have been made at par of exchange, namely $1.0342 per Uruguayan peso. The current rate of exchange is approximately $0.925 per peso. Uruguayan law requires a gold
reserve of 40% for the outstanding gold notes and demand deposit liabilities
of the Bank of the Republic. The ratio on March 31 of this year was over
63%. The gold holdings of the Bank on such date amounted to more
than 105% of the gold notes in circulation, or more than 89% of the total
note circulation of the Bank.
Bank of Greece has concluded arrangements with Hembree Bank. Ltd.,
4% Treasury discount
and Erlangers, Ltd., for issuance of £1,500,000 in 5/
bonds as an advance on an £8,000,000 loan. Loan will be issued in London
and New Yor and possibly in Paris a year from now.
A second advance, totaling $7,500,000, will be made by National City
Bank, Speyer & Co., and J. W. Seligman, which will participate in floating
the loan.
Bonds of Porto Alegre Drawn for Redemption.
Ladenburg, Thalmann & Co., fiscal agents for the Municipality of Porto Alegre, have drawn $10,000 principal amount
of City of Porto Alegre 40-year 8% sinking fund gold bonds
external loan of 1921, for redemption on June 1 1930, at
105 and accrued interest, at the offices of La,denburg,
Offering of $17,581,000 6% Bonds of Republic of Uru- Thalmann & Co., 25 Broad Street, New York. Interest
ceases on drawn bonds on June 1 1930.
guay—Issue Reported Sold.
The Republic of Uruguay has obtained a loan of $17,580,000 from an American group headed by Hallgarten & Co. Increased Earnings Reported by Mortgage Bank of
and Halsey, Stuart & Co., Inc., the proceeds of which will
Colombia.
be devoted to public works, including the construction and
received by Baker, Kellogg &
According
advices
to
cable
has
improvement of roads, ports, &c. The new financing
Emerich & Co., Inc., the Mortgage
Co.,
Inc.,
Ames,
and
taken the form of a public offering on May 9 of 6% external Bank of
Colombia shows an increase of 9% in earnings for
sinking fund gold bonds to the amount indicated. The the first
of 1930 over that of 1929. The earnings for
quarter
actual offering in this market, however, amounts to less than the first
of 1930 are reported as 231,117.94 pesos
quarter
$10,000,000 principal amount of the issue, over $9,000,000 against
for the same period in 1929. This is the
211,835.97
Uruguay,
of the bonds, it is announced, having been sold in
equivalent of $1.12 and $1.03 respectively for the American
Europe and Canada. Hallgarten & Co. announce that sub- Shares.
scription books on the offering of the $17,581,000 bonds
have been closed, the issue having been oversubscribed.
Bonds of Kingdom of Bulgaria Drawn.
Associated with Hallgarten & Co. and Halsey, Stuart &
Speyer & Co. and J. Henry Schroder Banking Corporation
Co., Inc., in the offering were Cassatt & Co.; Kissel, Kinnicutt & Co.; Ames, Emerich & Co., Inc.; the Commercial announce that the second drawing for the sinking fund of the
National Bank & Trust Co. of New York; the National Kingdom of Bulgaria 7M% stabilization loan 1928 has taken
Republic Co., Chicago; Guardian Detroit Co., Inc.; the place and that the $29,000 bonds so drawn will be payable
Shawmut Corp. of Boston; the Northern Trust Co., Chicago; on and after May 15 1930 at par at either of their offices.
Mississippi Valley Co., St. Louis; BancNorthwest Co.,
Minneapolis; National Bankitaly Co., San Francisco; First
Bank of Abyssinia Declares Dividend of 5%.
Wisconsin Co., Milwaukee, and the First Securities Corp.,
The Bank of Abyssinia has declared a dividend of 5% on
St. Paul-Minneapolis. The bonds were offered at 98 and
interest, to yield about 6.15%. The issue will be dated the amount paid up on its shares, namely one shilling, three
May 1 1930 and will become due May 11964. A sinking pence per share. This is the ninth dividend to be paid on
fund will be provided calculated to retire the whole issue at the stock. It is payable on and after May 13, to bearers
of dividend coupon No.0, at the office of Kidder, Peabody &
or before maturity. With regard thereto it is stated:
fund of 1% Co., New York.
The Republic covenants to provide a cumulative sinking
of bonds by
per annum, to operate semi-annually through the redemption
Republic being perlot at par on interest dates wkh 20 days' notice, the
the sinking fund.
mitted to tender at their purchase price, in lieu of cash for
the right to inbonds purchased at less than par. The Republic reserves
crease the amount of any sinking fund installment.
The bonds will be in coupon form in denominations of
$1,000 and $500, registerable as to principal. Principal
and interest (May 1 and Nov. 1) will be payable in United
States gold coin of the present standard of weight and fineness in New York City at the office of Hallgarten & Co.,
Chilean Loan Issued in France.
Paris advices May 2 to the New York "Times" said:
The only foreign loan actually Issued in France during the present year
was a Chilean 6% gold issue, the French share f which was 172,000,000
francs. This loan was not a success, however, being only partly subscribed
by the public.
Foreign issues still remain subject to authorization by the finance ministry. Apparently they are no encouraged so long as the German mobilization loan remains unissued.
a
MAY 10 10304
FINANCIAL CHRONICLE
. 3275
Uruguay Discounts Notes—$2,000,000 Deal with Bank
of England to Help Pay Foreign Debt.
Nicaraguan Bonded Debt Reduced 15% in 1929—
$700,000 Cut Largest Ever Recorded by Country—
Foreign Trade Was High.
A cablegram May 8 from Montevideo to the New York
"Times" said:
The Uruguan National Council has authorized the Minister of Finance
to discount with the Bank of England Treasury notes to the extent of
£400,000 (about $2,000,000), with the proceeds of which he will pay the
interest and sinking fund on the foreign debt. Tho measure was taken
to avoid the heavy loss which would result from cabling funds to London
at the present unfavorable rates of exchange.
During the discussion the proposal was made that the necessary funds
be taken from the $17,000,000 loan just floated in New York, but this
suggestion was vetoed because one of the principal objects of the New
York loan was to improve the exchange value of the gold peso, which at
par is worth a few cents more than the American dollar.
Uruguay's foreign debt totals about $150,000,000 and the loss by exchange on interest payments has been costing the Treasury heavily.
The following cablegram from Managua May 2 is from
the New York "Times":
Irving A. Lindberg, Collector-General of Customs and Resident High
Commissioner, announces that Nicaragua's bonded indebtedness was
reduced 15%. or nearly $700,000. during 1929, which is the greatest
reduction in the history of the country. This resulted from $4,000,000
in customs receipts during the year, which amount is the second largest
ever recorded. Money spent by United Sttates marines and good coffee
prices during the early months were factors in the situation.
Nicaragua's foreign trade amounted to $22,000,000, of which $13,000,000
was in trade with the United States, $2,500,000 with Germany, and $1,500,000 each with England and France.
The Nicaraguan Government's building program includes a post-office
to cost $200,000 and to be the best Government building in Central America,
a custom house to cost $50,000 and a new Presidential house, which already
is nearly completed on the site of an old fort overlooking Managua.
Colombian Loan Extended—J. & W. Seligman 8z Co.
Reported to Have Agreed to Delay Maturity on
Australia Gold 40% of Note Issue—Sir Robert Gibson,
$5.000,000 Bonds.
Commonwealth Bank Chairman, Discusses PoThe following from Bogota, Colombia, April 26 is from
sition.
the New York "Times":
Tempor ry financial relief for the Government through an arrangement
with J. & W. Seligman & Co. of New Y.rk for the extension of time on
loans of 5,000,000 pesos (about $5,000,000), due April 19 and June I, was
announced to-night In La Tarde. The Minister of Finance signed a contract with the Seligman compani yesterday, and the action was approved
by the Cabinet to-day, providing for an extension of six months on shortterm bank liens from the Guaranty Trust Co. of New York, original joint
lender with Lazard Brothers of London.
Further relief comes from the Andian National Corp., which to-day
paid the Government $500,000 in income taxes for 1928, although the
controversy over the total amount of taxes due Is still pending.
In its issue of May 5 the "Wall Street Journal" reports
the following advices from Sydney:
Sir Robert Gibson, Chairman of the Australian Commonwealth Bank,
commenting on shipment of $40.000,000 gold to London stated that when
this movement is completed, the total shipments of gold shipped from
Australia since July 1 1929 will have reached $123,500,000.
"The Board wishes to emphasize," Sir Robert said, "that while the
general object is to relieve the Australian exchange position in London,
most of the proceeds of this gold is not being used to pay for imports,but
for meeting national obligations of interest and other items due overseas.
The point is being approached when further depletion of gold cannot be
accomplished without impairing the reserves required to support the note
issue. There is no present need for apprehension on this point, as, when
Mexican Silver Situation.
present shipments are completed the gold reserve will be not less than 40%,
Mexico City advices published in the "Wall Street Journal" of the present note issue, as against statutory requirements of 25%."
Last return of the note issue showed a gold reserve of 59%. The fetal
May 7 said:
amount of gold shipped since July 1 1929 included exports by the trading
In an effort to meet the critical situation through which the Mexican banks and from other sources before the export restrictions were introsilver mining Industry is passing because of the low price of the metal, it Is duced at the end of 1929.
announced semi-officially that the government is contemplating a plan
"Concerning the present economic position in Australia," Sir Robert
which will revolutionize the industry. In a general way this consists in continues, "the present official exchange rate of 6 % for London money
the probable cancellation of many of the existing franchises granted mining has been necessary to help rectify the position, and it is inevitable that high
companies by refusing to extend further concessions.
rates must continue. In the meantime obligations for payment for imports
are'accumulating in Australia owing to the inflow of imports which have
not yet been checked to any material extent. If Australia intends to
establish herself in a sound economic position in the future, we must all
Mexican Foreign Debt—Direct Dealing With Govern- co-operate
in producing mote and spending less overseas until we can
ment by Creditors Easiest Way to Settlement, balance accounts on the basic principle that imports and interest payable
overseas
shall
not exceed exports.
Says Expert.
"Continuance of over-borrowing abroad will only postpone and aggravate
The following from Mexico City appeared in the "Wall our difficulties quite apart from any other aspect of such a policy. That
the necessary measures must affect our trade with other countries Is InStreet Journal" of May 7:
but the credit and stability of our finances is Australia's first
Direct dealing with the Mexican Government by her creditors, as is evitable,
obligation. There is no need for undue apprehension as one cannot
demanded by the recently organized Mexican Preferred Debts Intermeet the position, but there is every need for stern
national Protective Association, Inc., is recommended as the easiest way conceive failure to
effort on the part of all Australian citizens. The problem is national and
out of Mexico's foreign debt entanglement, by Juan Sanchez Azcona,
politics."
party
s
outside
leading Mexican financial writer and expert, In an article published by
"El Universal."
The Mexican Preferred Debts International Protective Association was
White House Amplifies Plan of President Hoover to Study
organized by a group of dissatisfied holders of Mexican bonds. The group
Slump.
is negotiating with the Mexican Government to be permitted to deal
directly instead of through the International Bankers Committee as at
According
to
the
United
States Daily of May 3, it was
present.
Change in Persia's Monetary System—Coin Established
Preparatory to Adoption of Gold Basis.
Persia has taken the first step in changing its monetary
system from the silver to a gold standard, according to information from the American Vice-Consul in charge at
Teheran, Henry S. Villard, just made public by the Department of Commerce. Announcement of this is made in the
"United States Daily" of May 7, which says:
announced orally at the White House on May 2 that the
commission suggested by President Hoover in his address on
May 1 before the Chamber of Commerce of the United
States to study economic crises would not attempt to direct
economic life in the United States, but would be a body
to make an examination of the experiences of the country
during the recent slump. The paper quoted went on to say:
It would make studies similar to those made in reference to the
1919 and 1920 boom and slump. Those studies, it was stated, had a
most important effect, amounting to a crystallization of ideas and a
spread of understanding which entered very largely into our economic
life since that time.
The President, it was explained, does not propose to appoint such a
commission until the situation becomes more clear and the country has
had the full background of its experiences behind it.
The Persian medillss has passed a law establishing the geld "royal,"
containing 100 dinars, as the legal monetary unit. The statement continues
in full text:
The same measure provided that beginning on March 21 1930,the date on
which the law was to take effect, the customs administration shall collect
The President's address before the Chamber of Commerce
all duties on a gold basis.
The new money will consist of gold pieces in denominations of 1 pahlavi In which the proposal was made was given in our issue
pahlavi,
and Yi
equivalent to 20 reyals and 10 royals, respectively; silver of May 3, page 3064.
pieces in denominations of yi royal, 1 reyal, 2 reyals, and 5 reyals: nickel
pieces in denominations of 5 dinars, 10 dinars, and 25 dinars: and copper
pieces of 1 dinar and 2 dinars. It Is probable that 1 pahlavi will be worth U. S. Chamber of Commerce Denies Opposing Farm Aid—
1 English pound sterling, or approximately $5, thus making the reyal equal
President Butterworth Says Criticism Was Aimed at
to about 25 cents.
Only a Part of Agricultural Marketing Act.
Gold pieces are to carry on one side the name and profile of his imperial
majesty the shah and on the other the National coat of arms, the monetary
William Butterworth, President of the Chamber of Comvalue and the year of coinage. Silver. nickel and copper pieces will bear merce
of the United States, denied on May 3 that the
on one side the coat of arms,on the reverse the monetary value in prominent
Chamber, in its recent resolution criticizing the Farm Board,
figures and the year of coinage.
According to the provisions of the law, free coinage of gold is permitted, was opposing improvement in the Agricultural Marketing
but the expense incurred must not surpass 10 reyals per kilogram of gold. system. A dispatch from Washington May 3
to the New
All coinage must take place at the imperial mint, and the right of coinage
for silver, nickel and copper pieces belongs exclusively to the Government. York "Times" noting this said:
There is no obligations to accept copper money as legal tender above the
The resolution, Mr. Butterworth said, was directed against "one or
sum of 2 reyals.
two sections" of the farm marketing act. It was recognized, he added,
duties
and
State,
taxes
such
the
accruing
as
All
to
customs duties,revenue that "the balance of the act contains many constructive features of
from the tea, sugar, tobacco and opium monopolies, road taxes, and fees assistance to agriculture."
collected by Persian diplomatic and consular representatives abroad, are
The Chamber a few days ago passed a resolution demanding, in
henceforth to be on a gold basis. As previously reported, the Importation effect, that the Farm Board cease using public funds for aiding farmers'
exportation,
unrestricted,
but its
together with the import and cooperative associations in marketing crops, and for buying and selling
of gold is
export of silver, is prohibited.
in order to stabilize crops.
3276
FINANCIAL CHRONICLE
In his statement today, Mr. Butterworth explained that the protest
was aimed at "any permanent policy" in such use of government
funds.
The statement read:
"There has been expressed a belief that some misunderstanding as
to the resolution passed on the subject of the agricultural marketing
act by the United States Chamber of Commerce may arise after the
adjournment of this meeting.
"The Chamber does not want to be understood as being opposed to
the interests and purposes of improving the agricultural marketing
system.
"The discussions leading up to the resolution and its intent were
directed largely against one or two sections of the act.
"It was recognized that the balance of the act contains many constructive features of assistance to agriculture.
"Moreover, it is expressly stated in the resolution that the actions
of the Farm Board are considered the outgrowth of the national business
situation, and the protest of the Chamber was directed against any
permanent policy of the government in the employment of public funds
for the purpose of participating in business in competition with established agencies.
"The resolution was directed to development of conferences with a
view to the consideration of and inquiry into constructive alternatives
that might be developed with the aid of agriculture."
Reference to the resolution adopted by the Chamber on
May 1 was made in our issue of May 3, page 3092.
[Vori. 130.
Present Basis Holds.
The present basis of loans from the Intermediate Credit Bank is
expected to continue, and the rest of the loans will be made next year,
it is expected, from the Grain Corporation loans.
While a settlement of grain accounts on June 30 is expected on all
loans that have been made with the title passing to the Grain Corporation, representatives of the corporation are expected to accept as delivery, storage tickets for wheat at country points and at farms and
are not expected to rush this grain to terminals, as every effort will
be made to have space available at terminals for the 1930 crop, so
that congestion can be relieved as much as possible.
No More Loans to Co-operatives—Federal Farm Board
Discontinues Credit—Future Course Dependent on Outlook.
From its Washington Bureau the "Wall Street Journal"
of May 5 reported the following:
Federal Farm Board will make no more loans to co-operative associations under the line of credit extended to them earlier in the present
crop season, Board officials have stated. Time for securing these loans
expired April 30.
Whether or not the Board will pursue the same loan policy during
the 1930-31 crop season that it outlined when it got under way last fall
will depend upon the outlook later in the new season. Until that time
the Board does not expect to commit itself.
Much will depend upon the willingness of the farmers to follow the
Pullman (Wash.) Grain Growers Declare Federal Farm
acreage reduction program enunciated some time ago. If the farmers
Board Discriminates Against Northwest Wheat Growers.
overproduce they cannot expect as liberal loans as they can if they
The Federal Farm Board was on May 5 accused of dis- cut their production.
The Board does not expect to call wheat loans already made in order
crimination against northwest wheat growers by the Pullto increase its holdings in wheat, it was said. The Board now has
man Grain Growers, Inc., of the State of Wash., according commitments for about 50,000,000 bushels. Just how much money the
to Tacoma advices in the Chicago "Journal of Commerce" Board has expended through the Grain Stabilization Corporation and
the Farmers National Grain Corp. members of the Board decline to say.
of May 6. The dispatch further states:
This is being withheld because the Board does not wish the grain trade
The accusations were contained in telegrams sent to Alexander Legge,
to know the extent of its dealings.
chairman of the Farm Board, and legislators in Congress from this
Loans that have been made to grain co-operatives through the Board
section of the country. Among the legislators addressed were Senators
and the Farmers National Grain Corporation are under $10,000,000.
Jones and Dill of Washington, Borah of Idaho and Walsh of Montana.
These loans and others made to various commodity co-operatives mature
Asserting that they had "been held up at every stage of the game,"
at different dates. Some of the loans are demand loans and are to be
the telegram asked some pertinent questions as follows:
repaid as soon as the products are marketed. Others are due at the
"First, why is there so much delay in the northwest?
close of the marketing season.
Query on Date Change.
Chairman Legge said he would not be surprised if the Board was
"Second, why have our people been told they could receive loans on asked to extend the time for repayment on some of the loans, since
the 1929 crop, basis $1.13 terminal, until June 30, and why was the some co-operatives will not be in a position to return the loan when due.
These are the loans on commodities. The facility loans are to be
date changed to April 30?"
liquidated over a period of years.
Further, it read:
Chairman Legge disclosed that co-operatives have already repaid loans
northwest
have
the
been
discriminated
growers
of
"The wheat
against. We have been continually advised that all members of the aggregating between $12,000,000 and $14,000,000. Only several days
grain growers would be taken care of through federal aid. Ninety per ago one co-operative took up its note for $2,000,000 that had been
cent of the farmers joined the organization with the distinct under- borrowed as a commodity loan.
standing that all would receive emergency aid.
Dumping to Result.
"Country bankers carried the farmer under the same assurance.
Much of this grain would have been marketed March 1 at higher values
than at May 1.
"The action of the farm board in curtailing loans will result in dumping millions of bushels of wheat on the market.
"If the Farm Board will break its word this early in the game, what
assurance have we that they will take care of us in the coming crop
that is sixty days away?
"Why was not sufficient money available to take care of loans 100%?
As it is, we are only receiving 25% of the loans asked for."
Farm Loan Pleas Swamp Grain Body—$9,000,000 Lent in
St. Paul Through Federal Farm Board Corporation as
Season Ends—Redemption Unlikely.
The following from St. Paul May 3 appeared in the New
York "Evening Post" of that date:
Between $9,000,000 and $10,000,000 has been lent to farmers as
individuals, farmers' elevators and other grain handlers in the Northwest spring wheat area as a result of the loans on wheat at the pegged
price levels of the Federal Farm Board. Co-operative marketing associations in this territory have been swamped with applications for loans
in the last week before April 30, the final day for making applications.
From 800 to 2,000 applications a day have been pouring into the offices
of the Farmers' Union Terminal Association here, the largest stockholders in the Farmers' National Grain Corporation and the largest
co-operative grain marketing association in the United States. Correspondingly heavy demands for loans have been received by the Northwest Grain Association, Minneapolis; the North Dakota-Montana Wheat
Pool, Grand Forks, and the Equity Union Sales Co., Aberdeen, S. D.,
the four regionals recognized by the Farm Board and the Grain
Corporation.
Redemption Unlikely.
The decision to stop making loans April 30 was determined to cut
off the 1929 wheat crop, as all the loans mature June 30, when title
to the grain will pass to the Grain Corporation, unless farmers redeem
title by paying the loans.
This is not considered likely, however, as the market price for wheat
is approximately 20 cents a bushel lower than the price basis on which
the loans are being made.
Should price advance to or above $1.20 and $1.25 a bushel for No. 1
Northern spring wheat the farmers could pay off the loan and take
advantage of a price advance above that level.
The policy regarding future loans probably will not be decided until
she crop season is over, possibly in August or September. Then the
world demand, surplus of grain and condition in the United States are
expected to determine policies.
One unofficial report which has gained circulation in grain circles
is that the Grain Corporation will make advances on a basis of 90%
of prevailing prices. The co-operative grain marketing associations in
the Northwest have been obtaining approximately 75 cents a bushel
of the loan advance through the Federal Intermediate Credit Bank
in St. Paul and the balance of the loan commitments through the Grain
Corporation.
Chairman Legge of Federal Farm Board Predicts Movement of Grains Will Be Facilitated—Says Co-operatives
Financed Through Board Are Better Equipped for Task
Than in 1929.
Co-operatives financed with Federal Farm Board funds
through the Farmers National Grain Corporation are required to market all of their grain under supervision of
these farmer-owned and controlled co-operatives the Farm
Board has just announced. The Board's policy can be
complied with easily by the co-operatives and their farmer
members, the Board said, according to the United States
Daily of May 7, from which the following is also taken:
The purpose of supervision by the National, the Board explained,
is to assure volume and facility financing the consolidated marketing of
grain gathered cooperatively so that the Farmers National, which, under
the law, cannot handle more grain for nonmembers than for members,
will be in position to give the fullest service to farmers.
A great many so-called co-operatives, Chairman Alexander Legge
explained orally, were organized several years ago when there was no
Capper-Volstead law. Consequently, he said, these co-operatives in
some cases have no organization complying with the terms of the law.
Their feelings are sometimes hurt, Mr. Legge explained, when it is
suggested that they reorganize to comply with the law.
Grain co-operatives are organized so that they can handle the 1930
wheat crop a great deal more easily than the 1929 crop was handled,
although, according to reports, there will be more wheat to handle,
Mr. Legge said.
•
Storage facilities, he explained, will be more adequate, because there
is less wheat back in the country than there was last year, and there
is consequently a greater proportion of the crop in the visible supply
than there has ever been before, so that there is more space for storage
in the country.
The 1930 crop can also be handled more easily because the export
wheat will move abroad more rapidly than it did last year, the Chairman
explained. He pointed out that Argentina will not be able to furnish
the export wheat as that country did last year.
Almost all countries have duties on wheat that will interfere with
the program of marketing United States wheat abroad, Mr. Legge said.
Some co-operatives will soon be sufficiently strong for the Government
to withdraw from those commodities, and others will require a great
many years to put themselves in such position that they can get along
without assistance, Chairman Legge said.
The Board's statement on requirements grain co-operatives must
fulfill in full text is as follows:
Co-operatives financed with Federal Farm Board funds through the
Farmers National Grain Corporation are required to market all of their
grain under the supervision of that farmer-owned and controlled central
grain sales agency. The purpose is to assure volume and facilitate
financing the consolidated marketing of grain gathered co-operatively
so that the Farmers National, which, under the law, cannot handle
more grain for nonmembers than for members, will be in position to
give the fullest service to farmers.
MAY 10 1930.]
FINANCIAL CHRONICLE
Benefit of Competition.
The Board's policy can be complied with easily by the co-operatives
and their farmer members. The marketing agreements between the
Farmers National and the co-operatives and the co-operatives and their
members gives them the advantage of the competitive market at all
times. They provide:
(1) The farmer or his co-operative may market the grain for cash
in the competitive market on the day of delivery at the highest price bid;
(2) The farmer or co-operative may store grain in a public warehouse
and borrow money on that grain pending ultimate sale which can be
made only at the option of the owner;
(3) The farmer may enter his grain in a common pool and borrow
on it in public warehouses; the final settlement to be based upon an
average price for the period of the pool.
Agreement Is Cited.
It should be clearly understood that marketing agreements are required only where Federal Farm Board funds are used for financing
grain or facilities.
The Farmers' National Grain Corporation exercises a supervisory
control under all of these options and acquires the grain only by purchase in the competitive market. The marketing agreements provide that
after the first year the grower or his co-operative will have a reasonable
period each year during which they may waive delivery of their grain
for that year.
Some of the private commission companies for years have required
co-operatives borrowing money from them to sign a binding marketing
agreement. In one State where some opposition has been voiced to
signing a marketing agreement with the Farmers' National Grain Corporation a private commission company is boasting that it has 50 cooperative elevators tied up under a five-year binding contract to deliver
grain te it in return for financing.
Co-operative Farmers Northwest Grain Corporation
May Unite With Farmers Union Terminal Association of St. Paul—Central Selling Agent Would
Handle 100,000,000 Bushels of Grain in 4 States—
Would Join 500 Elevators.
Proposed affiliation of the Farmers Union Terminal Association of St. Paul and the Co-operative Farmers Northwest
Grain Corporation of Minneapolis, to centralize activities of
co-operative grain marketing associations of Minnesota,
North and South Dakota and Montana, was announced on
April 28 by M. W. Thatcher and Harry A. Feltus, general
managers, respectively, of the two associations said the
St. Paul "Pioneer-Press" of April 29, which contained the
following additional information:
The affiliation, if completed, will bring about 500 farmers' elevators into
one organization. Officials estimated that with a normal crop this should
mean that more than 100,000,000 bushels of grain would be handled by
the proposed organization.
3277
The advance to the producers will be 35 cents on grown mohair and
45 cents a pound on kid mohair, leas M cent a pound commission. This
is half the customary commission charged by warehouses.
The mohair
Is being turned over to the National Wool Marketing Corporation with the
of
receiving
not
less
expectation
than 42 to 45 cents in Boston when sold.
It was explained by the association warehouse committee that the mohair
market at this time is not promising, and it may be some time before the
product will bring these prices. Shipments of mohair already have started
and returns will be made to the grower immediately after the shipments are
completed.
National Marketing Corporation Procures 1,400,000
of 2,000,000 Pounds of Wool From Arizona—Lamb
Prices Low.
San Angelo (Tex.) advices to the "Wall Street Journal" of
May 2 state:
The National Wool Marketing °operation has secured 1,400,000 pounds
of the 2,000,000 pounds of wool which has moved from Arizona, excluisve
of the 1,000,000-pound pool of James Hewsin, it was reported by E. 0.
Oglesby representing Draper & Co., sales agents for the national co-operative. Advances on the Arizona wool have been from 12 to 24 cents a
pound, while the mohair advance has been 25 cents a pound. Average
wool yield in Arizona is about normal.
Nebraska Joins Mid-West Wool Marketing Association
Wool Co-operative.
Lincoln, Neb., advices published in the "Wall Street Journal" of May 1 stated that:
Nebraska has joined the Mid-west Wool Marketing Association, a cooperative enterprise that takes in Missouri, Kansas, Arkansas, Oklahoma
and Northern Texas and produces 16,000,000 pounds annually.
Carl Williams of Federal Farm Board,in Address Before
National Association of Cotton Manufacturers,Says
Nation Is Definitely Committed to Principle of
Co-Operative Marketing of Farm Products.
In an address, on May 1, in Boston, before the National Association of Cotton Manufacturers, Carl Williams, a member
of the Federal Farm Board, stated that "in the Agricultural
Marketing Act this nation was definitely committed to the
principle of co-operative marketing of farm products." "The
Board's job," he said,"has been and is to develop that system
of collective bargaining." "In that process," he continued,
"skeletons of national organizations of farmers for the
marketing of wheat, of cotton, and of other farm products
have been set up on the theory that producer-owned and
producer-controlled farm marketing organizations, fostered
by Government and financed for a time by Government
funds, will eventually reach the point of independent selfsupport with no dependence on Government and no responsibility to it." Mr. Williams also said that "the need of the
cotton farmer is a stable price at a fair level which will
return a profit to the efficient farmer," and that "it can
never be achieved except by farmers themselves with the
aid of Government." Mr. Williams' address follows:
Joint Statement Issued.
"The Farmers Union Terminal Association of St. Paul and the Cooperative Farmers Northwest Grain Association of Minneapolis have
worked out an arrangement, subject to the approval of the Executive
Committees of both organizations," a joint statement by Mr. Feltus and
Mr. Thatcher said. "This arrangement contemplates that the Farmers
Union Terminal Association will operate the terminal elevator properties
and act as the selling agent with complete selling organizations on all grain
exchanges for the co-operative Farmers Northwest Grain Corporation and
Its elevator members.
"The Co-operative Farmers Northwest Grain Corporation as an affiliate
Any discussion of the Agricultural Marketing Act and of the Federal
of the Farmers Union Terminal Association will do the financing for its
Farm Board should begin with causes.
member-farmers elevators. The Co-operative Farmers Northwest on
The settlement of America was agricultural rather than commercial.
completion of this affiliation with the Farmers Union Terminal Association
Its real beginnings were in the corn patch—not in the manufacturing
Immediately can make available to its elevator members all the advantages
plant.
contemplated in Its original setup.
During the first 150 years, towns grew up along seaboards. Industry
Would Extend Financing.
gained a foothold in those towns, but the dominant thought of the
"Through this arrangement, financing will be extended to every farmers' people of the new world continued to be soundly and broadly agricultural.
elevator that has not entered into the iron-clad pool arrangement with
During the French Revolution there came a tremendous demand from
the amalgamated setup of the Minnesota and South Dakota wheat p000ls. the old world for every agricultural and manufactured product which the
"The Farmers Elevator Association of Minnesota is definitely on record people of the new world could furnish—a demand proportionately equal
in favor of the Co-operative Farmers Northwest Grain Corporation. At to that which came from the same sources during the World War. Prosthe annual convention of the Minnesota elevator association recently, a perity sat in every household.
resolution was passed by a vote of four to one rejecting the plan of the
That prosperity departed after Waterloo. Cotton, which had sold at
Minnesota and South Dakota wheat pools to be amalgamated into the 31c, a pound in 1814, brought 15c. in 1821, and 9c. in 1829. All other
Northwest Grain Association of Minneapolis, which is seeking the support agricultural products suffered in proportion. So did the price of manuof the individual farmers' elevators. The Minnesota Farmers Elevator factured products in the cities. Farmers, in despair, swarmed over the
Association then went on record in favor of the Co-operative Farmers crest of the Alleghenies, took up new lands, raised their own living, built
Northwest Grain Corporation setup.
their own houses, made their own clothes, and became sufficient unto
themselves.
Approval to Be Asked at Once.
Industry, being unable to move and apparently unable to live without
"Elevators can depend on being amply financed through the arrangement of affiliation of the Co-operative Farmers Northwest Grain Cor- aid, went to Congress, asked for help, and got it in the form of a protective
tariff of some 20% ad valorem.
poration in co-operation with the Farmers Union Terminal Association
That was perhaps the first time when the American Government came
In support of this arrangement. This will be submitted immediately to the
to the rescue of one specific class of its citizens. Since then there have
Executive Committees of both associations for ratification.
""I'his program has been worked out in pursuance to what we under- been a number of other times. Continuing tariff demands by industry
stand to be the wishes of the Federal Farm Board and the Farmers National developed a permanent national program. Other programs were eventually
Grain Corporation and the policies as outlined in the Federal Farm Mar- built up for labor, for finance, and for transportation.
keting Act."
The farmer, helpless by reason of individualism and isolation, constantly
lagged farther behind in his comparative standard of living until in the
end his relative lack of progress became a matter for national concern
Co-operative Wool Sales In Texas—Texas Warehouse and official investigation.
Association Also to Pool Marketing of Mohair.
In 1920 Congress appointed a joint commission to investigate the ills
In 1922 President Harding called an agricultural conThe following Austin (Tex.) advices are from the "Wall of agriculture.
ference. In 1925 the National Industrial Conference Board completed a
Street Journal" of May 5:
study of the agricultural situation in which the conclusion was reached that
Co-operative marketing of the wool and mohair production of Texas in "American agriculture appears to have fallen put of step with the general
accordance with recommendations of the Federal Farm Board was assured economic development in the country."
It was said by that Board that farmers lacked any national organization
by the action of the Associated Warehouses of Texas, an association of
wool and mohair warehouses throughout Texas, in deciding to consolidate to deal with recurring surpluses, that they lacked organization and system
the sale of its spring clips with that of the National Wool Marketing Cor- in their marketing processes, that they lacked organization and standardizaporation. At a meeting of representatives of the two organizations held tion in grading and marketing, and that they needed a more systematic
at San Antonio, the consolidation was effected. These two organizations method of contact between producer and consumer.
control approximately 90% of the spring clip in the United States, It was
"While agriculture has become inseparably involved," said this National
stated.
Industrial Conference Board, "in a network of interrelationships with a
3278
FINANCIAL CHRONICLE
more and more highly organized system of industry, trade finance, transportation, and Governmental activities, it has so far not developed effective
means for adjusting itself to this new situation."
In 1927 the National Industrial Conference Board and the United States
Chamber of Commerce appointed the so-called Business Men's Commission
on Agriculture. A lawyer, a railroad president, a banker, and manufacturers of electrical equipment, cotton textiles, lumber, food, and automobiles comprised the Commission. It said:
"No unrest as formidable as that witnessed among certain groups of farmers in
recent years can be sustained without a real grievance and sugar-coated political
pills will provide no lasting relief for an ailment which has In some phases become
chronic. We are forced to the conclusion that accepted economic measures do not
fit, at least do not cover, the farmers' case and that this situation presents a new
challenge to economic and political advisors that cannot be evaded nor met with
slogans."
Among the specific recommendations of the Business Men's Commission
on Agriculture was the establishment of a Federal Farm Board "to aid
in the stabilization of prices and production in agriculture." With the
advice and assistance of the Federal Farm Board, efforts should be made
to form stabilization corporations to engage in the buying and selling of
farm products for the purpose of stabilizing prices.
"The Commission feels very strongly," the report said, "that all who
are concerned in the improvement of the agricultural income and its
possible benefits to the business community and the nation at large should
give serious consideration to the desirability of devising means by which
the fluctuations of agricultural prices from year to year may be mitigated.
The farmer is in this matter a victim of circumstances which are largely
beyond his control or responsibility and in certain definite degree against
the public interest, so that a measure of Governmental effort to aid in
protecting that interest may properly be invoked."
After a winter's study of this Commission report, the United States
Chamber of Commerce, at its annual meeting two years ago, appointed a
special committee to prepare recommendations to be submitted to a referendum of its members. That referendum committed the Chamber to the
creation of a Federal Farm Board. It also committed American business,
as represented by the Chambers of Commerce of the United States, by an
affirmative vote of 2,816 to 117, to the principle of co-operative marketing
"based upon the established right of the producers of agricultural commodities to act together in associations, corporate or otherwise, with or
without capital stock, in collectively processing and manufacturing, preparing for market, handling and marketing in inter-State and foreign
commerce such products of persons so engaged."
Out of all these studies and discussions, plus constant talk and argument
in Congress, in country schoolhouses, and in the public press for 10 years
or so, there came the Agricultural Marketing Act, and there was appointed
the present Federal Farm Board.
That Act specifies the duties of the Board and declares it "to be the
policy of Congress to promote the effective merchandising of agricultural
commodities so that the industry of agriculture will be placed on a basis
of economic equality with other industries and to that end to protect,
control, and stabilize the currents of inter-State and foreign commerce in
the marketing of agricultural commodities and their food products by
minimizing speculation, by preventing inefficient and wasteful methods
of distribution, by encouraging producers to organize into effective associations or corporations and by aiding in preventing and controlling surpluses
in any agricultural commodity through orderly production and distribution
so as to maintain advantageous domestic markets and prevent such surpluses
from causing undue and excessive fluctuations or depressions in price for
the commodity."
To assist in effecting these ends, there was an appropriation of $500,000,000, of which $250,000,000 has been made available, and the Federal
Farm Board came into action with wide discretionary powers to be exercised
in furtherance of the objects which were declared in the Act to be the
policy of Congress.
That was nine and one-half months ago. The Board was confronted with
the problem of 6,500,000 farmers growing and marketing annually $12,000,000,000 worth of crops, each crop presenting situations different from
any other and each part of the United States varying in climate, soil,
transportation, markets, credit facilities, and people so that within each
crop were many sectional problems.
Neither by law nor in fact could the Board work with individual
farmers. On the contrary, Congress, speaking for the American people,
had officially declared that any permanent solution of the agricultural
problem must come through collective action on the part of farmers.
In the Agricultural Marketing Act this nation was definitely committed
to the principle of co-operative marketing of farm products. The Board's
job has been and is to develop that system of collective bargaining and
to weld the common purpose of American farmers, of Congress, and of
American business, as expressed by its own official spokesmen, into a
compact whole for eventual common good.
In that process skeletons of national organizations of farmers for the
marketing of wheat, of cotton, and of other farm products have been set
up on the theory that producer-owned and producer-controlled farm marketing organizations, fostered by Government and financed for a time by
Government funds, will eventually reach the point of independent selfsupport with no dependence on Government and no responsibility to it.
To that ideal the Federal Farm Board is striving.
We recognize, of course, that an agricultural disease which has been
slowly developing over a hundred years cannot be cured overnight nor that
farmers, reared as individualists, will at once fully adopt the principle
of collective action, nor that when they do adopt it, they will at once be
fully capable of carrying on for themselves so that the Government can
promptly step out of the picture. None of these things are immediately
possible. All of them should eventually come to case.
In the nine and one-half months of Farm Board existence it and the
farmers whom it represents have been forced to face some unusual situations. Last October the tower of American business tottered. Finance
and industry and Government rushed to its support. Big business and
banks put $500,000,000 into stocks and so perhaps averted an industrial
panic.
Commodity values were in equal danger and with worse consequences
to the American nation than any speculative decline in the values of stocks
could possibly bring about.
No support appeared. Business and finance were too concerned with
their own immediate problems to give attention to the price level of
food and clothing materials. The Federal Farm Board was the only hope
for the American farmer and the American distributor and manufacturer
of foods and textiles.
To prevent calamity in the commodity markets and consequent calamity
to all the people, the Board stepped in with loans of fixed amounts on
wheat and cotton to co-operative marketing associations.
(Vox.. 130.
The Board could have organized stabilization corporations, entered the
open market and bought and removed at Government expense from immediate
available supplies any amount of farm commodities. We chose to go the
loan route for a number of reasons, not the least of which was that it
put the responsibility for action on farmers themselves.
Some members of Congress, some farmers, and some business men seem
to feel that stabilization operations by the Federal Farm Board are not
only proper but should be constantly engaged in. The Board believes that
they are proper, but it also believes that they are emergency operations
only and that they should be undertaken as seldom as possible. The
Board further believes and is working toward the goal that eventually
the co-operative marketing associations of farmers will be able to control
by their own operations in effective merchandising most of the price
fluctuations due to recurring surpluses. Always, however, under the
Agricultural Marketing Act, the Government stands as a wall behind which
the farm organizations need not retreat.
For a time the loan operations of the Federal Farm Board were enough
to prevent the industrial panic from seriously affecting commodities.
Ultimately, however, American unemployment, restricted buying power,
decreased consumption of textiles and bad business conditions in the world
at large, forced the Board to step in again, this time with stabilization
operations on wheat and, to avoid a crisis in the cotton trade, with support
for the cotton co-operatives on their futures, hedges and their spot cotton.
The effect of these operations cannot yet be properly measured by either
friends or critics. Time will tell that story.
It is not my purpose to discuss here the immediate operations of the
cotton co-operatives. It should be emphasized, however, that these cooperatives are now going through a necessary readjustment period, that
their present activities are considered by them to be solely for the purpose
of self-preservation, that those activities are of an emergency character,
and that they are not to be taken under any circumstances as an indication
of permanent co-operative policies.
So far as permanent policies are concerned it is inevitable that the
co-operatives shall be cotton merchants, operating on the cotton markets
of the world as cotton merchants do and meeting the needs of the mills
and the textile trade on a basis of real service. It is inevitable also that,
regardless of the permanent success of the cotton co-operative movement,
a large part of the American cotton crop will always remain to be handled
by private merchants. The fundamental attitude of the co-operatives themselves and of the Federal Farm Board toward these merchants is an
essentially friendly one and, in my opinion, following the readjustment
period through which the co-operatives are DOW passing, that friendliness
will develop working methods that are pleasing to both.
The job of the Federal Farm Board, however, is infinitely larger than
that of attempting to meet emergency situations or even that of encouraging
the organization of farmers into strong, self-controlled and self-financed
marketing institutions. Under the Agricultural Marketing Act the Federal
Farm Board is essentially an agricultural planning board. It must look
ahead as best it can. It must keep abreast of production and consumption
in all nations. It must pass its information along to the farmers of
America so that they may not only intelligently market their crops but,
and more important, so that they may produce the qualities and quantities
of crops that are demanded by the consumers of the world.
One specific Farm Board project, for instance, is the improvement in
the character and staple of American cotton. We recognize the relative
deterioration of recent years. We recognize the excess costs of production
in some parts of the belt. We know that on the average the man who
produces less than one-third of a bale of lint to the acre does so at a lose.
We know that the South does not feed itself and that more acres planted
to food and feed are essential to financial independence. We recognize
no difference between a profit gained by an increased price and a profit
gained by a lowered production cost, except that the latter method of
gaining a profit is better for the land and causes less labor for the man
than the former. We recognize that one of the most serious handicaps
to cotton farmers and to the cotton South is the annual fluctuation in the
acre income of the cotton farmer. How is it possible for a farmer to be
permanently prosperous when the value of lint cotton in 1920 was but 46%
of that in 1919, or when its value in 1922 was 180% of that in 1921, or
when the value of lint cotton in 1926 was but 65% of its value in 1925?
A widely fluctuating price for cotton has done much economic harm to the
cotton South. The need of the cotton farmer is a stable price at a fair
level which will return a profit to the efficient farmer.
I venture to suggest that the need for this stable price Is just as great
on the part of the textile manufacturer as It is on the part of the cotton
farmer. It can never be achieved except by farmers themselves with
the aid of Government.
The Farm Board knows that the Agricultural Marketing Act did not
repeal the law of supply and demand. Farmers must still merchandise
their crop on a basis of what the world is willing to pay for the amount
produced. Nevertheless, farmers can iron out some of the peaks and valleys
in the price level and get for themselves a more certain and dependable
income by collectively having something to say as to the time and place
of sale and the quality and quantity offered at that time and place. That
is their purpose and it is one of the purposes of the Federal Farm Board.
It is possible that developments of this character, while aiding the
farmer to eliminate his own annual gamble on production Income, will
at the same time aid the spinner to eliminate his annual gamble on his
raw material and his consequent gamble on his finished product. It
seems to me that there is a very great mutuality of interest between
producers and spinners. The farmer knows that the mills are his
necessary customers. The mill knows that the farmers are its necessary
producers. It has always been hard for the mill man and the farmer to
meet on common ground or to understand one another's problems. This
thing now becomes easier. Farmers are organized and so are the mills.
The leaders of these groups not only may but should constantly confer
one with another so that the best interests of both will be served.
The Federal Farm Board itself is interested In developing such a
program as this to the greatest possible degree.
S.' Y. West Before National Association of Cotton Men
Says Federal Farm Board's Activities Increased
Unemployment—Says Debenture Plan May Destroy
Export Business.
The Federal Farm Board's activities have increased unemployment and if the debenture plan is put Into effect it
might destroy the American cotton yarn and goods export
business, Sidney Y. West of Little Rock, Ark., told the
National Association of Cotton Manufacturers at its con-
MAY 10 1020.1
FINANCIAL CHRONICLE
3279
vention in Boston May 1. Associated Press dispatches from has focused public attention on
the need for adequate inBoston to the New York "Evening Post," indicating this, surance protection more effectively
than could have been
further said:
done in any other way." It was further stated:
The Director of the American Cotton Shippers' Association, In speaking
of the Farm Board, said: "They have practically cornered the May-July
positions and forced them to an unnatural premium over the new cotton
crop. This has increased unemployment in the industrial sections of the
country, thus decreasing the purchasing power in those districts at a time
when unemployment is already great.
"They have discouraged the buying of dry goods by the retailer, who
sees no reason to buy snore than a meager supply when he looks at the
quotations in any cotton market and sees October cotton is selling much
less than July. No jobber is going to lay in a supply; no spinner can
afford to manufacture yarns or dry goods in fate of this discount."
Referring to the debenture plan, the speaker said: "You will be in
worse shape than you are now" if it goes into effect. "It
amounts to
paying a bonus on ceton that is exported, which at times will
mean that
the price you pay for your cotton will be a great deal higher
than your
foreign competitors."
Cotton Legislation Dead This Session—Indication
Given as House Committee Declines to Report
Jones Bill.
All major legislation affecting the cotton market appeared
doomed on May 7 when the House Committee on Agriculture, by a vote of 13 to 3, refuse to report the Jones bill
prohibiting the sale of cotton and grain in future markets
to the House for its consideration. This statement is made
in a Washington dispatch May 7 to the New York "Journal
of Commerce" in which it was also stated:
Written in practically the same language as the Caraway bill now in
the Senate Agriculture Committee, the Jones measure would declare
it unlawful for any person, company or corporation to make a contract for
Cotton for future delivery who does not have the intention of actually
receiving the cotton to be so delivered. Further,it would prohibit the making
of a contract for future delivery of cotton by anyone who is not
at the
time the actual owner of the cotton.
Substitute for Vinson Bill.
The action of the Committee to-day in refusing to report out the Jones
bill is regarded by those familiar with the situation as meaning that
no legislation of major importance affecting cotton will be acted upon at
this session of Congress, which is expected to adjourn during the middle
of June.
Following the adverse vote of the Committee taken behind closed doors,
it was learned that on Monday last the Committee had voted
11 to 5 to
substitute the Jones bill for the Vinson Bill, which met the approval
of the
House Committee last session and passed the House but
died in
Senate. To-day, however, when a move was made in the Committee the
to set
that vote aside and consider the Vinson bill in its original form
it was defeated by a vote of 13 to 3.
The bill of Representative Vinson (Dem.), Georgia, is designed
to give
the Secretary of Agriculture supervisory power over the cotton
future
exchanges and to prohibit manipulation. Like the Jones bill the measure
of the Georgia member would permit the sale of cotton for future
delivery
only by those who are the actual owners of the cotton or the growers thereof.
"Manipulation."
The word "manipulation" would be construed to mean, among other
things, under the provisions of this bill as(1)shipping or transferring to any
contract market any cotton for the purpose of delivery on such contract
market at an obvious loss on the transaction for the purpose of artificially
influencing prices; (2) tendering and repeatedly retendering on futures
contracts In any designated contract market notices of delivery of the
same cotton for the purpose of artificially influencing prices upon such
contract market; (3) the tender upon futures contracts more than once by
the same person in the same calendar month of notices of delivery
of the
same cotton, or otherwise trafficking in notices of delivery for the
purpose
of artificially influencing prices, and (4) engaging in straddle operations
in
and between various markets designated by the Secretary of Agridulture
as contract markets, with the purpose of artificially influencing
the movement of prices In any such designated contract market.
Among other things the Jones bill would declare it unlawful to
books, newspapers, pamphlets, letters, writings, or other publications mail
containing matter tending to induce or promote the making of
which are prohibited under the provisions of the act. For any contracts
person vielisting the act there would be imposed a fine of not more
than $10.000 nor
less than $1,000 or imprisonment not to exceed six months nor
less than
one month or both.
"The value of the various forms of option settlement has been repeatedly
emphasized and their application in numerous cases abundantly demonstrated, but there are often financial problems in the life of the. family
that cannot be adequately solved by a series of fixed payments at specified
intervals. The exercise of a personal discretion and the continuous supervision of the family welfare are necessary. In such cases the life insurance
trust is the most satisfactory.
"It is the policy of our company that all our agents shall be fully
familiar with the life insurance trust and its advantages and they are
instructed to recommend that in appropriate circumstances the insurance
policies be deposited with a trust company as trustee, under a trust
agreement properly drawn, to meet the needs of the family."
National Association of Real Estate Boards to Discuss
New Methods of Financing Real Estate at Coming
Toronto Convention July 9-11.
New ways of financing real estate will be an important
subject to come before the general sessions of the 23rd annual
convention of the National Association of Real Estate Boards,
to be held in Toronto, Ont., July 9, 10 and 11. Robert F.
Bingham, Cleveland, Ohio, will address the convention at a
meeting of its entire delegate body on this subject. Mr.
Bingham, who is the attorney for the Cleveland Real Estate
Board, is a member of the executive committee of the
Mortgage and Finance Division of the National Association.
He has long been a close student of real-estate conditions
and trends and is the joint author of three professional
volumes—"City Growth and Values," "Financing Real
Estate," and "City Growth Essentials." Mr. Bingham will
review developments in the corporate ownership of real estate
and is expected to report on the newest methods in the organization of investment trusts.
The subject of expert testimony of appraisers given in court
cases involving valuation of real property will be thoroughly
discussed by the Appraisal Division at its Toronto meetings,
to take place the afternoons of July 9 and 10. The National
Association has previously gone on record as favoring legislation to insure the qualifications of appraisers giving expert
testimony in legal cases and to eliminate abuses in regard to
expert testimony upon real estate valuations. Henry N.
Johnson, Detroit, will discuss the qualifications which the
appraiser who is to give expert testimony should present,
and how such experts should be chosen.
Frederick M. Babcock, Chicago, who has been contributing to the appraisal conferences arranged by the National
Association of Real Estate Boards for local member boards,
will address the Division on "Appraisal of Special Purpose
Commercial Properties." Delbert S. Wenzlick, St. Louis.
a member of the educational board of the National Association, will speak on "Pedestrian Traffic" be fore the Appraisal
Division and Arthur J. Mertzke, directors of education and
research for the National Association of Real Estate Boards,
will have as his subject "Capitalization Rates." "Real
Estate Values in Toronto" will be the subject on which J.
Adair Gibson will address the Division.
American Cotton Shippers Association in Convention at
Memphis Votes Down Censure of Federal Farm Board.
According to Memphis advices to the New York "Journal
of Commerce" the dispute over the Federal Farm Board in
Growing Co-Operation Between Life Underwriters the convention of the American Cotton Shippers Association
and Trust Companies Evidenced in Report of ended in a compromise on Apr.26. The dispatch further said:
Committee on Life Insurance Trusts of American
The convention failed to go on record as censuring the board or
demanding a Congressional investigation, but a committee was appointed
Bankers Association.
to
deal directly with the Farm Board, as desired by the censure forces.
Growing co-operation between life underwriters and trust
The resolution on the Farm Board finally adopted, after an afternoon
companies in developing the life insurance trust was de- and morning of debate in committee and on the floor, was as
follows:
"Resolved, That a committee be appointed by the president of the
clared to be an outstanding feature of the present life inAmerican Cotton Shippers' Association to act for this association in
surance era in the report of the Committee on Life Insur- connection
with all matters pertaining to the Agricultural Marketing
Federal Farm Board and their affiliations, and that this commitee
ance Trusts presented here May 0 at the American Bankers Act,
be given full power to do everything needful in order to protect the
Association Executive Council meeting held at Old Point interests of our membership, and be it further
Comfort, Va. The report was made by C. Alison Scully, be"Resolved, That directors be instructed to supply such funds as may
necessary to bring the activities of the committee to a successful
Vice President Bank of Manhattan Trust Company, of New conclusion."
It is understood that this committee will seek a friendly conference
York as chairman of the Committee who quoted Hillsman
with the Farm Board and officials of the American Cotton Co-operative
Taylor, President MISSOUTI State Life Insurance Company, Association.
•
•
•
•
The conservative element in the convention was relieved, if not
St. Louis, as saying that under certain conditions a life
Insurance trust is the most satisfactory method to provide for entirely satisfied, with the result of the dispute over the Farm Board.
Among a few of the local shippers who have become a bit repentant
family financial problems. "There has been no more since the Manufacturer
s' Cotton Exchange adopted resolutions censuring
the
Farm Board, the opinion was expressed that failure of the American
significant development during the present era of life
censure
"was a good thing."
Association
to
insurance than the life insurance trust," the report quoted
Memphis "Commercial Appeal" had the
the
April
25
On
Taylor.
"Life
Mr.
insurance as an institution has needed
no endorsement but the advertising and publicity con- following to say regarding the meeting of the American
tributed to life insurance by the banks and trust companies Cotton Shippers' Association:
The "fighting wing" of the American Cotton
Association
of the United States has given us a splendid good will and has run into decided opposition to the proposal toShippers'
wage open warfare
3280
FINANCIAL CHRONICLE
on the Federal Farm Board and the co-operatives and it was impossible
yesterday to determine whether the forces desiring to adopt resolutions
of censure or the conservatives would be more numerous when the
convention opens this morning at Hotel Peabody.
President H. G. Safford is essaying the role of peacemaker and
many of the shippers from the western part of the "bolt" think warfare
with the farm board would be suicidal.
Practically no one is willing to be quoted, but many of the shippers
expressed their views freely in private. The New Orleans shippers
are lined up with the conservatives.
One said:
"I'm with the co-op side in this matter. We can't have things any
worse than they have been."
Shuns "Cat's Paw" Role.
The charge was made that the manipulation laid to the co-operatives
is nothing compared to the squeezing operations carried on in past years
by some of the largest cotton companies in the business. One man
expressed it: "Let the co-ops and big fellows fight it out; they can't
do any harm. Why should the shippers in general be cat's paws for
these big manipulators?"
The question was precipitated when the Memphis Cotton Exchange,
followed by the Southern Cotton Shippers' Association, a component
organization of the American, adopted resolutions demanding a congressional investigation of the Farm Board and the co-operatives and
charging them with dominating the futures market.
President Safford appointed a cotton economics committee to study
the situation. Meanwhile the Atlantic association had come out definitely in favor of starting open opposition to the farm board and
rumblings of anger and nervousness among cotton traders were heard
throughout the belt.
It is no secret that the fight to adopt resolutions of decided censure
and to send a committee to Washington to protest to the Farm Board
has the warm support of several of the largest trading companies in
the belt, and these interests are expected to have a great influence in
the convention.
Sessions to Be Secret.
The fight will be carried on in the committee and the floor, behind
closed doors.
Some of the New Yorkers present at the meeting are likewise opposed
to any overt action against the Farm Board, while the cotton exchange
has been criticized in some quarters in Memphis for "endangering the
city's chances of getting the headquarters of the American Cotton
Co-operative Association."
Large Scale Home Building Program at Present Time
Would Be Dangerous and Speculative, T. F. Clark
Tells U. S. Chamber of Commerce.
"Any expansion of home building on a large scale at this
time would be highly dangerous in that it must be of a speculative character," Thomas F. Clark,President of the Thomas
F. Clark Company of New Haven stated in an address before
the United States Chamber of Commerce in Washington,
D. C., on April 29. Mr. Clark represented the Mortgage
Bankers' Association of America, speaking on the subject,
"What Procedure Has Been Followed Nationally and Locally
to Expedite Private Construction, and What Can Be Done
to Improve the Financing of Homes." In part he said:
"The volume of business in first mortgage loans during the year
/929 varied only slightly from the two previous years. '"Fhe farm
situation is in a very much healthier condition than it has been for
some time, more farm loans being made during the months of January and
February of 1930 than for the corresponding period of 1928 and 1929.
"It is my opinion that any attempt at Governmental expansion of home
building would carry with it problems of financing which would in no
way effect the individual investor. The law of supply and demand insofar
as it effects the home owner balances just as long as there are sufficeint
funds to meet the demand, and this condition not only exists to-day but
has existed for the past several years. The future home building will, as
a result of the experiences of the past, be under stricter supervision of the
Investor than it has in the past, and will result in not only a better return
(blithe investor but more peace and happiness for the home owners."
Co-operatives Not to Dump Cotton On Market, Shippers
Reassured.
The following from Memphis May 8 is from the New
York "Journal of Commerce":
Assurance that cotton now held by the co-operatives would not be
dumped on an unwilling market was given to the American Cotton
Shippers' Association today by Carl Williams, member of the Federal
Farm Board, after an all-day conference between Mr. Williams, E. F.
Creekmore, vice president and general manager of the American Cotton
Co-operative Association, and a committee of shippers.
Mr. Williams issued a written statement in which he said:
"The cotton now in possession of the cotton co-operatives or which
may come into their possession from the 1929 crop will not be dumped
on an unwilling market."
A charge has been made that the Federal Farm Board, through its
$100,000,000 cotton co-operative marketing board, was holding cotton
and increasing the basis so that consumers and buyers have been forced
out of the market.
The committee representing the American Cotton Shippers' Association meeting today with Mr. Williams and Mr. Creekmore was composed of D. E. McCuen, Greenville, S. C., president of the association;
Douglas W. Brooks, Memphis, vice president; John N. Stewart, Jr.,
New Orleans, president of the Southern Cotton Shippers' Association;
T. F. Bush, Waco, Texas, president of the Texas Cotton Association;
J. M. Locke, Muskogee, Okla. president of the Oklahoma State Cotton Exchange; D. M. Burford, Pine Bluff, Ark., president of the
Arkansas Cotton Trade Association, and D. H. Williams, Charlotte,
N. C., president of the Atlantic Cotton Association.
Cotton
[voL. 180.
to Curtail—Deering, Milliken Announce
Drastic Cut to Reduce Surplus.
The following is from the New York "Times" of April 25:
Close to a dozen print-cloth and narrow-sheeting mills for which
Deering, Milliken & Co. act as sales agents, will suspend operations
every other week during May and June and part of July, according
to an announcement yesterday by George Eypper, vice president of
the company. The action, he said, was decided upon by executives of
the mills after a conference with officials of the local company.
"The plan is being put into effect," Mr. Eypper pointed out, "in
order to give the market time to absorb the abnormal accumulation of
stock which exists at the present time. Every effort will be made by
the mills involved to avoid drastic shutdowns."
The mills involved are all located in Georgia or South Carolina. Their
action follows similar steps taken by other large producers within
recent weeks. According to the trade, additional announcement of a
similar nature are expected from other mills within the next few days..
Mills
Vote to Curtail Cotton Mill Hours—Southern Manufacturers Endorse Plan of Textile Institute at Pinehurst
Convention—F. W. Shibley of Bankers' Trust Urged
Curtailment.
After endorsing the program of the Cotton Textile Institute to curtail weekly working hours to a maximum of
50 for night and 55 for day workers, with no overtime, the
American Cotton Manufacturers Association adjourned
Its annual convention at Pinehurst, N. C., on May 7, according to a dispatch of the New York "Times" from which the
following further account is taken:
Approval of the curtailment project already bearing the sanction of
a number of individual mills but never officially endorsed by the association, came in the resolutions adopted at the business session this
morning, from which the press was barred.
B. E. Geer of Greenville, S. C., president of the Judson Mills, was
elected president, but the selection of next year's meeting place was
left to the board of governors, which will meet later in the year.
An explanation of why the National Industrial Conference Board
quit publishing Southern textile hourly and weekly wages in its monthly
statistical summaries was offered by Stuart W. Cramer. He said that
the number of Southern mills reporting payroll data had become practically negligible.
"Southern textile working conditions and wages are probably more
misrepresented, both through ignorance and malice, than those of any
other industry in the United States," Mr. Cramer said, suggesting
that the association have a disinterested party to determine and publish
the equivalent of extras provided by Southern mills in addition to actual
wages when comparing scales of Northern and Southern mills.
President Lincoln Baylies of the National Association, was a guest
of the Southerners and pleaded for cooperation of the northern mill
interests toward curtailment.
"Little has been said about it, but the New England mills have been
curtailing," he said.
In addition to President Geer the following officers were elected:
Cason J. Calloway of La Grange, Ga., first vice president.
B. B. Gosset, Charlotte, N. C., second vice president.
E. M. McLaurine of Charlotte, secretary-treasurer.
J. H. Cheatham of Griffin, Ga.; A. K. Wingate of Gastonia, N. C.;
George H. Lanier of Lanett, Ala.; S. M. Bailey of Greenville, S. C.,
and F. J. Haywood of Concord, N. C., were elected to the board of
governors.
As present conditions are in the industry, drastic curtailment was urged on the American Cotton Manufacturers'
Association at its May 6 session at Pinehurst by Fred W.
Shibley, vice president of the Bankers Trust Co. of New
York, The New York "Journal of Commerce" reported
this in its Pinehurst advices May 6 and added:
"I say drastic only to remedy an unhealthful situation," Mr. Shibley
explained. He declared that the problem of the relation of production
to the consumer demand must be studied out very carefully, and some
such system as that operating in the automobile industry must be
developed for the cotton industry. Production must be undertaken
only as it relates to a forecast of sales, he said, based on accurate
statistics of the market, style tendencies and the like.
Mr. Shibley was one of the two speakers at the morning session of
the convention which opened here today. The other speaker was Carl
Williams of the Federal Farm Board, who spoke substantially along
similar lines as those taken in his address before the National Association of Cotton Manufacturers in Boston recently. Both speakers were
introduced by President A. 1d. Dixon, who opened the convention, the
thirty-fourth gathering of its kind. Over 400 members from all parts
of the South attended. New England also was well represented.
Speakers its Agreement.
Both speakers, Fred W. Shibley, Vice-President of the Bankers Trust
Co. of New York, and Carl Williams of the Federal Farm Board,
while widely contrasting in their fields of activity, came to the same
conclusion concerning the needs of the cotton textile industry and its
closely related business, the cotton farmer. Mr. Williams declared for
a mutuality of interests and Mr. Shibley for closer co-operation ere
the brink of disaster be reached by the cotton trade in general.
Following the talk on "Cotton Common Sense" by Mr. Shibley, H. W.
Fitzgerald of the Riverside and Dan River Cotton Mills declared that
the outline by Mr. Shibley had reached into the heart of the present
situation confronting the entire Southern mill industry, and that now
that the situation was fully appreciated it is time to act as a group to
end the conditions which have become intolerable for the industry as a
whole.
After briefly outlining the cotton industry from a historical viewpoint
Mr. Shibley went on to say that in his opinion not only had the hour
for co-operative understanding come to the cotton industry of the
South, but that so near was the industry as a whole to the brink that
forward activity is a necessity immediately.
Places Blame as Banks Too.
Mr. Shibley decried that fact that the industry had been forced into
present straits by changing conditions in the country and, while he
MAY 10 1930.]
FINANCIAL CHRONICLE
blamed the cotton men for not foreseeing where the period
of mill
expansion would take them, he definitely blamed the
bankers who had
lent the money.
In closing he paid tribute to the work of the Cotton
Textile Institute
and recommended that it be supported by the Southern mill
men. This
remark evoked spontaneous applause.
On the other hand, while, as Carl Williams said, he
might have used
the same speech as did Mr. Shibley and recommended
to the farmers
the same course: Co-operation or go under.
Mr. Williams appeared as an apologist for the Farm
Board and
repeated in practical detail the same speech as he had
given in Boston
last week at the National Association of Cotton Manufact
urers.
3281
The service rendered by these brilliant efforts of his not only
to the Stock
Exchange but also to the public at large is one that
can Dever be overestimated:
"Be it therefore Resolved, that the Governing Committe
e do hereby
record their conviction that the community has been advantag
eously enlightened and that the Stock Exchange has been greatly
raised in public
esteem by Mr.Simmons' untiring efforts, and that this brilliant
work of
his has made him an outstanding figure among the many president
s of the
Exchange.
"Be it further resolved, that a copy of these resolutio
ns, properly engrossed, be presented to Mr. Simmons."
Mr. Simmons will retire as President of the Exchange at
the annual meeting to be held May 12. Reference thereto
Southern Mills Reduce Schedules—Spartanburg
Plants was made in our issue of April 19, page 2694.
Further Cut Output—Raw Cotton Hit.
Aclvices, April 20, to the New York "Journal of
Com- Testimonials Presented to Presid
ent Simmons and W.
merce" said:
B. Potts by Employees of New York Stock ExMills in this section are receiving but few orders
for their products,
and only the hand-to-mouth process prevails. Here
change.
and there a buyer
wants a quick shipment, and will place
a small order. There is no
The employees of the New York Stock Exchange pregeneral demand for the finished products, and the
only hopeful feature
sented testimonials to E. H. H. Simmons, retiring President
to the situation, which is anything but promising,
is that the occasional
demands for small quantities prove conclusively
that the goods are of the Exchange, and to William B. Potts, recently resigned
needed, and eventually the cloth merchants will have
to pay for them at Governor of the Exchange, at the Boys'
Day ceremonies on
least a figure that will justify selling them at a
margin of profit, plus
May 8. The resolutions to Mr. Simmons were presented
cost of production.
Mills continue operating, but most of them are on
curtailed schedules. by Robert Palmer, Boys' Day President of the Exchange,
Curtailment is on the increase and the working
hours and days are and the resolutions to Mr. Potts were present
ed by John F.
being still further shortened with the end in view
to keep the operatives
Tangney, Assistant Supervisor on the floor of the Exchange;
in employment, even if the mills run but three
or four days out of the
week.
they follow:
The inactivity along textile lines is surely reflected
with respect to the
Greetings: E. H. H. Simmons, President, New York
raw cotton market. Discount of the new crop months
knocked trading Stock Exchan
in the head except where cotton was needed for
ge:
immediate consumpt
ion.
It is stated by those familiar with the situation in
this section that the
majority of mills are stocked in so far as they are going
to be stocked.
Shippers and merchants with cotton are making
strenuous efforts to
unload and are willing to reduce the basis in order
to put through their
trades, but under such circumstances they are
experiencing great difficulty in selling, as there is no demand.
There is considerable speculation and criticism
attending the actions
of the Federal Farm Board and the co-operati
ves. The opinion is held
by mauy that the co-operatives are
now pursuing the very policy they
so severely criticized in Anderson Clayton
,
& Co. or other large cotton
merchants, and are just as silent and secretive as
any outside corporation as regards their movements
and intentions. Men vitally identified
with cotton and manufacturing cotton
goods locally express the opinion
that the operations of the Farm
Board and auxiliaries to date have
worked serious injury to the
cotton merchants, the manufacturers and
the producers as well. And
this is also having its effect on the thousands of people who absolutely depend
on the machinery of the cotton
mills running for the necessitie
s of life.
As regards nominal quotations, it
is impossible to give an intelligent
line, due to the fact that all
cotton merchants who have stocks are
anxious to sell, and any basis quoted does not
represent anything like
the prices they are willing to
accept. .
The planting season is in full blast,
and the farmers of this county
and section are in better shape
with the starting off of the year's crop
than in any year within the past
two decades. Fertilizers are moving
plentifully and the prospects are bright for a banner
crop. There is no
indication anywhere that cotton acreage will be reduced
in this county
or section.
During the past six years that E. H. H. Simmons has been President
of the New York Stock Exchange he has displayed such vigorous and
courageous leadership, sincere friendship and a willingness to serve that
the employees of the New York Stock Exchange and its affiliated companies and the employees of the Stock Exchange Luncheon Club wish
to
evidence their appreciation by this testimonial
Be it therefore Resolved, that the employees of the New York Stock
Exchange and its affiliated companies, together with the employees of the
Stock Exchange Luncheon Club do hereby express to E. H. H. Simmons
the high regard and affection in which he Is held by those who have been
privileged to work under his leadership.
Greetings: To our friend, William B. Potts:
The most genial and best beloved Governor of the New York Stock
Exchange has evinced such a benevolent, human, and sincere interest in
the activities and welfare of the employees of the New York Stock Exchange and its affiliated companies and the employees of the Stock Exchange Luncheon Club that now at the time of his resignation from the
Governing Committee of the New York Stock Exchange it seems fitting
that the employees express their deep affection to one uppermost in their
hearts.
Be it therefore Resolved, that the employees of the New York Stock
Exchange and its affiliated companies together with the employee
s of
the Stock Exchange Luncheon Club do hereby express to William
B.
Potts their appreciation of his many kindly deeds, and gracious services
In behalf of the employees which has made his life benedicti
a
on and blessing to al .
Robert Gibson Resigns as Member of Governing Committee of New York Stock Exchange.
Resolution of Cedar Rapids (Iowa) City Council
Bars
The resignation of Robert Gibson as a member of the
Sale of Cigarettes by Chain Stores After June
1.
Governing Committee was accepted on May 7.
From Cedar Rapids, Iowa, May 2, the New York
"Times"
reported the following:
The passage r,f arm lution by
tho City Council hero last night, depriving Tenth Anniversary of Founding of Stock Clearin
g
chain storm of the right to sell
cigarettes after their licenses expire on June 1.
Corporation—President Streit Presented With
has precipitated a light which
may finally be taken to the Supreme Court
(Rho United States to decide just
Loving Cup.
how far a council may go in determining
what a merchant shall charge
for his wares.
A luncheon in honor of Samuel F. Streit, President of the
The chain stores here have
been selling two packages of cigarettes for
25 cents plus the 2 cents tax
on each package. Regular cigr stores have Stock Clearing Corporation, celebrating the tenth anniverasked the Council to insist
that th chain stores sell at the established price. sary of the founding of the Clearin Corpora
g
tion and of Mr.
Pressure on the Council led to
adoption of the resolution.
Streit's presidency, was given on April 26 in the Stock ExThe chain stores have announce
d they would appeal th case to the highest
F,doral court, if necessar on
tho ground that the City Council had no change Luncheon Club. The dinner was attended by 112
right to seek to fix the price
of a commodity.
officers and employees of the Stock Clearing Corporation, all
of whom have been associated with the corporation since its
Governors of New York Stock Exchange
Adopt Resolu- organization. The men presented Mr. Streit with a loving
cup, suitably inscribed, and with a pair of silver candelabra.
tion Commending Services of E. H. H.
Simmons as
A testimonial, signed by the 112 fellow officers and emPresident of Exchange.
ployees, was presented to Mr. Streit, praising him upon his
At a meeting of the Governing Committee of
the New York leadership and
upon the success of the corporation. The
Stock Exchange on May 7 a resolution was
adopted on the Stock Clearin
g Corporation was organized April 26 1920,
retirement of E. H. H. Simmons as Preside
nt, in which and succeed
ed the Clearing House Committee of the Stock
recognition of his services during his term of
office was Exchange. Mr. Streit has
recorded. The resolution follows:
been President of the corporation
since its organization and was a member of the previous
"With the far-reaching changes
of the past few years affecting the status
of the New York Stock Exchange changes which have
been measured by Clearing House Committee for ten years. He was Chairthe sudden and enormous rise in volume of our daily
transactions, it be- man of the Clearing House Committee from 1913 to 1920.
came necessary for the public to be intelligently
informed
•
about the character of the agency through which they were making
creasing investments and their speculative ventures. their constantly in,
This was a pressing need and quite new in the
affairs of the Exchange.
Never before had the economic functions and the basic
market been so keenly inquired into by great numbersutility of the stock
of our intelligent
citizens. E. H. H. Simmons, our President, who
is about to retire after
serving for a longer term than that of any president of
the
understood the difficult and laborious task of interpret past half century,
ing the complicated
structure of Wall Street to the nation. He visited
many parts of the
United States and even foreign countries and In able
addresses threw the
light of lucid explanation upon the anatomy of our
great financial nervecenter!
Governing Committee of New York Stock Exchange
Propose Increase in Membership of Committee on
Arrangements.
The Governing Committee of the Now York Stock Exchange on May 7 recommended an amendment to the Constitution to provide two additional members to the Committee
on Arrangements, bringing the total membership of that
Committee to nine.
3282
130.
FINANCIAL CHRONICLE
Youths Serve as Acting Officials of New York Stock of the Exchange, in his monthly business statement, issued
May 2. He reports as follows:
Exchange for Day.
Value of shares traded in during April 1930 totaled $28,233,486, which
was
Acting
page,
Robert Palmer, eighteen year old floor
is an increase of 20% over the $23,233,486 figure reported for March, a
President of the New York Stock Exchange on May 8, gain of 44% over the $19,654,013 value of February, an increase of 129%
over the January value of $12,323,222 and a 43% jump over the $19,713,882
E. H. H. Simmons having turned over his duties for figure
of December 1929. Total shares traded in during April amounted
the day to the youthful employee. Palmer was assisted by to 802,360, as compared to 1,C46,947 for the previous month; however, the
was
who
seventeen,
figures also include transactions in rights and scrip which
share
turnover
Goodfellow,
Harold
a fellow page,
41% of share volume in March nd only 24% in April, making
Boys' Day Chairman of the Board Room. Three other contributed
the actual share turnover during the past month greater than the preceding
boys, Vincent Martin Byrne,John Walter Schuh and Willard period.
The daily average of transactions on this Exchange during the past month,
Corporation,
Van Klontz, employees of the Stock Clearing
which consisted of 24 working days, was 33,431 shares of $1,176,395 market
officiated respectively as President, General Manager of value as compared to the previous month of 26 working days with 40,267
the Day Branch, and General Manager of the Night Clearing shares of $929,132 market value.
Market interest was centered mainly in petroleum securities, but the
Branch,of that organization. The occasion of the ceremonies percentage
of activity distributed throughout the list was greater than both
Boys'
of
Exchange
Stock
the
by
observance
annual
the
was
the preceding month and April of last year. Oil stocks contributed 35%
Exchange
Stock
of share turnover and 43% of market value during the past month as comDay in Industry, inaugurated by the
pared to
and 39% in March. Activity in Oil issues during April of
eight years ago, and observed generally throughout industry last year32%
completely overshadowed the other divisions with 72% of the
at the present time.
total share turnover and 57% of total market value for that period. Public
W. B. Potts Resigns as Director of Stock Clearing
Corporation.
Corporation reported this week the
Clearing
The Stock
resignation from its board of directors of William B. Potts
who last week resigned as a member of the Governing Committee of the Exchange.
Volume of Stocks Sold on Chicago Stock Exchange in
First Four Months of 1930 Far Exceeds That of
Same Period Last Year.
The cumulative volume of stocks sold on the Chicago
Stock Exchange for the first four months of 1930 is 40%
greater than the stock volume for the same time a year ago,
figures compiled by the Exchange showed on May 1. The
Exchange reports as follows:
utility issues accounted for 13% of total shares and 21% of total value for
the period just closed as compared to 11% and 23% for the previous month
and only 4 and 6% for April 1929.
Among the market leaders were Transamerica Corp. up h to a close of
45 with a 69,400 share turnover for the month; Standard Oil of California
up 7,4 points to a close of 73% with a 67,100 share turnover; Southern
California Edison common with 59,800 shares closed at 68, a gain of 1
Rio Grande 011 common lost 1 point to 23% on a 55,700 share turnover:
and Pacific Finance common, with 45,000 shares, gained 2;1' points to
•
a 41 close.
Monroe Hein, New York Stock Broker, and His Firm,
Norman & Co., Enjoined by Supreme Court—
Philip H. Leisert of Brooklyn Appointed Receiver.
On the application of Henry S. Staples, Deputy Attorney
General of the State Bureau of Securities, Justice May of the
Brooklyn Supreme Court, on Tuesday of this week (May 6)
signed an order enjoining Monroe Hein, stock broker, and
his firm, Norman & Co., 42 Broadway, this city, as well as
the wife of the broker, Mrs. Velma Hein, from the sale of
securities, and later appointed Philip H. Leisert of Brooklyn,
receiver for the firm, according to the New York "Times"
of May 7, which continuing said:
shares
The volume for the first four months this year was 29,435,800
ago.
as compared with 21,007,000 for the first four months a year
3,961,000
with
compared
as
shares
10,435,800
The April 1930 volume was
greater than
shares for April 1929, making this year's April volume 168%
April a year ago.
first four
the
for
Exchange
The restraining order was signed as Hein was on his way to Sing Sing
The par value of bonds sold on the Chicago
par to start a sentence of 18 months to 3 years imposed two weeks ago by Judge
months this year is $15,123,000, nearly seven times the 82,183,500
1929.
of
months
four
first
the
Donnellan in General Sessions. Hein, a former associate of Wilan M.
value for
_with Easterday, stock swindler, had pleaded guilty to the charge of defrauding a
The April 1930 bond volume stands at $4.573,500 as compared
boyhood friend, Harry E. Pincus, of 115 East 169th St., of 88,200 in 1927.
$504,500 for April of a year ago, an increase of 900%•
Comparative figures by months for 1927, 1928, 1929, and 1930 follow:
Easterday was sentenced to a term in the Federal penitentiary in Leavenworth with Jules (Nicky) Arnsteln in connection with the $5,000,000 Wall
STOCK IN SHARES.
1930.
1929.
1928.
Street bond conspiracy ten years ago.
1927.
Month—
4,541,200
6,829,000
713,875 1,708,694
In the motion for the injunction, Mr. Staples said that securities deJanuary
714,225 1.348,659 5,321,000 6.219,800
February
of Norman & Co. as collateral had been
623,635 2,503,976 4,896,000 8,349,700 posited by some of the customers
March
sold
and the proceeds used in the general account of the company. He
842,470 3,096.460 3,961,000 10,435,800
April
also said that, although customers had been informed that their orders
2,894,205 8,657,789 21,007,000 29,435,080 for sale or purchase of securities had been carried out, in many cases this
Total
was not so. He also charged that money advanced as security by cusBONDS PAR VALUE,
1930.
1929.
1928.
tomers was checked out of the bank for Rein's personal use.
1927.
Month—
8527,000
8551.500
$868,000
$1,146,100
Mr. Staples explained that, although Hein's wife had taken no part
January
470,000 3.071,500
813,000
814,160
February
657,500 8,951,000 in the affairs of Norman & Co., her husband had conducted the business
899,000
1,108,500
March
504,500 4,573,500 under her name. He said this made her a party to the injunction pro690,000
1,824,000
April
ceedings.
34,892,750 $3,270,000 $2,183,500 315,123,00
When officials of the Bureau of Securities raided a bucketshop in upper
Total
Broadway last November they found Hein there. It was contended that
this concern cleared through Norman & Co.
At that time, according to Mr. Staples, an injunction was issued against
New Daily Trading Record for 1930 Established by
Hein. He was still under the injunction when the offices of Norman dr Co.,
3
May
on
Chicago Stock Exchange May 5—Volume
were raided. In view of the Sing Sing sentence, Mr. Staples said he would
Largest for Any Saturday.
not press any contempt of court charges against Hein.
With a share-volume of 960,800, the Chicago Stock Exchange established a new daily trading record for 1930 on
May 5. It was the largest trading day on the Chicago
Exchange since Oct. 30 1929, when 1,090,000 shares were
traded and was the fourth largest day in the history of the
Exchange. May 5 was the second largest day in bond trading in the history of the Exchange. The bond volume, par
amount that day was $750,000, compared with the all-time
record of $815,000 made on March 11, this year.
With a volume of 562,800 shares, Saturday, May 3 was
the largest Saturday, two hours of trading, in the history
of the Chicago Stock Exchange. It was also the largest
two-hour trading day in bonds on the Chicago Exchange with
$314,000 par value traded. The huge volume during the
short session put the ticker 16 minutes behind the close of
the market at 11 a.m. It was the first time in the Exchange's
history that trading passed the half million-share mark
during a two-hour session. The previous record two-hour
trading day was on Saturday, Aug. 3 1929, when 340,000
shares were traded.
Increased Activity on Los Angeles Stock Exchange—
Interest in Petroleum Securities.
shown a
Activity on the Los Angeles Stock Exchange has
which
consistent increase since the market crash of last year,
exchanges,
Coast
Pacific..
the
on
volume
in
slump
a
in
resulted
Manager
it was pointed out by F. E. Sanford, Secretary and
Report Limiting Powers of Customers Men Adopted
by Governing Committee of New York Stock
Exchange.
E. H. H. Simmons, President of the New York Stock Exchange, announced on May 7 that the Governing Committee
had adopted the report of the Special Committee which has
been considering a revision of the Rules of the Exchange
in regard to so-called Customers Men, that is, employees who
deal directly with customers and who by the nature of
their duties often give advice in regard to the purchase
and sale of securities and, in some instances, are authorized
by customers to exercise discretionary power over their
accounts. The announcement of the Exchange states that in
substance this report recommends that the Committee on
Quotations and Commissions adopt certain new rules in
regard to Customers Men, the principal change being a limitation of the right of Customers Men to exercise discretion
for customers in the purchase and sale of securities. In
discussing this aspect of the report, Mr. Simmons said:'
"The Exchange has come to the conclusion that the right to buy and
sell securities for the account of a customer under a power of attorney or
discretionary agreement is so important that it should, in general, be exercised by a partner of the firm. The Committee on Quotations and Commissions has, therefore, been requested to adopt rules which will allow
member firms to accept discretionary power over customers' accounts only
if the discretion Is to be exercised by the partners of the firm. Provision
will be made for the delegation of such discretionary power to certain
L
MAY 10 1030.1
FINANCIAL CHRONICLE
designated employees, provided the customer gives his consent and the firm
assumes responsibility for the use made of the power by the employee.
The adoption of these rules will be an added protection to poisons dealing
with members of the Exchange and is in line with the traditional policy
of the Exchange."
With reference to •the new ruling the "Herald Tribune"
of May 8 said:
The ruling of the Governing Committee is one of the most important
promulgated in recent years, and brings to an end a long-established and
widespread practice.
It is understood that the ruling, which will affect thousands of speculators and investors, was made because of numerous complaints of losses
made by customers of brokerage houses who have delegated to customers'
men the unusual powers of buying and selling securities at their own
discretion and according to their own notions of prospective price movements. Thousands of stock buyers, it is understood, had adopted this easy
practice of letting someone else make money for them.
Complaints Follow Big Break.
With the collapse of the bull market, however, many speculators found
cause for complaint in the way in which their accounts had been handled.
Either they were sold out too low or were not sold out. Either they should
have been switched to the downside or they had been switched to the
downside too soon.
With customers' men shorn of their discretionary powers stock buyers and
sellers will not have any cause for complaint in the future, as only certain
designated employees will be allowed to exercise discretionary power over an
account and then only provided the customer has given his consent and the
firm has assumed responsibility for the use made of the power by the
employee.
The effect of this ruling, it is believed in Wall Street, will be virtually
to rule out of existence the discretionary accounts and the consequent
inevitable causes of misunderstandings by customers. The subject of discretionary accounts has been under investigation for about six months, it
was learned yesterday, by a special committee which has been considering
a revision of the rules of the Exchange in regard to the customers' men.
W. M. Crane & Co., New York Stock Brokerage Firm,
Permanently Enjoined by Supreme Court from
Dealing in Securities—Horace S. Glassie Appointed
Receiver.
The brokerage house of W.M.Cr ne & Co.,180 Broadway,
this city, on Monday of this week(May 5) was permanently
enjoined from fraudulent dealings in securities, according to
the New York "Times" of the next day. The granting of
the injunction, which specifically restrains the firm from
illegally executing any contracts called "puts and calls,"
was hailed, it was said, ai contributory to the passing in
New York City of illegitimate "put and call" houses. We
quote further from the paper mentioned as follows:
William M. Crane, the President, of 796 Fairmount Place, and Joseph
D. Sugarman of 305 West 98th St., also were named in the injunction.
Justice John McCrate of the Brooklyn Supreme Court, who signed the
order after th defendants had consented to the motion, appointed Horac S.
Glassie of 445 Lafayette Ave., Brooklyn, as receiver. Mr. Rackow, who
represented the State Bureau of Securities, said that the firm had conducted a large mall order business. The business was just getting started,
he declared, when the injunction was granted. He said the defendants
circularized many prospective customers, painting glowing pictures of
possible profits by the "put and call" route.
One of the representations, ccording to testim fly given at the Bureau.
declared that "it is not out of the ordinary to cash in fr m $500 to $2,500
on a single option which would cost a customer from $20 tn $125." According to Mr. Rackow, securities were never bought or sold on these
"put and call" contracts, but the customer's pro'it was figured from the
current market prices. This Mr. Rackow characterized as "gambling on
the market." In addition, a service charge of 50 cents a share arbitrarily
was deducted, though the house did nothing to warrant this charge, it
was said. Mr. Crane last night declined to comment.
3283
Oklahoma there are two regional clearing houses and two additional ones
projected.
"The organization of new clearing houses, particularly of the regional
type, reflects in several ways the banking trends and developments of the
past few years.
"The two greatest common factors universally agreed upon by bankers
everywhere as required in a comparatively perfect system of banking are
first that all of the dearly bought individual experiences of individual
bankers shall be made a common possession available to all so that it
shall not be necessary as it has been in the past for each banker to
conduct his awn experimental laboratory of banking practice and to pay
the high tuition of such a system of education, and second that common
standards of banking practice and ethics acceptable to all should be at
least consented to and applied in the day's work.
"The Committee, after a survey of the entire situation throughout the
country, recommends a continuance of the efforts to extend the system of
regional clearing houses as a means of levelling off the difference between
banking systems and continuing the fraternal and co-operative spirit
which during recent years has done so much to soften the asperities of
keen and aggressive competition."
The members of the committee are: C. A. Chapman, President First
National Bank, Rochester, Minn., Chairman; G. H. Mueller, Tice-President
Fletcher-American National Bank, Indianapolis, Id.; A. B. Taylor, President Lorain County Savings & Trust Co., Elyria, Ohio.
Bankshares Corp. of the United States, New York, in
Receivership—Receiver Fails to Locate Assets.
Upon the petition of Isidore Colton, holder of 100 shares
of its class A stock, the Banshares Corp. of the United States,
with offices at 11 West 42nd St., New York, on May 2 was
placed in the hands of a receiver by Vice-Chancellor John
Backes of New Jersey, according to a dispatch from Trenton
on that day to the New York "Times." The affairs of the
corporation were placed in the hands of Samuel I. Kessler of
Newark who was ordered to post a bond of $50,000. ViceChancellor Backes also issued an order requiring the officers
of the corporation, Frank C. Thomas, President, and H. H.
Harrison, Treasurer, to show cause on May 6 why they should
not be restrained from further conduct of the affairs of the
concern. The dispatch furthermore said:
In his complaint Colton set forth that the corporation had been organized
In Newark in April 1928. as an investment trust, that its present assets were
$759,973.56 and its liabilities $1.911,153. Colton alleged that a statement
had been sent to stockholders on April 25 last, giving the corporation's assets
at that time as $2,431,545. Last June, the complaint asserted, a dividend
of $25.700 had been declared and later paid out of the capital stock, not out
of the concern's earnings. He alleged further that the corporation's net
loss amounted to $1,250,000 and that it had invested $225,000 in =succorful business enterprises. Its present condition, Colton declared, was due
to excessive salaries to officers, inefficiency on the part of employees and
illegal acts.
According to the same issue of the "Times" (May 2) the
Bankshares Corp. of the United States was organized in
Newark,N.J.,in April 1928, by William Harris, a New York
attorney, but was taken over in December 1929 by a New
York group headed by Frank C. Thomas, now its President.
Its main office is now at 11 West 42nd St., New York, and
its corporate office has been moved from Newark to Jersey
City.
In its issue of May 7, the "Times" reported that at the
hearing on May 6 held before Vice-Chancellor Backes in
Newark, Mr. Kessler, the receiver, testified that he had been
unable to locate $750,000 of securities which were supposed
to be in the possession of the company and that the only
assets he found in the New Jersey office of the company in
Progress in Establishment of Regional Clearing House Journal Square, Jersey City, consisted of a chair and a desk.
Associations Reported by Clearing House Com- We quote from the paper mentioned as follows:
Hugh H. Harrison, Treasurer of the company, testified that all the
mittee of American Bankers Association.
securities had been placed with banks as security for loans or had been issued
Progress in the establishment of regional dealing houses to subsidiaries to cover their loans. He said Frank C. Thomas, President
In the country districts as a means of strengthening banking of the company, had been authorized by the directors to handle the loam:
conditions was reported by the Committee on Clearing personally.
• a •
Houses and Clearing House Functions at the meeting of
Leslie Vreeland, bookkeeper for the company, testified that the books did
the American Bankers' Association Executive Council at not show where the securities were. He said that under the William Harris
regime, before the Thomas group took charge, Aaron Shapiro, New York
Old Point Comfort, Va., on May 5. The report said:
lawyer had received $25,000 a year as chairman of the board.
"The regional clearing house idea has been making definite progress. A
number of new associations have been organized during the past half year,
and additional ones are either under contemplation or in process of organimtion. Among them are those at Spangler, Pa., for Northern Cambria;
Ardmore, Okla., Southern Oklahoma; Cumberland, Md., Group 1; Lincoln,
Nebr., 74 banks; Walla Walla, Wash., Blue Mountain Regional Clearing
House Association; and Santa Rosa, Calif., for Sonoma County.
"In Georgia, through the existing metropolitan, county and regional
clearing houses, the '10 Point Plan' is being pushed to accomplish standardization and uniformities. In Nebraska, in addition to the original regional
clearing house in the Fremont district, there have been organized three
regional clearing houses which are functioning satisfactorily. In Iowa the
county plan has been employed in collaboration with examiners designated
to specific regions.
"In Minnesota there are four regional clearing houses, including the
Southeastern Minnesota regional clearing house now being organized.
Missouri presents three regional clearing house associations which are
working in close co-operation with the banking department and designated
examiners. In Illinois the work is progressing satisfactorily in co-operation
with the Illinois Bankers' Association. One regional clearing house of
considerable extent was organized in the Southwestern part of the State
and is being used as a model for further extension of the system. In
Mississippi there are three county and one regional clearing house. In
George T. Vickers, counsel for the Bankshares Corp., filed an affidavit
by Thomas denying that the company had operated at a loss.
Indiana Securities Commission Calls Upon Boston
Stock Exchange to Show Cause Why Latter Should
Not Be Removed from List of Accredited Exchanges.
The following is from the "United States Daily" of May 1:
State of Indiana.
Indianapolis, April 30.
Officials of the Boston (Mass.) Stock Exchange were ordered. April 25
to appear before the Indiana Securities Commission, May 14, for a hearing
to show cause why the Indiana Commission should not remove the exchange from the list of accredited exchanges.
Secretary of State Otto G. Fifield announced the action, saying removal
would take from the Boston Exchange the privilege of exemption now
permitted it.
Laxity in Listing Charged.
The Boston Exchange is charged with Hating issues of securities which
have not had a proper distribution prior to the listing and with listing investment trust securities of newly organized corporations without distribution
other than that of dealers or officers and directors.
3284
FINANCIAL CHRONICLE
It further is charged by the Indiana Securities Coramission that a general
laxity has existed in the listing committee of the Boston Stock Exchange and
that proper examination or investigation of applications has not been
made prior to listings, and that the exchange has listed securities of corporations subsequent to their rejection by other exchanges.
The notice was sent to the officers, directors and representatives of the
Boston Exchange.
Appearance is Asked.
The Boston Stock Exchange was removed from the approved list of
accredited exchanges of the Indiana Securities Commission 2 years ago,
but was reinstated about a year ago following an examination and statements by exchange officials that there would be a strict enforcement of
listing rules.
"Every effort will be made to protect the investors of Indiana," Mr.
Fll'ield said in announcing the action. Following instructions from the
Secretary of State, Mark W. Rhoades, Securities Commissioner, cited the
Boston Stock Exchange to appear before the Commission.
(Vol- MB.
of $889,672.000 and $918,768,000, respectively. Cash in vaults of $350,641.000 was $442,689,000 less than reported 3 months previous and $12,850,000 less than reported a year ago.
Capital stock paid in was $1,704,408,000, which amount showed a
decrease of $65,000 in the 3 month period, but an increase of $71,137.000
In the year. Surplus and undivided profits aggregating 32,094,739.000
showed increases in the 3 and 12 month periods of $449,320,000 and $27.669,000, respectively.
The amount of national bank notes outstanding on the date of the recent
call was $649,703,000,showing increases of $3,283,000 and $1,855.000 since
the dates of the preceding call and the spring call last year, respectively.
The total deposits on March 27 1930, were $21,640,978,000, which
amount was $1,132,515,000 less than 3 months previous and $1,231,902,000
less than reported for the spring call a year ago. In the total of deposits are
included balances due correspondent banks and bankers and certified and
cashier's checks, &c.,of$2,762,093,000,demand deposits of $10,364,021,000
which include United States deposits of $200,796,000, and time deposits
of 35,514,864,000. Reported with time deposits are postal savings of
3100,880,000, time certificates of deposit of $1,334,398,000, and deposits
evidenced by savings pass books of $6,041,194,000, the latter amount
represented by 15,576,492 savings pass book accounts.
Bills payable of $144,694,000 and rediscounts of $80,960.000, a total of
$225,654,000. showed reductions since Dec. 31 1929, and March 27 1929.
of $319,933,000 and $478,158,000, respectively.
The percentage of loans and discounts to total deposits on March 27
1930, was 67.69, in comparison with 66.52 on Dec. 31 1929, and 64.92 on
March 27 1929.
Chicago Stock Exchange Suspends Kempner Bros. for
Period of Five Days.
The Chicago brokerage house of Kempner Bros. has been
suspended by the Chicago Stock Exchange for five days for
violation of Article 15, Section 1 of the Exchange, which deals
with failure to meet obligations, according to advices from
Chicago on Thursday of this week (May 8), appearing in the
"Wall Street News" of the same date.
Insurance Stock Averages During April Reported by
Hoit, Rose & Troster.
New York Deputy Attorney-General Orders InvestiThe market for insurance stocks reached a new peak of
gation into Market Situation of Celotex Stock— activity in April, recording, it is stated, a greater turnover
Calls for List of Shorts in Recent Decline.
than in any previous month of 1930. Following the trend of
From the New York "Times" of May 9 we take the fol- other security markets, insurance stocks advanced steadily
lowing:
during the first 3 weeks of April and then went through a
Deputy State Attorney-General Watson Washburn, in charge of the short-lived reaction. The weighted average of 20 leading
State Bureau of Securities, 74 Trinity Place, announced yesterday he had
ordered an investigation into the market situation of the Celotex company's insurance stocks, as compiled by Hoit, Rose & Troster,
stock. Mr. Washburn said he was desirous of knowing the cause for the started on April 1 at 76 and reached a new high level for the
recent short position of the stock on the New York Stock Exchange and was year at 77.
The subsequent reaction carried the average
asking the Exchange authorities for a complete list of shorts in the stock
price down to 73, which in turn was followed by a rally to
at the time of its drop.
Announcement of the investigation by Mr. Washburn followed news 74 on April 30. The statistics supplied by Hoit, Rose &
that the company, which manufactures building board made from bagasse,
Troster, follow:
a refuse from sugar refineries, is defendant in a receivership bill filed in
the Chancery Court in Wilmington, Del. The bill was filed Wednesday
on behalf of David Adler of Ridgewood, N. J., who says he holds fifty
shares of the stock.
From a price of $43 a share the stock dropped to $23 a share on the
news that the receivership bill had been filed. Mr. Washburn also said
that Deputy Attorney-General Richard Sherman here had requested
Assistant Attorney-General Richard Plummer of Newark to examine
Mr. Adler and submit the result of the interrogation to the Bureau of Securities. It was said this would be done.
April 11.
April 28.
April 1.
April 30.
Aetna Gas
184
147
145
155
Aetna Fire
75
69
6734
73
Aetna Life
98
94
9434
9534
American
2134
2134
2034
2034
40
Continental Casualty_ __ _
3934
40
3934
Globe & Rutgers
1,240
1,180
1,180
1,175
Great American
38
3734
3734
3734
Halifax
35
3034
30
2934
Hanover
6334
81
55
5534
Harmonla
37
34
3334
38
Likewise in its issue of May 9 the "Times" printed the Hartford Fire
81
81
8634
8734
47
Home Insurance
4734
47
4734
following from Chicago May 8:
22
20
20
National Casualty
2034
1734
1734
1634
1634
The following statement has been made sent under date of yesterday to National Liberty
74
Province Washington_.._
83
73
79
stockholders of the Celotex company and associated companies by B. G. Springfield F & M
160
156
156
153
Celotex.
Dahlberg, President of the
1,540
1,525
Travelers
1,580
1,575
82
77
78
81
"The news ticker to-day carried an item that one David Adler filed suit U.S. Casualty
82
82
U. S. Fire
90
85
in Delaware making the allegation that he is the owner of fifty shares of Westchester
66
67
7234
ss
Celotex common stock, that the company is insolvent, and objecting to
77
73
74
Weighted average
the management, praying that a receiver be appointed. This was our
76
first information, as no summons was served on any representative of the
company:
"Our attorneys immediately made investigation and found a bill had New High
Records for Year in Bank Stock Averages
been lodged in the clerk's office in the Chancery Court at Wilmington,
Reported by Hoit, Rose & Troster.
with instructions to withhold process until further order from Adler.
"Our counsel have been instructed to take necessary steps to protect
Except for one reactionary day, the trend of the bank stook
the company and its stockholders in this proceeding. Adler is not a
stockholder of record of the company,and the company has had no dealings market in April was upward 11 leading issues establishing new
high records for the year according to Hoit, Rose & Troster
with him of any kind.
"I wish to assure you that the Celotex company is in good condition which
reports that the weighted average equaled the year's
and that its business is sound and prosperous. While we suffered from
the general depression in November. December and January, our business high 5 times during the month. Opening at 204, the average
began to change for the better in February, and in March our business declined to a low of 193 on April 28, but closed on April 30
Improved to the extent that the not profits for that month amounted to at 196, a
recovery from the low level of 3 points in 2 days.
about $126,000, against $116,000 in March 1929. Also from November
to February we made changes and improvements in the plant which, The range for the month of April in the stocks used in the
without the necessity of any additional machines, have added some 20% Hoit, Rose & Troster averages was as follows:
to production capacity and have effected a reduction in the unit cost of
manufacture. The semi-annual statement for the period ended April 30
April 10.
April 1,
April 28.
April 30.
will be sent to all stockholders about May 20."
America
148
13934
13834
141
Bankers
174
170
177
17634
Central Hanover
405
388
386
390
Chase
18634
168
16634
166
135
Resources of National Banks Decline a Billion and a Chatham
13634
13934
13334
Chemical
80
8134
8634
8534
Half in Period From Dec. 31 Last to March 27.
City
242
217
219
24334
Corn Exchange
240
253
226
230
Comptroller of the Currency John W. Pole issued the Guaranty
851
806
822
857
Irving
68
8234
64
70
following statement on May 6 concerning the condition of Manhattan
151
152
13934
140
Manufacturers
148
14634
13834
13834
National banks as disclosed by the reports to him as of the New
York Trust
320
325
303
310
142
143
14134
152
close of business March 27 1930, the date of the recent call. Public National
the
continental
The aggregate resources of the 7,316 reporting banks in
Weighted average
204
193
204
196
United States, Alaska and Hawaii amounted to $27,348,498,000, which
was a decrease of $1,533,985,000 since the returns made by 7,408 banks
on Dec. 311929. the date of the preceding call, and a decrease of $1,673,- F. W. Blair of Guardian Detroit Union Group Declares
414,000 in resources reported for 7,575 banks as of March 27 1929, the date
Group Banking Fosters Civic Progress—Address
of the spring call a year ago.
Before Reserve City Banker's Association.
were
27
1930,
on
March
rediscounts,
including
discounts,
loans
and
The
$14,648,753,000 and showed decreases in the 3 and 12 month periods of
To keep pace with the present trends in business and
$501,293,000 and $201,173,000, respectively.
Investments in United States Government securities of $2,722,843,000 merchandising, banking has been forced to seek entirely new
showed an increase since Dec. 31 last of $110,756,000 but a decrease in types of organization, of which group banking is proving the
the year amounting to $373,917,000. Other bonds and securities owned most effective, said Frank W. Blair, Chairman of the
aggregating $3,832,829,000 were $12.927.000 less than reported in DecemBoard of the Guardian Detroit Union Group, Inc., in an
ber, and 3141.166,000 less than owned 12 months ago.
Amounts due from correspondent banks and bankers, including reserves address before the annual meeting of the Reserve City
with Federal Reserve Banks and items in process of collection, totalled
Bankers' Association at Memphis, April 28. According to
$3,871,421,000 showing decreases since Dec. 311929. and March 27 1929,
MAY 10 1930.]
FINANCIAL CHRONICLE
Mr. Blair "it would be a tragedy to develop in this country
any system of government or of banking which would take
from the smaller communities the habits, customs and
practices present at their inception. Group banking destroys none of these things. On the contrary, it fosters
civic progress and achievement."
Mr. Blair pointed out that the three forms of new banking
structures which are developing in the United States are
chain, branch, and group banking. He continued:
"Chain banking can be defined as an arrangement through which an
individual or a corporation exercises some control over but owns only a
minority interest in the stock of several banks. The term 'chain banking'
does not apply to situations where holding companies own all or approximately all of the stock of banks. Thus chain banking differs, fundamentally, from unit banking and group banking. Its strength or weakness can best be tested by determining whether minority control of several units, situated at some distance from each other, and in different
economic areas, is conducive to the best interests of stockholders and
clients throughout the chain. Certainly the chain is no stronger than Its
weakest link.
"The weakest link in a banking chain is the one which permits divided
authority and control, diversified management policy, and consequently
disunited and haphazard methods of investment The chain banking idea
combines too many indefinite propositions in its scope to satisfy us as to
its soundness."
3285
long as the bankers continue sound necause they are the blood and soul
of our business being.
"The time has now come when industry has found it fitting to develop
and expand through mergers. It is virtually detnanded that banks do
likewise. Industry has learned that big things can be done only in a big
way. Bankers cannot fail to appreciate that their duty is to provide adequate financial service to the American public that demands it."
A. P. Giannini Founder of Bank of Italy Forecasts Nationwide Branch Banking Before House Committee Inquiring Into Branch and Group Banking—Holds Inequalities
In Reserve Requirements Discriminate Against City
Banks.
If there were in the United States 15 or 20 large nationwide branch banking systems to co-operate with the Government, a solution of the farm problem could be brought
nearer than by any other method, A. P. Giannini, founder
of the Bank of Italy and Transametica Corporation, stated
May 8, appearing before the House Banking and Currency
Committee at hearings on branch, chain and group banking.
Some policy then could be agreed upon of not lending on
land unfit for cultivation, and not extending excess credit
on any land, thus tending to eliminate overproduction, he
said. Referring thus to what Mr. Giannini had to say
before the Committee the United States Daily reported his
further declarations as follows:
In turning to a consideration of branch banking,.Mr. Blair
stated that there are a number of obstacles to be overcome
before branch banking can be successfuL "The greatest of
these seems to be the fear on the part of many people that
Mr. Giannini, who retired from active participation in the Transan undue concentration of credit would result from such a
america Corporation and its subsidiaries on May 6, the occasion of his
change," he said. Mr. Blair went on to say:
60th birthday, emphasized that the statements made by him to the Com"They fear that officials of a branch appointed and placed by the controlling heads would look to the home office for guidance and direction
and that local credit needs would receive scant consideration while the
community's capital, represented by deposits in the branch, would be
used elsewhere. Undoubtedly these, and ether objections will ultimately
be overcome by the working out of a plan which will make provision for
a certain amount of local autonomy and local representation in the councils
of the central organization. However, this will take time.
"To meet the present requirement for relief, the group system has been
evolved. It embodies all of the best points of branch banking and contains none of the faults of chain banking. The bank in the average small
community has been organized as a civic project. Like other civic projects,
Its success was accomplished through zeal, loyalty, fervor, pride and patriotism. As institutions grow that are created and fashioned in this way,
there is drawn into them the essence and spirit of life in the communities
where they exist. The destruction of this spirit would be inexcusable.
The removing of anything from such an institution to a foreign place
or the transfusion into it of foreign elements from other communities
without test as to whether the two properly mix, is contrary to the
ideals and ethics upon which American business and banking is founded.
"The group idea does neither of these things. It provides for retention
of separate management in the several communities. It provides for such
building of capital and extension of credit as conditions require. It permits through its central organization the bringing to each unit of the
special talents, methods and practices which can be evolved only through
organized effort.
"Group banking may be defined as the complete ownership and control
of the stock of various banks by a holding company. From the standpoint
of stockhold2rs, the group bank idea provides investment for their capital
in the activities of many communities and industries, and, therefore, a
greater element of security than in the case of a unit bank. Stock of
group companies being listed on the larger exchanges, there is provided for
It a market not available to owners of stock in the smaller banks.
'The group brings to the bank in the small city all of the benefits a
branch banking practice. It eliminates the dependence of the unit bank
upon a single industry. It assists in the development of the trust business.
It provides for the dissemination of technical advice from an
organized
staff. Strength is featured through the unification of publicity and advertising activities, and there is brought to the individual unit the beat
ideas
in the development of new business. The hazard attending
the selection
of outside investments by the smaller banks is eliminated because
sound
investments can be made available through group investigation and purchase. From the standpoint of communities, group affiliation
brings
strength and co-ordinated effort. Because group policies provide
for local
men of the community in the active management of each
bank, the community is given greater avenues for investment and greater
resources for
strength. Grosp contacts present an avenue for the dissemination
of knowledge and accurate thought pertaining not only to business
but to economic
trends which the small unit bank is helpless to acquire.
"We are witnessing an upheaval of business practices which
will in no
way change the basic standards of business life, but which
will revolutionize many practices and will cause the American public
to supply their
wants from new sources. It would be childish for us to blind
ourselves to
these facts. It would be futile for bankers to attempt to
convince the
people of this country that a reorganization of business
methods has no
effect upon the profession of banking; or even worse, that it
is unnecessary
for banking to readjust itself to meet modern conditions.
"It all can be boned sown to this question:
With the tremendous commercial expansion of our country, is the smaller unit bank
equipped to
extend the services now demanded of banks? The old
simple form of
banking wherein bankers relied upon their personal contacts
and knowledge
of their customers' character and needs is being discarded
solely because
the demands made upon the bankers' time and energy
have made it
necessary."
mittee were personal opinions only, and that he was not speaking for
the Bank of Italy or Transamerica Corporation.
Anomalous Situation.
The witness agreed with James A. Bacigalupi, chairman of the advisory committee of the Bank of Italy, National Trust and Savings
Association, who appeared before the Committee May 6 and 7, that
world-wide branch banking is the ideal system and the one that should
be permitted to American banks. Nation-wide branch privileges should,
in his opinion, be extended to national banks since they already have
the privilege of establishing branchs in foreign countries. He stated
that he considered it anomalous for banks to be permitted to establish
foreign branches but not domestic.
Group banking, said Mr. Giannini, is a step in the right direction.
It is better than unit banking, but holding company control is the wrong
method, he said, since there should be one charter, one capital structure,
one board of directors, and one organization.
Nation-wide Branches.
Trade area branch banking as recommended by the Comptroller, he
declared, might be a good beginning, but would be better on a nationwide scale. Other industries are not so restricted, he added, and there
is no logical reason to limit financial institutions. Why should not
New York banks have branches in New Jersey and Connecticut and
California banks in Nevada, he asked?
Mr. Giannini declared that if trade area branch banking were the
method decided upon by Congress, there should not be more than 12
areas to start with, and it would be better if there were only five or six.
Mr. Giannini asserted that the trade development of this country
with South America had largely resulted from the fact that two
American banks have branch connections there, and said that America
would have a greater volume of trade with that section of the world
with more adequate banking facilities there.
When asked by Representative McFadden (Rep.), of Canton, Pa.,
Chairman of the Committee, what would be the effect on the Federal
Reserve System of the permission for nation-wide branches, Mr.
Giannini stated that the 15,000 or more banks that are not now members
of the system would be included as branches of large banks that are
members. A big bank could not do without the Federal Reserve System,
he said. There are many functions that it performs to aid them, an
important one being the transfer of funds by wire to every section of
the United States. He pointed out, however, one result of the present
law that works to the disadvantage of the development of a branch
system.
The reserve against deposits required of member banks in smaller
cities and towns is less than that required of banks in San Francisco
and other Reserve Cities, and Central Reserve Cities, he said. For that
reason the Bank of Italy, in taking over banks in other cities, has found
it necessary, because the head office is in San Francisco, a Reserve City,
to increase the reserve carried with the Federal reserve bank of that
city. That situation should be remedied, Mr. Giannini thought
Mr. Giannini stressed the fact that the Bank of Italy interests had
entered New York City as early as 1918, so that this could hardly be
called a new development.
Nation-wide branch banking is coming, Mr. Giannini declared, and
it cannot be stopped. There are many good small country banks, and
of branch banking should not be forced upon them, he agreed,
system
a
but, in his opinion, there would not be any necessity for forcing since
the unit bankers would welcome the opportunity to share in the benefits
of the larger system.
Representative Fenn (Rep.), of Connecticut, doubted if there is any
necessity for branch banking in his State, declaring that new unit banks
were being organized regularly and making profits. The witness stated
that, while he was not familiar with conditions in New England to any
great extent, he thought branch banking would be helpful.
Mr. Blair pointed out the marked changes in banking
Healthy Development.
practice, particularly in credit methods, trust functions,
The growth of group banking has been a healthy development, Mr.
thrift education, and well trained officials, and said:
Giannini declared. Branch banking is the only real system, however,
"This country has assumed eminence as the foremost nation in the
world by the building up of its economic power, but it can continue in
its position only by the employment of that wealth for the general good
of mankind. Industry cannot expand unless it is properly financed. Industry leans upon banks to an extent which it probably does not realize
itself, and there is an assumption, which bankers must make warranted,
that the business life of this great American republic will continue as
he asserted. The Comptroller of the Currency should be permitted to
examine the holding company of the group, be added.
The small towns of the country are drying up, the witness stated.
How a bank can continue to exist with profit in a small town unless
it is a branch of a strong bank he cannot understand, he declared. He
gave 5,000 as the minimum population of a town which could support
a unit bank. The Bank of Italy has many branches in small towns,
3286
FINANCIAL CHRONICLE
some as small as 500, but if the small towns continue to dry up and
disappear, some branches may have to be combined, he added.
Mr. Giannini stated, when questioned on the subject by Mr. McFadden, that he would prefer not to go into the matter of the Bank for
International Settlements.
Representative Wingo (Dem.), of Dequeen, Ark., asked the witness
if the reason for the decline of the small unit banks in rural districts
was largely due to the fact that other lines of business were being
concentrated in the larger centers and the banking business following.
Mr. Giannini agreed that was one reason, but stated that perhaps poor
management should be placed first as a cause of the country bank
decline.
The whole trend is toward concentration in all lines with greater
efficiency and economy and better management resulting, he stated. In
banking we will have eventually something along the line of the modern
department store, where all financial services and facilities will be
available, he added.
Large Banks Watched.
"A bank with $100,000,000 capital and many branches has many
eyes," said Mr. Giannini. "Before it can get very bad, someone will
find it out. The clearing house, the examiners and auditors, and the
Federal Reserve system are all watching it. The small bank is not
•
watched so much."
Self-protection will bring about a self-correction of abuses, he continued.
Speaking of the effect of the replacement of unit banks by branches
upon interest rates, Mr. Giannini declared the rates of interest charged
on loans had been reduced in many places by the Bank of Italy and
the rate paid on savings deposits has remained about the same. Loans
bearing a high rate of interest are not the best loans, he declared. It
is not scientific banking, moreover, he added, to charge a uniform rate
for all loans.
The Bank of Italy and other big banks have done much in the way
of humanizing banking, Mr. Giannini declared. Banks that want to
grow must keep contact with an interest in the masses, he continued.
Things have changed in big business, it is no longer "soulless," he
said. The little man is the best customer who stays with you through
good times and bad, and isn't always asking favors, he went on.
Opportunities Increased.
The development of branch banking instead of stifling opportunity
for the young banker, gives him more, according to Mr. Giannini.
Many of the leading officers of the Bank of Italy have come from the
smaller branches, he added, and it has given them a new enthusiasm
and an added ambition.
No fear need be felt, Mr. Giannini stated, that the present leaders
of branch and group banking will pass on and not be succeeded by
men equally capable. Even better material will come on from the
ranks, he said. Business men do not wait now for death to take them
out of business any more, he declared, but retire while they are still
in their prime, making place for others.
Mr. Giannini declared it was easier to examine a branch banking
system than to examine a great number of unit banks.
For one thing the large branch banks have a better system of records,
he explained, adding that the Bank of Italy has its own auditors and
examiners and the Federal examiners use their reports. They do not
depend upon them, but make their own independent examinations, he
said. He favors better pay for national bank examiners and more of
them.
Concentration Not Feared.
Mr. Giannini sees no fear of a money monopoly or too great a concentration of banking. There will always be competition, he declared.
The independent unit bank will not be destroyed but will be continued
in the form of a branch and strengthened by the change, he said.
In response to questions from Representative Brand (Dem.), of
Georgia, Mr. Giannini stated the Bank of Italy does lend to farmers
on real estate and farm land and other security. It does not lend on
crop mortgages, he declared, because it considers that bad banking.
(Vol,. 130
vance through using their influence to curb the growth in the volume of
credit used in the security market.
Brokers' loans and total security loans of New York City banks in the
middle of last October were actually smaller than a year earlier, and their
ability to take care of the situation was in no small measure due to the
fact that they had refrained from participation in the enormous growth of
security loans that occurred in 1928 and 1929, notwithstanding the attractiveness of the returns and the essential safety of the loans. The
Federal Reserve System, for its part, pursued for two years a policy of firm
money, expressed in higher rates, in sales in the open market, and in
exerting its influence against improper uses of Federal Reserve facilities.
We can, therefore, congratulate outselves on at least a part of our
activity during the period preceding the market break, during the break
itself, and the subsequent readjustment. And yet there is food for serious
thought in the fact that, under our excellent banking system and with our
unexcelled financial strength, we nevertheless came to the brink of a collapse, had to resort to heroic action to prevent a panic, and were not able
to avert a period of violent disorganization followed by severe liquidation
and what appears to be a business depression.
Result of Expansion.
Is this unavoidable? Is it necessary for this country to go through
periods of reckless exuberance, accompanied by enormous credit expansion
and by fantastic levels of money rates that profoundly disturb the financial
and business structure not only here but all over the world? And to have
these periods culminate in abrupt reversals, violent liquidation, and a feeling
of discouragement and depression? If all this is inevitable, it is very regrettable, for the cost of these excesses is borne throughout the land.
with echoes across the ocean, in languishing enterprise, in unemployment
and in general depression.
We are no longer an isolated young country, with unlimited resources,
but with no important influence on world affairs. On the contrary, we
are in the very centre of the world picture and our prosperity or depression
Is a matter of grave concern throughout the world. We have two-fifths
of the world's stock of monetary gold, we have financial claims on the
rest of the world larger than any nation ever had, and we have a market for
equities in enterprises, which for breadth, volume of operations, as well as
violence of movement has no equal in the world.
As bankers, we can not but feel the heavy responsibility which this
preeminence places on our shoulders. I am a banker by profession. For
years I was a commercial banker, for a decade I was a Reserve banker in
an agricultural community, and now for two years and a half I have been
connected with the central supervisory and coordinating body of our
banking system. In short, I am no outsider, but one of you, and I should
not invite your attention to matters that I myself, as a banker, would
not care to consider, nor suggest any course of action that I myself, were
I a commercial banker, would not care to follow.
One weakness in our banking structure arises, paradoxically enough,
from its very strength. Because we are strong and have great resources,
because we have ample gold reserves, and because we have a Federal
Reserve system that stands ready to help us in emergencies, we are a little
Inclined to depend on our ultimate power to pull ourselves out of difficulties, and not to exert our utmost efforts to avoid these difficulties.
Prior to the establishment of the Federal Reserve System the great metropolitan banks were the last resort of the country's •banking system; on
them rested the ultimate responsibility for avoiding catastrophe, and
though these banks were not always able to avoid it, they were never
entirely free from the feeling that it was their duty to so conduct their
own affairs as not to endanger the financial fabric of the country.
I fear that to some extent this feeling of joint responsibility has relaxed
as the result in part of confidence that the Federal Reserve system is ready
to stand by in the hour of need. The banks still feel the responsibility
to their stockholders and to their depositors, but when it comes to responsibility to the country at large there is a tendency to let George do it.
And yet I am convinced that to an increasing, rather than a diminishing,
extent the great key banks have a general public responsibility, less direct
but no less binding than their duty to their own depositors and proprietors.
Danger in Too Rapid Growth.
A bank may know that its security loans are perfectly safe and can be
liquidated at any time, and yet it may recognize that too rapid growth in
these loans endangers the stability of the Nation's business. The bank itGovernor Young of Federal Reserve Board, Before self may not be extending loans to the market for its own account, but it
may be the agent for correspondents, banks and others, who may be pourExecutive Council of A. B. A., Points to Responsi- ing
funds in dangerous volume into the market.
bility of Bankers in Developing Sound Banking
A bank may not be indebted to the reserve bank except occasionally and
for
short
periods at a time, but it may be a purchaser of Federal funds from
Traditions—Too Rapid Expansion of Brokers'
other banks, and may be aware that in the aggregate there is a diversion of
Loans Endangers Business Stability.
reserve bank credit to speculative uses. Let such a bank remember that
"That what we need is co-operative action in the develop- brokers' loans, and security loans in general, are safe only because there is
an instant market for the collateral, that large sales of the collateral, though
ment of sound banking tradition" was asserted by Roy A. they
may not impair the solvency of a particular bank, result in a drop in
Young,Governor of the Federal Reserve Board,in addressing the value of the collateral back of more than one-half of the bank credit outstanding
at Old Point Comfort, Va.,on May 7, the Executive Council terminatein this country, and that there is no telling when such a drop may
and what catastrophe may follow in its wake.
of the American Bankers' Association. Governor Young
Let such a bank remember also that the resources of the Federal Reserve
warned member banks that "the resources of the Federal System are not inexhaustible; that another three weeks like those that oclast Autumn may come at a time when these resources will be more
Reserve System are not inexhaustible; that such another curred
nearly used up, and that absolute security and confidence can be obtained
three weeks like those that occurred last autumn may come only by so conducting the financial affairs of the Nation as to prevent
at a time when these resources will be more nearly used up." violent expansions and contractions rather than merely to alleviate their
consequences. One should. not neglect to build a fireproof structure, nor
"A bank may know that its security loans are perfectly safe," to
take precautions against careless handling of inflammable material
he said, "and yet it may recognize that too rapid growth in merely because one has ample fire insurance and effective fire-fighting
these loans endangers the stability of the Nation's business. apparatus. One should not expose oneself and one's neighbors to the
dangers of a virulent bacillus simply because one has a trusty antitoxin.
From the "United States Daily" we take the full text of
All Suffer in Collapse.
Gov. Young's speech as follows:
In practical and concrete language this means that we bankers have a
Panic Averted.
responsibility beyond our own balance sheets for the general course of
Events of last Autumn are still close enough to be fresh in our minds and events; that we must look beyond the safety of the collateral offered us
for
a loan to the safety of the aggregate volume of collateral that we know
yet they are now distant enough to make it possible to appraise them and to
draw lessons from them for our future guidance. During the market break is being offered for loans at all the banks; that when we see an unhealthy
and the disorganized conditions that prevailed in the last week of October development getting under way we must not only protect our own immeand the first half of November. the great commercial banks and the Federal diate institution, but must take a broader view and act with reference to
reserved system acted in a manner of which we have just cause to be proud. the interests of the entire community.
And this is not philanthropy, nor even public spirit, though we can well
An unprededented drop in security prices and a gigantic withdrawal of
funds from the market by out-of-town and non-banking lenders occurred, afford to cultivate a public spirit, but merely enlightened self-interest.
and the member banks stepped in courage usly and promptly to take over When a collapse occurs we all suffer in loss of business, even though we
the burden occasioned by these withdrawals, while the Federal Reserve may not have to write off large losses on account of bad loans.
The banker profits from general prosperity and suffers from general
System stood by the banks, both by discounting paper freely and by placing
large sums in the market through the purchase of securities. A panic and a depression, and he can, therefore, reconcile a course of action taken with
a view to the preservation of general business stability with the most
collapse of our credit machinery was averted.
Not only did our banking system rise to the occasion when panic threat- hard'boiled attitude toward life, that some of us like to boast of in public
In other countries, where banking development has been longer, and
ened, but the key member banks showed foresight in preparing for this
possible development by putting their house in order many months in arl- banking concentration has proceeded farther, certain methods of control
MAY 10 1930.]
FINANCIAL CHRONICLE
3287
have been developed. A customer in England is not granted unlimited
credit on the basis of security offered as collateral; he Is granted a line of
credit in accordance with his credit standing and the requirements of his
business, and he cannot easily exceed that line no matter how much collateral he may be able to present.
I am not prepared to recommend to you this or any other specific course
of action, but I do feel justified in calling your attention to our joint responsibilities and to suggest that what we need is cooperative action in the
development of sound banking tradition, which alone will give assurance
to the country of a lasting stability of its financial organization. To such
cooperation I pledge my wholehearted support.
The present Superintendent of Banks is giving the banks of California
a square deal, he stated. He has no fear, he declared, of banks or bank
shareholders getting control of politics for their own ends. The average
holding of their stockholders is nine shares, and it is impossible for him
to conceive, he asserted, of there being any consensus among Jews and
Gentiles, Catholics and Protestants, wets and drys on any political issue.
Mr. Bacigalupi stated that his group has some 488 banks in California
and New York, and a bank with 37 offices in Italy. He does not fear any
monopoly of money and credits. Competition will continue to be keen,
and in addition the credit structure will be better organized and better
controlled.
Mr. Bacigalupi said he saw no necessity of the enactment of the bill
recently introduced by Representative McFadden (Rep), of Canton, Pa.,
Branch Banking on World Scale Urged by J. A. Baci- seeking to prevent holding groups from acquiring additional national and
galupi, of the Bank of Italy, Before House Com- member State banks without first obtaining the approval of the Comptroller
mittee Inquiring Into Branch Banking—Growth of of the Currency or the Federal Reserve Board.
It would slow up action in many cases, he declared, and would make
International Institution Created in San Francisco. the acquisition of new units dependent to boo great an extent on the whim
World-wide branch banking was described as the ideal of an official, one of whom may have one attitude and his successor
another.
system before
En
the House Banking and Currency Committee
hearings on branch, chain and group banking, May 6, by
James A. Bacigalupi, Chairman of the Advisory Committee
of the Dank of Italy, National Trust & Savings Association,
. and general counsel fOr Transamerica Corp. Branch banking without territorial limitations has been favored in principle for several years by the Bank of Italy group, he
stated. The "United States Daily" of May 7, in thus reporting him, gave the following further account as to what he
had to say:
"This privilege is now possessed by all of the leading foreign banks,"
continued Mr. Bacigalupi, "and has been of great value in foreign countries
in building up and holding their foreign trade. We have become a great
commercial nation and our prosperity is dependent upon the efficient development of our foreign trade in all sections of the globe.
Principle Recognized.
"Congress has recognized in the Federal Reserve Act the principle that
banking should follow this trade by giving to national banks the right,
with the approval of the Federal Reserve Board, to establish branches in
foreign countries."
The witness recognized that "our country is not now prepared by experience or education to engage in nation-wide branch banking," but believed,
he declared, that "this type of branch banking under proper regulation
and control, would give, in conjunction with foreign branches, the widest
possible diversification of business and the greatest soundness."
It would not mean, in his opinion, that all of the parent institutions
would be domiciled in New York City, but that there vaould be developed
many, strong commercial centers with banks fully able to exist independently of that city. The Bank of Italy operates a State-wide system
of branches, the witness stated, under a great variety of conditions of soil,
climate, industry, and business.
No Particular Plan Advocated.
While not advocating or supporting any particular legislative suggestions,
Mr. Bacigalupi declared his bank is in a position, by virtue of experience in
every aspect of branch banking, to "avail ourselves of any enlargement of
the territory in which National banks may be permitted to engage in
branch banking."
Group banking, if well organized and well managed, is a great improvement over the individual or unit form, the witness asserted, and a decided
step in the right direction, but it is not so resourceful, flexible, efficient
or economical as branch banking. Large scale branch banking over wide
and diversified areas has demonstrated its decided superiority, wherever
it has been tried, he declared, in that it is more economical, and provides
local communities with a safer and more adequate banking service.
In completing the presentation of his statement, Mr. Bacigalupi related in
detail the various important steps in the development of the Bank of Italy,
from its foundation in 1904, as a small district bank, to the
enlargement
of the organization to include 292 offices—the largest branch
banking
system in the United States.
School Children Aided.
"In addition to its established offices, with their complete
departmental
facilities," he added, "the Bank of Italy has, since 1911, devoted
much
time and expended considerable money in the encouragement of
thrift among
the school children of California. Through a school savings
department,
the bank contacts 1,671 schools, having an attendance of
285,000. Nearly
$3,000,000 has been accumulated by these children."
Method of Acquiring Branches.
Representative Strong (Rep.), of Blue Rapids, Hans., was the
first
member of the Committee to question Mr. Bacigalupi at the
close of his
formal statement. He asked about the method by which the
Bank of Italy
had acquired other banks, in view of the fact that
California law, as stated
by Mr. Bacigalupi, prohibited one bank from
buying the stock of
another. Mr. Bacigalupi outlined how individuals would
buy the stock
of banks which his organization wished to acquire, the
assets of the bank
being then sold to the Bank of Italy, and the bank itself
liquidated, being
converted into a branch. He denied that it was an
evasion of the law,
but done in strict compliance with the law.
Mr. Bacigalupi denied that the Bank of Italy or any of its
officers or
shareholders, as such, were in politics, or had asked any
political favors.
Naturally, he stated, the 150,000 shareholders are interested in the
banking
policies of the State. If they feel that unjust and unlawful
practices are
being followed, they will, in their own interests, be likely to
resent them,
and do what they can to correct the situation. In the last
gubernatorial
election in California, he declared, the growth of branch banking
was an
issue. The former Governor was openly opposed to it.
Doubts Danger of Monopoly,
The State Superintendent of Banks in California has complete
discretion,
said Mr. Bacigalupi, over the establishment of branch banks of State institutions. The Bank of Italy went into Los Angeles in 1912 and built up a
branch system. Local banks began to complain to the then State Superintendent of Banks, and as a result there was promulgated a "de nova"
rule to the effect that new branches might be established only in the
locality where a bank had its principal place of business. This Mr. Bacigalupi felt to be wrong, discriminatory against the Bank of Italy, and in
open violation of the State law.
On May 7 Mr. Bacigalupi told the House Committee that
if nation-wide branch banking were permitted, the Bank of
Italy would put branches in all the leading 'centers of the
country. In making this know the United States Daily of
May 8 reported the May 7 hearing as follows:
His statement was in direct response to a question from the Chairman
of the Committee, Representative McFadden (Rep.), of Canton, Pa., "If
there were now no lines as regards branch banking in the United States,"
the Chairman asked, "would you plan your development to a point where
you could and would put branches in every State?" Mr. Bacigalupi replied, "Perhaps not in every State, but in the leading centres, certainly."
Mr. McFadden referred to a statement made May 6 by the witness in
reply to a question from Representative Fort (Rep.), of East Orange,
N. J., to the effect that he was opposed to the bill recently introduced by
Mr. McFadden seeking to prevent holding groups from acquiring control
of additional national and State member banks without first obtaining
the consent of the Comptroller of the Currency or of the Federal Reserve
Board, and asked Mr. Bacigalupi to make clear his statement on that and
the reasons for his opposition to the bill.
Favors Status Quo Remaining.
Mr. Bacigalupi stated that he had not entirely understood the question
asked May 6, but that he is opposed to the passage of the bill at this
time. It would have the effect, he feels, of placing an arbitrary power is
the hands of certain officials without any standard or norm being given
upon which to predicate their consent.
"If it came to an election of passing a bill of this kind," he stated,
"or passing one that would kill further progress in group banking, I would
favor this bill. However, I favor a continuance of the status quo until
Congress has completed its study and is ready to make a comprehensive
and adequate legislative suggestion. In addition to giving arbitrary power
to certain Government officials, it might give the public the impression
that Congress opposes group and branch banking."
Mr. McFadden explained that there was some fear that during the
continuance of the status quo, there might be dangerous developments in
that weak groups might acquire a large number of banks and the public
exploited by promotional stock-selling activities. There have been some
activities of that nature already, he stated, where irresponsible people
have attempted to form groups for stock jobbing purposes. It was to
bring that situation to the attention of the public that his bill was introduced, he declared. It is admittedly a hurried measure, he continued, and
introduced to bring out discussion and perhaps improvement.
Representative Wingo (Dem.), of DeQueen, Ark., had expressed doubts of
the bill, if enacted, being upheld in the courts. Moreover, he pointed out
that the penalty of a $10,000 fine might not operate as a powerful deterrent to a strong group in acquiring a strong bank. If the bill were enacted,
he declared, those who wished to get around it might avail themselves of
several obvious expedients. Another possibility would be the desertion of
the national banking system and the Federal Reserve System by those banks
that wished to engage in group banking, he stated.
In the course of his questioning, Mr. McFadden referred to the recent
press report that Bancamerica-Blair Corporation, an affiliate of the Transamerica Corporation, had purchased a 7% interest in General Foods
Corporation, and to the fact that in the confidential exhibit presented to
the Committee by the witness May 6, there was evidence of a number of
large loans to firms engaged in the produce business in California, asked
if these two things taken together were of significance in indicating that
the Bank of Italy interests were getting into a favorable position to influence
consolidations in the food producing and distributing concerns of the country. Mr. Bacigalupi asserted that no such action was contemplated. "There
is no connection," he continued, "between the loans made by the Bank
of Italy to its customers and the operations of Bancamerica-Blair
Corporation."
Packing Firma Are Customers.
Mr. Bacigalupi stated that the Bank of Italy did have as customers the
California Packing Company and the Libby-McNeil Company, but stated
that these companies have a banking relationship with their competitors
in California and with Eastern banks as well. He declared that he was
not completely informed on the operations of Bancamerica-Blair Corporation since he had no direct connection with the concern, but that he
understood they were going to be represented on the Board of General
Foods. Just how much voice one director would have in the management
of the corporation was conjectural, he added.
Wealth. More Widely Diffused.
Mr. Bacigalupi stated he did not agree with Representative Busby (Dem.),
of Houston, Miss., that the trend is for the wealth of the country to be
concentrated in the hands of fewer and fewer people. His experience indicates, he stated, that there WRS never a time in the history of the nation when
wealth was distributed more generally than during the last 10 years.
At the request of Mr. McFadden, Mr. Bacigalupi reviewed the difficulties
that the Bank of Italy had experienced in getting permission to establish
branches in Southern California. After the bank became a member of the
Federal Reserve System, he declared, their competitors in that area attempted to influence the Federal Reserve Board as well as the State Superintendent of Banks, prior to their taking out national charter, to impede
their branch development.
Opposed in California.
There was a determined effort he said, to keep the Bank of Italy out
of Southern California, or at least to hold them in check until others caught
3288
FINANCIAL CHRONICLE
up with them. At times, he said, they would get the approval of the
California Superintendent of Banks and then be delayed by the Federal
Reserve Board. Delays were encountered in Washington and in California.
Eventually, practically all of their applications were approved by the
Board, he said.
Mr. Bacigalupi placed in the record a refutation of a specific charge that
had been made before the Committee in earlier years that in acquiring
their Santa Maria branch there had been a forcing of a unit bank to join
with them or be subjecteil to unfair competition.
The witness stated that he seriously doubted the wisdom or necessity
for giving the Comptroller or the State Superintendent of Banks the authority to supervise or examine the subsidiaries and affiliates of his group or any
other group.
Whenever necessary to trace holdings of stock of either a State or
National bank to a holding company or other affiliate, it can be done under
present law, he stated, and the backs give every co-operation to that end.
Federal Reserve Bank of Boston Reduces Discount
Rate from 4% to 3M%
The Federal Reserve Board announced on May 7 that,
effective May 8, the Federal Reserve Bank of Boston
would reduce its discount rate from 4% to 33%. The
4% rate had been in force at the Boston Reserve Bank since
Feb. 13 when it lowered the rate from 4%. As noted in these
columns last week (page 3100) the Federal Reserve Bank of
New York reduced its discount rate May 2 from 3 to 3%.
The rate at all the other Reserve Banks is 4%.
Measure to Restrict Stock Sales Introduced in House
—Bill Would Make It Unlawful to Offer for Sale
Securities Not Owned. •
Use of the mails or of any means of inter-State communication to offer for sale shares of stock not actually owned is
designed to be prohibited as unlawful under a bill (H. R.
12171) introduced May 5 by Representative Sabath (Dem.),
of Chicago, Ill., according to the "United States Daily"
which gives the text of the bill as follows:
Be it enacted, &c., that it shall be unlawful for any person to deliver or
cause to be delivered for transmission through the mails or in inter-State
commerce by telegraph, telephone, wireless, or other means of communication, any offer or sale of any shares of stock in any corporation, joint stock
company or association, unless the person so offering said stock for sale
shall have the ownership or possession, actual or constructive of such shares
of stock.
Section 2. That it shall be unlawful for any person to execute or cause to
be executed any orders for the sale of any shares of stock in any corporation,
joint stock company or association which have been transmitted through
the mails or through inter-State commerce by telegraph, telephone, wireless
or other means of communication, unless such person shall first ascertain
that the person ordering or communicating such offer of sale, had at the
time of the ordering or communicating of such offer of sale, the ownership
or possession, actual or constructive, of said shares of stock.
Section 3, Any person who violates any provision of this act shall be
deemed guilty of a felony, and upon conviction thereof, shall, if a corporation, be punished by a fine of not more than $10,000 for each offense, and
all other persons so convicted shall be punished by a fine of not more than
$1,000 or by imprisonment of not more than two years, or both.
Section 4. For the purposes of this act, the term "person" shall mean any
individual, association, partnership or corporation, and (or) any agent,
factor or broker thereof.
Section 5. This act shall take effect on the 16th day after the date of its
approval.
[Vox.. 130
the use of their facilities for trading in and carrying speculative securities," &c. Other phases of the inquiry will be to
determine the extent of call loans to brokers by member
banks; and the effect on the systems of the formation of
investment and security trusts; the desirability of chain
banking and the development of branch banking. The
resolution in the form in which it was adopted follows:
Resolved, that in order to provide for a more effective operation of the
national and Federal Reserve banking systems of the country the Committee on Banking and Currency of the Senate, or a duly authorized subcommittee thereof, be, and is hereby empowered and directed to make a
complete survey of the systems and a full compilation of the .essential
facts and to report the result of its findings as soon as practicable, together
with such recommendation for legislation as the Committee deems
advisable.
The inquiry thus authorized and directed is to comprehend specifically
the administration of these banking systems with respect to the use of
their facilities for trading in and carrying speculative securities; the extent.
of call loans to brokers by member banks for such purposes; the effect on
the systems of the formation of investment and security trusts; the desirability of chain banking; the development of branch banking as a part
of the national system, together with any related problems which the
Committee may think it important to investigate.
For the purpose of this resolution the Committee, or any duly authorized
subcommittee thereof, is authorized to hold hearings, to sit and act at such
times and places during the sessions and recesses of the 71st and succeeding
Congresses until the final report is submitted, to employ such clerical
and other assistants, to require by subpoena or otherwise the attendance of
such witnesses and the production of such books, papers, and documents,to
administer such oaths, and to take such testimony, and make such expenditures as it deems advisable. The cost of stenographic services to
report such hearings shall not be in excess of 25 cents per 100 words. The
expenses of the Committee, which shall not exceed $15.000, shall be paid
from the contingent fund of the Senate upon vouchers approved by the
chairman.
According to the "United States Daily" of May 6 the
resolution adopted was a substitute drawn by Senator Glass
(Dem.), of Virginia for a proposal submitted over a year
ago (May 24 1929) by Senator King (Dem.), of Utah.
The "United States Daily" also says:
The Glass substitute was approved by the Banking and Currency Committee, reported to the Senate and then referred under the rules to the
Committee on Audit and Control of the contingent expenses of the Senate.
The chairman of this Committee, Senator Deneen (Rep.), of Illinois.
reported it to the Senate May 5 and on his motion the resolution was unanimously considered and agreed to.
The Chairman of the Banking and Currency Committee Senator Norbeck
(Rep.), of South Dakota, has stated that he will name a subcommittee
of probably five Senators to conduct the inquiry. At the present time,
however, Senator Norbeck is not in Washington so the naming of the
committee will await his return, expected by his office to be around May 10.
Constructive Study Planned.
Senator Norbeck announced when the resolution was reported by his
Committee, and Senator Glass reaffirmed in an oral statement May 5,
that it is not expected the inquiry will get under way until after the general
elections in November, when more than one-third of the Senate must go
before the people.
Both Senators Norbeck and Glass emphasize that the inquiry is to be a
constructive study rather than a "wild-eyed" investigation.
"We propose to attempt to determine the facts and remedies for certain
evils that everyone admits now exist," explained Senator Glass.
In connection with the investigation, Senator Glass said that during the
week he will introduce a bill which he has drafted to correct some of the evils
he believes need attention and it is his hope that this measure will channel
the course of the inquiry. Mr. Norbeck in a previous statement stressed
that the investigation will be a careful and moderate analysis of the subjects mentioned in the text of the resolution.
Senator Norbeck has said that he does not wish to head the investigation
himself but has not announced who Nvill be asked to take the leadership.
Mr. Glass will be requested to serve on the committee.
Bill Amending Federal Reserve Act Would Permit
Increased Payments out of Earnings by Federal
In its further reference to the resolution the "United
Reserve Banks to Member Banks.
States Daily" likewise said:
A revised bill (H. R. 12096) amending Section 7, of the
Senate's Ad ion Expected.
Federal Reserve Act, by adding at the end of the first
The Senate action in directing the banking inquiry had been expected by
paragraph of that section, a new paragraph, regarding pay- the Department of the Treasury, which has supervision over the National
ments out of net earnings remaining to be paid to the United banks, and the Federal Reserve Board, which controls the Federal Reserve
according to oral statements in their behalf. The Treasury,
States as franchise tax, has just been introduced by Repre- system,
however, had no comment to make on the program.
sentative Brand (Dem.), of Athens, Ga., said the "United
In the absence of the Governor of the Federal Reserve Board, Roy A.
Young, the Vice-Governor, Edmund Platt, said the Board would make
States Daily" of May 6, in which it was also stated:
available to the Senate all of the information it had.
The new paragraph would read as follows:
"The Board doubtless will be glad," Mr. Platt added, "to give the
"From the amount of the net earnings which remain to be paid to the
Senate any information it possesses with relation to the subjects mentioned
United States as franchise tax, as above provided, and before the same is so in the
resolution."
paid, there shall be paid annually to the member banks of the Federal
Reserve system a sum equivalent to 2% of their paid-in capital stock."
Mr. Brand is a minority member of the House Committee on Banking
wed Currency. "This is of the same nature," he explained orally, "as a Veto by President Hoover of Tariff Bill Asked by 1,028
bill I introduced several days ago, but it is a decided improvement, in lieu
Economists—Say Measure Would Increase Cost of
of the other."
Living and Would Adversely Affect International
"If there is no franchise tax to be paid into the Treasury, the member
banks will get nothing; but if there is any tax to go into the Treasury, the
Relations.
member banks will get a sum equal to 2% additional on the capital stock
A petition to Congress and Pres.t.— rioover, seeking the
Paid in. This bill will cost the 12 banks nothing if a franchise tax is earned;
defeat of the tariff bill by the former, or its veto by the
If it is not earned,it is doubtful if it should be paid."
President if passed by Congress, has been registered by a
Resolution Adopted by Senate Calls for Inquiry into group of economists-1,028 in number—whose views were
laid before Congress on May 5. The originators and first
National and Federal Reserve Banking Systems
Use of Their Facilities into Speculative Trading to signers of the petition are:
Paul H. Douglas, Professor of Economics. University of Chicago; Irving
Be Inquired into—Senators Glass and Kent Fisher,
Professor of Economics, Yale University; Frank D. Graham. proSponsors for Resolution.
fessor of Economics, Princeton University; Ernest M. Patterson, Professor
Economics. University of Pennsylvania; Henry R. Seager, Professor of
On May 5 the U. S. Senate adopted a resolution calling of
Economics, Columbia University; Frank W. Taussig, Professor of Ecofor a survey by a Senate Committee of the National and nomics, Harvard University; Clair Wilcox, Associate Professor of EcoFederal Reserve banking systems "to comprehend specifically nomics, Swarthmore College.
Other signatures to the statement are those of economists
the administration of these banking systems with respect to
MAY 10 19301
FINANCIAL CHRONICLE
of 179 colleges in 46 States of the Union.1 Information in
the "Herald Tribune" says:
Following is the number of economists signing from leading universities:
Columbia, 28
Wisconsin, 23
N. Y. University, 22
Pennsylvania, 13
Cornell, 18
California, 11
Harvard, 25
Stanford. 7
Yale, 14
Illinois, 14
Princeton, 17
Northwestern,'0
Dartmouth, 24
Minnesota, 15
Chicago, 26
Missouri, 15
Many Business Experts on List.
The signers include many economists connected with banks, public
utilities, manufacturing industries, merchandising concerns and other
business establishments.
According to the petition " a higher level of protection,
such as is contemplated by both the House and Senate Bills,
would raise the cost of living and injure the great majority
of our citizens." "Our export trade in general," it is asserted,
"would suffer," and the Government is urged "to consider
the bitterness which a policy of higher tariffs would inevitably inject into our international relations." It is
further declared:
The United States was ably represented at the World Economic
Conference which was held under the auspices of the League of Nations
in 1927.
This Conference adopted a resolution announcing that "The time
has come
to put an end to the increase in tariffs and to move in the opposite direction."
The higher duties proposed in our pending legislation violate the
spirit
of this agreement and plainly invite other nations to compete with
us in
raising further barriers to trade. A tariff war does not furnish
good soil
for the growth of world peace.
The statement in full follows:
The undersigned American economists and leaders of economics
strongly
urge that any measure which provides for a general upward revision
of tariff
rates be denied passage by Congress or,if passed, be vetoed by the
President.
We are convinced that increased restrictive duties would be a
mistake.
They would operate, in general, to increase the prices which
domestic consumers would have to pay. By raising prices they would
encourage concerns with higher costs to undertake production, thus
compelling the consumer to subsidize waste and inefficiency in industry. At
the
they would force him to pay higher rates of profit to established same time
firms which
enjoyed lower production costs. A higher level of duties,
such as is contemplated by the Smoot-Hawley Bill, would, therefore, raise
the cost of
living and injure the great majority of our citizens.
Few persons could hope to gain from such change.
a
Miners, construction, transportation and public utility workers, professional
persons and
those employed in banks, hotels, newspaper offices,
in the
retail trades and scores of other occupations would clearly wholesale and
lose,since they
produce no products which could be specially favored by
tariff barriers.
The vast majority of farmers, also, would lose. Their
cotton, pork, lard
and wheat are export crops and are
world
the
sold in
market. They have
no important competition in the home
market. They cannot benefit,
therefore, from any tariff which is imposed upon the basic
commodities
which they produce. They would lose through the
increased duties on
manufactured goods, however, and in a double fashion.
First, as consumers they would have to pay still higher prices for the
products, made of
textiles, chemicals, iron and steel, which they buy. Second,
as producers,
their ability to sell their products would be further restricted
by
placed in the way of foreigners who wished to sell manufacture the barriers
d goods to us.
Our export trade, in general, would suffer. Countries
cannot permanently buy from us unless they are permitted to sell
to us, and the more
we restrict the importation of goods
from them by means of ever higher
tariffs, the more we reduce the possibility of our exporting
to them. This
applies to such exporting industries as copper,
automobiles, agricultural
machinery, typewriters, and the like fully as much as it
does
to farming.
The difficulties of these industries
are likely to be increased still further
if we pass a higher tariff.
There are already many evidences that such
action would inevitably provoke
other countries to pay us back in kind
by
levying retaliatory duties against
our goods. There are few more ironical
spectacles than that of the American Government
as it seeks, on the one
hand, to promote experts through
the activity of the Bureau of Foreign
and Domestic Commerce, while,
on the other hand, by increasing tariffs,
it makes exportation ever more
difficult. President Hoover has well said
In his message to Congress on
April 16 1929, "It is obviously unwise Protection which sacrifices a greater
amount of employment in exports to
gain a loss amount of employment
from imports."
We do not believe that American
manufacturers, in general, need higher
tariffs. The report of the President's committee
on recent economic changes
has shown that industrial efficiency
has increased, that costs have fallen,
that profits have grown with amazing
rapidity since the end of the World
War. Already our factories supply
our people with more than 96%
of
the manufactured goods which they consume,
and our producers look to
foreign markets to absorb the increasing
output of their machines. Further
barriers to trade will serve them not well,
but ill.
Many of our citizens have invested their money
in foreign enterprises.
The Department of Commerce
has estimated that such investments, entirely aside from the War Departments, amounted
to between $12,555,000,000 and $14.555,000,000, on Jan. 1 1929. These
investors, too, would
suffer I restrictive duties were to be increased,
since such action would
make it still more difficult for their foreign debtors
to pay them the interest
due them.
America is now facing the problem of unemployme
nt. The proponents of
higher tariffs claim that an increase in rates will give
work to the idle. This
is not true. We cannot increase employment by
restricting trade. American industry, in the present crisis, might well be
spared the burden of
adjusting itself to higher schedules of duties.
Finally, we would urge our Government to consider
the
a policy of higher tariffs would inevitably inject Into bitterness which
our international
relations. The United States was ably represented
at
nomic Conference which was held under the auspices the World Ecoof the League of
Nations in 1927. This Conference adopted a resolution
announcing that
"the time has come to put an end to the increase in
tariffs and to move
in the opposite direction." The higher duties
proposed in our pending
legislation violate the spirit of this agreement and
plainly invite other
nations to compete with us in raising further barriers to
trade. A tariff
war does not furnish good soil for the growth of world peace.
3289
Tariff Veto Plea Regarded Futile.
In its issue of May 5 the New York "Evening Post"
printed the following from its Washington correspondent:
The appeal of 1,028 economists for a veto of the tariff bill from President
Hoover or its defeat at the hands of the Senate will not fall upon fertile
ground if the debenture is stricken from it and a satisfactory compromise is
reached on the question of flexibility.
The appeal of the economists was put into the record in the Senate to-day
by Senator Harrison, but he made no speech about it and there were no
other verbal references to it.
Supporters of the measure in Congress have not the slightest belief that
Mr. Hoover will veto the measure if these changes in it are made so that
its administrative features conform to his demands.
Representative Hawley of Oregon. Chairman of the Ways and Means
Committee which has just put it through the House in revised form, mostly
revised upward, indicated to-day that he would be less surprised to see the
mercury fall to 10 below zero than to see President Hoover veto the bill.
provided the proposed changes are made, and it is reasonably certain that
they will be.
Looked On As Democrats.
When asked to give his opinion of the economists' statement, Representative Hawley replied:
"My opinion of it cannot be printed."
It is understood, however,that the high tariff advocates take the position
that most of what they call the "college economists" are free traders and
Democrats anyhow, and might as well have registered their opposition at
the outset of the tariff fight as now.
One high tariff advocate said they were 100 years behind the times
because protection is the accepted economic principle over almost the entire
world now.
From other sources, however, come pressure upon the President to veto
the bill.
Many of the Republican politicians see in such a veto a master political
stroke. They do not fear the effect of a veto upon the Republican campaign coffers, believing that the party can get all the money it wants
any way.
They do see a tremendous political advantage. The whole Democratic
Congressional campaign issue has been bulit up around the tariff bill.
Would Kill Issue.
If the tariff bill is vetoed, the Democrats would be without an issue.
They cannot shout much against a bill that the Administration did not
allow to become law.
They believe a veto would restore President Hoover to the position he
occupied on March 4 1929.
The economists urged a veto of the bill chiefly because they believed it
would weaken the International position of the United States and would
hamper the growth of American world trade.
U. S. Senate Rejects Nomination of John J. Parker
As Associate Justice of U. S. Supreme Court—
President Names Owen J. Roberts for Post.
With the rejection by the U. S. Senate on May 7 of the
nomination of John J. Parker (Republican), of North
Carolina to be an Associate Justice of the U. S. Supreme,
Court, President Hoover yesterday (May 9) sent to the
Senate the name of Owen J. Roberts of Philadelphia, special
Government counsel in the Teapot Dome and other oil
cases for the post of Associate Justice of the high Court.
Judge Parker, who was named to the Supreme Court by
President Hoover on March 21 to succeed the late Edward
T. Sanford, is a member of the U. S. Circuit Court of Appeals for the Fourth Judicial District. On April 21 the
Senate Judiciary Committee voted 10 to 6 against confirmation of Judge Parker's nomination to the Supreme
Court. Previously the sub-committee to which the nomination had been referred is said to have been almost evenly
divided on the confirmation. The Senate vote May 7
against confirmation was 41 to 39. The New York "Journal
of Commerce" reporting from Washington on that date said:
This is the first serious reversal suffered by President Hoover at the
hands of Congress. The President could have in a measure sidestepped
to-day's results had he listened to the advice of some of his Republican
friends in the Senate and withdrawn the nomination when it appeared quite
probable that confirmation would be denied.
Mr. Hoover declined to sacrifice this nomination without a fight being
made and it would appear that he was rather justified in this attitude as the
switching of a single vote would have brought about a tie, and the confirmation probably would have carried under the affirmative vote of the VicePresident. There was a shifting of votes until almost the last moment,
there being no certainty of result until the vote was counted.
Judge Parker was opposed in part because of a speech made in his home
State ten years ago while a candidate for the office of Governor in which
he was quoted as saying that the negro was not fitted for participation
in the elections. Organized labor was against him because of decisions he
had handed down In labor disputes. Then there were objections to the appointment as such because of being in the nature of a political one,designed.
Parker's opponents declared, to build up the Republican party in North
Carolina.
Following this action by the Senate President Hoover held a conference
with Senator Allen (Rep.), Kansas, and Under-Secretary of State Cotton to
discuss the matter. It was stated that the conference was called to determine whether a statement should be made by the President commenting on
the situation. Later it was explained that the President desired to consider
the matter overnight before determining what, if anything, he would do
regarding the issuance of a statement.
There is now considerable speculation as to whom the President would
select for the Supreme Court vacancy. Many names have been prominently
mentioned in this connection but doubtless there will be little real activity
for a day or two.
Associated Press advices from Richmond on May 7 stated:
Judge Parker said to-day that he had no comment to make on the rejection
of his nomination to the Supreme Court, except to thank his friends in the
Senate and elsewhere.
3290
FINANCIAL CHRONICLE
V cn.. 130
it 75 cents per thousand feet and reduce shingles to 15%. The
When informed that his nomination had failed of confirmation, Judge making
opposition had become conscious of its strength by this time, however.
Parker said:
and answered this offer with a motion to reject the whole tariff.
"I have no statement to make, except that I greatly appreciate the
The lower tariff forces also compelled acceptance of a Senate amendsupport of the friends who stood by me so loyally in the fight made on my
ment returning to the free list logs, on which the House in its original
confirmation.
bill
had imposed a duty.
"While I am. of course, disappointed on the result of the Senate vote,
Large Majority Against Silver.
•
It makes me happy to think that so many of the foremost men of the country, as well as friends in all walks of life, supported me to the end."
Silver was returned to the free list by an overwhelming majority. Only
which
court,
the
of
term
regular
Judge Parker was present to-day at the
a small group of Westerners and the more orthodox high tariff advocates
heard arguments up to 1:30 o'clock, just a few minutes before the vote voted for the duty of 30 cents an ounce inserted by the Senate. Even
in the Senate.
the administration.group rejected the silver rate, and the move to reutrn
Hawley himself.
Associated Press advices from Washington yesterday it to the free list was initiated by*Mr.
• •
(May 9) regarding the selection of Mr. Roberts for the
The upset in the House to-day was one of the surprises of the present
session. It was not through any coalition of Democrats with Western
Supreme Court said:
after the bill was returned to the House
Mr. Roberts has made a national reputation by his handling of the Republicans, as threatened soon
of Democrats with a variety
Teapot Dome and other oil cases which grew out of the Senate investi- from the Senate, but rather an amalgamation
of elements from the Republican side, who either were not interested in the
gation of 1924.
warnings
over
sounded in the sugar
concerned
President
were
in
duties
question or
He was named special Government counsel in the cases by
housewives throughout the country.
Coolidge, serving with Atlee Pomerene of Ohio. To Roberts has fallen a debates about the attitude of
heavy share of the long task of gathering evidence in the criminal and civil
Of the 229 Representatives who voted May 2 to accept
suits and presenting it to the courts.
duty of 2 cents per pound on Cuban sugar proposed by
the
various
In selecting Roberts, Mr. Hoover consulted, among others,
members of the Senate. By virtue of the close connection between the the Senate, 91 were Republicans, 137 Democrats and 1 a
Senate investigation and the litigation which followed, Senators have Farmer-Laborite; the 160 votes cast against the Senate rate
followed Roberts' activities as oil counsel with particular care.
He were those of 146 Republican Representatives, and 14
Roberts is a Republican. He has just passed his 55th birthday.
Democrats.
has practiced law in Philadelphia since 1898.
Thirty years ago he first entered the public service as Assistant District
As was stated in our issue of a week ago, the House on
as
Attorney of Philadelphia County. He served for a number of years
May 2 rejected the Senate proposal for a duty of 30 cents
professor of law at the University of Pennsylvania.
During the World War he was a special Deputy Attorney-General, an ounce on silver by a vote of 202 to 72.
representing the Federal Government in espionage cases in Pennsylvania.
On May 3 the House, upholding the stand of President
Those who indorsed him for the Supreme Court included Senator Reed.
Hoover voted 231 to 161 against inclusion of the debenture
Republican, of Pennsylvania.
Senator Watson of Indiana, the Republican leader, also approved the plan of farm relief in the tariff bill, and 236 to 154 to stand by
selection at a breakfast conference to-day at the White House.
its position on the flexible provisions, retaining for the
Senator Norris, Republican, Nebraska, the Chairman of the Judiciary
in rates as conditions
Committee and one of the leaders in the fight against Chief Judtice Hughes President power to make such changes
and Judge Parker, was elated at the news of Roberts' selection.
from the Washington dispatch May 3
warrant. We quote
to the New York "Herald Tribune," the advices adding:
Tariff Bill Again in Conference—House Rejects Senate
Amendments on Farm Debenture and Flexible
Tariff Provisions—President Hoover's Views on
Former—Senate Rate of Two Cents on Sugar
Accepted By House.
Following the conclusion May 3 of the action by the House
on the Conference. report on the tariff bill, the bill was returned to Conference on May 7 by a viva voce vote of the
Senate. In our issue of last week (page 3,100) we noted the
submission of the Conference report to the House and Senate
April 29;the report, except for several controversial items was
adopted by the House May 1 by a vote of 240 to 151. The
controversial items, on which a separate vote was taken by
the House, included the provisions with respect to the duty
on cement, silver, sugar, lumber, the debenture plan of farm
relief and the flexible tariff provisions. In disposing of the
cement schedules the House on May 1, without a record
vote, agreed to a duty of 6 cents per 100 pounds on cement,
as adopted by the Senate, but voted 221 to 167 against the
retention of the Blease amendment designed to premit free
entry of cement when intended for use on public works.
On May 2 the House disposed of the sugar, silver and lumber
schedules, the "Times" report of the action of the House
that day stating:
Reiteration of Mr. Hoover's opposition to the debenture plan, contained
In a letter he wrote Representative John Q. Tilson, Republican, of Connecticut, majority loader, at the latter's request, was presented to the Chamber
at the outset of the debate on the question early to-day and served to solidify
Republican opposition.
48 Republicans for Plan.
But 48 of the majority group, all of them Representatives of the agricultural States, deserted party ranks, while 37 Democrats, half of them from
N. Y. City, voted with the Administration forces.
In the second victory of the day, late this afternoon, the Administration
forces marshaled 236 votes to defeat a motion to accept the Senate provisions
on the flexible tariff, which would have taken from the Chief Executive
power to change rates and confined it to Congress.
By the vote the conferees are confronted with the House insisting on
continuing to invest In the President the power to change tariff rates within
recommendations of the Tariff Commission. The two votes of the day
ended the present phase of tariff consideration in the House.
Senate to Act Next.
The items on which the House refused to accept the Senate provisions,
or on which a compromise course was adopted, must be acted upon next by
the Senate, after which the conferees must struggle with any remaining
disagreements. The bill will then be brought out for a final vote.
Mr. Tilson forestalled a threat of heated debate on the debenture plan
by speaking first and reading the President's letter. He followed the letter
with quotations of previous utterances of Mr. Hoover on the question, particularly from another letter the President had written to Senator Charles L.
McNary, Republican, of Oregon, a year ago, wherein he said that. making
the debenture law would be disastrous to the American farmer.
Mr. Hoover's Letter.
The leter of to-day follows:
The White House,
May 11930.
Representatives.
of
tumble
House
and
The Hon. John Q. Tilson,
Low tariff forces got control of the House to-day in a rough
My
Dear
Mr.
Tilson
the
forced
bill,
tariff
-Hawley
Smoot
the
on
fight over the conference report
I have your letter of inquiry as to whether I see any reason to change
acceptance of the Senate's lower base rate of 2 cents a pound on Cuban the views which I expressed on April 20 last year upon the so-called debenture plan introduced by the Senate into the Tariff Bill. I do not.
raw sugar and returned silver, lumber shingles and logs to the free list.
Some minor alterations have been made in the plan which do not go to
The low duty group would accept no compromises. Feeling themselves the
essential
that the practical working of it will depress and not
suddenly powerful in the balloting on silver this morning, they picked up elevate pricesfact
to the farmer. The plan in the present bill presents an
and
good
up
pile
majorities,
to
fight
succeeding
each
in
enough strength
additional objection in that therexport subsidies proposed vary with different
farmers.
refused successively to accept either the administration force's offer to agricultural products and thus are widely different to different
They
vary from about 9% upon the cost of production of rye to apparently
split the lumber and shingle rate, or a compromise by which it was hoped near 100%
latter case, growers could apparently
the
on
In
tobacco.
duty.
sugar
to attract enough votes to raise the rate of the
afford to raise their product and export it for the subsidy alone.
Since my previous statement the Tariff Commission has estimated the
The climax of the sugar battle turned out to be the actual counting
a
up
for
count
stood
members
of the plan to the Treasury, if put into operation and on the basis
When
cost
afternoon.
the
in
late
of ballots
of
present exports, at about $280,000,000 per annum. Yours faithfully,
Speaker Langworth announced 204 to reject the proposal of accepting the
HERBERT HOOVER.
was
roll-call
immediA
Senate's 2-cent rate, against 196 in favor of it.
Continuing his argument, Mr. Tilson said:
ately demanded, with the result that 229 voted to accept the Senate's
read
those
will
extracts if he can fairly
"I ask every fair-minded man who
lower rate, against 160 who preferred compromise.
say that there is any question in his mind as to what the President will do
It was noted in the "Times" that the difference in the with this bill if it should reach the other end of the avenue with this provision in it. And that is the basis of my saying that,in my judgment, based
standing vote and roll-call on sugar was pointed to as proof upon
the many other statements the President has made,so far as he is conthat many who might actually want the higher duty did not cerned, he could not approve a bill with such a provision in it.
"This bill, whatever any one may say, has been framed with great condare put themselves so on record. The original rate in the
sideration for the agricultural interests. There has been sympathy Ml over
House bill was 2.40 cents.
the country among the industrial people, as well as everybody else, over the
The "Times" account of the House action May 2 like- condition of agriculture, and their sympathy has extended to the point of
granting many increases in agricultural rates. I have been agreeable to these
wise said:
interests. I think everything should be done that can properly be done for
Party Lines Are Over-ridden.
only
left their ranks when agriculture. But,in my judgment,this debenture provision would not
Ninety Republicans, many of them "regulars,"
York, do agriculture no good, but, in the words of the President, It would prove
New
of
Pratt
Mrs.
were
them
Among
the final balloting came.
disastrous."
of Kentucky.
• • •
Mrs. Rogers of Massachusetts and Mrs. Langley
14 Democrats who
Mrs. Ruth Bryan Owen of Florida was one of the
The flexible tariff provision debate centered around the contention of the
administration forces to uphold
left their reservation to vote with the
Administration's forces, as voiced by Representative Frank Crowther, Reto
the higher rate.
sections of publican, of New York, that to take from the President all his power
wood
piney
the
and
Northwest
the
American
The lumber interests of
wall when the House change rates on comparatively short notice would be to take fromchange in
tariff
the
from
away
turned
were
the South again
thousand board feet on industry the chance of a corrective tariff rate when a sudden nation.
rejected the Senate's amendment for $1.50 per
competition threatened to permit foreign produce to overrun the
rough soft lumber and 25% ad valorem on shingles.
Mr. Crowther assailed the argument of the opposition by showing how it
and
Ways
the
of
Hawley
Chairman
A compromise was attempted.
the rate in half. would be possible for an American industry to be ruined by cheap foreign
split
to
offered
bill,
the
of
charge
in
Means Committee,
MAY
10 1930.]
FINANCTA L CHRONICLE
3291
competition in a short time. He ridiculed the suggestion that tariff changes
should be made by Congress taking a schedule of the tariff bill each year for New Canadian Tariff Rates Put Into Effect—Governrevision, pointing out that one schedule could conceivably wait 16 years
ment's Budget—Reduction in Sales Tax.
—since there are that many schedules—before a revision could be made
An extensive list of tariff changes announced May 1 in
The opposition was led by Representative Heartsill Flagon, Democrat
of Alabama. He assailed the House provisions as delegating to the Presi- the budget speech of C. A. Dunning, Canadian Minister of
dent legislative functions "long and jealously guarded by the legislative Finance, went into
effect May 2 at every customs port in
branch of the Government." Mr. Flagon made the motion to recede and
concur in the Senate amendment. The Senate provision would have the Canada. Canadian Press advices from Ottawa May 2,
President transmit the Tariff Commission's recommendations to Congress reporting this, said:
for action. Mr. Crowther pointed out that "Congress acts slowly at times,"
When the doors of the custom houses opened to-day, Canada autothereby making speedy changes virtlially impossible.
matically went under the most drastic and far-reaching customs revision
The 236 votes against the Senate amendment were those since 1896.
of 228 Republican Representatives and 8 Democrats; 141
The further Canadian Press advices in the Montreal
Democrats voted for the Senate amendment along with "Gazette" of May 3 said in part:
12 Republicans and 1 Farmer Laborite. In the case of the
Although the Budget has been delivered and although the customs ports
farm debenture proposal the 231 votes against it were made have been notified of the changes, the order to take all entries subject to
amendment will stay in force until the bills, incorporating the changes,
up of 194 Republicans and 37 Democrats while those in have been passed by the House of Commons.
the Senate and received
(161)
it
of
favor
were 48 Republicans; 112 Democrats and Royal assent from the Governor-General. Technically, the tariff changes
announced
into
effect
come
by
the
when
Minister
of Finance in his Budget
1 Farmer Laborite.
speech but, in fact, the Budget is only a resolution, and until a bill has been
The tariff bill was transmitted by the House to the Senate introduced and passed, the changes are not binding
according to law. It
on Monday May 5, but action thereon was deferred on May Is for this reason that the entries are taken subject to amendment, although
the
revised
tariff
will
apply.
scales
6 until May 7, because of the fact that the Senate was ocIf for any reason the Government of the day failed to secure a majority
cupied with the question of the nomination of Judge Parker In the House of COMMODS for the Budget, the revised tariffs would
net go
to the Supreme Court. Regarding the Senate action May Into effect and the differences in the individual items would be returned
demanded
to
the
or
shippers.
from
7 we quote as follows from the "United States Daily":
To-day, before the port officers received the entire list of changes, the
Without taking action on a partial report of items in which the two Houses
are in agreement in the Tariff Bill (H. R. 2667), as submitted by the conferees, the Senate May 7, upon motion of Senator Smoot (Rep.) of Utah,
Chairman.of the Finance Committee and of the Conference, voted to insist
upon its amendments and ask for further conference with the House.
Conferees to Meet.
Senator Smoot announced orally that after the House has renamed its
conferees, he will call a meeting of the conference committees for 10 a.m.
May 9.
Senator Smoot placed his motion after debate on the floor as to whether
the Senate should first act on the partial report.
When Senator Smoot called up the report, he explained that it was his
purpose to ask the Senate to adopt the partial report of amendments on
which the conferees were in agreement, and then to insist on the Senate
amendments upon which there was no agreement and ask for a further
conference.
Objection Raised.
Objection was raised by Senators Robinson (Dem.),of Arkansas, minority
leader; Simmons (Dem.), of North Carolina, one of the conferees; Barkley
(Dem.), of Kentucky; Walsh (Dem.), of Montana, and Harrison (Dem.),
of Mississippi.
"Why act on the partial report when the fate of the bill may depend on
two or three items to be voted on later." questioned Senator Barkley. He
contended that these items left unsettled then would be held over the heads
of members of both houses as a "sword of Damocles."
"The question is not whether the partial report shall be adopted,"
Senator Walsh stated, "but whether the Senate will insist on the amendments on which an agreement has not been reached with the House."
He stated further that action on the items yet in controversy would have
an effect on his stand on the partial report. He was sustained in this
objection by Senator Robinson.
"We will make no headway by agreeing Co a partial report," Senator
Simmons declared, while Senator Harrison stated that to ask for action on
the partial report now would cause the matter to be held in the Senate for
six weeks or more as "some of us are not going to agree to the conference
report until these items in question are disposed of."
Upon approval of the motion of Senator Smoot that the Senate insist upon
its amendments, Vice-President Curtis announced that he would appoint
the same conferees as had served since the bill first was sent to conference.
On May 8 the bill was formally recommitted to conference
after a vain attempt by Representative Garner of Texas,
Democratic floor leader, to have the House accept the socalled Blease amendment, allowing free importation of
cement for public building purposes. The "Times" Washington dispatch from which we quote reported further as
follows:
Mr. Garner did not participate in the tariff fight last week when
his
colleagues won on the disputed sugar, silver, lumber and shingles
items.
His effort, when the matter of sending the remainder of the bill
back to
conference was brought up, to try to get the House to instruct its
conferees
to accept the Bleatte amendment, was defeated, however, by a vote of
138
to 155. The same amendment was voted down a week ago to-day
by 221
to 167.
The action of the Senate in immediately sending the bill back to
conference without acting on the partial conference report adopted last
week
by the House, brought a pointed criticism of the former body from
Representative Cramton, Republican, of Michigan. The situation was
of "one
conference report floating around here unacted upon by one
branch of
Congress while the House is proceeding to provide for a new
conference,"
he said.
Mr. Cramton first objected to the unanimous consent request to
send
the bill back to conference. He suggested that the House send a
resolution to the Senate,informing that body,that until it acted upon the
other
report, the Home would not act on a new conference.
This House should not bow to the whims of another body of Congress."
declared Mr. Cramton, as he claimed the right to express an opinion
of
"the other body." He held up the proceedings for a time, but then relented, explaining that he had been advised that the leaders intended
bringing in a rule and sending the bill back to conference.
In is last-minute play Mr. Garner asked Chairman Hawley of the Ways
and Means Committee, co-author of the bill, to be specific about sugar.
Mr. Hawley assured him the sugar rate had been definitely settled.
Low sugar protagonists in Washington, however, put out a warning
that "a desperate, eleventh-hour drive" was being made for votes.
John E. Snyder, Vice-President of the Hershey Corp. of Hershey, Pa.,
assailing this alleged move in a statement given out during the afternoon,
said that sugar refiners were banded together in the "Sugar Institute,
successor to the old sugar trust, seeking passage by Congress of a concurrent resolution which would provide them with what they have thus far
failed to get, excessive duties on refined sugar in the pending tariff bill."
items were taken subject to amendment on the former tariff list. If the
new list were higher than the former, additional duty would be demanded
and if lower, a rebate would be made. . . .
U. S. Will Be Effected.
Canada's May Day budget will effect approximately 8300.000,000 in
value of United State; imports. This estimate is made to-day by tariff
experts after a close perusal of the fiscal statement of the Minister of Finance
Hon. C. A. Dunning, delivered in the House of Commons yesterday afternoon.
The chief import from the American republic on which the duty has
been altered is iron and steel. Alteration of these tariff schedules will
probably affect some $250,000,000 in the United States imports. Fruits
and vegetables to an amount close to $27.000.000, malt importations in the
sum of 84,000,000 and eggs of various kinds approximating $500,000 brought
in from that country are other items involved in the revision of duties
announced.
Changes in the British preference, it is estimated, will affect in the
neighborhood of $200,000,000 in value of imports from Great Britain. The
main item is iron and steel, the present importation by the Dominion
from Great Britain of these commodities now amounting yearly to $19,000000 only.
General policy of the Government in trying to stimulate trade with
Great Britain and countries prepared to trade with Canada was right, unless it was going to make It too difficult for Canadian industries to carry
on. Arnold Smith, ylce-President of the prairie branch of the Manufacturers' Association, commented personally.
J. A. Banfield, former President of the Retail Merchants' Association,
declined to make any comment further than that it had been hoped that
the sales tax would be eliminated entirely.
Associated Press accounts from Ottawa May 1 said in
part:
The countervailing duties provided in the budget announced in the
House of Commons to-day by the Finance Minister, C. A. Dunning, will
make Canadian duties the same as those of the United States on all products which Canada both imports and exports to her neighbor.
These new sliding rates will take effect at once on the basis of the present
United States tariff and on the proposed new tariff, if it goes into effect.
Although the United States is not named specifically, it is the only nation with which Canada maintains both an import and export business in
the same commodities to any appreciable degree.
Cast iron pipe is the only non-agricultural item in the list of commodities so affected by countervailing duties. The list includes wheat, flour,
rye, oats, livestock, eggs, butter, meats, cut flowers, potatoes and soups.
British Imports Favored.
Revision of the Canadian tariff structure extending British tariff preferences to additional Imports valued at $200,000,000 annually, at the same
time with insertion in the tariff schedule, for the first time in history, of
countervailing duty provisions, was a feature of the budget announcement
made by Mr. Dunning.
In announcing the tariff changes, Mr. Dunning said they would increase
greatly the British preference in the Canadian market and "enable Canada
to buy more freely from those countries which buy from us most freely
those commodities which are of vital importance to us."
Canada will not engage in a tariff war with any country, he said, because
"the world shows, at the present time, too many examples of disaster
following such a course."
"Favor to Good Customers."
"As a great exporting nation," he continued, "our course must be the
contrary one of trade with those who facilitate trade with us. Those
who raise prohibitive barriers against our products entering their markets
must expect that we will extend favor to our own good customers rather
than to them. I speak in no spirit of retaliation."
Regarding the countervailing clauses, this new feature in Canadian
tariff schedules, Mr. Dunning emphasized the fact that they offered to
other countries an opportunity, through reciprocal action on their part, to
enable Canada to avoid extremes in rates of duties.
A New York "Times"dispatch from Ottawa May 1 stated
that points in the budget are definite cessation next October
of existing trade arrangements with New Zealand and the
proffer to that country instead of Canada's full-British
preference; extension of exemptions under the Income
Tax Act; a further reduction in the sales tax, and downward revision of the tax on stock transfers. The "Times"
dispatch also said:
Among the changes proposed are increases in intermediate and general
rates on field beans.
3292
FINANCIAL CHRONICLE
[vol.. )30.
month. The average age of veterans now on the pension roll who
Free entry under the British preferential tariff, with provision for a
would be affected by the provisions of sections one and two is 87 years.
Increased rates under general tariff, in case of tableware of china,
Lower the age limit for widows and former widows to 70 years for the
porcelain, &c.
a month rate. The present law provides this rate
Free entry under the British preferential tariff, and reductions under allowance of the $40
when they have attained the age of 75 years. The average age of widows
all tariffs, in case of certain stock and poultry feeds and menthol and
'
now on the pension roll is 76 or 77 years.
camphor.
It provides that where a veteran is in receipt of a pension and shown to
Increase in general tariff rate, with reduction in British preferential rate,
such
increase shall be effective
be entitled to increase at the date of passage,
on malt and malt derivatives.
• Free listing of a wide range of hospital and sickroom supplies and on the fourth day of the month next after the approval of the Act; where
not then entitled, increase to begin when the requisite condition is shown;
equipment.
All fresh vegetables and fresh fruits are made free under the British and when not on the pension roll but entitled under this Act, pension to
preferential tariff, with provision for a minimum duty, effective the year commence from date of filing application thereunder in the Bureau of
Pensions.
round, under the general tariff.
The bill was passed with hardly a dissenting vote after members of the
General adjustment of rates on all primary forms, with increases in
&c.
bars,
sheet
billets,
and
handling the bill told of the President's approval.
blooms
committee
ingots,
on
rates
Increases in rates, under all tariffs on structural steel in certain shapes
preferBritish
reduced
and weights, commercially rolled in Canada, with
ential rates on very heavy sections and on all finished structural steel.
as President Hoover Warns Congress That Government
Increases except in the British preferential rate, of steel plates such
tariff
can be rolled in Canada; free entry under the British preferential
Faces Deficit of 20 or 30 Million Dollars—Pending
Canada.
in
on all such plates when of widths and weights not rolled
Bills Call For Outlay of $300,000,000 Additional—
steel,
strip
-rolled
hot
of
kinds
all
on
Provision for a British preference
Sees
Cause For "Real Alarm" in Situation.
gold-rolling.
in
for use
Increases in the general tariff rates on most coated sheets, with provito the fact that with the expenditures to which
Attention
sion for tin plate if and when made in Canada.
for the Federal Government is already committed the Treasury
Provision for duties. after Jan. 1 1931, on black sheets imported
coating with metal.
"is faced with a deficit of some 20 or 30 millions of dollars"
Reduction, under all tariffs, in rates on corrugated sheets.
is directed by President Hoover in communications to
Provision for ad valorem surtax on alloyed steels.
Senator Jones, Chairman of the Senate Committee on
Extensions of existing British preference on wire and springs.
Free entry under British tariff of all agricultural machinery.
Appropriations and Representative Wood, Chairman of the
Reductions in all rates on tractors valued at more than $1,400, regardess of use.
and
Reductions under all tariffs on a wide range of printing machinery
equipment, which is to be free under the British preferential tariff.
under
Free listing under the British preferential tariff and reductions
equipall tariffs on all non-specified machinery, engines, boilers, electrical
under
increases
with
ment, &c., which is of a class not made in Canada,
of a class or
the general tariff on all such machinery and apparatus when
kind made in Canada.
polishers
Reductions generally on sewing machines, vacuum cleaners and
and domestic refrigerators.
House Shelves 44-Hour Bill for Postal Workers.
The Kendall bill to give postoffice employees a 44-hour
week was sidetracked in the House on May 5 when Representative Louis C. Cramton, Republican, of Michigan, objected to it on the grounds of economy. In stating this
in Washington advices, May 5, the New York "Herald
Tribune" went on to say:
House Appropriations Committee. "It is obvious" says the
President, "that any further large amounts of expenditure
will jeopardize the primary duty of the Government, that is,
to hold expenditures without our income." The President
also makes the statement that pending bills "would authorize
an additional expenditure of $300,000,000 and $350,000,000
next year," and he makes it known that he considers, "there
is cause for real alarm in the situation as we cannot contemplate any such deficit." The President's letter to
Senator Jones follows:
The White House,
Washington, April 18 1930.
The Hon. Wesley L. Jones,
United States Senate.
My dear Mr. Senator: I thought you would like to know that a reexamination of our fiscal situation for the next year by tho Director of the
Budget shows that upon the indicated income of the Government, and the
expenditures to which the Government is already committed, through
budget proposals and legislation which has been completed, we are faced
Unless the measure can be brought up under a special rule between now with a deficit of some 20 or 30 millions of dollars. This, of course, is not as
extremely
is
session
this
at
passage
1,
and adjournment, expected before July
Yet a very material sum, but it is obvious that any further large amounts of
doubtful.
expenditure will jeopardize the primary duty of the Government, that is to
With the Kendall bill, two others affecting the status of postoffice hold expenses, within our income.
resulted
employees were subjected to objection, and the debate which
Something over 125 Acts have been passed by either the Senate or the
developed for a time into an uproar. So angered did Representative House or favorably reported by different committees, which would authorize
procedure
the
at
become
York,
New
of
Republican,
an additional expenditure of 300 or 350 million dollars next year. A good
Fiorello H. La Guardia,
unless many of these proposals are of course for comparatively small sums and
taken that he threatened objection to every other bill brought up
debate."
some of them are necessary for the functioning of the Government, but I
the three bills in question could be subjected to "reasonable
calendar, know you will agree with me that there is cause for real alarm in the situation
When the first of the three bills was reached on the House
attention
called
He
bill.
the
to
as we cannot contemplate any such deficit.
Mr. Cramton arose to explain his objections
the present legislation
I am writing a similar note to Representative Wood.
to President Hoover's plea for economy and cited
definitely
testimony
no
was
there
since
work
Yours faithfully.
reckless
of
as an example
Mr. La
EIFRBERT HOOVER.
showing what the half-holiday bill would cost the Government.
erroneous
Guardia attempted to interrupt to correct what he believed an
The letter to Senator Jones was presented by him to the
statement, but Mr. Cramton declined to permit him. When the latter sat
down, Representative Edward E. Denison, Republican, of Illinois, demanded Senate, April 22, and the following with regard thereto is
have prevented
that the regular order of the House be adopted, which would
from the "Times."
Mr. La Guardia from commenting on the bill at hand.
Borah Asks Particulars.
Shouting that "Denison isn't going to run this House," Mr. La Guardia
Instantly
calendar.
the
made his threat of objecting to all legislation on
In submitting the President's letter, Senator Jones said that it dealt with
if
threat,
the
since
feet,
his
on
was
which, he said, "every one desires to meet in a
nearly every member on the floor
which only "an important situation"
carried out, would have prevented passage of numerous bills in
practical way."
interested.
was
Jones if he knew of any particular measure
Senator
member
a single
Senator Borah asked
The next bill was called and the New Yorker objected. Mr. Cramton, or measures that the President may have had in mind In uttering his
the
saved
warning about a possible deficit.
sensing that Mr. La Guardia intended to object to everything,
Mr. Jones replied:
situation by gaining unanimous consent that the clerk return to the
"I have not followed closely all the moasures that we have passed. So
controversial bills.
place far as general appropriations are concerned, the Appropriations Comwould
bill
the
that
contended
Guardia
La
Mr.
debate,
ensuing
In the
by mittee has held them, In the aggregate at any rate, below the budget
postal employees on a par with private industry. He was seconded
Representatives David Hogg, Republican, of Indiana, and Elliott W. estimate, so that whatever increases may be contemplated are probably
the
would
believed
bill
he
said
going to arise from independent legislation that has been passed or that
Sproul, Republican, of Illinois. Mr. Sproul
since it did not say may be in contemplation."
cost the Government no more than $1,000,000 a year,
Senator Borah asked:
on which day the half holiday should be taken. He thought the Department
service. The
"Has the Senator any knowledge of any specific bill to which the letter
could arrange a staggered program without detriment to the
Committee report on the bill estimated that to give all postal employees a refers."
"No,I have not," said Senator Jones.
Saturday half-holiday would cost $10,000,000 a year.
"Does he know how we could get information as to what specific measure
it has reference to." Mr. Borah pressed.
"No,I do not," Senator Jones answered.
House Passes Bill Increasing War Pensions—Measure
for Civil War Veterans to Cost Government $12,000,000 Annually—Widows Get Higher Rates—
Present $72 Monthly Rate Will Be Raised to $100.
The Nelson bill to revise and equalize the rate of pension
House of
to veterans of the Civil War was passed by the
Tri"Herald
York
New
The
5.
May
on
s
Representative
bune," from which we quote, added:
Government in this work
It involves an increase of expenditure by the
have the sanction of
of $12,000,000 annually. It is understood to
introduced by Representative
President Hoover. Briefly, the bill, which was
goes to the Senate,
John M. Nelson, Republican, of Wisconsin, and now
law:
would make the following changes in the present
$75 a month.
Increases the rate of pension of veterans from $65 to
the regular aid
Grant the $100 a month rate to all veterans requiring
increase the rate
and attendance of another person. In brief, this would
rates to $100
of pension of all those receiving the $72 and $90 a month
http://fraser.stlouisfed.org/
If
Federal
Reserve Bank of St. Louis
Wood Declines to Comment.
Representative Wood declined to comment on the President's note.
but said he would inform the House to-morrow of the Treasury's condition,
during debate on the Johnson veterans' bill, which proposes further financial
aid to World War veterans, estimated at between $90,000,000 and $200.000,000 annually above the $500,000,000 now being expended.
An attempt will be made to amend the bill to add even greater extensions, calculated by administration leaders to cost more than $400,000,000
in excess of the Johnson bill.
Mr.Wood said it was time the House was made to realize that there was a
limit to government expenditures. As Chairman of the Appropriation..
Committee, he felt it his duty to go before the House and inform it of the
Treasury's condition before letting it go further with the program for
veterans.
It was the opinion around the corridors of the Capitol to-day that the
veterans' bill may be "sweetened" to death. The amendment will be
proposed by Representative Rankin of Mississippi, and his Democratic
colleagues are said to be behind him almost to a man. Added to these is
a substantial bloc on the Republican side, which holds that no amount is
MAY
10 1930.]
FINANCIAL CHRONICLE
too great for World War veterans. If the amendment carries it is considered certain President Hoover will veto the bill.
Budget Adhered To, Says Wood.
According to Chairman Wood, the appropriations bills already passed
by the House are well within budget estimates.
In drafting the supply bill the House kept within the budget brackets,
and the Senate has fallen in line with this program in compliance with
President Hoover's wishes. Appropriations for the current year totaled
13,976.141,651.26.
The budget estimates upon which the appropriations for the new year
are based were cut about $145,000,000 below the current appropriations.
Thirty independent establishments of the government are allowed more
than $801,000,000 in the current year. The appropriations asked for them
n the fiscal year 1931 are a little in excess of $643,000,000.
When the budget was made up last Fall the President estimated the
probable surplus at the end of the current fiscal year at $225,581,000
Since then $100,000,000 has been made available for the Farm Board, and
It is figured that the new tax reduction Act will cut revenues for this year
in the sum of $80,000.000.
A short time ago the President in a formal statement on income tax
receipts, predicted a surplus in the next fiscal year of $40,000.000.
Railway Return on Property Investment in March and
the First Quarter.
Class I railroads in the first three months of 1930 had a
net railway operating income of $176,253,624, which was
at the annual rate of return of 3.56% on their property
investment, according to reports just filed by the carriers
with the Bureau of Railway Economics and made public
today. In the first three months of 1929, their net railway
operating income was $259,323,783, or 5.35% on their property investment. Property investment is the value of road
and equipment as shown by the books of the railways,
including materials, cash and supplies. The net railway
operating income is what is left after the payment of operating expenses, taxes and equipment rentals but before interest and other fixed charges are paid. This compilation as
to earnings for the three months of 1930 is based on reports
from 172 Class I railroads representing a total of 242,354
miles.
Gross operating revenues for the first three months of
1930 totaled 81,331,982,486 compared with $1,481,224,504
for the same period last year, or a reduction of 10.1%.
Operating expenses for the first three months of the year
amounted to $1,038,418,491 compared with $1,098,060,343
for the same period one year ago, or a reduction of 5.4%.
Class I railroads in the first three months of 1930 paid
$88,372,893 in taxes, compared with $95,577,394 for the
same period the year before. For the month of March
alone, the tax bill of the class I railroads amounted to
$30,145,797, a decrease of $2,473,608 under the previous
year. Thirty-four Class I railroads operated at a loss in
the first three months of 1930, of which eleven were in the
Eastern, two in the Southern and twenty-one in the Western
District.
3293
Western District.
Class I railroads in the Western District for the first three months in 1930
had a net railway operating income of 352,360,690, which was at the annual
rate of return of 2.86% on their property investment. For the first three
months in 1929, the railroads in that district had a net railway operating
income of $88,310,719, which was at the annual rate of return of 4.93% on
their property investment. Gross operating revenues of the Class I railroads in the Western District for the first three months this year amounted
to $480,849,419, a decrease of 11.4% under the same period last year, while
operating expenses totaled $380.085,101, a decrease of 5.7% compared with
the first three months last year.
For the month of March, the net railway operating income of the Class I
railroads in the Western District amounted to 119,112,257. The net railway operating income of the same roads in March 1929 totaled $35,033.429.
CLASS I RAILROADS—UNITED STATES.
Month of March—
1930.
1929.
Total operating revenues
$452.716,556
$517.563.319
Total operating expenses
351.278.765
377,757.681
Taxes
30.145.797
32.619.405
Net railway operating income
61,074.229
97,404,523
Operating ratio
77.59%
72.99%
Rate of return on property investment....
3.065
4.98%
Three Months Ended March 31—
Total operating revenues
$1.331,982,486 $1,481,224.504
Total operating expenses
1,038.418.491
1,098,060.343
Taxes
88,372,893
95.577.394
Net railway operating income
176.253.624
259,323.783
Operating ratio
77.96%
74.13%
Rate of return on property investment
3.56%
5.355
J. Barstow Smull Elected President New York State
Chamber of Commerce Succeeding L. F. Loree.
At the annual election, May 1, of officers of,the Chamber
of Commerce of the State of New York, the complete ticket
was elected by unanimous vote, following the reading of the
report of Edwin P. Maynard, Chairman of the Nominating
Committee.
J. Barstow Smull, for the past two years Chairman of the
Executive Committee, was elected to :the presidency, succeeding Leonor F. Loree. P. A. S. Franklin, William D. Baldwin, and Arthur ClfrilSS James were elected Vice-Presidents.
Junius S. Morgan, Jr., was re-elected Treasurer, and William
B. Scarborough Assistant Treasurer. Charles T. Gwynne,
veteran Executive Vice-President, was re-elected to that
position, with Jere D. Tamblyn re-elected as Secretary.
Ames S. McCulloh was elected Chairman of the Executive Committee, with Jacob H. Haffner elected a member
of the Executive Committee at Large.
Committee chairmen and members were elected as follows:
Committee on Finance and Currency.—Francis H. Sisson, Chairman;
Franklin Q. Brown, Edwin G. Merrill, and Ethelbert I. Low.
Committee on Foreign Commerce and the Revenue Laws.—John D. Dun.
lop, Chairman, Gustave Porges, and Edward F. Darrel.
Committee on Internal Trade and Improvements.—Roy E. Tomlinson,
Chairman; Leclanche Moen, Bernard Ris, and Amos D. Carver.
Committee on the Harbor and Shipping.—Alfred V. S. Olcott, Chairman;
Franklin D. Mooney, and James A. Farrell, Jr.
Committee on Insurance—Charles T. Swimm, Chairman; William H.
Keep, and Clarence A. Ludlum.
Committee on Taxation.—Jesse S. Phillips, Chairman; Farnham Yardley,
and William Shields.
Net railway operating income by districts for the first three months of
Committee on Arbitration.—Charles L. Bernheimer, Chairman; James
1930, with the percentage of return based on property investment on an
Ward Warner, and Thomas F. Vidor.
annual basis, follows:
Committee on Commercial Education.—Frederick J. Lisman, Chairman;
New England Region
$10.863,503
5.54%
A. Wellington Taylor, Harvey N. Davis, and William J. Keeley.
Great Lakes Region
:31,369,881
3.74%
Central Eastern Region
Committee
on Public Service in the Metropolitan District.—Finley J.
38.209.217
3.86
Pocahontas Region
18.432,802
8.11 ' Shepard, Chairman; Thomas C. Desmond, and Harrison S. Colburn.
Total Eastern District
98.875.403
4.397
0
Committee on Admissions.—Wilson S. Kinnear, Chairman; Andrew V.
Total Southern District
25.017,531
2.8947 Stout, and Charles S. Wills.
Northwestern Region
6,262,418
1.50%
Central Western Region
Board of Trustees having charge of Real Estate of the Chamber of Cora30.018,285
3.317
Southwestern Region
16,079.987
merce.—Alfred E. Marling, and Darwin P. Kingsley.
Total Western District
52,360.690
2.86%
Commissioner for Licensing Sailors' Hotels or Boarding Houses.—WinUnited States
1176,253,624
3.56% cheater Noyes.
Class I railroads for the month of March had a net railway
operating
income of $61,074,229, which, for that month, was at the
annual rate of
return of 3.06% on their property investment. In March
1929. their net Federal Income Tax Ruling Affecting Stock Bought
railway operating income was $97,404,523 or 4.98%
•
Gross operating revenues for the month of March amounted to
but Not Used for Margin Purposes.
$452,716,556, compared with $517,563,319 in March of the preceding year, or a deA new income tax ruling has been announced by the Tax
crease of 12.5%. Operating expenses in March totaled $351,278,765 comDepartment that will make it possible for Wall Street traders
pared with $377,757,681 for the same month in 1929 or a decrease
of 7%•
to save large sums in income taxes, according to J. S. SeidEastern District.
Class I railroads in the Eastern District for the first three months
in 1930 man, tax expert of Seidman & Seidman, certified public
had a net railway operating income of 198,875,403 which was at the annual
accountants. Under the ruling a person who owns stock
rate of 4.39% on their property investment. For the same period in
1929, on which
he can realize market appreciation can, instead of
their net railway operating income was $136,242,288 or 6.19% on
their
property investment. Gross operating revenues of the Class I railroads of selling his stock directly and having to report
a profit, go
the Eastern District for the first three months on 1930 totaled $672,402,828,
a decrease of 9.3% below the corresponding period for the year before, while short the same stock, and by continuing the long and short
operating expenses totaled $519,160,689, a decrease of 5.2% below the same position indefinitely, avoid the tax. Mr. Seidman in experiod in 1929.
planation says:
Class I railroads in the Eastern District for the month of March had a net
The decision Is of incalculable importance to security traders, for it
railway operating income of $32,653,245, compared with $50,319,686 in
makes possible really getting the profits, for all practical purposes, without
March 1929.
at the same time having to pa'y the income tax. For example, in the case
Southern District.
that gave rise to the ruling, the taxpayer bought some stock in June of one
Class I railroads in the Southern District for the first three months of 1930 Year and put the stock in his vault.
The market price of the stock went up
had a net railway operating income of $25,017,531, which was at the annual and in November he went short the same
amount of stock and had the
rate of return of 2.89% on their property investment. For the same period broker record the short sale in a separate short account.
It was only in the
in 1929, their net railway operating income amounted to $34,770,776 which next year that he delivered the stock out of the vault
to cover the short sale.
was at the annual rate of return of 4.08%. Gross operating revenues of the The question was whether the profit was to be reported
in the year when
Class I railroads in the Southern District for the first three months in 1930 the short sale was made and the taxpayer's position
effectively balanced
amounted to $178,730,239, a decrease of 9.6% below the same period the out, or whether it was only in the latter
year when the taxpayer went
year before, while operating expenses totaled $139,172,711, a decrease of through the form of closing out his long and
short position.
Z.6%.
The general counsel held that since the stock that was bought was
not
The net railway operating income of the Class I railroads in the Southern used for margin Purposes, either against the
short position or otherwise,
District in March amounted to 19,308,727. while in the same month in the short sale was to be regarded as a
distinct transaction unconnected with
1929 it Was $12,051,408.
the previous purchase of the same stock, and hence there
was no Profit
3294
FINANCIAL CHRONICLE
[VoL. 130.
This plan brought in a great deal of new business, but it devoloped
to be reported until one was actually delivered against the other. In
new business was of doubtful value.
other words, if the taxpayer indefinitely continued the same situation as in objectionable features, and much of the
It soon developed that all the banks in Cleveland began to adopt the
the first year, that is, did not close out the short position, there would be
in the
no taxable profit at all. Also, if instead of putting the stock that was pur- same system, with the result that there was scarcely one month
chased in the vault, the purchase was made through one broker and the year during which people were not being constantly annoyed by employees
basis.
short sale through another, the ruling would still be accomplished. As of one bank or another, soliciting them for accounts upon a personal
long as the stock bought is not used for margin purposes, the decision de- Besides annoying prospects, this system built up a false sales appeal. The
clares that the transactions are tax-free, although I frankly do not see prospect was asked to open an account, not because the Union Trust was a
good bank, but because it would give John Jones two more points in the
what the margin situation has to do with it.
Of course, there are some cases where it might not be feasible to go short contest.
Furthermore, a great many et the accounts thus secured proved to be
a stock because it is not always possible to borrow some stocks for delivery
against a short sale. However, Where New York Stock Exchange securi- temporary, or at best transient, and although a fair share of the business
exchange
that
on
listing
the
is
since
a
that
not
probelm
involved,
remained on the books as the months went by, too much of it disappeared.
ties are
assures a supply of the stock for borrowing purposes at all times. The fact It naturally disappeared because it was neither secured nor solicited upon a
that a premium may have to be paid on borrowing some stocks may seem sound basis.
to be a disadvantage, but it really is not since the premium can be recovered
I think the worst feature of this plan, however, was the fact that It
by lending out to some one else the stock that had been originally purchased. gave our employees the impression that they ought to be aggressively
Going short, instead of selling directly, will, however, result in a slight loss sales-minded only during a certain period of the year—namely, while the
In interest, as brokers do not always allow interest on a short sale, or not contest was on—but during the rest of the year they could sit back and
as much as on an outright credit balance, but compared to the tremendous go through the routine of their jobs, without trying to get new accounts
amount that can be saved in income taxes, any slight loss in interest is for the bank.
hardly a factor.
We then gave much time and thought in an endeavor to devise some
method whereby our employees could be persuaded to be sales-minded all of
Before
Cleveland,
time, and feel that it was part and parcel of their regular jobs to sell
the
of
Allard Smith, of Union Trust Co.
the bank, in and out of banking hours, to everybody with whom they
Association of Reserve City Bankers, Discusses came
in contact. The bank was willing to give some special reward in
Bank's Profit Sharing Plans, Bonuses, New Busi- money to employees who brought in new business, but decided that this
reward should be based upon a steady year-around effort upon the part
ness Contests, &c.
of the employee, and not upon a spasmodic, once-a-year sales campaign.
system
bonus
a
of
period
The adoption during the war
The conclusion of this endeavor was a very practicable and sensible
in behalf of employees was the subject of an address by system which is.now in operation at the Union Trust Co., and which is
our "Go-Getters Plan."
Allard Smith, Executive Vice-President of the Union Trust called
This is a continuous, effective, all-the-year-round sales contest, open to
Co. of Cleveland, at the annual convention of the Association all employees, but it does not include any officers or department heads.
Although cash rewards are given to employees securing new business
of Reserve City Bankers, at Memphis, Tenn., April 28-30.
under this "Go-Getters Plan," the principal feature of the plan is the
In the course of his remarks Mr. Smith stated that the fact
that it gives official recognition to employees who are sales-minded,
decision was finally reached that the bonus plan was not and holds them up to the attention of other employees, and to the attention
was
it
hence
and
of the officers of the bank, as examples of employees who are doing more
desirable as a permanent proposition,
the institution than merely holding down their jobs.
dropped, the institution finally reaching the conclusion that forThis
recognition is accomplished through the regular publication of
in
has
now
it
which
that
is
the most practicable system
the names of employees thus securing accounts, in our internal house organ,
force—the "Go-Getter Plan." In his address, Mr. Smith "The Teller," under the heading "The Honor Roll."
In addition to such publication, our officers follow closely the records
said, in part:
of the employees securing new accounts under this plan, and make it
before
speak
When the Chairman of your Program Committee asked me to
a point to talk to them personally and compliment them upon their
this convention he suggested that I talk upon the entire subject of profit good work.
for
devices
other
and
contests,
business
new
sharing plans, bonuses,
Records of new accounts thus secured are kept on an annual basis, and
building employee good-will and selling the bank to the public by employee at the end of each contest year, checks are given to each employee, in proco-operation. Rather than attempt to do all of that in the time allotted, I portion to the amount of business thus secured, who shall have proved
will endeavor to give you an intimate account of our actual experience with himself or herself to be a "Go-Getter."
this problem in the Union Trust Co. of Cleveland; our experience is probably
The rules under which the "Go-Getters" system is conducted are published
parallel with that of many other banks, and in some part, at least, our in the house organ at the beginning of each year.
. solution to this question will be applicable to your bank.
You may be interested in the simple mechanics of this plan. All
Like many other banks, we came out of the war period with a bonus employees are supplied with blank introduction cards which they may give
system in operation. Now we may have spoken then about this bonus to their prospects. A prospect opening an account gives the card to the
system as a method of rewarding faithful workers, or as an incentive new account teller, who sees that it is sent to the Business Extension Detoward employee loyalty and good-will in the organization. But the actual partment. This department, therefore, acts as a clearing house for all
facts are that the real reason for inaugurating a bonus was that in those "Go-Getter" accounts, determining just what credit the employee should
days help was scarce and a bonus was paid in an effort to try to retain receive for The account, and if two employees are involved in the same
present employees and to attract new ones.
account, determining which one should receive credit for it, or possibly
That period presented a rare and quite temporary situation, and it passed splitting the credit between them. Credit for new accounts is figured
question
the
raised
That
effect.
in
system
rapidly, leaving the bonus
on a sliding scale, which makes allowance both for number of accounts
immediately as to whether a bonus system was really justifiable as a and size of accounts. I haven't time to go into the operating details of
permanent proposition—that is, whether it actually was a workable plan the plan, but if anyone here is specially interested, I will be pleased to
for building up employee morale and loyalty.
have a full description of it mailed to you.
We came to the conclusion that the bonus plan was not justified, nor
Employees are given complete freedom in their solicitation of accounts,
was it wise, as a permanent proposition, for a number of reasons.
except with regard to solicitation of commercial business. In the case
All
effort.
special
for
reward
special
no
provides
plan
First, the bonus
of a prospect for a commercial account, we insist that our Business Exemployees who had remained in the bank for a certain period of time, tension Department must check up on the account with our Credit
received a bonus. They got that bonus whether they had done their jobs Department, in
advance, before it is solicited.
exceptionally well, or had simply performed them in a routine way. They
This is just a brief and sketchy outline of our "Go-Getters Plan." Just
got that bonus whether they had tried to get new accounts t,r the bank bear in mind that it is not a bonus plan; it is not a periodic new account
outside of banking hours, or whether they had not. As long as a man campaign plan; it is a perpetual sales contest open to all employees except
kept his job, he received his bonus. So, although it is true that the officers, reckoned on an annual basis, with compensation to employees,
bonus plan tended to keep employees in the service, at least, until after in the form of both cash and personal recognition by officers.
the bonus payment date, it seemed extremely doubtful whether this plan
We have tried this plan out for a number of years, and we know that it
actually stimulated the employees toward making extra efforts along the
works. You know the old proverb about the proof of the pudding. Well,
line of increasing their efficiency or getting new business for the bank.
"Go-Getters Plan" has netted the bank
Second, the very idea of a bonus is based upon the assumption that the during the last several years our
with average initial deposits of over
volume and the earnings of a business are fluctuating from year to year. each year about 6,500 accounts, five years' period shows that the "Goa
An
$2,000,000.
analysis over
Thus, in a manufacturing business, where this is often true, employees in an
28,300 bona fide new accounts, all of
especially good year might participate in extra profits of the company Getters" during that time secured
which were still active 90 days after opening, with average balance of
in the form of a bonus—but in poor years they might not receive any bonus
$332.91, and a most significant feature of this analysis was the fact that the
and indeed a great many of them might be laid off. This is not at all actual
cost to the bank averaged by 79c. per account.
the situation found in banking. Bank employment and bank earnings are
Now, I presume the question in the back of your minds is, "Will this
quite stable, by comparison with other businesses. It seemed more logical
my bank?"
work
in
to us, therefore, to give an employee whatever compensation he was worth
My answer is that I believe it will work in your bank, if you put
in the form of regular monthly salary, instead of arbitrarily calling part sufficient and
additional
conscientious effort behind it.
of his salary a bonus, and giving it to him in the form of an
check once a year.
So the bonus was discontinued. But the idea of some form of extra
reward of merit for good work by employees remained both in the minds of Tax Debenture Provision in Tariff Bill Opposed by
the employees themselves and in the minds of the bank management.
New York Chamber of Commerce—Other Reports
realized
In considering what form such extra reward might take, we
Acted
On by Chamber May I.
somewhat
a
assumed
also
had
that the nature of competition between banks
different aspect. We certainly were no longer competing for employees,
of the export debenture provision in the pending
Inclusion
were most
as we had been during the bonus days. On the other hand, we
seemed Tariff Bill will encourage overproduction of commodities
emphatically competing for new business if every description. It
employees covered by the provision and make for dumping of such
logical, therefore, that if we were to give some extra rewaid to
the idea products abroad, with consequent injury to American export
for extra efforts of some nature, this reward should be based on
merely
of selling the bank. We felt that it was not enough for employees
perform their trade through retaliatory action by foreign governments,
to have the spirit of loyalty toward the organization, and to
and be said John D. Dunlop, Chairman of the Committtee on
work conscientiously. They should be imbued with the selling idea,
endeavored to Foreign Commerce and the Revenue Laws of the New York
we
Consequently
bank.
the
for
business
new
of
productive
new
set up some system whereby employees could be rewarded for securing
Committee,
desirable accounts.
The plan Which was first adopted with this respect was based on the idea
of an annual sales contest. Six weeks out of the year were arbitrarily set
aside for this purpose, rules were drawn, and a point system determined
upon. Checks were given to employees securing new business during this
period in proportion to the number of points soored.
State Chamber of Commerce. The report of the
voicing opposition to the adoption of any debenture plan in
the new tariff law, was adopted by the Chamber on May 1.
Another report by Mr. Dunlop's committee, approving the
flexible provisions in the new tariff law, was also adopted.
MAY 10 1030.]
FINANCIAL CHRONICLE
3295
This report favored the flexible provision as means for making Work to Begin Immediately on 63-Story Wall Street
changes in specific rates when the economic situation so
Structure to House Doherty and City Service
demands, "without opening the whole tariff schedule for
Henry
L. Doherty & Co. announce that construction work
readjustment and political agitation."
Other reports on which action was taken by the Chamber will begin immediately on first of a series of skyscrapers in
the Wall Street District. The first unit in the construction
on May 1 are indicated as follows:
program to be a 63-story structure on the eastern portion of
A report of the Executive Committee opposing amendments to the Interthe block bounded by Pearl, William,Pine and Cedar Streets.
State Commerce Act, in particular to the suggested amendment requiring
railroads in their schedules of rates, fares and charges to state separately The plot comprises 32,000 square feet of ground space with
the charges for the use of wharves, docks, warehouses, and other terminal frontages of approximately 250 feet on Pine and Cedar
facilities owned or operated by common carriers, was adopted. The
The cost
resolution provided for the selection of representatives of the Chamber to Streets and the entire block front on Pearl Street
appear at hearings to present the organization's views and to oppose the is estimated at $15,000,000. Part of the excavation work
passage of the proposed legislation.
is already completed on the westerly portion of the plot and
In the adoption of a joint resolution of the Committee on the Harbor building operations will start
at once. The announcement
and Shipping and Committee on Internal Trade and Improvements, introduced by Marcus H. Tracy. Chairman of the former, the Chamber endorsed goes on to say:
the proposal for the transfer of the State Barge Canal system to the Federal
Government, and authorized members of the two committees to appear
at hearings and to otherwise support the movement for such transfer.
The Chamber adopted a joint resolution of the committees, on Harbor
and Shipping and Internal Trade and Improvement, endorsing the project
for a union freight terminal on the West Side somewhere between 25th
and Christopher Sts. as the initial step toward the ultimate plan of establishing a system of such terminals to facilitate freight handling and reduce
traffic congestion in the metropolitan area.
Charles L. Bernheimer, Chairman of the Chamber's Committee on
Arbitration, reported further progress toward the past year in the utilization
of commercial arbitration to settle trade disputes.
William F. Collins, Chairman of the Committee on Commercial Education
in a resolution adopted by the Chamber, recommended a survey of adult
technical education in the New York industrial area to ascertain the agencies
available, the results now obtained, and the need of additional facilities to
meet more fully the requirements of industry and commerce. The Chamber
authorized the committee to initiate steps for undertaking this survey
through a special committee to be composed of members of the Chamber
and other qualified persons.
The Chamber adopted the report of Jacob H. Haffner, Chairman of the
Committee on Public Service in the Metropolitan District, urging the Mayor
and the Board of Estimate and Apportionment to discontinue the present
plan of financing subways by short-term financing, and to adopt instead a
policy of issuing long-term bonds.
Tax participation clauses in leases, under the terms of which the lessee
shall pay a proportion of any increase in the taxes on the leased property
during the term of the lease or shall receive a corresponding benefit of any
reductions of taxes during such periods, were recommended by another
report of the same committee, adopted by the Chamber.
A third report by the committee, advocating the construction of a
monumental building to house the Federal courts in the City of New York,
was also adopted.
J. Barstow Smull, reporting as Chairman of the Executive Committee,
outlined the results of a survey of the administration of civil justice, carried
on by the Chamber in co-operation with the Committee on Law Reform of
the Association of the Bar of the City of New York. The Institute of Law of
Johns Hopkins University is now compiling an analysis and tabulation of the
observer's reports, he said, but the report of the Executive Committee
stated it was convinced that much of the complaint of the faults and delays
In the administration of justice in the courts is warranted and recommended
that a movement be undertaken by commercial organizations to bring about
such changes as shall secure a more business-like conduct of civil cases.
The Chamber adopted a resolution providing that the co-operation of other
commercial organizations be asked to establish a body and weight of opinion
that will be respected and that legal associations be invited to participate
In the movement to secure better administration of justice in civil courts.
Altogether Henry L. Doherty & Co. and their Cities Service Co. control
approximately 4 acres in the financial district. Among these are the
premises at 56 and 60 Wall Street through to Pine Street,on which the second
unit of the Doherty chain of skyscrapers will be erected within the next.
three years. This plot is now occupied by the 5-story bank building at
56 Wall and the present headquarters of Henry L. Doherty & Co.at 60 Wall.
The ground area of this plot equals approximately 26,000 square feet with
frontages of 101 feet on Wall Street and 152 feet on Pine Street. When
this building is completed it will rank with other skyscrapers dominating
the financial district.
Most prominent of other sites to be developed later by Henry L. Doherty
& Co. is one fronting on the northerly side of Battery Park. This building
will overlook the broad expanse of the harbor and is expected to dominate
lower Broadway. In addition to this property, Henry L. Doherty & Co.
now owns and operates the Battery Park and Chesebrough Buildings on
State Street just south of the Customs House. The company also owns
the Maritime Building and a number of other buildings in this vicinity.
The westerly section of the skyscraper now under way at Pine, Pearl and
Cedar Streets is to be completed by May 1931. The easterly portion will
follow as soon as existing leases expire and will be ready for occupancy
by May 1932. The first 19 floors will be occupied by Henry L. Doherty &
Co. and Cities Service Co. It is planned to connect the present 26-story
Doherty headquarters at 60 Wall Street with the new building by a bridge
at the 16th floor. The present quarters have been outgrown in the past
year and the Company now occupies about 150,000 square feet of space
in outside buildings.
The new building will be topped by a tower 30 floors in height, the top
floors of which will be reserved for the personal use of Henry L. Doherty.
There Mr. Doherty will have his library, private offices and quarters for his
assistants. Terraces outside his work rooms will have both eastern and
western exposure. A private elevator will connect these quarters with a
higher terrace, enclosed with glass and equipped for rest and recreation.
The new building also will provide quarters for the Doherty Men's Fraternity as well as dining rooms and cafeteria for employes. It will have 660,000
square feet of rental space.
Among the novel features planned for the building will be double-deck
elevators which will take on and discharge passengers of two floors at the
same time. This will be the first use of this type of elevator. There will
be 17 additional elevators of regulation type. Another feature will be
escalators serving the first seven floors. Artificial ventilation will be used
for all lower floors, assuring fresh air at all times. The first set-back will
be at the 11th floor. There will be five entr4nces and ample space provided
for wide sidewalks on all streets.
The architects of the building are Messrs. Clinton and Russell, Holton and
George. James Stewart & Co. are the builders. The plans provide for
stone and granite treatment on the first three floors. Above that the
building will be of light-face brick with stone trimmings.
It was announced that Commander Richard E. Byrd had A. P. Giannini, Founder of Transamerica Corporation,
accepted an invitation to a luncheon at the Chamber upon
Retires on 60th Birthday—Plans to Spend Year in
his return to New York next month.
Europe.
On May 6, his 60th birthday, A. P. Giannini retired as
Chairman of the Board of Directors of the Transamerica
Cheese Trading on Chicago Mercantile Exchange.
Corporation (holding company of the Bank of Italy National
Dealings in future deliveries of cheese began on the Chicago Trust & Savings Association and its affiliated and subMercantile Exchange on May 1 it is learned from Associated sidiary institutions) and as executive of all companies of
Press advices from that city which.said:
which he has been an officer. In a statement,on the occasion,
The initial sale was a car of cheese, 22,000 pounds, to be delivered
in Mr. Giannini said:
New York in July.
Active bidding prevailed for July and December contracts.
Earlier Associated Press accounts from Chicago (April 14)
stated:
A Continental market for cheese futures contracts, the rules of which
will permit delivery in Chicago, Montreal or the Greater New York area
will be inaugurated by the Chicago Mercantile Exchange May 1.
Trading in cheese futures was begun last fall, but the expanded market
affords direct access to trading privileges for the entire cheese
territory
of the United States and Canada and removes the former restriction on
deliveries to the Chicago area.
Negotiations for Purchase of "Wall Street News" By
Publishers of "Wall Street Journal."
Kenneth C. Hogate, Vice-President and General Manager
of Dow,Jones & Co. and Melvin J. Woodworth,President of
the New York News Bureau Association announced May 5
that negotiations for the purchase of the "Wall Street News"
by Dow,Jones & Co., publishers of the "Wall Street Journal"
are pending. It is stated that this will in no way effect the
service of the New York News Bureau in N.Y. City and the
metropolitan district where service will be maintained exactly as heretofore and under the same management and
ownership.
When I turned over the Presidency of the Bank of Italy to my successor
in 1924. I made the statement then that I would retire as an active officer
from all organizations with which I was connected when I reached the age
of 60. While I shall continue as a director of our various companies and
possibly go on the boards of others, as well as serve, without compensation,
as Chairman of the advisory committee of Transamerica Corporation, I
will hold no executive office. I am definitely off the pay roll. This is the
time. I think,to express my appreciation to our stockholders, our customers,
and to the members of the staff of our various organizations— without
whose generous and whole-hearted co-operation the success of our undertakings would not have been possible. We have, beyond a doubt, the
finest and most loyal group of people in our institutions to be found anywhere
In the world.
I also want to thank the press for its fairness and courteous treatment.
In this connection,I can say that for more than 25 years, while I have been
engaged in banking and financial activities. I have always found the newspaper men friendly, ready to help, and willing to keep inviolate every confidence I have given them.
All of the so-called "Giannini interests" are now vested in Transamerica
Corporation and it is my hope that hereafter they will be known as Transamerica interests and not Giannini intereks. The conduct of the affairs
of all these companies will be under the direction of Ellsha Walker, and the
other executives associated with him.
It is stated that during the time that Mr. Giannini has
been at the head of his great financial enterprises, he has
never received salary from more than one corporation at
any time, and has held office only in those organizations for
whose creation he has been responsible. Mr. Giannini, who
is in Washington, D. C., meeting with the committee on
3296
FINANCIAL CHRONICLE
[Vol.. 130.
Banking and Currency of the House of Representatives to by 12 o'clock noon on May 29. Proceeds from the sale of
complete a study of the subject of group and branch banking, these shares will go into the capital assets of Chase National
will sail on the "Mauretania" from New York June 11 for Bank, to be used for the benefit of all stockholders.
a year's absence abroad.
New Members Elected to Board of Governors of Association of Bank Stock Dealers.
Meeting of Executive Council of A. B.A., at Old Point
Comfort, Va., May 5-8—F. I. Kent Recommends
Associa:tion of Bank Stock Dealers announce that Clinton
Appointment of Committee to Study Relationship Gilbert of Clinton Gilbert & Co. and A. C. Doty of Grannis
of New Securities and Power of Public to Absorb & Doty and Col. Oliver J. Troster of Hoit, Rose & Troster
Them.
have been elected members of the board of governors to
In reporting on the work of the American Bankers Associa- serve for three years.
tion at the opening of the Executive Council Meeting,
at Old Point Comfort, Va., May 6. President John G. George N. Lindsay Nominated for Presidency of Bond
Club—Annual Meeting June 11.
Lonsdale described the Association as a "powerful research
laboratory working constantly in the interest of the individual
George N. Lindsay, Vice-President of Bancamerica-Blair
American banker" and daily submitting every phase of Corporation, has been nominated for President of the Bond
banking to searching study. He went on to say:
Club of New York to succeed Pierpont V. Davis who has
Its findings are made available to the 20,000 members of the organization headed the Club for the past year. Mr. Lindsay is at present
for their guidance. It is a fine tribute to the spirit of co-operation among Vice
-President of the Club. The annual meeting of the Club,
bankers that we are able to carry on this work. Bankers from one end of
the country to the other are constantly giving freely and unselfishly of at which a new set of officers and four governors will be elected
their skill and experience in co-operation with our headquarters staff, so will be held on June 11. Nominations for other officers inthat we may produce the truly great results that are being accomplished.
clude Harry M. Addinsell of Harris, Forbes & Co. for ViceOur investigations have resulted in beneficial legislation, revision of banking
practices and innumerable changes for a stronger and more efficient banking President; R. Lawrence Oakley of Maynard, Cakley &
structure.
Lawrence for Secretary, and Henry W. Browner of Laidlaw
In the battle for justice and equality in taxation our Association always
has stood at the front. We have been unrelenting in our efforts to equalize & Co.for Treasurer. Mr. Davis,retiring President, has been
excessive burdens and place levies on a fair and impartial basis. In addition nominated for membership on the board of governors toto safeguarding our taxation rights. the Association has shown us the best gether with Laurence M. Marks of Lee, Higginson & Co.,
investment policies, instructed us in the analysis of accounts. helped us to
install better service charges and pointed out the way to better management. Frank E. Gernon of Hayden, Stone & Co. and Henry S.
Banks singly or in small groups could never have brought about such re- Sturgis of the Fist National Bank of New York. Members
forms as we have obtained. It has been well said that the American Bankers of the
nominating committee, which announced the selections,
Association, exclusive of the Federal Reserve System, has been the greatest
single nation-wide source of stability and improved conditions for banking were Eugene E. Ailes, J. Taylor Foster, G. Munro Hubbard,
in the United States.
William J. Minsch and Francis T. Ward.
Fred I. Kent in reporting as Chairman of the Commerce
and Marine Commission, described the business situation Executive Council of American Bankers Votes Against
as having been affected by three principal causes, namely, an
Removal of Association's Headquarters from New
appreciable over-production that was somewhat general,
York to Washington.
prolonged
delay
in
tariff
legislation,
caused
by
uncertainty
Following a two-hour debate on a proposal to move the
and the over-issuance of securities beyond the power of the headquarters
of the American Bankers Association to
American public to absorb, accompanied by extraordinary Washington, the Executive Council on May 7 at
Old Point
developments on the stock exchanges. He recommended Comfort,
Va., voted without a dissenting voice to maintain
the appointment of a commission made up of representa- the national offices in or near New York City. Under a
tives of the Federal Reserve Bank in New York, the New resolution that
was adopted a committee was appointed,
York Clearing House and the New York Stock Exchange consisting of Rome C. Stephenson, Dan V.
Stephens, J.
to make a study of the relationship between the issuance of H. Puelicher, F. N. Shepherd and John G. Lonsdale, with
securities
and
the
power
of
the
public
to
absorb
them,
new
power to arrange more suitable quarters for the head office
declaring that it would be possible to develop a series of organization.
figures giving information to investment bankers that
would enable them to guide more scientifically their security
operations. The Commission, he said, has also made a study Gov. Roosevelt of New York Signs Estate Tax Bill—
Mastick-Pratt Measure Recasts Inheritance Levy,
of the railroads aimed to set forth their values and necessity
Reducing Tax on Smaller Estates—Becomes Efto the people, with the hope of increasing public underfective Sept. 1.
standing toward both taxation and regulations of the roads.
On April 23 Governor Franklin D. Roosevelt of New York,
Mr. Kent also discussed at length the Young plan and the
signed the Mastick-Pratt Bill, which virtually recasts the
Bank for International Settlement.
State's Inheritance Tax Law and substitute's an estate tax.
An Albany dispatch April 23 to the New York "Times," from
34,980.80 Shares of Stock of Chase National Bank of which we
quote, also states:
New York to be Auctioned May 20.
The Governor said that the new law would give a substantial but warA portion of the increased stock of the Chase National ranted reduction in the taxes on small estates, would lessen the cost of
Bank of New York to be issued incident to the Chase- administration to the estates and also would diminish the administration
of the law by the State.
Equitable-Interstate merger will be sold at public auction, cost
The legislation was urged by the Commission, of which Surrogate James
it was announced following a meeting of directors of the A. Foley of Manhattan is Chairman and which has been investigating
'estates. It also was urged by the
Chase National Bank this week. The stock to be auctioned the defects in the laws dealing with
Tax Commission. Surrogate Foley came to the Capitol to-day to
amounts to 34,980.80 share units of Chase National Bank State
witness the Governor's approval of this and several other measures dealing
stock ($20 par value) and Chase Securities Corporation (no with estate taxes.
Under the new Estate Tax Law, no estate of $5,000 or less will be taxed.
balance
of
a
stock increase
par value), representing the
This will mean a substantial saving to thousands of small estates. At
after an exchange of shares with the Equitable Trust Co. present,
an estate, of $25,000 left one-half to the widow and one-fourth
and Interstate Trust Co. The consolidation plan of the to each of two children, pays a tax of $100. Under the bill approved
three institutions (reference to which appeared in our issue to-day by the Governor such an estate would pay nothing. An estate of
$50,000,
similarly, is new taxed $350, while the tax under the new
of May 3, page 3102) calls for an increase in the capital stock law wouldleft
be reduced to $160.
of Chase National Bank from $105,000,000 consisting of
"The new statute," said a statement by Governor Roosevelt, "parallels,
5,250,000 shares, to $148,000,000 consisting of 7,40,000 in so far as possible: the Federal Estate Tax Law and simplifies the work
attorneys and others in preparing returns for the Federal and State
shares. Of the 2,150,000 additional shares, 2,000,000 are of
Governments. This new legislation becomes effective Sept. 1 1930, and
to be allotted pro rata to Equitable shareholders on the basis will apply to estates of those dying on and after that date."
A companion bill, approved by the Governor, provides for the first time
of tour shares of Chase for every five shares of Equitable
in this State a statutory method of apportioning equitably both the Fed.
and 115,019.20 shares are to be allotted pro rata to Inter- eral
and the State estate tax among the various beneficiaries. In the past
state shareholders on the basis of 32-100ths of a share of such taxes have been payable out of the residuary estate, frequently the
will
stock
widow's share, and, according to the sponsors of the bill, she frequently
Chase for each share of Interstate. The remaining
the entire tax.
sold at public auction in 34 lots of 1,000 shares each and one pays
Under another measure approved by the Governor, the Tax Commission
eastern
daylight
noon,
lot of 980.80 shares, at 12 o'clock
is authorized to compromise and settle contingent taxes amounting to more
time, May 20, by Adrian H. Muller & Son, Auctioneers, in than $30,000,000, which are held to secure the payment of taxes on contingent interests. The Governor said that the present method Is cumberthe Exchange Salesroom at 56 Vesey St., New York City. some,
complicates the accounting of estates and is difficult for the Tax
The sale is subject to a deposit of 10% of the purchase price Commission to handle. Under the new law, lie explained,
it will be possible
in cash or certified check at the time of the auction and the to agree on the amount payable, and thereby "close the matter once and
balance is due at the head office of the Chase National Bank for all."
MAY 10 19301
FINANCIAL CHRONICLE
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Cotton Exchange membership of George
H. Hutzler was reported sold this week to Alvan L. Wachsman, for another for $20,000. The last preceding sale was
for $21,500.
3297
January 1 have been $83,164, while earnings to surplus
since March 31, 1929, 'amount to $433,060. Book value of
the bank's stock on March 31, 1930, was $154.57; on
December 31, 1929, $150.41; and on March 31, 1929, $132.91.
Earnings per share for the quarter ended March 31, 1930,
The New York Produce Ex- change membership of Frank were $4.15; year ended December 31, 1929, $22.79 and year
A.Montford was sold at auction this week to Charles Connor ended March 31, 1930, $21.65. The institution's reserve fund
was increased by $14,500 during the first quarter of 1930.
for $8,200.
Straus National stock is currently quoted 280 bid, 300 asked.
From the New York "Evening Post" of last night(May 9)
we take the following:
Intimation that informal discussions had been carried on by the Marine
Midland Corp. and certain New York City banks, including the Public
National Bank & Trust Co., in contemplation of merger possibilities was
contained in a statement from Buffalo to-day by George F. Rand,President
of the Marine Midland Corp.
Mr. Rand said: "biscussion of a merger with the Public National
or any other New York bank has not passed the informal stage since we
acquired the Fidelity Trust Co. Whatever buying in Public National
stock may have been reported as emanating from Buffalo has not come
from the Marine Midland Corp.
Ernest Stauffen Jr., Chairman of the Marine Midland, was credited as
having said: "We are not negotiating for Public National nor any other
New York institution at the moment."
Charles C. Fagg formerly A- ssistant Vice President of the
Equitable Trust Company's 45th Street office has been
elected Vice President of the Bank of Manhattan Trust
Company in charge of the latter's office at 43rd Street and
Madison Avenue. Mr. Fagg succeeds William Pfaffle, who
will join the bank of Manhattan Trust Company's staff at
40 Wall Street to take charge of its business in the middle
west.
Samuel S. Lerner, partner of G. & A. Seligmann, has been
elected a member of the Advisory Board of National Exchange Bank & Trust Co. of Brooklyn. Mr. Lerner has also
At a-regular mseting this week of the board of directors
nominated for the Board of Governors of the New York
of Bankers Trust Co. of New York Winthrop W. Aldrich been
Produce Exchange.
resigned as director. S. Sloan Colt, Vice-President, was
elected to fill the vacancy.
Directors of the First National Bank of Hornell, N. Y.,
have approved a plan for increasing the bank's capital from
Robert Irving Barr, Vice-Pr- esident of the Chase National $100,000 to $300,000, and reducing the par value of the
Bank of New York, died on May 7 at the Presbyterian stock from $100 a share to $50 a share, according to advices
Hospital where he had undergone an operation May 5. from that place on May 7 to the "Wall Street Journal."
He was forty-five years old. Mr. Barr was born in New
York City March 10 1885, graduated from Newark Acadamy
in 1902 and from Princeton University in 1906 where he
received an A.B. degree. He became associated with the
brokerage firm of Smith & Gallatin and later he entered
the credit department of the Chase National Bank in August
1915. He was made Assistant Cashier of the bank Jan. 9
1917, and in June of the same year, when Chase Securities
Corp. was formed, he was elected a Vice-President of the
corporation. Three years later he resigned from Chase
Securities to return to the bank as a Vice-President. A
resolution passed by the directors of the Chase National
Bank at a meeting this week characterizes Mr. Barr ai
"A man of forceful personality yet tender sympathies, he
was outstanding for his frankness, honesty and ability to
make and keep a host of friends. The bank sustains a
great loss in his death and his memory will ever be cherished
by those with whom he was so long associated."
Percy H. Johnston, Preside- nt of the Chemical Bank &
Trust Company, of New York has returned from a cruise
around the world. H. Hobart Porter, of Sanderson & Porter,
and Charles A. Oorliss, President of Lamont, Corliss &
Company, both directors of the Chemical Bank & Trust
Company, were also on the cruise.
The institution has resources of between $3,500,000 and
$4,000,000, it was stated.
The Third National Bank o- f Walden, N. Y., has changed
its name to the First National Bank & Trust Co. of Walden.
Application to organize a n- ew bank in Buffalo, N. Y.,
under the title of the Fillmore National Bank with capital
of $200,000, was received by the Comptroller of the Currency
on May 3. William Vogelsang, 1307 Fillmore Ave., Buffalo,
is the correspondent.
George F. Mueller, Presiden-t of the Central National Bank
and a Vice-President of the National City Bank of New
Rochelle, died on April 21. He was 46 years of age. Mr.
Mueller who had been with the National City Bank for
twenty-five years and with the Central National Bank for
six years held both positions it the time of his death.
Chester D. Pugsley, Vice Chairman of the Board of
Directors of the Westchester County National Bank at
Peekskill, New York presided over the sessions at Jacksonville, Illinois, of the Institute of Pan American Affairs at
Illinois Woman's College from May 1 to 3, which he is
financing. Max Winkler, Vice President of Bertron, Griscom
& Co. of New York, was one of the speakers.
At a recent meeting of th- e Directors of the Chemical
H. Ward Ford, President o-f the First National Dank of
Bank & Trust Company, John H. Needham was elected an
Assistant Vice President. He will go abroad shortly to be Morristown, N. J., died at his home In that city on May 6
associated with the London office in connection with the at the age of 64 years. He had been In failing health for
several months. Mr. Ford was born in New York but went
bank's foreign activities.
•
The Central Hanover Bank & Trust Company of New
York announces the appointment of Gilman D. Blake as
assistant treasurer. Mr. Blake will be located at the
Forty-first Street-Madison Avenue branch of the institution.
The Guaranty Trust Company of New York announces the
appointment of Noah R. Brooks as Assistant Trust Officer
at its Fifth Avenue Office. Mr. Brooks formerly was
Assistant Secretary at that office.
A report recently made to the stockholders of Straus
National Bank & Trust Company of New York reveals the
growth made by the institution since its formation lens than
a year and a half ago. The bank opened for business on
November 22, 1928, and earned $28.68 per share timing its
first year of operation. On March 31, 1930, the bank had
deposits of $18,486,101, compared with $15,630,100 on December 31, 1929, and $10,452,505 on March 31, 1929. Resources
of the Straus Bank on March 31 totalled $26,241,114 as
against $21,876,499 on December 31 and $14,068,510 on March
31 last year. Capital funds of the bank amount to $2,000000. On March 31, 1930, surplus and profit amounted to
$1,091,451, compared with $1,008,286 on December 31 and
$658,391 on March 31, 1929. Earnings to surplus since
to Morristown as a small boy with his parents. After
graduating from St. Paul's School, Concord, N. H., he
entered Princeton University, a member of the Class of
1889. He began his career by entering the manufacturing
business in Brooklyn, but later sold the enterprise to the
predeccessor of the American Can Co. Not long after his
retirement from manufacturing Mr. Ford was made a
director of the old Greenwich Bank in New York and later
was appointed President, a position he held for 12 years,
until the Institution was merged with the Hanover National
Bank. He was also a member of the Board of Trustees of
the Greenwich Savings Bank, New York. In 1910 Mr. Ford
became President of the First National Bank of Morristown,
the office he held at his death.
J. Van Dyke Hyde, formerly president of the First National Bank of Park Ridge, N. J., pleaded "guilty" in Federal
Court in Newark on May 1 to a charge of making false
bank entries, according to the New York "Times" of May 2.
Assistant United States Attorney Hicks told the court he
would drop the proceedings against William H. Devlin,
formerly cashier of the bank, who was on trial with Hyde
and was alleged to have credited Hyde's account, at his
direction, with amounts totaling $2,700. Federal Judge
Guy L. Fake said he would sentence Hyde on May 26,
and
3298
FINANCIAL CHRONICLE
called a mistrial in the case of Devlin by ordering the jury
to retire. Devlin was released. Mr. Hicks said that the
bank suffered no loss, as Hyde made restitution when bank
examiners discovered the false entries.
Beauveau Bone,retired banker and former President of the
Philadelphia Stock Exchange, died at his home in Abington,
Pa., on May 2 in his 84th year. He had been ill for six
months. Mr. Bone, who was born in Philadelphia, entered
the banking and brokerage business of his father,Charles L.
Belie,in 1866,a year after his graduation from the University
of Pennsylvania. For many years he was a prominent
figure in financial circles of Phildelphia and New York.
He became head of the Philadelphia Stock Exchange in 1900.
He had held directorships in the Lehigh Valley Railroad,
Pennsylvania Co. for Insurance on Lives and Granting
Annuities, Bethlehem Steel Co., Philadelphia Warehouse Co.
and American Dredging Co., and was an organizer of the
Real Estate Trust Co. of Philadelphia.
Francis X. Quinn has been made a director of the Continental-Equitable Title & Trust Co. of Philadelphia to fill
the unexpired term of John A. Murphy, resigned, according
to the Philadelphia "Ledger" of May 3.
The proposed consolidation of the Media Title & Trust
Co. of Media (Delaware Co.), Pa., and the 69th Street
Terminal Title & Trust Co. of Philadelphia (indicated in
our issue of April 12, page 2521) has now been consummated. The new organization—the Media-69th Street
Trust Co.—has resources of more than $10,000,000 and
maintains five offices as follows: Main Office, Media, 69th
and Market Sts., Philadelphia; 69th Street Terminal, Philadelphia, and offices in Aronimink and Oakmont.
The closing for voluntary liquidation of the State Savings
& Trust Co. of Indianapolis, Ind., by order of its directors,
"to save its depositors and stockholders from loss," was
reported in Indianapolis advices on April 26 to the "Wall
Street Journal." The institution, according to Scott R.
Brewer, its President, when closed had a capital of $375,000,
surplus and reserves of $48,500, and deposits of $1,410,000.
Its depositors numbered 8,000. State Banking Department
officials, it was said, are preparing to liquidate the assets.
The advices furthermore said, in part:
[VOL. 130.
of May 3. The two banks have always been regarded as closely
affiliated by reason of the fact that Henry Truesdell, President of the Union Trust & Saving Bank, is a Vice-President
of the Toledo Trust Co., Herman H. Brand,a Vice-President
of the acquired bank, was reported as saying that control
of the institution, which has a capital consisting of 2,500
shares of $100 par value stock, $250,000, was sold on the
basis of $305 a share. The combined capital, surplus and
undivided profits of the bank amount to $657,583 and deposits
total $1,337,955. The Union Trust & Saving Bank was organized in 1888. In addition to Mr. Truesdell and Mr.
Brand, its officers are: W. F. Hergert, Cashier and A. L.
Birch, Assistant Cashier. In its last statement, the Toledo
Trust Co. show deposits of $391,159,167. According to
H. L. Thompson, President of the company, no definite
date for the consolidation has been set and for the time
being the acquired institution will be operated as heretofore.
Advices by the United Press from Portland, Ind., on May
1, printed in the Indianapolis "News" of the same date,
stated that shortages in money of the closed Jay County
Savings & Trust Co. of Portland, as a result of the defalcations of its former Cashier, Clyde Bechdolt, continue to
grow, according to Jesse Peters, the receiver of the defunct
bank. The dispatch went on to say:
Bechdolt, now serving a two-to-fourteen-year sentence in the State
Prison for embezzlement, is said to have told a foreigner who was a bank
depositor, that all money in his account March 1 would be subject to
taxation. Bechdolt suggested the depositor buy bonds with the money.
It is charged that the man spent $11,500 for bonds, but they are missing,
Peters said.
A world war veteran, now in the Marion National Sanatorium, is another
victim, the receiver said. The veteran had $3,800 in bonds and $2,000
in money in the bank's possession, but books show a balance of only $3.11,
according to Peters.
The Jay County Grand Jury will meet next (this) week to investigate the
affairs of the bank.
Reference was made to the closing of this bank and the
sentencing of its Cashier after his plea of "guilty" to a charge
of embezzlement in our issue of April 26, page 2905.
The respective directors of the Genessee County Savings
Bank and the First National Bank & Trust Co. of Flint,
Mich., have appointed Carl F. Spaeth executive officer of the
1171v0 institutions, bringing them under one operative head,
according to the Michigan "Investor" of May 3. Mr. Spaeth
has been connected with the First National Bank & Trust
Directors, in ordering the closing of the bank, adopted a resolution stat- Co. eleven years, during which time he has held the positions
ing that inability to market real estate holdings, depreciation of farm of Cashier, Vice-President and Executive Vice-President.
deposits made it expedient for the bank to go
values, and a shrinkage in
Into voluntary liquidation in order "to save its depositors and stockholders
from loss."
Thomas D. Barr, Assistant State Banking Commissioner, has begun an
Inventory of assets and liabilities, which will be followed by court action
for appointment of a receiver.
The Mechanics National Bank of Milwaukee, Wis., (capital $200,000) and the Bay View Bank of that city (capital
$100,000) were merged on April 26 under the title of the
Bay View National Bank of Milwaukee. The new institution
that
learned
is
it
3
May
of
"News"
Indianapolis
the
From
is capitalized at $200,000.
former
and
Commission
Bank
Eben H.Wolcott,former State
President of the State Savings & Trust Co., was appointed
From the Milwaukee "Sentinel" of April 29 it is learned
receiver for the company on that day by Judge Harry 0.
that
the Union State Bank of Lancaster, one of the largest
The
Court.
Chamberlain in the Marion County Circuit
banks in Grant County, Wis., has joined the Wisconsin
part:
in
said
paper
same
Luther F. Symons, State Banking Commissioner, and S. P. Good, ex- Bankshares Corporation, Milwaukee, according to an anaminer, made report of the State Banking Department's examination which nouncement on April 28. The acquired bank is capitalized at
showed that capital stock was $375.000 at the time of closing: that surplus $50,000
with surplus and undivided profits of $15,131, and
was $25,000; total loans, $1,521.000; overdrafts, $13,000 stocks and bonds,
$528,000; furniture and fixtures, $20.000; due from bank departments, has deposits of $1,198,387. Its officers are: V. L. Showalter,'
$75,900; cash, and due from banks, $120,000; trust securities, $186,000, President; George H. Baxter, Vice-President; Frank 0.
with a total in assets thus listed of $2,450,000. Among liabilities were
E. Halferty and John M. Pink, Asbills payable, $298,700: first mortgage certificates, $50.000; first mortgage Meyer, Cashier, and C.
certificates collateral, $47,800; deposits, $1,435,000; due banks. $600,900; sistant Cashiers. With the recent suspension of the Lantrust investments, $84,900.
caster State Bank, the Union State Bank is the only bank
Symons was the first witness and he said that the liquid assets of the
bank are approximately $500.000 with all assets totaling near $2,500,000. operating in Lancaster, it was said.
or the attorney
No estimates were made either by the banking department
A more recent issue of the "Sentinel," May 6,reported that
through the receivership.
of what percentage of deposits might be returned
The Buckeye-Commercial Savings Bank of Findlay, Ohio,
an institution capitalized at $400,000, and with resources,
as of March 27, of $4,924,232, was closed on May 6 by its
directors, according to a dispatch from Findlay on the same
date to the Toledo "Blade." 0. C. Gray, the State Superinthat
tendent of Banks, it was said, announced at Columbus
bank
the
closed
had
they
that
him
notified
the directors had
door
because of "frozen" assets. A notice on the bank's
read:
board of directors unani-
the respective directors of two Madison, Wis., banks, with
combined resources of approximately $16,000,000 have
decided to join the Wisconsin Bankshares Corporation. The
banks, affiliated institutions, are the First National Bank
with capital of $1,000,000, and the Central Wisconsin Trust
Co., capitalized at $300,000. We quote further from the
paper mentioned, as follows:
The two banks last fall had planned to enter the holding company fold,
and then decided not to. When stockholders ratify recommendations of
directors, it was stated, resources of the Bankshares corporation will be
more than $308,000,0(5). T. R. Hefty is President and L. M. Hanks,
the
stockholders,
and
patrons
our
to
Chairman, of both Madison institutions.
In justice
Stockholders have thirty days in which to ratify action of the directors,
mously voted temporarily to close the doors of the bank.
but it is expected that more than the requisite amount of stock will be deThe dispatch, continuing, said:
Buckeye
merger of the
posited soon. Directors, it is reported, represent more than 52%. The
The institution was formed in 1922 through th •
Co., and in 1923 built Plan for effecting the deal is the same as that originally proposed: An exNational bank and the Commercial Bank & Savings
Findlay.
change of the stock on the basis of 60 shares of Wisconsin Bankshares,of
a new bank building which has been a show place in
$10Par each,for one share of$100 par stock of the First National of Madison.
Control of the Union Trust & Savings Bank of Toledo,
The new Northwestern Bank Building in Minneapolis,
Ohio, a small but veteran Toledo bank, has been acquired
to be the largest financial structure North and West
said
"Blade"
Toledo
the
to
by the Toledo Trust Co., according
MAY 10 1930.]
FINANCIAL CHRONICLE
of Chicago, which has been in process of construction for
a year, is now ready for occupancy. The Northwestern
National Bank and the Minnesota Loan & Trust Co. will
occupy quarters in the building on Monday next, May 12.
A description of the building says:
The building, which with ground cost $6,000,000, is 16 stories above
street level on an area 330 feet by 132 feet.
The banking room is the longest in the United States and five feet longer
than the largest in Chicago. Including the bank and trust company and the
savings and bond departments there are 97 tellers windows, all of the open
counter type without cages. Tellers' cash is kept on an inside counter that
may be covered and locked by drawing down wood and the entire bank
Is free from the iron bars and gratings that for generations have been
characteristic a a bank.
Below street level is the largest safety deposit room in the Northwest,
80 by 50 feet in which are located 26,000 separate changeable key lock
boxes. The entrance to this room is guarded by a circular time-lock door
so delicately set on ball bearings and rollers that when standing open It
can be moved by the pressure of the hand, notwithstanding the door weighs
something more than 63 tons or about 127,000 pounds.
3299
An Associated Press dispatch from Fort Scott, Kan., on
May 2, appearing in the St. Louis "Globe-Democrat" of the
next day, reported that a warrant was issued on the night
of May 2-by Fred W. Bayless,County Attorney,for the arrest
of P. H. McAfee, President of the People's State Bank of
Fort Scott, who had been missing since the afternoon of the
previous day. The bank, one of the largest in the County,
was closed by its directors at midnight May 1, following an
examination by two State bank examiners, it was stated.
With reference to the proposed organization of an industrial
bank by the North Carolina Bank & Trust Co., head office
Greensboro, N. C., indicated in the "Chronicle" of May 3,
page 3,105, advices from Greensboro on May 7 to the "Wall
Street Journal" stated that the new organization will be
known as the North Carolina Industrial Bank and will be
capitalized at $1,000,000, with half that sum paid in to
start. Banks will be opened in all cities in which the parent
Sauk
Bank
of
National
First
the
Effective April 28,
has commercial banks and probably in others.
concern
Centre, Minn. was placed in voluntary liquidation. The
of Greensboro will be President. The North
Michaels
institution, which was capitalized at $50,000, was taken over W.C.
Trust Co. is headed by A. W. McLean
&
Bank
Carolina
by the Merchants' National Bank of that place.
as Chairman of the Board, and W. S. Ryland as President.
The Union National Bank of Minot, N. D., capitalized
The Planters National Bank of Bennettsville, S. C., was
at $100,000, was placed in voluntary liquidation on April 17. placed in voluntary liquidation on April 22. The institution,
It is succeeded by the Union National Bank & Trust Co. which was capitalized at $100,000, was absorbed by the
in Minot.
Peoples State Bank of South Carolina, Charleston.
The Raleigh Banking & Trust Co., Raleigh, N. C., anThe Comptroller of the Currency on April 28 issued a
on May 1 the opening of an investment department
nounced
of
Greeley, Neb. The
charter for the City National Bank
Cassel, according to
new bank is capitalized at $30,000. J. M. McQuillan is under the management of Howard N.
2. This new deMay
of
Observer"
&
"News
Raleigh
the
Cashier.
President and Frank Horan,
G. L. Ohrstrom
with
association
in
is
stated,
parture, it was
The Citizens National Bank in St. Paul, St. Paul, Neb., & Co., which has offices in New York, Boston, Chicago, Los
capitalized at $35,000, was granted a charter by the Comp- Angeles, Philadelphia and Baltimore.
troller of the Currency on May 1. The new organization is
With reference to the affairs of the Citizens' Bank &
-Tki
a, conversion of the Citizens State Bank of St. Paul. Fra
Trust
Co. of Tampa, Fla., one of a number of Tampa banks
7
President
Ca
and—MTe1
,
JrTaylor and F:T:-Slinnehiiessy, are
closed their doors on July 17, 1929, advices from
which
respectively, of the new bank.
Tampa under date of Apr. 29 to the "Florida Times-Union"
On May 1 a charter was issued by the Comptroller of the contained the following:
Only $409,000 cash is in the custody of John A. Newsome, Jacksonville
Currency for the St. Paul National Bank, St. Paul, Ne17,
Trust
man recently appointed liquidator of the defunct Citizens Bank &
new
esentra
with capital of $40,000. The
institutioerepr
Co. here, according to a statement made public today (Apr. 29) by Mr.
. Bank.'F'Pauline Paul Newsome. This amount, he stated, was not sufficient to pay even a 5%
conversion of the St. Paul State'
dividend to depositors, if no further preferred claims should intervene.
Arterburn is President and F. R. Haggert, Cashier.
duties
Mr. Newsome in his statement declared that since assuming the
of liquidator he has not allowed or paid any preferred claims against the
bank.
Mr. Newsome pleaded that all persons indebted to the bank liquidate
their debts in the shortest possible time, as the only means of winding
up the bank's affairs. He pointed out that the item of loans and discounts
as of Mar. 30, 1930, showed: On hand =liquidated, $4,900,000; with
federal reserve banks, $2,000,000; in hands of attorneys for collection,
$1,600,000. Amounts are shown in round numbers for convenience, he
stated. Total of these items is approximately $8,500,000 =liquidated,
although the bank closed last July.
Other items shown in Mr. Newsome's statement covering stocks and
bonds were: Bonds with the Treasurer of the United States to secure
postal savings deposit, $487,000; bonds with trust department of the
bank to secure trust funds, $200,000; bonds loaned to other banks,
$43,000; stocks held variously, $1,165,000; total stocks and bonds,
$2,486,000.
By organizing three new banks at Thief7River Falls and
Marietta, Minnesota, and Gregory, South Diket — h
Northwest Bancorporation (headquarters Minneapolis)
brought the number of its affiliated banks and trust companies
in the northwest and middlewest States to 104:7 The-Union
State, the new Thief River Falls bank, will take over the
assets and assume the deposit liabilities of the First&Peoples
State Bank of that city and willhave capital, surplus and
Undivided profits of $65,0007Theodore Albrecht is President.
inriled no
Marietta in western—Lac—qTrPii-rle Countbanking faeilities.— The new institution is th-rUni&TSTrce
. Millard
Bank and has-capital and surplus of $24,00-6777F—
a- President. The—Noillii
-eaerThThilik—o-i—GT:e-Fri—will
The West Coast National Bank of Portland, Ore., capita—mmercial-State Bank- OrdreFry7Soutli
succeed the—do
was placed in voluntary liquidation on
Dakota. Capital is $25,000. H. E. McKee is President. lized at $500,000,
was absorbed by the United States
institution
The
11.
April
Resources of all Northwest Bancorporation affiliates now
Bank of Portland. Reference to the merger was
National
total $483,000,000.
made in our issues of March 29 and April 19, pages 2148 and
That the Farmers' State Bank of Lakefield, Minn., has 2715, respectively.
affiliated with the First Bank Stock Corporation (headquarters St. Paul and Minneapolis), making the 104th unit THE WEEK ON THE NEW YORK STOCK EXCHANGE.
of the group of banks controlled by the corporation, was
Strong reactionary tendencies have continued to characterreported in St. Paul advices on May 7 to the "Wall Street ize the movements on the New York Stock market the greater
Journal." The dispatch went on to say:
part of the present week,and while there have been occasional
The Lakefield institution is the second Jackson County bank to become rallies among the more active speculative favorites the market
a member of the system, First National Bank of Heron Lake having enas a whole, with the exception of Tuesday, made comparativetered the group several months ago.
Farmers State is the largest depository in Lakefield and serves a large ly little progress upward. Copper shares displayed some
agricultural community. It is capitalized at $25.000, with surplus activity toward the close of the week and there were also
of $10,000 and undivided profits of 85,000. Deposits are approximately
occasional spurts in the railroad group, and in some of the
$600,000 and total resources $650,000.
rpecialties, but the advances were not especially noteworthy.
On Apr. 25 the Comptroller of the Currency granted a tall money renewed at 33.% on Monday, dropped to 3% in
a7gFrioon and fluctuated between 334% and 3% during
charter to the First National Bank in Britton, S. D., with the
rest of the week. The weekly statement of the Federal
the
is
President and C. C.
capital of $25,000. S. A. Bell
R-73erve Bank, made public after the close of business on
Anderson, Cashier,
Trursday, showed a decrease of $200,000,000 in brokers'
in this district.
loans
On April 23 the Manufacturers National Bank of LeavenThe two-hour session on Saturday was noteworthy for the
worth, Kansas, with capital of $100,000, went into volunselling as stocks in all sections of the list broke
tary liquidation. It is succeeded by the Manufacturers State heavy rush of
levels. The selling continued at a terrific pace
low
new
to
Bank of Leavenworth.
throughout the morning and the turnover aggregated more
3300
FINANCIAL CHRONICLE
[VoL. 130.
than 4,800,000 shares for the two-hour period of trading. utility group. Steel stocks displayed moderate improveIn the last half hour an avalanche of selling orders poured ment, United States Steel gaining about 1% points to 16991,
into the market and at the close the tape was nearly two hours while Bethlehem Steel improved about % point to 95.
behind the transactions on the floor. Recent speculative
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
favorites were pounded hardest and many drastic declines
DAILY, WEEKLY AND YEARLY.
among these stocks were recorded at the close. United AirStocks,
Railroad,
State,
United
craft for instance, was off 14 points, Vanadium Steel dipped
Week Ended May 9.
Number of
&a.,
Municipal &
States
Shares.
Bonds.
Foreign Bonds
Bonds.
17 points, Radio Corp. was down 9 points and Amer. Tel
Saturday
4,867,530
$6,057,000
Sr Tel. slipped back over 5 points. United States Steel Monday
$1525000
8120,000
8,279,260
9.560.000
2,627,000
406,000
common broke below 170, General Electric receded about 5 Tuesday
4,755,830
9.599,000
2,182.000
378,000
Wednesday
4.295,470
8,906,000
2,168.000
623.000
points to 75 and Westinghouse Electric dropped 14 points Thursday
3,755,990
7.523,000
2,295,000
366,000
Friday
3,009,830
8.183,000
1,610,000
321,000
to 160%.
Total
The market again broke badly on Monday in the heaviest
28.963.910 849,788,000 812.407.000
$2,214,000
trading since last October. The transactions aggregated
&des at
Week Ended May 9.
Jan. 1 to May 9.
New York Stock
8,279,260 shares and the ticker was about 2 hours behind
Exchange.
1930.
1929.
1930
1929.
the transactions on the floor. In the early trading declines
Stocks-No.of shares_ 28,963,910 20,344,840
377,346,020
410,777.510
in many of the popular stocks ranged from 10 to 20 points.
Bonds.
Government bonds__. $2,214,000 $1,977,200
$44,047,000
$47,795,550
The amusement shares made the best showing of the day State
dr foreign bonds_
12,407,000 10,818,000
255,432.500
5228,83,150
and while they receded when the list turned downward they Rallroad dr misc. bonds 49,788,000 42,068,000 808,644,400 644,071,500
made sharp recoveries and in most cases closed with modearte
Total bonds
$64,409,000 854,863,200 81,108,123,900
8920,710,200
gains. The rally in the closing hour carried a number of the
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
more active stocks from the low levels of the earlier part of
BALTIMORE EXCHANGES.
the day, and included among others Air Reduction, which
Philadelphia.
Boston.
Baltimore.
closed at 130% with a gain of 23 points, Amer. Tel & Tel.,
Week Ended
May
9
1930.
Shares.
Shares,
Sales
.
Bond
Bond Sales. Shares. Bond Sates.
which was higher by 3 points as it closed at 2433/2. Other
*43,841
$6,000
$26,000
$7,000 a176,117
83,511
stocks showing gains at the close were American Tobacco Saturday
Monday
*93,585
11,000 a301,240
86,071
11,500
88,200
4' points, Colorado Gas & Electric 2 points to 73, Consoli- Tuesday
6,000 a220.220
*85,055
53,098
25,000
23,700
a172,177
Wednesday
*48,370
23,000
51.974
30,000
14,100
dated Gas 23
4 points to 1223
4, Johns-Manville, 33 points Thursday
*44,990
52,255
11.000 a558,840
9,000
16,000
1,196
48.092
8,000
7,000
41,310
8,000
to 104 and Vanadium Steel which improved 23/i points to Friday
10434. United States Steel, common, American Can, Total
$89,500
18,105 $175,000
337.151 $126.000 1,076,686
Westinghouse, General Electric, Radio Corporation and a Prov_ oral* rovlawel see eit2 211A lAll I.1h7.213 556.000 24.861 $111.000
host of others were off at the close.
* In addition, on on of rights were: Saturday, 4,486; Monday, 11.644; Tuesday
Wednesday. 5,307; Thursday, 3, 56.
Trading quieted down to a normal basis on Tuesday, 8.703;
a In addition, sales of rights were: Saturday. 8.300; Monday, 19.000; Tuesday.
Wednesday, 7,100; Thursday, 6 500. Bales of warrants were: Saturday,
the active list showing advances ranging from 2 to 10 or 9.400:
700; Monday, 400; Tuesday, 1,900; Wednesday. 1,100: Thursday, 1,300.
b In addition, sales of rights were: Saturday. 1,161; Monday, 4,160; Tuesday
more points. The widest gains were made by such popular
905; Wednesday, 2,080; Thursday, 2,010.
favorites as Allied Chemical & Dye 15 points, American
Power & Light 93/3 points, American Tobacco 145. points,
J. I. Case Threshing Machine 393( points, Westinghouse 6
points and Eastman Kodak 83( points. Railroad stocks
Bank clearings this week will show an increase as compared
shared the improvement, and were represented in the advances by Balt. & Ohio 43
4 points to 1173
4, Atchison 73/3 with a year ago. Preliminary figures compiled by us, based
points to 229, Ches. & Ohio 6 points to 208, Rock Island upon telegraphic advices from the chief cities of the country
53 points to 1143, New York Central 6 points to 1643 and indicate that for the week ended to-day (Saturday, May 10)
New Haven 6 points to 114. Public utilities displayed bank exchanges for all the cities of the United States from
considerable improvement, particularly Consolidated Gas, which it is possible to obtain weekly returns will be 2.9%
Detroit Edison, Standard Gas & Electric, American Power & above those for the corresponding week last year. Our
Light and American and Foreign Power, all of which regis- preliminary total stands at $12,535,285,044, against $12,tered gains ranging from 2 to 8 or more points. Motors 180,588,434 for the same week in 1929. At this centre there
were represented on the upside by General Motors 23
4 is a gain for the five days ended Friday of 10.3%. Our
points, Hupp 13 points, Auburn Auto 8 points, Pierce comparative summary for the week follows:
Arrow 13 points and Packard 13/3 points.
Clearings-Returns by Telegraph.
Stocks moved around somewhat uncertainly in the late
Week Ending May 10.
1030.
1929.
Cent.
trading on Wednesday with alternate periods of advance and New York
$7,069,000,000 $6,296,000,000 +10.3
Chicago
532,169,669
518,639.135 +11.5
recession. The opening was strong and many stocks moved Philadelphia
442.000.000
478,000.000
-7.5
briskly forward to higher levels. As the day advanced the Boston
396,000.000
301.000.000 +19.8
Kansas City
102,991,857
112,985.830
-8.9
reactionary tendencies became more pronounced and most St.
Louis
99,600,000
110,200.000
-9.5
Francisco
175,661,000
183,5153,000
+7.4
of the stocks that reached higher levels in the forenoon lost San
Los Angeles
163,602,000
176.070.000
-7.0
I.
151,183,257
practically all of their gains. One of the sensational features Pittsburgh
148,797,150
+1.6
Detroit
142,621,110
168,581,404 -15.4
of the day was the break in Celotex, which slumped about 23 Cleveland
99,242,805
116,073.422 -14.5
76,012,315
78,289,228
-2.9
points, though part of this loss was made up later in the day. Baltimore
New Orleans
49,100,002
47,585,758
+3.2
United States Steel common, was slightly higher in the first
Thirteen cities, 5 days
$9,499,184,015 $8,775,814,927
+8.2
5 points. Other cities. 5 days
946,886,855
hour, but slipped back and closed with a loss of 4%
1,019.456,560
-7.2
Bethlehem Steel was down 2 points at its closing price of
Total all cities, 5 days
810,446,070,870 89,795.271,487
+5.4
MI cities, 1 day
2,089,214,174
2,385,316,947 -12.9
833/3 and most of the other independents dipped to lower
Total
all
cities
for
wook
512.535.2115_044 S12 1/10 ARA lad
levels.
The market was more or less irregular on Thursday, some
Complete and exact details for the week covered by the
important stocks moving upward while others equally im- foregoing will appear in our issue of next week. We
cannot
portant moved briskly downward. United States Steel furnish them to-day, inasmuch as the week ends to-day
dipped sharply to 166 and Radio Corp. declined 3 points to (Saturday) and the Saturday figures will not be a ailable
45. Copper stocks developed a strong upward spurt under until noon to-day. Accordingly, in the above, the last day
the leadership of Anaconda which gained 5 points to 60. of the week has in all cases had to be estimated.
5 points to 46%,International
Kennecott bounded forward 4%
In the elaborate detailed statement, however, which we
Nickel was up 3 points at 35 and American Smelting crossed present further below, we are able to give final and complete
69 with a gain of 3 points. Irregularity was again the dom- results for the week previous-the week ended May 3. Fox
inating feature of the stock market on Friday, though the that week there is a decrease of 9.8%, the aggregate of
volume of business was down to the lowest level it has touched clearings for the whole country being $12,401,139,282 against
in several months. Railroad shares, as a group, made fairly $13,748,751,883 in the same week of 1929. Outside of this
good progress upward under the guidance of Atchison, which city the decrease is 9.3%, while the bank clearings at this
moved ahead 33'2 points to 2263/3. New York Central centre record a loss of 11.1%. We group the cities now
closed at 1743/2 with a gain of 23/i points. Public Service of according to the Federal Reserve districts in which they are
%, located, and from this it appears that in the New York
New Jersey also moved ahead and reached its final at 1105
scoring an increase of 29/3 points. Consolidated Gas im- Reserve District, including this city, the totals show a loss
proved 3 points to 1263/3, Standard Gas & Electric surged of 11.1%, in the Boston Reserve District of 3.5% and in the
forward nearly 3 points to 1153, and substantial gains were Philadelphia Reserve District of 8.0%. In the Cleveland
recorded by numerous other active issues in the public Reserve District the totals are smaller by 6.1%, in the
Course of Bank Clearings.
4
3301
FINANCIAL CHRONICLE
MAY 10 1930.]
Our usual monthly detailed statement of transactions on
Richmond Reserve District by 9.8% and in the Atlanta
Reserve
In
the
Chicago
10.2%.
by
the New York Stock Exchange is appended. The results for
Reserve District
District the falling off is 13.1%, in the St. Louis Reserve April and the four months of 1930 and 1929 are given below:
District 10.5% and in the Minneapolis Reserve District
Four Months.
Month of April.
1.8%. The Kansas City Reserve District shows a decrease
Description.
1929.
1930.
1929.
1930.
of 13.1%, the Dallas Reserve District of 27.3% and the
San Francisco Reserve District 9.2%.
Stocks, number of shares.... 111,041,000 82,600,470 337,735,430 377,036,720
In the following we furnish a summary by Federal Reserve 831.& miscellaneous bonds.. 200,604,800 152,294,500 736,715,800 581,809,500
State, foreign, &c., bonds-- 58.730,500 50,635,600 238,112,000 212,946,650
districts:
40,690.400 44,961,600
9,845,000
9,780,100
U.S. Government bonds.--SUMMARY OF BANK CLEARINGS.
267,115,400 212,775,100 1,015,518,200 839,717,750
Total bonds
Week End. May 3 1930.
1929.
1930.
Inc.or
Dee.
1928.
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for the
years 1927 to 1930 is indicated in the following:
1927.
$
$
$
%
$
Federal Reserve Diets.
653,297,738
617,492462 -3.5
736,159,514
698.810,377
let Boston ____12 cities
8,423,443,899 9,340,687,339 -11.1 9,638,941.834 6,724,346,455
2nd New York__11 "
625.518,940 --8.0
643,287,018
575,330.496
629.406,635
3rd Philadelpla 10 "
462,143,367 -6.1
434,901,470
440,830,297
434.055,399
4th Cleveland__ 8 "
207,787,471
198,762,577 -9.8
206,849,463
177,421,528
5th Richmond. 6 "
193,766,981 -10.2
201,320,835
6th Atlanta ____12 "
185,199,891
173,938.082
929,430,477 1,069,570,866 -13.1 1,458,425.323 1,311,373,460
7th Chicago __-20 "
219,841,591
218,472,699 -10.5
230,348,754
193,748,104
8th St. Louis_ - _ 8 "
114,938,299
123,905,577 -1.8
131,237,060
221,513,007
9th Minneapolis 7 "
214,717,524 -13.1
214,728,432
218,489,108
188,500,489
10th Kansaselty 10 "
77,204,192 -27.3
74,649,081
78,194,994
56,132,905
11th Dallas
5 "
558,499,871
609,088,239 -92
637.630,282
652,820,538
12th San Fran 17 "
1927.
1928.
1929.
1930.
No. Shares. No. Shares. No. Shares, No. Shares.
62,308,290 110.805.940
67.834,100 77,968,730
96,552,040 105,661,570
Month of January
February
March
34,275,410
44.162,496
49,211,663
226,694,430 294,436,240 188,902,334 127.649,569
let quarter
126 Mica 12,401,139,282 13,748,751,831 -9.8 14,619.504.482 11.328,970.392
Total
4,137,946,867 4,560,344,947 -9.3 5,123,689,339 4,739,351,505
Outside N.Y. City
56.919,395
47,009,070
84,973,869
82.600,470
111.041.000
Month of Anril
80.478,835
49,781,211
The following compilation covers the clearings by months
since Jan. 1 in 1930 and 1929:
We also furnish to-day a summary by Federal Reserve
MONTHLY CLEARINGS.
districts of the clearings for the month of April. For that
Clearings Outside New York.
month there is a decrease for the entire body of clearing
Clearings. Total All.
houses of 6.3%, the 1930 aggregate of the clearings being 'Month.
1929.
1930.
1929.
1930.
$51,674,915,292 and the 1929 aggregate $55,171,872,704.
-22.0 19,467.796,592 22,085,712,319 --11.6
In the New York Reserve District, the totals show a falling Jan_ - _ 51,499,101,142 65,989,378,189
Feb... 42,418,215,982 54,552.094,040-22.3 16,430,567,075 18,622,335,710 --11.7
off of 4.2%, in the Boston Reserve District of 1.6% and in Mar.. 51,983,020.799 63.091,015,608 -17.6 18,217.962,672 20,772,176,930 --12.3
the Philadelphia Reserve District of 18.4%. The Cleveland 1st qu. 145900337923 183633487837-20.5 54,116,326.339 61,480,224,959 -12.0
Reserve District has 9.4% decrease, the Richmond Re- Apr--- 51,674,915,292 55,171,872,704 -6.3 18,138,776,760 20,174.319.300 -10.1
serve District 4.1% and the Atlanta Reserve District 15.2%.
The course of bank clearings at leading cities of the country
The Chicago Reserve District shows a shrinkage of 9.4%1
the month of April and since Jan. 1 in each of the
for
the St. Louis Reserve District of 8.0% and the Minneapolis
Reserve District of 7.3%. The Kansas City Reserve Dis- last four years is shown in the subjoined statement:
trict suffers a loss ot 11.7%, the Dallas Reserve District of
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to April 30-April
19.2% and the San Francisco Reserve District of 7.6%.
Federal Reserve Diets.
let Boston .....14 cities
2nd New York__ 14 "
3rd Philadelpla 14 "
4th Cleveland_ _15 "
5th Richmond _10 "
6th Atlanta----18 "
7th Chicago --_29 "
8th St. Louis_ _.10 "
9th Mbineapolls13 "
10th KansasCIty 16 "
11th Dallas
11 "
12th Ban Fran 28 "
April
1930.
April
1929.
inc.or
Dec.
April
1928.
April
1927.
S
3,331,238,789
34,296,727,973
2,349,111,800
1,879,009,577
788,782,504
740,091,872
4,002,261,502
871,212,676
512,479,910
1,029,018,405
443,688.486
3,431,293,798
$
2,369,824,890
35,782966,937
2,877,061,376
2,075,417,958
832,671,608
872,919,990
4,416,803,846
947,287,019
552,953,494
1,265,956,430
546,328,610
3,631,675,466
%
-1.6
-4.2
-18.4
-9.4
-4.1
-15.2
-9.4
-8.0
-7.3
-11.7
-19.2
-7.6
9
2,517,079,599
32.739,029,150
2,580,184.172
1,304,714,750
823,938,173
864,654,155
4,648,928,601
938,136,309
535,880,823
1,172,369,770
478,826,818
2620,674,668
9
2,461,909,540
27,168,061,667
2,502,078,812
1,635,677,768
867,502,626
905,023,519
4,407,023.715
947,259,613
443,101,511
1,183,246,584
508,856,530
2,435,765,169
192 cities 51,674,915,292 55,171,872.704 -8.3 51,754,426,988 45,713,507,044
Total
18,138,776,760 20,174,319,300 -10.1 19,714,566,515 19,248,046,393
Outside N. Y. CUY
a, .1.G.. ,ale, .7..,n In, I 000 LITZ nno -VIA I non am% .....c . .............. ...
We append another table showing the clearings by Federal
Reserve districts for the four months back to 1927:
4 Months
1930,
4 Months Inc.or 4 Months
Doe.
1929.
1928.
$
Federal Reserve Diets.
$
let Boston .....14 cities 9,107,239,180 9,718,422,278
2nd New York--14 " 128,241,428,239 160.244,230,534
3rd PhIladelpla 14 " 10,232,633,109 11,156,283,918
7,198.281,562 7,983204,212
4th Cleveland--15 "
5th Richmond _10 "
3,088,545,865 3,198,220,688
6th Atlanta_......18 " 3,071,565,029 3,460,219,502
7th Chicago ...._29 " 15,511,411,421 19,009,859.157
3,510,217,285 3,974,860,888
8th St. Louis..10 "
pin minnea pousig ..
1,982.161,931 2,189,342,975
4,062.772,127 5,008,236.157
10th KansasCIty 16 "
11 "
1,898,990,618 2,273,671.653
11th Dallas
9,639,151,723 10,979,274,724
12th San Fran 28 "
4 Montlts
1927.
%
3
$
-6.3 10.064,944,190 9,597,497,451
-20.0 128,073.517,451 106,471,091,190
-12.3 10,317,123.193 10,136,357,508
-8.6 7,251,503,603 7,305,283,103
-3.2 3,236,802,030 3,405,593,297
-11.3 3,584,128,434 3,717,952.053
-18.4 17,933,651,256 17,068,331,029
-10.1 3,893,556,550 3,822,878,667
--9.5 2,117,181,551 1,892,208.466
-9.5 4.786,244,016 4,848,197,426
-16.5 2,033,433,733 2,188,041,656
-12.2 10,457,174.074 9,732,674.678
192 cities 197,572,388.089 239,197,807,288 -17.4 203,749,255,061180.149,097,434
Total
72,262,237,973 82,047,990,904 -11.9 78,387,956,504 76,434,751,131
Outside N.Y. City
".....A.•
(000.0008
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Los Angeles
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford
Total
Other cities
1930. 1929. 1928. 1927. 1930. 1929. 1928. 1927.
$
$
$
$
$
$
$
$
33,536 34,998 32,040 24,465 125,320 157.150 125,361 103,814
2,592 2,789 3,209 3,006 10,060 12,521 12,284 11,630
2,058 2.075 2,248 2,195 8,083 8,558 8,957 8,597
2,183 2,693 2,397 2,310 9,604 10,426 9,589 9,407
2,140 2,460 2,470 2,481
611
596
589
528
3,191
800 3,153 3,283 2,981
733
847
825
817 2,465
3,573 3,762 3,259
920
859
848
1,848
1,777
1,710
1,666
468
447
456
424
1.327 1.270
1,315
1,136
329
319
331
286
582 2,299 2,307 2,235 2,409
548
588
547
553 2,160 2,542 2.133 2,076
548
680
581
1,104
1,283
1,295 1,350
241
328
354
333
995
935 1,000
852
234
235
224
198
2,792
3,034
3,848
3,089
735
794
969
805
623 '
672
690
671
155
160
157
169
676
745
768
755
166
178
195
184
236
266
285
248
73
67
69
63
742
706
598
525
179
169
146
131
3,242
3,950 3,410
783 3,146
873
909
814
873
877
1,031
887
232
228
261
236
494
514
514
1,049
124
124
110
105
488
578
647
505
140
146
164
143
399
391
417
374
98
95
100
91
825
741
740
760
209
189
183
197
366
362
388
354
83
83
92
82
758
818
875
689
201
212
219
176
284
301
309
307
73
75
82
77
_
259
324
354
297
72
99
93
81
48,293 51,232 48,060 41,924 183,889 223,544 188,898 165,138
3,381 3,972 3,694 3,790 13,683 15,794 14,851 15,111
51,674 55,204 51,754 45,714 197,572 239,338 203,749 180,249
Total all
Outside N.Y.City_18,138 20,206 19,715 19,248 72,252 82,189 78,388 76,435
We now add our detailed statement showing the figures
for each city separately for April and since Jan. 1 for two
years and for the week ended May 3 for four years:
CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 3.
Month of AprO.
Clearings at1930.
1929.
First Federal Reser ye District- Boston$
3
2,953,940
2,818,384
Maine-Bangor
16,257,770 i-22.2
19,865,537
Portland
2,057,838,664 2,075,314,414 --0.9
Mass.-Boston
5.616,305 --4.2
5.380,854
Fall River
2,794.533 --10.4
2,505.967
Holyoke
5,495,438 --22.1
4,282,520
Lowell
5,286,57 --13.6
4,570.203
New Bedford
24,962,06
--8.9
23.257,969
Springfield
15,478,15
--1.1
15,309,989
Worcester
93,358,71 --13.1
81,113,278
Conn.-Hartford38,459,73
Haven
38,061.324
New
.
6
11,172,50 -16.9
9,404,500
.• Waterbury
68,987.700 -8.3
63,229.000
R. I.-Providence_ _ _
3,600,600
.687,045-2.4
N.H.-Manchester
. Total(14 cities)-
2,331,238,789 2,369,824,890
Week Ended May 3.
Four Months Ended Aprii 30.
Inc. or
Dec.
--1.6
1930.
1929.
Inc. or
Dec.
10,417,872
65,344,367
8,082,758,084
21,045,400
9,903,417
17,260,743
18,419,403
83,880,305
60,852,754
297,225,535
140,942,262
37,947.300
248,154,500
13,087,238
10,906.196
64,855,321
8,557,527,477
23,718,806
10,792,627
21,999,715
21,304,243
97,606,429
63,649,312
353,781,058
151,600,439
43,901,300
284.611,500
12,167,856
9.107,239,180
9,71
2278
+0.8
-6.7
-11.3
-10.8
-13.6
-14.1
-4.4
-16.0
--7.1
-13.6
-12.8
+7.6
1930.
746,909
5,116,037
533,112,719
1.346,449
1929.
Inc. or
Dec.
1928.
1927.
692,277 +7.9
4,550,947 +12.4
549,900,505 -3.1
1,250,537 +7.7
783,921
5,289,102
657.000,000
3,114,808
947,463
5,183.052
589,000.000
1,934.826
974,534
946.854
4,675,498
3,748,127
21,058,935
8,677.080
1,247,646
1,157,556
6,611,390
4,297,470
19,805,407
9,317,306
--21.8
-18.2
-29.3
-12.8
+6.3
--7.0
1,291,391
1,256.748
6,549,775
4,105,194
26,856,101
11,120,667
1,273,798
1,488,271
6,278,490
4,105,188
17,087,675
8,738,637
15,228,600
1,178,635
17,528,800 -15.0
1,132,621 +4.1
17,687,500
1,104,307
16,080,600
1,181,736
-3.5
736,159,514
653.927,736
596,810,377
617,492,462
3302
FINANCIAL CHRONICLE
[VoL. 130.
CLEARINGS-(Continued.)
Month of April.
Clearings 011930.
Four Months Ended April 30.
1929.
Inc. or
Dec.
$
$
Second Federal Re serve District -NewYork-N. Y.-Albany
32,763,331
28,249.095
Binghamton
6,335,788
6,120,280
Buffalo
236,401,693
261,341.332
Elmira
4,048,717
5.064,856
Jamestown
6,079,378
5,779,696
New York
33,536,138,532 34,997,553,404
Niagara Falls
5,102,215
6,749,660
Rochester
52.887,695
67,592,036
Syracuse
27,087,374
31.568,293
Conn.-Stamford_ _ _ _
19,814,223
17,646,006
N. J.-Montclair_ __ _
3,433,724
4,315,154
Newark
160,579,309
148,025,746
Northern N. J
198,652.974
195,077,468
Oranges
7,403.020
7,883,941
34,296,727,973 35,782,966,967
$
1929.
$
110,349,468
108,130,353
23,578,593
25,994,738
887,267,398 1.031,130,883
16,815,831
20,692,783
22,112,251
23,285,620
125,320,150,116 157.149,816,282
20,074,098
26,025,692
216,028,217
275,043,378
96,955.448
122,279,914
71,071,177
71,475,560
13,370,207
16,972,613
600,779,440
543,458,397
814.469,413
798,818,007
28,406,583
31,106,314
-4.2 128,241,428.239 160,244,230,534
23,163,959
25,593,049
83,248,575
98,625,090
16,792,338
20,141,165
75,878,690
82,230,344
37,077,625
38,542,733
11,955,710
10,655,947
12,804,187
$15,312,717
9,614,000,000 10,426,000,000
63,182,189
74.196.761
84,934,455
112,156,210
58,729,154
69,938,543
35,053,672
38,259,840
39,028,556
42,365,112
76,784,000
101,246,407
1930.
1929.
Inc. or
Dec.
1928.
1927.
%
6
S
%
$
3
+2.0
7,697,311
8,049,924
-9.3
1,301,352
1,464,154
-14.0
61,887,828
59,277,281
-28.8
832,002
1,258,341
-5.0
1,320,726
1,263,226
-20.2 8,263,192,415 9,186,766,376
-22.9
-21.5
19,031,346
13,424,686
-20.7
6,149,986
7,817,159
-0.5
3,905,392
4,777,443
-20.2
883,000
1,113,579
+10.5
+2.0
42,849,201
49,868,510
-8.7
CC
Eighth Federal Re serve District -St. LouisInd.-Evansville
18,060,851
23,256,146
New Albany
710,027
730,951
'4°.-St. Louis
528,476,473
589,315,093
Ky.-LouLsville
169,143,479
157,437,672
Owensboro
1,368.020
1,450,603
Paducah
8.648.699
9,786,804
renn.-Memphis__
82.074,448
92,069,727
krk.-Little Rock__ _
64,234,784
55,335,457
:11.-Jacicsonville_ __ 1,002,731
1,903,913
Quincy
6,392,491
7,101,356
Total(10 eities)
871,212,676
947,287,049
o-CaOC-.000CC
;ZiaNC00,,44.W.C.,W
CO
ii 4=:12
czw740,55=4"..,—wv,wcoorzc.'lwOicot.:00.
;o.WWW:-IL-,WWL4WW CC 0CC WWWWWLIW:4L4WL.41.4WW
Seventh Federal Reserve Distr ice-Chicago Mich.-Adrian
853,102
1,356.137 -37.1
3,901,309
5,050,594
Ann Arbor
4,962,944
4,229,709 +7.4
16,103,510
18,355,456
Detroit
804,531,962
968,585,979 -16.9 3,089,930,305 3,848,308,792
Flint
12,838,910
19,425,445 -39.4
53,262,703
71,645,290
Grand Rapids
26,342,011
36,279.666 -27.4
97,226.062
147,322,198
Jackson
4,267,115
8,932,982 -52.2
27,199,209
38,648.994
Lansing
15,241,484
17,202,000 -11.4
63,462,585
65.235,743
Ind.-Ft. Wayne_
13,421.611
16,973,728 -20.9
57.790,929
63.656,606
Gary
24,073,312
25,057,455 -3.9
89,275,825
91,733,775
Indianapolis
90,835,000
100,416,000 -9.6
374,397,000
412,087.000
South Bend
11,766,401
14,245,511 -17.4
46,027,626
56,329,387
Terre Haute
21,201,258
21,611,014 -1.9
91,723,081
95,149,997
Wis.-Madison
11,780,845
14.028,850 -16.0
50,535,303
58,222,212
Milwaukee
131,112,384
146,354,305 -10.4
524,793,319
598,086,564
Oshkosh
3,390,468
3,769,819 -10.1
13,786,279
16,977,746
Iowa-Ced. Rapids_ _
14,339,814
13,014,193 +0.2
53,857,320
53,590.441
Davenport
62,351.224
50,887,927 +22.5
214,726,837
219,515,492
Des Moines
48,034.633
43,234,348 +11.1
174,681,136
165,419,719
Iowa City
2,160,302
2,181,182 -0.9
8,258,148
8,565.123
Sioux City
27,292,525
32.668,501 -16.5
110.847.732
125,562,957
Waterloo
7,147,953
7,755,169 -7.9
26,237,701
27,555,321
Ill.-Aurora
5,465,079
6,014,287 -9.2
19,366,163
23,362,531
Bloomington
10,234,935 -6.2
9,607.444
31,969,822
35,890,905
Chicago
2,592,455,465 2,788,902,896 -7.1 10,060,279,233 12,521,485,314
Decatur
6,409,791
21,161,369
5,240,295 +22.3
22,511,724
Peoria
21,937,081
26,214,910 -16.3
86,980,106
102,007,861
Rockford
15,840.389
18,914,940 -16.2
57,760,351
67,063,209
Springfield
45,780,458
12,600,995
13,071,663 -3.6
50,518,206
Total(28 citles)
15,511,411,421 19,009,859,157 -18.4
4.002,261,502 4,416,803,846
76,088,768
2,783,752
2.140,126,028
670,779,429
9,194,187
38,379,136
353,732,470
221,226,930
4,135,387
23,771,198
93,892,117
3,101,325
2,460,138,026
689,995,091
7,969,492
47,664.949
388,381,284
251,298,721
6,735,854
25,684,029
-8.0
3,540,217,285
3,974,860,888 -10.1
-18.9
-10.3
-13
-2.8
+15.4
19.5
-8.9
-11.9
-38.6
-7.5
-29.5
-21.3
-18.3
-20.7
18,436,227
9,079,967
4,909,727
1,165,502
14,483,308
7,765,320
4,087,026
1,128,233
-15.1
43,285,230
41,766,500
1,500,825 -3.1
4,814,715 -1.4
1,229,239 -18.7
1,670,513
4,673,604
1,437,285
1,646,393
5,195,831
1,484,000
2,130,594
1,859,881
+4.6
1,774,186
2,238.938
546,000,000
4,542,795
5,234,554
3,574,872
2.166,395
591,000,000
5,561.939
6,680,475
4,482,059
2,758,773
-7.6
-18.3
-21.7
-20.3
-21.5
605,000,000
5,734,480
8,258,159
5,864,312
2,334.663
596,000,000
5,278,580
6,888,798
5,136,857
2,809,642
4,480,000
Total(14 cities)._ 2,349,111,800 2,877,061,376 -18.4 10,232,633,109
11,155,263,918 -12.3
Fourth Federal Re serve District .-Cleveland.Ohio-Akron
22,693,000
32,672,000 -30.5
82,566,000
121,865,000 -32.3
Canton
19,852,066
20,760,589 -4.4
75,760,491 . 81,049,108 -6.5
Cincinnati
286,028,530
331,479,716 -23.7 1.135.558,130 1,314,852,445 -13.7
Cleveland
581,141,900
680,098,768 -14.5 2,299,732,983 2.541,638.627 -9.5
Columbus
73,119,500
76,811,000 -4.8
275.073,400
298,213,500 -7.8
Hamilton
4,427,821
5,266,604 -15.9
18,033,634
20,609,881 -12.6
Lorain
1,619,768
2,543,902 -36.3
6,211,082
7,715,971 -19.5
Mansfield
8,345,279
9,063,647 -7.9
32,109.825
36,149,842 -11.2
Youngstown
23,224,220
30,859,745 -24.7
93,499,086
111,232,242
-16.1
Pa.-Beaver Co
1,958,585
2,645,051 -26.0
7,590,822
10.441,465 -27.4
Franklin
902,459
1,010,403 -10.7
3,221.170
3.532,962 -8.8
Greensburg
6,371,835
6,743,620 -5.5
15,388,228
24,267,976 -36.6
Pittsburgh
825,883,325
846,867.637 -2.5 3,053,926,955 3,283,181,108 -4.0
Ky.-Lexington
5,876,683
8,281,282 -29.0
35,542.138
50,668,325 -29.9
W.Va.-Wheeling_
17,564,606
20,313,934 -13.5
64,067,618
82,785,760 -22.6
Total(15 cities)._._ 1,879,009.577 2,075,417.958 -19.5 7,298,281,562
7,988,204,212 -8.7
Fifth Federal Rese rve District. R ichmond.W. Va.-Hunt'g'n
4,779,655
5,203,657 -8.2
19,117.297
20,048,144 -4.7
Va.-Norfolk
19,453,401
21,100,999 -7.8
73,418,691
82,667,988 -11.2
Richmond
197.369,599
182,685,668 +8.0
760,088,599
740,317,928 +2.7
N.C.-Raleigh
10,062,151
11,845,577 -15.0
37,511,748
42,568,674 -11.9
S. C.
-Charleston_ _ _
*9,000,000
10,077,000 -10.7
35.774,816
38,494,984 -7.1
Columbia
10.715,866
10,857,161 -1.3
38,956,435
41,964,881 -7.3
Md.-Baltimore
424,062,813
456,024,580 -7.0 1,666,039,105 1,710,352,139 -2.6
Frederick
2,318,569
2.231,727 +3.9
7,970,775
7,564,455 +5.4
Hagerstown
2,983,797
3,345.189 -10.8
10,753,574
12,098,185 -11.1
D. C.-Washington_ _
118,036,653
129,300,050 -8.8
446.914,825
500.183,310 -10.6
Total(10 cities)
798,782,504
832,671,608 -4.1 3,096,505,865 3,196,220,688 -3.2
Sixth Federal Rest rye District.- Atlanta.Tenn.-Knoxville_ _._
*12,000,000
13.993,745 -14,2
52,989,544
56,853,776 -6.8
Nashville
97,566,818
106,855,336 -8.8
378,218,247
423,614,887 -10.7
Ga.-Atlanta
191,384,333
249,270,608 -23.3
794,165,110
964,851,487 -17.7
Augusta
7,705,055
9,548,776 -19.3
30,982,346
37,456,362 -17.3
Columbus
4,886,054
5,536,109 -11.7
18,533,411
20,696,305 -10.5
Macon
6,410,988
7,293,810 -12.1
25,201,514
29,845,287 -15.6
Fla.-Jacksonvine
69,318,458
76,920,100 -9.9
278,658,832
298,931,740 -6.8
Miami
14,996,000
16,904,000 -11.3
65,009,000
60,319.000
+7.8
Tampa
9,407,781
15,400,725 -39.0
37,113,022
60.810,964 -39.0
Ala.-131rmingham
97.798.802
109,357,531 -10.7
401,876,655
419,413,598
-4.2
Mobile
8,082,416
7.665,301
+5.4
34.034,081
31,256,692 +8.9
Montgomery
4,509,505
7,374,204 -38.9
23,228,951
29,158,606 -20.3
Miss.-Hattiesburg
6,037,000
7,632,000 -20.9
20,245,000
29.874,000 -12.2
Jackson
7,857,779
9,466,322 -17.0
35,362.567
38,942,704 -9.2
Meridian
3,155,863
3,850,258 -17.1
13,355,277
15,739,809
-16.4
Vicksburg
760,366
1.772,915 -57.1
3,766,910
7,452,965 -49.5
La.-New Orleans.. _
198,214,654
224,078,250 -11.5
852,825,542
935,001,320 -8.8
Total(17 cities)._
740,091,872
872,919,990 -15.2 3,071,565,029 3,460,219,502
-4.4
7,225,897
8,257,436
-11.2
1,741,035
1.437,734
+4.4
53,221,894
56,116,759
-33.9
1,177,645
1,035,677
+4.5
1,199,171
1,433,971
-11.1 9,492,815,143 6,589,518,887
8,403,443,899 9.340,687,339 -10.0 9,636,941,834 6,724,346,455
1,453.557
4,747,729
*1,000,000
1 7-II--I --II
Third Federal Res erve District -Philadelph iaPa.-Altoona
6,378,431
6,822,459 -6.5
Bethlehem
24,764,964
21,819,300 +13.5
Chester
2,944,593
5,155,474 -42.9
Harrisburg
21,300,827
22,309,193 -4.5
Lancaster
11,837,874
11,665,540 +1.4
Lebanon
3,740,243
3,498,500 +6.9
Norristown
3,558,006
3,945,531 -9.8
Philadelphia
2,183,000,000 2,693,000,000 -18.9
Reading
17,562,677
19,670,493 -10.7
Scranton
22,164,199
27,907,056 -20.6
Wilkes-Barre
14,810,260
16,663,952 -11.1
York
9,612,918
11,101,849 -13.4
N.J.-Camden
9,685,808
11,492,979 -15.5
Trenton
17,751,000
22,039,050 -19.4
TVeek Ended May 3.
Inc. or
Dec.
o
Total(14 citlas)
1930.
5,631,034 -20.6
6,539,816
2,727,596
575,330,496
625.518,940
-8.0
643,287,018
629,406,635
5,108,000
3,757,623
62,934,387
130,224,805
16,203,700
7,834,000 -34.8
4,099.686 -8.4
78,832,226 -20.2
150,268,951 -13.3
16.227,300 -0.1
6,958,000
4.255,449
75,803.739
128,525,212
18.922.800
6,577,000
3,976,927
78,393,840
127,032,249
18,761.200
1,983,822
5,845,215
2,230,394 -11.1
5,963,800 -1.9
2,029,467
5,837,638
2,014,154
4,873,336
198,487,992
193,272,464
-6.1
440,820,297
434,901,470
1,414,667 -16.3
5,201,774 =13.5
41,320,000 +13.2
1,276,267
6,115,027
42,831,000
1,381,078
6,015,197
42,212,000
207,997,828
196,687.010
+5.7
----
434,055,380
1,184,229
*4,500,000
46,705,000
462,143,367
2,095,297
2,600,000 -19.4
2,500,000
2,330,182
96,711.652
114,720,761 -16.8
122,847,815
122,840,910
26,135,350
31,505,375 -17.1
31,079,354
33,008,164
-9.8
206,649,463
207,787,471
25,603,237 -16.1
60,079,477 -15.6
2,420,028 -32.9
24,464,668
53,636,677
2,005,683
22,128,550
48,531,884
1,996,186
1,774,028
*18,500,000
3.393,000
1,952,474
18,568,179
3,726,000
-9.1
-0.3
-8.9
2,666,646
17,941,804
2,910,000
2.215,650
20,409,238
6.644.141
25,416,569
2,067,559
25,710,158
2,288,323
-1.2
-9.7
27,884,494
1,743,825
25,020,142
2,369,677
1,915,000
2,474,000 -22.9
-2,167,836
1.680,000
194,971
46,826,162
301,923 -35.5
50,634,182 -7.5
394,778
65,504,424
326,333
53,978.082
173,938,082
193,766,981 -10.2
201,320,835
185,199,891
210,090
1,496,459
190,697,033
283,208 -25.9
669,251 +23.3
239,108,378 -20.3
283.630
869,648
200,888,646
281,252
1,351,772
169,425,573
177,421,528
21,493,012
50,728,483
1,629,298
196,762,577
6,074,606
7,815,405 -22.3
8,598,451
9,358.340
*4,500,000
3,571,661
5,365,193 -16.1
4,132,922 -13.6
*3,000,000
3,514,317
3,025,000
3,609,813
23,297,000
2,765,644
4,887,041
21,944,000 -6.7
3,577,716 -22.7
5,148,856 -6.1
25,698,000
3,482,400
5,353,232
26.679,800
3,901,500
5,176,206
33,193,450
33,769,555
53,561,015
3,200,095
-1.7
.
-1.5
42,539,676
3,152,080
3.284,919
3,368,211
10,990,750
11.274,416
-2-.5
11,926,295
15,046,890
8,072,881 -21.3
1,899,068 -18.2
7,971,261
2,115,678
7,613,054
1,595,384
+1.7
2.095,682
-11.5 1,120,306,037
-13.1
1,515,964
-10.1
7,203,712
-21.7
4,647,855
-11.9
3,199,920
1,796,458
989,188,172
1,495,846
6,983,468
4,522,603
3,393,097
6,356.742
1,553,732
2,279,648
619,936,168
1,154,261
6,439,108
3,811,513
3,063,491
2,242,940
700.714,820
1,328,633
7,162,464
4,864,815
3,479,248
929,430,477 1,069,570,866 -13.11.458.421.323 1,311,373,460
4,468,121
5,036,094 -11.2
5,249.728
7,457,730
123,000,000
34,722,427
313,926
141,700,000 -13:2
34,151,990 +1.7
321,970 -2.5
151,100,000
37,323,258
356,721
143,600,000
33,868,960
331,648
17,704,682
11,560,976
379,036
1,598,936
20,369,200 -13.1
12,570,030 -8.1
621,518 -38.2
1,701,897 -6.1
21,856,839
12,190,971
589,347
1,681,840
19,516.770
12,592,838
647,964
1,825,681
193,748,104
216,472,699 -10.5
230,348,754
219,841,591
3303
FINANCIAL CHRONICLE
MAY 10 1030.]
CLEARINGS-(Concluded.)
1929.
1930.
Week Ended May 3.
Four Months Ended April 30.
Month of April.
Clearings at-
Inc. or
Dec.
Inc. or
Dec.
1928.
%
$
S
%
5
1927.
$
79,326,302
1,294,049,993
9,776,958
399,496,731
33,837,659
25,431,000
6,222,415
17,199,140
34,979,901
10,550,761
17,678,976
50,317,076
2,385,619
111,216,357
1,350,015,383
9.914,003
513,535,558
34,484,811
23.605,000
6,975,218
18,056,294
31,588,066
11,342,967
20,320,807
55,309,264
2.079,247
-28.7
-4.1
-1.4
-22.2
-1.9
+7.8
-10.8
-9.3
+10.7
-7.0
-13.0
-9.0
+14.7
4,004,862
88,275,985
7.745,007 -48.3
+4.8
84,205,321
7,971,093
86,547,916
7,264,969
72.644.775
22,922.870
1,983,774
24,700,547 -7.2
2,344,262 -15.4
29,117,334
2,131.408
28,441.034
1,988,919
1,166.447
1,982,151,931
2,189,342,975
-9.5
121,513,007
Tenth Federal Re cry° District -Kansas Cit y1,695,428 -11.6
1.499,439
Neb.- Fremont
2,611,891 -19.2
2,109,467
Hastings
18,512,765 -20.7
14,688,157
Lincoln
195,396,522 -5.8
184,035,768
Omaha
9,706,463 +2.1
10,013,580
_
Kan.-Kansas City.
15,022,758 +0.4
15,083,753
Topeka
34.481,230 -11.3
30,688,140
Wichita
6,108,868 -28.2
4,385,558
Mo.-Joplin
588,498,797 -7.1
546,584,645
Kansas City
30,582,000 -24.6
23,053,222
St. Joseph
58,537,348 -28.7
41,718,305
•
Okla.-Tulsa
6,251,457 -18.0
5,124,748
Colo.-Colorado Spgs
164,206,808 -12.7
143,388,829
Denver
7,444,085 -9.4
•
6,744,794
Pueblo
6,088,092
8,872,397
62,804,332
754,886,149
39,702,965
58,858,428
123,340,052
18,063,918
2,160,444,857
105,385.233
171,523,515
20,427,801
505,417,642
26,956,746
6,936,883 -12.2
10,852,043 -18.3
77,309,207 -18.8
768,455,160 , -11.
36,953,093 +0.7
61,286,441 -4.0
138,374,809 -10.9
24,826,929 -27.3
2,300,952,640 -6.3
123,435.395 -14.7
231,084,878 -25.8
25,866,962 -21.0
647,338.982 -21.9
28,319.692 -4.8
Total(14 citles)___ • 1,029,018,405 1,139,056,420
ors
0
k4
1.4
v
• to
'JD'
v
1929.
4,487,993,114
Eleventh Federal Reserve Distr let-Dallas8.602,745
•
7,461,915
Texas-Austin
10,600,000
8,660,000
Beaumont
228.307,180
173,552,526
Dallas
27.175,332
26,092,389
El Paso
55,242,968
44,275,464
Fort Worth
18,650,000
12,000,290
Galveston
158,842,601
134,262,039
Houston
3.596.525
3,144.622
Port Arthur
2,684,146
2,327,328
Texarkana
10,775,000
8,982,000
Wichita Falls
21,852.143
22,927,913
La -Shreveport. .
0
Ott .0000aswn2
owcw.ww=c0v
WkWvb"coVol 00
.0000-4000
vco0.
,
toow00w.
b14
0000WW01.4b,wow
..0.20.,,,.... 00
000.-4.00c0=
$
$
1930.
1
..,
L.2
1929.
i li
ii K,....
.
...-.,..-....0
4_....
,.=ww00a4,4mw
c,i400V40izio
iz.
S
%
$
Ninth Federal Res erve District. -Minneapoll s.30,867,828 -36.6
19,573,613
Minn.-Duluth
354,269.424 -6.0
332,869,845
Minneapolis
2,825,037 -7.6
2,611.695
Rochester
109.806,187 -4.5
104,942,244
St.Paul
9,429.845 -3.9
9,001,087
N.D.-Fargo
6,423,000 +8.6
6,978,000
Grand Forks
1,969,343 -12.0
1,734,405
Minot
5,190,220 -15.0
4,411,835
S. D.-Aberdeen_ _ _ _
+3.8
8,328,905
8,641,615
Sioux Falls
2,649,549 -4.2
2,921,516
Mont.-Billings
-8.3
5,255,273
4,817,737
Falls
Great
14,945,000 -9.2
13,572,050
Helena
598,883 -42.5
344,268
Lewistown
•
552,958,495 -7.3
512,479,910
Total(13 cities)
1930.
Inc. or
Dec.
35,112,894
40,052,000
957,835,333
107,959,848
230,193,448
93,350,000
646,721,441
12,751,303
10,680,329
45,786.246
93,228,811
Total(11 cities) _ _ _.
443,686,486
546,328,640 -19.2
welfth Federal 1 eserve Distric t-San Franc lsco4,250,000 +18.6
5,042,000
Wash.-Bellingham _
219,240,675 -19.7
176,040,197
Seattle
52,467,000 ---8.0
48,270,000
Spokane
6,571,121 -29.4
4,639,770
Yakima
5,408,280 +5.2
5,689,582
Idaho-Boise
2,148,134 -2.7
2,090,000
Oregon-Eugene..._ _
157,441,252 -6.0
147,903,036
•
Portland
6,541,974 -0.9
6,479,627
Utah-Ogden
81,562,493 -5.1
77,386,538
Salt Lake City
20,856,000 -10.0
18.760,000
Arizona-Phoenlx_ _ _ _
5.741,887 +40.5
8,068,694
Calif.-Bakersfield
20,531,801 -2.0
20,120,879
Berkley
14,786,680 -8.1
13,599,720
Fresno
38,950,849 -16.8
32,398,077
Long Beach
909,251,000 -11.5
814,230,000
Los Angeles
3,977,853 +10.8
4,407,491
Modesto
84,946.210 -19.4
68,550,688
Oakland
21,504,827 -12.5
27,570,821
Pasadena
5,660,995 -9.8
5,102,765
Riverside
28,015,831
+2.8
28,787,457
Sacramento
-8.2
27,793,436
26.073,146
San Diego
'
858,576,953 -I.
848,302,519
Han Francisco_
13,572,231 -10.3
12,175,035
San Jose
-5.6
9,622,012
9.078,770
Santa Barbara_ _ 9,314,869 -6.3
8,726,211
Santa Monica__
2,289,503 -7.6
2,116,971
Santa Rosa
10,651,600 -9.0
9,683,800
Stockton
•
Total(27 cities) _ _ _ _ 2,431,293,798 2,631,675,466 -7.6
1,898,990,618
1,055,335
1,165,662
-9.5
1.325.893
607,031
612,778
-0.9
671,416
667,155
3,132,000 -15.0
3,472,000
2,765,000
-1.8
131,237,060
114,938,299
444,442
528,784
3,739,664
42,769,703
448,332 -0.9
675,594 -21.7
5,488,405 -31.9
48,045,084 -11.0
532,703
608,719
5,530,381
46,991,262
436,732
504,514
5.512,648
41,650,473
3,104,049
7,171,854
3,839,277 -19.2
8,288,795 -13.5
3,941,946
9,660,133
3,216,780
8.059,713
121,451,178
4,831,316
137,553,595 -11.7
7,142,238 -32.4
141,226,826
7,354,290
146,451.145
6,269,715
820,967
a
1,638,532
1.273,882 -35.6
a
a
1.962,322 -15.0
1,232,136
a
1,410,712
1,265,693
a
1,361.019
-9.5
186,500,489
214,717,524 -13.1
218,489,108
214.728,432
-20.6
-11.0
-21.8
+1.5
-16.0
-31.6
-13.1
+0.3
-8.9
-16.5
+2.6
1,474,874
2,316.546 -36.4
1,921,783
1,475,521
37,306,276
50,790,033 -26.6
51,546,828
47,059,588
9,664,500
2,764,000
14,164,891 -31.8
5,043,000 -45.2
12,632,778
6,176,509
12,433.403
8.612,000
2,663,150
2,273,671,653 -16.5
17,190,000
688,712,944
191,756,000
20,315,332
21,675,806
7,309,675
574,362,409
27,128,253
307,027,085
76,852,000
27,848.588
81,146,200
56,872,591
128,242,858
3,145,822.000
17,045,167
268,574,249
108,330,609
18,558,319
120,428,419
99,993,846
3,465,342,390
52,616,608
34,538,584
33,862,715
8,271,776
39,328,400
14,506,000 +18.6
875,367,605 -21.4
213,134,000 -10.0
24,908,024 -18.4
20,380,460 +6.3
8,261,134 -11.5
626,089,799 -8.3
+2.3
26,587,236
309,334,684 -0.7
84,797,000 -9.4
24,298,674 +14.6
85,653,224 -5.3
59,700,567 -4.7
158,418,654 -19.1
3,950,429,000 -20.4
15,413,089 +10.6
335,486,453 -19.9
138,765,058 -21.9
22,785,429 -18.6
128.579,171 -6.3
105,452,149 -5.2
3,572,845,736 -2.9
53.389,921 -1.5
34,921.934 -1.1
38,480,138 -12.0
8,435,185 -2.0
42,854,400 -8.2
9,639,151,823 10,979,274,724 -12.2
123,905,577
+0.7
5,917,096
5.068,569
56,132,905
77,204,192 -27.3
78,194,994
74,649,081
39,020,286
10,160,000
918,598
49,220,508 -20.7
12,263,000 -17.2
1,716,066 -46.5
50,927.538
12,621,000
1,329,206
45.130,664
11,869,000
1,415,240
34.881,660
37,598,661
-7.2
36,129,637
40,452,042
17,034,177
17,971,356
-5.2
16,041,132
17,689,842
3,425,032
7,841,476
187,044,000
3,849,125 -11.0
8,643,534 -9.3
209,764,000 -10.9
3,751.813
8,406,757
227,176,000
3,455,591
7,985,421
185,687,00(
17,360,708
6,667,043
21,386,223 -18.8
8,284,716 -19.6
21.550,505
8,459,032
5,853,500
6,203,093
207,081,095
3.107,386
2,042,123
2.097.461
6,271,370 -6.7
7,052.109 -12.1
215,128,052 -3.8
3,318,931 -6.4
2,098,426 -2.7
2,278.962 -8.0
6,460,021
6,022,055
229,644,845
3,212,393
1,770,053
2,302,695
20,242,381
7,547,903
;
7,096,35.
6,096,96:
194,818,001
2,632,73:
1,623,181
2,380,32:
4,923,255
2,081,900
552,820,538
4,889,722
2,243,200
609,088,239
-6.3 797,572,388,089 238,077,563,543 -17.4 12041139 .282 13748 751,883
Grand total(187 MI )51.674,915,292 55,044,972,704
Outside New York__ _ 18,138,776,760 20,047,419,300 -10.1 72,252,237,973 81,527,747,261 -11.9 4,137,046,867 4,560,344,947
-7.2
1,825,600
2,377,201
-9.2
637,630,282
558,499,87
-9.8 14619 504,482 11328970.39:
-9.3 5.126,689,339 4,739,351,505
CANADIAN CLEARINGS FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 1.
Total(31 cltiesL
S
%
5
%
-6.5 2,258,722,244 2,593.016,219 -12.9
-22.1 2,059,910,042 2,667,775,900 -22.8
-27.6
733,675,416
869,949,739 -15.7
-22.0
427,801,522 -20.0
342,443,488
-11.5
146,245,869 -17.6
120,445,314
113,024,725 -11.9
-9.5
101,846,438
-8.4
64,451,758 -16.1
54,004,903
-8.2
110,437,269 -0.1
104,568,680
-43.8
243,833,552 -34.8
158,984,068
50,191,235 -20.7
-21.7
39,818,181
48,020,475 -26.4
-12.6
40,604,379
-21.4
58,080,925 -7.0
53,996,421
113,927,300 -16.0
-21.5
96,838,506
-20.5
93.737,719 -20.5
74,513,035
10,053.503 -19.5
-26.8
8,083,046
-43.2
11,229,987 -28.8
7,984,671
41,048,200 -13.8
-21.3
35,403,291
22,141,128 -19.6
-24.3
17,813,764
24,915,276 -24.1
-31.5
18,909,204
14,105,152 -6.6
+7.5
13,179,584
16,343,623 -13.1
-15.7
14,204,990
8,028,528 -34.0
-39.0
5,297,078
17,203,723 -15.6
-5.7
14,520,388
17,315,03 -33.8
-14.6
15,250,778
-6.8
22,466,88
-10.2
20,945,884
104,570,09 -25.1
-33.8
78,338,300
7,961,17. -9.8
-17.2
7,179,424
-3.8
15,960,94
-0.9
15,355,939
8.9
14,262,235
-0.7
13,001,857
14,642,18 -38.3
10,657,797
-38.0
-6.4
13,034,05
12,208,543
-12.6
1.910 927.102 1.939.323.002 -17.8
Estimated.
1929.
0 Mg 7nA 9n3
7.076.774.042 -17.9
1930.
1929.
Inc. or
Dec.
S
%
$
151.023,535 166,013,034 -9.0
124,945,408 165,389.456 -24.5
60,473,206 -33.5
40,253,787
27,827,675 -28.5
19,890,104
8,414,832 -16.0
7,155,140
7,041,009 -6.9
6,553,881
3,973,060 -13.8
3,427,441
8,136,126 -20.7
6,453,172
13,547,982 -35.3
8,760,089
2,931,573 -2.3
2,865,101
3,125,316 -24.8
2,348,4:33
4.190,934 -15.4
3,544.626
6,681,119 -12.2
5,866,340
6,614,533 -12.0
5,819,449
701,491 -34.9
456,636
604,392 -11.6
534,298
2,738,302 -20.9
2,165,507
1.325,186 -14.7
1,129.917
1,570,805 -38.2
970,425
905,290 -23.3
694,016
1,088,507 -17.7
896.794
404,407 -47.8
211,259
1,027,193 -8.9
936,935
1,161,117 -26.4
855,309
1,493,748 -14.1
1,283.520
7,737,238 -37.4
4,848,646
479,593 -7.7
442,320
867,353 +10.7
959,947
903,856 -12.2
793,648
846,213 -37.5
529,171
820,635 -29.8
575,649
407.100.512
209.035.181 -20.0
1928.
1927.
3
174,312,722
151,386,355
69,584,433
31,472,925
9,745,684
7,866.370
3,464.899
7,158,761
7,953,911
3,096,932
2,661,085
3,550,306
6,164,431
4,501,954
664,043
601,183
2,141,853
1.480,745
1,195,010
962,690
934,633
341,783
986,713
1,270.505
1,225,048
5,002,897
482,012
1,055,953
924,967
666,668
662,080
570.305.965
501.640 T.R1
.4..4
S
613,489,301
626,914,833
232,585,035
111,051,987
35,551,563
29,557,546
17,014,471
28,253,208
61.195,876
13,960,002
12,467,435
15,919,898
32,214,353
27,174,841
2,948,824
2,823,241
11,885,709
6,046,423
6,476,573
3,206,917
4,545.923
2,073,265
4,224,610
4,781,627
5,908,66
29,892,47
2,249,79'
4,105,11
3,655,77
3,952,39
3,695,32
1930.
1.V0l00W0-0-010
0
0.
,
20
,
01.2W01
4v.0wveuvm.-.0000wz0w0n0.v
0000.P.0.0.
.v..0v0vo04.0w=00000.--..-v00vww..00v
5
572,504,610
488,600,404
168,480,474
86,656,972
31,465,657
26,758,670
13,883,074
25,929,401
34,380,474
10,934,615
10,897,107
14,254,478
25,294,430
21,600,003
2,158,569
1,152,535
9,357,151
4,578,532
5,092,678
3,445,730
3,830,258
1,264,725
3,984,107
4,082,598
5,304,649
19,795,740
1,863,520
4,067,134
3,629,040
2,450,751
3,223,934
In Canada-Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina.
Brandon
Lethbridge
Saskatoon
Moose Jaw
13rantford
Fort William
New Westminster....
Medicine lIat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
1929.
Inc. or
Dec.
0vg..b.Dw0vg.vto0.*v
1930.
Week Ended May 1.
Four Mantis Ended April 30.
Inc. or
Dec.
WW=
,
.-....010..NW-40..OWC.70.oPNMCANWINC04
OCt
Month of April.
Clearings al-
3304
FINANCIAL CHRONICLE
[Vox.. 130.
The following were the United Kingdom imports
THE CURB MARKET.
and exports of silver
The wave of liquidation begun last week continued over registered from mid-day on the 14th instant to mid-day on the 19th inst.:
ImportsExportsinto this week with Monday's market reaching new low levels. Mexico
£71,243 British India
£27,556
Some recovery followed and substantial gains were recorded France
37,517 Other countries
6,608
but the market lapsed into dullness with such changes ir- Irish Free State
39,147
Germany
8.493
regular and narrow. Utilities were more active but trading Canada
5,955
was lighter. Amer.& Foreign Power warrants dropped from
£162,355
£34,164
583/i to 46, sold back to 583
% and reacted finally to 543/2.
INDIAN CURRENCY RETURNS.
Amer. Superpower common sold down from 33%
5 to 27 and
lacs of rupees)Apr. 15. Apr. 7. Mar.31.
back to 33%, the close to-day being at 32%. Central State Notes in cirulation
17366
17415
17723
Elec. corn, gained about 8 points to 34 and rested finally at Silver coin and bullion in India
11037
11084
11096
coin and bullion out of India
33. Cleve. Elec. Ill, dropped from 85 to 61% and ended the Silver
Gold C019 and bullion in India
3227
3227
3227
week at 623.. Commonwealth Edison from 291 reached Gold coin and bullion out ofIndia
321 Yi with the final sale to-day at 312. Electric Bond & Securities (Indian Government)
3072
3089
3385
(British Government)
30
15
15
Share,com. after early decline from 103% to 86 recovered to Securities
The stocks in Shanghai on the 22d instant consisted of
about 96,400,000
1003/2 and finished to-day at 100. United Light & Pow., ounces in sycee, 143,000,000 dollars, 19,300,000 Saigon dollars
and
16,200
class A sold off at first from 473i to 41 then moved up to silver bars, as compared with 'about 96,300.000 ounces in sycee, 143,000,000 dollars, 20,200,000 Saigon dollars and 14,880 silver bars
4838, the close to-day being at 47%.
on the 12th
3
Oils were without instant.
special feature. Humble Oil & Ref. after early loss of 10
Quotations during the week:
-Bar Silver Per Oz. Std.- Bar Gold Per
points to 94 sold up to 103%, the close to-day being at 103.
Cash.
2 Mos.
Oz. Fine.
Cosden Oil weakened from 533 to 45 and recovered finally April 17
19 11-165.
19 11-16d. 84s. 1034cl.
22
to 51. Industrials and miscellaneous issues show few changes
194cl.
19 11-16d. 84s. 1134d.
23
194d.
19 13-16d.
of note. S. R. Dresser Mfg. class A after early loss from Average
84s. 1134d.
for above 3 days
19.7505.
19.708d.
84s. 10.87d
50 to 453 sold up to 543
4 and closed to-day at 52. TechniThe silver quotations to-day for cash and two months' delivery are
each
color, Inc., corn, dropped from 68% to 61, recovered to 673/i 3-16d. above those fixed a week ago.
and finished to-day at 66. Columbia Pictures improved
from 453' to 523
%. Deere & Co. new corn. in the beginning
PRICES ON PARIS BOURSE.
weakened from 1513/i to 131, then sold up to 1533,4 and reQuotations of representative stocks on the Paris Bourse
acted finally to 1454
3.
A complete record of Curb Exchange transactions for the as received by cable each day of the past week have been
as follows:
week will be found on page 3333.
May 3 May 5 May 6 May 7 May 8
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
May 9.
Saturday
Monday
Tuesday
Wednesday
Thursday
Firday
Total
Stocks
(No. Shares).
1,537,100
2,540,900
1,213,100
1,022,100
865,600
809.300
7,988,100
Rights.
6,400
16,200
12.300
8,900
8.400
9,700
61,900
Domestic.
$2,070,000
3,570,000
3,105,000
3.790,000
3,078.000
3,388,000
$19,001,000
Fordo?:
Government.
$230.000
403.000
374.000
221,000
235,000
325.000
$1,788,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Apr. 23 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £159,822,774
on the 16th instant (as compared with £159,829,239 on the previous Wednesday),an increase of £13,862,690 since Jan. 1 last.
About /708,000 of gold from South Africa was offered in the open market
to-day. At the fixed price of 84s. 1134d. per fine ounce £500.000 was
taken for Switzerland and £100,000 for France; £43,000 was absorbed by
the usual Indian and trade requirements, leaving a small balance still
to be disposed of.
Receipts of gold by the Bank of England totalled £3,068,403 which
included /3,050,000 in sovereigns from Australia, and withdrawals £5,000.
a net influx of £3,063.403 during the week under review.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 14th instant to mid-day on the 19th instant:
ImportsExportsAustralia
£1,000,000 Germany
£58,120
British South Africa
415.032 France
30,353
British West Africa
42,560 British India
33,526
Other countries
2.639 Spain
5.137
Other countries
6,853
£1,460.231
E133.989
The balance of trade figures for India for March last were as follows:
Lacs of Rupees.
Imports of merchandise on private account
2082
Exports. incl. re-exports, of merchandise on private account
2806
Net imports of gold
95
Net imports of silver
125
Net imports of currency notes
2
Total visible balance of trade-in favor of India
528
Net balance on remittance of funds-against India
1
The following was the composition of the Indian Gold Standard Reserve
as on March 31 last:
In India
n11
In England:
Cash at the Bank of England
£3,748
Gold
2,152,334
British treasury bills-value as on March 31 1930
9,085,230
Other British St Dominion govt. secur., value as on March 31
28,758.688
1930
£40.000,000
SILVER.
Owing to the Easter holidays the week under review has been restricted
to three working days. Although prices have shown little movement a
steady tone has been maintained, the limited offerings being absorbed by
the Indian Bazaars for prompt shipment and to cover bear sales. Neither
China nor America has been active, but Continental sales have continued
on a small scale.
There are no indications of any important change.
BondsFrancs.
French Relates 3% Perpetual__
French Rental 4% 1917
French Rented 5% 1915-16
BanksBanque de France
Banque de Paris et des Pays Sas.
Credit Lyonnais
CanalCanal Maritime do Suez
RailroadChernin defer du Nord
MinesMines de Courrieres
HOLTMines de Lens
Soo. Minlere and Metallurgique. DAY
Public UtilitiesCle. Generale d'Electricite
Boo. LyonnaLse des Eaux
C. Francaise des Procedes
Thomson-Houston
Union d'Electricite
IndustrialsTretnerlea & Latninoire du Havre
Societe Andre Citroen
Ste. Francaise Ford
Coty S. A
Pechiney
l'Air Liquide
Etablissements Kuhlmann
Galeries Lafayette
00Royal Dutch
May 9
Francs. Francs. Francs, Francs. Francs.
88.10 87.40 87.50 87.30 86.95
101.55 101.90 102.00 102.00 102.05
102.15 102.35 102.30 102.15 101.80
23,760 24,025 24,125 23.850 23,810
3,005 3,025 3.010 2.960 2,955
3,075 3,105 3,125 3,120 3,105
17,750 17,915 18,365 18,300 18,235
2,400
2,415
2,445
2,430
2,425'
1.540
1,253
1,052
1,539
1,260
1,040
1,355
1,272
1,056
1,532
1,250
1,039
1,516
1,235
1,040
3,450
3,410
3.490
3,450
3,550
3,480
3.500
3,490
3,510
3,435
1,050
1,384
1,068
1,396
1,090
1,402
1,062
1,410
1,052
1,400
2,155
942
288
1,035
3,300
1,978
1,055
175
2,185
950
284
1,039
3.330
2,025
1,055
180
2,215
969
295
1,035
3,365
2,045
1,062
180
2,195
940
296
1.035
3,305
2.015
1.058
180
2,170
939
304
1,035
3,285
1,985
1,040
180
4,060
4,085
4.130
4,075
4,090
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.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
May 3.
May 5.
May 6.
May 7.
May 8.
May 9.
Silver, 9. oz_d- 1934
190-16
19 7-16
1934
1934
1934
Gold. p.fine oz. 84s.1134d. 84s.113.icl. 842.1130, 84s.1134d.
848.11346. 8,0.11 yid.
Consols,2%%_
553-1
553-1
5534
5534
55g
British, 5%.-- ____
101g
10134
10134
10134
10134
British, 434%_
9734
9734
9734
9734
9734
French Rentes
(in Paris)_fr_
87.10
87.25
87.45
87.20
87.00
French War L'n
(in Paris)_fr.
102.10
102.30
102.20
102.05
101.75
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(eta.):
Foreign
4234
4234
4234
42
4234
4134
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
April 30 1930 are set out in the following. The figures
are
taken entirely from the daily statement of the United States
Treasury as of April 30 1930.
CURRENT ASSETS AND LIABILITIES.
GOLD.
AssetsGold coin
Gold bullion
$
734,956,949.19 Gold ctfe.
,366,265,669.00
2,719,554,032.76 Gold fund,outstanding_1
Fed. Reserve
Board (Actor Dec 23
1913. as amended June
211917)
1,874,952,034.56
Gold reserve
156,039,088.03
Gold in general fund
57,254,190.36
Total
3454,510,981.95
Total
3,454,510,981.95
Note.-Reserve against $346,681,016 of U. S. notes and
$1,263,150 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars In the 'Treasury.
AssetsSilver dollars
Total
AssetsGold (see above)
Silver dollars (see above)
United States notes____
Federal Reserve notes__
Fed. Res. bank notes_ -National bank notes....
Subsidiary silver coln___
Minor coin
Silver bullion
Unclassified. collections,
&c
Deposits in Federal Reserve bunks
Deposits In special depositaries sect. of sales
of(Ars. of indebtedness
Deposits in foreign dep.:
To credit of Treas. U.S
To credit of other Government officers..
Deposits in nist'l banks:
To credit of Treas. U.S
To credit of other Government officers_ _ _
Dep.In Philippine Treas.
To credit of Treas. U.S
SILVER DOLLARS.
LiaSlWies494,737,753.00 Sliver Ws. outstanding_ 488,294,320.00
Treasury notes of 1890
1,263,150.00
outstanding
5,180,283.00
Silver dollars In gen.fund
494,737,753 00
Total
494,737,753.00
GENERAL FUND.
LIaSU if Leo3
57,254,190.36 Treasurer's checks outstanding
703,966.57
5,180,283.00
2,892.508 00 °epos. of Govt. officers:
6,733,153.00
Post Office Dept
2.604,180.00
Board of Trustees,
55,324.00
Postal Say. System:
18,332,541.50
5% Reserve, law5,434.746 55
ful money
7,687,480.76
3,348,737.65
Other deposits__
347,072.28
6,124,150.46
Postmasters, clerks of
courts,disbursing of1,565,781.23
Beers, &c
47,693,632.59
24,710,814.89 Deposits for:
Redemption of Fedl
Res. notes (5% Id..
40,998,272.56
gold)
133,691,000.00
Redemption of nat'l
bank notes(5% M.,
1,019,512.19
lawful money)
28,660,353.70
Retirement of addi
2,119,806.70
circulating notes,act
1,900.00
May 30 1908
7,325,193.71
Uncollected items, ex1,952,502.19
changes. &c
19,131,866.84
625,335.97
Net balance
Total
291,416,063.05
Total
Preliminary Debt Statement of the United States
April 30 1930.
The preliminary statement of the public debt of the United
States April 30 1930, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds2% Consols of 1930
2% Panama's 01 1916-36
2% Panama's of 1918-38
3% Panamas of 1961
3% Conversion bonds
214% Postal savings bonds
1.933,552,350.00
6,268,251,550.00
% Treasury Bonds of 1947-52
4% Treasury Bonds of 1944-54
314% Treasury Bonds of 1046-56
% Treasury Bonds of 1943-47
314% Treasury Bonds of 1940-43
758.984,300.00
1,036,834,500.00
489,087,100 00
493,037,750 00
359,042,950.00
134,778.343 55
156,637,719.50
4% Adjusted service-Series 193110 1935_ ___
4% Civil service-Series 1931 to 1934
4% Foreign service-Series 1933 and 1934_
$1,771,115,500.00
631,900,000 00
127,600,000 00
815,000.00
102,075,244
Expenditures.
Ordinary (Cheeks ‘fs warrants
paid, ti-c.)211,318,118 173,790,748 1,901,205,924 1,720,506,233
General expenditures
Interest on public debt (a)
132.519,256 134,128,846 543,038,121 567,480,674
Refund of receipts:
1,724.755
17,964.358
18,938.522
2,796.340
Customs
10,799,366 10,425,257 107,954,420 168,854,711
Internal revenue
65,074,871
60,020,901
10,074,871 10,020,901
Postal deficiency
634,616
9,665,543
7,849,396
706,755
Panama Canal
Ones.In special accounts:
5842,600
51,781,458
b4,650,875
550,517
Railroads
/54,377
561.428
/597,784
1,642
War Finance Corporation_
14,772,581
19,857,207
Shipping Board
1,354,789 /1,142,896
1,879,389
/746,613
894,958
Allen property funds
9225,769
9538,325 112,214,038 111.610,161
271,072
Adjusted service ctf. fund
/93,235
19,950,802
20,623.409
134,301
Civil service retirement fund_
Investment of trust funds:
5,631.506
35,037,448
Government Life Insurance 5,415,666
45,652,231
Dist. of Col. Teachers' Re400.538
446,705
20,540
tlrement
511,000
298,649
313.582
510,000
Foreign Service Retirement
51.500
412,500
385,308
136,273
General RR. Contingent__
375,292,703 335,552,085 2,833,924,945 2,732,635,688
Public debt retirem'ts chargeable against ord. receipts:
38,854,000
Sinking fund
Purchases & retirem'ts from
foreign repayments
Received from for. govt.&
under debt settlements
Received for estate taxes_
Purchases & retirem'ts from
from franchise tax rots.
(Fed. Res. and Fed. Intermediate credit banks)Forfeitures, gifts, dre
91,400
4.455,000
60,503
2,933,400
133,704
38,854,000
91,400
512,430,003
470,086,254
Total
369,925,800
9.682.500
18.000
109.790.850
73,100
97,075,350
Total expends. chargeable
against ord. receipts...414,146,703 335.643,485 3,340,355,848 3,202,721.942
Receipts and expenditure for June reaching the Treasury in July are Included.
a The figures for the month include $29,104.80 and for the fiscal year 1930 to
date 5438,940.54 accrued discount or war-savings certificates of matured series
and for the corresponding periods last year the figures include $55,310.30 and
$669,022.17, respectively.
S Excess of credits (deduct).
$2,531,430,500.00
Treasury Certificates4 i4% Series T.1-1930, maturing June 16 1930
354% Series Tst MM. maturing Sept. 15 1930
394% Series TD-1930, maturing Dec. 351930
159,053,004 173,508,146 3,201,203,976 3,100,648,698
388,368,950
3,136,936,600.00
$12,111,335,350.00
$819,079,850.00
500.311,700.00
451,723,950.00
Ten Months
----Month of Arrit---1929.
1930-1929.
Receipts.
1929-1928.
1930.
s
s
s
Ordinary$
41,071,049 50,404,344 463,108,301 501,533,377
Customs
Internal revenue:
38,107,446 46,052,699 1,850,245,291 1,732,617,299
Income tax
47,752,508 47.944,566 514,272,749 498,537,320
Miscell. internal revenue
Miscellaneous receipts:
Proceeds Govt.-owned securatesForeign obligations51,066,708
28,562,640
Principal
90,252,451
70,337,069
Interest
315,764
5,343,447
14,830,859
318,641
Railroad securities
409,870
7,641,398
6,074,302
3,728,678
AU others
Trust fund receipts (re-ap5,630,006
36,796,652
46,438,077
propriated for investrn't) 5,602,479
499.182
6,768,745
7,211,470
377,820
Proceeds sale of sur. prop
2,352,518
23,851,327
23,577.641
Panama Canal tolls, &c..... 2.292,597
19,801,786 19,899,197 171.772,295 150,961.262
Other miscellaneous
Total ordinary
8.201,803,900.00
Total Bonds
Treasury Notes354% Ser. A, 1930-32, maturing Mar. 15 1932
314% Ser. Li, 1930-32, maturing Sept. 15 1932
314% Ser. C. 1930-32. maturing Dec. 15 1932
291,416,063.05
145,151.872
$772,544,850.00
414% Fourth Liberty Loan 01 1933-38
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for April 1930
and 1929 and the ten months of the fiscal years 1928-1929
and 1929-1930:
Excess of ord. receipts over
total expenditures chargeable against ord. receipts_
Excess of total caps. chargeable against ord. receipts
255,093,699 162,135,339
over ordinary receipts
$599,724,050.00
48,954,180 00
25,947,400 00
49,800.000.00
28,894,500 00
19,224,720.00
First Liberty Loan of 1932-47:
51,392,256,250.00
3)4% Bonds
5,005,450.00
4% Bonds
536,290,650.00
494% Bonds
Note.-The amount to the credit of disbursing officers and agencies to-day was
$295,846,009.05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve Bank notes are
paid Into the Treasury as miscellaneous receipts, and these obligations are made,
under the Acts mentioned a part of the public debt. The amount of such obligations to-day was $34,239,659.50.
$2,084,630 In Federal Reserve Notes and $18,279,215 in National hank notes
are in the Treasury in process of redemption and are charges against the deposits
for the respective 5% redemption funds.
Total ordinary
3305
FINANCIAL CHRONICLE
MAY 1.0 10301
$549,707,500.00
351,640,500.00
483,341.000.00
1,384,689,000.00
Treasury Bills (Maturity Value)Maturing May 19 1930
Maturing July 14 1933
$56,108,000.00
.51,316,000.00
Total interest-bearing debt
Matured Debt on Which Interest Ilas CeasedOld debt matured-Issued prior to Apr. 1 1917
Second Liberty loan bonds of 1927-42
Third Liberty loan bonds 01 1928
354% Victory notes 01 1922-23
Victory notes 01 1922-23
414
Treasury notes.
Certificates of indebtedness
Treasury bills_
Treasury savings certificates
Debt Bearing no InterestUnited States notes
Less gold reserve
107.424,000.00
16,134,878.850 00
$1,725,930.26
5,977,850.00
10,532,900.00
20,900.00
1,474,400.00
445,800.00
6,377,100.00
97,000.00
1,825,200.00
28,477,080 26
$346,681,016.00
156.039,088.03
$190,641,927.97
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency_
Thrift and Treasury savings stamps, unclassified sales, &c
34,239,659.50
2,043,526.15
3,453,126.18
230.378,239.80
$16,393,734,170.06
Total gross debt
COMPARATIVE PUBLIC DEBT STATEMENT.
ton the bags of daily Treasury statements)
Aug. 31 1919
Apr. 30 1929
When War Debt Was
A Year Ago.
Al Its Peak
.21
517,195,923,774
$26,596,701,648.01
Gross debt
225,163,563.03
1,118,109,534.76
Net balance in general fund
$16,970,755,211.18
Gross debt,less net bal,in gen.fund_ __$25,478,592,113.25
March 311030
April 30 1930.
Last Month.
$16,393,734,170.06
$16,389,624,566.34
Gross debt
156,637,719 50
368,767,814.65
Net balance in general fund
Gross debt less net bal. in gen. fund
516.020,856,751.69
$16,237,096,450.56
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of February,
March, April and May, 1930:
11930.
Holdings in U. S. Treasury Feb. 1 1930. Mar. 1 1930 April 1 1930. May
$
5
$
$
213,293,278
Net gold coin and bullion_ 219,507,144 235,123,839 222,377.565
11,304,434
13.024.471
8,764.220
11,855,836
bullion
and
coin
Net silver
2,892,508
2,76,4,179
3,029,865
4,123.744
Net United States notes__
18,332.542
18.697.903
18,778,292
27,714.549
Net national bank notes_
2.604.180
2,748.580
3,217.190
4,548.090
Net Federal Reserve notes
55,324
31,586
49,578
17.050
Net Fedi Res, bank notes
5,434.747
4,655,404
4,915.307
4.177.391
sliver
subsidiary
Net
4,914,519
4,652,519
3.615.812
3,393.811
Minor coin, &a
Total cash In Treasury.
Less gold reserve fund_ _ _
275,337,615
156,039.088
277,394.103
156,039,088
263,951.207 .258,831,532
156,039.088 156.039,088
Cash balance In Treas'y
Dep. In spec'l depositories,
account Treas'y bonds,
Treasury notes and certificates of Indebtedness
Dep. in Fed'I Rea. bank__
Dep. in national banks:
To credit Treas. U. S.
To credit dist). officers.
Cash in Philippine Island
Deposits in foreign depts.
Dep.in Fedl Laud banks.
119,298,527
121,355,015
112,912,119
102,792,444
59,162.000
40,399,784
7,227.000
42,866.673
331,419,000
42,980,801
133,691,000
24,710,815
7,681,466
18,757,205
497.900
3.230.440
7.515.670
19.537,613
272,624
2,396.452
7,413,958
19,689,057
415,711
2,890,483
7,325,192
19,131,867
625,336
3,139,409
248,027,322
149,099.025
201.271,047
147.008,542
517,721,129
148,953,314
291,416,063
134,778,344
98.928.297
54.262.505
368.767.815
156.637.710
Net cash In Treasury
and in banks
Deduct current liabilities_
Available cash balance
• Includes May 1, $6,124,151 silver billion. and $3,348,738 minor &c., coin not
included in statement "Stock of Money. •
3306
FINANCIAL CHRONICLE
Tommercialand MiscellaneousEicxs
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange, May 3 to May 9, both inclusive, compiled from official sales lists:
Stocks-
s rtaay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Allegheny Steel*60
61
110 58
Jan
Aluminum Goods Mfg_
24
24
200 20
Apr
American Austin Car
654
554 634 2,195
534 Jan
Amer Fruit Growers pref.
75
75
Jan
110 *60
Arkansas Gas Corp
*
10% 1334 3,640
Jan
9
Preferred
10
8
8
Jan
360
734
Armstrong Cork Co
*
53
54
315 53
May
Blaw-Knox Co
a 3534 34
37
3,470 2134 Jan
Carnegie Metals Co
10
6
6
175
Jan
5
Clark (DL) Candy
* 1734 16
18
2,295 13
Jan
Columbia Gas & Elec. _23
7434 743.4
50 7434 May
Devonian Oil
10
11
12
9
330
Mar
Electric Products
20
1,960 1831 Apr
25
First National Bank_ _100 398
395 398
11 390
Apr
Follansbee Bros pref._ _100
9234 93
20 9134 Mar
Harbison-Walker Ref_
*
60
63y.4
430 59
Jan
Independent Brew pref_50
4
4
131 Jan
200
Koppers Gas & Coke pf_100
10134 101%
280 993.4 Jan
Liberty Dairy Prod
*
27
2734
75 22
Mar
Lone Star Gas
* 4834 4134 50
23,215 3434 Jan
McKinney Mfg
*
4
4
4
200
4
May
Mesta Machine
2834
28
205 k25
Jan
National Erie class A_ _25
25
25
80 2434 Mar
Nat Fireproofing
50 45
44
45
320 33
Jan
Preferred
50
44
44
285 35
Jan
Ohio 011 dr Gas
5
113.4 1134
200 1134 May
Petroleum Exploration_25
30
30
90 30
Jan
Phoenix 011
60c
65c 2,500 k30c Mar
Pittsburgh Brew pref._ _50 1034
931 103.4
110
53.4 Jan
Pittsburgh Forging
21
3,400 12
Jan
1834 22
Pittsburgh Plate Glass. _25
5234 54
650 5234 May
Plttsb Screw & Bolt Corp.• 2034 2014 213.4 1,840 18
Jan
Plymouth Oil Co
5
23
22
750 22
May
Reymers Brothers
18
18
200 1734 Feb
Salt Creek Consol 011_ _ _10
2
2
50
2
Feb
San Toy Mining
1
3c
3o
600
30
Jan
Shamrock 011 & Gas
28
7,460 k1734 Jan
2034 2834
Standard Steel Springs_
.._ _ . 42
48
400 38
Jan
United Engine & Fdy
41;4 4131 42
635 3831 Jan
United States Glass
25
314
10
334
311 May
331
Vanadium Alloy Steel
65
180 65
65
Jan
Wiser 011 Co
25
100 1834 May
1834 1834
UnlistedAmer Fruit Growers
18
Copper Welding Steel
4334 4334
Intertult'l Rustless
_
134
134
Leonard Oil Development_
Iron_.
234
234
Lone Star Gas pref
107
Mayflower Drug Stores_ ___ _..
4
West Pub Serv vot tr ctfs__
25
28
18
4634
134
314
109
4
29
25 1034
205 42
3,975
134
1,845
234
300 104 34
100
334
8,030 2334
High.
72
Apr
24
Jan
734 Jan
75
Mar
16 34 Mar
8
Feb
62
Jan
4131 Apr
8
Mar
193.4 Apr
7434 Slay
1434 Apr
28
Apr
400
Jan
Feb
93
7134 Apr
5
Feb
102
Mar
3234 Apr
5634 Apr
654 Jan
3334 Apr
2531 Apr
4534 Apr
45
Feb
11 34 May
30
Jan
80c Apr
1034 Slay
Apr
24
5934 Jan
23
Jan
2734 Feb
1834 Jan
234 Feb
4c Feb
8234 May
58
Apr
4934 Apr
534 Feb
67 34 Jan
19
Jan
Feb 19
Mar 50
Jan
3
434
May
Jan 110
Feb
5
Jan
33
Apr
Apr
Feb
Apr
Apr
Apr
Apr
[vor„. 130.
Apr. 28-The Union National Bank of Minot. N. Dak
100,000
Effective April 17 1930. Liquidating agents, 34. 8.
Person. J. N. Ellison, II. L. Thorndal, Minot, N. D.
Succeeded by The Union National Bank & Trust Co.
In Minot, No. 13455.
Apr. 29-The First National Bank of Sauk Centre. Minn
50,000
Effective April 28 1930. Liquidating agents, H. S.
Halverson, Sauk Centre, Minn.
Absorbed by the Merchants National Bank of Sauk
Centre, No. 6417.
May 3-The West Coast National Bank of Portland, Ore
500.000
Effective April 11 1930. Liquidating agents, Edgar II.
Sensenich and John N. Ediefsen, Portland, Ore.
Absorbed by the United States National Bank of Portland, No. 4514.
CHANGE OF TITLE.
May 1-The Third National Bank of Walden. N. Y.. to
"The First National Bank & Trust Co. of Walden.'
CONSOLIDATION.
Apr. 30-The First National Bank of Philadelphia, Pa
2,500.000
and
The Eizhth National Bank of Philadelphia, Pa
275,000
Consolidated under Act of Nov. 7 1918 under the charter
and corporate title of "The First National Bank of
Philadelphia," No. 1, with capital stock of 53,111,000.
The consolidated bank has two branches, both located
in the City of Philadelphia. which were „mooches of
the First National Bank of Philadelphia and which
were in operation on Fob. 25 1927.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Apr. 30-The First National Bank of Philadelphia, Pa.
Location of branch: Second St. and Girard Ave..
Philadelphia.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per share.
3,660 Transportation Indemnity Co.
of N. Y
$15 lot
30 Bankers' Joint Stock Land Bank
of Milwaukee
$3 lot
20,000 Chliena Salltres (Chile), par
£1
51,100101
36,000 Galicia (Chile), par £1_42,000 lot
800 Colombia Sugar, par 100
pesos
$20,000 lot
139 Banco Descuento (Ecuador).
par 1,000sucres
52,800 lot
1,842 Banco Central (Ecuador), par
100sucres
$14,1300 lot
23,765 Hall Laws, pref. (England).
par It
$475 lot
Shares. Stocks.
$ per share.
40 Hibernia Trust Co.of N. Y._,-18034
6,950 John Shaw Sons (England).
Par CI
51.650 lot
594 Universal Sulphur Products Co.
$15 lot
par 5100
250 Carpenter Container Corp.,
525 lot
pref
Bonds33,000 Second Ave.RR.(N. Y.) 1st
con. 5s. 1948. Aug. 19011 dr subs.
coup. attached; $1,000 Metropolitan St. Ry. rfdg. 4s. 2002,
April 1908 and subs, coup. attached
$8 lot
By Wise, Hobbs & Arnold Boston:
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per SA.
15 Boston Nat, Bank
150
55 Ritz Carlton Hotel Co
1-234
100 Nat.Shawmut Bank, par $25... 70
76 New Bedford Gas & Edison Light
Rights10 Boston Nat, Bank
153
Co.(undeposited), par 525
111
Lone Star Gas
4
416 9.385
4
454 Aor 23 Inman Trust
May
Co., Cambridge--135 Ai 200 Seabrook Engineering Corp., Cl.
25 Na.shua Mfg. Co.,coca
• No par value. k Includes also record for period when in Unliste 1 Dept.
A, pref.,
3231
20 & warr.
26 Androscoggin Mills
10 Towle Mfg. Co
71
82
20 Associated Textile Co
36
6 St. Helena Phosphates Co., corn.;
8 Naumkeag Steam Cotton Co_8534-88
3 St. Helena Phosphates, pref.;
New York City Banks and Trust Companies.
428 Berkshire Fine Spinning Asso10 Pere Marquette P.R.(old). _ _51 lot
(All prices dollars per share.)
ciates, common
16
2 Land & River Co., lot pref
2 Suburban Elec. Securities, 2d pref. 2
10 Riordan Co., Ltd., 1st pref.;
Banks.
Trust Companies.
75 Boston Herald-Traveler Corp_
3 Riordan Co., Ltd.. common:
26
New YorkPar Bid Ask
New York (Concl.)- Par Bid Ask
13 Brockton Gas Lt. Co., v to, par
20 Baush Machine Tool. corn.;
America
25 128 131 Bank of N Y & Trust_ __100 750 760
$25
100 Cassoday Oil Co., corn., par
4031-41
100 118 128 Bankers
American Union
92
Boston Woven Hose & Rubber
10 16317 165
$5; 1,000 Etna Lead & Zinc Corp.,
Broadway Nat Bk & '17_100 100 110 Bronx Co Trust
Co., common
20 70
74
par 51; 100 Internat. Crude Oil
8411
Bryant Park*
20 45
52 Cent Hanover Bk It Tr_ _ _20 393 398
25 Amer. Glue Co., corn
Corp. (members ctf. of int.):
6631
20 15712 159 Chelsea Bank & Trust_ _25 47
Chase
30 The W. M. McDonald Co., In0_51 lot
52
20 Southern Fields Petroleum Co.
Chat Phenix Nat Bk dr Tr 20 133 136 Chemical Bank & Trust_ _10 7412 7612 6 Nat. Service Co., panic. pf._ _29 ex-dly.
$70 lot
par $10
Commercial Nat 13k dr Tr 100 495 515 Continental Bk & Tr_ _ _10 35
15 New Eng. Pub.Serv. Co., corn
37
BondsPer Cent.
3154
Fifth Avenue*
100 3200 3500 Corn Each Bk & 'Frost _ _20 206 210
10 Farms Co., Inc., class A, corn __ _ 15
$1,000 Omaha & Council Bluffs St.
100 5850 6000 County
First
50 Mass. Bonding Jr Ins., par $25_ _129
100 233 248
By. Co. lot 58, Jan. 1928
Grace
100 600
55 Joint Stk. Securities Co.(Mass.).311
Empire
20 90 93
(certificates of deposit)
4131 flat
Harriman Nat Bk & Tr_100 1500 1600 Equitable
18 Mass. Utilities Associates, pref.
20 126 127
$200 Eastern Mass. St. Ry. 5s, due
Industrial
100 185 200 Fulton
par $50
100 630
80
Jan. 1948
4131 & int.
3734
Lefcourt Nat Bk & Tr _ _100 150 170 Guaranty
30 Quincy Mkt. Cold Storage &
100 742 746
$250 Eastern Mass. St. Ry. 6s, due
Liberty Nat Bk & Tr.._ _100 120 130 Hibernia
Warehouse Co.. prof
100 180 190
Jan. 1948
66
59 & int.
National City
50 Bigelow Kennard dr Co., Inc.,
20 195 196
International
20 491.2 51
$1,000 New England Water, Lt. &
Penn Exchange•
100 95 105 Internal Mad Bk & Tr_ _ _25 43 48
1st prefWed
65
Pow. Assoc. 5345. Mar. 1948_73 & int
Port Morris*
10 50 60 Interstate
20 491, 61
By R. L. Day & Co., Boston:
Public Nat Bk dc Tr
25 153 156
Irving
62
10 61
Seward Nat Bank & Tr..100 120 135 Lawyers
Shares. Stocks.
100
$ per Sh. Shares. Stocks.
$ Per 85,
Sterling Nat Bk & Tr__ _ _25 46
15
Boston
National Bank
Manhattan
130
20
132
15331 25 Springfield Fire &Marine Ins.
Straus Nat Bk & 'Fr__ _100 265 285 Slanufacturers
25 Nat. Shawmut Bank, par $25._ 70
25 131 133
Co., par 525
154
United States*
25 65 66 Mutual (Westchester) _ _100 375 425
100 Second Nat. Bank, par 525_148
2() Ma.ss. Bonding & Ins. Co.,
Yorkville
100
50 Beacon Trust Co.. par 520
_ 200 N Y Trust
25 287 292
5134
par $25
130
Yorktown*
25 U. S. Trust Co., par 525
100
200 Pacific
100 160 180
100
50 British Type Investors
1531-16%
5 Naumkeag Steam Cotton Co_ _ _ 88
Plaza
100 100 115
100 Beacon Participations, Inc.,
Brooklgn2 Pepperell Mfg. CO
Times Square
100 62
68
pref. A
93
1531
Brooklyn
62 Arlington Mills
50 123 127 Title Guar & Trust
20 153 157
2334' 10 Old Colony Trust Associates.... 4134
100 475 600 United States
Peoples
25 Springfield Fire & Marine Ins.
100 4400 4500
15 Mass. Bonding & Ins. Co.,
Co., par $25
Westchester
100 1000 1100
155
par $25
130
5 Maine Gas Co., common
Brooklun43
100 New Bedford Gas & Edison
Trust Companies.
13 units Commercial Finance Corp_ 20
Brooklyn
100 820 844
Light Co., par $25
118%
Par
New York48 Wingate Association
Globe Bank & Trust-_100
205
Bonds.
Per Cent.
5
American
12 Essex Associates
100 349 355 Kings Co
100 3200 3400
$2,000 Middlesex & Boston St. Ry.
5
Banal Commerciale nal _101 354 358 Niiriworal
25 units Boston Securities Corp__
100 220 250
Co. 4365. Jan. 1932
60
5814
•Mate banks. (New stook. z Ex-dividend. 9 Er-stock div. y Ex-rights.
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
$ per Sh. Shares. Stocks.
Buzza Clark, Inc. 7% cum. pref.
10 Broadway Merchants Trust Co.,
National Banks.-The following information regarding 1 (with
wart. for 1 sh. corn. stk.)._El lot
Camden, N. J., par $20
60
Canadian Rail & Ilarbour Ter12 Blackwood Trust Co., N. J....110
national banks is from the office of the Comptroller of the 500minals,
Ltd., corn. v.1. c
$10 lot 4 Phila. Bourse, corn., par 550
20
2 Oscar Nebel Co., Inc. part. pfd _522 lot 5 Wm.Penn Fire Ins. Co., par 550.120
Currency, Treasury Department:
183 Universal Chain Theatres Corp.
115
3 Bell Telep. Co. of Pa., pref
APPLICATIONS TO ORGANIZE RECEIVED WITH TITLES
corn.; $6,000 West Va. Southern
Membership Roll'g Green Golf Club 600
Coal Co. lot mtge. Fe leasehold.
2 Tradesmen National Bank
REQUESTED.
420
1947 (with warr. for 20 shs. corn.
Bondsfor each $1,000 bond)
Per Cent.
$40 lot
Apr. 30-The Wahoo National Bank, Wahoo, Nob
10 Phila. National Bank, par 520._139
$1,000 Lehigh & New Engl. Term.
Correspondent Chas. H. Slama, Wahoo, Neb.
Warehouse Co. 7% serial mtge..
20
Phila.
National
Bank, par $20_ _13814
May 3-The Fillmore National Bank of Buffalo. N. Y
200,000 18 Adelphia
Feb. I 1038 (with warrant for 5
13ank & Tr. Co.,par $10 1131
Correspondent, Wm. Vogelsang, 1307 Fillmore Ave.,
shares corn. stock)
100 Tulpehocken National Bank Jr
$8 lot
Buffalo, N. Y.
Trust Co., Dar HO
231 $2,000 Rossman Corp. 15-year sink.
fund deb. 63.4s, May 1 1942(with
48 Commercial National Bank Jr
CHARTERS ISSUED.
warrant for 5 shares capital stock
Trust Co.. Par $10
28
Apr. 28-The City National Bank of Greeley, Neb
30.000 40 First Camden Nat'l
for each $1,000 bond)
$550 lot
Bank & Tr.
President, J. M. McQuillan; Cashier. Frank Horan.
$1,000 Philmont Country Club (C.
Co., Camden, N. J., par $25_ ..l10
May 1-The Citizens National Bank in St. Paul, Neb
35,000 25 Security Title & Tr.
Benton Cooper) 1st mtge. Os, ser.
Co., par $10 3
Conversion of Citizens State Bank. St. Paul, Neb.
B, July 1 1938
5 Sixty-Ninth St. Term. Title Jr
77
President. Frank J. Taylor: Cashier, F. T. Shaughnessy.
$9,000 Trades Publication 654s.
Co., par $50
130
May 1-The St. Paul National Bank. St. Paul, Neb
40,000 50 Bankers Trust Co., par
1937
$140 lot
550._ _ 7034
Conversion of the St Paul State Bank. St. Paul, Neb.
60 Bankers Trust Co., par 550
Rigid370
per Right.
President, Pauline Paul Arterburn: Cashier, F. R.
5 Central Trust & Say. Co., par $10 26
500 Phila. Record Co., corn
2g
Haggart.
By A. J. Wright & Co., Buffalo:
VOLUNTARY LIQUIDATIONS.
Pr. 28-The Planters National Bank of Bennettsville, S. C.-- 100,000 shares. Stocks.
Bonds.
$ per Sit.
Per Cent.
Effective April 22 1930. Liquidating agents, A. D.
500 Creighton Fairbanks Mines,
$178,000 AV. Va.-So. Coal Co. 1st
Matheson and II. J. Riley, Bennettsville, S. C.
Ltd., par $1
52.00101
mtge. & leasehold 75, 1947, with
Absorved by Peoples State Bank of South Carolina,
100 Assets Realization Co
corn, stock much. warrants and
51.50 lot
Charleston, S. C.
Jan. 1930 coupons attached...52.00 lot
MAY 10 1930.]
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show dividends previously announced, but which
have not yet been paid. Dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
June 28 Holders of rec. May 24
22
Alabama Great Southern ordinary
$1.50 June 28 Holders of rec. May 24
Ordinary (extra)
Aug. 15 Holders of rec. July 11
22
Preferred
11.50 Aug. 15 Holders of rec. July 11
Preferred (extra)
2% June 30 Holders of rec. May 29
Canadian Pacific common (guar.)
61.15 May 22 Holders of rec. May 120
Catawissa preferred
51% June 30 *Holders of rec. June 6
Chic. R. I. & Pao.common (guar.)
*3
June 30 *Holders of rec. June 6
6% preferred
*3% June 30 *Holders of roe. June 6
7% Preferred
873.40 June 2 Holders of rec. May 10a
Cleveland & Pittsburgh guar.(quar.)
500. June 2 Holders of rec. May 100
Special guaranteed (guar.)
July 1 Holders of rec. June 110
2
Illinois Central leased lines
Pittsb. Ft. Wayne & Chic. corn. (gu.)... *151 July 1 *Holders of rec. June 100
"1% July 8 *Holders of rec. June 100
Preferred (guar.)
July 1 *Holders of rec. June 2
St. Louis-San Francisco common (gu.)- *2
1% July 1 Holders of roe. May 264
Southern Pacific Co.(guar.)
2% July 1 Holders of rec. June 2
Union Pacific! common (guar.)
Public Utilities.
$1.75 July 1 Holders of rec. June 14
Alabama Power $7 pref.(guar.)
$1.50 July 1 Holders of rec. June 14
$6 preferred (guar.)
$1.25 Aug. 1 Holders of rec. July 15
$5 preferred (guar.)
250. June 2 Holders of rec. May 15
Amer. Power & Light common (quar.)
(f) June 2 Holders of rec. May 15
Common (one-fiftieth sh. corn.
Amer. Water Wks. & El. $8 pref. (qu.) $1.50 July 1 Holders of roe. June 12
Associated Gas & Elec., $6 pref. (qitar.) $1.50 June 2 Holders of rec. Apr. 30
$1.625 June 2 Holders of rec. Apr. 30
$6.50 preferred (quar.)
$1.25 June 18 Holders of rec. May 15
15 preferred (Mum)
June 2 Holders of rec. May 150
Blackstone Valley Gas & Elec., pref..... 3
Cent. Ark. Pub. Serv., pref.(guar.).- 131 June 2 Holders of rec. may 15a
$1.625 June 1 *Holders of rec. May 16
Central Gas & Elec., pref.(guar.)
Central Indiana Power, pref. (quar.)___ •134 June 2 *Holders of rec. May 20
•4354c June 15 *Holders of rec. May 26
Central Pub. Serv.. class A (guar.)
July 1 *Holders of rec. June 11
*$1
34 preferred (guar.)
"$1.50 July 1 *Holders of rec. June 11
36 preferred (guar.)
*$1.75 July 1 *Holders of rec. June 11
$7 Preferred (quar.)
100. July I Holders arm. June 5
Central States Elec. Corp., cons.(qu.)
Common (payable in common stock)_ 1234 July 1 Holders of rec. June 5
134 July 1 Holders of rec. June 5
7% preferred (quay.)
134 July 1 Holders of rec. June 5
6% preferred (guar.)
(z) July 1 Holders of rec. June 6
Cony. pref. series of 1928 (quar.)._
(z) July 1 Holders of rec. June 5
Cony. pref. series of 1929 (quar.)Chicago South Shore & South Bend154 June 2 Holders of rec. May 16
Preferred class A (guar.)
55c. June 1 Holders of rec. May 15
Consol. Gas Utilities. class A (quar.)...
. *500. June 2 *Holders of rec. May 15
Empire Gas & Fuel,6% pref.(monthly)
54 1-6c June 2 *Holders of rec. May 15
6)4% Preferred (monthly)
58 1-3c June 2 *Holders of rec. May 15
7% preferred (monthly)
86 2-3c June 2 *Holders of rec. May 15
8% Preferred (monthly)
Federal Light & Tract., corn. (quar.)..... 3754c July 1 Holders of rec. June 13
I% May 31 Holders of rec. May 15
Preferred (guar.)
$1.80 June 2 Holders of rec. May 20
Gary Railways, pref. A (guar.)
51.50 July 1 Holders of rec. June 20
Gulf Power, pref. (guar.)
*750. June 1 *Holders of rec. May 16
Hackensack Water, corn
*873.40 June 1 *Holders of rec. May 16
Preferred
1% June 2 Holders of ree. May 15
Indiana Service, 7% pref. (guar.)
1% June 2 Holders of rec. May 15
6% preferred (guar.)
•500. June 1 *Holders of rec. May 1
Intercontinents Power, class A (guar.)
Keystone Wat. Wks.& Elec. cl. A (qu.)_ *75e. May 15 *Holders of rec. May 10
Hold.of rec.Feb.2 1931
Lone Star Gas,corn.(In corn.stk.)
Montreal Light, Heat & PowerNew no par corn.(quar.)(No. 1)...... "3734c July 31 'Holders of rec. June 30
400 June 1 Holders of rec. May 15
NationalPublic Serv., corn. B (quar.)..
87340 June 1 Holders of rec. May 15
$3.50 preferred (guar.)
75e June 1 Holders of rec. May 16
preferred
(guar.)
$3
134 June 2 Holders of rec. May 15
Nebraska Power, 7% pref. (guar.)
114 June 2 Holders of rec. May 15
6% preferred (quar.)
Peninsular Telephone 7% pref. (qu.)__. •1% May 15'Holders of rec. May 5
Seaboard Public Service, pref. (qua?.)... $1.50 June 1 Holders of rec. May 15
*114 may 10 *Holders of rec. Apr. 30
Sioux City Gas & Elec.,7% Pt.(gil.)Southern Calif. Edison, pref. A (quar.). *43340 June 15 'Holders of rec. May 20
*373ie June 15 'Holders of rec. May 20
Preferred B (guar.)
$1.50 June 2 Holders of rec. May 15
South. Cities Util. $6 pr. pt.(qu.)
*2
July 15 *Holders of rec. June 30
Southern N. E. Telep. (quar.)
1% June .2 Holders of rec. May 15
Southwestern Power & Light, Pf.(qu.)
May 15 'Holders of rec. May 5
Utica Gas & Elec., 7% pref.(qu.)
I% June 2 Holders of rec. May 15
West Ohio Gas, pref. A (guar.)
Banks.
5
May 13 Holders of coup. No. 9
Bank of Abyssinia
Trust Companies.
*30e. June 16 "June 6 to June 15
Continental Bank & Trust (guar.)
Miscellaneous.
1% My 1 Holders of rec. June 16
Agnew-Surpass Shoe, pref. (guar.)
"62%e June 2 *Holders of rec. May 20
Ainsworth Mfg., corn. (guar.)
*50c. June 1 *Holders of rec. may 15
American Capital, common A
*50e. June 1 *Holders of rec. May 15
Common A (extra)
21.375 June 1 'Holders of rec. May 15
Preferred (guar.)
Amer Hard Rubber, corn. (guar.)
'1)4 may 15 *Holders of rec. Apr. 30
*500. July 15 *Holders of rec. June 30
American Rolling Mill (guar.)
July 30 *Holders of roe. July 1
*e5
Stock dividend
Angus Co.-Dividend omitted.
Atlantic Securities Corp., pref. (quar.)- "75e. June 2 *Holders of rec. May 15
June 10 *Holders of rec. May 29
*SI
Atlas Powder. corn. (guar.)
Automatic Musical Instrument A (qu.)_ *250. May 15 *Holders of roe. May 5
'Sc. May 15 *Holders of rec. May .5
Class A (extra)
Bamberger (L.) & Co., pref.(guar.).- *1% June 2 'Holders of rec. may 14
7.5e. July 10 Holders of rec. June 25
Beech-Nut Packing, corn. (guar.)
*50c. June 16 *Holders of rec. May 23
Beet & Co.(guar.)
4.1
June 2 *Holders of rec. May 19
Brill Corp., pref.(guar.)
25e. May 1 Holders of rec. Apr. 30
British & Foreign Invest
600. May 31 Holders of rec. May 15
Brown Fence & Wire, A and B (quar.)..
750. June 2 Holders of rec. Slay 20
Brown Shoe, corn. (quar.)
"250. June 1 *Holders of rec. May 15
Byron Jackson Pump
Sept. 1 *Holders of rec. Aug. 15
"e2
Stock dividend
2
May 15 Holders of rec. May 1
Cabot Manufacturing (guar.)
*750. June 1 *Holders of rec. May 20
Chicago Investors, pref. (guar.)
*750. June 30 *Holders of rec. June 2
Chrysler Corp.(guar.)
750. June 18 Holders of rec. May 29
Clark Equipment, corn. (guar.)
750. June 1 Holders of rec. May 15
Cleveland Quarries (guar.)
26e. June 1 Holders of rec. May 15
Extra
July 1 *Holders of rec. June 12
413
Coca-Cola Internat., corn.(quar.)
*$3
July 1 *Holders of rec. June 12
Class A
Collins & Aikman Corp., pref.(quay.).. 134 June 2 Holders of rec. Slay 20
Columbia Pictures, corn. (qu.) (No. 1)_ 3730 July 2 Holders of rec. June 190
Common (payable in common stock). f234 Oct. 2 Holders of rec. Sept. 30
750. June 2 Holders of roe. May 190
Convertible preference (quay.)
Crum & Forster Ins. & Share Corp.
234 May 31 Holders of roe. May 15
Common (quar.)
May 31 Holders of rec. May 16
Common (payable in class B com.)--- 5
131 May 31 Holders of rec. May 15
Preferred (quar.)
1% Aug. 30 Holders of rec. Aug. 20
Preferred (guar.)
1% Nov.29 Holders of rec. Nov. 19
Preferred (quay.)
$1
June 2 Holders of roe. May 15a
Drug, Inc. (guar.)
Dunlop Rubber, Ltd.
*w9
May 16 *Holders of roe. Apr. 30
Amer. dep. rcts. for ord. shares
41.25 July 1 Holders of roe. May 31
Eastman Kodak common (quar.)
750. July 1 Holders of roe. May 31
Common (extra)
1% July 1 Holders of rec. May 31
Preferred (quar.)
50c June 1 Holders of recs. May 21
Ely Walker Dry Goods corn.(quar.)._..
750 June 30 Holders of roe. June 120
Fairbanks, Morse & Co. common (qu.)..._
Preferred (guar.)
1% June 2 Holders of rec. May 12a
First Trust-Bank Stock Corp. (qua?.).. •12%0 June 10 *Holders of roe. Apr. 30
'1)4 June 10'Holders of roe. Apr. 30
Preferred (quar.)
3307
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Fuller (Geo. A.) Co., pr. pref.(guar.).- 21.60 July 1 Holders of rec. June 10
Participating second pref. (quar.)---- 41.50 July 1 Holders of rec. June 10
25e. June Si) Holders of rec. June 16
General Development
134 May 15 Holders of rec. May 8
Gluck Mills common (quar.)
June 1 Holders of rec. May 20
33
Godman(H C.) Co. 1st pref
$1.75 June 10 Holders of rec. June 1
Second preferred
$1
June 2 Holders of rec. May 19
Goodrich (B.F.) Co.common (quar.)
Grand Rapids Store& EquiP. Pt.(qu.)_._ *173Ic Aug. 1 *Holders of rec. July 20
*1730 Nov. 1 *Holders of rec. Oct. 21
7% preferred (guar.)
*25e. July 1 *Holders of rec. June 20
Grand Rapids Varnish (quar.)
"35e. May 10'Holders of rec. May 1
Hale (Nathan) Invest. pref.(No. 1)
30c. May 31 Holders of rec. May 20
Hamilton Watch common
"50e. June 2 *Holders of rec. May 19
Hartman Corp. class A (quar.)
*300. June 2 *Holders of rec. May 19
Class B (guar.)
*50c. May 31 *Holders of rec. May 15
Hazeltine Corp.(guar.)
*6234c June 1'Holders of rec. May 17
Hobart Mfg.common (quar.)
*82 Mc July 1 'Holders of rec. June 16
Holland Furnace (guar.)
*500. May 26 *Holders of rec. May 20
Homestake Mining (monthly)
*873.lc June 1 *Holders of rec. May 23
Horn(A. C.) Co. let pref.(quar.)
"1214c June 2 *Holders of roe. May 15
Imperial Oil of Canada (quay.)
18e. May 31 Holders of rec. May 25
Imperial Royalties pref. A (monthly).134 May 31 Holders of rec. May 25
Old preferred
Insull Utility Investments$1.50 June 2 Holders of rec. May 15
Second series preferred (guar.)
"25o. June 25 *Holders of roe. June 10
Interlake Iron (guar.)
*12 (Subject to approval of stockI. G. Farbenindustrie
'2
I holde rs meeting.
Bonus
60o. June 2 Holders of rec. May 160
Internat. Safety Razor, class A (quar.)_
50c. June 2 Holders of rec. May 15a
Class B (guar.)
*25e. June 1 *Holders of rec. May 15
Iron Firemen Mfg.(guar.)
Isotta Fraschini Co., Am. dep. rota..... '1.06 May 3 *Holders of rec. Apr. 30
6230 June 1 Holders of roe. May 15
JaegerMachine, corn. (guar.)
Johnson & PhillipsMay 13 *Holders of rec. Apr. 30
*w5
Amer. dep. rcts, for ord. shares
*$1 June 15 *Holders of rec. May 15
Knox Hat,cons.(guar.)
July
1 *Holders of rec. June 14
"134
(quar.)_
pref.
Cement.
Lehigh Portland
Leighton Industries, class A (guar.).
-*3734c May 15 *Holders of rec. May 6
*$2.50 June 2 *Holders of rec. May 10
Ludlow Mfg. ASSOCiatE8 (guar.)
May 15 *Holders of rec. May 5
Lee (H. D.) Mercantile Co.(quar.).- *1
•1% June 1 *Holders of rec. May 20
Mengel Stores, pref. Mari
50c.
June
2 Holders of rec. May 15
(quar.)
corn.
Shirt,
Manhattan
*12
June 2 *Holders of rec. May 19
Marmon Motor Car, corn
Marshall Field & Co. (au..) (No. 1).... 6234c June I Holders of rec. May 15
*500. June 1'Holders of rec. May 15
MaterialService Corp.(guar.)
McColl-Frontenac Oil, corn. (quay.).... *150. June 15 *Holders of rec. May 15
441.25 May 15 *Holders of rec. Apr. 30
Mercantile Stores. corn.(qua?.)
"1% May 15 *Holders of rec. Apr. 30
7% preferred (guar.)
"134 May 13 *Holders of rec. May 6
Merrimac Mfg., corn.(guar.)
June 14 Holders of rec. May 29
(an.)....
47340
pref.
Pictures,
Metro-Goldwyn
Miller & Hart, Inc., cony. pref.(guar.). *87340 July 1 *Holders of rec. June 15
Mississippi Val. Utilities Investment$1.75 June 2 Holders of rec. May 15
47 preferred (quar.)
Morison Elec. Supply, corn. (quar.)---- "250. June 1 *Holders of rec. May 15
*.r14J
une
1 *Holders of rec. May 15
stock).
common
(payable
in
Common
750. June 1 Holders of rec. May 18
Munsingwear, Inc. (guar.)
*50o. June 1 *Holders of rec. May 20
Muskegon Motor Specialties A (guar.)
•154 May 31 *Holders of rec. May 10
National Baking, 7% pref. (guar.)
*75e. June 1 *Holders of rec. May 15
Nat. Bearing Metals, corn. (quar.)
*50c. July 1 *Holders of rec. June 3
Nat. Dairy Products: SOM.(guar.)
July 1 *Holders of rec. June 3
*134
Preferred A & B (quar.)'
*400. June 1 *Holders of rec. May 20
Nat. Family Stores, corn. (guar.)
*50c.
June
1 *Holders of rec. May 20
Preferred (quar.)
•134 May 15
Nelld Mfg.(quar.)
*50e. June 2 *Holders of rec. May 23
Newport Co.(quar.)
"750. June 2'Holders of rec. May 23
Class A (guar.)
N. V. Margarine Unie ord.}On de mand.
guilders
60 guilders per 1,000
6 guilders per 100 guilders
Northam Warren Corp., cony. pref.(qu) "750. May 31 *Holders of rec. May 15
"3734 cMay25 *Holders of rec. May 15
Orange-Crush Co.(guar.)
Oppenheimer (S.) Sr Co.. pref-dividend passed.
'500. June 1 *Holders of roe. May 22
Oshkosh Overall, pref.(guar.)
*45e. June 2 *Holders of rec. May 19
Outboard Motors, class A (quar.)
Outboard Motors Corp., cl. A (guar.).- "450. June 2 *Holders of rec. May 19
*50e.
June 1 'Holders of rec. May 15
Pacific American Fisheries (guar.)
*6234c May 20'Holders of rec. May 10
Parker Rust Proof, corn. (guar.)
Common (payable in common stock). .710 May 20 *Holders of rec. May 10
•350. May 20'Holders of rec. May 10
Preferred (quar.)
Patin() Mines & Enterprises Consol.-No action taken.
*50e. June 1 *Holders of rec. May 15
(quar.)....
Patterson-Sargent Co., corn,
25c. June 1 Holders of rec. May 10
Pepper (Dr.) Co
May 20 *Holders of rec. May 12
*$1
Penn-Mex Fuel Co
June 1 *Holders of rec. May 15
"250.
Pines Winterfront Co.(guar.)
June 1 "Holders of rec. May 15
"e2
Stock dividend
Prince & Whitely Trading, pref.(quar.)- *75c. June 2 *Holders of rec. May 20
131 May 15 Holders of rec. May 5
Quissett Mill, corn.(guar.)
Radio Corp. of Amer., pref. A (qua?.) 8730 July 1 Holders of rec. June 2a
July 1 Holders of rec. June 20
$1.25
PreferredB (quar.)
•1234c June 18 *Holders of rec. May 19
Railroad Shares Corp.(guar.)
Ranier Pulp & Paper, class A (quar.)... *50c June 1 'Holders of rec. May 10
*25c June 1 'Holders of rec. May 10
Class B (guar.)
Remington Rand, Inc., cons. (quar.)... "400 July 1 *Holders of rec. J11110 7
July 1 'Holders of rec. June 7
*1%
First preferred (guar.)
July 1 'Holders of roe. June 7
*2
Second preferred (guar.)
July 1 'Holders of roe. June 10
Revere Copper & Brass, class A (guar.) *$1
Aug. 1 *Holders of rec. July 10
"$1.75
Preferred (guar.)
60e June 2 Holders of rec. May 15
Reynolds Metals (guar.)
•300 May 15 *Holders of rec. May 3
Rich's, Inc
50c May 31 Holders of rec. May 16
Shippers Car Line, class A (guar.)
1% May 31 Holders of rec. May 16
Preferred (guar.)
134
June 2 Holders of rec. May 16
(quar.)..
Simon (Franklin) 4c Co.. pref.
Simon (H.)& Sons, Ltd., corn.(quay.)... 62340 June 1 Holders of rec. May 20
134 June 1 Holders of rec. May 20
Preferred (quar.)
•134 May 15
Soule Mills (quar.)
500 July 15 Holders of rec. June 30
Spalding (A. G.) & Bros., corn.(quay.)..
134 June 2 Holders of rec. May 17
First preferred (quar.)
June 2 Holders of rec. May 17
2
Second preferred (guar.)
•134 June 2"Holders of rec. May 16
Spear & Co., pref. & 2nd pref.(gUar.)
*15c
June 1 *Holders of rec. May 15
Standard Dredging, corn. (quar.)
Corn.(1-80th of one share of corn.)..- (I) June 1 Holders of rec. May 15
*62340 June 18 *Holders of roe. May 16
Standard Oil (Indiana) (quay.)
'6234 June 20'Holders of rec. May 24
Standard 011 (Nebraska) (guar.)
*25e June 20 *Holders of rec. May 24
Extra
ittedo
m
corn.
-Dividend
Stores,
Sterchl Bros.
'27340 June 1 *Holders of rec. May 23
Superior Portland Cement(guar.)
134 June 2 Holders of rec. May 200
Timken-Detroit Axle, pref. (quar.)__ _ _
•750 June 5'Holders of rec. May 20
Timken Roller Bearing (guar.)
Tobe Deutschmann-Dividend omitted
3
May 15 May 6 to May 15
Tudor City Second Unit, Inc., prof
Underwood-Elliott-Fisher Co.
$1.25 June 30 Holders of rec. June 12
Common (guar.)
134 June 30 Holders of rec. June 12
Preferred (guar.)
*150 June 2 *Holders of rec. May 20
United-Carr Fastener (qar.)
*500 June 1 *Holders of rec. May 15
United Milk Crate, cl A (guar.)
$1.75 June 1 Holders of roe. May 190
U.S. Stores Corp. 1st pref. (quar.)
Utility Equities Corp. priority stk.(qu.) $2.75 June 2 Holders of rec. May 15
June 20 Holders of rec. May 31
$1
Vacuum Oil (quay.)
*$2.50 May 10 *Holders of roe. May 1
Vapor Car Heating, corn. (guar.)
Victor Welding Equip., A & B (quar.) *37340 May 25 *Holders of rec. May 14
"10e May 25
Walluku Sugar (monthly)
134 July 1 Holders of roe. June 17
Ward Baking,pref.(guar.)
"25e May 30 "Holders of rec. May 15
Welch Grape Juice (guar.)
May 30 *Holders of rec. May 15
'$2.25
Extra
75c June 1 Holders of rec. May 20
Western Auto Supply, corn. A & B (qu.)
*50c May 15 *Holders of roe. Apr. 30
Westfield Mfg., corn. (guar.)
West Va. Pulp & Paper, prof. (qua?.).. *134 May 15 *Holders of rec. May 5
*250 July 1 *Holders of roe. June 20
Wheatsworth, me.(guar.)
•50c June 30 *Holders of rec. May 12
White Motor Co., corn. (quay.)
White Motor Securities, pref.(guar.)._ "134 June 30 *Holders of rec. June 12
'131 June 2 *Holders of rec. May 15
Wolverine Tube. pref.(guar.)
250 May 26 Holders of rec. May IS
Zonite Products Corp.(guar.)
3308
FINANCIAL CHRONICLE
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
[vim. 130.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Southern Pacific Golden Gate FerriesClass A and B (quan)
.37he May 15 "Holders of rec. Apr. 30
Preferred (quar.)
Name of Company.
*81.50 May 15 "Holders of rec. Apr. 30
Stand.Pow.& Lt. corn. dir corn. B.(qu.). *50c. June 1 'Holders of roe. May 10
-Carom
Electric Co., corn. (quar.)
RoBremde (Steam).
50c. May 15 Holders of rec. Apr. 25
Atchison. Topeka & Santa Fe.corn.(qu.) 2h June 2 Holders of rec. May 2a Tennessee Electric Power Co.
5% first preferred (quar.)
Atlanta & West Point
iq July 1 Holders of rec. June 14
4
June 30 June 21 to June 30
6% first preferred (quar.)
Atlantic Coast Llue RR., corn
334 July 10 Holders of rec. June 12a
134 July 1 Holders of reo. June 14
7% first preferred ((soar.)
Common (extra)
135 July 1 Holders of reo. June 14
134 July 10 Holders of rec. June 12a
7.2% first preferred (quar.)
Baltimore & Ohio. common (quar.)--- - 1h June 2 Holders of rec. Apr. 19a
$1.80 July 1 fielders of reo. June 14
6% first preferred (monthly)
Preferred (guar.)
On. Juno 2 Holders
1
. May is
June 2 Holders of reo. Apr. 190
6% first preferred (monthly)
Bangor & Aroostook, corn. (quar.)
00. July 1 Holders if co. June 14
87e. July 1 Holders of rec. May 31a
7.2% first preferred (monthly)
Preferred (quar.)
60c. June 2 Holders of rec. Stay 15
1 h July 1 Holders 01 res. May 31a
7.2% first preferred (monthly)
Central FtR. of N. J. (Quar.)
60e. July 1 Holders of reo. June 14
2
May 15 Holders of rec. May 50
Chesapeake & Ohio. preferred
334 July I Holders of rec. June 70 Union Natural Gas of Canada (quar.).. •u400. June 10 'Holders of rec. Apr. lb
Delaware & Hudson Co. (qua:.)
30e June 30 Holders of rec. May 3Ia
23 June 20 Holders of rec. May 28a United (las linorovemeut corn.(quer.).
Preferred (quar.)
Georgia Southern & Fla.. 1st & 2nd pref.
$1.25 June 30 Holders of rec. May 310
23, May 29 Holders of rec. May 15
Western Continental CUL corn. A (guy_ *32 he June 1 "Holders of rec. May 10
Hocking Valley (special)
6.4 May 10 Holders of rec. Apr. 28
West Penn Elec Co. 7% pref. (guar.)._
Hudson & Manhattan. common
135 May 15 Holders of rec. Apr. 190
1 h June 2 Holders of rec. May 15a
6% preferred (qitar.)
Illinois Central, tom. (Quar.)
155 May 15 Holders of rec. Apr. lea
1j June 2 Holders of rec. May ga
Internat. Rys. of Cent. Am.. pf. (qu.) 1.35 May 15 holders of rec. Apr. 30a Western Power Corp., prof.(quan)
1)5 July 15 Holders of rec. June 30
Maine Central, corn.(quar.)
Banks.
155 July 1 Holders of rec. June 16
Prieto State (quan)
Preferred (quer.)
234 June 1 Holders of reo. Stay 150
155 June 2 Holders of rec. May 15
Fire Insurance.
Missouri-Kan.-Texas pref. (quar.)
134 June 30 Holders of rec. June 140
North River Insurance (quac.)
New Orleans Texas & Mexico (ouar.)
50c. June 14 Holders of rec. June 4
1)5 June 2 Holders of rec. May laa
Quarterly
N.Y. Chic. & St. L., corn. dr pf. (qu.)_
50c. Sept. 15 Holders of rec. Sept. 5
155 July 1 Holders of reo. May 15a
Norfolk & Western. corn. (qua:.)
Miscellaneous.
234 June 19 Holders of rec. May 310
Abbott Laboratories (Ijuar.)
•62340 July 1 'Holders of rec. June 16
Adjustment pref. (Ouar.)
1
May 19 Holders of reo. Apr. 300
•10. May 20 *Holders of rec. Apr. 30
Pennsylvania RR.(quar.)
$1
May 31 Holders of roe. May Is A. B. C. Cigar(monthly)
Ainsworth Mfg.(stook div.) (quar.)... 'el
June 2 "Holders of reo. May 20
Pitts. Bessemer & Lake Erie, prof
•$1.50 June 1 'Holders of reo. May 15
Alaska Packers Ass'n (Quar.)
2 May 10 Holders of tee. Apr. 30
Pittsburgh dr Lake Erie (extra)
"$5 May 15 'Holders of rec. Apr. 25
Ifio. May 17 Holders of nay Apr. 30a
Beading to..(rot prof. (qilar.)
50c June 12 Holders of rec. May 220 Allegheny Steel, common (monthly)
Common (monthly)
150. June 1
Holders of mice May 310
Bt. Louis-San Francisco, pref. Mara
134 Aug. 1 Holders of reo. July la
Preferred (query
•134 June 2 "Holders of reo. May 15
13.4 Nov. 1 Holders of rec. Oct. la
Preferred (quar.)
•134 Sept. 'Holders of rec. Aug. lb
Preferred (quer.)
United N. J. RR. dr Canal Cos.(qu.)_ - '255 July 1 'Holders of rec. June 20
Preferred (quar.)
'Holders of rec. Nov. lb
'13.5 Deo.
Quarterly
.2.15 Oct. 1 *Holders of reo. Sept. 20
Holders of rec. May 20
134 June
Quarterly
'255 Jan 131 "Holders of rec. Dea.20 30 Alliance Realty, pref. (quar.)
Preferred
Sept.
Holders of reo. Aug. 20
(quar.)
154
May
(qua:.)
190
24
Holders
A
of
rec.
prof.
Apr.
RY•.
135
Wabash
Preferred (qua:.)
134 Doe.
Holders of reo. Nov. 20
Western Railway of Ala
June 30 June 21 to June 30
4
The
.
may 1
Mita-Chalmers, Nita. (Quar.)
Holders ot rec Apr 24a
Public Utilities.
Aluminum Mfrs., Inc., corn. (gum.).
•50c. June 30 'Holders of rec. June 14
25e. May 15 Holders of rec. Apr. 25o
Amer. Water Wks. & Elec., corn. (qtr.).
Common (quar.)
•500 Sept. 30 "Holders of rec. Sept. 15
Brazilian Tr.. Lt. & Pow., corn.(qti.).50c. June 2 Holders of rec. Apr. 30
Common (Ouse.)
•50c flee. 31 "Hoiden of rec., Dec. 15
Brooklyn Edison Co. (quar.)
2 June 2 Holders of rec. May 00
•rai June 30 'Holders of reo. June 15
Preferred (quar,)
Canadian Hydro-F-lectric, 1st pf. (qu.). I IS June 1 Holders of rec. May 1
•1t./ Sept. 30 "Holders of rec. Sept. 15
Preferred (qua:.)
Central & South West Utilities•13.i Dec. 31 "Holders of rec. Dee. 15
Preferred (quar.)
Common (payable in corn. stock) -.
f134 July 15 Holders of rec. June 30
American Book (quar.)
Apr. 19 'Holders of rec. Apr. 14
$7 pref.and prior lien preferred (quar.) $1.75 May 15 fielders of rec. Apr. 30
Amerlean Can, corn. (quar.)
$I
May 15 Holders of rec. Apr. 300
$1.60 May 15 Holders of rec. Apr. 30
$o Prior lien prof (quar.)
American ColortyPe. Pref.(quar.)
134 June 1 Holders of reo. Mar. 14
Chic. Rapid Transit. pr. pref. A (qU.).- •650. June 1 'Holders of ree. May 20
Amer. European Securities pref. (quar.)- $1.50 May 15 Holders of rec. Apr. 30
•600. June 1 'Holders of roe. May 20
Prior preferred B (quar.)
AmerIcan Factors(monthly)
"150. May 10 'Holders of reo. Apr. 30
Cities Service Pow.& IA_ S6 rd.(mthlY)- *50e. May 15 'Holders of roe. May 1
Amer. Home Products (monthly)
350. June 2 Holders of rec. May 140
• 58 1-3c May 15 'Holders of rec. May 1
$7 preferred (monthly)
American International Corp.Cleve,. Elm Illuminating, pref. (qua:.)134 June 1 Holders of roe. Niel' 15
12
Oct. 1
anydary
50c. May 15 Holders of rec. Apr. 190
bleminacTi
Columbia Gas dr Elec., COm•(quar.).Cm
erm
ica
mnonLa
(p
u
mnen;yon(qat°uarek.)) - .$1 June 1 'Holders of rec. May 20
(I) June 30 Holders ot rec. May 240 Am
Common__
American
ca Manufacturing. Dam. (quar.)July 1 June 16 to June 30
1
155 May 15 Holders of rec. Apr. lifa
6% preferred series A (quar.)
Common (quar.)
1
Oct. I Sept. 16 to Sept. 30
134 May 15 Holders of rec. Apr. 190
5% preferred (quar.)
Common (quar.)
1
Deo. 31 Den 16 to Deo. 30
Commonwealth & sou. Corp., corn.(qu.)
lbc June 2 Holders of rec. May ba
Preferred (quar.)
134 July I June 16 to June 30
51.50 July 1 Holders of rec. June 90
$6 preferred (quar.)(No. 1)
Preferred (quar.)
Community Water Service. 1st pf. (QU.) 51.75 June 2 Holders of rec. May 20
135 Oct. I Sept 16 to Sept. 30
Preferred (qua,'.)
Coma eticut Ily. & Ltg., com A pi.(qu.) 134 May 15 Holders of reo. Apr. 300
155 Dee. 31 Dec. 16 to Dee. 30
American Metal, corn. (quar.)
75c. June 2 Holders of rec. May 21a
June 16 Holders of rec. May 9a
Consolidated Gas of N. Y. corn.(quer.). $1
134 June 2 Holders of rec. May 21a
Preferred (quar.)
11.25 July 1 Holders of reo. June 14
Consumers Power. $5 pref.(quar.)
Amer. Multigraph, corn.(quar.)
62340 June I Holders of reo Mayd16
6% preferred (quar.)
134 July I Holders of rec. June 14
American News Co., Inc., ennui.
b0c. May 15 Holders of rec. May 50
1.65 July 1 Holders of reo. June 14
6.6% preferred (quar.)
Amer. Radiator & Stand. Sanitary Mfg
1)5 July 1 Holders of rec. June 14
7% preferred (quar.)
Common (qilar.)
500 June 2 Holders of rec. May 15
37550. June 30 Holders of rec. June Ila
6% preferred (monthly)
145 May 31 Holders of reo. Slay 15a
Preferred (quar.)
500 July 1 Holders of rec June 14
6% Preferred (monthly)
American & Scottish Invest. (qua:.)
•300. June I 'Holders of roc May 15
550. June 2 Holders of reo. Slay 15
6 6% preferred (monthly)
Amer. Smelt. & Ref., pref. (quar.)
55c July 1 Holders of reo. June 14
1)5 June 2 Holders of roc May 20
6.6% preferred (monthly)
Amer. Solvents & Chemical, pref.(Us.).
75e. May IS [folders of red'. May la
Eastern Mass St. By.American Tobacco, corn. dr corn. B (qu.) $2 June 2 Holders of rec. May 10a
First Prof. & sinking fund stocks (qu.) 13.5 May 15 Holders of rec. May 1
Amoskeag Mfg., common (quar.)
50c. May 15 ['elders of rec. Apr. 21a
•250. July 2 'holders of reo. June 14
Eastern Utilities Associates. corn. (qu.).
Common (quar.)
•250. Ott. 2 'Holders of reo. Sept. 13
1)5 June 16 Holders of rec. may 31
East Kootenay Power, pref.(Quar.)._
Anaconda Copper alining Co.(qu.)
51.75 May 19 Holders of rec. Alin I20
Empire Public Service. Cl. A (Quar.).- r45c. May 15 Holders of rec. Apr. 25
Anaconda Wire& Cable(quar.)
75c. May 12 Holders of roc. Apr. 120
060c. June 1 !folders of rec. May 2a
Federal Water Service, corn. A (quar.)
Andes Copper Mining (qisar.)
75e. May 12 Holders of roe Apr. 12a
10e. June 1 Holders of rec. May 31
Common B (quar.)
Angle Steel Stool (Qimar.)
"20e. July 15 Holders of rec. July 5
Havana Electric Ry., pref. (quar.)
135 June 2 Holders of rec. May 12
Artloon, Corp., pref. (Quar.)
$1.75 June I Holders of rec. May 15a
Havana Elec & Utilities, let OIL (qu.). 51.50 May 15 Holders of rec. Apr. 21
Associated Dry Goods, let pref. (qua:.). 155 June 2 Holders of rec. May 10a
31.25 May 15 fielders of rec. Apr. 21
Preference (quan)
Second preferred (ouar.)
135 June 2 Holders of reo. May 10a
Illuminating dr Pow.Secur.. pref.(qua:.) 1 Si May 15 Holders of rec. Apr. 30
Atlantic Coast Fisheries (quar.)
*30e. June 2 Holders of rec. May 22
Intercontlnents Power, corn. A (quar.)50c. June 1 Holders of rec. May I
Atlantic Gulf & W.I. S.S. Lines, corn_
May 31 Holders of rec. May 60
$1
1 h May 15 Holders of rec. Apr. 30
Interstate Public. Service. pref. ((suar.).._
Preferred Man)
.8734c May 20 'Holders of rec. Stay 1
134 June 31) Holders of reo. June ha
Kentucky Utilities, pref. ((suar.)
Preferred (quar.)
June 2 'Holders of reo. May 21
Keystone Telephone of Phila.. pf.(qu.). .51
14 Sept. 30 Holders of reo. Sept. 100
Preferred (Qua,'.)
155 Dec. 31 Holders of rec. Dec. 11
'134 May 10 *Holders of rec. Apr. 30
Lincoln Tel. & Tel., pref. (quar.)
Louisville Ga.& Elec.. corn. A & B (qu.) 4333c. June 25 Holders of roe. May 3I0 Atlas Imp. Diem] Eng., A dr B (qu,)..... *50c June 2 'Holders of rec. May 20
Babcock & Willcox. Ltd.•4334 June 15 "Holders of rec. June b
Middle Western Telep., corn. A (qu.)
Amer dep. refs. ord. reg. ohs
May 12 °Holders of rec. Apr. 22
"tr8
'43340 Sept. 15 'Holders of reo. Sept. 5
Common A (quar.)
Balaban & Katz, corn. (quar.)
•750. June 28 "Holden" of rec. June 16
•4334c Dec. 15 'Holders of reo. Dee. 5
Common A (quar.)
Preferred Mar )
'145 limb 2s 'holders of rec. June 16
12
May 15 Holders of rec. Apr. lta
Middle West Utilities, coin.(quar.)
Bastian Blessing Co.. corn.(
"750. June 1 "Holders of rec. May 15
Preferred A ft 1.50 or 3-80ths-r
(
Baumann (Ludwig) de Co., 1stVial%)
May 16 Holders of reo. Apr. 15
pref.(qu.) 134 May 15 Holders of rec. May 1
share common stock)(quar.)
•10c. May 15 •Ifolders of reo. May 1
25c. June 2 Holders of rec. May 10a Baum Candy Co., common (quax-)
National Power & Light. corn.(quar).Common (extra)
25c. May 15 Holders of rec. May 6
•10c. May 15 *Holders of rec. May
Nat. Water Wks. Corp.. corn. A (qu.).
Beacon Mfg. common & pref.(guar.).- '155 May IS "Holders of rec. May 1
8734c May 15 Holders of rec. May 6
Preferred, series A (quar.)
1
Beaton & Caldwell Mfg. monthl)
8734c May 15 Holders of rec. May 6
•25c. June 2 *Holders of rec. May 31
Preferred. series 13 (quar.)
Monthly.......................... •250. July 1 Holders of rec. June 30
.$1 June 10 'Holders of rec. May 31
Newark Telephone (quan)
Bendix Aviation Col p.(quar.)
•50e. July 1 'Holders of rec. June 10
•51 Sept. 10 'Holders of reo. Aug. 29
Quarterly
Bethlehem Steel, common
51.50 May 15 Holders of rec. Apr. 180
"81 Dec. 10 "Holders of reef. Nov. 30
Quarterly
(quar.)
Common (guar.)
a 34 July 1 fielders of rec. June 5a
$1.50 Aug. 15 Holders of reo. July 18a
North American Co.. corn. (quar.)
Preferred (quar.)
134 July 1 Holders of reo. June 66
1
rec.
75c.
Holders
June
July
of
ba
Preferred (quan)
•25c May 15 "Holders of rec. Apr. 15
North American Edison, pref. (quar.)._ 51.50 June 2 Holders of rec. May 15a Hinman Electric Co., corn. ((soar.)
Preferred (qua:.)
'51.76 May 15 *Holders of rec. Apr. 15
12 May 15 Holders of rec. Apr. 19
North American L.& P.. corn.(quar.)._
Illatiner's, Int., corn.(quar.)
50c. May 15 Holders of rec. May la
51.50 July 1 Holders of rec. June 20
Preferred (quar.)
Corn.(Payable In common stock)
11 h May 15 Holders of reo. May la
North Amer. Utility Scour., 1st pfd.(qu.) $1.50 June 16 Holders of reo. Slay 31
Preferred (qua:.)
*75c. May 15 Holders of rec. May 1
Holders
May
80
of
15
rec.
1)5
Apr.
(quar.)
pref.
Utilities,
West
North
Blaw-Knox Co.(quan)
3734e June 2 Holders of rec. May 170
134 June 2 Holders of reo. May 15
Ohio Edison Co.. 6% pref. (quar.)
Bloch Bros., common (quar.)
•37340 May 15 'Holders of rec. May 10
1.65 JUne 2 Holders of rec. May 15
6.6% preferred (quar.)
Common (qua:.)
•37
Aug. 15.
135 June 2 Holders of rec. May 15
7% preferred (Quar.)
11olders of rec. Aug. 9
Common (quar.)
"37340 Nov. 15 *Holders of reo. Nov. 10
135 June 2 Holders of rec. May 15
5% preferred (quar.)
Preferred (Onto'.)
June 30 *Holders of reo. June 25
500. June 2 Holders of reo. May lb
6% preferred (monthly)
•15.4
Preferred (qua:.)
Sept. 30 *Holders of reo. Sept. 25
55o. June 2 Holders of reo. May 15
6.6% preferred (monthly)
Preferred (quar.)
Dec. 31 *Holders of rec. Dee. 26
Ohio Telephone Service. pref. Mar.).- '135 June 30 'Holders of reo. June 23
Blue Ridge Corp.,cony. pref.(qu.)
*1)5 Sept. 30 *Holders of reo. Sept. 23
s75o. June 1 Holders of rec. May 5
Preferred (qua:.)
Hobbs-Merrill Co.((soar.)
•5634 June I 'Holders of reo. May 20
•134 Dec. 31 'Holders of rec. Dec. 24
Preferred (qua:.)
Bond & Nfortgage Guarantee (qua:.)... $1.25 May 15 Holders of rec.
*3734c May 15 !Holders of rec. Apr. 30
Pacific Gas dr Elec.. 6% prof.(quar.)
May 5
Borden Company, eom.(quar.)
750 June 2 Holden; of reo. May 154
.3434c May 15 *Holders of rec. Apr. 30
5.5% preferred (quar.)
75c. May 15 Holders Of roe. Apr. 30a Boss Manufacturing, corn.(quar.)
254 May 15 Holders of rec. Apr. 30
Pacific Lighting, corn.(quar.)
Preferred_(quar.)
roe.
May
30
Holders
Apr.
of
15
13.5
Holders of reo. Apr. 30
$1.25 May 15
$5 preferred (quar.)
Brach (E. J.) & Sons, corn.(quar.)
"500. June 1 'Holders of reo. May 17
•350. July 1 "Holders of reo. June 14
Peninsular Telephone, corn.(Quar.)
British Type investors el. A (bi-mthly)9c. June 2 Holders of rec. May 1
•350. Oct. I 'Holders of reo. Sept. 15
Common (Oilar.)
Brockway
Motor
Truck Corp., pf.(qu.) '135 July 1 'Holders of rec. June 10
•350 Jan 131 *Hold. of rec. Dee. 15 '31
Common (quar.)
Snick Silk Mills (quar.)
25e. May 15 Holders of reo. Apr. 30
55c. June 2 Holden" of rec. May 20
Pennsylvania Power. 56.60 pref.(mthlY.)
Buckeye Pipe Line (quan)
June 14 Holders of reo. Apr. 28
$1
31.50 June 2 Holders of rec. May 20
$6.60 preferred (quar.)
1aucyrus
Erie Co., common (quar.)
25c July 1 Holders of reo. May 270
Philadelphia Suburban Water. pf. M./- 134 May 31 Holders of rec. May 12a
Preferred
July
la
May
rec.
1 Holders of rec. May 270
134
of
(quar.)
Holders
May
31
(mthly.)
50c.
pf.
Public Service of N. J. 86
Convertible Preferred (guar.)
62340. July 1 Holders of reo. May 270
Rochester Gas & Elec. 7% pref. 13 (qu.). 134 June 2 Holders of rec. Apr. 30
13ulova Watch. Corn.((suar.)
750. June 1 Holders of ree. May 15a
rec. Apr. 30
of
Holders
2
June
134
(qua:.)
series
preferred
C
6%
Preferred ((Man)
"87340 June 1 'Holders of rec. May 15
lh June 2 Holders of rec. Apr. 30
6% preferred series D (quan)
Burger Bros., pref. (quar.)
.2
July 1 *Holders of reo. June 16
Scranton-Spring Brook Water Serv.((suer.)
Preferred
5a
May
rec.
"2
Oct. 1 *Holders of rec. Sept. 15
of
Holders
15
May
$1.50
26 preferred (quar.)
$2 May 15 Holders of rec. May la
51.25 May 15 Holders of rec. May 5a Burns Bros., Ones A (Quar.)
$5 preferred (quar.)
Mo. June 5 Holden] of reo. May Cla
500. May 15 Holders of rec. Apr. 190 Burroughs Adding Machine (qua:),...
So. California Edison. corn. (quar.)......
California Packing. corn. (Glee.)
SI
June 16 Holders of rec. May 31a
4335c. June 15 Holders of rec. May 20
Preferred series A (quar.)
Campbell, Wyant & Cannon Fdry.(qu.)
500. June I Holders of rec. May 15a
37 he. June 15 Holders Of rec. May 20
Preferred series B (Usar.)
Canada Iron Foundries. common
May 10 Holders of rec. Apr. 30
r3
"250. May 31 'Holders of rec. Apr. 30
Southern Calif. Gas corn.(quar.)
Preference
May 10 Holders of rec. Apr. 30
r6
*1h May 31 'Holders of rec. Apr. 30
$6.50 preferred (quar.)
Canada Wire &Cable,class A (qu.ar.)
Juno 15 Holders of rec. May 31
$1
Southern Canada Power common (qu.)
25c. May 15 Holders of rec. Apr. 30
Canadian Car & Fdy., ordinary (qu.)..
21
44c. May 30 Holders of reo. May 15
Southern Cities Utilities, 7% pref
334 May 24
10 Holders of rec. Apr.
Canadian Converters, Ltd. (quar.)
13.4 May 15 Holders of rec. Apr. 30
Iroise, of red'. Ann an
Somber., rolorsitin Power ones C (nu 1
son SCse
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1
MAY 10 1930.]
Name of Company.
3309
FINANCIAL CHRONICLE
When
Per
Cent. Payable,
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent, Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cont(nued).
Miscellaneous (Continued).
June 1 Holders of rec. May 130
$1
General Cable, class A (guar.)
Canadian Pow. dr Paper, panic. pf.(Qu.) 134 May 15 Holders of rec. Apr. 30
154 June 2 Holders of rec. May 2I0
75e. May 31 Holders of rec. May I54 General Cigar Co., prof. (Ouar.)
Caterpillar Tractor (guar.)
75e. June 12 Holders of rec. May 100
(guard
corn.
Motors,
General
15a
May
31
rec.
of
May
25e.
Holders
Extra
t
191 Aug. 1 Holders of rec. July 70
7% Preferred. atuare
Celluloid Corp. let pf. partite stk.(QU.). $1.75 June 2 Holders of rec. May 10
1)4 Aug. 1 Holders of rec. July 7a
$1.60 June 2 Holders of rec. May 10
6% Preferred (guar.)
lot pref. (partly giv.)
134
(guar.)
Aug. 1 Holders of rec. July 70
stock
debenture
6%
10
May
2
rec.
of
June
Holders
$1.75
(altar.)
$7 preferred
May 15 Holders of reo. May 5a
$1
General Outdoor Advertising, el. A (qtr.) .134
Central Cold Storage. common (qUar.)-- '40a June 30 "Holders of rec. June 25
May 15 "Holders of reo. May 5
Preferred ((Mara
150. May 15 Holders of roe. May 5
Centrifugal Pipe Corp.(quar.)
May 26 Holders of no. May 10a
$1
General Refractories (Quer.)
150. Aug. 15 Holders of roe. Aug. 5
Quarterly
25e. May 26 Holders of tee. May 10a
Extra
150. Nov. 15 Holders of rec. Nov. 5
Quarterly
*37 Mc June 1 *Holders of rec. May 15
Century Ribbon Mills, Pref. (Quar.)---- 134 June 2 Holders of reo. May 200 Gerrard (S. A.) Co.(guar.)
*65c. July 1 "Holders of roe. June 20
Gibrion Art, common (quar.)
•6'251c May 15 *Holders of ree May 1
Chain Belt Co.. corn. (quare_ _
•20c. July 1 "Holders of roe. June 20
Common (extra)
Chartered Investors. Inc., pref. (quar.) "$1.25 June 2 *Holders of rec. Mae I
•65e: Sept. 1 "Holders of roe. Aug. 20
(mar.)
Common
30
Apr.
10
May
2
tee.
of
Holders
(qu.)_
Co.
Chase(A. W.)
(Toronto) Pref.
•65c Dec. 1 "Holders of rec. Nov. 20
Common (guard
Checker Cab Mfg. Corp.(monthly)._. 350. June 2 Holders of rec. May 150
•65e. Aprl'31 "Hold, of roe, liar. 20'31
Common aware
35e. July 1 Heiden of ree. June 160
Monthly
"25e. June 30 "Holders of roe. June 18
Gilbert
C.)
(A.
Co..
May
Com•
15
rec.
of
May
1
(qear.)
250.
Holders
(qua
B
Chelsea Exchange Corp., Cl, A &
June 2 Holders of rec. May la
51.25
Gillette Safety Razor (quar.)
"75c. June I "Holders of rec. May 15
Chicago Corporation. met (guar.)
Globe-Democrat Pub. Co., pref. (quar.) lee June 1 Holders of rec. May 20
Chicago Flexible Shaft, corn. (quar.)_._ •30e. July I 'Holders of rec. June 20
May 10 Holders or reo. AM. 25
754).
aware
corn.
Co.,
C.)
(H.
Garman
•300. Oct. 1 "Holders of reo. Sept. 20
Common (0rae.)
25e. June 16 Holders of roe. June 2
25c. June 2 Holders of nee. May 206 Goldberg (S. M.) Stores, cam.(oust.)..
Clacage Yellow Cab (monthly)
June 16 Holders of rec. June 2
$1.75
June
60e.
10
rec.
of
23a
Holders
May
Preferred((Mara
Childs Co., corn.(quar.)
"e2.6 June 30 *Holders of rec. May 15
1e4 June 10 Holders of rec. May 23a Golden State Milk Prod.(In stock)
Preferred (quar.)
144
75e. June 27 Holders of rise. June 13a Goodrich (B F.) Co.. preferred (gust.). 194 July 1 Holders of rec. June 31
Chill Copper Co.(guar.)
.)
(guar
pref.
Rubber,
134 July 1 Holders of rec. May
&
Tire
Goodyear
May
•750.
May
*Holders
1
rec.
of
1
Churngold ('o.(quar.)
1
May
rec.
of
*Hoidens
15
May
"750.
Gorham. Inc., $3 Pref.(quar.)
'234e June 2 *Holders of rec. May 15
Cities Service. common (monthly)
Gorham Manufacturing, corn. (quer.)- 50e. June 2 Holders of reo. May 1
Common (payable in corn stock).. •I le June 2'Holders of rec May 15
I
May
reo.
of
Holdere
_
2
June
stk.)
com.
eh.
1-20th
die.
(stock
Corn.
*50c. June 2'Holders of rec. May 15
Preference and prof BB (monthly)
Gramophone Co.. Ltd.'Sc. June 2 *Holders of roe. May 15
Preference B (monthly)
May 21 *Holders of rec. Apr. 21
(e.e5
rag
she.
ord.
ras.
dep.
Amer.
I56
May
31
May
90e.
reo.
of
Holders
City Ice & Fuel, coin.(quar.)
•25e. May 20 *Holders of ree. May 0
134 June 1 Holders of rec. May 154 Grand Rapids Metalerstt (guar.)
Preferred (quar.)
75e. June I Holders of rec. May 15a
el 34 Aug. 31 Holders of roe. Aug. 156 Grand Union Co., cony. pref.(Vara
Stock dividend
•'25c July 1 "Holders ot roe. June 12
(quer.)
corn.
Co..
&
T.)
(W.
Grant
20
Jan.
1
rem
July
"3
'Holders of
easucle Neon Elec. Prod., stock cliv
May 15 "Holders of rec. Apr. 15
Gruen & Knight, pref. (guar.)
•250. July 15
Cooa Cola Bottling Sec. (guar.)
Great Atlantic & Pao. Tea corn.(oust.).•$1.25 June 1 'Holders of ree. May 5
•250. Oct. 15
Quarterly
1 'Holders of rec. May 5
June
'154
(guar.)
Preferred
12a
$1.50 July I Holders of rec. June
Coca-Cola Co.,corn.((mare
May 15 Holders of rec. May 7
2
$1.50 July 1 Holders of reo. June 12a Great Lakes leredge & Dock (guar.)
Class A (semi-annual)
1 Holders of rec. June 14
July
134
prof.
8%
Dle,
&
((Mara
Tap
Greenfield
20a
15
July
eec
62
June
rec.
(qu.).
of
Holders
Colgate-Palmolive-Peet Co.. corn.
July 1 Holders of reo. June 14
2
8% preferred (quer.)
1)4 July 1 Holders of rec. June 100
Preferred (guar.)
150. May 15 Holders of rec. May I
(quer.)
common
Corp.
Greenway
Ma
50c.
26
May
May
of
Holders
rec.
corn.
(quar.)Iron,
&
Fuel
Colorado
50. May 15 Holders of rec. May I
Common (extra)
May 26 Holders of rec. May 104
2
Preferred (guar.)
150 May 15 Holders of roe. May I
Common B (guar.)
$1.75 May 15 Holders of rec. Apr. 30
Preferred (qua..)
Sc. May 15 Holders of reo. May 1
(extra)
B
Common
1
June
500.
reo.
of
17
Holders
May
Columbus Auto Parts. pref. ((mare
750. May 15 Holders of rec. May 1
Preferred (guar.)
Commers-und-PrIvat Bank
250. May 15 Holders of rem May 1
Preferred (extra)
*roll May 5 •Holdere of rec. Apr. 28
Amer. depositary receipts
*50c June 1 'Holders of rec. May 20
ell) May 16 Holders of rec. May 1
Gruen Watch, common (quar.)
Commercial Shares Corp. (stock dive
*50c Sept. 1 'Holders of roe. Aug. 20
Common (guar.)
Community State Corp., class A.((Mara '12)40 June 30 "Holders of rect. June 26
•50c. Dec. 1 'Holders of rec. Nov.20
(guar.)
Common
30
Sept.
26
Sept
reo.
of
*Holders
'12(40
Clam A (Oust.)
Marl 31 *Hold. of ree. Feb.20'31
•50e.
(guar.)
31
(Ammon
•12 Mc Dec.
'Holders of rec. Dee 26
Class A (quer.)
•IM Aug. 1 *Holders of ref. July 20
Preferred (guar.)
•12 elo 3131131 "Hold, of tee. Mar. 2631
Class B (guar.)
'134 Nov. 1 *Holders of rec. Oct. 30
(guar.)
3f1
June
26
June
Preferred
of
'Holders
rec.
'123.4c
Class B (guar.)
'1 34 Fob 1 31 *Hold. of rem Jene20'81
Preferred (guar.)
'12)40 Sept. 30'Holders of rec. Sept. 26
Class 13 (guar.)
0371.40 July 1 *Holders of tee June 20
Gulf 011 Corp.(quar.)
'12)40 Dec. 31 *Holders of rec. Dee. 26
Class B (guar.)
Oct. 1 "Holders of nee Sept. 20
'37(40
2
Quarterly
June
lee
Holders of rec. May lba
Consolidated Cigar Corp.. pref. (guard _
'37).4e Janl 81 "Hold of reel. Dee. 20 '30
Quarterly
Corner. Sand & Gravel (Toronto)154 July 1 Holders of reo. June 16a
15
May
let
Steel.
30
(guard
$1.75
Apr.
pref.
States
roe.
Gulf
of
Holders
(quar.)
Preferred
lee Oct. 1 Holders of roe. Sept. 15a
First preferred (gust.)
Continental Can, Inc., corn.(quar.).... 62540 May 15 Holders of reo. May la
le( Jan2'31 Holders of rec. Dee. 15a
ne. June 1 *Holders of rec. May 15
Flint preferred (quar.)
Continental Chicago Corp.. pref. (mid Jul05 I *Holders of rec. May 15
"25e.
15
313
Apr.
May
•150.
(quar.)
Storer
Bros.
rec.
Hale
of
*Holders
Continental Credit. coin. (Ouse.)
794e. May 15 Holders of rre. May 1
Hamilton Bank Note Eng.& Pele
Continental Securities Corp.. pt. (on.). •$1.25 June 2 *Holders of rec. May 15
1(4 June 2 Holders of roe. May 106
Hamilton Watch. pref.(mar)
Corporation Securities Co. of Chicago•25e. May 1 'Holders of roe. Apr. 30
(I) June 20 Holders of roe. June 2
Harnmermill Paper Co., cam, aluar a
Corn.(3-20(lr tut share arm.stk.)
154 June 20 Holders of rec. June 50
June 30 Holders of roe. June 160 Hanna(M. A.) Co., 1st pref. (guar.)
e3
Coty, Inc.. stock dividend
51.75 June 20 Holders of rec. June 50
3
(quar.)
June
*50e.
20
June
(quar.)
preferred
'Holders
rec.
of
common
$7
Co.,
Crowley. Milner &
June 2'Holders of rec. May 20
"150.
.13(qu.)
cony
Hann(P H.) Knitt.,com.de
Crown Zellerbaeh Corp.•134 July 1 'Holders of roe. June 20
Holders of rec. May 13
Preferred (oust.)..
Cony. pref. and pref. A & B (guar.)-- $1.50 June
(qua?.)
rune' 2 Holders of rec. May 230
50e.
30
corn.
June
Refract.,
20
2
Holders
June
roe.
of
Harbison-Walker
Crum dc Forster. pref. (guar.)
25e. June 2 Holders of rec. May 230
$1 June 16 Holders of rec. May 31
Common (extra)
Cumberland Pipe Line (guard
1 le July 19 Holders of rec. July 116
$14 June 16 Holders of rec. May 31
Preferred (qua?.)
Extra
"250 June 10 *Holders of reo. June I
"134 June 1 *Holders of rec. June I
Hart-Carter Co., corn.(guar.)
Cuneo Press. pref. (quar.)
*500 June 1 "Holders of reo. May 15
500. June
Holders of rec. May 200
Preferred (quar.)
Curtis Publishing, coin. (monthly)
July
"75e. May l( *Holders of roe. May 1
(quer.)
$1.75
prat.
CO.,
20a
Time.
June
Holders
rec.
Hanford
of
Preferred (Ouse.)
May 31 *Holders of tee. May 15
June
•$1
"Holders of recs. May 15
Hart Schaffner & Marx. coin.(guar.).-- "S2
Cushman's Sons. oom (Guard
75e. June 2 Holders of rec. May 15
1
June
le(
(oust.)
class
Bakeries,
154
A
Holders
May
reo.
of
Hathaway
(quar.)
Preferred
7%
2 Holders of rec. May 15
June
134
1
June
2
15a
May
Holders of reo.
Preferred (guar.)
8% preferred ((Mara
50c. May 31 Holders of rem May 154
•500. June 14 *Holders of rea. June 6
Hawaiian Plneaerile(
(Mara
Decker (Alfred) & Cohn, coin.
1 'Holders of rec. June 20
2
July
(oust.).
June
*50e.
COM.
•134
FOM11123,
'Holders
&
of
Wheels
reo.
May
Hayes
0
2
PreferredPreferred (Oust.)
•250. June 15 "Holders of rec. May 15
•154 Sept. 2 'Holders of rec. Aug 20
Heels Mining (guar.)
Preferred (guar.)
154 May 1.5 Holders of reo May $a
30c July 1 Holders of reo. Juned14
Hercules Powder, pref. (cm.)
Deere & Co., new corn. (Ou.)(No. 1)--51.25 May 15 Holders of roe. Apr. 250
Hershey Chocolate, corn. (qua?.)
Common (payable In common etook)- f1S4 July 15 Holders of rec. July 14
134 May 15 Holders of tee. Apr. 25a
lee June 2 Holders of reo. May 154
Prior preferred (guar.)
Preferred tquard
May 15 Holders of roe. Apt. 25a
1
(guar.)
Convertible
Preferred
Ltd.
Brothers,
Dennis
31
May
354. May 29 Holders of roe. May 23
shs---•
2
8pence
Holders of roe. May
Hibbard, Spencer, Bartlett & Co.(mthle)
Amer. dep. an. for ord. reg.
350 June 27 Holders of roe. June 20
Monthly
Denver Union Stook Yards.corn.(qui.).- *SI July 1 *Holders of reo Jun* 20
July 20
011 Oct. 1 'Holders of roe Sept 26
Higbee & Co., first preferred (quiz.).... '194 Aug. 1 'Holders of roe. Oct.
Common (Oust.)
19
"le( Nov. 1 "Holders of rec.
•$1 Jan 1'81 "Hold, of rm. Deo. 20 30.
First preferred (mar.)
Common (guar.)
June 1 May 21 to June 2
Ap.1 81 *Held. of rec. Mar 20'31
2
'Si
Second preferred ((Mara
Common (quar.)
20
Aug.
roe.
of
'Holders
1
Sept.
2
June
*2
"350.
15
May
Second preferred ((Mara
'Holders of rec.
Dexter Co.((Mara
Dee. I *Holders of reo. Nov.21
*2
Second preferred ((Mara
Diamond Electrical Mfg.
50c. June 2 Holders of rem May 150
*Holders of ree. Apr. 30
Hires (Charles E.) Co., corn. A (quaraCommon (payable in common stook). (1234
May 20 Holders of reo. May 6
Sc.
2
16
June
lots
5!
(mthlya Holders of rec. May 310 Hollinger Censor. Gold
Diamond Match aware
"456. June 1 *Holders of rec. May 10
'75c. June
'Holders of reo. May 16
Holt (Henry)& Co., Metre. A (qu.)
- Dictaphone Corp.. corn. (quar.)
1
June
•2
May 15 *Holder. of Me. May 1
•500
(qua?.)...
16
May
*Holders
axe
of
eom.
Co..
&
A.)
(G.
Hormel
Preferred (guar.)
"51.50 May 15 "Holders of rec. May I
'134 July 15 "Holders of rec. June 14
Preferred A (guar.)
Di Giorgio Fruit Corp.. pref. (guar.)
25e. May 15 Holders of rec. Apr. 80
134 June 2 Holders of roe. May 12.2
Horn & Hat dart(N.Y.) pref.(guard
Distillers Corp.-Seagrams (guar.)
25e. July 21 Herders of rec. June 304 Minors Brick (WW1
600. July 15 'Holders of rec. July 8
'
Dome Mines, Ltd. (mar.)
•600 Oct. 15 *Holders of rem Oct. 3
•90e. May 15 "Holders of reo. Apr. 30
Quarterly
Dominion Bridge,(quer.)
30e. June 30 Holders of rec. June 170 Illinois Pipe Line(adjustment dividend). "$4.50 June 14 "Holders of rem May 22
Dominion Stores. corn. (qua?.)
June 30 fielders of rec. June 170 Imperial Chemical IndustriesCommon (payable in coin. stock)--- J'2
June 7 *Holders of roe. Aar. 15
50e. May 15 Holders of rec. May 1
*w5
American derma receipts
Dow Chemical, corn. (Oust.)
15( May 15 Holders of rec. May 3 1
134 June 2 Holders of rec. May 20
Preferred ((mare
Indiana Limestone. pref.(guar.)
•62MO May 15 'Holders of roe. May 5
500 May 15 Holders of roe. APe. 23
Duff-Norton Mtg.(quar.)
Indiana Pipe Line (quite.)
250 May 15 Holders of roe. An. 25
Eastern Utilities Investment-Extra
$1.50 June 2 Holders of reo. Apr. 30
32340,May 15 Holders of rec. AIM. 30
16 preferred (guar.)
Industrial Credit Corp.. corn.(quar.)
$1.75 June 2 Holders of rec. Apr. 30
Industrial Finance Corp$7 preferred (guard
$1.25 July 1 Holders of roe. May 31
24 Aug. 1 Holders of res. Alee 15
(
Common (payable In common stock)..
$5 Prior preferred (quar.)
Edison Brothers Stores, pref. (guar.).- lee June 14 Holders of reo. May 31
Common (payable In common stock).. /24 Nov. 1 Holders of rec. Apr. 18
18'80
250. June 1 Holders of rec. May 5
Elec. Shareholdings, coin. (quar.)
Common (payable In common stook)-(21.4 FebI'M Hold. of reo. Apr.
1
June 1 Holders of reo. May 5
Common (payable in common stock)_ el
Industrial & Power Securities, corn (qu.) n250 June 1 Holders of roe. May 9a
June 1 Holders of rec. May
51 JUne 2 Holders of rec. May
Ingersoll-Rand Co.,corn.(quar.)
Pref.($1.50 eaah or 1-20th eh.coin atk)
50c. June 24 Holders of rec. dMay 31
$1 June 2 Holders of rec. May Pa
Emporium Capwall Corp.(oust.)
Common (extra)
51 June 2 Holders of ree. May 154
European Electric Corp.. Ltd.Inland Steel(quar.)
1
15e. May 15 Holders of reo. Apr. 30
Common A and 13 (guar.)(No. 1)--basun Utility Invest., corn. (In stook)__ '11 34 July 15 *Holders of tee. July 1
*600. May 15 *Holders of rec. May 5
Ewa Plantation (guar.)
Common (payable In common stook). '/1 1.4 Get. 15 "Holders of rec. Oct.
•1734e May 15 'Holders of rea. May 1
Internael Agee. Corp.. pr. pref.(qu.).. 154 June 2 Holders of roe. May lea
Fageol Securities, pref.(mar.)
•100. May 15 *Holders of rec. May 1
154 June 2 Holders of roe. May 56
Preferred (extra)
Internal, Harvester pref.(guar.)
60c. Aug. 1 Holders of reo. July 21a International Paper. cam.(guar.)
600. May 15 Holders of reo. May 16
Fair (The) common ((mare
lei Aug. 1 Holden of no.Jule 21a International Paper & Pow.,com.A (qu.) 60e. May 15 Holders of reo. May la
Preferred (guar.)
75e, June 30 Holders of rec. June 12a International Shoe. pref. (monthly).... 500. June 1 Holders of rec. May 15
Fairbanks, Morse at Co., corn.(Vara
134 June 2 Holders of reo. May 12a International Silver, CoM.(guar.)
134 June 1 Holders of ree. May 154
Preferred (quar.)
"75e. July 1 "Holders of reo. June 15
Federal Screw Works (guar.)
Intestate Bakeries, corn.(qu.)(No.1)- •25o. July 1 *Holders of roe. June 14
40e. June
(guar.)
corn.
50e. May 15 Holders of rec. May la
Corp.,
Intertype
Finance Service. Bait., com• (oust.)...
15
Holders of reo. May
17;40 June
750. July 15 Holders of rec. July 1
Preferred (guar.)
Jewel Tea, Inc., corn.(guar.)
Holders of reo. May 15
June 16 Holders of rec. June 2
$1
154 June 1 Holders of rec. May 15
Common (extra)
Firestone Tire & Rubber, 6% prof (Qua
(qu.)
June 2 *Holders of rec. May 13
Steel
Dock
am.
Corp.,
Laughlin
Jones &
Fitselearnons-Conne.1 Dredge &
*50c. June
lei July 1 Holders of toe. Jane 136
Preferred (mar.)
Common (guar.)
'Holders of roe. May 21
$1.50 June 1 Holders of tee. May 10a
750. June
Florshelm Shoe, class A (qu.)(No. 1)...
Holders of tea. May 170 Kendall Co. panic. pre.(oust.)
37e. June 1 Holders of rec. May 106
•37e4c June
panic. pref.(participating ctiv.)
ClassB (guar.)(No. 1)
*Holders of rect. May 17
11.4 July I Holders of rec. June 166 Kidder Participations, Inc.. common-•5634e Aug. I 'Holders of roe. Jule 17
Preferred (guar.)
prefaemea)
2,
No.
Oct. I
•25e.
750.
Participations
June
14
310
Kidder
Co.
Bros.
May
Follansbee
common (guard
Holders of rec.
2543. July 1 Holders of rec. June 16a
lee June 14 Holders of tee. May 31
Kinney(OR.)Co.,corn.(quiz,)
Preferred (quar.)
June 2 Holders of reo. May 16a
2
Preferred (guard
Foreign Power Securities panic. pf.(qu.) 134 May 15 Holders of rec. Apr. 30
'154 June 10 *Holders of reo. May 31a
•500. July I *Holders of rec. June 15
Kirby Lumber (guar.)
Formica Insulation aware
'154 Sept. 10 *Holders of roe. Aug. 30
Quarterly
•500. Oct. 1 *Holders of reo. Sept. 15
Quarterly
•154 Dee. 10'Holders of tee. Nov.29
*500. Jan1'31 'Holders of axe Dee. 15
Quarterly
Quarterly
•250. May 15 *Holders of roe. May 1
Klein (D. Emil) CO. Mara (NO. 1)---- •250 July 1 *Holders of rec. June 15
Foster •Sr Kleiser Co.,corn. aware
250, May 15 Holders of roe. Apr. 30
Kleinert (I. B.) Rubber Co.(quiz.).... '621.4c June 1 *Holden of rec. May 15
Foundation Co.of Canada (gust.)
25e. June 2 Holden of rec. May 106
Kruger Grocery A Baking. corn.(quire_
May 20 Holders of re0. May 12
51
Fez Film, corn. A & B (guard
•lee July 1 'Holders of no. June 20
'154 July 1 *Holders of roe. June 15
First preferred (qua?.)
Frank (A. B.) Co., pref. (oust.)
•15,i
Aug. 1 *Holders of rec. July 21
*If( Oct. 1 *Holders of tee. Sept. 15
Second preferred (quiz.)
Preferred (guar.)
el
June 2 Holders of tee. May 100
4013. May 15 Holders of rec. Apr. 30a
Stook dividend
General Alliance Corp.(guar.)
el
Rent I Hem,, of me erre ha
134 June 1 Holden of ree. Mar 15
Stook dividend
General Box Corp., pref. (guar.)
3310
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
[Vol,. 130.
Per
When
Books Closed,
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Lake of the Woods Milling, COM.(quar.)
80c. June 2 Holders of ref. May 17
Pullman, Inc. (quar.)
Si
May 15 Holders of roe. Apr. 254
Preferred (qua?.)
1% June 2 Holders of rec. May 17
Pure Oil Co.. corn. (quar.)
3734e June 1 Holders of rec. May fia
Landis Machine, common (quar.)
750. May 15 Holders of rec. May 5a Purity Bakeries Corp.. corn. (quar.)
$1
June
1 Holders of rec. May 15a
Common (quar.)
*750. Aug. 15 *Holders of rec. Aug 5
Quaker Oats, pref. (guar.)
•11.5 May 31 'Holders of rec. May 1
Common (qua:.)
.75e. Nov. 15 *Holders of roe. Nov. 5
Ry. dr Utilities Investing, 7% pf. (qu.). 8735c June 2 Holders of rec. May 15
Lannon Monotype Machine (qUar.)---- •1% May 31 *Holders of rem May 21
6% convertible preferred (quar.)
754 Juno 2 Holders of rem May 15
Extra
*25c. May 31 *Holders of rec. May 21
Rapid Electrotype, stock dividend
se5
July 15 *Holders of rem July 1
Leath & Co., common (quar.)
•250 June 30 *Holders of rem June 20
Republic Iron Se Steel-See note (ee)
Common (quar.)
•25e. Sept.30 *Holders of rec. Sept. 20
Republic Supply (quar.)
'750. July 15 *Holders of rem July 1
Lefcourt Realty Corp..corn.(quar.)_ 400. May 15 Holders of ree. May 5
Quarterly
"750. Oct. 16 'Holders of roe. Oct. 1
Lehigh Coal dr NavigationReymer Bros.(quar.)
"254. May 15 *Holders of ree. May 1
New no par common (quar.)(No. 1)
350. May 31 Holders of rec. Apr. 300 Richardson Co., corn.(quar.)
*400. May 15 'Holders of roe. May 1
Lehn & Fink Products corn (guar.).-75c.June 1 Holders of rec. May 154 Richfield
01101 Calif.. corn.(quar.)
50c. May 15 Holders of rec. Apr. 201
Libby-Owens Glass, corn.(quar.)
25c. June 1 Holders of rec. May 16a Rubber Plantations Invest. TrustLiberty Share Corp.. stock dividend-- •el
Dee. 31
Amer. dep. rots. ord. reg. shares
Ka% May 19 *Holders of rev. Apr. 25
Liggett & Myers Tob.com.rkcomJ3.(qu.) Si June 2 Holders of rec. May 15a Ruud
Manufacturing ((mar.)
"65e. Aug. 1 "Holders of roe. July 20
Lindsay (C.W.) dr Co.,corn.(quar.). _
25o. June 1 Holders of rec. May 15
St. Joseph Lead Co.(quar.)
500. June 20 June 10 to June 20
Preferred (guar.)
1% June 1 Holders of rec. May 15
Extra
25o. June 20 June 10 to June 20
Lindsay Light, corn. (quar.)
•15c. May 17 *Holders of rec. May 3
Quarterly
500.
Sept. 20 Sept. 10 to Sept.21
Common (extra)
•5c. May 17 *Holders of rec. May 3
Extra
250. Sept. 20 Sept. 10 to Sept. 21
Link Belt Co., corn.(quar.)
650. June 1 Holders of rec. May 15
Quarterly
500. Dee. 20 Dee. 10 to Dee. 21
Loew's Inc.. pref. (quar.)
$ 1.62% May 15 Holders of rec. Apr. 30
Extra
25e. Dee. 20 Dee. 10 to Dee. 21
London Canada Investment, pref. (qu.) 1,4 June 2 Holders of rec. May 15
Savage Arms, corn. kquar.)
50c. Juno 2 Holders of rec. May 15a
Lord & Taylor, let pref. (quar.)
134 June 2 Holders of rec. May 170
Second preferred (guar.)
*I% Aug. 15 'Holders of rec. Aug. 1
Los Angeles Investment (quar.)
•30c. May 15 "Holders of rec. Apr. 15
Sehletter
"8735e May 15 *Holders of rec. Apr. 30
Louisiana 011 Refining, pref. (quar.)---- 1% May 15 Holders of roe. May la &often & Zander, pref.(qua?.)
Dillon Co., corn.(quar.)
*30c. May 15 'Holders of reo. May 7
Lunkenheimer Co., pref.(qua?.)
"135 July 1 *Holders of rec. June 21
Seaboard Surety (guar.)
134 May 15 Holders of rem Apr. 30
Preferred (guar.)
*HI Oct. 1 *Holders of rec. Sept.20
Sears, Roebuck & Co.,stock city.(qu.)
el
Aug. 1 Holders of rec. July 15a
Preferred (quar.)
•1% Jan 1'31
Stock dividend (quar.)
el
Noy. 1 Holders of roe. Oct. 15a
Lynch Glass Machine (quar)
•50c. May 15 *Holders of rec. May 5
Second
National
July
(qua?.)
$1.25
1 Holders of rem
Investors,
pref.
Macy (R. H.) dr Co.. Common (quar.)_.
o. May 15 Holders of roe. Apr. 25a Sheaffer (W. S.) Pens, common (qua?.). •$1 Sept. 15 *Holders of roe. June 10a
Aug. 25
Magnin (1.) Co.. pref. (quar.)
..1 1 ;4 May 15 *Holders of reo. May 5
Sherwin-Williams Co. common (qua?.).. $1
May
15
Holders of rev. Apr. 30
Preferred (quar.)
'134 Aug. 15 *Holders of ree. Aug. 5
Common (extra)
1234c Slay 15 Holders of roe. Apr. 30
Preferred (guar.)
•13.6 Nov.15 *Holders of roe. Nov. 5
Preferred (guar.)
134 June 1 Holders of rec. May 15
Mandel(Henry) Associates(No. 1)
60o. May 15 Holders of rec. May la Sliver-Rod Stores, Inc. (qua?.)
"250. May 15 'Holders of rec. May 1
Manischewitz (B.) Co.
Simms Petroleum (quar.)
40c Juno 14 Holders of rec. May 29a
Common (pay. In corn.stook) (qUar.)_efj
June 1 "Holders of roe. May 20
Sinclair Cense!. 011, pref. (quar.)
2
May 15 Holders of rec. May la
Preferred (quar.)
514 July 1 *Holders of rem Mar. 20
Skelly 011 (guar.)
50c.
June 16 Holders of rec. May 15a
May Department Stores, com.(guar.)._
500. June 2 Holders of rec. May 15a Smith (A.0.) Corp., cora.(quar.)
50c May 15 Holders of roe. May 1
Common (payable in common stock). f1( June 2 Holders of roe. May 150
Preferred (guar.)
131 May 15 Hollers of rec. May 1
Common (payable in common stook). f1.3d Sept. 2 Holders of rem Aug. 15a Smith
(Howard) Paper Mills, pref.(qu.) 134 June 2 Holders of rec. May 21
Common (payablein common stock). f
Dee. I Holders of roe. Nov. 15a Solvay Amer. Invest., pref.(qua?.)
$1.75 May 15 Holders of rec. Apr. 15a
Mayflower Associates (quar.)
*50e. June 15 *Holders of rec. June 3
Southern Acid & Sulphur(qua?.)
*750. June 16 *Holders of reo. June 10
Stock dividend
•el
June 15 *Holders of rec. June 3
Spencer Trask Fund (No. I) (guar.).--- "25c. June 30 'Holders of rec. June 19
McCrory Stores Corp.Square D Co., corn. B (quar.)(No. 1)_. *50c. June 30 *fielders of rec. June 20
Common and common B (quar.)
50e. June 2 Holders of rem May 20a
Common B (payable in stock)
*2 June 30 *Holders of roe. June 20
McIntyre Porcupine Mines (quar.)
25e. June 2 Holders of rec. May la Standard Cap dr Seal, new corn. (guar.)- *600. Slay 15 *Holders of rec. May 1
McKesson dr Robbins, corn. (quar.)____
50c. May 10 Holders of rec. May la Standard Investing Corp., pref.(qua:.).
May 15 Holders of roe. Apr. 25
51.375
Preferred A (quar.)
87)5e June 16 Holders of rec. June 20 Standard 011 (California) (quar.)
6234c June 16 Holders of rec. May 15a
Medart (Fred.) Mfg., corn
50c. June 1 Holders of rec. May 20 Standard Oil Co.(N. J.) $25 par (quar.)
25e. June 16 Holders of rec. May 17a
Mengel Co., corn. ((afar.)
50e. July 1 Holders of rec. May 310
$100 par stock (extra)
25e. June 16 Holders of rec. May 17a
Preferred (quay.)
1% June 1 Holders of rec. May I54
325 par stock (qua?.)
June 16 Holders of rec. May 17
51
Merck Corporation, pref. (quar.)
2
July 1 Holders of rec. June 17
$100 par stock (extra)
June 16 Holders of rec. MAY 17
1
Merritt-Chapman &Scott Corp.,com(qu)
40e. June 1 Holders of rec. May 15
Standard Oil (N. Y.) (quar.)
40c. June 16 Holders of rec. May Pa
Preferred (quar.)
1% June 1 Holders of reo. May 15
Standard 011 (Ohio), pref.(quar.)
134 June 2 Holders of rec. May 9
Miami Copper Co.(quar.)
May 15 Holders of rec. May la Standard Paving AC Materials (quar.)...
51
50c. Slay 15 Holders of rec. Apr. 30
Michigan Steel (extra in stock)
el July 21 Holders of rec. June 30a Stand. Royalties, Wetumka, pt.(mthly.)
lc. May 15 Holders of roe. Apr. 30
Mid-Continent Petroleum,corn.(quar.).
50e. May 15 Holders of roe. Apr. 150 Stand. Royalties, Wewoka, pf. (mthly.)
he. May 15 Holders of roe. Apr. 30
Minneapolis Moline Power Implement
Stand. Royalties, Wichita, pt. (mthly.)
lc. May 15 Holders of rec. Apr. 30
Co., pref. (quar.)
$1.625 May 15 Holders of rec. May 3a Stearns (Fred.) Corp.
el
6 2-3e. Slay 31 'Holders of rec. May 21
(monthly)
Mo.-Kan. Pipe Line Co., corn.
May
15 Holders of rec. Apr. 30
e23.
Stein (A.) de Co., corn. (quar.)
"400. May 15 'Holders of roe. Apr. 30
Mock, Judson & Voehringer, corn.(qu.)_
50c. May 15 Holders of rec. May 1
Sterling Securities, cony, let pref.(quar.)
75c. June 2 Holders of rev May 150
Mohawk Mining
51.50 May 31 Holders of rec. Apr. 30
Preferred (qua?.)
30e. June 2 Holders of rec. May 15a
Monarch Royalty Corp.. pf. A (quar.)
1235c May 10 Holders of rec. Apr. 30
Stewart-Warner
Speedometer
25e.
May 15 Holders of rec. May 50
(quar.)Preferred (quar.)
1 c May 10 Holders of rec. Apr. 30
Stix, Baer dr Fuller. Common (quar.)
'3735c June 1 'Holders of rec. May 15
Montgomery Ward & Co., corn.(quar.).
75c. May 14 Holders of rec. May 30
Common (quar.)
*373.5c
Sept.
1 'Holders of rec. Aug. 15
Moody's Investors Serv., part. pref.(qu)
75c. May 15 Holders of rec. May 1
Common (quar.)
•37350 Doe. 1 'Holders of rem Nov. 15
Motor Products Corp. corn. (quar.)
*50e. July 1 *Holders of rec. June 20
Stone (H.0.) dr Co.
Nat. Belles Hess Co.. pref. (quar.)
1( June I Holders of rec. May 21a
Common (in corn. stk.)
*,15
July 1 *Holders of rem June 16
National Biscuit, new corn. (No. 1)._ _ _
70c. July 15 Holders of rec. June 200 Studebaker Corp..corn.
$1 June d2 Holders of rec. May 10a
(guar.)
Preferred (quar.)
1% May 31 Holders of rec. May 150
Preferred (guar.)
134 June 52 Holders of rec. May 10a
National Casket. common
•$2 May 15 *Holders of rem May 1
Sun 011 Co., corn. (quar.)
25e. June 16 Holders of rec. May 26a
National Dairy Products Corp.Preferred (quar.)
134 June 2 Holders of rec. May 10a
Com.(payable in corn. stock) (quar.)_ 11
July I Holders of rec. June 3a Swan-Finch 011 Corp.. Prof.
•4334c June 3 'Holders of rem May 15
(qu.)
Corn.(payable in corn,stock) (qua?.). /1
Oct. 1 Holders of roe. Sept. 3a Telephone Corporation
(monthly)
•200 June 1 *Holders of roe. Slay 20
National Dept. Stores, 2nd pref. (qu.)
*1% June 1 *Holders of rec. Slay 15
Monthly
.200. July 1 'Holders of rev. June 20
24 July 1 Holders of rec. June 10
National Investors Corp.. pref
Monthly
.20e. Aug. 1 *Holders of reo. July 20
National Lead pref. A (quar.)
1% June 14 Holders of rec. May 29a
Monthly
•20c. Sept. 1 *Holders of roe. Aug. 20
National Refining. corn. (quar.)
37%c May 15 Holders of rec. May 1
Monthly
•20c. Oct. 1 *Holders of rem Sept. 20
National Screen Service (quar.)
•500. July I *Holders of rec. June 29
Monthly
"20e.
Nov. 1 'Holders of rem Oct. 20
National Securities Investml, pf. (qu.) .$1.50 May 15 *Holders of rec. Apr. 15
Monthly
•20c. Deo. 1 "Molders of reo. Nov. 20
National Supply Co., corn. (quar.)
51.25 May 15 Holders of rec. Slay 50 Thatcher Mfg., cony. pref. (quar.)
90c. May 15 Holders of rec. May 5
Neisner Bros., Inc.. common (quar.)..
400. July 1 Holders Of rem June 14a Third National Investors Corp., corn... $1
July 1 Holders of rec. June 10a
Common (quar.)
400. Oct. 1 Holders of roe. Sept. 150 TideWater Associated Oil, semi-annual.
300. Aug. 15 Holders of rec. July 31a
Common (guar.)
400. Jan 1'31 Holders of roe. Dee. 15a Tide Water 011, Prof. (quar.)
14 May 15 Holders of rec. Apr. 18a
Newberry (J. J.) Co., pref. (quar.)
June 1 *Holders of rec. May 16
Transamerica Corp. stock dividend
*e3 July 25 *Holders of rec. July
New Jersey Zinc (gear.)
*50e. May 10 *Holders of rec. Apr. 19
Traung Label & Lithograph, el. A (qu.). *3735c June 15 'Holders of rec. June 5
1
Extra
2
June 10 Holders of rec. May 21
ClassA (guar.)
"3735e
Sept. 15 'Holders of roe. Sept. 1
Niles-Bement-Pond. Common (quar.)
*50c. June 30'Holders of roe. June 20
Class A (quar.)
*37350 Doe. 15 *Holders of rem Doe. 1
Common (guar.)
'50c. Sept. 30 *Holders of rec. Sept. 20
Trunz Pork Stores, Inc.(guar.)
"40e. May 12 'Holders of rec. Apr. 30
Common (quar.)
'50c. Dee. 31 *Holders of rec. Dee. 20
Truscon Steel, corn. (quar.)
30c. July 15 Holders of rec. June 26
Nineteen Hundred Corp., el. A (qu.)....
50e. May 15 Holders of rec. May 1
Preferred (quar.)
134 June 2 Holders of rec. May 21
Noblitt-Sparks Industries (In stock)
*el% July 1 *Holders of roe. June 20
Union 011 Associates (quar.)
•50e. May 10 *Holders of rec. Apr. 17
Stock dividend
Oct. 1 *Holders of rec. Sept. 20
*el
Stock dividend
*el
May 10 *Holders of rec. Apr. 17
North American Investment, com.(qu.)_ .51.25 May 20 *Holders of rec. Apr. 30
Union 011 of Calif. (quar.)
50c. May 10 Holders of rec. Apr. 17a
North Central Texas 011 (quar.)
15c. June 2 Holders of rec. May 10
Stock dividend
el
Slay
10 Holders of rec. Apr. 17a
Northern Disc.. pref. A (monthly)_. • 602-3c June 1 *Holders of roe. May 15
Union Storage Co. (qua?.)
•6235c Slay 15 'Holders of rec. May 1
Preferred A (monthly)
•66 2-3c July 1 *Holders of rem June 15
Quarterly
*62350 Aug. 15 'Holders of rec. Aug. 1
Preferred A (monthly)
* 662-30 Aug. 1 *Holders of rem July 15
Quarterly
'6234c Nov. 15 'Holders of rec. Nov. 1
Preferred A (monthly)
•66 2-3o Sept. I *Holders of rec. Aug. 15
Union Sugar, pref. (quar.)
*44e. May 10 'Holders of rec. May 5
Preferred A (monthly)
• 662-3 Oct. I *Holders of rec. Sept. 15
United Amer. Utilities, Inc.Preferred A (monthly)
•66 2-3c Nov. 1 Holders of roe. Oct. 15
Corn.(140th share corn, stk.)(No. 1)
June 10 Holders of rec. Slay 15
Preferred A (monthly)
•66 2-3c Dee. 1 *Holders of roe. Nov. 15
Class A,first series (No. 1)
21 2-3c June 1 Holders of rec.
Oceanic Oil (hi-monthly)
May 9
*2c. May 26 *fielders of rec. May 161 United Biscuit,corn.(qua?.)
40e.
June
1 Holders of rec. May 170
Ogglesby Paper, preferred (quar.)
•$1.50 Aug. 1 'Holders of rem July 20
Preferred (guar.)
134 Aug. 1 Holders of rem July 174
Preferred (quar.)
•$1.50 Nov. 1 *Holders of rem Oct. 20
United Carbon, preferred
*335 July 1 *Holders of
Ohio 011 common ((mar.)
Juno 14 *fielders of rec. May 15
*S1
United Chemicals, Inc., pref. (quay'.)... *750. June 1 'Holders of reo. June 13
rec. May 15
New preferred (guar.) (No. 1)
•$1.50 June 14 *Holders of rec. May 22
United Piece Dye Works, com.(qua?.)..
500. Aug. 1 Holders of rem July 15a
Ohio Seamless Tube, corn. (auar.)
50c May 15 May 1 to May 14
Common (war.)
50e Nov. 1 Holders of me. Oct. 150
Ohmer Fare Register, corn. (qu.) (10.1) •12
May 15 *Holders of rec. May 10
Preferred (quar.)
July
134
1
Holders of roe. June 200
011royalty Invest. (monthly)
*100. May 15 "'Holders of rec. Apr. 30
Preferred (guar.)
134 Oct. 1 Holders of rem Sept. 20a
011stocks, Ltd., class A St B (quar.)
•1235c May 15 *Holders of rec. Apr. 30
Preferred (quar.)
134 Jan2'31 Holders of
Ontario Steel Products corn.(quar.)
40c. May 15 Holders of rec. Apr. 30
United Scour. Trust Associates(No. 1)
esac. may 15 *Holden( of reo. Dec. 20a
Preferred (guar.)
May 15 Holders of rec. Apr. 30
U.S. Chain St Forging, corn.(qua?.)... »75c, May 15 'Holders of rec. may I
rec. Mar. 27
Oppenhelm, Collins & Co., corn. (quar.) $1.25 May 15 Holders of rec. Apr. 25a
Preferred (quar.)
*51.75 May 15 *Holders of rec. Mar. 27
Otis Company,corn.(quar.)
May 15 Holders of rec. May 1
$1
U.S. El. Lt. & Pow. Shs. 13 (au.)(No. 1) •16o, May 15
Otis Elevator. pref.(qua:.)
July 15 Holders of rem June 3(51 U.S. Fidelity St Guaranty (Ball.)(qu.).
50c. Slay 15 Holders of rec. Apr. 30
Preferred (quar.)
13. Oct. 15 Holders of roe. Sept. 304 (1.13. Hoffman Machinery (quar.)
50e. June 1 Holders
Preferred (quar.)
134.1 an15'31 Hold. of roe. Dee.31'30a U. S. Pipe & Foundry. COM.(quar.).... 234 July 20 Holders of rec. May 2I0
of reo. June 300
Owens Illinois Glass Common (quar.)
$1
May 15 Holders of rec. Apr. 29a
Common (qua?.)
235 Oct. 20 Holders of rec. Sept. 200
Preferred (quar.)
Common (qua?.)
1% July 1 Holders of rec. June 15
234 Ja20'31 Holders of rec. Dec. 31a
Packard Motor Car (qua?.)
25e. June 12 Holders of rec. May 150
First preferred (guar.).
30e. July 20 Holders of roe. June 304.1
Paepeke Corp.. corn. Mar.)
PIM preferred (quar.)
May 15'Holders of rec. May 8
30e. Oct. 20 Holders of rem Sept. 300
Parker Pen, win. (qua?.)
First preferred (quar.)
62)c May 15 *Holders of rec. May 1
300. Ja20'31 Holders of rec. D.31e
Parmelee Transportation,common(qu.)_ 1235c May 10 Holders of rec. Apr. 300
Second preferred (quar.)
130o. July 20 Holders of roe. June 300
Fender(D.) Grocery Co., el. A (qu.) _
Second preferred (quar.)
875c. June 1 Holders of rec. May 20
1300. Oct. 20 Holders of ree. Sept. 304
Penmans, Ltd., common (qua?.)
Second preferred (quar.)
$1 May 15 Holders of roe. May 5
t30c. Ja20'31 Holders of rem Dec. 314
Pennsylvania Investing Co.. cl. A (qu.). 6235c. June 2 Holders of rec. Apr. 30a U. S. Playing Card (quar.)
*$1
July 1 *Holders of reo. June 20
Claes B
50e. June 2 Holders of rec. Apr. 30c' U. S. Print. & Lithograph., corn.(qu.).. *50c. July 1 *Holders of rec. June 20
Pierce-Arrow Motor Car, pref. (quar.)
Preferred (quar.)
June 1 Holders of rec. May 10a
*754. July 1 *Holders of rec. June 20
Pillsbury Flour Mills, corn.(quar.)
50c. June 2 Holders of rec. May 150 U.S.Realty & Impt.(quar.)
51.25 June 16 Holders of rec. Slay 160
Pittsburgh Steel pref. (qua?.)
14 June 1 Holders of rec. May 10a U.S.Steel Corp., corn.(guar.)
134 June 28 Holders of rec. May 290
Poor & Co., class A and B (guar.)
Preferred (quar.)
June 1 Holders of rec. May I5a
134 Slay 29 Holders of
Powdrell & Alexander. corn.(quar.)
Utility & Industrial Corp., pref. (quar.)_ 3734e. May 20 Holders of rec. May 3a
•87%c May 15 *Holders of reo. May 1
rec. Apr. 30
Common (extra)
Vanadium Corp.(quar.)
75c, may 15 Holders of rec.
•3735c May 15 *Holders of rec. May I
May la
•1% July I *Holders of rec. June 15
Preferred (qua?.)
Vapor Car Heating. Prof. (quar.)
•134 June 10 *Holders of ree. June I
Pressed Metals of Amer. corn. (quar.)
Preferred
(qua?.)
.25e. July 1 *Holders of rec. June 14
Sept. 10 'Holders of rec. Sept. 1
Prince &Whitely Trading, corn.(No.1)_
Preferred (guar.)
25e. June 2 Holders of rem May 15
4.154 Dee. 10 *Holders of ree. Dee. 1
Procter & Gamble Co. corn. (quar.)
50e. May 15 Holders of rec. Apr. 25a Veeder-Root. Inc. (quar.)
63C. May 15 - Holders of rec. Apr. 30
Pruett Schaffer Chem
Vulcan DetInnlng, corn. & corn. A (qu.). 1
May 15 *Holders of rem May I
*El
July 21 Holders of rec. July 50
Public Investing Co. (guar.)
Preferred and preferred A (quar.)._
25c. June 16 Holders of rec. May 15
134 July 21 Holders of rec. July 54
Extra
(S.
Warren
D.)
Co.,
134 May 15 Holders of rec. Apr. 30
corn.(quar.)
10c. June 16 Holders of rec. May 15
Name of Cornpany.
MAY 10 1030;1
FINANCIAL CHRONICLE
3311
Books Closed,
The New York "Times" publishes regula
Name of Company.
rly each week
Days Inclusive.
returns of a number of banks and trust companies
Miscellaneous (Concluded).
which are
Waltham Watch. pref. (guar.)
not members of the New York Clearing House
01% July 1 *Holders of rec. June 21
Preferred Mar.)
. The fol*13i Oct. 1 *Holders of rec. Sept. 20
lowing are the figures for the week ending May
Warner Bros. Pictures, corn.(quar.)
--- 51 June 2 Holders of rec. May 12a
3:
Preferred (guar.)
55c. June 2 Holders of rec. May 12a
Warren Bros., new corn. (qu.)(No. 1)
*75c. July 1 *Holders of rec. June 16
New first pref. (guar.)(Ne. 1)
*25e. July 1 *Holders of .ec. June 16
INSTITUTIONS NOT IN CLEARING HOUSE
New second pref.(auar.)(.o. 1)_ _ _
WITH CLOSING OF BUSINESS
d291se July 1 *Holders of rec. June 16
Wayne Pump Co., pref. (quar.)
FOR THE WEEK ENDED FRIDAY,
*87 Sic June 1 *Holders of rec. May 20
MAY 3 1930.
Wesson 011 dr Snowdrift Co., pl.(qu.)
$1
June
1
Holders
of
rec.
May
15a
Western Dairy Products, el. A (qu.)
NATIONAL AND STATE RANKS—Average
51 June dl Holders of rec. May 12a
Figures
Western Reserve Investing 6% p1.(qu.)_
134 July 1 Holders of rec. June 13
6% =tic. pref.(guar.)
Western Tablet & Stationery, corn.(qu.) 134 July 1 Holders of rec. June 133
Aug.
*50c.
1
*Holders
of rec. July 21
OtherCash Res., Dep., Dep. Other
Preferred (guar.)
Westvaco Chlorine Products. corn. (qu.) .1% July 1 *Holders of rec. June 20
Including N. Y. and Banks and
50c. June 1 Holders of rec. May 150
Gross
Loans.
Gold. Bk.Notes. Elsewhere. Trust Cos.
Wheeling Steel, corn.(quar.)
June
*51
2 *Holders of rec. May 12
Deposits
White (J. G.) dr Co., Inc. pref.
Manhattan—
134 June 1 Holders of rec. May 15
White(J. G.) Engineering, pref.(quar.)
$
$
$
$
$
1% June 2 Holders of rec. May 15
Bank of U.S.... 220,076,000 18,000 4,042,000
$
Will dr Hamner Candle, corn. (guar.).__
31,314,000 2,163,000 215,331.000
10c. May 15 Holders of rec. May 1
Bryant Park Bk. 2.735,900
____
Common (extra)
162.600
341,400
10c.
2,218,7
May
Grace
15
Holders
00
National
of
__
rec.
21,397,6
May
1
67 3,000
Willys-Overland Co., pref.(guar.)
59,711 1,839,781 2,112,871
1% July I Holders of rec. June 18a Port Morris
19,004,824
3,539,300 15,300
Winsted Hosiery (guar.)
76,600
168,600
2,922,000
•215 Aug. 1 *Holders of reo. July 15
Public National. 150,407,000 30,000 1.711,000
Extra
9,273,000 31,926,000 164.071,000
•500. Aug. 1 *Holders of rec. July 15
Brooklon—
Quarterly
*2;6 Nov. 1 *Holders of rec. Oct. 15
Brooklyn Nat'l
8,981,900 25,000
Extra
92,000
586,500
537,600 6,396,900
*50c. Nov. 1 *Holders of rec. Oct. 15
Peoples Nat'l _ _ _
7,500,000 5,000 109,000
Winton Engine, corn. (guar.)
541,000
109,000 7,400,0 0
51
June 1 Holders of rec. May 30
Preferred (quar.)
75e. June 1 Holders of rec. May 30
Wolverine Portland Cement (quar.)....
150.
May
Holders
of
rec.
15
May
Woolworth (F. W.) Co. (quar )
5
60e. June 2 Holders of rec. Apr. 213
Wrigley (Wm.) Jr. Co.(monthly)
TRUST COMPANIES—Average Figures
50o. June 2 Holders of rec. May 200
Monthly
25c. July 1 Holders of rec. June 200
Per
When
Cent. Payable.
*From unofficial sources. 1' The New
York Stock Exchange has ruled that stock
will not be quoted ex-dividend on
this date and not until further notice.
The
New York Curb Exchange Associati
on has
that stock will not be quoted exdividend on this date and not until furtherruled
notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payable in common stock. p Payable in scrip. h On
account of accumulated
dividends. jPayable in preferred stock.
S Holders of Empire Public Service Corp. have option
of applying dividend to
Purchase of class A stock on basis of one-fortieth share for
each share held.
I One share Columbia Oil& Gasoline, corn., vtc., for each
five shares Columbia
Gas & Electric, corn.
m United American Utilities class A dividend unless
notified on or before May 9
to the contrary, will be paid in class A stock.
n Industrial & Power Securities dividend is payable
cash or stock at option of
in
holder.
I
o Holders of Federal Water Service class A stock
dividend to the purchase of additional class A stock may apply 50c. per share of this
at $27 per share.
p Stockholders of Empire Public Service Co. corn.
A. stock have option of apply
big this dividend to the purchase of additiona
l corn. A stock at $18 per share.
g North American Co. corn, stock dividend
is payable in common stock at rate of
one-fourth share for each share held.
r Canada Iron Foundries preferred and
common
dividend subject to confirmation
by general meeting on April 17.
s Blue Ridge Corp. pref. stock dividend payable common
in
stock at rate of 1-32nd
share common for each share preferred
, unless stockholders notifies company on or
before May 15 of his desire to take cash.
Payments on 26 pref. stock of U.
In the event of the redemption of thatS. Pipe & Fdy. Co. subject to discontinuance
stock before all dividends are paid.
u Union Natural Gas of Canada dividend payable either
400. cash or 2% stock.
Commercial Credit dividend of I5c, reported
in previous issues should have
read Continental Credit.
to Less deduction for expenses of depositary.
x Central States Electric cony. pref.
dividends will be payable in corn,stock
at rate of 3-32nds corn, for each share stock
optional series of 1928 and 3-64ths corn, for
each share optional series 1929 unless
notified of holders' desire to take cash $1.50
per share.
y Lone Star Gas stock dividend is one share for each seven
held.
as A dividend at rate of $4 per share per annum from March
1 1930 to date upon
which plan shall be consummated
is payable 14 days after date of consummation
of plan to holders of record April 2.
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
TIIE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED
SATURDAY, MAY 3 1930.
Clearing House
Members
• Capital
'Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
Time
Deposits
Average.
$
$
$
$
Bank of N.Y.& Tr. Co__
6.000,000
14,512,400
63,356,000
12,250,000
Bk.of Manhattan Tr. Co_
22,230,000
43,707,300 192,076.000
42,952,0
Bank of Amer., Nat.Arran
00
36,775,300
41,293,100 107,433,000
63,019,000
National City Bank
110,000,000 130,659,400 n1066,440,000
213,216,000
Chemical Bk. dr Tr. Co_ _.
15,000,000
22,348.600 210,835,000
20,735.000
Guaranty Trust Co
90,000,000 205,035,100 8821,068.000
119,394,000
Chat.Phen. N.B.&Tr.Co
16.200,000
10,492,800 205.410,000
41,762,0
Cent.Hanover.
00
B.&Tr.Co
21,000,000
84,128,000 367,023,000
43,799,000
Corn Exch. Bank Tr. Co_
12,100,000
23,115,301
181,234,000
33,081,000
First National Bank
10,000,000 105,614,300 217,209,000
21,103,000
Irving Trust Co
50,000,000
84,197,900 370,871,000
Continental Bk. dr Tr. Co
59,942,000
6,000,000
11,345,700
11,149,000
228,000
Chase National Bank
105.000,000 138,568,700 c758,004,000
95,144,000
Fifth Avenue Bank
500,000
3,793,600
24,701,000
1,496,000
Equitable Trust Co
50,000,000
63,916,300 6483.151.000
79,179,000
Bankers Trust Co
25,000,000
84,295,800 c411,918,000
58,603,000
Title Guar.& Trust Co.__
10,000,000
24,671,900
39.474,000
1,648,000
Fidelity Trust Co
6,000,000
5,695,100
44,102,000
5,430,000
Lawyers Trust Co
3,000,000
4,694,300
20,940,000
2,352,000
New York Trust Co
12,500.000
34,851,100 161.575,000
29,260,000
Comm'l Nat. Bk.& Tr.Co
7,006,000
9,105.300
49,490,000
8,446,000
Harriman N.B.& Tr. Co_
2,000,000
2,395,700
31,693,000
7,079,000
Clearing Non-Members
City Bank Farmers Tr.Co
10,000.000
13,014,600
5,353,000
1,381,000
Mech. Tr. Co., Bayonne_
600,000
893,900
3,050,000
5,435,000
Torala
626.825.30n 1171.2411.200 5.907.555.000
Ore sins nnn
• As per official reports, National, March 27 1930; State, March
27 1930; Trust
co's, March 27 1930.
Includes deposits in foreign branches: (a) $323,538.000;
(b)
$142,373,000; (c)
$13,139,000; (6) $130.266,000; (C) $72,243,000.
Loans.
Cash.
Reece Dep.. Depos.Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Manhattan—
$
$
S
American
49.610,000 10,764,900
909,400
Bank of Europe & Tr. 15,680,480
823,498
120,484
Bronx County
24,802,740
623,111
1,709,478
Chelsea
22,258,000 1,298.000 1,623,000
Empire
85.991,700 *5,462.500 6,037,200
Federation
18,538,662
136,562 1,406,723
Fulton
19,777,000 *2,209,800
351,600
Manufacturers
372,614,000 2,800,000 46,615,000
United States
73,458,957 3.600,000 10,195,653
Brooklyn—
Brooklyn
118,447.000 2,033,000 23,163,000
Kings County
29,283,057 2,246.846 2,522,167
Bayonne. N..7.—
Mechanics
8.827.971
223.237
899.520
Gross
Deposits
$
$
21,400 49.424.600
15,009,900
24,645,665
20.366,000
4.610,800 86.404,900
130.380 18,470,300
17,084.400
2,557,000 346,789,0 0
58,651,113
123,051,600
27,277.396
323.385 R.RR4.758
• Includes amount with Federal Reserve
Bank
as
follows:
Empire,
$3,816,600;
Fulton. $2,100,800.
Boston Clearing House Weekly Retur
ns.—In the
following we furnish a summary of all the
items in the
Boston Clearing House weekly statement for a series
of weeks.
BOSTON CLEARING HOUSE MEMBERS.
7
May
1030.
Capital
Surplus and profits
Loans, disc'ts & invest'ts.
Individual deposits
Due to banks
Time deposits
United States deposits
Exchanges for Clg. House
Due from other banks
Res've in legal depositles
Cash in bank
Res ve in excess InF.R.Bk
Changes from
Precious Week.
April 30
April 23
1930.
1930.
$
$
$
5
95,825,000 —1,650,000
97.475.000
97,475,000
1,024,431,000
—895,000
1,066,017,000 —39,355,000 103,326.000 103,326,000
1,105,372,000 1,119,628,000
668,293,000 —22,833.000 691,126,
000 682,570.
156,031,000
+7,858,000 148,173.000 151,570.000
000
249,852,000 —19,626,000
269,478.000 280,597,000
5.357.000 —2,727,000
8,084,000
10,046.000
31,799,000 —2,036,000
33,835,000
27,664.000
86,134,000 —1,066,000
87,200,000
85.624,000
84,298,000
—561,000
84,859,000
84,851,0
00
7,179,000
—177,000
7,356,000
7,197.000
3,030,000
+1,683,000
1.347.000
1.450.000
Philadelphia Banks.—The Philadelphia
Clearing House
return for the week ending May 3, with compar
ative figures
for the two weeks preceding, is given below.
Reserve
requirements for members of the Federal Reserv
e 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 compan
ies not
members of the Federal Reserve System the reserve
required
is 10% on demand deposits and includes "Reser
ve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Two Ciphers (00
omitted.
Week Ended May 3 1930.
Members of
Trust
F.R.System Companies.
Capital
60,430,0
Surplus and Profits-- — 220,285,0
Loans, disets & invest 1,090,836.0
Exch. for Clear. House
39.657,0
Due from banks
97,934,0
Bank deposits
146,218,0
Individual deposits
621,818,0
Time deposits
249,168,0
Total deposits
1,019,204.0
Res. with legal depos—
72,810,0
Res. with F. It. Bank_
Cash in vault*
9,706,0
Total res. dr cash held_
82,516,0
Reserve required
Excess reserve and cash
in vault
April 26
1930.
Total.
April 19
1930.
7,500,0
67,930,0
67.634,0
67,634.0
16.714,0 236.999,0 237,294,0 237,294.0
63,864,0 1,154,700.0 1,153,133.0 1,149,431,0
324,0
39.981,0
31,670,0
39.0)9,0
13,0
97.947.0
95,928,0 107,675,
1,806,0 150,024,0 147,602,0 153,093,00
28,758.0 650.576,0 643,237,0 658,293.
16.184,0 265,352.0 264,389,0 261,135,0
46,748,0 1,065,952,0 1,055,228,0 1,072,52 0
1.0
72,810,0
72.166,0
72,435,0
4,614,0
4,614,0
4,078,0
4.399,0
1,551,0
11,257,0
11,680,0
11,606,0
6,165,0
88,681,0
87 924,0
88,440,0
• CAILI 10 VALLI' not outintea as reserve for Federal Reserve members
1
3312
FINANCIAL CHRONICLE
[Vol.. 130.
Weekly Return of the Federal Reserve Board.
g the oondition
l Reserve Board Thursday atternoon, May 8,and showin
The following is the return issued by the Federa
for the system
results
t
the
presen
we
table
first
the
In
sday.
business on Wedne
wgek last year.
g
of the twelve Reserve banks at the close of
pondin
the
corres
of
those
with
and
weeks
ing
preced
seven
Reserve Agents'
as a whole in comparison with the figures for the ies
separately for each of the twelve banks. The Federal Comptr
oller and
The second table shows the resources and liabilit
the
n
betwee
notes
e
Reserv
l
in
Federa
ctions
regarding transa
s for the
return
the
Accounts (third table following) gives detailsFedera
upon
nt
s
Comme
Board'
Reserve
The
e
banks.
l Reserv
"
Reserve Agents and between the latter and
sions.
and
Discus
Events
nt
"Curre
of
ment
in our depart
latest week appears on page 3269. being the first item
7 103o
THE CLOSE OF BUSINESS MAY
ITIES OF THE FEDERAL RESERVF BANKS AT
COMBINED RESOURCES AND LIABIL
10 1930. May 8 1929
1930. April 9 1930. April 2 1930. Mar.26 1930. Mar.
May. 7 1930. Apr. 301930. Apr. 231930.Apr.16
5
$
$
$
$
S
$
3
$
1.683.659.000 1,309,905,000
RESOURCES.
1,888.084.000 1,703.584.000 1,693.284.000 1,717,859.000
62,060,000
53.286,000
1,659.814,000 1,642,214.600 1.654.164.000
00
00
51,865,0
51,851.0
00
42,245,0
00
00
Gold with Federal Reserve agents
41,245,0
41,142,0
41.097.000
41,097,000
Goldsedemption fund with U. S. Treas.
5,000
1,745.135,000 1.769.724.000 1.736,925,000 1,371,96
1,683.311.000 1.695.308.000 1 729.329,000 1,745,829.000
000 587.321,000 615,406,0011 678,058,000
Gold held exclusively agst. F. R. notes 1,700,911,000
000
615.295.0(10 592.097,000 587,240.000 588.884,
000
790,924,
634.847.
000
000
883,616.
598,889,
000
.
000
693.957.
Board_
R.
687.710.
F.
000 704,212.000
Gold settlement fund with
768.369.000 754,502,000 .735.799.000 710,085.
Gold and gold certificates held by banks.
2,840.947,000
,0(1(1
3,036.037
2.000
3,051.00
9,000
3,021,70
1.000
1,000 3,037,28
000
3,068,169.000 3,072.860.000 .3,048100,000 3,031,49 000 184,069,000 187.167.000 191.079.000 185.058,000 171,332,000
Total gold reserves
177.413.
173,955,000 178,937.000 .178.378
Reserves other than gold
3.221.095.000 3,012.279,000 1
3,208,904,000 3.221.350.000 3,208,876,600 3,242.081.000
78,317,000
3.242.124.000 3.251.597.000 3,224.776.0(10
71,600,000
72,366,000
67,422,000
67,460,000
65,027,000
Total reserves
66,357,000
62,607,000
00
63,890,0
cash
rve
Leon-rese
000
525,814,
00
82.970.0
00
86,478,0
000
96,649,000 105,035.000 113,652.
Bilks discounted:
93,129.000
000
106.620.000 105.979.000
000 127,471.000 120.353,000 122,664,000 436,208,
Secured by U.S. Govt. obligations
000 127.473,000 118.362.000 117,155,0(5) 121,129.
130,828,
ed
Other bills discount
000 962,022,000
000 226.164.000 241,193.000 206,829.000 205,634.
237,448,000 233.452,000 211,491,000 213,804,000 267,002,000 301,297,000 256,482,000 185,017,000 157,181,000
Total bills discounted
256,869,000 302,414,
000
209,564.
000
175,203,
Bills bought In open market
50,407,000
58,252,000
41.603.000
F4,105.000
58,226.000
68,478.000
O. El. Government securities:
66,184,000
84,495,000
66.138.000
55,145,000
000 194.519.000 192.520.000 211,763,000
Bonds
14,586,000
000 175.491,000 176,525.000 177,583.000 184.404.000 281,765,000 294.878.000 293,424,000
186,749.
000 284.666.
000
Treasury notes
289,332,
284,679.
000
287,882,
000
285,950,
Certificates and bills
000 149,488,000
561,439,
000
528.999.
000
530,389,
000
535.393,000 527,298,
6,866,000
8,780.000
8,780,000
527,844.000 529,509.000 527.388.000
8,780,000
8,780.000
9,865.000
Total U.S. Government securities
9,215.000
6.355,000
9,700,000
10.600.000
Other securities (see note)
Foreign loans on gold
00C 1,281,912,000
1,029,242,000 1,081,589,000 1,001,090,000 960.870,
000 982,225,000 1,004.983,000 1,061.476.000
Total bills and securities (see note).- 951,095,
725,000
723,000
724.000
722.000
711,000
Gobo held abroad
711,000
711.000
657,596,000
711,000
711,000
000 582.194.000 705,903,000
Due from foreign banks (see note)
58,739,000
000 649.170.000 736,580.000 588,014,000 645.964,000
00
606.619.
58,480,0
000
00
607,416.
58.501,0
58,507
58,507.000
Uncollected items
58,509,000
58.580,000
7,997,000
11,918,000
58,580.000
58,580,000
11.479.000
12.195.000
12,304,000
Bank premises
11,008,000
11,499.000
11.542,000
12,202,000
All other resources
5,097,565,000
7,000
5,030,58
5,000
4,988,43
5,000
3,000 4,977,588,000 5,075,30
4,936,018,000 4.973,881,000 5,016,056,000 5,142,21
Total resources
0,000 1,583,701.000 1.663.678,000
LIABILITIES.
4,000 1,547,869.000 1,558,305.000 1,576,097.000 1,572,90
1.518,34
8.000
1.507,26
4,000
1,492,99
F.R. note]In actual circulation
2,290,540.000 2,330.033.000
8.000 2,344,643.000 2,375.348 000 2,339,844.000
Deposits:
28,635,000
3,008.0(10
2.349,436,0002.384.721.000 2,363.314.000 2,380.12
20,418.000
39.922.000
25,683.000
Member banks-reserve account
36,738.000
7,238,000
35.200.000
00
22.674.0
6,503,000
00
0
33.794.0
8,128.00
6.810,000
0
6.371.00
0
Government
5.730.00
0
23.308,000
5.775.00
0
5.365,00
19,447,000
5.337.000
20.077.000
22,16/.000
18.779.000
Foreign banks (See note)
20.538.000
17.897.000
21.173.000
00
24.432,0
Other deposits
7.0002,310,498.000 2.389.214,000
2,422.186 2,443,132,000 2.395,476.000 2,443,047.000 2.388.46
2,412 999 000 2.433,933.000
000 660.145.000 608,834.000
Total deposits
000 681,164.000 553,971 000 586.687.000 537.074.000 172,245.000 156,179,000
605.006.
000
562,769.
000
559.810,
174.280.
000 174,246.000
174.217.
Deferred availability items
000
000
174.153.
174.243.
000
174,209,
000 254,398.000
174,185,000
276.936.00e 276.938.000 276.938.000 278,938. 00
Capital paid In
25,262,000
276.936,000 276,936,000 276,936,000 276,936.000
18.082.0
18,792.000
18,311,000
18,683,000
Surplus
18,959,000
19,341,000
00
18,766,0
00
19,094.0
All other liabilities
5.000
5.097,56
7,000
4,977.588,000 5,075,305,000 4,968,435.000 5,030,58
4.936,018,000 4,973,881,000 5,016,056.000 5,142,213.000
Total liabilities
70.0%
and
77.7%
77.0%
75.1%
76.8%
Ratio of gold reserves to deposits
75.9%
77.8%
77.9%
78.5%
F. R. note liabilities combined
74.3%
82.5%
81.8%
79.8%
81.5%
Ratio of total reserved to deposits and
80.4%
81.8%
82.5%
83.0%
F R. note liabilities combined
000 355.195,000
d
503,362,
purchase
000
bile
on
000
496,661.
475,524.
liability
nt
000
Continge
488,574,000 465,453,000 459,983,000 459,446.000 469.571.
for foreign correspondents
2.065,081,000
8
8
$
-8
8
$
80.073.000
$
79.605,000
$
000
es-Maturiti
by
ion
Distribut
000 147,584,000 190,529.000 171,421.000 205.190,000 172,731.000 128,042.000 787,922,000
110,370,
00
99,090.0
market
000 164.494,000 132,180.
1-15 day bile bought in open
4.759.000
153,260.000 149.986.000 133,350.000 141,044.000 151,547.
29,000,000
2,160,000
100.000
1-15 days bills discounted
0
1,840.00
1,580.000
26.000.000
1-15 days U. S. certif. of indebtedness_
15,000
15,000
00
35.597.0
00
38,401.0
28,487.000
41.454,000
39,178.000
1-15 days municipal warrants market__
47.760.000
54,041,000
44,260,009
43,286,000
32.293.000
19,1140.000
17,966.000
19,682.000
18,725.000
16-30 days bills bought In open
00
00
18,305.000
17,888.0
17,292,0
4.000
00
18.888,0
ed
10-30 days bills decount
26.000,000
ness
30,000
30.000
15-30 days U. B. certif. of Indebted
28.793.000
45.272,000
40,634.000
40,996.000
47.492.000
16-80 days municipal warrants market85,084.000
48,709.000
39.864.000
72,492,000
00
29.864.0
30.205.000
27,694,000
27.502.000
00
51-60 days bills bought in open
27.125.0
00
00
00
27,417.0
24,958.0
29,723,0
205,050
00
29.991.0
38,000,000
00
38,000.0
00
27.000.0
00
32,400.0
8140 days bills discounted
1,000
45,198,000
00
101,000
50,802.0
00
54.973.0
30.000
ness
30.000
Indebted
of
certif.
81-80 days U. B.
0
9,902,00
00
22.669,0
00
13.977,0
13,277,000
8,600.000
81-00 days municipal warrants
16,158.000
12.370.000
11.913,000
37,587,000
00
12.082.000
17.080.0
00
market
16.462,0
00
Wen
17,648.0
in
00
bought
16.534.0
17.351.000
81-90 days bills
16,693,000
18.878,000
,
00
16.483.0
00
72,530.0
00
56.115.0
00
ed
58,072.0
57,037.000
51-90 days bills discount Indebtedness_
82,500.000
92.385,000
39.500,000
48.350,000
81 90 days U. S. certif. of
2.816,000
1,070,000
873,000
380.000
221,000
4.002.000
0
01-90 days municipal warrants
3.046,00
0
3.157.00
0
20.735.000
1.874.00
11,267.000
market
open
12.527,000
11,799.000
12.233.000
15,068.000
Over 90 days bills bought Ined
13,221.0(10
17,573,000
9,618.000
18.828.000
000
153,894,
000
000
198.601.
discount
196.193.
bills
000
days
195.229.
90
Over
300.000
156.827,000 170,000,000 176.981.000 195,306.000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
1.000 2,933.480.000
3,230.56
6.000
7.000
3.142.40
3.131,40
3.000
3.140,246,000 3.146.69
852,596,000
ller- 3.090.606,000 3,100.743.000 3,112,259.000
1.000 1,231,271,000 1,226.728.000 1,283,902,000
F.R.DoteSreceived from Comptro
1.275.416,000 1,273,756,000 1.265,917,000 1,275.751,000 1.252.74
F.It. motes held by F.It, Agent
4,000
2,080.88
9,000
1,946,65
0.000
6.000
1.915.88
1.900,13
2.000
1.815.190.000 1.828.987,000 1,846,342.000 1,864.495,000 1.893.95
Issued to Federal Emery* Banks
000
402,108,
401.539.000 378.295.000
How Secured402.028.000 402,028,000 402,028.000 402.239,000
92.059.000
402,108.000 402,108.000
By gold and gold certificates
0,000 839.551,000
1,282.12
0,003
1,315.82
8.000
fund
1,291,25
on
0.000
6,000 1,25'2.056,000 1,286.056,000 1,301,55
Gold redempti
1.240,10
1,000
8.000
1,076,96
1.257.70
000
381,856.
000
000 514,028.000 451,956,
Gold fund-Federal Reserve Board
405.267.000 430,807,000 460,096,000 494,433,000 469,807,
By eligible paper
616 n(o 251. 110.1. arm
nah
o
non
ion
162
2
ono
R12
207
2
nnn
got
7 000 9.122
202.065.081 2.073.021.000 2.114.260.000 2.182.51
mom!
abroad and amounts due
in
to show separate y the amount of balances held
were
order
added
• Revised figures.
items
new
two
1925,
7
Oct.
t of
intermediate Credit Bank debentures, was changed to
NOTE.-BegInning with the statemen
"All other earning assets," previously made up of Foreign adopted
on of the total o
caption,
the
descripti
,
accurate
more
addition
a
as
In
ndents.
to -Total bills and securities." The latter item was
So foreign correspo
caption, "Total earning assets"
it was stated,are the only itemsIncluded +therein
"Other securities," and theand securities acquired under the provision of Secs.13 and 14 of the Federal Reserve Act, which,
ces
acceptan
CLOSE OF BUSINESS MAY 7 1938
the discounts,
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
RESOURCES AND LIABILITIES
WEEKLY STATEMENT OF
Chicago. St. Louis. ifinneap. Kan.City. Dallas, San Fran
BostOn. New York. 1 Phila. Cleveland. Richmond AUanta.
Two ciphers (00) omitted.
Total.
9
$
3
It
Federal Reserve Bank of3
S
$
$
$
$
$
199,763,
$
$
0 279,000,0 71.345,0 55,845,0 75,000.0 30,800,0 8,376,
RESOURCES.
912,0
184,917.0 258,594,0 140,000,0 180.550.0 73,000,0 111,000.
1,635,0
1,922,0
4,0
1,886.0
1,859.81
1,814,0
Agent
2,641,0
15,257.01 2,922,0 2,385.0 2,000,0
Gold with Federal Reserve
4.i,097.0 1,347,0
Tress
Gold red'n fund with U.8,
280,814.0 73,231,0 57,767.0 76,635,0 31,712,0 206,139,
0 273,851,0,142.922,0 182.935,0 75,000,0 113,641.0 127,172.0 30.273,0 20,853.0 39,360.0 15,778,0 44.349,(
186,264,
1,0
1,700,91
note
37.232.0 69,023,0 14,573,0 17,250.0
01
159.452,
Gold held excl.agst.F.R.
23,574.0
0 7.567,0 5,610.0 10.508.0 9,031,0 29,033,
598,889,0
462,810.0 37,108,0 53.646,0 8,720.0 6,111,0 100.764,
Gold asttle't fund with F.R.Boa
768.369,0 37,461,0
Gold and gold afs.held by banks
508,750.0 111,071,0 84,230.0 126,503.0 56.521,0 279,521,
896,113.0 217,262,0 305,604.0 98.293.0 137,002,0 15.721,0 13.147,0 4,055.0 7,971,0 7,097.0 10,962,
3 068 169.0 247,299.0
55,590,01 12,685,0 12,335.0 6,693.0 15,197.0
Total gold reserves
12,502,0
0
173%155,
'
IReserve other than gold
524.471,0 124,218,0 88,285,0 134,474.0 63.618,0 290.483,
951,703.0 229,947.0 317,939,0 104,986,0 152,199,0 9,135,0 5,143,0 2,102,0 1,958,0 4,083.0 5,610,
3 242 124,0 259.801,0
12,646,0 3,751,0 4,374.0 3,964,0 4,553,0
Total reserves
63,890,0 6,571,0
Non-reserve cash
930,0 2,918,0 1,520,0 3,708,
4,743.0
43,678,0 12,638,0 12,354,0 4,603,0 1,675,0 11,792,0
Bale discounted:
7,672.0 7.266.
106 620 0 6,061,0
15,132,0 8,601,0 13,020,0 23.515,0 10,108,0 8.863.0 3,319,0 10.907,0
13,507,0
Sec. by U. S. Govt. obligati°
8,918.0
:0
8
130;82
Other bills discounted
21,900,0 13,806,0 4,249,0 13,825.0 9,192,0 10,974,
17,623,0
25,190,0
20,955.0
27,770,0
57,185,0
9.480.0 7,160,0 11,143,0 5,681,0 23,878,
237 448 0 14,979,0
37,011,0 7,021,0 18,353.0 8,148.0 19,911.0 14,372,0
Total bills discounted
175..203:0 15,047,0
366.
Bills bought in open market
581,0 8.309,0
645,0 4,691,0
20,564,0
107,0
1,299,0
670,0
978.0
15,745.0
U. EL Government securities:
1.886,0 6,993,0 18,249.
0 1,190,0
55
17,318,0 22,695,0 3,660,0 4,508.0 16.160.0 11,511,0 6,497,0 3,957,0 10.380,0 18,080,
64.626,0
Bonds
7,112.0 7,199.0
145,0 12,646.0
186'749
0 27.829,0 28,631.0 7,681,0 4,212,0 33.890,0
Treasury notes
0 26,487.0 112,492.
:
285:950
Certificates of indebtedness
70,614,0 19,268.0 18.387.0 6.424.0 25.682.0 38.895
8,827,0
12,640.0
49,996,0
46,125,0
0
527 944.0 40.323.0 192.863,
Total U. S. Gov't securities
MAY 10 10301
ICSuURCES ,Conawrc) Two Ciphers 00) cm' red
FINANCIAL CHRONICLE
Total
5
Other securities
Foreign loans on gold
10,600,0
Total bills and securities
Leth from foreign banks
Uncollected items
Bank premises
All other resources
3313
I
New York. Phila
Clevetana Richnvona Atlanta. Chicago. Si Louis.
-- ----- --- --- ---- ---- Minneap. Kari.City. Dallas. San Pres.
---- -s
s
s
s
s
s
$
s
5
$
1,000.0
$
8.600,0 1,000,0
Boston.
951,095,0 71,349.0
711,0
53,0
607,416,0 63,579.0
58,580,0 3,580.0
12.202,0
47.0
295,659.0 81,916.0 87,304.0 38,409,0 53,928.0 106,886,0 42,354.0 29,796,0
31,392,0 40.555,0 71,547,0
234,0
69,0
71,0
30,0
26,0
95,0
26,0
16,0
21,0
21.0
49.0
163,975,0 53,615,0 55,916,0 43,612,0 20,392,0 75,345,0 29.194,0
15,664,0 1,762,0 7,059,0 3,204.0 2,658,0 8,295,0 3.811,0 12,408,0 34,686.0 21,448,0 33,246.0
2,018.0 3.972,0 1,876.0 4,681.0
4.149,0
184,0 1.139,0
654,0 3,601,0
393,0
316,0
450,0
328,0
459,0
457,0
Total resoureee
4,936,018.0 404,980.0 1.444,030,0 371,244,0 473,802,0 194,859,0 237,357,0
724,620,0 205,062,0 135.075,0 206,831,0 132,055,0
LIABILITIES.
406,103.0
V. R. notes In actual circulation_ 1,492,994,0 160,388.0 170.107.0
139.950,0 180,861,0 68.977,0 128,281,0 246,716,0 76,698,0 59,152,0
Deposits:
74,664.0 32,413,0 154.787,0
Member bank-reserve acc't 2,349,436.0 143,794,0 947,990,0
136,350.0 190.513,0 64.190,0 67.048,0 343,978.0 79,511.0 52.841.0
Government
86,267.0 62.015.0 175,437,0
33,794,0 3,740.0
9,811,0 2.464,0
1,470,0
1,161.0
3,579.0
3,128.0
1,808.0
Foreign bank
1,302.0 1,509,0 2,078.0 1,744,0
5,337,0
397.0
1,737,0
521,0
537.0
225.0
193.0
719,0
193,0
123.0
Other deposits
181.0
24.432.0
128,0
161.0
10,825,0
370.0
110.0 1,397,0
97.0
86,0
629,0
229,0
187,0
60.0
44,0 10,640,0
Total deposits
2,412,999,0 148,059,0 970.363,0 139,445.0 193.917,0 65.673,0
Deferred availability items
559,810,0 62.819.0 147.709.0 47,343.0 52.408,0 40,809,0 70.904,0 347.954,0 81,741,0 54,457,0 87,997,0 64.298,0 188,191,0
19.642.0 66,781,0 28,840,0 10,306,0 30,280.0 21,260,0
Capital paid in
174.185.0 11,660.0
31.608,0
69.715.0 16,738,0 15.898,0 5,905.0 5,460.0 20,308.0
Surplus
276.936,0 21,751,0
80,001,0 26.965,0 29,141.0 12.496,0 10,857.0 40.094,0 5,373,0 3,092.0 4.330.0 4.360,0 11,346.0
10.877.0 7,143.0 9,162.0 8,935.0 19.5140
All other liabilities
19,094,01
303.0
6.135.0
798,0 1,577.0
999.0 2,213.0 2,767,0 1,533,0
925,0
398,0
789,0
657.0
Total liabilities
4,938,018.0 404,981,0 1,444,030.0 371,244,0 473,802,9 194.859,0
237,357,0 721.620,0 205,062.0 135.075,0 206.831,0 132,055.0
Memoranda.
406,103,0
Reserve ratio (per cent)
84.2
83.0
83.4
82.3
84.8
78.0
76.4
88.2
Contingent liability on bills pur78.4
77.7
82.7
65.8
84.7
chased for foreign correspond'te 468,574,1 34.646,0 154,419,0
45,414.0 46,819,0 19,654,0 16,855,0 62,737,0 16,855.0 10,768,0 14,046.0
F. R. notes on hand (notes reed
14,046,0 32,305.0
from F. ft. Agent less notes In
circulation)
_ R29 ion n 2879i.0
63.701.0 25 38% 0 ri4 847.0 21 .8211 n 25 090 n 39.155.0
14.438.0 5.130.0 9.619.0 9.376.0 53.939.1
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE
AGENTS AT CLOSE OF BUSINESS MAY 7 1920.
Federal Reserve Agent atTotal.
Boston. New York.1 Phila. ICIeveland llitchmondlAtlanta. Chicago.
St. Louis. 111inneap. Kan.CIty Dallas. San Fres
Two Ciphers (00) omitted-'
-$
$
$
$
$
P.R.notes rood from Comptroller 3,090,606,0 303.879,0 691.017,0
$
$
$
$
F.R.notes held by F. R. Agent__ 1.275,416,0 114,700,0 467.119.0 206,635,0 297,683.0 119,188,0 229.490,0 520.781,0,108.936.0 98,082,0 124.113,0 85,776,0 305.126.0
41,300.0 82,175,0 28.335.0 75,110.0 234,910,0i 17,800,0 33,800.0 39.830,0
43,887.0 96,400,0
F. n. notes Issued to F. R. Bank _ 1,815,190,0 189,179,0 223.898.0,
165,335,0 215,508,0 90,803.0 154,380.0 285,871,0 91,136,0 64,282,0
Collateral held as security for
84,283,0 41,789,0 208,726,0
F. R. notes issued by F. It. Bk.
Gold and gold certificates-- 402,108,0i 35.300,0 229.968.0
39,900,0 15,550,0 5.000,0 6,000.0
9,245,0 11,845,0
Gold redemption fund
14.300,0 35,000.0
Gold fund-F.R. Board
1,257,706,0 149,617,0
23.626.0 100,100,0 165,000.0 68,000.0 105,000.0 279,000,0 62,100.0
44,000,0 75.000.0 16,500.0 164.7113.0
Eligible paper
405.267,0, 29.947,0
92.783,0 31,767,0 36.912,0 25,459,0 44.668.0 36,101,0
22,184,0 11,299.0 24,786,0 14.683.0 34.679,0
Total collateral
2,065,081,0 214,864.0 351,377,0 171.767.0 217,462.0 98.459,0 155,668,0
315.101,0 93,529,0 67,144,0 99.786.0 45,483,0 234,441,
1
Weekly Return for the Member Banks of the Federa
l Reserve System.
Following is the weekly statement issued by the Federal Reserve Board,
giving the principal items of the resources
and liabilities of the reporting member banks from which
behind those for the Reserve banks themselves. Definiti weekly returns are obtained. These figures are always a week
ons of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle"
Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our departmentof
"Current Events and Discussions," on page 3270. immediately preceding which we also give the figures of New York andofChicago
reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan
figures exclude "Acceptan
ces of other banks and bills
dorsement, and include all real estate mortgages and
mortgage loans held by the bank. Previously acceptancesof exchange or drafts sold with enendorsement were included with loans, and some of
of other banks and bills sold with
the banks included mortgages in investments. Loans
no longer shown separately, only the total of loans on
securities being given. Furthermore, borrowing at secured by U. S. Government obligations are
divided to show the amount secured by U. S. obligation
the Federal Reserve is not any more subs
and
those
secured
commercia
paper.
by
only
l
a
lump total being given. The number
ing banks is now omitted, in its place the number of cities
of reportThe figures have also been revised to exclude a bank to theincluded (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
merged with a non-member bank. The figures are now San Francisco district with loans and investments of $135,000,000 on Jan. 2 which
recently
given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL
REPORTING MEMBER BANKS IN EACH FEDERAL
RESERVE
DISTRIC
T AS AT CLOSE OF
BUSINESS APRil, 30 1930 (In million, of ann..")
Federal Reser% District-
Total.
Boston. New York
kens and investments-total__
$
22.755
$
1.513
$
9.251
etans-total
16,964
1,166
6.926
8,381
8,583
531
635
3.998
2,928
On neuritis,
All other
nvestments--total
U.S. Government Securities
Other securities
teserve with F. R. Bank
;ash in vault
Set demand deposits
Moe deposits
thvernment deposits
bile from banks
Me to banks
5.791
347
2.325
2,852
2,940
158
189
1,238
1,087
1,774
214
98
15
849
59
13.581
7,055
96
924
477
7
6.252
1,909
36
1,188
2,930
65
124
193
1,096
lorrowInge from F. R. Bank
3 .
74
17
_ . .
..
week fIgures for a large bank in Chicago nave been
Condition of the
Phila.
Cleveland. Richmond AUanta. *Chicago St. Leeds Minneap
Kan. Ctty Dallas. Ban Fres.
$
$
$
$
2
$
$
$
2.165
646
613
3,228
664
366
655
463
1.985
908
1,519
489
483
2,558
509
254
438
352
1.363
478
731
201
155
1.253
231
91
140
119
453
430
787
288
329
1,305
278
163
297
233
910
298
647
157
129
670
155
112
217
111
622
78
317
75
62
319
40
54
96
67
350
220
330
82
67
353
115
ss
122
44
271
78
130
40
41
281
43
26
56
34
99
12
27
11
9
35
6
5
11
17
7
705
1,036
342
327
1,900
372
223
484
287
728
302
989
241
243
1,193
231
131
178
150
1,030
6
s
9
8
5
1
1
6
10
64
99
55
67
196
51
55
115
68
159
165
225
96
100
454
113
80
180
215
83
4
7
7
10
7
4
1
4
1
a
Omitted rom the statement and figures
fore number of banks outside Chicago substitute
d therefor.
$
1.206
Federal Reserve Bank of New York.
The following shows the condition of the
in comparison with the previous week and the Federal Reserve Bank of New York at the close of business May 7 1930
corresponding date last year:
May 7 1930. April 30 1930.
selosreceGold with Federal Reserve Agent
258.594,000 258.594.000
Gold redemp.fund with U. B. Treasury..
15.257.000
15.257,000
Gold held exclusively age!. F.R. notes 273.851.00
0
273,851,00
0
Gold settlement fund with F. R. Board_ 159,452.00
0
Gold and gold certificates held by bank_ 462,810,000 217,079,000
449,616,000
Total gold reserves
896,113.000 940,546,000
Reserves other than gold
55,590,000
55,663,000
Total reserves
951,703,000 096.209.000
Non-reserve cash
12,646.000
11,319.000
13111a discountedSecured by U. S. Govt. obligations-43,678,000
29.153.000
Other bills discounted
13.507.000
12,117.000
Tote !bills discounted
57,185.000
41.270,000
Dula bought in open market
37,011.000
49,794.000
U. it. Government securitiesBonds
15,745,000
27,199.000
Treasury notes
64.626,000
53,397,000
Certificated and inns
112,492.000 114,572,000
Total U.S. Government securities-. 192,863.000 195,168,00
0
Other securities (see note)
8,600.000
7,700,000
Foreign loans on gold
May 8 1929.
281,127.000
11,154,000
292,281,000
138,333,000
488,332.000
918,946,000
52,103,000
971,049,000
32,740,000
173.331,000
101,558,000
276,889,000
44,004,000
155,000
11,734,000
4,660.000
Resources (Conautled)Gold held abroad
Due from foreign banks (See Note)
Unoollected items
Bank premises
All other reeourcee
Toth rthources
May 7 1930.
234,000
163.975.000
15,664.000
4,149,000
April 30 1930. May 8 1923s
226,000
166,698,000
15.664,000
3,550.000
220.000
180.486.000
16,087.000
1,306,000
1.444,030.000 1.487,598,000 1,542,527,000
Fed'i Reserve notes In sinus circulation_
Deposits-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits
170.107,000
947.990.000
9,811.000
1.737.000
10.825,000
175.803.000
991.131.000
2,787.000
1.568.000
10,528.000
288.490.000
940,309,000
7,32111,000
2,511.000
9,655.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
970,363.000 1,006.014 000
147 709.000 149.907,000
69,715,000
69.756.000
80.001,000
80,001,000
6,135,000
6,117.000
959.803.000
160,276,000
55.969.000
71,282.000
6.707.000
Total liabilities
1,444,030,000 1,487.598,000 1,542.527.000
Ratio of total reserves to deposit and
Fed', Reeve note liabilities combined_
83.4%
84.3%
77.8%
Contingent liability on bills purchased
Total bills and securities (See Note)
295,659,000 293.932.000 340.639,00
0
for foreign correspondence
154,419,000 156,999.000 111,405,000
NOTE.-Begiunitg with the statement of Oct. 7 1925,
tith1gn correspondents. In addition, the caption "All othertwo new items were added in order to show soparatelythe amount of balances held abroad and
earning assets." previously made up of Federal Intermedia
amounts due to
11 miler smithies."
tile ,mption -Focal earning assets- to "Total
te Credit bank debentures, was
bills sad securities." Tue latter term was adopted
to
discount acceptances and securities acquired under the provisions
a more accurate description of the changed
total of the
of Seething 18 and 14 of the Federal Reserve AJt email 43
t tem etated.ere tee only items
Included therein.
16,549.000
96a,000
2,232,000
[Vor.. 130.
FINANCIAL CHRONICLE
3314
Sales
STOCKS.
for
Week Ended May 9.
Par. Week.
Vanh,ers' Gaz,ette.
Wall Street, Friday Night, May 9 1930.
Railroad and Miscellaneous Stocks.-See page 3299.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended May 9.
Sale3
for
1Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
share.
Par. Shares $ per share. $ per share. 5 per share.S per May
RailroadsMay 220
May 5 212
May 5212
30212
Albany & Susqueb__100
Apr
120
May
116
9
May
119
9
May
119
30
Alabama & Vieksb__100
Jan 8651 Mar
200 8314 May 7 8351 May 7 71
Buffalo & Susqueh_100
Mar
Feb 87
400 83% May 7 83% May 7 77
Certificates
Apr 8651 Mar
May 7 84
May 7 85
500 85
Preferred ars
Mar
May 9 8651 Apr 92
80 86% May 5 88
Caro Clinch & Ohlo..100
Mar
Jan 101
May 5 96
May 5100
20 100
Ctfs stamped_ .._ _100
Mar
2%
Mar
%
7
May
I%
3
May
Chic RI & Pac rights- 66,200 1
Apr
10 435( May 7 43% May 7 43% Apr 4351 Mar
Cleve & Pittsb spec'l _ 50
76
7451
Feb
9
May
75
9
May
75
50
50
Common
Jan
60
May
40
5
May
May 5 40
100 40
Detroit & Mack p1.100
Jan
100 151 May 9 114 May 9 111 Apr 3 May
Duluth S 8 & Atl_ __100
Ja
6551
8
May
6351
8
May
6511
6534
40
Erie & Pittsburgh
Apr
87%
Feb
75
3
100 8134 May 3 8134 May
Hudson e3: alanh pf_100
3014 May 3551 AP.
list Rap Tr cot dap...* 1,100 30% May 7 32% May 6 2354
Feb
May 29
200 2351 May 7 2414 May 7
lot Rys of CA etfs_...•
Apr
4 8114 May 7 6251 May 3 5111 Jan 8851
Manhat Elea gua.__100
Feb
3
Jan
9
May
151
2
8
May
134
200
100
Market St Ry
Mar
5554
Mar
50
5
May
May 5 50
300 50
M St P & S S M p1_100
Mar 351 Feb
May 6 234 May .5 2
70 2
NY State Rys pref AGO
Feb 1951 Mar
May 3 15
60 1551 May 3 16
Pacific Coast 20 p1.100
May
Jan 155
151
May 9
400153% May 7155
Pitts Ft W & Chic p1100
Jan 135% Mar
90
5
May
105
5
May
99
100
ctfs100
0
&
M
South By
Indus. & Miscall.
Apr
May 72
a
May 81 57
May 6 62
Alleghany Steel
7001 57
Apr
Apr 104
May 61 95
May 5 100
10 100
Alliance Realty
Mar
300 214 May 3 214 May lii 251 May 3%
*
Amalgam Leather
May 69% Apr
May 711 54
May 5 59
• 5,900 54
American Chain
AP 3734 Jan
May 6 83
May 6 85
400 85
American Ice pref__100
Jan 119% Apr
May 611534 May 5 112
188115
Am Mach & Fdy pf _ 100
May 8011 Apr
70
May 9
2001 70
*
American News
140 3 May 5 511 May 9 3 May 9% May
100
Ara Piano pref
Feb
54 May 2
14 May 3
14 May 8
Am Rolling Mills rights 181,500
Mar 2751 Feb
May 9 23
May 9 24
10 24
Am Teleg Jr Cablo_100
Feb
Jan 100
May 7 90
May 7 93
30 98
Artloom Corp pref..100
May 3 2451 Jan 2851 Feb
May 3 27
300 27
Art Metal Construct_10
Feb 9534 Ayr
10 9231 May 7 9214 May 7 85
Asso Dry Gds 1st pt 1 I
Jan 100% Apr
May 6 85
5
May
9751
9851
400
100
2d preferred
Mar
38
Mar
3151
3
May
May 5 3414
* 6,200 33
Atlas Stores
Apr 634 May
May 5 651 May 8 6
300 6
*
Austin Nichols new
May
27
May
27
5
May
27
5
May
27
100
*
Class A
May 7051 Jan
May 3 58
May 9 61
800 53
Beech-Nut Packing_ _20
Apr
* 3,000 343.4 May 5 3734 May 3 3434 May 4151 Mar
Blaw-Knox
May
6118
May
1)11351 Jan 119
20 118
Blown Shoe pret___100
Jan 84% Apr
May 6 71
May 8 80
75
Celotex Co pref_ _ _ _100 1.1
May
8 4151 May 9 4151 May 9 373.4 Feb 42
City Stores A
May 6451 May
May 5 6334 May 8 59
• 6,000 59
Colgate-Palm-Peet
Mar
Mar 100
9851 May 9 9851 May 9 97
2
100
Preferred
1851 May 5 1751 May 6 1651 May 2051 Apr
Colonial Beacon 011___• 1,3
May 7 2251 Jan 2534 Apr
May 7 25
25
Comm Creel pref (7) 25
Mar
Jan 100
May 5 89
May 5 98
300 96
Comm Inv Trpf 651100
Feb103% May
Commonw 4: South pf_* 8,80 102% May 5103% May 9 99
May 9 93% May 5 7651 Jan 9351 may
731 89
Consol Cigar pf (7).100
Apr
May Si6051 Feb 77
May 8 74
40 74
Prior pref x-warr_ Jan
Ap
2,311 1
May 7 134 May 7 1
Cuban Dom Sugar
Mar
Jan 120
May 5111
May 5120
20 120
Cushm Sons pf 7%_100
Apr
120
Jan
105
9
May
May
9111
10 111
Preferred 8%
Apr
Apr 2
alayl AI 1
Mayll 1
60 1
Duluth Sup Tract__100
Feb 10251 Mar
97
Duplan Silk prat_ _ _100
5010051 May 5100% May
Feb
07%
Feb
May 7I 4451
70 4651 May 8 49
Durh Hos Mills pf_ A00
30 126% May 8127% May 8 120% Feb 127% Apr
Eastman Kodak pfd100
Jan
7501 7 Slay 9 7
May 9 7 Slay 14
Elk Horn Coal pref__50
May
May 6 19
100 19
1751 Jan 2014 Mar
Emporium Capwell__ *
Mar
401 55
May 9 55% May 9 5334 May 80
Fashion Pk Assoc pf.100
Mar
May 5 150
May 185
May 5150
200 150
Federal M & Smelt_100
Apr
May 50
May 5 4334 Stay 3 38
Fourth Nat Invcstors_• 8,9001 38
Feb
Jan 86
iol 8451 May 5 8451 May 5 80
•
Fuller Co 20 pref
100
Gen Cable pref
200j10134 May 810234 May 810134 May 10934 Apr
Gen Italian Edison__ -- 6.0001 3914 May 5 4014 May 3 3934 Apr 4454 Feb
Feb 115% May
May 5115% May 8 104
400 115
(len Motors deb (6)_100
May
100115% May 811551 May 8 10434 Feb 115%
100
Preferred (6)
May 1 3834 May 4251 Mar
400 3834 May 8 40
•
Gen Printing Ink
Mar
May 6 100% Jan 110
May 6107
70 107
_100
Gen Ry Signal pref.
Gen Realty & LAIL -* 21,000 1351 May 5 1551 May 7 1351 May 1951 Apr
Apr
May 100
May 5 9214 May 3 91
2,200 91
Prete::ed
Mar
Feb 101
May 6100
May 5101
700100
Gen Steel Castings pt.
Apr 10134 may
10,10134 May 710134 Slay 7 101
Gold & Stock Teleg-100
Gotham Silk Hos prof
May
Jan 79
May 6 85
May 5 79
prat ex-warranta__100 5,3001 75
Range for Week.
Range Since Jan. 1.
Highest.
Lowest.
Lowest.
br
are.
:
$1p37
4shrsF
share.
per
$
share
per
share.
$
Per
Shares.
$
Misc.
(Conc.)
&
Indus.
May 5 1851 Jan
May 5 20
100 20
Southern Dairies cl A.*
Jan
200 714 May 6 734 May 7 6
•
Spear Jr Co
Mar
Jan
May 5 71
80
May
130 80
100
Preferred
May 5 4334 May 9 3731 Mar 849"i
Stand 011 of Kansas_25 20.000 38
25% May
So Porto Ric Sug p1.100 10,500 2451 May 8 2551 May 5 24% May 46%
Apr
May
May 5 37
May 5 38
600 37
Therrnold
May 39% Apr
May 3 30
May 5 35
Thompson Products* 7,400 30
Mar
11
7
1454
May
5
May
12
t.
5,800
Thompson-Starret __*
Jan
40
May • 4434 May
900 43
Preferred
May
May 5 1751 May 7 14
Tr -Continental
• 26,300 14
Apr
89%
8
May
93%
3
May
92%
100 5,500
Preferred___
May
May 6 24
May 8 25
40 24
United Business Pub_ _*
Mar
May 9 50
May 6 57
60 55
United Dyewood p1.100
Jan
May 8 97
May 8 101
100 101
Un Piece Dye W p1_100
Apr
May 3 70
100 70 May 3 70
U S Distributing p1_100
93 2415 55473098 ,NMIl\iMFAtj na aeapanybynr r
:2
Mar
!
12251
7
May
125%
7
May
10
S
U Tobacco pref___100
1253-4
Mar%
5
10
May 6 10351 Jan 16
May 6 112
10 112
Univ leaf Tob pref_10
Apr
Feb
May 3 57
May 3 60
100 60
Vadsco Sales pref ..i00
Feb
113%
8
May
8
May
1834
1
10 851
Van Raalte
Jan
May 710334 May 5 100%
180 102
Va El Jr Pr prat (6)_100
Aapnt
11 May
22104j
Jan 14
10 1434 May 7 1451 May 7 12
Va Ir Coal Jr Coke_100
AA pprr
114 Mar
03
Jan 17
100 1023-4 May 710234 May 7 97
1Valgreen Co 1st p1_100
% May
51 May 3
14 May 5
Warner Quinlan rights_ 27,300
1,400 6814 May 6 6931 May 3 67% Apr
Wrigley Co
34 May 1% Apr
alay 9
14 alay 5 1
20,000
Zenith Radio rights
Highest.
*No par value.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.8. May 9.
Daily Record of U. S. Bond Prices. May 3. May 5 May 6. May 7. May
High 1001133 100832 1008u 1001831 100832 100"st
First Liberty Loan
100833 100132
351% bonds of 1923-47 _ _ Low- 10011,, 1008.3 10083, 100831 100'n 1001111
Close 10011” 100sn 100,31 100'n
(First 314)
69
20
43
40
61
10
units__
Total sales in $1,000
---- ---- ---- ---- ---- ---Converted 4% bonds ofk mg E
1932-47 (First 4a)
- ---------------Total sales in 51,000 units ___
10111:1 10118,1 10-1 1833 10-1",,
Converted 4%% bonder fah 10111u 101183, 101181, 10111a 10118u 101s3
11
1011833
of 1932-47 (First 414s) Low- 101183:
10118,, 1011,u
Close 1011133 1011833 10111,3 1011833
4
15
9
26
2
13
units__
Total sales in 51.000
4%% 1111/13
----------------Second converted (First{
------------------Lowbonds of 1932-47
Close
---- ---- - -- ---- -_--- -_--Total sales in 5-1,006 anus__ _
(High 1028.1 10283, 102-811 102,a 10283, 102.33
Fourth Liberty Loan
1021u 1021,1 102231 102813
102
1021.1
434% bonds of 1933-38_.LowClose 10213, 1021u 1028,3 102811 102831 102133
(Fourth 43422)
201
86
314
119
286
57
units__
Total sales in $1,000
111g1-1 1111833 11118,, 112831 112833 1121,3 112
Treasury
low_ 111,932 11111n 111"n 112,st 1112t1, 1118111
414s, 1947-52
Close 11118:3 111"n 112'n 112"31 112'n 111".
32
36
54
10
92
Total sales in 31,000 unita_25
10710,2 107"n
____ 107"tt 1071111 108'n 1078831
.{1.11g-12
107.3,
1071833
108
107u33
____
Low_
4e, 1944-1954
107"st 107".
10711at 108
apse - _ _ _ 1071,32
10
12
40
70
26
--Total sales is 51.000 units __
105nn
105"at 1051833
1051233
105
1056,2
Illgli
10511n
33
10518.3
.
105123, 1051
Low_ 1058n 105
331g. 1046-1936
10512,2 105"” 105"n 1051131
Close 10.58,1 105
1
140
101
1
10
25
Total sales in 51.000 units__
101'n 1018n
---- 101"n 101
---Ilirtii
5a
101
31
101,
101
100"gt
_-__
---Low_
351, 1943-1947
1018.1 101.32
. 101
---- 1018
---Close
1
1
s
3
-----Total sales In $1,000 units__
101 4,,
101
101"n
101"n
--100",s
illigli
1001.31
---- 100"n 101,431 101
100"n
LoW_
1
390, 1940-1943
---- 101533 101143, 101 A 101 11A
Close 1008813
511
aa
.._
_. _
_
0101sale, in ioss,o an,,. --
of coupon
Note.-The above table includes only sales
wore:
bonds. Transactions in registered bonds
10283, to 102533
7 4th 434s_ _ _
Companies.
New York City Realty and Surety
share.)
(All prices dollar, per
Par Bid Ask
Bid Ask
100 193 203
Mortgage-Bond
102 105
25 95 100
Casualty
U S
102 106
60 65 N Y Investors98
100
preferred
let
52
49
100 97
20 preferred
273 233
135 155
200 250 Westchester Title S: Tr_ _
Par
no par
Alliance Realty
20
Bond Jr Mtge Guar
atones Title Insurance ...25
20
Lawyers Mortgage
Lawyers Title Jr Guar__ _100
Lawyers Wartchest al&TIO0
Mar
Jan 29
May 7 28
May 5 29
3004 28
Hackensack Water p125
May
May 6 100% Jan 130
May 6130
40 130
100
Hanna tat Prof
Jan
May 7 783-5 Feb 85
May 7 79
2001 79
Hercules Powder
S. Treas. Ctfs. of Indebtedness, &c.
Jan 119% May
-uotations for U.
100
120111834 May 7119% May 3 117
Preferred
Ins.
May 7 133.4 Slay 19% Mar
/nt.
lnternat Carriers Itth* 10,80 1314 May - 15
Md. Asteil.
Rate.
Maturity.
May
Bid. Asked.
Apr 80
May 6 53
May 6 (30
Rate.
Maturity.
Int Comb Eng prof ctfs_ 1 000 80
Kansas City Pow & I.t
100813
100133
314%
151930-32
Sept
Mar
100.33
Jan 115
June 16 1930._ 454% 100,32
60l1251 May 511254 May 5 108
1st prof serias
alai Sapt.15 1930___ 354% 1018,3 1(10^n Mar. 15 11)30-32 354.7 100,33 100813
May 3 751 Ain 9
30
751 May 6 8
Kresge Dept Stores___*
100.8:
31
,
100
1930-32
15
'Ye
33-4
Dee.
Apr
114
10042
May
180%
5
100.81
May
20j108% May 5108%
Dec. 15 1930- 34%
Kresge (3 5) Co p1_100
Mar
Jan 237
May 7200
May 7230
300229
100
Laclede Gas
Apr
97%
May
3
May
8034
a
28,400
May
8014
8734
Lehman Corp
Jan 14254 Mar
May 3 138
Slay 8140
200139
Liggett & Myers pf _10
Mar New York City Banks and Trust Companies.-p. 3300.
May 51118% Jan 128
May 5122
122
Loose-Wil Bia lot pf.100
May
90
Jan
9214
6
May
May
6 98
300 99
Lorillard Co pref_ _.100
Apr
1
3.4 May 6
34 May 31
Ludlum Steel rights_ ___ 11,400
Apr
May 7 8334 Jan 87
May 7 85
200 8%
M eLellan Strres pref100
Foreign Exchange.10115% May 5115% May 5 115% Slay 115% May
Manhattan Shirt pf 100
were 4.855104
To-day's (Friday's) actual rates for sterling exchange Commercial
200 634 May R 734 May 5 551 Jan 10% Mar
on
•
Maracaibo 011
Apr
4814
Slay
43
3
Slay
for checks and 4.85 13-1604.85 15-16 for cables.
4.854
5
May
43
4134
• 13,000
Marshall Field
ninety days.
days
4.83%®4.S3/,;
sixty
9-16,
Apr
26%
banks, sight, 4.853.4 ©4.85
May 5 2634 May 6 2351 Jan
300 26
for
Cotton
Metro Goldwyn Pie p127
h.
May 4.82% 04.824, and documents for payment, 4.83 ®4.83
Apr 179
May 8176
May 5)79
10 179
Mexican Petroleum 100
Feb payment, 4.85; and grain for payment, 4.85.
Feb 110
May 5 9734 May 5 90
Mid St Prod 151 01_100 2,2001 95
3.923404
Jan
Jan 110
To-day's (Friday's) actual rates for rarLs bankers' &alum were
10551 May 5105% May 5 103
Mllw El Ry & fa p1100
Jan 3.9234 for short. Amsterdam bankers' guilders were 40.21514840.23 for
82
Mar
55
7
May
72
5
May
70
300
Nat Bells Hess pf 100
Apr
54
Jan
43
short.
May 3
300 49 Slay 8 52
Neisner Bros
francs high
Apr
May 32
Exchange for Paris on London, 123.86; week's range, 123.87
May 7 22
May 3 29
• 8,000 22
N Y Investors
7 915 Slay 14% Apr and 123.83 francs low.
No American Aviation* 92,900 93-4 May 6 1234 May 5 7311 Mar 83
follows.
rates
Apr
exchange
The week's tango for
May
May 5 82
1001 82
Cables.
Omnibus Corp prat 100
Check!.
Apr
Mar 56
Sterling, Actual
May 8 43
Oppenhelm,Collins&Co* 1,200 4834 May 3 51
4.863-4
4.86
May High for tho week
Jan 71
May 8 53
May 3 71
110 70
5%
4.8
Outlet Co
4.85
17-32
Apr
Low for the week
May 9 2031 May 35%
7.3001 2051 May .5 28
Park Jr Tilford
12% Mar
Paris Bankers' Francs6001 94 May 9 951 May 9 854 Jan
3.92 9-16
Penn Coal & Coke_ _50
Apr
%
3.923-4
High for the week
% May 3 1-32 Stay
1-32Mav 6
17,5
3.924
Peerless Motor rights..
3.92A
May 80% Apr Low for the week
May 3 54
May 7 56
400f 54
Peoples Drug Store. •
May
Jan 50
Germany Bankers' MarksMay 8 47
May 3 50
301 49
23.873-4
Phila Co 5% PM_ 50
23.87
Apr
82
High for the week
May 8 69% Feb
23.86 Si
Pierre-Arrow Co 131.100 1,800 7851 May 5 79
Jan Low for the week
23.8335
Jail 103
250100% May 3100% May 5 100
Pittsb Steel pref____100
Mar 15% Jan
Amsterdam Bankers' Guilders40.27
200 8% May 8 84 May 8 8
40.26
Pitts Terminal Coal 100
Jan High for the week
Jan 103
40.23%
100 100% Slay 710034 May 7 97
Postal Tel& Cable pf 1
40.2151
Low for the week
Mar
Produc & Refiners Corp
Jan 40
May S 31
35
8
May
35
200
50
aa% May
Preferred
Jan
9234
5
May
98
May 5
500 98
Pub Ser
is
N J pf (5).•
3% May
may
May 5 151 MaY 6 1
The Curb Exchange.-The review of the Curb Exahange
Radio-Keith-0mb rts__ 302,900 1
Jan
May 72
May 5 6254 May 9 61
300 81
Revere Copp & Br A._ a
Mar given this week on page 3304.
104
Apr
100
8
May
May 8 100
100 10(5
100
the
Preferred
May 34% Apr
A complete record of Curb Exchange transactions for
* 7.500 28% May 5 31% May 8 2834 Feb 48% Apr
Reynolds Metal
20 4551 May 7 4511 Slay 7 4251 Feb 82
3333.
page
Shell'fransp & Tra.0_52
on
Mar
be
found
will
week
0034
May 6
120 6354 May 5 65
Sloss-Sheff St & Ir p1100
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.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 3.
Monday.
May 5.
Tuesday.
May 6.
Wednesday. Thursday.
May 8.
May 7.
Friday.
May 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ Per share $ Per share $ Per share $ per share
Shares
Railroads
Par
per share 3 per share $ per share $ per &bare
$
21614 218
218 22214 22138 229
225 22812 2214 223
222 22612 11,200 Atch Topeka & Santa Fe__100 216
May 2 24212 Mat 29 19512 Mar 2984 Aug
*10512 10534 .105 10534 1054 1054 1054 107
106 106 *10518 10534 1,200 Preferred
100 10258 Jan 3 107 May 7
165 165
99 May 1044 Dec
16212 165
165 165
16514 16514 166 166 .167 168
900 Atlantic Coast Line RR
100 16112May 1 17512 Mar 18 161 Nov 20912 July
112 11212 11018 11314 111 11714 11418 116
11314 11512 115 11534 19,200 Baltimore dr Ohio
100 11018May 5 122383.1er 31 10514 Nov 14518 Sept
.811s 83 .8118 8112 8114 8114 *8112 891s 8212 8212 *8212
83
400 Preferred
100 781, Feb 10 83 Apr 4
72
72
75 June 81
694 72
Dee
7214 7514 7512 76
73
75
77
78
4,100 Bangor & Aroostook
50 83 Jan 3 8412 Mar 29
*111 11412 112 11212 111 111
55
Oct 9032 Sept
111 111 •114 11412 .114 11412
60 Preferred
100
109
28
Feb
97
113
97
y10314
Aix
Oct 115 Sept
7
*93 100 .95 100 .95 102
96
06
.91 102
400
Boston
&
Maine
100
95
Apr
29
12
12
112 Feb 8
85 Apr 145 July
12
12
12
12
12
12
12
12 .12
1218 2,800 Brooklyn & Queens Tr.No par
10 Jan 11
53
134 Jan 25
58 .56
7 Nov
15 Dee
60 .57
62
60
860
60
63
53
61
575 par 53 May 3 6512 Mar 18
1,600 Preferred
665s 68
44 Nov 65 Sept
644 674 634 6914 69
6978 6712 69
683
4
7018
13,700
Bklyn-Manh
Tran
v
t
e_No
par 63 Jan 2 7838 Mar 18
91
91
40 Oct 8178 Feb
91
91
9112 9112 9178 9178 9134 92
9212
9212
1.100 Preferred v t c
No par 8478 Jan 8 9312 :Vier 31
22
25,4 1818 22
7612 Nov 9258 Feb
2112 234 22
2412 21
2212 2114 23
27,000 Brunswick Term de Sty See_100 1412 Feb 17 3358 Apr 23
197 198
412 Oct 444 Jan
19512 1974 19712 201
19334 20134 199 20234 201 20358 16,900 Canadian Pacific
100 18752 Jan 3 22634 Feb 10 185 Dec 2694 Feb
20712 2103 20112 20714 203 208
211 213
209 212
212
212
6.800 Chesapeake & Ohio
100
*612 7
20112May
5
Mar
2413
4
28
Nov 27934 Sept
160
.612
7
We 7
.6
7
•614 7
*614 7
800 Chicago & Alton
100
414 Jan 8 10 Apr 2
612 61
4 Nov
194 Feb
718 74
618 614
74 718 2,700 Preferred
74 734,
7
714
.16
100
534 Jan 20 104 Apr 11
22
34
Nov
•15
2534 Feb
.17
23
•17
22 .17
22
22 .17
22
Chic & East Illinois RR____10
42
144 Jan 7 28 Mar 26
42
15 Dec 43 Feb
40
4134 .41
45
44
41
4014 4014 841
4312
1,700
Preferred
100 36 Jan 2 524 Mar 20
1314 131
364 Dec 6678 Feb
1138 13
1211 1378 1312 144 13
1358 1312 1458 26,000 Chicago Great Westorn
4258 431
100 1138May 5 174 Mar 31
7 Nov 234 Feb
424 44
434 46
4514 4712 4518 46
454 474 21,600 Preferred
100 34 Feb 25 5034 Mar 29
j71 Nov 6358 Jan
18
2014 184 20
184 2038 194 2018 194 194 1914 2014 22,200 Chicago Milw
St Paul & Pao_
18 May 3 Wei Feb 7
3178 324 3118 33
16 Nov
444 Aug
324 34
3314 3478 3218 3334 324 3458 29,100 Preferred new
3138May
7934 804 7934 8014 8018 8112 804 81,8 8014 8033, 8012 8214
4514 Feb 10
2812 Nov 6858 Aug
11,600 Chicago & North Western_100 7912May 5
*135 140 .135 140 *135 140 .136 140 •136 140 1•136
1 894 Feb 8
75 Nov 10312 Sept
140
Preferred
100 13614May 2 14014 Mar 24 134 Apr 145 Feb
110 112
10912 112
111 11414 113 11478 11112 112 *111 11212 4.700 Chicago
Rock Isl & Pacific_100 109 May 1 12518 Feb 14 101 Nov 14312 Sept
.10712 10814 .107 10312 .107 10814 108 103
108 103 .108 109
300
Preferred
7%
100 107 Jan 2 11038 Mar 20 100 Nov 109
.
1 103 10314 103 103
Oct
103 103
1024 1034 103 103
1034 10318
800 6% preferred
100 9934 Jan 6 108 Feb 7
*7818 85 .7618 85 .7618 85
9478 Nov 1034 Nov
*7614 84 •764 84
.764 84
Colorado & Southern
100 83 Jan 15 95 Feb 13
76
76
8614 Dec 135 July
*70
76
.66
76
.74
.74
76
76 .74
76
30
First
preferred
100 6834 Jan 3 7712 Mar 29
09
69
6512 Oct 80
69
69 •_-_- 69
Jan
_
69 .6512 69 •___- 69
50 Second preferred
58
100 65 Jan 23 75 Apr 23
53
58
64 Apr 7212 Mar
5912 59
59
59
*58
60
6014 *58
6014 3,700 Consol RR of Cuba pref
100 49 Jan 2 62 Apr 10
16978 172
16634 16912 169 174
45 Nov
7058 Jan
170 1713 16812 16912 16312 17114 4,600 Delaware & Hudson
123 125
100 16112 Jan 3 181 Feb 8 14112 Oct 226 July
121 125
125 127
12612 127
124 12612 12414 126
7,900 Delaware Lack & Western 100 121 May '" 153 Feb 8 12014 June 16934 Sept
*60
70
*60
6512 *61
6512 6512 651
6478 6478 6412 6538
700 Deny. & Rio Or West pref_100 60 Jan 2 80 Mar 28
4512 471s 4312 4578 4478 47
49
Oct 7734 Feb
47
8 4678 43
467
4512
48
25,600 Erie
61
100 4312May 5 634 Feb 14
6114 6112 6112 .61
4112 Nov
9312 Sept
861
62
62
62
64
6314 6314
600 First preferred
100 61 May 3 6738 Feb 19
5512 Nov 6614 July
*5658 58
*57
59
*57
59
5834 5814 .57
59
5812 5812
200
Second
preferred
100 574 Jan 2 6212 Feb 19
894 90
37
52 Nov 634 July
87
89
8912 92
9212 9138 9212 92
93
3,100 Great Northern preferred...100 87 May 5 102 Mar 29
8514 85,4 8312 85
8514 Nov 12814 July
87
87 .87
88
8734 8734 *87
90
4,800 Pre( certificates
3214 3412 33
100 8312May 5 9914 Feb 21
34
8512 Nov 1224 July
3358 37
*3518 36
35
36
*3514 36
5,800 Gulf Mobile & Northern
100 32 Apr 20 4612 Feb 17
964 97
.96
18 Nov
97
59 Feb
.913
97 .96
•96
97
97
•96
97
500 Preferred
100 94 Jan 14 984 Mar 10
.414 7
*414 7
70 Nov 103
Jan
*414 7
*44 7
*414 7
*414
7
Havana Electric Ry___No par
*59
8 Jan 2
_ _ _ _ .59
812 Jan 17
_ .58
612 Dec
*58 ____
1112 Apr
.5912
58
-58
230 Preferred
100 58 May 9 72 Jan 2
•469 49978 •469 49978 469 469 .460 4994 460 460 *460
55 Feb
7334 Dec
_
Hocking
20
Valley
100
49
450
Jan
25
525
Mar
504 474 4918 4814 49
29 370 Nov 600
Oct
49
494 49
4914 4818 50
7,100 Hudson cic Manhattan
100 4632 Jan 16 5333 Mar 25
128 12334 128 12914 123 12912 12912 131
34'2 May
5,332 Jan
126 129 x12678 1274 5,300 Illinois Central
100 126 May 8 13634 Apr 22 116 Nov 15312 July
7418 7418 *74
7412 7413 7412 75
875
75
757s 75
76
685 RR Sec Stock certificates__
70 Jan 2 76 Slay 9
76 Nov 8018 Feb
3018 3112 2914 3178 3112 324 3012 32
2938 3078 30
3158 18,400 Interboro Rapid Tran v t 0_100 2038 Jan 8 3
•____ 28
32
9%2 Ij
vlaan
r 18
16
23
15
28
Oct 5838 Feb
*2114 28
2712 2712 .2712 28
*2712 28
80 Int fly, of Cent America...100 2712May
*6918 7212 .6918 72
25 Nov 59
Jan
70
70
7334 70
71
71
87012 72
160 Preferred
100 6
7112 7112 7234 7312 *73
2 J
ia
711114
nn
y
7334May 7
6114 Dec 3014 Jan
7218 73
7218 73
7412
72
72
1,500
Kansas City Southern
100
*6713 69
853
8
Mar
29
6714 6714 68
60
Oct
July
1087
8
68
.674
68
68
6812 6858 6858
400 Preferred
100 6718 Jan 6 70 Apr 16
74 4 74
7212 74
63 Nov 7012 Jan
734 74
74 .7212 74
74
73
7412 2,50( Lehigh Valley
60 70,4 Jan 27 8478 Mar 31
•13312 134
134 1361z 135 136,2 136 136
65 Nov 1024 Feb
13612 1374 137 137
2,200 Louisville dr Nashville
100
128 Jan 3 13812 Apr 4 110
3118 32
30
32
Oct 15434 Sept
3118
3014 31
32
.31
33,2
3114 32
Manhat
4,60
Eley
modified
guar
100
*2112 22
May
5
30
4012
Mar 18
21
2112 .20
24
Oct 57/
1
4 Jan
22
.2112 22 .20
2112 *21
2112
400 Market St Ry prior pref_100 17 Jan 16 25,2 Feb 13
*112 158
114 158
3918 Jan
1412 Nov
112 112
112
112 112
112
rip 2,400 Minneapolis & St. Louls
112
100
112 Feb 27
*27
825
218 Apr 5
30
114 Nov
29
•25
*25
30
30 .25
30
54 Jan
*25
3
30
Minn
St
Paul
&
Marle_100
SB
2818
Mar 17 35 Feb 7
56
56
.55
855
855
35 May 611
56
/
4 Sept
55
55
56
56
57
57
130 Leased lines
100 64 Jan 3 594 Feb 21
524 51
504 54
51 Dec 66
52
Jan
544 535s 554 5118 5258 53
5412 58,900 Mo-Kan-Texas RR.___No pa
105 105
4672
2
Jan
665
8
Apr
10314 105
14
2718 Nov 6534 July
10412 105
105 105,2 10414 105
10514 10514 4,300 Preferred
100 103 Jan 3 10838 Mar 27
7618 774 70
77
9378
Nov
7414 7912 80
10711
Apr
774 7812 79
8112
80
5,200 Missouri Pacific
100 70 May 5 9512 Mar 6
12612 128
125 127
40 Nov 10132 July
127 123
12934 12934 1274 12912 .1275s 12938 3,500 Preferred
100 125 May 5 14512alar 6 105 Nov 149
*824 84
8234 8234 .8234 84
Oct
.8234 84
*8234 84
84
84
380 Morris & Essex
.__ 125 *____ 120 *117 120
50
Jan
813
4
29
Apr
84
11
7538 Oct
.117 120
118
118
.117 119
30 Nash Chatt & St Louls____100 118 May S 132 Mar 25 173 Nov 8632 Jan
*1
114
818
.2, i1
25
/
4
112
78
•24
*7
1
240 Aug
Ils
Nat
300
of
Rya
163 16912 167 16934 169 /1 174
Mexico
2d pref..100
34 Feb 5
114 Jan 11
14 172 175
1
Oct
1704 1724 171 17412 29,800 New York
34 Jan
Central
122 122
10 167 Jan 8 19234 Feb 14 160 Nov 2564 Aug
11212 11614 11412 116
115 11634 115 116 *113 117
2,700 N Y Chic & St Louis Co10 11212May 5 144 Feb 10 110 Nov
1084 10934 103 1083i *109 10934 10812
109
1924
10314
10812
MOS
Aug
10912
1,400
Preferred
205 205 1 196 205
100 108 May , 11012 Apr 25 100 May 110 Dec
206 219
230 240
230 230 .225 235
500 N Y & Harlem
50 180 Jan 61 324 Feb 3 155
Oct 379
10778 10914 1074 10958 109 11412 11112 114
Jan
112121 11234 11214 17,30061 Y N
111
II & Hartford
119 119
11912 120
100 1054 Jan 20 12318 Mar 29
120 12112 122 122
8078 Jan 13212 Oe
1214 12178'8121 122
2,100! Preferred
1212 13
1058 1218 1212 1234 124 1314 1218 1218
119 May 3 13512 Mar 21 11458 Jan 13434 Aug
*124
1338
5,300'57 Y Ontario & Western__ _100 1058hlay 5
212 212
218 218 *214 3
1714 Mar 31
8 Nov
24 214 *214 3
32 Feb
.
214 278
400 N Y Railways pref
*114 112 *114
Vs par
2 Jan 7
418 Jan 18
1,2 *114
112 *114
112 Dec
112 •114
972 Feb
112 *114
112
N Y.:Bate Itys
24
24
*10
20
100
118 Jan 15
212
Feb
•10
20
318
1
•10
Oct 1414 Mar
23
20
*16
23
100.Norfolk Southern
23212 235
22712 230
100
163
4
22912 232
8
Jan
3312
Feb 14
1412 Dec
23012 233
43/
1
4 Feb
22914 23112 231 231
4,200'Norfolk & Western
*854 8812 88538 88 .8558 83
100 226 Jan 4 265 Feb 18 191
Jan 290 Sept
854 8558 88558 8812 •354 8812
10 Preferred
784 8038 8018 8112 81
100 83 Feb 3 874 Mar 22
3112 8278 8318 82
82 Nov
8714 May
8238 82
6,700
Northern
79
Pacific
79
79
81
100
May
8112 82
1 97 Feb 21
78
754 Nov 11878 July
8212 82
82
8278 82
8.24 5.000 Certificates
•14
18
.14
18 .14
100 7712May 1 9638 Feb 21
16
•14
75 Nov 11458 July
.14
141s 15
17
200 Pacific Coast
7512 7712 7514 7658 7658 7812 7714 16
100
7 Jan 3 194 Apr 9
478 Dec 43 Feb
7912 7634 7778 7712 78
50,400
*14
Pennsylvania
20 .12
20
•14
50 7218 Jan 8 8653 hlar 31
20
*15
7212 Mar 110 Aug
813
20
20
.17
20
Peoria & Eastern
*14114 155
1114 14114 .130 145 .135 145
100 1714 Feb 28 2412 hfar 31
17 Dec
•135 145 .135 145
35 July
200 Pere Marquette
.9818 9911 9318 99,4 994 9914 084
100
14114May
5 16412 Apr 10 140 Nov 260 Allg
99,4 0818 9318 *95,3 974
390 Prior preferred
.9718 974 *974 9812 9718 9718 0558 954
100 944 Jan 31 10014 Apr 16
*9534 93
94 Nov 101 Mar
89514 93
200 Preferred
.9812 10612 .934 0978 9834 9934 *9834 100
100
95
Jan
7
99
Apr
15
90 Nov
*9334 100
87
Jan
•9834 100
400
111 112
111 111
100 9334May 6 12134 Feb 11
1124 111
114 11512 1144 11434 11412 11412 2,990 Pittsburgh de West Va
90 Nov 1451
/
4 Jan
*47
Reading
4934 4818 4818 4818 50
50 1104May 1 14112 Feb 11 10112 May 14734 Sept
4958 494 847
50
.43
50
2,800 First preferred
*4734 51
*47-33 50
44'8
50
494 4978 50
Mar
11
53 Feb 21
4112 Apr 50 Sept
5034 *4734 51
*4734 51
2,590 Second preferred
*50
60
504 5018 *5114 55
50 4734 Jan 4 57 Feb 6
*51
.51
61
4333 May 6034 Sept
65
*5118 5578
100 Rutland RR
11014 111
1104 112
100 5018May 5 6734 Mar 5
11118 11334 11414 116
494 Oct 7414 Sept
11334 11434 114 114,2 10,900 St Louis-Ss n pref
*96
OS
9134 964 97
Francisco
100
10738 Jan 3 1184481er 27 101 Nov 13334 Aug
97
9714 98
974 9312 99
9912 2,100 lst prof paid
100 92 Jan 2 101 Apr 2
Nov 96,2 Feb
87
6018 58
59
62
60
6212 .61
6112 6312 5,300
63 .60
62
St. Louts Southwestern
89
*85
085
89 .85
100 58 May 5 70 Mar 29
89
85
50 Nov
85
1534 Feb
8712 8712 .87
89
934 10
509 Preferred
100
9
85
Slay
958
7
87 10
90 Mar 5
84
9
9
10
Oct 94
914
Apr
9
938 14,303 Seaboard Air Line
22
22
21
21
22
100
878May 6 1212 Feb 15
22
tils
21
21
Dee
214
*2012
22
Mar
.203
4
21
11884 12014 11812 12012 12014 12234
700 Preferred
100 21 May 5 28 Feb 7
1614 June 4138 Oct
12134 12213 12012 12112 12112 122
9,300 Southern Pacific Co
10412 103
1054 10912 110 115
116
100
May
1 127 Feb 10 105 Nov 15712 Sept
11034 1144 111 112",2 114 11534 25,900 Southern
Railway
*9712 08,2 98
98 .98
100 1011shlay 1 13614 Jan 13 109 Nov 1624 Sept
9812 98
9312 9814 9314 98'2 9812 2,000 Preferred
13212 136
130 132
100 9712May 1 101 Mar 20
129 129 .131 133
93 June 100 Deo
120 132 .130 135
1,000
Texas
104 1112
&
812 10
Paelflo
100 117 Jan 6 145 Apr 24 115 Nov 181 Mar
9
1018 10
104 10
10
10
10
5,700 Third Avenue
20
1912 1912 1934 20
20
100
812May 5 1512 Mar 20
612 Nov
20
39 Feu
20
194 20
20
2014 1.503 Twin City Rapid Transit_100 19 Apr 17
7473 *70
*70
7478 70
3112 Jan 29
70
2014 Doc 584 jts.
73
70
70
70
*7012 75
40 Preferred
21918 22134 2194 22334 224 226
100 8134 Apr 17 79 Feb 3
75
223
Dec
100
2273
2233
22114
4
Jan
4
2243
4
225
6,303 Union Pacific
*8438 854 88.133 8512 8134 8134 85
100 215 Jan 3 24234 Mar 29 200 Nov 29752 Aug
8512 8534 8534 *8512 8578 1,200 P.eferred
4912 50
47
100 8214 Jan 17 3612 Mar 29
47
43
4912 49
80 Nov
R512
5112 49
49
Sept
49
50
9,939 Wabash
86
86
86
100 47 May 5 6738 Apr 1
86
*77
40 Nov 8138 Jan
83 .85
83
86
86
8412 88
600 Preferred A
24
100 83 Jan 7 8914 Apr 8
25's 2114 2134 2358 2712 2614 2834 264 274 .
82 Nov 1044 Jan
264 2312 41,603 Western Maryland
2312 24
100 2114:81av 5 30 Mar 29
2114 25
2714 2738 23
10
Oct 54 eau
29
*27
29
28
2878 3,100 Second preferred
21
100 2312M8Y 3 33 Mar 28
2112 204 2112 204 221 4 22
1458 Nov
22
2012 21
5312 Feb
2112 2158 4.230 Western Pacific
4318 4434 434 4312 .4414 45
100 2014May 6 3033 Mar 29
15
Oct 414 Mar
45
45
45
45
444 4538 2,400 Preferred
100 4012 Jan 2 5312 Mar 19
3712 Nov 6754July
Industrial dx Miscellaneous
31
31
33
31
.31
31
31
31
31
324 32
324 2,000 Abltibl Pew A Pap
.81
No par 22 Jan 18 4218 Apr 9
83 .81
83 'Si
83 .81
3414 Dec
82
83
83
5712 Atm
82
83
Preferred
500
100 6474 Jan 17 8612 Apr 8
69 Nov
id,s Jan
•illd and asked prices: no sales on thin day. c 60% stock
dividend pad. a Ex-dividend.
Et-rights
13
3316
New York Stock Record-Continued-Page 2
2ecort0 page preceding
For ',lea daring the week of stocks not recorded here, sea
CENT.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
Friday.
Tuesday.
Wednesday Thursday.
Monday.
Saturday.
May 9.
May S.
May 7.
May 6.
May 5.
May 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan 1.
On basis of 100-share lots
Highest.
Lowest.
PER SHARR
Range for Previese
Year 1029.
Lowest.
Highest
per share $ per short
Par $ per share $ per share
Railroads (Con.)
Shares
43 Dec 15913 Jan
$ per share $ per share $ per share $ per share $ per share $ per share
Abraham & Strauss____No par 45 Jan 2 66 Apr 21
700
60
.5118
60
*51
52
*51
6012
52
Nov 11212 Oct
4
10012
493
50
4912
50
100 104 Jan 11 110 Feb 11
Preferred
34 Nov
20 Nov
•10734 109 .10714 109 *10714 109 .10714 109 *10714 109 .1071)109
No par 2318 Jan 20 378 Mar 31
54,700 Adams Express
29% 2013 30
Jan
2812 2978 2913 3012 29
Nov 96
2614 28
84
2813 30
27
Mar
92
4
100 8514 Feb
Preferred
*8912 9314 .8912 9314
35% Jan
19 Nov
.8912 9314 *8913 9314 *8912 9314 .8912 93
23 32 Mar 31
Jan
23
par
Millis
No
Adams
3,400
29
2812
28
May
104%
2811 2812 2812 29,4 2878 291 28
Oct
7
2834 29
24
Jan
2314
6
Jan
1112
100
1834 6,800 Advance Rumely
1834 .18
1878 1978 18
15 Oct 119 May
1678 1634 19
1713 1812 16
n 4 4114 Jan 29
.
2212 t
101
2,900 Preferred
35
3534 33
33
34
4% Feb
31
35
34% 32
35
38 Dec
•26
1158 Mar 28
3,600 A humada Lead
78
1
34
1
72
.22
72
34
Nov 223% Oct
77
9
34
78
Apr
8
1503
78
34
22
Jan
118
No par
Air Reduction, Inc
40,600
8
1423
14012
140
137
May
142%
4872
138%
1354
139%
8
1818
13058
1367
Dec
13214 138,8
Mar 24
297* 4,900 Air-Way Elee A pplianceNo par 21 Jan 13 36
29
1114 Jan
2938 2712 28
29
1 Dec
30
2834 3034 25% 2734 29
24 Jan 9
13 Jan 2
No par
158 178 4,500 Ajax Rubber, Inc
158 14
Jan
1014
178 *134
414
178
Nov
134 178
1%
178 178
7
Jan
918
5
6,2MaY
612 613 7,700 Alaska Juneau Gold Min..__10
612 7
612 658
612 7
5 Oct 25 Jan
613 614
6% 678
814 Jan 21 1512 Feb 17
8.100 Albany Pert Wrap Pap_No par
1212 15
12
12
Sept
5012
1012 101
17
Nov
10
.912 10
31
9
Mar
8% 9,2
354
8
Jan
23
par
No
Alleghany Corp
24% 2578 2638 2778 2518 26% 253* 267 139,800 Pre( A with $30 warr____100 9512 Jan 3 10712 Feb 11
90 Nov 11834 July
2312 2234 2318 25
10014 100121 1,800
9912 100
11
9913 9912 9852 9912 9913 9912 9912 1001
1.700 Pre( A with $40 warr____100 95 May 8 9934 Apr 24
96
.95
06
9712 96.2 961. 95
9712 *95
Feb
9614
984 9812 .95
27
Jan
8914
200 Fret A without warr____100
*9114 9312
93
93
93
93 .91
93 .91
93
*91
*91
343 Apr 17 197 Nov 35434 AIM
22,000 Allied Chemical & Dye_No par, 2553 Jan
300 307
308 31912 29513 305
301 317
296 305
30114 305
1001 121 Jan 2 12614 Apr I 11813 Nov 125 Ai r
400 Preferred
12512 1251 125 125 .125 12534
124 124 *124 126
.12312 126
3518 Nov
7512 Set r.
42,000 Allis-Chalmers Mfg new No par 4914 Jan 3 68 Mar 11
6014 61% 5813 6014 59% 61
23 Nov 23 Nov
5613 5914 5518 531 5914 62
930 Alpha Portland CetnentNo par 2818 Mar 7 4214 Mar 27
32
32
32
32
31
*31
1712 Oct 42% Jan
31
Mar 28
3118 31
4
293
.3118 3112 31
10
Jan
18
par
No
Corp
Amerada
4 Oct 2:37% Jan
2434 2512 2514 2534 2412 2534 24% 25% 24,400 Amer Agricultural Chem__100
1033 Mar 31
2458 2618 2012 25
514Slay r
614 613 3.033
634 7
7
7334 Jan
514 512
7
18 Nov
6% 64
39 Apr 1
634 7
100 26 Feb 2(
3.403 Preferred
31
Oct
3018 3112 030
3 Mar 27
39
Nov 157
65
97
2
2814 2812 2718 2834 271 298 30
Jan
77
10
Bank
Note
8 3,100 Amer
84,
34 June
8514 8234 8234 .84
July
05
31
57
81
Jan
8514 8514 85
81
4
87
683
3
85
50 61 Feb
30 Preferred
62,8 *6212 6332
514 Dec 20,3 Jan
Jan 16
12
4
Jan
7
*624 6334 .6212 6334 .6212 633* .6213 6338 6258 73
par
Sugar_No
Beet
074
American
703
812
7612 Sept
734
S
8
27 Nov
74 748
May 5 517 Feb 14
814 814
812 812
4012 9,900 Amer Bosch Magneto__No par 341 Apr 9 5458 Mar 20
38
62 Feb
4013 Nov
3718 3512 39 .378 3314 .3718 38
34
3434 37
45% 45,8 5,800 Am Brake Shoe dr F____No par 45 Jan 14 128 Feb 13 113 Nov 12812 Mar
47
4614 .46
46
47
47
4618 46% 464 47
118.4
100
Preferred
460
12112 12112
41 Oct 343,4Juue
123 123 .12234 124 .12034 121 •12014 124
.12034 123
838 Jan 10 21% Apr 25
Amer BrownBoverl El_ No Par
49,
4 Jan 104 June
183* 1734 1812 1734 1858 1818 1914 82,503
80 Apr 9
161 17
1612 15
15
100 6013 Jan
670 Preferred
75
75
86 Nov 18112 Aug
7414 75'8 7413 75
16
Apr
741
74
74
73
15612
2
7234 73
Jan
11714
25
American Can
279,700
4
1353
138%
138
Nov 145 Dec
134
13318
1404
13
133,8
Mar
13513
8
1387
4
14512
1373
133
1271s
135
100 14014 Jan 27
1,200 Preferred
1441 145 .144% 146
75 Nov 10612 Jan
144 144 41141 115
8212 Feb 6
*14234 144 •14334 144
4,403 American Car de Fdy__No Par
Jan
5212 5212 53
Oct 120
52
11013
5318 51
4
5318 53
Jan
531
53
53
116
53
y
a
Ia
M
214S
,0
t
5
l
100
1,300 Preferred
101 101
101 101
7014 May 954 Oct
10314 105 .1031 105
10-1 105
•10414 105
100 751 Jan 3 101 Mar 28
400 American Chain pret
95
8158 Sept
27 Nov
93 .9314 91 .9014 45
3
Apr
5114
9714 9714 953 9518 *91
98% 987
Jan
3652
No
5,933 American Chicle
45
Oct 55 May
4114 43
20
45
41
44
43
413 43
4234 43
1614May 5 33 Jan 16
No parr
Am Corn rn'l Alcohol
4714 Feb
7
1814 Nov
1814 1914 1914 1914 1934 19% 20.200 Amer
18
31
17
1814 19'8 1614 18
Encaustic Tiling_No par 233* Jan 17 30 Mal
1,700
9812 Sept
23 Nov
261 *2113 25 .2434 25
31
Mar
2412 237 2513 23
24
25
594
25
8
Jan
35
par
Amer European See's_No
4,800
49
4914
19914
434
Sett
46
Oct
45
50
16
43
Apr
46
4713
45
5014 5014 44
par 85 May 51 1014
7218 7678 7514 78 244,800 Amer & For'n Power ...No
8112 65
7812 7312 78% 741 79
78
3 1114 Apr 29 10112 Nov 10812 Feb
Jan
par
107
.___No
_______
Preferred
1,100
8614 Oct 103 Feb
.11013 ____ 11012 11012 11013 11012 *11034 ____ 1103* 11034 1101 1101 3,200 211 preferred
No par 95 Mar 12 9912 Feb 19
9312 931 93
1712 Dec 42 Apr
98
98
9813 93
98
9814 934 984 93
10 1978 Jan 2 3358 Mar 19
S
S
Hawaiian
Co
7,200.Arn
Jan
23
10
•22
312 Dec
4
233
2112
2378 2212 24%.
23
23
24
2413 25
7 Apr 10
4,2 Jan 30
200 American hide & Leather 100
412 412
524 Aug
57
Nov
234
.412 5%
11
Apr
8
.434 534 *434 512 *5
5
347
5
9
2318May
100
Preferred
2,3001
Jan
8
257
8
2318
855
28
25%
Nov
40
I
30
.27
Mar
20
28
28
27
28
3012 3912
5538 Jan 11 6934
4,000 Amer Home Products__No pa
6134 62
61
Oct 5312 Aug
29
6018 603* 60., 6078 60
6013 594 60
60
3518 Feb 7 41% Mar 27
No pa
7.600 American Ire
Bent
3714 3714 39
4
Nov
963
2912
2
Apr
5538
3614 3714 3512 36:4 3614 3634 3614 3718I 37
20
Jan
35%
No pa
4314 55,400 Amer Internal Corp
878 Jan
212 Oct
41
4 Apr 2
4234 3812 40% 404 4312 4212 4334 ' 3912 421.1 41
2 Jan 20
2,300 Amer La France dr FoamIte_ I
212 3
258 258
274 Nov 75 Feb
258 211
212 21
212 212
24 212
3f) Jan 9 35 Feb 14
10
Preferred
120
July
33
*30
33
138
Nov
.30
33
33
90
33
33
33
6
33
35
*33
6518May 8 105 Jan
6713 15,500 American Locomotive_No Pa
11114 Nov 120 080
6814 6912 674 6834 673 6812 6614 674 6518 6614 654105
100 103 Mar 5 1184 Mar 1 142 Nov 27934 Oct
900 Preferred
10318 10312 *10314
10314 10314 .10312 105
103 103
30
Apr
10418 105
284%
10
Jan
4,600 Amer Machine & Fdy__No Pa 210
3112 Nov 8118 Feb
260 26312 265 269
260 261
259 266
255 260
265 270
3914May 8 .5112 Feb 7
12,100 Amer Metal Co 1.td___No pa
Nov 135 Feb
403* 4012 3914 4413 4278 44
3913 407
40% 4138 3912 41
10 II() Feb 6 116 Feb IS 106 Nov 9814 Jan
Preferred (6%)
3
55
*11114 117 .11114 117 .11114 117 .112 117 31112 117 .112 117
27
Mar
95
pa
85 Jan '23
pref____No
Gas
Amer
Nat
1,000
901
4
177a Jan
893
90
8912
88
90
34 Dec
87
854 88
90 .
83
89
.
2% Mar 31
12 Feb 7
No Par
118
72 1
13* 32.900 American Plano
1 18 114
114
1
6414 Nov 17584 Sept
1
1
72
1
No par 77 Jan 2 11938 Apr 1
Feb
9912 10211 35.91)0 Am Power & Light
105
Oct
9214
993
9512 1013.1 9918 10112 9618 99
89
9812 100
24
Mar
r 100 Jan 28 107
pa,
1.200 PreferredNpa
70 May 80 Feb
10312 10312 1031 10412 103% 1031 104 104
103.2 1031 *10312 104
75 Jan 8 85 Mar 20
3,000 Preferred A
844 Feb
8234 83
Nov
81
8212 8112 82
83
80
72%
80 .82
82
82
21
Mar
4
883
6
Jan
N° Par 80
No
Pref A stamped
..,
8618 8712 861 863
8614 87
Oct 55% Sept
87
86
87
28
Apr 7
864 8712 86
89.600 Am Rad &Stand San'ry No par 3018 Jun 3 39% Mar 25
33
3258 333* 3112 3234 32
1218 Nov 9434 Jan
327
3214 331
3258 334 31
9.600 American Republica-No Par 2012 Jan 21 37
2418 24% 26
25
27% 23
227 25
2118 248 2013 22
60 Nov 144% Sept
25 7012SlaY 5 100% Feb 17
7434 Jan
70,2 7338 721 7632 755 7678 7314 7514 7314 7438 45,000 Amer Rolling Mill
44 Nov
73
71
8 Apr 26
3,500 American Safety Rasor_No par 59 Jan 16 673
66
66
6613 661 6512 651
17 Dec 4178 Max
6512 651
66
Fet,18
2612
6412 6518 64
5
1612May
par
No
c
Amer
t
Seating
v
300
7 Feb
1612 161
Oct
38
6
338May
•1613 1912 1613 1012 1812 181 *1612 1934' *1612 181
25
Feb
I
1% 238 25,100 Amer Ship & Comm__ _No Par 8212Slay
3
2
234 313
338
214
70 Oct 11218 Aug
173 214
214
2
a 98 Feb 14
10 American Shfoluillding____100
•8212 90 .824 90 .8213 90
62 Nov 13014 Sept
8213 8212 *824 87
2
Apr
*8213 90
7912
5
6512slaY
29,000 Am Smelting & Refining_100
Jan
12318 Nov 138
6712 68% 6514 67% 6614 67% 6612 6718 6614 691 6812 7012 1,000 Preferred
100 13312 Feb 6 141 Apr 8
13914 13912 *13914 140
Oct 49 July
38
13813 13813 13834 13858 13878 139
139 139
25 41 May 3 4372 Jan 27
1,600 American Snuff
Jan
08 Nov 112
41'z 4178 4173 04112 4134 4134 417
41
4113 41
22
Apr
41
41
4
1073
3
Jan
10018
100
Preferred
.103 10812 .103 10813 .103 10812 .103 10813.103 10313 •103 4 10312
12 May 5 2212Mar 7
par
12
1434 134 14% 1438 153* 1312 1418 .133 1412 6,700 Amer Solvents & ChemNo
15
3314 Mar 5
13
5
4MaY
par
243
No
Preferred
288 .2712 2812 2,500
25% 3058 2938 3012 .28
2434 25
5 524 Mar 20 U61; Oct 71l1 Feb
.2514 26
4212 4212 6,500 Amer Steel Foundrlea_No par 40'4 Slay
43
110 June 114 Mar
421 4414 431z 444 43
4312 4014 42
42
100 11012 Jan 7 116 Feb 25
50 Preferred
40 Oct 85 Apr
11314 11314 11312 11312 113% 11372 .11312 114
•113 114 .11313 114
5 5512 Apr 16
par
4614MaY
No
2,100 American Stores
4814 .4712 4812 *4712 48 .474 48
55) Nov 9434 Jan
211
Mar
4614 4834 48
8
697
4978 50
100 60 May 5
Amer
Sugar
Refining
6.400
62
2
613
62
Feb
6178
62
3
617
99 Nov 111
801 6014 61
6053 61% 60
100 104 Jan 6 110 Apr 24
500 Preferred
Jan
18 Nov 60
10
Feb
4
263
•109 10912 10918 10912 .109 1094 .109 10914 *109 109,8 109 109
3
124May
par
No
2,900 Am Sumatra Tob
1314
1312
1312
1312
Sept
1312
3104
13
Jan
1212
19314
124
4
123
13
17
Apr
27414
1218 1214
100 216 Jan 2
24314 24712 124,500 Amer Telep & Telco
8 Apr 17
225
24012 24578 237 24334 212 248% 24412 2483 243 246
5
191May
1)
tRights
Aug
(expire
2014 203 469.500
2118 204 2118 2014 203
6 166- Star 1:T272 Oct
2034 1958 2014 20
20
8.400 American Tobacco com____50 197 Jan 8 25912May
Oct
Oct 231
217 25912 25213 2591 .25018 252 x255 238
232 245
241 214
50 197 Jan 8 26278Slay 7 160 Nov
225314 2614 70,000 Common class B
I 214 Jan
14
Mar
121,8
1143,
241 24514 23614 24734 248 26212 25214 2624 251 256
3
Feb
120
100
900 Preferred
12312 12312 124
181
Sent
115
Novi
1
Apr
4
•12213 12314 .123 12314 123 12318 .12318 12312 1234
1413
22
700 Amerfcan Type Founders_. 100 125 Jan
12714 12734 130 132 .130 13334 *128 134 .130 134
*127 132
112 Apr
100 100 Feb 5 1143, Apr 4 103 Nov 199 Sept
11312
80 Preferred
11214 11312 *113 11312 11312 11312.113 11313 *113
50 Nov
113 113
Am Wat Wks do El____No Par 8812 Jan 2 12478 Apr 23
Jan
104
Jan
97
1031 1093* 1061 1121i 10512 11078 10814 11214 110,600
15
Apr
10612
4
1044 11034 9512 105
Jan
9912
403 lat preferred
1054 1054
105 105
*105 106
5% Oct 27% Jan
•10478 __ 105 105 .10472
712 Jan 2 2014 Feb 17
100
3,930 American Woolen
13
Jan
581
Nov
1318 123.1 1234 1258 1344 13
18
1512
Feb
44
1314 1312 134 133* 13
2
j
Jan
1934
100
3614 3634 6,500 Preferred
1612 July
3513 3518 354 36
4 Nov
351 3534 33
812 Apr 11
351 3534 35
5 Jan 20
1,500 Am Writing Paper ctfs_No par
7
7
7
7
7
46 Mar
7
28 Nov
7
7%
7
6
3
413
.17
Jan1
1,,y
.63* 7
1
29)3
Preferred
certificate_
600
100
41
4'40
41
39 .39
39
4914 Mar
39
39
27Feb
7 Nov
39
39
40
39
5,400 Amer ZIne, Lead & Smelt___25
1012 11
1013 11
11
11
4934 Nov 11114 Mar
1012 1013 1012 11
10
8
25 50 Jan 6 797 Jan 21
Preferred
065
67
68
*65
*6312 67
140 afar
674
Dec
68 .634 67
2
Apr
8112
6
.6313 6834 *63
8M18y
521
new_50
Anaconda
Copper Min
6014 303,930
511 5412 5972 58
48 Dec 8934 Sept
5713 5218 5512 53
Slay 5 5314 Felt 6
573* 5814 55
036
.3712 3812 1,100 Anaconda Wire & Cable No par 35 Jan 2 514 Apr 21
41
36
25 Oct 80 Oct
36
35
3513 36
3512 354 35
No par 35
49'8 11,000 Anchor Cap
4714 4838 48
4412 4512 4614 50
Nov 15412 Oct
96
14
Apr
11518
2
4318 464 4238 447
Jan
105
No Par
300 Preferred
11034 11014
*11112 ____ •11012 115
111 111 .11012
30 Oct 6838 Mar
2
.1114 115
6,400 Andea Copper Mining_No Par 2134 May 6 374 Apr 5
29
2412 2914 27
494 Mar
243
1813 Nov
2714 2134 251* 21
Apr
2914
6
Mar
2714 2712 25
2213
par
Archer,
Dania,
Nild'id_No
23,8 6,100
2314 23
23
Jar
24
75 Oct 95
234 234 224 2312 223* 2312 23
933 Armour & Co (Del) pref _100 744 Mar 14 8138 Jan 3
753*
7.54 7512 7513 7512 .75
1818 Jan
75
75
518 Oct
75
81s Mar 28
Jan 18
754 7.512 75
54
Armour
of
Illinois
class
A-25
11,200
51 534
Jan
51 58
1014
Nov
4
2f1
28
534 578
Mei'
8
43
553 514
5,2 534
578 6
20
Jan
258
25
13
318 14,703 Class
3
318
3
314
St) Jan
3
34
57 Nov
3
318
3
318
3
100 55 May 5 64 Jan 9
900 Preferred
5612
56 .56
5612 56
614 Dec 40% Jan
21
Apr
4
133
561t., 5612 5612 .55
8
55
Feb
564 57
6%
par
Corp_No
Arnold
Constable
912 2.200
Feb
838 94 *9
161 Nov 30
9
934 10
9
912
9
9.2 10
No par
151 2May 5 20 Ayr 23
500 Artloom Corp
*15,2 18
*1512 18 .1513 18
53341 one
34 Nov
Mar 10
1712 1712 1512 1634 .1514 17
3,500 Associated Apparel Intl No par 3315lay 8 4612
3352 35 .354 36
Jan
4
,
70
Nov
25
15
3112 3414 3172 3134 37
Apr
5012
34
4
Jan
3412 35
par
28
Aasoc
No
Dry Goods
4412 4073 4312 4113 4214 18,003
4118 4338 43
4112 4214 394 42
3413 Def. 474 Apr
25 32/3 Feb 27 5014 Apr 9
(Associated Oil
49
*44
49
Oot
424
8612
.
*44
49
Feb
3218
49
4912 *43
40
.
4912 *40
3,403 AUG A W 1 SS LineNo par 597251ay 9 801 Jan 30
604 59% 6011
43% Feb 6278 Sept
100 59 Jan 7 651 4 Feb 26
61% 6312 6178 6278 x60% 6112 6014 6034 60
Preferred
6112 1,033
.60
7778
6112
Jule
.60
61
Oct
6018
30
7
62
Apr
8
513
17
3614
Jan
62
6112
25
63% 63% 62
41% 42% 75,303 Atlantic Refining
07 Nov 140 Sept
4018 3912 4214 4118 42% 4014 411 .814 82
No par 78 May 5 10434 Mar 21
41% 33
40
2.400 Atlas Powder
83
83
87
90 Nov 10612 Jan
88 .84
84
82
100 101 Jan 20 wo Mar 23
804 8512 78
130 Preferred
10514
10514
1778 July
10514
10514
10514
10514
812 Mar 5
5 Nov
6 Slay 8
Tack
10514 10514 10514 10514 101 105
Par
Atlaa
No
300
8
.6
6
6
612
13 2634 Apr 1 120 (let 514 Sem
7
Jan
.6
.6
7
17512
.6
A
8
utomob
le
Auburn
Par
413
NO
17.400
189
185
1134 Aug
191
Oct
18312
201
314
193
Jan
9
618
28
3125Iay
198
188
18014 194
200 213
2,500 Austin. Nichols & Co_ _No par
314 31
312 31
4218 Jan
312 312
18 Nov
312 312
313 312
100 Preferred non-voting _ ___100 24 Jan 2 3512 Apr 23
312 312
35
Jau
35 .32
65
Nov
.32
4912
35
10
13
OP
.32
Jan
Jan
35
.31
35
56
.3114
Austrian
Credit Anstalt
600
314 3114
5614 56%
4 Dec 3512 Aug
1 Mar 3
*5638 58 .5638 58
413 Jan 20 10,
56% 56.1 *5332 58
No Par
*56% 58
6% 6,200 Autosalet Corp
6
13 Dec 4.57 Au2
518 6%
Jan 11 25 Mar 4
54 6
15
614 614
50
Preferred
513 6%
612 6%
•1312 20
50 Jan
*1312 20
34 Nov
Jan 2 583* Apr 28
20 .1312 20
*1312 20 .1312 15 .15
5334 5334 3,800 Autostr Sat Razor A _ _No par 37
97 Apr 15
412 Dec 20 Aug
5512 551
434 Jan 20
Vo par
5472 5412 5513. 5178 56
34
56
55
712 734 58,800 Aviation Corp
Oct 608 Aug
15
73
s
Feb
73
18
38
5
211alay
7%
7
7%
612
par
No
7%
new
74
Loco
Wks
Baldwin
37,500
7%
7
2938
28
Apr
2734 287
30
23
100 110125tay 6 116 Jan 21 1094 Nov 125
2458 25% 25% 28
25
27
180 Preferred
4,11112 113
9312 Nov 11012 Feb
Feb 4
11113 1111 111 111
11012 112
112 112 *110 113
60 Bamberger(L) dr Co pref 100 107 Jan 3 11012
3334 Jan
Dec
109 •107 109
16
107
3
5
Mar
20
.
109
15
Jan
109
1018
par
109
10912
109
No
360 Barker Brothers
.109 10912 •109
17
Jan
17
97
1612 17
70 Nov
bit 91 Mar 31
17
1712 17
100 7312
103 Preferred
•_-_- 18 •-__- 1712 17
8712
8712 .82
213 Dec 2914 Jan
718 Apr 11
82 .82
82
83
21 Fob 18
No pa
83 .82
83
.83
871
400 Barnett Leather
8
47
*3%
'*Mar
118
Oct
20
5
28
34
8
Mar
418
.35
15
Feb
2011
4
5
*4
25
6
Barnsdall Corp class A
678 .4
*4
2658 2618 274 68,000
2612 271_ 26
2538 2578 27
25
2638 24
'Bid and asked prices: no sales on this day.
zEx-di?.
Am. Tel. &Tel.-rights" began lust Thurs.(Apr. 17): sales.
y Ex-r ghts. t Trading In
43,300 a121 I @)22
New York Stock Record-Continued-Page 3
For sales during the week
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 3.
Monday.
May 5.
Tuesday.
May 6.
Wednesday. Thursday.
May 7.
May 8.
3317
,cocks nor recorded lime. see third page preceding.
Friday.
May 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-sharelots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
HIP11611.
$ per share
per share
per share
per share
per share
per share Shares Indus. & MI/Icel. (Con.) Par $ Per share
*5914 64
5914 5914 *5914 62
$ per share $ per share $ Per Oar.
*5914 61
5914 5914 *59
64
500 Bayuk Cigars, Inc
No par 5914 May 5 88 Feb 4
97
97
*9514 98
*97
55 Nov 11334 Jan
98 .
97
93
*97
98
*97
08
10 First preferred
100 97 Mar 3 9934 Feb 21
1712 1712 *171* 1734
95
Oct 10634 Jan
100 Beacon Oil
par
No
8312 8518 7518 8418 8378 84
Feb
13
18
20
5
8
Apr
9
1212 Dec 3278 July
85
85
83
83
8210 86
3.700 Beatrice Creamery
*10434 105 *10434 ---- *10512
50 6712 Jan 18 92 Apr 14
89 Dec 131
*10512 ---- *10513 --- *10513 ---Oct
Preferred
5
100 10114 Mar 20 10514 Apr 16 100 Dec 10612 Aug
5
5
5
5
5
5
5
5
5
•5
538 -1:665 Belding Hem'way Co ..No par
*84
8514 *8312 85
433 Jan 3
638 Jan 17
84
412 Dec
84
1734 Apr
8312 8334 8312 8312 *8358 8412
800
Belgian
Nat
Rys
part
pref____
4112 35
39
80
Jan
3 8512 Mar 19
3934 3834 4078 4058
75 Nov 8478 Jan
3818
78,000 Bend's Aviation
453u 4634 4418 4712 4678 5014 4718 415s 4614 4012 3858 41
No par 3278 Jan 18 5738 Apr 7
25 Nov 10438 July
5078
4834 4714 4838 37.900 Best & Co
93
9578 9158 94
No par 3118 Jan
5614 Apr 25
25 Nov 12312 Sept
9234 9558 9312 96
93
9478 9318 9578 69,000 Bethlehem Steel Corp
12912 13038 12934 12934 12918 130
915
8May
11014 Apr 1
7814 Nov 14034 Aug
12958 12978 130 130
13018 13112 3,500 Beth Steel Corp Pf(7%)-1100
.
22
2638 *22
00 12214 Jan 1
134 Mar 22 11658May 128 Sept
2673 *22
2412 *22
2412 2312 2312 2334 2334
200 Bloomingdale Bros ____No par 23 Jan
*9614 100
2978 Apr 24
*9612 100 *____ 100_
2234 Dec 6178 Apr
100
100
*__
100
Preferred
*86
100 100 Mar 14 103 Mar 8 100 Oct 111
89
*86
*86
88
87
*86
Jan
87
*86
87
86
86
30 Blumenthal dr Co pref
5012 5078 48
100 74 Feb 7 90 Apr 7
5012 4814 5178 5112 52
70/
1
4 Dec 118
Jan
50
50
.50
50
4,700 Bohn Aluminum dt Br__No par 4778 Jan 22 69 Apr 7
*72
75
*71
75
37 Nov 1361 May
75
75
*71
75
*71
76
*74
76
500
Bon
Aml
class A
312 334 *312 37
334 334
No par
70 Mar 7 78 Apr 5
70
Oct 8913 Jan
8 *313 4
313 313 *313 334
600 Booth Fisheries
*22
27
No par
22
312May 5
22
5 Mar 26
*20
3 Dec 1134 Jan
22
no
22
*20
25
*20
25
200 1st preferred
78
100 22 Mar 24 3314 Jan 3
7914 75
7773, 7738 81
18 Dec 6334 Jan
8112 8412 8138 8318 8278 8512 98.600 Borden Co
25 6018 Jay 8 8512May 9
53 Oct 10012 July
3734 39
3513 3713 367s 39
3712 3318 3638 37
3613 3734 12,400;13org-Warner Corp
*314 313
10 3274 Jan 2 5012 Mar 27
26 Nov 14333 May
314 314 *314 312 *314 312 *31.4 31
312
2'
314
103
Botany
Cons
Mills
1812 1934 1758 19
class
A
3 Jan 14
5 Mar 27
212 Dec
1814 20
1512 Feb
1938 2058 1834 2018 1918 2018 78,400 Briggs Manufacturing_No 50
*3014 3218 30
par
1312 Mar 0 2278 Apr 21
3914 *2914 30
812 Nov 6318 Jan
*2914 33 *2914 30
30
3018
600113riggs & Stretton
214 214
• 2114 Jan 2 3512 Apr 4
2
218 *2
1733 Dec 4312 July
214
*2
238
212
238
*2
1,400,13
ritish
212
Empire
Steel
*514 578 *434 518
100
Pg Jan 30
4 Apr 8
112 Dec
478 478 *5
678 Jan
514 *5
1091 2d preferred
5'3 *5
1712 1712 1634 17
518
100
418 Mar 10
814 Apr 10
378 Nov
1312 Jan
1758 1812 19
1914 1812 1918 1834 19
4,200 Brockway Mot Tr
'82
*82
90
No par
13 Jan 3 2178 Apr 23
82
82
14 Nov 7378 Jan
83
83
*83
99
*82
90
*82
90
701
145 149
7%
13914 14714 144 15112 14514 15014 14312 143
N100 68 Jan 11 85 Apr 24
7114 Dec 145
Jan
143 150
21,200,Bklyn Union Gas
*4012 41
o par 131 Jan 6 17814 Mar 3
*4012 41
99 Nov 24813 Aug
41
41
41
41
*4012 4114 *4012 41
203'Brown Shoe Co
IS
19
17114 1834 1834 20
40 Jan 30 42 Feb 15
36
Oct 5113 Sept
1814
19
18
1812
1812
1812
11,803,Bruns-Balke-Collender_No Par 134 Jan 15 3038 Mar 31
2518 2514 24
1614 Nov 5514 Jan
2514 *25'3 271
26
2518 2578 28
28
2738 5,890 Bucyrus-Erie Co
3918 4078 39
10 22,8 Jan 24 3178 Mar 24
14
Oct 4234 Jan
3938 33-8 4014 *3334 40
3913 3914 40
4034 2,460 Preferred
115 115 *11314 114 *11334
10 3318 Jan 7 43 Mar 25
2612
Oct 50 Feb
114
114
115
*115
116
*115
116
100 Preferred (7)
1012 1218
100 10734 Jan 3 115 Apr 15 10734 Dec 117
978 11
1138 117
Apr
1158 1178 1112 12
1112 1134 14,600 Budd (1,1 0) Mfg
12
1218 10
No
pa.
818 Jan 3 1618 Apr 15
81s Dec 2278 Oct
1178 1118 1238 1114 12
1112
1112
113
4
12
14,703 Budd Wheel
331s 33
No par
818 Jan 2 1458 Feb 6
3138 33
734 Dec 1212 Dee
332 3138 32
3312 3212 3318 33
3514 11.490 Bulova Watch
4312 49
No
pa
2618
46
Jan
17
43
Mar
44
31
2114
Nov
42% 47
34 Dec
47
492 45 . 4312 4212 45
16,033 Bullard Co
99
99
No pa
2978 Jan 16 74 Apr 2
*9714 103
25 Nov
10178 10178 *10912 1052 *102 103
5438 July
10314
1314 20
99 May 3 1108 Apr 2
17
1814 18'8 2)14 2114 2114 2112 2112 24 1057s 1,033 Burns 13ros new el Acom.Vo pa
88 Nov 127
Jan
24
3.803
New
class
*98
B
coin99
_No
17
pa
May
*97
5 35 Apr 2
2238 June 39
93
Jan
*97
99
9312
9338
*93
93
93
93
43
Preferred
37
4038 37
100 91 Feb / 100 Feb 19
3312 39
Nov
88
10514
4178 4918 4134 3934 41
Jan
4318
4238 27,039 Burroughs Add l'ilaeh__No pa
40
4078 3914 40 1 41
37 May 3 5178 Mar 1
29
Oct 32914 May
42
4012 4112 40
4013 *3914 42
4,703 Bush Terminal
No pa
30 Jan 4 4312 Mar 5
3114 Nov
8918 Feb
107 107 *10238 108
10512
' 10534 10534 4,103 106 "103 106
4,115 118 *115 118 *11513 10512
Debenture
100 10014 Jan
110 Mar 15
9112 Nov 11012 Mir
118 *116 118 1 4,116 118 *116 118
Bush Term Bides pref
234 234
100
Feb
258 3
1
Apr
10118
118
1053
Nov
11812
4
4.253
7
Feb
3141 *258 278 *258 3
*258 3
312 312
500 Butte & Superior Mining
10
258May r
432 Dec
3
314
514 Jan 6
318 318
1238 Jan
3
3 1
3
3
318
314 5,600 Butte Copper & Zinc
2213 23
2112 2212 2034 23 1 2018 2134 •2012
5
3 Jan 24
414 Feb 20
2 Oct912 Jan
2212 *2034 2212 1,500 Butterick Co
8512 9378 70
100 1411s Jan 1
1712 Dec 41
2938 Feb 24
8812 8038 8734 8318 89381 8218 8678 8412 87
Jan
85,700 Byers & Co(A M1
*111
No Par 70 May
11238 Apr 26
_- 111 111 31111
50 Nov 19278 Jan
____1*111
*111
10 Preferred
6912 71
87
100 lop Jan 2 114 3111125 105 Apr 12114 Jan
7038 6533 6712 68
69
6712 6712 69
69
3,600
Californi
28
a
28
Packing_
*28
___No
pa
655sMaY
7713 Mar 5
6312 Oct 8478 Aug
2938 2933 29511 *28
2958 *28
*28
30
30
50 California Petroleum
114 114
114
25 28 Jan 22 2958May 6
114
118
25 June 3412 Aug
118
118
114
118
118 *118
114 2,500 Callahan Zinc-Lead
64
64
6014 63
10
1 Jan 2
2,4 Feb 3
6012 6158 5014 61
Oct4 Jan
1
61
63,2 63
6313 7,800 Calumet it Arizona MInIng_20
17
1878 1618 17
6014May 5 8978 Jan 9
1638 1718 1613 17
7311 Nov 13634 Aug
1818
163
1918
8
1912
23,500
22
Calumet & Hecla
2312 20
21
2
1818N1ay 5 3338 Jan 7
2134 2212 21111 2278 2212 2212 2212 2212
25 Oct6178 Star
2,900; Campbell V.' & C Fdry _No pa
6338 651
6312 6538 607 643
19 Jan 2 30 Mar 25
19 Dec 4912 Aug
5712 618
59
6334 62
63
66.700 Canada Dry
28
28
2714 29
*2734 2878' 28
5712May 7 7538 Mar 10
45 Oct9834 July
28
28
2712 2734 2.100 Cannon MilleGinger Al, No Pa
28
*21
23
21
21
No
pa
27
2212 2213 *23
Jan 7 3414 Mar 18
27 Dec 41t3.4 Sept
263 *24
264 *24
2634
*37
300
Capital
41
Adminis
*37
A_No
Cl
4
pa
•32
1838 Jan 18 2834 Apr 4
40 .37
17 Nov 6513 Oct
40
*37
*37
40
40
300 310
Preferred A
276 298
297
5
31 Jan 2 42 Mar 19
29 Nov 3973 Oct
4 310 32812 302 324
325 335
89.300 Case Thresh Machine etfs_10
*128 129 •129 12918 *129 32811
19214 Jan 2 30234 Apr 23 130 Nov467 Sept
12978 12978 12978 129 130 *12912 131
7334 75
201
Preferred
certificates____10 115 Jan 16 132 Mar 25 113 Nov12312 Dee
6918 7278 7234 74381 7334 75
7134 7378 74
7514 28,100 Caterpillar Tractor ___
*824 9
_No pa
834 84'
8841
54 Jan 2 7934 Apr 28
5014 Dec 81 Dee
8
8
*714 734 *7,4 734
200,Cavannagh-Dobba Inc_No pa
*70
721 *70
7214 370
8 May 7 1378 Jan 11
72141 *70
7214 *70
614 Dec 4218 Feb
85
73
70
40;
4012 41
Preferred
3612 40341 38
100 62 Jan 2 75 Jan IS
43381 20
58 Dec 10512 Mar
4278 30
337s 3214 3312 113.700ICelotex Corp
NO pa
20 May 7 60 Mar 10
*26% 27
31
Oct 793s Feb
20
26
*2612 27121 *2813 29
29
*26
*26
29
100 Central Aguirre Asso__No par
-_-2312 Feb 19 3012 Mar
21
Oct 4834 Jan
__-Central Alloy Steel___No par 3034 Jan 2 33 Apr 31
16
2618
Nov
5934 Oct
Preferred
513 513
4
100 10514 Feb 7 11058 Apr 10 10534 Apr 11212 Jan
412 -1;
*4% -41-3
1
700
*60
Century
1371 *5518 6712 .60
Ribbon
6713 *55i8 0712 *60
Mins_No Par
33.1 Feb 4
814
3
Mar
Oct
27
*60
6712
2018
Jan
671*
Preferred
53 8 5218 5314 5214 5412 52
53
100 51 Feb 27 6212 Apr 7
5014 Dec 82 Jan
5314 5114 5334 5312 5412 10.800 :erro de Pasco
10
1014
9
Copper_No par 5114May 8 6538 Jan 6
10
9
10
9
918
5214 Nov 120 Mar
9
9
9
9
4,500
Certain-T
43
43
eed
4218 43
Products_No par
44
41
9 Slay 5 1578 Feb 6
4412 45
1078 Dec 32 July
44
*4312 45
4478 1,800 City Ice & Fuel
*97
9712 *97
9712 9612 9734 *9634 97
No Par 4013 Jan 3 49 Feb 4
*9513 97
3912 Dec 6234 Jan
*9612 97
43
90 Preferred
4418 4018 43
100 06 Jan 15 9634 Feb 11
4218 4334 4212 45
96
423
4112
4218
4
4312
Sept10514 Jan
38.100
Checker
66
69
Cab
64
No par 36 Jan 2 8778 klar 27
6634 6512 70
69
18 Oct8034 Sept
7012 6712 6912 68
69
13,500 Chesanea
22
2312 1712 2178 19
No par 6312 Jan 3 8212 Mar 29
2314 2412 2258 2334 2218 2378 9,700 Chicago ke Corp
4218 Nov112 July
5014 5014 5134 5134 5053 2318
Pneumat
Tool_No Par
1712May 5 37 Mar 31
5118 5112 5112 *5112 52
2178 Oct471* Sept
5158 51%
*28
900 Preferred
29
2734 28
No par 5014May 1 5578 Mar 14
28'4 2912 *28
2912 *28
47 Nov61 Sept
2912 *28
2912
*25
80;Chicago Yellow Cab
2814 2514 2514'
No par
2514 2514 2512 2512 2612 27
1634 Feb 1 32 Mar 20
2174 Oct36 Jan
*26
2814
700
60
Chickash
61
a Cotton 011
53
5978 585g
10 2434 Mar 28 321;Apr 10
8 6134 62713 6012 621
25 Dec 50 Jan
6038 61
11,600 Childs Co
*4934 55% *4934 5518 *4934 607
No par 53 May 5 6712 Mar 3
5518 *4934 5518 *50
4413 Nov 7578 Sept
74
*56
74
33
'Chile
34
Copper
3012 33
3078 3212 3178 3278 3078 32
25 51 Apr 30 05 Feb 6
53 Nov 12712 Mar
307s 33 171.100 Chrysler Corp
912 1078
878 934
918 1078
No Par
3012May 5 43 Apr 11
9.4 1078
26 Nov 135
912 978 23,5001 City Stores New
934 10
Jan
*39
40
38
39
3878 39
o par
758 Mar 21
39
1314 Apr 25
39
39
*38
*38
711 Oct 27 Feb
39
4812 4312 44
500
Clark
Equipme
46
nt
45
No par
45
*4334 50
50
*44
25 Nov 6178 Oct
4214 41
100 100 1 ,1100 10.113 *10012 10112
1,100 Cluett Peabody & Co No par 33 Jan 20 4412 Apr 21
*10012 10412 *10012 10412,•10012 10412
30 Feb I 60 Apr 5
3413 Dec 723.4 Jan
17418 178 1 16518 17112 168
90 Preferred
100 9114 Jan 2 105 Apr 8
177
17018 175
9012 Dec 119
16714 173 1 17312 176
18,700 Coca Cola Co
No par 13314 Jan 8 18778 Apr 2 101 Nov 15412 Jan
51
51
51
5112 51
Aug
5112 51
51
*51
5178 .51
.5112
2178 2412 1914 2112 2114 2212
800 Class A
No par
4812 Jan 8 53 Mar 21
2312 25
23
2378 2312 2334 11,100 Collins &
4434 Oct 50 Feb
83
88
*86
Aikman
92
*86
No par
92
14:8 Jan 2 3534 Feb 13
"86
87
10 Nov 7214 Mar
87
83
87
88
53
700 Preferred non-voting____100
54% 5058 54
73 Jan 3 88 May 3
5112 5913 58
01
5514 5812 5612 58
65 Dec 10312 Fell
11012 14512 12812 14214 140
23.400 Colorado Fuel & Iron
14712 144 152
3612 Jan 2 77 Apr 8
142 145
2734 Nov
1433* 147
7812 Mai
7012 7478 69
24,300 Columbian Carbon v t cNo 100
7318 73
76
par 12812N1ay 5 199 Mar 11 105 Nov 344
7334
Oct
*10814 109
10813 10812 *10812 10912 10912 7634 7238 7434 7314 7478 176,300 Colum Gas & Floe
No par 69 May 5 87 Apr 10
25% 28,
400 Preferred
4 2314 2738 2714 2918 2718 10912 *109 10914 109 10934
100
10414
Jan 31 110 Apr 11
2912 27
9912 Nov fOo- July
28,2 2734 2812 356,600 Columbia
3013 3212 2718 30
Grapboph
2912 33
one
30314 32
Mg Nov 8834 Jan
30
3134 3013 32
27,300 Commercial Credit____No par 2314May 5 3738 Apr 28
4034 4114 3914 41
39
40
39
2338 Jan 2 4034 Apr 1
39
39
39
1/11 Nov
3712 39
6258 Jan
6,100 Cla.sa A
*2512 26
25
25
2512 2512 *25
50 3174 Jan 2 4418 Apr 1
2512 *25
25
28 Nov 5138 Sept
2512
25
92
92
160
91
Preferred
91
B
9
9018 *91
25 22 Jan 6 28 Apr 29
92
9113 9118 91ls 9118
20% Nov 23 June
4118 4234 3818 4258 40
150 18t preferred(8 b3%)____
4212 4212 4253 398 4012 39111 4012
7614
Jan
18
100
95
Mar
29
70
Oct 10534 Jan
83
18.100 Corn Invest Trust
83
83
83
83
No par 3613 Jan 20 55 Mar 6
83
87
2818 Nov 79
83
83
Oct
1814 1614 1318 1313 1318 1313 8212 8518 *84
1,200 Cony met
ar 8212May
No 1pw
1338 1418 *1112 40
87 Slur 28
1112 1112 2,200 Warrants
2538 29,4 2518 28
2712 3213 3118 3318 3034 32
11
Jan
2314 Mar 5
,2 3134 3314 312,600 Comm Solvents
9 Dec 6912 Wep
-i
1618 17
21538 1634 1612 175s' 1718 17%
2518MaY 5 38 Apr 11
16% 17
2018 Oct 63 Oct
1634 1714 31.6,400 Comn3onwealth&Sou'rnNo
*49
4912 49
49
*43% 52
No parr
*4812 52
*4812 52
1234 Jan
2014 Apr 7
*4812 52
10 34e
2434 Oct
1318 1514 1313 14
300 Conde Nast Publica_ _No par 44
1413 15% 1414 1514 1418 143
Mar
57 Star 27
35 Nov 93 Jan
4 1414 1412 64,000,Coneoleum-Nairn
405s 403s 35
397 4334 *3812 43
40
Inc__No par
1318MaY
1934 Mar 24
43 •3938 43
*39
11
Oct 3534 J10
*12
*12
34
34
3,5001Corees
lut
Cigar
par 35 May
*13
•12
34
*12
5678 Mar 11
34
43 Nov 9232 Feb
*12
34
45
4214 45
46
1Comley
Tin
4418 4414 44,
Poll
stpd__No
No par
38 Jan 1
8 4612 44
13 NOV
1
Mar
4414
24
"44
45
112 Fet
34
74
75
1.800 Consolidated Cigar _ ___No par 42'4 May
73,2 74
74
74
74
5938 Mar 17
74
*74
*74
75
40 Oct 9614 Jan
75
1001 Prior preferred
100 67 Jan 22 80 Mar 25
2278 1918 2134 2112 2234 2112
21
63 Nov 96 Jan
23
7
8
227
2138
8
23% 2318 13,400i(7
2134 23
1934 2158 2112 2212 2212
1512 Jan 3 2738 Mar 11
22
22% 2218 221 10.303 onsol Film Indus____No par
10
Oct 2538 Se1.11
11912 12338 11714 12234 122% 12614 12212 23
18 Jan 3 2814 Jan 10
12578 12114 12434 12212 12534 389,800 Consol Film Ind pret__No par
1518 Oct 3034 Apr
10212 10234 10212 103
Consolidated Gas(N Y)No par 9858 Jan 2 13678 Apr 28
102% 10234 10214 103
10238 103
8018 Nov 18314 Sept
10258 10258 3,300 Preferre
114
113
114
114
11
d_.
138 *133 112
No Par 9912 Jan 28 103 Mar 14
138
138 *133 113 5,200 Consolida
9212 Nov 10012 Dec
1534 16
14
15
1518 1534 1578 1738 15
ted Textile_No Par
1 Jan 2
2 Jan 27
1534 1534 1812 5,000 Containe
34 Dec
638 Jan
618 618
5% 618
r Corp A vot ,Vo par
578 5%
12 Jan 2 2212 Feb 24
573 61, 578 578
12 May 2312 Jan
558 578 3,400 Class II voting
28% 2934 2712 2312 2812 2978 2912 303
par
414 Jan 2
813
Feb
4
20
283
3
,
4 Nov
4
2912
29
2934
11,2 Jan
13,200 Continental Baking el ANo
438 434
4
412
438 434
par
°
V
2712May
5
5212
434 478
Feb
17
2514
458 478
Oct 90 July
434 434 36,900 Class 13
82% 8212 8118 8218 SI
No par
81
4 Slay 5
7 Feb 17
8112 8108034 81
458 Qat
8114 .....
1514 July
all-4 2,100 Preferred
63
6412 60
63
6138 64
100 7812 Apr 24 947s Feb 17
6318 6434 615s 6312 63
7912 Nov 100 June
64
2818 2758 2373 253i 26
37,000 Continental Can Inc___No par 5018 Jan 2 7158 Mar 31
27
2714 2878 2614 27
4(ps Oct 92 Sept
2612 2714 35.800 Cont'l Diamond Flbre_No
63 66
62
58
6278 6438 6312 6514 61
par
237sMay 5 3733 Apr 21
2034 Nov 3312 Dec
62
*63
64
10,000 Dontluental Ins
434 5%
558 534
..04
10 53 May 5 7753 Mar 31
538
4618 Nov 11014 Sent
512 524
513 5%
534 20,400 Oontlnental Motors___No par
2438 26
2218 2138 211a 2614 28
134:ilaY 5
814 Feb 19
2634 25
618 Dec 233,1 Jan
13 26
26 99,500 Continental Oil
301s 3158 2712 30
2878 2978 2818 2978 2734 2578 24 12
par 1912 Feb 4 3013 Apr 24
18 Nov 3734 Aug
29,2 2878
3 3013 55.800 Continental Shares
9512 9814 91
99% 9838 10218 10012 10312 101
No
Vs par
4078 Apr 1
ar 2738 Jan 21
2612 Dec 4578 Dec
103,
g
01.45 14512 144 14512 *144 14512 144 144
Corn Products Ref1ning--25 8712 Jan 3 11138 Apr 23
67.400
70 Nov 12633 (let
14414 14414 440543111442
2812 2878 2518 277s 2658 2818
flerr
noed
1
100 14)
Feb 10 147 Mar 21 137 Nov 14434
125514
2673 2813 Ms 2712 2712
2734 19,200
330 CoPtY
31
3114 3014 31
No par 2414 Jan 2 33 Feb 3
3053 31
re
3112 3112 3114 3178 3112 3112
18 Dec 8214 Jan
Cream
2,600
1778 1778 1518 1712 1712 1712 1738 1738
of
Wheat
No
par
2513 Jan 6 3532 Mar 20
1778 1
24 Nov
1534 1534 '15's
31 NOT
17
771: 2.400 eras Cart
Carpet
1513 16
1512 1614
1518 1734 18
100
Jan
9
22
2918
Mar
5
19
15
18
Dec
18
5758 Apr
2,609 Crosley Radio Corp___No par
1014 Jan 17 22 Jan 2
15 Dec 125
F61.1
• Bid and asked pricez no sales on thlt dar
s Nz dividend. 3, Ex-d v blend
and ex rights
501
New York Stock Record-Continued-Page 4
3318
fourth page preceding.
For sales during the week of stocks not recorded here, see
HIGH AND LOW SUE PRICES-PER SHARE, NOT PER CENT.
Friday.
Wednesday. Thursday.
Tuesday.
Saturday.
Monday.
May 0.
May 8.
May 7.
May 6.
May 5.
May 3.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1029.
Highest.
Lowest.
Per share $ per share
Per share
share 3 per share Shares Indus. & Mace!.(Con.) Par $ per share2 5595
79 Aug
3718 Nov
8 Apr 7
$ Per share 5 per share $ per share Sp& share 5 per
par 43 Jan
4513 444 45,2 4612 4612 1,900 Crown Cork dr Seal____No
Oct 2534 Jan
45
17
45
45
19
46
Feb
43
47
1812
47
5
May
15
No par
2,200 Crown Zellerbach
1512
1513
4
153
4 Aug
1213
Nov
15
1.514
15
71
15
*1512 17
1512 154 15
8 9358 Mar 25
78:53 6.300 Crucible Steel of America_100 7514May
4 Feb
7978 7712 7834 751.4 7734 76
8112 79
7834 7914 78
100 1094 Feb 7 117 Mar 13 103 Nov 1163 Jan
550 Preferred
•115
11612
115
2412
115
Nov
116
115
5
4
1153
1
4
1153
Apr
4
1153
1153
4
4
174
8
*1153 116,
9 Jan 2
No par
Co
Cuba
7,000
1512
4
143
1413
1412
15
1538
14
7 Mar 3
1434 1434 15
1434 15
312$.1ar 26
1,100 Cuba Cane Products_ No par
4
4
"ifi;
334 418
312 34 •312 4,4
*313 414
113 Feb 2
414
4
34 Aug
34 Jan 2
No par
Cuba Cane sugar
187e Jan
14 Dec
4 Mar 3
2 Jan 7
100
Preferred
Jan
17
678 Dec
4
Feb
9
8
45tay
63
Sugar___10
Cuban-American
634 678 1,200
53
64 614
'Si
56 Dec 95 Jan
7
7
68 634
68
100 49 May 2 6553 Feb 11
20 Preferred
*4912
50
Jan
50
*4912
8
677
Nov
36
5014 *4912 50
.5012 50
*50
5012 *50
50 4112N1ay 8 48 Jan 2
2.200 Cudahy Packing
42
42
Oct
4112 42
42
Nov 132
42
42
4212 4212 42
4214 42
400 Curtis Publishing Co___No par 113 Jan 27 12514 Apr 26 100 Nov 12124 May
11218
12312 12312 *124 125 *124 125 *124 125
19
Mar
12118
12312 12312 12112 123
29
No par 1144 Jan
1,300 Preferred
119 119
11834 119
638 Dec 3018 Aug
118 11318 11812 119
144 Apr 7
31
Jan
1311812 11934 119 119
612
par
No
Curtiss-Wright
264,000
1112 1034 1114
1238 11
1314 Dec 3778 Aug
912 1038 1012 1134 11
94 1178
100 1338 Feb 1 1934 Apr 2
25.300 Class A
1512 1434 15
25 9012Mar 31
1414 1578 1312 1478 1434 1538 1518 1614 15
76
7734 3,700 Cutler-Hammer Mfg___N0 par 84 Jan
77
77
78
Oct 691, Jan
73
79
31
Mar
8
435
*74
7014 72
71
73
2
Jan
3
285
Davison
Par
No
Chemical
3553 22,200
3433 34
20 Dec 4678 Jan
33
3014 3238 3118 3178 3218 361s 33
32
55 22 Mar 25 30 Apr 14
Debenham SecuritleS
200
30
*2714
Jan
30
*2714
128
30
Nov
*24
2513 254 *2714
30
*24
30
100 117 Jan 4 12712 F..0 13 109
840 Deere & Co pref
12514 127
125 12612 125 125
12612 12612 12118 125
125 125
Aug
2554 Apr 23 151 Nov 385
3
Jan
8
100
1953
Detroit
Edison
2,100
24 Nov 6473 Feb
220 22712 22614 227141 230 233 i*230 235 8230 235
230 230
3078 Jan 24 4234 Mar 4
1,200 Devoe & Raynolds A_No par
36
36
Jan
39
3112 3114 3518 3534 3534 *36
33
344 36
100 10634 Jan 14 11214 Apr 22 102 Dec 11512 Jan
1st preferred
50
13 237 Apr 24 117 Nov 16412
112 112 *112 114 31114 1144 *114 1144 *114 11434 4,809 Diamond Match
Jan
*112 115
139
100
223 23014
Aug
1114
222
Nov
6
18
Jan
953
3
20734 22012 213 22412 215
Jan
21078 2104 19614 204
4
63
No Par
ass, 858
833 818 4,400 Dome Mines. Ltd
Oct 5414 July
12
812 *813 34
8
814
734 8
8
'Jo par 20 Mar 28 3053 Apr 5
224 2278 5,600 Dominion Stores
69 Nov 1264 Feb
2314 2212 23 .2212 23
2234 22
2234 2378 21
No par 76 Jan 2 8738 Mar 10
19,400 Drug Inc
81
7912
Jan
80
7914
Oct 92
8
81,
25
8
803
7
4312
Apr
81
80
5
8012
7918 82
7915
8.400 Dunhill International_No par 2734May
3312 3212 33
10 Nov 2873 Jan
3118 32
3112 31
2734 3034 30
15 Jan 4 1812 Apr 4
3014 32
No par
100 Dupan Silk
1612
10072 Mar
1612 *16
•16
Jan
18
4012
*16
Mar
18
21
10212
7
Jan
*1612 1814 1612 1612 *16
100
200 Duquesne Light 1st Dref___100
102 102
Oct 3912 Sept
19
____ *102 103 *10213 -- 102 102
*102
17 May 5 2512 Jan 31
•102
2312 1.200 Eastern Rohing Mill_ --Nt Par
*19
26.134 Oct
1853 19
19
1734 1734 *18
18
17
1734 18
No par 17534 Jan 9 25514 Apr 25 150 No
90.209 Eastman Kodak Co
233 245
7634 Feb
Nov
18
23618 24878 23053 241
20
Fob
3714
5
22034 23312 22912 241
224 232
2418May
No par
13,000 Eaton Axle & Spring
28
8
277
Sept
27
231
Oct
27
287
30
27
28
26
2712 2418 264 26
20 11218 Jan 11 14514 Apr 10
124 12714 12312 12814 52,400 El du Pont de Nem
Nov 11934 AIR
10712
12612 130
1
Apr
12012
4
Feb
125 12812 120 12434 124 128
11412
100
non-vol
deb
12013 2,000 6%
12014
Jan
3982
120
120
De
4
120
120
11912
6
Feb
104
11912
8
,
1195
6121,fay 5
11912 11912 11912
No Par
700 EitIngon Schild
634 634
Jan
634 634
64 64
39 Dc 113
613 612 *614 7
*643 718
100 40 Apr 30 62 Feb 5
1,100 Preferred 64%
40
4012 40
Oct 174 July
50
29
Mar
8
1147
4213 4212 4012 40,2 40
40
40
7
Jan
81
*40 -44
par
64,100 Electric Autollte
884
Ap.
86
115
83
No
85
4
1023
8
907
86
9178
884 9234 90
9213 94
No 10O 10614 Jan 6 11034 Jan 7
50 Preferred
34
1855 Ma
10913 1094 *low s lon 110934109
314 Oct
034 Mar 31
44 Jan 4
•10813 1094 10818 10818 *107 109
No par
5,800 Electric Boat
57g
51
Sep
s
54
865
No
8
55
294
23
54
Apr
4
53
6
4
53
103
2
618
4
53
Jan
4914
614 612
8218 8158 854 445,600 Electric Power dr Lt_ No par 10612
10914 Feb
8453 78
Jan 3 112 Apr 25, 98 No
764 8134 7158 7934 7712 8318 79
NO Par
*110 11034 1.300 Certificates 60%
14012June
*11012 11134 11012 11012 110 110,4 110 11012 110 110
12614 Jan 9 153 Apr 41 106 No
paid
64 Nov 101041122
7914 Feb 10
12 3,300 Elec Storage Hattery__No par 6858May
Oct
*7012
71
7112
*7012
8
717
512
Mar
711
24
7012
7112
23415.1ay 9
69,2 69,2 6813 72
900 Elk Horn Coal Corp__ _No par
238 318
Ocet 2212 Feb
3jun
31:
314 314
*314 4
*314 4
758 Jan 24
313 Apr 21
*3,4 412 *314 4
700 Emerson-Brant class A_No par
412
412 *4
Nov
412 *4
*1
22
Jan
*318 5
8
31.2 418
4
5
4
595
May
1,200 Endicott-Johnson Corp____50 51
52
n
4 Feb
3518
84
5113 .50
550
4 Sept 12
52
49114
*50
51
51
51
51
53
53
100 10712 Jan 7 113 Apr 23 108
Preferred
200
Oct 7953 Aug
31
11112 1111 11212 11212 *11112 116 *11112 116
3914 Jan 2 674 Apr 7
•11112 112 *11112 112
2.200 Engineers Public &try __No par
59
Aug
•58
12314
584
584
Nov
5912
80
5912
21
Apr
59
57
8
107
567
56
60
58
No Par 9458 Jan 8
600 Preferred $5
10153 10158
Oct
101
8434 Oct 109
9413 Jan 2 10478 Apr 21
*10012 10578 103 103 *10012 10118 10012 10012 100 4 1014 10034 1oo34
No par
400 Preferred (51()
41 May
3114 Jan
*10014 10212 10014 10014 *10034 10212 101 101 *1003
12 2,000 Equitable Office Bldg No par 3934 Jan 3 47 Aar 22
*463.3
Feb
46
4612
64
4612
Dec
4612
8
3
*46.
3613
5
464
464 46
45
46
46
Vacuum Clean_No par 21 May 5 4353 Mar
7334 Mar
2312 2312 2312 234 3,600 Eureka
15 Nov
234 2314 2114 2313 21
21
24
24
5 1314May 9 3034 Feb 18
4,900 Evans Auto Loading
1314 17
17
17
*1713 18
23321: NovJan 2712 July
17
16
17
1618 1618 16
70 Exchange Buffet Corp_No Par 22 Jan 2 2638 Mar 3
2512
*25
25
1334 Dec
25
25
25
2512
*25
25
94 Jan 6
2512 25
*25
44 Jan 28
25
100 Fairbanks Co
*312 518
51
*2
Jan
*314 5
Apr 35
11
6
*14
5
518 518 *4
100 12 May 6 3934 Jan 20
550 Pi eferred
15
*14
14
13
16
4
Oct
143
12
4
293
12
23
15
Apr
•____
15
344 Jan 6 4811
par
No
Fairbanks
2,400
Morse
43
43
45
4312
4412
c
Sept.1
e
5
1144
4438 *1212 4312 43
4412 4113 42
100 102 Jan 7 10912 April 10112 D
Preferred
22 Dee 7258 Mar
_- *1114 ___- *109_ •109
8110-- *110
•110
1418May 5 2714 Feb 27
51 *1412 1512 -2:405 Fashion Park Assoo___No par
1512 117
16
1412 15
604 Nov 109 June
1518 1418 15
15
Feb 6 9014 Mar 18
15
5913
&
Federal
Light
Trac
2,700
75
*7114
*7114 75
75
*71
79
90 Nov 104 Feb
*71
7012 77
79
*77
No par 91 Jan 13 9834 Apr 22
30 Preferred
9734
973 *97
Oct 2238 Feb
*9634 9734 *97
97
5
97
9634 9634 •9634 98
74 Jan 17 1214 Feb 20
2,700 Federal Motor Truck No par
10
10
Sept
1018
*10
1012
1012
28 Nov
1012
1012 10
10,2 1012 10
3212 Jan 3 43 Mar 19
2
0
e;
D
364 37'2 3612 3712 3,800 Feci'l Water Service A.,Vo par
314 3
33
2
Dec 156
3712 38
2512
37
16
Apr
3138 3512 37
38
4
Jan
3518 37
29
par
No
2,600 Federated Dept Stores _
34
*31
3112
34
*3012
3212
Nov
32
4712
3012
31
31
Mar
30
3214
31
3,100 Fidel Phan Fire Ins N Y___10 654 Jan 2 8934
75
*74
75
7314 74
74
75
7013 7212 73
mar
4
133
7312 77
Oct
6
4
Apr
7 Feb11 1012
No pa
20 Fifth Ave Bus
*834 9
.534 g
834 834 *834 9
30 Dec 9512 Feb
9
9
33 Apr 3 4012 Jan 22
*834 9
No Pa
Filene's Sons
38
*31
Jan
36
36
*31
84 Dec 107
40 •____ 38
40
*28
100 92 Mar 15 98 May 3
60 Preferred
97
*96
07
97
•96
97
2413 Dec 37 Dec
98
*96
98
*96
5 3313 Jan 7
98
98
2312 2378 2,500 Firestone Tire & Rubber___10 21535-lay
23
2378 23
23
8358 Dec 8933 Des
24
Mar
874
2153 2334 2234 237
20
Feb
2212 23
4
793
10
Preferred
81
8214 8112 814 8118 814 1.500
4412 Nov 90 Sept
81
8014 8014 8014 8014 81
504 Jan 2 614 Jan 30
7.800 First National Stores__No pa
524 5314 5214 52'4 5214 53
218 Dec 20,8 Jan
5212 537
52
51
5112 62
512 Apr 2
3 Jan 2
No pa
33A 34 10,800 Fisk Rubber
318 34
334 34
8 Dec 7212 Jan
313 37
2
Apr
312 34
21
2
Jan
358 334
13
10
460 1st preferred
1412 1414 1414
1412
15
Dec 8212 Jan
15
15
8
15
April
4
213
16
*15
121zMaY 3
1312 1414
10
240 lot pref convertible
14
14
Jan
14
14
54
14
14
38 Nov
14
14
15
1212 1312 4112
4213 Jan 4 5278 Mar 21
400 Florshelm Shoe class A_No Pa
45
4612 45
4812 46
*4612
431
Oct 1024 Jan
4812
904
*4612
3
Feb
4312
*4612
100
12
Apr
9512
*4612
10
Preferred 6%
99
*9813
99
*9313
Aug
4
823
100
Nov
*9812
3218
100
*9812
*9812 100
3114May 6 504 Mar 25
•9812 100
No pa
4,800 Follansbee Bros
3434 35
34
33 Nov 95 Sept
3518 3114 3334 3312 3412 33
6012 Jan 3 99 Apr 30
3518 3734 32
Ne pa
1234 Nov 6958 Apr
8834 8218 8612 8512 874 41,500 Foster-Wheeler
874 85
8318 8914 784 8134 81
1518 Jan 6 2834 Apr 14
No pa
3,400
Co
Foundation
194
194
1912
1912
1018
*19
194
574 Apr 25, 1013 Dec 10553 Sept
18
1612 18
19
3
Jan
1618
18
No
Fox
pa
Film
A
320,600
class
8
527
544 Jan
4953 5212 5114
53
4 Nov
233
April
5512
25
Feb
3818
4853 5278 4414 50,1 4838 52,4 5012 49
No pa
4.534 4712 4634 473 39,700 Freeport Texas Co
8212 Nov 10712 May
4438 4614 4634
41
85 Feb 14 9512 Mar 6
4114 4534 42
60 Fuller Co prior prof__ _No pa
92
*90
92
92
*90
*91
92
5 Oct 334 Feb
*90
9
92
Apr
4
113
2
91
94
Jan
8
*92
55
Pa
No
Gabriel
A
900
Snubber
*712 812 *812 10
8
8
712 712
6513 Nov 8312 July
712 7,2
8
6914 Jan 7 80 Mar 28
8
Vs Pa
200 Gamewell Co
72
*70
72
72
*70
*70
3 Dec 25 Jan
*6834 72
70
74 Feb 18
312 Jan 16
5
7012 7012 70
414 414 3.900 Gardner Motor
434 434
452 452
418 413
44
18
Feb
23
4
1612
Jan
12
414 4-'1
par
7,900 Gen Amer Investols. _No
1234 *1212 131
8
123
1312
*1234
1212
134
4
25
123
105
Apr
23
12
100 90 Jan
1312 1334
1,000 Preferred
10012 101
100 100
*98 100
75 Nov 1231a Oc
*98 100
9712 102
Jan 2 11178 Apr 4
100 100
10312 104 10514 44,000 Gen Amer Tank Car _-No Par 9938
105 10612 10018 1054 104 10534 103 1064 102
424 Nov 0434 Aug
7
Apr
7112
7
Jan
4918
100
561
General
Asphalt
23,100
Nov 140 Feb
554 5512 5612 5414 5578 55
534 554 5238 5112 54
par 105 Mar 4 125 Jan 15 121 Nov
No
Gen
30
Baking
ore(
125
*115
115
115
6034 June
120
120
24
5
b 17
iear
F
33
34112
:
*115 125 *115 125 •120 125
No Par 2512 Jan
24,000 General Bronze
3318 3018 3112 3012 32
Nov 61 Feb
31
31
23
2733 2934 29
31
1712May
No
par
29
6.800 General Cable
23
23
Feb
22
1914
12012
22
20
Dec
8
,
63
20
4
173
5
Feb
4
743
1712 20,8
23
No par 51 May 7
20
5,900 Class A
56
5514 5118 51,8 55
42 Oct 74 Feb
5518 5614 5414 5514 51
57 .58
No par 5012May 5 61 Mar 7
2,300 General Cigar Inc
5134 537
54
403 Aug
8
533
54
Nov
54
16818
534
10
4
Apr
533
954
29
Jan
2
,
50
2
,
50
6453
b
par
53
1•52
No
ilk Feb
754 7834 7678 793 1009400 General Electric
Jan
11
7912 7314 8138 774 81
73
10 1133 Jan 2 1173 Apr 5
7458 80
1158 1158 1158 1158 5,300 Special
Oct 7778 July
35
1158 114 115s 1134 1158 1158 1134 1134 5618 5734 57
No par 464 Jan 17 6114May 1
59 125,300 Gen Foods
8
577
8
565
58
56
184
10
Apr
1314.May
544
5612
574
56
1434 147 123,400 Gen'l Gas &Eke A new No Par
, 1538 1412 15
1414 1478 1314 1412 1418 144 147
No par 85345iaY 5 10612 Apr 16
7,000 Cony pre( ser A
93
92
135 Feb
9012 94
9334 854 883s 8778 9134 9178 9212 118 118
90
No par 115 Mar 19 122 Apr 2 11112 5;i; 11611 Jan
20 Preferred A (3)
119
119
120
•118
120
90 Oct 8018 Jan
*118
No par 104 Feb 10 111 Apr 9
*119 122 *118 122
(7%)
A
Preferred
100
108
*10612
8
1067
106
Oct
107 108
50
12
Apr
594
5
107 107 *106 107
4518May
par
No
Mills
*106 107
General
4778 484 4814 4712 4934 4812 48,2 3,000 Preferred
8734 Dec 100 Jan
4518 4714 47
4714 48
100 90 Mar 29 95 Mar 22
300
9412 *9138 9412 9134 9134 9134 914
3312 Oct 914 Mar
9412 *90
9412 *90
10 3713 Jan 16 5414 Apr 10
*90
41312 4534 474 456,000 General Motors Corp
45
Nov 12612 Jan
112
8
13112May
24
Jan
11712
4534 4212 4478 4438 4635 4512 47
43
100
Jan
131 13112 26,300 7% preferred
13112
130
13012
1294
129
14
30 Oct 52
128
Apr
4113
3238 Apr 29
12712 12818 127 128
Gan
Pa
Outdoor
Adv
A___No
1,200
34
*3213
34
*3212
*3214 34
34
*32
13101:ty 6 2134 Apr 3
33
35 433
No pa
35
Common
1513 3,200
Aug
15
15
98
8 15
145
14
Nov
Id"
14
7
Apr
8
527
1318
2
Jan
1518
8
323
14
No pa
1514 15,4
Gen Public Service
4378 4212 4312 4234 4358 13,800 Oen
43
8512Nl5y 5 10678 Mar 28
43
70 Oct 12611 Aug
4278 41
40
42
NO Pa
Ry Signal
39
8812 904 15,600
90
Oct 884 Aug
8914 9112 83
28
54
89
86
8613 8934 8512 88
14,500 General Refractories-No Dar 67 Jan 2 90 Mar
814
481
81
804
8
847
83
10
4
803
1
AM'
,
31
82
Jan
5114
_No par 3934
7953 8012 7918 81,2
Gen
Equip_
Theatres
27,200
48
47
48
4614
Oc
4734 4553 4712 4678 4814 4712 4812
47
30 Nov 143
804 Apr 2-1 10618 Jan 15
844 8214 8412 56,100 Gillette Safety Razor_No pa
1012 Nov 484 Jan
844 8312 85341 83
1112 Jan 20 2078 Apr 14
8133 8612 83
86
No
84
Oct
164 16,700 babel Bros
1634 16
94
1618
Dee
164
1612
56
8212
25
8
Apr
167
30
1553
Jan
664
100
154
1513 1634 15
800 Preferred
Oct 644 July
.7914 8013 .7914 81
20
81
*79
SO
80
par 254May 5 38 Mar 20
7912 7938 80
'
P
*77
2733 2634 274 24,000 Glidden Co
Nov 10613 Apr
2612
95
274
Mar
27
10518
18
984
Jan
8
263
2512
2612
2518
100
Prior
130
preferred
2658 2712
Feb
4158 10158 1014
4 10338
178
003
918 Nov 66
8 *14
13 Jan 16 19 Feb 7
No pa
10014 10014 *10014 10112 10014 10014 *1004 1015
Jan
1518 1534 13,400 Gobel(Adolf)
: Oct 82
311
1578 144 15
144 15
3734 Jan 2 474 Apr 23
1312 1513 1314 1378 14
4478 107,400 ()old Dust Corp v t o No pa
43
10584 JIM
Dec
3814
434
5
5812a:far
25
42:4
May
434
35
42
No pa
4312 404 424
22,600 Goodrich Co (11 F)
Feb
42
3
423
Dec
Ill's
9512
41
3934
421
40
41
9558 Jan 7 104,2 Mar 2.3
3834 39
10
500 Preferred
384 3912 36
*9912 101
01
99142 14
60 Oct 15418 Mar
*3
*9913 101
par 62 Jan 2 9678 Mar 31
964 9638 9718 99
*96 • 98
771
754 7618 7612 8134 25,000 Goodyear T & Rub____No par 90 Jan 3 10214 Apr 30
76
37 Nov 1044 Feb
1St
preferred
76'z 7413 7714 7618 7838
2,000
75
10012
*10014
10012
14 Nov 60 Apr
10033
10053 101
18 Apr 24 284 Mar 8
r
10,030 Gotham Sil fIos new Noo
1011410114 10034 10118 1004 101
184 19
68 Dec 10114 Jan
19
8
185
197
4
8212
Apr
10
184
Jan
70
191
19
100
1834
1853 18
300 Preferred new
18
90
*7012
Oct 14 May
90
4
*7012
23
Apr
1533
79
7i2 Jan 2
No par
70-2 751z *7012 80
913 79
Jan
111 12.300 Gould Coupler A
*7012 75
012 *11
Vs Oct 54
012 12
10
121
813May 5 134 Apr 1
10
117
104 10
10
4912 Jan
9
1112 13
O's 9,000 Graham-Paige Motors_No par
Nov
7
1
Apr
4
8May
77
5
1113
91
918
84
par
Afar
700 Certificates
8,8 9
8
10273
94 912
8
Nov
464
S'z
*8
8
8
N _lp(11) 27 May 6 5978 Apr 2
74 74 *74 8
8
8
3212 3334 17,500 Granby Cons M Sul & Pro
3212 Dec 4473 Dee
2753 31
2712 29
29
No Par 3214 Jan 22 52 Apr 2
28
304 27
2,300 Grand Silver Stores
32
30
33 Dec 9612 Mar
3914 3834 3934 3834 3834
39
30
100 3312 Feb 6 4513 Mar 1
Grand Stores
3914 38
4012 4012 39
934 Nov 324 Jan
1353 Jan 18 204 Feb 13
r
a,
po
so
No
5,600 Grand Union Co
-1;
I6
Oct 5438 Jan
-iais
30
1
.
16
10
Apr
"i6"
4312
164
2
Jan
4
3
1537
1612
par
No
1,600 Preferred
1534 16i4 -Ws "ill; 15's
42
Nov 6334 Sept
*40
32
41
3
Apr
41
5038
42
an
*141
37
Granite
City
Steel
404 4014 41
1.300
I 41 • 4112 40
414
14
41
4038 41
41
4014 4113 4134 42
44
, *42
y 3 additional 85a ... for eaeb snare
n Ex-clty91-1.0 ca.
-dividend.
• BA ar d sulked prkes: no aalea on Vats dal s Ex
-178
New York Stock Record-Continued--Page 5
For estee d tring the week o, *rock. nor recorded
here. see fifth page preceding
HIGH AND LOW SALE PRICES-PER:SHARE, NOT PER
CENT.
Saturday.
May 3.
Monday.
May 5.
Tuesday.
May 6.
Wednesday. Thursday.
May 7.
May 8.
Friday.
May 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
3319
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share
per share $ per share
per share 3 per share
per share Shwa Indus. & Miscel. (Con.) Par
3314 3413 3214 33
$ per share $ Per share
3214 3538 34
35
per share $ per 4401
3214 334 3212 3358 9,600 Grant(W T)
2014 2012 20
No par 3214May 5
2014 20
3212 Dec 14458 Feb
2034 2012 21
21
21
2034 21
17,100 Gt Nor Iron Ore Prop_ _No par 1978 Jan 3 43 Jan 9
2912 2934 2818 2878 2818 2838 2814 29
254 Mar 25
19
2818 2812 2814 2814 8,900 Great Western Sugar _No
Oct 3914 Feb
*117 11814 *116 11712 *116 117
2818Ma
y 1
Par
3412 Jan 16
116 116 *11514 117 *11514 117
28 Nov
44
Jan
30 Preferred
1818 20% 1714 1912 1912 234 2034 223
100 11412 Jan 4 120 Mar 14 105 Nov 11912
Feb
4 2018 2178 2118 22 205,200 (/crigsby-Grunow
*118
par
No
11
*1
1212
118 *118
Jan
18
2734 Apr 28
1
114
118 *1
1414 Nov 70 Sept
*1
114
114
Guantanamo
900
Sugar
5214 57
1 2 Mar 7
58
No Par
58
4 Feb 4
58
58
•55
1 Nov
58
5412 5412
512 Jan
554 2,700 Gulf States Steel
*108 108
100 5178 Jan 2 80 Feb 19
10514 10514 *106 107 *106 10712 *10514 10712 54
42 Nov 79 Mar
•10512 10712
10 Preferred
2778 28
28
100 9812 Jan 17 1119 Apr 30
28
28
28
2812 2812 2912 2912 2912 32
995
4
Dee
109
Feb
2,070
Hackensack
Water
*2612 28
25 26 Jan 4 32 May 9
*2612 28
28
2814 *2612 2814 *2612 28
2312 Nov 35 Aug
*2612 28
110 Preferred A
1812 194 1758 1878 1778 19
25 26 Jan 6 29 Apr 17
26
1334 1934 1812 1918 1812 19
Jan 30 Aug
23,300
Hahn
Dept
*8434 8512 84
Stores
No Par
1258 Jan 2 234 Apr 17
8414 8312 8334 *8314 84
12
Oct 5634 Jan
*8314 84
*8314 81
50() Preferred
26
2612 25
100 7118 Jan 3 8612 Apr 17
254 25
2578 2518 251,3 *25
7134 Dec 115 Jan
26
*25
26
2,200 Hall Fringe,
'
•10412
10 24 Mar 17 3134 Mar 25
- *10412
*10412 106
27 Dec 29% Deo
10412
10412
•104l2
106
*10412
106
Hamilton
20
Watch
9514 16.14 95
prat
100 99 Jan 7 10412 Apr 24
95
95
95
99 Nov 10558 Jan
95
95
95
9534 9534 9534
540 Hanna pref new
604 6134 5934 6118 61
No par 85 Jan 18 98 Apr 14
6312 6112 63
61
6112 6218 6214 3.600 Harbison-Walk Refrac_No par 55
144 16
1414 1578 154 16
Mar 12 7214 Apr 21
54
1518
Jan $71 Oct
154
15
16
157
8
17
Hartman
9,200
Corp class B_No Par 134 Jan 15 20 Feb 5
2234 2234 *2258 23
*2258 23
13 Oct 414 Aug
*2258 23
*2258 23
2234 23
700 Class A
*57
5712 *55
No par 2012 Jan.17 2318 Apr 25
5934 *55
57
16% Oct 31 sent
57
57 •56
58
*56
58
loo nawaiian Pineapple
20 54 Jan 14 61 Feb 13
1058 1238
55 Dec 7218 Aug
212 1138 1058 1318 1018 12 I 1014 1112 25,600 FIayes Body Corp
81
81
No par
8512 8512 *83
614 Feb 24
512 Nov 6838 May
1734 Apr 4
83
*81
83 *31
83
*81 • 83
200 Fleime(0 W)
27
27
25
2812 2312 2512 27
May
81
3
924
Feb
19
84
Nov 11312 Jan
27
27
*274 2712 *27
2712
603 Reroutes Motors
9612 9814 9118 9878 934 1027
No par 22 Jan 3 31 April
2112 Dec 334 Oct
8
1004
102
93
10)
14
10012
1017
8
15,503
Hershey
Chocolate
99
9934 96 103
Vs par 70 Jan 2 10778 Mar 25
9312 101
45
Nov
1021
4
1021
14378 Oct
4 10214 10214 101 101
1,803 Preferred
10612 1062 *10612 107
Vo par 8312 Jan 2 10878 Mar 25
106'2 10912
604 Nov 1434 Oct
... *107
_ *107 ____
200 Prior preferred
18
18
*13
100 1044 Feb 21 10634 Apr •2 101
18
*16
Jan
18
1064
*107*16
Oct
18
*15
18
-17
17
400 Hoe (R) & Co
34
31
No par
29
15 Jan 15 2514 Feb 27
32
23
1234 Dec 33 Aug
3112 3118 33
3134 3134 3112 314 25,000 Holland Furnace
812 912
No par 2614 Jan 14 4114 Mar 28
8
3'2
21 Nov 51 Mar
84 84
9
9
912
912
912
912,
Elollander
2,830
&
(A)....No
75
Sons
par
75
7412 7412 *73
612 Feb 27 1258 Jan 29
1313 May 2458 Aug
7412 *73
7414 7434 7434 *73
79341
300 ifolnestake Mining
1834 204 1712 19
100 7412May 5 80 Feb 1
1814 204 1918 221_ 294 224 214 22141
65 Nov 93 Aug
63.500 Floudallle-H
54
par 1712Nlay 5 29 Feb 5
51
524 5278 51
13 Nov
5234 Slay
5412 514 514 5412 5478 514 5418' 1,100 Household ershey el B'No
Finance part Df-50 49 Mar 5 5518 Mar 31
45 Aug 524 Sept
89 151-2 -7513 9134 8513 9414
_-_---- -- -- I -- Household Prod Inc.......V(P Par 5212 Jan 25 61 12 Mar 10
40 Oct 7912 Jan
977g 89 -25472
9014
9214
964
Houston
105,300
Oil
of
30
Tex
tem etts 101) 5214 Jan 17 11678 Apr 25
3014 2512 294 2834 23
28
Oct 109
Apr
274 28
2314 32
3018 31 I 10,503 Howe Sound
44
444 4118 4312 42
No par 20)/Slay
3434 Nov 8212 Mar
43
414 42
4214 4314 22,930 Hudson Motor Car__ _NoPar 4118May .5 4178 Feb 7
1914 1978 1718 1814 174 4312 42
5 8278 Jan 6
38 Nov 9312 Mar
1812
184
1812
174
1814
18
1912;
Hupp
24.800
Motor Car Corp
24
2478 224 2-1
10 17185lay 5 264 April
18 Nov 82
2334 2512 2518 2814 2458 2512 2518 261r
Jan
41,300 Independent Oil& Oss_No par 2014 Feb 19 32 Apr 7
618 71,2
612
1734 Oct 394 May
74 84
812 9'8
812 9
84 9 I 28.000 Indian Motocycle
*484 51
Vo par
43
5 Jan 3 17 Mar 4
43
312 Oct 3212 Jan
43
53
4913
4912
*494
55
*4912
55
Preferred
18
100 30 Jan 6 8712 Mar 3
18
16
1734 1712 194 194 2114 184 2018 194 2014111 110 Indian
25 Nov 9534 Feb
24
Refining
26
;60
00
3
1512 17
10 16 May 3 234 Mar 22
154 164 1612
1318 Oct 53 Aug
1834
2
Certificates
*10314 112 *10314 10712 10314 1378 1758 1914 17
10 15451ay 5 2734 Mar 22
1112 Oct
5114 Aug
101 *108 112 i 101 103
101 103141
Industrial Rayon
No par 90 Feb 11 124 Jan 10
6811 Nov 135
•
199 203
Jan
190 19514 200 205
206
215
210
213
2211 21312 2,800 Ingersoll Rand
*8814 89
par
No
15414
Jan
8814 8814 88
8
239
Apr
24 120 Jan 22312 Oct
88
*88
89
*8714 88
88
88
800 Inland Steel
17
No par 704 Jan
18
17
98 Mar 11
18
Dec
71
164 1734 1658 174 164 194 1818 194 28,800
113
Aug
Invoiration Cons Copper_- 20 1618May
1558 16
1312 1512 1418 1434 144 1434 .1418 143 •14
3078 Feb 7
22 Oct 664 Mar
1458 4,900 Insuranshares Corp
4
*514 534
No par 1314 Jan
5
514
1738 Mar 10
434 434
12 Dec 18 NOT
434 5
5434 534
5
54 1.600 tntereonta Rubber__ No par
2418 25
414 Jan
2412 25
1
Apr
21
712
2 Nov
2412 234 24
14/
1
4 Jan
23
23
23
23
8,600 Interlake Iron
534 6
No par 23 May
2878 Apr 2
512 512
54 612
578 6
53
4
53
4
53
53
4
4
2,200
Internal
Agricul
*62
66
412
No
Par
62
Jan 2
62
812 Apr 7
Oct
*61
63
62
-Ji;
62
64
•62
-ifi
62
62
500 Prior preferred
175 17912 170 17478 17514 177
100 5412 Mar 8 6714 Apr 9
40 Nov 884 Jan
177 180 *175 180
179 180
3,400 /cot Business Machlnes.No par 15212 Jan 18 193 Apr 11 109 Nov
68
68
68
68
67
255 Oct
6878 63
7014 70
7014
70
7018
Internationa
5,500
l
9
Cernent__N
10
par
o
5534 Mar 6 7538 Apr 2
834 912
48 Nov 10234 Feb
914 10
1014 1012
934 1138 1015 104 50,500 Inter Comb Eng Corp_ _No par
60
65
59
5 Jan 2 1412 Mar 26
61
414 Dec 10312 Feb
62
64
6312 85
6114 66
*64
65
5,700 Preferred
102 105
100 30 Jan 2 78 Apr 1
9434 10278 10012 10478 10214 10434
1812 Dee 121 Feb
993
1025s
4
10312
10512
56,600
Internat
Harvester____No pa
14334 144 x14212 143 *14258 143
784 Jan 7 11534 Apr 16
65
Nov 142 Aug
1424
14258
8
•1425
143
*1425
8 143
1,100 Preferred
42
45
100 14012 Feb 10 14412 Star 14 137 Aug 145 Jan
3958 421, 1234 48
4414 46
4314 4478 44
4512 73,600 hut Hydro-El Sys el A_No pa
8112 84
7518 8112 8014 8412 8334 85
3112 Jan 3 54 Apr 11
23
Nov 5912 Sept
844
4
813
803
4
834
15,000 International Match prof _3' 654 Jan 3 92 Apr 24
2512 253
2412 2512 2512 2012 2614
47 Nov 10212 Jan
6,500 lot Mercantile Marine etfs_100 2412May 8 33 Apr 17
3012 32
3(114 3234 3134 3312 3158 2714 2612 264 2658 27
1818 Nov 394 Oct
3114
325
3314
8
333
4
337
8
408,300
Nickel
lot
*50
of
Canada__N
62
o pa
*51)
3014May 5 444 Apr 4
65
*50
25 Nov 7234 Jan
65
*52
65
*52
65
•52
65
International Paper__ No Oct
*82
85
*83
58 Jan 6 65 Mar 21
85
83
57 Dec 112
83
*83
Oct
85
*53
85
*83
85
100 Preferred (7%)
*2812 281
100 80 Jan 23 86 Apr 29
26
27
264 2738 26
77 Nov 9411 Jan
273
2614
274
8
274
273
4,300
4
Inter Pap & Pow Cl A__No pa
*17
19
1618 17
Jan
26
7
3118
Mar
22
164 1838 19
20
Nov 4414 Oct
19
19
19
19
19
6,900 Class B
1331. 143
No pa
1338 1418 134 1412 1418 1438 14
1514
Jan
2234
6
Apr 14
12 Nov 3378 Oct
15
1414 15
13,500 Class C
Vo Pa
1218 Jan 7 18 Apr 14
0 Nov 264 Oct
804 8033 *79
81
79
80
79
80
80
804 8012 8078 2.100 Preferred
504 51
100 79 May 6 86 Mar 26
504 5Q73 5212 53
77
Nov 95 Oct
52
52
51
517
5018
8
5014 1.400 Int Printing Ink Corp--No Par 4614
*9812 9958 98
Jan
9812 *98
17
534
Apr
40 Nov 6838 Oct
5
99
98
99
99
99
98
9818
410 Preferred
9912 10234 100 102
100 9312 Feb 7 101 Apr 12
10418 110
91%
Nov
1103
106 Mar
1217
4
4
8
1133
1133
120
4
1223
4
16,370 International Salt
57
57
100 69 Jan 30 1223451ay 9
57
57 .5314 57
5512 Jan 9034 Feb
*56
*5634 57
*5634 57
5634 1,100 International Shoe_ _ __No par 57 Apr
9912 9912 9512 9512 97
3 62 Jan 15
54
98
Oct 7712 Sept
*96 106
96
95
*9012 95
900 International Silver
•106 110 *106 108 *106 108
100 95 May 8 119 Feb 1
95 Nov 15912 Aug
Preferred
8112 6514 5314 624 6114 6438 *106 108 *106 108 *106 108
6212 6512 6118 6312 6178 6312 368,900 Internal Teler. de Teleg_No 100 105 Feb 28 1124 Feb 17 1034 Oct 119 Jan
26
par 584May 5 7738 Apr 24
2612 24
26
28
53 Nov 14914 Sept
28
26
27
25
26
2612
261z 6,400 Interstate Dept Stores_No Par 24 May 5 40
*71
7212 71
7118 71
Feb 4
71
2518 Oct 9312 Jan
7112 7112 *70
71
70
70
140 Preferred ex-warrants100 70 May 9 7514 Feb
2558 2558 2512 2512 *2512 27
6
74 Dec 97 May
*26
27
*26
27
27
27
300
Intertype
Corp
19
2014 17
Vo par 23 Jan 2 32 Apr 9
1812 1714 1934 1914 1978 19
17 Nov
1914
3878 July
19
19
11,500 Investors Equity
*37
38
37
No par
17 May 5 29 Feb 19
3714 3634 37
344 3534 3434 35
1212 Nov 7212 Aug
35
35
2,400
Island
59
Creek
Coal
59
1
64
3434May 7 43 Mar 19
58
58
57
61
00
39
5678
Oct
Mar
69
58
*58
583
4
7,400
Jewel
10038 104
Tea Inc
No par 43 Jan 20 6612 Apr 30
98 105
102 10938 10238 10834 10118 1074 105 10338
39 Nov 18214 Feb
62,600 Johns-Manville
*120
No par 98 May 5 14838 Feb 5
120 120
120
90 Nov 24234 Feb
12012 12012 *12012 121
270 Preferred
*121 12112 *121 12112 12112 120 *1204 122
100 11814 Feb
122
12134 12214 121 12214 121 121
190 Jones & Laugh Steel pref.-100 11812 Jan 24 123 Mar 21 118 Nov 123 May
3
3
212 234
8 12312 April 117 June 126
24 278
278 3
3
3
3
Oct
3
5,300 Jordan Motor Car
1234 124 1234 1234 12
No par
512 Apr 9
2 Jan 22
112 Oct 1612 Jan
1834 1834 1834 1834 1812 1234 1258 1258 1238 124 124 1238 3,500 Karstadt (Rudolph)
1112 Mar 17 1312 Jan 18
187
8
10% Nov
19
19
*1812
183
1378 Nov
4
*1812
19
1,100 Kaufmann Dept Stores_812.50 18
30
30
2858 2934 2918 3034 30
Jan
2012
7
Mar 7
1714 Dec 374 Feb
304 2912 2912 8,200 Kayser (2) Co v t c____No par 285
'.11
4934 ---- -- *4112 4934 *____ 314 29
8May 5 4112 Jan 2
30 Nov 584 July
4934 *4012 4934 *42
4934
*125 13914 .11129 13914 *12918 136
Kelth-Albee-Orpheurn _No Par 21 Jan 8 45 Apr 23
154 Nov 46
*125 13914 *128 135 *129 13478
Jan
Preferred
7%
100
85 Jan 7 150 Apr 24
412 412
70 Nov 138
Jan
414 112
414 412
432 412
412 412
414 412 3,000 Kelly-Springfield Tire
2714 2712 *2518 29
__No par
2812 2812 *25
314 Jan 2
818 Apr 10
Dee 23% Jan
3
3012 *2714 28
28
28
•____ 50 *_-_- 50
50
8% Preferred
100
*3018 42
2018
Jan
42
3
Jan
24
16
*3018
Dec
944
50
*3018
50
*3018
Jan
50
3012 31
6% Preferred
2834 3012 31
100 29 Jan 2 55 Jan 25
3234 3214 3314 32
26 Dec 100 Feb
3212 324 3314 8.600 Kelseyllaye
19
2238 1878 21
aWheel____ No par 2218 Jan 3 3912 April
2034 2212 2214 2412 2314 24
1858 Nov
6/134 May
234 2414 240,800 Kelvinator Corp
*85
87
85
85
No
par
*8112 86
712 Jan 2 2658 Apr 25
*8112
5
*8412
Oct 1914 Feb
86
86
*8412 86
10 Kendall Co pref
4378 4458 4258 4418 4158 4278
No
par
8212 Jan 4 89 Mar 21
4178 44
75 Nov 98 Feb
4218 4612 444 4718 185.700 Kennecott Copper
54
54
53
5334 54
No par 41451ay 6 6234 Feb 7
56
5512 5778 5518 5518 56
4938 Nov 1044 Mar
5612 2,900 Kimberley-Clark
39
39% 38
3878 3814 3814 3812 3912 3912
No par 49 Jan 7 50 Mar 31
454 May 5738 Oct
397
3958 40
9334 94
92
92
No par 20 Jan 29 40 May 1
914 9312 9312 9312 *9112 9434 *9112 9434 5.200 Kinney Co
2112
Nov 4411 July
240
5
Preferred
534
418 54
478 54
861.Feb 26 97 Apr 17
80 Oct 1094 Mar
518 54
512 614
514 558 30,300 holster Radio Corp_ No 100
49
5012 4734 4912 494 5134 51
par
134 Jan 18
812 Apr 14
312 Dee 7858 Jan
10958 1094
_ 10978 10973 10934 5112 504 5112 5158 524 23.300 Kraft Cheese
No par 3818 Jan 6 5334 Apr 21
27 Nov 7614 Oct
10934 110 110
110 110
1,100 Preferred
3058 30% *1097830
3-04
2934 31
100 98 Feb 8 110 May 8
3018 3078 3018 3018 3018 3014 12,600 Kresge
95 Apr 1054 Oct
5612 564 55
(S 5) Co
56
*55
10 2934May 6 364 Jan 2
56
5578 554
28 Nov 574 Mar
Kress
32
3234 3018 32
800
Co
No par 55 May 5 70 Jan 24
3134 3278 33
5314 Nov 114 Jan
3334
222,100 Kreuger & Toll
314 324 31
32
314 3334 334 3412
2218 Nov 4638 Mar
x3334 3458 42,300 Kroger Grocery de Bkg_No par 234 Jan 2 3538 Apr 10
24
2112 2318 24
24
3018 Apr 30 4818 Jan 23
24
24
3814
Nov 12212 Jan
2414
2414
2414
*24
2
4
9812 10012 96
99
96 10134 99 1004 9712 994 98 101 12 5.800 Lago 011 & Transport_ _No par 214 Jan 11 2612 Apr 7
1612 Nov 3858 June
32,400 Lambert Co
7
718
7
7
No par 00 May 5 113 Apr 1
7
7
74 74 *7
8018 Nov 15714 Mar
714
712
712
Leo
1,500
39
39
Rubber
*3858 40
&
TIre
No par
*38
614 Jan 2 11 Mar 25
40
•38
5 Oct 25 Jan
40
38
33
3712 3712
*19755 108
500 Lehigh Portland Cement_50 34 Jan 4 42 Apr 1
1074 10812 *10758 1084
30 Nov 65 Feb
Preferred 7%
1212 1234 114 1214 1158 1212 *10758 10812 •10733 10314 *10758 10312
100 105 Jan 2 1084 Apr 21 100 Nov 11n May
1218 1212 12
12
12
12
5,500 Lehigh Valley Coal____No par
11:451aY 5 1712 Mar 17
10
*3112 33
314 3158 3134 3134 *3112 3212 .3112
Oc' 32 Oct
33
3112 3112
300 Preferred
28
2918 30
29
2918 2918 30
50 3112May 9 3712 Mar 19
31 Dec 4434 July
3012 30
30
43014 31
3,100 Lehn & Fink
25
25
2334 2412 234 24
par
28
No
May
.5
36 Apr 14
28 Nov 6812 Feb
2318 21
*23
2334 2338 2312 3,300 Libby-Owens Glass__
*102 105
101 103
No par 1934 Jan 4 3112 Mar 29
10712 1094 *10612 107
17 Oct 43 Aug
105 103
107 103
984 10358 1034 109
10318 100
1.700 Liggett & MYers Tobacco__ _ 25 449112 Feb 13 1134 Apr 1
8014 Nov 106
10512 10914 10518 108
Oct
10614 109
77,300 Serbia B
35
3512 3318 34; 334 34
25
09111
Feb 10 11438 Apr 1
80 Nov 10614' Oct
3312 34
34
34
34
34
2,500 Lima Locomot Works__No par 3318May 5 4914 Feb 15
40
41
40
42
*4112 44
30 Nov
4112 4112 *4114 42
57$4 Ju 7
41
4114
600 Link Belt Co
8218 65
6012 66
No
par
39
66
Jan
14
45
3
3
Feb
63
21
375
8 Nov 61
67
Feb
654 6612 67
6714 16,600 Liquid Carbonic
7858 8418 8518 874 8512 68
804 87
Vo par 5234 Jan 3 8178 Mar 28
40
Oct 1134 Jan
91118 8712 9134 9134 9414 208,100 Loew's Incorporat
105 106
ed_No par 4218 Jan 2 9414May 9
109 109
106 107
32 Oct 8412 Feb
107 10758 10314 108
10814 11014 6,200 Preferred
*904 93
No
7853 8438 *88
par
Jan
855
8
17
11014May
9
9134 91
80
Oct 11014 Jan
91
9134 9134 9012 91
28,400 Preferred ex-warrantsNo par 784Mar 5 93385.1ay 2
41. 478
458 512
414 5
8034 Nov 95 Mar
4
518
434 518
434 478 12,300 Loft Incorporated
•1014 14
Vo par
1014 1014 1014 1014 *1014 14
312 Jan 27
64 Feb 19
318 Dec
1112 Apr
•104 14
1014 1014
800 Long Bell Lumber A__ No par 101411a3' 5 1534 Mar 22
60
634 57
6112 6014 6212 6112 623
12 Dec 3212 Jan
4 5934 61
614 6378 18,400 Loose-Wiles Illscult
25 5012 Jan 4 7014 Apr 2
2218 244 2018 2234 2212 2112 2314 2424
394
Nov
877
8 Sept
224
233
4
2314 2414 70,200 Lorillard
94 1014
9
05 1618 Jan 2 2818 Mar 3
1014 10
1414 Oct 3112 May
1018
034 10
914 934 x938
972 8,000 Louisiana Oil
No par
8 Feb 28 12 Apr 28
*8412 90
*8412 90
814 844 48318 90
7 Oct 18
Jan
*823
90
8
*824
90
10 Preferred
100 84 Jan 7 8912 Feb 6
42
4312 40
4218 43
80 Nov 10014 Feb
4418 4312 4512 4212 44
2912 3112 28
2934 294 3134 3112 3214 3014 3258 4318 4412 46,300 Louisville Cl & El A __ __No par 3314 Jan 18 5114 Apr 25
28
Oct 724 Sept
3112
33
20,300
Ludlum
Steel
par
Vo
28 May 5 444 Mar 12
83
88
*80
95
*80
22 Nov 1084 July
83
*8118 9712 *86
9712 86
86
200 Preferred
_No par 86 May 9 9934 Mar 18
30
3012 2812 2912 29
76 Nov
2914
18 June
*2912 30
30
30
1,200 MacAndrews & Forbes..Vo par 28 Feb 28 3934 Apr 3
7258 7312 7012 724 704 7312 6812 71
3014 Oct 46
6518 69
Jen
86
27,500,
8
Mack
6812
Trucks Inc
No par, 65ismay
12534 131
125 128
12912 13212 128 132
8812 Mar 27
5518 Novi 11434 Feb
125 12814 127 12712 11,40015111re
No par' 125 May 5 15914 Feb 3 110 Novi
Co
25512 Sept
154 *10 mked prices: no sates on this
dee. ▪ E1-411 v.-Fx-righte.
IL
3258 25,
3353 N1,3 313,
New York Stock Record -Continued-Page
6
For sale. diring the week of stocks not recorded here, see sixth page preceding
3320
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 3.
Monday.
May 5.
Tuesday.
May 6.
Wednesday. Thursday.
May 8.
May 7.
Friday.
May 9.
Said:
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SIIARE
Range Since Jan. I.
On basis of 100-share tots
Lowest.
Highoot.
PER SHARE
Range tor Preefows
Year 1929.
Highest.
Lowest.
$ Per share $ per share $ per share $ per aggro
$ per share
Per share $ per share $ per share $ Per share $ per share Shares Indira. & Miscel.(Con.) Par
1111 Nov '24 Feb
14
1034 1078 1134 1134 2,300 Madison Sg Garden___No par 1034MaY 8 1418 Feb 7
1112 11
13
1118 .11
1112 1112 11
35 Nov 8215 Mar
Magma
7,000
Cooper
No par 32141May 7 5234 Jan
3612 3614 37
35
3418 3434 3258 34
3214 33
3378 3
6 Nov 3932 Jan
612May 5 1234 Mar 18
par
(11
Manson
No
2,700
R)
1
Co
&
712
4
1
/
7
714
4
/
71
4
*7
8
77
612
4
1
/
7
8
4
1
7
714 8/
Jan
3 Dee 26
8 Jan 29
4 May 5
170 Manati Sugar
100
412
*4
4
4
4
4
414 414
412
41
*4
*4
4 Dec 5012 Jan
1
/
19
28
Jan
50
7
1514May
100
280 Preferred
4 1575
1
1514 1714 1514 1578 15/
1734 1734 1714 18
*1734 19
Oct 384 Mar
14
12 15 Jan 14
Apr
4
133
par
Mandel
No
Bros
16
*1352
1612
2
*135
14
*1334
*1352 1612 *134 1612 *1352 14
3734 Jan
1978 Nov
14 May 9 5512May 1
No par
1872 29,500 Manh Elea Supply
1958 14
18
27
18
1914 Dec 3552 Jan
25 17 May 5 2452 Jan 10
2,400 Manhattan Shirt
18
18
18
18
1734 18
185 -115; 17
18's 18
18
4 May
1
30 Oct 89/
28
Feb
55
2
Jan
4
1
/
39
pa
Marlin-Rockwell
No
2,700
45
*42
42
42
42
45
*42
47
424 4012 44
*43
19 Nov 104 May
1714May 5 3078 Apr 9
No pa
4 2112 15,700 Marmon Motor Car
1
20/
2078 211a 2038 21
224 1714 20
20
184 207
Jan
18
212 Nov
538 Mar 31
3 Jan 6
No pa
900 Martin-Parry Corp
.44 438 *44 412
4
4
4
4
4
4
4
4
Oct 218 Feb
29
3712 Jan 2 5133 Mar 28
4 19,700 Mathieson Alkali WorksNo pa
1
4314 4312 4332 44/
443
44
4052 4512 40/
4 4332 4132 451
1
Jan
125
Jan
24
Apr
120
127
24
Jan
Preferred
100 115
*125 128 *125 128 *125 128 *125 128 *12612 128 *125 128
4512 Dec 10812 Jan
49 Jan 15 6132 Jan 31
2
4 18.400 May Dept Stores
1
54/
4 5112 5478 52
1
5112 54/
5418 524 53
533
53
53
Aug
2912
Oct
2
153
26
Mar
23
2
Jan
1612
pa
No
Co
Maytag
4.900
17
1712 1712 17
1732 18
1712 1735 171
1712 1734 17
2814 Dec 4914 Judy
4 Jan 2 4012 Apr 7
1
No par 29/
900 Preferred
3414
3414 *34
*34
34
34
34
3412 3412 34
3412 341
9018 Jar.
4 No
1
75/
No par 76 Jan 7 8412 Mar 26
100 Prior preferred
4
/
831
8312 *65
8312 •75
*75
80
*75
80
80
*75
80
Oct
3914 De 108
1
Apr
50
14
Jan
4038
par
No
4252 1.400 McCall Corn
4 42
1
4212 4212 42/
42
4412 43
44
433
4414 45
74 De 11334 Feb
No par 63 Apr 22 74 Jan 2
A
class
Stores
McCrory
10
642
*63
6412
*63
63
6412
63
641
*63
6412 *63
*63
11512
Feb
70 Dec
100 Class 13
62;2
812 4
30
No Par 60 Apr 10 70 Jan 16
6218 :6
62 I *60
*60
67
*62
*80
62
62
67
8612 Nov 120 Feb
100 8912May 7 97 Mar 24
100 Preferred
9314
9514 .93
9234 8912 8912, *93
93 *89
*8912 93
*89
30 Oct 48 Feb
McGraw-Hill Publica's No par 35 Jan 15 44 Apr 7
*4012 4212 *4012 4112 *3612 40;2 *3612 42341 *3612 4212
1212 Nov 2312 Jan
809 McIntyre Porcupine Mines_5 1434 Jan 2 1912 Apr 23
1914
1812 1812 1814 1814 1814 1814 1872 1872 *1812 1914 *1812
Jan
82
Nov
54
23
Apr
4
2
863
Jan
81
McKeesport
22,203
Tin
4
777
804
Plate_No Par
4 7714 7818
1
7812 79/
7652 78
77
7618 784 74
2112 Oct 59 Mar
Robbins_No par 25 May 5 3732 Apr 12
13,700
&
McKesson
28
28
29
2914
2818
2712
2714
27
2834 25
293*
27
40 Oct 63 July
Apr 8
4914
6
Mar
4112
50
Preferred
2,100
44
43
4212
4234 42
4234 4234 4214 4234 4212 4234 *42
1812 Dee 5912 Aug
14 May 5 2014 Jan 7
par
1,400 McLellan Stores
14
14
14
14
15
4 •14
1
1412 1412 14
Jan
1412 1472 14/
2612 Dec 72
No Par 2614 Feb 8 42 Apr 16
No
394 3912 2,400 Melville Shoe
33
37
40
3912 38
38
39
36
37
37
4 Jan
1
Oct 34/
9
Mar 10
4
233
15
Jan
4
/
151
8
167
Co
Mengel
16.200
17
(The)
1773 164 1714
17
154
1618 1738 1512 16
Jan
2
693
Oct
914
7
Apr
37
1612 Jan 18
r
p1'
p:
2612 2772 176,500 Mexican Seaboard 011 NO
284 2512 27
26
2518 27
22
2734 2212 25
20 Oct 5412 Mar
4 Feb 6
1
5 17 May 7 33/
4 204 1932 2014 20.500 Miami Copper
/
1734 171
17
1914 1714 18
1912 18
19
July
4
1
/
122
Dec
44
11
Apr
4
1
/
74
6
Jan
53
Michigan
Steel
13.700
5934 6812 6434 6812
60
4 60
1
59/
5978 59
597.2 6112 59
3978 Jan
2212 Nov
par 2312 Feb 24 33 Apr 7
2815 48.209 Mid-Cont Petrol
2834 2712 2812 28
2512 2814 2712 2832 28
2812 30
84 Nov
352 July
212 Mar 17
4 Mar 4
1
/
113
112 154 7,400 Middle States Oil Corp Ws_
112 15*
112 132
152
112
152 134
112 158
28
Feb
53
5
33
3218May
332 ???????
RnduSbtebeeirProd____NNVO°
3372 3212 3172 324 33/2
33
3512 3514 3218 35
515 Apr 2 -51-4 'fie; 287s Mar
Miller
No par
372 Jan 23
59 Nov 12314 Sept
61 Jan 10 764 Mar 19
600 Minn-Honeywell Regu _No par5wO 15 65
*60
60
65
;55-61- 11- 61 - di- ---Oct 4352 July
10
Apr 17
2278 2152 2212 32,700 Mlon-Moline Pow Irupl No Par 1212 Jan 10 2878 Jan 30
1734 2234 1934 23 22 2312 204 83
2114 23
65 Nov 102 July
87
7
Jan
72
303
Preferred
par
No
82
82
8314 8314 8312 *70
*75
80
*70
83
*70
8014 Mar
Nov
35
27
Jan
40
par
5
May
22
Mills_No
Mohawk
7,000
Carpet
22
22
22
224 22
2232 22
22
23
23
2332 22
47 Nov 8012 Oct
8 Mar 15 634 Apr 21
9,703 Monsanto Chem Wks No Par 48,
56
55
56
5734 56
4 56
1
534 5113 55/
5514 51
53
4258 Dec 15672 Jan
2
Jan
2
497
28
Mar
3514
&C°111CorpNopar
Mont
Ward
223,000
2
425
4312 4078 4214 4118
424 42
4272 3712 4152 41
41
5 Oct
112 Oct
384 Jan 22 1612 Apr 2
1012 9,700 Moon Motor Car new-No Par
10
10
10
934 10
912 10
934
9
Oct 8132 Ort
42
912 10
par 584 Jan 7 72 Feb 5
1,200 Morrell (2) & Co
66
6578 65/
*6612 67
4 6512 6534 8514 6514 6478 65'2 66
1
612 Mar
112 Oct
2 Jan 2
5
112May
3,500
Mother
Lode
_NA
Coalition
4
13
4
13
152
152
112 155
4 134
/
11
112 134
152 158
314 Oct 3134 Aug
4 Jan 16 1132 Apr 10
/
41
10,700 Moto Meter Gauge dilEallo par
*734 8
71
*7
712 8
612 718
638 7
Mar
618 634
Nov
206
36
7
Apr
1,500 Motor Products Corp No Par 60 Feb 15 81
591 *5514 58
*56
61
60
63
58
5934 5512 56
59
21 Nov 5518 Aug
4 Jan 2 34 Mar 19
1
26/
No
2812 2812 2,700 Motor Wheel
28
2714 2738 2672 2732 2738 2732 274 2772 28
Jan
8
817
Oct
10
14
Feb
4
3
20
2
Jan
2
127
parpar
4 4,600 Mullins Mfg Co
1
16/
1634 1512 1618 1412 1514 16
15
1614 1732 1512 16
55 Dee 10214 Jan
5712 Jan 3 6478 Jan 31
501 Preferred
5934 5934 •____ 58 •___ 58
58
58
5812
60
80
6134 May
Nov
38
10
Feb
5312
3
Jan
46
pa
;
No
200
Murulingwear
49
Inc
*47
49
1
*47
712 4712 *47 4 47
48
48
*48
50
4 Nov 10072 June
1
14/
18 Jan 17 2514 Apr 11
No pa
4 2212 204 2112 2115 2134 51,700 Murray Body
/
4 Oct
1
1978 1914 2234 211
1812 2038 18
112 Mar 25
30 Oct 67/
3552 Jan 2 4,
4332 4332 3,600 Myers F & E Bros__No pa
4514 414 45
4318 *44
4112 4212 43
44
43
4 Jan
1
Oct 118/
40
8
Jan
5812
5
302May
Nash
pa
32,400
No
Motors Co
4012 4212
4 4158 4278 404 41
1
44
4578 3812 4372 4212 43/
July
4
1
/
41
Nov
52
14
1678May 5 2614 Feb 14
4 1734 184 1772 1838 1734 18s 10,2001National Acme stamped___1
1
1712 181
4 1678 1758 1752 17/
/
10 Dec 4814 M87
11 Jan 13 3932 Apr 14
ti8 ir TB
atA8a
Na
I raw
2_0_,4_0_0_'N
su
ne
t
No Pa
port
4 2372 2212 24
1
22/
2012 2314 2234 2375 2334 25
2212 26
Mar
71
Dec
918
7
Apr
20
13
Jan
952
No pa
1514 154 17.100 Nat Hellas Hess
, 1838 1514 16
,
14
154 1438 1578 15
1538 16
25 177 Jan 2 22584 Mar 21 140 Nov 23634 Oct
Biscuit
Dec
73
Dec
8514
31
Mar
9112
2
Jan
71
New
1
57,000
517;
-80- 13I1-75 82T8 li- -aiis 16-35 -iiT4 -iiii -85r2 59 Nov 14334 Mar
5312May 5 834 Feb 3
5714 5714 5734 37.800 Nat Cash Register A w I No pa
5712 56
5534 55
54
4 55
1
5532 53/
54
Oct 8612 Aug
36
Apr 21
5812
20
Jan
4
,
45
Dairy
Nat
pa
No
119,600
Prod
5712
55
55
5214 6214 5514 5452 5614 5312
5212 5418 50
20 Dec 3734 Mar
20 Jan 15 2412 Feb 27
2018 2012 1,400 Nat Department Stores No pa
20
2114 20
2014 2012 2012 *20
2014 20,4 20
89 Dec 96 June
100 88 Feb 4 90 Jan 27
150 1st preferred
8812 8812 *8812 91
*8812 92
8812 8812 *8812 92
*8812 92
15 Oct 58 June
6
Feb
394
2
Jan
29
Nat
Distill
5,800
Prod
Pa
ctfs___No
34
4
/
331
354 3312 3312
3512 34
31
3114 3014 3212 32
2512 Dec 6214 Jan
1
Mar
3312
5
2May
800 Nat Enam & Stamping__.._ 100 261
28
*24
29
2714 *26
27
27
027
2612 2712 27
30
Nov 210 Oct
12914
7
Feb
18912
2,800 National Lead
100 137 Jan 2
4 144
/
1411
4 143
/
1411
143 144
142 142
14114 143
145 145
4 Jan 3 142 Mar 26 138 Nov 14112 Feb
/
100 1381
80 Preferred A
___ 142 142 *142 143
142 142 *142
141 141
141 141
Oct 12334 Apr
115
2
Apr
119
17
Jan
116
100
70 Preferred B
11812 11812 117 11812 *117 11812 *117 11812 117 117 *117 11812 241,100
7134 Aug
23 Nov
National Pr & IA
No Par 32 Jan 2 584 Apr 24
z4435 4614
4 46
1
4434 4272 4614 444 4612 43/
4258 4512 38
17 Jan
112 Dec
15
Jan
4
1
/
4
7
Jan
14
National
400
24
Radiator
Par
No
*214
214 234
234 272
4 3
1
*2/
*272 3
*234 3
Jan
41
Dec
112
15
Jan
11
2
Jan
4
100 Preferred
No parr
4 6
1
*5/
4 6
1
*5/
4 6
1
6
6
7
614 *5/
*6
*6
Jan
9812 Nov 144
10 12484 Apr 7
Jan
102
National
800
Supply
114
*112
115
*111
113 113
11034 112
114 114 zlll III
155 Feb
Dec
7014
22
Mar
4
1
/
98
8012
7
Jan
4
1
/
87
National
1,600
8852
Surety
8952 904 8814 883
90
89
*86
89
9132
*86
Mar
Nov
3112
4
Feb
4
/
411
par 30 May 5
3014 3014 3,300 National Tea Co
31
4 321230
1
3112 31/
3072 31
30
3012 31
2314 Nov 6272 Mar
17 May 6 3232 Jan 7
wapeloartec
oo
l
cia
nso
2014 2138 83.800 Nev
1772 1872 1832 211
1814
17
19
1834 1938 18
43 Mar 103 Sept
50 51 Jan 9 85 Mar 25
70
class
70 .65
•65
72
*65
76
*60
75
77 •60
*60
35 Dec 113 July
r 40 Jan 2 58 Apr 14
ar
0000a
1
Newton
p
ip
No
3,000
Steel
4
473
4712
483
4
/
*471
493
481
48
4752
2
3
45
4.5
4812
48
3512 Oct 4934 Mar
4152May 5 47 Feb 19
14,Air Brakerp
.
1,200 N
ao
kek
4134 413 *4112 43
42
4134 4214 42
4152 421
4212 421
33 Nov 5832 Feb
25
Apr
48
9
Jan
35
42
*38
42
404 401 *38
42
*38
42
*38
40
40
Apr
8234 JUIY 90
Apr 24
8
Feb
8812
80
Preferred
87
*86
89
*84
89
*84
89
*84
89
*84
89
*84
Jan
Nov 103
9312
22
Apr
5
1037
2
Jan
100
par
(6)____No
Steam
Y
N
90
pref
4
1
4 1031 103 103 *103 103/
1
103/
103 103
*103 1031 103 103
Aug
115
Nov
107
13
Mar
11612
par 110 Feb
100 1st preferred (7)
4 11234 113 *113 11312
1
*113 1137 113 1137 113 113 *113 113/
4 Nov 18634 Sept
1
66/
4 Apr 11
1
/
132
1
Jan
8
3
93
North
86,600
N
Co
American
Par
o
No
4
1173
115
4 114'8 11612
1
4 1177 11514 118/
1
112/
10532 113
11412 117
48 Nov 5414 Jan
5512 Mar 24
5512
600 Preferred
60 51 Jan 1
5514 .55
5512 55
5532 554 *55
551
5518 551
*55
98 Nov 10384 Jan
500 No Amer Edison prof_ _No par 1004 Jan 2 10434 Mar 19
10452 1044 *104 10514
10412 1041 104 104 *10312 104 *10312 104
4 Dec 6414 Jan
/
411
3
Apr
4
1
/
54
Jan
45
North
German
1.400
Lloyd
_502
534 5352 5358 5355 5338 5312
52
543
5214 521
*53
4012 Dec 50 Mar
504 Mar 14
42 Jan
90 Northwestern Telegraph__
4712
4712 *43
4712, 4712 4712 *43
*44
45
45
471
*45
614 Feb
4 Mar 26
34 Oct
Jan
4
1
/
Rubber____10
Norwalk
3,600
&
Tire
212
4
13
112 2
238
2
241
2
*2
2
2
2
8 Feb
2 Dee
214 Mar 10
2 Feb 3
Nunnally Co (The)___No par
*314 6
*314 6
4 6
1
6
*3
*3/
*314 6
6
*3
Jan
32
Dec
4
1
/
7
21
Mar
1514
3
Jan
4
1
/
9
25
1055 1032 2,300 Oil Well Supply
11
1112 1152 11
11
11
111
11
11
11
8834 Dee 10612 Jan
86 Mar 10 93 Apr 4
Preferred
100
9212
•9112
*9112
9212
9212
921 *9112 921 *9112 9212 *9112
*91
17
Apr
Apr
6412
3478
Oct
8
2
Jan
5
7
13
Oliver
Farm
21,700
Equip___-No
Par
24
2512 2614 2712 2534 2814 2952 2934
2012 241
2512 261
17 Oct 6932 Apr
5,700 Cony participating_No par 314 Jan 3 4818 Apr 17
4012 41
3912 40
40
4 3918 40
1
37/
3914 3912 3712 391
4 Dec 9912 May
1
64/
2,200 Preferred A
No Par 70 Jan 2 89 Mar 11
8518 8512 87
8414 8458 85
84
84
851
8552 854 84
4 Feb
1
212 Oct 10/
2
83
3
Jan
31
Mar
4
3
2
r
o
a
0
p
.1
Corp
Nfo
Inc pro
4 514
1
4 513 3,500 Omnibus
1
5/
532 *5/
5
4 5
1
4/
452 5
518
5
4 Apr 24
1
5018 Oct 9534 Jan
63 Jan 6 99/
Orpheum
680
92
Circuit,
90
92
92
97
92
•
90
9078
8712 89
9014 96
Mar
2
3
80
5
6712May
13
par
Otis
No
17,200
7312
Elevator
new
7452
4
1
73/
7232 7212 72
72
6758 7058 6712 7072 70
Oct 15i- Jan
50 Preferred
100 11812 Jan 23 126 Mar 24
-- 12412 12412
126 126 •1244
_ 123 123
*124
*124
Oct
2214 Nov 55
4 Mar 31
1
2912May 8 38/
304 3034 5,300 Otisrifioteer
3138 2912 30
3112 31
30 1638 30
3052 31
108 Feb
Nov
4
99
10
893
29
Apr
Jan
91
Prior
preferred
9752
_ 98 s___. 9738 *____ 974 •__
•__-_ 98 *-- __ 98
43 Nov 8912 Se%
4 Feb 7
1
00ar 5014May 8 60/
_725
1,600 Owens-Illinois Glass Co
N
52
*51
5112
5014
5112
51
51
5134
6212
5214
54
*53
42 Nov 9834 Sept
4 Mar 31
1
25 5212 Jan 2 74/
6814 28,900 Pacific Gas & Elec
66
66
6412 6614 6218 65
644 66,4 6512 6678 65
584 Nov 14612 Sept
25,200 Pacific Ltg Corp
No Par 72 Jan 2 10772 Mar 28
9312 9712 9412 9714 924 9452 9412 96
93
89
97
93
Apr
1711 Nov 37
21 Jan 7 30 Feb 8
c
e
i
l
f
i
e
c
a
.
P
M
O
100
130
Ils
l
il
23
*21
23
*21
23
2212
23
2512 23
*23
25
*23
112 Jan
4 Jan 22
/
6s Oct
1 Jan 2; 11
July
220
131
Nov
178
17
Mar
Feb 19
?-1-,120 Pacific Telep & Wen No fl% 141
14114 115- 14212 145 142 145 142 142'z 142 142
Oct
ii5Preferred
100 11612 Jan 6 145 Feb 21 11684 Jan 138
130
*126 130 '126 130 '126 130 *1254 130 *12518 130 •12512
4 Sept
1
32/
13 Nov
4 Mar 18
1
4 1712 184 175,100 Packard Motor Car---No Par 1532 Jan 18 23/
/
4 171
/
1612 1758 16
164 1634 1755 1734 1832 171
4014 Feb 69 Aug
Pan-Amer Petr & Trans___50 5152 Feb 21 604 Jan 4
400
60
*56
4
563
4
563
60
*58
60
*58
59
*56
56
56
4012 Feb 6914 Aug
50 5012 Jan 25 6334 Apr 35
6112 5818 5818 5811 5914 11,200 Class B
5712 5834 6138 60
5814 55
56
1512 Dec 21 Dec
1218May 5 264 Mar 10
28,700 Parmelee Transports n_No par
4 1512 1534 1612 154 1655 1534 1738
/
141
4 124 14
1
1212 15/
1514 Jan
3 Nov
418 Fob 14 117a Apr 24
par
ret__No
9,100
Panhandle
&
Prod
1018
2
107
10
1012
4
912
9
912 1012 104 103
Jan
4712 Feb 76
912 973
100 4712 Jan 14 75 May 9
900 Preferred
75
75
75
*69
89
70
69
*85
Oct
65
64
60
Oct7512
*
31
Mar
*62
36
232.400
No par 4852 Jan 2 7714
Pubilx
6632 6912 6558 684 6712 694 3.500 Paramount
654 68
4 Feb
1
13/
Dec
6712 6218 65
31
Jan
3
4
/
21
7
60
Apr
2
43
1
Park
CM
Utah
8
27
*234
4 278
1
2/
Vs 3
4
1
Jan
4 2/
1
2/
1475
258 278
Dec
234 278
212
25
Apr
9
3
Jan
284
Vo Par
714 55,700 Pathe Exchange
7
7,4
7
712
7
Jan
812 712
632
6
412 Dec 30
614 7
5 Jan 2 1958 Apr 25
No Par
4 1534 1,534 1632 39,100 Class A
1
1512 1518 1612 14/
4 Oct 4734 Mar
1
24/
5
Feb
4
/
321
1
1214 1414 1214 1378 14
1814May
Patin°
Enterpr____20
4
/
191
19,700
20
&
Mines
1932 2034
204
1912
Jan
4
203
1912
4
1
/
22
Oct
1912
1812
7
512
21
14
Jan
3
Feb
1914
615
50
4 812 25,000 Peerless Motor Car
1
7/
818
8
8/
4 84
1
84
8
22 Nov 6072 Sept
74 84
712 8
No Par 284 Jan 7 5536 Apr 10
5172 5034 5212 24,400 Penick & Ford
481z 46
Oct
46
47
4
1
/
105
4112 4434 45
Nov
80
22
Jan
3
Jan
66
4412 46
6252
Penney
12,900
(J C)
7112
60
69
68
674 69
33 Oct 97 Dec
644 6412 66
93 Jan 7 10055 Apr 26
6412 6758 63
p
p10:0:
101 *100 10012 4,500 Preferred
Jan
Nov 27
8
Mar
312
12
4
Jan
4
1
/
6
*10014 10012 100 100 *100 10014 100 1004 *100
1
Penn-Dixie
N
3.900
Cement____Noo
914 9 2
9
9
4
1
712 9/
4 912
1
8/
9
9
2012 Nov 94 Jan
100 3015 Jan 2 5512 Mar 13
912 934
500 Preferred
4512 4512 4512 4512 4512 4512 4512 4512 *
Jan 17 323 Apr 25 208 Jan 404 Aug
230
*4512 48
People's
&
L
0
100
7.900
(Cnie)
C
4
912
5
30
5
9
4
30
308 30812
1818 Dec 4512 Jan
294 30912 30712 313
1772 Apr 3 2134 Apr 30
290 299
500 Pet Milk
*290 300
No Par
2012
20 .20
2012 20
31 Nov 797e May
2012 *20
2012 *20
20
21
be
ph
P
de
lps
lia
25 3414May 6 4432 Apr 7
*20
rptob)_50
(pi
iagecoCo
hd
po
la
3515 384 3712 3834 8,000
Oct
Jan 10 248 Apr 15 15712 Apr 285
3514 3414 3512 3518 36
4
2213
3618 36/
4 35
1
250
*220
*235 245
54 Mar
4 Nov
1
47/
u) 504 Jan 15 55 Mar 31
*225 240 *220 250 *235 245 *235 245
400 6% preferred
5312
*53
5315
Jan
*53
5
34
533
Nov
*53
4
1
9/
54
5412 O53
54
1138 Jan 17 2412 Apr 21
54
54
2034 214 80.500 Phila & Read C & I____No par
534 Oct 2314 Feb
1932 2132 2014 2172 2014 2132 .1114 12
21
814 Jan 8 1512 Mar 11
1952 2134 18
7,600 Phillip Morris & Co., Ltd___10
4
113
May
•1114
73
Nov
1214
1912
1112
12
2
May
18
1118
Feb
4
1
/
27
1112
1052
20
4 12
1
11/
200 Phillips Jones Corp__ _No Pa
20
.15
20
*15
96 May
20
65 Nov
*15
20
*15
•1212 20
20
20
100 70 Feb 4 75 Feb 11
50 Phillip3 Jones pref
72
*70
72
*70
72
*70
74
*70
73
72
*70
70
*Bid and asked pzice2; no sales on this di .
Ex-divldend and ex-rights. z Ex-dividend.
y Ex-rights.
44
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded
here, see seventh page precedtag
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 3.
$ per share
3818 40
*1712 18
2712 2712
2
2
4518 4834
54 554
3118 32
4512 454
*5518 53
88
8978
2112 2112
22
22
25
2612
*624 6712
1912 2078
4612 47
534 4
912 978
61
61
69
704
818 9
Monday.
May 5.
Tuesday.
May 6.
1Vcdnesday. Thulsday.
May 7.
May 8.
$ per share $ per share $ per share
3718 40
394 4078 404 4078
*1717 18
*1712 18 I 4.1712 18
2714 28
2812 28,2 1027
28
178 218
172 2 I
172 24
40
4518 4334 454' 45
4512
514 534
3
512 572'
1
31
3278 33
3312' 3212 3378
4434 45
45
45141 4514 4578
00
8 *5512 58
55
58
*87
8872 *8718 90
*8712 90
21
2138 2034 21
21.
21
22
22
22
22
22
2214
2612 29
2914 3078 294 304
63
63
63
63
64
64
1412 1634 18
21
19
204
4532 4612 4512 474 49
49
53
51
53
534 51
53
8
9.
9
978' 10
1038
61
61
*60
66 1 *60
65
674 7012 7012 7238 7212 7438
758 812
8
8
814
8,2
Friday.
May 9.
$ per share
3918 404
*1713 18
*27
2812
212 214
46
47
6
612
3214 3214
45
454
*55
58
*8718 884
*2012 21
22
22
284 30
*62
65
181z 194
47
48
5014 51
912 1012
*60
65
714 7312
8
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On Dists of 100-share tots.
Lowest.
Highest.
3321
PER SHARE
Range for Prevaata
Year 1929.
Lowest.
Higheet
$ per share Shares Indus.& Miscell.(Con ) Par $ per
share $ per share
$ per share $ Per shore
40
4112 122,800 Phillips Petroleum
Yo par
2918 Feb 17 4434 Apr 30
2414 Nov 47
Jan
*1712 18
Phoenix Hosiery
1084 Mar 4 2018 Apr 30
5
1052 Oct 3752 Jan
•27
2812
600 Pierce-Arrow Cla89 A__No par 214 Jan 13 33 Apr
3
18 Nov 3772 Jan
2
232 17,900 Pierce 011 Corporation
25
1 Jan 4
217 Mar 17
1
Oct
34 Mar
46
504 9.930 Preferred
100 204 Jan 10 52 May 1
20
Oct 5112 Mar
614 638 48.900 Pierce Petrol'm
No pa
214 Jan 3
12 Oct
718 Apr 24
578 Jan
3138 3138 5,100 Pillsbury Flour Mills
No par 31 May 5 3734 Apr 11
30
Oct 6372 Jan
45
45
3,000 Pirelli Co of Italy
4418 Apr 15 5078 Feb 27
4314 Oct 68 Aug
*55
58
200 Pittsburgh Coal of Pa__-100 54 Apr 28 7812
Jan 7
54 Nov 8334 Jan
*874 89
300 Preferred
86 Apr 29 110 Jan 7
8312 June 110
Oct
*2011 2114 1,500 Plttsb Screw & Bolt___No 100
par 1758 Jan 22 224 Feb 18
17 Dec 274 Aug
22
22
9,300 Pittston Co
No par 2012 Feb 23 2278 Apr 8
2878 294 31,100 Poor & Co class B
No par 25 May 3 344 Mar 18 16 Nov 437 Aug
62
62
600 Porto Rican-Am Tab el A_I00 504 Jan 14 76,4 Mar 18
51 Nov
9534 Mar
19
1917 16,100 Chas B
No par
12 Jan 10 2714 Mar 10
8 Nov 5034 Jan
*4634 47
5.300 Prairie 011 & Gas
25 45 Mar 6 54 Apr 1
4017 Oct 654 Jr.,
50,
8 5112 11,803 Prairie Pipe & Line
25 5014May 8 604 Feb 7
45
Oct 65 Aug
1018 1014 13,200Pressed Steel Car
No par
778 Jan 2 1658 Feb 18
618 Nov 254 Mar
*60
65
3001 Preferred
100 52 Jan 2 7612 Feb 14
50 Dec 81 Mar
72
73
20 4001Procter & Gamble
No par 5258 Jan 3 7638 Apr 30
43 Nov
'
98 Aug
8,4 84 6,100
Producers & Refiners Corp_50 012 Feb 17 114 Mar 17
4 Oct 2578 Jan
Pro-phy-lae-tic Brush_No par 48 Jan 2 55 Feb 27
10118 108 -55F8 IcTi" i.El&Ts 1-083-4 lair
35 Oct 8234 Jan
:
1
087
10578
;
10i83
4
1.5714
111
226,500
Pub
*11018 11134 111 11112 1114 11158 1114
Ser Corp of N J__iVo par 8112 Jan 2 12334 April
54 Nov 13704 Sept
129 129,8 12614 1264 12814 12814 *12817 11134 .11118 11158 *11118 11152 1,100 6% preferred
100 1064 Jan 3 11238 Mar 20
98 Nov 10818 Feb
12834 12834 129
1,200 7% Preferred
*15112 155
155 155 *15112 15514 *151 15514 *15112 15512 12914 130
100 121 Jan 10 13014 Mar 21 105 Nov 1244 Jan
*15112
1554
300 8% preferred
*10934 1104 *10934 110 *10934 110
100 143 Jan 2 15518 Feb 6 1394 Nov 151 Sept
110 110
11014 11014 1104 1104
400 Pub Serv Elea & Gas pref_100 10714 Feb 5 1104
76
76,
8 7618 7714 7758 7912 7712 7812 I 7734
Apr 30 10412 Nov 10952 Jan
7814 78,8 7938 18.200 Pullman, Inc
278 3
234 3
Vs Par 76 May 3 8938 Jan 3
278 3
73 Nov 9914 Sept
212
3
212
1
252
2
217 13,600 Punta Metre Sugar
24
2438 2214 234 2258 2378 2312 24
50
2 May 9
817 Jan 17
6 Dec 2112 July
2312 2378 2317 234 35,100 Pure Oil
*113 11412 112 11234 11012 1124 113
(The)
25 2112 Feb 25 2714 Apr 7
20 Nov
304 May
113
113
113
114
114
300
8% preferred
6912 7112 66
100 11012May 6 11414 Apr 8 108 Nov 116 Feb
70
6934 7112 694 7078 661z 684 664 6852
19.400 Purity Bakeries
46
5412 4114 4778 4614 5234 4714 51 I 4434
66 May 5 8872 Feb 15
Oct 14338 Aug
55
484 4534 48 1749700 Radio Corp of Amer___
*5514 5512 5518 5514 *6617 6612 45617
No par 3438 Jan 29 694 Apr 24
6612 s6617 5512 *5514
26
Oct 11434 Sept
5512
200 Preferred
8014 82
79
50 53 Feb 4 57 Apr 21
811
80
8012
50 Nov
8114! 7917 8012 80
57
Jan
804 5,400 Preferred B
3512 4112 3512 4012 404 4278 80
68 Jan 24 85 Apr 2
62 Nov 8212 Apr
4112 434' 41
4314 4114 4352 827,500 Radio Keith-Or
35
45
p el A N
35
No
o par
394 394 4118 3814 4212 3852 4117 39
19
Jan
2
50
Apr
24
46,
12
Oct
4
25
,
.
404 71,703 Raybestos Manhattart_No par 33 Jan
4914 5078 4318 47
4514 4814 4812 51 I 4317 49
4 5878 Ant 17
28 Nov 5812 Sept
4918 50
20,100 Real Silk Hosiery
*96
98
*96
10 4318May 5 6472 Mar 26
98
*96
98
*96
3814 Nov 844 Mar
93 I *99
98
*91
93
Preferred
334 334
34 3,
100 83 Jan 13 100 Mar 29
8
3
,
8 3,
8
34 3,
8614 Dec 10217 Feb
2 *312 334
338 332 1,000 Reis(Robt) & CO
3114 3114 31
par
3118 '31
34 Jan 16
3512 *28
54 Feb 3
358 Dec
33 1 *28
1614 Feb
3514
28
3.,17
303 First preferred
3334 36,4 32
No I0
3538 3138 36
a0
r 2812 Feb 27 37 Jan 28
354 3534 344 3512 3434 354 81,703
40 Dec 10817 Feb
Remington-Rand
No par 2552 Jan 2 4617 Apr 14
2032 Nov
100 100
5734 018
9914 100
*9917 9934 9912 99171 99
99121
993
4
9934 1,600 First preferred
102 102
101 101 *101 102 *101 102 *10134
100 92 Jan 3 11.072 Mar 28
81 Nov 9613 Oct
*10134 ---110 Second
11
1114 1018 1078 1018 1034 1034 1078 1038 ---100 95 Jan 4 102 Mar 10
93 Mar 101
Apr
1034 1014 1012 14.000 Reo Motorpreferred
5514 6058 5014 564 53
Car
10 1012MaY 5 144 Mar 24
55
5378 5512' 5212 5434 5214 54- 41,000 Republic
104 Oct 314 Jan
95
Steel Corp.__ No pa
95
95
5014 May 5 7917 Apr 161
951
95
13518 95
95
95
9514 95
95
13,400
Preferred
*22
23
22
cony 6%
23
100 95 .1pr 22 9512May 51
*20
23 •___ _ 23 *____ 25 •____ 2618
400 Revere Copper & Brass No pa
418 434
4
41,„
22 May 5 30 Jan 31
44 434
417 458
25 -17eC 111
:KO;
412 412
412 473 6.200 Reynolds Spring
50
49
51
No pa
5012 5034 5178 5158 5272 514 5178 511
4 Jan 10
352 Nov
717 Jan 29
1214 Jan
5238
4
65,000
Reynolds
*7112 74
(It J) Top class 13_10 49 May 5 5858 Mar 11
*7112 74
*7134 7434 73
39
74
86
74
Nov
Jan
74
*74
*4312 44
160
Class A
*4312 4334 43
4312 *4234 434 *4234 4412 *4234 7434
I
7112 Apr 25 80 Jan 2
70 Apr 8912 Oct
4334
200 Rhine Westphalia Elee Pow_
2234 24
2058 2212 2214 2334 2312 2412 23
41 Jan 7 454 Jan 21
424 Dec 64
Jan
2312
234
234
34,500 Richfield 011 of Callfornia_25 2058MaY
1978 2058 1918 2018 2017 2134 2114 217
2814 Mar 14
2258 Dec 4952 Jan
8 21
214 2112 2214 36.700 Rlo Grande
4932 4917 4734 4734 47
011
48
No Pa
1817 Feb 19 254 Alm 7
48
48
15 Oct 4217 Mat
4734 4734 *47
49 1 1,900 Ritter Dental Mfg
3312 3618 33
35
No pa
35
4472 Jan 13 5934 Feb 5
3758 36
Nov 70 June
40
34's
3814
36
35
3578
5212 5314 5118 5214 5232 53
1
33 May 5 4834 Mar 3
5234 5312 5212 5234 524 5338 11,200 Rossla Insurance Co
28 Nov 96 May
4012 42
12,000 Royal Dutch Co (N Y shares
41
42
4112 4317. 4112 43
494
Feb 20 58,2 Apr 7
484 Oct' 64 Sept
42
444
4318
4417
8.600
Joseph
St.
88
9012 8814 9014 9018 9118 9011 9138 89
Lead
1
4017May 3 5714 Feb 6
3312 Nov
94 Jan
91
90
9038 10,500 Safeway Stores
*95
96
95
9
*95
No pa
88 May 2 12238 Jan 23
66
954 954 *95
9012 Nov 19514 Jan
96
*95 96
100 Preferred
109 109
1(6)
108 109
00 94 Mar 28 9978 Feb 7
108 108
108 103 *108 110 *108 110
85
Oct
101
Sept
250 Preferred (7)
2617 2714 2518 26
2517 2612 27
100 1054 Jan 14 10972 Mar 26 100 Oct 10912 Dec
2758 2514 2617 26
26
3,800 Savage Arms Corp___ -No Pa
817 9
74 814
2117 Jan 17 314 Apr 2
8
834
2012 Nov
853 9
812 872
5172 Jan
812
83
4
Schulte
9.900
*65
Retail
7212 *65
Stores__
73
No pa
*65
414 Jan 2 1317 Jan 23
312 Dec 4112 Jan
7318 *6018 72
65
65
*65
70
10
10 Preferred
10
10
10
104 10
35 Jan 2 75 Jan 21
10
10
30 Dee 11812 Jan
10
*10
10,8
10
10
1.700 Seagrave Corp
No pa
934 Jan 24
144 Mar 11
10 Dec 2214 Apr
8314 8472 79
8378 8258 8417 8178 8412 80
8212 81
8238 43,700 Sears, Roebuck & Co No
•16
17
14
1412 1458 15
79 May 5 1004 Jan 31
1578 1612 1512 16
80 Nov 181
Jan
1618 164 3,200 Second Nat Investors_No pa
*7412 77
*75
pa
81
911 Jan 2 23 Feb 17
7412 744 754 76 .7312 78
9 Dec 1512 Nov
*7312 78
300 Preferred
214 2,4
2
par 5812 Jan 3 8234 Mar 18
218
132 2
178 2
45 Nov 6314 Nov
178 14
2
2
5,900
Seneca
Copper
972 10,4
No
878 10
N
o
158:May ('
934 1038 1032 1114
312 Jan 29
2 Nov
1012 Mar
934 1058 1014 1078 116,500 Servel Inc
43
4414 4018 44
No pa
4214 444 4317 45
772 Jan 13 1312 Apr 25
43
45
714 Nov 2132 Aug
4434 454 35,000 Shattuck (F (1)
26
2618 2414 2512 25
par 3634 Jan 2 52 Apr 21
25
2478
247g 244 *2414 2478 *2414 2478
254
194
Oct
Aug
1,500 Sharon Steel Hoop
2012 2012 20
N
Noo
2214 Jaa 18 3234 Feb 13
2014 20
20
20 Nov
'2012 19
5334 July
20
'2014 2014 3,500 Sharp dr Dohme
60
GO
No par 17 Jan 2 2734 Mar 10
60
60
*5912 60
5912 5912 *5918 60
164 Nov
22 Nov
*5912 60
900
Preferred
2218 2278 2018 22
No par 54 Jan 2 6334 Mar 10
224 2318 2258 23
50 Nov 6572 Aug
2218 224 2232 23
30,500 Shell Union 011
*104 105
104 10478 105 105
Vs par 2018May 5 2512 Ain 7
10412 105
19
10438 10412 10414 1041z 1,900 Preferred
Oct 3134 Apr
2534 2812 2038 25
100 Mar 8 10614 Apr 21
25
2772 2552 30
2714
293
8
28
2938
33,700
Shubert
4212 4414 3558 41
Theatre Corp_No par
858 Jan 2 35 Apr 25 "I" "ffe; 7412 JaD
3712 4014 35,2 394 3578 374 3614 383
4 92,700 Simmons Co
28
30
ia; 3512Stay 7 944 Jan 2
par
',53
2512 2734 2712 2812 2713 2812 2638 27
5912 Nov 183 Sept
27
27
29,600
Petroleum
2517 264 2478 26
224 Jan 22 37 Mar
26
2712 2678 2734 2632 2678 264 2758 147,900 Simms
15 Nov 4018 Aug
Sinclair Cons 011 Corp_No par 2158 Feb 17 32 Apr 24
*110 11134 110 110 •10934 11117 *10934
7
21 Nov 45 Jan
11134 *10934 11134 *10934 11134
100
Preferred
3412 3534 32
100
3412 33
109
Jan
18
11214 Apr24 103
35
3412 36
344 3434 3418 354 39,300 Skelly 011
Oct Ill
Jan
618 628
612 7
Co
612 617 *652 7
25 2878 Feb 18 42 Apr 9
28
Oct 464 Msy
6's 7
634 7
800 Snider Packing
29
31
2618 2734 29
No par
517 Jan 2
8 Jan 9
294 30
3238 *30
34 Nov
32
1614 Feb
*30
314
2,900
11112 11112 11058 111
Preferred
235
8 Jan 2 364 Feb 24
114 11434 11334 114
14 Nov 644 Jul
11312 114
115 115
2,000 Solvay Am Inv Trust pref_1
24
2518 23
24
N° p0
aOr 9517 Jan 6 1'2112 Apr 3
2334 24
*23
24
85 Nov 111 Sept
23
23 .
93
24
3,000 So Porto Rico Sug
6312 654 604 634 6314 6517
No par 23 May 5 3034 Jan 16
324 Dec 45 May
6452 6538 6314 634 634 6518, 36,900 Southern
6
Calif
Edison
512 6
25 5612 Jan 2 72 Apr 14
*5
6
54 54 *5
4518 Ilev 9314 Seot
6
6
6 1
500 Southern Dairies el I3__No par
*364 40
34 Jan 4
9 Mar 3
24 Nov
40
1538 J313
40
3978 40
*140
4012! 40
40
*3817 4012 1.300!Spalding Bros
*108 110
108 108
110 110 *110 112 *100 112
No
pa
33
Jan
8
45
Mar
17
30 Nov 6312 Ma
112 113
25
5018paldi
28
2534 27
ng
Bros
let
pref _---100 108 Jan 13 113 Mar 15 107 Nov 117 Frb
2512 26
27
2734 27
27
2678
267
8
4,000'Sp
*9412 96
ang Chalfant &Co IncNo pa
*9112 96
*9412 96
1972 Jan 2 3617 Mar 31
*9117 9514 •9412 8814 .
15
Oct 5214 Jen
0412 9514
23
2478 2014 2212 22
Preferred
100 92 Jan 20 96 Jan 2
234 2358 2434 2214 234 2212
89 Mar 98
Oct
*22
23
22
22
*2112 2134 2112 2134 2134 2134 213 2252 18,800,Sparks Withington____No pa
1318 Jan 18 3012 Apr 10
1318
Nov
73 Aug
4
2134
800 Spencer Kellogg & Sons No pa
2312 2312 22
2212 22
2478 23
2072 Feb 1 25 Apr 15
2458 •23 . 2312 23
20 Nov
45 Aug
23
4,400
*4114 4312 *4114 42
Spicer
Mfg
Co
42
No
pa
42
2117 Jan 2 3811 Feb 4
4114 4114 1040
2012 Dec 66151 Mar
4312 .40
42
3534 3534 30
200 Preferred A
3417 31
31
No Pa
394 Jan 15 4518 Star 31
3158 324 30
31
38 Nov 5578 Mar
2934 30
2258 2338 2218 2314 23
2)34Stay 9 52 Feb 3
2312 2314 234 2332 234 2334 24'z 1,800 Spiegel-May-Stern Co_No pa
34 Dec 11778 Feb
*12012 128 *12012 128 •12012 128 •12017
160,900 Standard Brands
No pa
2218May .5 2914 Feb 8
128
.12017
128
20
Oct 4434 Sept
*120
12
128
*5
6
*5
Preferred
6
5
5
No Par 11717 Feb 3 120 Apr 21 11414 Nov 11834 Sept
518 54 *5
6
*5
6
200 Stand Comm Tobacco_No par
10714 1154 10234 10978 10958 115
11214 11778 11114 1154 113 11534
8 Jan 2
714 Feb II
312 Dec 4358 Jan
139,000 Standard Gas & El Co_No par 1023
6512 651
6514 6512 6514 6514 6514 6578
4May r 12917 Apr 15
7312 Nov 24334 Sept
6614 2,400 Preferred
1158 1134 1118 1112 1058 114 1034 1034 6552 6614 66
50 84 Feb 8 6617 Mar 21
6812 Nov 67 Feb
1117 1112 *11
1117 6,000 Stand Investing Corp_No par
*101 10134 101 101
101 10178 102 103
10 Jan 2 1512 Mar 27
10212 103
4 Dec 48 Sept
10234 103
1.900
Standard
6758 693
664 6817 6814 70
011 Export prof __100 98 Feb 8 103 May 7
6914 7032 6712 6918 68
6952 59.500 Standard
72,4 76,
4 71
75
744 77
75
77
734 7538 7412 7638 772,300 Standard Oil of Cal_ ___No par 5512 Feb 2i
75 Apr 25 11-1.
7Oct 817
,May
3417 311,8 344 3534 3514
011
of
New Jersey _25 58 Feb 20 8478 Apr 30
374 354 3672 354 36
48 Feb 8:3 Bevi
x354 364 130,500 Standard 011 of New
118
118 1,
112
158 214
York 25 3114 Feb 19 404 Apr 28
178 2
111 134
3134 Nov 4812 Sept
112
1121 14,500 Stand Plate Glass Co__No par
4
418 453
4
414
512 512
434
118May 3
438 44
414 412 1,170
3 Feb 19
134 Nov
64 Jar.
*5318 73
*65
Preferred
73
*6218 73
100
358 Apr 30 1012 Mar 10
4412 73
*6418 73
312 Dec
*6418 73 I
31
Jan
4114 421
38
Stanley Co of Amerlea_No par 25 Jan 9
411
42
43,8 4252 4312 424 43
7312 Apr 231
20 Nov 45 May
43
43521 5,300 Starrett Co (The L S)__No par
33 Jan 23 4734 Apr 23
3012 Oct 474 Oct
15,8 1534 1412 16
1534 17
1618 17
16
164 1614 1634 21,500 Sterling
*14
1414 14
14
Securities cl A-No Par 104 Jan 8 2012 Mar 3
14
14
134 134 *1334 14
814 Nov
1334 1334
38 Sept
441
42
803 Preferred
44
4318 4212 43
20 12 Jan 2 1434 Mar 3
424 43
4278 43
812 Nov
4'3
1578 July
72718 2912 23
2718 29
2872 2714 234 2634 '2758 2618 4318 24,000 Convertible preferred___ _50 3632 Jan 6 48 Mar 1
31
Oct 5517 Sept
277
8 17,200 Stewart-Warn Sp Corp___ _10 254 Apr 28
95
9978 8714 9178 9312 9317 9378 9712 9217
47
30
Apr
Oct 77 May
9514 9512 9534 66,500 Stone & Webster
3712 384 364 374 36
par
Vs
3718 36
77 Jan 22 11332 Apr
3672 36
84 Nov 20117 Aug
3612 23573 3612 28,600 Studeb'r Corp
121 121 *120,8 121 *12014 12012 12014 12014
(The)_-No Par 3518 Apr 30 4714 Feb
1204 1204 *12018 12017
3814 Nov 98
Jan
34
24
8
160 Preferred
78
78
3
100 116 Jan 21 125 Marl
37
78
115 Nov 126 June
34
34
2,700 Submarlue Boat
65
8078 647
631
par
617g 6178 6118 624 *624 6534
No
32 Jan 4
14 Mar 3
412
Oct
Mar
'8
6478
644
2.200 Sun 011
104 1011 10334 10418 10334 10118 1044 10438 10438 10412
No par 53 Feb 20 70 Apr
55 Dec 8638 Or%
*10112 105
800 Preferred
6
7
63
7,
6,
8 71
100 1024 Jan 13 10534 Feb
74 812
100 Jan )9512 „ran
8
834
812 814 92,403 Superior 01.1 new
20
21
2114 217
2034 211
No par
514 Feb 17
91galay
2118 2212 2118 214 214 213
514 Nov 24 Aug
4 9,900 Superior Steel
11
13
123
*12
11
100 20 Jan 2 2938 Mar 2
11
11
11
*12
15 Nov 734 Apr
15 .11
12
*312
300 Sweets Co of America
5
5,
*4
50
817 Jan 24 157g Mar 2
5
5
5
*417 5,2
Nov 2214 Apr
54
514
121
700
Symingto
5,
4
12
1114 127
n
13
No par
24 Jan 3
133
1312 1414 13
7 Apr 2.
24 Dec
1338 *13
9 May
1334 62,00 Class
2114 22
2014 21
No par
204 2034 *21
817 Jan 3 1733 Apr 2
2134 20
1148 May
64 Nov
2012 2012 2012 3,700 TelautogA
134 14
raph
1314 131
Corp
1314 14
par
No
154 Jan 25 2614 Apr
1378 1418 1334 14
1478 Dec 2518 Mar
14
144
10,700 Tenn COPP & Chens_No par
55
554 561
5638 5614 574 57
13 Jan 3 17 Apr!
912 Nov 2p4 Apr
58
5634 57,4 57
55
5758 59
5714 5618 58
25 5078 Feb 24 6012May
574 584 5717 6014 5912 574 59,600 Texas Corporation
5912 Nov 514 Sept
694 58.200 Texas Gulf Sulphur___No i or 5478 Jan 2 6738 Star 2
678 1058
958 1014 1018 1114 1014 11
Nov 8514 AIR
4212
1012 1012 1012 10,
8 15,700 Texas Pacific Coal &
21
21
84 Mar 3 1412 Star 1
26
2414 2312 2578 2453 2614 24
10
017 Nov
2172 Mar
2614 2578 2734 202,000 Texas Pac Land Trust011
1
134 Jan 2 3238 Mar 2'
64 Oct 2312 Jan
• Bicl and asked prices: no aaloi on this day, a Ex-6111Ie
ud.
EZieurits.
New York Stock Record-Concluded-Page 8
3322
ath page preceding
For isle, during the week of stocks not recorded here, see eta
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 3.
Monday.
May 5.
Tuesday.
May 6.
IVeduesday. Thursday.
May 8.
May 7.
Friday.
May 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Shire Jan. I
On haste of 100-shar,lls
Lowest.
Highest
PER SHARE
Range for Preston.;
Year 1929.
Lowest.
Highest.
per share
share
Shares Indus. & Miscall.(Con.) Par $ per share $ Per share $ per Mar 35 SePt
1612
$ PCT share $ per share $ per share S per share $ per share $ per share 11,500 Thatcher Mfg
18 May 5 3632 Apr 4
No par
2212 2378
23
22
2218 24
8 Sept
497
Mar
2134 2234 24
2512 18
24
35
31
Mar
48
2
Jan
No par 4014
300 Preferred
45
544
45
4438 *44
45 .44
*4412 4712 x4312 4412 *44
2512 Dec 5172 Jan
No POT 26 Mar 20 32 Jan 18
500 The
3,0Fair
268 26% 2.678 28
*2672 27
267g 27
*2672 27
*2678 28
Feb 13 102 Nov 11014 Oct
110
21
Jan
102
100
e
Preferred
7%
Jan
10334 10334 *105 108
105 105
*105 108 *105 108 *105 108
30 Oct 62
25 3612 Jan 21 4712 Mar 12
900 Thompson (J R) Co
41
41
41
41
41
*41
42
41
41
41
42
42
10 Nov 2312 June
1034 Feb 15 1734 Apr 7
pa
1534 1452 1512 1478 15313 62.800 Tidewater Assoc 011___No 100
Aug
1474 1512 15
15
15
1512 14
908
Nov
74%
25
Mar
4
893
13
Feb
78
400 Preferred
*8614 87
'8614 87,2 8612 8612 8614 8612 8612 8612 .8614 87
14 Nov 40 June
100 1912 Jan 31 31 Apr 23
Tide Water 011
*27
30
30
*27
30
30 .27
28 •27
*27
30 .26
8512 Nov 9712 Jan
8011 Feb 13 9478 Apr 16
10
1,900 Preferred
*9112 9212 9212 93
93
9112 9112 90% 9112 .9112 94
93
1112 Oct 343 Sept
11
Apr
2114
17
Jan
1412
10
Detroit Axle
1712 18% 1734 lir% 1734 1734 9,700 Timken
1634 1618 181 1
1712 1734 16
58,2 Nov 150 Jan
35,000 Timken Roller Bearing_No par 7035 Jan 18 8914 Apr 11
75
7312 7654 75
773
76
72
Oct 2212 Mar
7534 7512 78
7514 81
1
23
Jan
612
3
Jan
214
20
Corp
Tobacco
Products
5,400
4
4
4
4
3% 4
418 418
312 4
312 4
514 Nov 2238 Mar
75 Jan 2 12 Apr 2
20
9,700 Class A
1032 1033 1072 11
1012 11
10
11
9714 1012 10
1012
Mar 10 21 Apr 21
1614
par
No
Co____
Oil
Transcont'l
100.900
20
21
2012 1912 20
19
2012 1734 19% 1918 2038 20
-1-5-s3 -Dec --5-3-38 Ai;
1412alay 3 2833 Jan 31
Transue & Williams St'l No par
1912 1712 1832 1712 1772 8,900 Trieo
1412 157s
15
1614 1612 1834 18
30 Dec 63 31117
3038 Jan 2 4134 Mar 1
Products Corp___No par
3612 1,400
*3714 3734 3632 3714 36
38
3838 3752 37% *3714 38
1312 Dec 3172 Jan
2 22 Mar 18
Jan
15
par
No
Truax
Coal
Truer
1,500
1734 1778 1712 1734 1712 1734 1734 1734 1712 1712 91714 1714
3018 Nov 6158 Jan
25
Mar
1
375/
6
47v1ay
323
10
*3134 3212 *3134 3212 1 2001Truscon Steel
33
*3314 3334 33
Nov 18134 Oct
3314 3234 32% 33
82
2 138 Mar 21
108 10334 9,800 Under Elliott Fisher Co No par 9714 Jan
108 109
10812 10912 10712 10914 10812 11412 11012 114
Jan
1001 121 Feb 4 12512 Apr 29 120 Dec 125
Preferred
•125
•125
Jan
•125
43
•125
*125
"125
7 Nov
10 Jan 8 1712May 8
37,800 Union Bag & Paper Corp 100
Sept
147 1612 1412 1712 15% 17
15
140
Nov
12
12
59
12
12
12
31
Mar
2
1063
2
8458 8672 192,500 Union Carbide dc Carb_No par 76 Jan 20 50 Apr 7
57 Sept
4212 Nov
84% 84% 86% 8132 87%, 8312 85
83
851s 81
Fob
4118
25
Union
California
01i
9.900
4512
4512
4432 45121 4438 4514
4412 4512 4312 4114 4412 46
No par 31 May 5 3812 Apr 10
1,300 Union Tank Car
33
33
35
*33
331 *3312 35
31 Nov 162 May
33
33
34
31
31
31 99 Apr 8
68% 449,700 United Aircraft & Tran_No par 4312 Jan 31 7734 Apr 7
: 6512 6912 63
7034 6714 731
4478 Nov 10912 May
6512 76,2 5734 68,
4 66
50 56 Jan
Preferred
Oct
6633 6612 6712 6712 6312 6672 67% 5,100 United Biscuit
3312 Dec 60
1
6712 63
May
70
54
7012 62
7
Jan
No par 36
13.100
5214 .,014 0014 50% 52
51
Oct
50
501 4 4812 5018 4912 51
100 118 Feb 6 13514May 6 11412 June 138
100 Preferred
2 Sept
1113
Nov
4012
*131 13514 "131 13514 13514 13514 .131 14414 *131 14514 *131 14912 62,100
24
Apr
84
2
Jan
4
443
par
No
United Carbon
59
6178
5514 6232 5512 59
3 Dec 2712 Jan
577 62
9 Jan 22
5518 6012 5414 61
4 Jan 4
10
534 614 7,400 United Cigar Stores
Jan
534 612
514 614
1972 Dec 104
512 6
512 578
100 26 Jan 2 5812 Jan 23
Preferred
70
*3614 37
37
37
37 .3614 37
19
Nov
7512 May
37
28
38
Apr
38
52
•3212 38
2
Jan
3012
par
No
4514 111250 United Corp
k
7
July
49
Nov
4212
23
Apr
4012 4312 3712 4212 4152 4433 428 4514 4212 44% 43
No par 4638 Jan 0 5312
Preferred
12,70
5238 5318 5214 53
5214 5212 53
6 Dec 8112 Feb
52% 52
5214 5214 52
912a.lay 5 1978 Feb 19
1014 1014 6,00 United Electric Coal__ N0 par
1152 1018 11
Oct 15812 Jan
99
9% 1012 11
9% 1032
10
1014
No par 861 2 Feb 24 105 Jan 13
United Fruit
12,20
92%
90
4
923
92
93
9214
Oct 595 July
9312
22
9172
93% 9112 91% 9334
Jan 2 4932May 1
3133
Gas
Pa
United
&
Improve_No
404,50
45
43
4214 4414
45
43
Oct 9814 Dee
9014
25
Apr
4332 3732 4214 4134 44
41.
10214
13
Jan
97
No pa
Preferred
1,90
263* Jan
Nov
7
14
Mar
10112 10112 100% 100% 10034 10132 *100% 10112 10112 102
14
100
78 Jan 4
200 United Paperboard
.812 9
*812 9
1514 Nov 4872 Aug
8,4 814
-1E6
812 814 '814 9
Jan 20 3272 Apr 7
25
Piece
United
Pa
Dye
Wks_No
1,30
52634 2734 *2312 23
Oct
14
2678 2734 '2612 28
Dec
26
312
23
Jan
*2714 2712 26
12
2
Jan
412
73
No Par
732 2,50 United Storm el A
714
7
713 714
1414 Dec 4033 Oct
614 7
758
Jan 23
8
7
8
Preferred class A___ No Par 1512 Jan 2 3614 Mar
1,60
26
.25
25
2572 254 26
247
2634 24
2512 Nov 85% May
15
•2715 2312 26
39
8
May
31
pa
No
Leaf
Tobacco
Universal
1,1014
3112 *317 32
3134 3212 31
3234 3234 *3134 36
33
33
28 Dec 93 Ian
290 Universal Pictures set p51.10030 Jan 3 76 May 9
76
75
75
74
74
*70
74
74
212 Dec 2214 Jan
75
74
74
*62
9 Apr 10
218 Jan 9
014
6
2
63
614 612 13,400 Universal Pipe & Rad_ _No par
512
512
514
Oct 55% Mar
12
Apr 10
614
412 534
6
3814
2
Jan
1812
Fdy__2
US
Iron
64
Cast
Pipe
23,300
31
30%
2912 31
Jan
Oct 18
2934 2934 3112 3012 32
15
28
29
31
Mar
30
184
7
Jan
1538
par
No
3,600 1st preferred
20 June
Nov
1814
15
1812 1838 1838 1838 1812 1812 1812 1834 1852 1838 1852 1834
Mar
181 Jan 3 20
No par
100 241 preferred
191z
19% .19
1912 *19
19,2 .19
19 .19
9 Oct 23 Sept
19
20
•19
17
Jan
6
2
203
May
12
par
No
US
Distrlb
Corp
1,500
12
1214 12
1212 1214 1214 12
10 Apr
Jan
2
1212 1212 1214 1214 12
452 Apr 14
2% Mar 24
100
700 U S Express
312 314 *314 333
312 312
314 314
4.3t2 324
3% 3%
8614 Nov 13412 Sept
No par 8552 Feb 25 103 Apr 7
5,200 U S Freight
89 .M12 8912 8614 88,1 8652 87
83
Nov 72 Aug
87
1712
30
88% 87
Mar
s
87
327
3
Jan
18%
par
No
S&
U
6,700
Foreign Secur
2412 23
2312 2314 24
2212 2412 24
82 Nov 9272 Aug
2234 2012 217
21
No par 8512 Jan 8 101 Mar 21
*95% 9612 1.200 Preferred
96
96
95
95
95
95
95
1712 Dec 497 Jan
95
97
*95
19 Jan 2 3052 Mar 12
2152 2,500 U S Hoff Mach Corp_ No par
1912 1914 20
2014 1912 1912 1934 203
20
95 Nov 24352 Oct
2072 21
2
Jan
2
1393
2
8412May
7
89'e 19,900 U S Industrial Alcohol___ _100
8714
89
8618
90
4
873
8912
87
8812
8512
5 Nov 3512 Jan
8614
85
712 Jan 2 1512 Apr 21
No par
12'z 2,500 U S Leather
1212 1212 1152 1138 .12
1112 12
1012 101
11
1414 Dec 6178 Jan
11
15 Feb 26 26 Apr 21
No par
1,900 Class A
*1912 25 •1912 25
25
2012 2012 *20
Dec 107 Feb
8114
2012 2112 1812 183
7
4May
901
100 7712 Mar 17
900 Prior preferred
0033
90
90
9014 9014 90
90
89
86
86
89
1 Mar 25
5012 Nov 11912 Feb
*86
6234 6212 8334 14,700 US Realty & Impt____No par 60 Jan 3 75
6333 62
6318 62
6152 61
Oct 65 Mar
15
6312 60
62
10
Apr
35
17
Jan
2112
10
States
United
Rubber
28,700
2733 2712 29
2712 2833 27
2612 28
40% Nov 9212 Jan
2612 278 2512 271
100 47 May 5 637 Apr 4
4912 5234 6,600 1st preferred
50
60
4834 4912 5014 51
487
4714 5014 47
297 Oct 7272 Mar
6
Jan
3612
7
May
27
.50
S
Smelting
U
Min
&
Ref
8.800
2912
2812
2712 23
273
Jan
2712 2833 2714 2734 27
48 Nov 58
2834 29
50 48 Apr 30 5312 Jan 7
600 Preferred
4832 4852
49
49
4832 4832 .4832 495
4812 4812 .4312 491
4afay 8 1983 Apr 7 150 Nov 2614 Sept
16812 17332 16534 16932 16712 17072 715,000 United States Steel Corp__100 1653
17114 175
137 Nov 1411 t Mar
169 17434 16614 174
21
Mar
146
4
Jan
141
100
Preferred
4,000
14512 14512
14434 145
7134 Nov
5512 Nov
145 14578 14434 1451 145 14512 145 145
No par 6014 Jan 6 68 Feb 10
1,000 U S Tobacco new
63
6312 6312 63
03
6214 63
.62
6034 61
62
*61
248 Nov 5812 Aug
Utilities Pow & 1.1 A__ No par 31% Jan 4 4534 Apr 10
53,300
40%
4
393
40
3812
403
3934
4014
2
383
1311 Jan
38
3 Nov
3812 36
36
71,2 Mar 12
4 Jan 7
4,500 Vacisco Sales
No par
434 5
4% 5
472 5
414 412
371 Nov 11612 Feb
418 41
412 434
No par 4078 Jan 2 14314 Apr 26
95 10212 9812 105 319,700 Vanadium Corp
May
98 10634 9814 1071
109
Oct
87 1093
33
10214 119
1
No par 371 Jan 18 4772May
7,000 Vick Chemical
44% 44% 44% 45
4512 4413 4434 4412 4512 4412 451
312 Oct 2434 Jan
44
$72 Apr 1
512 Jan 2
4,500 Virginia-Caro Chem
No Par
6
6
53
Jan
614 614
534 61
6512
Oct
512 6
534
15
1
Apr
534 578
3414
17
Jan
100 2612
6% preferred
2832 2812 2,50
28
28
281
23
23
28
2714 28
28
69 Nov 9712 Feb
28
100 78 Jan 2 8233 Apr 9
7% preferred
79
*75
79
*75
79
79 '75
110 Sept
Nov
79 .75
•75
102
79
*78
31
Mar
111
8
Jan
105%
_100
Virginia
(7)_
El
& Pow pf
180
11012
39 Dec 43 Jan
110 110 '110 111 '110 11014 110 1101 11012 11012 11012 47
Virg Iron Coal & Coke p1 100 38 May 1 40 Apr 21
47 .38
441 .
38
*38
45
*38
38 Nov 14972 Aug
45 *____ 47
"38
100 85 Jan 7 156 afar 21
2,090 Vulcan Detinning
96
9212 94% 90
Nov 110 Apr
90
9112 9712 9212 971
81
88
24
Mar
97 103
100
24
Jan
85
100
100 Preferred
97
.9614
9614
9614
97
,
.961
Jan 142 Sept
107
.9614
97
40
*9614
24
97
Mar
2
*9614
ana A
100 68 Jan 22 1497
620
93
93
92
90
95
93
95
3612 Oct
87
39
20 Nov
87
11
98
Apr
98
4
313
8
Jan
2414
pa
Waldorf
No
System
13,900
2712 2312 27% 2812
497 Oct
Nov
22
2712 2714 2812 2714 281
2
2812 26
27
Apr
4
423
3
Jan
26
No pa
3414 3352 3412 12,200 Walworth Co
32
3538 337.8 351
20 Dee 8434 Jan
3018 3178 32
3114 33
Jan 7 54 afar 24
2112
Ward
A
300
Bakeries
Pa?
class
No
38
37
37511 39 .3512 3712
11 Oct 2114 Jan
1
4014 4014 3814 3978 3712 38
Apr
153*
2
Jan
418
par
No
B
Class
1112 21,100
1112 11
1138 11
50 Nov 8712 Jan
1114 1014 1078 1034 1114 11
11
100 58 Jan 2 7712 Apr 3
700 Preferred
66
6514 6514 .65
6612 6612 6512 66
67
30 Nov 6412 Aug
8014 Mar 28
'6612 6634 66
6614 6872 737,900 Warner Bros Pictures new-- 3833 Jan 2
6412 6812 6612 698 6614 69
Oct 5914 Jan
2514
28
Mar
6214 6812 5812 66
7014
2
Jun
3612
No Par
500 Preferred
63
*59
63
59
63 .
15 Oct 4272 Jan
551 5512 .5812 60 .59
58
58
1652 Jan 23 27 Apr 12
par
No
Warner
Quinlan
27.000
19%
1852
184 1932 1812 1812
1712 1812 1812 19
11
19
Apr
18
6312
5
4May
431
Warren
Bros
Par
new
No
5534 5512 573* 5252 54% 541g 5532 19,500 Preferred new
4814 5212 55
5212 56
No par 184 Apr 29 20 Apr 25
20
1912
1912 .19
*19
19
19
21
•19
21
2012 .19
'19
No Par 2314 Jan 2 4114 Apr 22 -1512 Mar -3114 -Jan
12,000 Warren Fdy & Plpe
3434 3434 3434 36
3434 35
3412 35
3614 3318 35
36
4 Oct 11332 Feb
912 Mar 31
514 Jan 2
25
Webster
ELsenlohr
800
632 '612 834
614 614 *6
20 Oct 48 Mar
612 634 .614 64
614 7
4,800 Wesson Oil Jr Snowdrift NO Par 2212 Jan 23 29% Mar 27
25
25
25
25
2434 247
247
24
2412 25
25
4912 Nov 7212 Mar
25
5012 Jan 15 5912 Apr 7
Par
No
Preferred
600
1
68
57
8
53
575
*5734 5812 5713 5712 .5713 5812 5712 5712
5 2193s Feb 15 160 Nov 27214 Oct
179 18114 23,700 Western Union Telegraph 100 16814May 5 52 Feb 27
16814 17212 174 17934 176 18012 17514 181
3612 Oct 6734 Aug
173 175
19,600 Westingh'se Air Brake_NP Par 4052May
4252 43
4214 43
44
43
445
4112 4318 4032 42% 43
Jan 2 20112 Apr 15 100 Oct 29233 Aug
140
Mfg____50
&
El
Westinghouse
291,100
17212
17612
171 17912 168 17412
Nov 284 Aug
103
15
Apr
16014 17534 160 16712 165 174
1974
2
Jan
133
50
1st
preferred
570
173 173
171 174 .170 175
165 170
160 168
19% Nov 6432 Sept
174 178
2934 Jan 18 4572 Mar 31
3834 4,800 Weston Elee Instrucal_No pa
38
38
3914 36
38
39
32% Aug 3612 Apr
1 2 MI 27 38 Jan 2a
3778 3212 3678 35
35
33
No
A
Pa
Class
36
36 .35
36 .35
36 .35
*35
.3512 30
36
90 Nov 110 Feb
*35
98 Jan 3 110 Apr 16
60 West Penn Elec class A_No Pa
108 108 *10514 108 *10514 108
10734 108 *10514 108
97 Nov 11114 Jell
108 108
100 10534 Jan 2 11012 Apr 12
290 Preferred
10932 10932
110 110
Jan
Nov 102
8812
15
Apr
11014 11014 110 11014 10812 10938 110 110
101
2
Jan
9714
100
(6)
Preferred
340
9912 100
9912 9872 9872 9914 9933 100 100
9914 99
99
100 11312 Jan 3 11712 Mar 22 110 Nov 117 Mar
210 West Penn Power pref
116
*11618 11612 11612 11618 *11618 11612 11612 11612 11612 11612 116
23 110 Apr 2 102 Sept 11012 Jan
Jan
2
1043
100
6%
preferred
150
10812
108
108 108
108% 10312 108 108
108 108
3612 Nov 60 Sept
108 108
44 Jan 11 50 Mar 10
500 West Dairy Prod el A_ _No pa
475 4788 *4712 4914 *4712 4914
4912 4912 4914 495
7 Nov 40 Sept
*4912 50
1312 Jan 3 2412 Apr 11
No pa
2078 3.700 Class B
1812 2014 20
21
30 Oct 94% May
18% 1978 1712 18% 1812 1912 20
5912
17
2
Feb
Jan
37
pa
ProdNo
Westvaco
Chlorine
2,200
4314 4438
45
4334 4472 4538 *43
4412 43
4612 41
7
Jan
19
21
Oct 70 Sept
5
May
45
9
1.900 Wextark Radio Stores_No Pa
11
11
13
1172 •11
11
13
9 .11
9
10
25 Oct 38 Feb
10
26 Jan 17 2912 Mar 17
White Eagle Oil & Refg No Pa
5312 Mar
4
Apr
2714
43
Nov
2
Jan
31
pa
No
White
Motor
; 35
3533 --4;460
-5T.1 16- -5534 37 - -5S38 153
5534 Sept
277g Nov
-3513 36
37
2,000 Willie Rock Min Spring ctf_50 3612 Jan 21 5472 Mar20
4312 44
43
4312 4314 43
4358 *4313 44
42
Oct 48 Jan
14 1372 Mar 4
44
1
Jan
43
712
pa
Machine_No
White
Sewing
4,200
2
85
812
8313 914
7
914 934
912 912
5772 Jan
Dec
27
712 8
39
3
11
Apr
Jan
8% 878
2712
pa
No
800 Preferred
3212 3212
3252 34
35
3514 35
3438 *3438 3434 .35
*34
2934 Fob
1272 Nov
1112 Feb 26 21 Apr 25
'Jo Pa
Oil&
Gas
Wilcox
2,100
1814
•18
18
18
1812
18 .18
19 Oct 6114 May
1812 1812 1712 1712 18
27 Jan 3 3414 Jan 29
100 Wilcox-Rich class A__ _No pa
*2934 33 .2934 31
May
62
2934 2934 *2934 33
laismay
5
4
273
31
Oct
Mar
123
*2934 31
32
.29
pa
'Jo
22% 9,000 Class B
224 2152 2212 22
2212 22
21
732May 5 11% Feb 0
514 Oct 35 Jan
2112 221s 1912 21
732 832 28,500 Willys-Overland (The)
712 8
Jan
733 73
103
Dec
65
85
3
2
Apr
732 7%
712 714
Jan
712 734
6714
10
Preferred
1,300
79
75
72
72
76
75 Mar 27
7412 .73
1312 Jan
74 .67
3 Dee
74
75
312 Jan 14
75
No Pa
1,600 Wilson & Co Inc
*412 5
412 412 *412 5
Jan
27
652 Nov
Jan 13 13 Mar 27
412 412 .412 5
412 412
718
pa
No
A
Class
GOO
952
2
93
9
9
10
Jan
*9
10
3534 Nov 79
.9
9
9
11
*9
100 42 Jan 13 5412 Mar 31
300 Preferred
*48
50
4
493
*48
50
Sept
112
*48
49
Nov
49
22
5214
,
alar
723
2
49
Jan
48
50
50
10 5834
39,500 Woolworth (F W)Co
6112 6412 61% 6314 6212 6312
43 Mar 13732 Sept
16212 Apr 25
17
Jan
5912 6112 6134 637
6714
63
62
100
P
M
&
Worthington
58,000
124
12834
116 126
118 131
75 Nov 10012 Sept
88 Jan 17 107 Apr 25
10
117 12514 102 11812 116 124
300 Preferred A
*97 100
*97 100 .97 100
66 Apr 9012 Sept
100 100
78 Jan 3 9178 Mar 20
10
'100 102 •100 102
700 Preferred B
89
*85
88
89 .85
.87
30 Nov 299 Feb
5912
5
89
23
Mar
Jan
3512
89
89% .87
90
90
Wright
Oa
600
Aeronautical___No
*47
54
54
•47
4712 50
49
8134 Feb 88 Aug
4234 4234 49
65
25 61 May 9 77 Mar 1
*52
1,200 Yale & Towne
55
51
57
55
59
712 Nov 6114 Apr
4 Jan 16 324 Apr 23
123
5934 5934 5912 5912 *57
B_10
el
Truck
59
Coach
dr
Yellow
*55
199,900
2414
2712
2534 234 258
80 Mar 9612 May
2434 24
100 72 Jan 27 105 Apr 2
2512 2712 1812 2412 22
170 Preferred
9312
9312
95
*9312
94
Oct 5934 Aug
3312
94
afar
7
'9312 94 .9312 94 .9312 94
5,000 Young Spring & Wire_ _No par 3612 Jan 17 47
3734 3734 38
91 Nov 175 Sept
37% 3814 3734 3814 3712 3812 3734 125
3812 39
600 Youngstown Sheet & T_ No par 108 Jan 11 152 Apr 7
•120 125
*120
5234 July
125
Dec
.120
17
812
2
153
10
1297s
Apr
Jan
•120
8
5
5
125
par
125
123 125
30,300 Zenith Radio Corp__ _No
13% 12% 1312 1312 14
1312 12
1314 1112 1312 12
12
-ior4
Eaadividend. r Es-Rigats.
• Bid and asked prices: no sales on this day. 8
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
3323
Jos. 1 1909 the Exchange method of Quoted bonds was changed and prices are now "4121 interest"—excepi for income and defaulted knelt,
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 9.
Z.' •
.'''
ta
zt
.... Q.
Price
Friday,
May 9.
U. S. Government.
814
Ask
First Liberty Loan83-4% of 1932-1947
J D 100,242 Sale
Cony 4% of 1932-47
J I) _.__ __ _
Cony 44% of 1939-47
J D 101242 Sale
26 cony 41
/
4% of 1932-47
J D ____ __-Fourth Liberty Loan—
CS% of 1933-1938
A 0 102',, Sale
Treasury 414s
1947-1952 A 0 1112.42 Sale
Treasury 48
1944-1954 J D 107..31 Sale
Treasury 3348
1946-1956 M s 105.642 Sale
Treasury 34s
1943-1947 J D 101642 Sale
Treasury 353s June 15 1940-1943 J D 101422 Salo
Week's
Range or
Last Sale.
T,•,1
cc,,
Since
Jan. 1.
1
BONDS
N. Y. STOCK EXCHANGE. t ,.
A'
Week Ended May 9.
a;
Price
Friday.
May 9.
Week's
Range or
Last Sale.
..1 •
es
re va
Low
High No. tor
Bid
High
Ask Low
High No
Czechoalovakla (Rep of) 86-1951 A 0 110 Sale 110
8
11013
100522 1001242 243 981.810021s,
Sinking fund 8s ser IL —1952 A 0 10978 Sale 10978
14
110
992.22 Jan'30 ___ _ 9824.,99.0„ Danish Cons Muulcip 88 -A_1941.1 F A 10838 Sale 10858
6
10914
101.6221012142 60 109.1221011622
s f 8s Series B
1946 F a 10858 Sale 10858
9
109
/
4, Denmark 20-year extl 68..1942 .1 .7 105 Sale 10434
994.22Fcb'30 ____ 9824„9us1
10514 31
External g .5148
1955 F A 10038 Sale 10018
49
101
102
102622 1063 1002122102n.
External g 41413. _Apr 15 1962 A 0 9212 Sale 9134
9213 111
1111442 112122 249 10934211314n Deutsche Ilk Am part M160_1932 M 5 100 Sale 9913
81
100
1071642 108222 158 105.6221094u Dominican Rep Cost Ad 5345'42 M S 9658 Sale 96/
1
4
0658
5
105
105142 278 103
1st der 514s 01 1926
91
1940 A 0 9214 94
5
9238
1081722
1002642 101442 10 9942 10124,
2d series sinking fund 53481940 A 0 9238 Sale 9112
9258 11
1002642101.442 86 982...10122„, Dresden (City) external 78_1945 MN 9958 100
9912
9958 13
Dutch East Indies extl 69_1947 J .1 10134 Sale 10134 10214 46
State and City Securities.
40-year external (is
1902 114 8 10212 Sale 10132
10212 20
If Y C 334% Corp st_Nov 1954 MN ____ ___ 8558 Oct'29 ---- ____ ____
30-year external 934±._. 1053 M S 10212 Sale 10158
4
10212
334% Corporate st_May 1954 M N --------8814 Aug'29
N 10178 1021 102
30-year external 53-4±..,..M
1
102
1953
48 registered
1936 MN --------9934 Mar'28 ---- _ _ --_ El Salvador (Republic) 83_1948 J J 10714 10812 10714
7
108
48 registered
1958 MN
___ 94 Feb'30 ---Estonia (Republic of) 78-1967 J J 7812 8213 78
6
94
7858
94
4% corporate stock
____. 102
1957 M N ___95 Nov'29 ---_
_ Finland (Republic) extl 6s_ _1945 M 8 97 Bale 97
9712 12
43-4% corporate 8tock__1957 MN --------104 Mar'30 ---4 iogg iciS
10014 16
External sinking fund 78_1950 M 8 100 10014 100
d A % corporate stock._ 1957 MN --------103
105
21
98
External sinking fund 610 195691 5 98 Sale 9712
4% corporate stock
--------9414
1958 MM
Nov'29 ---_
901 90
External sinking fund 5Xs 1058 F A 90
9058 17
4% corporate stock
1959 MN ____ ___ 0534 Juno'29 --- _
4
9814
9978
Finnish Mon Loan 634s A 1954 A 0 977.3 99
6.4% corporate etock
--------96
Oct'29 ---1931 A 0
9812 11
/
4
External 610 series B
1054 A 0 9778 Sale 971
431% corporate stock
1960 M 8 --------95 Jan'30 ---_
56
l96"
French Republic extl 7348_1941 J D 12214 Sale 1221
12258 230
/
4
6q % corporate stock _ _1964 M 8 --------99 Mar'29 ---/
4 346
1949 J D 118 Sale 11713 1181
External 78 of 1924
43.4% corporate stock
1966 A 0 --------101 Mar'29
1
4 Sale 108
German Republic extl 7s
10878 138
1949 A 0 108/
e A % corporate stock
1954 MN 0818 _ _
1972 A 0 101,8 0212 9912 Oct'29 ---Gras (Municipality) Ss
9818
9912
5
434% corporate stock
1971 J D --------10034 Sept'29 ---_ Gt Brit & Irel(UK of) 5148-1937 F A 10414 Sale 10414
10518 182
434% corporate stock
F A ____ ____ 104 Apr'30 -1963 M S 10512 106 10412 Apr'30 ---_ iojit, fa:
Registered
41S %' corporate stock__ _.19653 D 10513 11058 106 Mar'30 ---- 106 106
1
64% fund loan E opt 1960_1990 MN ;8638 88 68818
8818
434%
* corporatestock July 1967 J J 10534
10134 Nov'29 -_-_
e5% War Loan £ opt 1929_1947 .1 D e9758
e99 Mar'30 ---Mew York State Canal 4s. _1960 ------------ 10114 Mar'29 ____
Greater Prague (City) 7)0_1952 MN 10614 1163
4
10634
_.
4 10614
64 Canal
Mar 1958
8 --------10114 July'29
10014 13
Greek Government,1 aec 7, 1964 St N 100 101 100
Canal impt 45
99
99
8612 24
1961 J J
1968 F A 8618 Sale 85
i
65 1163; Sinking fund sec Os
4qm
Jau'30 ---- 109 109
1964 J J--------109
18
Sale
Haiti (Republic) s f (is
04
9212
9314
0
A
1952
6634 35
/
4 Sale 9478
0 961
A
Hamburg
(State)
1946
6s
;tuition Govt. &Municipals.
J J 10238 Sale 10012 10238
4
(Germany)
Heidelberg
ext17
)49'50
Agric Mtge Bank s f 138
76 Sale 76
7712 16
1947 F A
6312 86
7
Hungarian Mimic Loan 714s 1945 J J 9512 Sale 95
96
Stoking fund 6s A __Apr 15 1948 A 0 76
77
76
761
/
4
18
9
00
External 9 f 78
8714
88
6312 801:
90
J
J
1946
Sept
1
Akersbus (Dept) ext.! 58
9314 18
87
95
1063 SIN 9234 Sale 9212
11
Hungarian Land NI Just 714/3 '61 MN 9312 9834 96
96
katloquia (Dept) col 7s A 1945 J J 8312 8512 8312
84
96
6
Sinking fund 734s ser B__1961 MN 9312 97
3
71
97
87;
External e f 78 ser B
8014
7712 81
1945 J J
8034
3
7012 871: Hungary (Kingd of) s 173.4± 1944 F A 10212 Sale 102
10212
9
External a f 7s sew C
7738 80 81 May'30 ---;
1945 J J
9814 24
70
8711 Irish Free State extls a I 58-1960 SIN 9814 Sale 08
External s 1 78 aer 1)
79
7812 Sale 7812
1945 J J
Italy ((Kingdom of) extl 78_ _1951 J D 99/
1
4 Sale 9812
,.,
4
994 447
70
88
External a 1 7s 1st ser
76 ' 70 871: Italian Cred Consortium 78A1937 M S 9718 Sale 9712
1957 A 0 77,8 8412 7514
6
9812
External sec 80 75 2d sec.1957 A 0 7614 80
77
10
774
98
6
67
External sec 51 7a ser B-1947 M 13 98 Sale 9612
89
External secs f 7s 3d ser_1957 A 0 7614 8012 8078
1
4
2
80/
67
88
9878 183
Italian Public Utility extl 78 1052 J J 97 Sale 96
Antwerp (City) external 59_1958 .1 D 06 Sale 06
96
27
9214 98
9758 132
Japanese Govt L loan 4s___1931 J J 9753 Sale 9634
1.rgentineGovt Pub Wks6s_1960 A 0 9813 Sale 98
1954 F A 104 Sale 10334 10414 98
30
99
38
9518 loo
-year, 1 634,2
)
.rgontIne Nation (Govt 01)—
Jugoslavia
(State
Mtge
Bank)—
Sink fund 68 of Juno 1925-1959 J D 9814 Sale 08
109
99
1957 A 0 83 Sale 83
95
84
95 100
Secured 5 1 g 78
Extl 5 I 6s of Oct 1925
09
1959 A 0 9512 Sale 98
22
9
100
9512 997/ Leipzig (Germany) s 1 78_ _1947 F A 100 Sale 99
Sink fund 88 serles A
94888100 Lower Austria ()'rov)
991
/
4 64
1957 M 5 9838 Sale 9818
1
9914
0 9812 9914 9914
J
730_1950
External (is series IL _Dec 1958 J D 9834 Sale 98
1
4 10334 21
99
Lyons (City of) 15-year 6s-1934 51 N 10334 Sale 103/
48
95 100
Eati e f 66 of May 1926_1960 M N 9878 Sale 98/
1
4
99
44
9558 1001,
External,I 68(State Ry)_1960 NI S 9812 Sale 98
TA Marseilles(City of) 15-yr 68 1934 M N 10312 Sale 10313 10358 34
95
9834 44
Extl 68 Sanitary Works_ 196I F A 9814 Sale 9818
9812 56
95
993, Medellin (Colombia) 634s1954 J 0 78 Sale 78
66
SO
Exti(33 pub wks(May'27)_1961 MN 9812 Sale 9814
99
Mexican Irrigat Asstng 4348 1943 ------------ 1214 Mar'30 - -- _
57
943
4
10031
Public Worke extl 534a_1962 F A 9314 Sale 9234
83
94
89 891
__ 26
Apr'30 ---_
Mexico(U El) extl Os 01 1899 £'45
J ---Argentine Treasury 58 £___ _1945 M 5 88
_„;
89
87/
1
4 May'30
Assenting 55 01 1899
8512 891.
1945 --- - 1534 1912 1712 Apr'30 — -Australia 30-yr 58_ _July 16 1955 J .1 9034 Sale 90
____
1112 12
1758 Apr'30
Assenting 5s large
9" 8714 941,
91
External 58 of 8927,, Sept 1957 M 5 9034 Sale 9018
91
37
____
11
1214 12
941,
16
12
Assenting 48 01 1904
87
External g 4148 of 1928._1956 MN 8112 Sale 8114
82
59
80
853
1
--__
1212
Assenting
1212
—
---large_
_
_..
4s
of
1910
•ustrian (Govt) a f 78
23 10204 108
105
1943 J D 10412 Sale 10414
Assenting 4s of 1910 email_
-„ ---- ---- 1134
1134
3
Bavaria (Free State) 6348_1045 F A 96 Sale 95/
1
4
961
/
4 18
91
981
Treas 98o1'13 assent (large)'33 i J ---- 20,8 Apr'30 ---_
Belgium 25-yr ext 8 f 7;is g_1945 J I) 115 Sale 115
1151
/
4 78 115 ciis
_
20 --2112 22 Apr'30 -Small
20-year s f 8s
111
34 109/
1941 F A 11012 Sale 110
1
4 1111 Milan (City, Italy) eat' 6)0'52 AM 93 Sale 9138
93
215
25-year external 815s
10734 103 10534 1093 Minas Geraes (State) Brazil—
1949 M 5 10734 Sale 10738
External a f 8s
19553 J 10218 Sale 10134 10212 119
1958 M S 77 Sale 76
7812 28
External e f 614s
/
4 1033
External 30-year s f 7s _1955 J D 11212 Sale 11134 11234 188 1011
7713 11
Ext1 sec 5345 series A
1094 113
77,2 76
1959 M 8 77
Stabilization loan 78
10913 116 107 1101 Montevideo (City of) 79-1952 J D 10034 101 100
1956 MN 10878 Sale 108
11
101
Bergen (Norway)s f So
is 110
1
4 112:8 -1945 MN 1105± Sale 110/
External a 16± series A.._1959 MN 9678 Sale 96
6
0678
1121
15-year sinking fund 6s
1004
1003
4
8
1949 A 0 1004 10612
14 S 10412 Sale 10418
12
Netherlands
10458
prices).1972
99
6s
(fiat
101
Berlin (Germany) s 6 8148_1950 A 0 9718 Sale 96
9218 ,99, New So Wales(State) ext15131957
9738 44
63
88
F A
88 Sale 87
External sink fund 65......195S .1 D 91 Sale 90
94
37
8538 943
8712 36
External et 55
Apr 1958 A 0 8738 Sale 87
Bogota (City) extls f 86_1945 A 0 9712 09
9712
99
9212 991 Norway 20-year extl (is_1943 F A 10314 10334 10234 10334 38
5
Bolivia (Republic of)02080_1947 M N 9712 Sale 9712
98
37
88 100
20-year external 68
1944 17 A 10358 Sale 10234 10334 37
External securities 75
Sale
793
4
82
8012
25
1958 J J
72/
1
4 852
1952 A 0 10112 Sale 10112 10213 58
30-year external 68
External,17±
1969 M 13 7812 Sale 7812
794 30
/
4 Sale 10014
72
40-year $1 534±
84
10114 119
19653 D 1011
Bordeaux (City of) I5-yr 08_1934 SIN 10312 Sale 10312 10334 25
10214e105
External at 58
1
4
9834 40
Mar 151963 M 63 9834 Sale 97/
Brazil(US of) external 85 1941 1 D 9978 Sale 9838 100
66
Sale 9558
95
/
1
4
94
98
102
27
D
Municipal
Bank
1967.7
extl
$1
5s
External 8 f 5 Hs of 1938_1957 A 0 8012 Sale 7912
8234 66
7238 88, Nuremburg (City) eat' 811_1952 F A 8714 Sale 8714
8834
6
Extl a f 614s of 1927
8212 47
724 888! Oslo (City) -year 81 Eta__ _1955 M N 102 Sale 101
1957 A 0 80 Sale 7913
22
302'z
30
78(Central Railway)
90
1
4 Sale 85
95
1952 J 1) 89/
Sinking fund 53.45
1946 F A 10018 101 10058 101
931
(1
80
734± (coffee occur) £ (flat) 1952 A 0 9914100
9913
99,4 39
95 1051 Panama (Rep) extl 515s
/
4 10234 17
1953 J D 10158 1023 )011
Bremen (State of) extl 7s
/
4 1021 10218 10238 23
1935 M 5 1021
9812 103
Extl s f 58 ser A ...May 15 1983 MN 9314 Sale 93
38
94
Brisbane (City) 8 f 5s
84s 82
c86
20
1957 M 5 83
82
8
82
82
85
Pernambuco (State of) extl Ts'47 M - 76
00
Sinking fund gold 53
83
1958 F A 8214 8314 82
Peru (Rep of) external 79_190.9 M 5 9514 Sale 9434
8
8018 90
7
9514
Budapest(City) ext.' 81 Os,, 1962 J D 8212 Sale 8112
821x 18
73
851
Nat Loan extl sills let au 1960 .1 CI 7814 Sale 78
7912 51
Buenos Aires (City)6141/1 2 B 1955.7 J
9773 984 04
100,,
8
Nat Loan extl s 1 6,2d ser 1981 A 0 79 Sale 79
9812 1001
29
80
Externals f 6s ser C-2_
May'30
1960 A 0 9212 90
91
---::
91
6
78
1940 A 0 78 Sale 77
981 Poland (Rep of) gold 6s
Externals f 6s acr C-3._ 1960 A 0 92
941 9812
9813
2
go
051
853 131
Stabilization loan 8 I 78_1947 A 0 8512 Sale 8334
3uenoe Aires (Prov) mai 88_1961 M 5 88/
1
4 Sale 8712
8873 30
51
84
95
External sink fund g 813_1950 J J 95 Sale 9418
91
Bulgaria (Kingdom)•f 7s 1967 j j 8238 Bale 8238
8212
2
7834 85
Porto Alegre (City of) 88.-1981 .1 D 06
9612 95
16
97
Stabil'n In a f 7148 Nov 1565 ___ 87/
8734 12
1
4 Sale 87
90!
Extl guar sink fund 7 3-48A966 J .1 89 Sale 89
89
:.
897
Caldse Dept of(Colombia)7345'46 J J 8712 Sale 87
88
15
81
931 Queensland (State)extl,f Is 1941 A 0 106 Sale 106
110
3;
Canada (Dominion of) 55_1931 A 0 10038 Salo 10038 101
86
Sale
10114
A
25
101
10114
11
F
993
4
-year
1947
1011
external
65
58
1952 m N 10412 Sale 10412 10512 6
.3
.,, 10214 106
Rio Grande do Sul extl a f Ss 1948 A 0 95 Sale 97
11
98
4348
1936 i A 9913 Sale 99
99
'
4 '
3.',
/
4 Sale 73
9734 100,
External sinking fund 68_1968 J D 731
;
75
Carlsbad (City) 8 1 89
1954 3 3 106 10S3 10714
10714
1,
85
(
103
External e 1 76 of 1928
1966 MN 83 Sale 83,
109
,
Cauca Val(Dept) Colom 7148'46 A 0 9212 94
9213
93
3
82
External s f 7,2 munic loan 1907 J D 814 83
5
8312 95
83
Central Agrie Bank (Germany)—
Rio de Janeiro 25-ycar st 88-1946 A 0 9918 Sale 99
100
13
Farm Loan a 1 78 Sept 15 1050 M 5 --------9012
97
24
92/
1
4 98/
External, I 8148
1953 F A
78,8 Sale 78
7913 Of
Farm Loan e I Os July 15 1960 1 2 87 Sae 864 6812
63
7714 904 Rome (City) extl 634s
105
1952 A 0 03 Sale 9114
93
Farm Loan a f 68 Oct 15 1980 A 0 S73,3 Sale 8658
8712 126
Rotterdam (City) ext1138..„1964 MN 102 103 103
7734 90
1
103
Farm Loan tin ver A Apr 15 1938 A 0 9134 Sale 9034
9178 81
Saarbruecken (City) 6,_..l953 1 .7 8612 Sale 8512
8412 94
8612
1
Chile (Republic of)Sao Paulo(City) e I 89_51ar 1952 MN 103/
1
4 10413 10412 May'30 -20-year external $1 75-1942 MN 101 Sale 10012 10112
50
9912 1031
ii
80
External af 8 hs of 1927_1957 MN 76 Sale 70
External sinking fund 68_1960 A 0 914 Sale 91
9113 139
88
10134 25
94' San Paulo(State) extls I 88.19363 J 10134 Sale 101
External $ 1 (is
92
1961 F A 9153 Sale 91
49
97 Sale 9614
88
J
1950
62
J
975
External
8
c941
sec
e
f
Se
2
Ry ref extl s f (Is
1981 .1 j 9133 Sale 91
911
/
4 35
88
94
31
89
External 51 75 Water L'n_1956 l'q 5 8614 Sale 86
Ertl slaking fund Os
9112 83
1961 M 5 9134 Sale 91
8,s
94
7512 74
31
76
External if 6$ int rcte 1088 .1 J 74
Extl sinking fund (Is
911
/
4 30
1962 M S 9112 Sale 91
88
941 Santa Fe (Prov Arg Rep) 7s 1942 M S 924 Sale 921
/
4
9414 I;
Chile Mtge Ilk 1114s June 30 1957 J D 9512 Sale 9312
9512 13
924 09
Saxon State Mtge lust 7S_1945 J D 98 Sale 27
98
;
5 I 8.34s of 1928_June 30 1961 3 D 9812 Sale 9734 e9914 60
94 100,
93
Sinking fund g 6 34s .Dec 1946 .1 D 9418 9512 93
Guar 51 6s
Apr 30 1981 A 0 9014 Sale 89
9114 23
8618 94
Seine, Dept of(France) exit 79'42 .1 J 10734 Sale 10712 10734 43
Chilean Cons Mimic 78
1960 M S 9434 Sale 94
9514 72
9318
25
96
,9) Serbs, Croats dc Slovenes 8s '62 M N 9534 Sale 95
Chinese (Hukuang Ry) 58_1951 J D 26
2534
29
2534
3
1962 M N 84 Sale 83
5;
23/
85
1
4 30
External sec 7/2 ser B
Christiania (Oslo) 30-yr a t Os '54 M 5 100/
1
4 10112 1014 1014
9 100 1021 Sliesia (Prov of) extl 7s,,..1958 J D 76
78
76
77/
1
4 51
Cologne(City) Gerraany6 As 1950 M 8 95 Sale 94/
1
4
96
31
9018 398/ Slleslan Landowners Asan138 1947 F A
8014 Sale 7912
8013 41
Colombia (Republic) 68
7712 42
1961 J J 774 Sale 7634
6678 ,83
11
Soissons (City of) esti 08_1936 51 N 10312 Sale 10313 104
External s I (is of 1928_ _1961 A 0 7713 78
78
43
77
68
81: Styria (Prov) external 7s-1946 F A 91 Sale 9014
I
9134
Colombia Mtg Bank 6348 01 1947 A 0 75 Sale 74
75
6
1044 51
6514 821 Sweden external loan 534e..1954 MN 10412 Sale 104
Binking fund 78 of 1926 1946 SIN 7534 78
7712
75
8
71
1
4 10814 31
88
Swiss Confed'n 20-yr a f 88_ _1940 J J 10758 Sale 107/
Sinking fund 78 of 1927 1947 F A
754 70
'
2 75
55
76'2
2
Switzerland Govt extl 53.45-1946 A 0 10458 Sale 10412 105
70
86
Copenhagen (City) 55
1952 2 D 9714 Sale 9714
(
8114
98
15
96/
1
4 0581 Tokyo City 55 loan 01 1912.1052 51 5 814 Sale 8114
1953 MN 9134 9214 9113
25-year if 434e
92
16
1
4 Sale 90/
911
/
4 6/
1961 A 0 90/
1
4
8812 931
External a 1 514s guar
Cordoba (City) cat' e f 76._1957 F A 86
87
89
88
2
1:
76/
1
4 93
77
1947 51 N
76 Sale 75
Tolima (Dept of) extl 7s
External. I 78—Nov 15 1037 MN 91 Sale 91
91
97 Sale 97
9718 1;
OS' Trondhjem (City) lot 530_1957 M N
1
82
Cordoba(Prov) Argentina 761942 J j 0612 9712 97
97
95,4
9514 '
Upper Austria (Prey) 78. _1945 .1 D 9514 97
93 100
1
Costa Rica (Itcpub) extl 75_1951 MN 8718 Sale 8718
871
/
4
8
87
D 8914 90
8912 11
J
1
9
5
7
86
15
As_June
s
I
External
0
91
Cuba (Republic) 58 of 1904_1944 M S 9714 98
98
98
/
4 10634
(
1
Uruguay (Republic) exti 88_1946 F A 10614 10612 1061
98 101
External 55 of 1914 ser A.1949 F A 10078 10112 100/
1
4 10138
98 Sale 98
98/
1
4 341
1060 M N
3 10034 102
External, 1 (ts
External loan 414s ser C 1949 F A 9314 96
9312
9358 13
9518
33
A 0 9512 96
06
Bank
7a'52
Venetian
93
Mtge
Prov
051
Sinking fund 5348.2an 15 1953 J J 10014 Sale 100
10014 49
8778 Sale 86/
1
4
21
88
991
/
4 1011 Vienna (City of) mai II 6s 1952 SIN
Cund Inaniarea (Dept) Colombia7714 7878 7714
7834 1,
Warsaw (City) external 75-.1958 F A
External s I 63-45
1959 SIN
7712 78
7712
79
30
VnknliAMR.((Ito) ext1 6s__ .A961 J D 0518 Sale 9518
05
84
9614 41
CCatal d&Ild
On the basis of $5 to the .1 sterling.
Range
Since
Jan. 1.
Lose
High
10914 111
109 11112
10858 111
10815c112
10312 10555
9912 10134
0012 93%
97 10014
9312 9714
8934 9612
9034 96
96 102
10138 103
10113 10314
1011
/
4 10258
10158 10234
10334 10812
88
75
9134 97%
974 1014
9112 9812
8418 92
9278 9814
9234 0812
117/
1
4 126
11218311851
10814 10971
94 310012
10212 10518
104 104
e82/
1
4 90
e9714 99
1021
/
4 10712
97 10134
88/
1
4
81
924 1004
91
9712
10013 10412
9034 r984
94
86
01 100
9012 5812
100 .10438
96
9834
9414 101
9812
93
9234 9858
9878
92
9434 98
10112 105
774 8512
94/
1
4 10114
931
/
4 101)
10212e104/
1
4
10212e105
80
65
1214 1512
26
28
2012
17
164 1734
1118 1353
1112 1412
1058 14
18
25
19
2514
95
85
83
65
6912 8212
9834 103
8678
91
103 107
8434 90
84
90
102/
1
4 1047s
10238 104
1011
/
4 104
1
4 10172
100/
9634 9914
9434 98
84
9212
100 10234
9838 101
10018 103
8912 9512
7112 90
91 e10112
84
69
69
844
81
74
8838
79
1
4 98
93/
91 100
8312 9412
104/
1
4 110
993
,1044
90 103
6434 5103s
74
9314
8912
73
9213 1054
704 95
87
0434
103 10512
8058 901
/
4
95 107
84
70
96 102,4
90 101
7934 9312
81
65
954
87
93
9034
86
97
10658e10912
98
87
7534 8512
82
70
72
847a
10158c105
9318
86
10314 10614
10712c10912
10212 105
74/
1
4 82
8714 9312
5712 87
93/
1
4 PS
9234 9754
8114 91
105 108
9312 994
88
05
82
01
73
8312
95
98,4
3324
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 9.
New York Bond Record-Continued-Page 2
Price
Friday,
May 9.
Bid
Railroad
Ala Gt Sou 1st cons A be__ __I943 J D
let cons 4s ser B
19433 D
Mb & Susq 1st guar 3Hs_ _1946 A 0
Mieg & West 1st g gu Ss__ 1998 A 0
Alleg Val gen guar g 48
1942M S
Ann Arbor let g 48--Jul, 1995 Q 3
Melt Top & S Fe-Gen g 48_1995 A 0
Registered
A 0
Adjustment gold 48__July 1995 Nov
Stamped
July 1995 M N
Registered
MN
Cony gold 4e of 1909
1955.5 D
Cony 48 01 1905
1955 J D
Cony g 46 issue of 1910_ _1960 J D
Cony deb 4348
1948.5 13
Rocky Mtn Div let 48
1965 J 3
Trans-Con Short L 1st 48_1958 J .1
Cal-Aria let & ref 43-s A_1962 M S
Ati Knoxv & Nor 1st g be_ _1946 J D
Atl & Char! A L let 430 A._1944 J J
let 30-year be series B
1944 J J
Atlantic City 1st cons 48
1951 J 1
AO Coast Line 1st cons 48July'52 M S
M S
Registered
General unified 4 .j:1
1964.5 D
LA N coil gold 48- Oct 1952 MN
All & Dan lat g 4s
19483 J
2d4
19483 J
Atl & Yad let guar 4zi
1949 AG
Auittin dr N W 1st gu g 58-1941 3 i
Bait & Ohio let g 48____July 1948 A 0
Registered
July 1948 Q J
20-year cony MO
1933 M S
M 8
Registered
Refund dr gen ba series A __1995 J D
3 D
Registered
.
Istgold 58
July 1948 A 0
Ref dr gen 6s series C
19953 0
P L E dr W Va Sys ref 48_1941 M N
Southw Div 1st 5e
39503 J
Tol & CM Div let ref 4s A.1959 J J
Ref & gen Sr series D_ _ _ _2000 M S
Cony 4348
1960 F A
Bangor & Aroostook let 54 _ _1943 .1 J
Con ref 48
10513 J
Battle Crk &Stur 1st gu 38 1989 .1 0
Beech Creek 1st gu g 48----1936 3 3
J J
Registered
2d guar g 5e
19363 J
Beech Crk Ext 1st g 3Ha_ _195I A 0
Belvidere Del cons gu 3348_1943 .1 .1
Big Sandy 1st 48 guar
19443 13
Bolivia Ry let be
1927.5 J
Beaten & Maine 1st be A C 1967 MS
Boston & N Y Air Line 1st 4s 1955 F A
Bruns & West 1st gu a
1938.54s
.1
Buff Roch & Pitts gen g bs_ _1937 MS
Consol 4 Ha
1957 MN
Burl C R & Nor lst & coil 58_1934 A 0
Week's
Range or
Last Sale.
Ask Low
44
Ranee
Since
Jai. 1.
High No. Low
Htjh
10312
- 10312 Apr'30
8312 9134 9314 Apr'30
3
8518
85
8614 8518
_- 85 May'30
1
9412
9412
859434 95
11
82
833s Sale 8112
216
9432 Sale 94
95
9134 Apr'30
2
9114
9034 9114 90
8
91
91 Sale 90
8513 Feb'30
1
9213
91
9312 9213
20
92
9034 9334 91
90- 9034 Apr'30
1331,,-218
133 1itife 129
91
9214 Apr'30 ---9118 -92-38 9233 May'30 -9912 10014 10014
10014
2
10212
- 10338 Apr'30 ---96 100
9514 Apr'30 -15
104
10212 104 104
Jan'30
87
87
93% 76
9012 Sale 90%
9212 10
9212
971 99 98s 9914 11
9112 Sale 9012 914 24
1
6212 63
6218
6213
57
53 May'30
53
84
8612 84 May'30
9918 10214 101
101
10034 10312
92
9314
83% 88
87
85
9212 9534
8918
76
91/
1
4 9612
90
9134
874 93
87% 93
9544 9914
87
9212
94
88
8914 9034
128 141 19
88
9214
9012 924
97 10114
10214 104
9712
95
10012 104
87
87
PO
95
9212 9212
961
/
4 100
8812 9318
58
7334
58
53
8218 85
99 101
9234
9312 40
9912 Mar'30 -9934
10014 79
99 Mar'30 ---10412 89
10314
_
9914 June'29
g;1-e 0438 10514 35
Sale 109
10912 55
35
95
Sale 9334
10373 96
Sale 10218
Sale 8867
6
34
Sale 0234 104
1023 2029
Sale 0014
105 105 Apr'30
8718
6
8838 87
62 Apr'30
65
---- 96 Mar'30
95 Aug'29
Jan'30
-- 00
78 Feb'30
9112 95
9912
90
98% 10014
9818 99
101 10434
9313 94
"iii2 &a;
io5Ta 104
105
109
9334
103
8678
104
102%
103
8738
6214
9614
---9934
81
9214
_-- 92
100Sale
84
85%
9214
10014 III
9312 Sale
100 102
Mar'30 --
9912 166 _90
1
85
85
9418 Mar'30 -10014 May'30
92/
1
4
9334 65
101 Apr'30 --
joirs 115- 10812c111
96
91
10012 10458
84
8714
10114 10412
10012 104%
10134 105
90
84
62
62
9512 96
ioo"
78
100
78
-ior!
92
Price
Friday.
May 9.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 9.
Ch M & St P gen 48 A_May 1989 J J
Q J
Registered
Gen g 334s ser B__ __May 1986 33
Gen 434s series C___May 1989 33
Registered
Gen 4 Hs series E__--MaY 1989 33
Chic Milw SIP & Pee 5s__ 1975 FA
AC
Cony ad) 58
Chic & N'west gen g 3548_
n_ 1_2
10
987
00 M N
Q F
Registered
General 43
1987 MN
Q F
Registered
Stpd 4s non-p Fed in tax '87 MN
Gen 43s stpd Fed Inc tax _ 1987 MN
Gen 5,s stpd Fed inc tax_ _1987 MN
SIN
Registered
MN
Sinking fund deb 5s
MN
Registered
10-year secured g 78
3D
1155-yea
g 6358----11999333603 MS
May 2037 ID
151 & ref 4348
May 2037'ID
MN
Cony 432e series A
Subs rem part paid
Chic RI & P Railway gen 48_1
98
48
9 13
19
'
3
Registered
A0
Refunding gold 48
AG
Registered
MS
Secured 434s series A
Ch St L & N 0 Mem Div 48_1
5324
1J o
119
995
Gold 5a
June 15 1951 ID
ID
Registered
S D
Gold 33.4s
3D
Registered
ChSR
tL
ege
irstP
ere
lsdt consjg
52
1 A0
88
58
193
6_ 15
_ _19
A0
Chic St PM &0cons Ss__ __1930 in
Cons 68 reduced to 3348.ID
1930
Debenture 58
1930 MS
MS
Stamped
Chlin
ceTgH
6&
68So East 1st bs_ _ _1960 J o
11996603 MS
Chic Lin Sta'n 1st gu 4DHes6A1ii
let 58 series B
• J
J O
Guaranteed g 513
1st guar 634s series C1
996
483
43 j
119
Chic & West Ind gen 68_Dec 1932 QM
J J
Consol 50-year 48
1st ref 5Hs series A
M
Choc Okla & Gulf eons 58._1
652
22 MN
119
995
Cin H & 1320 gold 434s,1937
I
CI
StLt&eC 1st g 4s_Aug 2 1936 Q F
Regiserd
Aug 2 1936 Q F
Cin Lob & Nor 1st con gu 4,1_1942 MN
96 Riffs Clearfield M Mali 1st gu Sr--1943 1
Cleve CM Ch & St L gen 48__1993 ID
87
81
20-year deb 434s
92% 9458
11999331 J J
ID
General 58 series B
9934 103
Ref dt impt 68 ser C
95
13
90
▪ J
9912 101
Ref & bunt 58 ser D
C
RD
:f
irat
o Ina
ivptle4t34
g0
slaleo
19
996
7
47
31 .7'
rE_ _ _1
10212 10534
1939 J J
Cm
• .1
931a 974
& M Div lst g 4a 11993
,
91 MN
St L Div 1st coll tr
9214 97
48--199
'
Spr & col Div let g 48
MS
9214 97
1942
,j
W W Val Div let g
9914 10334
J
CaC
10114 10318 c
imdr
r
J J
10934 112
gW
mco
erfsf
4 A0
966
19
933
51.-_:1
113 116% Cleve & Mahon Val g bs_ _ _ _1938• J
11314 1134 Cl & Mar 1st gu g 4 Hs_ _ 1935 MN
9818 10038 Cleve dr P gen gu 4348 Her B _1942 A0
8312 8814
Series B 330
42
1 A0
96
4 ie_ 19
gets 10012
Series A 434a
1942 J J
Series C 3348
10034 10354
4s
1948 MN
Series D 3Hs
FA
"ii" 1.5% Cleve Slur Line 1st 1511
AO
9912 10212 Cleve Union Term lat 5Hs_ _197
942
8 AG
107 11012
A0
Registered
18t f tet series 13
8534 8534
AO
82 8512
latef guar 434s tier C__ _ _1
0977
3 A0
10312 10412 10318
10318
3
96 Sale 98
96% 17
95% 61
9514 Sale 95
9514 Sale 95
9513 39
10258 Sale 1017
102/
1
4 53
1027e 70
10214 Sale 102
11012 Sale 110
110/
1
4 26
11614 Sale 11514
11614 27
11314 Ja1,'30 ---10018 23
100 Sale 9978
8612 58
8638 Sale 8538
25
9934 Sale 99/
1
4 100
10234 Sale 1021s
10234 33
_
/
4 May'29
9812 - 981
84
2
8412 15 84
102
2
10138 _- 102
10812 1-09 10812 10812
2
8538_ 85/
1
4 Feb'30
1
85
84 -8514 85
Central of Ga 1st g 58-Nov 1945 F A
Consol gold 58
1945 M N
MN
Registered
Ref & gen 5Hs series B___1959 A 0
Ref & gen be series C
1959A 0
Chatt Div pur money g 48_1951 J D
Mac & Nor Div 1st g bs_ _ _1946 J J
Mid Ga & Atl Div pur m 58'47 1 .5
Mobile Div let g Sr
1946 1 J
Cent New Eng 1st gu 48_ __ _1961 J J
Central Ohio reorg 1st 4 Hot 1930 M 5
Cent RR& Bkg of Ga coil Sr 1937 M N
Central of N J gen gold 58_ _ -1987 J 1
Registered
1987 Q J
1987.5 1
General 48
Cent Pac let ref gu g 48_ _1949 F A
Registered
F A
Through Short L lat gu 415_1954 A 0
1960 F A
Guaranteed g 58
10312 10412 104 Apr'30
101
10078 102 100%
100 Feb'30
115,711-4 1-0514 105 May'30
10178
10112 Sale 10114
8612 ____ 89 Mar'30
100 -_
100 Feb'30
98 101-4 10112 Apr'30
___ 10214 103
1021
84
834-8412 84
9918-_ 9934 Apr'30
Apr'30
10018 10114 102
11212
11212 Sale 11134
11014 Mar'30
911
/
4 -0312 93 Apr'30
9313 9512 93/
1
4
95/
1
4
90 Mar'30
92 May'30
92 -03
104
103/
1
4 104 103
Charleston & Say% 1st 78_1936 J J
Chee & Ohio 1st con g 58..„ _1939 MN
1939 WI N
Registered
1992 M S
General gold 4348
M S
Registered
1993 A 0
Ref dr impt 434s
F A
Registered
Het & leapt 4Hs ser B__ _1995 J J
Craig Valley 1st 58_ _May 1'403 J
.."otts Creek Branch 1st 48_1946 I J
R & A Div 1st con g 4s___ _1989 J J
1989 .1 J
2d consol gold 48
Warm Spring V lat g 58-194i M S
Champ Corp cony bs_May 15'47 MN
Chic & Alton RR ref g 3_1949 A 0
Ctf dep stpd Apr 1930 int_- ___
J
Railway first lien 3Hs_ _ _ -1950
Certificates of deposit
Chic Burl OZ Q-Ill Div 3344_1949 J 1
J J
Registered
1949 J J
Illinois Division 4s
1958 M S
General 40
Registered
M 13
1977 F A
Mt & ref 430 ser B
1971 F A
let & ref 58 series A
Chicago & East III 1st(38_ _ 1934 A 0
C & Kill Ry(new co) con 68_1951 MS
1982 M N
Chic & Erie 1st gold Sr
Chicago Great West let 48_1959 M 5
Chic Ind & Loulsv-Ref6s 1947 J J
1947 J J
Refunding gold be
Refunding 4s series C
1947 J J
let & gen bs seriee A
1966 MN
1st & gen 68 ser B_ __May 1966 J J
olio Ind & Sou 50-year 48 1956 J .1
Chic L Eil & East 188 4348_1969 1 D
10833 ___ 103 Dec'29
103
2 102 104
10234 103/
1
4 103
10112 Jan'30
10112 10212
26
100
100 Sale 9918
9714 102
2
9812 Sale 9812
9812
96
9812
9814
136
9714
981
/
4 Sale
984
94
90/
1
4 Sept'29 -_
9812 114 "9334
9833 Sale 9718
Apr'30 _
10014 102 101
96% 102
9112
911
/
4 25
9614 9112
-SC gide 8912 90 33 864 90
8914 3914 May'30
86
8312 894
2
100
9812 1007s 100
97 10118
100/
1
4 204
10034 Sale 100
98 10112
6
6753 69
67/
1
4
67/
1
4
6514 72
7
1
4
67/
67/
1
4
6378 6918
6753 70
41. 123
70/
,
1
7014 70
69
7012
59
11
mil 7012
69
70
7011
8712 24
8712 Sale 8612
8518 8814
8418 Feb'30
844 844
Erie Ist consol gold 7s ext_ _1
9334 9514 94 Apr'30 _-__
9218 95
1930
5 MS
9
9312
94
1st cons g 45 prior
89
9333 Sale 9234
'
3
1996
98
134 Sept'29
0858 0014 0
Registered
1996 J J
8
9812
1st consol gen lien g 48
96 filo."
199
96 ▪ J
22 10412 107%
Registered
107 Sale 10612 107
1998• J
Penn coil trust gold 48 _1
10278 104 1028 May'30 -- 10018r105
_ _1
1956 FA
7312 196
72
84
50-year cony Unties A _1953 AG
Sale 775
Series B
10312 Apr'30
102 105
AO
10351
78 8
2
6812
7012
212
Gen
7212
cony 4s serlea 13
64
AG
69% Sale
Ref & impt 58
11234 113
112__ 11234 Jan'30
MN
Ref & impt Ss of 1930_ _1999
101% 10234
10212 1-0412 10213 Apr'30
96
7
535
733 AO
Erie &Jersey Mt s 16s._ 1955 3'
/
4 ___ 89 Dec'29
911
Genessee River let ef 5s 1957 31
99 1-1;4;
1
10314
10314 1-05 10314
10 105 1091s Erie & Pitts gu g 330 ser 13_1940
107
10712 108 107
02
Series C 334s
89
_ 90 Apr'30
91
19
96
40
4 ii
18
Eat RR extl f 7e
99
9334 99
MN
so gale 98
Cash sale
18
3
4
22
10
44
10214 105
100% 104
100 100
104 10584
9838 102%
8413 89
100 10112
98 103
100 103
8118 8538
994 100
9514 102
10734 11212
107 111
9034 93
914 9538
90 90
90% a334
10034 10412
Coal River Ry hat gy 48_ _ _1945 ID
Colo & South ref & ext 4348MN
1935 A0
Col & H V lst ext g 4e
Col & Tol let ext 48
FA
Conn & Passum
453
5
3 A0
let 4s...1
19
994
Couaol Ry non-cony 415
1954 J
Non-cony deb 4s
1955 J& J
AO
Non-conv deb 4s
Non-cony debenture 4s__ _ 19
95
56
5 13
Cuba Nor fly 1st 5348
ID
Cuba RR 1st 50-year 58 g _ _1
42 3'
195
1st ref 7348 series A
1936 J O
let lien & ref (3s ser B__ _1
36 ▪ D
193
Day & Mich 1st cons 4 Hs_ _1931
.• 7
Del& Hudson 1st & ref 4s_ 1943 MN
30-year cony Ss
AO
15-year 5348
MN
10-year secured 7s
ID
itB
r o
rld
isgteellgguo
3
336
6
997 FA
9
993
g _4_8_7:19
ii
Cense! gold 4546
13
Den & R West gen 56_Aug 195
35
6 MN
Ref ft impt te ser B _Apr 1978 MN
.•1
8
130flat
deposittt11 s _ _ _1935
DesCeMrtif&icaFtet
Des Plaines Val 1st gen 4340_1947 MS
Del & Mac 1st lien g 48
1965 ID
Gold 'Si
ID
Detroit River Tunnel 4Hs 199
965
1 MN
Dui Missabe & Nor gen Ss,,_ 1941 33
Dul & Iron Range let 58
.-1937 AO
A0
Registered
Dui Sou Shore & Atl g 5s_
__1937 1.5
East Ry Minn Nor Div 1st 4s '48 AG
East T Va dr Ga Div g 58_ _ _1930 31
Consol 1st gold 58
MN
Elgin Joliet &East 1st g 5s 1941
56 MN
El Paso & S W lst 58
1965 AO
DDend
te
Ask Low
Hig No
12
Sale 8512
86
0
80
534 Ma07
'
r643,10
24
74 Sale 74
10
18
9612 Sale
100 May'28
9612 27
-OS- 07 96
9214 Sale 911
/
4
9212 270
67 Sale 64
603
67
7814 79
7712
7878 17
75
Jan'30
9014 Sale 90
9214 43
84 Apr'29
9018 9118 90 May'30
104 Sale 104
5
104
109 Sale 108/
1
4 111
8
_
105 Mar'30
iOi
101
Apr'30
99 Feb'30
_
99% Sale 100
968
917
,3
2
8
100
11086
0,142 423
1
10834 109
---- -9734 Sale 9738 .98
35
10134 Sale 100
10134 409
10138 101% 9913 Feb'30
9012 Sale
8
59
91' Apr'30
958 16
9734 Sale 9634
9712 285
95
Jan'30 -95-34 Sale 9312
9534 241
8934 92
92
92
1
104 Apr'30
104
102 Mar'30
8412
81 July'29
78 Apr'29
10014
100 Apr'30
1011
/
4 June'29
_
100
HIS 16-914 100
2
9912
_ 9814 Dec'29
9612 -00 99% Feb'30
10018 Dec'29 -9l1 927e 9812 May'30 -9112 Sale 9112 92
7
99
12
9834 9912 9812
10412 10514 10412 10412
5
10314 104 103
10314
115 11618 115/
1
4 11614 13
5
102/
102 Sale 102
1
4
89
31
891
/
4 9014 88%
10412 105 104
105
37
10073 Sale 101
Apr'30
9614 Sale 9614
9614
3
9512 9612 96 Apr'30
94 Feb'30
9414
1
8934 ---- 9414
Bid
86
Canada Sou cons gu lie A _ _ _1962 A 0
Canadian Nat 434s_Sept 15 1954 M 5
30-year gold 434e
1957 J J
Gold 44e
1968 J D
Guaranteed g 58-___July 1969 J .1
Guaranteed g 58____Oct 1969 A 0
Canadian North deb a 1 70_1340 J D
25-years f deb 634s
19463 J
Registered
10-yr gold 4Hs_ __ _Feb 15 1935 F A
Canadian Pao Sty 4% deb stock
J J
1946 M 5
Col tr 434s
19443 J
is equip tr temp ctfs
Carbondale & Shaw 1st g 48_1932 M S
1949.5 J
Caro Cent let cone g 415
Caro Clinch &0 let 30-yr 58_1938 J D
let & con g 68 ser ADec 15 '523 D
19813 li
Cart & Ad 1st gu g 48
Cent Branch UP let g 48_ 1948 .1 13
2
Week's
Range or
Last Sale.
9412
100 July'28
91 -9
10
90
91
100 Sale 100
4
100
108
108 Apr'30
10334 --- 103/
1
4 May'30
1034 Sale 10234 10312
5
97
98
97
9712 27
9418 9514 95 Apr'30
8412 8633 8634 Apr'30
8734_ 8712
8758 10
93 -66- 93 Apr'30
93 Jan'30
10433 Apr'30
1007 Apr'30
9912 Apr'30
111034 Mar'28
10034 Mar'28
87 Mar'29
1
4 Nov'29
9878
-- 95/
86 19
86 May'30
_ _ 8934 Jan'29
100
86102- 100
2
100
4
10758 Sale 10733 107/
1
4
107
Oct'28
10334 Sale 103/
1
4 10412 23
9858 Sale 98
314
99
91% Sale
99/
1
4 Sale
9213 ____
8812
_
857318 7-414
7512 79
7512
7318 -75
6312 Sale
79
76
83% Sale
8212 83
91.3
9913
91
841
/
4
8612
7514
76
69
75
62/
1
4
78
83/
1
4
85
91%
100
Apr'30
Dec'29
Feb'30
Apr'30
Apr'30
Dec'29
Apr'30
63/
1
4
7912
8418
Apr'30
2
25
Range
Since
Jan. 1.
Low
844
8184
7258
9238
High
87s
85
7434
97
52349612
9634
7812
8014
76
924
901,
64
7712
75
8774
- i293
100 1044
107 112
105 105
10038 10112
90
99
1
4
99% 101/
19734 109/
1
4
10434 107
99
95
9814 10514
99
994
92
88
8511 89
9512 9814
95
95
92% 98
8814 92
10318 10412
102 102
997k 100
100
1664
-9974 166-
"iati4 16614
9414
89
97 106
103 10514
10114 104
114 116%
100% 102%
8512 92
103 105
99% 101
954 964
9514 96
94
9418
8838 944
8812 11994 100
105 108
10212 106%
100 1044
93% 93
92 97
8514 8712
844 8914
93 94
99
93
103 104%
9938 100%
98
9812
86's 88l
97's 101
10514 109
10213 1-6.
11-2
99
96
88 91%
97 10314
8818 94
z
-8811 Wi
70
76
76
70
30
56
28
99% 100
99%
99%
1
93
9314 93
9314 36
101 107 10018
2
10018
10414 105 104
105
14
100 Sale 100
1001
6
/
4
9512
9614 Aug'28
9412 Sale 93%
95
103
971
/
4 98/
1
4 9812 Apr'30
9313 Sale 93
65
95
92 Sale 9112
9212 21
30 Apr'30
__ 30
30 Apr'30
5552
92/
1
4 Feb.29
6314 -7438 7413 Apr'30
6478 60
60
60
3
99
9912 99
99
15
10034
- 104 May'30
Ica 103 10012 Apr'30
97
Oct'29
8112 84 81
Apr'30
94
9212 Feb'30
9978 Coo
9878 Apr'30
105 11012 105
105
3
10314 Sale 10314
10314
5
10114 ---- 10114
10114
1
10073 Sale 1007s
14
101
87 Sale 85%
21
87
821
/
4 Jan'30
8212 Sale 8034
8212 151
_
77 Mar'30
ioi 16112 101
10
101
8412
8412 85
6
8412
84
8434 83/
1
4
84
s
_85 84 Apr'30
9512 90
E1 172 Sale 9412
95/
1
4 Bale 941
/
4
9512 1750
113 11438 112% 11278 13
11112 113 11314 Apr'30
8633 Apr'30
891
/
4
8913 --- 85% Oct'29
34
10512 Sale 10512 106
70
6013
76
83
83
75
75
84
9914
92
9912 100
9114 94
97 107
10078 105
100 101
1
.
6.1.
-t
924
9
87
51412
2314
2_3
5_
_6
9912
99
5
30
31
61
60
9584 994
101 10418
10014 103
82¼
72
924 9212
97 100
100 10512
102 10314
10114 1034
10034 101%
84 c89
824 824
84
79
764 77
101 101
827
. 8612
82% 86%
84
84
98
94
94
95/
1
4
11034 1144
109 11314
86% 865s
l04 106Rif"
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 9.
Fla Cent &Pen let cons g 591943 J J
Florida East Coast 1st 4348_1959 S D
1st & ref be series A
1974 M
Fonda Johns & aloe let 4%81952 M N
Fort St LI D Co let g 4358_1941 is
Ft W & Den C let g 35e_ _1961 J O
Frets Elk & Mo Val let 89_1933 AO
GH&SA 51 &P lat bs_1931 MN
2d extens 513 guar
1931 J J
Gale Hous & Head 1st be_ _1933 AO
Oa & Ala Sty 1st cons Ss Oct 1945 J J
Gs Ca90.5 Nor lot go g 5a 1929 J J
Extended at6% to July 1_1934 55
Georgia Midland let 3s
19911 A
(low, & Oswego let be
1942 J D
Or R & lest let gu g 4391_1941 S i
Grand Trunk of Can deb 76_1940 AO
15-year sf 66
1936 M S
Grays Point Term let 58
1947 S D
Great Nor gen 75 series A. 1936 J J
Registered
J J
it & ref 4 158 series A ___198I J J
General 5359 series B____1952 is
General 58 series C
1973 J
General 4358 series D
1976 ii
General 434e series E__ _1977 J J
Green Bay & West deb Ws A_. Feb
Debentures et:a 13
Feb
Greenbrier Ry 1st gu 45_...1940 MN
Gulf Mob & Nor let 5358,_1950 AO
1st Si be series C
1950 AO
Gulf & S I 1st ref & ter 613_5_1952 J J
Hocking Val 1st cons g 4358_1999
Registered
1999 S i
Housatonic Ry cons g So.._.1937 MN
II T C 1st g 5s int guar
1937 S i
Waco & N W div 1st 6e_ _1930 MN
Houston Belt & Term 1st 58_1937 S i
Houston E & W Tex 1st g 65_1933 MN
1st guar 55 redeemable
1933 MN
Hod & Manhat let be ser A.1957 FA
Adjustmentincome 5s Feb 1957 AO
Price
Friday,
May 9.
Week s
Range or
Last Sale.
Bid
Ask Low
98%
9812
96
80
90
5518 Sale 54%
30 Sale 30
98
96
9418
107 10734 106
10358 10434 10358
10014 10034 10018
100%
100%
9714 99
99
85 8414
84
Lehi Valley RR gen Le series 2003 M N
Leh V Term ay lst gu g ba 1941 A 0
Leb
@FedFRASER