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financial
enurriald hamide
The
VOL. 132.
SATURDAY,MAY 16 1931.
NO. 3438.
to 15
duced the rate for bills with a maturity of one
the
and
1%,
of
days to the preposterously low figure
On
%.
2
1
/
1
to
days
120
rate for bills running 16 to
PUBLISHED WEEKLY
on
reducti
the
in
event
final
Thursday there came the
Terms of Subscription—Payable in Advance
from
rate
nt
discou
its
of
6
Mos.
12 Mos.
by the Bank of England
Including Postage—
$8.00
Alaska
$10.00
Within Continental United States except
11 50
6.75 3% to 2
2%. This last was certainly a fitting cli1
/
In Dominion of Canada
7.76
and territories.... 13.60
Other foreign countries. U.S. POWWW110011
the
For
Bank
Quota
and
max to the events we have narrated, but really conThe following publications are also issued.
Record the subscription price is
purposes
lion Record and the Monthly Earnings
each.
year
to
50
Add
per
cents
$5.00
is
stituted a nullification of the plans and
$6.00 per year; for all the others
ed
each for postage outside the United States and Canada.
suppos
are
ties
authori
e
Reserv
l
IONIP
I
Federa
MONTHLY
PUSLICIAT
which our
0oMp.NofljMe—
AND QUOT•TION R/1001ID
B•NIC
nually)
their
SOTE11-an
to
UTILITY—(
PUBLIC)
EARNINGS RICIOND
to have in mind in adhering so steadfastly
RAILWAY & INDUSTBIAD--(four a year) MONTHLY
STATE AND Musacnuz,--(sernl-Ann.)
plan for alleviating British gold scarcity.
Terms of Advertising
l
All the foregoing are related events, and Federa
45 cents
Transient display matter per agate line
On
request
factor
ent
compon
rates
chief
Card
the
Contract and
Reserve action has been
H. Gray, Western Representative
CHICAGO Ornon—In charge of Fred.
fy
208 South La Salle Street. Telephone State 0613.
in
them all, inasumch as this has served to intensi
0.
Drapers
1
E.
Gardena. London.
LONDON Orincn—Edwards & Smith.
marmoney
in
the
ons
conditi
prevailing abnormal
WILLIAM B. DANA COMPANY, Publishers,
s'
ket. This week's cut in the buying rate for banker
William Street, Corner Spruce. New York.
month
present
the
made
fourth
the
acceptances is
Y.
Published every Saturday morning by WILLIAM B. DANA COMPAN
current year
D. Riggs: and the thirteenth made during the
President and Editor. Jacob E3elbert; Business Manager, William
Treas.. William Dana Seibert;See., Herbert D.Seibert. Addressee of all. Office of Co.
be
obliged to
to date. It is not a pleasant task to
after
week
ties,
criticize the Federal Reserve authori
they
as
open,
s
The Financial Situation.
appear
week, but no other course
t or
warran
real
no
which
This week's developments—those which stand out persist in a course for
s
compel
also
Candor
with the greatest prominence we mean—have had to justification can be found.
as
,
System
e
Reserv
l
Federa
the
do mainly with the money market, and they offer a the statement that
ning as badly in
series of anomalies to which it would be difficult at present administered, is functio
the wild,and
in
did
it
as
stress
the
y
On
s
past.
Monda times of busines
to find any close parallel in
the spuriand
s
excesse
market
stock
d
ge
at
per
1%
renewe
hectic period of
call loans on the Stock Exchan
this
which
'business to
annum for the first time since Sept. 9 1908, while ous prosperity in trade and
time money rates moved to levels not previously stock market craze led.
d
All the various reasons Assigned for the repeate
recorded since a much earlier date, to quote the New
action
the
with
ground
York "Times", the rate for 60-day loans dropping cuts in bill rates fall to the
ng its
2%, and for 90-day loans and for four of the Bank of England this week in reduci
1
4@1/
to 11/
es
purpos
the
of
One
1%.
of
2
1
2@2%,and the rate even for five and discount rate by /
1
months to 1/
in
'have
to
known
are
ities
'author
six months being quoted no higher than 2@2%%, which the Reserve
their buying rates
and prime commercial paper selling on a basis of 2% mind in these recurring cuts in
ng the difference
wideni
of
that
is
for acceptances
per year.
and London,
York
New
n
betwee
e
yield
Reserv
l
carryBanks,
in the money
On Wednesday the Federa
would
ing a step farther their action of last week when the the theory being that higher rates in London
New
the
New York Federal Reserve Bank reduced its redis- serve to deflect short-term funds from
the
that
and
,
count rate from 2%, already the lowest since the York market to the London market
from
ed
deflect
be
establishment of the Federal Reserve System, to movement of gold in turn would
2%, which latter, as stated by us at the time, is New York to London.
1
1/
But when the Bank of England, immediately follower than any discount rate ever previously estabat New
lished by any central bank throughout the whole lowing the reduction in the rediscount rate
nt
discou
own
its
s
reduce
this
action the New York York from 2% to 1/
2%,
1
world—in continuation of
clearly
it
1%,
of
2
1
/
or
,
of
this
amount
day
week
took an- rate by the same
Reserve Bank on Wednes
was
other step in the same direction, in the carrying appears that the difMrence in favor of London
action
e
Reserv
the
that
hence
policy.
This
easy
and
,
money
money
ample enough
out of its easy
when
policy is the distinctive feature of its conduct in the was needless. And the same remark applies
trek
merely
London
current period of business depression and low open market rates for bills in
,
System
e
Reserv
the
by
money rates, just as it was during the period of after the changes in bill rates
nce
the
differe
leave
to
being
trade activity and high money rates—a policy which the result in the end
was before.
is proving as completely a failure on the present in favor of Great Britain the same as it
that
the Fedthink
who
those
We are not among
occasion as on the former occasion. In other words,
should
govtheir
rates
fixing
in
Banks
Bank
made still another cut eral Reserve
the New York Reserve
or
abroad
unons
should
conditi
by
y
action
it
has
recentl been making ern their
in the long series of cuts
ors
as
of
up
regulat
monelves
themse
set
s'
in its buying rate for banker acceptances. It re- dertake to
Financial Thronicle
3590
FINANCIAL CHRONICLE
Vol..
132.
tary affairs throughout the whole world, believing ing a profit on the business, with money rates so
this to be entirely outside their province and beyond low, is infinitely worse. This comes at a time, too,
their authority. We hold to the opinion that eco- when losses to the banks must be more than ordinomic law can be depended upon to supply its own narily heavy by reason of the insolvencies growing
corrective when left undisturbed. Even if that out of the great decline in both commodity and
were not so, however, when our own action in fixing security values.
rates simply leads to corresponding action on the
In view of all this, what prospect lies ahead for
other side we have the best of reasons for thinking the banks, so many of which have already been
that our Federal Reserve System is achieving driven to the wall. Have we not here a reason for
nothing and should cease and desist from proceed- the utter lack of confidence in the •banking and
ing any further in its present course.
financial world which is now so widely prevalent?
As to the argument that in the time of great mone- What a blessing it would be if the Reserve Banks
tary congestion, with banking credit in superabun- could be induced to keep their hands off for a while,
dance at cheap rates, business can be revived and and if, at the same time, the Federal Farm Board
the security markets aided by adding still further and the numerous other Government bureaus which
to the volume of banking credit and driving down are constantly interfering with the normal course of
the rates charged to still lower figures, through the things, meaning to be helpful but being merely obopen market operations of the Federal Reserve structive—could be induced to do the same thing.
Banks, experience during the last 20 months has
amply demonstrated the fallacy of such reasoning.
Unfortunately, too, the railroads of the country
The truth is business has not revived and there are are in a sorry plight, with little realization on the
no signs ahead that it will revive at an early date. part of the general public of the urgency of their
At. the same time, the security markets, not only need of relief. We have frequently taken occasion
stocks but bonds, have fallen into deeper collapse. to point out in these columns how heavy have been
Improvement in either case is not to be effected by their losses in revenues during the current year thus
such artificial means. On the contrary, there is far, in addition to the heavy losses sustained by
reason for thinking that the revival, or return to them during last year, and, as a matter of fact, in
normal, has been hindered and delayed by the course the whole of the period since the stock market colpursued by our Federal Reserve authorities.
lapse in the autumn of 1929. It is in the highest
The adjustment of affairs back to the normal has degree important that the public should be aroused
unquestionably been obstructed by making credit to the needs of these rail carriers. They find themextra abundant and extra cheap, through Federal selves to-day in a really desperate condition. They
Reserve operations. In addition, there is the men- represent an investment of, roughly,$26,000,000,000,
ace to the banking world which the policy holds. and because of the great shrinkage in their revenues
With business so depressed as at present, and not only is the portion of the investment represehted
with the demand on Stock Exchange account by share capital 'being menaced, •but the portion
steadily diminishing, as evidenced by the steady represented by bond issues, of which latter the savshrinkage in brokers' loans, banking credit ought ings institutions of the country are such large holdto be 'allowed to contract in the ordinary, natural ers, is also now being placed in jeopardy.
way, whereas Federal Reserve process is just the
The statement of the New York Central RR. for
reverse and operates to expand credit supplies and the March quarter, submitted the present week, and
to produce new inflation and new expansion, a con- which has precipitated such a severe break in the
dition of things which is as full of menace in bad stock market, furnishes an excellent case in point.
times as in good times. 'Thrusting Reserve credit The New York Central is one of the strongest and
out at such preposterously low figures as 1% or best managed railroad systems in the country. Yet
1M2% throws discredit upon our whole banking sys- this great and superb railroad property was unable
tem •and impairs confidence in its safe conduct. to earn a single cent for the stock in the three
Worst of all, as we have previously pointed out, the months referred to. Indeed, it was not able to earn
absurdly low rates to which Federal Reserve action quite in full its fixed charges for three months, havhas forced remuneration for money is producing a ing actually fallen $172,030 short of the amount
state of things where it is rapidly becoming impos- required for the purpose. On the other hand, in the
sible for our mercantile banks to eke out a bare same quarter of last year the New York Central
existence. Business depression in 'and by itself must was able to show $8,452,688 surplus in excess of
have reduced money rates to low figures, but Fed- the fixed charges, while in the first three months of
eral Reserve policy serves immensely to aggravate 1929 the surplus above the charges, and hence availthis unfavorable feature.
able for dividends, was no less than $14,992,639.
Even to the Reserve Banks themselves the operaMany other railroad systems in the country are
tion of discounting bills at the rate of only 1% per faring just as badly, and some of them are even
annum must be bare of profit, not sufficient, we worse. The deficiency exists, too, notwithstanding
mean, to pay the expenses and incidental outlays very heavy savings and reductions in expenses. A
connected with the operation—so that the Reserve pass has now been reaehed where no alternative
institutions are running all the risks connected with would seem to be left except to lower wage schedthe operation without making any profit on the ules. Yet the different railroad brotherhoods, as
investment, or, in any event, realizing an adequate also the Federation of Labor, strongly oppose such
return. But at least the Reserve Banks are not a move. In this, however, they would appear to be
obliged to pay any interest on their deposits, con- standing in their own light. Wages are still at the
sisting of the reserves of the member banks. The high levels maintained during the war. At the same
member banks, however, and, in fact, all the mer- time, the cost of living during the last 12 months
cantile banking institutions, do pay interest on de- has been very substantially reduced. In these cirposits, and, accordingly, their situation as to earn- cumstances no valid reason can be offered why the
MAY 16 1931.]
FINANCIAL CHRONICLE
employees should not be asked to consent to some
lowering of their scale of pay, at least to the extent
of the decline in living costs. Railroad dividends
are being perforce reduced or suspended, and in
these circumstances it does not seem unfair or inequitable to ask the wage earners to assume some
Share of the common burden.
For railroad labor to insist on the continuance
of the old scale would be for it to seek an advantage
for themselves (to the extent that the purchasing
power of the wages received by them has increased)
and this at a time when all other classes of the community find themselves victims of the prevailing
distress. The railroads must obtain relief if they
are to remain going concerns. The alternative is
insolvency, and if that eventuates railroad labor
cannot escape in the general downfall. There is
some talk of raising railroad rates, and suggestions
of that kind are meeting with favor on the part of
the railroad unions, but any general advance in railroad rates is clearly out of the question in a period
of trade depression, and especially trade depression
of the intense type now being experienced; it would
simply add to the burdens almost beyond endurance which the public is now obliged to bear.
And in the West and South the plight of the farming classes also militates against any general advance in rates.
That statements of reduction in living costs are
not a myth is apparent from advertisements which
The Great Atlantic & Pacific Tea Co. (Eastern
division) has been publishing in the daily papers the
present week. They offer "finest quality fresh pasteurized butter cut from the tub at 25c. a pound",
and note. that this is against 39c. a pound a year
ago. They also offer "fancy Florida new potatoes
at 5 pounds for 15c.", and say that the price a year
ago in 5-pound lots was 31c. The advertisement concludes with a notice reading: "A year ago to-day
one pound of butter and five pounds of new potatoes
cost you 70c. To-day at A. & P. you can buy these
for 40c., a saving of 30c. Other foods are priced
accordingly lower at A. & P. stores." No doubt in
some other articles and commodities costs have not
fallen to the same large extent, but they are lower
in very appreciable degree all around. Who will
say that moderate reductions in wages are not fair
and equitable in such a state of things and cannot be effected without lowering standards of
living?
New York City has the present week disposed of
$62,000,000 of bonds (or corporate stock, as they
are called) at an interest basis of less than 3% per
annum, the lowest net interest basis since the incorporation of the Greater New York. The bonds
will bear interest coupons at 3% per annum. They
were sold to a syndicate headed by the National City
Co., the First National Bank, the Bankers' Co. of
New York, the Guaranty Co., Brown Bros., Harriman & Co., at 100.0119, or a premium of $6,188, being
an interest basis of 2.99702%. They were immediately reoffered by the bankers at 100%, representing a yield to maturity of 2.87%, and the demand
for the bonds was so great that the entire issue
was disposed of in 10 minutes. While the result is
very gratifying, there is nothing really remarkable
about it in the existing condition of the money market, and especially at a time when short-term funds
are in such overabundant supply and the Federal
3591
Reserve Banks are buying bills on a discount basis
of only 1%. The bonds really belong in the class
with short-term funds, since they have only four
years to run.
For the same reason the Secretary of the Treasury is having great success in disposing of Treasury
bills offered on a discount basis. These offerings of
bills are now becoming a weekly occurrence. The
present week he made a new offering of these bills
for an aggregate of $100,000,000 in two series of
$50,000,000 each. Notice of the offering was given
on Tuesday, May 12, and tenders were received up
to 2 o'clock p. m. Eastern Standard time on May 14.
One of the series consisted of 60-day bills dated
May 18 1931 and maturing on July 17 1931, and the
other of 91-day bills dated May 18 1931 and maturing August 1931. Tenders for the 60-day bills
aggregated $195,765,000. The amount accepted was
$50,102,000, and the average price realized was
$99.833, the average rate on a bank discount being
about 1%. For the 90-day bills the subscriptions
reached $263,301,000. Just $50,000,000 were accepted. The average price realized was 99.745, the
average rate on a bank discount basis being
about 1.01%. A week ago (on May 7) he invited
tenders for $50,000,000 91-day Treasury bills, dated
May 11, and maturing Aug. 10, and received applications aggregating $291,690,000, of which $50,000,000
were accepted at an average price of 99.701, a discount basis of 1.18%. On May 1 the Secretary disposed of $60,000,000 90-day bills dated May 5 1931,
and maturing on Aug. 31931;the applications aggregated $305,855,000; the amount allotted was $60,100,000, at an average rate of about 1.29%. At the
sale April 24 of $50,000,000 91-day bills the average
rate was about 1.33%. At the sale of 90-day bills at
the close of March, when $100,855,000 of bills dated
April 2 and April 3 were awarded the average rate
was 1.46%. At the placing of $154,218,000 of 91-day
bills dated Feb. 16 1931, the rate was only 1.21%,
while the sale of $60,000,000 90-day bills on Jan. 30
was effected at the extraordinarily low rate
of 0.95%.
The Federal Reserve statements this week show
that the Reserve Banks are not getting a large volume of acceptances, notwithstanding the repeated
reductions in their buying rates for acceptances—
not enough, at all events, to make good the loss from
the running off of bills from day to day. In the
last analysis what is happening is that the Reserve
Banks are competing for the bills with banks and
other buyers of acceptances. The previous three
weeks the acceptance holdings of the Federal Reserve Banks did increase, the total rising from $131,479,000 April 15 to $193,869,000 May 6, but the
present week there has been a drop back to $153,108,000. The discount holdings of the 12 Reserve
institutions are also somewhat lower again, standing at $144,904,000 the present week (May 13)
against $150,202,000 last week (May 6). Holdings
of -United States Government securities remained
virtually unchanged at $598,414,000 against $598,351,000. The result altogether is that total bill and
security holdings—Which reflects the amount of
Reserve credit outstanding—is roughly $46,000,000
smaller than a week ago, standing at $897,544,000
against $943,522,000. The volume of Federal Reserve notes in circulation, after having increased
3592
FINANCIAL CHRONICLE
for six successive weeks, this time shows a reduction from $1,540,783,000 to $1,528,310,000. At the
same time, gold reserves of the 12 Reserve Banks
have increased during the week from $3,172,277,000
to $3,210,609,000.
Brokers' loans by the reporting member banks in
this city are still undergoing contraction, as would
be expected from the continued liquidation at declining prices on the Stock Exchange. This week
these loans have further declined in amount of
$28,000,000, which follows $31,000,000 decrease last
week, $114,000,000 decrease the previous week, and
$5,000,000 decrease the week before, making the
total contraction for the four weeks $178,000,000.
It is noticeable, however, that the loans for own
account by the reporting member banks keep increasing, having risen further during the week from
$1,293,000,000 to $1,360,000,000, while the loans for
the outside lenders still keep shrinking. With call
loans down to 1%, as they were on Monday, there
is little inducement to these outside lenders to make
loans on the Stock Exchange, especially considering
2
that they are obliged to pay a service charge of 1/
business
them.
for
the
'handling
1%
of
to the banks
It is, therefore, no surprise that loans for account
of out-of-town banks have the present week further
declined from $213,000,000 to $159,000,000, and
loans "for account of others" from $193,009,000 to
$152,000,000. The grand total of the loans in the
whole of the three categories of lending at $1,671,000,000 May 13 1931 compares with $4,007,000,000
May 14 1930.
—The stock:market has passed through another bad
and trying week. The market may be said to have
been depressed and to have moved lower on virtually
every day of the week beginning with the half-day
session on Saturday last. The routine was much the
same day after day, somewhat of a recovery occurring in the early hours of the session but with a renewed break to still lower figures in the closing
session of the day, though on Friday the market was
weak almost the.entire day. As in so many previous
weeks the railroads were hardest hit of all and most
of them suffered very heavy declines; in addition
many different specialties were under great pressure
all through the week and dropped to the lowest
figures, not only for 1931, but for many years previously. Among the specialties which were particularly weak may be mentioned such stocks as
American Can, J. I. Case, Johns-Manville, Allied
Chemical, Vanadium Steel, Worthington Pump, Fox
Film and quite a host of others. The most trying
day of the week was Tuesday when the market
verged on an actual collapse. The occasion for the
collapse was the appearance in the daily papers on
that day of the statement of the New York Central
RR. for the March quarter. This was bad far
beyond expectations. The action of the board of
directors of the company in March in reducing the
dividend from a basis of 8% per annum to 6% had
prepared the public for an unfavorable showing, but
nothing quite like what the actual results disclosed.
It appeared from these figures that the company had
earned absolutely nothing for the stock for this
period of three months, that indeed it had fallen
$144,913 short of meeting even its own fixed charges,
this comparing with a surplus above the fixed charges
for the same three months of 1930 in amount of
$8,471,257.
[Vou 132.
As a result of this/exhibitithe shares were:thrown
over in big reams and the whole railroad listiwas
carried down in the general tumble. New York
Central stock showed a net decline for the day of
41% points dropping to the lowest figure reached
since 1923, while Pennsylvania reached its lowest
level since 1926 and a host of other railroad stocks
distinguished themselves in the same way. On
Wednesday New York Central led a futher break in
the railroad list and on Thursday dropped still
lower, going below 90, and in fact touching 89k,
while on Friday the stock dropped to 88h,the lowest
since 1922. On these two days the losses in the rail
carrier group were of such proportions as are never
reached except in periods of general collapse.
The continued absence of any indications of improvement in trade served to keep all classes of
stocks weak. The trade papers reported steel production as continuing low, though expressing the
view that the decline in steel production had been
halted, on the other hand melting scrap steel was
reported at the lowest recorded price since 1896 and
"The Iron Age's" composite price for iron and steel
products showed another falling off of 3c. a ton to
31.37, a new post war record. The copper prices
also continued their downward movement, the export price of the metal having been reduced on
Wednesday Yg.c. a pound by Copper Exporters, Inc.
to 9.525c. a pound c.i.f. European base ports. This
was the lowest figure at which copper has sold for
export in more than 37 years. Dividend reductions
and omissions also added further to the generally
depressed feeling,though Chicago NorthWestern made
no reduction in its dividend and Union Pacific also
continued its dividend declarations on the same
basis as before.
Call loans on the Stock Exchange renewed at 1%
on Monday, the lowest figure since 1908, and all
loans on the Stock Exchange on that day were at
that figure, but on Tuesday after renewals had again
been put through at 1% there was an advance on
that day to 13/2% in the rate for new loans and the
13/2% rate remained unchanged for the rest of the
week. New low records for the year were established
during the week in the case of 196 stocks while the
number of new highs was only 22.
Trading was again quite light, though increasing
on Friday. At the half-day session on Saturday the
sales on the New York Stock Exchange were
1,157,350 shares; on Monday they were 1,650,623
shares; on Tuesday, 1,310,490 shares; on Wednesday, 1,666,910 shares; on Thursday, 1,770,190
shares, and on Friday, 2,380,040 shares. On the
New York Curb Exchange the sales on Saturday
were 180,000 shares; on Monday, 250,000 shares; on
Tuesday, 280,000 shares; on Wednesday, 240,000
shares; on Thursday, 270,000 shares, and on Friday,
383,434 shares.
As compared with Friday of last week, prices are
quite generally lower, and, in most cases, heavily
/8
so. General Electric closed yesterday at 417
Bros.
Warner
week;
last
of
against 457
Friday
/
8 on
Pictures at 73
4 against 83
/
8; Elec. Power & Light at
/
2 against 463
1
42/
8; United Corp. at 22% against
/
2 against 1121/2;
1
24%; Brooklyn Union Gas at 106/
North American at 687/8 against 71%; Pacific Gas &
Elec. at 461
4 against 48; Standard Gas & Elec. at
/
4 against 737
/
673
/8; Consolidated Gas of N. Y. at
2
1
93% against 981/2; Columbia Gas & Elec. at 29/
against 30%; International Harvester at 463/4
' May 16 1921.]
FINANCIAL CHRONICLE
against 501/2; J. I. Case Threshing Machine at 707
/8
against 79%; Sears, Roebuck & Co. at 50% against
553/
8; Montgomery Ward & Co. at 20/
1
4 against 20;
Woolworth at 687
/
8 against 71; Safeway Stores at
493
4 against 53; Western Union Telegraph at 110
against 110%; American Tel. & Tel. at 178/
1
4
against 183%; Int. Tel. & Tel. at 27 against 295
/
8;
American Can at 102/
3
4 against 110; United States
Industrial Alcohol at 30% against 321/
4; Commercial Solvents at 13 against 141/
8; Shattuck & Co. at
22 against 25; Corn Products at 64% against 68%,
and Columbia Graphophone at 8% against 9%.
Allied Chemical & Dye closed yesterday at 118
against 126% on Friday of last week; E. I. du Pont
8; National Cash
de Nemours at 82% against 861/
Register at 263
/
4 against 29%; International Nickel
at 12% against 147
/8; Timken Roller Bearing at
43% against 46; Mack Trucks at 297
/8 against 31;
Yellow Truck & Coach at 9 against 10; Johns-Manville at 45/
3
4 against 47; Gillette Safety Razor at
34% against 35%; National Dairy Products at 413
/
4
against 431/4; National Bellas Hess at 53/4 against
5%; Associated Dry Goods at 201/
8 against 23;
Texas Gulf Sulphur at 411/
4 against 41%; American
4; General Amer& Foreign Power at 32 against 341/
ican Tank Car at 593
/
4 against 61; Air Reduction
at 82 against 88%;United Gas Improvement at 30/
1
4
against 31%; Columbian Carbon at 65% against
75; Universal Leaf Tobacco at 34% against 35%
bid; American Tobacco at 118 against 121; Liggett
& Meyers at 78 ex-div. against 80; Reynolds Tobacco
/
4 against 52%; Lorillard at 18%
class B at 493
against 19%, and Tobacco Products at 12
against 13/
1
4.
The steel shares have continued a weak feature.
U. S. Steel closed yesterday at 103/
1
4 against 114
on Friday of last week; Bethlehem Steel at 43%
against 467
/8; Vanadium at 407
/8 against 447
/8; Republic Iron & Steel at 13 against 141/
4,and Crucible
Steel at 43% against 49. In the motor stocks Auburn Auto again registered sharp fluctuations; it
closed yesterday at 208% against 245 on Friday of
last week; General Motors at 40% ex-div. against
441/
8; Chrysler at 1914 against 20%; Nash Motors
at 297
/8 against 32%; Packard Motors at 73
/
8
ex-div. against 7/
78; Hudson Motor Car at 16/
1
4
against 17%, and Hupp Motors at 77
/
8 against 8%.
In the rubber stocks Goodyear Tire & Rubber closed
yesterday at 38 against 41% on Friday of last week;
U. S. Rubber at 14/
1
4 against 15, and the preferred
at 22% against 25.
The railroads were depressed beyond all others.
Pennsylvania RR. closed yesterday at 473
/
4 against
53% on Friday of last week; Erie RR. at 16%
against 2234; New York Central at 89% against
100; Baltimore 8z Ohio at 587
/
8 against 65; New
Haven at 68% against 77; Union Pacific at 160
against 172%;Southern Pacific at 79 against 85%;
Missouri Pacific at 16% against 23; Missouri-Kansas-Texas at 13% against 16; St. Louis-San Fran1
4 against 17; Southern Railway at 303
cisco at 15/
4
against 40; Chesapeake & Ohio at 37% against 40%;
Northern Pacific at 38 against 431/
8, and Great
Northern at 51 against 57.
The oil stocks have also been generally weak.
Standard Oil of N. J. closed yesterday at 35/
1
4 exdiv. against 38% on Friday of last week; Standard
8 against 19; Standard Oil of
Oil of N. Y. at 181/
/
8 ex-div. against 38; Atlantic Refining
Calif. at 353
at 14% against 15%; Texas Corp. at 191/
2 against
I
3593
22; Richfield Oil at 1/
1
4 against 1%; Phillips Petroleum at 714 against 7%, and Pure Oil at 6%
against 6.
The copper shares have been independently weak.
Anaconda Copper closed yesterday at 26% against
28/
3
4 on Friday of last week; Kennecott Copper at
201/8 against 217
/
8; Calumet & Hecla at 67
/8 against
7%; Calumet & Arizona at 28% against 323
/
8;
Granby Consolidated Copper at 13/
1
4 against 14%;
American Smelting & Refining at 32% against 37%,
and U. S. Smelting & Refining at 16% against
16 bid.
Stock markets in the important European financial centers were dull and irregular this week, with
the main tendency toward lower levels in the early
sessions while the reduction in the Bank of England discount rate Thursday from 3 to 21/2% caused
a somewhat better tendency in the later dealings.
Trading was dull at London, Paris and Berlin,
these centers apparently suffering from the same
uncertainty regarding the industrial depression that
affects the New York market. Discussions of the
monetary outlook were prominent at London, where
the bank rate reduction was viewed with satisfaction. There were numerous disturbing factors, however, which affected all the European markets. Chief
of these was the entire lack of any definite indications of recovery from the economic depression. The
trade outlook everywhere is uncertain, and in England there is again talk of industrial strife owing
to action by employers in some industries for reduction of wages. The London market was also much
perturbed Wednesday by official charges against
Lord Kylsant, head of the Royal Mail Steam Packet
shipping group of companies. It is alleged in the
charges that Lord Kylsant falsified an annual report of the companies. The Paris market was upset
by the balloting for President, late Wednesday,
while the Berlin Boerse also took a very sober view
of the trend of affairs in that respect. Central European markets were unsettled, in addition, by news
early in the week that the Austrian Government
had been forced to come to the aid of the Creditanstall, one of the largest banks in that country.
The London Stock Exchange was dull in the initial session of the week; with a few industrial issues
furnishing the only bright spots. The improvement
appeared chiefly in the international group, and
these also sold off in the last hour. Considerable
liquidation appeared in British funds, which dropped appreciably. Tuesday's dealings were similar,
liquidation appearing on a heavier scale and extending to almost all groups. British Government
issues remained soft, while extensive selling of textile and rail stocks forced prices sharply downward.
International favorites also moved lower. Selling
continued Wednesday on an unabated scale, and
again the general list drifted downward. Heavy
offerings from the textile centers depressed this
group of stocks, and other industrial issues also
were marked down. Offerings of British funds were
smaller, but there were few buyers and lower levels
followed. Reduction of the Bank rate Thursday,
while not altogether unexpected, caused much excitement and occasioned a substantial upswing in
the gilt-edged list. The tone of the general market
also was cheerful, but business was restricted owing
to the closing of the Continental markets for
the
Ascension Day holiday. British funds again
moved
3594
FINANCIAL CHRONICLE
upward yesterday, while other sections were quiet
and uncertain.
An irregular tone prevailed on the Paris Bourse
as dealings were started last Monday. A good impression was made, however, by the announcement
by the Suex Canal Company of an annual dividend
only a little under last year's figure, and most issues
recovered losses sustained at the opening. Gains
were not impressive, but • they indicated a better
trend. The Bourse weakened Tuesday, owing to
troubles in Spain, bank difficulties in Austria and
the approaching Presidential election. Rio Tinto
and Central Mining shares were especially weak, as
both companies have large interests in Spain. All
other groups declined as well, and the Bourse finished at the lowest quotations of the day. With balloting for the new President in progress, Wednesday,
little interest was taken in stocks and prices fluctuated idly in an extremely dull session. The market
opened heavy, improved a little for a time thereafter and again dropped toward the end. There
were no dealings at Paris Thursday, as the Bourse
closed in observance of the Feast of the Ascension.
The Berlin Boerse was weak, Monday, as a result
of the rumors of foreign banking difficulties. Most
issues were off two to three points at the start and
small rallies later in the day failed to wipe out such
losses. Public interest was said to be very small.
Announcement Tuesday of heavy losses sustained
by the Austrian Creditanstalt produced sharp unsettlement at Berlin and the entire marked dropped
rapidly. Losses at the opening were four points or
more in important stocks and the recessions were
extended in the later dealings. Bank stocks were
especially weak as the Austrian institution was believed to have important Berlin banking connections. The market continued to drop and closed at
the lowest figures of the day. Vigorous support of
the Creditanstalt by the Vienna Government caused
firmness at Berlin Wednesday, chiefly on covering
by professional circles. The opening was 'slightly
higher and stocks gained strength most of the day,
leading issues closing 1 to 2 points higher. Dealings were suspended Thursday for the religious
holiday. Trading yesterday was quiet, with the
trend irregular.
Aristide Briand, Foreign Minister of France, has
occupied the center of the political stage in his
country during the last ten days with an effectiveness rarely equaled, and with quite unlooked-for results. The veteran French statesman, whose name
more than any other has been linked in recent years
with the course of European 'diplomacy, was subjected to two tests In the short summer session of
the Parliament which began May 5. The first test
concerned his foreign policies which were debated
with fever heat in the Chamber of Deputies late last
week. Three votes were taken as this debate neared
its end in the small hours of last Saturday and in
every case he was upheld by huge majorities. All
the more startling, accordingly, was the result of the
secret balloting by the Chamber and Senate, Wednesday, in which these bodies, sitting together at Versailles as the National Assembly, selected a President of the Republic to succeed Gaston Domergue,
whose term of seven years expires June 13. M.
Briand and M. Paul Downer, President of the Senate, were the chief contestants for this honor, and
[VoL. 132.
M. Doumer was elected on the second ballot after
M. Briand withdrew. M. Briand promptly offered
his resignation as Foreign Minister to Premier
Laval, 'but the latter refused to accept it at this
time and requested M. Briand to defend the interests
of his country once again at Geneva, where the.
meeting of the Pan-European Commission opened
yesterday and where the League Council session
will begin Monday. Although he accepted the mission and proceeded to the League city, it would seem
from the form of an official announcement issued
in Paris Thursday that M. Briand's resignation as
Foreign Minister will be given effect after his return
and it thus appears that this colorful figure will be
removed from the European diplomatic scene for
a time.
The defeat of M. Briand and his probable retirement from the Laval Cabinet is a momentous event,
since it presages an important turn to the Right in
the foreign policy of France. Apparently an indispensable member of every Cabinet in recent years,
his political position has been singular. He headed
a small group of independents in the Chamber with
Left leanings, and in the close division of the Chamber between Right and Left parties the support of
this group was necessary to the prevailing regime.
Most Cabinets of late have leaned decidedly to the
Right, as the Right parties have a few more members than the Left and Radical groups. M. Briand's
support in his foreign policies of peace and negotiation came entirely from the Left, however, and in
any vote on his policies the Right or Conservative
members of the Chamber usually refrained from
voting, while the Left or Radical groups supported
the opposition Council of Ministers in which M.
Briand happened to occupy the foreign post. Although he was again upheld in this fashion late last
week, opposition to his policies has been growing
steadily in the Right camps, Which desired a firmer
and far more nationalistic policy in dealing with
the former enemies of France than was pursued by
M. Briand. The recent announcement of the AustroGerman customs union project, considered in
France a wide step toward "Anschluss" or political
union of the two Germanic countries, increased the
opposition to M. Briand greatly. This event probably had much to do with his defeat for the Presidency. "M. Briand's defeat," a dispatch to the New
York "Times" remarks tersely, "it far more than
M. Doumer's success."
The debate on the Briand foreign policies in the
'Chamber last week was long and bitter. His inveterate antagonist, M. Henri Franklin-Bouillon, led
the fight with the statement that the "political
methods of the Foreign Minister must be modified,
since he has been constantly mistaken in the past
five years, not only in his anticipations and preparations, but in his actions, which have grievously compromised the peace of Europe". Only a week before
the German-Austrian customs union announcement,
M. Briand had received a vote of 544 to 14 on his
entire program, but since that time he has been on
the defensive. The debate became spectacular in its
later stages, as a guard of 1,000 police was placed
around the Chamber and the Quai d'Orsay, owing,
it is understood, to anonymous threats against the
Foreign Minister. Voting was reached late May 8
and continued into the early hours of last Saturday.
The Government was upheld in the three tests by
votes of 460 to 115, 470 to 0, and 430 to 52.
MAY 16 1931.]
FINANCIAL CURONICLE
Encouraged by this support and persuaded by his
friends, M. Briand declared his candidacy for the
office of President last Monday. Paul Doumer,
President of the Senate, was the foremost candidate
until that time, but the decision remained uncertain
after M. Briand's announcement The high office
of French President is a peculiar one, differing
completely from the American sense. The French
office is of greatest significance in political crises,
when the President acts somewhat as a balance
wheel in the political mechanism, consulting party
leaders and selecting a new Premier. An absolute
majority of the Chamber and the Senate, sitting
together at Versailles, is necessary for selection of
a new President. On the first ballot, Wednesday,
M. Doumer wasfavored but not elected. He received
442 votes against 401 for M. Briand, but as there
were four blank cards and 54 votes for other candidates, this was less than a majority and a second
vote was ordered. M. Briand refused to stand again,
and his place was taken by Senator Pierre Marraud
as the candidate of the Left groups, M. Doumer receiving his support mainly from the Right. On the
second ballot M. Doumer was elected by a vote of
504 to 334 and declared President of the French Republic for the next seven years.
The new 74-year-old President, who will take
office June 13, is a veteran of French polities, who
has occupied posts in the Cabinet and served as a
Colonial Governor. Some 26 years ago he presided
for a time over the Chamber of Deputies. Born in
1857 at Aurillac, he entered politics in 1888 as a
Radical and was elected to the Chamber of Deputies.
His first Cabinet post was that of Finance under
Premier Bourgeois in 1895, while in the period from
1897 to 1902 he acted as Governor-General of French
Judo-China. After a term as President of the Chamber, he was defeated in an election by a united opposition and for a time thereafter was President of
a bank. In 1912 he was elected Senator for Corsica,
and he has been in the Upper House ever since.
M. Briand's desire to resign his portfolio of Foreign Affairs was made known Thursday. The matter was considered in a Cabinet meeting wherein
Premier Laval and other members of the Council
of Ministers prevailed upon him to remain in office
at least until the important tasks of the Geneva
meetings were completed. An official communication, issued after the meeting, said: "M. Briand
informed the Cabinet he considered it his duty to
place his resignation at the disposal of the President
and the Premier. The Premier, unanimously supported by the Cabinet, insisted that M. Briand
accept the mission to Geneva to defend the nation's
interests before the Committee on European Union
and the Council of the League of Nations along lines
laid down by the vote in the Chamber of Deputies.
M. Briand consented. Francois Poncet was designated to accompany him as second delegate."
Numerous immediate questions arise from M.
Briand's defeat and probable retirement from the
Laval Ministry. These are of world-wide concern
in some instances, as the effect on the Geneva proceedings will necessarily be a decided one. "At
Geneva every one is at sea, and that obviously includes both Dino Grandi of Italy and Arthur Henderson of Britain, who arrived to-night looking very
sober," a dispatch to the New York "Times" reported. The effect on the naval disarmament negotiations between France and Italy remains to be
3595
determined, as well as the reaction in the discussions of the Pan-European Commission, which is
essentially in need of the support of its founder.
"All in Geneva agree that if ever M. Briand's experienced hand was needed, it is needed at this time
with the Austro-German question on the boards and
with Russia present for the first time in the European Union discussions," the "Times" dispatch
stated. "There is no doubt about it. The Geneva
applecart is badly upset at a very bad time."
Within France it was readily admitted that M.
Briand remains, even in defeat, one of the most
powerful forces in the politics of the country. Despite his diminished prestige, be remains the arbiter
of the French political situation, it is said, and a
Cabinet that lacks his endorsement is not likely to
stay in •power. The uncertainty felt everywhere
was turned into utter confusion late Thursday when
M. Briand announced that he had actually resigned
and would go to Geneva only to preside over the
European Union Commission.
Discussions at Geneva on the Briand project for
European Union, which started yesterday, have been
decidedly clouded, as indicated above, by the
tendered resignation of Foreign Minister Briand
of France following his defeat for the French Presidency, and his uncertain future status in the Geneva
conversations. The effectiveness of the regular meeting of the League of Nations Council, which begins
Monday, will probably be lessened by the occurrence,
while it is possible that naval conversations between
French and Italian delegates, scheduled to be
resumed during the Geneva conferences, may be
postponed once again. Until the French political
development loomed on the horizon, every expectation was entertained of an unusually lively series
of meetings in the various League organizations.
Not the least important was the scheduled debate
on the judicial aspects of the Austro-German customs union project in the Council. The Chamber
of Deputies in Paris, when it voted on the Briand
foreign policies last week, specifically condemned
the Austro-German customs project and instructed
M. Briand to oppose it vigorously. Officials of the
Foreign Office in Berlin made known Tuesday, a
dispatch to the New York "Times" said, that Foreign Minister Julius Curtius would support the proposal stoutly. The trend of all these discussions
will doubtless remain the same, in view of the
national interests involved, but their tone will probably be altered materially by the change in the
French situation.
Some hope of a compromise on the Austro-German
customs union project existed at Geneva as the formal sessions of the European Union Commission
neared. Preliminary discussions of the arriving
Foreign Ministers were reported, and it was suggested that drastic action regarding the proposal
might be postponed for a time. Much interest also
was occasioned by .reports that Foreign Minister
Dino Grandi, of Italy, would present proposals for.
a system of reciprocal commercial understandings.
The presence of Russian and Turkish delegates in
the Pan-European meetings also was considered significant, as representatives of these countries were
not invited previously. Although M. Briand gave
only lukewarm support to the European customs
truce proposal which grew out of his European
Union idea, he is now represented as having formu-
3596
FINANCIAL CHRONICLE
lated a comprehensive scheme for industrial, financitl and agricultural co-operation in Europe. Summaries of this latest project of the French statesman
were forwarded to the Governments at London,
Rome, Brussels, Warsaw and other capitals last
week, according to a Paris report of Monday to the
New York "Herald Tribune", while M. Briand was
also said to have communicated the outline of the
plan to the German and Austrian Governments in
order to gain their co-operation, if possible.
"The French proposals to the European Union
Commission and at least a dozen of the European
Governments most concerned will be based on a
unique document which is the result of the labors
of four French Ministers and many specialists," the
"Herald Tribune" dispatch said. "They are intended to supply new machinery in three associated
fields—agriculture, finance, and industry—in order
to aid in the restoration of production, trade and
business. They include the French intention to increase her credit activities in Central Europe, as
well as proposals for 'reorganization of the European markets', for preferential tariffs on Danubian
wheat to be extended by the grain importing countries, and for the extension of preferential tariffs
to Austria by all her main European customers."
In a Paris report of Thursday to the New York
"Times" it is remarked that the Briand scheme contemplates the co-ordination of the whole economic
structure of Europe, with the aim of reducing tariff
walls and taking other drastic steps until Europe
"functioned as an economic whole".
A series of commercial accords, apparently designed to link Italy, Austria and Hungary in a
regional agreement, was announced at Rome Monday. Details of the accords were not disclosed, but
they were regarded as of considerable political importance because of their possible bearing on the
future of European trade. In the official announcement they were described as purely commercial in
nature and open for participation by other nations.
The belief was expressed in some quarters in Rome,
an Associated Press report said, that the economic
pacts might be a preliminary maneuver to the
Geneva discussions of the Austro-German customs
union project. "No attempt was made in the triple
treaties to touch tariff schedules," the dispatch remarked. "Trade experts who have been following
the negotiations said they were unacquainted with
even the general outlines of the agreements and expressed surprise at the suddenness of the announcement. Officials, on the other hand, said that the
accords had been long in the making and actually
antedate the Austro-German announcement." In
a Vienna dispatch to the New York "Times" it was
hinted that the agreements are based on a "credit
premium" system designed to grant concealed preferences which would not come under the operation
of the most-favored-nation principle. "Each contracting nation will agree to subsidize its export
trade with the others to an amount sufficient to be
'equal to a tariff preference," the report stated. "At
the end of a year a balance will be struck and the
subsidies will be met eventually not by the country
which paid them out to its exporters, but by the
country which received the exports, thus constituting a virtual tariff preference." The treaties are
likely to be signed in June, it was said, and they
would come into effect in that case on July 1.
nreli. 132.
Formal announcement was made by the Finance
Ministry of Austria, late Monday, of a crisis affecting the leading private bank of the country, the
Kreditanstalt fur Handel und Gewerbe, and of steps
whereby 'Government aid would be extended the institution. It was stated officially that the bank
had been in difficulties and that the National Bank
of Austria, acting in conjunction with the private
banking house of Rothschild, would participate with
the Government in a plan to provide new capital.
"The Federal Chancellor and Finance Minister declared," a dispatch to the New York "Herald
Tribune" said,"that in drawing up the balance sheet
for 1930 the Kreditanstalt had found its losses during the last year to be 140,000,000 schillings (20,000,000), a sum greater than the bank's capital
stock. These losses were caused, in part, by the
forced fusion with the Austrian Land Credit Bank
in October 1929 and partly by devaluation of Austrian and foreign stocks." Remarking on the nationwide financial disaster that would follow failure of
the bank, the Finance Minister added that the Government had decided to place at the disposal of the
institution 100,000,000 schillings in new capital,
which will be raised by an issue of three-year Treasury bonds. The National Bank of Austria', and the
Rothschild banking house are to contribute 30,000,000 schillings each, making an aggregate of
160,000,000 schillings new capital. Capital and
reserves were nominally 165,000,000 schillings, it
was pointed out, and deduction of the 140,000,000
schilling loss left 25,000,000 schillings, which, together with the 160,000,000 of new capital, would
give the institution a total of 185,000,000 schillings
capital after reorganization. Par value of the old
stock is to be reduced 25%.
International complications are feared in this
matter, as Austria is reported planning to issue its
loan through the Bank for International Settlements. There were 'broad suggestions in Vienna,
moreover, to the effect that publication of the bank's
difficulties on the eve of the Geneva conference on
the Austro-German customs union may have been
engineered with an eye to its political utility. "As
the Kreditanstalt had more than $100,000,000 in
foreign obligations, it is rumored that its position
was made unexpectedly precarious by the withdrawal for political purposes of French short-term
loans," a dispatch of Tuesday to the New York
"Times" reported. The fundamental cause for the
recurring crisis, however, was said to be the steady
decline in Austrian industry. A bill authorizing
the Austrian Government to raise the loan for
restoration of the bank was passed by the Parliament early Thursday. There was considerable criticism of the Government's leniency toward the bank's
shareholders, and especially of the reduction of only
25% in the par value of shares. Finance Minister
Otto Juch promised a searching inquiry into these
and other circumstances.
Mobs of extremist republicans 'and anti-clericals
went on rampages in a number of Spanish cities
early this week, when political passions were
aroused by an incident that seemed to connect a
high church official with monarchist propaganda.
Rioting and disorders began Monday and continued
for several days thereafter in Madrid, Malaga, Saragossa, Cordova, Cadiz, Bilbao and Seville. The
most serious trouble occurred in Madrid, where
MAY 16 1931.]
FINANCIAL CHRONICLE
seven buildings owned by the Catholic Church and
religious orders were destroyed by incendiaries.
Throughout the nation more than 20 churches and
church buildings were burned, while 10 more were
badly damaged. A speedy end was put to the manifestations Wednesday, when martial law was proclaimed throughout Spain by Provisional President
Alcala Zamora. The troubles were considered due,
in large part, dispatches said, to the publication of
a letter by the Primate of Spain, Cardinal Pedro
Segura y Saenz, who called on all Spaniards to
vote in the coming elections for Deputies who would
"defend their religion". The letter recalled that
former King Alfonso had always shown himself a
devoted Catholic, and this remark was taken in
some quarters as veiled monarchist propaganda.
The Cardinal was promptly recalled to Vatican
City. In a statement by the Cabinet, Tuesday, the
disorders were attributed to monarchists and radical extremists. Resentment against the monarchist
provocations was acute, and it resulted Wednesday
in the issuance of a decree ordering the confiscation
of all the personal property of the former King
throughout Spain. Although a few instances of
looting are reported in late dispatches, order appears to have been restored and the Government is
taking steps to prevent any recurrence of the rioting and burning. The loyalty of the army throughout these incidents proved most gratifying to the
authorities who took over the Government a
month ago.
3597
sider five questions of political as well as business
interest. The first of these was war, which the
Chamber again condemned as the greatest barrier
to social and economic progress. Governments of
the world were urged to reduce their armaments to
the lowest possible limits to the end that the peoples
may be relieved of the heavy burden of taxation resulting from arms expenditures.
The second and most significant of the five questions was that of international obligations, which,
the Chamber pointed out, have been made difinite
in amount and in terms as between nations. "The
integrity of such obligations is always fundamental
to the maintenance of international credit and to
the expansion of commerce and industry," the resolution stated. "The observance of this essential
principle, however, is not inconsistent with an impartial examination of the effects of these obligations on international trade, if warranted by
changed economic conditions, such examination to
be based on the principles laid down by the International Chamber of Commerce at its congresses,"
it was added. This part of the resolution was viewed
by observers as a compromise between the demands
of important delegations for an expression by the
Chamber in favor of debt reductions and the opposition of the Washington Government to action on
this matter. Regardless of its mild wording, it was
agreed, a Washington dispatch to the New York
"Times" said, that the resolution "paved the way
for further agitation for a revision of the reparations and war debt settlements".
Agitation by several delegations in the InternaAlso of outstanding interest was the declaration
tional Chamber of Commerce sessions at Washing- by the Chamber in favor of the removal, wherever
ton for a reopening of the debt and reparations possible, of obstacles to national and international
settlements was recognized in one of the most im- trade. Consideration of this third of the five quesportant of the 43 resolutions adopted by the Cham- tions drew from the Chamber the statement that
ber in its closing meetings last Saturday. Many "tariffs should not discriminate unfairly between
matters of general concern to business men were nations", and the further comment that "embargoes
dealt with in the series of resolutions, but none should be exercised only against dumping or other
equaled in international interest the question of unfair practices". Adjustment of tariff inequalithe attitude to be taken by the Chamber members ties and the removal of unjustifiable restrictions was
as a whole toward German reparations and the debt advocated. The fourth question was that of private
settlements of the former Allied Governments with initiative and private operation of business enterthe United States Government. This was due in prise which, the Chamber held, "constitute the most
part to the advance notice, given unofficially, that effective instrument to insure the progress of indusWashington has no intention of yielding to the wide- try and to increase general prosperity". The fifth
spread agitation for reduction or cancellation of, point dealt with the tendency of governments to
payments due. Significance also was read 'by some imperil national budgets by permitting expendiobservers into the opening address by President tures to outrun revenues. Stressing the need for a
Hoover, who confined himself largely to a discussion sound budget in order to maintain national credit
of the heavy armaments expenditures of govern- and a stable exchange, the Chamber held that "such
ments as a contributing cause of the present eco- a budget should contemplate every possible economy
nomic depression, and the need for reduction of and must not impose such a burden of taxation as
armaments as a step toward economic rehabilita- will disturb productive enterprise and add to unemtion. Throughout the Chamber sessions that fol- ployment". The Chamber sessions ended last Satlowed last 'Week references were made by British, urday in a general atmosphere of good-will after
German, and Italian members to the need for con- the delivery of a radio address from Berlin by Dr.
sideration of the debt and reparations question by Franz von Mendelssohn, incoming President of the
the body of world leaders in industry and finance. International Chamber, who pleaded for closer
The specific resolution adopted last Saturday in world co-operation. George Theunis of Belgium,
reflection of these developments dealt in a general outgoing President, replied with a closing speech
way with the world-wide trade disturbance, which in which he emphasized the development of a helpwas ascribed to "conditions similar to those with ful and amicable spirit during the sessions of the
which the world periodically has had to contend, preceding week.
now intensified by the consequences of the war".
In a general address on American foreign policy,
Remarking on the need for frank expression of business convictions as to the treatment of "certain delivered at Washington last 'Saturday, Secretary
major problems influencing world trade and the of State Henry L. Stimson dwelt with especial care
welfare of peoples", the Chamber proceeded to con- on the relations of the United States with the re-
3598
FINANCIAL CHRONICLE
[Vol.. 132.
publics of Latin America and announced a delib- tion and report of that commission we have been
erate program for the removal of misunderstand- steadily and rapidly turning over to the people of
ings. The speech, delivered under the auspices of Haiti the management of their own affairs. In
the Washington "Star" over the radio network of January 1929 there were over 5,000 American
the Columbia Broadcasting System, was viewed as marines and naval forces in Nicaragua. By Februa frank bid for the friendship of the 20 republics of ary 1 1931 that number had been reduced to less
Latin America. More than ordinary significance than 1,500." The program for the removal of the
was believed to attach to remarks made by the Sec- remaining American soldiers also was touched on
retary of State regarding foreign investments. by the Secretary of State, who declared it will be
"Where American investments or claims are im- put into effect despite the difficulties caused by
periled by the widespread depression," he said, "we outlaw activities. Apparently in answer to critiare seeking to give to Americans all of the counsel cisms of the recent notice to Americans in the inand assistance to which they are entitled under the terior of Nicaragua that American forces could
law of nations, while never losing sight of the great not be employed to protect them, Mr. Stimson refact pointed out by Elihu Root, nearly a quarter of marked that there is "no intention of removing from
a century ago, that it is 'the established policy of American citizens in Nicaragua the protection
the United States not to use its army and navy for which American citizens in foreign countries are
the collection of debts." Emphasis was placed by entitled and accustomed to receive under the law
Mr. Stimson, in his opening remarks, on the desira- of nations".
bility of peace and disarmament. Success will
During the major portion of the past two years,
eventually attend the efforts to adjust the Franco- he pointed out, the whole world has been passing
Italian dispute on naval construction, he predicted, through one of the most serious economic depresand hopeful comments also were made regarding the sions of the past half century. Its effects on intergeneral disarmament conference in Geneva next national relations have been many and serious, Mr.
February. Remarking that the maintenance of Stimson said. No less than 45 sudden changes in
peace is the "primary and most important function the governments of the countries of the world have
of foreign policy", Secretary Stimson referred to taken place in the period, while 11 of the changes
such outstanding recent achievements as the Lon- were the result of armed revolution. In addition,
don naval treaty, the Kellogg-Briand pact, and the 10 unsuccessful revolutions were attempted. "Most
numerous agreements of arbitration and concilia- of these political disturbances were attributable
tion concluded with other governments.
directly or indirectly to the hard times through
Adverting to the differences that sometimes ap- which we are passing," Mr. Stimson continued.
pear in national viewpoints, Mr. Stimson remarked "Many of them have furnished acute problems for
that some of the most important work of the State the American State Department. The tribulations
Department now lies in this direction. "I will take of our neighbors have not only produced diplomatic
for example our relations with the 20 republics of problems of governmental relations, but in view of
Latin America," he continued. "Good relations the many Americans who now live, do business, and
with those nations constitute one of the cardinal make investments in many of those countries, the
tenets of our foreign policy. We are all republics. financial crisis which has produced the revolutions
We have inherited together a new hemisphere, and has also often brought American lives and property
for the last century we have been developing, under into jeopardy. In all of this we have endeavored
similar conditions of freedom from caste and social to act under recognized principles of justice and
distinctions, common aims in democracy of govern- equity in dealing with the problems of our citizens
ment. With the succeeding decades, constantly in- with their neighbors. We have endeavored to carry
creasing trade with these American neighbors as out firmly and impartially the rules of recognition
well as a gradual development of intercourse in cul- of revolutionary governments which have been
tural relations have been producing an important attested as sound by the experience of history. In
Pan-American solidarity in this Western Hemi- spite of all the chances for misunderstanding with
sphere. It is a growth big with promise for the which these events have bristled, we are to-day on
future benefit of the whole world."
cordial working relations with all of the new govA retardation of this beneficent development has ernments produced by this crisis. We have been
been occasioned, however, Mr. Stimson admitted, and shall continue to be zealous in our concern
by "several historic sore spots". Among these are for the lives of our nationals wherever they may
our former differences with Mexico, the occupation be found."
of Haiti under the treaty of 1916, and the presence
of American marines in Nicaragua. "All have sufPlans for placing the Government of Argentina
fered distortion in South America unwarranted by once again on a Parliamentary basis were anthese events as we understand them," the Secretary nounced in Buenos Aires late last week. General
declared. "The State Department is addressing elections are to be held Nov. 8, when voting will
itself seriously and successfully toward the removal take place on Provincial Governors, Vice-Governors,
of these sore spots. In March 1929, when a military Provincial Legislatures, and a National Congress.
insurrection broke out against the Government of A Presidential election may also be held at the
Mexico, we rendered to her promptly and cordially same time, but this has not yet been decided, accordsuch assistance as was proper and appropriate ing to Octavio S. Pico, Minister of the Interior.
under the law of nations, and relations with Mexico There have been indications recently of much dishave been better ever since that action than for 17 satisfaction in Buenos Aires with the provisional
years past. In February 1930 we sent the Forbes 'regime of President Jose F. Uriburu, owing chiefly
Commission to Haiti to devise a plan looking toward to the long delay in calling general elections for
the termination of our occupation and the removal the re-establishment of a Constitutional Governof our marines. In accordance with the investiga- ment. Although promising statements were made
MAY 16 1931.]
FINANCIAL CHRONICLE
3599
on this point by the Cabinet which came into power
last September, the only action heretofore taken
was the calling of a special election in Buenos Aires
Province, which showed a decided trend against the
Conservative faction represented by General Uriburu. Rumblings of discontent in Buenos Aires
have been reported with increasing frequency of
late from Montevideo and Rio de Janeiro, such
reports indicating that demonstrations against the
Government have taken on a violent character in
some instances. It is now said, however, that the
setting of a date for elections has improved sentiment and that there is a tendency on the part of all
parties to await the outcome of the voting. Martial
law continues to prevail in Argentina, and the press
is restricted.
The Bank of France statement for the week ended
May 9,shows an increase in gold holdings of 6,786,558
francs. The total of the item now stands at 55,624,662,520 francs, which compares with 42,950,438,399
francs last year and 36,525,431,314 francs two years
ago. Increases appear in credit balances abroad of
151,000,000 francs and in bills bought abroad of
65,000,000 francs. A large decline is shown in note
circulation, namely 1,035,000,000 francs. Circulation now aggregates 77,933,864,170 francs, as against
71,612,307,425 francs a year ago and 63,420,110,835
francs in 1929. French commercial bills discounted
and creditor current accounts record increases of
397,000,000 francs and 532,000,000 francs, while
advances against securities dropped 70,000,000 francs.
A comparison of the various items for the past three
years is furnished below:
The Bank of England on Thursday reduced its
discount rate from 3%, the figure in effect since
May 1 1930, to 2/
1
2%, the lowest figure recorded
since 1909. On the same day the Bank of Ireland
reduced its rate from 4% to 3/
1
2%. Rates are 6%
in Spain; 5/
1
2% in Hungary and Italy; 5% in Germany and Austria; 4% in Norway; 3/
1
2% in Denmark and Ireland;3% in Sweden;2/
1
2% in England,
Holland, and Belgium, and 2% in France and Switzerland. In the London open market discounts for
short bills on Friday were 23/16% against 25/16@
23
/
8% on Friday of last week, and likewise 23/16%
for three months bills against 25/16@2%% the
previous Friday. Money on call in London on Friday was 1/
1
2%. At Paris the open market rate
/7
remains at 17
0,and in Switzerland at 13/
8%.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
May 9 1931. May 10 1930. May 11 19294
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings- -Inc. 6,786,558 55,624,662,520 42.950,438,399 36,525,431,314
Credit bale, abr'd-Inc. 151,000,000 6,996.513,764 6,889,207,941 7,987,715,407
French commercial
y bills dIscounted_Inc. 397,000,000 5,388,848,351 5,126,284,828 5,743,587,721
Bills bought abed_Inc. 65,000,000 19,450,819,458 18.692.152,086 18,352,677,504
Adv.agst.securs--Dec. 70.000,000 2,830,577,842 2,652,371,021 2.415.400,299
Note circulation...Dec.1035,000,000 77.933,864,170 71,612,307.425 63,420.110,835
Cred. curr. accts—Inc. 532,000,000 24,195,519,952 13,845,066,236 18,344,373,992
The Bank of England discount rate was reduced
/%. The rate had been
this week, from 3% to 21
in effect since May 1 1930. In the Bank's statement
for the week ended May 13, there is shown a gain
of £1,521,307 in bullion which, together with a contraction of £3,090,000 in note circulation, brought
about an increase of £4,611,000 in reserves. Gold
holdings now aggregate £150,003,821 as compared
with £163,347,877 a year ago. Public deposits increased £4,325,000 and other deposits £2,080,994.
The latter consists of bankers' accounts which rose
£3,626,762 and other accounts which fell off £1,545,768. The reserve ratio is now 53.40% in comparison with 52.21% a week ago and 56.05% last
year. Loans on government securities increased £1,250,000 and those on other securities £547,131. Other
securities include "discounts and advances" and
"securities". The former showed an increase of
£727,337, while the latter decreased £180,206. Below is shown a comparison of the different items for
five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931.
1929.
1930.
1928.
1927.
May 13.
May 15.
May 14.
May 16.
May 18.
£
Circulation
a353,127,000 356,454,998 362,810,877 134,834,125 135,492,710
Public deposits
10,324,000 24,547.936 9,290,798 19,164,810 15,685,172
Other deposits
96,164,679 94,767,978 97,149,463 95,376.852 100,247,015
Bankers' accounts 62.198,812 58,310,637 61,070,863
Other accounts_ -- 33,965,867 36.457,341 36.078,600
Government secur 35,664,684 52,792,629 37,816,855 29,577,427 47,249,230
Other securities.--- 31,705,449 17,392,938 27,331,956 55,845.723 46,762,044
Disct. & advances 6,362,032 6,403,528 9,586,015
Securities
25,343,417 10,989.410 17,746.941
Reserve notes & coin 56,877,000 66,892,879 59,050,041 46,862,705 39,674,900
Coin and bullion_ _ _150,003,821 163,347,877 161,860,918 161,946.830 155,417,610
Proportion of reserve
to liabilities
55.47% 40 15-16%
56.05%
53.40%
3434%
Bank rate
3%
55-5%
%
21d%
434%
a On Nov.29 1928 the fiduciary currency was amalgamated with Sank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
In its statement for the first week of May, the
Bank of Germany reveals a decline in note circulation
of 263,431,000 marks. The total of circulation is
now 4,076,736,000 marks, as compared with 4,403,696,000 marks the corresponding date last year and
4,442,428,000 marks the year previous. Other daily
maturing obligations and other liabilities show decreases of 22,729,000 marks and 11,542,000 marks
respectively. The asset side of the account records
increases in gold and bullion of 1,464,000 marks,
in reserve in foreign currency of 12,031,000 marks,in
silver and other coin of 7,285,000 marks, in notes on
other German banks of 9,693,000 marks and in investments of 36,000 marks. Decreases are shown in
bills of exchange and checks of 153,026,000 marks,
in advances of 140,759,000 marks and in other assets
of 34,424,000 marks, while the item of deposits
abroad remains unchanged. The total of gold now
stands at 2,369,868,000 marks, in comparison with
2,565,417,000 marks last year and 1,765,619,000
marks two years ago. Below we furnish a comparison
of the various items for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
May 7 1931. May 7 1930. May 7 1929.
Retchamarks. Retehsmarks. Retchttnarks. Reichsmarks.
Assets—
Coin and bullion
Inc. 1,464,000 2,369,868,000 2,565,417,000 1,765,619,000
207,638,000 149,788,000
Of which depos.abr'd_ Unchanged
59,897,000
53,580,000
Res've in for'n curr
Inc. 12.031,000 169,281,000 330,198,000
153,026,000
1,860,421,000
2,985,418,000
1,864,185,000
Bills ofexch.& checks.Dec.
Silver and other coin_ _Inc. 7,285,000 160,529.000 138,030,000 127,896,000
16,242,000
15,314,000
13,758.000
Notes on oth.Ger.bks_Inc. 9,693,000
53,645,000 208,725,000
Advances
Dec. 140,759,000 146,546,000
92,899,000
93,064,000
• Inc.
Investments
36,000 102,669,000
Other assets
Dec. 34,424,000 461,807,000 606,038,000 514,026,000
Notes In circulation—Dec. 263,431,000 4,076,736.000 4,403.696.000 4,442.428.000
Oth.dally matur.oblig.Dec. 22,729,000 332,731,000 601,382.000 584.768.000
Other liabilities
Dec. 11.542,000 249,657.000 163,122.000 294,813.000
Money market adjustments this week were chiefly
in line with the lowering of the rediscount rate by
the New York Reserve Bank last week from 2% to
1/
1
2%. Some surprise was occasioned Monday when
the New York Clearing House Committee failed to
reduce the interest rate on bank deposits, as such
a step would have been in line with the Reserve
Bank action. Money dealers believe, however, that
the reduction will be effected soon. The informal
committee of bankers that acts in this connection
on foreign deposits here made a reduction Thurs.
3600
day from 27
0 to ly2% on time deposits, while leaving demand deposits unchanged at 17
0. Rounding
out the bill rate reductions to accord with the cut
of 1
/
27
0 in the rediscount rate, the Federal Reserve
8% in its buying rates
announced a further cut of 1/
Wednesday, making the fourth similar reduction, or
a full /
1 27
0, in three weeks. The new rates established are 1% for acceptances up to 15 days' ma4%
turity; 11/
87
0 for 16 to 120 days' dating, and 11/
for five to six months' bills. Previous rates were
/
47
0 for 31 to 90
1/
1
27
0 for bills up to 30 days; 11
days, and 1%7
0 for 91 to 120 days. Dealers reduced
open market rates accordingly. An action of considerable interest to this market, and one that was
not unexpected, was the reduction by the Bank of
England, Thursday, of its discount rate from 3%
to 21/
2%. That the rate structure throughout the
United States is to be adjusted downward was
shown on the same day, when the Richmond Reserve
1
27
0 to
Bank lowered its rediscount figure from 3/
37
0, making the eighth Reserve Bank to cut its rate
in the current movement.
Call loan rates here reflected the general downward trend of money. Renewals were arranged
Monday at 17
0,this being the first time since Sept. 9
1908 that the figure was quoted on renewals. Withdrawals amounted to about $40,000,000, as out-oftown banks were inclined to take their funds to
more lucrative fields. Renewals Tuesday were
again 17
0, but withdrawals continued on a heavy
scale, some $30,000,000 being taken out, and the
rate for new loans hardened during the session to
1/
1
2%, where the official quotation remained thereafter. Withdrawals were nominal thereafter, while
loans were freely transacted Wednesday, Thursday,
and Friday in the outside "Street" market at 170,
or a concession of/
0 from the official rate. Time
1
27
money and commercial paper also were easier. An
offering of $100,000,000 in Treasury bills, arranged
in two series of $50,000,000 60-day bills and $50,000,000 91-day bills was made Thursday. Awards
amounted to $50,102,000 and $50,000,000, respectively, at average rates on a bank discount basis of
1% for the 60-day bills and 1.01% for the 91-day
bills. This compares with a 1.18% rate of a $50,000,000 offering of 91-day bills last week. Brokers'
loans were off $28,000,000 in the Federal Reserve
Bank of New York tabulation for the week to
Wednesday night. Gold movements reported for
the same period consisted of imports of $20,169,000.
There were no exports and no net change in the
stock of gold held earmarked for foreign account.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, all loans on Monday were
0, or the lowest figure ruling since 1908. On
at 17
Tuesday, after renewals had again been put through
at 170, the rate for new loans on call advanced to
0, and remained at that figure the rest of the
1/
1
27
week, all loans on the Stock Exchange being at
1/
1
270. Time money continued in large supply during the week, though few transactions were reported. Rates were reduced all around early in
4@
0 for 30 days, 11/
1
27
the week, and are now 1@1/
days
90
and
for
for
@2%
1
days,
11
0 for 60
1
/
2
/
27
/
47
0 for five and six
1
2@13
four months, and 1/
months. The demand for prime commercial paper
continued excellent throughout the week, but transactions fell to a low level due to the scarcity of
1
4% for choice names
paper. The popular rate is 2/
For„. 132.
FINANCIAL CHRONICLE
of four to six months' maturity, though some extra
choice paper is being disposed of at 270. Namew
less well known and shorter choice names are still
quoted at 2/
1
2@23
/
47
0.
The market for prime bank acceptances has.
again been extremely quiet the present week, with.
very few bills coming out and very little demand'
for the available supply. For the fourth time in
three weeks the Federal Reserve Bank on Wednesday reduced its bill-buying rate. The new buying
rates of the Reserve Bank are: one to 15 days, 1%;
16 to 120 days, 11/
87
0, and 150 to 180 days, 11
/
4%.
The rates installed on May 6 and now supplanted
/
47
were: one to 30 days,1/
1
270, and 31 to 90 days,11
0,
and 1%7
0 for bills of 91 to 120 days' maturity.
Following the action of the Reserve Bank, market
rates for acceptances were at once marked down
1/
8% all around. The quotations of the American
Acceptance Council are now: For bills up to 120days, 11/
8% bid, 1% asked; for five and six months'
bills, 1%7
1
47
0 asked. The Federal Reserve
0 bid, 1/
Banks reduced their holdings of acceptances during
the week from $193,869,000 to $153,108,000. Their
'holdings of acceptances for foreign correspondents.
further declined from $402,752,000 to $394,907,000..
Open market rates for acceptances have also been
reduced, as follows:
SPOT DELIVERY.
—180 Days— —160 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
11.6
1,4
131
131
Prime eligible bUl
134
lby
—90Days-- —80Days— —30Days
BM Asked.
Bid. Asked.
Bid. Asked.
1 34
1
1
134
Prime eligible bills
1;4
FOR DELIVERY WITHIN THIRTY DAYS.
1 34 bid
Eligible member banks
I 34 bid
Eligible non-member banks
Two Federal Reserve Banks, in addition to the
six which we noted last week, have put into force
lower rediscount rates. On May 8 the Federal Reserve Board approved the application of the Federal
Reserve Bank of St. Louis to reduce its rediscount
rate from 3 to 23/2%, on all classes of paper of all
maturities, effective May 9. On May 14 the Board
announced that the Federal Reserve Bank of Richmond had lowered its rate from 332% to 3%, effective May 15.
There have been no 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 RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
110Federal Reserve Bank.
BostonNew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on May 15.
Dale
Established.
Previous
Rate.
2
134
3
234
3
3
234
234
334
335
3
3
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept. 12 1930
Aug. 15 1930
May 8 1931
Jan. 9 1931
234
2
3ti
3
334
334
3
3
4
4
334
334
Sterling exchange is irregular and dull, showing a
slightly easier undertone than prevailed last week.
Two outstanding factors influenced exchange this
week and induced the irregular tendency in trading.
On Wednesday the Federal Reserve Bank of New
York emphasized its recent rate cuts by making still
another reduction in its buying price for open market
bills, the fourth such change in the past three weeks.
The Bank's action was again followed by a general
MAY 16 19311
FINANCIAL CHRONICLE
3601
lowering of dealers' quotations. On Thursday morn- £1,749 gold bars and bought £757 gold bars. On
ing the Bank of England lowered its rediscount rate Friday the Bank bought £5,240 gold bars, and
from 3% to 24%. The range for s'erling VI's week received £50,000 sorereigns from abroad.
has been from 4.86 to 4.86 9-32 for bankers' sight
At the Port of New York the gold movement for
bills, compared with 4.86 to 4.864 last week. The the week ended May 13, as reported by the Federal
range for cable transfers has been from 4.86 3-16 to Reserve Bank of New York, consisted of imports of
4.86 7-16, compared with 4.861
4 to 4.86 9-16 a week $20,169,000, of which $20,030,000 came from Argenago. The market generally anticipated the latest tina and $139,000 chiefly from other Latin-American
reduction in Federal.Reserve Bank buying rates for countries. There were no gold exports and no
acceptances. The Bank's buying rate for bills up change in gold earmarked for foreign account. In
to 15 days is now 1%,for bills from 16 to 120 days, tabular form the gold movement at the Port of New
14%, and for bills from 121 to 180 days, 131%. York for the week ended May 13, as reported by the
These unprecedented levels represent a cut of Federal Reserve Bank of New York, was as follows:
IA of 1% for bills up to 90 days, of Yi of 1% for GOLD MOVEMENT AT NEW YORK,MAY 7-MAY 13,INCLUSIVE.
91 to 120 day bills, and of 4
8 of 1% for 121 to 180
Exports.
Imports.
day bills since the rates were last made public. $20,030,000 from Argentina
139,000 chiefly from other LatinDealers' rates on acceptances are likewise low r, at
None
American countries.
14% bid and 1% asked for bills from 30 days to $20,169,000 total
120 days, and 14% bid@14
1 .% asked for bills of
Net Change in Gold Earmarked for Foreign Account.
None
150 and 180 day maturity. The asking price on
bankers' acceptances represents the yield to the
Approximately £450,000 of gold was received from
purchaser for investment. Money is in extreme Japan at San Francisco during the week.
abundance in New York, with practically no borrowCanadian exchange continues at a discount, which
ing.
ranged this week from 1-32 of 1% to 5-64 of 1%. AcThe Bank of England's rate cut was also expected cording to a Washington dispatch on Thursday,
by the market, although it was thought that the Arthur Meighan, former Prime Minister of Canada,
reduction would not be made for several weeks. has recommended an extension of Canadian silver
The Bank's rate has been at 3% since May 11930, coinage to include one and two dollar pieces and to
when discounts were lowered to that figure from increase the silver content in subsidiary coins. Mr.
34%. This is the first time a Bank of England rate Meighan pointed out that while the drop in the
of 24% has been established since 1909. It will be world price of silver was but one factor in the derecalled that last week the peg was removed from pression, he believed that a greater use of the metal
bill rates in the London open market, where the would have a highly salutary effect.
rate for three-months bills had been steadily mainReferring to day-to-day rates, sterling exchange on
tained around 2 9-16%. When the peg was removed Saturday last was steady in a dull half session.
last week by the Bank of England and the market Bankers' sight was 4.86 3-16@4.8634.; cable transfers
was freed from official control, the rate for three- 4.86 7-16. On Monday the market was slightly
months bills dropped to 2 5-16%. Following the easier. The range was 4.864@4.86h for bankers'
reduction in bill rates in New York on Wednesday sight and 4.864 for cable transfers. On Tuesday
the rate for two-and three-months bills in London sterling continued easier. Bankers sight was 4.86 1-16
dropped to 2 1-16%. This was evidently a rate @4.86 3-16; cable transfers 4.86 9-32@4.864. On
distastefully low to the Bank of England authorities Wednesday sterling was irregularly easier. The
and although the Bank reduced its rediscount rate range was 4.86@4.86 3-16 for bankers' sight and
to 24% on Thursday morning, the market rate for 4.86 7-32@4.86 5-16 for cab'e transfers. On Thursbills went up to 23.%, which is taken as an indi- day exchange was dull and irregular. The range was
cation that the Bank of England will not permit 4.86@4.86 5-32 for bankers' sight and 4.86 3-16®
bill rates to go excessively low until it has satisfied 4.86 11-32 for cable transfers. On Friday sterling
its policy of increasing its gold holdings to levels was firmer; the range was 4.86@4.86 9-32 for
approaching, if not equaling, the high points of last bankers' sight and 4.8634.@4.86 7-16 for cable
year.
transfers.
Closing quotations on Friday were
It is of interest to point out that the Bank's rate 4.86Y4. for demand and 4.864 for cable transfers.
cut follows an increase in its gold holdings this 1% eek Commercial sight bills finished at 4.864; 60-day
to fractionally more than the Cunliffe minimum of bills at 4.844; 90-day bills at 4.83 3-16; documents
£150,000,000. According to London advices, bankers for payment (60 days) at 4.844, and seven-day
there believe that the Bank of England will not rest grain bills at 4.853%. Cotton and grain for payment
satisfied in its efforts until the gold holdings have closed at 4.864.
been increased by nearly an additional £16,000,000,
against the autumn drain. This week the Bank of
Exchange on the Continental countries has been
England shows an increase in gold holdings of dull and irregular during the week,
owing to hesi£1,521,307, the total standing at £150,003,821 on tancy on the part of bankers with respect
to the
May 13, which compares with £163,347,877 a year course of money rates in New York and London.
ago. On Monday the Bank of England bought The markets everywhere were becoming moreTor
£694 in gold bars. On Tuesday the Bank of Eng- less inactive until the Bank of England lowered its
land bought £892,500 in gold bars, most of which rediscount rate on Thursday. French francs are
was open market gold, as the Bank secured the bulk firmer than in several weeks, both with respect to
of the £832,000 South African gold available in the the dollar and the pound sterling. The London
market at the price of 84s. 93
4d. On Wednesday check rate on Paris was on average muChlowerithis
the Bank released £250,000 sovereigns and exported week than at any time in the past three weeks. This
£6,000 in sovereigns. On Thursday the Bank was partly due to the inactivity and the
hesitancy
received £25,000 'sovereigns from abroad, sold in trading, but now that London bill rates are
again
3602
FINANCIAL CHRONICLE
believed to be at a stabilized level, it is expected
that there will be a large exodus of French short-term
funds to the London market, as there is to the Berlin
market. In Paris money is in great abundance and
practically unlendable. Paris seems to be convinced
that the outward movement will be resumed because
French banks experience great difficulty in employing their spare funds in France. It is thought that
French francs are not likely to advance materially
with respect to other currencies, as the French import
balance is increasing steadily, while exports are
falling off. The franc is also likely to derive less
support from the tourist season than at any time in
many years.
German marks are steady. Now that the Bank
of England has lowered its official rate of discount,
bankers are more than ever convinced that the
Reichsbank can no longer maintain its excessively
high rate of 5%. Money rates are easing off in
Berlin, but continue to be extremely attractive to
outside funds, day loans ranging 4@6%, monthly
loans 5@53i% and private discount rates at 4 8%.
The prospects are for a considerable further cheapening of these rates, but by no means to a point where
the Berlin market will not be highly attractive to
funds from other European centres and from the
United States. The chief difficulty of the Berlin
money market is the disinclination of international
bankers to make long-term issues. The Reichsbank continues to add to its gold holdings, chiefly
through supplies from Russia. Since the beginning
of the year Russia has shipped 150,000,000 reichsmarks in gold to Germany. The latest of ten shipments, which amounts to Rm. 20,000,000, arrived on
April 27. German bankers are not particularly
enthusiastic about these gold receipts, as Russia
bought an equivalent amount of foreign bills on the
German market during the past.four months, leaving the Reichsbank holdings of foreign bills and gold
(together forming the legal cover) even lower than
at the beginning of the year. According to recent
Berlin dispatches, it is this situation which caused
Dr. Luther, the President of the Reichsbank, to
insist in the general meeting held recently that the
cover against obligations must be considered as
"not quite satisfactory." Dr. Luther stated that
the Bank had lost Rm. 1,000,000,000 during the flight
of capital last fall and winter, while in recent months
returning capital in terms of increased gold and foreign bills at the Bank had amounted to only Rm.200,000,000. Since January the holdings qf foreign bills
have tumbled from Rm. 460,000,000 to Rm. 132,000,000. Austrian schillings are showing a tendency to ease and irregularity, owing to the difficulties of the Austrian Kreditanstalt. According to
Paris dispatches on Thursday, Austrian shares of
Kreditanstalt have been suspended from the Vienna
Bourse. Shares of Austrian State Railways were
also suspended, with liquidation planned for Friday.
The bank run continued on Wednesday, with thousands of depositors receiving cash in an orderly
manner. The Austrian National Council proposes
to issue a three-year internal loan of 100,000,000 schillings in order to provide new capital for the reorganization of the Kreditanstalt. It is believed in the
market that the Austrian currency cannot be easily
oripermanently lowered.
The London check rate on Paris closed at 124.28
on Friday of this week against 124.45 on Friday of
last week. In New York sight bills on the French
rvm_ 132
centre finished at 3.91 9-32, against 3.90 15-16;
cable transfers at 3.91 11-32, against 3.91, and
commercial sight bills at 3.91, against 3.903%.
Antwerp belgas finished at 13.903% for checks and
at 13.913/i for cable transfers, against 13.90 and
13.903%. Final quotations for Berlin marks were
% for bankers'sight bills and 23.823'1 for cable
23.813
%.
transfers, in comparison with 23.81% and 23.813
bills
sight
bankers'
for
Italian lire closed at 5.233
%
and at 5.23 9-16 for cable transfers, against 5.23 7-16
and 5.235
%. Austrian schillings closed at 14.053,
against 14.07; exchange on Czechoslovakia at 2.96,
%;
against 2.96; on Bucharest at 0.59%, against 0.593
on Poland at 11.20, against 11.20, and on Finland at
2.519, against 2.51%. Greek exchange closed at
1.29 7-16 for bankers' sight bills and at 1.29% for
cable transfers, against 1.293/ and 1.29 11-16.
Exchange on the countries neutral during the war
shows no new features from the past few weeks.
Holland guilders are ruling easier, due almost entirely to the fact that funds are leaving the country
for more profitable employment in short-term
markets elsewhere, especially in London and Berlin.
It is also believed in the market that there is a steady
flow of Holland funds to New York seeking bargains
in the security markets here. The Scandinavian
currencies are also easier, but seem to be less affected
by world events than most of the other European
units. Spanish pesetas have fluctuated rather widely
and quotations are more or less nominal owing to the
sharp disturbances in Spain and the consequent
imposition of martial law. The Spanish peseta
closed on Friday of last week at 10.30 for cable
transfers, and on Saturday last at 10.31. The rate
went as low as 9.96 on Tuesday, but later recovered
to 10.07, finally closing on Friday at 10.06.
Bankers' sight on Amsterdam finished on Friday
4 on Friday of last week;
at 40.15, against 40.173
cable transfers at 40.163I, against 40.19h, and com2, against 40.17%.
mercial sight bills at 40.133/
% for bankers' sight
Swiss francs closed at 19.263
bills and at 19.273 for cable transfers, against
19.263% and 19.273.. Copenhagen checks finished at
26.763, and cable transfers at 26.7734, against
26.773/ and 26.783/2. Checks on Sweden closed at
2, against
26.793/2, and cable transfers at 26.803/
26.803% and 26.813%, while checks on Norway finished
2 and cable transfers at 26.773/2, against
at 26.763/
2. Spanish pesetas closed at
26.773/ and 26.783/
10.05 for bankers' sight bills and at 10.06 for cable
transfers, against 10.29 and 10.30.
Exchange on the South American countries is
unchanged in all important respects. Argentine
paper pesos are slightly firmer in tone and have fluctuated rather widely, due to the uncertainties in the
political situation and the heavy decline in the quotations for cedulas and other Government securities and
to decreased grain shipments. Buenos Aires bankers
specializing in foreign exchange say that the present
state of Argentina's international trade should keep
exchange fairly steady at around 135 gold pesos for
$100, which makes the paper peso worth there 32.6
American cents, and that any fluctuation of the
peso below this level must be attributed to uneasiness
regarding political affairs. As noted above, the
Federal Reserve Bank of New York reported the
receipt of approximately $20,000,000 in gold from
Argentina during the week. This brings the total
MAY 16 1931.]
FINANCIAL CHRONICLT;
shipment of gold from Buenos Aires to New York
thus far this year to approximately $51,058,000.
Other gold on the water and due to arrive in New
York soon will bring the total to approximately
$63,648,000. The extraordinarily heavy gold shipments are being made at this time in preparation for
the semi-annual interest payments which the Argentine Government is discharging in gold.
The Brazilian milrei continues to be nominally
quoted and at the lowest levels in the history of the
unit. According to a dispatch from Sao Paulo to
the New York "Times," dated May 8, it was unofficially announced that Sir Otto Niemeyer, now making a three months' study of Brazil's finances, is
ready to make his report known to the provisional
Government at the end of this month. It is presumed.that the Brazilian Government will be advised
to create a Federal rediscount bank the capital of
which is to be furnished by foreigners. The expectation is that the President is to be named by
foreign banks, but that there will be at least two
Brazilians on the board of directors.
Argentine paper pesos closed at 31 7-16 for checks,
against 31 5-16 on Friday of last week and at 31M
for cable transfers, against 31/. Brazilian milreis
are nominally quoted 6.45 for bankers' sight bills
and 6.50 for cable transfers, against 6.45 and 6.50.
Chilean exchange closed at 12 1-16 for bankers'
sight bills and at 123/i for cable transfers, against
12 1-16 and 12A. Peru at 27.85, against 27.85.
Exchange on the Far Eastern countries shows no
new features from those prevalent during the past
few weeks. The Chinese units are moving strictly in
accordance with the prices of silver, which have been
reasonably steady around 283/i cents in New York
and 133/a to 13 3-16 pence in London. According
to Samuel Montagu & Co., the undertone of the
silver market is fairly steady, but buyers are not disposed to follow any advances in prices. Japanese
yen are relatively steady. Japanese foreign trade
returns for the first four months of this year show considerable improvement in the balance of payments
over a year ago, although April imports of Y.81,000,
000 were Y.45,000,000 in excess of exports. Import
balance for the first third of the year amounts to
Y.82,000,000, compared with Y.155,000,000 for the
corresponding period of 1930, or a decline of Y.73,000,000. Exports to China in April amounted to
Y.21,000,000 and imports Y.17,000,000, yielding an
export surplus of Y.4,000,000 for the month. Export surplus to China for the first four months is
Y.22,000,000 below the same period of 1930. Regarding the commodity markets, the commercial
secretary of the Japanese Embassy reports that the
raw silk price has gradually declined due to the unfavorable conditions in foreign markets, though an
excess of stocks was not brought into the markets
after the termination of the general recess in reeling.
First bidding for sale of raw silk left over under the
Remedy Act was executed on April 27 to amount of
1,080 bales. Export of cotton goods is unfavorable
due to fall of silver and low prices of American raw
cotton. Recently a plan to organize export associations for habutai, linen braid and cotton flannel
has been progressing in connection with rationalization control of these export commodities. Closing
quotations for yen checks yesterday were 49.37@,
49.50, against 49.37@49.50 on Friday of last week.
Hong Kong closed at 24 7-16@24 11-16, against
3603
24 7-16@24%; Shanghai at 30%@31 3-16, against
31.25@31.50; Manila at 49%, against 49%; Singapore at 563/
s@,56%, against 563/8@56%; Bombay at
363, against 363, and Calcutta at 36 5-16, against
36 5-16.
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 past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 9 1931 TO MAY 15 1931, INCLUSIVE.
Cotustry and Monetary
Cult.
Noon Buying Rate for Cable Transfers In New Yea.
Value in Untied Stales Money.
May 9.
EUROPE$
.140605
Austria,achilling
Belgium, belga_...
.139064
.007183
Bulgaria, ley
Czechoslovakia, krone .029622
.267732
Denmark, krone
England, pound
4.864203
eterling
.025174
Finland. markka
France, franc
.039098
Germany, relahamark .238143
Greece, drachma
.012943
Holland, guilder
.401867
.174385
Hungary, Deng°
Italy, Ilra
.052354
Norway, krone
.267766
Poland. zloty
.111918
Portugal, esoudo
.044935
Rumania,leu
.005940
Spain, peseta
.102940
Sweden, krona
.268092
Switzerland, franc-. .192692
Yugoslavia, dinar-. .017586
ASIAChinaChefoo tael__
.324583
Hankow tael
.318437
Shanghai tael
.311214
Tientsin tael
.328750
Hong Kong dollar
.243500
Mexican dollar_
.227812
Tientsin or Pelyang
dollar
.228750
Yuan dollar
.225000
India, rupee
.361625
Japan, yen
.493906
Singapore (5.5.) dollar .580833
NORTH AMER.Canada, dollar
.999393
Cuba PESO
.999218
Mexico, Peso
473333
Newfoundland, dollar .996875
SOUTH AMER.Argentina, peso (gold) .713617
Brazil, mIlrela
.064000
Chile. Peso
.120591
Uruguay, peso
.630250
Colombia, peso
.965700
May 11. May12. May 13. May 14. May 15.
5
5
$
.140602
'.139078
.007177
.029625
.267723
$
.140570
.139101
.007177
.029625
.267700
.140510
.139107
.007188
.029622
.267637
.140493
.139113
.007175
.026920
.267673
$
.140542
.139119
.007212
.029625
.267668
4.863720
.025174
.039117
.238132
.012946
.401740
.174419
.052353
.267752
.111963
.044883
.004943
.100621
.268085
.192710
.017603
4.863234
.025175
.039119
.238190
.012949
.401652
.174392
.052350
.267737
.111950
.044933
.005943
.099752
.268077
.192708
.017599
4.862767
.025171
.039125
.238193
.012949
.401656
.174390
.052351
.267675
.111963
.044881
.005951
.099809
.268027
.192689
.017591
4.861931
.025167
.039136
.238194
.012946
.401656
.174377
.052354
.267716
.111920
.044964
.005939
.100314
.268058
.192715
.017606
4.863246
.025178
.039134
.238193
.012942
.401600
.174445
.052352
.267702
.111985
.044955
.005944
.100540
.268048
.192715
.017599
.318541
.316093
.308571
.323125
.242589
.223437
.318541
.316406
.309392
.326458
.243160
.224375
.318541
.316406
.309732
.326458
.243392
.224062
.319583 .318750
.317031 .316250
.309732 .308750
.327500 .326666
.243928 .242857
.225000 .223750
.226666
.223333
.361650
.493765
.560208
.228666
.223333
.361566
.493821
.560208
.226666
.223333
.861395
.493834
.560208
.227916
.224583
.361462
.493834
.560208
.999506
.999212
.473000
.996993
.999604
.999143
.472833
.997093
.999558
.999143
.473166
.997031
.999475 .999360
.999143 .999143
.474966 .477000
-J6890 .996843
.718871
.065125
.120652
.632564
.065700
.721404
.064593
.120648
.632165
.085700
.710675
.064209
.120644
.623375
.065700
.709655
.064375
.120637
.615832
.965700
.226686
.223333
.361462
.493884
.560208
.708706
.064928
.120657
.610750
.965700
The following table indicates the amount of bullion in the principal European banks:
May 14 1931.
May 15 1930.
Banks of
Gold.
Silver.
Total.
Gold,
Buyer.
Total.
England- _ 150,003,821
150.003,821 163,347,877
163,347,877
France a..
d
444,997,300343,603,507
(d)
343,603,507
Germany b 108,111,500 e994,600 109,106,100 120.781.4501
994.600121,776,050
Spain
96,916,000 28,253,000125,169,000 98,789,000 28,495,000127,287,000
Italy
57,435,000 56,261,000
57,435,000
56,261,000
Netherl'da 37,495,000 2,975,000 40,470,000 35,995,
2,163.000 38.158.000
Nat. Beige_ 41.431,000
41,431,000 34,130,
34.130,000
Switzer''d 25.713,000
25,713,000 23,152,000
23.152,000
Sweden _ _ - 13,320,000
13,320,000 13,519,000
13,519.000
Denmark
9,552,000 9,567.000
9,552,000
9,567.000
Norway -_ 8,133,000
8,133.000 8,144,000
8,144,000
Total week 993.107,821 32,222,600 1025330 221 907,289,834, 81,655,600938,945,434
Prey. week 991,076,821 32.214,6001023291 421903,335,0151 32.116,600 935,451,815
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £10,380,900. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
The Future of M. Briand and His Policies.
The first predictions regarding the outcome of
the presidential election in France on Wednesday
went wrong, and on the second ballot the choice
fell upon Paul Doumer, President of the Senate,
and not upon M. Briand. The result was a foregone
conclusion when, after a first ballot which gave no
candidate the required majority but left M. Doumer
in the lead, M. Briand withdrew from the race.
What with a hall too small for the nearly nine hundred Senators and Deputies who crowded it, a disorderly demonstration by a handful of Communists
and a counter-demonstration of Socialists to shout
3604
FINANCIAL CHRONICLE
them down, and frequent calls to make 'haste as the
'voting proceeded, the scene in the palace of Versailles was hardly a dignified one, but the formalities, at least, were simple, and the result of thg
balloting left no ground for dispute. If all goes
well, the new President, whose term is seven years,
will assume the duties of his office on June 13, one
month after his election.
Notwithstanding the confident predictions that
M. Briand would be elected, his defeat could hardly
have been a great surprise to any one who has followed attentively the course of French politics during the past few years, and more especially during
the past few months. The peace policy which M.
Briand has championed as Foreign Minister, and
Which has made him the outstanding peace statesman of Europe if not of the world, has received a
good deal of lip service in France, and M. Briand's
defense of his policy has more than once been greeted
with applause. At bottom, however, the policy has
clashed with certain fundamental prepossessions of
the French mind and with the strong growth of
nationalist sentiment which for some time has been
going on in France. On two subjects in particular,
namely, reconciliation with Germany and reduction
or limitation of armaments, French opinion has of
late shown itself increasingly intransigent. No outward manifestations of friendliness have served to
conceal the fact that France still distrusts Germany
profoundly, sees only danger in relaxing any of the
rigors of the Paris peace settlement, and relies upon
its army, navy and air forces as its only protection
in the war which it fears will some day be renewed.
The keynotes of M. Briand.'s foreign policy, on
the other hand, have been reconciliation with Germany and, rather more incidentally, reduction or
limitation of armaments by international agreement. He has to his credit a large share in the
Locarno treaties and the initiation of the KelloggBriand anti-war pact. The widespread disregard
of the anti-war pact by the nations which signed it,
the breakdown of the Geneva disarmament conference, the refusal of France to accept the London
naval treaty because it could not tolerate naval
parity with Italy, and the continuance on a vast
scale of the preparations for war which Mr. Hoover
has lately denounced, have gone far to rob the peace
movement in France of practical substance, and to
leave M. Briand in the position of championing an
ideal which few believed could soon be realized.
The economic recovery of Germany, meantime, together with the awakening there of a nationalistic
feeling of independence which saw only increasing
national irritation in the humiliating restrictions
of the Versailles treaty, have done much in France
to weaken the sentiment of reconciliation which
M. Briand's eloquence aroused and for a time
maintained.
When, accordingly, the French Socialist party
loudly espoused the candidacy of M. Briand for the
presidency, a line was drawn which contributed
heavily to his undoing. Of all the French parties,
the Socialists have been most inclined to take an
international point of view and most disposed to
bury the nationalistic enmities of the World War.
Their persistent refusal to participate in recent
Ministries, on the other hand, while it has added
to their political power, has not added to their
prestige, since while they have given incidental cooperation to successive Governments they have de
[vol.. 132.
dined to take responsibility. M. Briand for a long
time has stood somewhat outside of parties, although
his sympathies are with the Socialists, and his long
tenure of the office of Foreign Minister under various Governments has given him a unique position
in the political life of France. 14is Socialist support
in the presidential election had the effect of solidifying the opposition of the conservative Right, and
served to emphasize his leadership in policies which
a majority of opinion in the country and in Parliament has come to view with suspicion. The great
services that he has rendered did not count in the
face of the conviction that he was at heart a radical,
and that he might still be able, even in the somewhat ornamental office of President of the Republic,
to commit France to international policies with
which a growing nationalistsentiment is not anxious
to proceed.
How far his espousal of a scheme of a general
European union and his plans for countering the
Austro-German customs agreement contributed to
his defeat cannot be measured with certainty, although it is probable that they had some weight..
The interval that has elapsed since the proposal Of
a United States of Europe was offered has seen no
strengthening of belief in the working practicality
of the scheme, and the regional proposals that have
been brought forward elsewhere have seemed to indicate that union, if it is to be attained at all, will
be reached by less ambitious ways. It is true that
the Austro-German union was represented in Germany as a regional application of the Briand idea,
and provision was made for other countries to join,
but even M. Briand fell in promptly with the French
denunciation of the plan as only a step toward the
Anschluss, or political union, which the peace
treaties forbid, and the plan has had no stronger
opposition than his. The tripartite agreement between Italy, Austria and Hungary which was announced on Tuesday as in process of formation is
another regional plan wholly outside the Briand
scheme. What the details of the agreement are is
not yet known, but it is understood to contemplate
a considerable provision of credit facilities in aid of
commerce between the three countries, joined to
devices by which the obligations of the most-favorednation provisions of commercial treaties with other
Powers may be avoided. M. Briand's own counter
project to the Austro-German union, the details of
which are also still withheld, involves, according to
an Associated Press dispatch yesterday, a central
sales office for handling the wheat of central and
eastern Europe, with an abandonment of mostfavored-nation privileges; the regulation, through
existing organizations or new ones, of the production and sale of steel, coal, chemicals, textiles and
a number of other leading products; and an offer
of financial assistance by the French Government,
in co-operation with the League of Nations,in carrying out the proposed program.
It is only natural that M. Briand should be
chagrined at the outcome of the presidential contest, and his defeat will undoubtedly dim his personal and political prestige. He has wisely consented, however, at the urgent request of his
Ministerial colleagues, to go on temporarily
as Foreign Minister for the purpose of taking
part in various meetings at Geneva, his resignation, which was offered being temporarily held
in abeyance. The Geneva situation is both
MAY 16 1931.]
FINANCIAL CHRONICLE
3605
.crowded and critical. There is first a meet- base declared by the World War must attract wideing of a committee which has been considering the spread attention. Speaking before the Chamber,
plan for a United States of Europe, and upon its Mr. Aloyse Meyer of Luxemburg, President of the
report that project, as a practical matter, may very European Steel Cartel, made the following observapossibly stand or fall. The Council of the League tions: "Would it not be more logical," he asked,"to
of Nations is scheduled to discuss the Austro-Ger- strive for a lowering of the costs of living, which
man customs union, and with the German and Aus- should be possible in free-trade countries, and to
trian chancellors firm for the plan, Czecho-Slovakia reduce wages in consequence? The wage-earners
outspokenly opposed to it, Rumania and Jugoslavia would find no inconvenience, since real wages would
waiting upon Geneva before making up their minds, not be modified." ..."We believe that the evolution
Italy friendly although not committed, and France, of the economic situation of Germany and of Great
in the person of M. Briand, openly antagonistic and Britain shows that the policy of high wages,although
at the same time committed to.the Briand counter- applied in a mitigated form compared to the United
proposal, the debate promises to be heated and, its States, has not given satisfactory results to the
outcome a matter of critical interest to all Europe. economic conditions of these countries, without preIn addition, a committee of delegates from thirteen tending that their depression is the exclusive result
nations is sitting at Geneva deliberating upon what of high wages, nevertheless it cannot be denied that
can be done to reconcile the opposing views of they have been important contributing factors."
France and Great Britain regarding the imposition
In the United States, immediately after the stock
of sanctions in the event of threatened or actual market crash of 1929, a conference of industrialists
war. The primary task of this committee, if it and financiers, called at Washington by President
can agree, is to draft a treaty, first suggested by Hoover, tacitly agreed, on his urging, on a policy of
Germany in 1928, which shall strengthen the hands maintaining wages at the then level, largely a war
of the League Council in preventing war. Besides level, in order that consumption might continue unall these, it is expected that another effort will be abated in the interest of continued prosperity. Since
made to bring Italy and France to an accord that time there have been many changes, though the
regarding their respective claims to naval ton- policy is still strongly advocated, especially by
nage.
union labor. In order to keep up wages many deThe failure of M. Briand to reach the Presidency vices have been resorted to by industries, working
of France is not likely to impair the influence of forces have been cut down slowly,though inexorably.
that office. M. Paul Doumer, the succesSful can- Part time employment, in order to mitigate the
didate, has been long in public life, and as President resultant unemployment, has followed. By consent
of the Senate has occupied a post second in rank of employer and employees, in many instances, wage
only to that of President of the Republic. A con- scales have been reduced. Prices have fallen, inservative by temper and personally quiet and un- creasing the purchasing power of nominal wages,
assuming, the new President worked his way up in and through it all there have been a minimum of
politics by his own efforts, and long since won con- strikes and lockouts. The inexorable economic
fidence and esteem by his ability, his caution, his laws, however, have brought us to the deep of the
great capacity for work, and his unfailing consider- trough of depression. Unemployment continues in
ation for his associates no matter to what party an aggravated form. Commodities and credits are
they belonged. He may be counted upon if he lives low. Earnings of railroads have fallen to the dan—he is seventy-four years old—to give to the office ger point. Basic industries show scant signs of
of President the administration that France as a improvement. Vast undertakings, designed to emwhole prefers—an administration that is dignified ploy labor and consume native resources, have been
and socially correct, 'but unaggressive and mindful projected, though they are slow of realization. Save
of the controlling power of Parliament. It has been for the devices in mitigation above alluded to emthe fate of the retiring President, Gaston Don- ployment and wages remain upon the former genmergue, to steer his way through a long and rapid eral level. The question of the scale of wages has
series of Ministerial changes in some of which party now reached the acute stage; with allowance for
passions ran high, but there is no reason to fear altered conditions it affects the whole world.
that M. Demmer, with his intimate acquaintance
Why should wages alone, in a "changing world,"
with political leaders and his tact and experience, remain upon a war basis? For ourselves, we have
will be any less successful in meeting the political repeatedly essayed to show that "consumption" cancrises which the French parliamentary system seems not be upheld by the "high wages" of unionized
often to provoke. The future of M. Briand is more technical labor. All other labor must help pay the
uncertain, but if, after a last effort for the causes bill. It is not proven that the high wages of union
that are dear to him, he retires to private life as it labor does maintain a high rate of consumption, save
has been intimated he will insist upon doing, it will perhaps for luxuries. Savings banks deposits, inbe with a record of laborious and high effort in be- creasing despite depression, demonstrate this truth.
half of peace for which, if for nothing else, he will Shall wages continue "high" with everything else
be held in honor.
low? If war raises wages ought not peace to lower
them? There are complications. The tariff is one.
War and Wages.
It is shouted from the housetops that while tariffs
In the many discussions during the recent Wash- are high, wages will and must remain high. To
ington meeting of the International Chamber of lower tariffs would lower nominal wages, though
Commerce it was inevitable that the general wage real wages might not be affected, therefore it must
question should be considered. Wages are every- not be done. Consumption power must be kept up,
where a large component of costs. With commodi- or depression will be worse depressed. But how
ties, credits, profits, and capital uses, on a falling long shall a limited number, enjoying undiminished
scale, the attempt to maintain "high wages" on a wages, pile up savings in the banks while the
many
3606
FINANCIAL CHRONICLE
(VOL. 132.
find it hard to live? It is a grave question now day. But when every man works, as he can, for
reaching its climax.
what he can, production renews and accelerates,
Everyone must deprecate arbitrary wholesale and with this natural increase, the times grow better
horizontal reductions. However in "real" wages, and wages again rise.
other things being equal, low levels may be as good
The Nationalization of Land.
as high levels. But "arbitrary" means prove the
difficulty. Arbitrary powers, the power of organChancellor of the Exchequer, Philip Snowden, has
ized coercion, now undoubtedly keep wages in some proposed, in the House of Commons, a "land tax",
industries at war levels. There may be "strikes" intimating, it is alleged, that this is a first step toward
which cannot well be borne under present condi- "nationalization of land". He is quoted as follows:
tions. But when there is no other way, what is to "By this measure we assert the right of the combe done? Economic laws are frustrated by arbi- munity to ownership of the land. If private intrariness in either case. Concentrating upon rail- dividuals continue to possess a nominal claim to land
road conditions, would the people sustain the roads they must pay a rate to the community for the enin horizontal reductions? Again we encounter a joyment of it. They cannot be permitted to enjoy
difficulty. One board fixes wages, another freight the privilege to the detriment of the community."
rates. But if 'bankruptcy faces certain roads un- .. . "Land differs from all other commodities in
able to make their lawful quota of returns, what various respects. Land was given to us by the
is to be the end? Certainly no economist will ask Creator, not for the private use of the dukes but for
that operations continue at a loss, or at a no-profit equal use by all his children. Restriction of freedom
rate. More than a decade after the war—there is no in the use of land is a restriction on human liberty."
reason why war-wages should continue. Something . . . "To restrict the use of land by arbitrary will,
must be done. We know not what may be done. the owner enhances its price, raises rents, hampers
That the world is out of joint is true. European industry and prevents municipal development and
countries show, it seems, that wages fixed 'by the increase of amenities. Every increase in popugovernments do not contribute to the general wel- lation, every expansion in industry, every scientific
fare. There is no relief for us in this impasse. Yet development, every improvement in transport, every
unless "labor" (it has done so in some instances) child that is born, increases the rent of land. Rent
voluntarily accepts reductions in keeping with price enters into the price of every article produced, into
and profits levels, we shall not reach the smooth the cost of every public service."
ways without disorder and destruction!
Mr. Stanley Baldwin, Conservative leader, proIt would 'be useless to indite a homily on the fesses to be "completely mystified as to what the
continuing and cumulative evils of war. But those whole business is about." It is asserted that "before
who glory in "preparedness" might take note. Surely the proposed tax of a penny in the pound can be
we now see, as never before, the desperate aftermath. -mposed it will be necessary to fix the value of more
Pass this, as an afterthought. Natural laws wait than 10,000,000 items of land throughout the country.
for no man, no government. If wages, part of costs, That work cannot begin before October and it will be
a large part, cannot follow the general trend of 1934 before revenue is available from the tax."
conditions, a people is powerless to save itself. In Further it is said "The new tax will not apply to
every other factor of life and living, economic laws agricultural land so long as it has no higher value
prevail. There is overproduction in 'agriculture and than for incidental farm uses. This exemption also
manufactures. There always -will be while the ma- would apply to small allotments and "market
chine multiplies and the variable tastes of the citi- gardens." The Chancellor adds: "But the revenue
zens continue. "Plain living" is a protection. But will be by no means the only advantage the Governwho will practice it? How many, and in what ment hopes to get. There will be a more important
ways? Shall wages alone remain unaffected? It is effect. This act will cheapen land and throw it
contrary to reason. It is in many instances con- open for use, and these advantages will begin to
trary to facts—that have been sternly applied. High accrue the instant the measure becomes law."
wages, in low times, not only add to distress—they Explaining the proposed Act, as since introduced,
increase unemployment, and they fail to increase Mr. Snowden is reported as saying: "It is obvious
general consuming power. It is time to admit this that there will be an enormous number of assessments
fallacy of keeping up consumption to keep up where the amount involved will be negligible and
prosperity!
where the tax would amount to only a few pennies.
!Shorter days and shorter weeks for everybody It would not be worth while to collect these, so I
are only a. subterfuge to keep up the nominal wages propose that the individual be relieved of the tax
of organized labor. It is a scheme to substitute for any year in which he proves the total amount
coercion for natural law. When there is less work payable by him does not exceed ten shillings ($2.50
to do and more unemployed men to do it, the worker at the rate due on £125 (about $500) at the rate of a'
must bow to the inevitable. Conferences promulgat- penny in the pound. This will exempt practically
ing fallacious economics are of no avail to the all of the working class."
Perhaps, as a matter of pure economics, no one
hungry man. Politics afraid of the "labor vote"
is a poor mentor for the alleviation of "hard times." need care very much if the old landed estates in
How much harm has been done by this "policy" of the pent countries of the world, should pass from
high wages to keep up consumption to keep up their hereditary titles into the common use of the
prosperity, it is not easy to estimate. We may be common people. Feudalism is dead, and the Kings
at the bottom of the trough or we may not—but are passing. But the "nationalization of land" in its
only wages for such work at such rates as will give broad sense, is a momentous measure in a rapidly
us life and renewed energy will lift us out. The "changing world." No one can say where this change
"principle"(?) is now a demonstrated failure. To will end. The old "fief" is far from the modern
continue harping on it, will only prolong the evil farm in new countries, and it is true that in small
MAY 16 1931.]
FINANCIAL CHRONICLE
governments, thickly populated, especially in "tight
little islands,""standing room"is at a premium. Land
is increasing in nominal or money value much faster
than in its productive value. The question of utility
becomes basic. There are vast stretches in new
continents open to settlement, but restrictive immigration laws often stand in the way. The "poor
man" cannot move from territory to territory at his
own will. He is born to the realm and cannot escape.
His life is worth more than the wild life in the game
preserve. He will not always starve content by the
side of rich lands that might provide him home and
sustenance. But when "confiscation" is proposed by
means of taxation, the limitation is not apparent
and oppression may ensue.
With all our "pending and pressing" farm questions
nationalization of land does not, for the time, interest us. We have discussed it in the abstract in
former days under the guise of the "single tax."
It smacks of the philosophy of Henry George and
others. But as the Soviets of Russia have shown us,
there are quicker ways of confiscation than by the
slow processes of taxation. It must be said, however, that the "nationalization of land" sounds the
doom of "individualism" as we know and revere it.
And when a great country like England proposes to
divide the landed estates (and this we conceive to
be the gist of the Snowden proposal) it strikes at
liberty and independence in an entirely different
way than that suggested in the above argument.
The "exemptions" named will .in time dissappear.
They must. If the tax (a seeming bagatelle) bears
upon the size of the idle land it will tend to prevent
accumulation for "incidental farm uses" and in the
end collectivization will supersede private ownership, and this notwithstanding the theory embodied
in the taxing power.
In the United States there is some talk of large,
mechanized farms as a measure of relief for non-paying agriculture. Yet our people, if we are not mistaken in our judgment, cling to the privately-owned
small farm. We have built our Government and
liberal citizenship upon the private ownership of
land. We sold an immense territory for a song an
acre, we granted innumerable "homesteads" for the
taking, and we placed no limitation on accumulation. We have always spurned confiscation by
taxation, and though our methods of assessment are
sometimes open to question, we have largely sustained our State and county governments by direct
taxes on lands. And we have farms that in extent
put to shame the hereditary estates of old England.
Great Britain has done much the same in the colonization of her vast dependencies. Both nations have
prospered under the plan, and it must appear that
the Snowden proposal is more like a sop to "labor"
than anything in the nature of a rational revenue
scheme.
Suppose a tax of a "penny in the pound" value
tends to force the sale and cultivation of idle lands,
who will buy and till them? Not the man who tries
to hold his farm down to the exemption value. And
if the tax is laid upon the increased acreage, in
size and value, it at once becomes a burden on the
energy and accumulation of the real farmer. We
can see little rationality in the plan. It has never
appealed to existent farms and farmers. The "dukes"
may be excrescences and the lands may be needed
for cultivation for needed foodstuffs, but we fail to
discover how a new land tax will benefit agriculture.
3607
To hold "farms" down to gardens and truck patches
iq a mere delusion. Nor is it necessary to utilize all
the idle lands (though to this there is scant objection) while the Commonwealth of Nations has untold
acres in colonies and dependencies and is ruler of the
seas. Yet this idea has caught fire in Russia, where
communism rules and reigns. Concessions to this
spirit are dangerous anywhere.
It is apparent that nations are forced into extreme
measures to raise revenue to pay for excessive costs of
government. It is a time when any harbor in a
storm seems welcome. It is a time when theorists
see their opportunity to graft fantastic schemes upon
the body politic. An innocent plan of taxation soon
passes into tyranny. Imitation may be flattery,
but to yield to socialism in any degree in times of
doubt and depression is a danger that may lead to
ruin. A dole may put a quietus upon revolutionary
agitation, but it saps the strength of individualism
and destroys the spirit of liberty. All nations,
young and old, should avoid this pitfall, this morass
of quicksand, that drags down the toil and trade
that alone preserve and prosper. Once the fatal step
of class legislation invades normal taxation, and the
true support of government is sacrificed to expediency
and experimentation, "nationalization of land," if it
embodies anything more than a scheme for raising
revenue, is a fatal folly.
Prodding the Bond Market.
[Editorial in New York "Journal of Oommerce" May 13.]
The most recent cut in the discount rate of the New
York Reserve Rank was followed by an improvement in
the bond market that is interpreted in some quarters to
mean that the low money policy is beginning to result in
a shift of funds from short term to long term securities.
Whatever the motives that have induced the Reserve bank
authorities to pursue their present policies, it is obvious
that they are acting in a way that many of our self-appointed advisers across the Atlantic will heartily approve.
Pursuit of an open market policy that will relentlessly
force credit upon a reluctant public has been urged of late
with increasing vehemence by certain English economists
as a method calculated to infuse animation into the market
for new capital and to permit business to develop a revival.
By reducing discount rates to the lowest possible terms, or
in case the market fails to respond, by forcing outside rates
downward by liberal open market purchases, it is believed
that funds will be driven from short term employment into
the financing of long term operations. In this way, savings
may be effectively employed in stimulating buying for expansion and the"bearishness" of the public toward securities
will in consequence be corrected.
This reasoning plainly assumes that a sluggish bond market is the result of an unjustifiable timorousness which
only needs to be dissipated by enough resolution in cheapening credit to provide outlets for new bond issues. It is
unnecessary, however, to recite again the many well-founded
causes of distrust that cannot be removed merely by the
decisions of bankers. Assuredly it would do more harm
than good to divert credits to countries that have forfeited
their right to further accommodations by reason of their
economic excesses or their political indiscretions.
Furthermore, the emphasis that has been placed by English economists upon the benefits to business from a hothouse type of revival of the investment market is due to
conditions that are peculiar to England and have no special
relevance to the needs of our own country. England, for
instance, needs new capital to rationalize hard pressed export industries. But unfortunately these industries with their
short term credits immobilized, their properties virtually
owned by creditor banks, and their operations producing
deficits are in no position to secure the loan capital needed
for reconstruction. Many English economists, therefore,
hope that cheaper money will (provided it is cheap enough)
eventually meet such needs and make the process of ration-
3608
FINANCIAL CHRONICLE
alization easier. It is, therefore, in their view, the duty
of the banks to reverse their traditional policies and assist
the placement of long term credits, allotting them carefully
so as to cheapen costs of production and create new demands
for goods and for labor in the process.
Even if the argument has same validity for English conditions, it is obvious that it has little for the United States
at the present time. Our industries to-day are in many
cases overrationalized, and the strong ones do not lack
capital resources. The rank and file of American bank
borrowers stand much more in need of the short term credits
that they are not obtaining In amounts or on terms that can
be considered reasonably generous. There is, therefore,
nothing in the policy of artificially advancing bond prices
that meets the special needs of domestic business. There
is certainly nothing In the policy calculated to encourage
placement of investment funds abroad, so long as the fundamental conditions of sound investment are absent.
The only borrowers who will profit on a great scale by
the policy of forcing credit into investment channels are
public borrowers such as the Federal Government, the
States and the municipalities. Already a new high record
FOL. 182.
has been set to May 1 for flotations of municipal issues,
while the operations of the Treasury are expanding at a
rate that can be counted upon to absorb all the surplus
funds whose owners are looking for what they consider
safe investments.
Present policies are, in fact, accentuating and encouraging
tendencies toward public extravagance that require a sharp
curb. Simul taneously they are discouraging a revival of
commercial lending that would be one of the best possible
aids to solid business improvement by causing the banks
to accumulate Government securities as a means to assure
Individual liquidity at the expense of industry. No doubt
public issues will help somewhat to stimulate buying and
to provide employment, but a much more effective stimulus
would be provided by direct commercial advances judiciously granted.
The United States ought to be amply able to satisfy all
legitimate needs for Investment funds without resort to the
methods now being employed. What this country requires
Is not more nor cheaper credits, artificially created, but
more intelligent, discriminating and liberal apportionment
of the credit resources already at the disposal of the banks.
Gross and Net Earnings of United States Railroads for the
Month of March
Our compilations of the earnings of United States
railroads for the month of March reveal only one
encouraging feature, and that is wholly of a negative character. As compared with a year ago the
record is still one of heavy losses, in gross and net
alike, but there is improvement in the fact that the
falling off, in both ratio and amount, is somewhat
smaller than in the months immediately preceding.
Yet it is easy to exaggerate the significance of this
slight change for the better, inasmuch as it is due
entirely to the fact that as the year proceeds comparison is with increasingly poor results in 1930,
which means that the somewhat reduced losses of
1931 come after much larger losses in the corresponding month of 1930 than was the case in other
recent months.
In reviewing the results for March of last year,
we noted that the falling off in earnings then being
recorded had been at a progressive rate ever since
the downward movement began in October of the
previous year (1929) and gave the figures in support of the statement. The further shrinkage now
for March of the current year hence comes on top of
greater contraction in March 1930 and the results
must be interpreted in the light of that fact. We
may go further and assert that our earnings exhibits
for March have been poor for several successive
years, giving added emphasis therefore, rather than
lessened, to the further losses sustained the present
year. Stated in brief, our tabulations show that the
railroads of the country suffered a decrease of $76,672,852 in gross earnings for March 1931 as compared with March 1930, or 16.98%, and a decrease
of $16,893,267 in the net earnings, or 16.66%, after
the deduction of operating expenses, but not taxes.
The serious feature is that these losses in 1931, as
compared with 1930, follow $64,595,796 decrease
with
in gross earnings in 1930, as compared
or
1929, or 12.51% and $38,262,064 decrease
is
it
back,
27.46% in net in 1930. Going further
com1929
in
found that while there were increases
light and,
pared with 1928, these increases were very
In1928.
in
moreover, followed quite large losses
a
to
find
1926
deed, it is necessary to go back to
notereally
recorded
year when the March returns
worthy improvement. The result is that under the
further shrinkage now suffered in 1931 the total of
the gross at $375,588,844 for March 1931 is the smallest of any corresponding month since 1918, and the
amount of the net at $84,648,242 for March 1931 is
the lowest for that month of any year since 1921.
It is to be said, nevertheless, that the railroads
appear at last to have gained firm control of their
expenses, or at least have been able to curtail them
in more rigid degree, as is evident from the fact that
the ratio of decrease in gross earnings and in net
earnings this time is closely the same, being 16.98%
in the gross and 16.66% in the net, whereas previously the ratio of loss in the nett was, as a rule, very
much heavier than that in the gross. In the following we give the comparative totals for March this
year and last, and it will be seen that the ratio of
expenses to gross earnings, notwithstanding the
great contraction in the gross, was actually a trifle
smaller for 1931 than for 1930, though it is well to
remember that in 1930 this ratio ran up from
72.93% to 77.54%, owing to the absence then of very
rigorous efforts to curtail the expense accounts.
Month of March—
Miles of road (170 roads)
Gross earnings
Operating expenses
Ratio of expenses to earnings
Net earnings
(+)
or Dec.(—)
Inc.
1930.
1931.
+145 0.05%
242,421
242,566
$375,588,844 1452,261,696 —$78,672,852 16.98%
290,940,602 350,720,187 —59,779.585 17.06%
—.08%
77.54%
77.46%
$84,648,242 $101,541,509 —$16,893,267 16.66%
As to the influences responsible for the further
losses of revenue the present year we can only reiterate what we have 'been obliged to say month after
month since the stock market crash of 19 months
ago. The prime underlying cause has been the great
depression in trade and industry all over the land
and embracing within its sweep business activities
of every character and description. Multiplying
evidences of this, the same as in previous months,
confront the investigator on every side. The automobile industry has unquestionably been hit hardest
of all, and we find that the number of motor vehicles
turned out in March 1931 was no more than 276,341
as against 396,388 in March 1930 and 585,455 in
March 1929. For the three months ending with
March the number of new cars added the present
year was no more than 668,131 as against 1,000,023
in the first quarter of 1930 and 1,452,910 in the first
quarter of 1929. The general prostration of all
trade and business also finds reflection in the iron
MAY 16 1931.)
FINANCIAL CHRONICLE
3609
New
and steel trades. The make of iron in the United always the case the Pennsylvania RR. and the
decreases
heaviest
the
sustained
States in March 1931 was only 2,032,248 tons as York Central have
compared with 3,246,171 tons in 1930 and with as far as the amounts of the losses are concerned.
March
3,714,473 tons in March 1929, while the production The Pennsylvania RR. reports a decrease for
below
net
in
$3,533,423
and
gross
in
$9,036,187
of
of steel ingots in March 1931 was only 2,993,590
reduction
a
follows
this
And
1930.
for
amounts
and
the
1930
March
in
tons as against 4,254,331 tons
of $6,770,214 in gross and of $3,978,400 in net in
5,058,258 tons in March 1929.
The mining of coal was reduced in an equally March of last year, as compared with 1929. The
marked degree, and here the generally mild winter New York Central has suffered a reduction of
contributed to the same end, though as a matter of $6,289,849 in gross this year compared with 1929,
net to
fact the winter was mild also, as a rule, in the years but has managed to cut down the decrease in
Inoutlays.
expense
the
of
curtailment
immediately preceding. The production of bitumi- $336,412 by
off
falling
the
Erie,
Lake
&
Pittsburgh
nous coal in March 1931 reached only.33,870,000 tons chiding the
gross
in
$7,077,150
to
increased
is
1930;
Central
March
the
40,068,000 on
against 35,778,000 tons in
tons in March 1929; 44,668,000 in March 1928, and and to $608,730 in net. And this comes after
59,911,000 tons in March 1927. The output of Penn- $8,322,013 decrease in gross and $4,022,275 decrease
sylvania anthracite was a little larger in 1931 than in net .in March last year. Next to the Eastern
in 1930 at 4,745,000 tons against 4,551,000 tons, but trunk lines, Southwestern roads seem to have sufin March 1929 the anthracite product was 4,859,000 fered most. The Atchison and Southern Pacific
tons; in March 1928 it was 5,398,000 tons; in March may be cited as illustrations. The Southern Pacific
1927, 6,056,000 tons, and in March 1926 no less than reports a loss of $5,141,985 in gross and of $1,991,709
in net, and this follows a decrease for the same sys8,732,000 tons.
Evia
at
minimum.
course
tem in the previous year of $3,425,930 in gross and
New building was of
the
prestatements
in
furnished
of $2,227,543 in net. The Atchison -suffered a conis
dence of this
pared by the F. W. Dodge Corp. From these it traction of $3,285,469 in gross, but converted this
appears that the construction contracts awarded in into a gain of $691,297 in net through.reduced exthe 37 States east of the Rocky Mountains had a penses; however, in March last year the Atchison
money value of only $369,981,300 in March 1931 as suffered $2,621,689 shrinkage in gross and $3,539,225
against $456,119,000 in March 1930; $484,817,500 shrinkage in net. In other sections of the country
in March 1929, and $592,567,000 in March 1928. The the experience has been much the same, but it would
cut of lumber of course suffered correspondingly. be useless repetition to pile up further illustrations,
As one indication, statistics prepared by the Na- where the results are all of the same character. In
tional Lumber Manufacturers' Association for the the following we show all changes for the separate
week ending Mar. 28 showed production of soft roads for the month for amounts in excess of
woods by 455 mills 39% less than for the correspond- $100,000, whether increases or decreases, and in both
ing week in 1930, while in the case of hard woods gross and net. In the case of the gross, it will be
205 identical mills reported production of 20,639,000 observed, there is only a single gain for a sum in
feet for the week in 1931 against 35,306,000 feet in excess of $100,000, namely, that of the International
the same week of 1930, a decline of somewhat over & Great Northern, which road has a gain for amount
41%. The grain movement at the Western primary of $515,071 as also $402,349 gain in net to its credit,
markets was somewhat larger than last year due to following, however, $269,208 decrease in gross and
larger shipments of wheat, but far below the move- $140,052 decrease in net in March last Tear. In the
ment for the corresponding period of the previous case of the net, nine other roads share company with
year, and the remark is true also of the cotton move- the International & Great Northern, in showing inment in the South.
creases for amounts in excess of $100,000, these
A sort of composite picture of the traffic of the being attributable to curtailment and savings in
railroads as a whole is furnished by the statistics expenses.
showing the loading of revenue freight on the rail- PRINCIPAL CHANGES IN GROSS EARNINGS FOR MONTH OF
MARCH 1931.
roads of the United States, and here evidence of
Dea eau.
Increase.
St Louis S'western Lines_ 5567,955
the great diminution in the volume of the freight Internat & Great North- 3515,071 Minn
510,092
8t P & 88 Marie-507.821
$515,071 NY Chicago & St Louis _
traffic over the roads as the result of the unparal- Total(1 road)
471,012
N 0 Texas & Mex (3 rds)
Or!
Tex
&
New
Pac
465.681
Cinc
Decrease.
leled paralysis of trade is revealed in most striking Penzutylvania
460.709
$9,036,187 Del Toledo & Ironton_ _ _
439.087
a6,289,849 Colorado & Sou(2 roads)
New York Central
fashion. It appears that in the four weeks of March Southern
431,791
Pacific(2roads) 5,141,985 Lehigh Valley
East Coast
416,942
Florida
3,599,418
&
Baltimore
Ohio
the present year the loading of revenue freight on Ateh Top & S Fe(3rds). 3,285.469 Chicago St Alton
411,531
408.501
Chic St Paul Minn & Om
2,774.606
Illinois
Central
the railroads of the United States comprised only Rock Island Lines(2rds) 2,024.889 Delaware & Hudson_ __ _ 403,791
393,761
Central of Georgia
1,881.893
Missouri
Pacific
in
cars
the
four Chic Mil St Paul & Pac— 1,818.313 Maine Central
376,174
2,939,817 cars against 3,515,733
Erie__
372.961
Lake
&
Wheeling
1,756,041
Ry
359,746
weeks of March in 1930 and 3,837,736 cars in the Southern
1.603,547 Mobile & Ohio
Norfolk & Western
Louis_
St
&
338.945
Chatt
Nashv
1.602,078
St Louis-Son Fran.3 rds) 1,499,208 Chicago & Eastern fli _ 330.988
corresponding four weeks of 1929. It will be ob- Chicago
& North West._
310,653
1,491,264 Denver & Rio Gr West
Burl
Chicago
Quincy-&
were
310,454
cars
Louisville
loaded
&
with
Ind
less
Chic
served that almost 900,000
Louisville & Nashville-- 1,472,340
305,623
1,393.672 Kansas City Southern
NYNH& Hartford.._
275.892
1,235.252 Louisiana & Arkansas__ revenue freight in March the present year than in Northern Pacific
267.563
1,214,680 Los Angeles & Salt Lake_
Wabash
230.060
1.100,184 Union RR (of Penna) _
Great Northern
the corresponding period two years ago.
220,122
Northern_
&
Mobile
Gulf
971,030
Central RR of N J
210.363
931,246 Buffalo Roch & Pittsb_
(3 roads)
All this explains readily enough why railroad Erie
209.942
923.493 Alabama Great Southern
Missouri-Kansas-Texas._
204.292
841.756 Spokane Port & Seattle__
Marquette
earnings are showing such large losses the present Pere
198.479
836,962 Terminal RR Assn of St L
Reading Co
184,904
Maryland
Western
775.768
Yazoo
&
Miss Valley
year in addition to those suffered in 1930. In this Atlantic Coast
171.156
Island
Ship
&
Gulf
749,145
Line
170.782
Rich Fred & Potomac__
724,813
&
Ches
Ohio
Lines
as
a
railroads
whole. The Boston & Maine
we are referring to the
169.632
716,913 Chicago Great Western-166.790
Bessemer & Lake Erie__
716.095
roads)
Union
Pacific
(4
and
roads
systems is of Pittsburgh & Lake Erie-- 705,671 Western Pacific
166,142
showing for the separate
116.805
694,807 Long Island
& Pacific
109,
course of the same unfavorable character. Here Texas
650,712 New Or!& Nor EasternGrand Trunk Western__
Chicago
102, /4
of
Ry
Belt
620.160
Seaboard Air Line
the losses are proportionately of the same magnitude Elgin
599,769
Joliet & Eastern...
Total (87 roads)
574.018.634
571.250
___
Western_
&
Del
Lack
and equally general, coming from all classes of a These figures cover the operations of the New York CAntral and the
lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central
roads and from all sections of the country. As is leased
Cincinnati Northern and Evansvillejndianapolls & Terre Haute, Includ-
3610
FINANCIAL CHRONICLE
•
ng Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $7,077.150.
[Vol,. 1:12.
SOUTHERN DISTRICT.
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va.. and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohlo River north to Parkersburg.
W.Va.. and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to Its mouth.
PRINCIPAL CHANGES IN NET EARNINGS FOR MONTH OF
MARCH 1931.
Decrease.
Increase.
$311,637
Atch Top & S Fe(3 rds)$691,297 St Louis Southwestern__
311,107
Eastern....
&
Joliet
Elgin
&
618,541
Louisville Nashville.301,880
Erie (3 roads)
442,447 Cinc New Or!& Tex Pac_
299,206
402,349 Missouri-Kansas-Texas _
Internat'l de Great Nor
297,659
263,133 NYNH& Hartford__
Chesapeake & Ohio Lines
288,683
N Y Ontario & Western..
176,814 Florida East Coast
WESTERN DISTRICT.
281,929
NY Chicago & St Louis..
156,414 Grand Trunk Western
Northwestern Region.-This region comprises the section adjoining Canada lying
268,765
Great Northern
118,983 NO Tex & Max (3 rds)_ _
259,734 west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
Long Island
117.348 Texas & Pacific
237,776 to Portland and by the Columbia River to the Pacific.
107,720 Pere Marquette
Burlington Rock Island..
226,751
Atlantic Coast Line
Central Western Region.-This region comprises the section south of the North201,534
$3,095,046 Pittsburgh & Lake Erie__
Total(14 roads)
to St. Louis, and
183,202 western Region, west of a line from Chicago to Peoria and thence
Decrease. Central RR of New Jer__
of a line from St. Louis to Kansas City and thence to El Paso and by the
north
158,381
$3,533,423 Delaware & Hudson__
Pennsylvania
154,426 Mexican boundary to the Pacific.
Southern Pacific (2 rds)- 1.991,709 Chic St P Minn & Om..__
150,759
1,203,914 Wheeling & Lake Erie__ _
Illinois Central
Southwestern Region.-This region comprises the section lying between the Mis141,910
Rock Island Lines(2 rds)
786.368 Alabama Great South_ __
140.864 sissippi River south of St. Louis and a line from St. Louis to Kansas City and thence
Ohio
&
Mobile
702,828
Norfolk & Western
136,304
El Paso and by the Rio Grande to the Gulf of Mexico.
627,268 Denver dz Rio Gr West__
Southern Ry
135,408
Chicago Burl & Quincy
581,836 Louisiana & Arkansas134,389
Penna)___
(of
RR
St Louis-San Fran (3 rds)
557,657 Union
132,744
Baltimore & Ohio
497,027 Maine Central
130,799
Wabash
467,491 Los Angeles & Salt Lake..
121,715
378,532 Colo& Southern (2rds) __
Yazoo & Miss Valley__ _ _
118,809
357,964 Seaboard Air Line
Northern Pacific
113,752
Island
Ship
&
Gulf
Missouri Pacific
352,331
112,298
New York Central
2336,412 Gulf Mobile & Northern..
Detroit Toledo & Ironton
322,286
$18,364,944
Total(50 roads)
315.477
Reading Co
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Nortaern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of$608,730
When the roads are arranged in groups or geographical divisions according to their location, the
wide and general character of the falling off in earnings finds further illustration, as was of course to
be expected from our remarks above. In other
words,all the different districts-Eastern, Southern
and Western-as well as all the different regions
grouped under these districts, show losses in gross
And net alike, and this, it is to be noted, derives
additional significance from the fact that this year's
record in that respect follows a similar record a
year ago, all subdivisions then having likewise suffered decreases. Our summary by groups is as below. As previously explained, we group the roads
to conform to the classification of the Inter-State
Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table:
As we have already indicated, Western roads,
taking them collectively, •had a somewhat heavier
grain traffic in March the present year than in
March 1930. The increase was almost entirely due
to the larger volume of wheat moved to the Western
primary markets, the movement of all the other
cereals with the exception of rye, which showed a
slight increase, having been on a more or less diminished scale. The receipts of wheat at the Western
primary markets for the four weeks ending Mar. 28
1931 were 29,509,000 bushels as compared with only
15,070,000 bushels in the corresponding four weeks
of 1930; the receipts of corn were 17,559,000 bushels,
against 18,643,000 bushels; of oats, 6,492,000 bushels against 8,062,000 bushels; of barley, 2,124,000
bushels against 2,665,000, and of rye, 617,000 bushels
against 539,000 'bushels. Altogether the receipts
for the five items-wheat, corn, oats, 'barley, and
rye-combined, for the four weeks of March 1931
aggregated 56,301,000 bushels as compared with
only 44,979,000 bushels in the corresponding period
of 1930, but as against 56,752,000 bushels in 1.929.
In the following table we give the details of the
Western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley
Rye,
Oats.
Corn.
Wheat.
4 Wks.End. Flour.
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
(bbls.)
Mar. 28.
ChicagoSUMMARY BY DISTRICTS AND REGIONS:
774,000
178,000
46,000
772,000 3,282,000 5,201,000
-- 1931
Oros:Earnings
District and Region.
409,000
321,000 5.506.000 1,124,000
77,000
853,000
1930
1930.
Inc. (-I-) or Dec.(-)
1931.
Month of March.
Minneapolis
%
$
$
$
Eastern District957,000
816,000
156.000
760,000
7,163,000
1931
20,758,775
-2,899,729
13.98
17,859.046
_
New England region(10 roads).-806.000 1,079,000
421,000
828,000
4,094.000
1930
74.830,843 87,979,270 -13,148,427 15.14
Great Lakes region (31 roads)
Central Eastern region(23 roads).- 77,093,044 94,816,775 -17.723,731 18.40 Duluth259,000
34,000
47,000
5,067,000
47,000
1931
153,000
16,000
4,278,000
247,000
1930
6,000
169,782,933 203,554,820 -33,771,887 16.61
Total(64 roads)
Milwaukee
Southern District112,000
925,000
543,000
408,000
55,000
1931
23,000
18.69
-11,557,487
61,863,649
50,306,162
Southern region(30 roads)
156,000
931,000
65,000
565,000
1930
72,000
3,000
18.672.480 21,212,538 --2,540,058 11.98
Pocahontas region (4 roads)
Toledo352,000
79,000
1,247,000
4,000
-14,097,545
1931
1,000
83.076,187
16.98
68,978,642
Total(34 roads)
571,000
106,000
1,000
463,000
1930
Western District40,313,183 47,959,708 -7,646,525 15.92 Detroit
Northwestern region(17 roads)._
82,000
16,000
38.000
89,000
1931
3,000
15.80
-11,803,004
74,743.772
Central Western region (25 roads). 62,940,768
19,000
40,000
14,000
145,000
1930
30,000
33,573,318 42,927,209 -9,353,891 21.77
Southwestern region (30 roads)
Indianapolis & Omaha897,000
1931
3,100,000 3,980,000
136,827,269 165,630,689 -28,803,420 17.40
Total(72 roads)
1,000
1930
545,000 3,549,000 1,752,000
2,000
16.98
-76.672.852
452,261,696
roads)
(170
districts
375,588.844
all
Louis
St.
Total
206,000
1931
8,000
512,000 2,512,000 1,820,000 1,909,000
Net Earnings
39,000
1930
District and Region.
511,000 1,659,000 2,050,000 1,755,000
Inc.(-1-) or Dec.(-) Peoria-.
1930.
1931.
Month of March.-M11ea ge
Eastern District- 1931. 1930.
266,000
331,000
644,000
272,000
1931
237.000
255,000
-639,253 10.81
New England region.. 7,329 7,356 5,274,532 5.913.785
471,000
301,000
1930
182,000
91,000 1,792,000
-995,783 6.33
Great Lakes region- 27,896 27,854 16,473,332 17,469,115
Kansas CityCentral Eastern reg'n 24,221 24,248 15,163.533 20,858.353 -5,694,820 27.30
416,000
1931
5.153,000 2,545,000
646,000
1930
2,805,000 2,126,000
7,329,856 16.58 I
59,446 59,458 36,911,397 44,241,253
Total
St. JosephSouthern District234,000
1931
253,000 1,168,000
40,042 40,122 11,082,420 14,516,098 -3.433.678 23.64
Southern region
1930
156,000
875,000
177,000
-445,651 6.54
6.033 6,015 8.377,787 6,823,438
Pocahontas region
Wichita209,000
1931
12,000
939,000
46.075 46,137 17,460,207 21.339,536 -3,879,329 18.15
Total
1930
342,000
20.000
349,000
Western DistrictSioux City-644,782 7.07
Northwestern region_ 48,948 49,053 7.053,590 7,698,372
2,000
1931
234,000
178,000
8,000
59,000
Central Western reg'n 52,811 52.582 15,246.505 17.915,395 -2,668,890 14.91
1930
412,000
503,000
9,000
78,000
7,976,543 10.346.953 -2,370,410 22.90
Southwestern region_ 35,286 35,191
Total All617,000
1931
1,594,000 29,509,000 17,559,000 6,492,000 2,124,000
137,045 136,826 30.276.638 35,960,720 -5,684,082 15.83
Total
539,000
1930
1,618,000 15,070,00.0 18,643.000 8,062,000 2,665.000
101,541,509
-16,893.267
16.66 3
242,566 242,421 84,648,242
Rye
Barley
Total all distrIcts
Mos.Ended
Oats
Corn
Wheat
Flour
(bush.)
(bush.)
roads to conform to the classifi•
Mar. 28.
(bush.)
(bush.)
(bush.)
(bbls.)
NOTE.-We have changed our grouping of the
Chicago
following
the
and
indicates
the
Commission,
eation of the Inter-State Commerce
108,000
543,000
1931
2,421,000 10,060,000 14,996,000 2,502,000
971,000
1930
confines of the different groups and regions:
2,961,000 1,452,000 25,725,000 4,707,000 1,433,000
MinneapolisEASTERN DISTRICT.
603.000
1931
22,222,000 3,206.000 3,255,000 2.907.000
England States.
1930
16,514,000 4,548,000 3,054,000 3,673,000 1,294,000
New England Region.-This region comprises the New
section on the Canadian boundary DuluthGreat Lakes Region.-This region comprises the
203,000
190,000
831,000
Michigan to Chicago. and
663,000
1931
15,879.000
between New England and the westerly shore of Lake
488,000
582.000
802.000
446,000
1930
9,990,000
to New York.
north of a line from Chicago via Pittsburgh
section south of the Great MilwaukeeCentral Eastern Region.-This region comprises the
414,000 1,789,000
45.000
168,000 1,074,000 2,629,000
1931
43,000
557,000 2,304,000
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the r 1930
236,000 4,441,000
284,000
River to
Mississippi River to the mouth of the Ohio River, and north of the Ohio
2.000
of Maryland , °Zed°
12,000
249,000 1,781,000
2,152,000
1
193
Parkersburg, W. Va.,and a line thence to the southwestern corner
6.000
7,000
421.000 1,295,000
2,163,000
1930
and by the Potomac River tot ta mouth.
MAY 16 1931.]
Moe: Ended
Wheat,
Corn;
Flour
(bush.)
(bush.)
((Ib148)
Mar. 28.
Detroit72,000
316,000
1931
405,000
128,000
1930
Indianapolis and Omaha1931
8,979,000 13,754.000
4,078,000 18,747,000
1930
St. Louis1931
1,695,000 7,122,000 5,932,000
1,844,000 6,365,000 8,941,000
1930
Peoria-718,000 2,981,000
1931
872,000
447,000 7,537,000
610,000
1930
Kansas air
18,805,000 9,245,000
1931
12,423,000 11,003,000
1930
Si. Joseph1,011,000 4,488,000
1931
1,544,000 4,694,000
1930
Wichita3,869,000 1,006,000
1931
2,382,000 1,867,000
1930
Sioux City1931
180,000
948,000
203,000 2,612,000
1930
FINANCIAL CHRONICLE
Oats,
(bush.)
Barkv
(bush.)
Baxget;
(bush.)
3611
immediately preceding. Thus for March 1925 our statement registered $18,864,833 decrease in gross and $5,447,665
204,000
134,000
20,000
162,000
21,000
74,000 decrease in net, while for March 1924 the loss in the gross
reached no less than $30,628,340, though the loss in the net
2,657,000
4,684,000
3,000
2,000 was no more than $2,514,076, owing to the reductions in
623,000
13,000 expenses, reflecting growing efficiency of operations. This
5,275,000
189,000
5,196,000
3,000 growing efficiency in operations was a feature at that
811,000
757,000 1,255,000 time and the further back we go the more striking the
1,408,000 1,047,000
13,000
record becomes in that respect-barring 1923, when weather
984,000
conditions were extremely unfavorable, and a gain of
1,727,000
$59,806,190 in gross brought with it an addition of only
678,000
5,000
2,000
$3,419,324 to net earnings-which last, however, was the
284,000
reverse of what happened in 1922, when a gain of $16,122,000
35,000
059,426 in gross was attended by a reduction of $38,577,773
114,000
in expenses, yielding $54,637,199 gain in net, and the reverse
22,000
670,000
2,000
51.000
760,000
2,000 also of what happened in 1921, when though tthe gross
revenues showed w decrease of $1,483,390, the net recorded
Total AU5,156,000 92,387,000 60,169,000 20,184,000 7.017.000 2,253,000
1931
5,699,000 58,202,000 91,110,000 24,750.000 9.310.000 2,896,000 an improvement of $18,656,316. All this 'merely indicates
1930
that as the country got further and further away from
The Western livestock tonnage, on the other hand, the
period of Government control of the railroads, with its
appears to have been smaller than in March a year lavish and extravagant administration, railroad managers
ago. While at Chicago the receipts were somewhat once more succeeded in obtaining control over the expendilarger, having comprised 15,807 carloads against tures of the roads and were able to effect important econo15,354 carloads, at Kansas City and Omaha they mies and savings.
Weather conditions are not, as a rule, a great drawback
were only 6,083 and 6,434 cars, respectively, against
to railroad operations in March (January and February
7,498 and 7,548, respectively, in March 1930.
being the bad winter months), and in 1931 as in 1930 there
Coming now to the cotton movement in the South, were few complaints on that score, though in 1931 some
this was somewhat larger than in 1930, but far heavy snowstorms in the early part of the month and again
below that of most of the previous years. The re- in the closing part were reported in the Rocky Mountain
ceipts of the staple at the Southern outports in areas and the adjoining prairie States, with the Oklahoma
March the present year aggregated 348,114 bales, Panhandle especially hard hit, and likewise heavy snowdrifts at different times during the month in the Adironas against 204,092 bales in March 1930, but com- dacks
and Northern New York. In 1929 the drawbacks
paring with 375,133 bales in 1929 and no less than were only such as followed as the result of the severe cold
893,604 bales in 1927. Gross shipments overland and heavy falls of snow experienced in some of the far
were 88,796 bales as 'against 58,147 bales in March Western roads in January and February. At different times
during March of that year there came reports of snow
1930, but comparing with 122,323 bales in 1927.
slides
at widely separated points in the section of the
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND SINCE
country referred to-from Colorado, from Dakota, from
JAN. 1 TO MARCH 31 1931, 1930 AND 1929.
Montana, from the State of Washington, &c. In 1928 the
Since Jan. 1.
March.
weather was not an adverse influence anywhere. In 1927,
Ports.
1931.
1930.
1929.
1931.
1930.
1929.
likewise, the weather did not exert any serious adverse
46,696 112,317 219.750 213,688 471,622 influence except
56,479
bales
Galveston
in several of the Rocky Mountain States,
85,520 326.728 268,784 459,374
51,712
64,139
Texas City, &a
13,674
8,806
1,249
3,479
more
Corpus Christi
particularly
in Colorado and Wyoming, where repeated
3,802
789
334
794
Beaumont
69,361 111,290 310,076 276.938 387,212 snowstorms occurred all through the winter months of 1927,
96,048
New Orleans
65,675
59,034
22,558 156,058
10,481
47,996
Mobile
8,736
4,175
624 making railroad operations difficult, and where even towards
145
3,240
6,012
Pensacola
38,869
19,272 120,936
50,160 the
10.813
42,568
Savannah
middle of April an unusually severe Spring blizzard
Brunswick
36,107
16,053
6,039
18,919 was
4,500
12,988
Charleston
encountered, seriously interrupting traffic. The latter
12,618
1,582
2,514
Lake Charles
14,446
11,546
8,467
17,526 extended also into South Dakota and into Western and
3,058
4,795
Wilmington
23,974
24,132
9,525
28,437
2,648
10,278
Norfolk
68
Northwestern Nebraska. In 1926, too, the winter for the
24
Jacksonville
348,114 204,092 375.133 1,246,973 931,037 1,492,908 country as a whole did not interfere with railroad operaTotal
tions to any great extent, though temperatures then were
RESULTS FOR EARLIER YEARS.
low and the season far in advance of the ordinary. In 1924
As already explained, this year's falling off of $76,672,852 the weather was also mild and the roads suffered no setback
in gross and of $16,893,267 in net follows a long series of on that account. Back in 1923, on the other hand, weather
poor or indifferent results in March of the years immedi- conditions in March were extremely unfavorable. Moreately preceding. In March 1930 our tabulation showed over, in 1923 the winter was very severe also in January
$64,595,796 shrinkage in gross and $38,262,064 shrinkage in and February, with heavy snows, making the adverse
net, this reflecting the first results of the trade collapse effects cumulative and entailing outlays of great magnitude
which came as a sequel to the stock market crash in the on that account. In discussing the severity of the winter
autumn of the preceding year. In March 1929 increases weather in our review of March 1923 we pointed out that
appeared, but they were very moderate in amount, namely, in nearly the whole of the northern half of the country quite
$10,884,477 in gross and $7,516,400 in net, and, moreover, unusual weather conditions had prevailed. Here in the
succeeded heavy losses in gross and net alike in March East in the last week of the month the Weather Bureau in
1928, though the recovery would doubtless have been some- this city on several days reported the lowest March temwhat greater except for the fact that the month con- perature records during its existence. And the cold pertained one less working day than in the previous year, due sisted right up to the close of the month. On the night of
to there having been five Sundays in the month, whereas March 31-April 1, the latter being Easter, the official therMarch 1928 had contained only four Sundays. For March mometer registered a temperature of as low as 12 degrees
1928 our tables registered no less than $26,410,659 decrease above zero. Previously the temperature in this city on Mar.
In gross and $4,034,267 decrease in net. Nor was the 31 had never been below 25. Furthermore, dispatches from
showing for March 1927 anything to boast of, the compari- Washington, D. C., in that year reported the coldest 1st of
sons then having revealed relatively trifling increases- April ever experienced at many points east of the Missis$432,616 in gross and $1,627,348 in net. It is not until sippi River, with the mercury in Washington down to 15
we get back to 1926 that we strike periods of marked im- degrees, seven degrees under the record set April 19 1875,
provement in results. In March 1926 the showing was strik- and lower than ever registered after Mar. 21 in any year
ingly good, with noteworthy improvement in gross and net since the establishment of the Washington Weather
Bureau
alike. Our compilations for March 1926 recorded $43,- In 1870. But the cold in 1923 was not so
much of a
668,624 gain in gross, or 8.99%, and $24,561,652 gain in net, drawback as the snowfalls and the snow
blockades.
or 22/
1
2%. The fact is to be borne in mind, however, that to the numerous snowstorms in February, which Added
had then
these gains in March 1926 followed losses in both the years so seriously increased operating
costs, more particularly in
S
FINANCIAL CHRONICLE
3612
New England and northern New York, there were, in 1923,
other snowstorms during March, some of these in the West
attaining the dimensions of blizzards. The result was that
virtually everywhere outside of the South operating costs
were heavily augmented. It was because of this that out
of $59,806,190 increase in gross earnings in March 1923,
$56,386,866, as already stated, was eaten up by augmented
expenses, leaving only $3,419,324 increase in the net.
It has already been noted that the loss in the net in
1925 and 1924 came after four successive years of increase.
On the other hand, prior to 1920, March net had been
steadily dwindling for a long period past, until the amount
had got down to very small proportions. For instance, in
March 1919 there was a loss in net of no less than $52,414,969 in face of an increase of $10,676,415 in the gross
earnings, and furthermore, March 1919 was the third successive year in which the March expenses had risen to such
an extent as to wipe out the gains in gross receipts-hence
producing a cumulative loss in net. In the following we
give the March totals back to 1906. For 1911, 1910, and
1909 we use the Inter-State Commerce figures, which then
were slightly more comprehensive than our own (though
they are so no longer), but for preceding years, before the
Commerce Commission had any comparative totals of its
own, we give the results just as registered by our own
tables each year-a portion of the railroad mileage of the
country being always unrepresented in the totals in these
earlier years, owing to the refusal of some of the roads then
to give out monthly figures for publication:
_ • Fel • -el
Gross Earnings.
re
1
111111111111111111111111
1 02WWWOWCOODWIDCWWCWO2R8RR
C040450204:
40;t0WWWWt4.2.2
g
.4=011i.WW..05.0045.
1 0000.
.WW..
140MVOCA11,
..0
:.
Inc.(4-) or
Year
Year
Moen.• Preceding. Dec. (-).
Na Earnings.
Year
Given.
Year
Inc.(+)or
Preceding. Dec. (-).
$
$
s
$
•oill $
ch- $
129,838,708 116.861,229 +12.977.479 40,349,748 35,312,906 +5,038.842
1 4
+638
141,502,502 128,600,109 +12,980,393 40,967.927 40,904,113
141,193.819 162,725,500 -21.531.681 39,328,528 45,872,154 -6,543,631
55,309.871 +14,303,842
205,700,013 183,509.935 +22,190.078 69,613,713
238,725.772 205,838,832 +32.887.440 78,322.811 69,658.705 +9,664,106
227,584,915 238,829,705-11.264.790 69,209,357 78,357,486 -9,148,129
+848,494
237.564,332 224,608,654 +12,955,678 69,038,987 68,190.493
249,230,551 238,634,712 +10,595,839 64,893.146 69,168.291 -4,275,145
+660.166 67,993,951 64.889,423 +3.104,528
250,174.257 249,514.091
+1,000,350
238,157,881 253,352,099 -15,194,218 68,452.432 67,452,082
296.830.406238,098.843 +58,731,563 97,771,590 68.392,968 +29,378,627
96,718,706 -7,911,240
321,317.560 294.068,345 +27,249,215 88,807,486
82,561,336 87,309,806 -4,748,470
362.731,238 312,276,881 +50,484,357 29,596,482
375,772,750 365,096,335 +10,676,415 40,872,775 82,011.451 -52,414,969
27,202,867 +13,669,908
+61,492,190
347.090,277
408.582.467
58.538,958 39,882.602 +18,656,316
456,978,940 458,462.330 -1,483.390 113,468,843
58,831,644 +54,637,199
473,433.886 457,374,480 +16,059,426 117,117,122 113.697,798
+3,419,324
533.883.199473,747.009 +59,806.190 114.754,514 117,668,590 -2,914.076
504.016,114 534,644,454 -30,618,340 109,230,086
-5,447,665
485,498,143 504.362.976-18,864,833 133,642,754 114.677,751
109,081,102 +24,561,652
528,905,183 485,236.559 +43,668,624 135,691,649 134,064,291 +1,627,358
529,899,898 529,467,282 VI +432,616 131,840.278 135,874,542 -4,034,267
-26,410,659
530,643,758
504,233,009
132,122,686 +7,516,400
516,134,027 505,249,550 +10,884,477 139,639,086
139,756,091 -38,262,064
52.024,463 516,620,259 -64,595,796 101,494,027
6.893.267
7K nag 54,1 452 251505 -76.672.852 84.648.242 101.541.509-1
1907; In 1908 the returns were
Note.-Includes for March 96 roads In 1906; 94 In
In 1910, 239.691; in 1911, 244,081;
based on 152,058 miles of road; in 1909, 233,702;
245,200; In 1915, 246,848; In 1916.
In 1912, 238,218;jin 1913, 240,510; In 1914.
1919, 226,076; In 1920, 206.319; In
247.363; in 1917, 248,185; In 1918, 230,338; in
1924, 235,715; in 1925. 236,559;
1921, 234,832;1n 1922, 234,986; In 1923, 235,424; In
239,649; in 1929, 241,185; In 1930,
In 1026. 236,774; In 1927. 237,804; In 1928.
242,325gin31931,1242.566.
The Influence of Low Federal Reserve Rates
in Stimulating the Bond Market.
Charles F. Speare in his review of May 9, written for the
newspapers of the Consolidated Press Association, discusses
discount rates in stimuthe matter of low Federal Reserve
follows:
as
market
lating the bond
The secondary object of the 1% rediscount rate was the
stimulation of the bond market, and especially the promoplace of short term securition of lung term issues in the
this will meet with much
ties. It is doubtful whether
have any inclination to
permanent success. Those who
the same eagerness
purchase investment issues have shown
maturing within
obligations
municipal
and
for government
as they did prior to the
period
brief
ely
comparativ
a
There is nothing
promulgation of the new rediscount rate.
have had it for the past 12
We
money.
cheap
about
new
investment market followers
months. The speculative and
impressed on them through
thoroughly
fact
this
had
had
they have had to pay
which
interest
the nominal rates of
increasingly favorable margin
the
in
and
brokers
their
money and the yield on
between the borrowing rate for
of bonds, on preferred
grades
te
intermedia
and
grade
high
stocks that have
common
of
stocks and the better grade
y deflation.
satisfactor
of
period
a
through
Passed
[Vor... 132.
It is the effect of statements of earnings that question
the ability of corporations to earn their bond interest, the
succession of dividend reductions and the defaults and
threatened failures to meet the debt service of foreign
obligations that scare away the public from formerly good
securities and many times counteract benefits from declining interest rates. A later development will be a reduction in the rates paid by commercial banks on their checking accounts and possibly on thrift OT saving deposits.
This may incline some depositors to purchase bonds in order
to maintain the previous rate of income on their capital.
We still hold to the opinion that a business situation that
would permit of a 3% rediscount rate would promote bond
market activity far more than one which compels the
admission in a rate of 11h% that the industrial status is
not yet satisfactory.
Selective Immigration.
[From the New York "Evening Post" May 12 1931.]
The immigration figures for March which have been
announced by Commissioner General Hull, complete the record for the first six months of operation of the new restrictive policy instituted by President Hoover. It is now possible to appraise the value of this experiment on the part
of the Administration in applying on an extensive scale the
provision for excluding those likely to become "public
charges."
These figures show a continued reversal of the tide. In
March 1,100 more aliens left the United States than were
admitted. During the first three months of this year 13,810
departed "for good," as compared with 10,815 who entered
to make their permanent homes here. Since President
Hoover invoked this safeguard, by instructing American
Consuls at foreign ports to "hold down on passport visas,"
there has been more than an 80% reduction in immigration
below the permissible quotas established by law. Visas
have been refused to about 100,000 who would have otherwise have come here in search of jobs. The "quota countries" alone could have sent about 80,000 persons here in
that period. Instead about 11,000 were admitted. Quota
Immigrants in March numbered only 1,539. The total immigration for the month was 16,344. In March, 1930, it was
54,857.
Recent adverse criticism of this policy has been based on
the contention that Congress did not contemplate giving
.the President such powers to restrict immigration by simple
administrative order. It is true that the "public charge"
provision, which dates from the first immigration law,
was designed for routine administration. But it automatically assumed a new significance when the unemployment situation in this country became acute.
Newcomers are much more likely to become dependent
on public charity to-day than in 1927 or 1928, when work
was comparatively abundant. The rule laid down by the
courts in normal times, that an immigrant with sufficient
cash for immediate necessities should not be debarred under
this provision, does not apply to present conditions. The
President's policy is as fair to intending immigrants as it is
beneficial to our own wage-earners, and until the economic
situation materially improves it should be continued.
But this is not to say that the existing immigration law
requires no further attention from Congress. Waiving the
question of the anomalies and deficiencies of the "national
origins" plan on which this law is based, Congress 'has yet
to consider seriously the many recommendations made by
President Hoover, former Secretary of Labor Davis and
others for the institution of a.selective system which would
pernianently shut off indiscriminate labor immigration.
For When times of normal prosperity return there will be
a flood of applicants for admission who cannot be excluded
on the grounds which are valid to-day.
Hitherto our immigration laws have been aimed at reducing the number of admissions without regard to selecting
classes of workers who will be most useful bore. In ordinary times the country's employment needs vary greatly.
The rule of "first come first served" has excluded many
aliens who might have made valuable economic contributions and admitted a host of others who are potential
liabilities, since they engage in already overcrowded
occupations.
MAY 16 1931.]
3613
FINANCIAL CHRONICLE
Indications of Business Activity
I
dullness of trade and above all a steady decline in the stock
THE STATE OF TRADE—COMMERCIAL EPITOME.
market which has affected cotton more than most commodities. Raw and -manufactured cotton has been quiet
Friday Night, May 15 1931.
or less uneasiness on the subject
Over much of the country cold rainy weather has hit and there seems to be more
who ought to be pretty well
Some
acreage.
next
the
of
it
in
days
rained
here
retail trade very noticeably. For five
will be an adequate cut in
there
whether
doubt
New York and conditions in other parts of the country were informed
has advanced 30 to 50 points
Rubber
area.
planted
the
to-day
here
weather
the
was
But
better.
very little if any
and more speculative buying.
fair and warmer and promises to be further improved over with a better technical position
shipments of crude rubber from
Sunday. In the nature of the case such conditions are bound A marked decrease in
April had a noticeable effect,
to spread over the West and South. Fair and warmer con- Malaya and Ceylon during
dealers' stocks in Malaya,
in
decrease
sharp
a
also
and
ditions have within a few days prevailed in the southern
towards a reduced production. The
tendency
a
at
hinting
the
of
West
parts
some
look
more
in
temperatures
States and
has increased coincident with
favorable. Needless to say seasonable temperatures are consumption in this country
At the same time the
tires.
for
demand
requisite if the retail trade is to reach seasonable size. a much better
that nobody is very
large
so
is
rubber
of
supply
world's
in
improvement
and
wholesale
jobbing
There has been a small
time. Coffee adthis
at
side
long
the
on
aggressive
trade, especially in silks and some kinds of cotton goods,
and freight prices of late
but at lower prices. For instance percales have been re- vanced 10 to 15 points with cost
at times has been
duced 1 to 1 he. and sheetings are lower. Latterly however, firmer and shorts covering. Brazil
quantity of low
large
a
destroy
will
print cloths of 383 inch 64x60s have sold at 5 cents as against buying. Brazil it is-said
on the agreepoints
4
to
1
advanced
in
Sugar
grades.
business
moderate
coarse
yarn
a
is
There
/0. recently.
47
a better spot
late
of
and
plan
Chadbourne
but
for
the
the steady ment to
gray goods. It would have been better
of an improvedecline in raw cotton. The iron and steel trade as rule shows market with apparently brighter prospects
Moreover
no improvement. Trade is dull and prices apparently are ment in the trade in refined sugar before long.
50
declined
Hides
out.
sold
be
to
seamed
none too steady. The output of automobiles which increased the market has
Provisions
last week have held the gain this week, and the expectation to 65 points. Cocoa was down 14 to 22 points.
up 10 to 25
at least is that May production may prove to be the peak declined with corn and hogs. Lard wound
weakness in
of the spring season. Steel scrap has declined. Some points lower. Raw silk has been held back by
when
commodities have advanced, including, coffee, sugar, and the Japanese markets and the approach of the time
felt.
themselves
make
will
silk
season
new
of
whole
shown a certain larger supplies
rubber while grain prices have on the
The stock market has been drifting downward and one of
firmness. It still seems to be a fact that the technical
position of most of the commodity markets is bullish. The the most striking incidents was a decline to-day in United
% from which
April consumption of cotton in this country was only slightly States Steel to a new low for the year to 1013
below that of the same month last year. The outlook for there was a rally at the close to 103h, making a net decline
%. Cold rains have hampered business.
the winter wheat crop seems to point to the fourth largest for the day of 27
And there has still been a lack of public participation in the
yield on record.
In the Northwest rain is more or less urgently needed, but speculation in stocks. It has been largely given over to the
on the other hand it has been too cold and wet in the cotton professional element, which in the popular phrase has been
belt until within a few days. Money has been easier. The "on velvet", and hammering prices with practical impunity.
output of bituminous coal in the first week of May was some- To-day there was large selling in U. S. Steel, American Can,
what larger. Petroleum prices in the Mid-Continent section and General Motors. The railroad stocks which have achave been rather steadier under the influence of proration. companied U. S. Steel downward were again weak, and toBuilding shows a tendency to increase, and in some respects day averaged more than a point lower. Some of them
is more encouraging than most other industries. There is a touched new low levels including Southern RR., Southern
slight increase in the sales of machinery, tools, paints and Pacific, New Haven, New York Central and Santa Fe. It
varnishes. The lumber trade is still cheerless in the pro- affected the morale of the market that U.S.Steel should have
ducing regions. The sales there are well below output, got down so close to par. Utilities were declining, headed by
though the output is only about 50% of capacity. Nor is Amer. Tel. which at one time to-day fell more than 2 points
there much life in the buying of implements in the grain and though it rallied later. Amer. Can has not been so low,in
cotton belts. There is some lagging of flour output in big five years as it was to-day on a decline of some 5 points.
centers of manufacture. Woolen and worsteds have been Declines of 3 to 6 points were noticed in Remington Rand 1st
rather quiet. According to some figures commodity prices preferred, Ingersoll-Rand, National Surety, Curtis Pubshow rather more steadiness than they did recently. but there lishing Co., McCall and Columbian Carbon. On one transis no evidence of any marked change for the better in any action Austrian Credit Anstalt fell 21 points. Most oil
field of American business. That is the regrettable truth. stocks were down at least a fraction with the annual report
Raw silk prices have been down to a new low record. Talk of of the Standard Oil Co. of New Jersey not very cheerful.
small strikes in the steel and coal is heard but nothing serious. Chemical stocks were depressed, and mining shares were
Wheat has shown little net change for the week, the tone plainly weak.
has been steadier however with a continued prevalence of
Loading of revenue freight for the week ended May 2,
dry weather in the American Northwest and in Canada. totalled 775,291 cars, the car servica division of the American
Dust storms were reported in Canada to-day. The export Railway Association announced. This was an increase of
demand has been light, but this was in a measure offset 16,019 cars above the preceding week this year, with inby the fact that stocks in importing countries are rapidly creases being reported in the total loading of all commodities
falling off. Also the Stabilization Corp. has announced that except grain and grain products and miscellaneous freight,.
the bulk of its holdings at seaboard points has been old. which showed small reductions. The total for the week was
Corn has declined somewhat owing to better weather of late a reduction of 167,383 cars under the same week last year
and a disappointing cash demand. But wet weather earlier 276,644 below two years ago. Montreal reported some endecreases in
in the week had a steadying effect, and a better cash demand couragement from the progressively smaller
period of
is needed as a brace to prices. July corn was at one time railraod car loadings as compared with the like
elements
conflicting
shows
generally
business
but
leading
professional
last
year,
a
by
element. Oats
bought quite freely
good.
called
be
it
have had a fair cash demand and apparently there is some and in few lines can
Charlotte, N. C., advices said the textile situation was
buying for long account at this level of prices which looks
is
there
no
certainly
disposition to press somewhat brighter, although the volume of new business
to many as too low;
the short side. Rye has advanced with a better demand coming in has not been large. Spartanburg, S. C., wired
traceable to adverse crop accounts from the Northwest and that the Pilot Cotton Mills, at Raleigh, N. C., recently
possibly in part to hopes of an export business before long. purchased by new interests are being reopened, with enough
Cotton declined half a cent under the weight of late of orders on hand to insure continued operation for two or
better weather as the South where temperatures are rising, three months.
3614
FINANCIAL CHRONICLE
[VoL. 132.
Chicago advices said that wholesale buying of piece goods Seasonal Gains in Sales and Collections Conditions
is continuing much later into the season than it did last year.
Maintained, According to Monthly Survey of
This is true of virtually all lines and as the fill-in business is
National Association of Credit Men.
quite substantial it proves that merchants are still buying
Seasonal gains shown in recent months in sales and colso that they are remaining pretty close to shore. Cotton lections conditions are holding their own, according to the
goods are beginning to move out of the Chicago territory May survey of sales and collections compiled by "Credit
in a fair way. Chicago advices also stated that business and Financial Management," official publication of the
interests are gaining more courage and the disposition is to National Association of Credit Men. The survey is based
look forward to a steady run of buying in all lines with on reports from correspondents in touch with wholesalers
expectations of its holding around the. present volume that and manufacturers in 116 of the country's chief trading
equalslast year in a number of lines and is considerably under centres. The Association reports as follows:
last year's in others. Detroit territory showed a slight
Five cities, of the 116 surveyed, report good collections as contrasted
upward trend. Retail trade is going forward in fair volume to three in April and but one in March. The five are Miami, Fla.; Springfield,
Ill.; Ottumwa, Iowa; Rochester, N. Y., and St. Paul. Minn. Otin the larger stores with prospects of some increase as the
Iowa, comes in again with a report of "good" in sales, one of two
season advances. Shopping however, is confined mainly tumwa,
cities in the country, the second being Utica, N. Y. For the third sucto essentials and merchants in general are not overstocked. cessive month, Miami collections are rated "good." a feat which no other
has approached in recent surveys. Sixty-nine cities report collections
Pittsburgh said general business conditions were unchanged city
as fair,
with 77 a month ago, while Si note fair sales, a slight
during the last week with the exception of department stores advancecompared
from the 78 reporting fair sales last month.
which reported better volume of sales in seasonable goods.
Middle West comments are more promising than from other sections of
Hats, clothing, shoes, millinery and underwear were in the country. From Iowa, reports are made of good rains which forecast
fine farming conditions, while Minnesota correspondents tell of improving
better demand. Collections in the mercantile trade continue situations
locally and, although sales in many lines are under 1930, the
slow.
shrinking in dollar sales is reported offset by a decline in commodity prices.
In Nebraska sales in the food line are improved, but little change is noted
Youngstown, Ohio wired May 13th that 1,000 men have In
textiles and general merchandise because, the reports state, of a fear
gone on strike at Mansfield plant of Empire Steel Corp. in that prices have not yet reached their lowest level.
protest against a 5% wage reduction said to have followed
Boston, Mass., records improvement in collection reports and a slight
other recent cuts from 15 to 20%. Factory employment in advance in sales as compared with previous months, although sales are
behind their average for the same period in recent years. Southern
New York State dropped 0.9% from March to April and Louisiana and Mississippi expect improvements with the next crop in the
factory payrolls decreased 2.7% according to a statement by fall, but are not looking forward to advances until that time, while from
central Texas comes word of conditions on a level with last month,although
State Industrial Commissioner Frances Perkins. The index there
is
of improvements because of good rains throughout
number of employment for April was 77.1 as compared with the Stateanticipation
and the activity in oil fields in the eastern part of the State.
77.8 in March and 89.9 in April a year ago. General Motors
From Western States the average Nation-wide trend of hopeful waiting
Co. reports a sharp increase in sales to consumers during is the prevalent mood in the reports of correspondents. Denver, Colo.,
finds sales and collections picking up slowly and a definite improvement
April and further reductions of dealers' stocks is reported by manifest. Arizona returns tell of the effect of the bonus financing in
the company. During the month dealers sold 135,663 cars that State and,although the effect of the $2,000,000 given out was apparent,
to the ultimate users, an increase of 34% over the April sales it is regarded as only a temporary stimulus to better conditions.
and only 4.5% below April 1930. The sales in April a year
ago represented a gain of 15% over the sales for March 1930.
London cabled that Lancashire manufactureres, merchants Loading of Railroad Revenue Freight a Trifle Higher
But Far Below 1930 and 1929.
and trade unions are unanimous in demanding that foreign
Loading of revenue freight for the week ended on May 2
cloth bazaars in India shall not be closed or terrorized by
Mahatma Gandhi's pickets and that British officials in the totaled 775,291 cars, the Car Service Division of the AmeriViceroy's Council ought to be restrained from destroying can Railway Association announced on May 12. This was
trade between Great Britain and India. Unemployement in an increase of 16,019 cars above the preceding week this
Germany declined considerably in the second half of April, year, with increases being reported in the total loading of
although the number of unemployed is still larger than at the all commodities except grain and grain products and miscelsame time last year. Berlin reports what is regarded as the laneous freight, which showed small reductions. The total
greatest merger in the European cotton industry of recent for the week of May 2 was a reduction of 167,383 cars under
years as just consummated by the amalgamation of the the corresponding week last year and a reduction of 276,644
Baumwoll-Spinnerei am Stadtbach of Augsburg with the cars below the same week two years ago.
Loading of merchandise less than carload lot freight for the week of
Hammersem-Dierig group. This will mean a total of 900,May 2 totaled 227,131 cars, an increase of 2,999 cars above the preceding
000 spindles. Cairo, Egypt, cabled that if the Soviet Union week this year but 23,731 cars below the same week last year and a decrease
does not reach a settlement regarding payment for cotton of 38,454 cars under the same week two years ago.
Coal loading amounted to 122,298 cars, 9,492 cars above the preceding
bought last year, its purchasing representative in Egypt will
week but 25,817 cars below the corresponding week last year and 33,704
be deported.
cars under the same week in 1929.
On May 10th there were thunderstorms developing into a
Forest products loading totaled 33,767 cars, an increase of 1,125 cars
above
the preceding week this year but a reduction of 23,279 cars under
hard rain with hail in the upper parts of New York and the
same week in 1930 and 34,886 cars below the corresponding week two
the
suburbs. Lightning caused the destruction of five houses years
ago.
in Staten Island. Hail damaged crops in New Jersey and
Ore loading amounted to 10,984 cars, an increase of 1,617 cars over
broke more than 700 panes of glass. The hail stones in some the week before but 21,412 cars below the same week in 1930 and 55.528
cases were some 4
3 of an inch in diameter and covered cars under the corresponding week in 1929.
loading amounted to 7,510 cars, an increase of 1,295 cars above
streets and lawns like a heavy snowfall. Here the tempera, theCoke
preceding week this year but 3,399 cars under the same week last
tures were 56 to 73; at Boston, 50 to 60; Chicago, 46 to 52; year and 4,840 cars below 1929.
Live stock loading amounted to 23,828 cars, an increase of 680 cars
Cincinnati, 48 to 60; Cleveland, 52 to 62; Detroit, 46 to 62;
above the preceding week this year but a reduction of 2,054 cars below the
Kansas City, 46 to 52; Los Angeles, 62 to 78; Miami, 76 to corresponding
week in 1930 and a decrease of 4,489 cars below the same
84; Milwaukee, 44 to 50; St. Paul, 44 to 54; Montreal, 42 week two years ago. In the Western districts alone, live stock loading
to 48; New Orleans, 66 to 88; Omaha,44 to 50; Philadelphia, amounted to 19,143 cars, a decrease of 1,668 compared with the same
last year.
62 to 78; Portland, Me.,48; San Francisco, 52 to 64; Seattle, week
Grain and grain products loading for the week totaled 36,879 cars, a
On
tile
54 to 86; St. Louis, 48 to 56; Winnipeg, 40 to 58.
decrease of 570 cars below the preceding week this year and 2.188 cars
12th inst. rains fell in the Ohio and Upper Mississippi Valleys, below the same week last year. It also was 1,905 cars below the correweek two years ago. In the western districts alone, loading of
the Atlantic States, the Appalachian region and tne Southern sponding
grain and grain products amounted to 24,016 cars, a decrease of 1,220
Lake Region, while fair weather has prevailed elsewhere. cars compared with the same week last year.
The temperature fell in the Middle Atlantic, South Atlantic,
Miscellaneous freight loading for the week of May 2 totaled 312,894
cars, a decrease of 619 cars below the preceding week this year and 65,503
and East Gulf States, but had risen almost generally west of cars
below the corresponding week of 1930. It also was a decrease of
the Mississippi River.
102,838 cars below the same week in 1929.
All districts reported reductions in the total loading of all commodities,
To-day it was warmer here with temperatures 50 to 66
not only with the same week in 1930 but also with the same
degrees after 5 days of steady rains and cool weather. Over- compared
week in 1929.
night it was 50 to 54 degrees at New York,54 to 60 at PhilaLoading of revenue freight in 1931 compared with the two previous
delphia, 44 to 54 at Portland, Me., 58 to 66 at Chicago, years follows:
De1929.
at
to
74
1930.
56
1931.
50 to 72 to Cincinnati, 54 to 60 at Cleveland,
4,246,552
4,518,609
Five weeks in January
3,490.542
troit, 58 to 68 at Milwaukee,62 to 78 at New Orleans, 60 to Four weeks in February
3.797.183
3,506.899
2,835.680
3.837,736
3,515.733
76 at Kansas City,58 to 78 at St. Paul, 58 to 76 at St. Louis, Four weeks in March
2,939,817
.989,142
3,618,960
3
Four
weeks
in
April
2,985.719
54 to 64 at San Francisco, 48 to 72 at Seattle with 46 to 60 at
1,051,935
942,674
775,291
Week of May 2
Montreal. The forecast here was for fair and warmer on
Saturday and Sunday.
13,027,049 15,830,818 17,194,6(15
Total
MAY 16 1931.]
Annalist's Index of Business Activity-April Figures
5.2% Above January.
The "Annalist" Index of Business Activity shows a further
rise of two points for April and, on the basis of preliminary
figures, now stands 5.2 points above the January low point of
74.4. The preliminary index for April is 79.6, as against
77.9 (revised) for March, 76.1 for February, and 74.4 for
January. The "Annalist" adds:
The most important single factor in the April increase was a sharp upturn
in the adjusted index of freight-car loadings, which rose from its extremely
low March figure of 77.0 to 79.1, the highest since last January. There was
also a further rise in the adjusted index of cotton consumption, which for
April stands at 84.0, as against 80.3 for March and the cyclical low point
for last August of 67.9. The adjusted index of electric power production
extended its March upturn from 84.1 to 85.7 (preliminary), and the adjusted index of automobile production rose from 67.4 to 76.0 (preliminary).
Partly offsetting these gains was a decrease in the adjusted index of steel
ingot production from 60.5 for March to 56.9 for April (although the
adjusted index of pig iron production rose from 59.0 to 59.7) and a sharp
decline in the adjusted index of bituminous coal production from 79.6 to
74.9. There was also a further decrease in the adjusted index of zinc production to a new low record,from 59.3 for March to 56.2 for April.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and where necessary for long-time trend,
for the last three months. Table II gives the combined index by months
back to the beginning of 1926. The adjusted index of electric power production for April is based on an estimated output of 7,610,000,000 kilowatthours in April, as compared with 6,860.000,000 kilowatt-hours in March
and 8,000,000,000 kilowatt-hours in April 1930.
TABLE 1.-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
PIS iron production
Steel ingot production
Freight car loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
Apr. 1931.
Mar. 1931.
Feb. 1931.
59.7
56.9
79.1
*85.7
74.9
56.2
59.0
60.5
77.0
84.1
79.6
67.4
80.3
87.2
96.4
59.3
57.8
57.5
77.7
83.6
70.8
67.7
75.3
81.9
88.2
60.1
*79.6
77.9
76.1
*76.0
84.0
-_-_
Combined index
TABLE 2.-THE COMBINED INDEX SINCE JANUARY 1926.
1931.
1930.
1929.
1928.
1927.
1926,
74.4
76.1
77.9
95.0
94.2
91.3
95.1
90.1
89.1
86.4
83.2
82.4
79.5
76.0
76.2
105.5
106.1
104.3
108.8
110.1
108.9
109.9
108.1
107.3
105.7
96.9
92.1
98.0
99.7
99.4
99.9
101.3
98.7
100.5
102.1
102.4
105.0
103.7
102.0
102.2
104.7
106.9
104.4
104.8
103.4
10l.5
101.8
100.9
98.2
95.5
93.7
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.7
105.7
105 0
January
February
March.,
April
May
June
July
August
September
October
November
December
79.6
3615
FINANCIAL CHRONICLE
The F. W. Dodge Corporation on Building Construction
Contracts for April-Some Bright Spots.
A few bright spots on the April building map are pointed
out by F. W. Dodge Corporation in connection with the
announcement of a general total of new construction contracts for the month which is below that of April 1930.
Three of the thirteen Dodge territories comprising the 37
States east of the Rockies showed gains in April construction
totals over April 1930. Of the month's $336,925,200 total
for all types of new construction, the up-State New York
territory registered a gain with its $22,358,700 total; Central
Northwest went ahead with $14,048,000, and the New
Orleans district carried a gain over last year of $1,414,900
in its $7,791,900 total.
The April record of contracts awarded divided its total
among the three major construction classes as follows:
$95,896,400 in residential building, $108,035,600 in nonresidential and $132,993,200 in public works and utilities.
Residential building showed a go-ahead in the Metropolitan
New York and Central Northwest districts. The Metropolitan New York total in this class was $334,873,900 as
compared with $26,550,700 in April last year. The Central
Northwest gain was slight with $2,061,500 in the month
just ended as compared with $2,034,900 last year. Cumulative gains for the first four months of 1931 were shown in
this class in these two territories.
Both un-State New York and New Orleans territories
Produced larger totals in non-residential work and in engineering projects than in April 1930. For non-residential
building the New Orleans district was alone of the thirteen
to show a gain over 1930 for the first four months of the year.
Gains in civil engineering for the first four months of 1931
are reported by the New England, up-State New York,
Central Northwest, Texas and New Orleans districts. A
gain over March of 2% in residential awards on a floor-space
basis contributes an optimistic note, although this gain is
somewhat under the usual seasonal 4%.
We give below tables showing the details of projects
contemplated in April and for the four months of this year
as compared with the corresponding periods a year ago.
The table also shows the details of the contracts awarded for
the same periods. These figures, it is stated, cover 91
of the United States construction.
CONSTRUCTION CONTRACTS AWARDED-37 EASTERN STATES.
*Subject to revision.
22,632.700 $95,896,4
15,962.600 108.035.6
785,000 132,993,2
22,283 73,516,600 $329.102,300
9,288 54,845,500 382,596,800
5,646 1,946,200 458,568,900
11,888 39.380,300 336,925,2
37.2171130.318.30051170.268.000
Residential
Non-residential- Pub. wks. & utll_
Fertilizer Tag Sales for April Were 82% of Apr'l 1930
Fertilizer tag sales in 13 Southern and three Midwestern
States during the month of April were 82% of the sales for
April 1930, while for the five months ended with April the
total sales in these same States were 72% of the sales for
the identical months of last season and 76.4% of the average sales for these months during a recent four-year period
Normally about 85% of the annual sales are made during
the five months, December through April, says the National Fertilizer Association, under date of May 7, which
likewise said:
Among the States, Florida, North Carolina, South Carolina,
Virginia,
Georgia, Oklahoma, and Missouri showed sales for the five
months of
this season ranging from 75% to 88% of the sales for the same
months
last season. Alabama, Mississippi, Texas, Arkansas, Louisiana,
and Tennessee sales were less than 75% of those for the same months
last season.
Sales for the States of Indiana, Illinois, and Kansas
combined were
practically 79% of the sales for the identical five months of the
previous
season.
It should be remembered that the records of sales of fertilizer
tags do
not indicate the actual movement of fertilizer to dealers and
farmers, but
are indicators of the probable immediate movement from the
manufacturers.
4 Months 1931.
April 1931.
Proj'tsiSquare Feel. Valuation. Proj'ts,Square Feet,l Valuation.
Total
4 Months 1930.
April 1930.
Proj'tsiSquare Feet. Valuation. Profts Square Feet. Valuation.
8,5661 25,401,500 5123,141,90024,816 75,147,300 5366,028,600
Residential
Non-reddential_ _ 4,011 29.723.800 210,064,90013,117 100,570.800 678,674,400
Pub. wks. & util_ 2,109 1,477,500 149,669,900 5,321 5,550,500 535,320,900
Total
14,6861 56,602,800 5482,876.70043,254 181,268,60051580.023.900
CONTEMPLATED WORK REPORTED.
April 1931.
Residential
Non-residential
Public works and utilities
Total
Valuation.
Projects.
7,832
3,098
2,328
$142,204.300
100,251,300
258,116,800
25.344
12,934
8,711
$460,303,500
744,647.700
801,262.200
13,258
5500,572,400
46.989
52,006,213,400
April 1930.
Residential
Non-residential
Public works and utilities
Total
4 Months 1931.
Projects.
Valuation.
4 Months 1930.
Projects.
Valuation.
Projects.
9,232
4,854
2,852
5178,311.700
342,427,200
435,879,400
28,724
18,369
9,357
5659.736,600
1,552,038,000
1,711,707,600
16,938
5954,618.300
56,450
$3.923.482.200
Valuation.
Building Plans In New York City Topped Those April Building Permits, According to S. W. Straus &
Co., Show Increase Over March But a Decrease
of April 1930 by 47%.
Below April Last Year.
The following is from the New York "Times" of May 8:
Building permits issued in 561 leading cities and towns
Building plans filed in Greater New York during April showed a gain
of 47% over April of last year, according to a survey issued yesterday by throughout the United States during April totalled $172,S. W. Straus & Co.
346,394, a gain of 7% over March, according to official rePlans having an estimated value of $58,070,131 were filed, whereas for
ports made to S. W. Straus & Co. The increase compares
the same month in 1930 the total was $39,431,448.
favorably,
it is stated, with an anticipated seasonal decline
By boroughs the comparisons are:
of approximately 2.7% between the two months. Permits
Manhattan-$31,550,527 in 1931 and $20,636,603 in 1930.
Brooklyn-$8,648,956 in 1931 and $4,399,529 in 1930.
issued during April of this year fell off, however, 16% from
Queens-311,927,161 in 1931 and $10,822,829 in 1930.
the same month of 1930, when the total was $205,543,923.
Bronx-$5,124,502 in 1931 and $2,903,815 in 1930.
In the 25 cities reporting the largest volume of permits
Richmond-$818,985 in 1931 and $668,672 in 1930.
The April figures, however, showed a decline of 1% from March.
for the month, a collective gain of 13% over April
1930, and
April
3616
FINANCIAL CHRONICLE
[VOL. 132.
dined from April 1930 (4,319,968 pairs) to 1,809.613 pairs in November,
when the upward trend prevailed and has continued through March of'
this year. New Hampshire manufactured in September 1930, 2,191,934
pairs of boots and shoes, after which the output declined to 1,147,033 pairs
in November, when more favorable conditions resulted in upward curve
to 2,376,692 pairs in March 1931. New York shoe production dropped from
6,977.928 pairs in October 1930 to slightly more than 4,000,000 pairs in
January, and picked up in February and March to more than 6,000,000
pairs. Shoe manufacturers of Ohio reported 1,276,741 pairs manufactured
during August 1930, followed by decline to 477,976 pairs in November;
the upward curve of December has continued through March with output
of more than 1,000,000 pairs. Pennsylvania, during March 1931, with
output of 1,529,453 pairs, exceeded every month of 1930. Wisconsin also
OF PERMITS has shared in the more favorable production of shoes, with output which
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME
increased from 836,215 pairs in January to more than 1.200,000 Pairs In
FOR APRIL 1931, WITH COMPARISONS.
March.
April 1931. April 1930. April 1929. March 1931.
$58,070,131 $39,431,448 8259.154,268 $58,574,870
New York (P. F.)
0.
7,329,52
7,662,135 10,342,475
Philadelphia
2,366,760 The Annalist Weekly Index of Wholesale Commodity
4,222,200
5,526,120
5,869,440
Baltimore
1,122,821
4,054,841
2,577,845
4,588,665
St. Louis
18,054,100
Prices-New Low Records.
6,490,300 25,049,500
3,723,600
Chicago
4,272,107
9,843,782
7,026,973
3,413,850
Los Angeles
The
1,095,502
Weekly Index of Wholesale Commodity
4,514,554
"Annalist"
2,552,620
3,399.249
Milwaukee
2,443,249
4,556,439 11,548,340
2,709,488
Detroit
fall to new low records since the war,
to
prices
continues
341,639
495,309
283,683
2,674,204
New Orleans
1,171,133 touching 103.9 on May 12, against 104.5 for the preceding
4,202.408
1,672,627
2,669,297
Boston (P. F.)
2,654,390
3,513,385
4,778.720
2,206,680
Washington
1,105,387 week, and 132.3 for the corresponding week last year.
1,820,860
1,330,201
1,881,746
Pittsburgh
2,090,120
2,816,146
1,356,653
1,837,433
San Fransico
2,019,170 The "Annalist" also says:
3,368.415
4,914,689
1,711,485
Cincinnati
2,653,915
6,938,540
1,247,495
1.707.855
This week marks the ninth consecutive week of downward movement.
Minneapolis
77,500
86.500
119,240
University Heights, Ohio,- 1,582,300
and brings the index to within 3.9% of the 1913 base. Like last week, the
769,880
2,102,807
819,810
1,566,283
Yonkers
51,865 decline this week was contributed to by practically all the commodity
613,235
124.805
1,510,244
Ann Arbor, Mich
1,064,967 groups, a small rise in the miscellaneous group being again the only ex8,455.771
2,829,831
1,430,782
Houston
923,410
1,910,019
817,122
1,229,658
St. Paul
779,040 ception on the up side.
2,045.500
562,550
1,172,950
Denver
1,543,792
1,460,059
827,110
1,107,294
Buffalo
231,200 THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
349,786
237,041
1,087,000
Des Moines
570.629
1,809,664
503,809
1,082,170
PRICES (1913=100).
Rochester, N. Y
1,142,811
2,235,300
1,848,213
1,038,848
Oklahoma City
' Map 121931. Map 5 1931. Mair13 1930.
$116,912,787 $102,776.419 $369,940,709 $108.075,551
(P. F.).-Indicates Plans Filed.
125.6
93.5
92.9
Farm products
135.7
111.3
110.6
Food products
120.1
*97.4
97.0
Textile products
166.9
125.1
125.1
for
First
Fuels
114.0
Canadian Employment Conditions Improved
103.1
102.7
Metals
149.3
*121.4
1930
Says
in
120.4
Period
materials_
Similar
Building
Over
1931
of
Quarter
108.7
99.0
99.0
Chemicals
of
115.6
Commerce
Bank
85.6
85.8
S. H. Logan of Canadian
Miscellaneous
132.3
104.5
103.9
All commodities
8% over March 1931, was reported. Seventeen of these
cities made individual gains over April of last year, namely,
New York, Baltimore, St. Louis, Milwaukee, New Orleans,
Boston, Pittsburgh, San Francisco, Minneapolis, University
Heights, 0., Yonkers, Ann Arbor, St. Paul, Denver, Buffalo,
Des Moines, and Rochester, Eight of the cities, Philadelphia,
Baltimore, St. Louis, New Orleans, Pittsburgh, University
Heights, Ann Arbor and Des Moines made individual increases over April 1929.
Conditions in Canada.
• Revised.
"Some degree of stability, the continuance of which
General
Logan,
H.
S.
says
event,"
would be a most welcome
Research Corporation on Outlook for
Manager of the Canadian Bank of Commerce, "is evidenced Silberling
National Buying Power.
by reports from various sources and by a glance at the
of
April 25 the Silberling Research Corporadate
Under
that
shows
which
Government's latest employment report,
will move
the decline from January to April of this year was not so tion, Ltd., of San Francsico, contends that "trade
. ..
high
too
kept
are
prices
if
but
right,
are
prices
if
along
Logan
Mr.
adds:
sharp as in the first quarter of 1930."
employment
and
production
and
choked
be
will
channel
the
"Although preliminary reports for April on steel production indicate
Corporation in
some curtailment following a steady rise throughout the first quarter of dislocated." This view is expressed by the
for
work
contracted
the year and the estimated value of new construction
"Outlook for National Buying Power by Regional
its
In the last month has been somewhat disappointing, there is, on the
Areas" which we give herewith:
into account a profitable increase in automobile
other hand, to be taken
production; slightly greater activity in some forest industries; a brighter
outlook for the Atlantic Coast fisheries (although this may be offset by
curtailed operations along the Pacific Coast) ; the comparative steadiness
of the general price level, and some signs of improved conditions in the
European trade field.
"The future will, of course, be governed in large degree by agricultural
conditions during the summer and autumn. The spring opened with concern over moisture conditions particularly in the Prairie Provinces, and
even in British Columbia, where a slight snowfall has caused apprehem
sion as to the supply of water for fruit land. In Ontario heavy snowfalls
and rain during March and April relieved fears of a moisture shortage.
Winter wheat, on a smaller acreage, is now in better than average condition. Good progress has been made in field work this spring, and
planting is well advanced. Orchards in practically all the major fruit
districts of Canada suffered but little injury during the winter and early
spring, but may have been damaged somewhat by recent frosts."
United States Boot and Shoe Production in Sharp
Rise-Massachusetts Leads in First Quarter's
Production.
Recording not only a substantial gain over January and
February but also surpassing the total of the corresponding
month of last year, production of boots and shoes in the United
States during March reached the highest level, with the exception of September, 1930, in the past 14 months, according
to the Commerce Department's boot and shoe division,
which on May 9 also said:
of boots and shoes
Output during March amounted to 29,154,774 pairs
23,970,956 pairs in February, or a
(other than rubber) as compared with
January, or a gain 0( 46.5%.
gain of 21.6%; and as against 19,888,869 in
28,625,644 pairs were produced, was
The increase over March, 1930, when
1.8%.
year, 73,014.599 pairs of
During the first three months of the current
manufactured in the United States,
boots and shoes (other than rubber) were
23.7% (17.334,401 pairs)
and of this quantity. Massachusetts produced
the total production, 37.2%
and New York 2.2% (15,505,815 pairs). Of
was manufactured in New England.
pairs ofshoes for women
During the first three months of 1931.30,091.940
manufactured, a decrease of 3.9
and 17,139,608 pairs of shoes for men were
output of 1930, 31,309,972
and 18.8% respectively, as compared with the
and 21,094,934 pairs.
pronounced increases in proAll of the important producing States had
output.
duction during March, as compared with February
of 1930. Maine
The March production of Illinois exceeded every month
outputs
also exceeded every month of 1930. Massachusetts, with March
of more than 7,000,000 pairs, was exceeded in September (7,647,304 Pairs)
and March (7,217,964 pairs) of last year. Missouri shoe production de-
The course of buying power in March reflected a mixture of influences,
the consome moderate spring activity In a few industrial lines opposing
tinued weakness in farm incomes, with the latter of sufficient importance
indications,
to reverse slightly our comprehensive index. With further
in
based on preliminary April records, of the passing of the brief revival
manufacturing, we shall probably find the next month or two a period of
continued irregularity, but not renewed depression of serious proportions.
April has already brought some hope of better moisture conditions for
some parts of the drouth-threatened farming regions and a continued
quiet demand for replacement of many necessities should build a modest
backlog of orders in at least a few staple lines of industry. There will
still be some brief interest of time during which the great basic lines such
as steel, rail transport, automobiles, and building, will be operating at or
near the bottom of the cycle.
There is some evidence that retail trade is being sustained in physical
volume to a much greater extent than in dollar value of sales. Prices are
now being slashed and a considerable amount of distress merchandise is
still being liquidated. The process accounts for the mounting, almost
spectacular, increase in mercantile failures, but, in the absence of less
painful remedies, it is clearing the way for sounder trade conditions by
forcing retail prices to deflated levels. If the depression leaves behind it
any well-established practical conclusions the most emphatic of them should
be the fallacy of expecting a population growing at the rate of less than 2%
a year to continue to absorb goods mounting up at the rate of 4% to 6%
annually at artificial prices. The readjustment of retail prices is now the
critical focus of the situation and its program will largely determine how
soon the depleted incomes of wage-earners and investors alike will again be
able to absorb the normal volume of goods. As we have many times indicated in these discussions, trade will move along if prices are right; but if
prices are kept too high by banking manipulation, installment czedit
hypothecation, tariffs, or other devices, the channel will be choked and
production and employment dislocated.
Another possible moral of this latest experience with the powerful undertow of the business cycle is the relatively small influence toward restoration
of buying-power to be expected of "public works" and publicly stimulated
construction. In the days of the New Era, along with unsound novel
principles instilled in the minds of investors, there were confident assurances
by some economists that the stimulation of construction by public bodies
throughout the country would cushion any severe depression. The attempt
has been made in this instance, with enthusiastic and well-directed Federal
consequence
encouragement; but its effects have been of relatively feeble
so far as stabilization is concerned. The forces hammering down commodity
the public
than
deeper
prices, closing factories, and cutting dividends, lie
works enthusiasts expected,
For about six months to come we shall face a period of heavy business
must be borne
failures. In appraising the significance of this mortality it
the
in mind that failures usually continue to mount after the bottom of
irregular and
business cycle has been passed. We believe that the bottom,
the significance
somewhat extended, is now being established, and that
of heavy
of this should not be overlooked because of continued reports
appear in the
should
recovery
embarrassments. The first signs of definite
districts will
industrial centers of the Eastern seaboard; most farming
remain depressed during the major part of 1931.
MAY
16 1931.]
Wholesale Price Index of National Fertilizer Association
Showed Loss of Seven Fractional Points During
Week of May 9.
The decline in the wholesale prices for commodities sharpened somewhat during the week ended May 9 as shown by
the weekly wholesale price index of the National Fertilizer
Association. During the latest week the general index
number showed a decline of seven fractional points compared
with a decline of two fractional points for the immediately
preceding week. The index number on May 9 stands at 71.6.
A month ago the index number was 73.6 and a year ago it
was 90.6. (The index number 100 represents the average
for the three years 1926-1928). The Association on May 11
also said:
Nine of the fourteen groups comprising the index declined during the
latest week, while five groups showed no change. The groups which declined were textiles, fats and oils, other foods, fertilizer materials, grains,
feeds and livestock, metals, building materials, fuel and miscellaneous
commodities.
Thirteen commodities showed price advances, while thirty-seven commodity prices were lower. Among the commodities that advanced were
wheat, corn, oats, flour, linseed oil, cotton, coal and rubber. Declines
were noted in the prices for wool, lard, butter, eggs, pork, cattle, finished
steel, melting steel, copper, brick,lumber,fuel oil, hides and coffee. Potash
salts prices were lower because of slightly increased discounts for pre-season
orders.
The index number for each of the 14 groups is shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES(1926-1928=100).
Latest Week Preceding
May 9 '31. Week.
All Groups(14)
Textiles
Fats and oils
Other foods
Grains, feeds and livestock
Fertilizer materials
Mixed fertllher
Metals
Agricultural implements
Automobiles
Building materials
Fuel
Chemicals and drugs
House furnishings
ha....thiusccs reimmndlt1e5
71.6
62.3
56.4
75.3
65.6
82.1
87.4
78.4
95.4
87.8
80.8
61.0
89.0
92.2
69.0
72.3
62.5
58.2
76.4
66.0
83.6
87.4
79.3
95.4
87.8
82.2
61.5
89.0
92.2
69.7
Month
Ago.
Year
Ago.
73.6
63.8
64.2
76.5
69.7
84.2
91.5
80.3
95.4
87.8
82.2
63.7
90.7
92.2
69.3
90.6
85.6
82.0
95.0
90.9
91.8
98.0
89.7
95.7
95.7
94.3
86.9
95.5
97.9
51.1
Seasonal Employment Decline in New York State
Factories in April.
Total employment in New York State factories dropped
0.9% from March to April, and factory payrols decreased
2.7% over the same period, according to a statement issued
May 12 by Industrial Commissioner Frances Perkins.
Seasonal retrenchments in the clothing industries and heavy
cuts in some of the metal industries accounted largely for
these decreases. Says the Commissioner, whose survey
continues:
April usually shows a loss in employment, following the peak of the
spring season in clothing and leather goods, which is reached in March.
The decreases in both employment and payrolls this April are very nearly
equal to the average decreases from March to April in the last fifteen years.
These statements are based on the reports of about 1,700 factories which
report each month to tee Division of Statistics and Information. These
factories are located in all sections of the State and are engaged in all lines
of manufacture. Index numbers of employment and payrolls are computed each month with the average for the three years 1925-26-27 as 100.
The index number of employment for April was 77.1, as compared
with 77.8 in March and 89.9 in April a year ago. The average weekly
earnings of factory workers were $27.45 in April 1931. This represent
a decrease of 51 cents since March and of $1.99 since last April.
Although office forces have been curtailed severely in the last year, the
percentage decrease in office forces is much less than in shop forces. The
decrease in the number of office employees since April 1930 was 10.4%
while the decrease for shop employees was 14.9%. The average weekly
earnings of office workers were $36.96 in April 1931, as compared with
$37.61 in March 1931 and $37.83 in April 1930.
Employment in the manufacture of machinery and electrical apparatus
had maintained an almost perfect equilibrium since the beginning of the
year, with small losses and gains balancing each other from month to month.
In April, although many concerns continued to hold or add to their March
forces, others laid off large numbers of employees and several reported big
payroll cuts. Iron and steel concerns laid off workers in larger numbers
than in March but were still operating above the January level. Makers
of instruments and appliances lost last month's gains and were operating
at the lowest level which has been recorded for them since 1922. Losses in
New York City concerns, including the shut-down of one plant, were
largely responsible for the 3% drop in employment in brass, copper and
aluminum. The reporting boat and ship builders took on about 300
employees and there were small net gains in employment in the manufacture of silverware and jewelry, structural and arhcitectural iron and sheet
metal and hardware, but all other metal products showed downward changes
since March.
As usual, April brought reduced activity in all the clothing industries
except laundering and cleaning. Although these losses followed a comparatively dull spring season, none of them was unusually severe except
that in the miscellaneous sewing group which was caused by the temporary
shut down of a concern which was moving into a new building. Although
a few large shoe firms continued to take on workers or to retain practically
all of their March forces, most of the smaller firms were making reductions.
Improvement over March was noted in most fur goods houses. Losses in
up-State mills caused a drop in woolens, carpets and felts but all other
textiles showed improvement over March in the State as a whole. Every
reporting cotton mills was using more workers in April than in March.
The gain in silk goods was confined to up-State firms.
Saw and planing mills continued to report improvement in New York
City but lost ground in other sections of the State
Furniture and cabinet
3617
FINANCIAL CHRONICLE
makers were also laying off workers in April. The reopening in Aprll of
many brick and lime, cement and plaster concerns which had been closed
during the winter months effected a gain in employment in the stone,
clay and glass division except in New York City, wnere slackness in glass
and other building materials caused a net loss.
Drugs and industrial chemicals continued to show a net loss up-State.
but all other industries in the chemical, oil and paint division were using
more employees in April than in March. The largest reductions in employment in the food and tobacco group were reported by makers of candy,
bakery products and meat and dairy products.
Losses in the metal industries were largely responsible for the 2% decrease
in employment in Buffalo and 1% decrease in Rochester. Syracuse metal
firms showed a net gain in employment from March to April but losses In
the chemical and clay products groups were large enough to cause a net
loss of 2% for the district. In the Albany-Schenectady-Troy district losses
in the metal industries were nearly offset by gains in the textile mills.
In Utica, the gains in textile mills were sufficient to cause a 1% gain in
total employment. Binghamton also showed a net gain in employment.
losses in shoe factories being more than offset by gains in most other industrial lines. New York City firms were using 1 % fewer workers than
in March. Most of the food, clothing and textile industries and some of
the metal and leather goods industries had laid off workers. Losses in
other industries did not affect large numbers of workers.
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary).
Percentage Change
March to April 1931.
Industry.
Total State.
+3.4
Stone, clay and glass
-1.0
Miscellaneous stone and minerals
+17.2
Lime, cement and plaster
+3.2
Brick, tile and pottery
-2.1
Glass
-1.9
Metals and Machinery
+1.4
Silverware and jewelry
-3.2
Brass, copper and aluminum
-4.9
Iron and steel
+1.0
Structural and architectural iron
+0.6
Sheet metal and hardware
-0.9
Firearms, tools and cutlery
-4.4
Cooking, heating, ventilating apparatus
-2.4
Machinery and electrical apparatus
-2.4
Automobiles, airplanes, &c
-1.5
Railroad equipment and repair shops
+10.0
Boat and shipbuilding
-2.4
Instruments and appliances
Wood manufactures
Saw and planning mills
-2.0
Furniture and cabinet work
-0.6
Pianos and other musical instruments
+1.3
Miscellaneous wood, &c
-0.6
Furs, leather and rubber goods
+0.1
Leather
+5.0
Furs and fur goods
-1.0
Shoes
+0.3
Gloves, bags, canvas goods
-2.0
Rubber and gutta percha
Pearl, horn, bone, &c
-0.4
Chemicals, oils, paints, .kc
-6.4
Drugs and industrial chemicals
+1.3
Paints and colors
+1.2
011 products
+1.3
Photographic and miscellaneous chemicals
+0.1
Pulp and Paper
-0.1
Printing and paper goods
-0.4
Paper boxes and tubes
-2.7
Miscellaneous paper goods
+0.4
Printing and bookmaking
Textiles
+1.6
+3.5
Silk and silk goods
-r.7
Woolens, carpets, felts
+12.3
Cotton goods
+0.4
Knit goods, except silk
+2.3
Other textiles
-2.2
Clothing and millinery
Man's clothing
-2.1
Men's furnishings
-3.4
Women's clothing
-1.4
Women's underwear
-3.1
Women's headwear
-17.7
Miscellaneous sewing
+1.0
Laundering and cleaning
Food and tobacco
-1.3
+1.0
Flour, feed and cereals
+8.3
Cleaning and preserving
No change
Sugar and other groceries
-3.1
Meat and daily products
-2.8
Bakery products
-7.2
Candy
+2.2
Beverages
+1.9
Tobacco.......................................
-3.1
Water. light and power
N. Y. City.
-3.4
-7.1
+6.6
+4.7
-0.6
-1.2
+1.0
-9.3
+0.4
-6.3
-3.7
+0.4
+12.5
No change
+3.3
+0.9
-0.7
+0.1
-3.7
+0.7
+1.0
+2.3
+3.7
+0.2
-0.3
-2.6
+0.6
-6.1
-3.1
+1.3
-2.9
+0.4
-3.1
+0.7
-3.2
-2.4
-4.8
-5.8
-3.1
-7.2
-0.4
-4.8
Total
Moderate Improvement in Business Conditions in
St. Louis Federal Reserve District.
"Mainly as a consequence of seasonal influences" says the
Federal Reserve Bank of St. Louis in its "Monthly Review"
- during the past
issued April 29, "business in this Distric,,
30 days developed further moderate improvement as compared with the similar period just preceding." The Bank
continues:
As compared with a year earlier and the average during the past decade.
however, operations continued to show substantial decreases. As was
the case earlier in the year, considerable irregularity marked the course
of both trade and industry. Taken as a whole, a more favorable exhibit
was made by distribution than production. All of the wholesaling and
Jobbing lines investigated by this bank reported gains in March sales over
those of the preceding month, with several important classifications, notably
boots and shoes, hardware, and groceries, showing increases somewhat
larger than the average for the period. On the other hand, with but two
exceptions, heavy decreases under the March totals of last year were
recorded. In the case of goods for ordinary consumption, the early Easter
date was an important influence in expanding the volume of March merchandise sales. Certain manufacturing lines, notably those engaged in
producing seasonable goods, held the gains achieved earlier in the year.
and some increased their working schedules. On the other hand, a number
of industries reduced their rate of operations in late March and early April.
There was little, if any, variation noted in the policy of close and conservative purchasing of commodities, by both merchants and the public,
which has obtained in recent months. Commitments for future requirements are being held within narrow limits, and the volume of advance
3618
FINANCIAL CHRONICLE
ousiness booked by interests reporting to this bank was smaller on April 1
than on any like date in more than a decade. The slightly downward trend
in commodity prices served to emphasize the disposition to buy cautiously.
Distribution of automobiles in the district during March, according to the
reporting dealers, was in considerably smaller volume than a year ago, but
only slightly below the February total, and reports relative to business
during the first half of April indicate a total for the month about equal to
last year. The average rate of operations at iron and steel plants declined
slightly during late March and early April. The estimated melt of pig
Iron in March was about equal to that of the preceding month.
Under favorable weather conditions, the progress of growing crops and
spring farm work made good progress, and the outlook for the principal
agricultural productions of the district at the middle of April was unusually
auspicious. Precipitation in March and early April supplied needed moisture, and soil conditions generally are better than at any time since last
spring. As compared with the preceding 30 days. little change took place
In employment conditions in the large industrial centers. Opening of
outdoor construction operations and farm work however, measurably
reduced the number of idle common laborers generally through the district.
Sales of department stores in the principal cities in March were 20.7%
larger than in February, but 12.7% smaller than the March 1930 total.
Combined sales of these stores for the first quarter of 1931 were smaller by
12.9% than for the same period last year. Total Marcia sales of all wholesale and jobbing firms reporting to this bank were 20% larger than in
February and 19% less than in March last year. First quarter sales of
these firms were 21% less than for the same period in 1930. Contracts let
for construction in the Eighth District in February, while slightly below the
total of a year earlier, showed a substantial gain over February, and
represented the largest total since last October. The dollar value of building permits let for new construction in the five largest cities in March was
14.4% smaller than for the same month last year, and 5.6% less than the
February total this year. Charges to checking accounts in March were
12.6% greater than in February, but 21.3% less than in March 1930.
The amount of savings accounts increased slightly between March 4 and
April 1, and on the latter date were 2.3% smaller than a year ago.
While showing small weekly gains during March, traffic of railroads
operating in this district continues in substantially smaller volume than a
year and two years earlier. Grain and grain products, and livestock made
a relatively better showing than some other classifications; the movement
of miscellaneous freight and merchandise was considerably smaller in both
comparisons. For the country as a whole loadings of revenue freight
during the first 13 weeks of the year, or to March 28, totaled 9,266,039
cars, against 11,269,184 cars for the corresponding period last year and
12,153,528 cars in 1929. The St. Louis Terminal Railway Association,
which handles interchanges for 28 connecting lines, interchanged 192,150
loads in March, against 164.030 loads in February, and 220,296 loads in
March 1930. During the first nine days of April the interchange amounted
to 53,784 loads against 64.680 loads during the corresponding period in
March,and 64.523 loads during the first nine days of April 1930. Passenger
traffic of the reporting lines decreased 14% in Marcn as compared with the
same month a year ago. Estimated tonnage of the Federal Barge Line
between St. Louis and New Orleans in March was 82,500 tons, against
69.672 tons in February and 75.157 tons in March 1930.
Reports relative to collections continue to reflect an unusual degree of
unevenness, both in wholesaling and retail lines. Taken as a whole, however, the average during the past 30 days showed little variation from the
similar period immediately preceding, though considerably below the same
time last year. Some betterment was noted in the south, particularly in
the tobacco districts, where farmers are using the proceeds of their crops
to liquidate indebtedness. April settlements with wholesalers in the
large distributing centers were about equal to expectations, though there is
an increasing number of complaints of backward accounts and actual
losses. Smaller retail merchants in the large cities and country report
moderate improvement in their collections, particularly in the case of goods
purchased on the installment plan. Questionnaries addressed to representative interests in the several lines scattered through the district showed the
following results:
Fair.
Excellent. Good.
Poor.
%
12.6%
60.1%
March 1931
27.3%
57.2
13.1
29.7
February 1931
59.2
14.1
1.4
25.3
March 1930
Commercial failures in the Eighth Federal Reserve District in March,
according to Dun's numbered 144, involving liabilities of $2,969,521,
against 181 failures in February with liabilities of $5.158,243, and 133
defaults for a total of $2,419,565 in March 1930.
Seasonal Increases Noted in Business Conditions in
Atlanta Federal Reserve District-Department
Store Sales in March 25.8% Higher Than in February.
Seasonal increases in March are indicated in most of the
available series of business statistics for the Sixth (Atlanta)
Federal Reserve District, according to the Atlanta Reserve
Bank, which also says that "outstanding Reserve Bank
credit has continued to decline, and loans by weekly reporting
member banks in selected cities of the District reached on
April 8 the lowest point since August 1924."
The Bank, in its "Monthly Review" dated April 30,
further reports:
March sales by 41 reporting department stores in the district averaged
25.8% greater than in February and 6.3% less than in March last year.
For the first three months of 1931, department store sales have averaged
10.2% less than in the first quarter of 1930. Wholesale trade increased
9.6% in March over February, but was 24.5% less than in March a year
ago. First quarter sales averaged 27.3% smaller than in that period last
year. Sales of life insurance increased 28% in March over February,
and were 22.7% less than in March 1930. The gain from February to March
was double that shown at the same time last year.
Building permits at 20 reporting cities increased 27.3% in March over
February, but were 65% less than in March 1930 which had the largest
total reported for any month since May 1929. Contract awards in the district as a whole, however, declined less than 1% from February to March,
and were only 3.4% smaller than for March last year. Output of pig iron
in Alabama increased each month since December, and in March was the
largest since August last year.
The March report of "Intentions to Plant," issued by the United States
Department of Agriculture, indicates that on March!farrcters in this district
Intended to plant larger acreages to nearly all of the staple crops, the exceptions being an indicated decrease in acreages planted to potatoes in
[vol.. 132.
Florida, tobacco in Florida and Georgia, and rice in Louisiana. Cotton
is not included in this "Intentions to Plant" report because of national
prohibitory legislation. Prospective consumption of fertilizer, indicated
in sales of tax tags, increased substantially in March over February, but
for the eight months of the season have averaged 31% less than during that
part of the preceding season.
Details as to wholesale and retail trade conditions are
given as follows by the Bank:
Wholesale Trade.
Following a decline for each month from the October peak through
February, March sales reported by 123 wholesale firms in eight different
lines registered a gain of 9.6% over February, and averaged 24.5% less
than in March of last year. Seven of these lines shared in the seasonal
gain, but there was a decrease of 24.9% in sales of stationery from February
to March. However, this follows a gain of40% from January to February.
In the other seven lines increased sales were shown for each reporting city,
except that there was a decrease in hardware sales at Atlanta. All lines,
and all reporting cities, showed decreased sales compared with March 1930.
Stocks of merchandise on hand at the close of March declined an average of
1.4% and were 18.8% smaller than year ago. Accounts receivable increased 2.5%, and collections 1.6%, over February, but were also less than
for March last year. Cumulative sales for the first three months of 1931
averaged 27.3% less than during that part of 1930. These comparisons
are of dollar figures and make no allowance for the lower level of prices
compared with a year ago. Cumulative comparisons for the first quarter,
and detailed comparisons by reporting cities for the month, follow:
Percentage comparison of
sales January-March 1931
with same period in 1930.
-24.3
Groceries
-32.2
Dry Goods
-31.5
Hardware
-28.9
Furniture
-29.4
Electrical Supplies
-36.9
Shoes
+ 3.6
Stationery
-18.2
Drugs
Total
-27.3
Retail Trade.
Distribution of merchandise at retail in the Sixth District increased seasonally in March over the month before, and there was also an increase in
stocks of merchandise on hand at the end of the month. Both sales and
stocks, however, continue at lower levels than for corresponding months
a year ago, and because of the fact stocks have declined by a greater percentage than sales, the average stock-turnover is higher for the month
and for the first three months, than for those periods of last year.
average
Department store sales in March in this District increased by an
of 25.8% over February, and were 6.3% less than in March 1930. The
varying date upon which Easter falls from year to year is always a factor
to be taken into consideration in connection with March and April retail
on
statistics. Last year Easter fell on April 20, while this year it came
April 5, so that there were only four business days in April preceding Easter.
It is probable, therefore, that a much larger proportion of Easter buying
was done in March this year than last, and this accounts for the fact that
the gain from February to March this year was about double that at the
same time last year. These comparisons are of sales figures in dollar
amounts, and take no account of the difference in prices. For the first
have averaged
quarter of 1931 sales by these reporting department stores
10.2% smaller than during that part of 1930.
4.5% over
gained
March
Stocks of merchandise on hand at the end of
the month before, but averaged 14.6% less than a year ago. Accounts
earlier, and
receivable at the end of March were 1.8% less than a month
4.4% smaller than a year ago, and March collections averaged 0.9% less
1930.
March
than in February, and 9.4% less than in
and due at
The ratio of collections during March to accounts receivable
the beginning of the month, for 33 firms, was 30.2%;compared with 28.8%
for February, and with 30.7% for March 1930. For March the ratio of
32.3%, and the ratio
collections against regular accounts, for 33 firms, was
Deof collections against installments accounts, for 12 firms, was 17.1%.
tailed comparisons of reported figures are shown in the table.
Some Improvement Reported in Business Conditions in
Dallas Federal Reserve District-Construction Activity in Marctl at Lowest Level in Several Years.
In its District summary the Federal Reserve Bank of
Dallas states that "some improvement in the trade situation
in the Eleventh iDallasj Federal Reserve District was in
evidence in March with an earlier Easter this year." The
District summary, as given in the Bank's Monthly Review
dated May 1, continues:
Sales of department stores In larger centers reflected a seasonal increase
while they were 11% smaller than
of 17% over the previous month, and
a year ago, the decline was slightly less than in February. Distribution
In most lines of wholesale trade during March showed an expansion over
the previous month and comparisons with a year ago generally were the
most favorable shown for any month of the current year. Consumer
buying, however, is still at a low level and retailers are showing no disposition to make purchases beyond well defined needs. Furthermore,
buying generally has been in small lots. Southwestern carloadings were
somewhat greater than in February, but were considerably smaller than
In March 1930.
The agricultural outlook continued generally favorable. An excellent
surface and subsoil season obtains in practically all sections of the district
and farm work has progressed normally. According to the Department of
Agriculture, small grains are in good condition and promise heavy yields.
Among the developments which tended to offset these favorable factors
to some extent was the damage resulting from the severe freeze late in
March, the poor germination of seed caused by the cold, wet soil, which
has necessitated some replanting. and the slow growth of early planted
crops. The favorable weather recently, however, is doing much to overcome the latter attacks. The physical condition of ranges and livestock
has shown a further improvement. Range forage has grown rapidly and
12 furnishing excellent pasturage with the result that livestock are getting
fat earlier than usual.
The demand for funds at banks in larger centers continued downward.
Loans of reserve city banks showed a further decline and at the middle of
April were considerably smaller than a year ago. Coincident with the
decline in loans, there was an increase in their investments and a reduction
MAY 16 1931.]
FINANCIAL CHRONICLE
3619
in borrowings at the Federal Reserve Bank. On the other band, borrow- end of March 1931 as against the end of February 1931. As compared with
ings of country banks showed a gradual expansion to meet the withdrawals March 1930, groundwood, news grade sulphite, easy bleaching sulphite,
of deposits and the demand for funds to finance agricultural operations. kraft and soda pulp registered decreases in inventory.
Yet, on April 15, Federal Reserve Bank loans amounted to only $7,321.000 REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
as compared to $7,823,000 a month earlier, and $8,309,000 on the correMONTH OF MARCH 1931.
sponding date in 1930. The daily average of combined net demand and
time deposits of member banks reflected a seasonal decline of $10,818,000
Stocks on Hand
from the previous month and were $66,709,000 below March last year;
Shipments,
End of Month,
Production,
Grade.
Tons.
Tons.
yet the decline from a year ago was the smallest shown since last November.
Tons.
Construction activity during March reached the lowest level recorded
101,044
32,254
Newsprint
100,590
In several years. The valuation of permits issued at principal cities was Book
78,429
47,689*
78,599
(uncoated)
13% less than in February and 53% below March 1930. While new orders Paperboard
177,222
67,986
177,542
44,557
48,820
for lumber were slightly smaller than in the previous month, shipments Wrapping
44,159
9,501
7,016
9,484
and production were larger. The production and shipments of cement Bag
50,373
27,080
Writing, &cc
28,372
reflected a substantial increase over the previous month, but were still Tissue
5,291
3,548
5,626
3,981
3,670
Hanging
3,204
considerably under a year ago.
3,071
Building
4,935
4,966
We also quote from the Review the following details as to Other grades
14,960
16,730
16,393
wholesale and retail trade:
468,459
279,698
Total-All grades
468.935
Wholesale Trade.
* Revised.
The distribution of merchandise at wholesale during March in the REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR THE
Eleventh Federal Reserve District showed some improvement which was
MONTH OF MARCH 1931.
due in part to seasonal influences. The sales of dry goods, hardware
and drugs at wholesale during March were substantially larger than in
Shipped Dar- Stock on Hand
the preceding month: the distribution of groceries showed a slight gain;
Grade.
Production, Used During tog Month, End of Month,
Tons.
Tons.
Month, Tons.
but the demand for farm implements reflected a substantial decline.
Tons.
Comparisons with the corresponding month a year ago on the whole were
1,912
48,190
Groundwood
70,383
75,154
more favorable than at any time during the current year. While the Sulphite news grade_ _ _
1,466
5,203
28,260
29,331
undertone of confidence continued to strengthen during March, it is noted Sulphite bleached
1,907
3,343
18,865
20,800
156
657
2,239
2,428
that purchases are being held in strict alignment with consumer demand. Sulphite easy bleaching
1,087
1,489
5,917
Mitscherlich_
6,961
Orders continue to be small, and retailers are showing no disposition to Sulphite
8,054
Kraft pulp
4,272
21,831
26,150
make commitments for future delivery.
Soda pulp
4,384
3,172
14,390
19,013
124
355
Reflecting in large part the Easter demand for merchandise, the dis- Pulp-Other grades_._
468
594
tribution of dry goods at wholesale in this district during March showed
15,308
Total-All grades_
I
162.353
70.463
180.431
an increase of 12.5% from the low volume of February. Sales during
the month were 26.8% below the level of a year ago, and for the period
from Jan. 1 to March 31 the corresponding decline amounted to 33.6%.
That the trend was well marked is shown by the fact that all the reporting
Lumber Orders 6% Less Than Production.
firms participated in the increase over the previous month, and likewise
An unfavorable swing in the ratio between lumber orders
In the decrease from a year ago. There was a general improvement in
and production occurred during the week ended May 9,
collections.
Business of wholesale drug firms in the Eleventh District showed a gain is indicated in
telegraphic reports from 779 leading hardof 13.0% in March as compared to the previous month, and it was only
7.9% less than that of the same month a year ago. With one exception wood and softwood mills to the National Lumber Manufacthe latter comparison is the most favorable shown since the depression turers' Association: These gave orders as 6% under a
period set in. The improvement seemed to be general, but it was espe- combined
cut of 233,145,000 feet. Shipments were about
cially in evidence in the North and Central portions of the district. Inventories were reduced somewhat, and at the end of the month were 18.7% the same as production. A week earlier 786 mills reported
smaller than a year ago. There was a slight decrease in the volume of orders 1% below a production of 233,423,000 feet. These
collections.
Distribution of farm implements at wholesale during March was 15.3% two, with one other exception, have been the only weeks
less than in the previous month, and reflected a decline of 59.3% from the during 1931 showing new business below the cut, though
from the same month last year. Sales during the first quarter of the production has been low. Comparison by identical mill
year averaged 59.9% smaller than in the same part of 1930. Due to the
low purchasing power of the farmer, buying of implements has been held figures of reports for the latest week with those for the
to a minimum. Collections continued slow.
equivalent period a year ago shows, for softwoods, 461 mills,
The demand for groceries at wholesale during March was rather spotty, production
34% less, shipments 25% less and orders 27%
being satisfactory in some parts of the district but poor in others. As
compared to the preceding month, sales during March showed a net increase less than for the week in 1930; for hardwoods, 200 mills,
of 1.4%, but they were 17.0% below the volume of the same month a production, 46% less, shipments 14% less and orders 22%
year ago. Collections reflected a decline of 9.9% from the volume of under
the volume for the week a year ago.
February.
Lumber orders reported for the week ended May 9 1931,
Sales of hardware through wholesale channels during March were 12.5%
larger than in the previous month, but were 26.8% less than in March by 583 softwood mills, totaled 196,943,000 feet, or 8%
1930. The demand in South and East Texas appeared to be somewhat below
the production of the samd mills. Shipments as
better than in other sections. For the first three months of the current
year, average sales were 28.8% below those of a year ago. Collections reported for the same week were 209,288,000 feet, or 2%
showed no material change from the preceding month.
below production. Production was 213,613,000 feet.
Retail Trade.
The distribution of merchandise at department stores in the Eleventh
District reflected a seasonal increase of 17.4% during March, but again
showed a decline of 10.7% from the corresponding month of 1930. While
the comparison with a year ago is a little more favorable than that in the
Previous month it will be borne in mind that Easter came two weeks earlier
this year than last. Reports indicate that pre-Easter buying did not
come up to expectations. Sales during the first quarter of the present
year averaged 9.8% less than in the same period of 1930.
Stocks on hand at the end of March showed a seasonal increase of 7.5%
but were 14.0% less than at the close of March 1930, which is approximately the same decline as that a month earlier. The rate of stock turnover during the first quarter of 1931 was .71% as compared to .68% during
the same period last year.
Collections reflected a slight improvement during the month. The ratio
of March collections to accounts outstanding on March 1 was 33.1% as
against 32.1% in February and 35.1% in March 1930.
Pulp Industry in March-Decrease in Total
Paper Production.
According to identical mill reports to the Statistical Department of the American Paper and Pulp Association from
members and co-operating organizations, the daily average
of total paper production in March decreased 1% under
February but was 13% under March 1930. The Daily
average wood pulp production in March was 1% under
February 1931 and 25% under March 1930. The Association's survey, May 13, continues:
Paper
and
Compared with March a year ago, the daily average production registered
a decrease in the following grades: Newsprint, uncoated book, paperboard,
Wrapping, bag, writing, tissue, hanging and building papers. Compared
with February 1931, newsprint and writing papers were the only grades
whose daily average production showed an increase. Total shipments of
all major grades decreased 16% during the first three months of 1931 as
compared with the first three months of 1930.
Identical pulp mill reports for the first quarter of 1931 indicated that
the total pulp consumed by reporting mills was 19% less than for the first
quarter of 1930, while total shipments to the open market during the first
quarter were also sharply below the total for the same period of 1930.
All grades of pulp, excepting groundwood, bleached, easy bleaching
sulphite, kraft and soda pulps, registered decreases in inventory at the
Reports from 215 hardwood mills give new business as
21,569,000 feet, or 10% above production. Shipments as
reported for the same week were 24,144,000 feet, or 24%
above production. Production was 19,532,000 feet. The
Association's statement further goes on to say:
Unfilled Orders.
Reports from 490 softwood mills give unfilled orders of 738,892,000 feet
on May 9 1931, or the equivalent of 16 days' production. This is based upon production of latest calendar year-300-day year- and may be compared with unfilled orders of 495 softwood mills on May 2 1931, of 767,474.000 feet, the equivalent of 16 days' production.
The 426 identical softwood mills report unfilled orders as 718,106,000 feet
on May 9 1931, as compared with 943,364,000 feet for the same week a year
ago. Last week's production of 461 identical softwood mills was 201,165,000 feet, and a year ago it was 304.157,000 feet; shipments were respectively 198,007,000 feet and 263,048.000: and orders received 186.193,000
feet and 256,455,000. In the case of hardwoods,200 identical mills reported
production last week and a year ago 18,463,000 feet and 34,244,000: ship2
m6
7
63
1„,02
03
0,.345.000 feet and 27,165,000; and orders 20,766,000 feet and
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 221 mills reporting
for the week ended May 9:
NEW BUSINESS.
SHIPMENTS.
UNSHIPPED ORDERS.
Feet.
Feet.
Feet.
Domestic cargo
Coastwise and
Domestic cargo
delivery
_ _ 40,207,000 delivery ___ A90,270,000 intercoastal _ 41,586,000
Export
146,764,000 Export
23,713,000
19,960,000 Foreign
Rail
109,155,000 Rail
40,839,000
41,429,000 Rail
Local
Local
8,831,000
8,831,000
Total
446,188,000 Total
114.969,000
110,426,000 Total
Production for the week was 117,131.000 feet.
For the year to May 2, 165 identical mills reported orders 8.7% above
Production, and shipments were 4.9% above production. The same
number of mills showed a decrease in inventories of 4.1% on May 2, as
compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
137 mills reporting, shipments were 10% above production, and orders
3% above production and 6% below shipments. New business taken
during the week amounted to 35,385.000 feet (previous week 41,706,000 at
135 mills); shipments. 37,548,000 feet (previous week 43,428,000); and
[voL. 132
FINANCIAL CHRONICLE
3620
akia. The
production 34,250.000 feet (previous week 36,176,000). Orders on hand missioner Sam E. Woods, Prague, Czechoslov
at the end of the week at 114 mills were 93,093,000 feet. The 117 identical Department on May 6 also had the following to say:
dea
business
new
in
mills reported a decrease in production of 38%, and
The agreement, at the present time, regulates quotas and prices of
Grease of 25% as compared with the same week a year ago.
technical rubber supplies and heels, but it is expected that it will be exThe Western Pine Manufacturers' Association of Portland, Ore.,reported tended within a short time to cover the other lines. About 70.000,000
production from 92 mills as 36.644.000 feet, shipments 29.560,000 and new crowns (approximately $2.100.000) of technical rubber supplies and heels
business 28,182,000. The 61 identical mills reported production 33% are produced annually in Czechoslovakia.
less and orders 15% less than for the corresponding week last year.
The control of the cartel will be in the hands of the Zivnostenska and
The California White Sc Sugar Pine Manufacturers' Association of San the Czechoslovak Union Bank with Dr. F. Stern. a Prague lawyer, as
shipments
Francisco reported production from 24 mills as 13,041.000 feet,
mills reported referee.
16,464,000 and orders 15,236,000. The same number of
A director of a Viennese company is reported to be primarily responsible
a decrease of 31% in production and a decrease of 30% in new business, for smoothing out the difficulties and bringing the negotiations to a suc1930.
of
same
week
the
with
compared
reported cessful conclusion.
The Northern Pine Manufacturers of Minneapolis, Minn.,
new
production from 7 mills as 3.700,000 feet. shipments 2,897,000 and
production 38%
business 2.212,000. The same number of mills reported
Rubber Shipments Fell Sharply in April.
a year ago.
less and new business 25% less than for the same week
s' Association of
Exports of crude rubber from the producing countries of
The Northern Hemlock and Hardwood Manufacturer
feet, shipOshkosh. Wis., reported production from 19 mills as 2,371,000
during April underwent the first material
mills reported pro- Malaya and Ceylon
ments 1,123,000 and orders 911,000. The 17 identical
week last decline in months, figures cabled to The Rubber Exchange
same
toe
for
than
less
68%
business
new
and
more
11%
duction
of New York, Inc., on May 1 show. Malaya's gross exyear.
producThe North Carolina Pine Association of Norfolk. Va., reported
ports were 43,453 tons, compared with 48,589 tons in March.
business
new
and
6,727.000
shipments
feet,
tion from 83 mills as 6,476,000
in production Those from Ceylon totaled only 3,487 tons, against 6,213
19%
of
decrease
a
reported
mills
identical
40
4,691,000. The
and a decrease of 8% in orders compared with the same week in 1930.
tons for the previous month. Ceylon exported 2,263 tons
Hardwood Reports.
reported
The Hardwood Manufacturers' Institute of Memphis, Tenn.,
and
production from 196 mills as 17,001,000 feet, shipments 22,081,000
denew business 19.949,000. The 183 identical mills reported a 46%
same
with
the
crease in production and a 22% decrease in orders compared
week a year ago.
of
The Northern Hemlock and Hardwood Manufacturers' Association
feet, shipOshkosh. Wis., reported production from 19 mills as 2,531,000
reported
mills
ments 2,063,000 and orders 1,620,000. The 17 identical
same weeks year ago.
production 44% less and orders 23% less than for the
AND ORDERS TO PRODUCCURRENT RELATIONSHIP OF SHIPMENTSFOR
18 WEEKS TO DATE.
TION FOR WEEK ENDED MAY 9 1931 d:
Association.
ProducHon
M Ft.
Shipments.
M Ft.
P. C.
of
Prod.
Southern Pine37,548 110
34,250
Week-137 mill reports
736,680 109
877,784
18 weeks-2,470 mill reports
West Coast Lumbermen's:
114,969 98
117,131
Week-221 mill reports
1,887,499 1,972,574 105
18 weeks-4.009 mill reports
Western Pine Manufacturers:
29,560 81
36,644
Week-92 mill reports
502,969 114
440,397
18 weeks-1,570 mill reports
California White dr Sugar Pine:
16,464 126
13,041
Week-24 mill reports
184.247 227
81,285
12 weeks-299 mill reports
Northern Pine Manufacturers:
2,897 78
3,700
Week-7 mill reports
50.811 123
41,314
18 weeks-126 mill reports..
No. Hemlock dr Hardw'd (softwoods)
1,123 47
2,371
Week-19 mill reports
24.760 65
38,090
18 weeks-494 roll' reports
North Carolina Pine:
6,727 104
6,476
Week-83 mill reports
128,860 123
105,132
18 weeks-1,588 mill reports
3oftwood total:
Week-583 mill reports
lb weeks-10,556 mill reports
lardwood Mfrs.' Inst.:
Week-196 mill reports
18 weeks-3,769 mill reports
Northern Hemlock Sr Hardwood:
Week-19 mill reports
18 weeks-494 mill reports
Tardwoods total:
Week-215 mill reports
18 weeks-4,263 mill reports
;rand total:
Week-779 mill reports
18 weeks-14,325 n1111 reports
Orders
M Ft.
P. C
of
Prod,
35.385 103
738,990 109
110,426 94
2,085,554 110
28,182 77
481,827 109
15,236 117
180,545 222
2,212 60
50,151 121
911
25,876
38
67
4,591
97,490
71
93
209,288 98
213,613
3.271,501 3,600,901 110
196,943 92
3.680.233 112
22,081 130
374,316 118
19.949 117
382,769 121
17,001
317,464
2,531
82.604
2,063
52,155
82
63
1,620
52,124
64
63
24,144 124
426,471 107
21,569 110
43,893 109
233,432 100
233,145
3,671,569 4,027,372 110
218,512 110
4,095,126 112
19,532
400,068
Plan Rubber Curb-Group Seeks to Cut
Output by 25%.
April
Associated Press advices as follows from Amsterdam
Post":
"Evening
30, are from the New York
to the United States in April, against 4,488 tons in March.
Output and Shipments of Pneumatic Casings and
Tubes in March Higher than in Preceding MonthInventories Also Increase.
According to statistics compiled by the Robber Manufacturers Association, Inc., from figures esuimated to represent 80% of the industry, 3,730,061 pneumatic casingsballoons and cords-and 11,424 solid and cushion tires were
produced during the month of March 1931, as against 3,188,274 pneumatic casings and 11,358 solid and cushion tires
in the preceding month and 3,890,981 pneumatic casings
and 19,329 solid and cushion tires in March 1930. Shipments during March 1931 amounted to 3,297,225 pneumatic
casings and 16,152 solid and cushion tires as compared with
2,721,347 pneumatic casings and 12,915 solid and cushion
tires in February last and 3,773,865 pneumatic casings and
23,951 solid and cushion tires in March 1930. Inventory of
pneumatic casings at March 31 1931, totaled 8,011,592, is
against 7,628,520 at Feb. 28 1931 and 10,010,173 at March
31 1930.
Production of balloon and high pressure inner tubes in
March amounted to 3,559,644 as compared with 3,132,770
in the previous month and 3,952,921 in the corresponding
month in 1930. Shipments totaled 3,031,279 inner tubes,
as against 2,720,135 in February last and 3,781,789 in
March 1930. Inventories at March 311931, reached a total
of 8,379,974 inner tubes, as compared wtih 10,543,026 a
year ago and 7,936,773 at Feb. 28 1931.
The Association, in its bulletin dated May 6 1931, gave
the following statistics:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the industry.)
Dutch
co-operate with British proDutch rubber producers, who refused to
have formed an association of
ducers in the Stevenson restriction scheme,
of production and higher prices.
their own which seeks a 25% curtailment
a year.
These growers produce only 34.000 tons
restriction plan. Restriction
Many Dutch producers are opposing the
increase in the price, they argue, but
measures may lead to a temporary
difficulties and no permanentimprovement.
will mean only an adjournment of
Growers
Dutch Deny Report that East India Rubber
Rubber.
of
Instead
Rice
Raise
to
Forced
Are
May 9, is from
A cablegram as follows from The Hague,
'Ernes":
the New York
the East Indian Government had stopped
In reply to a rumor that
object of forcing inland rubber producers
distributing rice grounds with the
the
into rice fields, it Is officially stated that
to convert their plantations
but that some regional chiefs might be
action,
no
taken
has
Government
population must not endanger the food
officially advised that the inland
an area from rice cultivation.
supply by withdrawing too large
refusal to co-operate in the restriction
The Government persists in its
of prestige and because it regards the proof inland rubber for reasons
is said.
posed projects as inadequate, it
Established.
Czechoslovak Rubber Cartel
Czechoslovak firms
nine
the
of
six
s,
After long negotiation
goods have united
engaged in the manufacture of rubber report received in
a
to
according
agreement
under a cartel
Trade Comthe Department of Commerce from Assistant
Inner Tubes.
Pneumatic Casinos.
Inventory.
1931January
February
March
1930January
February
March
April
May
June
July
August
September__
October
November_ - _ _
December
Shipments.
Gutput.
Inventory.
Out.
p14.
Shipments.
7,165,846 2,939,702 2,995,479 7,551,503 2,898.405 3,249,734
7.628.520 3,188,274 2,721,347 7,936,773 3,132,770 2,720,135
8,011,592 3,730.061 3,297,225 8.379,974 3,559,844 3,031,279
9,539,353
9,928,838
10,010,173
10,461,208
10,745,389
10,621,834
9,449,318
8,678,184
7,849,411
7,842,150
7,875.786
7,202,750
3,588,862
3,644,606
3,890,981
4,518,034
4,573,695
4,097,808
3,193,057
3,332.489
2.692,355
2,865,933
2,123,089
2,251,269
3,505,404 10,183,267
3,356.104 10,428,968
3,773,865 10,543,026
4,071,822 11,027,711
4,173,177 11,081,523
4,234,994 10,889,444
4,357,836 9,325,602
4,139,900 8,589,304
3,524,141 8,052,121
2,799,440 8.413,578
2,287,465 8,250,432
2,688,960 7,999,477
3,685,410
3,707,066
3,952,921
4,408,030
4,428,367
3,959,972
3,151,107
3,836,880
3,053,424
3,161,048
4,143,609
2,448,195
3,885,717
3,469,919
3,781,789
3,078,697
4,058,847
4,212,082
4,684,182
4,809,858
3,832,458
2,777,985
2,230,654
2,729,973
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINOS, TUBES, SOLIDS AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Productions.
Consumption.
Calendar Years.
1926
1927
1928
1929
1930
Month of Jan. 1931
Month of Feb. 1931
Month of Mar. 1931
Colton
Fabrics
(80%).
Crude
Rubber
(80%).
Gasoline
(100%).
(Gallons).
(Pounds)
(Pounds)
185.063,182 518.043,062 10.708,068,0041
12,512,978,000
514,994,728
177,979,818
222,243,398 800,413,401 13,633,452,000
208.824,853 y598,994.708 14,748,552,000
158,812,462 478,755,707 18.200,894,000
12,738,467 36.318,980 1,127,832,000
12,002,161 36.651,119 1,097.208,000
14,040,803 41.850.838 1,303,302.000
Passenger
Trucks
Cars.
(100%)• (100%).
3,929,535
3,093,428
4,024,590
4,811,107
2,939,791
144,878
189,264
241,728
535,006
486,952
578.540
810,549
569,271
33.521
39,975
47.806
ears assemb ed abroad, the parts
x These figures include Canadian production and 3
,Revised.
of which were manufactured in the United States.
and ear and truck production
consumption
gasoline
Note -With the exception of
1929, are estimated to represent anproxithe figures shown above since January
for
prior years.
75%
with
compared
as
industry
mately 80% of the
MAY 16 1931.]
Eastern Rubber Stocks Decline.
Dealers' stocks of crude rubber in Malaya amounted to
42,467 tons, according to a cable received May 11 by the
Rubber Exchange of New York, Inc. This compares with
45,607 tons reported at the close of March. Along with the
reduced rate of shipments reported during April, the Exchange says, the smaller holdings of dealers are believed to
reflect a reduction in the producing rate. Such a trend will
be more definitely presented by the estate production and
stock figures due shortly. Harbor stocks at Singapore and
Penang were 3,401 tons in April, against 3,983 tons in March.
Agricultural Department Report on Winter Wheat,
Rye, &c.
at Washington on May 8
Agriculture
of
Department
The
ssued its crop report as of May 1 1931. This report estimates the abandonment of winter wheat at only 3.7%,
leaving the acreage remaining to be harvested at 40,432,000
acres as compared with 38,608,000 acres harvested last. year
The May 1 condition is placed at 90.3% of normal, compared with 76.7% a year ago and 83.8%, the 10-year average. On the present condition the yield per acre is placed
at 16.1 bushels, making a total production of 652,902,000
bushels, against a yield per acre of 15.7 bushels and a production of 604,337,000 bushels in 1930.
The condition of rye on May 1 was 85.4% of normal, with
an average yield per acre of 13.4 bushels, and the Production is estimated at 50,676,000 bushels. This compares
with a yield of 13.5 bushels per acre a year ago and a total
production of 50,234,000 bushels. Below is the report in
full:
of new seedings and injury to old meadows from the drouth of last summer
and the lack of sufficient moisture this spring in some sections where
growth is well advanced.
Hay Stocks.
The stocks of all hay on farms on May 1 are estimated at 10.3% of production last year, or 9,796,000 tons. Tuts is the lowest percentage of the
crop and the lowest total tonnage of hay reported on hand in any May
since 1919. Holdings in the South average about half of the 10-year
average tonnage and In the Northeastern and North Central areas they
are only about two-thirds of average, but in some of the Far Western and
Southwestern States holdings are heavier than usual. Stocks last year
were 12,376,000 tons and the average during the previous 10 years was
13,390.000 tons.
Pastures.
•
The condition of pastures on May 1 averaged 78.8. compared with 77.3
last year and an average of 81.9 during the previous ten years. Pastures
are poor in most of the States which report a low condition of hay. In
California the condition is the lowest on record except for one year, 1898.
Winter Wheat.
The condition of winter wheat in the United States on May 1 is reported
at the high figure of 90.3% of normal, compared with 76.7% on May 1
1930 and a ten-year average condition of 82.1% on May 1. The abandonment of acreage to May 1 is small, being reported at 3.7% of the sown
acreage, compared with 10.9% for the 1930 crop and a ten-year average
abandonment of 12.2%.
The condition of 90.3 on May 1 Indicates a crop of about 652,902.000
bushels, compared with 604,337,000 bushels produced in 1930 and a fiveyear average production of 547,427,000 bushels. The yield per acre
indicated is 16.1 bushels, compared with a realized yield of 15.7 bushels
in 1930 and a ten-year average yield of 14.9 bushels.
The acreage of winter wheat remaining for harvest on May 1 is estimated to be 40,432,000 acres, as compared with 38,608,000 acres harvested
in 1930 and a five-year average of 36,466,000 acres. The revised estimate
of acreage sown in the fall of 1930 for harvest in 1931 is 41,993.000 acres.
The improvement in winter wheat prospects during April is the result
of generally favorable growing conditions in all but a few of the leading
winter wheat States. Moisture has been sufficient for the needs of the
plants in most States. The cool temperatures during the last 10 days of
April were favorable. Of greater significance is the fact that the moisture
supply is not excessive, experience having shown that excess moisture,
rather than drouth, is more of a limiting factor to wheat yields east of the
Plains regions.
The damage from March and April freezes in the Plains States is not
thought to be very great. Injury to the crop resulted from the severe
winds in the northern Rocky Mountains and the Pacific Northwest, and
from drouth conditions in California.
Considered by classes, the probable crop of hard red winter wheat in
1931 is indicated at about 408,900,000 bushels, which is about 12% more
than the 365,600.000 bushels of this class produced in 1930; the probable
Production of soft red winter wheat is 203.800.000 bushels, which is about
5% more than the 194,200,000 bushels produced in 1930; and the probable
crop of fall-sown types of white wheat at about 40,200.000 bushels, compared with 44,600,000 bushels produced in 1930, including all of the California and Arizona white wheats.
The condition of winter wheat as reported on May 1 relates to the condition of the crop remaining for harvest and is not strictly comparable with
the condition reported on April 1, which related to the entire sown acreage.
Rye.
The acreage of rye for harvest on May 1 is 3,793.000 acres, or about
2.0% more than was harvested in 1930. Of the total acreage sown last
fall for all purposes, more rye will be harvested for grain in some States
than was anticipated at seeding time. In other States a smaller proportion of the total acreage will be harvested as grain than was originally intended. The revised estimate of the rye acreage planted in December is
4,091,000 acres. Abandonment was especially heavy in North Dakota,
and for the United States is reported at 7.3%, or 297.000 acres.
The condition of rye on May 1 is 85.4% of normal compared with 84.0%
on May 1 1930 and a 10-year average of 86.0%. The present condition
of 85.4% indicates a yield of 13.4 bushels against 13.5 bushels in 1930 and
13.5 bushels the 10-year average.
The rye production is indicated at 50.676.000 bushels, compared with
50,234,000 bushels in 1930 and a five-year average of 46,129,000 bushels.
Oats.
The condition of the oats crop in the Southern States on May 1 is reported at 83.5% of the normal,compared with 62.3% in 1930 and a six-year
average of 74.1%. Abandonment of oats during the winter was very small.
The proportion of the total acreage which was fall-seeded was reported to
have been 43%, compared to 31% in 1930 and 43% in 1929.
Hay.
The condition of tame hay meadows on May 1 was reported as 79.4%
compared with 79.9 last year and a May 1 average of 86.4 during the previous ten years. The condition this year is the lowest May condition of
hay reported for many years except for the condition of 76.1% reported in
1928. Hay prospects appear to be particularly unpromising in a wide
belt extending from Michigan west to Montana and in another belt extending from Pennsylvania and Maryland westward to the Mississippi
River. The generally low condition of bay crops reported reflects both loss
3621
FINANCIAL CHRONICLE
Milk Production.
Milk production per cow in the herds operated by 20,000 crop correspondents averaged 15.84 pounds per cow on about May 1. compared with
15.92 on the same date last year. Except for a slight decrease in the proportion of the cows being milked in the Northwest. production per cow in
the herds is rather uniformly close to production at this time last year.
As the number of milk cows on the farms has been increased, the total
milk production is probably about 2% above production at this time last
year.
Egg Production.
Daily egg production per hen on about May 1 averaged about 2% above
production per hen at the same time last year, according to the reports
of crop correspondents. Increases of 2 or 3% in most Eastern, Central
and Southern areas were partially offset by slight decreases in some of the
Western States. Recent reports on the number of hens per farm appear to
confirm previous indications that as a result of the very low prices that
have been received for eggs the number of hens kept is being quite generally
decreased.
Farm Labor.
The supply of farm labor was reported at 109.3% of normal on May 1.
The decline of about 3% during April was approximately twice the usual
seasonal decline during that month. The supply of farm labor was about
11% larger than on May 1 1930, however, reflecting the much lower level
of industrial employment which now prevails. In March 1931 (the latest
available data) the Bureau of Labor Statistics index of employment in
manufacturing industries stood at 74.8, as compared to 89.8 a year earlier
and an average of 100 for the calendar year 1926.
Demand for farm labor on May 1 is reported at 72.1% of normal, as
a noncompared to 71.1% a month earlier. While this figure indicates
seasonal pick-up in demand over April 1, the demand for farm workers
was about 14.5% lower than a year ago due to the decidedly lower level
of farm prices. Prices paid producers for agricultural products averaged
91% of the pre-war level on April 15, as compared to 127% a year earlier.
Upon expressing supply as a percentage of demand, a figure of 151.7%
of normal was obtained for May 1. indicating that there were about 152
supply was about
workers available for every 100 jobs. This measure of
4.5% lower than a month earlier, approximately 30% higher than on May 1
(1924-1931).
record
on
1930, and the highest May figure
Potatoes.
The early potato crop in the 10 Southern States continues to show better
is rethan average condition for this time of year. Condition on May 1
74.2 on the same date last year
Ported at 78.5% of normal compared with
crop.
The
commercial
years.
six
previous
and 76.6, the average of the
for shipment, is in general
or that part of the early crop that is grown
the home crop. Lowest condition
reported to be in better condition than
and frost being a0is reported in Texas, Oklahoma and Arkansas, blight
wiille cold weather and a freeze
Texas,
in
countable for the low condition
caused a setback in Oklahoma and Arkansas.
the eignt earliest shipThe commercial production of early potatoes in
one-fifth more than
ping States is indicated to be 15,831,000 bushels, or
in
these States is about
acreage
The
year.
the estimated production last
average about 6%
12% greater than last year and yields are expected to
larger.
Peaches.
very good condiPeaches in the 10 Southern States are reported to be in
considerable
tion except in Oklahoma and Texas, where spring freezes did
are favorable
prospects
present
Carolina
damage. In Georgia and North
not quite
for a good crop, but in Alabama, Arkansas and South Carolina
1
so favorable. For the group of 10 States, the average condition on May
reported
was 70.9% of normal, which is very much better than the 44.5%
previous
the
for
64.8
of
the
average
last year at this time and well above
six years.
These conditions indicate that production this year may reach 18,000,000
estimated for
bushels or more, which compares with 10,173,000 bushels
was in 1928,
these States last year. The largest previous production
forecast based on
when the estimated crop was 21,353,000 bushels. The
the total Georgia
the May 1 condition includes a tentative indication on
crop in
crop. A more complete report on the commercial portion of the
Georgia will be Issued about May 15.
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates from reports and data furnished by crop correspondents, field statisticians and co-operating State Boards (or
Departments) of Agriculture and Agricultural Colleges:
SOUTHERN STATES.
Oats.
Ear y Potatoes. d
6-Year
Average 1930.
1924-29.
Condition May 1:
Per cent of normal
76.6
74.2
1931.
78.5
6-Year
Average 1930.
1924-29.
1931:
62.3
83.5
74.1
Peaches.
6-Year
Average 1930.
1924-29.
1931.
64.8
44.5
70.9
Condition May 1: Per cent et normal
by condit on May 1. c Condition of
a 5-year average. 1925-1929. b Indicated
atme hay. d Includes all potatoes for harvest before Sept. 1 in 10 States.
,
3622
FINANCIAL CHRONICLE
[Vol,. 132.
UNITED STATES.
decrease of 3% in the spring wheat acreage in Manitoba,5% in Saskat,chewan and from 5 to 7% in Alberta. The report states, howbver, that the
question as to what reduction, if any, there will be in the wheat acreage
as
compared with last year is a very complex one at the present time, since
10-Year
various phases such as future weather conditions, inability to employ help,
Average
1930
1931
1931
less power farming, &c., may have considerable influence on the acreage
Crop.
Crop. 1920-29. Crop.
seeded.
In Argentina and Australia there are indications of reductions in wheat
a3,601
3.722
3,793
40,432
acreage. According to a cable from the International Institute at Rome,
a
rough estimate places the acreage in Australia at 13,500,000 acres
a3,795
3,996
4,091
41,993
Agricultural Commissioner Paxton at Sydney reports a reduction of about
7.9
7.3
3.7
30% below last year. The Indian crop of 1930-31 has been officially esti85.4 mated at 346,827,000 bushels, as compared with 368.293,000 bushels,
86.0
84.0
90.3
the corresponding estimate of last year's crop, and the final estimate of
a46,129 50,234
386.512,000 bushels. Weather conditions have been favorable for har50,678 vesting and the May estimate may show an increase over the present one.
652,902
Rye.
Winter Wheat.
10-Year
Average
1920-29
1930
Crop.
Acreage:
For harvest(1,000 acres) a36,466 38,608
Sown in preceding fall
(1,000 acres)
042.650 42,513
Per cent abandoned to
May 1
10.9
12.2
Condition May 1:
Per cent of normal
76.7
82.1
Production:
Harvested(1,000 bush.) a547,427 604,337
Indicated by condition
May 1 (1,000 bush.)
Yield per acre (for harvest)(bushels)
14.9
15.7
516.1
13.5
Condition May 1 (e):
Per cent of normal
Stocks on farms, May 1:
Quantity (1,000 tons)
Per cent of crop
13.5
513.4
Pasture.
Hay.
86.4
79.9
79.4
a13,371
12.5
12,376
10.9
9,796
10.3
81.9
77.3
78.8
Rye.
The rye acreage in eight foreign countries to date is 15,949,000 acres,
against 17.948,000 acres in 1930. The condition of the crop in Germany on
May 1 was average. Winter rye was below average on April 1 in Switzerland and Poland, but above average in Austria for that date.
BREAD GRAINS-WINTER ACREAGE IN SPECIFIED COUNTRIESAVERAGE 1909-1913, ANNUAL 1928-1931.
WINTER WHEAT.
Harvest Year.
State.
Production (1,000 Bush.)
Condition May 1.
Area
Harvested (Subject to
RemainRevision in December).
Per Cent ittg to Be 10-Yr.
of Area Harvest'd Aver. 1930. 1931.
Average
Aban- (1,000 19201931.*
1925-29. 1930.
dotted. Acres). 1929,
New York..._
1.0%
234
New Jersey__. 1.5
50
Pennsylvania_
5.0
1,016
Ohio
0.7
1,899
Indiana
0.5
1,700
Illinois
1.0
2,227
Michigan
1.0
819
Wisconsin_
4.5
41
Minnesota
3.5
118
Iowa
3.5
309
Missouri
1.5
1,635
South Dakota 4.0
150
Nebraska _ __ _
1.5
3,220
Kansas
2.0
11,984
Delaware
4.0
92
Maryland_ _ _ _ 6.0
420
Virginia
3.0
640
West Virginia_
2.5
135
NorthCarolina 1.5
444
South Carolina 2.0
55
Georgia
3.0
88
Kentucky. _
264
3.0
Tenhessee_
1.5
360
Alabama
1.0
5
Mississippi_ _
5.0
7
2.5
Arkansas
34
Dklahoma
4.5
3,750
Texas
5.5
2,979
Montana
29.0
540
Maho
4.0
520
Wyoming
7.0
117
:lo1orado
5.0
1,200
Few Mexico
4.5
350
Arizona
2.0
41
Ptah
4.5
161
gevada
.0
3
Washington.... 3.0
1,611
)regon
3.0
814
•Jallfornia_ _
400
40.0
U. S
3.7
40.432
84%
87
85
76
78
78
82
85
83
87
82
82
83
81
89
85
84
81
87
78
78
82
82
81
84
81
80
73
82
91
88
81
72
91
94
95
86
92
83
73%
87
87
71
75
75
81
84
80
90
77
91
92
73
86
89
86
89
79
71
72
83
77
82
62
75
60
68
79
89
86
80
79
95
92
91
68
82
80
5,105
4,630
4,914
92%
1,224
1,222
1,050
91
20,629 25,110 16,764
76
26,952 28,640 37,030
97
24,951 28,998 29,750
96
31,319 37,584 40,086
93
16.478 19,246 15,970
88
924
1,155
820
85
2,944
3,020
2,242
87
8,325
7,295
5,778
87
19,090 19,740 24,525
95
1,308
2,016
2,175
88
52,011 70,267 61,180
94
130,748 158,422 173,768
92
1,936
2,067
1,564
84
9,934 11,707
6,300
67
9,476
9,982
8,320
82
1,788
2,345
1,865
75
5,287
4,288
90
5,550
751
538
80
660
1,127
588
968
80
2,927
3,284
3,511
93
4,713
3,542
4,104
91
40
66
52
84
92
78
119
68
336
351
442
89
47,672 33,696 52,500
89
23,454 28,270 41,706
88
74
7,560
8,858
5.440
11,089 13,520 11,960
91
940
1,605
91
1,930
12,552 16,632 14,400
90
2,283
1,361
98
6,475
1,108
1,288
89
1,107
3,267
3,735
85
2,818
106
48
85
66
25,792 20,240 40,275
92
17,454 18,538 17,908
92
13,147 13,020
56
4,800
Crop and Countries Reporting.
1909-13. 1928.
82.1
76.7
90.3
1929.
1930.
1931.
1,000
1,000
1,000
1,000
1,000
Acres. Acres. Acres.
Acres.
Acres.
a28,382 a36,213 a40,059 a38,608 40,432
1,042
894
885
1,033
51,019
Wheat
United States
Canada
Total
29,401
37,246
40,944
39,650
41,326
Spain
Italy
Germany
Bulgaria
Rumania
Lithuania
Finland
9,547
11,793
c4,029
2,409
9,515
211
8
10,479
12,318
a3,836
a2,782
a7,281
271
26
10,622
12,272
a3,632
a2,634
a6,130
345
26
10,530
11,759
a3,997
2,908
06,873
405
30
10,872
11,893
4,324
2,908
8,162
410
32
Total Europe (7)
Algeria
Tunis
Total Africa (2)
India (f)
Total above countries(12)
RyeUnited States
Canada
Total
Spain
Germany
Bulgaria
Rumania
Lithuania
Finland
Total Europe (6)
37,512
36,993
35,661
36,502
36.601
3,521
c1,310
d3,656
1,730
d3,795
1,730
d3,944
1,730
3,081
e1,730
4,831
5,386
5,525
5,674
4,011
c29,224
31,678
31,504
30,468
31,600
100,968 111,303 113,634 112,294 114,347
2,236
117
3,480
599
3,331
687
3,722
818
3,790
940
2,353
4,079
4,018
4,540
4,730
1,988
c12,713
542
51,286
1,749
589
1,384
11,229
458
637
1,161
550
1,519
11,484
492
721
1,113
563
1,446
11,462
541
914
1,198
568
1,541
10,376
583
802
1,136
556
18.867
15,419
15,892
18,127
15,004
3
4
3
3
3
10 509
IC oin
90070
10 749
Algeria
Total above countries (9)
* Forecast from May 1 condition.
Average
547,427 604,337 652,902
a Area harvested.
01 e,
”
b Four-year average. c Total wheat. d Final estimate.
e Sowings to Feb. 1. 1 April estimate.
Foreign Crop Prospects.
Chadbourne International Sugar Restriction AgreeThe latest available information pertaining to cereal
ment Embodying World Price Signed at Brusselscrops in foreign countries, as reported by the Foreign Service
Operation of Plan Turned Over to Francis Powell.
of the Bureau of Agricultural Economics to the United States
The international sugar restriction agreement, proposed
Department of Agriculture at Washington and given out
by Thomas L. Chadbourne, was signed at Brussels on May
on May 8 is as follows:
9 by delegates representing seven sugar producing countries,
Wheat.
The acreage sown to winter wheat for the 1931 harvest in the 11 foreign viz Germany, Poland, Czechoslovakia, Belgium. Hungary,
countries reporting to date is approximately the same as last year, according to reports received by the Foreign Agricultural Service of the Bureau Java and Cuba. The reaching of the agreement at the
of Agricultural Economics. Decreases in the acreage sown to winter World Sugar Conference at Paris was noted in our issue
wheat in North America and North Africa are about offset by increases in of April 11,
page 2079. With the 'pact an accomplished
Europe and India. The International Institute of Agriculture reported
fact, said Associated Press accounts May 9 from Brussels,
the acreage in Spain at 10,872,000 acres, the largest on record.
Winter wheat conditions generally in Europe were reported as favorable Mr. Chadbourne turned over its operation to Francis Powell,
during the past week, but were not as good as at the same time last year.
Official condition reports as of May 1 from Germany show conditions of another American, who has long been engaged in business
winter-sown grains to be average or a little better than average. Egypt in Europe and is the international sugar counsel at the
reports crop conditions above average on May 1. On April 15 winter Hague.
These accounts also said:
wheat in Poland was average. Prolonged cold weather in northern,
Mr. Powell was authorized to begin functioning immediately. One of
central and eastern Europe has retarded the growth of winter cereals and
his first duties will be to open negotiations with a view to bringing into
hindered spring work. France now reports improved conditions and good
the
international group Peru, Spain, Italy, Rumania and the Dominion
progress has been made with the spring work. Winter crop conditions are
reported satisfactory in Crimea and the middle Volga regions of Russia, Republic.
Mr. Chadbourne characterized this day's event as the opening of a new
but information concerning tne other regions is lacking.
Sowings of spring wheat in Russia up to April 25 amounted to 9,227,000 chapter in poet-war economic history.
"We have set in motion a unique expedition into a new field of world
acres (13% of the current plan), compared with 26,788,000 acres sown to
the same date last year. The plan of the current year for spring wheat is economics," he said at a luncheon which followed the signing.
69,188,000 acres, against 58,891,000 acres sown last year. The situation
Senator Boudoun of Belgium, Chairman of the conference, paid tribute
Is the most unfavorable in years. Last year Ukraine and the north Cau- to President Machado of Cuba, as the first executive to see the value of
casus regions had practically finished spring sowings on April 25. Peasant the Chadbourne plan.
sowing is especially backward.
'Mr. Chadbourne took cognizance of the fact that Russia is not included
Conditions for spring wheat in the Prairie Provinces of Canada are some- in the pact, but he expressed a belief that there is no great danger in that
what similar to those prevailing during the past two seasons. The northern omission.
park belt of the three Provinces has fairly ample supplies of moisture, while
"So far," he said, "the menace of Russian sugar clumping diminishes
the southern prairie regions and parts of central Saskatchewan have dry with close
examination of that country's international position. While
soil conditions conducive to soil drifting and cut worm damage, according Russia
may export a certain amount of sugar, the inevitable increase in its
to a report of the Dominion Bureau of Statistics. A report as of May 1
own
consumption,
plus its inability to manufacture sugar and sell it
says that weather in the west is still unsettled and unseasonable. Seeding
has been delayed over most of the wheat area by high winds and soil drift- abroad at current world prices without great loss, is expected to minimize
the possibility of wholesale dumping."
ing. For some districts re-seeding has been necessary. More warmth
He said he hoped other industries might fellow the lead of the sugar
and precipitation are urgently needed in Saskatchewan and Alberta particularly. In Manitoba seeding is proceeding normally. The first crop business and make similar international co-operative agreements, thus
moving
closer to the "as yet illusive economic recovery."
report of the Canadian Pacific By., issued April 18, anticipates a probable
MAY 161931.]
FINANCIAL CHRONICLE
From the Brussels cablegram May 9 to the New York
"Times" we take the following:
A new chapter in post-war economic history was opened here to-day
when delegates representing 80% of the world sugar-exporting industries
wrote their final signatures to a five-year contract bringing into immediate
operation the first agreement for stabilization of a great world commodity.
In a simple but impressive ceremony 425 signatures were affixed to eight
counterparts and nine protocols of the 8,000-word accord, which the
participants hope will serve as a working model for other similarly disorganized products.
To-day's ceremony was the culmination of more than one year's constant
negotiations supervised by Thomas L. Chadbourne. . . .
The importance of the accord may be judged from the fact that the
economic future of the whole of Cuba depends upon its successful administration, while various national sugar industries involved, representing an
invested capital of more than $2,000,000,000, cannot expect to emerge
from their present chaotic position unless the plan works.
2,500,000 Tone to Be Sold.
The plan contemplates the liquidation over a period of five years of
approximately a 2,500,000-ton excess now weighing upon the market and
depressing the price of sugar to a point where no exporter is able to sell
at a profit. By establishing a balance between world production and
consumption it is the expectation of the sugar exporters that normal
conditions will eventually be attained and that the price of sugar will
rise from its present level of about 1% cents a pound to a figure somewhere
between 2 and 244 cents, at which level Cuban and other world exporters
would be assured of oasts plus the interest on their investments.
In an address to the delegates at a luncheon following the signing,
Mr. Chadbourne reviewed the world's economic position and drew certain
lessons from the sugar negotiations. After emphasizing the necessity for
a similar handling of the present world's economic problems, especially
in regard to commodities, Mr. Chadbourne continued:
"Those who speak about these world depressions coming in cycles and
this being one of the cycles are talking sheer nonsense. This is a world
depression for which there is no precedent, and neither you nor I carry a
yardstick or scales to measure or weigh the results of it if it be allowed
to take its course on the theory of the survival of the fittest, which many
are advocating. That is the law of the jungle and should not be a law
for reasonable human beings. If this world depression is allowed to take
its course on that theory there will be a few survivors and they will not
be fit for anything."
Compares Prime of 1927.
Mr. Chadbourne then compared the prices of a few leading agricultural
products in 1927 and to-day, showing disastrous drops. • These, he explained, are in the main attributable to overproduction, resulting in an
accumulation of stocks overhanging the market.
"From time to time in the past co-operative efforts to stabilize commodities have been made," he continued. "These have almost universally
resulted in failure. Those who tried such experiments were just as
intelligent, just as determined and as far-seeing as we have tried to be.
Time, I am convinced, will show, however, that we have profited from
their experience, for this is the first time a commodity of world-wide
importance has been brought within the framework of an agreement containing the following three essentials:
"First, the segregation of surplus stocks for orderly marketing over a
period of years; secondly, the restriction of output of the chief exporting
countries of the world so that the future output as well as the annual
sales of the segregated surpluses will equal and not exceed consumption;
and thirdly, governmental sanction to control arrangements so that recalcitrants can have no opportunity to take advantage of their fellows.
"If we succeed, as I am convinced we shall, we shall have written a
whole new chapter in post-war economic history—we shall have set in
motion a distinctive expedition into a new field of economics world-wide
in scope."
Mr. Chadbourne said the sugar signatories were greatly encouraged by
the success achieved to date by the so-called "little Chadbourne plan"
adopted by France for her own internal situation and modeled after the
world scheme.
"Ours is, of course, on such a vast stole and has been preceded by so
many failures at stabilization that the world's confidence in the results
of it has yet to be gained," be added. "This will come when the world
sees that seven nations have agreed to a rigid plan and that it is being
administered in an able and fair way."
Mr. Chadbourne took up the Russian challenge embodied in the Soviet
five-year term and continued: "It makes no difference to us, industrially,
whether that plan is being forced upon Russia by a small minority or a big
majority. It exists, and that is our only concern, and the man who believes
that unenlightened small units of the capitalistic world, the fulcrum for
whose mental levers is self-interest alone, can meet and beat that menace
unaided by close and hearty co-operation lacks intelligence and is not
thinking in modern terms.
"The real problem under our system is whether such co-operation can
be obtained through the education of these units as to permit us successfully to compete with an industry where the operation of the units is
commanded by a single voice—the Soviet Government—and in a public
interest without much regard to the profit of the individual.
Marketing Not Controlled.
"The producers who now and hereafter will enter this agreement could
not if they would, and would not if they could, duplicate the Russian
industrial plan. The signers of our agreement arrange through a governmental export restriction the amount of sugar they are to produce,
but the marketing of that product, both as to place and to price, is not
controlled by contract."
At the close of the luncheon Marcel Naduad, official of the French
Ministry of Commerce, announced that the French Government had conferred upon Mr. Chadbourne the decoration of an officer of the Legion
of Honor. This is the second highest degree of the Legion of Honor and it
is unusual for anyone to receive it without first being named Knight.
The "Times also said:
Agreement Reached a Month Ago.
The world sugar stabilization plan, worked out by Thomas L.
Chadbourne
following an effort instituted by President Machado of Cuba ten
months
ago, was agreed upon in principle •by representatives of American-Cuban
sugar interests and those of the other six signatories in Paris on April
10.
It is agreed that when the world price of sugar reaches 2 cents a pound,
a 5% increase in the various agreed quotas shall automatically be applied
by the International Sugar Council. When sugar reaches 234 cents a
3623
pound the council has the authority to release a further 234% of the
reserve stocks. When - the price touches 2% cents 5% more may be
allowed to flow. If te council thinks it is necessary, however, only a
234% increase in quotas will be allowed.
Should the price rise above 234 cents, it will then be the duty of the
council to decide whether other surplus stocks shall be placed on the
market to present an increase in production. The agreement is a compromise between the positions taken by Javanese and Cuban interests.
It is believed the agreement will not prevent sugar from reaching 21
/
2
cents a pound, which is the figure Cuba must obtain to meet expenses
with possibly a small profit.
Porto Rican Sugar Check Reported Sought—Discontinuance of Shipments Proposed as Raw Market
Breaks—Chadbourne Denies Halt.
Shelton Farr, sugar broker, sailed on May 7 for Porto
Rico on a mission for the amelioration of the current sugar
situation, which during the past week has witnessed new
lows for duty-free sugar prices, according to the New York
"Evening Post" of May 7 from which we also quote the
following:
Mr. Farr will consult with Porto Rican producers and negotiate for
an immediate discontinuance of shipments and endeavor to obtain a 30-day
or longer delay in resumption of such shipments in an attempt to thwart
the continuance sale of duty-frees, which of late has tended to destroy
any beneficial effects which the Chadbourne plan may have had.
"To date we in the United States have received about 243,000 tons of
Porto Rican sugar, and there remains to come about 392,000 tons, or %
of the total crop," Mr. Farr said.
"The present condition of the raw market is deplorable, and one factor
which no cicubt would go a long way to right the situation would be the
discourageneent of further Porto Rican selling. I shall endeavor to convince
Porto Rican producers that further shipments should be withheld until
some improvement in the whole situation may be noted."
The statement published in Amsterdam to the effect that final findings
of the Chadbourne plan had been indefinitely delayed were denied emphatically by Thomas L. Chadbourne in Paris this morning, it was reported
here.
It was further said that members of the international sugar stabilization
plan were leaving Paris for Brussels, where the plan will be consummated
on May 9, as originally announced.
to Gentlemen's Agreement Among Small Sugar Producers.
France Reported as Receptive
The following Paris cablegram May 6, is from the New
Yory "Journal of Commerce":
France, it is understood, is now ready for a gentlemen's agreement
among the small sugar-beet producers, who are not members of the Chadbourne Treaty which limits sugar production and export of the seven
leading producing countries for five years.
While France is not a sugar exporting country, the refiners are now
discussing the possibilities of an agreement to be made with producers
and including those countries which are small sugar producers.
Restriction Forces German Sugar Storage.
A cablegram as follows from Berlin May 6 appeared In
the New York "Journal of Commerce":
As the result of the Chadbourne plan it will be necessary to segregate
and store 22% of last year's German sugar crop. Negotiations are at
preseet under way with the intention of organizing a German-English
bank consortium for this purpose. Credit of between 10,000,000 and
20,000,000 reich marks will be needed. The Reichskreditgessellschaft
is taking the leading part in these negotiations.
Brazilian Conference to Propose Cartel of Coffee
Growers—Will Suggest International Control of
Production, Exports and Prices.
The following is from the "Wall Street Journal" of May 7:
Having definitely demonstrated its inability to stabilize the world price
of coffee through valorization, Brazil will propose establishment of an
international cartel, leading up to world control of production, exports
and prices of the different grades, at the second Pan-American Coffee
Conference, which is scheduled to open at Sao Paulo on May 15.
An average Brazilian crop, if recent yesrs' results are to be taken as
criterions, is in the neighborhood of 22,000.000 bags. Largest possible
consumptive demand for Brazilian grades is 16,000,000 bags, with the
usual figure running about 1,500,000 bags below this. While planting of
cereals and other crops between the coffee trees may have exercised an
unfavorable influence on production to some extent, this has been offset
by many new young trees planted during the past five years, which now
are coming into bearing.
It is believed that delegates at the Pan-American conference will be
asked to consider plans for prohibiting the planting of new trees for 20
years. Delegates to the conference will include all Latin-American "mild"
producers, including Colombia. Venezuela and Guatemala, as well as
representatives of the large consumers.
The following table indicates the respective proportions of the world's
consumptive demands which the different coffee centres have taken care
of over the past 30 years:
Other
Other
Brazilian
"Mild"
Year—
States.
Countries.
Sao Paulo.
,
53'
24.2%
1900-1910
22.8%
53.8
19.5
1910-1920
26.7
45.9
21.5
1920-1925
32.6
42.1
23.3
1925-1930
34.6
Proportionate shipments from this year on, until further definite plans
regarding the cartel are reached, probably will be about as follows:
Sao Paulo
34.7% of new coffee.
Sao Paulo
8.2% of old coffee (bankers' security for the
297,330,000 "realization" loan), to
be liquidated.
Other Brazilian States —22.4%
Other "mild" countries_.--34:7%
3624
[VoL. 132.
FINANCIAL CHRONICLE
Brazilian Council Begins Purchases of Coffee for
Destruction Under Stabilization Plan.
The following is from the New York "Times" of May 13:
66,807 bales of linters, compared with 490,586 bales of lint
and 62,771 bales of linters in March 1931 and 531,911 bales
of lint and 67,454 bales of linters in April 1930. It will be
seen that there is a decrease under April 1930 in the total
lint and linters combined of 23,814 bales, or 3.97%. The
following is the official statement:
Purchases of coffee for destruction has already started in Brazil under
the plan of stabilization recently adopted by the Official States Council,
according to a dispatch to the New York Coffee and Sugar Exchange.
The cable said:
APRIL REPORT OF COTTON CONSUMED, ON HAND, IMPORTED AND
"Official Coffee States Council already is purchasing coffee for destrucEXPORTED, AND ACTIVE COTTON SPINDLES.
tion. The press and others are being invited to attend the acts of destruc- (Cotton in running balm, counting round as half bales, except foreign, which Is In
tion expected this month. The Council is studying reform regulations for
500-pound bales.)
the Santos, Rio and Victoria Seises (futures markets), with the view to
Cotton on Rand
facilitate deliveries and realize purchases for destruction."
Cotton Consumed
April 30DuringCotton
In Con- In Public Spindles
Nine
New
in
Membership
from
Paul A. Gafney Expelled
Active
Months suming Storage
Year
Ended Establish- & at Corn- During
York Coffee and Sugar Exchange, Inc.
presses
April
April April 30 malts.
(bales). (bales). (bales). (bales). (Number),
On May 7 it was announced from the rostrum of the New
(1931 508,744 3.899,272 1,370,044 6,034,295 28.645,404
York Coffee and Sugar Exchange that Paul A. Gafney had United States
1 1930 531,911 4,848,298 1,662,215 3,637,046 28,851,122
MmMMMm
000,00,04
been expelled from the membership of the Exchange for
negligence in meeting his obligations to fellow members.
Cotton-growing States
New England States
Brazilian Export Duty on Coffee in Specie or in Kind,
at Seller's Option.
Coffee sold for export for delivery to ship before June 30
1931 will be exempt from the additional export duty of
10 shillings gold per bag established by the National Coffee
Conference, provided proof is presented that the sales contract was made before April 27 1931, according to a cablegram to the Department of Commerce from Commercial
Attache Carlton Jackson, Rio de Janeiro. The Department on May 8 added:
All other shipments can choose between the charge of 10 shillings gold
per bag plus the various export duties and taxes now collected by the
Individual Brazilian Stites, or a duty of 20% in kind plus the various export duties and taxes now collected by the various States.
The action of the National Coffee Conference representing Brazilian States, establishing an additional export duty
of 10 shillings gold per bag on coffee, was referred to in
these columns May 9, page 3424.
World Visible Supply of Coffee May 1 Largest Since
April 1 1923-Increase in Consumption.
World's visible supply of coffee, without the interior
stocks of Brazil, totaled 6,136,173 bags on May 1, accordinA
to statistics compiled by the New York Coffee and Sugar
Exchange. The latter says:
It was the largest total visible supply recorded since April, 1923. An
unusual feature is the great amount of coffee at present afloat on the high
seas for consuming countries. There are approximately 1,000,000 bags
of Brazilian coffee on the ocean headed for the United States and about
750.000 bags destined for Europe. The visible supply figures show an
Increase of 172.000 bags during the month of April.
Consumption of coffee in the United States and In Europe continues
to increase steadily, according to the consumption estimates based on
deliveries. The United States consumed 2,260,853 bags of coffee during
April 1931, compared with 1.995.000 bags during April 1930.
Included AboveEgyptian cotton
Other foreign cotton
Amer.-Egyptian cotton
Not Included AboveLinters
I
9,722
18,156
6,890
9,354
1,677
1,054
79,277
164,779
57.949
74.163
10,781
10,191
55,169
67,158
25,582
39,458
8,099
6,941
24,348
29,871
16,511
22,312
11,113
4,989
ClaCt
The United States Tariff Act of 1930 empowered the Porto Rican Legislature to impose a duty on all coffee imported into the island, including
coffee grown in a foreign country and entering the island from the United
States. The rate of 10 cents per pound was in effect from Aug. 1 1930.
All other States
MMMMMM
MOWOWM
Bill Increasing Import Duty on Coffee Passed by Porto
Rican Legislature and Signed by Governor.
A bill increasing the import duty on coffee from 10 cents
to 15 cents per pound, passed by the Legislature of Porto
Rico which adjourned April 15, was approved by the Governor of Porto Rico on May 5 1931, reports Trade Comniissioner J. R. McBey to the Department of Commerce.
The increased duty is effective from the date of approval,
says the Department May 8. It further said:
390,418 3,081,529 1,001,380 5.632,775 17,110,202
412,232 3,756,252 1,223,136 3,381,769 17,783,926
100,371 684,065 311,626 161,159 8,559,314
101,636 917,872 372,711 109,103 9,806,248
975,888
57,038 240,361
17,955 133,678
66,368 146,174 1,260,950
18,043 174,174
66,807 516,761
67 454 619.471
290,883
239.485
86,767
103.066
Imports of Foreign Cotton (50045. Bales).
Country of Producaon.
Egypt
Peru
China
Mexico
British India
All other
Total
9 Mos. End. April 30.
April.
1931.
1930.
1931.
1930.
6,032
553
3,354
3,857
3,196
285
50.512
2,169
4,727
1,656
8,222
ill
13,751
1,642
23,779
7,187
21,266
1,275
176,390
15,315
37,842
34,991
44,952
1,577
17.257
67.397
68,900
311,067
Exports of Domestic Cotton, Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
9 Mos. End. April 30.
April.
1931.
44,085
37,829
20,962
69,622
52,075
113,188
54.112
1930.
1931.
1930.
42,375
970,836 1,179,208
882,944
768,544
24,488
32.339
408,763 602,382
88,668 1,455,764 1,546,251
607,303
703,061
37,778
99.557 1,023,859 941,352
556,185
379,728
46,559
349.782 5,905.654 6,120,526
391.871
were 9,099 bales during April in
Note.-LInters exported, not included above,the
months ended April 30 In
nine
1931 and 10,053 bales in 1930; 91,650 bales for
United
1931 and 93,763 bales in 1930. The distribution for April 1931 follows:
4.909; Italy, 451
Germany,
663;
France,
Kingdom, 729; Netherlands, 1.106;
Portugal, 1; Canada, 1,238; Guatemala, 2.
WORLD STATISTICS.
exclusive of linters, grow
The estimated world's production of commercial cotton,bales,
counting American
sources, is 26.673,000
various
in 1929, as compiled from
the consumption of
while
lint,
pounds
In running bales and foreign in balm of 478
for the year ended July 31 1930
cotton (exclusive of linters In the United States)
was approximately 24,946,000 bales. The total number of spinning cotton spindles
both active and idle, is about 164,000.000.
Total.
Production,
Sales and Shipment of Cotton Cloth in
ion, shipments and sales of
urcitl.
Statistical reports of proAdp
month of April 1931 were
the
during
cloths
standard cotton
made public May 11 by the Association of Cotton Textile
Merchants of New York. The figures cover a period of
four weeks. Production during April amounted to 225,955,000 yards, or at the rate of 56,489,000 yards per week,
according to the Association, which further reports:
Shipments during April were 217.582.000 yards, equivalent to 96.3%
of production. Sales, or new business, booked during the month amounted
to 137.749,000 yards, or 61% of production.
Stocks on hand at the end of the month amounted to 282,154,000 Yards,
Twelve Per Cent Reduction in Cotton Acreage Forecast
an increase of 3% during the month. Unfilled orders on
representing
by Chairman Stone of Federal Farm Board.
April 30 1931 were 294,118.000 yards. representing a decrease of 21.3%
during the month.
The following is from "United States Daily" of May 8:
As was to be expected, after three consecutive months of large sales
A reduction of 12Si% in acreage of cotton this year has been predicted
April
was a quiet month from the standpoint of new business. A large
the
of
Federal
Farm
Chairman
Board,
Stone.
C.
James
circles,
trade
in
part of the production was applied against the unfilled orders accumulated
stated orally May 7. The intention of farmers to use less fertilizer on
there was only a small increase in the stocks
cotton this year probably will have a material effect in reducing production, during the first quarter, and
on hand, which remain well below the average of past years. Total shipMr. Stone declared.
ments and sales since the first of the year are both about 9% in excess
Mr. Stone said the Board's program of stabilizing production and prices
on
d.
anpr
hf
oduction, and the unfilled orders are still larger than the stocks
and of marginal lands o
producers
inefficient
of
elimination
in
result
should
he said, the farmer will be enabled
cloths
from production. With stable prices,
cotton
These statistics on the manufacture and sale of standard
to expected returns more accurately,
to calculate his costs in proportion
manufacturers and selling
in the producing field by are compiled from data supplied by 23 groups of
and the user of marginal lands will not be kept
agents reporting through the Association of Cotton Textile Merchants of
prices.
high
of
years
occasional
Now York and the Cotton-Textile Institute, Inc. The groups cover
upwards of 300 classifications or constructions of standard cotton cloths
andterpresent a large part of the production of tnese fabrics in the United
Census Report on Cotton Consumed in April.
States.
Production Statistics-April 1931.
Under the date of May 14 1931 the Census Bureau issued
conUnited
States,
the
in
consumed
The following statistics cover upwards of 300 classifications or
its report showing cotton
structions of standard cotton cloths, and represent a very large part of the
cotton on hand, active cotton spindles, and imports and total production of these fabrics in the United States. This report repreile Institute,
exports of cotton for the month of April 1931 and 1930. sents yardage reported to our Association and the Cotton-Text
groups covered by our reports
Cotton consumed amounted to 508,744 bales of lint and Inc. It is a consolidation of the same 23
MAY
16 1931.]
FINANCIAL CHRONICLE
3625
since October 1927. The figures for the month
of April cover a period the present high
favor with which cotton fabrics are regarded from a style
of four weeks.
viewpoint, and the great progress made by our mills in
creating and meeting
April 1931 (4 Weeks).
Stocks on hand April 1-273,781,000 yds. public demand
for high wuallty and artistic cotton goods. This moveProduction
225,955,000 yds. Stocks on hand April 30_282,154,000 yds. ment will impress on the country the courage and determination of our
Sales
137.749,000 yds. Change In
business leaders, and may have great results in helping to
stocks
bring trade and
Inctease 3.1%
Ratio of sales to Proindustry back to a normal state. I wish you and your associates
duction
61.0% Unfilled orders April 1-373,951,000 yds.
in this
movement the fullest success.
Shipments
217,582.000 yds. Unfilled orders
April 30.294,118,000 yds.
Ratio of shipments to
production
96.3% Change in unfilled orders Decrease 21.3%
Protest Against National Cotton Week by Woolen
Interests.
A protest on May 11 against governmental indorsement
of National Cotton Week brought a reply from the Department of Commerce defending its action, said Associated
Press advices from Washington May 11, which went on
to say:
The protest, registered with the Department by Representative
Seger
of New Jersey on behalf of wool workers in his district, expressed opposition
to Government Departments "becoming sales agencies."
Edward T. Pickard, Chief of the Textile Division, replied
that the
Department was acting under a specific appropriation of
Congress "to
extend the uses of cotton."
"Indorsement of cotton week was given under that Act," he said, adding
that a similar appropriation was available to extend the uses of wool,
and
that his Division would be glad to consider a like proposal from the
wool
manufacturers.
The protest was made by Seger after Charles F. H. Johnson, President
of
the Botany Worsted Mills of Passaic, N. J., had said participati
on of the
Department in the cotton campaign was "rank injustice to toe
thousands
of wool manufacturers whose livelihood depends on the sale and
consumption of wool materials." Johnson's protest was contained
in communications to Senator Morrow as well as Seger.
Seger protested directly to Secretaries Lamont and Hyde. His
protest
said:
"The indorsement of the sale prohibition program of the
Cotton Institute by the Departments of Commerce and Agriculture is
an injustice
to the wool industry and wool workers of my district.
"I am opposed to Governmental Departments becoming sales
agencies.
They are not created for that purpose. Industries of this
kind can and
should handle their own selling campaigns."
Johnson's protest followed the indorsement by the
Departments of
Commerce and Agriculture of the observance of National
Cotton Week.
the first seven days of June, by the Cotton Institute and
the Cotton
Manufacturers' Association to stimulate buying of cotton.
From the New York "Journal of Commerce" of May 12
we take the following:
Charles F. H. Johnson, President of the Botany
Worsted Mills of
Passaic, N. J., one of the country's tirgest plants,
whose
Government sponsorship of "National Cotton Week" protest against
was reported as
drawing from the Department of Commerce an offer to
assist woolen and
worsted men in the exploitation of a similar "week" for
their industry.
declared himself opposed to such an arrangement last night.
He rejected
the overture on the ground that "two wrongs could not make a
right."
Interviewed by telephone at his home in Passaic, Mr. Johnson
said be
had not received any acknowledgment of receipt of his protest by
Representative Seger of New Jersey, who lodged the complaint with
SecretIry
Lamont of the Department of Commerce and Secretary Hyde
of the
Department of Agriculture.
"If the newspapers have quoted Mr. Pickard correctly in his
offer to
help the woolen and worsted manufacturers in a week of their own,
as his
Department proposes to do for the cotton millmen, my answer, entirely
as an individual, would be to say 'No.'
"If it is right for the Government to spend its money helping the cotton
men and then helping the woolen men, it is only fair to go on and
help
the silk manufacturers and the rayon manufacturers and
every other
branch of the textile industry.
"Carry It out to its logical conclusion and in the end the
Government's
money would be spent. But by helping everybody, you
would have
vitiated any good that might have come.
"What it amounts to is that you are getting the Government to
become
your salesman. Not having seen the news reports, this is only
my
reaction, but I would say that if it is poor economics and unsound first
merchandising to do it for the cotton industry, it would be equally
wrong for
the woolen industry or any other." . . .
Mr. Johnson said he also sent telegrams of protest to the
National
Association of Manufacturers and the Wool Institute. He
emphasized
in his interview that his actions bad been as an individual and as
President
of the Botany Mills. He is considered an extremely influential
member
of the Institute but he said last night he had no idea whatever as
to whether
that organization may take any action in the matter.
Conditions in Cotton Spinning Industry in Europe.
Conditions in the cotton spinning industry in Europe are
not so uniformly unfavorable as they have been in recent
weeks, according to the New York Cotton Exchange Service.
A betterment in the mill situation is reported in Germany,
the improvement being noted both in prices and in the volume
of yarn and cloth sold by the mills. The Exchange Service,
under date of May 12 said:
Our figure on the average spinning margin on three standard yarns
in
Germany is 7.08 cents a pound for the second half of April. against
6.71
for the second half of March, and 6.40 for the second half of
February.
The improvement in Germany is irregular, with the spinners
doing better
than the weavers in some sections, but with the situation reversed in
other
sections, but that the industry as a whole has lifted a little from the
depth
of the depression is undeniable.
A further evidence of a relative gain on the Continent is to be
found in
the returns on forwarding's of American cotton to Continental spinners.
In the last four weeks the forwardings to the Continent have
totaled
276.000 bales, against 261,000 in the same weeks last year and 329,000
two years ago. These comparisons with the past two seasons are
much
better than those recorded earlier in the aseson.
Soviet Cotton Deal Arouses Egyptians—Russian Agent
Will Be Deported if Purchase is Not Taken Up as
Agreed—Fall in Price Factor—Moscow Refuses the
Full Amount Bought.
The following Cario (Egypt) cablegram May 8 is from the
New York "Times":
If the Soviet Union does not reach a settlement regarding payment
for
the cotton bought last year its purchasing representative in Egypt,
Leon
Melts, will be deported.
The Egyptian Government allowed him to enter here sometime ago for
the express purpose of buying cotton, for it was hoped that entry of
Russia
as a purchaser on the Egyptian cotton market would greatly
stimulate
trade here by large purchases.
Since Soviet markets have been closed such a long time, however, the
actual amount bought proved far less than expected. Furthermore,
the
Russians now refuse to take delivery of the large amount ofcotton purchased
lust year, refusing also to pay the contract price, thereby changing entirely
theattitude of Egypt regarding the presence here of the Soviet representative.
Last year M. Melts purchased from various merchants 45.000 bales
of
cotton at the then market price of $28 per 100 pounds. Thirteen thousand
delivered bales were paid for. Since then the price has fallen to
about
$15 per 100 pounds, and the Russians refused to take delivery or to pay for
the remaining 32,000 bales.
The Egyptian Government intervened and long discussions took
place
with the Soviet representative, the latter communicating with Moscow
and the Soviet representative at Istanbul. Recently the manager
of the
Istanbul branch of the Soviet State Bank arrived here to discuss the
matter.
All concerns from which cotton was purchased met to decide what action
to t Lke, and it was agreed that no one should take any step
without the
others. A COMMitt00 was formed to negotiate for all of them. The
chairman then communicated with the Commissar of the Soviet Board
of Trade
at Moscow, also the Soviet State Bank there.
Ahmed Pasha Abdul Wahab, Under Secretary of Finance, carried on
negotiations with the Soviet representatives, resulting in an offer by them
to accept delivery of the cotton, but at current prices.
This would have
meant a loss of about 82.500,000 and the cotton merchants as well
as the
npG
overnment refused to accept the proposition, insisting upon the
rice
contract
As a result of this firm attitude the Soviet representatives made
a further
offer to accept delivery provided they be allowed to withdraw
4.000 bales
monthly beginning in June and pay 25% cash and the balance
in notes
guarxnteed by the Soviet State Bank. This proposition also was rejected
by the merchants, who demand at least 50% in cash.
The matter is now under discussion between the Soviet and the Egyptian
Government and sellers. Tne Egyptian Government is resolved to take a
firm attitude and to protect to the full the rights of the
sellers, and will
take drastic action if the Soviet refuses to agree to a settlement
which is
satisfactory to the merchants.
National Cotton Week to be Held First Week in June.
The movement for a National Cotton Week during the
Cottonseed Oil Production During April.
first week in June, sponsored by the Cotton-Textile
On May 12 the Bureau of the Census issued the following
Institute
with the endorsement of the Department of Agriculture
and statement showing cottonseed received, crushed and on hand
the Department of Commerce, is described as a
constructive and cottonseed products manufactured, shipped out, on hand
undertaking, promising substantial benefit to the
cotton and exports during the month of April 1931 and 1930.
textile industry, in a letter written by Philip B.
Weld, COTTONSEED RECEIVED. CRUSHED AND ON HAND (TONS,.
President of the New York Cotton Exchange, to
George A.
Received at
Crushed
On Hand at Mlle
Sloan, President of the Cotton-Textile Institute. Mr.
Aug. 1 soap.., 30, Aup. 1 to April 30.
Spill S).
Weld
Stake.
expresses the belief that with cotton at present low
levels,
1931.
1930.
1931.
1930.
1931,
1939.
this is a most opportune time for a national merchand
ising Alabama
396,973 339,018 394.927 327.120
2,312
13,089
campaign in cotton goods. Mr. Weld's letter to Mr.
Arizona
64,103
62.370
63.906
62.453
49
80
Sloan Arkansas
248,904 422.5231 242.912 396.063
9,042
says:
The forthcoming National Cotton Week is a most
taking from the standpoint of raw cotton and cotton constructive undertextiles, and I and
my associates of the Now York Cotton Exchange are
movement launched at such an opportune time as the gratified to see this
present. With the
American staple selling at the lowest level in 15 years,
and lower relative
to the general cost of living than during any
extended
30 years, surely cotton is in a position to go into much period of time in
larger consumption
under an aggressive merchandising campaign in
the field of cotton goods.
Such a campaign will doubtless do a great deal to
capitalize
the splendid
work done in the past few years in the developme
nt of new uses for cotton.
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
127.002 118.849 119,173
96.478
654.588 463,158 644,329 454.049
201,768 225.289 201,682 223.367
562.666 786,025 557,432 715,060
286,765 262,347 285,342 259.308
247,764 353,208 248.857 356.380
271,105 206,060 268.160 203.728
257,557 329,880, 252,482 308,490
1,230,195 1.247,683,1.220.041 1,255.882
70,173
63,547
63,419
70,303
15,969
10,988
756
15.209
1,787
1,189
3,339
7.670
26,857
130
27.542
22.484
9,706
6,348
76,837
3,490
683
2,925
22,468
1,1,743
United states
4,612.740 4,886,583 4,562,859 4.728,681
95,297 197,393
•Includes seed destroyed at mills but not 45,434 tons and
Aug. 1, nor 68,529 tons and 90.828 tons reshipped for 1931 and 41,606 tons on hand
1930, respectively.
•
3626
FINANCIAL CHRONICLE
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND
ON HAND.
Shipped OW
Produced
On Hand
Aug. 110
Aug. 110
Season. On Hand
Hem.
Aprtt 30.
April 30.
April 30.
Aug. 1.
*7,893,957 1,392,117,980 1,362,172,260 *43,048,035
1930-31
61,954,318
19,181,886 1.477,104,897 1,448,508,590
1929-30
0462,880,943
1930-31 0301,609.092 61239,099,677
516,752,941
1929-30 338.819,933 1.277,679,916
253,609
1,888,900
2,087,157
55,352
1930-31
120,952
2,058,204
2,102,489
76,667
1929-30
90,173
1,200,280
1,261,958
28,495
1930-31
66.457
1,301,579
1,304,119
63,917
1929-30
271,824
658,971
795.575
135,220
Linters,
1930-31
224,494
822,319
975,959
70,854
running bales 1929-30
5,222
46,481
49,044
2,659
Hull fiber,
1930-31
536
66,696
65,384
1.848
500-1b. bales 1929-30
20,062
26,760
34,046
12,776
arable, motes, 1930-31
19,175
32,918
43,640
8.453
eec.500-1b.bales 1929-30
•Includes 1,932,090 and 4,550,588 pounds held by refining and manufacturing
establishments and 3,558,420 and 6,148,280 pounds in transit to refiners and consumers Aug. 1 1930 and April 30 1931 respectively.
a Includes 6,088,528 and 8,008,138 pounds held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
and 5,919,817 and 2,557,441 pounds In transit to manufacturers of lard substitute,
Oleomargarine, soap, 6/c., Aug. 1 1930 and April 30 1931 respectively.
S Produced from 1,353.150,527 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR EIGHT MONTHS ENDED
MARCH 31.
-1930.
Item
21,840,032
7,472,803
•
011-Crude, pounds
3,721.217
12,783,488
Refined, pounds
157,321
35.714
Cake and meal, tons of 2,000 pounds
83,710
82,551
bales
running
Linters,
Crude oil.
Pounds
Refined oil,
Pounds
Cake and meal,
tons
Hulls, tons
[VoL. 132.
Silk Workers at Allentown, Pa., Quit Over Wage Cut.
The following (Associated Press) from Allentown, Pa., is
from the New York "Times":
About 3,000 employees of 15 silk mills here left their work to-day in protest against recent wage reductions. The reductions, operators said, were
caused by the condition of the market. Strike leaders said the reductions
In some mills ranged as high as 16%. There are usually about 7.000 persons
employed in the mills. Charles Kutz of the State Department of Labor and
Industry came here to-day to act as mediator.
Wage Cut at Pacific Mills in Lawrence, Mass., Results
in Strike.
Associated Press advices from Lawrence, Mass., May 11
said:
The curtain department of the Pacific Mills suspended operations to-day,
after 32 girl employees refused to work at a wage reduction of approximately 25%. The wage cut was announced last week, effective to-day.
The girls affected were willing, they said, to take a 20% reduction
but balked at more. Mill owners said the 25% wage cut was necessary
If they were to compete with surrounding mill centers.
to Stay Up in San Francisco-Industrial Association Acts to Maintain Standard of Living and
Pay-Building Trades First.
Ohio.
Akron,
in
rs
In
its issue of May 10 the New York "Times" printed the
Bricklaye
Reduction in Wages of
12
following
on
May
special correspondence from San Francisco, May 6:
Ohio,
Akron,
from
advices
Press
Associated
Certain very definite and tangible facts have entered into the business
said:
and industrial situation here to confirm the general atmosphere of hope-
A reduction of 10 cents an hour in bricklayers' wages was announced
to-day following a meeting of the Joint Arbitration Board. The new scale is
$1.45 an hour instead of the $1.55 paid for the last five years.
Youngstown Wages Rise-77% Gain in Disbursements
in April Over March.
From the "Wall Street Journal" of May 12 we take the
following from Youngstown, Ohio.
Wage disbursements here were 7.7% higher In April than in March,
showing an increase of $398.287 over the earlier month and establishing
a record high for the year.
Total wage distribution through Youngstown banks in April was $5,in April,
519.909 compared with $5,121,622 in March and $6,450,797
t
1930. Slightly higher steel plant operations and improvemen in other lines
account for the increase.
by Youngstown banks
Reflecting a greater volume of business, clearings
In April totaled $56,019,365, compared with $51,052.744 in March.
Slight Falling Off in Cleveland Employment.
According to a Cleveland dispatch to the "Wall Street
Journal" of May 7 employment during April dropped off
slightly in Cleveland. The index figure is now 88.8 against
90.0 April 1 and compares with 107.4 at this time a year ago.
The automotive industry, it is stated, showed an employment gain but this was more than offset by decrease in the
textile and clothing groups.
Commissioner Perkins of New York State Labor Department Scores Rise in Overtime Work-Says
Employers With Reduced Forces Are Chief Violators
-Urges Hiring of Extras.
An extraordinary amount of illegal overtime in establishments which have reduced their forces was reported by
State Industrial Commissioner Frances Perkins, on May 12,
said the New York "Times" of May 13, which further
stated:
said, the division of inIn the first three months of 1931, Miss Perkins
orders against illegal
sPection of the State Labor Department issued 1,121
It was charged that
overtime in factories and mercantile establishments.
to grant one day
concerns
the law had been violated in the failure of the
hours a day.
eight
than
more
of rest in seven or making women work
Miss Perkins said. Of
The 1,121 orders Issued involved 7,052 persons,
to have been employed longer
these 4,761 women and minors were said
persons were employed in viothan the legal number of hours, while 2,291
lation of the day-of-rest law.
that is carried on in estab"The amount of overtime and Sunday work
remarkable," declared Miss
lishments which have decreased their forces is
the present time have a tendPerkins. "The methods of manufacturing at
Manufacturers do not carry
ency to cause overtime and Sunday work.
on Friday for goods wanted on
much stock. Merchants may give an order
demands quick delivery.
Monday. The merchant ordering the goods
overtime in order to get this
The manufacturer believes he should work
has.
he
order
order out, although it may be the only
overtime were worked only
"If all the employees who are now worked
done by new employees hired for the
on regular time and the overtime
nt."
extra work there would be less unemployme
ily Laid
Employees at Edison Battery Plant Temporar
Season.
Inventory
to
Off Incident
"Evening Post" of
The following is from the New York
May 12:
battery
Wages
fulness. . . .
More like a sheaf than a straw is the action of the Industrial Association
of San Francisco in bringing about an agreement between employers an
labor organizations to maintain the 1929 scale of wages in the building
trades. The Industrial Association Is interested in building trades only
incidentally. Its membership represents the most powerful industrial
factors and the largest employing group among San Francisco capitalists.
Its action in the building trades was taken solely to prevent even a hint
of a wage cut In this key Industry.
Key to Prosperity.
The representative industrialists in the association take the position that
the recovery of business depends on the maintenance of the American
standard of living and of wages. The building trades were for tactical
reasons selected as the medium in which to give concrete demonstration of
the principle. Contractors, builders and other employers in the trades, all
representing 95% of the building operations in the city, have been pledged
to the program. Incidental to the pledge against a cut in wages Is the plan
to rotate jobs so as to distribute employment to as many wage earners as
possible. Immediately upon the announcement made by the San Francisco
Association,
association came a similar one from the East Bay Industrial
contiguous
representing the large employers of labor in Oakland and
communities.
to the
The program virtually dictated by the industrial associations
on by the
building trades employers on both sides of the bay is looked
will maintain the
community as a pledge that the associations' members
passed •
same policies in their individual industries. Thus San Francisco wage
May Daywith a feeling of security in the maintenance of existing
standards.
Survey Shows Increase.
wage cuts came a reAlmost simultaneously with the pledges against
showing some very
port from the San Francisco Chamber of Commerce
the less surely benone
up,
concrete evidence that business is picking
debits, department
cause slowly. Using a slide rule which took in bank
the survey indistore sales, building permits and general power sales,
6% increase over the
cated that March, the last month covered, registered a
over Febincrease
5%
a
and
rre
oa
u
c
r
dhisg
ryspoofnt
Correspondin
for a ten-year average,
year.
total weekly earnThe number of employed, average weekly earnings,
tonnage of shipping
ings, car loadings, value of building permits and
the corresponding
over
average,
showed marked increases over the 10-year
the current year. Automonth last year and over the previous month of
Straws, but all blowre;wed 58% over February.
ng
im
obnleaSahle8opeinfullid
onc .
irehAlin
arc
Bread Price Cut by Chain Stores on Pacific Coast.
From San Francisco the "Wall Street Journal" of April
25 reports the following:
3 cents on 134 pound
Three chain stores to-day cut retail price on bread
affect Langendorf
loaf and 2 cents on 1 pound loaf. Price change will not
McRae, Assistant to the PresiUnited Bakeries, Inc., according to D. M.
product will remain at 14
dent, who says that retail price of company's
loaf.
cents for 134 pound loaf and 9 cents for 1 pound
ounces
New prices announced by Public Food Stores are 5 cents for 16
loaf and 734 cents for 24 ounce loaf, against 7 and 10 cents before.
for 16 ounce loaf
New prices of MacMarr and Safeway Stores are 5 cents
and 7 cents for:
.24 ounce loaf.
loaf.
1
Sliced bread price was cut to 8 cents for the pound
onDepression in Barrel Industry Laid to Prohibiti
ing
Contribut
Held
Also
Packages
Cartons and
Cause.
St. Louis Associated Press accounts, May 13, said:
Cooperage
E. A. Powell of Memphis, Tenn., President of the Associated
convention here last night that
Industries, told the organization's annual
to make small purchases
prohibition and the tendency of the housewife
industry.
were largely to blame for the depression in the barrel
barrels business
30,000,000
"Prohibition took between 25,000,000 and
A. Edison storage
Thomas
the
to make homeof
tendency
a
employees
to
birth
hundred
Several
gave
and
a
year
away
industry
from
the
to
facilorder
in
off
laid
plant, West Orange, N. J., have been temporarily
vice- brew in bathtubs," he said.
Reed,
Eugene
-day.
to
learned
other articles
itate the making of inventories, it was
The housewife, he said, used to take pickles, salt, sugar and
reduce part of the force
oftener and takes the same articles
President of the company, said, "Rather than
of the entire force home in barrels, but now goes to town
for an Indefinite period, we are suspending the work
home in cartons and packages.
will be recalled.1:
in a few departments for a short time, after which they
MAY 16 1931.]
FINANCIAL CHRONICLE
Petroleum and Its Products-Price Changes in Texas
Disrupt Crude Markets-Production Shows Slight
Drop--Further Court Action Sought to Ease
Proration Orders.
Tidal Refining Co., subsidiary of the Tide Water Associated Oil Co., by posting a now price of 40c. a barrel as a
flat price for all oil, regardless of gravity, produced in the
big new east Texas field, has thrown the crude oil market
into a condition approximating that existing up to several
weeks ago when a 60-day truce was believed to have settled
the difficulties besetting producers in this field.
The Sinclair Oil & Gas Co., subsidiary of Sinclair Consolidated Oil Co., followed the example of other large companies, including Standard, in the field by posting a schedule
of 43 to 67c. a barrel, these prices corresponding to the
Mid-continent levels. This action leaves Tidal as the only
outstanding company holding to lower levels than those
agreed upon two weeks ago. Tidal has also put into force a
general reduction of 10c. a barrel on all its purchases in the
Wichita Falls, Texas, district. This brings their new prices
here to 33 cents a barrel for oil below 34 gravity, and a 2
cent differential upward per degree to 40 gravity and above,
with a top price of 47 cents. Former prices ranged from
43 cents to 57 cents.
At the time of the above-mentioned agreement, concurred
in by a committee of 11 producers and the Texas Railroad
Commission, it was established that east Texas would abide
by proration orders and was especially specified that prices
would be maintained by all the major companies on the basis
of 43 cents to 67 cents per barrel, depending upon gravity.
Production during the week ending May 9 showed a slight
daily average decline, amounting to 6,400 barrels. Total
daily average for the period was 2,468,700 barrels.
Charging that the proration order violates the anti-trust
laws, the McMillan Petroleum Company has asked an injunction against the Texas Railraod Commission and A. B.
Capers, proration umpire in Gregg County, Texas, enforcing
their proration decisions. The McMillan petition declares
the company has contracts for sale and delivery of 200,000
barrels within 60 days, and that their previous marketing
total of 15,000 barrels daily has been cut to an allowable of
1,455 barrels daily.
Price changes follow:
May 11.-Effective as of May 9 Tidal Refining Company announced a
flat price of 40 cents per barrel in East Texas, regardless of gravity. Tidal
also announced a general reduction of 10 cents a barrel, all gravity is in
Wichita Falls, Texas, district. New prices range from 33 cents to 47 cents
per barrel, as against 43 to 57 cents par barrel.
May 12,-Sinclair Oil & Gas Co. posts price schedule of 43 cents to 67
cents a barrel for oil purchased in east Texas, bringing that district's prices
to Mid-continent levels.
Prices of Typical Crudes per Barrel at Wells.
(AU gravities where A. P. I. degrees are not shown.)
Bradfort. Pa
82.00 Smackover, Ark.. 24 and over
8.45
.80 Eldorado, Ark., 40
Corning. Ohio
.67
CabeII, W. Vs
1.05 Rusk, Texas, 40 and over
.67
.80 Urania. La
Illinois
.75
Western Kentucky
.75 Salt Creek, Wyo.. 37
.61
.67 Sunburst. Mont
MIdcontinent, Okla.. 37
1.55
Fe
Springs.
Calif..40 and over .36
Hutchinson, Texas. 40 and over--- .42 Santa
.80 Huntington, Calif.. 28
Spindletop, Texas, grade A
.72
.60 Patrons. Canada
Spindletop, Texas, below 25
1.60
.40
Winkler. Texas
REFINED PRODUCTS-CONTINUED WEAKNESS BRINGS CUT
IN TANK-CAR GASOLINE-CALIFORNIA SITUATION SIIOWS
NO IMPROVEMENT-FUEL OILS QUIET.
Lod by the Standard Oil Co. of New York, prices of tankcar gasoline were reduced M cent per gallon on Wednesday,
May 13, making the new price in New York Harbor 6 cents;
Boston and Providence, 0.1 cents, and Portland, Me., 63.
cents. The Standard Oil Co. of Now Jersey is quoting bulk
gasoline at 53
4 cents in New York Harbor.
Forcing down of bulk prices has been impending, following
a strong competitive campaign throughout this territory.
On Monday, Standard of Now Jersey had cut bulk gasoline
4
3 cent a gallon, tank car as Bayonne.
Although consumption is increasing along the expected
seasonal lines, the competitive spirit, plus the changes in
crude prices, have voided any possible financial benefits
which may have resulted. Although more gasoline is being
sold,loss profit is being made per gallon and,in the aggregate,
distributors are worse off with greater consumption than they
were with less consumption and the higher price level.
Reports emenating from California hinting at an upward
revision of gasoline prices there have not been taken seriously here. It is pointed out that in the face of crude price
cuts and no easing of the competitive marketing on the coast,
any upward revision would be out of question at this time.
Strenuous efforts are being made to bring California's production down to the 450,000 barrels allowed under the proration orders.
3627
Domestic heating oils continue quiet and unchanged.
Grade C bunker fuel oil is in moderate demand at 95c. a
barrel, and Diesel is fairly active at $1.65 per barrel, refinery.
Kerosene, water white, is stagnant at 514 cents per gallon,
at refinery.
Price changes follow:
May 11.-Standard Oil Co. of New Jersey reduces tank-car gasoline
cents par gallon at Bayonne.
3i cents per gallon to
May 13.-Standard Oil Co. of New York reduces tank-car gasoline
M cent per gallon to 6 cents, New York Harbor; 6 Si cents at Boston and
Providence, and 63..5 cents at Portland, Me.
Gasoline, U. S. Motor, Tank Car Lots. F.O.B. Refinery.
Arkansas
$ 04-.0434
N. Y.N.Y.(Bayonne)California
05-.07
Colonial-Beaeon_$.06
Stand. 011. N.J.40.514
LosAngeles,ex..04%-.07
Sinclair
Ret
'Stand. Oil, N. 1r- .06
.06)1 Gulf Coast, ex..043i-.05
Crew Levick
Tide Water011 Co. .06
0654 North Louisiana 04-.043(
Texas
Richfield oti(cal.) .07
0634 North Texas.. .03
Gulf
Warner-QuinFnCo .06
Continental
0614 Oklahoma__ .0335-.04
Pan-Am. Pet. Co. .0634
.051(
0334-.033( PennsylvaniaShell Eastern Pet. .0634 Chicago
New Orleans ex.--- .013i
tPlus freight.
Gasoline. Service Station. Tax Included.
5.149
8 16 Kansas City
New York
5.153 Cincinnati
162
16 Minneapolis
Atlanta
20 Cleveland
118
18 New Orleans
Baltimore
159 Denver
Philadelphia
14
138
Detroit
Boston
155
12
18 San Francisco
Buffalo
158 Houston
.19
14 Jacksonville
Chicago
Kerosene,41-43 Water White Tank Car Lots, F.O.B. Refinery.
8.05
$.023I-.0334 New Orleans, ex
[Chicago
N.Y.(Bayonne)3.05m
0334-.0314
North Texas-- .023I-.03 I Los Angeles, ex.043I.-08 I TuLsa
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast "C"__ 2.615-.70
I California 27 plus 13
York (Bayonne)$.75-1.00 I Chicago 18-22D-423S-.50
Bunker"C"
5 .95
90
Diesel 28-30D
1.65 New Orr="("
Gas Oil, F.O.B. Refinery or Terminal.
TulsaN. Y.(Bayonne)I Chicago28D plus-3.001,0534 I 32-361)Ind.3.0114-.02 I 32-3613 Ind.5.0151-.02
New
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute for
the week ended May 9,from companies aggregating 3,571,200
barrels, or 95.7% of the 3,730,100 barrel estimated daily
potential refining capacity of the United States indicate that
2,326,400 barrels of crude oil were run to stills daily, and that
these same companies had in storage at refineries at the end
of the week, 45,810,000 barrels of gasoline and 128,128,000
barrels of gas and fuel oil. Reports received on the production of gasoline by the cracking process indicate that companies owning 94.9% of the potential charging capacity of
all cracking units manufactured 3,189,000 barrels of cracked
gasoline during the week. The complete report for the week
ended May 9 1931, appears on the following page.
CRUDE RUNS TO STILLS GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED MAY 9 1931.
(Figures in barrels of 42 gallons.)
Gas
and
Fuel
Oil.
Stocks.
Crude
Runs
to
Stilts.
Per Cent
Oper.
of Total
Capacity
Report.
Gasoline
Stocks.
100.0
East Coast
93.8
Appalachian
Ind., Illinois, Kentucky 97.5
89.4
Okla., Kans., Missouri_
91.0
Texas
Louisiana-Arkansas-- 98.3
93.1
Rocky Mountain
98.8
California
3,095.000
505,000
2,358,000
1,941,000
3,775,000
1,136,000
373.000
3,102,000
72.2
54.4
88.4
67.3
72.5
61.9
38.2
49.9
8,716,000
1,891,000
6,317,000
3,541,000
7,716,000
2,304,000
1,876,000
*13,649.000
8,375,000
1,115,000
3,622,000
4,135.000
9,219.000
2,385,000
826,000
98.451,000
Total week Nfay 9-Daily average
Total week May 2.-Daily average
95.7
16,285.000
2,326,400
16,795,000
2,399,300
65.1
45,810,000
128,128.000
67.2
45,613,000
127,637,000
Total May 10 1930
Daily average
95.6
18,622,000
2,660,300
75.7
100.0
n
2,839,000
801.000
76.6
77.6
District.
'Texas Gulf Coast
IT.ntlial a n a 11•111
'
,
neat
Per Cent
Potential
Capacity
Reportincl.
95.7
inn
3'
a53,433.000 a136,575,000
6,612,000
2.155.000
6,654,000
1,407,000
a Revised due to change in California. x Included above in table for week
ended May 9 1931 of their respective districts.
y In all the refining districts indicated except California, figures In this column
represent gasoline stocks at refineries. * In California they represent the total
inventory of finished gasoline and engine distillate held by reporting companies
wherever located within continental United States (stocks at refineries, water
terminal and all sales distributing stations, including products in transit thereto).
Note.-All figures follow exactly the present Bureau of Mines definitions. Crude
oil runs to stills include both foreign and domestic crude. In California stocks oi
heavy crude and all grades of fuel oil are included under the heading "Gas and
Fuel Oil Stocks."
Crude Oil Output in United States Lower.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended May 9 1931 was 2,468,700 barrels, as compared with 2,475,100 barrels for the preceding week, a
decrease of 6,400 barrels. Compared with the output for
the week ended May 10 1930 of 2,595,150 barrels per day,
the current figure represents a decrease of 126,450 barrels
daily. The daily average production East of California for
the week ended May 9 1931 was 1,930,400 barrels, as compared with 1,948,600 barrels for the preceding week, a
decrease of 18,200 barrels. The following are estimates of
daily average gross production, by districts:
3628
•
FINANCIAL CHRONICLE
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedMay 9 '31. May 2 '31. Ayr. 25 '31. May 10 '30.
Oklahoma
651.050
607.850
545.300
6i3.350
Kansas
108,600
107,400
109.750
127.150
Panhandle Texas
58,500
55.700
102.850
57,300
North Texas
57,200
57.600
80.100
57,250
West Central Texas
25,550
25,150
59.950
25.150
West Texas
212,600
212,650
208,600
317,350
East Central Texas
50,750
54,750
49.700
39.150
East Texas
268.900
339.750
298,400
Southwest Texas
82.500
59.000
63,850
83,200
North Louisiana
39.050
39.800
39.150
41.150
Arkansas
46,850
48.950
46.800
57.850
Coastal Texas
159,700
158.000
162,900
183,050
Coastal Louisiana
30,350
30.700
27,850
22.100
Eastern (not including Michigan)
103.100
103.850
101,750
127.000
Michigan
8,600
8,500
8,550
11,200
Wyoming
43,750
41,400
43.300
48,000
Montana
8.650
8,400
8,650
9.200
Colorado
3,950
4.050
4,250
4,800
New Mexico
41,350
38.300
38.550
12,450
California
528,100
526,500
538.300
634,800
Total
2,488,700 2,475.100 2,424,300 2,595,150
The estimated daily average gross production for the Mid-Continent
Yield, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central, East and Southwest Texas, North Louisiana and
Arkansas, for the week ended May 9, was 1,537,300 barrels, as compared
with 1,548,850 barrels for the preceding week, a decrease of 11,550 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,505,700 barrels, as compared with 1,517,250 barrels, a decrease
of 11,550 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow;
-Week Ended-Week EndedOklahomaMay 9. May 2.
Southwest TexasMay 9. May 2.
Bowlegs
14,450 15.000 Chapman-Abbot
3,800 4,000
Bristow-Slick
12,250 12,200 Dant Creek
18,850 20,800
Burbank
13.200 13.100 Luling
8,700 9,200
Carr City
11,400 13,450 Salt Flat
11,900 11,900
Earisboro
19,050 19,450
East Earlsboro
15,600 18,400
North LouisianaSouth Earlsboro
6,450 6,150 Sarenta-CartervIlle
1,250 1,150
Konawa
MOO 8,850 Zwolle
8,350 7,350
Little River
25,550 24,200
East Little River
Arkansas5,950 5,200
Maud
2,350 2,450 Smackover. light
4,250 4,200
Mission
7.450 8.100 Smackover.heavy
31,800 31,600
Oklahoma City
222,220 159,550
Si. Louis
Coastal Texas20,400 23,850
&aright
4,250 4,200 Barbers Hill
30.350 29,500
Seminole
13,300 13.500 Raccoon Bend
8,300 8,550
East Seminole
1,450 1,600 Refuglo County
31,500 32,800
Sugarland
11,650 11,600
Kansas
Rita
Coastal Louisiana6.850 6,150
Sedgwick County
17,650 17,300 East Hackberry
1,800 1,850
Voshell
17,650 16,700 Old Hackberry
750
800
Panhandle TexasWyomingGray County
41,950 43,600 Salt Creek
24,450 26,450
Hutchinson County.- 8,300 7,900
MontanaNorth TexasKevhz-Sunburst
4,400 4,450
Archer County
11,850 11,850
North Young County... 9,750 9,800
New MexicoWilbarger County
10,350 9,900 Hobbs High
31,500 34,800
Balance Lea County.... 4,200 4,200
West Central TexasSouth Young County___ 3,300 3,300 CaliforniaElwood-Goleta
35,500 35,700
Weal TexasHuntington Beach
21,000 21,000
Crane de Upton Counties 24,200 23,900 Inglewood
15,500 15,500
Etter County
7,000 7,400 Kettlemon HWa
32,500 26,100
Howard County
29,250 30,200 Long Beach
88,200 87,600
Reagan County
19,400 19,650 Midway-Sunset
55,000 54.000
Winkler County
44,950 44,400 Playa Del Rey
29,800 28,800
Yates
70,900 70.650 Santa Fe Springs
73,600 73,200
Balance Pecos County-- 4,600 4.550 Seal Beach
15,600 15,600
Ventura Avenue
48,800 47,800
East Central TexasIran Zandt County
43,650 39,650 Pennsylvania GradeAllegany
7,200 7.000
East TexasBradford
22,250 22,400
Rusk County:
Kane to Butler
7,400 7,000
Joinerfleld
95,750 83,850 Southeastern Ohio
6,900 7,350
Kilgore
120,900 187,200 Southwestern Penna.-. 3,300 3,400
Gregg County,Longview 52,250 68,700 West Virginia
14,300 13,450
[VoL. 132.
dined to state directly whether they were dissatisfied with the operations
of the agreement, but said that although the agreement had resulted in a
decrease of the stocks of copper by about 40,000 tons, the industry is still
suffering severely from the depression. They indicated there is still a
condition of overproduction of the metal in relation to existing demand.
Flexibility Sought
More flexible control of American copper production has been desired
by the leading companies for some years. The price weakness of the last
year has accentuated the troubles of the industry, with many of the higher
cost producers operating at losses, and those companies which had high
as well as low cost properties showing markedly lower earnings. There are
several companies which have mines operating at such low costs that they
could show considerable profit with copper at 91
/
2c or 100 a pound, provided they operated only the low cost producing mines.
The objection to closing the high cost mines has been twofold. First,
high cost mines are in many cases operated by separate companies with
their own stock issues outstanding, which would suffer by a decision on
the part of the controlling interests to close the mines, and labor would
suffer unduly. What steps are being taken to overcome these obstacles
are not known. It is felt that increased production at the cheap mines
would care for a part of the labor supply, but the cessation of operation
would prevent companies from receiving a cash income, which would be
the case even where operations showed a loss after depletion.
Costs Vary Widely
The biggest obstacle is considered to be that of persuading smaller independent companies to close their mines until better prices are obtainable
for the product.
Anaconda is reported to show an average cost currently around 7.5c a
pound, as a result of specially low costs in Chile. Granby Consolidated
Mining, Smelting & Power Corporation is reported to be maintaining a
cost of less than 8c a pound, exclusive of certain charges. Other typical
costs reported are 8.96c for Nevada Copper, a subsidiary of Kennecott,
10.878c for Miami, 8.800 for Magma, 8.470 for Utah, also a Kennecott
unit, and 10.56c for Calumet & Hecht on new metal, against 6.71c for
reclaimed metal.
The copper market yesterday continued to show the same listless tone
which has characterized it recently with no firmness in prices, and reports
of further economies. Sales, both for export and domestic delivery, re.
mained small. It was rumored that primary producers were willing to
accept 9c. a pound, while the customs smelters held at 9%,c. The export
price was held at 9.80c.
Arizona Copper Mines to Reduce Production.
Under date of May 9 Associated Press advices from
Phoenix, Ariz., published in the New York "Evening Post"
said:
Arizona copper mining activity, already reduced to less than 40% of
normal in the face of continued low prices, will be cut still further soon.
The Magma Copper Company announced today it would cease operations
June 12 for six weeks in observance of its annual "summer vacation."
Last year the suspension was for thirty days.
The company said the shutdown would mean laying off 600 men. They
will be put back to work July 27.
The United Verde Copper Company said it will discontinue production
of copper about May 21 at Jerome and Clarkdale, Ariz., for an indefinite
period.
Governor George W. P. Hunt has called business and professional and
agricultural leaders to meet in Phoenix Monday to work out a program
for placing a tariff on copper.
Missouri Zinc Mines Shut Down.
From Joplin, Mo., the "Wall Street Journal" of May 7
reported the following:
Sixteen lead and zinc mines have shut down until prices advance.
Weekly output is thereby reduced by about 1,650 tons. There are now
only 18 companies operating 36 mines actually operating in the Tn.
State field producing about 5,000 wet tons weekly. In average times
there are 200 mines running. Even present production is not being entirely sold, and much of the ore is being stored in bins on top of the
ground.
Seek Further Cuts in American Copper Production
Level-Plan to Close High Cost Mines Discussed at
Conference in New York-Messrs. Pisart, and Gutt
of Katanga Here for Conferences-Labor Troubles,
Stock Depression Seen in Way of Closing Program. Five Colorado Coal Companies File Notices of Wage
Reduct ons.
A plan for the further reduction of copper production at
From Denver, advices to the "Wall Street Journal" of
mines operated by American companies has been discussed
by officials of several of the leading companies and banking May 4 said:
Five Colorado coal companies have filed notices of wage reductions with
interests closely affiliated with them, it was stated in inthe State Industrial Commission effective May 29, reducing the basic wage
formed quarters on May 5, said the New York "Journal of from $6.52 to $5 a day. If objection is made, the Commission will take
Commerce" of May 6. Continuing it said:
jurisdiction, hold hearings and make an award. The policy of the ComThe plan is expected to take the form of closing higher cost mines
until such time as the demand will raise prices sufficiently to permit
operations at a profit.
The discussions have thus far been informal in nature and were called
little more than an exchange of opinion, but the further weakness in
copper prices is deemed of such seriousness that more drastic steps for
the curtailment of output are said to be favored generally.
mission was indicated in a recent decision refusing to authorize a decrease
In wages of men employed in the building trades. The coal companies
giving notice of reduction produced 352,453 tons of coal last year and
employed an average of 587 men.
Output and Shipments of Refined Copper Decline-
Inventories Increase.
Pisart Here Again
Total stocks of refined and blister copper in North and
Although the present discussions relate directly to the domestic situation,
the arrival in this country of Fernand Pisart and Camile Gutt, managing South America increased 8,781 tons during April, the first
directors of the Union Miniere du Haut Katanga, huge Belgian Congo mcrease in six
months, according to figures released by the
topper company, lends an international aspect to the conferences. The
"Wall
African company is understood to be living up to its agreement of last American Bureau of Metal Statistics and given in the
November, when world production was cut 23,650 tons monthly. The Street Journal." Refined copper stocks showed a gain of
Eatanga company reduced its rate of output between 6,000 and 7,000 tons 13,716 tons. The "Journal" adds:
a month at that time, under the reported threat of wide open production
Production of refined copper continued at a sharply curtailed rate last
by American companies. Large scale output at low cost by these mines month,
compared with April 1930. totaling 100,501 tons against 124.531
In Africa had been the stumbling block to an international accord until then. tons.
Shipments continued to run ahead of a year previous, amounting
The representatives of the African company are expected to confer with to 86,785 tons,
compared with 79,213.
the heads of the American companies with which they are joined in Copper
Total stocks of copper in North and South America on May 1 were
raPorters, Inc. This is their first visit to the United States since the 561,797 short tons, compared with 553,016 tons on April 1, and 566,853
co-ordinated plan was announced last fall. IL Pisart and M. Gat de. tons on April 1, and comparing with 566,853 tons on March 1 1931.
MAY 16 1931.]
FINANCIAL CHRONICLE
Refined copper stocks totaled 367,921 tons on May 1 compared with
354,205 tons on April 1 and 363,629 tons on March 1. Blister copper
stocks continued to decline, dropping 4,935 tons during the month to
193,876 tons.
The following table gives, in short tons, the output of United States
mines, blister and refined copper production of North and South America.
Great Britain, Sze.:
Dec.'30. Jan.'31. Feb.'31.
Production.
48,726
Mines, United States
74,186
e Blister, No. America
x Blister, So. America
20,752
Stocks (End of Month)Worth and South America:
Blister (incl.'in process").- 218,799
367,175
Refined
48,059
66.770
24,064
47,504
68,786
24,124
210,637
363,827
206.224
363.629
685,974
574,464
566,853
6,443
2,153
7,431
1,747
8,699
1.784
9,178
8,596
Total
3,896
3,920
Havre
4.581
6,142
Japan
X Includes direct copper. Y Not yet available.
10,483
3.785
7,698
Total
Great Britain:
Refined
Other forms
The following table shows production in short tons
mines, according to types of mines:
Prophyry mines
Lake mines
Vein mines
Custom ores
Total crude nrnduced_
C Partly estimated.
February.
March.
April.
JanuaryApril 1931.
18.809
4,307
21,225
3,718
18,332
4,500
21,372
3,300
18,575
4,531
22,037
3,559
18,514
5,229
19.740
x3.400
74,230
18,567
84.374
13,977
48.059
47.504
48.702
46.883
191.145
The following table shows in short tons shipments and production of
refined copper by North and South American producers and refineries:
1930-December
November
October
September
August
July
June
May
April
March
February
January
Total 1930
Total.
Emma.:
Domestic.
100,501
102,058
99,853
102,458
3,374
3,292
3.566
3,305
32,218
36,797
39,415
45,597
54,567
74,685
60,636
60,209
106,366
112.646
118,229
116,004
120,778
123,179
124.821
132,183
y124,531
127,064
121,195
132.374
3,431
3,755
3.814
3,867
3,896
3,974
4,161
4,264
4,151
4,099
4.328
4,270
39,169
45,051
38,246
37,873
38,319
42,466
44,818
49,115
29,196
30,623
29.597
30.358
69,854
62.693
75,703
65.169
66,810
75,436
71.887
75,760
,50,017
73,644
61.879
09,932
1,459,370
3,998
454,731
808,784
138,203
145,376
152,840
134.343
148.648
153,613
156,447
161.784
161.285
163,561
141,385
154,472
4,458
4,846
4.930
4,478
4.795
4,952
5.215
5,219
5,376
5,276
5,049
4,983
35,652
37,879
63.461
45.921
45,035
40.204
48.461
55,123
57,708
59.946
50.150
57.054
68.150
68,979
105,729
98,043
96.970
98,720
95.258
93,743
99,051
105.860
98,771
100,135
1929--December
November
October
September
August
July
June
May
April
March
February
January
1927
1925
1025
1924
Shipments.
Daily
Rate.
1931-April
March
February
January
Bolivia Tin Price Is Lowest in 20 Years-Economic Crisis
Grows Acute.
A cablegram as follows from La Paz (Bolivia) May 6 is
from the New York "Times":
President Salamanca's Government has begun to face an economic crisis
which is becoming every day more acute, due to the continuing collapse of
the price of tin, which yesterday fell to the lowest quotation in more than
Mar.'31. Apr.'31. 20 years, 2102 (about $495) a ton. Tin is virtually the only source of
revenue.
48.702
46.883
Rigid economy measures have been put in practice since the June revolu71,244
65,509
tion both by the military junta and the constitutional government, and the
24,551
24,613
expenditures for all administrative branches, including the army, are now
30% less than for the previous fiscal year.
198,811 193,876
Carlos Victor Aramayo, who was sent by the military junta to New
354,205 367,921
York to negotiate regarding the shareholders' interest on Bolivian loans
553,016 561,797
and the country's abnormal economic situation, has come back without
any definite result. The interest has not been paid since December and
9,887
12,784
the situation continues without rospects of improvement.
1,723
1,564
Senor Aramayo was regarded as a candidate for the Finance Ministry.
11,610
14,348
but on returning from New York he is reported to have declined President
6,393
8,646
Salamanca's invitation because in his opinion the only possible way to
y
F
balance the budget was drastic cutting of the army's expenses, and this,
In the President's opinion, was impossible because its results would be very
by United States dangerous from an internal viewpoint as well as that of national defense,
as it would mean dismissing numerous officers.
January.
Production.
3629
Total.
86,785
111,482
100.051
105,806
To Raise Sheet and Tin Mill Wages First Time in Two
Years.
From the New York "Journal of Commerce" we take the
following from Youngstown (Ohio) May 7:
Wages paid sheet and tin mill workers will be higher in May and June
as a result of the bi-monthly examination of sales sheets by representatives
of manufacturers and the Amalgamated Association of Iron, Steel and Tin
Workers. Working at capacity, approximately 5,000 men are employed
in operation of Mahoning Valley mills.
Average selling price of sheets in March and April, used as a basis for
the wage scale in the following two months, was 2.65c. a pound, or 15%
above base and 134% above the last sheet sale examination. The increase
in the wage scale for sheet and tin mill workers is the first in two years.
Employees of all companies affiliated with the Western Sheet & Tin
Plate Manufacturers' Association are benefited. Other manufacturers in
the industry generally adhere to the association's wage rate, based on
selling prices for black sheets. Almost all sheet manufacturers in the
Mahoning Valley are represented in the association.
109,023
107.744
113,949
103,042
Cent
95,129 Export Copper Price Lowest in 37 Years-Cut
117,902
to 9.525, and Sales Rise to 3,000,000 Pounds.
116,705
124,875
79.21'
The following is from the New York "Times" of May 14:
104,167
The price of copper for export was reduced yesterday a quarter-cent a
91,476
100,290 Pound by Copper Exporters, Inc., to 9.525 cents a pound c.i.f. European
base ports. The price is the lowest at which copper has been sold for export
1,263,515 in more than 37 years. As a result of the reduction foreign sales of copper
93.802 Increased to 3,000,000 pounds in the forenoon.
Producers reduced their domestic price to 93‘ cents a pound, but, since
106.858
169,190 custom smelters continued to sell the metal at 9 cents, the producers re143.964
142,005 mained out of the market.
Domestic fabricators of copper and brass lowered prices of various prod138,924
143,719 ucts a quarter-cent a pound, making the new quotations equivalent to
148.866
156,759 93i cents a pound.
165.806
148,921
157,189
Price of Copper Wire and Brass Products Reduced.
X
Total 1929
1,811,857
4,964
586.594
1,119,409
1,706,003
The following is from the "Wall Street Journal" of May 131
Total 1928
1,627,849
1,478,506
1,440.454
1,352.309
1.300.332
4,448
4,045
3,946
3,705
3.553
674,221
641,865
525,861
584,553
566,395
983,460
824.844
902.174
831,171
753,389
1,657,681
1,466.709
1,428,035
1,415.724
1.319.783
General Cable Corp. has reduced the price of bare copper wire,in carload
lots, 3.i cent to 11 cents a pound.
Fabricators of copper and brass products have reduced prices ;.‘ cent a
Pound, making them equivalent to 9X cents delivered for electrolytic
copper.
e Beginning 1926, Includes shipments from Trail refinery in British Columbia.
3
,Includes imports of cathodes.
Ingot Brass Reduced.
Chicago advices to the "Wall Street Journal" of May 13
The Non-Ferrous Metals-Copper Holds on Nine-Cent
said:
Level-Zinc Higher-Tin Nominal.
The
smelter in Chicago has reduced ingot brass products prices
Lead's decline of 25 points to 3.75 cents, New York, the 3i centleading
a pound. Red brass 85-5-5-5 grade is quoted 8% cents, the 80lowest figure named since 1915, furnished the week's high- 10-10 grade 9% cents and yellow ingot6% cents.
spot in non-ferrous metal trading, "Metal and Mineral
Markets" reports. As a result, business in lead was well
Scrap Prices Break to Lows Since 1914.
above the average. Domestic copper sales were moderate,
The
York "World-Telegram," in its May 15 issue
New
and the price held on the nine-cent, Connecticut, basis.
stated:
It is added:
Demand for copper was sufficient to absorb the nine-cent offerings of
custom smelters. Large producers quoted 931 to 93 cents, depending
upon the seller, but they did not share in the week's business. April copper
statistics attracted wide attention. The increase in stocks of refined copper
amounted to 13,716 tons, which more than offset the decline announced a
month ago. There was little change In the rate of production for either
refined or blister, but domestic shipments fell off sharply. The statistics
were disappointing.
Foreign and domestic copper producers are said to have been discussing
the copper situation at informal meetings held in New York during the
last week, and serious consideration has probably been given to a further
general curtailment in output. The copper situation, according to some
observers, is fast approaching the point where the price alone will force a
further Important curtailment in output.
The market for zinc held at 3.25 cents, St. Louis, until Tuesday. when
a fair inquiry developed, attributed in part to covering operations by
some factors who have been counting on a lower level for zinc concentrate.
On the following day, demand became more insistent and prompt and
near-by zinc sold at 3.30 to 3.35 cents.
The tin market was almost entirely nominal at 23.20 and 23.25 cents,
all week,for prompt and May Straits, there having been no buying interest
and no pressure to sell.
Heavy melting steel scrap, following a period of slowly declining prices,
has suffered further sharp reverses during the past week, bringing current
quotations to the lowest point in almost 17 Years.
At Pittsburgh the railroad scrap lists sold to establish a level of $11.25
a ton for heavy melting steel, 25 cents below the previous week's price.
Blast furnace material, however, is maintaining its recent strength. but
Is practically the only strong spot in the entire scrap market.
The Chicago price for heavy melting steel is now $8.75 a cut of 50 cents
from the previous week. However, sentiment there is mixed, and a check
in the price decline is seen by some interests.
The reduction of 75 cents at Philadelphia to a $9.50 average level was
brought about by the sale of 2,000 tons of heavy melting steel at $9 delivered at Bethlehem, Pa., said to be the lowest price paid in 35 years.
Utah Mines Cut Wages.
The following is from the Brooklyn "Daily Eagle" of
May 15:
Undergound metal mine operators of Utah have made a 25 cents a day
Cut in wages. The new schedule ranges from $3.25 to $4.25 a day for hand
miners and $4 to $5 for machine men.
3630
FINANCIAL CHRONICLE
[VOL. 132.
expected and a larger movement of structural steel, reinforcing bars and
line pipe. Tin plate production, although still relatively high at 70 to 75%
of capacity, is tapering in line with seasonal influences, and specifications
from farm equipment makers have receded. Rail mill operations are slightly
higher at Pittsburgh and a few points lower at Chicago. Miscellaneous
orders for steel have remained at the low level of the last few weeks, reflecting the extreme conservatism of the average buyer.
The sagging tendency of prices has not been halted. The "Iron Age"
composite for heavy melting scrap nas declined from $10.33 to $9.83 a gross
ton, the lowest figure since Nov. 19 1914. At Pittsburgh this grade fell 25e.
a ton, at Chicago 50c. and in eastern Pennsylvania 75c. In the last-named
district 2,000 tons was bought at $9, delivered, the lowest price paid in
that market since 1896. Curtailed consumption and large yard accumulations, are both depressing factors, but Pittsburgh opinion is that scrap
prices are approaching bottom and signs of accumulating resistance to the
trend are seen in advances of $1 a ton on machine shop turnings in Cleveland and 25c. a ton on borings and turnings at Detroit.
Pig iron for local delivery is off 50c. a ton at Buffalo, and Connellsville,
furnace coke is more commonly available at $2.40, a decline of 10c. a ton.
Alloy steel bars have been sold to drop forge manufacturers in the automotive field at 2.45c., base, the same price that had previously been granted
to some of the larger motor car builders and $4 a ton lower than the ruling
quotation to consumers outside of the automobile industry. Automobile
body sheets have broken $2 a ton to 3c. a lb.. Pittsburgh, on sales at DeRELATION OF PRODUCTION TO CAPACITY.
troit. Scattered concessions to $1 a ton to $29, Pittsburgh, are reported
on billets, slabs and sheet bars.
'Apr. 1930.1Apr. 1931. Mar. 1931. Feb. 1931. Jan. 1931.
A manufacturer of strip steel has announced an advance of $1 a ton to
29.5%
29.4%
36.9%
1.55c. and 1.65c. a lb., Pittsburgh, on third quarter business in hot-rolled
64.0% I 52.1%
The month
60.6%
59.7%
58.6%
57.7%
The 12 months ended.._1 66.0%
material.
Complete prices on sheets under the new classification announced by
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND the American
Rolling Mill Co. have now been announced for third quarter
CEMENT, BY DISTRICTS, IN APRIL 1930 AND 1931.
shipment. The new schedule, which is intended to bring prices into closer
In Thousands of Barrels].
adjustment with costs under present methods of manufacture, involves
both reductions and advances.
Stocks at End
of Month.
Shipments.
Production.
District.
Automobile production in May is now estimated at 370,000 units, as
compared with 348,909 in April, the peak so far this year. June output is
1930. 1931. 1930. 1931. 1930. 1931.
conditioned by the plans of the Ford company, which are shrouded in
7,037 6,725 mystery, but a total of at least 325,000 cars is looked for.
3,067 2,691 3.127
Eastern Pa., N. J. and Md
1,862 2.076
839
832
New York and Maine
999
Fabricated structural steel inquiries exceed 91,000 tons, comparing with
3,956 3,476
829 1,375
1,458
Ohio, Western Pa. and W. Va
weeks ago. The largest item
702
2,595 2,595 39,000 tons last week and 103,000 tons two
524
562
Michigan
4,691 4,208 in the current total was 58,000 tons for a bridge over the Mississippi River
Wks., Ill., Ind. and Ky
1,366 1,231 1,265
1.751 1,639 at New Orleans. New projects reported in the "Iron Age" since the first
Va., Tenn., Ala., Ga., Fla. & La
1,262 1,268 1,239
cor4,049 4.064 of the year
1,415 1,261 1,230
East. Mo., Ia., Minn. & S. Dak_
total 1,248,000 tons, compared with 582,000 tons in the
1,837 1,928
674 1,264
W.Mo., Neb.,Hans., Okla.& Ark 1,160
Awards of the week
825
776
777 responding period last year and 679,000 tons in 1929.
585
757
Texas
262
540
601 were small, calling for only 16,500 tons.
233
286
Colo., Mont., Utah, Wyo.& Ida.
921
1,130 1,058
793
The decline of 9% in steel ingoV production in April, as disclosed by
838
California
340
585
589 the American Iron and Steel Institute's monthly report, was in line with
324
351
Oregon & Washington
Steel Corporation's
13.521 11.245 13,340 11,184 30,867 29.736 expectations. The recession of 97,601 tons in the
Total
unfilled orders was less than seasonal-the average for the previous 10
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND years being 261,000 tons-lending support to the view that steel demand
CEMENT BY MONTHS IN 1930 AND 1931 (IN THOUS. OF BARRELS),
is close to bottom.
Zinc has advanced to 3.2736c.. East St. Louis, after having reached
at
Shipments.
Stocks
End
of
Production.
3.25c., the lowest since 1894. Tin, at 23.1234c.. New York, has recovered
Month.
Month.
slightly from last week's 22.75c., which was the lowest figure since 1902.
Copper remains at 9c.. Connecticut valley, the lowest since 1894. Lead
1931.
1931.
1930.
1930.
1931.
1930.
has been reduced to 3.730., New York, the lowest price since 1915.
27.081
4,692
27,759
4,955
6,595
Tannery
The "Iron Age" composite prices for finished steel and pig iron arc un8.498
5,074
28,249 a28,612
7.012
5,920
February
8.162
changed. A comparative table follows:
30,648 a29,676
a7,192
8.826
a8,245
idIarch
11.225
30.867
11,184
Steel.
13.340
29,736
LbFalsed
.Int
11,245
April
13.521
30.891
17,224
%lay
17.249
(Based on steel bars, beams, tank plates.
May 12 1931, 2.114e. a
29.364
18,781
lune
17.239
2.1140. wire, rails, black pipe and sheets.
One week ago
26,289
20.153
Full'
17.078
2.1280. These products make 87% of the
One month ago
23.824
20.299
United States output.
17.821
tugust
2.2280.
One
year
ago
21.889
18,083
.
16.124
3eptember
High.
20,697
15.599
2.1140. May 5
14.410
Detober
2.142c. Jan. 13
1931
23,056
8.784
2.1210. Dec. 5
11,008
Vovember
2.3820. Jan. 7
1930
25,883
5.688
2.3620. Oct. 25
8,480
December
2.412a. Apr. 2
2.314o. Jan. 3
2.3910. Dee. 11
11992289
158.744
2.2930. Oct. 25
Ian non
Total
2.453a. Jan. 4
1927
2.4030. May 18
2.4530. Jan. 5
1926
a Revised.
2.3980. Aug. 18
8
Jan.
for
reports
reApril,
2.560o.
from
led
comp
1925
Note.-The statistics above presented are
ceived by the Bureau of Mines, from all manufacturing plants except four, for
Iron.
Pig
which estlmatea have been included in lieu of actual returns.
Based on average of basic iron at Valley
wk 0
$15.79 a Gross Ton.
Meey121931.
$15.79 furnace and foundry Irons at Chicago.
One
55
Philadelphia. Buffalo, Valley and Mr15.79
One
month
ago
Unfilled Steel Orders Decrease.
mIngham.
17,58
One year ago
Low.
High.
The United States Steel Coro., in its monthly report of 1931
$15.71 Feb. 17
$15.90 .,an. 8
15.90 Dec. 18
18.21 Jan. 7
290
unfilled orders on the books of its subsidiaries, shows a 1993
18.21 Dec. 17
18.71 May 14
17.04 July 24
decrease during April of 97,601 tons, the total at the end
18.59 Nov.27
17.54 Nov. 1
Jan. 4
19.71
1992278
of the month being 3,897,729 tons. During April 1930, the 1928
19.46 July 13
21.54 Jan. 5
18.96 July 7
22.50 Jan. 13
the total at April 1925
Production and Shipments of Portland Cement in
April Continued Below Same Month Last YearInventories Again Increase.
According to the United States Bureau of Mines, the
Portland cement industry in April 1931 produced 11,245,000 barrels, shipped 11,184,000 barrels from the mills, and
had in stock at the end of the month, 29,736,000 barrels.
Production of Portland cement in April 1931 showed a
decrease of 16.8% and shipments a decrease of 16.2%, as
compared with April 1930. Portland cement stocks at the
mills were 3.7% lower than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 165 plants both at the close
of April 1931 and of April 1930. The estimates include
increased capacity due to extensions and improvements
during the period.
t.0000MON,,PMW
C-0.001C0
%W..NWVNVVDMO
0
.
0
.
CO
tonnage fell off 216,433 tons, bringing
30 1930, down to 4,354,220 tons while in 1929, the backlog
increased during the month of April 17,045 tons and stood
at the end of the month at 4,427,763 tons. Below we show
the monthly figures back to January 1926. For earlier dates
see the "Chronicle" of April 17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
1928.
1928.
End ofMonth. 1931.
1930.
1929.
January
4332,351 4.468.710 4.109,487 4,275,947 3,800,177 4,882,739
3965,104 4,479.748 4,144,341 4,398,189 3,597,119 4,616,822
February
March..
3,995,330 4,570,653 4.410,718 4,335.206 3,553,140 4,379.935
April
3,897,729 4,354.220 4,427,763 3,872,133 3,456,132 3,867.976
May
4,059,227 4,304,167 3.416.822 3,050.941 3,649,250
3,968.064 4,256,910 3.637.009 3,053.246 3.478,642
June
July
4.022.05.5 4,088,177 3,570,927 3.142.014 3.602,522
August
3.580,204 3,658,211 3.624,043 3,196.037 3,542,335
September__
3,424.338 3.902.581 3,698,368 3,148,113 3,593.509
October
3,481.763 4,086,562 3.751.030 3,341,040 3.683,661
November_
3,639.636 4,125,345 3,643.000 3.454,444 3,807.447
December
3.943.596 4.417.193 3.976,712 3.972.874 3.060.969
Steel Scrap.
Based on heavy melting steel quo0 $9.83 a Gross Ton.
o1g931,
2a0
g
lha,
w
yrneicta
May
$10.33 tatIons at Pittsburgh, Philadelphia
One
10.83 and Chicago.
One
13.83
One
.
Low
H
igh.
$9 83 May 12
$11.33 Jan. 8
11.25 Deo. 9
15.00 Feb. 18
1993301
14.08 Dec. 3
17.68 Jan. 29
1929
13.08 July 2
16.50 Deo. 31
13.08 Nov. 22
15.25 Jan. 11
14.00 June 1
17.25 Jan. 5
92922786
1119
15.08 May 5
20.83 Jan. 13
1925
Sustained demand for automotive steel and improvement
in inquiry for structural material, especially in the Middle
West and South, have exerted a powerful braking influence
on the decline of activity in the steel industry, holding the
deflection in the operating rate this week to one point and
leaving the industry as a whole operating at 47%, reports
of iron and steel conSteel Output Unchanged at 47%-Scrap Prices Reach "Steel" of May 14, in its summary
ditions. "Steel" also adds:
New Low Level.
Sentiment in the industry generally still is that further subsidence in
Steel demand shows a tendency to level off rather than to demand and production will develop slowly, and that the market during
decrease further, and the gradual decline in ingot output the summer, while on a low plane, will be fairly steady. more
pronounced
The most disquieting development this week is the
which began in the latter part of March has been arrested, weakness
in prices. Scrap, of barometric significance, has eased off further
the
through
broken
says.
has
14
Operations
May
of
of
Age"
steel
"Iron
finishing in many districts, and in Chicago heavy melting
the
were determined to
mills continue to vary, with slight gains in some products $9 minimum at which consumers as well as producers
hold it. Pig iron prices in the Buffalo district and in eastern Pennsylvania
offset by losses in others, but raw steel production for the are
off 50 cents. Alloy steel Is being quoted down $4 a ton. Sheet prices
country at large remains unchanged at 47% of capacity, continue irregular, due in part to unsettlement following introduction of
adding:
"Age"
the
new classifications. Cast iron pipe quotations are being shaded. "Steel's"
continues
Factors that have done the most to check the downward trend of steel
demand are a better performance by the automobile industry than had been
composite of 14 leading iron and steel products this week is off three cents
to $31.37, a new post-war low.
MAY 16 1931.]
3631
FINANCIAL CHRONICLE
Structural steel inquiry has expanded mainly because of a bulge in the
Chicago market, where fabricators expect within 30 days to be figuring on
a total of 200,000 tons, in which road and public construction work predominates. In the East the structural outlook is less bright mainly as a
result of New York City's decision to forego subway construction 18 to 24
months. Structural steel awards for the week total 16,318 tons, compared with 22,690 tons in the preceding week, and 68,425 tons in the week
last year.
Chevrolet continues as the sustaining element in automotive steel demand,its improvement nullifying diminishing Ford requirements. Present
indications are that the May output for the industry will equal that of
April, with passenger cars at the peak, but production of trucks continuing
to expand.
Releases of track accessories at Chicago have doubled in the week to the
best level in more than 60 days. The Wheeling & Lake Erie RR. has come
into the market for 200 gondolas, and the board of transportation, New
York City, for 300 or more steel subway cars.
Pipe is quiet following the booking last week of 41,000 tons of line pipe
by the A. 0. Smith Corp. for an Electric Bond & Snare Co. project, and
9,000 tons by the National Tube Co. for the Atlantic Refining Co. Miscellaneous steel pipe orders for the week total 5,585 tons.
Bolt, nut and rivet demand is slightly larger. The market for wire
fencing continues fairly strong. Moderately good automotive demand
for strip is neutralizing declining needs of the radio industry, going into its
usual summer lull. Whether Chicago plate mills book substantial business
In tank work for East Texas oil fields depends on adoption of a pro-rating
plan.
Steelworks operations in the Cleveland district this week are up three
points to 59%. Pittsburgh and eastern Pennsylvania each show a loss of
one point, to 45 and 43, respectively. Chicago is off two points to 48%.
Operations in the Youngstown district are unchanged at 42%, and the
Birmingham district remains at 65%.
The decline in steel ingot production in April was anticipated, a reduction
in the month having occurred in each of the past five years, except 1928.
Daily output was 104,711 gross tons. 9.04% less than the March average
of 115.138 tons. Total production In April was 2,722,479 tons, compared
with 2,993,590 tons in March. For the first four months this year output
averaged 103,651 tons daily, or 66% of the 157,060 tons in the comparable
period last year.
Unfilled orders on books of the United States Steel Corp. decreased
97.601 tons last month, more than offsetting the gain of 30,136 tons in
March. Total unfilled orders April 30 were 3,897,729 tons, compared
with 3.995,330 at the close of March.
ended April 25 1931, and 8,335,000 tons of bituminous coal
and 1,696,000 tons of Pennsylvania anthracite in the week
ended May 3 1930.
During the calendar year to May 2 1931, there were
produced a total of 134,030,000 net tons of bituminous
coal, as against 162,703,000 tons in the calendar year to
May 3 1930. The Bureau's statement follows:
The U. S. Steel Corp. is at about 48%, against 49% in the week before
and 50% two weeks ago. Leading independents are at 45%, contrasted
with slightly under 46% in the previous week and 48% two weeks ago.
At this time last year the Steel Corp. was at 80%,leading independents
around 72%, and the average was over 75%. Two years ago U. S. Steel
was running at a shade over the 100% theoretical capacity, with independents at 94% and the average was nearly 97%. Toward the middle of
May 1928 U. S. Steel ran at 89%, with independents around 80% and the
average was 84%.
BITUMINOUS COAL.
Production of bituminous coal showed a slight increase during the week
at the
ended May 2 1931. Total output, including lignite and coal coked
mines, is estimated at 6.447.000 net tons. Compared with the revised
2.1%.
or
tons,
133.000
of
gain
a
estimate for the preceding week, this shows
May 2
Production during the week in 1930 corresponding with that of
amounted to 8335.000 tons.
Estimated United States Production of Bituminous Coal (Nd Tons).
1930
1931
Cal. Year
Cal. Year
to Dates
Week.
Date.
to
Week.
Week Ended146.177,000
8,103.000
121,269,000
6,326.000
April 18
1,587,000
1,351,000
1,318.000
1,054,000
Daily average
154,368,000
8,191.000
127,583,000
April 25 b
6 314.000
1,574.000
1,365.000
1,302.000
1,052.000
Daily average
162,703,000
8,335,000
134,030,000
6 447,000
May 2 c
1,563,000
1,389,000
1.289,000
1 075,000
Daily average
equalize number of days in the
a Minus one day's production first week in April to revision.
two years. b Revised since last report. c Subject to
calendar year to May 2
The total production ofsoft coal during the present
net tons.
(approximately 104 working days) amounts to 134.030,000 are given
years
calendar
recent
Figures for corresponding periods in other
below:
202,865,000 net tons
162,703,000 net tons i 1927
1930
149,218,000 net tons
179.967,000 net tons 1922
1929
165,376.000 net tons
1928
Estimated Weekly Production of Coal by States (Net Tons).
April
Week Ended
1923
Apr. 27
Apr. 26
Apr. 18
Apr. 25
Aver..
1929.
1930.
1931.
1931.
State412,000
352,000
295,000
245,000
225,000
Alabama
21,000
15,000
13,000
9,000
7,000
Arkansas
184,000
163,000
71,000
57,000
73,000
Colorado
1,471,000
890,000
832,000
650,000
675,000
Illinois
514,000
277,000
280,000
215,000
201,000
Indiana
100.600
61,000
55,000
48,000
40,000
Iowa
79.000
40,000
27,000
34.000
34,000
Kansas
620,000
799.000
789,000
494,000
498,000
Kentucky-Eastern
188.000
230,000
155,000
122,000
115,000
Western
52,000
45,000
45.000
37,000
35,000
Maryland
22,000
15.000
8,000
2,000
2,000
Michigan
59.000
59,000
55,000
46.000
41,000
Missouri
42,000
49,000
40,000
33,000
32,000
Montana
59,000
50,000
35,000
27,000
28,000
New Mexico
16,000
18,000
13.000
19,000
18.000
North Dakota
766,000
416,000
358.000
348,000
344,000
Ohio
49,000
43,000
30.000
20,000
16,000
Oklahoma
3,531,000
1,830,000 1,798.000 2,342,000 2.737,000
Pennsylvania (bit.)
121,000
88,000
97,000
79,000
77,000
Tennessee
20,000
17,000
10,000
8,000
8,000
Texas
70.000
64,000
40.000
43,000
42.000
Utah
249,000
234,000
193.000
179,000
178,000
Virginia
35.000
45,000
37,000
30,000
33,000
Washington
1,220,000 1,232,000 1,647,000 1,796,000 1,256,000
W. Va.-Southern b
778,000
672,000
647,000
469.000
461,000
Northern c
116,000
106,000
70,000
81,000
82,000
Wyoming
6.000
4.000
7,000
1,000
1,000
Other States d
10,838,000
9.285,000
8,191,000
6.326,000
6,314,000
Total bituminous coal__
1,816,000 1,974.000
Pennsylvania anthracite__ 1,418,000 1.373,000 1,379,000
Bituminous Coal and Pennsylvania Anthracite Production During Week Ended May 2 1931 Higher
Than in Preceding Week.
According to the United States Bureau of Mines, Department of Commerce, the output of bituminous coal and
Pennsylvania anthracite for the week ended May 2 1931
exceeded that for the preceding week, but continued below
the rate for the corresponding period in 1930. Production
for the week under review amounted to 6,447,000 net tons of
bituminous coal and 1,695,000 tons of Pennsylvania anthracite. This compares with 6,314,000 tons of bituminous coal
and 1,418,000 tons of Pennsylvania anthracite in the week
7,732,000 7,699,000 9.570.000 11,101,000 12.810.000
Total all coal
& W.
a Average weekly rate for the entire month. b Includes operations on the N.
C.& O., Virginian, and K. & M. c Rest of State, including Panhandle. d Figures
years.
are not strictly comparable in the several
PENNSYLVANIA ANTHRACITE.
the upward trend which
Production of Pennsylvania anthracite continues
has been in progress during the past four weeks. The total output during
the week ended May 2 is estimated at 1.695.000 net tons. This is a gain of
week, and is
277.000 tons, or 19.5% over the output in the preceding
correpractically the same figure as that recorded for the week in 1930
sponding with that of May 2.
Estimated production of Pennsylvania Anthracite (Net Tons).
1930.
1931
Daily
Daily
Average.
Week.
Average.
Week.
Week Ended136,300
818,000
228.800
1.373.000
April 18
229.800
1,379,000
236,300
1.418.000
April 25
282,700
1.696,000
282,500
May 2
1,695,000
a Figures for 1930 revised slightly to insure comparability with 1931.
Steel ingot out for the week ended last Monday(May 11)
is estimated at slightly over 46% of theoretical capacity,
compared with a fraction over 47% in the preceding week
and 483% two weeks ago, states the "Wall Street Journal"
of May 13, which further goes on to say:
IF Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve credit outstanding during the week ending May 13, as reported by the
12 Federal Reserve Banks, was $933,000,000, a decrease
of $39,000,000 coninared with the preceding week and of
$49,000,000 compared with the corresponding week in1930.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On May 13 total Reserve Bank credit amounted to $918,000,000, a
decrease of $49,000,000 for the week. This decrease corresponds with decreases of 636,000,000 in money in circulation and 84.000,000 in unexpended capital funds, &c.,and an increase of $23,000,000 in monetary gold
stock, offset in part by an increase of $3,000,000 in member bank reserve
balances and a decrease of 810.000,000 in Treasury currency adjusted.
Holdings of discounted bills increased $3,000,000 at the Federal Reserve
Bank of New York and $2,000,000 at Boston, and declined $11,000,000 at
San Francisco, $2,000.000 at Richmond and $5.000.000 at all Federal
Reserve Banks. The System's holdings of bills bought in open market
declined $41,000,000 while holdings of U. S. securities were practically
unchanged.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not pre
viously included in the condition statement,such as monetary
gold stock and money in circulation. The Federal Reserve
Board explanation of the changes, together with the definition of the different items, was published in the May 31 1930
issue of the "Chronicle," on page 3797.
The statement in full for the week ended May 13, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
page 3669 and 3670.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 13 1931 were as follows:
Increase (+) or Decrease (-)
Since
May 13 1931. May 6 1931. May 14 1930.
145,000,000 -5,000,000
153,000.000 -41,000,000
598,000,000
21,000,000 -3,000,000
-65.000,000
-18,000,000
+70,000,000
-21,000,000
918,000,000 -49,000,000
TOTAL RES'VE BANK CREDIT
4,766.000,000 +23,000,000
Monetary gold stock
1,773,000,000 -10,000,000
Treasury currency adjusted
-34,000,000
+264,000,000
-27,000,000
4,627,000,000 -36,000,000
Money in circulation
2,421,000,000
+3,000,000
Member bank reserve balances
Unexpended capital funds. non-mem408,000,000 -4.000,000
ber deposits, &a
+180,000,000
+42,000,000
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
-20,000,000
3632
[Vol. 132.
FINANCIAL CHRONICLE
Returns of Member Banks for New York and Chicago this previous week, namely the week ended with the close of
business on May 6:
Federal Reserve Districts—Brokers' Loans.
The Federal Reserve Board's condition statement of weekly reporting
Beginning with the returns for June 29 1927, the Federal member
banks in leading cities on May 6 shows decreases for the week of
Reserve Board also commenced to give out the figures of the $128,000,000 in loans and investments. 856,000,000 in net demand deposits
and
$74.000.000 in Government deposits, and an increase of 812,000,000
member banks in the New York Federal Reserve District
time deposits.
as well as those in the Chicago Reserve District, on Thurs- In Loans
on securities increased $40.000,000 at reporting banks in the
days, simultaneously with the figures for the Reserve banks New York district, and declined $33,000,000 in the Chicago district $7,000.000
in
the Boston district, $6,000,000 in the San Francisco district
themselves, and for the same week, instead of waiting until and
$16,000,000 at all reporting banks. "All other" loans declined $38,the following Monday, before which time the statistics 000,000
in the New York district, 810,000,000 in the Minneapolis district.
qovering the entire body of reporting member banks in the $7,000,000 in the Boston district and $55,000,000 at all reporting banks,
and increased $6,000,000 in the Chicago district.
different cities included cannot be got ready.
Holdings of United States Government securities declined $33,000,000
Below is the statement for the New York member banks In the New York district, $7,000,000 in the Philadelphia district and $26,and that for the Chicago member banks for the current 000,000 at all reporting banks, and increased 811,000,000 in the Chicago
district and $6,000,000 in the San Francisco district. Holdings of other
week as thus issued in advance of the full statement of the securities
declined $16,000,000 in the Chicago district and $31,000,000
member banks, which latter will not be available until the at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
coming Monday. The New York statement, of course, also
Banks aggregated $36,000,000 on May 6, the principal changes for the week
includes the brokers' loans of reporting member banks. being
a decrease of $4,000,000 at the Federal Reserve Bank of Cleveland
Since Dec. 11 1930 the totals are exclusive of figures for the and an increase of $4,000,000 at the Federal Reserve Bank of San Francisco.
A summary of the principal assets and liabilities of weekly reporting
Bank of United States in this city, which closed its doors
member banks, together with changes during the week and the year ending
on that date. The last report of this bank showed loans May 6 1931,
follows:
Increase(+)or Decrease(—)
and investments of about $190,000,000. The grand aggreSince
gate of brokers' loans the present week records a decrease
May 6 1931. April 29 1931. May 7 1930,
3
$
$
of $28,000,000, the total on May 13 1931 standing at $1,671,- Loans and investments—total- —22,768,000,000 —128,000,000 +123,000,000
000,000. The present week's decrease of $28,000,000 fol- Loans—total
—71,000,000 —1.930.000,000
14,922,000,000
lows a decrease of $31,000,000 last week and a decrease of
On securities
—16,000,000 —1,223,000,000
7,036.000,000
$119,000,000 in the two preceding weeks. Loans "for own
—55,000,000 —707,000,000
7,886,000,000
account" increased during the week from $1,293,000,000 to Investments—total
—57,000,000 +2,054,000,000
7,846,000.000
$1,360,000,000, but loans "for account of out-of-town banks"
U. S. Government securities.-- 3,970,000,000
—26,000,000 +1,133,000,000
—31,000,000 +921,000,000
decreased from $213,000,000 to $159,000,000, and "loans
Other securities
3,876,000,000
to
$193,000,000
for account of others" from
$152,000,000. Reserve with Federal Res've banks 1,829,000,000
—3,000,000 +102,000,000
+7,000,000
+11,000,000
229,000,000
The total of these loans on May 13 1931 at $1,671,000,000 Cash in vault
—56,000.000 +281,000,000
13,608,000,000
is the lowest since Nov. 5 1924, when the amount was Net demand deposits
Time deposits
+12,000,000 +343,000,000
7,422,000,000
$1,628,643,000.
+93,000,000
Government deposits
—74,000,000
144,000,000
CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 13 1931. May 6 1931. May 14 1930.
Loans and investments—total
7,952,000,000 7.806,000,000 7.832.000.000
Loans—total
5,302.000,000 5,212,000.000 5,865,000,000
3,119,000,000 3,045,000,000 3,407,000.000
2,183,000,000 2,167,000,000 2,458,000.000
On securities
All other
2,650,000,000 2,594,000,000 1,967,000,000
Investments—total
1,445.000,000 1,414,000,000 1,091,000.000
1,205,000,000 1,180,000.000 876,000,000
U. S. Government securities
Other securities
829,000,000
48,000,000
Reserve with Federal Reserve Bank
Cash in valut
817,000,000
56.000,000
760,000,000
49,000,000
Net demand deposits
Time deposits
Government deposits
5.880,000,000 5.736.000.000 5,444,000,000
1,269,000,000 1,255,000,000 1,372,000,000
30,000,000
35,000.000
18,000,000
Due from banks
Due to banks
94,000,000
90,000,000
1,314,000,000 1,208,000,000
112,000.000
942,000,0w
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
For own account
1,360,000,000 1,293,000,000 1,618,000,000
For account of out-of-town banks
159,000,000 213,000,000 1,069,000.000
For account of others
152,000,000 193,000,000 1,320,000,000
Loans and investments—total
1,337,000,000 1,353,000.000 3,376,000.000
334,000,000 346.000.000 631,000,000
Chicano.
1,950,000,000 1,981,000,000 1,863,000.000
1,277,000,000 1,314,000,000 1,482.000,000
Loans—total
735.000,000
542,000,000
On securities
An other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In valult
Net demand deposits
Time deposits
Government deposits
771,000,000
543,000,000
874,000,000
608,000,000
673,000,000
667,000,000
381.000,000
382,000,000
291,000,000
374,000,000
293,000,000
167,000,000
214,000,000
178,000,000
18,000,000
183,000,000
16,000,000
183,000,000
13,000,000
1,225,000,000 1,205,000,000 1,251,000,000
639.000,000 676,000,000 540,000,050
8,000,000
9,000,000
2,000,000
Due from banks
Due to banks
Borrowing from Federal Reserve Bank..
197,000,000
383,000,000
172,000,000
373,000,000
1,000,000
1.000,000
115,000,000
336.000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
A explained above, the staements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
Borrowings from Fed. Res. banks-
1,649,000,000
3,712,000,000
+46,000,000
+118,000.000
+468,000,000
+788,000,000
36,000,000
—2,000,000
—43,000,000
J. P. Morgan Returns From Abroad.
J. P. Morgan returned from abroad on the Cunard liner
Berengaria on May 8following a cruise in the Mediterranean.
He declined to comment regarding business.
Gates W. McGarrah to Replace Jackson E. Reynolds
at Meeting in Basle of Bank for International
Settlements.
Gates W. McGarrah will represent Jackson E. Reynolds,
President of the First National Bank of New York as his
deputy at the first annual meeting of the Bank for International Settlements at Basle, Switzerland, on May 18, 19
and 20 said the New York "Evening Post" of May 12.
As noted in our issue of a week ago, page 3437.
Mr. Reynolds cancelled his trip after the death of George.
F. Baker, Chairman of the First National Bank.
1 671,000,000 1,699,000,000 4,007,000.000
Total
On demand
On time
Due from banks
Due to banks
Silver Conference Favored in Resolutions of International Chamber of Commerce.
An international conference on the silver situation is
declared to be "eminently desirable" in a resolution drafted
on May 7 by a special group of the International Chamber
of Commerce at Washington, and adopted by the Chamber
on May 9. The resolution reads:
The International Chamber of Commerce, realizing the serious consequences of the present silver situation to the economic condition of the
world, considers the convocation during the current year of a conference at
which all interested parties can be heard, for the purpose of seeking a solution to the problem, to be eminently desired and urges the national committees to bring the matter to the attention of their respective governments.
The New York "Times" in its Washington advices, May 7,
said:
Active in formulating the compromise resolution was Senator King of
Utah, who, though not a member of the chamber, took part in the discussions as spokesman of the Western producers of silver.
The agreement on the resolution, which must pass the international
chamber's resolution committee and the council before it can go before
the main body of delegates, was reached only after several hours of debate
and study by a self-appointed committee of delegates who chose Senator
King as their chairman. It was expected that Senator King would lead
a fight in the Congress of the United States at the next session to have this
Government participate in the proposed international investigation.
Leading conferees on the question were Senator King, Sir Arthur Balfour,
chairman of the British delegation; Sir Alan Anderson, director of the Bank
of England; Tsuyee Pei, manager and director of the Bank of China, who
had submitted a silver resolution, and S. R. Bomanii, friend of Mahatma
Gandhi and delegate from India.
Senator King's main occupation was to conciliate the views of the British
on the one hand and of Mr. Bomanji and Mr. Pei on the other.
The committee, after long debate, had before it a resolution merely asking
the governments of the world to take immediate action.
To this Mr. Bomanji, who on Tuesday bitterly denounced British
"manipulation" of the silver rupee in India, strongly objected.
MAY 16 1931.]
FINANCIAL CHRONICLE
3633
Policy of Great Britain on Silver Attacked—Indian
Chamber Delegate Says "Manipulation" Adds to
His Country's Deficit—World Conference Asked—
Chinese Banker, at Capital, Offered Resolution,
Saying China Will Act Alone if Unaided.
Strong criticism of the British policy in India in relation to
silver, which is the monetary basis of exchange there, developed at the first group meeting on the silver question in
Washington on May 5, when S. R.Bomanji, Indian delegate
to the congress of the International Chamber of Commerce,
ally of Mahatma Gandhi and representative in London of
the Indian Chamber of Commerce, rose to second a resolution proposing an immediate international conference on the
of that metal. The resolution finally adopted
stabilization
The further Washington advices to the "Times", May 8, is given elsewhere in these columns to-day. The developare given herewith:
ments of May 5 at Washington, which we quote at the start
Consideration of the problem of world depression in silver prices was of this item, are from the "Times",in which it was also noted:
to-day,
of
Chamber
Commerce
International
the
by
"The conference will be called," he said, 'but my country's delegates
will not be heard. Such a conference was held at Geneva, but when we
wished to appear the British chairman of the British delegation said to Us,
'I am chairman and I shall name those who will speak'. We were not
heard."
Others on the committee protested to Mr. Bomanji that for the committee
to write into the resolution the manner in which governments should conduct
the study would be to infringe on the political sphere, which the International Chamber has tried to avoid in all its deliberations.
A compromise, not wholly satisfactory but finally approved by Mr.
Bomanji, was reached with the insertion in the draft of the words "at which
all interested parties may be heard."
Sir Alan Anderson said that personally he was satisfied with the final
draft of the proposed resolution, but as Sir Arthur Balfour had been forced
to leave the meeting, Sir Alan refused to commit his delegation before
conferring with it. However, since he frequently has been referred to as
the leading economist among the British forces, his approval was considered virtually as approval by the delegation.
virtually completed
Mr. Bernardi charges that since the World War the military budget
when the resolutions committee approved a resolution drafted yesterday
British Government through shifting of
by representatives of all interested countries which requests the leading of India had been doubled by the
charges from the British to the Indian Government, and that manipulation
nations to call immediately a conference to study this question.
exchange, had added greatly to the Indian
The resolution must be approved to-morrow by the main body of the of the rupee, Indian medium of
deficit.
chamber, but this approval is considered certain.
"England moat certainly has defrauded India," he stated, reiterating
As drawn yesterday by a volunteer committee, which had chosen Senator
correspondents.
William H. King of Utah as its chairman, the resolution was approved by this charge later in talks with newspaper
Only one Englishman spoke today, Dr. H. W. Coa‘es, an economist.
the British delegation this morning and immediately handed to the comwho preceded Mr. Domani!, who confined his remarks to an economic
mittee.
standard for China.
British approval had been withheld yesterday evening when the draft study of gold as a preferable monetary
It is thought probable that a direct reply will be made by a British
published this morning was completed, as Sir Arthur Balfour, chairman of
meeting.
the delegation, was absent, and Sir Alan Anderson, the other British con- delegate to the Indian spokesman at a later
Mr. Bomanji discussed at length the Indian economic structure,in which
feree, would not commit his fellows.
ta agricultural. This class.
000,000
Senator King's participation in the deliberations was by courtesy of the he said 85% of the population of 350
that it had been injured
Chamber, as he is not a member and has no connection with it. He ap- he said, lives by the silver standard. He charged
raising the rupee's value from 1
peared, however, as the representative of Western silver producers.
greatly through governmental changes
and 6 pence.
Some of those who drew the resolution, including himself, considered it shilling and 4 pence, as was set in 1911, to I shilling
15% less
This, he said, means that the Indian selling his produce gets
only a compromise, containing perhaps one joker which may prevent the
as there are fewer
standard,
old
the
under
lay
the
in
This
fact
in English money than he would
culmination of results for which its sponsors hope.
that no special nation is asked to call the conference, and it is known that rupees in the pound sterling.
The resolution for a study of silver was introduced by Tsuyee
no major power interested in silver is anxious to see such a conference come
governor and president of the Bank of China.
about.
and added:
of
when
the
Congress
object
for
that
He termed China "the only great silver country in the world."
Although Senator King will work
to the impartial
"China is willing and anxious to throw this question open
the United States convenes next December, he is dubious of success in
or
decision,
view of the expressed views of the administration. It is not expected that discussions of all the peoples of the world before making a
no action Is
France will sponsor such a conference, and England is considered by those adopting any plan of action. But if the delay continues and
China other
Interested in the question as being loath to undertake such a study.
taken in the near future, there will be no other course open to
which, in her
China, the one nation with a silver currency, is not considered strong than to act by herself. She will be forced to take steps
people."
enough to lead the movement, which leaves those anxious to have silver opinion, will serve best the interests of her own
for consideration In a
stabilized at a value which will rehabilitate the Far East few directions
The resolution which he introduced is still open
in which to look for leadership.
group session.
of increasing gold proJohn Hays Hammond reviewed the possibilities
therefore became necessary
it
and
demonetized,
be
silver
duction, should
and India.
supply gold as a currency basis for China
showed prospects of good
Silver Problem Being Studied, According to Secretary to He
told the delegates that some few sections
of State Stimson—Says Government Is Aware of future development, but pointed out that this could not be accomplished
Crisis in China and Is Seeking Solution—Senator In a short period.
Borah Seeks International Accord.
of Silver as
British Expert Expects Abandonment
Secretary of State, Henry L. Stimson, declared in an oral
Standard of Value.
statement May 11 that the United States Government is
New
The following London cablegram, May 8,is from the
keenly aware of the crisis which has been brought about in
York
"Times".
China by the drop in the value of silver but that nothing
Royal Central Asian Society on
A. F. Algie, lecturing this week to the
could be said at this time regarding American participation the problem of silver, said that the talk of stabilizing silver's price is futile,
for establishing over the
in an international silver conference. We quote from the and merely distracts attention from the necessity
it necessary to recognize
whole world one standard of value. He believes
"United States Daily" of May 12, from which the following that
stabilization. Is insoluble;
the problem,from the viewpoint of imagined
words, he
is also taken:
but he also holds that its solution is unnecessary. In otner
Mr. Stimson's statement was made in response to inquiries as to the
Government's attitude regarding a silver conference proposed in a resolution
adopted by the International Chamber of Commerce in Washington last
week and urged by Senator Borah (Rep.). of Idaho, Chairman of the
Senate Foreign Relations Committee, in an address delivered over the
radio on May 10.
Study of Situation.
"The Department of State has been studying the situation for a long time
with a view to seeing whether anything can be done if the occasion offered,'
said Mr. Stimson, "and it is continuing to do this. Nothing beyond this
can be said regarding American participation in an international silver
conference."
Senator Borah, in his radio address, declared that concerted governmental action on the silver problem is imperative, since the purchasing
power of nearly 800,000,000 people "was suddenly and drastically lowered
by reason of governmental action in regard to silver." He said that the
drop in the price of silver followed closely on the placing of India on a gold
basis.
Buying Power Reduced.
"The silver problem is one that requires governmental action," said Senator Borah. "It cannot be solved or settled by resolutions or through
action of the citizens. Governments must deal with it, and it is difficult
to understand the delay. This depression seems not only to have reduced
the purchasing power of men but to have reduced the initiative and the
leadership of men."
The United States Senate on Feb. 20 last adopted a resolution (S. 442)
advising the President as to the depressed condition of our commerce with
China and other silver-using countries, and suggesting that the President
"if he deem it compatible with the test interests of the Government. call
or obtain an international conference, or international conferences to the
end that agreements of understanding may be obtained with respect to the
uses and status of ailver cia money."
The resolution was adopted following a report made by the Senate Committee on Foreign Relations on an investigation made by a sub-committee
headed by senator Pittman (Dean.), of Nevada,on the commercial relations
between the United States and China.
The sub-committee found that the "cause of the sudden, large and unprecedented fall in the price of slicer was the dumping upon the market
of the world of large and unusual quantities of silver bullion derived from
the melting up of silver coins in India and the debasement of silver coins
in Great Britain, France and Belgium."
left to its fate.
believes that silver as a standard of value should be
attempt before
There are, he contends, many indications that China will
Once this is accomlong to stabilize her exchanges on the gold basis.
would cease
countries
plished, China's demand for the products of other
slight raising of the
to be merely intermittent. Furthermore, only a
increase her demand for
standard of living in China would be needed to
world products to an undreamed-of extent.
J. F. Darling of Midland Bank of London Offers Silver
Plan—Would Create Super Bank of Empire for
Stabilization.
The following (Associated Press) from London, May 12,
from Ottawa, Ont.,is from the New York "Herald Tribune":
remonetization of
"The Ottawa Citizen" to-day said a project for the
been submitted to the
silver by means of a super-bank of Empire has
of England.
Bank
Midland
the
of
Government by J. F. Darling, director
lead in
The Canadian Government, the paper said, is asked to take the
summoning an empire conference on the subject.
much
Darling is known as an authority in currency and has devoted
He
study to silver and its bearing on the present economic depression.
economic
holds that restoration of the value of silver is necessary if the
capital at present.
balance of the world is to be restored. He is in the
Silver Conference Projected by China—Nanking Regime
Is Expected to Issue Invitations for a World Parley
—Tokio Move Also Awaited—Prepared to Join
Conference.
The Nationalist Government of China has under consideration the advisability of issuing an invitation for an international conference on silver, it was learned on May 14
according to a Washington dispatch that date to the New
York "Times", although, it is stated, nothing has been
received in Washington to give color to statements that the
matter has assumed a definite form and that an invitation
3634
FINANCIAL CHRONICLE
of the Chinese Government has advance acceptance by the
United States. The dispatch also stated:
As the outgrowth of developments at last week's congress of the International Chamber of Commerce in Washington the Japanese Government
also is considering whether it should take the initiative in bringing about
a conference of the countries most affected by the heavy slump in the price
of silver.
During the sessions of the International Chamber the Chinese and East
Indian delegates were emphatic in their representations that the congress
should take some action to remedy the silver situation, which was pictured
as being largely responsible for the present world-wide economic depression.
In this they had the sympathetic support of Japan's representatives.
At the solicitation of some of the American delegates, the Japanese delegation got into communication with the Tokio Government and obtained
assurances that consideration would be given to the matter of issuing an
invitation for an international conference. This situation has been made
known tothe State Department bythe Japanese Ambassadorin Washington.
Idea of Conference Favored.
The attitude of the United States Government is sympathetic to the
proposal to have a conference of the nations which, themselves or their
dependencies, make use of silver coinage.
ThIS attitude is a consequence of a series of events dating from an investigation undertaken last year by a subcommittee of the Senate Committee
on Foreign Relations headed by Senator Pittman of Nevada. The subcommittee's report was adopted unanimously by the Foreign Relations Committee and later was passed by the Senate, with a suggestion to the President
for a world conference looking to an agreement on silver.
The State Department, by direction of President Hoover, sounded out
the British Government through Ambassador Dawes. but made no headway.
At that time the MacDonald Government was engaged in the India conference and in the negotiations over the Franco-Italian naval accord and
the supposition is that it was unable to give competent consideration to
the overtures of the United States.
The position of the Hoover Administration was that the silver situation
was not one of direct importance to the United States and it thought the
British Government, because of the situation in India resulting from the
demonetization of silver there, should take the initiative.
While this government holds to the view that Great Britain is properly
the Government to initiate exchanges looking to an international gathering,
the impression is gathered that if Japan should assume the role of initiator
a sympathetic response from the United States was to be expected.
Doubts Held as to China.
The feeling in Government circles here seems to be that for the Nationalist Government of China to take the lead in the matter would not be impressive. That Government occupies a rather uncertain position, according to opinion, and while hostilities continue in Chinese territory it might
not be the part of wisdom to undertake to bring about an international conference on Chinese initiative.
As the matter appears to stand the United States Government prefers
that some other government take the lead in seeking to bring about a
silver conference.
The administration does not look with favor on a suggestion contained
in the Senate resolution that a heavy loan of silver be made to the Nanking
Government. According to some of those on whom President Hoover
would rely mainly for advice, there is plenty of silver in China, most of it
concentrated in the treaty ports for safekeeping, and additional silver
Is not needed to remedy the Chinese situation. Furthermore, the proposal
for the loan has not been received with any great degree of favor in China.
The Senate proposals, as well as the resolutions of the International
Chamber of Commerce, looked to action through the stabilization of
silver to speed the return of peace in China and the reopening of the vast
markets of Asia as a step toward world economic recovery. American trade
would be expected to benefit largely.
The framers of the Senate resolution proposed that any loan made to
China should be expended only under the direction of an international commission. The report itself suggested that 200,000.000 or more ounces
of silver now held in the treasury as reserve for silver certificates might be
loaned to the Chinese Government.
A cablegram from Shanghai May 14 to the "Times" said:
Chinese bankers, allegedly acting with the encouragement of T. V.
Soong, Finance Minister, are formulating plans for calling an international
silver conference in China.
Associated Press dispatches from Washington yesterday
[Vol.. 132.
It is probable that trading will commence about June 15 1931, and
that the first delivery month will be August.
The National Metal Exchange, Inc. will provide the only Silver
Futures Market in the world to-day.
The contract unit will be 25,000 ounces, 2% more or less, 99.9 fineness. Delivery must be made in whole large bars of usual commercial size.
Only bar silver bearing an approved brand or marking will be deliverable. There is to be an official list of approved brands or markings on
file in the office of the Secretary of the Exchange.
Reference to the plans to establish a futures market for
silver trading was made in our issues of March 7, page
1711, and April 25, page 3057.
Deliveries may be made only from licensed or designated warehouses or
vaults in the Borough of Manhattan, City of New York.
It is provided that if at any time the Board of Governors of the Exchange shall determine that particular bars of any brand or marking on
the official list have depreciated in silver content below 99.9 fineness,
deliveries of such brand or marking may thereafter be prohibited unless
the particular brand or marking is accompanied by a certificate of
analysis of one of the official assayers of the Exchange, showing a silver
fineness of 99.9.
The By-Laws provide for one day transferable notices for delivery of
silver.
Delivery is effected by tender of warehouse or vault receipt and invoice.
Silver will be paid for upon the basis of the weight stamped upon the
bars. Any claim for weight shortage must be made within 24 hours after
delivery is completed.
Trading will be for delivery in the current month and eleven succeeding
months.
Price fluctuations will be in 1/100s of a cent per 'ounce; a one point
fluctuation is equivalent to $2.50 upon a contract, and a one cent fluctuation amounts to $250.00 per contract.
The hours for trading will be from 10:00 A. H. until 3:00 P. H.
except on Saturdays, when the hours will be from 10:00 A. H. until
12:00 noon.
Great interest in the Silver Futures Market has been indicated by persons doing business in the Far East, and by those dealing in foreign
exchange. It is expected that the market will be utilized extensively by
banks and others finding occasion for hedging silver commitments.
Idle Decrease in France—Total Receiving Aid Drops
from 51,804 on April 11 to 49,958.
A cablegram as follows from Paris May 6 is taken from
the New York "Times":
French official statistics on unemployment show a diminution of the
number out of work. These figures apply only to those unemployed who
are receiving Government aid and it is admitted that the total of idle workers
is much greater than the figures indicate.
This week these figures dropped to less than 50.000 after having reached
the highest point, 51.804, on April 11. The latest number is 49,958, and
indications are that next week's returns will show a further decrease.
Police and immigration statistics at the same time show that the French
unertmloyment situation is being greatly relieved by the steadily increasing
departures of foreign workers from France. With a scarcity of labor in
normal times, France attracted many outsiders who in times of depression
tend at once to become repatriated.
France Plans Debt Conversion—Savings on Lower
Interest Charges Would Help Offset Mounting
Expenses.
In advices from Paris the "Wall Street Journal" of May
11 said:
From 1926 to 1929, inclusive, the French national income continued to
exceed expenditures, but the past year. ended March 31, closed with a
deficit topping Frs. 1,500,000.000. Since there is likely to be a decline in
revenue for the coming year, owing to poor business conditions, another
deficit probably will have to be faced a year hence.
Budget surpluses are not normal in France, those she enjoyed until
(May 15), said:
recently having been due to the sacrifices imposed on the country by
Under-Secretary of State Castle, in the first public statement on the Premier Poincaire. Thus, the recurrence of deficits causes no alarm.
silver question coming directly from administration quarters, said to-day The treasury still has large reserves. Nevertheless, the reserves cannot
that the United States was prepared to participate in an International last forever, especially as it is proposed to draw upon them heavily to
conference to discuss the silver problem.
finance public works. Since it seems very difficult to prevent expenditures
The Under-Secretary explained that in view of the fact that the interests from rising year by year, some means must be found to insure financial
than
those
of some equilibrium.
of the United States in the question were less direct
There are two ways. The first is to increase taxes. But taxes were
other nations, it was considered better that a nation other than the United
decreased only recently, and they still are heavy. The alternative remedy.
States should issue the call for a conference.
The American Government is now ready to co-operate with any nation debt conversion, is favored generally.
which issues the call, he said.
Possible Economies Through Conversion
In the war and post-war period. France was forced to borrow at high
rates, so that to-day she is paying 5% and 6% on various internal loans.
whereas 4% war loans, which are safe from conversion for 10 years to come.
have risen to above par. This year, a 1915-16 5% and two 6% loans
(1920 and 1927)—all of which are above par—become subject to conversion.
the first two at 100 and the third at 104. The nominal amount outstanding is some Fr. 60,000.000.000, and It is estimated that if the loans could
Metal Exchange, Inc. on May 12, the Committee appointed be converted entirely into a 4;1% or 4% issue, the annual saving would
be Fr. 850.000,000 or Fr. 1,150.000.000.
to prepare By-Laws and Rules for trading in Silver made its
In 1932, other loans become convertible, and the maximum saving
report. The Committee consists of:
that would be possible is reckoned at Fr. 1.400,000.000 for 1931-32 and an
extra Fr. 500,000.000 in 1932-33, while in each subsequent year, the budget
Harold L. Bache, of J. S. Bache tz Co., Chairman.
would be relieved of an additional Fr. 200,000,000.
Leo Auman, of American Metal Co.
Of course, it would be necessary to have large cash reserves to meet possiKu° Ching Li, of Wah Chang Trading Corp.
ble demands from bondholders unwilling to convert, but ample preparations
Geo. Reinhard Siedenburg, of Siedenburg di Co.
have been made. The sinking fund's credit balance with the Bank of France
August Schierenberg, of Corn, Schwarz & Co.
Is about Fr. 9.000,000,000, and, Incidentally, the Government more or less
the
Committtee
The By-Laws and Rules formulated by
pledged itself to undertake conversion operations in return for the sinking
to provide for trading in Silver Futures were unanimously fund's consent to shoulder the statutory sinking fund charges on the National
debt (some Fr. 2,000,000,000) from 1931-1932 on.
approved by the Board, and May 25, was appointed by the
Obstacles in the Wag of Conversion.
Board as the day for voting upon the proposed amendments
However, there are difficulties in the way of straight conversions. The
to the By-Laws by the members of the Exchange. The amount is much greater than in previous conversions, notably after the
Exchange on May 13, in making the foregoing announce- Franco-German war when a total equivalent to Fr. 35,000,000,000 was
involved. From 1931 to 1944, conversion could be applied to over Fr. 100.ment also said:
000,000.000'. Furthermore, the public already has submitted to a heavy
Rules for Trading in Silver Futures on National Metal
Exchange of New York Approved by Governors—
Trading Expected to Begin About June 15.
At a meeting of the Board of Governors of the National
MAY 16 1931.]
FINANCIAL CHRONICLE
sacrifice of income through the devalorization of the franc. The Frenchman
who bought a 1915-16 5% rente when issued and still holds it receives one
franc gold interest instead of five. Therefore, be would have just reason for
complaint if he were offered a 4% rente in exchange for his 5%.
Accordingly, the question arises as to whether the bondholder should be
given a third choice—that of exchanging his rente for a German reparation
bond to yield, say, 5%%. France, like the other creditor nations, has the
right to mobilize on her own market her share of the unconditional German
annuities. She would prefer an international operation of the Young loan
type, but there is small prospect of that either this year or next. The
reception on internal offer of German bonds would meet is doubtful.
French Savings Deposits Increase in 1930.
The savings banks of France report a very favorable year
in 1930 with a substantial increase in deposits, according
to advices received in the Commerce Department's Finance
and Investment Division from Assistant Trade Commissioner
Eugene A. Masuret at Paris. The Department in indicating
this May 11 adds:
Total deposits on Dec. 31 1930, amounted to 23,556,000,000 francs
(franc equals $.0392 at par), as compared with 20,313,000,000 francs in
the preceding year, representing a gain of approximately 1.6%.
At the close of each year there were 560 savings banks in operation in
France and Algeria, but the number of passbooks at the end of 1930 increased 2.7% to 9,563,221 as compared with the previous year. The average
balance per passbook increased from 2,180 francs to 2,463 francs. This represented a total of 217 depositors per 1.000 inhabitants at the end of 1930.
The maximum deposit allowed in the ordinary savings banks was increased
from 12,000 to 20.000 francs for individuals and from 50,000 to 100,000
francs for mutual aid socieities and specially authorized institutions.
The Government securities purchased in 1930 by the Caisses des Depots
et Consignation—a Government institution administering savings funds—
on behalf of the caisses d'espargne ordinaries, absorbed 10,944,017 francs as
compared with 9,428,278 francs in 1929. These securities were purchased
to reduce the accounts exceeding the maximum deposit allowed.
The amount of interest paid for 1930, to the profit of the caisses d'epargne
ordinaries by the Caisse des Depots et Consignation, at the rate of 4%,
reached 883.624,372 francs. The interest which the caisses d'espargne
ordinaries allowed their depositors, at a rate varying between 3.75 and 3.50
per cent, may be estimated at approximately 810,000.000 francs. The
difference forms the profits out of which the ordinary savings banks pay
their expenses. In addition to the ordinary savings banks, there is a large
system of postal savings banks which had 8,673,377 accounts at the end of
,1929 with total deposits of 11.685,105.949 francs. Their report for 1930
has not been published as yet.
New Foreign Securities to Be Listed on Paris Bourse.
From the New York "Times" we take the following
(Associated Press) from Paris, May 8:
Semi-official announcement was made to-day that the Finance Ministry
had reached an agreement with the Brokers' Associabon for the listing of
certain foreign securities on the French Stock Exchange.
Certain securities provisionally selected have been approved by the
authorities and the Ministry will authorize their listing, It was said. The
names of the stocks were not announced and it could not be learned whether
any American securities are among them.
3635
reach an agreement over the question of the Ottoman debt which will
be satisfactory to both Governments."
The loan to Jugoslavia will be issued by a group of French banks and
a small part will be taken by foreign banks. More than half of the bonds
will be sold in the French market.
The conclusion of this agreement was the subject of great interest on
the Paris Bourse to-day, and Serbian bonds took a sudden rise.
A Paris cablegram, May 12, to the "Times" referring to
the loan said:
The definite conclusion of the Jugoslav stabilization loan of 1,000.000.000
French francs ($40.000,000] removes all obstacles to the stabilization of
the dinar. In anticipation of this event the World Bank board has allotted to the national bank of Jugoslavia 4,000 of its shares to be turned
over when stabilization is completed.
In connection with the issuance of the loan there is some comment over
the absence of either British or American banks from the transaction.
Six hundred and seventy-five million francs of the loan will be placed in
France and the remainder will be issued in Switzerland, Holland, Sweden,
Czechoslovakia and Jugoslavia herself.
While this may be attributed to some extent to unfavorable condition,
In the New York and London bond markets, the chief reason is said to be
the continued lack of co-operation between Paris and the Anglo-Saxon
financial centres. The Jugoslav loan is said to be by no means an isolated
case and British circles see a decided tendency for Paris to become the banker
of the Continent, with London financing the British Empire, part of South
America and the Far East,and New York concentrating on Latin America
and the Far East.
International banking circles feel it would be much better if the Issues
had the widest possible flotation instead of being confined to relatively
limited areas. Thus the risk would be spread out and various operations
would profit from the triple support of the three great financial centres of
the world today.
The following from Washington, May 8, is from the
"Times" of May 9:
Dr. Stanko Shverlyuga, Minister of Finance of Jugoslavia, today concluded with an international banking group at Paris a loan ofabout $42,000.000. according to a cable message received to-day from the Belgrade Government by Dr. Leonide Pitamic, the Jugoslav Minister to the United
States. The message read:
"The Minister of Finance has informed the government that he has
to-day concluded and signed the loan in Paris. This loan, concluded with
an international banking group, headed by the Union Parisienne, amounts
to 1,025.000,000 French francs, approximately 42.000,000 American
dollars. The loan is for 40 years, with an interest rate of 7%. The price
of issue is 87% with possible conversion after five years.
"Toe loan is strictly financial and will be used in part for stabilization
of the dinar and in part for public works. This loan has been concluded
on better terms than any preceding loan concluded by Jugoslavia or by any
of the countries of Central Europe. The fact that the international banking
group has given this loan is another proof of the confidence which foreign
financial circles have in the future of Jugoslavia."
An item regarding the loan appeared in our issue of
May 2, page 3255.
Lisbon, Portugal, to Stabilize Currency Soon—Paris
Hears Operation Will Be Carried Out Without
Resort to External Credits—Seat on Banks for
International Settlements Likely—Another Place
Minister of Finance Flandin Denies France Drew Gold
at Basle Probably Will Go to Jugoslavia.
Deliberately—Says Flow to Country Has Even
From its Paris correspondent the New York "Times"
Hurt It—Suggests Waste in Other Countries.
on May 12 reported the following:
France is not responsible for the accumulation of gold in
French financial circles expect an early announcement concerning the
on a gold basis. According to reliable
the Bank of France and has even suffered from it, Pierre- stabilization of Portuguese currency
Information received here, the operation will be carried out without the
Etienne Flandin, Minister of Finance, declared on May 6 assistance of the usual external credit, the finances of the country being
in speaking to members of the financial press at a banquet in regarded as sufficient to meet the needs of the situation.
One of the nine vacant seats on the board of the Bank for International
Paris. This is noted in a Paris cablegram to the New York Settlements
at Basle probably will be given to Portugal when she completes
"Times," whose advices continued:
the stabilization process.
It has been the understanding that two of these vacancies were being
The French Finance Minister was replying to statements of Dr. Hans
Luther, President of the Reichsbank, woo recently linked the questions of held for central banks which were contemplating stabilization of their
world gold distribution and reparations. It was M. Flandin's contention currency on the gold basis. The World Bank has encouraged all efforts
that the accumulation of gold resulted from psychological factors beyond at gold stabilization and although the Portuguese Government has not
sought outside financial assistance it is not unlikely that it has solicited
the control of finance.
He showed that while the gold in the Bank of France's vaults had in- the advice of the World Bank officials.
The other seat probably will be given to the central Bank of Jugoslavia
creased 13.000,000,000 francs (about $520,000,000) between March 1930,
and Marcn 1931. only 2,500,000.000 francs were received from reparations. now that plans are under way in that country for the stabilization of curbesides
influences
governmental
"There are, therefore, other
payments," rency on the gold basis.
be said, "and particularly movements of capital induced by psychological
causes wnich disturb the regulating play of discount and lending rates
Flowing to Berlin—Shipments from
Such disturbances bring no advantage to anybody, and the French economic Russian Gold
Moscow Since Beginning of Year Totaled $29,position has suffered from them with the unfavorable effects of overproduction, wnich she has done less than any other nation to bring about.
000,000.
"French cities have not been the ones to borrow at 8 or 9% in order to
It was noted in a wireless message May 8 from Berlin
construct vast stadiums, monumental theatres and Babylonian railway
stations, and French industry has not sought to increase its means of pro- to the New York "Times" that of the past week's increase
duction beyond the needs of her markets.
"The fact that capital has not moved toward the countries which have of 67 million marks in the Reichsbank's gold reserve, 21
done such things, and has, in fact, taken refuge in France, Is a result and millions was due to further remittances of Russian gold.
not a cause."
It was likewise stated:
The import of Russian gold to Berlin during the year to date has been
121 million marks, or $29,000,000. Since the Reichsbank's total note
circulation is now 250 millions below the same date in 1930, it is hoped
that the Reichsbank will, after all, reduce the official rate. Such action Is
doubtless favored by Thursday's (May 7) reduction at the New York
Federal Reserve, but it may still depend on whether the Bank of England
follows suit.
Germany's home capital market is slightly more active. Public corporations and utilities can now float small loans at 7% with subscription price
at 96 to 95, and 7% mortgage bonds are selling at better prices than 8%
commanded six months ago. The only foreign loan placed in April was the
25.000,000 Swiss franc loan to the State of Wuerttemberg. German
The purpose of the loan, according to the communique, is to permit banks consider that, despite numerous projects for better internationathe stabilization of the dinar.
distribution of capital, the outlook for German foreign long-term loans 11
"During the course of the negotiations relating to the loan," the state- not promising. The banks point to the revision in Wall Street's bond ins
ment says, "the Jugoslav Government, which by the accords of April 1930, dex during the last two months, and predict that until a new revival in
settled questions involved in the service of Serbian pre-war loans, gave the bond market stimulates confidence, America will still abstain from
the French Government formal assurances of its intention likewise to foreign lending.
France Concludes Loan to Jugoslavia-342,000,000 Will
Be Used by Belgrade for Stabilization of Money
and Public Works—Ottoman Debt Is Linked.
A communique issued by the French Ministry of Finance
at Paris on May 8 announced the completion of the negotiations for a French loan to Jugoslavia, according to a Paris
cablegram on that date to the New York "Times" which
likewise stated:
FINANCIAL CHRONICLE
3636
The Prussian Trade Ministry's monthly report takes the ground that the
recent industrial revival was purely seasonal. It discerns no lasting improvement, but nevertheless considers that the bottom of the depression is past.
Sales of coal declined further in April, and dumps of unsold coal in the Ruhr
district now amount to 9.000,000 tons.
Proposed German Bond Issues.
The "Wall Street Journal" carried the following item
from Berlin in its May 11 issue:
A proposed treasury note issue of Rm. 250,000,000 to run five years
Is the result of the unsatisfactory tax returns. Financial circles are anxious,
as it is questionable whether the banks can float this new issue successfully
at the present time. The Reichsbank is also believed to be entering the
credit markets shortly for a loan of Rm.200,000.000 for construction work
which has already been initiated. Profits of the Reichsbank in the first
quarter totaled Rm. 170,000,000 less than in the corresponding period of
1930 and were Rm.300,000,000 below the first quarter results of 1929.
German Finance Minister Says United States Problems
Prevent Debt Revision—Asserts Question Will Be
Taken Up When Time Is Ripe.
From the New York "Times" we take the following from
Dresden May 3:
American interest in revision of the reparation commitments was not
large, Finance Minister Dietrich declared in a speech here to-day. The
American Secretary of the Treasury, Herr Dietrich said, had problems
enough on his hands and, therefore, the present was not a suitable time
for bringing up the question once more.
"The German Government is fully conscious of the terrific difficulties
=rounding this question of reparations," he said. "Yet it will not hesitate
to take it up when the time is ripe."
He asserted that "among those who understand the situation there
is no difference of opinion on reparations; it is only among the people at
large that disagreement exists." From intimations in his speech, observers are inclined to believe that Herr Dietrich wished to indicate that the
problem was likely to become acute toward the end of the year.
The German Government was determined to cling fast at Geneva to
the proposed customs union with Austria, he asserted, turning to more
immediate ways of lightening the Reich's economic burdens. A lively
Summer was likely despite the adjournment of the Reichstag, he predicted,
and he recited the deficit figures and the losses which the German banking
world had suffered following the September elections as hindrances which
must be overcome before Germany could regain economic good health.
The Reichsbank lost more than $250,000,000 following the National
Socialist victory, while at the same time $500,000 was withdrawn from ail
German banks, he said.
Meanwhile, it was reported in Berlin that a commission composed of
the Chancellor and the Ministers of Finance and Labor had been formed
to prepare a plan for overcoming the National deficit of $300,000,000.
The plan is to be laid before the whole Cabinet. The reform of unemployment insurance by increasing premiums and further reductions in the State's
running expenses are among measures likely to be taken, It is learned,
while $25,060,000 to $30,000,000 in unexpected income front the increased
duty on wheat also will help. Postponement of dividends on earlier National loans, which amont to $100,000,000 yearly, also is being considered.
Ask Debt
Chancellor Bruening of Germany Refuses to
Change—Stands by His Resolve to Meet Young
First—
Plan, Despite Critics—Asks Economies
Order
Before
in
House
Own
Its
Put
Must
Reich
Asking Powers to Lower Reparations.
In a wireless message from Kloppenburg (Germany)
May 10 the New York "Times" stated that Dr. Heinrich
Bruening, Germany's silent Chancellor, stepped out of his
reserve and seizing the opportunity of a political meeting in
the town replied to domestic and foreign criticism of his
policy by outlining with great emphasis his political program.
The further report to the "Times" said:
Despite all criticism and persistent advice from the opposition that the
Government demand the immediate revision of the Young Plan, he dedared he was firmly determined to make an end of the political experiments by previous Cabinets and put German economy at all costs upon
sound financial basis without looking to the left or right.
[VoL. 132.
"A quiet, peaceful atmosphere willIbe created in the world only if it be
generally realized that the German nation is making daily sacrifices to the
Idea of peace. The sacrifices of the German nation are so tremendous
that the world has no apprehension of their magnitude."
Asks End of Extravagance.
He admitted that Germany has made it hard for the world to realize these
facts by putting up buildings and institutions which it could not afford
even In Peace time, and repeated the statement that all this has to end
now and Germany must realize that the lost war must be liquidated. The
task of the world is to restore confidence, which is only possible if the
victorious nations have the courage to do justice to the vanquished, he
declared.
Turning to domestic politics, Chancellor Bruening assailed the methods
of the Opposition, which Is promising miracles to its followers and demanding impossibilities of the Government. He asserted that he will not take the
parties of the Right—led by Adolf Hitler and Alfred Hugenberg—into
his cabinet so long as they have not the courage to tell their followers the
truth and refrain from demagogic methods.
The Chancellor made no reference to the Washington resolution of the
International Chamber of Commerce and there are only a few cautious
press comments. While the Fraitkfurter Zeitung hails the resolution as
a success for the German delegation, which induced the convention to
admit that a revision of debts was finally unavoidable, Dr. Hugenberg's
papers declare it would be a dangerous error to regard the resolutions as
a first step toward sound revision of the Young plan. Germany cannot
be satisfied with non-committal observations on the effects of the war
debts, since every day it is meeting the practical problem of extending
exports and reducing imports, Der Tag declares.
Bergwerkszeitung, representing the Ruhr industrial interests, says that
Germany, which has no way of forcing a reduction in armaments on her
neighbors, cannot afford to wait passively for President Hoover's disarmament demand to be put into effect.
Dr. Luther, German Reichsbank Head, Says Reparations Will Be Harmful to Entire World—Pleads
for Lighter Burden—Reviews Results from Taxation.
In a plea
for political and economic world co-operation,
Dr. Hans Luther, President of the German Reichsbank, in
addressing a meeting of the Continental Rotary Clubs at
Luxemburg, asserted the economic salvation of the world
depends upon the courage of leaders to jump political
obstructions and face the facts as they are. He said the
most important facts to be faced are that reparation payments would become unbearable for Germany and harmful
to the entire world. Reporting this a cablegram May 2
to the New York "Times" from Luxemburg went on to say:
The frequently-heard assertion that reparations make up only slightly
more than 7% of Germany's total expenditures for public purposes is
misleading, he said, because the large expenditures are not the consequence
of German extravagance but of poverty and are essentially for the relief
of the poor. This poverty, he stressed, makes reparations payments a
particularly heavy burden for Germany, which is forced to pay her debts
from taxes levied on small incomes.
Explains German Taxation.
It is true, he said, that the taxation per capita in Germany is not higher
than in France and undoubtedly is lower than in Britain, but he said the
other countries could afford higher taxes
"Large incomes and great fortunes are much rarer in Germany than in
Britain and the United States," he asserted. "The incomes over $12,000
contribute 70% of the income tax in Britain and 20% in Germany.
"In Germany only 16,669, or one-tenth of 1% of the taxpayers, have
such incomes, while there are 276,968. or 11.5%, in the United States and
2% in Britain. Consequently, a large proportion of incomes are free from
Income taxes in those countries, while Germany cannot afford to exempt
profits of companies are
lower Incomes. Moreover, income taxes on the
paid twice in Germany, by the companies and again by the individual
shareholders.
"To form a correct idea of the burden which reparations impose upon
Germany it must be remembered to what extent German National wealth
was destroyed by the war and what a high proportion of the national
territorial
earning power is absorbed by reparations. Not considering
losses. Germany's payments to the victorious nations and other kinds of
the
national
wealth
half
destruction of capital are already estimated at
of the country.
"On the other hand, the growth of national wealth is so small that it
is by no means sufficient to meet even approximately the foreign obligations. The percentage of national income derived from capital investments decreased from 13% before the war to 5 now."
Time for Words Over, Ile Says.
"The time of empty words and threats is over." he said. "Only a fearless. niatter-of-fact policy can save Germany.
German Millionaires Decrease.
"Whoever thinks the Government would be successful in negotiations
The number of German millionaires fell off from 15,500 before the war
for a reduction of foreign debts, before putting its own house into order,
value of estates in Germany
is greatly mistaken," he continued. "The first attempt to tevise reparations to 2,500 in 1027, Dr. Luther said, and the total
in Britain, there betng 29
in 1928 proved this conclusively. The Government would neglect respon- liable to taxation in 1928 was one-tenth that
sibility if it took steps toward lowering the reparation burden, which in estates exceeding 1,000,000 marks (about $240.000) in Germany, compared
principle it recognizes as a necessity, without creating first a basis where- with 58 in Britain exceeding 10,000,000 marks.
At a certain point a bearable burden suddenly becomes unbearable,
upon It can carry out successfully those difficult negotiations."
as he
The one outstanding necessity for Germany. he emphasized, is to make he went on, because the burden on the individual becomes heavier
cannot save
an end to further borrowing and cut down expenditures to the utmost limit. approaches the minimum level of subsistence. Germany
expendibecause
public
said,
and
particularly
said,
he
reparations by economies in other fields,
German business must realize this state of affairs, he
poor do not exceed those
the necessity of building up new capital reserves and creating jobs for tures, despite the greater need for relief of the
the
of
power
masses.
Ile
purchasing
the
raising
In
by
Britain and are smaller than those in Sweden and Switzerland.
unemployed
of
millions
Enumerating a number of serious drawbacks in international co-operation
announced that the Government will present in two weeks a detailed plan
had upset the ecoof how these economies were to be effected, since at the present there are which the war has caused, Dr. Luther said reparations
disclosed.
be
yet
nomic and monetary order of the world. Reparation payments, determined
certain reasons why the plans cannot
politically and not economically, prevent the natural circulation of capital.
Sees Need of Facing Facts.
he contended, because they do not flow back into international business
facing
of
necessity
the
stressed
Chancellor
the
address
Throughout his
In the form of capital but are stored in the countries which receive them.
compromise and without
of
along
fear
without
accordingly,
acting
facts and
The result, he said, is a false distribution of gold. Further progress
opposition as well as French.
any agitation. This was addressed to German
the lines followed so far is impossible, he concluded.
the
to
respect
Austro-German
with
Re expressed profound regret that,
as a "purely economic question,
customs union, which he characterized
agitation has created nervousness Irish Budget Shows Surplus Amid Slump—Betting Tax
without any hidden political aspects,"
an absolutely false light.
abroad which places Germany's policy in
Dropped—Few Taxes Increased.
statesmen have made use of
"I regret deeply the fact that responsible
German
the
by
on
carried
now
Finance Minister Blythe's ninth budget was presented in
the word 'war'in connection with the policy
the word 'war'from their the Irish Dail on May 6,according to the New York "Times"
Government," he said. "Statesmen woo eliminate
'Soldiers of Peace' but
vocabulary serve peace best. We are not only
account from Dublin Mr. Blythe's budget speech opened
victims of peace.
MAY 16 1931.]
FINANCIAL CHRONICLE
with the news that despite the world depression the taxation yield was considerably in excess of the estimate and
that there was a small surplus. The cablegram continued:
The income tax produced $250,000 more than in the previous year,
exceeding the estimate by more than $1,250.000, but the liquor tax was
disappointing. The net revenue for the coming year was estimated at
1123,305.000 and expenditures at $131,821,250.
The public debt stood at $146,905,000 at the close of the financial year.
The net national debt of $576,370.000 represented an increase of $2,000,000
above last year's account because of abnormal charges, but from the standpoint of ordinary exchequer transactions, the debt fell by $1,330,000.
To aid agriculture, the Dail was asked to allocate an additional $3,750.000 toward the relief of taxes for a few years. An additional tax of 8
cents a gallon was placed on gasoline. The customs duty on sugar was
raised 2 cents a pound and a tax of 2 cents a pound was placed on homemanufactured sugar. The entertainment tax on talking films was increased
from 2 cents to 6 cents a foot.
A popular feature was the abolition of the tax on race-course betting.
Mr. Blythe predicted a more difficult budget next year and urged drastic economies in government expenditure, but said there were no signs of
a catastrophic fall in any direction. Contrary to expectations, there was
little in the budget to indicate that an early general election is contemplated.
3637
The directors of the Kreditanstalt declare the bank incurred a loss of
$8,500,000 by its rescue of the Bodenkreditanstalt when the latter became
insolvent at the end of 1929. Further heavy losses were caused by the
depreciation of shares held as collateral. The remainder of the lose
is attributed to the failure of commercial undertakings in which the bank
was interested, many of which became insolvent during 1930 and 1931.
The bank had a capital of $18,000,000 and open reserves of $5,000,000,
and its losses amounted to $20,000,000.
The same paper reported the following from Basle May 12:
The news that Austria is going to ask the Control Committee's authority
to issue 100,000,000 shillings in treasury bonds is confirmed at the World
Bank here. Hope is expressed in high quarters that the committee will
"treat the question as a business matter" and grant the request without
delay.
The meeting is obviously awaiting with some concern, not all of which
appears due to the usual tendency of bankers to distrust politicians.
The Board of the Bank for International Settlements meets here on
Monday, when it is confidentially expected that it will adopt a new policy,
recommended by the Brussels committee, extending investments rather
heavily in the medium-term field of one-to-five-year credits. The question. therefore, is already being discussed as to whether the World Bank
will take a share in the three-year treasury bills Austria hopes Geneva
will let it issue. The argument is being raised that the bank is unable
to do this on the ground that it would be advancing money to a government,
which the statutes forbid.
Deficit Forecast in Belfast's Budget, Introduced in
Northern Ireland Parliament—$2,000,000 Economies Listed—Only $375,000 to Be Contributed to Danish Interest Rates—Opinion Growing That Deposit
Rates Should Be Lowered.
British Exchequer.
13
is
May
from the
From the "Wall Street Journal" of May 6 we take the
The following Belfast cablegram
following from Copenhagen:
New York "Times":
Despite the fact that the Danish bank rate is 3%.no less than 50% of
The budget was introduced in the Parliament of Northern Ireland to-day,
revealing that the financial affairs of the Belfast Government were far all deposits in Danish joint stock banks, and 58% of all deposits in savings
from flourishing because of the trade depression. Though no new taxation banks earn more than 4% interest, according to a survey by the Danish
was imposed, various expedients were adopted to balance the budget.
Statistical Department.
While some reduction in deposit rates was made by the savings banks last
To meet a deficit of $225.000 anticipated for the coming year, $600,000
will be taken from the road fund, while drastic economies amount to $2,- year, there still were 233 rural and 15 urban savings banks which on Jan. 31.
and 56
000,000. Contributions to the British Exchequer, originally fixed at last, paid 4%% interest on ordinary deposits, 28 which paid 4
which paid 5%. Among Joint stock banks, the three Copenhagen banks
140,000.000. were cut to $375.000, against $750.000 last year.
Northern Ireland possesses limited powers of taxation. Its Parliament have a preponderant influence, and these pay 33i% or less on deposits;
can raise only a fraction of the required revenue. A seventeenth of the with the result that about one-third of all deposits in the joint stock banks
tax revenue for the coming year was imposed by the British budget. Cus- earn 3 % or less. though 37% of all deposits earn between 431% and 4 %•
toms and excise duties and the income tax also are excluded from Belfast Fourteen joint stock banks pay 4ji %, two pay 5% and one pays 6%.
The opinion is growing that steps should be taken to force down deposit
control. The British Government makes an annual grant to the Northern
Ireland Government of about $2,500,000.
rates, so as to enable rates on advances to be reduced concurrently. As a
Mr. Henderson, Unionist member in the Belfast Parliament, asserted first step, the Bank of Denmark is being urged to pursue an energetic open
In the budget debate to-day that the Irish Free State. with complete control market policy so as to make the 3Ji% bank rate fully effective.
of all affairs, was much better off than Northern Ireland. Joseph Devlin
recommended unity with the Free State as a remedy for Northern Ireland's
Consolidation Characterizes Recent Japanese Banking
financial troubles.
Austria Acts to Save Biggest Private Bank—Government and Other Banks to Advance $23,000,000 to
Kreditanstalt—Loan from Bank for International
Settlements Reported Sought by Austria.
In a Vienna cablegram to the New York "Times" on
May 12, it was stated that the news (the previous day)
that the Austrian Government had come to the relief of the
Kreditanstalt prevented an expected run on the bank on the
12th attaining panic proportions. The Vienna Stock Exchange took the news calmly, reflecting it in a general lack
of trading, said the "Times" message, which also contained
the following advices:
Other consequences of the Government's action became apparent to-day,
arousing considerable concern in political, financial and industrial circles.
To obtain the $23,000.000 needed to help the Kreditansalt to wipe out its
dosses and give it sufficient capital to continue in business, the Government
must float a foreign loan, for which it must obtain permission from the
control commission, which has been summoned to meet in Geneva to report
on the proposed Austro-German customs union. ...
Austria plans to issue its proposed new national loan through the Bank
for International Settlements.
As the Kreditanstalt had more than $100,000,000 in foreign obligations
It is rumored that its position was made unexpectedly precarious by the
withdrawal for political purposes of French short-term loans.
Complaints are being made that in the absorption of the Bodencredit by
the Kreditanstalt the shareholders of the former were not required to
make sufficient sacrifices and that the House of Rothschild, which controls the Kreditanstalt, is not bearing a sufficiently large proportion of the
losses of the latter institution. Writing off only 25% of the Kreditanstalt
stock is criticized as insufficient.
Surprise is expressed because the Rothschilds, instead of floating the
greater part of the $20,000,000 which will be necessary, making recourse
to the Bank for International Settlements unnecessary, are writing off
only 11,000,000 worth of shares which they owned in the Kreditanstalt and
are raising $3,300,000 of new capital.
A Vienna cablegram on May 11 bearing on the difficulties
of the bank is quoted as follows from the "Times":
Prompt action by the Austrian Government and banks in advancing
423,000,000 to the ICreditanstalt fur Handel und Gewerbe is believed to
have saved from failure the country's largest private bank.
Had news of the bank's condition become known prematurely, according
to its directors, a run probably would have resulted which would have
forced it to close its doors within 24 hours. As it is, an official statement
of the bank's condition will be relased this morning, together with an announcement of the program for its rehabilitation.
The first step in strengthening the position of the Kreditanstalt will be
to reduce its share capital to $13,330,000 by writing off 25% of its stock.
Together with the bank's open reserves, this would leave about $10.000.000
from the Kreditanstalt's own resources to meet its losses.
The Government will advance $14,250,000. and approximately $4,250,000
each will be provided by the National Bank of Austria and the banking
house of Rothschild, principal shareholder in the Kreditanstalt.
To make available the Government fund, it will be necessary to apply
to Parliament, which already has been summoned to meet on Wednesday
for the purpose, to pass an enabling act authorizing the issue of treasury
bonds.
Development—Commerce Department Study Reveals Marked Decline in Number of Banks Since
1924.
That the movement toward bank consolidation which in
recent years has been a notable development in leading Occidental countries has extended to Japan is revealed in a study
of the banking system of that country which the Commerce
Department has issued. This study, made in the Finance and
Investment division of the Department by H. M. Bratter,
specialist in Far Eastern finance, shows a decrease in the
number of head-offices of . apanese banks from 1,629 in
1924 to 782 in 1930. In the earlier period there Were
operating 5,324 branches while in the latter there were 4,768
branches and 1,957 sub-branches. The Department on
May 6 also has the following to say:
This movement toward bank consolidation in Japan, it is pointed out,
began as far back as 1896, but it received its main impetus as a result of
the financial panic of 1927. The trend is not confined to commercial banks
alone, but is evident also in connection with savings banks and trust
companies.
study disGovernment banks, known as "special" banks, Mr. Bratter's
closes, hold a dominant position in the Japanese banking system. These
leading
the
of
include
several
1928.
in
32
"special" banks, which numbered
financial institutions of the country, among them the Bank of Japan,
the Yokohama Specie Bank, the Bank of Taiwan, and the Industrial Bank
of Japan. The first-named is the central bank of issue and follows closely
the traditional pattern of a central bank. In certain respects, however,
the study shows that the Bank of Japan is handicapped in fulfilling the
functions of a bankers' bank because of the peculiarities of the Japanese
banking system. Important among these reasons is the high degree of
independence of the large family banks, such as "The Big Five."
In the absence of a well-developed investment market in Japan, the
place.
study reveals, the postal savings system fills a unique and important
It garners the savings of the working people in small amounts, which form
of
Ministry
the
of
an astonishingly large fund, and through a section
various
Finance known as the Deposits Bureau, makes them available to
special mortgage banks, which are thereby enabled to finance agriculture
and industry. The latter banks also raise money by the public sale of
debentures, and at times provide a very useful financial assistance to the
Treasury.
The present study, Commerce Department officials declared. Is belleved
to be one of the most comprehensive analyses of Japanese banking in
English available in a single volume. Together with the subjects outlined
above, it discusses savings banks, trust companies, investment banking,
clearing houses, stock exchanges and foreign banks. The report has been
issued as Trade Promotion Series No. 116. Copies may be obtained for
50 cents from branch offices of the Bureau of Foreign and Domestic Com_
merce which are located in the important trade centers of the country
Central Bank of China Begins Issue of Notes in
Customs Gold Unit.
The Department of Commerce at Washington,in its weekly
survey of conditions abroad, made available May 10, said:
To facilitate payment of customs duties in the new customs gold unit,
the Central Bank of China will, on May 1, begin an issue of notes in the
3638
FINANCIAL CHRONICLE
customs gold unit. The notes will be in denominations of ten cents to ten
dollars, and be redeemable on demand in gold drafts on foreign financial
centres for sums upwards of one thousand customs gold units and lesser
amounts in local currency at current rates of exchange. The notes will be
acceptable by customs collections throughout China, without discount.
Industrial Program Along Lines of "Five-Year Plan"
Urged for China.
An industrialization program for China which would inaugurate factories under Government auspices along the
lines of a "five-year plan" has been proposed by the Chinese
Ministries of Finance and Industry, according to Chinese
trade advices forwarded to the Commerce Department by
Commercial Attache Julean Arnold at Shanghai. The
Chinese report was issued May 6 by the Department as
follows:
As a result of joint deliberations between the Ministries of Industry and
Finance a $15,000,000 Industrial Loan for the organization of five Governfactories, namely, a textile factory, a woolen mill, a salt and sugar refinery
and a chemical works to promote the development of domestic industry,
will shortly be issued. Measures governing the security and the sinking
fund are under formulation. A committee in charge of Governmentmanaged Basic Industries will shortly be appointed by the Ministry of
Industry for the opening and management of the factories.
An order of the National Government to all organs directly under its
control instructs that all Governmentemployees be encouraged to use woolen
materials of native manufacture as an example to the people, in order that
plans of the Ministry for the establishment of woolen mills may be a success.
The order states that the Ministry, in conformity with a resolution of the
recent National Industrial and Commercial Conference is drawing up a
project for the establishment of woolen mills in the Northwest and the
East. According to the resolution, the Government will furnish the necessary capital for factories in the Northwest. In the East factories are to be
opened in Canton. Shanghai and Tientsin and private interests will be encouraged to invest in such enterprises.
The resolution also called for the improvement of the grade of wool at
present available as well as for the enlistment of experts on this line so as
to ensure the success of the scheme.
Bohemian Discount Bank Reports Profits for 1930 of
Kc. 26,787,758 Against Kc. 36,847,745 for 1939—
Dividends Reduced from 11 to 9%.
Due to lower interest rates prevailing last year the
Bohemian Discount Bank and Society of Credit, Prague,
Czecho-Slovakia, in its annual report, it is announced, shows
net profits for 1930 amounting to Kc. 26,767,758, against
Kc. 36,847,745 reported for 1929. The bank also announced
a reduction in its dividend from 11 to 9%. The actual
volume of business transacted last year, the report states,
showed little change from the previous year, and total
resources and deposits also showed little change compared
with 1929. the former aggregating Kc. 4,406,999,695 at the
end of 1930, while deposits amounted to Kc. 1,239,906,927.
[Vou 132.
secure the maintenance of budget equilibrium beyond that already made
at the beginning of the financial year 1931.
The estimates of 1930 foreshadowed an expenditure of 135,113 contos
gold and 1,639,115 contos paper (or an approximate total of $205,441,350.
figured according to the average rate of exchange in 1931). As now revised,
the level of annual expenditure is estimated at 114,222 contos gold and
1,357,016 contos paper (or an approximate total of$171,383,380),equivalent
to a reduction in expenditure of 423,115 contos paper (approximately
$34,057,970).
Increases of taxation since 1930, mainly in consumption tax on luxury
goods and in income tax, will add 376,570 contos paper (approximately
$30,125,600).
The total amount of annual savings in expenditures and production of
new taxes, as compared with 1930, is thus estimated at 799,685 contos
(approximately $64,183,570). As a consequence, ordinary receipts and
expenditures balance at a level of 2,131,474 and 2,128,020 contos paper
(approximately $170,517,920 and $170,241,000, respectively) for a 12months' period.
New taxation now introduced (over and above increases earlier in 1931)
includes 50% increase in internal consumption tax on tobacco, drink,jewels,
Perfumes; 10% increase on other articles, as well as increased taxation on
the production of matches and increase of income tax by one-third.
The results of the above measures will not entirely accrue in the financial
year 1931, of which four months already have elapsed, but, owing to the
receipt as extraordinary revenue in 1931 of 28,127 contos gold (approximately $15,469,850)from the Caixa de Estabilizacao (Stabilization Bureau),
it is estimated that the financial year 1931 will show a budget surplus of
113,205 contos paper (approximately $9,056,400), as follows: Redeipts of
2,288,597 (approximately $183,087,760); expenditures, 2,175,392 (approximately $174,031,360).
The Brazilian Ministry of Finance will publish monthly a statement of
revenue and expenditures showing the execution of this budget.
Brazil Raises Match Tax—Forced-Price Increase of
100% Leads to Protests.
Sao Paulo advices May 13 to the New York "Times"
noting the issuance of a decree by the Provisional Government increasing the sales tax on phosphorous matches from
35 reis per box to 90 reis (about 1 cent), forcing the retail
selling price up 100%, adds:
The front pages of leading newspapers In Rio de Janeiro and Sao Paulo
are devoting columns to the issue, hoping to get the price reduced.
Following the price increase, jewelry and cigar stores announced that
their stocks of automatic lighters were exhausted in less than a day. The
Government retaliated by placing a high sales tax on the heretofore exempt
lighters and increasing the import tax. Importers of lighters are now
protesting.
A. E. Bunge of Bank of Nation of Argentina on Political
and Economic Conditions in That Country, Says
Former President Alvear is Working in Accord
with President Uriburu Toward Constructive
Election.
A. Iselin & Co., in a telephone conversation this week
with Dr. Alejandro E. Bunge, Director of the Banco de la
Nacion Argentina, of Buenos Aires, were given the following information regarding political and economic conditions in that country:
"The Government of Argentina, headed by General Uriburu, enjoys the
full confidence of the army, the navy, and the important people of
Argentina. The political situation remains absolutely cairn, and never
in the history of Argentina, as far as can be remembered, has any Government enjoyed the confidence of the people to the extent now obtaining.
The tranquility of the country is further assured by the support of the
army and the navy. Both are fully in accord with the policies of General Uriburu, whom they are backing to the last man. Under such conditions no one will dare to try to upset present conditions.
"Never before in Argentina has peace seemed to be so well assured as
at the present moment. The news emanating from Rio de Janeiro and
Montevideo, recently published in the American press, has been instigated
by the remnants of the Left Wing of the Yrigoyen party who are now
exiled in the neighboring countries. Such dispatches are devoid of any
foundation whatever, and are purely the product of the imaginations of
these men, who are laboring not for the purpose of destroying the present
regime of Argentina—which would be an absurd idea—but simply for the
purpose of making as much noise as possible to gain recognition in the
forthcoming political campaign of the country, in order to obtain as
great a share in the new Government as they possibly can.
"The Radicals in Rio de Janeiro are trying to capitalize the fact that
their newspapers in Buenos Aires have been suspended, whereas the truth
Brazil Slashes Budget—Reduces Expenses for Re- is that these newspapers will continue to be published under different
names, and will follow new policies along constructive lines. The editor
mainder of 1931 by $9,585,000.
one of these newspapers yesterday afternoon held a long conference
The following Sao Paulo (Brazil) cablegram, May 8, is of
with President Uriburu. The conference was conducted along most cordial
from the New York "Times":
lines.
"With the calling by the president of elections next November, the
Secretary of the Treasury Whitaker to-day announced a sharp reduction
in the Provisional Government's budget for the remainder of 1931. The political situation of the country has been completely clarified and all
reduction amounts to 142,000 contos 39,585,000]. At the same time the parties realize that six months is not too long a period of time in which
Provisional Government has reduced expenses by salary cuts and personnel to nominate candidates and conduct their pre-election campaigns. The
trimming.
candidates known to have been selected by both the radical and conThe Provisional Government's income is being increased by increases in servative parties are the best types of people Argentina can select, and
Federal taxes of all kinds, and sales taxes and income taxes are greatly the names appearing in the list of candidates, such as Ex-President Alvear
increased. Today's budget reduction Is the second reduction this year. and General Justo, are among the most prominent and most highly regarded
The first was effected in February. The press regards the reduction as the political leaders of Argentina. The full list of candidates will be pubmost optimistic symptom yet manifested by the Provisional Government. lished within a few days, and people who are familiar with the true situaNoting an announcement in New York on May 7 by tion in Argentina and are acquainted with the people who compose the
ruling class of that country, will gather from the list that there is
Sebastiao Sampaio, Consul General of Brazil in New York nothing to be feared as to the outcome of the elections. It is at present
that the Brazilian Government has undertaken a further re- conceded that the right wing of the radical party will be victorious in
vision of revenues and expenditures to maintain a balanced the elections. According to present indications, the new Government will
be made up of the best liberal elements Argentina can command. Conbudget, the New York "Times" of May 8 quoted Mr. trary to statements contained in dispatches from Rio he Janeiro, former
Sampaio as follows:
President Alvear is working in full accord with President Uriburu. In
In view of decline in customs revenue, the Brazilian Government has other words, both parties are co-operating towards a peaceful and constructive
election. There is complete union in the right wing radical
undertaken a further revision of revenue and expenditures in order to
. Bonds of Mortgage Bank of Chile Drawn for
Redemption.
Kuhn, Loeb & Co. and Guaranty Trust Co. of New York,
as fiscal agents, have notified holders of Mortgage Bank
of Chile guaranteed sinking fund 61/
2% gold bonds, due
June 30, 19:17. and 6%% gold bonds of 1926, due June 30,
1961, that $137,000 principal amount of bonds of the former
Issue and $99.000 principal amount of bonds of the tatter
Issue, have been drawn by lot for redemption at par on
June 30, 1931. Bonds so designated for redemption will be
paid out of sinking fund moneys upon presentation and
surrender on or after June 30, at the office of Kuhn, Loeb
& Co., or at the principal office of Guaranty Trust Co. of
New York. Interest on the drawn bonds will cease on
June 30.
MAY 16 1931.]
FINANCIAL CHRONICLE
element to the complete exclusion of the left wing, or Yrigoyen followers.
"The only problem which is at present confronting the Government,
and the political parties of Argentina, is the necessity of deciding the
number of Yrigoyen followers to be allowed to continue taking part in
the direction of the affairs of the country. This problem, however, is
considered a small one, as the sound political opinion in Argentina is
almost unanimous in its intention to exclude the disastrous influenoe
of Yrigoyen from the administrative future of the country.
"The newspaper dispatches to the effeet that disorders of a political
nature, and clashes between the army and the populace in Buenos Aires
are to be expected, are ridiculous and considered as much news in Buenos
Aires as in this country."
3639
A Treasury deficit of $96,000,000 was revealed today in a report on
receipts and expenditures for the pass ten months.
At the same time reports from Sydney showed a huge decrease in Australia's foreign trade. Merchandise imported in the last nine months
was valued at $275,000.000 less than in the corresponding nine months
of the previous year. Exports fell $30.000,000 below those in the same
period a year ago.
The Federal Treasury reported receipts of only $243.495,000 in the
past ten months, as against expenditures of $339,500,000, leaving a deficit
of $96,005,000.
The default of debt payments by the State of New South Wales was
partly responsible for the heavy losses of the Federal Treasury. When
that State failed to meet payments due in London on account of loans
the Commonwealth was forced to shoulder the burden. Of the deficit,
$7,995,000 is attributed to this factor and the Commonwealth will seek
to recover this amount from the State by legal action.
As for foreign trade, the results were mainly due to drastic alterations
in Australia's tariff.
Argentina Restores Salaries of Government Employes
to Former Level.
Under date of May 3 a cablegram from Buenos Aires to
Australian Premier Scullin States Terms for Calling
the New York "Times" said:
Economic Conference—Wins Victory in Attack
The Provinional Government has restored the salaries of all Government
employes to their former level, explaining that the curtailment of exAgainst Financial Policy.
penditures and a more efficient collection of taxes have wiped out the
J. H. Scullin, Premier of Australia, on May 10 amplified
wide difference between receipts and expenditures which led the Government to decrease all salaries shortly after assuming office.
his recent offer to convert the Australian Parliament into an
economic conference, said a Canadian Press account from
Melbourne, Australia, May 10, published in the New York
Bolivian Deputies Consider Three Bills to Combat
"Times." Continuing, the account said:
Economic Slump.
He
that if necessary standing orders would be suspended to
Extreme measures are being considered by Bolivian allow stated
the proceedings to be more in the nature of a conference than a
deputies to lessen the effects of economic depression, said a parliamentary debate, the government business sheet would be put aside
and committees representing all parties in the House
cablegram May 10 from La Paz to the New York "Times," for the time being,examine
the specific questions.
could be set up to
which likewise stated:
The government was prepared to place its definite proposals before
Three bills are before the Chamber. The first proposes the suspension
of taxes on mining properties so as to aid small miners. The second, designated to stimulate the petroleum industry, would suspend petroleum taxes
during a prospecting period. The third proposes an internal moratorium
for debts on real estate.
such a conference, Premier Scullin declared.
A previous message to the "Times" from Canberra, May
8, said:
The Scullin Laborite Government was victorious today in the Commonwealth Parliament in meeting the first attack from the new United Australia party, but it won by the narrow margin of34 to 32 votes. The attack
Bolivian Financial Commission Urges Thrift to Meet was based on a motion by J. A. Lyons, leader of the new party, which
Debt—Government Asked to Assure Bankers It charged the Scullin Ministry had failed to take steps to safeguard the
Commonwealth against a national default.
Will Not Ask Cuts or Changes.
The votes which saved Premier Scullin were those of four members of
which
commission,
went
to
New
York
financial
The
the extremist Labor group supporting Premier Lang of New South Wales
to pay interest on British or American loans.
to arrange with American bankers for refunding the Bolivian who Is unable to find money
Parliament is essentially a house of free speech,
The
loans of 1922, 1927 and 1928, has.made public the plan its but Mr.Commonwealth
Scullin closed the debate early, saying the continuation of recrimiadvises the Government to adopt, says a cablegram May 13 nations, which marked the debate, would not be helpful to the negotiafor a $60,000,000 loan, half of which would be for the relief of farmfrom La Paz, Bolivia, to the New York "Times," which tions
ers and half for the unemployed. He succeeded in pacifying some critics
continued:
by agreeing with the proposal to hold a conference of all parliamentary
It urges the Government to give complete assurance to the bankers Parties to consider Australia's difficult financial position and to call a
that it will not seok reduction of the amount or alterations of the conditions, Premiers' conference to the suggestions of which he said the government
although some are regarded as onerous. The Commission feels that this would give full consideration.
Mr. Lyons was bitterly attacked by his former colleagues on the governIs so vital to the maintenance of Bolivia's credit that, although the most
convenient arrangement would have been to merge the three debts into ment side. In support of his motion he said Australia's prosperity deone at lower interest, the Commission advises against seeking this because pended upon the steps taken now and the confidence inspired by them.
of a clause in the 1922 loan contract which prohibits conversion before 1937.
"Australia's credit," he said, "is at the vanishing point in consequence
The Commission suggests that the Government inform the bankers of of the Scullin Ministry's policy."
Its
that
capacity
to pay may
Its own minimum needs for administration, so
be gauged, and tentatively proposes a budgeting of the national income
debt.
foreign
the
Nanking Government Keeps Up Payments on China's
on
service
to
65%
which would devote
Comment on the plan is favorable and high official circles are hopeful
Bonds—Credited With Never Having Defaulted on
the principles inspiring it will be adopted as Bolivia's infiexibm financial
Its Domestic Issues.
The following special correspondence from Nanking, China,
"Times" of May 10:
President of Uruguay Orders Inquiry into Exchange April 3, is from the New York
Commission has Just issued a deFund
Sinking
Loans
The
National
Low
Price
of
Peso
Market to Determine Whether
tailed statement of its activities since it was organized in 1927 and reveals
interest nor in sinking fund payIs Due to Speculation.
in
a record of having never defaulted
domestic bond issues put out by the Nanking
A cablegram from Montevideo May 13 to the New York ments on any of the fifteen
Government since it was organized four years ago.
"Times" said:
UP to the end of 1930, the report shows, the Nanking Government had
policy.
market,
issued fifteen different blocks of bonds, of a total face value of $569,000,President Terra has ordered an Investigation of the etchange
Minister in London saying 000, in silver currency. This is a sum equivalent to about $130,000,000
following receipt of a cable from the Uruguayan
on the Uruguayan In
that bankers there believe the present low quotation
American money at present rates of exchange. So far this year another
most of this speculation takes place new issue of a total face value of $80,000,000 has been authorized and is
MOO Is due to speculation, and that
now being marketed.
between Buenos Aires and Montevideo.
in no worse condition
Two of the first issues put out by Nanking, one in May of 1927 and
Although Uruguayan business Is depressed it Is
whose
countries
money
has
not
American
South
one
in April 1928, have been entirely paid off, both principal and interest.
other
than that of several
issues.
suffered simi.ar depression.
They together totaled $46,000,000. Of the remaining thirteen
the
than
United
dollar.
more
States
The Uruguayan peso at par is worth
totaling $523,009,900, face value, so far a considerable amortization has
low
the
record
of
5432,of
value
below
the
face
a
of
postbonds
present
even
It is now at the lowest in history,
occurred, leaving outstanding at
war depression period of 1921. It is ordinarily worth two and one-half 732,164. All interest and sinking fund payments on all these issues have
been promptly met, either from new customs charges or from income from
Argentine pesos and is now worth only two.
The Chamber of Deputies already is studying a bill that would authorize special tobacco taxes.
to
and
operations
avoid
speculaexchange
the Bank of thc Republic to control
The issue prices of these various bonds have ranged from 92 to 100
The newly
tion.
interest rates have ranged from 8.4% per annum to 9.6%.
9.6%.
authorized issue of $80,000,000 is to sell at 98 and to draw
governments
There are still Chinese bond issues put out by now defunct
Australia Reduces Second Class Postage.
payments.
which are far behind in Interest and sinking fund
Passage of the Australian Second-Class Mail Act of March
18 1931, now restores the old rate of one penny (2 cents) Offering of $100,000 5% Farm Loan Bonds of Fletcher
Joint Stock Land Bank.
for 4 ounces of printed matter, instead of 2 ounces, according to a report from Consul General Culver Treadwell,
interest, to yield 4.75% the Fletcher Trust
and
At
100%
Sydney, made public by the DeptIrtment of Commerce Co. of Indianapolis offered on May 11 an issue of $100,000
on April 28, which also said:
5% Farm loan bonds of the Fletcher Joint Stock Land
the Government by a grave
It was stated that the bill was forced upon
denominations of $1,000, are dated
circulars
and
catalogs, it was Bank. The bonds, in
decline in postal revenues. Toe demand for
due Nov. 1 1933. They are
become
will
and
Nov. 1 1930
said, had fallen off to a great extent.
callable at par Nov. 1 1932 or May 1 1933. Interest is
May 1 and Nov. 1. The trust comAustralia Treasury Reveals $96,000,000 Deficit in Last payable semi-annually
pany announcement regarding the bonds says:
Ten Months—Foreign Trade Cut Greatly.
Stock Land Bank whose capThey are the obligation of the Fletcher Joint
Canadian Press advices.from Canberra, Australia, May 9, ital stock of $750,000 is owned by the Fletcher Trust Co., having a capital
and surplus of $3,000,000 and total resources of $30,000,000.
are taken as follows from the New York "Times":
3640
FINANCIAL CHRONICLE
They are secured by first mortgages on farms located in Indiana and Illinois, made by the Land Bank, which have been first approved by the
Federal Farm Loan Board, and then deposited with the Federal Registrar
These mortgages are at an average rate per acre of $47.41 and the average
percentage of loan to original appraisement is 38.91%.
The successful operation of the Land Bank since it was chartered in 1917
has resulted in the acumulation of an earned surplus of $712,000. current
profits of $70,794 and legal reserves of $185.500.
The Joint Stock Land Bank holds charter number three issued by the
Farm Loan Board under the Federal Farm Loan Act, which provides that
the bonds are exempt from Federal. State, municipal and local taxation.
and constitutionality of the Act has been upheld by the Supreme Court
of the United States.
[you
132.
officio. It was provided with a revolving fund of $500,000,000 with which
to carry out the provisions of the Marketing Act. One of its functions is to
make loans to co-operative associations to assist in the effective merchandising of agricultural commodities. It is in this connection, principally,
that the Intermediate Credit Banks have co-operated with the Farm Board
since the organization of the latter. It might be well to mention that the
Intermediate Credit Banks can make only primary loans, that is, loans secured by documents giving them a first lien upon the commodities and, as I
have already said, these loans can not be in excess of 75% of the market
value of the commodities. The Farm Board is not restricted to primary
loans nor to any given percentage of the market value of the commodity.
The Federal Farm Board may also make loans to co-operatives for the construction or acquisition of physical marketing facilities. The Intermediate
Credit Banks are not permitted to do this under the law.
Offer by Large Bondholders for Purchase of Assets of
Bankers'Joint Stock Land Bank of Milwaukee.
The following is from the New York "Times" of May 15:
Interest and Discount Rates.
Under the law governing the operation of the Federal Intermediate Credit
Banks, the discount rate of the bank may not exceed by more than 1%
per annum the interest rate borne by its last issue of debentures, and, under
An offer for the assets of the bankrupt Bankers' Joint Stock Land Bank the existing regulations, any Intermediate Credit Bank may discount notes
or
other obligations upon which the original borrower has been charged a
of Milwaukee, which will net the bondholders not less than 40% for those
that want cash, has been made by a group of the largest bondholders. rate of interest not more than 3% per annum in excess of the discount rate
An alternative offer provides for bondholders exchanging their bonds of such bank at the time such loan was made, or may accept such notes or
• for stock in a new company on the basis of 25 shares of common stock of other obligations as security for loans or advances, provided that such rate
of interest be not greater than that permitted by applicable State law,
$40 par value for each $1,000 bond.
The first plan mentioned provides for the issuance of $1,600,000 of 5% and that such notes or other obligations meet the requirements of the Act
five-year guaranteed trust certificates and $500,000 of five-year 6% con- and of the bank. The discount rate for the Intermediate Credit Banks,
vertible notes to help raise funds for the bondholders who desire cash. since early in 1930, has been 4%.
The proposal is contingent upon the purchase of the assets of the bank
Volume of Discounts.
being approved by the Federal Farm Loan Board and by the receiver for
Since the organization of the banks, livestock loan companies, agriculthe land bank.
tural credit corporations, and State and National banks and other banking
institutions have availed themselves of the credit facilities of the InterCommissioner Bestor of Federal Farm Loan Board mediate Credit Banks. Of the $69,789.000 of original discounts made in
Before Missouri Bankers' Association Discusses 1930—which, by the way, was approximately $10.000,000 greater than
the figure for 1929—$3,021,000 was secured by dairy cattle; $24,777,000
Functions of Intermediate Credit Banks—Total by beef cattle
and other cattle; $11,017,000 by sheep and goats; $213,000
Loans Since Organization $1,195,000,000—Differ- by other livestock. The remainder consisted largely of general agricultural
crop loans secured by agricultural commodities or other collateral.
ences Between Functions of Federal Farm Board and
The total loans and discounts of the 12 Federal Intermediate Credit
and Farm Loan Board.
banks,from organization to March 31 1931, including renewals, aggregated
The functions of the Intermediate Credit Banks were $1,195,000,000. The amount outstanding as of that date was slightly
in excess of $138,000,000. There are at present more than 100 agricultural
discussed on May 13 by Paul Bestor, Commissioner of the credit corporations
and banks that have secured the rediscount privilege
Federal Farm Loan Board, before the Missouri Bankers' from the St. Louis Federal Intermediate Credit Bank, according to there-port
of
that
institution
A considerable number of these credit corporations
Assn. at Excelsior, Mo. The Intermediate Credit Banks have
been organized since August, 1930, the effort being made to provide
he noted "are permanent institutions set up to supplement financial institutions
to take the place of closed banks or supplement
the work of commercial banks and other financing institu- the service of banks unable to meet the legitimate demand.
tions in extending proper credit to agriculture. The original
law," he said, "known as the Agricultural Credits Act of
1923, authorized the Intermediate Credit Banks to extend
credit with maturities of not less than six months nor more
than three years, by two distinctly different methods:
First, by making loans to co-operative marketing associations
secured by warehouse receipts or shipping documents
covering staple agricultural products; and, second, by
discounting paper indorsed by agricultural credit corporations
livestock loan companies, State and National banks and other
specified financing institutions, the proceeds of which were
used, in the first instance, for agricultural purposes or for the
raising, breeding, fattening or marketing of livestock."
Commissioner Bestor add xl in part:
In June 1930 the Act was amended in two respects in order to facilitate
the operations of the banks. One provision of the amendment removes
the minimum maturity of six months, thus providing greater flexibility
in the service which the Intermediate Credit Banks can render. The
other provision of the amendment authorizes the Intermediate Credit
Banks to make loans or advances to agricultural credit corporations,
livestock loan companies, banks and other financing institutions upon the
security of agricultural or livestock paper that is eligible for discount. The
Federal Intermediate Credit Banks are not authorized to receive deposits or
to make loans directly to individual farmers.
Commodity Loans to Farmers' Co-Operatives.
The total amount loaned to co-operative marketing associations by the
Intermediate Credit Banks from organization to March 31 1931, including
renewals, was approximately $617,000,000. These loans were secured by
warehouse receipts on such commodities as rice, flaxseed, wheat, corn and
,other grains, hay, cotton, wool and mohair, tobacco, peanuts, broom
corn, beans, alfalfa, redtop and clover seed, cheese, canned fruits and
vegetables, raisins, prunes and other dried fruits, olives and olive oil,
extracted honey, powdered and evaporated skim milk.
More than 118 co-operative marketing associations have been served by
the Intermediate Credit Banks since they were organized. These co-operatives had a total membership of approximately 1,500,000. It is apparent
from these figures that the Intermediate Credit Banks have rendered an important service In connection with the orderly marketing of staple agricultural products.
Co-operative marketing associations may borrow money on their products
not only from the Intermediate Credit Banks and the Farm Board, but
also from commercial banks. The services of the Intermediate Credit
Banks have been particularly helpful to co-operatives in handling commodities which are marketed over a period of six months or more. Short-time
financing, generally, has been obtained from commercial banks. Loans
to co-operative marketing associations are not made for a longer period
than one year and generally for not more than nine months.
The Federal Farm and Federal Farm Loan Boards.
Some confusion seems to exist in the public mind over the functions of
the two boards—the Federal Farm Loan Board and the Federal Farm Board.
The Federal Farm Loan Board was created by the Federal Farm Loan
Act in 1916. It makes no loans and Is not provided with funds with which
to do so. Its duty is to exercise general supervision over the Federal
Land Banks, National farm loan associations, joint stock land banks and
Federal Intermediate Credit Banks. The Federal Farm Loan Bureau is a
bureau of the Treasury Department, and the Secretary of the Treasury
is Chairman ex-officlo of'the P.oard. The Federal Farm Board,on the other
hand, was established by the Agricultural Marketing Act of 1929 and is an
ludtpendent board, of which the Secretary of Agriculture Is a inemb-r
Collateral and Debentures.
Aside from the capital subscribed for by the United States Government.
the Federal Intermediate Credit Banks obtain funds for lending purposes
chiefly through the issue and sale of debentures. Under the Act creating
the banks they are authorized, subject to the approval of the Federal
Farm Loan Board, to issue and sell collateral trust debentures or other
similar obligations having a maturity of not more than five years, with tho
limitation that no Federal Intermediate Credit Bank shall issue or obligate
itself for debentures or other obligations in excess of ten times its paid-up
capital and surplus.
The debentures are the direct obligations of specific Federal Intermediate
Credit Banks, and each Federal Intermediate Credit Bank, while primarily
liable for its own debentures and other obligations, is also liable for the
payment of interest on the debentures or obligations of any other Federal
Intermediate Credit Bank in case of default by the issuing bank,as well as
for the unpaid principal of such debentures or obligations after the assets
of the issuing bank have been liquidated and distributed.
All issues of debentures by the Federal Intermediate Credit Banks must
be secured by at least a like face amount of cash or obligations discounted
or purchased or representing loans made in accordance with the provisions
of the Act. Each issue must be passed upon and approved by the Federal
Farm Loan Board and the collateral securing the debentures must be pledged
with the Farm Loan Registrar of the district in which the bank is located.
Farm Loan Registrars are bonded public officials appointed and supervised
by the Federal Farm Loan Board. As in the case of the banks, the offices
of the Farm Loan Registrars are examined twice each year by examiners
of the Federal Farm Loan Bureau.
Federal Intermediate Credit Bank debentures usually are sold between
the first and tenth of each month for delivery on the 15th. The interest
rates borne by the debentures depend upon the conditions prevailing in the
market at the time of issue.
The Federal Reserve Banks have authority to purchase debentures
maturing not,more than six months from the date of purchase.
The amount of debentures Issued by the banks during the year 1930 was
$197,925,000. The total outstanding as of April 301031 was $111,025,000.
The 12 Intermediate Credit Banks operate on a maximum spread of not
more than 1%. They have been able to build up in surplus, undivided
profits and reserves for contingencies, a net total of $3,500.000 as of March
311931.
Statements of condition of the various Federal Intermediate Credit
Banks, and tables showing their loans and discounts, debentures
outstanding, and earnings, are published quarterly by the Federal Farm Loan
Board.
Russia Lags in Grain Sowing.
Russia is falling far behind in its grain sowing schedule
this spring, according to cable dispatches received by the
foreign service of the Bureau of Agricultural Economics
from Agricultural Attache Steere at Berlin. If present
information is correct, the situation so far appears to be
"the most unfavorable in years for the Russian crop," says
the Bureau, which on May 9 added:
Reports now available indicate an area of 16,793,000 acres sown to
spring crops in Russia up to April 25, compared with 68.442,000
acres
sown to the same date last year according to Attache Steer°. The
area
sown to wheat alone on that date was placed at 9,227,000 acres
compared
with 26,788,000 acres a year ago. This represents 13% of the
1931 "plan."
whereas the acreage sown to the corresponding time last year was
about
47% of the 1930 spring wheat area planned.
The official "plan" calls for the sowing this spring of
69,188.000 acres
to wheat: 17,197.000 acres to barley; 44,478,000 acres to oats;
12,840,000
acres to corn, and 12,108,000 acres to sunflower seed.
MAY 16 1931.]
FINANCIAL CHRONICLE
3641
2. That a preliminary meeting be arranged of representatives or exSlow progress in sowings is reported in practically all the important regions
of the Black Sea and Volga basins, which before the War accounted for porting nations to determine the basis of proportionate percentages of
most of the Russian grain exports. Last year conditions were unusually the exportable surpluses to be marketed jointly.
3. That the adhering countries guarantee the observance of such an
favorable and sowings were possible until late in June, but a similar prolongation of spring this year seems improbable. The sowings of individual international agreement, possibly by posting a substantial financial bond.
4. That the organization take cognizance of normal relativity of prices
(collective
so-called
"socialist" sector
peasants—as distinguished from the
and state farms)—which probably still accounts for around 60% of the grain between the marketing grades of the participating countries.
acreage, are said to be especially backward.
Winter crop conditions are reported satisfactory in Crimea and the middle
Agricultural Co-Operatives To Meet in Chicago on
Volga regions, but information on winter crops in other sections is lacking.
May 18 To Repel Attacks on Federal Farm Board.
A
summons to farm organization representatives to attend
Soviet to Sow Grain on 250,000,000 Acres—Wheat to a conference at Chicago, Monday, May 18, with a view to
Area.
Cover More than Quarter of
combining their forces in defense of co-operative marketing
From Moscow, May 2, Associated Press advices as fol- and the Federal Farm Board, has been issued by E. A.
lows were reported in the New York "Times":
O'Neal, new President of the American Farm Bureau
Apparently unconcerned with grain surpluses in the rest of the world,
Federation, it was learned at Washington May 14, said
Soviet Russia this spring will sow 100,000,000 hectares (250,000.000 acres).
28,000,000 hectares to wheat and the rest to corn, rye, oats and flax. The the New York "Journal of Commerce," which added:
hectare is 2.5 acres.
The total area planted to all agricultural products is 140,400,000 hectares, the area scheduled for 1933, the last year of the five-year plan,
From present indications the harvest will be excellent, but a serious shortage
of farm machinery is causing deep concern.
Official statements show that farm machine manufacture in the last six
months ran 50% behind schedule. In the Rostov plant, one of the biggest
of its kind in the world. only 382 combines were turned out in the past
six months, whereas the plan calls for more than 800.
In all the factories the schedule called for 31,150 machines, but only
14,591 were made. The difference between supply and demand was
covered by imports, principally from America, and the Soviet Union will
have to depend on the United States for machinery to harvest this year's
huge crop.
This year 50,000,000 hectares were sown by the collective farms, 7,000,000 by the State farms and the rest by individual peasants. The area
sown to spring and winter wheat was about 18% more than last year's total.
The increase in collective farms is one of the reasons for the huge crops
expected. In the past year the Government seized 3,500,000 hectares
from the Kulaks and turned them over to the collectives. This process
Is still going on.
The corn crop is expected to be about 27% over 1930 and about the
same percentage of increase is expected in all grain crops. Russia has to
feed 162,000,000 people, however, and the amount of surplus which will
be available for export is difficult to determine.
Representatives of a selected group of co-operatives have been invited
and plans are expected to be devised at the conference for an aggressive
movement to repel attacks on the Farm Board and co-operative marketing
by opponents of the Hoover Administration farm program.
Mr. O'Neal is the successor to Sam H. Thompson, former President of
the American Farm Bureau Federation, who was appointed to succeed
Alexander Legge on the Farm Board.
Some curiosity has been aroused here concerning the meeting because to
outward appearances, at least, the Farm Board recently has encountered
less hostility than formerly from business groups. The recent convention
of the United States Chamber of Commerce ended without any action
against the Farm Board and with a qualified pledge of co-operation from
Julius Barnes, Chairman of the Chamber's board of directors, James C.
Stone, Chairman of the Farm Board, also assured the convention the board
has no intention of injuring any business.
Reports reaching Washington are that some parts of the grain trade,
formerly the source of aggressive attacks on the Farm Board, now are
more friendly. The Chicago Board of Trade is also reported to be less
hostile.
Nevertheless some new opposition has been encountered among cotton
and wool dealers and among the farmers themselves, it is said. In the
West, the Farm Board appears likely to become a political issue.
Federal Farm Board Expects That Last of 35,000,000
Bushels of Wheat Scheduled for Sale Abroad
Will Be Disposed of by July 1.
Russia Reported Leading World in Wheat Yield—
Associated Press advices from Washington May 12 said:
Announcement of Billion-Bushel Crop for 1930,
The Farm Board expects that all of the 35,000,000 bushels of out-ofFar Exceeding American Total, Expected.
position stabilization wheat set for sale abroad will be disposed of by July 1.
Associated Press advices from Washington, May 6, pubChairman Stone said to-day some wheat was being sold daily on the
Pacific Coast for export to the Orient. It was recently announced that the
lished in the New York "Times" said:
had been sold at a price
hard winter stocks held at Atlantic and Gulf ports
Russia again is the world's leading producer of wheat.
slightly above world levels. The total sales to date are believed to be upFigures supporting that unsuspected and highly significant statement
ward of 20,000,000 bushels.
were expected to-day to be released about May 20 by the United States
The Board has not decided whether it will authorize the Grain StabilizaDepartment of Agriculture.
tion Corporation to offer additional stocks for sale should the good foreign
announced
be
would
likely
1930
for
Russian
that
said
production
It was
at 1,097,000,000 bushels, which is 246,000,000 bushels more than was demand continue.
produced by the United States—wheat-growing champions since Russia
Boston Fruit and Produce Exchange Opposed to
left the export picture during the War.
That figure would show Russia to have exceeded her greatest producAction of Federal Farm Board in Encroaching on
tion mark since the days when she dominated the world export trade.
of Private Industry.
Domain
That mark, established in 1913, credited Russia with a production of
1,028,000,000 bushels. It was the first time Russia reached the billionAt a special meeting of the Boston Fruit and Produce
bushel score.
Exchange on April 28, at which President Arthur R. Corwin
The significance of the situation, market experts said, was that it might
condemning the action
present to the international wheat conference in London on May 19 the presided, resolutions were adopted
question of reallocating world wheat areas.
of the Federal Farm Board in encroaching upon the domain
World Grain Conference at London on May 18—
Labor Paper Views Conference More as Move to
Increase Bread Price.
Representatives of 11 wheat-exporting Nations will be
in attendance at the opening session May 18 in London
of the World Grain Conference, seeking a way to reduce
the wheat supply which has flooded world markets. London
Associated Press cablegrams May 13 said:
of private industry, in connection with the recent meeting
of some 160 co-operatives from 21 States, who met with the
Farm Board to organize a new co-operative for merchandising
fruit and vegetables on a national scale. In stating this
an account from Boston to the New York "Journal of
Commerce" added:
It is held by the Boston exchange that the Farm Board activities have
helped no one, least of all the farmers, and is doing incalculable damage to
business by exterminating the present merchandising system and at the
same time destroying all confidence in the market.
The fact that only exporting countries will participate already has drawn
the fire of the "Laborite Herald," which describes the conference as an
effort to "increase the price of the laboring man's bread."
The American delegates are headed by Samuel R. McKelvie, former
Governor of Nebraska and a member of the Federal Farm Board, who
will arrive Friday aboard the "Leviathan." Accompanying him are Nils A.
Olsen, chief of the Bureau of Agricultural Economics, and Dr. Alonzo
Taylor of Stanford University, who will act as technical adviser. Ray
Cox, First Secretary of the American Embassy, will be the Secretary of
the delegation.
Other countries represented will be Canada, Argentina, Australia,
Hungary, India, Poland, Rumania, Russia, Jugoslavia and Bulgaria.
Canadian Government Proposes Larger Expenditure
for Agriculture.
The main estimates of the Dominion Government for the
fiscal year ending March 31 1932, tabled in the House of
Commons at Ottawa April 13, include $9,929,908 for agriculture, an increase of $414,564 over the past fiscal year,
according to advices received in the Department of Commerce
from Commercial Attache Lynn W. Weekins, Ottawa,
Canada. The Department on April 28 also had the following
Australia's Representative at World Grain Conference to say:
The agricultural items are distributed as follows, according to the esti.,
in London To Submit Proposals To Cope with
mates:
Wheat Surplus Situation.
Health do Animals, administration of the Animal Contagious Disease Act
Australia's representatives at the World Grain Conference and the Meat and Canned Foods Act, and necessary buildings. $2.550,000
decrease of 5300.000).
in London will submit definite proposals for meeting the (a Experimental
Farms, $2.325.000 (an increase of $175,000).
situation arising from the international wheat surplus,
Livestock,$1,530,000(a decrease of $100,000).
Administration of Destructive Insect and Pest Act,$705,000(an increase
according to Associated Press advices from Melbourne,
Australia, May 13. We likewise quote from these cable- of$30,000).
Assistance to fairs and exhibitions, including the Royal Agricultural
grams as follows:
Winter Fair, $650,000 (a new item).
Transport
of
Moloney,
and
Minister
Markets,
Parker
Seed,
feed and fertilizer control, Including grants to seed fairs, ace., also
of
request
At the
has
drawn up a list of suggestions
an inter-State conference of wheat growers
which are being cabled to London. They are as follows:
1. That an international marketing organization, representing all exporting countries, be established to control all wheat offered for export sale.
grant of $21,000 to the Canadian Seed Growers Association. $573.000 (no
change).
Fruit, including grant of $8,000 to Canadian Horticultural
Cowin%
$502.000 (a decrease of 13.800).
3642
FINANCIAL CHRONICLE
[vol.. 132.
Cold storage warehouse, $453,708 (a decrease of $46,291).
Richard Whitney Re-Elected President of New York
Dairying, including grant of $5.000 to National Dairy Council, $295,000
Stock Exchange.
(no change).
Grant to the executive committee of the World's Grain Congress,$200,000
At the annual election of the New York Stock Exchange on
(an increase of 8100,000)•
May 11 Richard Whitney, who succeeded E. H. H.Simmons
Publications, $38,000 (an increase of $7,000)•
Entomology, $35,000 (an increase of 85,000).
as President of the Stock Exchange a year ago was re-elected
Contributions to Empire Bureaus,$25,000 (no change).
to serve a second term. Warren B. Nash was re-elected to
I For experiments in dehydration of fruits and vegetables, $20,000 (no
serve his twelfth term as Treasurer of the Exchange. The
change).
International Institute of Agriculture, $13,500 (no change).
further elections follow:
Farm economics, including agricultural co-operative marketing, $12,C(00
For 10 members of the Governing Committee for the term of four years:
(no change).
Paul Adler (Adler, Coleman & Co.); Edward C. Fiedler (Jacquelin & De
Salary and expenses of agricultural produce marketing agent in Great Copper);
Howard C. Foster (Foster & Adams); Charles R. Gay (Whitehouse
Britain, $2,500 (a decrease of 812.500)•
& Co.); Douglas R. Hartshorne (Hartshorne, Pales & Co.); Robert W.
Keelips (J. IT. Holmes & Co.); H. G. S. Noble (at De Coppet & Doremus);
Andrew Varick Stout, Jr. (Dominick & Dominick); Bertrand L. Taylor, Jr.
President Hoover Gives Details of Drouth Relief Loans, (Logan
Rs Bryan); Arthur Turnbull (Post & Flagg).
Based on Report by Secretary Hyde-$47,000,000
For one member of the Governing Committee for the term of three years:
John A. Cissell (F. P. Ristine & Co.).
Loaned to 380,000 Persons.
For one member of the Governing Committee for the term of two years:
Announcement that out of a total appropriation of $67,- Alexander B. Gale (Vernon C. Brown & Co.).
For trustee of the Gratuity Fund for the term of five years: James B.
000,000 for drouth relief, $47,000,000 has been loaned to
380,000 different persons was made by President Hoover on Mabon (Mabon & Co.).
May 12, based on a report by Secretary of Agriculture
Chicago Stock Exchange Expels Charles L. Trumbull.
Hyde. The President's announcement was made as follows:
Announcement was made on May 7 by the Chicago Stock
I have a report from the Secretary of Agriculture this morning showing
that out of the $67,000,000 appropriated for drouth imps in one form or Exchange that Charles L. Trumbull, partner in the firm
another $47,000,000 has been loaned to 380,000 different persons, and of Trumbull, Wardell & Co. of Chicago, which on April 30
that probably consummates the most of the program.
Of the $10,000,000 allocated to assist the Agricultural Credit Corp. discontinued their brokerage business, had been expelled
from membership for violation of Article XII, Section 3,
only $471,000 has been called for.
Of the $45,000,000 appropriated for seed and fertilizer loans $39,000,000 of the
constitution, and Article V, Section 10, of the by-laws
has been called for.
Of the $10,000,000 allocated for agricultural rehabilitation about $5,- of the Exchange. Article XII, Section 3, of the constitu140,000 has been loaned.
tion of the Exchange reads:
Of the $2,000,000 which was appropriated from a former fund applicable
to the Southeastern States about $1,500,000 has been loaned.
With reference to the above the New York "Times,"
In its Washington advices May 12, said:
In addition to approved loans it is estimated that at least 10,000 applications. which are being held in various offices for additional information,
will be approved within a few weeks. This will represent an additional
expenditure of about $1,500,000.
The drouth situation was canvassed at the Cabinet meeting to-day.
when Secretary of Agriculture Hyde laid figures before the Secretaries
giving the details of the Government's participation in relieving the record
drouth of last summer.
Secretary Hyde submitted with his figures a general report on conditions throughout the affected areas, showing that the drouth has ended
and new crops have been planted.
The President's statement, giving details of the $47,000,000 in loans,
as distributed among the various States affected by the drouth, follows;
AID TO AGRICULTURAL CREDIT
CORPORATIONS.
$10,000,000 Allocated.
SEED AND FERTILIZER LOANS.
$45,000,000 is,
Amount
StateAppropriated,i:oaonApproved.
14,039 $2,194,875
Alabama
51,453
Arkansas
7,621;19
3 475
1
13
Delaware
Florida
Georgia
2,042
Illinois
263,115
5,572
762,835
Indiana
Kansas
214:gg
Kentucky
15,319
Louisiana
2,518,081
480
Maryland
101,914
Michigan
12
36
5;8
75
80
4
Minnesota
21,8
91
Mississippi
17
,
5
7
3
729,767
14,837
Missouri
1,971.188
7,697
1,3
Montana
91
98
0:7
20
68
5
2,188
New Mexico
Whenever the Governing Committee shall determine that a member
has been, or is doing, business in a reckless or unbusinesslike manner.
he shall be expelled or suspended, as the Governing Committee may determine.
"At the same time the Exchange announced the expulsion
of Harvey Cory for violation of Article V, Section 10, of the
by-laws of the Chicago Stock Exchange, which reads as
follows:"
No member shall make a fictitious transaction, nor give an order for
the purchase or sale of securities, the execution of which would involve
no change of ownership, nor execilte such an order with knowledge of its
character. Any member violating this rule shall be suspended or expelled, as the Governing Committee shall determine. No member shall
make any fictitious or trifling bids or offers, and any member violating this
provision shall be subject to suspension or such other penalty as the Governing Committee shall impose."
Banks in Pittsburgh Clearing House Act to Reduce
Interest Rate on New Savings and Time Deposits.
The large Pittsburgh banks, acting through the Pittsburgh Clearing House Association on May 13 agreed to pay
interest on new savings or time accounts after June 1, at
a rate not to exceed 3% per annum. The Pittsburgh "PostGazette" in reporting this action said:
No. No. of
of CorpoIncli- rations
Amount
viclual ReneLoaned.
StateLoans. filed.
$38,254.17
39
2
Alabama-65,500.00
Arkansas___
64
3
21,466.49
Georgia_.__ 143
1
12,000.00
1
Illinois
3
The Present general interest rate is 4%. although a few banks already
21,000.00
Louisiana _ _
16
1
8,500.00
Miss1ssippi _
10
1
have acted independently in establishing the 3% rate on new accounts.
42,500.00
Missouri_ _ _
29
2
The old saving accounts in these institutions will continue to receive
15,000.00
Montana_ _ _
5
1
the 4% rate and the now agreement does not affect such savings.
20,840.00
NolDakota
3
1
22,500.00
The action is expected to be a prelude to the general reduction in interest
Oregon _ _ _ _
5
1
2,930.00
So. C
Carolina
20
1
rates on new accounts through the entire tri-state territory. Outlying
Tennessee
67,500.00 North Carolina.-- IN
7
3
banks generally have been waiting for action by the Pittsburgh institutions.
Texas
75,300.00 North Dakota
19
5
Debated Several Weeks.
1,300
200,590
Washington
58,000.00 Ohio
10
1
_
14,560
1,383
2:252
Oklahoma
48
5
The proposals have been debated in Clearing House Association meetings
4
$471,290.66 Oregon
Totals373
24
but it was not until yesterday that a unaniover
weeks,
the past several
33
Pennsylvania
7,595
among the 18 members. Among the
3
1 %19
South Carolina
86,984 mous agreement could be reached
397,805 proposals discussed as one to reduce the rate on both old and new accounts,
AGRICULTURAL REHABILITATION South Dakota
16,552
1,889,583
Tennessee
LOANS.
but this pdl
e
failed.dw
20,090
Texas
2,536,932
A short statement was issued after the meeting. It read as follows:
15,715
Virginia
2,101,636
$10,000,000 Appropriated.
Association have unani725
Washington
"Members of the Pittsburgh Clearing Housemember banks would
428,185
not
5,107
West Virginia
Amount
493,337 mously agreed that on and after June 1 1931, exceed
No. of
to
3% per annum."
344
Approved. Wyoming
State68,755 accept now savings or time accounts at a rate
Loans.
$176,536
Alabama
3,367
Other types of interest paid by banks were not discussed.
273,377 $39,016,802
Total
1,552,290
Arkansas
25,528
This is the first time in Pittsburgh banking history that any action in
8,383
175
Georgia
respect to interest payments has been taken through the Clearing House
ALL LOANS, BY STATES.
4,054
Illinois
86
No. of
Amount
24,088
Indiana
367
Association. It is also the first time, going back as far as the memory of
Loans.
Approved,
State780
Kansas
17
recall, that 4% has not been the ruling
18,665 $2,592,023 the oldest bankers in the city can
318,960 Alabama
Kentucky7,631
institutions.
76,981
675,083 Arkansas
9,173,761 rate on savings accounts in local
Louisiana
9,867
13
Reduction Inevitable.
150 Delaware
3,195
2
Maryland
1,615
728,571 Florida
198,635
Mississippi
9,569
Bankers, however, said a reduction in rates hero has been inevitable.
Georgia
16,204
254,746
2,351,174
2.908
Missouri
in the United States have made reductions
2,128
8,255 Illinois
267,169 Practically all other large cities
Montana
79
bank investments, which are
5,939
8,899 Indiana
786,923 In interest payments. The low return on
New Mexico
144
1,093
103,938 Kansas
139,221 necessarily high grade in character, has made some action on payments
North Carolina ._ _. 2,302
32,357
2,493,991 necessary.
411 Kentucky
Ohio
9
25,186
3,193,164
207,784 LoMslana
Oklahoma
3,761
The 18 banks which are parties to the agreement follow:
482
102,064
440,532 Maryland
Tennessee
7,212
Bank of Pittsburgh. National Association, Exchange National, First
917
Michigan
135,854
477,216
8,749
Texas
187
26,780 National at Pittsburgh, Third National Farmers Deposit National, Union
138,076 Minnesota
Virginia
2,728
31,204
4,458.338
1,850 Mississippi
Washington
12
National, Second National, Diamond National, Duquesne National.
17,745
2,225,034
Missouri
9,890
West Virginia
263
Keystone National, Union Trust,
7,776
Montana
2,006,460 Monongahela National, Mellon National,
2,332_
319,667 Commonwealth Trust, Colonial Trust, Fidelity Trust, Peoples-Pittsburgh
Total
84,776 $5,140,492 New Mexico
15,302'"
2,031,811 Trust and Pennsylvania Trust.
North Carolina-.
8,231
1,587,640
North Dakota
The Pittsburgh branch, Federal Reserve Bank, Cleveland, also Is a
1,309
201.001
REAPPROPRIATIONS OF FORMER Ohio
13,330
1,590,332 member of the association, but has no vote.
SEED LOAN BALANCES IN Oklahoma
4
3,225
Oregon
SOUTHEASTERN STATES.
33
7,595
Pennsylvania
82.000,000.
8,140
773,401 John G. Lonsdale of Mercantile-Commerce Bank &
South Carolina
1.798
397,805
South Dakota
Amount
No. of
Trust Go., St. Louis, Elected Vice-President of
23,764
2,330,115
Approved. Tennessee
Staid,Loans.
3,014,148
28,839
Alabama
$220,612 Texas
1,259
United States Chamber of Commerce.
18,443
2,239,762
39,940 Virginia
Florida
356
737
430,035
Georgia
3.291
226.945 Washington
John G. Lonsdale, President of the Mercantile-Commerce
503,227
5,370
North Carolina
121,997 West Virginia
788
344
68,755 Bank & Trust Co., was elected Vice-President of the United
South Carolina-- _ _ 5,621
686,417 Wyoming
il:B3 iAg:Eg
2,1N:411
Immg
Total
11,315
$1,495,911
Total
369.468 $45,653,205
States Cliamber of Commesce at the recent annual conven-
MAY 16 1931.]
FINANCIAL CHRONICLE
3643
tion held in Atlantic City. He previously had been elected
to fill out the unexpired term of another member. Mr.
Lonsdale, who retired last October as President of the American Bankers Association, has been an active worker in the
National chamber for many years and has served as a member
or Chairman of many of its most important committees.
At the recent convention he presided as Chairman of the
Finance Department at one of the round-table conferences
at which present-day banking problems were discussed.
was indicated In our brief account of his remarks, Mr.
Traylor in discussing the responsibility of financial leadership in the present crises, suggested three specific subjects
for inquiry,—viz the abolishment of the so-called "daily
settlement" with its consequent "daily call money rate";
the abolishment of the so-called floor trading, and finally
he urged consideration "by all exchanges of the adoption of
rules which would prohibit their members accepting trades
on any other basis than for cash if the amount involved is
less than $10,000," adding that he personally preferred to
Building and Loan Associations in Cincinnati Reduce see the amount raised to $50,000. He suggested the smaller
Interest on Deposits.
figure because It is the par value of 100 shares of $100 par
The "Wall Street Journal" of May 12 reported the follow- stock. Except for a paragraph or two at the opening, Mr.
ing from its Cincinnati bureau:
Traylor's speech follows in full:
Building and loan associations in the Cincinnati district are reducing
interest rates on deposits, with most association now paying 5%, against
% and 6% a year ago. A 5% rate now is prevailing in most cities in
Ohio, according to James A. Devine, Secretary of the Ohio League of
Building & Loan Associations.
Ohio State Legislature has before it a new tax law by which building
associations are to be taxed three mills on their deposits. Probability
of the passage of this law together with decreased demand for money and
cheap interest rates are reasons for the reduction of rates on deposits.
Fred Luke, President of Eagle Savings & Loan Association, stated no
change in the loan interest rate of building associations will be made in
the immediate future. It now averaged about 6.75% and if ease in money
continues may later be reduced to 6%, he believes.
Few Changes in New Jersey Banking Laws—Insolvency
Made Basis for Possession of Bank or Trust Co.,
According to Deputy Commissioner.
Trenton advices as follows May 5 are taken from the
"United States Daily":
The recent session of the New Jersey Legislature made few additions to the
banking laws of the State, according to Deputy Commissioner G. Hayes
Markley.
“The acts covering organization and operation of State banks and trust
companies have each been amended in one point only," he stated, "that
affecting the possession of such institutions by the Commissioner upon
trouble developing within them.
New Statutory Basis.
"One new statutory basis for so taking possession is incorporated within
the statute; namely, the insolvency of a bank or trust company. The
principal effect of the amendments enacted will, it is thought, be to prevent
Instantaneous application to a vice-chancellor for the appointment of a
receiver for such banks and trust companies as the Commissioner possesses."
As the new amendment words it, the chancellor cannot appoint a receiver for a banking institution unless the Commissioner of Banking and
Insurance has refused to take possession of its business and property.
Asset Conversion Speeded.
"Certain details in connection with liquidations have been treated in the
amendments looking toward speeding up the conversion of assets to cash
by relieving the Commissioner of the necessity of requiring formal approval
of the chancery court upon each sale of assets.
"The act convering legal investments for savings banks was slightly
modified to include within the list of legal bonds issued by public utility
corporations engaged in the sale of natural gas or a mixture of natural gas
and artificial gas."
Mathias Reese of Baltimore Clearing House Urges
Tightening of Banking Rules.
Elimination of loose banking methods and substitution
of uniform banking practices throughout Maryland was
advocated on May 7 by Mathias Reese, head of the Baltimore Clearing House Association, in addressing the annual
meeting of Group No. 5 of the State Bankers' Association
at Chestertown, Md. Associated Press advices to the
Baltimore "Sun," from which we quote, added:
The group embracing the counties of Kent, Caroline, Queen Anne and
Talbot has a membership of30 banking institutions, and 45 officers attended
the convention.
Declaring banks are "in business to make money and not lose it," Mr.
Reese said some institutions were actually losing money on certain customers because of loose practices in handling accounts.
Uniform Interest Rate Urged.
He advocated establishment of a uniform maximum interest rate on
deposits; imposition of a fixed charge for handling accounts on which the
balance was not large enough to cover bookkeeping costs and creation of a
system of exchange of loan information.
Mr. Reese also told of the need of adoption of a uniform system of computing interest and advocated a fixed charge be set for handling overdue
paper. He said that in many banks in Maryland at present no charge was
made for handling overdue paper.
The suggestions of the Baltimore banker were referred to a committee
named by the Chairman of the meeting, Roland Chaffinch, President of
the Denton National Bank. A report will be made and the problem discussed at the meeting in Atlantic City next month of the Maryland State
Bankers Association, when all groups will get together.
Melvin A. Traylor of First National Bank of Chicago on
Responsibility of Financial Leadership in Present
Crises.
In our reference a week ago (page 3449) to the address
of Melvin A. Traylor, President of the First National Bank
of Chicago, before the International Chamber of Commerce
in Washington on May 5, we indicated that Mr. Traylor's
address would be given at greater length another week. As
Reams have been written, countless addresses ,,have been made, and
snore will follow in the search for the genesis of the present world depression; and, no doubt, recovery will come and ,the crisis will be forgotten without there having been found a universally accepted cause or
unanimous agreement on methods for the prevention of future crises. But
I cannot escape the conclusion that the dawn of the present situation
broke over the world in July, 1914, and it came not from ignorance of
the ultimate results of the course chosen, but because of a complete
breakdown of world political sanity. There was no lack of a knowledge
of the consequences, but rather a lack of courage to face the facts, to
throttle national pride, and to demand common counsel in an honest
search for the basis of peace. Such a search might have failed, but, unfoitunately, history does not indicate that it was honestly made.
I am not a pacifist. Until enlightened understanding points us to the'
council table of peace rather than to the battlefield, there will be a need
for armies and navies. But let us not say that we choose the latter
course in ignorance of the tremendous costs of the game. Rather let us
admit generally the lack of courageous leadership which dares to align
itself with the right at the risk of being unpopular. The point I would
make is that, without prejudice as to guilt, the human element did fail,
and the world then began its march to the tragedy of 1930-31. For it is
tragedy when in a world of plenty there should be so much poverty, and
when, in a nation which boasts of its riches, five million or more people
willing to work should be unable to find employment. It is a challenge
to the world, and especially to American business and political leadership,
which cannot be ignored and must not be shirked. Causes must be determined with some degree of accuracy and remedies discovered and applied. The task is largely that of business leadership.
Accepting the upsetting, disorganizing, and destroying effects of the
war—to me fundamental to any search for causes—students and economists bring forward many reasons for the more immediate disturbance
from which the world is suffering. The Gold Delegation of the League of
Nations in its first report maintained that present economic conditions
already show the effects of gold scarcity, and predicted for the future
a gold shortage which, in the opinion of the authors of the report, would
result in a standing depression of world business and a continuing decrease in prices. Figures on the increase in gold requirements and gold
production tend to justify this conclusion. The Committee in its subsequent report has, however, somewhat modified its statement on this point.
Others have pointed out the maldistribution of gold supplies as the cause
of declining price levels. I am not prepared technically, nor do I desire,
to undertake a discussion of the gold question. I mention it here only
because I fear too much emphasis on an alleged shortage of gold as a
basis for the world credit structure may lead to a revival of the old
campaign for bimetallism or fiat issues of other types. Personally, I see
no evidence of a shortage of gold necessary to sustain the credit structure
of present gold standard countries, or that those countries having an
abundance of gold have suffered less than those with a more meagre supply.
In relating gold to recent price declines, it seems to me that some of the
critics are unfair to gold as apparently they would have it sustain a price
structure in the making of which gold had little or no part. It must be
admitted, I believe, that the price structure of the last decade was erected
not upon a gold basis, but upon all manner of fiat credit, in nearly complete abandonment of the gold base.
Dean Denham is convinced that our breakdown is due to a lack of
foresight and logical planning. He proposes co-operation of business and
government, and predicts that the future safety of American economy lies
in protective tariffs and home markets. He presents an interesting, but
mat wholly convincing, case. Viscount D'Abernon, on the other hand, in
an address before the Liverpool Chamber of Commerce, stresses the gold
factor and advocates the fullest measure of free trade. He believes that
this is a crisis of currency in the first place and indebtedness in the second place, both aggravated by defective lubrication through the money
factor and through impediments to trade. He would have a redistribu-.
tion of gold and would rule out additional tariffs as he would rule out
the "throwing of sand into an engine which is not running smodthly."
Dr. Dernburg says, in his discussion of "The Price Level and Its
Underlying Causes," "To the extent to which the causes of the existing
depression of world business are of a monetary order, they are caused less
by monetary organization than by international debt obligations swollen
by debts of political origin. .. . The effect of the settlement of international debts on the world crisis and on prices is of a secular order. If it
cannot be offset, it will exceed the span of two human lives and will make
itself felt more and more as years go by." As evidence of its effects he
points out that "the fall in the price of cotton from 19 to 11 cents means
an annual loss of resources of 480 million dollars to the American cotton
trade and thus to the country as an economic unit. This loss alone, without taking into account the decrease in resources experienced by producers working for the world market, represents about double the amount
of money received by the American Treasury through the application of
war-debt settlements."
•
Thus, we could follow almost endlessly the literature on causes and
remedies for the world situation, moat of them dealing with the purely
economic or the semi-politico-economic side of the question. To the lay
mind it is all more or less confusing, and to the man at the desk frequently beyond the realm of the practical. It is my purpose to talk
about the human side of the problem.
If it is the responsibility of business and political leadership to promote the economic and social welfare of the community, it may be worth
while to take stock of our conduct and see how we have measured up to
our duty in recent years. Why should there be in this land of plenty,
3644
FINANCIAL CHRONICLE
with unlimited facilities for production, abundant harvests, and a surfeit
of credit, millions of hungry and unemployed? It is not the fault of those
who would work, but can find no work to do. They have. little or no
choice in shaping their course and while it is true that society owes no
one a living, society does owe everyone an opportunity to earn a living.
In that obligation we have failed, and until we know wherein we have
failed and why, we will not have done our duty nor will we have found
that stability which is the universal desire of mankind to-day.
Why have we failed? I do not know, but I think I can point to certain
conduct on the part of leadership in industry, finance, agriculture, and
government, which may have been responsible in some degree for the
inexcusable tragedy of the hour. When we emerged from the war and
the fir* readjustment period of 1920 and 1921, we had an industrial
plant capable of supplying the satisfiable wants of our population based
upon the current income, which was exceedingly high in relation to
former periods. Technological and management improvement enabled a
rapid expansion of productive facilities to take place. Large foreign
loans vastly expanded our export trade. Consumer credit augmented
domestic purchases. Selling ceased to be an art, and taking orders was an
accommodation to the customer. The sea was smooth, the breeze favorable,
and the directions were,full steam ahead I Then it was that we lacked
foresight and a plan. Business leadership then, had it read the barometer
properly, should have noted the storm that was gathering and trimmed
sail accordingly, but ambition for place, power, and profit blinded leadership to the obvious dangers ahead and prevented the preparation of a safe
harbor against the hour of storm.
If the true measure for the distribution and consumption of goods is
national income—and I mean by this the income of the great mass who
earn their daily bread—then business leadership should have known that
it was expanding plant and equipment to meet a demand which was
greatly in excess of any possible sustained earned income. It should have
known that foreign borrowers could not afford to borrow nor could American lenders continue to lend at the rate of a billion dollars a year. It
should have known also that American purchasers could not afford to
borrow to purchase consumable goods, and that lenders would not be
able to lend at the rate of six billion or more annually for the purchase
of such products.
But these facts were wholly ignored. As competition on the productive
side increased,. greater and greater demands were made for the technological improvements of productive facilities. Larger and larger demands
were made upon capital to finance plant and technological improvements
until we find to-day millions upon millions of idle capital investment with
its consequent heavy charge and with little likelihood of early utilization
In a manner to earn its keep. As an evidence of this plant and equipment expansion, and not for the purpose of calling attention to any particular industry, it is estimated that the capacity for the production of
automobiles in this country is approximately 8,000,000 trucks and cars
per annum, while recent estimates of the possible American market place
It in the neighborhood of half that sum. Figures for the radio industry
indicate that the maximum productive capacity is nearly three times the
normal sales possibility. Similar illustrations could be produced in varying degrees for most of our principal industries.
It has long been fashionable to criticise the individual who buys beyond
his income, thereby becoming a victim of debt with its subsequent embarrassment and, all too frequently, bankruptcy or worse. What shall we
say, however, of business leadership which expands its plant and equip.
ment vvithoUt considering the source of its temporary market, and increases its forces to an extent which intelligent understanding should
indicate would leave It seriously involved with thousands of employees
out of work when such demand had passed. Certainly, we cannot blame
the individual and excuse the management! Neither do I believe it is a
sufficient answer for management to say that it must take business and
meet the demand when it comes without giving consideration to the consequences that may follow. If we are going to level the curves of the
business cycle, the adjustment must take place at the top of the peak
rather than in the valleys, and if the adjustment is made at the top, as
I believe it can be, the valleys will not be so deep and there will be less
cause to till in the low spots. Little has been done in this direction in
the past and, unless we change our policy in the future, we may not hope
for that stability of industry which everyone professes to believe so essential to our economic and social well-being.
Business management, however, is not alone responsible for the course
It has followed. Unfortunately, it has had the co-operation of finance
and government and will likewise have to have their co-operation in
adjusting its affairs to a saner course. What, in fact, did the leaders of
finance do to encourage the expansion which has taken place in the last
decade? What, if anything, did they do to prevent such expansion with
the consequences which they certainly did know or should have known
would follow? I believe their record in that connection is not an enviable
one. As early as 1927, it was clearly obvious to anyone having experience
with the granting of credit that if the situation was allowed to continue,
and if expansion and speculation were carried on unchecked, there could
be but one end—disaster. Yet the record of American financial leadership and of responsible Government officials were regrettably one of too
much silence. Few warnings were issued, and few attempts were made to
attract public attention to the danger that threatened. Credit for the
expansion of productive facilities to meet temporary remands was granted
to business without adequate consideration of the consequences. Credit
without stint was furnished to consumers to buy consumable goods, thereby
further increasing false purchasing power and multiplying debt. No one
called a halt.
Every kind and character of combination and consolidation were made,
regardless of their economic advisability or the possibility of economies in
management or increased profits therefrom. Little or no consideration was
given to the nature of the business involved; in one instance, for example,
soaps and candies were united. Such combinations and mergers were promoted and securities were sold on the theory that temporary earnings derived from a false demand would not only continue, but would forever
Increase. Furthermore, these securities were not sold to those in a position
to buy, or who could buy for investment purposes, but rather to those less
able to buy—to men and women fascinated by high-powered salesmanship
and an inborn desire to gamble for big profits. Was such financial leadership
calculated to inspire confidence or make for an economic stability which
insures social welfare? I am afraid not. But financial leadership did
not stop there. It actively promoted the purchase of equity stocks and
split its own unit of stock par in order, as it said, to bring Its market
values within the reach of the small investor. May I add parenthetically,
that such action would have been unnecessary for their purpose had they
waited only a few months. Financial leaders organized and promoted
so-called investment trusts to give the small investor a chance to profit from
wise financial leadership, made foreign loans of speculative value, and
[VOL. 132.
altogether followed the procession obviously intent upon getting theirs
while the getting was good.
Are we to have a repetition of this kind of financial leadership? If it
be true—as I believe it is—that credit is the life-blood of the nation,
and that there can be no economic stability or social progress without a
sound financial structure; and if it be true—as I also believe—that no
financial system is sounder or more useful than its management, then
financial leadership in this country must take stock of itself, turn over
a new leaf, and chart a new course of conduct for its future guidance.
If it be objected that not all financial leaders are guilty of such misconduct—and certainly there are some who are not—the indictment,
nevertheless, stands. As far as the record discloses, not one had the
courage to fight in the open against the tendencies he knew were wrong
and to demand a right-about-face. Knowledge is one thing, bid courage of
leadership is another.
Aiding and abetting, if not leading, the financial group was another
group upon whose shoulders must rest a large measure of responsibility for
the present condition of the American economic structure. I refer to those
responsible for the management of the security and commodity exchanges
of the country. I have said before, and I repeat that I believe security
and commodity exchanges are necessary for the efficient functioning of
American business. I have also said that American business has paid
altogether too great a price for the character of service we have had in
our attempt to maintain a free market for our securities and commodities.
I do not believe we can afford to continue to pay the price which has
been required for the maintenance of such markets. As far as I can recall,
this country has not had a major depression in three decades that did not
follow a collapse of values on the stock exchange. I do not claim that these
collapses—presupposing, of course, periods of speculative activity—were
wholly responsible for such depressions, but I do say that such collapses
have been the immediate and most obvious precipitating causes. Since
public opinion is so directly responsive to price fluctuations, especially
on our security exchanges, may I urge upon those responsible for management policies further unprejudiced investigation of changes which may be
made in the public interest?
May I also suggest three specific subjects for such an inquiry?
First, and most important of all, because, I believe, it exerts a more
dangerous influence than any other one thing in American financial. life,
I would urge consideration of the abolishment of the so-called "daily
settlement" with its consequent "daily call money rate." Without the
power in the Federal Reserve Board to regulate to a reasonable extent
the flow of credit and the rate to be charged for it, business stability is
impossible; and I am equally certain that with a call money market daily
making the rate for funds, it is impossible for any banking agency to
influence the flow of money more than nominally, and in no sense at all
to regulate the rate. Therefore, in the interest of a sound banking structure and stable business activity, I believe the exchanges of the country
would make a direct contribution of great importance should they adopt
some type of periodic settlement which would eliminate the daily call
rate and make possible some measure of regulation of the flow and rate of
credit by banking authority.
In the second place, I would urge consideration of the complete abolishment of the so-called floor trading, which, as I am informed, has about
it most of the characteristics of plain crap shooting, and few, if any, more
redeeming features than that delightful Ethiopian pastime. This much
I know, and every layman knows, that when the total capitalization of a
corporation is traded in once a week or over a period of a year from five
to thirty times, the sales are not made for the account of one who owns
and wants to sell, nor are the purchases made for those who desire to buy
and actually receive the securities. If I am wrong in believing that the
present system should be changed, than a large percentage of the people
are wrong, for almost all believe the same thing. Obviously, if their
opinion is unfavorable, it shakes their confidence in the integrity of the
whole procedure.
Finally, I would urge consideration by all exchanges of the adoption of
rules which would prohibit their members accepting trades on any other
basis than for cash if the amount involved is less than $10,000, and I
should personally prefer to see the amount raised to $50,000. I suggest
the smaller figure because it is the par value of a hundred shares of $100
par stock. This suggestion is not intended to bar the small investor
from the market. Other avenues of credit are open to him if he desires
to invest beyond his cash funds. My thought is that this country cannot
afford again the wreck and ruin of people of small means, which followed
the last crash. It is bad enough when the intelligent and wealthy speculate
and lose, but when scrubwomen, day laborers, small home owners, wives,
and youths speculate and lose simply because they can go to a broker's
office and get credit for small sums, the practice ceases to be defensible
on any ground. If it be objected that the adoption of these suggestions
would greatly curtail the volume of trading, and affect vested interests
of those owning stock exchange memberships, let me say that the welfare
of 120 million people should not be sacrificed to the vested interests of
any group, however large or small. If such an unprepudiced inquiry
indicates that these or other reforms will strengthen exchange organizations and make them more useful members of our economic structure-then surely they should be made.
Another field in which those responsible for leadership must do some
hard, sound thinking if we are te avoid disaster is that of public expenditures. In this country, government is supposed to abide with the people,
and yet we know that in no other field does leadership exert so great an
Influence upon the thought and action of the people as in the political
sphere. In the fifteen-year period, from 1913 to 1928, our national income
/
4 billion dollars to 81 bilis estimated to have increased from about 341
lion dollars annually, or 135%; in the same period the expenditures
of all governmental divisions in the United States have increased from a
/
4 billion dollars, or
little less than three billion dollars to more than 121
approximately 300%. It is perfectly true, of course, that insofar as
the Federal Government is concerned, the major part of the increase
In that direction is accounted for by our participation in the World War;
but it is interesting to observe that for the fiscal year ending in 1928,
/
4% of the combined outlay for all
Federal expenditures were only 311
political administration in the United States. Figures are not available
for the years following 1928, except for the Federal Government, whose
expenditures increased 10.7% for the fiscal year ending in 1929, and 6%
in 1930. It may be assumed that like increases have occurred in other
political subdivisions of the country. For the year ending in 1928, the
cost of administration of State Governments amounted to 141
/
4% of the
total; of the remainder over 54% went to sustain local governments.
Naturally, those responsible for government desire to give their constituency the finest educational facilities, the best roads, streets, public
parks, playgrounds, and other facilities obtainable, but, after all, there is
no denying the fact that expenditures for such purposes bear a very close
MAY 16 1931.]
FINANCIAL CHRONICLE
3645
relation to the individual, because they mortgage his future earnings for
more to the individual farmer than all the government relief programs
consumable and rapidly deteriorating goods. Every bond issue for the that may possibly be conceived. Once the farmer lives at home, then I
public welfare is an installment debt on the earning capacity for every believe whatever kind of money crop he may produce, whether it be
individual and enterprise in the community affected. Not only does it large or small, 'the price high or low, his major difficulty will be solved
Involve installment amortization of the debt itself, but a sonstantly in- and his margin of income for the necessities and luxuries he so much
creasing charge for maintenance and upkeep if the improvement itself is deserves will be greatly increased.
to be preserved against early deterioration and quick ruin.
There is no romance about farming. If it is successfully done, I know
Most of the taxing machinery of the country was created at a time it means hard work day in and day out. But so does any other business
when the present volume of public debt was not thought possible; and it successfully performed. I know the privations of farm life. They are
is, therefore, inadequately and inequitably adjusted to meet the emergencies much less now than they were thirty years ago. I should like to see every
of the present burden. The consequence is that in almost every major farm home equipped with the modern conveniences of urban life. I
political subdivision of the country certain classes of wealth escape taxa- should like to see every farmer with an automobile, a radio, and all other
tion, or pay little, while other types of property are charged with an modern inventions which have contributed so much to social welfare.
unbearable obligation. The duty of leadership, therefore, in this field is No one is more entitled to these advantages than the farmer; but the
two-fold. First, and most important of all, a greater degree of caution farmer, like everyone else, should have them only when he can pay for
must be exercised in the creation of government obligations; and, second, them. The income for such purposes will be largely determined by the
an immediate reform in taxing machinery must be undertaken. In connec- extent to which the farmer exhausts every possible means of supplying
tion with the creation cf indebtedness, it is high time that those responsible his necessities from the farm itself. The way out for the farmer is not an
for State administration consider the pernicious and seductive influence easy one. Neither is the course smooth for industry, finance, or governof so-called Federal aid for public improvements. In many instances, ment, and the problem in one sphere is little less difficult than in any
this policy of public expenditure approaches closely to political bribery other.
and in almost every case, lends itself a political log-rolling, the surrender
I realize full well that this brief summary may be justly considered an
of state sovereignty, and a gradual impoverishment of fiscal units. More- indulgence in hindsight rather than foresight. Looking backward is
proposal
and
promotion
the
of
over. we have said nothing of
undertakings always somewhat unpopular, but I accept the responsibility, because I
wh. h in many instances are not justified by the necessity of the situation believe that without a proper appraisal of our conduct in a given situation
or y the utilization of the facilities contemplated. Let there be no mis- in the past, we are likely to follow the same course when similar circumtake in this respect. Let us face the facts. Unless there is a return to stances come again. In what I have said there is no element of criticism,
sanity in the matter of public expenditures, default and repudiation of no spirit of "we should have known better." There is, however, an urgent
public obligations cannot be much longer avoided.
appeal to those in responsible positions in every major field of business
For the last decade, we, in the United States, have had to deal with a endeavor to take account of the element of human conduct in economic
problem which now seems to be practically world-wide in its effect—the affairs. I believe that without the proper education and direction of
almost complete demoralization of agriculture. I disavow specialized knowl- human conduct, economic depressions will inevitably continue to recur
edge with respect to many particularly intricate and complex economic prob- with ever-increasing social and political disaster. We cannot afford to
lems, but hope I may be pardoned if I claim a personal acquaintance with assume the responsibility for such misbehavior.
the life of the farm and the problems of the farmer. In my opinion, no great
Relief from world distress, the cure for economic ills, does not lie in
division of human society has ever been lied to, and lied about, more in the domain of political action. Wherever legislative programs have ben
the same period of time, than has the American farmer in the last ten undertaken for the cure of economic ills, state socialistn with failure
years. He has been the victim of more false economic and political in- immeasurably worse has been the result. Governments cannot effectively
formation, with its constant destruction of public confidence in everything or efficiently suspend the operation of economic laws, as witness failure
he is and represents, than has any other element in our social structure. after failure in the field of price regulation, and most recently, the almost
He has been induced to accept strange doctrines and follow strange practices, complete breakdown of economic conditions in Australia and New Zealand
until it seems to me he has almost forgotten the real purpose of farm where government ownership and operation have had their most universal
life—to make a living for his family on the farm. The greatest damage application. We must not travel that path. Government co-operation is
which has been done to the farmers individually, and as a whole, probably imperative; but leadership must come from business.
lies in the fact that they have been induced to believe that in government
It is an encouraging sign, in the field of industry in particular, that
action there was some magic wand which would lift off their shoulders management is more and more adding social welfare to its management
the responsibility of hard work, thrift, and economy.
problems. A final and proper adjustment of economic and social conI do not mean at all that the farmer has not been a victim, for genera- ditions cannot be attained without the closest co-operation between all
tions, of legislation which was ill-considered from the farmer's standpoint factors, including the government. I believe, however, that economic
and detrimental to his welfare. I believe such has been the case. It stability and order can be achieved, and to that end I urge leadership in
sounded well, when industry was prosperous, to tell the farmer that his every field to dedicate its untiring, unprejudiced, and unselfish effort.
best market was the American market, well protected by mounting tariff The imperative need of the world is a sense of security, founded upon
walls. But when he sees behind such protection five or six million of his economic stability:
fellow citizens unemployed and the objects of charity; when he sees
the worker, economic stability means security against unemployment, loss
frontiers closed and barriers raised to his products in other countries, ofFor
income and fear of the future.
then, I believe, he has a just right to complain. No one, not even the
For capital, it means security of investment, the certainty of reasonable return,
fanner himself, would advocate the abolition of reasonable protection for and courage for new venture.
For Government, it means security against revolution, disorder and defeat.
Industry or American society. But a virtue ceases to be a virtue when
For the world, it holds the only hope of:enduring peace, the avoidance of war,
its operations destroy economic opportunity and social equality.
and the preservation of civilization.
itkrzo
The farmer's problems are multiple and difficult. Over many of them
These are the problems; these are the issues which confront world
he has had, and will have, little control; with respect to many others, he leadership.
They constitute the most vital equation in economic crises
is responsible, like the rest of society, for much that he endures. The and in social welfare. The need is for leadership, sympathetic in its
diagnosis of his ailments is also far more simple than the prescription for understanding, tolerant in its viewpoint, and dynamic in its courage.
a cure. For a third century our agricultural colleges have been hammer- This is the challenge. Let us answer with vision, faith, and hard work.
ing away, more successfully perhaps than they at one time thought, on
better farm methods, such as the rotation of crops, restoration of fertility,
conservation of moisture, diversification, and other improvements in farming, until the farmer to-day finds himself following methods which must St. Louis and Richmond Federal Reserve Banks ReInevitably result in increased production. The utilization of power equipduce Rediscount Rates.
ment has added further to his operation and productive efficiency, while
Changes in Reserve Bank rediscount rates since our item
decreasing his market for the staple crops of animal food. In addition,
so-called educational campaigns on food consumption have steadily dimi- of a week ago (page 3448) have been made by the Federal
nished his sale of the major items of human consumption. The general
Reserve Banks of St. Louis and Richmond. The Federal
situation is not unlike that found in the excess facilities for the production
Reserve
Board announced on May 8 that the Reserve Bank
of automobiles, radios, and other products, for our agricultural production
4% on
is also greatly in excess of the needs or the purchasing power of the of St. Louis had established a rediscount rate of 21
population the farmer can reach. Without free access to the markets all classes of paper of all maturities, effective May 9. The
of the world, the prospect for an outlet for his maximum capacity seems
St. Louis rate is reduced from 3%, which had been in force
almost helpless.
Like all of us, in every line of activity, the farmer was deceived by since Jan. 8 1931, when it was lowered from 3%.
high values in the time of his prosperity. In a well-intentioned, but what
On May 14 the Reserve Board announced that the Federal
now seems at least an unfortunate venture, the Government provided
Richmond had reduced its rediscount rate
abundant credit facilities for the farmer's use. These facilities were Reserve Bank of
to 3% on all classes of paper on all maturities,
supplemented by other large and liberal lending agencies which, likewise, from 3
were misled by land values. The result was that millions of farmers effective May 15. The Richmond bank was the eighth of
assumed obligations out of all proportion to any possible normal farm
the 12 Federal Reserve Banks to reduce rediscount rates
Income. All of us interested in farm activity and farm finance must
assume our share of responsibility for this situation. We are learning since the action of the New York Reserve Bank on May 7,
our lesson and will have to take our medicine with the farmer himself. when it lowered its rate, effective May 8,from 2% to 1M%.
For this mistake, time and hard work seem to be the only remedy. CerAs was indicated in our item a week ago, other Reserve
tainly, more credit will solve the problem.
I wish I could possess prophetic vision that I might see the way by Banks which last week reduced their rates were: Boston
which the agricultural industry could be relieved of its distress and from 2
to 2%; Philadelphia and Dallas from 3Y to 3%;
started on a course of well-being and profit. God has not given me that
Cleveland and Chicago from 3% to 2
power, but I think there is a remedy which the farmer himself can apply.
That remedy will start him on the only course which, experience and
observation convince me, any of us can hopefully anticipate: the snaking
of a comfortable livelihood. When we find that on approximately 20% New Offering of Treasury Bills in Two Series to Amount
of the farms in the United States there is not a milch cow nor a chicken,
of $50,000,000 Each or Thereabouts—One Series
and that on more than 30% there is not a hog, and on approximately
-Day and the Other 91-Day Bills—Total Bids
60
90% not a sheep; when we know, further, that on many farms in our
• $459,066,000—Total Accepted $100,102,000.
large agricultural states, no gardens are kept and almost every article
of food is purchased at the store, we are forced to the conclusion that
New issues of Treasury Bills, in two series, to the aggrethe farmer, by and large, is not farming as he should. I know that there
$100,000,000 or thereabouts, were announced
are certain sections where some, or all, of these means of increasing farm gate amount of
income cannot be applied, but, so far as possible, every farmer should by Secretary of the Treasury Mellon on May 11. Tenders
produce his own milk and dairy products, his own meat, and his own were received at the:Federal Reserve Banks and their branches
poultry, raise his own garden truck, and can the fruit and vegetables he
up to 2 p. in., Eastern Standard time, May 14. The total
requires for winter use. Until he obtains from his farm every item for
humanly
possible for him to produce, bids received for the two series of $50,000,000 each or therepersonal consumption which it is
be has not done his jpb properly. Pigs and chickens and cows are worth abouts were $459,066,000 and the total amount accented was
3646
FINANCIAL CHRONICLE
$100,102,000. One of the offerings (60-clays) will be dated
May 18 1931 and will mature July 17 1931 and the other
(91-days) will be dated May 18 and will mature August 17
1931. In the case of the 60-day bills the amount applied for
was $195,765,000, and the amount accepted was $50,102,000.
The average price of the bills to be issued in this series is
about 99.833, the average rate on a bank discount basis
is about 1%. The offering of 91-day Treasury bills brought
applications totaling $263,301,000; and the amount accepted
was $50,000,000. The average price of the bills to be issued
in this series is about 99.745. The average rate on a bank
discount basis is about 1.01%. The results of the offering
was made known as follows on May 14 by Acting Secretary
Ogden L. Mills:
With respect to the offering of $50,000,000, or thereabouts, of60-day bills
dated May 18 1931, and maturing on July 17 1931,the total amount applied
for was $195,765,000. The highest bid made was 99.837, equivalent to
an interest rate ofabout 0.98% on an annual basis. The lowest bid accepted
was 99.830. equivalent to an interest rate of about 1.02% on an annual
basis. Only part of the amount bid for at the latter price was accepted.
"The total amount of bids accepted for the 60-day bills was $50,102,000.
The average price of the bills to be issued in this series is about 99.833.
The average rate on a bank-discount basis is about 1%.
"With respect to the offering of $50,000,000 or thereabouts of 91-day
bills dated May 18 1931 and maturing on Aug. 17 1931, the total amount
applied for was $263,301,000. The highest bid made was 99.762,equivalent
to an interest rate of about 0.94% on an annual basis. The lowest bid
accepted was 99.736, equivalent to an interest rate of about 1.04% on an
annual basis. Only part of the amount bid for the latter price was accepted.
The total amount of bids accepted for the 91-day bills was $50,000,000.
The average price of the bills to be issued in this series is about 99.745.
The average rate on a bank discount basis is about 1.01%.
Announcement of the offering was made as follows on May
11 by Secretary Mellon:
The Secretary of the Treasury gives notice that tenders are invited for
two series of Treasury bills to the aggregate amount of $100,000,000 or
thereabouts. One series will be 60-day bills and the other series will be 91day bills. 130th series will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve Banks, or the branches
thsroof, up to two o'clock p. m., Eastern Standard Time on May 14 1931.
Tenders will not be received at the Treasury Department, Washington.
Tho Treasury bills will, as stated, be issued in two series. $50,000,000,
or thereabouts, to be dated May 18 1931 and maturing on July 17 1931 and
$50,000,000, or thereabouts, to be dated May 18 1931 and maturing on
August 17 1931. Bidders will be required to specify the particular.series
for which each tender is made. The face amount of the bills of each series
will be payable without interest on their respective maturity dates. The
bills will be issued in bearer form only, and in amounts or denominations of
$1,000, $10.000, and $100,000 (maturity value).
It is urged that tenders be made on the printed forms and forwarded in
the special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt.of tenders on May 14 1931,
all tenders received at the Federal Reserve Banks or branches thereof
up to the closing hour will be opened and public announcement of the acceptable prices for each series will follow as soon as possible thereafter,
probably on the followingmorning. The Secretary of the Treasury expressly
reserves the right to reject any or all tenders or parts of tenders, and to
allot less than the amount applied for, and his action in any such respect
shall be final. Any tender which does not specifically refer to a particular
series will be rejected. Those submitting tenders will be advised of the
acceptance or rejection thereof. Payment at the price offered for Treasury
bills allotted must be made at the Federal Reserve Banks in cash or other
immediately available funds on May 18 1931.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt from all
taxation, except estate and Inheritance taxes. No loss from the sale or other
disposition of the Treasury bills shall be allowed as a deduction, or otherwise
recognized for the purposes of any tax now or hereafter imposed by the
United States or any of its possessions.
Treasury Department Circular No.418,as amended, dated June 25 1930
and this notice as issued by the Secretary ofthe Treasury,prescribe the terms
of the Treasury bills and govern the conditions of their issue. Copies of the
circular may be obtained from any Federal Reserve Bank or branch thereof.
Porto Ricans Protest Against Action of Governor Roosevelt in Vetoing Suffrage Bill.
Advices as follows from San Juan, Porto Rico, May 9,
are taken from the New York "Times":
The first public criticism of Governor Theodore Roosevelt by a responsible group came today when leaders of the Good Government Group
condemned his veto of the election bill passed in the recent legislative
session. The Governor held that the measure did not satisfy the requirements specified in his message to assure democratic elections. He asserted
it would put the election machinery entirely into the hands of the allied
parties of the Good Government Group.
The bill gave the "pure Republicans" legal status as the Porto Rican
Republican party, but made no provision for the Unionists, formerly the
dominant group. It sought to abolish the present literacy requirement
for suffrage.
Senator Rafael Martinez, Republican leader, made a heated attack on
Governor Roosevelt, charging that the Governor, a fellow-Republican,
had ignored his party in the distribution of patronage, although It had
striven to cooperate and had "stoically suffered."
[WA. 182.
Summary of Resolutions Adopted by the Congres:
of the International Chamber of Commerce—
Transport Co-ordination Urged—Futures Trading
Defended.
A summary of the resolutions adopted by the congress of
the International Chamber of Commerce at its final meeting
in Washington May 9, is taken as follows from the New
York "Herald-Tribune":
Futures Trading.
The congress recognized "the fundamental services perfonned by futures
markets in the organized distribution of certain agricultural and industrial
products," and recommended that futures exchanges should "spare no effort" to "remain free from all outside or even governmental interference
with futures trading."
International Protection of Industrial Property.
The chamber recommended that in the forthcoming revision of the
union convention, certain articles be amended so as to prohibit the use of
coats of arms or flags in such manner as to bring these emblems into
disrepute. National committees were asked to agitate for the ratification
by their respective governments of the union convention of Paris revised
at The Hague in 1925.
Prosecution in a country of violations of industrial property rights
committed in a foreign country urged. The Chamber proposed to continue inquiry into the possibility of an international agreement to he
inserted in the union convention regarding enforcement of industrial property decisions in contracting countries, leaving intact the rules of jurisdiction and procedure of the various countries involved. Further, to study
possibility of agreement between various countries to recognize the rights
of nationals and resident foreigners to obtain from the courts having
jurisdiction over such persons redress from any act of unfair competition
or other breach of rights under the industrial property convention even
if committed abroad.
Co-ordination of the Various Means of Transport.
The chamber decided to call a joint conference on the new development
of transport methods representing all business interests and experts In rail
and road transport in order to seek co-ordination of the two means of
transport in interest of general economic welfare; two principal objects
will be of preliminary concern, to determine effects of the development
of motor traffic upon railroad traffic in its various classes, and to arrive
at a comparison between the amount appropriated for the highway system
as a whole, its upkeep, development and administration due to motor
transport.
Railway Rafe Discrimination.
Recommended appointment of a committee of experts to pass in a consultative capacity upon any particularly flagrant cases of railway rate
discrimination that may be referred to it by national committees. The
committee is to seek agreement between the parties concerned without
laying down principles, and the congress suggested that the experts be
guided by the experience of the Interstate Commerce Commission of the
United States.
Customs Treatment of Luggage.
The chamber considered necessary an inquiry among national committees
on the question whether extension of custom facilities is desirable and to
what destinations it should apply. It was recommended that in the meantime a large number of customs houses be opened at inland stations
receiving international traffic in each country where luggage might be
inspected; that various customs administrations recognize the seals affixed
by other customs administrations on luggage in international traffic,
except where fraud is suspected, and that inspection of luggage at station
of destination be made as far as possible the general rule on all routes
where traffic is heavy.
Financing of the International Movement of Goods.
Resolved to appoint a joint committee of railway and banking experts
to study the best methods of financing the international movements of
goods by rail as a whole. Calling attention to the introduction of the new
system of current railway accounts by which, subject to appropriate
guarantees, the amounts to be collected are placed to the credit of consumers at the time of shipment, the chamber said the system greatly
facilitates financing of goods by rail and that establishment of negotiable
railway freight documents would serve the same purpose.
Railway Transport.
Resolved to make an Inquiry to determine the further uses to which
highway transport can be put with a special view to its influence upon
business advancement.
Highway Finance.
The chamber stated certain principles of construction and administration
and with reference to budgets demanded that "crux of the problem" is
to apportion cost of roads fairly between the three principal interests
concerned, the general public, real estate owners and road users.
Bills of Lading.
Reaffirmed conviction that uniform laws and uniform bills of lading
are required to facilitate international commerce. The chamber noted
"with satisfaction" the recent progress made in the United States and
in France toward adoption of the Hague rules, and welcomed announcement
made by the Pan-American Union that at the fourth Pan-American Commercial Conference in October, 1931, that an effort will be made to work
out uniformly between the nations of the Americas on the principles of
the Hague rules.
Protection of Private Property in Time of War and in Time of Peace.
The chamber considered it necessary to frame at the earliest possible
moment an international legal convention expressly guaranteeing the protection of private property belonging to nationals of contracting states
on the territory of other contracting states. Security of private property
on land, sea and in air should be guaranteed in peace and war, the
resolution stated, and the principle of inviolability should extend to all
private material rights including debts, participation and the protection
of intellectual and industrial property. Exceptions to the principle should
be enumerated and form the subject of exact definition, the resolution
stated, adding that the right of reprisal should not be admitted because
of the danger of eventual abuses. Suds a convention should contain a
clause by which contracting states agree to submit in case of controversy
to jurisdiction of an international tribunal or court of arbitration, the
chamber declared. The resolution will be transmitted to the League of
Nations.
MAY 16 1931.]
FINANCIAL CHRONICLE
Silver Problem.
The chamber, "realizing the serious consequences of the present silver
situation to the economic condition of the world," declared it considered
the convocation during the current year of a conference at which all
interested bodies may be heard, for the purpose of seeking a solution to
the problem, to be eminently desirable. National committees were urged
to direct the matter to the attention of their governments.
International Maritime Conventions.
Urged national committees "to do everything in their power" that
maritime conventions may not be dead letters but be effectively enforced.
Many such conventions of value to international commerce and shipping
have not been ratified by a sufficient number of countries, the chamber
said, adding that this state of affairs "may seriously jeopardize confidence
in the effectiveness of international agreements."
International Trade Movements.
The chamber declared it should "continue to encourage more frequent
and closer contact between the component parts or individual branches
of world industry and trade." The resolution urged the national committees
to continue periodical analysis of business statistics in their own countries,
publishing the results for the guidance of individual business enterprises.
The resolution also proposed that the chamber give consideration publication of some central report surveying the world business based on national
and international reports of world-wide trade associations.
Negotiable Railway Documents.
The chamber took the position that it might be well, at first, to limit
the use of negotiable documents to important stations of destination and,
If necessary, to exclude from the system of negotiable documents those
stations where, on technical grounds, it has been recognized that the
system cannot work in practice; the resolution expressed the opinion that,
in practice, the person entitled to a negotiable document will do everything in his power to insure the reception of the goods without delay,
so as to avoid demurrage charges, and that, on the other hand, railways
always can get rid of the goods by warehousing them, at the expense of
the party concerned, in recognized warehouses. The chamber alluded to
the objections to the introduction of negotiable documents raised during
the inquiry of the international railway union and expressed the hope that
the next conference for revision of the international convention on the
carriage of goods by rail would consider the question.
Air Transport.
A resolution submitting to all governments and to the international
convention on air navigation the draft prepared in relation to aircraft
by Major K. M. Beaumont in the name of the air transport committee cf
the International Chamber of Commerce.
Aircraft Registration.
The resolution said that Article 7 of the Paris convention relating to
the regulation of aerial navigation should be amended so as to make the
registration of aircraft indeperdent of the nationality of the owner, since
" it does not seem right to determine the nationality of a company according to that of Its members or directors."
Owners' nationality; recommending that all governments refrain from
making registration of aircraft dependent upon the nationality of its owner.
Air Traffic.
Recommending that governments, whenever their laws reserve transport within the territories to national air navigation, make the reserve
apply to the concerns and not to the aircraft in order that air navigation
concerns can use foreign aircraft when necessary.
Air Taxi Traffic.
"Whereas international air taxi traffic is destined to play an important
part in the future; whereas the question of whether commercial traffic
of this kind requires a special authorization in the country of destination
has not yet been decided; (the chamber) recommends that governments
refrain from establishing legal regulations of a kind to hamper or render
impossible international air taxi traffic."
Immobilization of Aircraft.
The chamber stated that "the principle according to which the registration of an aircraft is the foundation and proof of ownership immobilizes
aircraft and is a source of difficulties and heavy charges for the aircraft
trade, in other words, for their purchase and sale, 'saisie' and mortgages,"
and recommended that such immobilization be avoided and that wherever
impossible in case mortgaged aircraft at least that aircraft for which
there is no question of mortgage be excluded from immobilization.
Air Mail.
The chamber urged the postal administrations to consider the possibility of calling as soon as they can consider it advisable a special conference (provided for in paragraph VII of the final protocol of the London
convention) to make amendments in the air mail regulations decided
necessary in light of experience.
Air Exhibitions.
The chamber stated that "it is essential that any regulation ,of air
exhibitions and fairs should entirely meet with the interest and requirements of the aircraft industries," and that for that reason it considered:
"That the time is not yet ripe for an official international regulation of
special international air exhibitions and fairs, and that such international
regulations should rather be sought by the manufacturers concerned."
Further, that the object of an international regulation of special international air exhibitions and fairs should be to limit the number of such
exhibitions or fairs.
Airport Customs Warehouses.
Stating that existing customs regulations, especially those governing airPorts, present drawbacks for commercial air traffic, the Chamber recommended "that customs administrations consider the possibility of creating
at customs aerodromes a bonded warehouse or space considered to be a
bonded warehouse."
Commercial Policy and Trade Barriers.
The chamber directed that its report on the subject be approved and
presented to the economic consultative committee of the League of Nations.
Most Favored Nation Clause.
The chamber restated that the essential function of the clause is "to
eliminate discrimination from international economic relations, thus reducing the risk of retaliation leading to tariff wars and possibly to disturbances of international political relations, while at the same time
facilitating the negotiation of commercial treaties by removing the material
3647
difficulty which would otherwise be imposed by the necessity of dealing
in such negotiations with the innumerable items of a modern tariff."
The chamber stated it had considered "a declaration on the part of
some national committees, which, while emphasizing the value of the most
favored nation clause treatment as a basic principle of commercial policy,
are firmly convinced that, as far as regards the economic relations between
nations, circumstances might arise, and have in fact arisen, which render
it desirable to add a mutual preferential treatment to the existing recognized
contractual exceptions to the most favored nation clause." "The congress
presumes," the resolution stated, "that the aim of and existence of such
agreements will not be the pursuit of a policy of exclusion, or of an unjust
deterioration in regard to the commercial position of third parties, but
art improvement in the international organization of world trade."
International Chamber Development in Latin-America.
The congress expresses the hope that the chambers of commerce and
other business associations- of the Latin-American countries where no
national committees of the International Chamber of Commerce has been
established may find it advisable to establish national committees as
soon as practicable.
Inasmuch as the forthcoming fourth Pan-American Commercial Conference
will assemble in Washington October 5 to 17 of the current year, with
representatives of the principal Latin-American business bodies in attendance, the congress recommends the appointment of a special subcommittee
to survey the situation in the Americas and to propose to the delegates
meeting at the October conference the best means for bringing about this
extension of the International Chamber of Commerce activities in the
American nations not yet affiliated thereto.
Double Taxation.
The International Chamber of Commerce reaffirms the resolutions and
the annexes thereto adopted at the Amsterdam congress in 1929, and
again calls the attention of all governments to the necessity of concluding
such bilateral treaties so as to free trade and industry from the ever-growing barriers of double taxation, and this more particularly at a time of
serious economic depression; contingently points out to governments the
efficacy of measures tending to avoid double taxation that can be applied
by means of internal legislation, or with or without international reciprocity; urges that national committees of the International Chamber of
Commerce renew their representations to their respective governments
so as to insure the broadest possible application of this policy; the congress
recommends that the secretary general of the International Chamber of
Commerce, whenever new cases or threats of double taxation are brought
to his notice, would, with a view to reviewing them, promote action by
the national committees both of the country taking or threatening to
take such measures and of those countries that may suffer thereby.
Restoration of International Trade.
[Detailed reference to this will be found in another item in this issue
of our paper, in which we report the action of the Chamber on War
Debts, Tariff, Armaments, Trade, &c.—Ed.]
Agric' ultural Problems.
As agriculture, the resolution said, "is not only the oldest but is still
the greatest trade in the world, it is of extreme importance to the commerce of the whole world to restore prosperity to agriculture. Business
men and their organizations in every country should lend their best
assistance to examination cf the conditions of agricultural production and
the distribution and use of agricultural products.
"The chamber approves of the method now being used of endeavoring
to reach solutions of those vast problems through the holding of international conferences. It believes that this method holds out the best possibilities of success.
"Therefore, in further studies of the chamber and on conferences on this
subject, special attention should be paid to the following questions:
"(a) The extent, direction and distribution of agricultural production.
"(b). Financing the crops.
"(c) Appreciation of credits for agricultural purposes.
"(d) Amendment of rigorous agricultural protective measures.
Unemployment.
"Considering that the present economic crisis has affected all nations
and consequently also endangered profoundly the recovery of the economic
welfare of the world, and contributed to unemployment, the International
Chamber of Commerce points out that, as both industry and agriculture
have experienced an enormous technical development within a very short
period, it has not been possible, partly on account of the war and its
effects, to harmonize production and consumption of commodities.
"The International Chamber of Commerce considers it advisable for the
purposes of meeting this crisis that the Bank for International Settlements
and similar institutions should lend their aid, so far as is practicable, to
increase the mobility of accumulated capital. Furthermore, there should
be an enlargement of the various ways and means which are available
for this purpose with a view to facilitating the movement of capital under
international co-ordination.
"The Congress has received with interest the evidence of constructive
efforts made by owners and managers of business undertakings to promote
stability in employment. By planning in its various forms many employers
have demonstrated that in their fields fluctuations of employment can be
substantially reduced. The industrial undertakings of all countries should
study these accomplishments and should endeavor to find similar methods
applicable to their circumstances, in order that they may to the greatest
possible extent increase the certainties of employment.
"The International Chamber of Commerce considers that measures of
unemployment relief which are merely palliative do not go to the root of
the evils. All measures of unemployment relief must be consistent with
sound economic principles so as to avoid excessive drain on national
income and to refrain from restricting the mobility of labor and industry.
Otherwise they only increase existing difficulties."
Resolution Adopted by International Chamber of
Commerce at Washington Proposes Examination of
War Debts If Economic Conditions Warrant—
Urges Adjustment of Tariff Inequalities—Also
Reduction of Armaments—Would Hasten Move
for Business Revival.
The final session of the Congress of the International Chamber of Commerce at Washington on May 9 was marked
by the adoption of a resolution bearing on international obligations, business conditions, tariffs, &c., in which it is
3648
FINANCIAL CHRONICLE
[VOL. 132.
recorded that the integrity of the international obligations tion that any nation should not feel free to ask a re-examination of these
debts on the basis of underlying principles upon which they have been
"is always fundamental to the maintenance of international settled.
credit and to the expansion of commerce and industry." "In reference to the statement concerning trade barriers or tariffs, the
to again
The observance of this essential principle, however, says American delegation cordially supports this resolution. It desires States
a
attention to the fact that in the last tariff act of the United
the resolution, "is not inconsistent with an impartial ex- call
definite principle of tariffs was enunciated and provision was made for
international
of
method
This
on
basis.
obligations
that
machinery to adjust tariff inequalities on
amination of the effects of these
trade, if warranted by changed economic conditions, such adjusting inequalities the American delegation believes is an important
step forward."
examination to be based on the principles laid down by the
Under the chairmanship of an American, Mr. Strewn, the congress
International Chamber of Commerce at its congresses." broke up in an air of good nature and the general resolve that all of the
1,000
from 35 nations should go home to work harder than
The resolution also declared that "the machinery provided before delegations
to rehabilitate business.
inequalities
tariff
of
adjustment
by some countries for the
The meeting was adjourned after the delivery of an address, radioed
the
should be utilized without delay and all nations should unite from Berlin, in which Franz von Mendelssohn, incoming president of
International
Chamber, made a plea for closer world co-operation, and a
in an effort to remove all unjustifiable restrictions." In reply by Georges
Theunis,outgoing president, who stressed the development
its resolution the Chamber commended "the efforts being of good-will during this congress.
made by the governments of the world to reduce armaments
The resolution on trade, international obligations, &c.
to the lowest possible limit, and urges not only that there follows:
should be no relaxation of this effort but rather that it should
"The trade disturbance which all countries have been facing and the
of condibe redoubled. The attainment of this objective would effects of which have been felt by all peoples is but a repetition
tions similar to those with which the world periodically has had to contend,
relieve the people of all nations of heavy burden of taxation." now
war.
the
of
intensified by the consequences
According to the New York "Times" the resolution embody- "The developments of the last two years have caused an unsettlement
of
between
confidence
which is unwarranted in view of the healing and recuperative
compromise
a
frankly
was
these
ing
provisions
powers of commerce and finance which have always asserted themselves
demands by some foreign delegations for an expression by the and
which are certain to again demonstrate their effectiveness.
chamber in favor of debt reductions and lower tariffs, and
"Business recessions have invariably stimulated improvements in
progress based upon
the opposition of the Hoover Administration against action methods, taught salutary lessons and resulted in sound
a firmer foundation. We are certain that history will repeat itself. The
on such so-called political topics by a convention of business task
of the world Is to
interests
imposed upon the business and financial
men. In its Washington account May 9 the "Times" quicken and vitalize these processes.
"The Chamber feels that as in the Rome resolutions of 1923 and in
also reported as follows:
the
Stockholm and Amsterdam meetings it must
of
The final draft of the resolution was drawn by the American delegation,
headed by Silas H. Strawn, this morning, after days of study and conversations with the German, French, British and Italian delegation leaders
had made it obvious that the congress of the Chamber could not be adjourned without some expression of opinion on the outstanding topics of
discussion during the last week.
In its phraseology, the resolution was as mild as possible, and nowhere
did the expressions "reparations" or "war debts" occur, in deference to
the footings of the Washington Administration, but there was no doubt of
the intent of the resolution. Regardless of its wording, it was agreed that
it paved the way for further agitation for a revision of the reparations and
war debts settlements.
Had the American delegation been solidly aligned against the inclusion,
of statements on war debts and tariffs in the resolution, it was agreed that
they might not have been placed there, but within the delegation there was
a division of opinion which disturbed friends of the administration throughout the conference.
This division was emphasized today when Willis H. Booth, honorary
president of the chamber, who gave the chief seconding speech for the
resolution, said:
"Relative to the question of international obligations. I desire to state
in behalf of the American delegation that it has never opposed the suggestion that any nation should not feel free to ask a re-examination of these
debts on the basis of the underlying principles upon which they have been
settled."
Mel Hoover on Disarmament.
The consensus among the delegates appeared to be that Germany and
Great Britain, whose delegations were most anxious to have an expression
on debts and tariffs recorded, had made clear gains to that end, as against
the desires of the Hoover administration, which clearly had represented
itself as opposed to any mention of these subjects.
On the other hand, the administration scored with the paragraph devoted
to disarmament, as this was one topic which would have been left untouched
had not President Hoover in his speech at the opening of the congress
pointed out that world armaments exact $5,000,000,000 annually from the
nations of the world.
It was generally agreed that the resolution framers had arrived at a
happy solution of the war debt or "international obligations" problem by
endorsing "the integrity of such obligations" and referring to past expressions of the chamber, including one adopted at Rome in 1923. In
that pronouncement, generally credited with being the genesis of the Dawes
plan, the principle was laid down that nations should be assessed their
debts in proportion to their ability to pay. • • •
Flexible Tariff Idea Stressed.
The paragraph dealing with tariff contains, first, an implied criticism
of high levies on imports by the United States, a threat to Russian dumping
and, finally, one of President Hoover's most favored projects, the idea of
extending the theory Incorporated in the flexible provision of the tariff
act of 1930 to other countries.
This resolution was listed as No.39 on a list of 43, touching on almost all
economic subjects, but consideration of it was deferred until after all the
others had been acted upon because of the formalities which surrounded
Its adoption.
When Mr. Strawn, who was Chairman of the final session, called it for
consideration, John H.Fahey, Boston publisher, was asked to read it. The
reading was followed by mild applause.
Georges Theunis, former Premier of Belgium and retiring president of
the International Chamber, moved its adoption without making further
remarks, and seconds to the motion were made in rapid succession by the
following delegation leaders, who had co-operated in determining the
substance of the resolution: Eugene W. R. Masson, France; Abraham
Frowein, Germany; J. Sigfrid Edstrom, Sweden, and Alberto Pirelli, Italy.
resolutions its Brussels.
express frankly business conviction as to the treatment of certain major
problems influencing world trade and the welfare of peoples.
"1. The International Chamber has repeatedly emphasized the fact
that war is the greatest barrier to social and economic progress and the
establishment of higher living standards is dependent primarily on the
maintenance of peace. The Chamber commends the efforts being made
by the governments of the world to reduce armaments to the lowest possible limit and urges not only that there should be no relaxation of this
effort but rather that it should be redoubled. The attainment of this
objective would relieve the people of all nations of heavy burden of taxation.
"2. International obligations have been made definite in amount and in
terms as between nations. The integrity of such obligations is always
fundamental to the maintenance of international credit and to the expansion
of commerce and industry. The observance of this essential principle, however, is not inconsistent with an impartial examination of the effects of
these obligations on international trade, if warranted by changed economic
conditions, such examination to be based on the principles laid down by
the International Chamber of Commerce at its congresses.
"3. National and international trade should be encouraged by the
removal of every obstacle possible. Tariffs should not discriminate unfairly
between nations. Embargoes should be exercised only against dumping
or other unfair practices. The machinery provided by some countries for
the adjustment of tariff inequalities should be utilized without delay and
all nations should unite in an effort to remove all unjustifiable restrictions.
"4. Private initiative and private operation of business enterprise
constitute the most effective instrument to insure the progress of industry
and to increase general prosperity.
"5. The tendency for governmental expenditures to outrun revenue
again imperils national budgets. A sound budget is absolutely requisite to
the maintenance of national credit and the stability of exchanges. Such
a budget should contemplate every possible economy and must not impose
such a burden of taxation as will disturb productive enterprise and add to
unemployment."
The Rome resolutions of 1923 declared that:
"A proper factor in any adjustment of such indebtedness should be the
present and probable future ability of each debtor," and that; "In determining the ability of any debtor nation to pay, reasonable consideration
should be given to the effect on its present and future earning capacity
that may be expected from a sound national budget together with the
savings resulting from the reduction of excessive military. expenses made
possible by the assurance of peaceful conditions."
Lord Mayor Thompson of Liverpool, Eng., After Visit
to President Hoover, Says Latter Sees Slump as
"Mental"—Quotes President as Believing Depression to Be Largely Psychological.
President Hoover believes that the current economic
depression is due in great part to "the mental condition of
busindss," Alderman Edwin Thompson, Lord Mayor of
Liverpool, is reported to have said on May 11, as the guest
of honor of the British Luncheon Club, 53 Broadway. From
the New York "Times" of May 12 we take the following:
"Last Friday I was received by President Hoover at Washington,"
Lord Mayor Thompson said. "In the few minutes' conversation that we
had, President Hoover said he felt that a great deal of the difficulties
of the present commercial situation were due to the mental condition of
business."
Resolution.
Seconds
Booth
The Lord Mayor likened the state of business throughout the world
resolution,
Mr.
to that of an ill person who, if the doctor tells him he is going to
to-day
the
second
When recognized as the last member to
die, probably will.
Booth said;
"If the doctor says 'You are going to get well.'" he continued, "the
"I second the motion for the adoption of this resolution. It is acceptable
effect of mind over matter is tremendous and the patient may pull through.
to the American delegation.
in
covered
questions
think that in the condition of the world to-day a spirit of cheerful"I
the
"Referring, however, specifically to certain of
this resolution, may I say in reference to reduction of armaments that the ness does much good. I wanted to make my official visit to New York
American committee, and It believes it speaks for the American public, because the interests of New York and Liverpool are identical, as the
cordially supports all endeavors looking toward reduction of armaments. interests of the whole world are Identical. And I wanted to point out
It believes that the time was never more opportune to bring this subject that things are not so bad."
He pointed to the increased tonnage that has passed up the Mersey to
to the attention of the governments and the peoples of the world. It
believes that every possible effort should be made in every direction to Liverpool in 1930. That, he continued, "is all to the good," even though
the boats were not full and there was "a lamentable lack of cargoes."
secure the results demanded in this resolution.
"Relative to the question of international obligations, I desire to state The movements of the boats, he declared, gave employment to large
In behalf of the American delegation that it has never opposed the sugges- numbers.
MAY
16 1931.]
FINANCIAL CHRONICLE
Liverpool was spending more than £2,000,000 on docks, he said, and the
city had in hand a total improvement program that would cost about $100.000,000. "These things would not be carried on as they are if people
did not believe that conditions were going to be all rignt," he added.
"We have signs that conditions are a little better, he said, and he urged
the advantages of "letting out the good facts and keeping the bad to one's
self."
The Lord Mayor in addressing the Chamber of Commerce
of the State of New York at a luncheon on May 12 also urged
that his country and the United States should combine forces
to lead the world out of its present depression. The welfare
of the two countries had been closely interwoven in the past,
and he said that their individual well-being to-day hinged
upon joint leadership. "Great Britain and America should
take the lead and show the other nations of the world how
to conduct themselves in order that the world may emerge
from its present state, which is so tragic," the Lord Mayor
said.
The people of Liverpool, he declared, gave full credit to
the industrial genius of America. "As America has grown,
Liverpool has shared in her prosperity," he said, referring to
the development of the cotton spinning industry in his city.
J. Barstow Smull, President of the Chamber, presided
at the luncheon.
The Lord Mayor speaking to members of the New York
Cotton Exchange at the close of the market May 13 again
noted that President Hoover had expressed the opinion to
him that the present depression is largely mental, and so the
Lord Mayor said that he thought there was a great deal of
significance in the smiling faces in his audience. He referred
briefly to the very difficult times through which the cotton
trade has passed, but said that he thought he saw evidence
of a better feeling all around. The Lord Mayor was invited
to the Exchange through a resolution passed by the Board of
Managers, and he first sent his regrets at being unable to
visit the Exchange because of his plans to sail that night,
but later found it possible to pay a brief visit at the close
of the day's market.
The Lord Mayor, who arrived in the United States on
May 3, sailed on the "Berengaria" for England on May 13.
Rules of New York Stock Exchange Governing Participation by Members in Organization or Management
of Fixed Investment Trusts—Rules Also Apply to
Distribution of Trust Securities.
Richard Whitney, President of the New York Stock
Exchange, announced on May 7 that the Governing Committee, on joint recommendation of the Committee on
Business Conduct and the Committee on Stock List, has
formulated rules under which the Committee on Stock
List will pass upon the question of whether a fixed or restricted management type investment trust is one with
which the association of a member or firm registered on
the Exchange appears co be unobjectionable. This
announcement follows a statement made by Mr. Whitney in a
speech
before the Chamber of Commerce of Philadelphia on April 24
(referred to in our issue of May 2, page 3271) in which
he said:
The Exchange is considering what action it should take to
draw the
attention of the public to the possible dangers connected with fixed investment trusts. In fact, the necessity is so groat, I am confident some
action will be taken in the near future.
Mr. Whitney's statement of May 7 follows:
3649
restricted management type investment trusts. Their obligations for
the moment is limited to making to the Committee on Stock List a full
statement of any such association.
"As soon as the Committee on Stock List concludes that a reasonable
time has been allowed for all members having such associations to present
the facts so that the Committee on Stock List may be able to determine
whether the association is objectionable or not, the Committee will fix a
time after which the association of members with fixed or restricted management type investment trusts will be limited strictly to such trusts as shall
have met the requirements of the Comimttee.
"The requirements, including the form of application and agreement
to be submitted, have been prepared and are now available for distribution.
"Members are urged to bring this matter promptly to the attention of
fixed and restricted management type of investment trusts with which
they are or plan to become associated.
"For the time being, the existing requirement that members must
submit for approval all documents relating to management type investment trusts in the organization or management of which they participate
will be continued, except that in the future all such documents shall be
submitted to the Committee on Stock List instead of to the Committee
on Business Conduct as heretofore."
The Exchange requirements follow in full:
REQUIREMENTS FOR FIXED OR RESTRICTED MANAGEMENT
TYPE INVESTMENT TRUSTS WITH WHICH MEMBER
FIRMS ARE SEEKING AUTHORITY FOR ASSOCIATION IN
CONNECTION WITH THEIR ORGANIZATION OR MANAGEMENT OR WITH THE DISTRIBUTION OF THEIR SECURITIES
The New York Stock Exchange is not prepared to express any opinion
regarding the soundness of the principles underlying the formation of
Investment trusts of the fixed or restricted management type. It recognizes the wide populatiry of such vehicles of investment and the fact that
its members, whose business is dealing in securities, may properly enter
into association with such investment trusts or their sponsors either in
their formation, management or the idstribution of their securities, providing that the set-ups of such trusts do not contain provisions which in
themselves appear to operate to the detriment of those who invest in
their securities, and further providing that the information afforded to
oo
thn
eete
an
ulbli
pe
critn
ine
cn
ot
nnfec
ooto
tion therewith is not such as to be misleading or to
It should be fully understood, however, that the matters to be passed
upon in this connection by the Committee on Stock List will have to do
only with the question of trust provisions and of publicity which might
tend to mislead the public, and will not be concerned with the question of
the soundness of the idea behind trusts of the fixed or restricted management
type.
The Committee on Stock List is now prepared to pass on the question of
whether a given fixed or restricted management type investment trust
Is one with which the association of a member or firm registered on the
Exchange appears to be unobjectionable. The right to amend these
requirements, without notice, is reserved.
In order to qualify in this category, fixed or restricted management type
investment trusts must make application to the Exchange and enter into
n agr
t eementwith the Exchange in the form prescribed by the Committee
on Stock List.
Application.
An application, concurred in, or sponsored by. a member of the Exchange
or a member firm, must be submitted in 12 ptinted copies. It must contain a suitable opening paragraph requesting the Stock Exchange to determine whether the applicant is a fixed or restricted management VI*
Investment trust witn which the association of a member or firm, in connection with its organization or management or with the distribution of
its securities appears to be unobjectionable.
Thereafter it should give the following information:
1. Name of depositor corporation.
2. Date of organization of depositor corporation.
3. Names of the officers and directors thereof.
4. Da
nteoo
ffex
truto
ecutio
s on of trust agreement and of initial public offering.
Name
fblsiohares or trust certificates, if any, outstanding in the
ha6
n.
dsNoufrnthe public.
7. Details of composition of a unit and number of trust certificates
evidencing participation therein.
8. A clear statement in regard to the following facts:
a. Whether the indenture or trust agreement provides that all of the
Property forming part of the trust must be treated by the trustee as trust
property with a description of any exceptions.
b. Statement of the period after termination of the trust during which
unclaimed funds must be retained by the trustee.
no C.
toStaLme
tor
In regard to giving notice to the beneficiaries
an
titon
ofop
provisions
frton
The Governing Committee at its meeting on May 7 1931 on the
joint
recommendation of the Committee on Business Conduct and the Comd. Statement of the conditions under which individual trust certificate
mittee on Stock List, amended Sec. 2 of Chapter XIV of the rules
adopted holders may terminate the trust as regards certificates owned by them.
by the Governing Committee pursuant to the Conatitution, so as to
e. A statement as to any of the duties and obligations ordinarily assumed
read:
"Section 2. No member or firm registered on the Exchange shall
be by a trustee of a personal trust under a deed, which are delegated to others
associated with an investment trust, whether manegement,
t
h
o
a
e
n
minart
the
otehltgr:s
rom. teee
restricted
nt; or
f in regard to which the trustee may receive instructions
management, or fixed type, either by participating in its
organization from others,naming the
or management or by offering or distributing its securities,
ons or institutions who may thus influence
unless
the
Committee on Stock List shall have previously determined
the trust.
pers
that it has
no objection to such association and shall not have
f. A statement as to whether the trustee assumes full responeihill
changed such determination."
for the determination of time market value of the deposited property in
and adopted the following resolutions:
connection with the surrender or maturity of trust certificates; whether it
"Resolved, That, in addition to the powers conferred on it by
the assumes responsibility for the determination of the genuineness and validity
Constitution, the Committee on Stock List is authorized to
of the deposited securities; whether it assumes the responsibility of derules and regulations as it may deem necessary in regard to the make such
association terinining the time, place and manner in which eliminated securities shall
of a member or firm registered on the Exchange with an investment
trust.
be sold; whether it assumes the responsibility of determining the time,
"Further Resolved, That the Committee on Stock List is
to
determine the time and manner in which it shall give effect authorized
to the recent place and manner in which additional securities shall be purchased, if the
amendment of Section 2 of Chapter XIV of the /Ties adopted
by the proceeds of eliminated or other property are to be reinvested; and whether
Governing Committee pursuant to the Constitution."
it assumes full responsibility for the validity of the certificates issued by it.
Pursuant to the authority conferred on It by these resolutions the Com0. A concise statement of the provisions for giving certificate holders
mittee on Stock List has adopted the following rules:
the right to exercise a vote as to their interest in deposited securities.
"No member or firm registered on the Exchange may hereafter be
h. A statement as to whether the trust is of the cumulative, partial
associated with a fixed or restricted management type investment trust, distribution
or maximum distribution type, together with the method in
either by participating in its organization or management or by offering which
stock dividends, rights and split-ups will be treated, and if of the
or distributing its securities, unless the Committee on Stock List shall distributive
type, a statement of the method of distribution of amounts
have determined that said trust is one with which the association of a received
from eliminations not available for reinvestment.
member or firm registered on the Exchange in any of the foregoing capacities
e Aust.
statement of any provisions granting any right of extension to
appears unobjectionable and shall not have changed such determination; the
trust.
except that members who on May 7 1931 were so associated with an in3. A summary of any provision in the trust agreement as to matters in
vestment trust may relieve themselves temporarily from the operation o
wfhoic
oh
nns
thoe
l. depositor or toe trustee may be entitled to rely upon opinion
of this rule by filing with the Committee on Stock List on or before May 31
1931 a letter setting forth in detail any such existing association.
k. A clear statement in narrative form sununarleing all charges made
"The exception is made in order that members may not be distrubed against
holders of trust certificates to cover expenses and profits of either
in carrying on for toe time being their existing associations with fixed or the
trustee or the depositor corporation.
3650
FINANCIAL CHRONICLE
This should include all loading charges at time of distribution with a
statement as to the basis of costs to which such loading charges are applied
and the percentage of such loading charges to the value of the underlying
trust property as of the date of application, also a statement of any maintenance charges which may be deducted from distributions during the life
of the trust, relating such charges, in terms of percentages, both to the
value of the underlying trust property as of the date of application and
to the income therefrom on the basis of current cash distributions received
upon securities and property held. If such maintenance charges assume
the form of crediting to either the trustee or the depositor corporation
the interest upon a reserve fund and (or) distributable cash if any, this
fact must be stated and must be accompanied by an estimate as nearly
as may be made of the percentage relation of such interest to the value
of the underlying trust property as of the date of application and also of
the percentage relation to the current cash income as above described.
If any charge is made against certificate holders at the time of surrender
of certificates and termination of the trust, wnether such termination
occurs at the instance of the certificate holder, or otherwise, the amount
of such charge must be stated, expressed in terms of its percentage relation
to the value of the underlying trust property as of the date of application.
Any other direct or indirect charges or deductions must be included in this
statement, where the nature of the charge permits the expression of this
ratio.
I. A statement of any provisions covering elimination of the deposited
securities,as well as of all provisions providing for substitutions.
m. A description of the reserve fund, if any, together with the amount
thereof per trust certificate outstanding at the time of the application.
n. A description of the method by which continuing maintenance charges
are to be met throughout the life of the trust.
The application in question should include agreements with the Exchange
In the following form:
In consideration of the determination by the New York Stock Exchange
, a fixed or restricted management type investment
that
trust, is one with which tho association of a member of the Exchange or a
firm registered thereon, in connection with its organization or management
or in connection with the distribution of its securities is unobjectionable,
the undersigned depositor corporation on its behalf and for said investment trust agrees with the New York Stock Exchange as follows:
I. To instruct the trustee to furnish to the Committee on Stock List
of the New York Stock Exchange periodical monthly reports of the number
of trust certificates outstanding and a list of eliminations and changes in
the portfolio as such eliminations or changes occur, with complete details
ofsuch transactions.
2. To submit to the Committee on Stock List for approval, prior to
issuance, all offering circulars and advertisements of like nature to be used
by it or any distributor under its control, together with such other advertisements and descriptive literature as may be from time to time requested.
3. To conform in all respects to the requirements of the New York
Stock Exchange as such requirements existed at the time of application,
excepting insofar as such investment trust and depositor corporation,
or either of them, may have been relieved therefrom in cases where the
trust in question was formed and the terms of its trust agreement fixed
ofsuch requirements.
Prior to the adoption by the New York Stock Exchange
4. Not to permit any distributor of the securities of said investment
trust or anyone subject to the control of the depositor corporation, to
the rules and regulaadvertise or to issue circulars in any way contrary to
tions of the New York Stock Exchange, and specifically not to include,
either in advertisement or circular, any statement tending to suggest
that said investment trust has been approved in any manner by the New
York Stock Exchange.
Stock
5. In the event of changes in the requirements of the New York
Exchange covering fixed or restricted management type investment trusts,
to co-operate in complying therewith to any reasonable degree permitted
by the terms of the trust agreement.
cost
6. Not to change the method of loading, the method of computing
methods
of deposited property, or the method ofdetermining price, from the
in such
stated in the application, in such manner as to create an increase
Committee on
loading, cost or price, without the prior approval of the
Stock List.
7. In the event that the Committee on Stock List shall at any time
hereafter and for any reason which, in its uncontrolled discretion, it shall
deem sufficient, change its determination that said investment trust is
one with which the association of a member of the Exchange or a firm
registered thereon in connection with its organization or management or in
connection with the distribution of its securities is unobjectionable, the
undersigned depositor corporation hereby waives an dreleases any right
or claim which it might or could have against said Committee on Stock
List and the New York Stock Exchange by reason of such change of determination, provided that before said determination shall be changed
said Committee on Stock List shall upon seven days' notice in writing
afford the undersigned depositor corporation an opportunity to be heard.
Fees.
For the consideration of applications prepared as outlined above, a fee
of 62,500 will be charged, which fee must accompany the application.
In the event of applications being disapproved, there will be rebated to
the applicant such portion of the fee as the Committee in its discretion may
determine. For the work entailed in connection with the consideration of
advertisements and circulars, a fee may be charged which will not be in
excess of$10 per advertisement or circular, except in unusual circumstances.
Documents To Accompany Application.
With each application, the following documents in duplicate must be
submitted to toe Committee on Stock List:
Charter of corporation.
By-laws of corporation.
Trust agreement or similar contract.
All other agreements affecting the trust.
Offering circular.
Make-up or price sheet.
Important advertisements issued within the last six months.
Advertisements,of a nature similar to offering circulars,in contemplation
for issuance.
Balance sheet and income statement of the depositor corporation.
Statement of Policy.
In considering applications, the following principles will govern the
Committee on Stock List.
Statement as to Type of Trust.
Neither the title of the trust, nor any descriptive literature used in
regard thereto by the depositing corporation, members of the Exchange.
or agencies under the control of either, may contain words which inaccurately describe the nature of the trust. In this connection, neither the
term "Fixed," nor any compound, nor derivative thereof, shall be used
to describe an investment trust in which substitutions of securities may
be made: a trust may not be described as being of the restricted management type, or other similar words, if neither the trustee nor the depository
corporation may eliminate securities (other than those resulting from
(vol. 132.
spilt-ups or stock dividends) escepting under some fixed formula on the
one hand, nor if either the trustee or the depositor corporation has a wide
discretion in eliminations or substitutions on the other hand. Investment
trusts may not be described as being of the management type without
qualification if there are serious restrictions upon the elimination or substitution of securities.
Diversificaticm.—A reasonable degree of diversification will be considered
essential.
Concerning the Duties of the Trustee.
Appointment of Trustee.—Only a bank or trust company organized and
existing under a State banking law or a National banking association
incorporated under the laws of the United States, having trust powers,
may act as trustee.
All Assets to Be Treated as Trust Property.—All of the property in which
the holders of the trust certificates have a beneficial interest, including
cash however received, must be treated by the trustees in a manner similar
to property held under a personal deed of trust.
Provisions in Regard to Termination.—Upon the termination of the
trust, unclaimed funds should be retained by the trustee and proper provision in regard to giving notice to the beneficiaries by mall, if the certificates are registered, and by publication, if they are In bearer form.
should be included In the indenture.
The trust agreement must provide for the termination of the trust as
to any individual trust certificate upon reasonable terms and upon reasonable
notice from its holder. If, upon such termination, part of the deposited
securities must be liquidated, not only must all fees in connection therewith be reasonable, but the brokerage commissions deductible from the
amount payable to the certificate holder shall not exceed, on listed securities, the commissions prescribed by the Constitution of the New York
Stock Exchange as the minimum which may be charged to non-members,
and for unlisted securities the commissions customarily payable on similar
transactions.
Administration of the Trust Property.—The duties and obligations assumed
by the trustee must be similar to the duties and obligations of a trustee
of a personal trust under a deed, and the trustee may not delegate any
of its duties to others unless the offering advertisiement and circular clearly
and prominently describe the nature of the powers delegated and the
persons by whom such powers will be exercised.
The following duties of a trustee may in no event be delegated:
1. The determination of the market value of the deposited property
in connection with the surrender or maturity of trust certificates.
2. The determination of the genuineness and validity of deposited securities.
3. The determination of the time, place and manner in which eliminated
securities shall be sold.
4. The determination of the time, place and manner in which additional
securities shall be purchased, if the proceeds of eliminated or other property
are to be reinvested.
No provision shall relieve the trustee of responsibility for the genuineness
of the certificates issued by the trustee.
The trust agreement should provide or the trustee should agree that in
all practicable cases sales and purchase of securities will be made through
a recognized Exchange and that delivery of and payment for securities
eliminated or substituted will be between the trustee and the broker or
dealer.
Voting Power.—Trust agreements, or agreements supplementary thereto
must provide that in each case where a trust certificate bolder would be
entitled, upon termination of the trust, to receive certificates for one or
more full shares of deposited stock having a vote, there will be issued to
him, upon request, an assignable proxy covering the number of full shares
represented by his equity, excepting in approved cases where definite
instructions as to the manner in which such shares must be voted in certain
contingencies are prescribed in the trust agreement. No objection is
made to the voting by the depositor or by the trustee of any deposited
shares for which such proxies have not been requested. The depositor
corporation should note that, in view of the fact that the right to vote
may affect the nature of the deposited security in respect of which the vote
is exercised, trust indentures may have to provide that the certificate
holder who has destroyed the uniformity of his interest in the trust by
exercising his right to vote shall be deemed to have terminated the trust
in regard to his certificates.
Distribution or Investment of Proceeds of Eliminated Property.—All amounts
received from eliminations and not available for reinvestment, with the
exception of fractional amounts, must be distributed within a reasonable
time.
Extension of Trust.—If the trust agreement grants any right of extension,
the fact must be stated in the offering circular.
Opinion of Counsel.—Neither the depositor nor the trustee may be
entitled to rely in any matter affecting the holders of trust certificates upon
the opinion of counsel, excepting in purely legal matters.
Continuing Maintenance Charges.—A reasonable method must be prosided by which continuing maintenance charges are to be met throughout
the life of the trust. If these charges are to be paid by the depositor
corporation, reasonable assurance of its ability to meet them must be given.
Regarding Trust Agreements Formulated Prior to the Issuance of These
Requirements.—As to trust agreements formulated and in effect prior to
the issuance of these requirements under conditions not permitting change,
the Committee may make such reasonable adaptations as it may determine
to be In conformity with the general spirit and object hereof.
Concerning the Offering Circular.
Loadings, Charges and Deductions.—The loading charges and other
factors entering into the aggregate load must be expressed so clearly that
the investor will be able to determine the relation between it and the
value of the underlying property. For this purpose and for the purpose
of the application, the value of the underlying property shall consist of
the actual market value of the underlying securities, at the date of issuance
of circular, or application, at not more than odd lot prices, determined
in the manner customary on the New York Stock Exchange, which, in
the case of active listed stocks, would be determined by adding the fraction
normally charged by odd lot houses to the actual market transactions in
the securities involved, or by using the asked price without the addition
of any fraction, plus commissions at not to exceed, for listed securities,
the commissions prescribed by the Constitution of the Now York Stock
Exchange as the minimum which may be charged to non-members, and
for unlisted securities the commissions customarily payable on similar
transactions.
The following are among the factors which the Committee consider
elements in the loadings, charges and deductions:
a. A percentage for expenses and profits to be added to the value of
the underlying property as above defined. While distributable accretions
form a proper element for inclusion in the offering price, no loading percentage may be added thereto, excepting so much, if any, as may be
necessary to cover approximate expense of distribution of proceeds of
eliminations.
MAY 16 1931.]
FINANCIAL CHRONICLE
b. Any periodical charge. This must be stated as a percentage of the
current annual income, and may also be stated as a percentage of the
value of the underlying property as above defined. In determinnig the
amount of current annual income, there shall be included only cash dividends at the rate currently payable, and interest receivable at current
rates. If interest on any cash forming part of the deposited property or
accumulations does not accrue to the certificate holders, the amount
of interest shall be deemed to be part of the periodical charge.
C. Any charge which may be assessed against the trust certificate bolder
at the time of surrender of his certificates and termination of the trust,
whether at the instance of such certificate holder or otherwise, under
the terms of the trust agreement.
Statement of the Amount of Loading.—The aggregate amount of the
loading in excess of the value of the underlying property as hereinbefore
defined must be stated in terms of percentage of such value at date of
Issuance of circular. The aggregate amount of any periodical charges
must be stated as a percentage of the current annual income as hereinbefore defined. The amount of any termination charge under any conditions must be stated as a percentage of the value ofthe underlying property
at date of issuance of circular.
Determination of Offering Price.—The offering price shall be the sum of:
1. The market value as hereinbefore defined of the underlying property.
2. The load described in paragraph a above; and
3. The amount of distributable accretions.
In the case of certificates originally offered for $1 or less per certificate,
the offering price may be increased to the next higher cent, if such sum
results in a price per certificate which includes a fraction of one cent.
In the case of certificates originally offered for more than $1 and leas
than $5 per certificate, the offering price may be increased to the next
higher twentieth of a dollar, if such sum results in a price per certificate
which inludea a fraction of one-twentieth of a dollar.
In the case of certificates originally offered for $5 or more per certificate,
the offering price may be increased to the next higher one-eighth of a
dollar, if such sum results in a price per certificate which includes a fraction
of one-eighth of a dollar.
Eliminations and Substitutions.—The offering circular shall have a clear
summary of the provisions covering eliminations of the deposited securities,
as well as of all provisions providing for substitutions.
Reserve Fund.—There must be a statement whether a reserve fund has
been deposited in addition to the deposited securities. If there is such a
fund the amount thereof per trust certificate outstanding at the time of
Issuance of the circular must be stated together with a statement that this
amount is subject to fluctuation and that information as to the amount
Included in the price charged any purchaser will be given upon request.
Method of Making Distributions.—There must be a statement as to whether
the trust is of the cumulative, partial distribution, or maximum distribution
type, and the method in which stock dividends, rights and split-ups will
be treated must be fully described.
Voting Rights.—There must be a clear statement as to the manner and
conditions upon which a trust certificate holder may exercise voting rights.
Past Experience.—No statement or computation may be included tending
to reflect results, either as to market valuation or as to distributions, which
would have been obtained if an investment had been made in the securities
comprising the portfolio at any period prior to its creation. Any statement
or computation of this character for periods after the creation of the trust
In question must go back to the beginning of the trust, and must show
results by years since such creation.
Concerning Advertisements.
Advertisements containing any of the information usually included in
the offering circular must include no less than the following in substantially
the same form in which similar information is contained in offering circulars.
1. Statement of the amount of loading.
2. Statement of determination of offering price.
3. Statement of periodic charges.
4. Provisions in regard to eliminations and substitutions.
5. Method of making distributions.
8. Voting rights.
No statement which is considered objectionable in the circular may be
Included in the advertisement.
3651
This move, announced through the editorial columns of "Labor", official
organ of the brotherhoods, is one of the most remarkable manifestations
of understanding and co-operation which has marked relations of employers and workers for years.
It is only matched in importance by the similar stand taken on the effor
of the carriers to regain some of the rate gains granted them Aug. 28.
1920, which have been gradually whittled away by dozens of the great
users of raw materials and shippers of commodities which also became
known to-day and by the receptive attitude of the members of the InterState Commerce Commission. At least two Commissioners, usually far
from favorable to granting concessions to the roads, have signified their
receptive attitude now.
Must Raise Revenue.
"Labor", in outlining the position of the brotherhoods. declares the
railroads have cut operating costa to the bone and that it is clear that railroad revenues must be increased or general business will be seriously affected.
An increase in freight rates, it was said, would enable the roads to buy
the things they need, stimulate business in all lines, and put at work tens
of thousands of idle men in other lines. The railroad organ declares that
those in authority should face the situation frankly.
A score of the largest industrial and financial concerns in the country
have declared they will not oppose rate increases which can be made economically feasible.
The traffic laws, as enacted, contemplated that the railroads should be
allowed to earn 5%% on their investments and It is to be presumed that
the Inter-State Commerce Commission would so fix rates as to permit
this, but the roads show it has not been done. The railroads as a whole
earned 3.36% on their investments in 1930 and it is doubtful if they
earn 2% in the current year, according to Daniel Willard, President of
the Baltimore tz Ohio.
Railroads, it was emphasized, cannot decrease their taxes. They have
already cut operating expenses, other than labor, to the bone. They have
ceased to buy materials and equipment. The only other saving possible
is in wages, and the roads emphatically do not want to cut wages. Executives said labor costs had been deflated by the fact that there were 500,000
fewer workers than in the inflation period.
Executives at the Chicago meeting were asked flatly:
"Do you want to invite a labor disturbance and perhaps provoke a
strike which might be the spark which would ignite the fire of rioting and
disorder?" It was immediately conceded that wage cuts as a remedy were
"out," and it was further pointed out that for each of the 1,800.000 railroad workers employed there are three other dependent on him in other
industries.
It was stated that if railroad operating revenues could be raised 10%
with the increases spread so thin that no part of the public would be hurt.
It would amount to $400,000,000 a year. Of this sum $160,000,000 would
go directly to railroad labor and the remainder to subsidiary labor.
Federal Court in Chicago Issues Order Temporarily
Restraining Lower Frieght Rates on Wheat in
Western Territory.
A temporary Federal Court order issued at Chicago on
May 8 restrained for 60 days the application of reduced
freight rates on wheat throughout the Western district
Associated Press advicas from Chicago on that date said:
The order, issued by three Federal Judges, sitting en bane, was granted
on application of 72 Western and Eastern railroads, and has the effect of
delaying for five weeks the new rates which had been ordered effective
June 1 by the Inter-State Commerce Commission. The carriers had been
under orders to post the new rates on May 15.
The Court's action, announced after short deliberation of two days of
argument presented by the carriers, the Commission, traffic regulating
bodies of 14 States and others, was taken in connection with the attempt
of the railroads to obtain an injunction against the reduced rates. The
Commission was granted 10 days to reply to the rail companies' brief for
the injunction, following which the carriers are to have five days to file
their answer.
Further Definition of Policy.
The Commission's order, increasing rates on many coarse grains, but
The foregoing statement of policy deals with the position of the Commttee in reference to certain determinable facts. It would be easy to lowering them on wheat, was first ordered effective last Oct. 1, but its
times at the request of the railroads.
over-emphasize the relative importance of such facts.
The composition enforcement was delayed several
of the portfolio of underlying securities, for instance, or the nature of Their counsel contended the Commission misinterpreted its powers and
Court's interpretation of the HochSupreme
that
the
it
disregarded
also
the elimination provisions, may easily be the most important factors in
the suitability of the trust for the needs of a particular investor. The Smith Congressional resolution of 1925. by lowering to the "lowest possible
action of the Comittee, in determining that the association of members lawful" point, rates which the carriers contended already were unreasonof the Exchange with any particular investment trust is not objectionable, able.
Replying, the Commission contended, among other things, that the new
should in no event be construed as an expression of opinion in regard to
rates were reasonable and lawful, that it was the sole judge of their reasonthe intrinsic value of such trust or its desirability as an investment.
ableness, and that the proposed new charges were a "leveling up process"
by which some were advanced. It also held that corrections in transit
practices would have the effect of saving the carriers around $30.000,000
Fixed Trusts Fall Into Line.
each year.
The following is from the New York "Times" of May 12:
Fixed investment trusts have been busy readjusting their methods cf
merchandising to conform with the requirements laid down last week for
their recognition by the New York Stock Exchange, despite some rumblings
of disapproval of these requirements. The step has to be taken, it Is
felt,
In view of the great weight attached to rulings of the Stock
Exchange.
The principal objection of sponsors of fixed trusts is that they must now
leave the "would have been" charts out of their sales literature.
These
charts, showing what the record of trusts would have been had the trusts
been established 10, 20 or 30 years ago with the same portfolios of
stocks,
have been declared misleading by the Exchange, on the ground that even
the shrewdest investors of those earlier periods would not have chosen at
that time for a fixed trust portfolio the stocks that have been selected
in the last two years. The trusts say that in ruling this out the Exchange
has cut off one of their best sales arguments.
Rail Unions Would Back Roads in Move for Higher
Rates—Official Paper Says Carriers Must Get
Higher Return on Capital.
In a Washington dispatch May 14 the New York "Evening
Post" stated that the four great railroad brotherhoods have
placed themselves solidly behind the effort of the railroads to
obtain an increase in rates reported advocated at the meeting
of rail executives in Chicago on May 8. From the Washington account to the "Post" we also quote as follows:
Meeting in Chicago of Railway Executives—Study Proposed to Determine Revision of Rate Structure to
Provide Additional Revenue.
Transportation conditions and how to improve them are
understood to have been the subject discussed at a meeting
in Chicago on May 8 of the Association of Railway Executives. According to the Associated Press three groups;
with much the same personnel, conferred during the day.
These accounts added:
They were the Advisory Committee of the Association of Railway Executives, the Board of Directors of the American Railway Association and the
member roads of the Association of Railway Executives.
Published reports that the special meeting was called to discuss the possibility of increase freight rates brought no comment from the railway
heads and the exact subject of the various meetings was not announced,
R. H. Aishton, Chairman of the Executive Committee of the Association
of Railway Executives and President of the American Railway Association,
presided.
In a dispatch from Chicago to the New York "Times"
May 8, it was stated that confronted by "the emergency
which exists as to the credit and income of the railroads,"
the heads of fifty carriers meeting in the name of the Association passed a resolution instructing all rate groups through-
3652
FINANCIAL CHRONICLE
out the country to make an immediate study to determine
how the entire railway rate structure may be altered to
provide needed additional revenue for the railroads. We
quote further as follows from the "Times" dispatch:
They expressed the belief that their action will cut the "vicious circle" of
business depression and lead to the recovery of all industry.
The meeting was held behind closed doors at the Blackstone Hotel and
lasted until after 7 o'clock. Those who attended the session declared the
executives exhibited a marked unanimity of purpose.
The rate survey, according to expectations, will be completed within the
next month. Then the rail heads will confer again before presenting their
case to the Inter-State Commerce Commission.
No General Revision Since 1920.
Not since 1920 has there been a general alteration of the railway freight
horizonstructure. Speakers at to-day's session pointed out that after the
seetal increase of 40% in freight rates 10 years ago there was a continuous
that
that
since
and
25%
to
down
sawing of rates which brought the increase
time persistent whittling here and there has dissipated most of the increase.
The statement was made that of the 6,000 rate revisions in the last decade
5,000 were revisions downward.
The word "increase" was studiously avoided, but the general understanding was that, in the aggregate, the result expected is a boosting of freight
rates.
been
Rail revenues in 1630 were V65,000,000 leas than they would have
had the 40% increase of 1920 been maintained. The estimate was made
that reductions since 1920 had cost the railroads a total of $2,800,000,000.
Against Decrease in Wages.
Something will have to be done, the presidents agreed. Either income
must be increased or expenses curtailed. If income is not increased, they
said, the axe will have to continue to fall on the expense account. Expenses are principally four: Interest, which canont be cut; taxes, which are
fixed; supplies, already cut to the bone, and wages.
On the subject of wages, the executives were of one mind. It was agreed
been
they should not be tampered with until all other possible solutions have
tried and found wanting.
"Nobody would talk wage reductions," said one who attended the meeting. "It was the opinion of all that wage cutting would simply continue
the vicious circle. Twenty per cent of the labor in the United States is
directly or indirectly dependent upon the railroads.
"The decision to look upward, instead of downward, Is not the impulse
the fire for some
of the moment. This matter of rate revision has been on
out and have intime. Some of the larger industries have been sounded
dicated that their attitude would be favorable."
May Lower Some Rates.
Rates, if altered, will not all be raised. In the South they probably will
Southern lines to get back
be lowered, if the plan goes through, to enable
increasingly to motor trucks.
some of the cotton shipments that have gone
are anticipated to enable
Likewise, in the Southwest oil territory reductions
the railroads to compete with pipe lines.
fixed
differentials or change
present
disturb
No attempt will be made to
the channel of trade.
were H. R. Scandrett of the
Among the rail heads present at the meeting
& North Western; F. E. WilMilwaukee; Fred W. Sargent of the Chicago
A. Downs of the Illinois
L.
Quincy;
&
liamson of Chicago, Burlington
& Hartford; C. R. Gray,
Central; J. J. Pelley. New York, New Haven
Hale Holden, Southern Pacific;
Union Pacific; W. 13, Storey, Santa Fe;
J. Bernet. Chesapeake & Ohio;
P. E. Crowley, New York Central; John
Nickel Plate; L. W. Baldwin,
Ross.
Ellsha Lee. Pennsylvania; W. L.
W. M. Duncan, Wheeling &
Missouri Pacific; Charles L. Bradley, Erie;
Ohio; J. L. Lancaster, Texas
Lake Erie; Daniel Willard, Baltimore &
Pacific, and C.E. Denney, Erie.
[VoL. 132.
will make representations to the Industrial Court for wage reductions in
this class totaling close to $5,000,000. If this is granted the wage
cuts will total $25,000,000 for the year, or nearly 5% cut in the payroll
budget of the railroads.
The British wage cuts were referred to in these columns
April 18, page 2869.
Canadian Railways Seek to Reduce Passenger Schedules as Result of Decline in Traffic and Receipts.
Due to a sharp decline in passenger traffic and receipts,
Oanadian railway companies have requested the Board of
Railway Commissioners for permission to reduce passenger
train service, according to a report received in the Department of Commerce from Harvey A. Sweetser, Trade Commissioner at Ottawa. In announcing this, May 1, the Department said:
No general order will be issued, but it is understood that the proposed
reduction has received the Board's sanction and that it will be put into
effect shortly.
Although rather general in extent, these reductions are not regarded as
drastic or alarming. For the most part, they are confined to local lines
on which the decrease in passenger traffic no longer warrants the service
now supplied. A few trains will probably be taken off entirely but the
greater number of changes will affect the number of running days of particular trains. Thus, some trains now running every day will probably
be taken off on Sundays, and, in some cases, be rim on a tri-weekly
schedule.
The principal reason advanced by the railways in support of their request
to the Board of Railway Commissioners was the necessity for economy.
They pointed out that motor car competition, particularly privately owned
automobiles, cut heavily into summer revenue but agreed to consider
carefully the changed conditions of the winter season and then to resume
service if It seemed reasonable to do so.
Publishers' Association Adopts Resolution in Tribute
to Memory of Late Mrs. Whitelaw Reid.
Among the numerous tributes to the memory of the late
Mrs. Whitelaw Reid, is one adopted in the form of a resolution, by the Publishers' Association of N. Y. City on May 8.
The death of Mrs. Reid occurred at Paris on April 29; the
funeral is to be held next Monday morning (May 18) at the
Cathedral of St. John the Divine in this city. The late Mrs.
Reid was the daughter of Darius Ogden Mills and widow of
Whitelaw Reid, former United States Ambassador to England, and owner and editor of the New York "Tribune";
her son, Ogden Reid, succeeded his father as President and
Editor of the paper, now the New York "Herald Tribune."
Following Mrs. Reid's death the following mesaage was
sent by President Hoover to Ogden Reid:
"It was a great shock to both Mrs. Hoover and me to learn this morning
of the passing of your mother. She has been so true and loyal a friend and
had contributed so much to national welfare in a thousand directions that
her death becomes both a personal and a national loss. We wish you and
Mrs. Reid to know that you have our deepest sympathy."
President Donnelly of Northern Pacific Railway Not in
Favor of Increased Freight Rates.
The resolution adopted on May 8 by the Publishers'
Charles Donnelly, President of the Northern Pacific Railof New York follows:
Association
way, does not favor any general increase in freight rates in
For more than half a century Mrs. Whitelaw Reid exerted a beneficent
the
to
11,
May
adviees,
Paul
this territory, according to St.
Influence and was a kindly guide in a multitude of widely varying activities.
A woman of commanding personality, high ideals and an understanding
"Wall Street Journal" which went on to say:
from Chicago con- heart, she devoted both mind and fortune to the betterment of whatever
Mr. Donnelly made this statement after returning
voted a general study she touched and to the upbullding of whatever she found meriting her
ference of Association of Railway Executives, which
Not only is it his efforts.
of rates with a view to obtaining increased revenue.
Northwest Is undesirable at
As the wife of one of New York's famous editors she contributed in no
personal view that a freight rate increas3 in the
lines serving this small degree to his success by her keen and forward vision and her wise
rail
this time, but this feeling is held generally by heads of
and practical counsel.
part of the country, Mr. Donnelly said.
As the owner of the "Herald Tribune" she guided its progress, urging
"The Chicago conference," Mr. Donnelly said, "considered suggestions
credit.
always a full recognition of the fact that its responsibility was first of all
for increasing revenues of the railways and improving their
does
rates
to the public.
"Action of the meeting in instituting an investigation of freight
be followed
Seeking neither publicity nor praise, she strove in scores of endeavors
not mean necessarily that a unified plan of action on rates will
to help those less fortunate and to make possible that which without her
by the lines In all parts of the United States.
sections and the help would have been in great measure impossible.
"Separate rate investigations will be made in the various
not alike
Known and loved in the great cities of Europe as well as in her native
results of these investigations may differ, since conditions are
land, her largess was as cosmopolitan as it was generous. Hundreds of
throughout the country.
Northwest institutions benefited by her wide sympathies and thousands of individuals
"I think it is a fair statement that the railways serving the
their had reason to call her blessed.
do not favor any program for a general increase in freight rates in
Even though indirectly, she exerted upon this association an influence
territory, unless in the greatest extremity."
which was always for the good of all without desire for selfish benefit.
Death has brought an end to all these activities and placed upon others
Proposed Wage Cuts on British Railroads Modified the burdens she so faithfully and willingly bore. That this association
may fittingly acknowledge its regard for her and its deep regret at her
by Government Wages Board.
passing, be it
• Proposals of Britain's four railroad groups to effect wage
Resolved, That the Publishers Association of N Y. City tenders to Mr.
of the "Herald
and salary cuts totaling approximately $47,000,000 in one Ogden Reid and his family and to the management and staff
Tribune" its sincere sympathy, and directs that this resolution with Its
year as part of a current retrenchment policy have been preamble
be made a part of the records of the association.
pared down by the British National Wages Board to $20,000,000, according to British information received in the
Commerce Department from its office in London. In reporting this, May 1, the Department said:
The National Wages Board, whose function it is to examine and ass
wage reduction, ruled that in
• upon proposed savings to industry through
was too drastic and substithe case of the railroads the suggested cut
tuted its own figure.
railroads is approximately
The total annual wage bill of the British
every department
ill552,000,000. The proposed cut will affect practically
come under the
of the railroads, with the exception of the shopmen, who
is unaffected
Industrial Court in matters of wage arbitration. This group
by the present award, but it is anticipated in London that the companies
. Parker Willis Resigns as Editor of New York
"Journal of Commerce."
that H. Parker Willis, editor-in-chief of
nt
Announceme
"The Journal of Commerce" since 1920, had retired from the
editorship of that newspaper as of May 13, was made that
day in the editorial columns of the paper from which he withdraws. Commenting on the severance of Mr. Willis' connection with the "Journal of Commerce" the New York
"Herald Tribune" of May 14 had the following to say:
MAY 16 1931.]
FINANCIAL CHRONICLE
3653
"The Journal of Commerce" announced yesterday under its masthead place May 18th to June 1st, to provide $528,000 for the supthat Dr. H. Parker Willis, its editor-in-chief since 1920, "has retired from port of the Army's 52 permanent centers in Greater New
the editorship of this piper as of the present date." Frederick W. Jones,
chairmen are:
managing editor, said yesterday he also would retire, probably at the York. These
Victor A. Lersner, Bowery Savings Bank, Savings Banks group.
end of this week, although no mention of his plans was made in the columns
Norman F. Waugh, Bank of London and South America, foreign banks
of the newspaper. Nathan Shaviro, night editor, left two months ago,
division.
and Reavis Cox, grocery editor, resigned last week.
J. C. Cuppia, E. A. Pierce and Co., Cotton Exchange.
Joseph E. Bidder, Vice-President of the Journal of Commerce Corp.,
William S. Muller, New York Curb Exchange, Curb Exchange Division;
said that no successor to Dr. Willis will be appointed. Each department of
Chalmers Wood, Johnson & Wood, Stock Exchange.
the paper, he said, will be directed by its own editor,and he and his brothers,
of
and
Journal
"The
Commerce"
"The
purchased
Herbert P. Howell, President of the Commercial National Bank and
Bernard and Victor, who
New York Commercial" and merged them in 1927, will supervise the Trust Co. of New York, National banks.
Harvey D. Gibson, President of Manufacturing Trust Co,trust cos.
ditorial policy.
Frederick W. Allen and Co., of firm of Lee Fliggin.son and Co., investMr. Bidder admitted that there had been "clashes of opinion" between
Dr.
Willis
brothers.
said
last
his
that
and
night
ments.
Dr. Willis and himself
1). Irving Mead, South Brooklyn Savings Institution, heads banks in
he "did not believe in proposed new policies of the paper," and that since
he "could not conscientiously carry them into effect, it has seemed to me Brooklyn.
that my only proper course was to retire."
The 52 permanent centers of the Salvation Army in Greater
Dr. Willis, who has been connected with "The Journal of Commerce" for
New
York include the Bowery Hotel, where the "down and
is
He
finance.
on
authority
professor
an
banldrig
is
of
years,
30
more than
at Columbia University, former secretary of the Federal Reserve Board outers" are given food and shelter and a friendly hand;
and technical adviser to the Senate committee investigating the credit
several industrial homes, where clothing, work, food and
structure of the nation. "The Journal of Commerce" is the oldest newsjobs are provided for destitute men; the Cherry Street
paper in New York City. It celebrated its 100th anniversary in 1927.
Resolutions Adopted by New York State Chamber of
Commerce on Death of George F. Baker of First
National Bank of New York.
At the annual meeting on May 7 of the Chamber of Commerce of the State of New York, resolutions were adopted
by a standing vote expressing sympathy at the passing of
George F. Baker, late Chairman of the First National Bank,
who had been a member of the Chamber for fifty-one years
and had served as Vice-President, member-at-large of the
Executive Committee and at the time of his death was a
trustee. The resolutions said in part:
"In tribute to our late member, who has been such a beneficial factor
in American finance, who has contributed so liberally to worthy causes,
and who has been such a notable example of loyal citizenship, from the
days of the Civil War to the present, let it be
"Resolved. That the Chamber of Commerce of the State of New York
directs its secretary to have this minute spread upon its records, and to
send a copy of his family as an expression of sympathy from the members
of the Chamber."
The death of Mr. Baker was noted in our issue of May 9,
page 3433.
George F. Baker, Jr., Succeeds Father as Head of First
National Bank of New York—Resolution of Directors on Death of Late Chairman.
At a meeting of the directors of the First National Bank of
New York on May 12, George F. Baker, Jr., was elected
Chairman to succeed his father, George F. Baker, who died
on May 2. The late Mr. Baker, dean of American bankers,
was 91 years of age at the time of his death. He had been
Chairman of the bank—not Vice-Chairman, as was stated
in our item of a week ago, page 3432. His son, previous to
his election this week as Chairman, had been Vice-Chairman
of the bank. Samuel A. Welldon, Vice-President and
Cashier of the bank, was elected a director on May 12. At
the same time Mr. Welldon was elected a director of the
First Security Co. to fill the vacancy due to the death of
Mr. Baker. At their meeting on May 12 the directors of
the bank adopted the following resolution:
The members of this board record with sorrow the death of their friend,
the chairman, George F. Baker, who more than any other man deserves the
credit for the stability, earning power and public confidence attained by
this bank under his leadership for nearly 68 years.
Mr. Baker, Jr., was born in New York City on Max. 19
1878, and was graduated from Harvard in 1899, it is noted
in the "Times," which stated:
After working for a year in the offices of J. P. Morgan & Co. be became
an Assistant Cashier in the First National Bank, occupying later the posts
of Vice-President and Vice-Chairman,
Bond Club Testimonial to Late George F. Baker of
First National Bank of New York.
The Bond Club of New York, at its meeting this week,
adopted the following minute in memory of the late George
F. Baker, late Chairman of the First National Bank of
New York:
Settlement, a day nursery, a working women's home, at
Tenth Ave. and 25th Street, where scrub women and others
who earn a bare pittance are given permanent shelter; the
Booth Memorial Hospital for unfortunate girls; a home for
aged men; the Nursery and Infants Hospital at 396 Herkimer Street, Brooklyn.
Included in the annual budget also is the support of the
employment bureaus, upon which a very heavy burden has
fallen during the present unemployment crisis; the family
welfare department, which investigated and helped 38,424
families during 1930, and from October 1930 to March 1931
aided 22,704 families more; the prison department which
during the past year has given relief to 8,932 discharged
prisoners; and all the various branches of aid to the needy
and unfortunate. The support of two large fresh air camps
must also be provided for. The funds raised by the Salvation Army during the past winter were wholly for emergency relief, and did not provide for the annual maintenance
expenses of these activities.
Henry W. Taft, is Chairman of the Citizens' Advisory
Board of the Salvation Army, under whose auspices the campaign will be carried on. Members of the board are: Robert
Adamson, James S. Cushman, George H. Doran, Guy
Emerson, Colonel William Hayward, Charles D. Hines,
Cornelius F. Kelley, Messmore Kendall, William M. Kings-.
ley, David H. Knott, Clarence A. Ludlum, Major Benjamin
H. Namm, Frank L. Polk, James H. Post, Lee Shubert,
Arthur S. Somers, James Speyer, Arthur Williams and
Grover A. Whalen.
Banking Situation in South and Middle West.
In the State of Florida, the Meyer-Kiser Bank of Miami
closed its doors on May 12, a little morb than an hour after
having opened for business, according to a dispatch by the
Associated Press from Miami on the date named,from which
we also take the following:
William C. Chadwick, Vice-President and Manager of the bank, said
the closing was caused by rumors that the closing of the Meyer-Kiser
Bank in Indianapolis would affect the Miami concern. He said a "run"
began on the bank shortly after opening time this morning.
Mr. Chadwick said a statement of the condition of the bank would be
issued soon. He added the State Comptroller in Tallahassee had been
advised of the closing. The bank was capitalized at $125,000 and had a
surplus of $25,000. Deposits, Mr. Chadwick said, were approximately
8174,000.
(Closing of the Meyer-Kiser Bank of Indianapolis is noted
under the "State of Indiana" below.)
In the State of Mississippi, the First National Bank o;
Meridian, which closed its doors about the middle of last
January, is scheduled to reopen on or before the 1st of June,
according to Associated Press advices from that place on
April 27, which furthermore said:
W. D. Cook of Forest & Morton will be in charge of the reopened bank
as Vice-President and Executive in Charge, Levi Rothenberg, it is understood, will be elected President.
Approximately 96% of the depositors have already agreed to freeze
deposits, to-day's announcement said, adding that a major portion of the
There ended on May 2 1931 the life of one of our three honorary members, 8400,000 new capital stock and $100,000 surplus has already been subscribed
George Fisher Baker. We admired him for his attainments, which were Mr. Cook is already on the ground. The new First National will open
many and great. We respected him for his standards and ideals, which with all the assets of the old bank plus 8500.000 in new capital set-up.
put upon a higher plane the ethics of banking and business. We are grateful
In the State of Tennessee, a Knoxville dispatch on May 9
to him for his generosity and the profound good he did so quietly with his
wealth. Above all, we recall with affection his humanity and simplicity. to the Nashville "Banner" stated that payment of a 40%
The Bond Club of Now York thus testifies that in the life of George
dividend to the depositors of the Holston-Union
Fisher Baker it has an inspiration which will ever guide it to greater use- initial
National Bank of Knoxville was expected to begin the next
fulness.
Salvation Army Maintenance Campaign—Chairmen
Representing Financial District.
Eight chairmen under the direction of General Samuel
McRoberts will represent the New York financial district
in the Salvation Army Maintenance Campaign which takes
week. The new Hamilton National Bank which purchased
nearly $5,000,000 worth of the assets of the closed bank
and made possible the dividend, is to honor the certificates.
Each of the certificates must be signed by Herbert Pearson,
the Federal receiver for the Holston-Union National Bank.
Continuing, the dispatch said:
3654
FINANCIAL CHRONICLE
The amount the State will get is In controversy, because the HolstonUnion, a Lea-Caldwell controlled bank, accepted State deposits exceeding
the legal limit. The city. Knox County, and University of Tennessee have
filed claims, and according to Receiver Pearson, nothing is anticipated
which will prevent prompt approval of these claims and payment of the
40% first dividend.
The city's deposit was $412,537.20. The county had $21,557, and the
university about $500,000.
The State's deposit at the time the bank failed was more than two million
dollars, whereas the legal limit was $185,000-25% of the paid-in capital
of the bank. Of this two million dollar fund, $1,593,575.35 were in State
Highway funds. Guarantors of that fund, who signed a $4.000.000 surety
bond, were sued last week by the State for recovery of the balance after all
dividends are paid by the receiver.
The State, represented here by Carlock & Poore, several days ago announced intention of filing two claims with Pearson. One claim would be
for $187,500—the legal limit of the State deposit—on which the State would
expect the 40% first dividend. The second claim would be for full payment of the balance of the deposit, as the State takes the position that all
funds in excess of the limit of deposit as fixed by law constitute a trust
fund and is therefore a preferred credit.
Pearson and his legal adviser, Harley Fowler take the position that there
are no preferred creditors and that the State deposit can not be divided.
They are willing, it is understood, to pay a 40% dividend on the entire
amount of the approved claim, but not a 100% dividend on the amount
exceeding the legal deposit limit.
Carlock & Poore, therefore, expect to file suit within the next few days
against the receiver, starting litigation which may tie up payment of any
dividend to the State for a year or two.
Court action is being held in abeyance, however, until another consulation is held either here or in Nashville with Nat Tipton, Assistant AttorneyGeneral handling the State's interests in defunct banks.
With reference to the affairs of the Liberty Bank & Trust
Co. of Nashville, which closed Nov. 14 last, the Nashville
"Banner" of May 8 stated that on that day a petition of
11 depositors of the institution was filed in the Chancery
Court, alleging that the State of Tennessee should be treated
as an ordinary creditor and depositor without priority in that
bank. Continuing the "Banner" said in part:
The petition sets out that these and other depositors had $500.000 in the
Liberty Bank & Trust Co. and the State had $351,000 on deposit in the
same bank. They insist that if the State institutes a priority claim, practically all of the assets would be taken up in payment of its claim.
They seek to have the Court require the State to assert its claim on the
bondsmen rather than the assets. It is set out that all State deposits in the
closed bank were secured by surety bonds.
This intervening Petition was filed in the pending case of the State of
Tennessee against the Liberty Bank & Trust Co.
[VOL. 132.
State Banking Commissioner Hood late to-day (May 6) granted the permission which insures Kinston two banks to replace the three closed during
the last 10 days of April, one as a result of "frozen assets," one as a result
of a "run" and one as the result of steady withdrawals.
The North Carolina bank will occupy the quarters of the defunct National Bank of Kinston, the Branch bank, the quarters of the Farmers' &
Merchants' in the latter's six-story building. Kinston has been without
banking facilities for a week.
The Chamber of Commerce and other interests have been wrestling with
problem since the last institution in the city collapsed last Thursday morning (Apr. 30). Commissioner Hood has been here most of the time during
the past few days.
C. A. Kramer, who bas been at New Bern, will be Cashier of the Branch
unit. Gordon C. Hunter of Greensboro, will be Cashier of the North
Carolina's unit.
Commissioner Hood issued a statement In which he announced H. D.
Bateman of the Branch Banking & Truss Co., had been appointed local
liquidating agent for the Farmers' & Merchants' Bank. The Branch bank
will make available "sufficient money to immediately pay off the borrowed
money of the Farmers' & Merchants' Bank and pay all preferred claims,
thus releasing considerable credit in the community," he stated. The
Branch has agreed to purchase the expensive furniture and fixtures of the
local bank.
Asheville advices on May 6 by the Associated Press stated
that Judge M. V. Barnhill, presiding at the trial of three
officers of the defunct Central Bank & Trust Co. of Asheville (the first three of numerous defendants to be tried)
declared a mistrial on that day (May 6) on counts in their
indictments charging they listed worthless leans as assets in
a report to the State Corporation Commission. The Court's
action, the dispatch said, narrowed the trial to charges that
the three, Wallace B. Davis, President of the failed bank,
and Dr. J. A. Sinclair and C. N. Brown, directors, falsified
figures in making reports.
With reference to the Bank of Pee Dee at Rockingham,
N. C., which closed on Dec. 8 last, a dispatch from that
place on May 7, appearing in the "News and Observer" of
the same date, stated that the liquidating agent for the bank
had up to that time paid $93,000 of the $118,000 that the
institution owed when it failed. This leaves, it was said,
about $25,000 yet to be paid, and in addition there is about
$33,000 of preferred claims to be settled before a fund can
be created with which to pay the depositors. The advices
went on to say:
In the State of North Carolina Associated Press advices
from Raleigh on April 30 stated that the North Carolina
In other words, around $58,000 must be collected and paid out on the
bank's obligations before the depositors will begin to share. There was on
Corporation Commission and the City of Asheville have deposit
at the time of the
about $360,000;a 10% payment will amount
rejected an offer of Col. Luke Lea, Nashville, Tenn., pub- to $36,000. But beforefailure
such a 10% payment can be made, there must
lisher (one of the defendants to be tried for the failure of the be collected in about $94,000.
However,about $35,000 of these deposits are offset by loans to depositors
Central Bank & Trust Co. of Asheville) to settle obligations
To date, $37,000 has been paid in by stockholders of the bank on th el
of $880,000 in connection with the failure of the Central stock assessment.
Bank & Trust Co.of Asheville, according to a statement made
In the State of Kentucky, a Louisville dispatch by the
that night by I. M. Bailey, attorney for the Corporation Associated Press on May 2 stated that the report of the April
Commission. The dispatch continued as follows:
Grand Jury filed in the Jefferson Circuit Court on that date
Colonel Lea's proposition, according to Gen. Albert Cox. of Raleigh,
attorney for the Tennessee man, was to pay $40,000 cash and the balance reiterated the March Grand Jury's statement that the Naover a period of 20 months. The city of Asheville was Involved through tional Bank of Kentucky of Louisville and its affiliated insome of Lea's notes held by the Central Bank which closed several months sitution the
Louisville Trust Co. were solvent when closed
ago.
Both Mr. Bailey and General Cox denied that the offer of a settlement last November. The report filed May 2 termed the closing
was made to stay criminal proceedings brought against Colonel Lea by the of these banks and those of approximately a score in and near
Buncombe County grand Jury.
Louisville "the greatest financial disaster that ever visited
It had been previously reported, however, that a condition laid down by
Colonel Lea was that the letters found by the state auditor at the Central Louisville," and added "all this could have been prevented
Bank and involving Colonel Lea, with his son, and E. P. Charlet, would had the National Bank of Kentucky been kept open."
not be turned over to Tennessee authorities. This has not been denied.
General Cox said Colonel Lea has made three offers to the city of Asheville We quote furthermore from the advices as follows:
The grand jurors said they believed James B. Brown, President, "did
and the North Carolina Corporation Commission, the first being made
last December before criminal charges were brought. The second was everything in his power" to prevent collapse of the bank which claimed
total resources of $54,000,000. Brown, with Cnarles F. Jones, also an
made in February and the third in March.
Mr. Bailey said the Corporation Commission expected to make a settle- officer, has been indicted in both State and Federal courts in connection
ment with Colonel Lea and he added that both Asheville and the Corpora- with the failures and Brown has gone into personal bankruptcy.
Of the bank's directors who were present at the meeting called to close
tion Commission were parties to a civil suit against the Tennessee man
the bank the report said if they "had shown the courage to stand by him
pending In a Nashville court to recover the money.
The settlement, however, he added, would have no bearing on the (Brown)in his efforts to keep the bank open, we believe this disaster might
have been prevented."
criminal charges against Lea, brought in Asheville.
report expressed the opinion the Federal Reserve Bank "failed in
The failure of two more North Carolina banks, the Bank ItsThe
duty," and that its management could have aided the two banks,
of Grifton at Grifton and the Bank of Jones at Trenton, bridging over what
the report termed a "temporary difficulty."
The statement was made that a deal for merger with the Transamerica
both small institutions, was reported in a dispatch from
Corporation was blocked by some unidentified person telephoning H. P.
Kinston, N. C. on May 5, printed in the Raleigh "News and Preston,
executive Vice-President of the latter institution, that a meeting
Observer" of the same day. We quote from the advices had been called to look into the condition of the National Bank of Kentucky.
as follows:
The Bank of Grifton, State instituion at Grifton, 12 miles from here,
falled to-day (May 5). Officers said it had been In excellent condition and
attributed the closing to the recent failures here. Withdrawals had been
heavy. "Destroyed confidence" was the reason given by S. B. gittrell,
Cashier. J. L. Chapman is the President.
The bank's capital stock is $44.000, surplus, $2,600; stocks and bonds,
$16.350; total deposits,$43,000, and loans and discounts,$60,000.
J. R. Lowery, President of the defunct Bank of Jones at Trenton, which
failed at the week-end, to-day(May 5)said that institution's loans amounted
to $110.000 and deposits to $80,000.
It was also said to be a victim of the situation in Kinston.
With reference to the banking situation in Kinston (where
three banks closed recently), the Raleigh "News and Observer" of May 7 contained a dispatch from Kinston dated
May 6 which stated that both the North Carolina Bank &
Trust Co. of Greensboro, N. C., and the Branch Banking &
Trust Co. of Wilson, N. C., would open units in Kinston the
following day. The dispatch said in part:
In the State of Indiana, a dispatch on May 4 from Indianapolis by the Associated Press reported that the Farmers'
Trust Co. of that city was closed on the date named by its
Board of Directors, according to an announcement by the
Indiana State Banking Department. The closed bank,
the advices went on to say, had deposits of $600,000. James
W. Noel, an attorney and a director of the institution, was
reported as saying that the closing was a "temporary suspension to permit reorganization and segregation of the
banking and mortgage loan departments.
On May 12, the Meyer-Kiser Bank, one of the largest
banking institution in Indianapolis, was placed in the hands
of the Indiana Banking Department for liquidation, according to Associated Press advices from that city on May 12.
The directors voted to close the institution at a meeting held
the previous night. The bank, which was headed by Sol.
MAY 16 1931.]
FINANCIAL CHRONICLE
3655
Announcement was made this:weekliiyIthe'National City
Meyer as President, had a combined capital and surplus of
of New York of the appointment of Reginald H.
Bank
The
.
ely
$2,240,000
approximat
of
deposits
and
$600,000
and James M. Fraser as Assistant Vice-Presidents.
Marlow
dispatch went on to say:
the
opinion,
is at present located in the bank's Paris office
Marlow
their
in
Mr.
A statement issued by the directors indicated that,
assets exceeded liabilities to depositors and creditors. The closing of the and will return to the Head Office in New York. Mr.
bank, the directors stated, "is a result of a long period of withdrawals of Fraser is at present assigned to the bank's Harbin, Mandeposits which decreased the liquid resources of the Institution in a period of
churia, branch.
three years by nearly $4,000,000."
In the State of Ohio, Associated Press advices from
On May 12th the Chemical Bank & Trust Co. of New
Columbus, May 8, reported that the Leesburg Bank, a York opened in London Terrace at Tenth Ave. and 23rd St.
on
over
taken
been
private institution at Leesburg, had
its 14th branch office. Founded in 1824, the history of the
that day for liquidation by Ira A. Fulton, State Banking
Chemical Bank is linked with the provincial days of New
Superintendent for Ohio.
York and later with the expanding demands of a growing
On May 9 another Ohio bank, the Cummings Trust Co. nation. Percy H. Johnston, President, was elected in
of Carrollton, was taken over by the State Banking Super- 1920, and is the ninth President of the bank. The Chemical
intendent, as reported in a dispatch by the Associated Press Bank was an outgrowth of "the New York Chemical Manufrom Columbus on that day. The closing of the institution, facturing Co.," which was incorporated in the previous
which was capitalized at $150,000 and on March 25 reported year, 1823, and had its factory site on the Hudson between
total resources of $1,650,563, was attributed to heavy with- what is now 32nd and 34th Sts., running back to Tenth
drawals of deposits and depreciation of investments. The Ave. It is therefore somewhat symbolic that the Chemical
bank was organized in May 1906, it was stated.
Bank & Trust Co., 108 years later, should return to the
In the State of Illinois, advices from Chicago on Thursday
establish its 14th branch.
of this week, May 14, to the New York "Times", reported Chelsea district to
on
banks
that
Chicago
Side
Northwest
three
of
the closing
Water H. Wernsing has been elected assistant trust officer
day. The institutions, which were closed at the request of
&
Bank
National
Trust
the Hibernia Trust Co. of New York.
of
Park
Albany
the
are
their directors,
Co. the Humboldt State Bank, and the Second Humboldt
The New York State Banking Department approved on
State Bank, with total deposits of more than $6,000,000.
as
follows:
mentioned,
25 an agreement for the merger of East Hampton
April
advices
the
from
We quote
of
Bank of East Hampton, New York, into the OsThe Albany Park, in its March 25 statement, showed total resources
National
stock, surplus and undivided
$3,130,591, deposits of $2,309,520 and capital
borne Trust Co. also of East Hampton.
profits of $375,507.
as of the
Resources of $3,956,444 were shown by the Humboldt State,
same date, deposits of about $3,000,000 and the capital stock, surplus and
under
Humboldt
State
Second
Bank,
undivided profits of $736,014. The
of
the same management, showed total resources of $773,034, deposits
aggregating
$637,728 and capital stock, surplus and undivided profits
$131,062.
Steady withdrawals of deposits since March 25, which caused the closing
of the banks, materially reduced the figures reported in the statements.
In the State of Missouri, an Associated Press dispatch
from Jefferson City on May 11 stated that the Bank of
Loose Creek at Loose Creek, Osage County, a small institution, had been closed on that date by its directors and the
State Finance Department notified. No reason for the
closing was given, although "frozen assets" are believed
responsible, the dispatch said.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Samuel Ungerleider of the New York Stock Exchange firm
of Samuel Ungerleider & Co. has purchased the New York
Curb Exchange seat formerly owned by Alfred F. Ingold,
the consideration being $115,000. The firm of Samuel
Ungerleider & Co. was heretofore associate member of the
New York Curb Exchange.
The New York Cocoa Exchange membership of A. L.
Funke was reported sold this week to P. A. Canalizo, for
another, for $2,275. The last preceding sale was for $2,300.
A Chicago Curb Exchange membership was reported sold
this week to Jackson & Curtis for $2,500. The last preceding
sale was for $3,000.
James Bruce, Vice-President of the Chase National Bank
of New York, will become President of the Baltimore Trust
Co., Baltimore, one of the largest banking institutions in
the South, succeeding Donald Symington, it was announced
May 8 by Mr. Symington. Mr. Symington will assume the
Chairmanship of a Governing Board which is to be established and will continue as Senior Executive and Administrative Officer of the trust company. The announcement
went on to say in part:
Mr. Bruce has been for several years one of the Senior Vice-Prestents
of the Chase National, the world's largest bank. He returns to an institution with which he was formerly connected, also as Vice-President. ..
Among his other banking connections prior to his Chase National post,
Mr. Bruce numbered vice-presidencies of the Atlantic Trust Co., the Atlantic
Exchange Bank and the Baltimore Trust Co., all of Baltimore; the International Acceptance Bank and the National Park Bank, of New York.
He is regarded as one of the ablest young bank executives in the country.
He is a director of the Commercial Credit Companies and the Maryland
Casualty Co.
Mr. Symington has been President of the Baltimore Trust Co. since
1927, coming to that post from the Presidency of the Locke Insulator
Corporation which he organized. During the time he headed the trust
company it came to be the largest financial institution in Baltimore with
resources of approximately $100,000,000, and one which occupies a commanding position in the South Atlantic trading area. Baltimore's outstanding structure is the 34-story Baltimore Trust Building, erected
under his direction a year ago. Mr. Symington also is President and a
director of the Baltimore Mail Steamship Co. . . . lie is also a
director of the Western Electric Co., the United States Fidelity & Guaranty Co. and the Glenn L. Martin Company. During the World War be
served as a Chief Munitions Officer under General Hunter Liggett, Commander of the First Army, American Expeditionary Forces.
The New York State Banking Department announces the
issuance May 5 of the authorization certificate of the Seward
Bank of New York, representing a conversion of the Seward
National Bank & Trust Company. This is preparatory
to the merger with the Bank of Manhattan Trust Company,
to which we referred March 28, page 2322.
The Irving Trust Company, of New York announced
on May 15, the promotion of R. C. Effinger, Assistant
Vice-President, to be Vice-President, in the company's
general office at One Wall Street.
Mark Douglas Currie, a Vice-President of the National
City Bank of New York, died suddenly of heart disease on
May 11, at his home in this city. He wasformerly connected
with its
with the International Banking Corporation and
he
1916
continued
in
Bank
City
National
the
merger with
with the latter. He was 49 years of age.
Bernard J. Shaw, a Vice-President of the Lincoln-Alliance
on May 3 at
Bank Trust Co. of Rochester, N. Y., died
Mr. Shaw, who
illness.
short
a
after
Hospital
Genesee
the
At the
was fifty years of age, was born •in Rochester.
as
time of his death he had just completed a year's service
York
of
the
New
II
Group
of
Treasurer
Secretary and
State Bankers Association and had recently been elected
to the Presidency.
As of April 13 last, the G- rape Belt National Bank of
Westfield, N. Y. was placed in voluntary liquidation. The
institution, which was capitalized at $50,000, was absorbed
by National Bank of Westfield.
On May 8 the Peekskill Na- tional Bank, Peekskill, N. Y.,
changed its title to the Peekskill National Bank & Trust Co.
At a meeting of the direct- ors of the Congress Bank &
Trust Co. of New Haven, Conn., on May 11,'the resignation
of Harry V. Whipple as President of the institution, was
accepted and Louis M. Sagal was appointed to the office,
according to the Hartford "Courant" of May 12. At the
same meeting, Charles E. Curtis was made a. director and
Chairman of the Board, and Arthur C. T. Beers was appointed Vice-President to fill a vacancy caused by the recent
resignation of Hyman Jacobs. Mr. Curtis is a director of
the National Tnidemen's Bank & Trust Co. of New Haven
and a senior partner in the investment banking firm of
Curtis Hickey, it was stated.
With reference to the aff- airs of the private bank of
Pallotti, Andretta Co. of New Haven, which was suspended
by L. E. Shippee, State Bank Commissioner for Conn.
on Dec. 23 last, the Hartford "Courant" of May 8 printed
the following:
Community Bank & Trust Co. organizers have received approval of Bank
Commissioner Lester E. Shippee of their application for a charter and
granting of the charter is expected. This bank will be the reorganization
of the Palktti, Andretta Company private bank in New Haven and will
have capital of $100,000 and surplus of $50,000.
3656
FINANCIAL CHRONICLE
rirou 132.
Howard C. Pedrick, Cashier of the First National Bank
of Conshohocken, Pa., killed his wife, Mrs. Edith Pedrick,
and himself, at their home in Conshohocken on May 3.
The Neptune Bank & Trust Co., chartered by the state According to the Philadelphia "Ledger" of May 5, Mr.
of New Jersey will open for business on June 1 in a newly Pedrick, was facing arrest for the embezzlement of $45,700
erected banking home at the Southeast corner of Corlies from the First National Bank in which he had risen from
and Atkins Avenues, in the town of Neptune, N. J., which office boy to Cashier. He was 39 years of age and had been
Is immediately contiguous to the well known seashore city with the institution a little over 20 years. When the
of Asbury Park. It is the first bank to enter the field in tragedy became known, the following statement signed by
the municipality of Neptune Township, outside of the the President and the directors was pasted on the door of
separately chartered town of Ocean Grove. The institutien the bank:
At an examination of the First National Bank of Conshohocken, made
starts with a capital account of $150,000, $100,000 of which
the national bank examiner, H. B. Davenport, it was discovered that
will be in capital stock; $40,000 in surplus and $10,000 in by
Cashier Howard 0. Pedrick had embezzled the sum of $45,700.28.
undivided profits. Irving L. Reed, First Vice-President amount of this embezzlement is adequately covered by a fidelity bondThe
to
of the Asbury Park & Ocean Grove Bank, an old financial the sum of $40,000 and by other securities obtained from Mr. Pedrick.
From
all
represents
sum
information
above
the
obtained,
the
total
institution and one of the largest in •the central shore
defalcation, and the bank sustains no loss whatever.
section of New Jersey, will head the new bank as President;
The paper mentioned continuing said in part:
Richard W. Stout, of Asbury Park & Ocean Grove Bank
Pedrick admitted his shortage Saturday (May 2) at a meeting of the
will be Vice-President and Irving Newman) Secretary-Treas- board of directors, Davenport, the examiner, said. Pedrick told them
urer. Mr. Newman is resigning as Cashier of the Asbury he "took the money to loan to a friend, and had hoped to replace it before
anyone looked over the books." The name of the friend, Pedrick refused
Park & Ocean Grove Bank & Trust Co. to Join the new bank. to disclose,
officials said, but the Cashier insisted he had not personally
On the board of directors, in addition to Mr. Reed and benefited by "one cent of the money."
Police yesterday (May 7) were unable to find any brokerage connections
Mr. Stout, there will be Harry A. Watson, President of the
which
might have had. Bank officials said they were greatly
Asbury Park & Ocean Grove Bank; Harral S. Tenney, shockedPedrick
at the tragedy and the shortage, as the Cashier had been "a
Vice-President of the Marine Midland Trust Co. of New valued and trusted employee for twenty years." . .
Bank officials announced that Pedrick's place had been tentatively
York City and a director of the Asbury Park & Ocean
filled by
Reinhold, of the Philadelphia National Bank, and that
Grove bank, and John B. Stout, John W. Knox and Peter the affairsMilton
of the bank were in no way involved. Business was conducted
F. Dodd, the three last named directors being prominent as usual yesterday (May 7). . • •
Bank officials said last night (May 7) a thorough investigation into where
for many years in the business and public affairs of
Pedrick disposed of the money had already been started. The statement
Neptune Township.
that he had given 45,700.28 to "a friend" was scouted.
Closing of the New Haven bank was noted in our Dec. 27
Issue, page 4158.
At a regular meeting of the directors of the Sixth National
Bank of Philadelphia held May 5, the following changes
were made in the personnel of the institution: William F.
Cushing, Jr., formerly Cashier, was promoted to First VicePresident; A. Walter Lukens was advanced to the Cashiership, and John F. Ward and E. G. Simonsen were appointed
First Assistant Cashier and Second Assistant Cashier,
respectively.
The Suburban Title & Trust Co. of Upper Darby (Philadelphia) with a branch at Llanerch, was closed by the
Pennsylvania State Banking Department on May 9, fifteen
minutes after the institution had opened as usual for business, according to the Philadelphia "Ledger" of May 10.
Dr. William D. Gordon, State Secretary of Banking, took
personal charge of the institution, which was capitalized
at $500,000. In his official statement, as printed in the
"Ledger", Dr. Gordon said:
State bank examiners went over the books of the institution again last
night and found the sum originally announced as stolen was correct.
Associated Press advices from Scranton, Pa. on May 12
reported that the Carbondale Miners' & Mechanics' Bank
at Carbondale, Pa., had been ordered closed on that day
because of a "run" on the institution for several days
previously.
A consolidation of the Napoleon State Bank of Pittsburgh,
Pa., with the Pittsburgh State Bank of that city, was consummated on Monday of this week, May 11, giving the
latter resources of approximately $2,000,000 according to the
Pittsburgh "Post Gazette" of that date. The Pittsburgh
State Bank is capitalized at $125,000 with surplus and undivided profits of $54,000. Its officers, which will continue
to serve the enlarged bank, are as follows: Emanuel Dym,
President; F. R. S. Kaplan and Dr. A. L. Wise, Vice-Presidents; Joseph E. Birmingham, Cashier; J. J. Elling, Max
T. Lencher and U. Fassberg, Assistant Cashiers, and E. W.
Castaldt, Manager of the Foreign Department.
In order to conserve the assets of the Suburban Title & Trust
Co.,
Upper Darby, Pa., for the protection of the depositors, I have
deemed it
necessary to close the doors of the institution and to place it in
possession
of the Department of Banking.
The Citizen's National Bank of Irwin, Pa. has been in
This action has been taken because of the steady seepage of
deposits, process of voluntary liquidation since April 11, last. The
which if allowed to continue, would permit a preference to the
withdrawing
institution, which was capitalized at $100,000, was taken
depositors, and because of the frozen condition of the trust company.
The Board of Directors of the trust company concurred in this
decision. over by the First National Bank of Irwin.
I wish to make it clear to the public that the Suburban Title &
Trust
Co. has no affiliation or connection with any other institution in
Delaware
The First National Bank of Meadville, Pa., at the close
County or Philadelphia.
of business April 30 1931 took over the First National
The capital surplus and undivided profits totaled $900,697, while
the
deposits were approximately $2,800,000.
Bank of Saegertown, Pa. All assets and
of the
accounts
George W. Wilcox of Philadelphia, it was stated, resigned
as President of the closed bank about five weeks ago because of ill health and his place was taken by George W.
Statzell, Jr., one of the directors. Other officers were
given as John M. Hardeastle, Jr., Vice-President and Trust
Officer, and N. A. Dalton, Vice President, Secretary and
Treasurer. The "Ledger" furthermore stated that the institution was incorporated on Sept. 27 1921 with a capital of
$126,000. This was increased to $250,000 in September 1925,
and to $500,000 in March 1929.
A more recent issue of the paper mentioned (May 12)
contained the following concerning the affairs of the closed
Institution:
Frank B. Rhoads, President of the Media-69th Street Trust Co.,
announced
yesterday (May 11) that the State Banking Department had approved
a plan whereby his institution, in Upper Darby, would be able "on and
after
May 18, to loan to depositors of the Suburban Title & Trust
Co.,
Percentage of their free balances."
The Suburban, located in Garrett road, Upper Darby, closed last
Saturday morning. H. Blair Cooke, Vice-President of the Media-69th Street
Trust Co. estimated that the Suburban's small accounts aggregate $1,000,000.
"Wader the plan approved by Dr. William D. Gordon, State Secretary
of Banking," he said, "The Media-69th Street Trust Co. will
lend 10 to
20% on the Suburban balances, affording acme 'bread and butter
money'
to the small Suburban depositors.
"The usual 6% interest rate will be charged for the loans."
latter were transferred to the Meadville office of the First
National Bank and the institution is now closed.
H. G. Tremmel was elected to membership of the Board
of Directors of the Union Trust Co., Cleveland, Ohio., at
the regular monthly meeting of the Board, May 12. Mr.
Treitmel is President of the North American Fibre Products
Co. and has been active in Cleveland business for many
years.
J. W. Stephenson, President of the First National Bank
of Harlon, Ind., and of the Marlon Association of Commerce,
died suddenly of heart disease in Chicago on May 8. Mr.
Stephenson, who was 52 years of age, was born in Ohio,
but moved to Gas City, Ind., as a boy where he obtained
his first employment in a glass factory. Eventually he
became a leader in manufacturing industries in Marion.
Among other interests at the time of his death he was
President of the Indiana Truck Co. at Marion.
The First National Bank of New Harmony, Ind., capitalized at $25,000, was placed in voluntary liquidation on
April 26 last. It has been succeeded by the New Harmony
National Bank of the same place.
MAY 16 1931.]
FINANCIAL CHRONICLE
3657
and M. A. Cooley, Assistant Secretary and Assistant
Treasurer.
Earnings of the corporations' group system of 114 banks,
trust companies and corporate subsidiaries showed a slight
decline during the first quarter of 1931 as compared with
the like period in 1930, Mr. Leeman reported, supplementing
The First National Bank of Oakford, Ill., went into volun- the annual report. During the second quarter to date,
tary liquidation on April 20 1931. The institution, which the trend of earnings has been definitely upward, he dehad a capital of $25,000, was taken over by the State Na- clared, although the demand and rates on bank loans are
still low for this period of the year.
The Farmers' & Merchants National Bank of Roseville,
Ill., capitalized at $50,000, went into voluntary liquidation
as of April 10 last. The National Bank of Monmouth, Ill.,
has absorbed this bank.
tional Bank of Petersburg, Ill.
Bank,Marshall, Minn.,one of the oldest
The first National
Cyrus-7A. Barr, a Vice-President of the Continental banks in Southwestern Minnesota, which has been contin-
Illinois Bank & Trust Co. of Chicago, died at his home in
Kenilworth, Ill., on May 12 .after a prolonged illness.
Mr. Barr was born at Adel, Iowa, in 1880. He went to
Chicago in 1919 to be a Vice-President of the Continental
& Commercial National Bank,from the Des Moines National
Bank of Des Moines, Iowa. During the World War he
served as Chairman of the Iowa Securities Committee of
the Federal Reserve Bank of Chicago.
Stanley M. Davis has joined the Fidelity Trust Co. of
Detroit as Assistant Vice-President. His activities are to
be partially concerned with the banking department in
connection with new business work. Mr. Davis who went to
Detroit from New York, has for the past eight years been
associated with Detroit banking circles in work of this
character.
From the Michigan "Investor" of May 9, it is learned
that the State Savings Bank of Frankfort, Mich., has been
reorganized through the sale of part of the stock of the
Hofstetter interests, and increase of its directorate to nine
members by the addition of the following: 0. T. Larson,
Marine Superintendent of the Ann Arbor Railroad Co.;
Roy Collins, prominent local capitalist; Capt. B. F. Tulledge,
Commander of the Steamer Wabash and Commodore of
the Ann Arbor Carferry Fleet; Wm. R. Olson, of the Olson
Gas & Oil Co.; Leon D. Rose, formerly Chief Bank Examiner
and for the past eight years identified with the Michigan
Banking department. Officers have been appointed, as
follows: J. F. Hofstetter, President; R. R. Paultz and E. J.
Hofstetter, Vice-Presidents; Leon D. Rose, Vice-President
and Cashier, and H. B. Anderson, Assistant Cashier. The
paper mentioned furthermore said:
J. F. Hofstetter, President has been in active service for the past
thirty-five years, and expects shortly to be relieved by Mr. Rose, who will
have entire charge of _the bank. The charter of the bank was granted an
extension on April 11 for an additional 30-year period. Friday, May 22,
will be the 85th anniversary of the organization of the bank by the
Mofstetter interests.
- Bank of Dundee, Minn., was
On April 7 1931, the State
merged with the First National Bank of Heron Lake, Minn.,
and the former is now in process of voluntary liquidation.
P. D. Sontag, heretofore Cashier of the Dundee bank, has
been made second Vice-President of the First National
Bank. At the time of the consolidation the First National
Bank of Heron Lake had deposits of $827,019 and total
resources of $975,712. The officers are as follows: W. H.
Jarmuth, Chairman of the Board of Directors; John 0.
Bondhus, President; Paul Benson and F. D. Sontag, VicePresidents; J. H. Meyer, Cashier and J. T. Sanger, Assistant
Cashier.
uously operating for 40 years, became affiliated with the
Northwest Bancorporation, Minneapolis, on May 9. The
announcement by the Bancorporation went on to say in
part:
Organized in 1891 by C. N. Langland who was its first President and
M. W. Harden who was its first cashier, the First National Bank, Marshall,
began business that year.
Wm. Gleseke became a stockholder in 1894 and his son, W. F. Gieseke,
deceased, who operated the Marshall Milling Co., became largely interested
In the bank later. The First National Bank, Marshall, is capitalized at
$50.000, and has deposits of $630,000.
Officers are H. W. Addison, President; H. H. Gieseke, Vice-President;
J. M. Shrader, Cashier, and K. E. Sheffield, and I. M. Evans, Assistant
Cashiers.
Additiorrof the First National Bank, Marshall; brings the number of
Minnesotalnstitutions in the Northwest Bancorporation to 53, the total
numberraf banks in the 8 States where Northwest Bancorporation affiliates
are locatedjo 124 and the total of all affiliates, including securities and live
stock loan companies to 136.
The First National Bank o- f McIntosh, Minn., recently
purchased the acceptable assets and assumed the deposit
liabilityLof the Citizens' State Bank of McIntosh. The asquirethbank had been in business 39 years. C. M. Berg is
President of the enlarged First National Bank.
M. H. McNally was recently appointed President of the
Bruce State Bank at Bruce, Wis. Other officers of the
institution are as follows. L. W. Ham, Vice-President;
G. E. Mulrooney, Cashier, and Selmer Alvey, Assistant
Cashier.st(Aim
Leonard R. Manley, heretofore a Vice-President of the
Woodbury County Savings Bank of Sioux City, Iowa, was
recently promoted to the Presidency of the institution to
succeed George Sinclair, whose death occurred on March 27.
Mr. Manley also is President of the Security National Bank
of Sioux City. Since his graduation from Dartmouth College, he has been actively associated with the Security
National Bank. He is a past President of the Chamber of
Commerce. No other changes were made in the personnel
of the Woodbury County Savings Bank. Besides Mr. Manley, the officers are: Thomas P. Treynor, Executive VicePresident; C. T. McClintock, Cashier'and E. K. Manship
and A. L. Chesebro, Assistant Cashiers.
Effective at midnight Apr-il 25 last, the First National
Bank of Davenport, Iowa, with capital of $400,000, was
placed in voluntary liquidation. The institution was absorbed by the Union Savings Bank & Trust Co. of Davenport.
—•___
On April 24 1931, the First National Bank of Scranton,
N. D., capitalized at $25,000, went into voluntary liquidation. The institution was taken over by the Bank of Scranton of the same place.
of Hope, Ark., recently absorbed
The First National Bank
the First Savings Bank & Trust Co. of Hope, an institution
—4-ofF. A. Buscher was recently appointed Cashier of the owned by the same stockholders and having the same
State Bank of Anoka, Minn. B. F. Swanson is President ficers.
of the institution.
On April 29 the Comptroller of the Currency approved
--•-D.,
Officers and members of the executive committee of the a conversion of the Security State Bank of Ethan, S.
Nathe
First
of
title
the
under
institution
National
a
to
First Bank Stook Corp. (headquarters St. Paul and Minnetional Bank of Ethan. The institution is capitalized at
apolis) were reappointed and four
new members were
addedLto the board at the annual directors' meeting in $25,000.
St. Paul on Monday, May 11. The new directors, whose
Alfred C. F. Meyer, Preside-nt of the Lafayette-South Side
election increases the membership of the board to 73, are
May 2Carl R. Gray Jr. of St. Paul, Vice-President of the Omaha Bank & Trust Co. of St. Louis, committed suicide on
Louis
St.
estate
in
40-acre
his
on
himself
by
shooting
RR.;L. M.Lilly of St. Paul, President of the First Bancredit
Corp.; Daniel F. Bull of Minneapolis, President of the County. Mr. Meyer, who was also President of the South
Cream of Wheat Corp., and John D. McMillan of Minne- Side National Bank and Chairman of the Board of the
Twelfth Street National Bank, St. Louis, had been in failapolis, President of the Osborne-McMillan Elevator Co.
Officers were elected as follows: C. T. Jaffray, Chairman ing health for some time. The deceased banker, who was
of the Board; George H. Prince, President; Lyman E. in his 58th year, was born in St. Louis and received his
Wakefield, Vice-President; Richard C. Lilly, Vice-President; education at Peabody and St. Louis high schools and at a
P. J. Leeman, Vice-President and General Manager; Lyle private school in Weisbaden, Germany. Subsequently, 1895,
W. &holes, Vice-President; A. Moe. Washburn, Vice- he took a degree in law at Washington University and therePresident and General Counsel; E. C. Kibbee, Vice-Presi- after practised law in St. Louis with Rudolph Schulenberg
dent; A. E. Wilson, Secretary and Comptroller; M. M. under the firm name of Schulenberg & Meyer until the
Hayden, Treasurer; B. W.Phillips, Assistant Vice-President, partnership was dissolved in 1904. Mr. Meyer then took
3658
FINANCIAL CHRONICLE
[Vol,. 132.
charge of the South Side National Bank as Cashier and a Atlantic National Bank, which will conform to the policy of the parent institution in having all of the banks of the Atlantic group bear the name
director and later extended his bank affiliations to embrace "Atlantic."
the Lafayette-South Side Bank & Trust Co. and the Twelfth
Effective April 7, the Day and Night National Dank of
Street National Bank.
Pikesville,
Ky., capitalized at $100,009, went into voluntary
The following statement (as printed in the St. Louis
"Globe-Democrat" of May 3) •was issued on the night of liquidation. The institution was taken over by the PikeMay 2 by the Board of Directors of the Lafayette-South ville National Bank of that place.
Side Bank & Trust Co.:
Two Warrensburg, Mo., b- anks have consolidated, the
We are greatly grieved and shocked by the untimely death of our Commercial Banlaand the American Trust Co. The new
president, Mr. Meyer, for whom we all have felt the deepest admiration
organization,'the Commercial-American Bank & Trust Co.,
during the years we have been associated with him. We extend our is
capitalized at $75,000 with surplus of $7,500 and has
heartfelt sympathy to members of his family, and with them mourn the
deposits of $500,000. F. L. Mayes is President; J. I. Moore,
passing of a friend and a leader.
Cashier.
His death was none the less of a shock although we had been aware Vice-President, and A. IL Gilkeson,
for the past three or four years that Mr. Meyer was in failing health.
To us, the institution which he greatly assisted in bringing to its
present position will be an everlasting monument to his memory.
As of April 16, the Exchang-e Bank of Eastland, Tex., with
capital of $50,000, went into voluntary liquidation. The institution was taken over by the Texas State Bank of
Joseph L. Rehme, formerly Executive Vice-President of
Eastland.
the Lafayette-South Side Bank & Trust Co. of St. Louis,
On April 24 1931, the Farmers' National Bank of Hillswas appointed President of the institution on May 4 to fill
the vacancy caused by the death on May 2 of Alfred C. F. boro, Tex., capitalized at $100,000, was placed in voluntary
Meyer. At the same meeting the directors appointed Hugo liquidation. The institution has been succeeded by the
F. Urbauer, Chairman of the Board, and Ira L. Bretzfelder, Central Bank & Trust Co. of Hillsboro.
Chairman of the Executive Committee. Mr. Rehme was
The First National Bank
-in Alvin, Alvin, Tex., with
also chosen President of the South Side National Bank, an
affiliated institution, of the Lafayette-South Side Bank & capital of $25,000, went into voluntary liquidation on April
Trust Co., of which he was previously a Vice-President. 22. This bank was absorbed by the City National Bank of
The St. Louis "Globe-Democrat" of May 5, from which the Galveston, Tex.
above information is obtained, went on to say:
On April 6 last, the First National Bank of Hawkins,
Rehme, who has been Executive Vice-President of the Lafayette-South
Side Bank & Trust Co. for several years and in active charge during the
last two years, was appointed Assistant Cashier of the institution in 1917,
after leaving the employ of the St. Louis Clearing House Association, in
which he held the position of Chief Examiner. Successively he became
Cashier, Vice-President, member of the Directorate and Senior VicePresident.
Rehme is also Vice-President of the Lafayette Industrial Loan & Investment Co. He is a member of the St. Louis Chamber of Commerce
and the Business Men's Association of South St. Louis.
Urbauer is President of the Edmu Realty Co., Vice-President of the
Fred Medart Manufacturing Co. and Vice-President of the United States
Lacquer Co. He has been a member of the directorate of the LafayetteSouth Side Bank & Trust Co. for eleven years. He is a member of the
Chamber of Commerce and the Business Men's Association of South St.
Louis.
*
Bretzfelder, who is President of the Alvey Manufacturing Co. has been
a member of the Board of the Lafayette-South Side Bank & Trust Co.
since its organization in 1916. He is also a director of the South Side
National Bank and the Lafayette Industrial Loan & Investment Co.
Bretzfelder is a member of the American Society of Mechanical Engineers
and the Business Men's Association of South St. Louie.
A charter was issued by the Comptroller of the Currency
on May 4 for the First National Bank in Cowgill, Cowgill,
Mo. John Farmer is President of the new bank which is
capitalized at $30,000.
•
Controlling interest in the First National Bank of Gainesville, Fla., was acquired on May 7 by the Atlantic Trust
Co. of Jacksonville, the holding company of the Atlantic
National Bank of Jacksonville, Fla., according to an announcement made May 7 by Edward W. Lane, Chairman
of the Board of the Atlantic National Bank. The acquired
bank is capitalized at $100,000 with surplus and undivided
profits of approximately $125,000, and has deposits of more
than $3,000,000. The transaction adds another institution
to the group of banks located throughout Florida affiliated
with the Atlantic National Bank of Jacksonville. We
quote below in part from Mr. Lane's announcement, as
published in the "Florida Times-Union" of May 8, from
which paper the above information is obtained:
"The purchase of the controlling interest in the First National Bank of
Gainesville by the Atlantic Trust Co., subsidiary and holding company
of the Atlantic National Bank of Jacksonville, was consummated this
morning (May 8).
"The stock of the Atlantic Trust Co. Is owned pro rata by the stockholders of the Atlantic National Bank of Jacksonville, and the management of
the First National Bank, therefore, will be under the same direction of
the men responsible for the successful growth of the Atlantic National Bank
of Jacksonville. At the same time, the First National Bank is in reality
a separate and distinct unit, having citizens of Gainesville and the surrounding territory financially interested.
"The capital stock of the First National Bank is $100,000, surplus $100,000, and undivided profits approximately $25,000. Its deposits exceed $3,000,000. All of the balance of the undivided profit account of the bank
has been written off as a result of writing down the bank's real estate owned
to $1, and its bond account to less than the market. In short, all of the assets of the bank heretofore owned are still owned by the bank, but a reduced
value has been put on the same in order to be ultra-conservative. . . .
"I take genuine pleasure and satisfaction in announcing that H. E.
Taylor, who is now President, and Lee Graham, who is Vice-President,
and the other officers, who have so ably managed the bank in the past,
will continue in their present positions. Indeed, there will be no change in
the personnel—officers or employees.
"At the meeting of the board of directors of the First National Bank held
to-day (May 7) Charles D. Wynne, Vice-President of the Atlantic National
Bank, was elected Vice-President and director, and will be the parent
bank's direct representative, attending all of the board meetings, and acting
as liaison officer between the two banks."
Application will shortly be made to the Comptroller of the Currency to
change the name of the bank from the First National Bank,to the First
Tex., went into voluntary liquidation. The institution,
which had a capital of $30,000, was absorbed by the First
National Bank of Quitman, Tex.
The Central National Ban-k of Los Angeles, Cal., went
Into voluntary liquidation on March 13 last. The institution, which was capitalized at $500,000, has no successor.
The First National Bank of Terrabells, Cal., a small institution, failed to open on May 5 and A. T. Tolton, a
National bank examiner, assumed charge of its affairs,
according to advices from Terrabella on that date, printed
In the Los Angeles "Times" of the following day, which
continuing said:
Tolton said he had no statement to make regarding the bank's closing,
other than that the action was in accord with a resolution by the board
of directors. Unofficial reports gave "frozen assets" as the cause.
The last deposits statement, issued by the bank, as of March 26, showed
deposits to be $150,000.
The local bank was founded twenty years ago, T. M. Gronen of Los
Angeles being one of the founders. He is still President of the institution.
Roy Amtneman recently succeeded Frank C. Rickey as Cashier.
The Board of Directors is composed of residents of the district.
Asked if there would be a move to reopen the bank, Tolton replied:
"I do not know." The bank was capitalized at $25,000 when founded.
On April 29 1931, the First National Bank of Hillyard,
Spokane, Wash., went into voluntary liquidation. The
institution, which was capitalized at $25,000, was absorbed
by the United Hillyard Bank of Spokane.
The Banca Commerciale Italiana of Milan, Italy, whose
"American shares" are listed on the New York Produce
Exchange, reports that net profit for the calendar year 1930,
after deducting interest, income tax, depreciation on bank
premises, &c., amounted to $4,626,439, equivalent to $3.30
per share on the outstanding 1,400,000 shares of capital
stock, par 500 lire each. This compares with $6,018,469,
or $4.30 per share for the calendar year 1929. A complete
income account and balance sheet will be found in our
department devoted to "General Corporate and Investment
News" on a subsequent page of this issue.
The thirty-eighth semi-annual report of the Sumitomo
Bank, Ltd., of Osaka, Japan (head office Kitahama, Osaka,
Japan), has just been received. It covers the six months
ended Dec. 31 1930, and shows net profits for the period
of 2,844,903 yen, which, when added to 1,802,146 yen, the
balance brought forward from the preceding half year,
made a total of 4,647,050 yen available for distribution.
This amount was allocated as follows: 2,000,000 yen to
take care of dividend; 220,000 yen contributed to pension
fund; 110,000 yen to pay bonus, and 500,000 yen credited
to reserve fund, leaving a balance of 1,817,050 yen to be
carried forward to the current half year's profit and loss
account. Total assets of the institution as of Dec. 31 1930
are shown in the statement as 823,490,020 yen, and deposits
as 680,688,663 yen. The bank's paid-up capital is 50,000,000
yen, and its reserve fund 29,720,000 yen. The New York
agency of the Sumitomo Bank, Ltd., is at 149 Broadway.
MAY 16 1931.]
FINANCIAL CHRONICLE
3659
Marquette
THE WEEK ON THE NEW YORK STOCK EXCHANGE. Rand, 6 points; New Haven, 3 points; Pere
% points.
Woolworth,
25
and
3
points
pref
10
%
The stock market has been depressed most of the present
The market again tumbled downward during the early
week. Transactions have been below the average, with the
on Friday and substantial declines in the principal
trading
trend downward during the greater part of the week. There
and steel shares were recorded as the day proindustrial
rail,
have been occasional rallies, but these, as a rule, were shortStates Steel common dipped to its lowest
United
gressed.
lived and had little effect on the downward drift. Railroad
it touched 101%. The turnover was
as
1924
since
level
shares were under pressure during the greater part of the week,
while most of the stocks in the general
and
heavy
particularly
and some of the high priced specialties like J. I. Case Threshmany of the popular favorites
firm,
moderately
were
list
ing Machine and Johns-Manville broke to new low levels.
rails and specialties were inindustrials,
pivotal
the
among
United States Steel common had a particularly trying day
for instance, dropped to
Central,
York
New
sag.
to
clined
8, the lowest level since
/
on Friday when it broke to 1018
like Atchison, Southern
stocks
and
1922,
since
lowest
its
1924. One of the interesting features of the week was the
Pacific and Southern Ry. extended their recessions for the
Bank of England's reduction on Thursday of its official dispresent movement. The principal changes on the side of the
of
statement
count charge from 3% to 2%%. The weekly
were Amer. Can, 2 points; Amer. Safety Razor, 2
decline
the Federal Reserve Bank issued after the close of the market
Auburn Auto, 33% points; Columbian Carbon, 4
points;
on Thursday showed a further reduction of $28,000,000 in
Ingersoll-Rand, 4 points; International Business
points,
brokers' loans in this district. This drop carried the out- Machine, 9 points; New Haven, 33% points, and Eastman
standing total down to a new low at $1,671,000,000, the
Kodak, 33% points.
lowest total of brokers' borrowings since Novembsr 5 1924.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Call money ruled at 1% on Monday morning, advanced
DAILY, WEEKLY AND YEARLY.
during
figure
that
at
remained
and
Tuesday
to 1%% on
Total
United
State,
Railroad,
Stoats,
the rest of the week.
Bond
States
Week Ended
Number of & Mite. Municipal &
Bates.
Bonds.
Porn Bonds.
Bonds.
The market displayed considerable strength during the May 15 1931. Shares.
forepart of the abbreviated session on Saturday, but the Saturday
8244.000 86,655,000
1,157,350 35.119,000 81,292,000
8,868,100
626.100
2,236,000
6,006,000
1,650,623
Monday
violent break in J. I. Case unsettled trading and carried prac- Tuesday
2,476,000
565.000 10,680,000
7,639,000
1,310,490
950,000 10,643,000
2,470,000
7,123,000
1,666,910
Wednesday
tically the entire list to lower levels. During the first hour Thursday
235,000 11,111.000
2,003,000
8,873,000
1,770,190
796,000
2,212,000
5,794,000
8,802.000
low-priced stocks were prominent on the side of the advance. Friday
2.380,040
Radio, for instance, was taken in blocks of 10,000 shares in
0 oqA nnz a4fi 554(MO 112589000 13.416000 S51 1359 100
Teral
the early trading at the top price for the recovery. Standard
Jan. 1 to May 15.
Week Ended May 15.
Sales at
Brands was taken up following the announcement that the
New York Stock
1931.
1930.
1930.
1931.
Exchange.
directors had voted to redeem 50,000 of the $7 pref. stock.
The weak spots of the day were J. I. Case Threshing Ma- Stocks-No. of shares_ 9,935,603 15,546,850 249,551,498 392,892,870
Bonds.
chine which broke 10% points to 68%, and Johns-Manville Government
844,944,000
864,615,850
$897,000
bonds_-_ $3,416,100
267,117,500
282,056,600
12,689.000 11,685,000
State dr foreign bonds_
which dipped 33j points to 453%. Railroad shares were ir- Railroad
844,577,100
683,084,000
dc misc. bonds 40,554,000 35,932,700
regular, Northern Pacific dropping to a new low record.
856,659,000 848,514,700 81,029.756,450 81.156,638,600
Auburn Auto was down 7 points, Westinghouse 23% points, Total bonds
AT THE BOSTON. PHILADELPHIA AND
TRANSACTIONS
23%
DAILY
Pump
points.
Worthington
and
points,
4
Ingersoll-Rand
BALTIMORE EXCHANGES.
On Monday United States Steel was down during the
morning, but improved somewhat later in the day and closed
Baltimore
Philadelphia
Boston.
Week Ended
fractionally higher. Auburn Auto was in good demand and
Bond Sates.
Shares.
Sales
Shares.
Bond
Sales.
May 15 1931.
Bond
Shares.
gained 14 points on the day. Johns-Manville advanced a
87,400
558
$46,000
54,000 a17.735
Saturday
18,641
3.000
1,017
41,000
point and J. I. Case Threshing Machine improved 1% points. Monday
6,850 018,715
25,410
3,700
445
62.000
19,350, a17,867
Tuesday
17,084
Other changes on the side of the decline were Allegheny Steel, Wednesday
16,000
1,098
44,000
s22,578
3,0001
18,240
8,000
1,191
52,500
24,253
14,000
18,710
5 points; Crucible Steel, 2 points; Ingersoll-Rand, 6 points; Thursday
2,000
1,170
6,0001 11,193
Friday
6,8721
Pacific Lighting, 23% points, and Union Carbide & Carbon,
840,100
5.479
104,9571 $53,200 121,341 8245,500
Total
1
23% points. The stocks closing on the side of the advance
included among others, Amer. Safety Razor, 23% points; Prey. wk. revised. 128,0771 $60.500 166,538 2254,900 7,596 857,800
a In addition, sales of rights were: Saturday. 100; Monday. 100: Tuesday, 100,
Peoples Gas, 3 points, and Keith-Albee-Orpheum pref., 5 Wednesday,
100; sales of warrants were, Wednesday. 100: Thursday, 100.
points. Prices were again irregular on Tuesday and the
trend of the market was downward during the greater part of
COURSE OF BANK CLEARINGS.
the session. Railroad stocks were freely offered, the declines
ranging from 1 to 6 or more points. Union Pacific and
Bank clearings this week will again show a decrease as
Missouri Pacific were both under pressure, the former closing compared with a year ago. Preliminary figures compiled by
advices from the chief cities of
5 points lower, while Missouri Pacific was down 64 points. us, based upon telegraphicfor
the week ended to-day (Satcountry indicate that
United States Steel showed a moderato loss, and so did Amer. the
urday May 16), bank exchanges for all the cities of the
Can, Allied Chemical & Dye, General Motors and Bethlehem United States from which it is possible to obtain weekly
Steel. Other pivotal industrials moved back and forth returns will be 16.3% below those for the corresponding
without definite trend. Late in the afternoon the market week last year. Our preliminary total stands at $8,812,683,same week in 1930. At
developed a tendency to rally as covering was resumed in 284 against $10,545,447,773 for the
loss for the five days ended Friday of
this
a
is
there
center
final
the
but
list,
quotations
the
showed 13.8%. Our comparative summary for the week follows:
various sections of
very little improvement.
Clearings-Returns by Telegraph.
Railroad stocks were again the weak spot on Wednesday.
1930.
1931.
Week Ended May 15.
Union Pacific, Atchison and Pennsylvania all selling off on
$4,802,894,674 85,574,000,000 --13.6
New
York
the day. Declines of from 1 to 5 points were also the rule Chicago
510,421.797 -26.7
374,286.872
444,000,000 --22.3
345,000,000
among such stocks as New York Central, Northern Pacific, Philadelphia
364,000.000 --16.2
305,000,000
Boston
107,292.280 --35.6
69,052,749
Great Northern and Southern Pacific. United States Steel Kansas City
112,600,000 --31.6
77,000,000
St. Louis
was down 13% points and such market leaders as General Ban Francisco
171,851,253 --29.7
120.702,000
No longer will report clearings
Los
Angeles
and
Westinghouse
Electric, American Can,
Ingersoll-Rand Pittsburgh
148.360,647 -28.2
106,467,913
159,306,063 -35.5
102,888,180
were off on the day. There were a few modest gains Detroit
124,708,028 -26.2
92,053,593
Cleveland
82,390,183 -26.0
62.106,871
including Western Union, Woolworth, National Biscuit, Baltimore
48,174,015 -23.0
37,090,680
Grand Union pref. and Indian Motorcycle pref. The market New Orleans
88,494,543,532 87,847,106,266 -17.2
Twelve cities, 5 days
moved irregularly downward on Thursday, the day's declines Other
-8.9
932,376,630
849.359,205
cities, 5 days
ranging from 3 to 5 or more points. Railway shares, as a
$7,343,903,737 88,779,482,896 -16.4
Total all cities, 5 days
1,765,964,877 -16.8
1,468.780,547
group, were the weak feature, though the break of 3% points AU cities, 1 day
in United States Steel which carried that stock to a new low
88.812.683,284 $10,545,447,773 -16.3
Total all cities for week
at 1063/i attracted the most attention. In other parts of
Complete and exact details for the week covered by the
the list a few stocks showed considerable resistance and foregoing will appear in our issue of next week. We cannot
closed with moderate gains. Among the issues closing on furnish them to-day, inasmuch as the week ends to-day
the aide of the advance were J. I. Case Threshing Machine (Saturday) and the Saturday figures will not be available
in the above the last day
Co., 1 point; Pure Oil pref 33% points; and Bamberger until noon to-day. Accordingly,
estimated.
cases
all
in
be
the
of
to
had
week
35%
side
the
on
of the decline were
pref.
points. Prominent
In the elaborate detailed statement, however, which we
such stocks as Auburn Auto 31 points; Air Reduction, 23% present further below, we are able to give final and complete
points; American Water Works, 23% points; American results for the week previous-the week ended May 9.
Tobacco, 234 points; Foster-Wheeler, 3 points; Ingersoll For that week there is a decrease of 28.3%, the aggregate
3660
FINANCIAL CHRONICLE
of clearings for the whole country being $8,619,295,926,
against $12,015,204,799 in the same week of 1930. Outside
of this city there is a decrease of 23.0%, the bank clearings
at this center recording a loss of 30.7%. We group the cities
now according to the Federal Reserve Districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show a
contraction of 30.5%, in the Boston Beserve District of
14.9% and in the Philadelphia Reserve District of 25.4%.
In the Cleveland Reserve District the totals are smaller by
16.4%, in the Richmond Reserve District by 16.7% and in
the Atlanta Reserve District by 20.9%. The Chicago Reserve District has a loss of 27.9%, the St. Louis Reserve District of 25.4% and the Minneapolis Reserve District of
19.7%. In the Kansas City Reserve District the decrease
is 24.9%, in the Dallas Reserve District 10.3% and in the
San Francisco Reserve District 28.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended May 9 1931.
1930.
1931.
1929.
1928.
Federal Reserve Dist
let Boston_ _ _ _12 cities
2nd New York_12 "
8rd Phila4lelphial0 "
dth Cleveland__ 8 "
5th Richmond_ 6 "
5th Atlanta____11 "
7th Chicago._ _20 "
8th St. Louis__ 8 "
9511 Minneapolis 7 "
10th RansasCityll "
11611 Dallas
5 "
12th San Fran_ 14 "
$
442,529,525
5,850,766,369
412,382,640
324,176,339
141,159,742
124.947,084
842.481,038
138,940,894
93,693,261
139,956,995
50,877,047
257,384,992
Total
124 cities
Outside N. Y. City
8,619,295,926 12,015,204,799 -28.3 11,949,134,264 12.170,767,467
2,907,568,891 3,n6,522,222 -23.0 3,948,497.193 4.267,069,668
8
619,909699
8,415,178.332
552,968,080
387,755,279
169,314,566
158.069,709
905,370,318
186,281,080
118,015,936
186,385,539
56,732,063
361,234,198
%
-14.9
-30.5
-25.4
-16.4
-16.7
-20.9
-27.9
-25.4
-19.7
-24.9
-10.3
-28.8
S
492,055.481
8,172,236,044
602,733.898
423,983.664
172,385.754
171,245,489
949,437.051
207,033,865
123331.404
205,734,441
72,371.798
356,785,377
$
584.661.718
8,068,464,652
617,726,460
411,673,926
189,586,049
178,507,470
1.107.472,701
221,054,088
122,803,137
204,595,563
71.288.628
392,933,077
r,.....A.,
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Eended May 9.
Ckarings of1031.
1930.
Inc. or
Dec.
1929.
$
1928.
$
$S
$
%
First Federal Reserve District-BostonMaine-Bangor..
852,523 -10.4
687,033
Portland
4,050.727 -19.4
3,266,111
Mass.-Balton
400,955.885 465.089,414 -13.8
Fall River_ _ 1,183,998 -24.2
987,473
Lowell
1,049,495 -53.6
487.163
New Bedford_
912.636 +1.0
920.506
4,909,496 -15.6
Springfield_ _ _ •
4,144,443
Worcester
4,129.896 -21.2
•
3,254,063
Conn.-Hartford•
15,212,664 -29.3
10,754,678
New Haven_ _ •
9,021.085 -27.8
6,510.396
12,695,200 -20.4
R.1.-Providenc
10,105.300
N.H.-Manches'
802.565 -31.9
546,474
751,034
3,857,897
431,760.478
1,302,759
1,334.828
1,149.886
5,903.771
3.813.105
18,587.594
8,302.368
14.499,200
792,561
672.606
3,922,878
515,000,000
2,493,190
1.389,167
1,169.684
6.084,681
4.082.607
24.267.860
9,783,164
15,039.200
756,679
519,909,699 -14.9
492.055.481
584,661,716
Total(12 eithe
442,529,525
Second Fade al Reserve D 'strict-New
N. Y.-Albany_
7,152,767
6,664,373
Binghamton •
1,563,115
981,235
57,123,558
Buffalo
36,312,270
977,411
Elmira
•
970,051
Jamestown
1,297,549
1,102,157
New York_ _ _ 5,711,727,035 8,238,682,577
13,035,839
Rochester
10,646,465
4,743,424
•
Syracuse
5,778,021
N. J.-Montcla.
826.507
685,036
Conn.-Stamfor i
4,347,711
4,055,772
Newark
•
36,172,798
28.486,866
Northern, N .7 •
48,220,479
44.421,685
York
5,893,687
-6.8
5,881,418
1,258,699
-37.2
1,388,467
60,532,079
-36.4
54,337.678
1,175,342
-0.8
1,105.995
1.322.8811,425,640
-15.01
-30.7 8,000.637.071 7,903,697,799
15.218,885
-18.3
15,642,579
7,699.950
-16.2
6,578.680
900.437
-17.1
834,696
4,485.387
-6.7
4,096.698
33,680.300
-21.2
29,374,900
39,431,326
-7.9
44,100,102
Total (12 cities 5,850,766,369 8,415,178,332 -30.5 8,172,236,044 8,068,464,652
Third Federal Reserve Dist rict-Phllad elphla1,468,157
Pa.-Altoona_ __
624,786
1,480,254 -57.8
Bethlehem _ _ _
4,567,952
3,702.315
4,380,740 -15.5
1,317.040
Chester
879.816
1,193,515 -26.3
2,104,664
•
Lancaster
2,640,063
1,967,844 +34.2
Philadelphia. • 388.000,000 525,000,000 -26.1 571,000,000
4,544,665
Reading
3.287,788
3,799.786 -13.5
6.435.865
Scranton
4,720,944
4,724.609 -0.1
3.964,684
Wilkes-Barre2,928.177
3,477,210 -15.8
2,361,344
York
1,919,751
2,109,122 -9.0
4,969,525
N.1.-Trenton. •
4,835.000 -23.9
3,679,000
1.763.360
5,444,966
1,151,496
2.132,666
585,000,000
4,239,527
7,345,926
4.188.999
2,090,889
4,368,631
602,733,896
617,726,460
Total(10 cities
412,382,640
552,968,080 -25.4
Fourth Fede at Reserve D istrict-Clev eland
Ohio-Akron....
4,187,000 -25.3
3,128,000
4,560,121 -24.4
Canton
3,449,267
60,366,703 -4.3
Cincinnati_ _ _
57,763,325
96,329,848 118,620,860 -18.8
Cleveland
15,020.500 -4.4
•
Columbus
14,364,100
2,013,622 -15.5
1,701,203
Mansfield
5,202,114 -30.8
3,597,398
Youngstown _
143,843,198 177,784,359 -19.1
Pa.-Pittsburgh
8,143,000
4,640,556
67,022.058
140,849,844
17,251,600
1,884,547
4,663,619
179,528,440
6,386,050
4,818,829
75,236,076
119,976.705
18,906.000
1,681,546
5,514,144
179,154.626
387,755,279 -16.4
423,983,669
411,673,926
Fifth Federal Reserve Dist net-Riches ond1,194,045 -54.7
541,117
W.Va.-Bunn?'
+3.0
4,022,931
4,143,000
Va.-Norfolk__ _
42,587,221 -20.4
Richmond
33.908,983
2,049,000 -9.7
1,850.003
S.C.-Chru'lesto
92,155,652 -19.3
74,388,519
Md.-Baltimore
27,305,717 -3.6
26,328,120
D.C.-Washing'
1,199,737
4,815,978
37,935,000
2,110,590
06,789,813
29,534,636
1,227.260
5,326.882
41,755.000
2,000,000
109,883.450
29,393,457
169,314,566 -16.7
172,385,754
189,586,049
Sixth Federal Reserve Dist rict-Atlant a2,700,000 -44.4
*1.500,000
Tenn.-Knoxvill
21,683,024 -42.3
Nashville
12,520,819
44,984,365 -15.3
38,082,891
Ga.-Atlanta
1,628,859 -19.1
1,317,580
Augusta
1,527,367 -44.5
Macon
847,774
14,882,004 -14.1
12,795,183
Fla.-Jack'nville
20,178,304 -28.5
Ala.- BIrmIng'm
14,423.319
1,778,273 -23.6
Mobile
1.358,273
Miss -Jackson..
1,862,418 -15.8
1,567,000
Vicksburg
224,162 -39.4
135,995
La.-New Orleans
46,620,933 -13.4
40,398,250
3,004,000
22,906,246
52,625,310
1,875,767
1,721,948
15,381,227
23,250,619
1,795,703
2,585,110
322,157
45,777,402
3,092,606
22,325.958
48,859,458
1.775,595
2,034,012
17,304,706
23,651,609
1,816,101
2,297,463
457,254
54,892.710
171,245,489
178,507,470
Total(8 cities)
Total(6 cities)_
Total(11 cities)
324,176,339
141,159,742
124,947,084
158,069,709 -20.9
Week Ended Mag 9.
Clearings al1931.
1930.
Inc. or
Dec.
1929,
Seventh Feder al Reserve D !strict-Chi cagoMich.-Adrian -.
240.462 -15.0
204,450
302.254
Ann Arbor....
782,738
836,394 -6.4
937,836
Detroit
121,168,600 166,382,398 -27.2 201,495.729
Grand Rapids.
4,539,321
6,138,593 -26.1
6,723,998
Lansing
3,670.000 +15.3
4,230,165
3,507,000
Ind.-Ft. Wayne
3,022.950
4,264,703
4,202,310 -28.9
Indianapolis__
26.300.000
20,130,000
23,885.000 -25.8
South Bend.._
3,271,015
3,103,713 -20.1
2,480.710
Terre Haute_
5.310,739
5,312,150
5,365,959 -1.0
Wis.-Milwaukee
30.785,052 -15.2
26,105,439
34,983,996
Iowa-Ced. Rap_
2,733,781
2.941,605
2,992,005 -8.7
Des Moines...
10.532,200
11.872,886 -28.5
8,377.046
Sioux City_ _ _ _
7,327,028
6,482,505 -30.8
4,486,573
Waterloo
1,785,694
1,398.193 -33.7
927,548
III.-Bioomingt'n
1,721.621
1,712,567 -13.3
1,484,356
Chicago
426,158,598 624,104,983 -31.7 622,929,936
Decatur
1,182.619
1,294,588 -13.3
1,122,063
Peoria
7,073.828
5,104.742 -18.6
4,155,042
Rockford
4.085,893
3,174.109 -12.6
2,774,571
Springfield_
2,757,998
2,623,859 -12.7
2.286,348
Total(20 cities)
Inc.or
Dec.
[vol.. 132.
642.481,038
905,370,318 -27.9
Eighth Federa I Reserve Die trIct-St.Lo U1S--Ind.-Evansville
6,750.647 -31.6
4,550.229
Mo.-St.Louis _ _
89,500,000 113.200.000 -20.9
Ky.-Louisville _
34,467,562 -35.6
22,185,016
Owensboro_-_
330.324 -27.8
238.658
Tenn.- Memphis
17,750.730 -27.6
12,853,243
Ark.-LittleRock
12,153,997 -31.3
8.356,704
111.-Jacksonville
226,819 -14.0
195,066
Quincy
1,401,001 -24.3
1,061.978
1928.
283,810
898,391
180,277,801
8,083,003
2,000,786
3.498,232
25,273,000
3,491.600
5.238,949
42.221,603
2,994,387
11,035,196
7,281,684
1,539.731
1,720,182
796,086,523
1,469,499
5,638,946
3,763.636
2,875,742
949,437,051 1,107.472,701
6.108.533
129.700.000
36,459,606
455.731
19,081.847
13,216.808
503.787
1.506,553
5,645,152
140,900.000
37,855.877
383,958
20,445,504
13,829,678
424,691
1,569,278
186,281,080 -25.4
207,033,865
221,054,088
Ninth Federal Reserve DIs trict-Minn eapolls
Minn.-Duluth_ _
5,531,580 -19.9
4,431,811
M InneapolLS_ -80,192,158 -19.7
64.362,635
St. Paul
23,490,119 -19.1
19,016,050
N. Dak.-Fargo_
1,939.179 +4.3
2,023.581
S. D.-Aberdeen
933.552 -7.1
867,131
Mont.-Billings
679,948 -14.4
581.188
Helena
3,249,400 -25.8
2,410,865
8,222,592
84,179.936
23,220,672
2,138.931
1,249.347
696.926
3,423.000
7,988,709
80.423,887
26,942,799
2,042.274
1,350,039
692.449
3,383.000
Total(8 cities).
138,940,894
116,015.936 -19.7
123,131,404
122,803,137
Tenth Federal Reserve Dis trict-Kens as City
Neb.-Fremont..
525,101 -30.8
363.178
543,189 -20.4
Hastings
436,110
Lincoln
3,564,509 -5.0
3,385.918
Omaha
42,297,438 -13.4
36,627,895
Ran -Topeka..
3,714,712 -22.1
2,894.999
Wichita
6,579.765 -24.2
4.989.239
Mo.-Kan, City.
84,429,280 120,467.836 -29.9
St. Joseph_ _ _
5,715,500 -22.9
4,409.661
Colo.-Col. Spgs
1,319,064 -13.4
1,142,485
a
Denver
a
a
1,653,425 -22.7
Pueblo
1,278,230
443.272
658.545
4,699.263
45,943,391
3,969.884
8,061,957
131,579,905
7,250,000
1,319,629
a
1,808,595
552,549
596,841
4,894.163
46,353,440
3,679.012
8,935.705
129,172,527
7,554,384
1,486,232
a
1,370,710
Total(7 cities).
93,693,261
186,385.539 -24.9
205,734,441
204,595,563
Eleventh Fede ral Reserve District-Da Has+6.7
Texas-Austin
1,631,966
1,740,078
38.138,999 -5.6
Dallas
35,997,744
10,230.807 -24.4
Forth worth
7,730,667
Galveston
2,571,000 -26.0
1,892,000
4,159,291 -15.5
La.-Shreveport.
3,516,558
2,184,372
47.835,539
13,293.484
4,086,000
4,972,403
1.591,386
47,717,190
11,996,672
4,015.000
5.968,380
56,732,063 -10.3
72,371,798
71.288,828
Total(11 cities)
Total (5 cities)..
139,956,995
50,877,047
Twelfth Feder al Reserve D IstrIct-San Franc lacer47,635,647
wash.-Seattle.
39,549.646 -24.3
29,894,147
11,641,000
19.966,000 -58.0
Spokane
8,388,000
954,194 -4.8
Yakima
. ,
908.092
40,601,714
Ore.-Portland..
40,660.759 -25.5
29,306.885
17,000,000
Utah-S. L. City
17,590,327 -22.5
13,646,532
8.851,008
Cal -Long Beach
7,146.128 -22.7
5,522,043
Los Angeles_ _ _ No longer will report clearin 69.
8,139,849
6,335,694 -18.1
Pasadena
5.189,793
7,517,393
8,622,932 +0.1
8,625,558
A Sacramento,,..
6,806,642
San Diego...,,
6,724,068 -30.7
4.661,152
San Francisco_ 143,165,666 204,131,153 -29.9 196,595,929
3,467,883
V; San Jose
2,876.201 -4.6
2,744,242
2.020,928
: Santa Barbara_
2,375.888 -17.8
1,952,521
2,214,550
Santa Monica_
2,179,408 -29.6
1,535,561
2,922,000
Stockton
2,111,800 -12.6
1,844,800
51,439,877
12,359,000
1,310,994
41,367,928
16,774,302
9,016,736
7,796,070
8,052,602
6,445,337
225,778,643
4,774,871
2,131,092
2.467,925
3,217.700
Total(14 cities) 257,384,992 361,224,198 -28.8 356.785,377 392,933,077
Grand total (124
cities)
8,819,295,928 12015204,799 -28.3 11949 134,264 12170 767,467
Outside New York 2,907,568,891 3,776,522,222 -23.0 3,948,497,193 4,267,069,668
Week Ended May 7.
Marin sal
1931.
I
Canadaa
Montreal
167,073,041
Toronto
143,070,855
Winnipeg
46,411.890
Vancouver
17,696,636
Ottawa
10,073,442
Quebec
7,427,690
Halifax
3,658,652
Hamilton
6,603,140
Calgary
8,554.527
St. John
2,861,816
Victoria
2,450,752
London
3,892,811
Edmonton
4,852,060
Regina
4,070,355
Brandon
501,577
Lethbridge
438,958
Saskatoon
2,915,821
Moose Jaw
1,301,729
Brantford
1,168,975
Fort William_ .
875,227
New Westminster
771,970
Medicine Hat._ _
269,400
Peterborough
959,355
Sherbrooke
891,358
Kitchener
1,312,134
Windsor
4,071,306
Prince Albert_
470,101
Moncton
946,181
Kingston
867,224
Chatham
705,210
Sarnia
655,427
Sudbury
814,480
.Total(31 cities)
448,724,109
1930.
Inc.or
Dec.
1929.
1928.
a
181,741,436
139,021.986
61.326.204
19,887.380
10,685.482
10,072.156
4,104.915
7,003,621
9,259,594
3,404,281
2,907,477
4,039.890
6,966,564
4,769,631
598.410
561,736
2,639.930
1,248,007
1,318.013
921,462
960,311
372,140
1,022,833
1,227,048
1,370,221
5,167,215
485,391
1,280,998
1,054,179
708,725
080,603
1,240 397
%
-8.1
+2.9
-24.3
-11.0
-5.7
-26.2
-10.9
-4.4
-7.6
-16.0
-15.7
-3.6
-30.3
-14.7
-16.2
-21.9
+10.5
+4.2
-11.4
-4.6
-10.6
-27.6
-6.2
-27.4
-4.9
-21.2
-3.1
-26.0
-17.7
-0.5
-33.2
-31.4
a
166,994,171
158,447,648
71,441,248
25,600,768
10,620,074
6,940,877
4,693,316
7,122,040
12,806,983
3,438,243
3,382,401
3,641,669
7,193,727
6,244.609
730,577
612,551
3,042,232
1,331,376
1,394,358
1,082,062
940,175
465,191
1.081,314
1,066,177
1,457,666
6,505,308
538,045
939,784
931,146
823,465
775,629
$
196,891,092
169,870,115
68,224,526
21,906,122
10.704,860
7.912,255
4,378,911
6,553,113
10,693,839
3,799,726
2,470.267
3,932,813
6.700,857
4,943,382
582,751
786,739
2.396,144
1,257,688
1,480,754
1,708,620
878,777
452,852
961,825
1,114,974
1,569,302
4,976.599
329.405
975,324
1,190,847
790,126
761,140
488,362,036
+0.1
512,284,830
541,195,745
a No longer reports weekly clearings. •Estimated.
THE CURB EXCHANGE.
again in evidence against Curb stocks this
was
Pressure
week and many issues sold to new low levels for the year.
Business was exceedingly dull until to-day when the market
became active and prcies declined. Among utilities Amer.
% to 18, the
& Foreign Power, warrants weakened from 207
4. Amer. Gas & Elec. com. dropped
close to-day being at 183
from 68 to 633/2, closing to-day at the low figure. _Amer.
Light & Traction corn. lost 27% points to 397%. Electric
Bond & Share, corn. was off from 437% to 40, the final transaction to-day being at 40%. Nat. Public Service, corn. A,
broke • from 177% to 123/2, but recovered to-day to 157A
4. United Gas Corp. corn, declined
the close being at 153
from 75% to 63 I and sold finally at 63/z. Many oil shares
sold at their lowest. Humble Oil & Ref. weakened from
537% to 523
4. Indiana Pipe Line fell from 14 to 127%.
Penn-Mex Fuel lost almost two points to 12. Vacuum Oil
7 and moved
5 to 317%, sold up to 34%
after early loss from 34%
downward again reaching 31. The close to-day was at 31%.
Changes in the industrial and miscellaneous list was confined
for the most part within narrow limits. Aluminum Co. corn.
receded from 154 to 135. Cord Corp. was an active feature
4.
dropping from 127% to 107% with the close to-day at 107
Mead, Johnson & Co. corn. sold down from 95 to 853/2
and at 863/ finally, Northwestern Yeast weakened from
8 to
/
129 to 1207%. Parker Rust Proof dropped from 987
94 then sold up to 1017% closing to-day at 1003/8•
A complete record of Curb Exchange transaction for the
week will be found on page 3676.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
May 15 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
3661
FINANCIAL CHRONICLE
MAY 16 1931.]
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
177,058 $2,175,000
245,942 3,212.000
274.172 3,277,000
232.611 3,309,000
265,609 4,063,000
383,434 3,222,000
$37,000
97,000
93,000
65,000
62,000
117,000
1,578,826 819.358,000
3471,000
Week Ended May 15.
1031.
1930.
4,482,600
1,578,826
Stocks-No. of shares_
Bonds.
$19,358,000 $14,187,000
Domestic
999,000
471,000
Foreign Government_ _
838.000
744,000
Foreign corporate
Allg. Deutsche Credit(Atka)(5)
Berlin Hendels Gm.(8)
Commerz-und-PrIvat Bank (11)
DarmstaccIter u. Nationalbank (g)
Deutsche Bank u. Disconto Gm.(6)
Dresdner Bank (6)
Reichsbank (12)
Algerineene Kunstzlide (Aku) (0)
Allg. Elektr. Gm.(A.E.G.)(7)
Deutsche Ton- u Stetnzeugwerke (11)
Ford Motor Co., Berlin (10)
OelsenkIrchen Bergwerk (8)
Geefuerel (10)
Hamburg-American Line (Hapag)(6)
Hamburg Electric Co.(10)
Harpener Bergbau (8)
Hotelbetrteb (10)
I. 0,Farben Indus.(Dye Trust)(14)
Karstadt (12)
Mannesmann Tubes (7)
North German Lloyd (6)
Phoenix Bergbau (684)
Poly phonwerke (20)
Rhein-Westf. Elektr. (R.W.E.)(10)
Sachsenwerk Licht II. Kraft (735)
Siemens ct Halske (14)
Ver. Stalhwerke (United Steel Works)(4)
76
*112
56
113
64
99
143
47
73
57
53
139
125
85
162
51
• Ex-dividend.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at Ladon
s reported by cable, have been as follows the past week:
i
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
May 9. May 11. May 12. May 13. May 14. May 15.
133-16
13 140
133-16
1335
13 1-16
Silver, p. oz_d. 13 1-16
Gold, p.fine oz784.3.9%d. 84s.93.Id784s.9358. 84s.1015.1784.s.11%(1:84s.113.5
59%
59%
58%
59
59
ConsoLs.2%s__ 59
10235
10235
10235
10235
British .5s _____
103%
10135
10135
10135
1013.5
101%
British 4t5s___ ____
French Rentes
(in Paris)_ fr. ____
French War L'n
(in Parls)_ tr. ____
89.60
89.30
89.30
89.30
103.50
103.00
102.90
102.80
$744,000 820,573,000
Jan. 1 to May 15.
1930.
50,553,454
109.643,375
6348,657.000
10,235.000
15,866,000
$288,570,000
20,915,000
20,834,000
$374,758,000
$330,319,000
$20,573,000 $16,024,000
Note.-In the above tables we now give the foreign corporate bonds separately.
government
bonds.
foreign
the
with
Included
Formerly they were
Silver in N. Y., per oz. (cts.):
28
Foreign
2835
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
May 11 May 12 May 13 May 14
ltfay 9
1931.
1931.
1931.
1931.
1931.
Francs, Francs. Francs. Francs. Francs.
18,000 17,600 17,500
Bank of France
1,240
1,240
1,260
Banque Nationale de Credit
2,220
2,230
2,280
Banque de Paris et Pays Bag_
1,290
1,255
1,320
Banque de Union Parisienne__ _ _
862
865
873
Canadian Pacific
14,900 14,800 14,700
Canal de Sues
2,300
2,300
2,305
Cie Distr. d'ElectrIcitie
2,590
2,610
2,630
Cie Generale d'Electrloitie
444
438
451
Cie Ole Trans-Atlantique
620
630
630
Citroen B
1,620
1,610
1,630
ComPtoir Nationale d'Escompte
600
630
640
Cots', Inc
851
850
871
Courrieree
1,140
1,155
1,140
Credit Commerciale do France2,490
2,480
2,540
Credit Lyonnais
2.590
2,630
2,600
Emu Lyonnais
885
876
885
Energie Elect rique du Nord _
1,270
1,275
1,290
Energies Electrique du Littoral
217
212 Hoff215
11011Ford of France
430
440 day
450
day
French Line
130
130
130
Gahm Lafayette
890
890
Gas Le Bon
550
550
-555
Kuhlmann
910
910
950
L'Air Liquids
1,480
1,470
1,490
Lyon (P. L M.)
2,070
2,040
2.080
Nord Sly
161
145
159
Pattie Capital
1,930
1,910
1,960
Pechiney
89.60 89.30
89.30
Rentes 3%
135.60 135.50 135.70
Rental 5% 1020
104.20 104.20 104.20
Rentee 4% 1917
103.50 103.00 102.90
Rentes 5% 1915
104.50 104.20 104.10
Rentce 6% 1920
2,380
2,400
2,420
Royal Dutch
3,220
3,300
3,230
Saint Coign, C. dr. C
1,660
1,680
1,675
Schneider k Cie
2,595
2,640
2,610
Societe Lyonnais
959
959
959
Societe Maracillatee
200
224
197
Tublze Artificial Silk, pref
1,070
1,020
1,030
Union d'Elmtricitle
610
600
600
Union des Mines
271
275
270
Wagons-Lite
May 1d
1931.
Francs.
17,200
2:iHe
-853
14,400
2:560
• -550
1,600
580
2.440
2,590
-208
420
120
880
540
890
2:6513
1:ii5
89.20
135.90
140.20
102.90
104.10
2,230
_
2835
283.5
28
2835
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Boruls
on Deposit to
Secure Cireula
(ton for National
Bank Notes.
Total
Apr. 30 1931
Mar. 31 1931
Feb. 28 1931
Jan. 31 1931
Dec. 31 1930
Nov. 30 1930
Oct. 31 1930
Sept. 30 1930
Aug. 30 1930
July 31 1930
June 30 1930
May 31 1930
April 30 1930
Mar.31 1930
Feb. 28 1030
Jan. 31 1930
Dec. 31 1929
Nov. 30 1929
Oct. 511929
Sept. 30 1929
Aug. 31 1929
July 511929
June 30 1929
May 31 1929
AM*. 30 1929
Mar. 31 1929_
Feb. 28 1929
D3C. 511928
Nov. 30 1928
03. 31 1928
S..43.29 1928
Aug. 31 1928
July 31 1928_
Jane 30 1928
VillY 31 1923.
Apr. 30 1928
Mar,31 1928
Feb. 29 1928
Jan. 31 1`128._
Dec 51 1027
$
668,503,700
667,982,300
667,434,800
666,204.350
668.550.850
669.222,350
669.128,450
667.819.250
607.320.950
666.406,250
*666,824,750
667,156,250
667,650,750
667.251.240
667.108.740
687.484,790
667,774,650
667,635,650
666,736,100
667,093.770
666,864,280
666,407,040
608,199.140
666.233,140
666,221,390
606,630.890
666,432,090
667.013,340
667,505.440
667,168,440
857.318,040
686.732.700
. 666.64t...20
665.858.25u
667.491,900
666,196,460
666,868,710
667,011,210
. M6,230.710
667.127.710
National Bank Circulation
Afloat onBonds.
Legal
Tenders.
5
666,770,878
686.682,898
664,220.805
664,451,097
667,078,250
668,033,075
668.017.935
865.853,557
664.835,833
663.528,038
865.807,070
665,719.485
665,974,780
665,107,343
684,928,197
664,468.092
663.823,167
664,115.977
661.822.047
052.823,980
649,297.990
657.764,443
662.773.570
663.328.203
663,364.517
601.924.472
659,651.580
662,904.627
663,931.957
562.705.675
660,463.912
660,518.182
658.463,423
658.732,988
661,522.450
861,127,600
662,41202
661.481.322
859.332.017
662.380.082
5
31.278,173
32,568.685
33,892,703
31,939.068
31,358,445
31.911.805
32,137,965
33,414.773
32.984,335
33,025.390
32,710,395
31.933,193
31,225,248
31,068,745
31.669,548
32.115,298
34.118,073
37.465.128
38,508,768
38,564,685
38.652.573
39.707,550
41,520,872
39.851,731
38.720,772
38.750.827
35.231,759
35,877.502
36,248,802
37,446,779
37,888,747
38,299,802
38,928,224
40.887.884
39,757.992
38.814,509
36,802,227
38,250,372
38.407.517
38.623.507
Total.
$
698,049,051
699,249,583
698,113,508
696,390,165
698.436.695
669.844.880
700.155.900
699.268,330
697,823.168
696,553.428
698,317,468
897,652,678
697.200,028
696,174,088
896.597.745
896,583,390
697.941.240
701.581.105
700,328,815
691,388.665
687,950,563
697.471,993
704,294.442
702,979.934
702,085.286
698.675,090
694.883,339
698.782,129
700.180.759
700,152.454
898,182,858
698.817,984
697.389,647
699,620.651
701.280,441
699.942,161
699,215,218
690,731.691
697,739.534
701.003.5K
$2.997,252 Federal Reserve bank notes outstanding May 1 1931 secured by
lawful money, against $3,323,022 on May 1 1930.
•The total bonds reported held for circulation by the U.S. Treasury were $605,000
less, due to not having received this amount until July 1 1930.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Apr. 30 1931:
U. S. Bonds Held April 30 1931 to Secure
1,010
600
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
91
119
107
132
103
103
149
81
101
64
May May May May
15.
14.
13.
12.
Per Cent of Pa
91
91
91
91
115
116
115
114
104
104
104
106
126
128
127
131
102
102
102
103
102
102
102
103
142
141
140
146
69%
7635 693.5 723.5
93
96
95
99
62
63
64
65
Roll- 195
1983.5 1983.5 195
71
70
day
69
73
102
105
102
108
53
54
53
55
111
108
110
112
57
59
57
61
95
95
95
97
137
140
137
142
39
40
38
45
68
70
69
70
54
55
54
56
49
50
48
51
132
133
132
137
117
119
119
123
84
84
84
85
152
157
153
160
47
49
.47
46
May
11.
The price of silver in New York on the same days has been:
Total.
$122,000 $2,334,000
104,000 3.513.000
125,000 3,495,000
155,000 3,529,000
108,000 4,233,000
130,000 3,469,000
1931.
May
9.
Bonds on Deposit
May 11931.
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
594,168.700
48,536,760
25,798,240
594,168,700
48,536,760
25,798,240
668,503,700
668,503,700
3662
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits April 1 1931
and May 1 1931 anditheir increase or decrease during the
month of April:
National Bank Notes-Total AfloatAmount afloat April 1 1931
Net decrease duringjApril
1.01
Amount of bank:notes-afloat May 1
Legal Tender NotesAmount on deposit to redeem National bank notes April 1
Net amount of bank notes redeemed in April
$699,249,583
1,200,532
$698,049,051
$32,566,685
1,288,512
Amount on deposit to redeem National bank notes May 1 1931
Holdings in U.S. Treasury Feb. 11931. Mar. 1 1931
Apr.1 1931. May 1 1931.
Net gold coin and bullion.
Net silver coin and bullion
Net United States notes._
Net national bank notes__
Net Federal Reserve notes
Net Fed'l Res, bank notes
Net subsidiary silver
Minor coin. &is
201,889,729
13,562,945
2,986.334
19.449.514
1,275,075
55,760
7.865,500
5.445,461
210,049,947
14,153,877
2,559,307
18,038,808
1,281,245
7,114
6,893,897
5,308,959
$
213,220,953
13,558,690
3,468,022
16,417,496
1,018.580
23,801
6,441,850
5,448,997
$
209,526,569
15,539,433
2,754,399
19,136,376
1,000,255
40,981
6,656,039
5,590,172
Total cash In TreasuryLeas gold reserve fund__
252,530,318
156,039,088
258,293.154
156.039,089
259.598,389
156.039,088
260,244,224
156.039,088
Cash balance In Treas'y
Dep.In speo depositories,
amount Treas'y bonds,
Treasury notes and certificates of indebtedness
Dep. in Fed'I Res. bank_ _
Dep. in national banks:
To credit Treas. U. S..
To credit disb. officers.
Cash In Philippine Islands
Deposits In foreign depts.
Dep. In Fed'I Land banks
96.491,230
102,254,069
103,559,301
104,205,136
127,436,000
37,329,952
100,271,009
37,501.28*;
475,081,000
55,570.762
276,270,000
45,784,638
6,455,532
19,478,073
808,166
1,920,693
6,696,186
20,517,619
916,067
2,175,734
7,962,468
19,278.336
512,440
1,768,467
7,511,134
18,536,269
876,293
1,545,410
Net cash in Treasury
and In banks
Deduct current liabilities.
289,919,646
134,126,749
270,331,95)
119,934,271
663,732,774
121,304,177
454.728,880
123,931,053
Available cash balance_
155,792.897
150,397.680
542,428,597
330.797,827
•Includes May 1 $10,199,131 silver bullion and_.$4,498,933 minor, &e., coin
not included In statement "Stock of Money...
Conlinercialand Wisceilautons
eu
Breadstuffs figures brought from page 3736.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Chicago
Minneapolis._
Duluth
Milwaukee_
Toledo
Detroit
Indianapolis
St. Louts_
_
Peoria
Kansas City_
Omaha
St. Joseph
Wichita
Sioux City..
Total wk. '31
Same wk. '30
Same wk. '29
Since Aug.1
1930
1929
1928
Flour. I
Wheat.
I
Corn.
Barley.
Oats.
Rye.
ble.1661bs.'bush. 60 lbs.bush. 56 lbs:bush. 32 lbs. bush.481bs bush.561bs
71,000
240.000
4,000
726,000;
181,000'
819,000
240,000
140,000
45,000
87,000
1,147,000
8,00
15,000
75,0001
597.000
221,000
2,000
52,000
13,000
191,000'1
315,000
16,000
40,000
13,000,
4,00
12,000
8,000
18,000
120,000
297,000,
26,000
13,000
22,000
277,000
129,000
414,000
232,000
51,000
164,000
73,000
48,000
141,000'
40,000
40,000
385.000
1,733,000
32,000
158,000
944,000
58,000
161,000
115,0001
4,000
72,000
20,000
24,000
23,000
13,000
371,000
382,000
460,000
6,157,000
3.048,000
4,033,000
2,653,000
3,250,000
3,106,000
1,099,000
2,194,000
2,187,000
621,000
594,000
702,000
228,000
207,000
274,000
16,959,000364,653.000 170,457,000 95,024,000 43,247,000 19,137,000
17,380,000319,397,000217,130,000 116,054,000 59,198,00021,517,000
19,578,000427,309,000 229,982,000 121,070,00085.989.00023,692,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 9. follow:
Receipts at-
Flour. I
Wheal.
Corn.
I1
Oats.
I Barley.
Rye.
bins.1961bs:bush.60153. bush.56 lbs. bush. 32 lbs:bush.48158.6ush.5619s.
New York_ _
367,000
108,000
180,000 2,145,000,
33,000
11,000
Philadelphia__
I
37,000
2,000
40,000
Baltimore_ ___
21,0001
18,000
15,000
136,000
Norfolk
I
2,000
New Orleans *
30,000,
59,000
12,000
66,000
Galveston.._ _
I
1,000
141,000
333,000
13,000
Montreal _ _ _
29,000
I
135,000 2,398,000
123,000
Boston
9,000
30,000
I
Total wk. '31
461,000 4,888,000
Since Jan.1'31 7.526,000! 37,315,000
61,000
1,368,000
863,000
208,000
1,897,000 3,270,000
13,000
266,000
Week 1939.., 429,0001 2,476,000
2,000
11,000
73,000
105,000
Since Jan.1'30 8,998,000 25,621,000 1,762,000 1,904,000
260.000
151,000
• Receipts do not Include grain passing through New Orleans for foreign ports
On through bll s of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 9 1931, are shown in the annexed
statement:
Exports from-
Wheat.
Corn,
Bushels. Bushels.
1,616,000
New York
Boston
Baltimore
Norfolk
Sorel
Mobile
New Orleans
Galveston
Montreal
Houston
Quebec
232,000
522,000
120,000
88,000
312,000
2,398,000
40,000
336,000
Total week 1931__ 5,664,000
lame week 1930_ _ _ _ 4.244.000
12.000
Flour.
Rye.
Oats.
Barley.
Barrels. Bushels. Bushels. Bushels.
32,000
69,000
30,000
52,309
140,000
1,000
49,000
9,000
2,000
19,000
12,000
135.000
11,000
3,000
29.000
13,000
333,000
244,309
400.626
59,000
34,000
131,000
8,000
505.000
25,000
$31,278,173
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 1931:
Receipts at-
[VOL. 132.
FINANCIAL CHRONICLE
The destination of these exports for the week and since
July 1 1930 is as below:
Week
May 9
1931.
Barrels.
United Kingdom_ 96,469
Continent
137,840
So.& Cent. Amer_
4,000
West Indies
3,000
Brit. No. Am. Col.
Other countries_ _ _
3,000
Total 1931
Since
July 1
1930.
Corn.
Wheal.
Flour.
Exports for Week
and Since
July 110-
Week
May 9
1931.
Week
May 9
1931.
Since
July 1
1930.
Bushels.
Bushels.
Bushels.
Barrels.
3.396,532 1,137,000 40,483,000
3,963,901 4,413,000 115,434,000
4,000 1,879,000
1,147.910
84,000
2,000
1,058.050
2,000
18,800
108,000 3,128,000
384,609
244,309 9,969.862 5,664,000 161,010,000
4011 R9A 0 ass 770 4 244 non 122.255.000
rota 1030_
12.000
Since
July 1
1930.
Bushels.
90,000
114,000
4.000
69,000
277,000
359.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 9, were as follows:
GRAIN STOCKS.
Oats,
Corn,
Wheat,
United States-bush,
bush.
bush.
New York
19,000
11,000
1,124,000
Boston
4,000
Philadelphia
45,000
51,000
87,000
Baltimore
27,000
33,000
5.358,000
Newport News
377,000
New Orleans
78,000
67,000
4,466.000
Galveston
3.802,000
Fort Worth
168,000
103,000
6,246,000
Buffalo
11,815,000 2,114,000 1,152,000
afloat
343,000
471,000
Toledo
2,712,000
10,000
59,000
Detroit
182,000
52,000
19,000
Chicago
24,439,000 3.115,000 1,560,000
"
afloat
295,000
225,000
Milwaukee
2,975,000 1,278,000 1,589,000
Duluth
785,000 3.421.000
35,074,000
"
afloat
989,000
Minneapolis
97,000 2,011,000
36.441,000
Sioux City
169,000
281,000
546,000
St. Louis
113,000
758,000
6,503,000
Kansas City
7,000
25,168,000 1,303,000
Wichita
44,000
1,304,000
Hutchinson
50,000
5,316,000
St. Joseph, Mo
181.000
4,023,000 1,470,000
Peoria
24,000
26,000
184,000
Indianapolis
721,000 2,081,000
228,000
Omaha
2,307,000
13,485,000
On Lakes
323,000
326,000
110,000
Rye,
bush.
13,000
2,000
6,000
1,000
Barley,
bush.
46,000
68,000
120,000
3,000
551.000
24,000
671,000
2,000
15,000
2,719.000
532,000
222,000
2,289,000
4,000
20,000
661,000
277,000
65,000
358,000
3,589,000 2,813,000
12,000
24,000
45,000
135,000
87.000
11,000
300,000
47,000
27,000
Total May 9 1931___193,831,000 16,863,000 11,646.000 10,414,000 5.345,000
Total May 2 1931_195,683,000 18.315,000 13,152,000 10,278.000 5,648,000
Total May 10 1930___126.310,000 17,056.000 14.251,000 12,402,000 6,307.000
Note.-Bonded grain not included above: Oats-New York, 50,000 bushels:
Baltimore. 21,000; Buffalo. 305,000; total, 376,000 bushels, against 281,000 bushels
in 1930. Barley-New York, 50.000 bushels; Boston, 120,000; Buffalo, 275,000:
Buffalo afloat, 355,000; Duluth, 81,000; Canal, 163,000; total. 1,014.000 bushels,
against 2,699,000 bushels In 1930. Wheat-New York, 516,000 bushels; Philadelphia, 12.000; Baltimore, 110,000; Buffalo. 2.282,000; Buffalo afloat, 1,529,000;
Duluth, 25,000; on Lakes, 635,000; Canal. 2,007,000; total, 7,116,000 bushels,
against 18,051,000 bushels in 1930.
CanadianMontreal
4,452,000
Ft. William & Pt. Arthur_ 43,850,000
Other Canadian
7,632,000
581.000 1,211,000 1,188,000
3.235,000 8,487,000 11,335,000
1,577,000 1,228.000 2,531,000
Total May 9 1931__. 55,934,000
Total May 2 1931.
61,279,000
Total May 10 1930.__ 69,542,000
5,393,000 10.926,000 15,054,000
4.976,000 10.745,000 17,678,000
5,520,000 6,225,000 14.807,000
SummaryAmerican
Canadian
193,831,000 16,863.000 11,646,000 10,414,000 5,345,000
5,393,000 10,926,000 15,054,000
55,934,000
Total May 9'193L._249,765,000 16.863,000 17,039,000 21,340,000 20,399,000
Total May 2 1931_256,962,000 18,315,000 18,128,000 21,023,000 23,326,000
Total May 10 1930-195,852,000 17,056,000 19,771,000 18,627,000 21,114,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, May 8, and since July 1 1930 and 1929,
are shown in the following:
Wheat.
Exports--
North Amer_
Black Sea.-Argentina_ -Australia
India
0th. counts's
Total
Week
May 8
1931.
Since
July 1
1930.
Corn.
Since
July 1
1929.
Week
May 8
1931.
Since
July 1
1930.
Since
July 1
1929.
Bushels. I Bushels.
Bushels,
Bushels.
Bushels.
Bushels.
20,000 1,462,000, 3,237,000
9,996.000311,188,000271,398.000
1,250,000100.556,000 23,515,000 892.000 31,068,000, 22,926,000
3,733,000 87.728,000147,495,000 5,669.000210,970,000'157,184,000
4,224,000107,720,000 56,277,000
9,008,000
320,000
480,000 36,344,000 38,316.000 297,000 39,098,000 27,290,000
l9,889,000852.538.000537.321.000 6,878.000282.598,000210.637,000
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO CONVERT APPROVED.
Capital.
May 9-The First National Bank of Ethan, S. Dak
Conversion of the Security State Bank, Ethan, S. Dak.
$25,000
CHARTERS ISSUED.
April 29-The First National Bank in Cowgill, Mo
President, John Farmer.
May 4-First National Bank in Anoka, Minn
President, G. J. Hastings; Cashier, T. M. Olsen.
CHANGE OF TITLE.
May 8-The Peekskill National Bank, Peekskill, N.
"The Peekskill National Bank & Trust Co."
y
.
•
30,000
50,000
to
VOLUNTARY LIQUIDATIONS.
May
May
May
May
May
May
May
May
May
May
May
3663
FINANCIAL CHRONICLE
MAY 16 1931.]
25,000
1-The First National Bank of Newville, Ala
Effective April 21 1931. Liq.agent,Joseph D. Griffin
Newville, Ala. Absorbed by Farmers State Bank of
Newville, Ala.
1-The Exchange National Bank of Eastland. Tex
Effective April 16 1931. Liq. committee: J. E. Lewis.
J. L. Johnson and J. H. Caton, care of the liquidating
bank. Absorbed by Texas State Bank of Eastland,Tex.
1-First National Bank in Alvin, Tex
Effective April 22 1931. Liu. agent, The City National Bank of Galveston, Tex. Absorbed by The
City National Bank of Galveston, Tex., No. 8899.
1-Central National Bank in Los Angeles, Calif
Effective March 13 1931. Liq. committee: M. L.
Stephens, Wade Hampton, Marc Mitchell, Charles R.
Kennedy and David C. Moore, care of the liquidating
bank. Liquidating bank has no successor.
2-The Grape Belt National Bank of Westfield. N. y___ _
Effective April 131931. Liq. committee: E.T. Welch,
W. J. Moore and R. E. Moon, all of Westfield, N. Y.
Absorbed by The National Bank of Westfield, N. Y.,
No. 3166.
4-The Day & Night National Bank of Pikeville, Ky
Effective April 7 1931. Liq. Agents, G. W. Coleman
and V. E. Bevins, care of the lig. bank. Absorbed by
The Pikeville National Bank, Pikeville, Ky., No.7.030.
-The First National Bank of New Harmony, Ind
Effective April 26 1931. Liq. Committee, Henry
Brown, Jas. D. Wiley and M. A. Perry, all of New
Harmony, Ind. Succeeded by New Harmony National Bank, New Harmony, Ind., No. 13,542.
5-The First National Bank of Hillyard, Spokane, Wash_
Effective April
1931. Liq. Agent, H. B. Smead,
E. 1018 Sharp Ave., Spokane, Wash. Absorbed by
United Hillyard Bank, Spokane, Wash.
5-The First National Bank of Hawkins, Texas
30,000
Effective April e 1931. Liq. Agent, the First National
Bank of Quitman, Texas. Absorbed by The First
National Bank of Quitman, Texas, No. 10,646.
6-The Seward National Bank & Trust Co. of New York,
N.
Effective 3 p.m. (daylight saving time) May
1931.
Liq. Committee, Byron E. Hepler, Arlen G. Swiger
and Alexander S. Webb, care of the liquidating bank.
Succeeded by The Seward Bank of Now York, N. Y.,
which is to be merged with the Bank of Manhattan
Trust Co., New York, N. Y. The liquidating bank
has one branch.
8-The Citizens National Bank of Irwin, Pa
100.000
Effective April 11 1931. Liq. Committee, Louis S.
Malone, John L.'Winger, R. P. McClellan and J. B.
Cunningham, care of the liquidating bank. Absorbed
by The First National Bank of Irwin, No.4,698.
50,000
25,000
500,000
50,000
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
20 Federal Nat. Bank, par 520---- 60
55 Federal Nat. Bank, par $20___. 60
734
42 Nyanza Mills
8034
9 Naumkeag Steam Cotton CO
2
15 H.F. Staples Co
15
12 units First Peoples Trust
934
135 Shawmut Bank Invest. Trust
87 Lawrence Gas & El. Co.. par 525 81
2
200 Dodge Land Co
56
25 Western Massachusetts Cos
15
6 units First Peoples Trust
10 Saranac Pulp & Paper Co., coin_ 3
$ per Ph.
Shares. Stocks.
Pew No.86 Arlington St. Church__ 10
2 North Boston Lighting Properties,
pref. (undeposited), par $50____ 5134
2 Lawrence Gas dr El. Co., par $25. 65
25 Great Nor. Paper Co., par 525.- 2714
35 North Boston Ltri. Properties,
55
pref., v. t. e., par $50
200 Chain & General Equities, Inc..
334
common
Per Cent.
Bonds.
$2,000 0 ford Miami Paper Co.
90 & int.
lot fis, Feb. 1947
By R. L. Day & Co., Boston:
$ per Sh.
Shares. Stocks.
40 Nat. Rockland Bank. par $20_ 85
500
25 Merchants Nat. Bank
10 Nat. Rockland Bank, par $20._ 8534
26 Federal Nat. Bank, par $20.60 ex-div.
4 Bancroft Trust Co., Woreester 110
35
5 Associated Textile Co
18 Ludlow Mfg. Associates_ _110 ex-div.
35
COs
Textile
5 Associated
5 Naumkeag Steam Cotton Co____ 81
35
5 Associated Textile Cos
7731
30 West Point Mfg. Co
3634
5 Associated Textile Cos
30 New England Public Service, $6
3.034
convertible preferred
Shares. Stocks.
$ Pcr 573.
1 Boston Athenaeum, par $300-525
10 U. S. Capitol Corp., Cl. A____ 22
4 C,olumblan Nat. Life Ins. Co-300
44 Lowell Elec. Lt. Corp. voting
52
trust certificates, par 525
9 units Mutual Finance Corp____ 15
15
10 units First Peiples Trust
15
10 units First Peoples Trust
12 Boston Woven Hose & Rubber
56
Co., common
5 Quincy Market Cold Storage &
1734
Warehouse Co., common
4 Quincy Market Cold Storage &
48
Warehouse Co., preferred
By Baker, Simonds & Co., Detroit, on Friday, May 8:
$ per Ph.
Shares. Storks.
7 First Nat. Bank of Royal Oak_ _8105 lot
Cor1,000 Wesbrook Lane Realty
$1,000 lot
!aeration
100 Metrop. Trust Co. of Det__$1,050 lot
100 Atlas Drop Forge of Lansing.
$1,200 10t
common
650 Michigan Investment Co., pref.
$325 lot
par $10
100 Guaranty Investment Co. of
$50 lot
Detroit
$ per share.
Shares. Stocks.
$15 lot
5 La Salle Gardens Theatre
$7.50 lot
9 Ampeo Twist Drill, corn
lot
$24
Theatre
6 Washington
$150 lot
200 Houseman-Spitzley 13
40 Mortgage & Contract Co., corn.,
$32 lot
Par $100
$10 lot
600 A. R. Reno St Co
Per Cent.
Bonds$2,000 Mutual Industrial Service,
see. cony. deb. Os, Jan. 15'38_5800 lot
DIVIDENDS.
in two separate tables. In the
grouped
are
Dividends
first we bring .together all the dividends announced the
week. Then we follow with a second table, in
25,000 current
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
100,000
5
25,000
29
Y
5
2,000.000
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
$2 June 29 Holders of rec. May 25
Alabama Great Southern, ordinary
51.50 June 29 Holders of rec. May 25
Ordinary (extra)
$2 Aug. 15 Holders of roe. July 10
Preferred
$1.50 Aug. 15 Holders of roe. July 10
Preferred (extra)
*1
June 30 *Holders of roe. June I
corn
Western,
Chicago & North
June 30 *Holders of rec. June 1
Preferred (quar.)
dead a Mien po stponed.
Chic. It. I. & Pacific. com.& pref
24 *Holders of rec. June 5
June
*4
corn.
(VUM)
Cin. N.0.& Texas Pacific,
*51
June 30 *Holders of roe. May 25
Columbus & Xenia
*51 July I *Holders of rec. June 16
Delaware RR
German Railways (Deutsche Reichsbahn
334 See not e (r)
Gesellschaft, 7% pref. (final)
June 1 *Holders of rec. June .1
*12
Louisville & Wadley, corn.(annual)
*134 July 1 *Holders of rec. June 12
Missouri Pacific, Prof. (quar.)
June I *Holders of rec. May 15
Northern RR.of N. J.(guar.)
June 1 Holders of rec. May 20
Pitts., Yngst'n & Ashtabula, pt.(qu.)... 134 July 1 Holders of rec. June 1
234
Union Pacific, common (quar.)
June 1 *Holders of roe. May 16
.50
3$1
.
quar
spec.
West Jersey & Seashore,
*7
June 2 *Holders of rec. May 28
Wheeling & Lake Erie, 7% pr. lien (en.)
Public Utilities.
May 9 'Holders of roe. Apr. 30
Allentown-Bethlehem Gas, pref. (qu.)- - *8734e June
15 'Holders of rec. May 29
Amer. Electric Power, $7 Pref. (quar.) '51/5
June 1 "Holders of rec. May 20
*51.50
38 preferred (quar.)
•134 June 1 *Holders of ree. May 15
Baton Rouge Elec. Co., pref. A (qu.)__ •1%
May 1 'Holders of rec. Apr. 20
Hingham Gas Works.6A% Pt.(qu.).... *S1.25 July 1 *Holders of rec. June 1
Brooklyn Union Gas(quar.)
May 15 *Holders of rec. Apr. 30
"134
(qu.)__
pt.
8%
Serv..
California Water
134 June 1 Holders of rec. May 20
Central Indiana Power, pref.(quar.)
By Adrian H. Muller & Son, New York:
Chade (Companies Hispano-Americana
*50c. June
Eleetrictdad), series A, B and C
Shares. Storks.
•10c. June
$ per Sh. Shares. Stocks.
$ Pee Sh.
Series D and F
(qu.)_
National City Bank
134 June 1 *Holders of rec. May 20
'
pref.
8034
Endorsed order bill of ladings and
(Indianapolis)
Citizens Gas
$1.250 note of Morey & Co., Inc..
91.50 May 16 *Holders of rec. May II
consular invoices, covering 36
Citizens Traction (Pittsburgh)
of rec. May 5
dated Oct.6 1930; 35 Transportscases and 6 bales, said to contain,
Service. $6 prof. (quer.) 311.50 May 15 *Holders
Water
Citizens
of rec. May 5
Lion Indemnity Co. of N. Y.,
imported merchandise
$2,500 lot Clymer Water Serv.,$6 prof.(guar.)---- *51.50 May 15 *Holders
of rec. May 20
*Holders
1
Par $10: 50 Goldman Sachs TradJune
Dayton Power & Light, pref.(mthly.)- - *50c.
ing Corp., no par; 50 First Nat.
July 15 Holders of rec. June 20
2
BondsPer Cent. Detroit Edison Co.(guar.)
of rec. May 15
*Holders
Bank of Elmsford, N. Y., Par
1
June
51.625
5235.000 Nashville City, N. C.,
East'n Shore Pub. Ser. $8.50 Pf.
*51.50 June 1 *Holders of rec. May 15
$20: 5 Bay Parkway Nat. Rank
434% revenue anticipation notes.
$6 preferred (guar.)
of rec. May 22
*Holders
off N.Y.; $1,000 Arkansas West1
June
O134
(qu.)_
payable April 15 1931
pref.
60 flat El Paso Natural Gas,7%
ern Co. 1st mtge. s. f. is, July 1
June 1 *Holders of rec. May 21
*1
510.000 Garment Center Capital.
Empire & Bay State Teleg., pref. (qu )_ .
1939, Jan. 1931. and subsequent
50c. May 15 *Holders of rev. May 5
Inc.,7% bonds, due Mar. 11943,
(guar.)._
corn.
Light,
&
Federal Power
coupons attached
May 1 1931 and subsequent
52,435 lot
*134 May 15 *Holders of rec. Apr. 30
Preferred (quar.)
100 Raly Realty Corp
coupons attached
$16 lot
45 flat Frankford & Southwark Phila. Pass. RY
100 Christian Wolierson, Inc
"$4.50 July 1 *Holders of roc. June 1
$10 lot $5,000 Garment Center Capitol,
((Mar.)
35 'Fleetwood Construction Co.,
Inc., 15-yr. deb. 75, May 11943:
Gestuerel (Gesellschaft fuer elektrische
Hold. of column No. 36
9
these bonds do not carry the reInc,corn.,together with accounts
Unternehmungen
•1% June 1 'Holders of reo. May 16
payable to the Wakefield Conpurchasing agreement
46 flat Houston Gulf Gas, pref. A & B
4.1% June 1 'Holders of roe. May 20
struction Corp. by the Fleetwood
$15,000 No.900 Concourse Co.,Inc.
Huntington Water, pref. (guar.)
1 *Holders of rec. May 20
Construction Co., inc.. amount5-yr. 6% gold bonds, due June 1
Illinois Water Service,6% prof. (quar.)_ •134 June 1 'Holders of rec. Apr. 26
lag to $640,550
1933
"600. May
5250 lot
51.000 lot Lorain Telephone (guar.)
June 1 *Hloders of rec. May 22
•1
Middlesex Water (quar.)
By Barnes & Lofland, Philadelphia:
Monongahela Wart Penn Publla Service
4334c. July 1 Holders of rec. June 15
7% preferred (guar.)
Shares. Stocks.
$ per Ph. Nebraska Power, 7% pref. (quar.)
134 June l Holders of rec. May 15
$ Per Ph. Shares. Stocks.
462 Bankers Securities Corp., Pref.,
10 Real Estate-Land Title & Trust,
134 June 1 Holders of rec. May 15
- 6% preferred (quar.)
par $50
par $10
18
June 1 *Holders of rec. May 20
29
*51
lot
Power,
Brunswick
New
Prof
24 Bankers Securities Corp., pref.,
10 Real Estate-Land Title & Trust,
Service
New England Public
par $50
par $10
1734
28
June 15 *Holders of rec. May 29
41.75
$7 prior lien pref. (quar.)
40 Bankers Securities Corp.. Wm,
15 Merlon Title & Trust Co., Ard*51.50 June 15 *Holders of rec. May 29
$6 prior lien pref. (quar.)
more, Pa., par $50
par $50
40
1 Holders of rec. May 20
June
90
134
prof.(qu.)
Northern States Power(Wis.),
300 Commonwealth Casualty Co..
2 Atlas Storage Warehouse Co.,
"Holders of rea. May 20
Northwestern Pub. Serv.. 7% prof.(qu.) "134 June 1 'Holders of rec. May 20
pref. (with 2 abs. common)
par $5
5
1
June
"134
$5 lot
((Purr.)
6% preferred
100 Fire Assoc. of Philadelphia
38 Commercial National Bank &
May 1 'Holders of rec. Apr. 16
18)4 Norton Power & Electric (quar.)
"2
3 American Dredging Co
16
Trust Co., par 310
*134 June 1 'Holders of rec. May 11
100
Ohio Power Co., pref. (qaar.)
Membership Rolling Green Golf
33 Corn Exchange National Bank &
15 Holders of rec. May 29
Oklahoma Gas & Electric,6% pref.(qu.) 134 June 15 Holders of rec. May 29
Club (1930 & 1931 dues unpaid).500
87
Trust Co., par $20
134 June
7% preferred (guar.)
25 Mitten Men & Management
Membership Roiling Green Golf
May 1 *Holders of reo. Apr. 30
"3
Prof
6%
shone,
Tele
County
Orange
Club (1930 & 1931 dues unpaid)_500
52
Bank & Trust Co.. par $50
*52.25 June 1 *Hollers of rec. May 15
Otter Tail Power; com. (guar.)
5 North Broad National Bank
15 First Camden Nat. Bk. & Tr.
934 Pennsylvania Gas & Elec.,$7 pref.(qu.) *51.75 July 1 .11c1ders of roe. June 20
Bonds,
90
Co., Camden, N. J. par $25
Per Cent.
•114 July 1 'Holders of rec. June 20
(quar.)
7% preferred
$10,000 North American Bldg.
5 Intcrboro Bank ea
'Trust Cs.,
...75e. May 1 *Holders of rec. Apr. 20
Princeton Water Co. (guar.)
Corp. 6% notes, Dec. 1 1930 ,
110
Prospect Park, Pa., par $50
pref. (quar.).. *134 June 1 "Holders of roe. May 20
Water,
Valley
Shenango
133
4 Girard Trust Co., par $10
certificate of deposit
$201 lot Sioux City Gas & Elec., 7% pref.(au). •134 May 11 *Holders of roe. Apr. 30
June 1 *Holders of rec. May 15
'2
Somerset Union & Middlesex Lighting
By A. J. Wright & Co., Buffalo:
"134 June 1 *Holders of rec. May 21
Texas Utilities, pref. (quar.)
Light & Power, corn. (quar.)... 5234 May I *Holders of rec. Apr. 16
Shares. Stocks.
$ per Sh.I Shares. Stocks.
$ Per Ph. Union
Virginia Elec.& Power.$6 pref.(quar.) *51.50 June 20 'Holders of roe. May 29
100 Assets Realization Co
$2 101 500 Creighton Fairbanks Mines,
*2
May 1 *Holders of rec. Apr. 16
Electric Co.(guar.)
par $1
100 Premier Gold Mines, par EL--- 70e
$1 lot Ware
.362e. May 1 *Holders of rec. Apr. 16
Weymouth Light & Power (quer.)
300 Castle Threthewey Mines, par $1 140
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:
220
--
FINANCIAL CHRONICLE
3664
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
[VOL. 132.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Kentucky Rock Asphalt, pref. (guar.).- •13/ June 1 *Holders of rec. May 16
Kuppenheimer (B.) Sr Co., pref. (guar.)
June 1 *Holders of reo. May 23
Leonard Custom Tailors, com.-DivIde nd omi tted
Lindsay Nunn Publishing, pref.-Divide nd clef erred
MaeWhyte Co., pref. (guar.)
May 1 *Holders of rec. Apr. 28
*52
Marine Midland Corp. (guar.)
30c. June 30 Holders of rec. June 1
June 1 *Holders of rec. May 25
Marsh (M.) & Sons, class A (quar.)
*El
Banks.
Material Service Corp. (quar.)
*50o. June 1 *Holders of rec. May 15
Columbus-Dividend omitted.
McKinley Land & Rub., pre/. (quar.).. *51.75 May 1 *Holders of rec. Apr. 15
Mercury Mills, corn
Sc. July 2 Holders of rec. June 15
Trust Companies.
Mercury Oils, Ltd., corn. (quar.)
Sc. July 2 June 18 to July 1
30o. June 15 Holders of rec. June 5
Continental Bank Sr Trust (guar.)
Meteor Motor Car (quar.)
*25c. June 1 *Holders of rec. May 20
Metro-Goldwyn
47
X
Pictures,
pref.
(quar.)c. June 15 Holders of rec. May 29
Miscellaneous.
May 1 *Holders of rec. Apr. 21
Metropolitan Storage Warehouse (guar.) *31
*50o. June 1 *Holders of rec. May 15
Abbotts Dairies, common (quar.)
Middle States Petroleum, class A (No. 1) *22c. June 1 *Holders of rec. May 25
*134 June 1 *Holders of rec. May 15
First and second pref. (guar.)
Miller
de
30
.1,4
July
1 *Holders of ree. June 15
Hart,
Inc.,
of
rec.
Apr.
*4043.
*Holders
pref.
15
May
(guar.)
Albers Bros. Milling, pref. (guar.)
Minnesota Valley Canners, corn. A & B. *510 May 1 *Holders of rec. Mar. 31
*15c. June 18 *Holders of rec. May130
Allegheny Steel, com.(monthly)
*3
Moorehead Knitting, pref
June 1 *Holders of rec. May 25
*510.60 Apr. 23
Allgemeine Deutsche Credit-Anstalt
Morison Electrical Supply, corn. (quar.) *250. June 1 *Holders of rec. May 15
*Holders of rec. May 15
*134
Aluminum, Ltd., pref. (quar.)
Motor Wheel Corp., corn. (guar.)
2.5c. June 10 Holders of rec. May 20
*Holders of reo. Apr. 20
*134 jun
May
e
American Crayon, 6% pref. (quar.)
Murphy (G. C.) Co., corn. (quar.)
40e, June 2 Holders of rec. May 21
June 1 *Holders of rec. May 20
*2
American Dock Co., pref. (quar.)
Muskegon Motor Specialties, class A(qu) 4.500. June 1 *Holders of rec. May 20
Amer. Electric Secur., pref.(hi-monthly) 25c. June 1 Holders of ree. May 20
Nashua Gummed & Coated Paper-*15o May 10 *Holders of rec. Apr. 30
Amer. Factors, Ltd. (monthly)
Common (quar.)
*50c. May 15 *Holders of rec. May 8
150, June 1 Holders of reo. May 20
American Invest., class B (guar.)
National Container Corp., pref. (quar.) *50c. June 1 *Holders of rec. May 15
American Locomotive, common (quar.).. *25e. June 30 *Holders of rec. June 12
National Mfrs. & Stores, let pref. (qu.) *I% July 1 *Holders of rec. June 15
*1% June 30 *Holders of rec. June 12
Preferred (guar.)
July 1 *Holders of rec. June 20
National 011 Products, corn. (quar.)
+11
*50c. June 15
American National Finance, pref
Common (extra)
*50c. July 1 *Holders of rec. June 20
'
Amer. Sugar Refg., corn. (guar.)
134 July 2 *Holders of rec. June 5
$7
July
1 *Holders of rec. June 20
rec.
June
6
*Holders
of
411.75
preferred
(quar.)
July
2
'134
Preferred (guar.)
National Sugar Berg.. corn. (guar.)- 50c. July 1 Holders of rec. June 1
*1234c July 1 *Holders of rec. May 30
American Thread, preferred
Neild Manufacturing-Dividend omitted
Amer. Utilities & Gen'l Corp., el. A (qu.) 3234c June 1 Holders of reo. May 18
Newton Mortgage, pref.-Dividend omit ted.
750. June 1 Holders of reo. May 18
Preferred (guar.)
*2714c July 1 *Holders of rec. June 16
Newberry (J. J.) Co., corn. (guar.)
Animal Trap Co. of Amer.(guar.)
*87340 May 1 *Holders of reo. Apr. 20
New Bedford Cordage, corn.(guar.)•250. June 1 *Holders of rec. May 13
-013$ July 1 *Holders of rec. June 10
Armour & Co.(of Del.), pref.(quar.)
•154 June 1 *Holders of rec. May 13
Preferred (quar.)
July 1 *Holders of ree. June 10
Armour & Co. (III.). Pref. (guar.)
*51.50 May 1 *Holders of rec. Apr. 28
New England Box (guar.)
*400. June 1 *Holders of rec. May 15
Associated Co.(N. J.)
New York Utilities, pref. (guar.)
*151 May 1 *Holders of rec. Apr. 10
25c. June 15 Holders of rec. May 21
Atlantic Refining, corn. (guar.)
Niagara Falls Smelt.& Refg. A.& B.-D ividen d dere= ed.
750. June 1 Holders of rec. May 20
Atlas Utilities, 83 pref. (qrier.)
July 1 *Holders of rec. June 10
North Amer. Provision, pref. (guar.).Automotive Gear Works, corn. (quar.). *50e. June 1 *Holders of rec. May 20
$1.50 July 1 Holders of reo. June 12
Northern Pipe Line Co
*413‘c June 1 *Holders of rec. May 20
Preferred (guar.)
500. July 1 Holders of rec. June 12
Extra
Bank Si Insurance Shares. Oral
*53.50 May 1 *Holders of rec. Apr. 30
134 June 1 Holders of rec. May 20
Ogilvie Flour Mills, pref.(quar.)
Berealo Mfg., pref. (quar.)
*134 May 1 *Holders of reo. Apr. 28
*20e. June 15 *Holders of rec. June 10
Ohio Electric Mfg. (guar.)
Harmer Bank-Yerein
'$1695 Apr. 18
Orange Crush, Ltd.(Ills.) corn.(quar.) *3714 May 25 *Holders of rec. May 15
Best & Co.(guar.)
*50o. June 15 *Holders of rec. May 25
*3
Paramount Publix Corp., corn.(guar.).- 62340. June 27 Holders of rec. June 5
June 1 *Holders of rec. June 1
Bigelow Co., pref
•25e. June 15 *Holders of rec. June 1
Penick & Ford, Ltd. (guar.)
June 1 *Holders of rec. May 15
Blaney-Murphy Co., pref. (guar.)
Holders
of
rec.
2
Pennsylvania Bankshares & Sec. pf.(qu.) *62540 June 1 *Holders of rec. May 15
May
18a
June
Blaw-Knox Co, corn. (guar.)
37%0
*62140 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
Boston Wharf
*334 June 30 *Holders of rec. June 1
*6214c Doe. 1 *Holders of rec. Nov. 15
Preferred (guar.)
Brandram-Henderson,Ltd., Oral.(quar.) *1 34 July 1 *Holders of rec. June 1
Pennsylvania Bradford Co., pref. (qu.)- •62.150 May 1
200, July 2 June 14 to July 1
British American Oil, reg. shares
Petroleum Royalties of Okla., pref.-Div Mend omitted
200. July 2 Holders of coup. No. 5
Coupon shares
*134 June 1 *Holders of rec. May 20
Pfaudler Co., pref. (quar.)
British & Foreign Investments-Dividen d defer red
Pickwick Corp., pref. stocks-Dividends passed
*81.625 May 1 *Holders of rec. Apr. 22
Buckeye Steel Casting, pref. (quar.)
*50c. May 15 *Holders of rec. May110
Pittsburgh Bond & Share (guar.)
Burmah Oil, Ltd., ordinary
*12)4
Canada Paving & Supply, 1st pref.(qu.) 1,4 June 1 Holders of rec. May 150 Prairie Oil & Gas-Dividend omitted.
July 2 Holders of reo. June 15
Prentice Hall, Inc., corn,-Dividend oral tted.
3
Canada Permanent Mtge.(quar.)
*75c. June 1 *Holders of roe. May 20
$3 Preferred (quar.)
Canada Wire & Cable, pref. (quar.)---- 154 June 15 Holders of reo. May 31
134 June 15 Holders of rec. May 250
Procter & Gamble Co.,5% pre.(cAO
114 July 4 Holders of rec. June 20
Canadian Cottons, Ltd., pref. (qu.)
134 July 1 Holders of rec. June 10
Pure Oil, 53.4% Pref.(guar-)
•114 June 15 *Holders of rec. June 10
Carter (Wm.) Co., pref. (guar.)
134 July, 1 Holders of rec. June 10
6% preferred (guar.)
4.1.34 May 15 *Holders of rec. May 9
Champion Coated Paper, corn.(quar.)
July 1 Holders of rec. June 10
2
July 1 *Holders of rec. June 20
8% preferred (guar.)
Champion Fibre, lot pref.(guar.)
*10a. June 15 *Holders of reo. May 25
Railroad Shares Corp. (guar.)
*81.50 May 16 *Holders of reo. May 5
Champion Hardware (guar.)
June 15 Holders of rec. May 31
*1%
*Holders
of
reo.
Apr.
1M
27
Reliance
Grain,
May
1
Ltd., pref. (quar.)
Chemical Paper Mfg., 1st pref.(quar.)-Reliance Internat. Corp., 53 pt.(quar.). *75e. June 1 *Holders of reo. May 20
'13.4 May 1 *Holders of rec. Apr. 27
Second preferred (guar.)
Riverside Cement of A-Dividend mitts d.
»75c. June 1 *Holders of rec. May 20
Chicago Investors, pref. (guar.)
411 May 15 *Holders of rec. May 16
Rockwood & Co.(quar.)
City of Paris Dry Goods, 151 pref. (qu.)_ *154 May 1 *Holders of rec. Apr. 15
Rogers Majestic Corp., class A & B (qu.) 300. June 1 Holders of reo. May 18
July 1
$2
Clifton Manufacturing
June 1 *Holders of reo May 15
8734c
*
Roxy
Theatres
.3U
Corp.,
class
A
Coats (J. et P.), I.td., ordinary
(quar.)--50o. June 15 Holders of rec. May 30
Schiff Co., corn.(guar.)
*50c. June 15 *Holders of rec. May 29
Compressed Industrial Gases (quar.)
13( June 15 Holders of rec. May 30
•1,./ June 1 *Holders of rec. May 15
Preferred (guar.)
Congoieum-Nairn, Inc., pref.(guar.).
Selfridge Provincial Stores, Ltd., ord.- Divide nd pass ed
Consolidated Hotels-Dividend omitted
*75c. June 1 *Holders of reo. May 20
1.3734c May 20 *Holders of rec. Apr. 30
Simmons-Boardman Pub., pref.(quiPreferred A (quar.)
*Holders
of
rec.
May
21
1
June
+100.
Smith,
Alsop Paint & Varnish, pf. (qu.) *8734c June 1 *Holders of rec. May 9
Consolidated Paper, corn. (guar.)
omitte
of
vidend
*Holders
rec.
May 15
Smith (Howard) Paper Mills, pref.-Dl
Continental Sec. Corp.,pref (qu.)(No. 1) *51.25 June 1
*134 May 15 *Holders of rec. May 1
Soule Mills (quar.)
500. June 1 Holders of rec. May 20
Corno Mills (guar.)
*50e.
Holders
of
rec.
May
1 *Holders of rec. Apr. 28
May
21
June
20
Southington
1134
Corporation Securities Co., corn.(qu.)
Hardware
*4
July 1
Spartan Mills
Crocker McElwain Co., corn, (qt1.)--- *155 May 1 *Holders of rec. Apr. 27
*25o. May 1 *Holders of ree. Apr. 23
July 1 *Holders of reo. June 13
Squibb (E. R.)& Sons,corn.(quar.)- Crown Willamette Paper, 1st pref. (qu.) *51
30e. July 1 Holders of reo. May 29a
Standard Brands,Inc.. corn.(guar.)-Second preferred-Dividend passed
134 July 1 Holders of rec. May 250
75c. June 1 Holders of rec. May 8
Preferred (guar.)
Crow's Nest Pass Coal
250. June 1 Holders of rec. May 15
Holders
of
rec.
May
20a
2
June
Stix
Baer
1-3c
&
33
Fuller, corn,(guar.)
Curtis Publishing, corn. (monthly)
•154 May 16 *Holders of rec. May 4
Struthers Welk Titusville Co. pt.(qu.)
David dr Frere. Ltd., class A (quar.)__. *57c. June 15 *Holders of rec. May 30
Superior Portland Cement,el. A (mthly.) *2734c June 1 *Holders of rec. May 23
Deposited Insurance Shares, class A--- e23,4 May 1 *Holders of rec. Mar. 16
*$2.68 May 30
Swedish Match, class A & B
Deutsche Bank & Discont GesellschaftSwedish Ball Bearing Co.
Amer. dep. refs. for bearer shares--- *$1.29 Apr. 25 *Holders of reo. Ann 20
Hold, of coupon No. 2.
$2.69
810.60 Apr. 18
American shares
Deutsche Ueberseeische Bank
Telephone Investment Corp.(monthly). *20c. June 1 *Holders of rec. May 20
Dodge Mfg., Ltd., cl. A-Dividend omit ed
*50c. June 15 *Holders of rec. June 10
Tenant Finance. coin. (guar.)
Doehler Die-Casting,7% pref. (guar.)-- 8734o. July 1 Holders of rec. June 2
*8734c June 15 *Holders of rec. June 10
$1.75 July 1 Holders of reo. June 2
Preferred (quar.)
57 Preferred (guar.)
12 Le,c June 15 Holders of rec. May 29
Tennessee Corporation (guar.)
Dominion Textile, Ltd., corn.(quar,)._ - *51.25 July 2 *Holders of rec. June 1
Tonawanda Share, prior pref. (qua?.).. *51.625 June 1 *Holders of rec. May 20
•15.4 July 15 *Holders of rec. June 3
Preferred (guar.)
*134
June 1 *Holders of rec. May 20
First and second preferred (quar.)
Dunlop Tire & Rubber, pref.-Dividend omitt ed
*50c. May 1
$1.25 July 1 Holders of rec. June
Trimount Dredging, class A (quar.)
Eastman Kodak, corn. (guar.)
May 15 *Holders of rec. May 4
Holders
of
412c.
rec.
June
1
July
Two-Year
75c.
Trust Shares
Common (extra)
*14c. May 15 *Holders of rec. May 4
Series B
134 July 1 Holders of rec. June
Preferred (guar.)
Underwood Elliott Fisher Co.,corn.(qu.) 51.25 June 30 Holders of rec. June 120
*1313. July 1 *Holders of ree. June 1
Ecuadorian Corp., Ltd., ordinary
.2
1X June 30 Holders of rec. June 12a
Preferred (guar.)
*31i July 1 *Holders of rec. June 1
Preferred (guar.)
May 1 *Holders of rec. Apr. 21
Underwriters Finance.8% pref.(quar.)Ely-Walker Dry Goods, corn (guar.)... 12%e. June 1 Holders of reo. May 2
*750. June 1 *Holders of rec. May 15
*6234c June 1 *Holders of ree. May 1
Underwrit.& Participat'ns. oh A (qu.)
Equity Corp., common
*Holde of rec. May 21
of
m e 1 'Holders
rec. June 1
:
1
57
3.3i0
c June
*75c. July 1 *Holders
Unexcelled Mfg. Co. (guar.)
Preferred (guar.)
13 *Holders of rec. May 6
Union Cotton Mfg
June 1 Holders of rec. May 1
Essex Company
$3
*Holders of rec. Apr. 18
May
1
*30e.
Union
County Corp. (guar.)
Ever-Ready Co. (Great Britain)
United Amer. Utilities, class A (quar.) *32M0 June 1 *Holders of rec. May 9
Amer. dep. refs. for ord. reg. shares.. urt25 June 6 *Holders of rec. May 1
Holders of rec. June 10
*Holders
of
24
rec.
40c,
June
Aug.
Aug.
15
United
*600.
Elastic
EwaPlantation (guar.)
Corp. (guar.)
July 1 Holders of rec. June 1
51
United Fruit (guar.)
Federal Compress & Wareh.. corn. (qu.) *400. June 1 *Holders of rec. May 2
United Guaranty Corp.. corn. (quar.).. *20c. May 15 *Holders of rec. May 1
Federal Mining dr Smelt., pref. (quar.)_ _ *134 June 5 *Holders of reo. May 2
.e5 June 15 *Holders of rec. June 1
Common payable in stock
Fuller (George A.) Co.. prior pref. (qu.) $1.50 July 1 Holders of rec. June 1
*200. May 15 *Holders of rec. May 1
$1.50 July 1 Holders of rec. June 1
Class A (guar.)
Second preferred (quar.)
'e5 June 15 *Holders of rec. June 1
25c. June 1 Holders of rec. May 21
Class A (Payable in Mock)
General Empire Corp. (quar.)
May 15 *Holders of rec. May 1
*2
*75c. June 30 *Holders of rec. June 30
Preferred
Goodman Manufacturing (guar.)
*500. June 1 *Holders of rec. May 15
*75e. June I *Holders of rec. May 20
United Milk Crate, class A (quar.)
Great Northern Paper (quar.)
of
reo.
July
15 *Holders of rec. June 15
*Holders
Apr.
May
'
134
25
1
U.
S
Ml334
Capital,
class A (special)
Grove Park Inn, preferred
*51.25 June 1 *Holders of rec. May 20
U.S. Dairy Products, corn. A (quar.)
Guardian Bank Shares Invest. Trust, se ries 1- -Divide nd
*134 June 1 *Holders of rec. May 20
First preferred (guar.)
Guardian Invest. Trust, pref.-Dividen d omit fed
June 1 *Holders of rec. May 20
$2
Second preferred (guar.)
Guardian Public Utility Investment Tru at, pre 1.-Div idend deferred
U.S. & Foreign Securities, lot pref.(Olt) *S1.50 May 1 *Holders of rec. Apr. 11
Guardian Rail Shares Investment Trust, Ore!.- -Divide nd Passed
.
40e.
June 30 *Holders of rec. June 15
U.
S.
°mitt
ed
Gypsum,
corn. (quar.)
Gunther's(C. G.) Sons, com.-Dividend
*13/ Juno 30 *Holders of rec. June 15
Preferred (guar.)
First and second preferred (quar.)- - *114 May 15 *Holders of rec. May 12
'Sc. May 1 *Holders of rec. Apr. 20
June 30 Holders of rec. May 30
Universal Coln & Radio (monthly)
Hamilton Unit. Theatres, Ltd., pfd.(419-.)
51.50 June 17 Holders of reo. Juno 13
Valvoline Oil, common (guar.)
Handley Page, Ltd.+.734 May 29 *Holders of rec. May 14
*2
July 1 *Holders of rec. June 18
Preferred (guar.)
American deposit receipts
.3
*
7
23.0
34 May 9 *Holders of rec. May 1
Vapor
Car
Heating,
corn.
(guar.)
Harris Bros.. pref.-Dividend omitted
*Holde of rec. May 26
Va.-Caro. Chemical, prior pref. (quar.)- *1
June 1 'Holders
Hathaway Bakeries, Inc., pf. el. A (qu.) 75c. June 1 Holders of rec. May 15
Virginia Iron, Coal & Coke, pref
2)4 July 1 Holders of rec. June 130
25c. July 15 Holders of rec. June 30
Class B
rec.
*Holders of rec. May 15
Holders
of
May
15
1
Wagner
1
June
e
Electric Corp., corn. (quar.)$1.75
*274
$7 preferred (guar.)
.
1.'Holdersof reo. June 20
Preferred (guar.)
*25c. Apr. 20 *Holders of rec. Mar. 31
Havana Lithograph, corn
Holders of rec. May 22
rec.
Mar.
21
*Holders
of
1
12340
June
15
15
Walker
Apr.
*131
(litr.)-Gooderham
&
Worts
(qu.)
7% Preferred (guar.)
Walton (Chas. S.) & Co.(guar.)
May
*30c. May 16 *Holders of rec. May 10
Hawaiian Sugar Co.(monthly)
Holders of rec. May 20
15
of
reo.
May
1
*Holders
75e.
June
Western
1
Auto
June
Supply
corn.
(A.
&
*50c.
B
(qu.)
Hazeltine Corp.(quar.)
Western Maryland Dairy, pref. (guar.) *51.75 July 1 *Holders of rec. June 20
*51.50 Apr. 25
Heels Coal dr Coke (quar.)
*50e. June 5 *Holders of rec. May 25
Western Pipe & Steel, corn.(guar.)
Hillman Coal & Coke, 5% pref. (quar.)_ *114' Apr. 25
*Holders of rec. May 21
une
5
Western Real Estate Trustees (Boston). *11
50e. May 25 Holders of rec. May 20
Homestake Mining (monthly)
Holders of rec. June 19
White Rock Mineral Springs Co., corn
July
'250. May 11 *Holders of rec. Apr. 30
Honolulu Plantation (monthly)
134 July 1 Holders of rec. June 19
First preferred (guar.)
June 1 *Holders of reo. May 15
Hooven & Allison Co., pref. (quar.)--- 4
Holders
of rec. June 19
1
July
of
rec.
May
15
*Holders
Second
5
preferred
(qua!',)
Insult Utility Investment,$6 pfd.(guar.) *51.50 June 1
Wiener Bank-Verein (Vienna)Interstate Amiesite Co., pref. (guar.). _ *1.41 June 1
Holders
of coup. No. 5
of
rec.
15
20
*Holders
May
schilling
°Us.
(1
schilling
per
ctf.)-1
June
*75c.
Irving Oil, Ltd., pref. (quar.)
Wise(W.H.)& Co., pref.-Dividend dot erred.
*500. July 1 *Holders of rec. June 15
Jefferson Electric Co. (quar.)
•
June 1 *Holders of rec. May 15
Wolverine Tube. pref. (qua!'.)
Johnson-Stephens-Shinkle Shoe (quar.)- 6234e. une 1 Holders of rec. May 16
Wood Newspaper Machine, pref. (qu.). *31.75 June 1 *Holders of rec. May 20
Kellogg (Spencer) & Sons (quar.)
*200. June 30 *Holders of rec. June 15
*51.75 June 1 *Holders of rec. May 20
$7 prior preferred (guar.)
Kentucky Consol. Stone, pref. (guar.)._ *134 May 1 *Holders of rec. Apr. 15
Public Utilities(Concluded).
Wheeling Electric Co.. 6% pref. (guar.) *144 June 1 *Holders of rec. May
' Whichendon Elec. Light & Pow. (quar.) *2
May 1 *Holders of rec. Apr.
June 20 Holders of rec. May
Wisconsin Public Service, 7% pref.(qu.)
June 20 Holders of reo. May
634% preferred (guar.)
134 June 20 Holders of rec. May
6% preferred (guar.)
134
144
'134
134
.134
8
16
29
29
29
MAY 16 1931.]
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe. cora.liar.). 234 June 1 Holders of rec. May la
•434 Sept I *Holders of rec. Aug. 20
Atlanta & Charlotte Air Line Ry
4
June 30 Holders of rec. June 20
Atlanta & West Point
13.1 June 1 Holders of rec. Apr. 186
Baltimore Jr Ohio,corn. (quar.)
June 1 Holders of rec. Apr. 180
1
Preferred (quar.)
87c. July 1 Holders of rec. May 29a
Bangor & Aroostook, corn.(guar.)
134 July I Holders of rec. May 29a
Preferred (quar.)
"234 July 1 "Holders of roe. June 20
Boston & Providence quar.)
"234 Oct. 1 *Holders of rec. Sept. 19
Quarterly
3131c June 30 Holders of rec. June la
Canadian Pacific. ordinary (quar.)
$1.15 May 22 Holders of rec. May 11
Catawissa, let & 2d pref
Sli July 1 Holders of roe. June 8a
Chesapeake & Ohio. preferred
Cleveland & Pittsburgh, reg. guar.(qu.) 8735c June 1 Holders of rec. May 9a
50c. June 1 Holders of rec. May i)a
Special guaranteed (guar.)
Cln. N.0.& Texas Pacific. pref (quar.)_ •131 June 1 *Holders of roe. May 15
*131 July 1 *Holders of reo. June 20
Cincinnati Union Terminal, pref.(CU.)
"131 Oct. 1 *Holders of rec. Sept.19
Preferred (guar.)
"131 Jan.F32 *Holders of rec. Dec. 19
Preferred (quar.)
231 June 20 Holden of rec. May 286
Delaware & Hudson Co. (quar.)
"3
July 15 *Holders of rec. July 1
Georgia RR.& Banking (quar.)
234 May 29 Holders of rec. May 15
Georgia Southern & Florida, 1st pref
134 June 1 Holders of rec. May 156
Hudson dr. Manhattan RR., corn
1
June 1 Holders of rec. May
Illinois Central common (quar.)
a
131 June 1 Holders of rec. May 15
Maine Central, pref.(quar.)
51.25 June 1 Holders of reo. May 20
Midland Valley RR.. preferred
•$1.25 July 0 *Holders of rec. July 8
Mill Creek & Mine Hifi Nay. & RFL
134 June 30 Holders of rec. June to
Missouri-Kansas-Texas, pref. A (qu.)._
1Si May 29 Holders of roe. May 14a
New Orleans Texas & Mexico (quar.)
N. Y. Chic. & St. Louis, corn. & Pi. (C111.) 144 July 1 Holders of rec. May ha
234 June 19 Holders of rec. May 290
Norfolk & Western,common (quar.)
1
May 19 Holders of tee. Apr. 300
Adj. preferred (quar.)
North Carolina RR.. 7% guar. stock._ rissi Aug. 1 *Holders of rec. July 20
May 25 Holders of rec. May 18
$1
North Pennsylvania (quar.)
June 1 *Holders of re0. May 1
*3
Ontario & Quebec
"234 June 1 *Holders of rec. May 1
Debenture stock
May 29 Holders of roe. May la
$1
Pennsylvania (quar.)
$1.50 June dl Holders of rec. May 15
Plash. Bessemer & Lake Erie. pref
50e. June 11 Holders of rec. May 210
Reading Company. let pref. (quar.)
6$. Louis-San Francisco,0% Pref.(COL). 134 Aug. I Holders of rec. July la
154 Nov. 2 Holders of rec. Oct. la
6% Preferred (Guar.)
1.65 Aug. 1 Holders of rec. July la
Southern Ry.common (quar.)
July I 'Holders of roe. June 1
Southwestern RR.of Ga
*335 July 1 "Holders of rec. June 20
Tennessee Central. preferred
United N. J. RR.& Canal Cos.(quar.)- 234 July 10 "Holders of roe. June 19
4
June 30 Holders of rec. June 20
Western Railway of Alabama
Public Utilities.
$1.75 July 1 Holders of rec. June 15
Alabama Power,$7 pref.(guar.)
$1.50 July 1 Holders of roe. June 15
$6 preferred (quar.)
$1.25 Aug. 1 Holders of roe. July 15
$5 preferred (guar.)
American Cities Pow. & Lt.95
Aug. 1 Holders of ree. July 3
Class B (In class B stock)
$1.75 May 2() Holders of rec. May 11 a
Amer.& Foreign Power, 2d Df. A (qu.)
25e. June 1 Holders of rec. May 14a
American Power & Light, coin.(quar.)
Common(one-fiftieth share corn.stk.)_ (f) June 1 Holders of rec. May 14a
75c. Aug. 1 Holders of rec. July 10a
Amer. Water Wks.& Elec., coin.(quar.)
$1.50 July 1 Holders of rec. June 12a
$6 first preferred (quar.)
Associated Gas & Elec., $6 pref. (an.)._ $1.50 June 1 Holders of rec. Apr. 30
$ 1.625 June 1 Holders of rec. Apr. 30
$6.50 preferred (quar.)
$1.25 June 15 Holders of roe. May 15
$5 preferred (quar.)
July le Holders of rec. June 30
Associated Telep. Utilities, corn. (au.).- f2
$1.75 June 15 Holders of rec. May 30
37 prior preferred (quar.)
$1.50 June 15 Holders of rec. May 30
$6 prior preferred (quar.)
$1.50 July 1 Holders of rec. June 15
$6 cony. preferred (quar.)
Birmingham Water Works, pref. (Wier.) •134 June 15 'Holders of rec. June 1
June 1 Holders of rec. May 15
3
Blackstone Valley G.& E., pref
June 1 Holders of reo. Apr. 30
Brazilian Tr., Lt. & Pr., ord. (In stk.). f2
*60c. June 30 *Holders of ree. June 1
Bridgeport Gas Light(quar.)
June 1 Holders of rec. May 12
2
Brooklyn Edison Co. (quar.)
•134 June 15 *Holders of rec. June 1
Butler Water Co., lot pref.(nuar.)
134 June 1 Holders of roe. May la
Canadian Hydro-Elec., 1st pref.(quar.)Canadian Western Natural Gas. Light.
*250. June 1 'Holders of rec. May 15
Heat & Power. preferred (extra)
Cent. Arkansas Pub. Serv.Corp..pf.(qu.) 134 June 1 Holders of rec. May 156
Central Gas & Elec., $6.50 pref. (quer.) $1.625 June 1 Holders of rec. May 16
Central Ills. Pub. Serv.,8% pref.(Q11.)- '134 July 15 *Holders of rec. June 30
"51.50 July 15 *Holders of rec. June 30
$6 preferred (quar.)
•134 June 1 'Holders of rec. May 15
Cent. Miss. Val. El. Prop.. Pref. (qu.)
Central Public Serv. Corp., el. A (QUar.) s 4311c June 15 Holders of rec. May 26
$1.75 July 1 Holders of rec. June 11
$7 preferred (guar.)
$1.50 July 1 Holders of rec. June 11
$6 preferred (quar.)
July 1 Holders of rec. June 11
$1
$4 preferred (quar.)
July 1 Holders of roe Jone 5
Central states Elec.. coin. (in corn. stk.) f5
134 July 1 Holders of rec. June 5
7% preferred (quar.)
135 July 1 Holders of rec. June 5
6% preferred (guar.)
Cony. prof. opt. series, 1929 (cluar.)-- (o) July 1 Holders of rec. June 5
Cony. pref. opt. series, 1929 (quar.)..- (o) July 1 Holders of rec. June 5
Chicago Rapid Tr., pr. pref. A (mthly.) •135c. June 1 *Holders of rec. May 19
•60c. June 1 *Holders of rec. May 19
Prior pref. series B (monthly)
Chic. South Shore & South Bend RRsi June 1 Holders of rec. May 15
Preferred A (guar.)
Cities Service, Bankers shares (mthly)*2 0.085c Juno 1 *Holders of rec. May 15
June 15 Holders of roe. June la
1-3c
58
(mthly.)
Cities Service Pow.& Lt. $7 Pf.
50e. June 15 Holders of rec. June la
$6 preferred (monthly)
41 2-3c June 15 Holders of reo. June la
$5 preferred (monthly)
134 June 1 Holders of rec. May 15a
Cleveland Elec. Ilium., pref.(quar.).Com'wealth & Sou. Corp.. Corn.(quar.). 10c. June 1 Holders of rec. May 8a
July 1 Holders of rec. June 5a
$1.50
$13 preferred (guar.)
Community Wat.Ser., corn.(qu.)(No.I) 1234c June 15 Holders of rec. June 1
•$1.75 June 1 *Holders of rec. May 20
First preferred (quar.)
Compagnie Generale D'Electricite(m) June 16•
American dep. rcts. for A bearer she
1 June 1 'Holders of rec. May 15
Connecticut Light & Power, corn.(qui - *1.4
"134 June 1 'Holders of roe. May 15
834% preferred (guar.)
'134 June 1 *fielders of rec. May 15
534% preferred (quar.)
"6234e June 1 *Holders of rec. May 15
Connecticut Power (quar.)
June 15 Holders of rec. May 120
Consolidated Gas of N. Y., corn. (guar.) $1
55e. June 1 Holders of rec. May 15
Consolidated Gas Utilities, Cl. A (QUO
Consumers Power,7% pref. (quar.)_.... 131 July 1 Holders of roe. June 16
1.65 July 1 Holders of rec. June 15
8.6% preferred (quar.)
13.4 July 1 Holders of roe. June 15
6% preferred (quar.)
$1.25 July 1 Holders of reo. June 15
45 Preferred (quar.)
500. June 1 Holders of roe. May 15
8% preferred (monthly)
500 July 1 Holders of roe. June 15
6% preferred (monthly)
550 June 1 Holders of roe. Mar. 15
6.6% Preferred (monthly)
550 July 1 Holders of reo. June 15
6.6% Preferred (monthly)
East Kootenay Power, pref. (guar.).- 131 June 15 Holders of rec. May 30
Eastern Minn. Power, $6 pref.(guar.)- •$1.50 June 1 *Holders of rec. May 15
Empire District Elec.6% pf. (mthly.)_ - *50c. June 1 "Holders of rec. May 15
Empire Gas & Fuel Co..8% pf. (mthly.)_ 66 2-3e June 1 Holders of rec. May 150
58 1-3c June 1 Holders of rec. May 15a
7% preferred (monthly)
541-dc June 1 Holders of roe. May 15a
03-4% preferred (monthly)
50c. June 1 Holders of rec. May 154
6% preferred (monthly)
Federal Light & Traction, corn. (gae.) 3734c. July 1 Holders of rec. June 13a
July 1 Holders of rec. June 13a
Common (payable in common stock)_ fl
$1.50 Juno 1 Holders of rec. May 150
Preferred (quar.)
60c. June 1 Holders of rec. May 4a
Federal Water Service, class A (quar.).._
Florida Power Corp.. 7% pref.(guar.) •87360 June 1 *Holders of rec. May 15
*134 June 1 'Holders of rec. May 15
Preferred A (quar.)
Gary Railways, pref. A (guar.)
1.8 June 1 Holders of rec. May 20
Gas& Elec. Securities Co.,corn,(mthly.)
50o. June 1 Holders of rec. May 156
4 June 1 Holders of rec. May 15a
Corn. (payable in corn. stk.) (mthly.) /3
58 1-3c June 1 Holders of rec. May 15a
Preferred (monthly)
Gas Securities Co.Common (payable in scrip) (mthly.). oSi June 1 Holders of roe. May 15a
Preferred (monthly)
50e. June 1 Holders of rec. May 156
3665
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
General Gas & Elec., corn. A (quer.).-- 1735.0. July 1 Holders of rec. May 29a
I15c. July 1 Holders of rec. May 29a
Common B (quar)
$1.50 June 15 Holders of rec. May 15a
$6 pref. ser. A & H (gear.)
$1.75 July 1 Holders of rec. May 29a
$7 preferred (guar.)
July 1 Holders of rec. Slay 29a
$2
$8 preferred (quar.)
Green Mountain Power, $6 pref.(quar.) *31.50 June 1 "Holders of rec. May 15
56c. July 1 Holders of rec. June 15
Haverhill Gas Light (quar.)
•15c. May 20 *Fielders of rec. May 15
Hawaiian Electric (monthly)
*15c. May 20 *Holders of rec. May 15
Honolulu Gas (monthly)
Indiana Service Corp., 7% pref. (an.).- 131 June I Holders of rec. May 15
134 June 1 Holders of rec. May 15
6% preferred (guar.)
131 July 1 Holders of rec. June 12a
Indianapolis Water, pref. (quar.)
Ironwood & Bessemer Ry.& Lt., pf.(qu.) '134 June 1 'Holders of rec. May 15
Jamaica Public Service, common (quar.) 25e. July 2 Holders of rec. June 15
134 July 2 Holders of rec. June 15
7% Preferred (guar.)
'8734 c May 20 'Holders of rec. May 1
Kentucky Utilities. Junior Prof.(qu.)
'$1 June 1 "Holders of rec. May 20
Keystone Telephone, pref.(guar.)
*51.75 June 1 *Holders of rec. May 15
Key West Electric Co., prof. (quar.)
Lake Superior Dist. Pow..6% prof.(WO *13-4 June 1 *Holders of rec. May 15
•1X June 1 *Holders of rec. May 15
7% preferred (quar.)
Lexington Water Co., Inc., 7% PL(qll.) 134 June 1 Holders of rec. May 20
Middle Western Telephone, el. A (quar.) '4331c June 15 'Holders of rec. June 5
Milwaukee Eleo. Ry.& Light•sti June 1 *Holders of roe. May 15
7% preferred (series 1921)
•13S June 1 "Holders of rec. May 15
6% preferred (series 1921)
•8e. June 1 *Holders of rec. May 18
Mutual Telep. (Hawaii) (monthly)___.
250. June 1 Holders of ree. May da
National Power & Light, corn. (quar.)
40e. June 15 Holders of roe. May 27
(quar.)
A
National Public Service, corn.
40e. June 1 Holders of ree. May 11
Common B (quar.)
8731c June 1 Holders of rec. May 11
$3.50 preferred (quar.)
•75c. June 1 'Holder, of rec. May/11
$3 preferred (quar.)
134 June 1 Holders of rec. May 20
New Rochelle Water Co.. pref. (quar.)
N.Y.Power & Light Corp.,7% lg.(QU.) 131 July 1 Holders of ree. June 15
$1.50 July 1 Holders of rise. June 15
VI preferred (quar.)
New York Steam Corp., corn. (guar.)._ •65c. June 1 *Holders of rec. May 15
North American Co., corn. (in comstks /235 July 1 Holders of roe. June 50
75e. July I Holders ol roe. June 50
Preferred (quar.)
• Holders of rec. slay 15a
North American Edison Co.. pref. (111.) $1.50 J u
13.4 June 1 Holders of roe. May 16
Nova Scotia Light & Power. pref. (lu.)58 1-3c June 1 Holders of rec. May 150
Ohio Public Service, 7% pref.
50o. June 1 Holders of rec. May 150
(mthly.)6%
preferred (monthly)
41 2-3c June 1 Holders of rec. May 150
5% preferred (monthly)
650. June 1 Holders of roe. May 20
Penna. Power Co., $6.60 pref.(mthly.).
$1.50 June 1 Holders of roe. May 20
$6 Preferred (monthly)
$1.75 June 1 Holders of rec. May 20
Penna. State Water Corp.. pre/. M./75c. July 1 Holders of rec. June 12
(quar.)
Power
Pennsylvania Water &
Phila. Suburban Water Co., pref.(qu.). 134 June 1 Holders of roe. May 120
Potomac Electric Power,534% Pref.(qu) "1% June 1 *Holders of rec. May 13
"134 June 1 "Holders of rec. Slay 13
6% preferred (quar.)
500. May 20 Holders of rec. Apr. 30
Power Corp. of Canada. corn. (quar.)
Public Electric Light, pref. (guar.).- •135 June 1 'Holders of rec. May 23
Pub. Ser. Co. of Col.. 7% ed.(mthly.)_ 58 1-3c June 1 Holders of reo. May 15
50c. June 1 Holders of reo. May 15
6% preferred (monthly)
41 2-3c June 1 Holders of rec. May 15
5% Preferred(monthly)
50e. May 29 Holders of rec. May la
Pub. Ser. Corp. of N.J.,6% pf.(mthie.)
Rochester Gas & Electric Corp.
*1Si June 1 *Holders of rec. Apr. 30
7% preferred B (guar.)
•134 June 1 "Holders of rec. Apr. 30
6% preferred series C (quar.)
"13i June 1 *Holders of rec. Apr. 30
6% preferred series D (quar.)
50c. May 25 Holders of rec. May 11
-Seaboard Public Service, corn.
81.50 June 1 Holders of rec. May 11
$6 pref. (quar.)
June 1 Holders of rec. May 11
8131c.
$3.25 pref.(quar.)
Southern Calif. EdisonJune 15 Holders of rec. May 20
4334e
7% preferred, series B (guar.)
37Sic June 15 Holders of rec. May 20
6% preferred, series B (guar.)
$1.625 May 29 Holders of rec. Apr. 30
So. Calif. Gas Corp., pref. (guar.)
50e. May 25 Holders of roe. Apr. 30
Southern Colorado Power, corn. A (qu.)_
Springfield City Water, pref. A (quar.)-- •$1.75 July 1 'Holders of rec. June 20
'$1.75 Oct. 1 *Holders of rec. Sept. 20
Preferred A (quarJ
50c June 1 Holders of net. Slay 11
Rtandard Pr. & Lt., corn. & corn. B (qu.)
Tenn. Elec, Power Co.,5% let pfd.(q11.) 1St July 1 Holders of rec. June 15
Holders of rec. June 15
July
'34
6% first preferred (guar.)
154 July 1 Holders of rec. June 15
7% first preferred (quar.)
1.80 July 1 Holders of rec. June 15
7.2% first preferred (guar.)
50c. June 1 Holders of rec. May 15
6% first preferred (monthly)
50c. July 1 Holders of roe. June 15
6% first preferred (monthly)
60c. June 1 Holders of tee. May 15
7.2% first preferred (monthly)
60e. July 1 Holders of rec. June 15
7.2% first preferred (monthly)
Terre Haute Wet. Wks. Corp.. Pl. (q11.) *31.75 June 1 *Holders of rec. May 20
•$1.50 June 1 *Holders of rec. May 15
Tide Water Power,$6 pref.(quar.)
Holders of rec. May 15a
58 1-3c June
Toledo Edison Co..7% pref.(mthly.)
50e. June 1 Holders of rec. May 156
(monthly)
6% preferred
41 2-3c June 1 Holders of rec. May 150
5% preferred (monthly)
•15e. June 1 *Holders of rec. May 14
Tri-State Tel. & Tel., pref. (quar.)
$1.75 June 1 Holders of rec. May 16
United Gas Corp. $7 pref.(quar.)
United Gas Impt., common (guar.).- 300. June 30 Holders of roe. May 294
$1.25 June 30 Holders of rec. May 29a
55 preferred (guar.)
United Lt. & Rys.. 7% pr. pfd.(mthly)* 58 1-3c June 1 'Holders of rec. May 15
*53c. June 1 'Holders of rec. May 15
6.36% prior pref. (monthly)
*50c. June 1 *Holders of rec. May 15
6% prior pref. (monthly)
1.1% June 1 "Holders of rec. May 16
Washington Ry. & Elec., corn. (quar.)
'134 June 1 *Holders of reo, May 16
Preferred (quar.)
111 June 1 Holders of rec. May 15
West Ohio Gas Co.. pref.(quar.)
Western Continental Utn., corn. A (qu.)' 53234c June 1 *Holders of roe May 9
Williamsport Water Co., $6 prof. NUJ. 81.50 June I Holders of rec. May 20
Insurance.
North River Ins.(quar.)
Quarterly
50e. June 10 Holders of rec. June 1
50e. Sept. 10 Holders of roe. Sept. 1
Miscellaneous.
Administrative & Research Corp10c. June 1 Holders of rec. May 18
Class A & B (extra)
151 July 2 Holders of rec. June 15
Agnew Surpass Shoe Stores. Pf.(Qu.) 150. May 18 Holders of reo. Apr. 306
(monthly)__..
common
Allegheny Steel,
olSi June 1 *Holders of rec. May 15
Preferred ((roar.)
ti Sept. 1 *Holders of rec. Aug. 15
Preferred (quar.)
'134 Dee. 1 *Holders of rec. Nov. 13
Preferred (quar.)
.134 June 1 Holders of ree. May 20
Alliance Realty Co., preferred (qllar.)
134 Sept 1 Holden of roe. Aug 20
Preferred (quar.)
1;i flee. 1 Holders of roe Nov. 20
Preferred (guar.)
Allied Laboratories, cony. pref.(altar.) '873ie July 1 *Holders of ree. June 15
*3734c June 15 *Holders of rec. May 29
Aluminum Industries (quar.)
Aluminum Manufactures, Inc., oom.(qu) *50e. June 30 'Holders of roe. June 15
*50e. Sept.30 'Holders of rec. Sept.15
Common (guar.)
*50o. Dee. 31 "Holders of rec. Doe. 15
Common (guar.)
•13i June 30 *Holders of rec. June 15
Preferred (quar.)
sri Sept.30 'Holders of rec. Sept. 15
Preferred (guar.)-- •
•141 Doe. 31 'Holders of rec. Dec. 15
Preferred (quar.)
415e. June 1 'Holders of rot. May 20
American Arch (quar.)
American Envelope, 7% pref. (quar.)_ _ '134 June 1 *Holders of rec. May 25
Sept. 1 *Holders of rec. Aug. 25
7% preferred (quar.)
•szi Dee. 1 "Holders of rem,. Nov.25
7% preferred (quar.)
Amer. & General Securities Corp.
1235c. June 1 Holders of rec. May 15
Common A (guar.)
750. June 1 Holders of rec. May 15
$3 first preferred (quar.)
35e. June 1 Holders of rec. May 14a
Amer. Home Products (monthly)
July 1 Holders of tee. June la
Amer. Manufacturing Co.. oom. (guar.) 1
Oct. 1 Holders of roe. Sept.15
Common (guar.)
Dec. 81 Holders of rec. Dee. 16
Common (quar.)
July 1 Holders of rec. June 15
15(
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept.16
Preferred (quar.)
144 Dec. 31 Holders of res. Dee. 15
Preferred (quar.)
1)4 June 1 Holders of rec. May 210
American Metal, pref. (quar.)
134 July 1 Holders of rec. June 200
American Optical Co., 1st pref. (quar.)_
144 Oct. 1 Holders of rec. Sept. 19a
First preferred (quar.)
15$ Doe. 31 Holders of roe. Dec. 20a
First preferred (quar.)
Am. Radiator & Stand. Sanitary Corp.,
150. June 30 Holders of rec. June lla
Common (gear.).
1% June 1 Holders of rec. May 15a
Prefererred (quar.)
B
(qu.)
$1.25
&
corn.
June 1 Holders Of rec. May 9a
cam.
Tobacco,
American
3666
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Date Inclusive.
Miscellaneous (Continued).
Amer.Smelting &Refg.,pref..(qua:.)
1 ft June 1 Holders of roe. May Sc
8% second preferred (guar.)
134 June 1 Holders of roe. May 80
•25c. Juno 15 *Holders of rec. May 15
American Yvette. corn.(No. 1)
37)40 May 18 Holders of reo. Apr. 114
Anaconda Copper Mining (guar.)
1 June 1 Holders of rec. May 15a
15,
Artloom Corp., pref. ((puar.)
134 June 1 Holders of ree. May 8a
Associated Dry Goods. let pref.(altar.).
15( June 1 Holders of rec. May 80
Second preferred (guar.)
Atlantic Gulf & W.I. 5.5,Lines,Pf.(qn.) 13( June 30 Holders of roe. June 10,
134 Sept.30 Holders of tee. Sept. 10e
Preferred (qua:.)
11( Doe. 30 Holders of reo. Dec. 10e
Preferred (guar.)
Atlantic Securities Corp., pref.(quer.).- 75o. June 1 Holders of tee. May 15
$1 June 10 Holders of tee. May 290
Atlas Powder, corn.(guar.)
•25c. June 1 *Holders of tee. May 18
Atlas Stores Corp., corn. (quar.)
134 July 1 Holders of tee. June 200
Babcock & Wilcox Co.(guar.)
•75c. June 27 *Holders of reo. June 16
Balaban & Katz Corp., corn.(guar.)•45.1 June 27 *Holders of ten. June 18
Preferred (gum.)
Bamberger (L.) & Co., 614% pref. (qu.) 134 June 1 Holders of rec. May 130
•100. May 20 Holders of tee. Apr. 30
Bandini Petroleum (monthly)
Bankers Investment Trust of America•150. June 30 *Holders of rec June 15
Debenture stock (liner.)
•15o. Sept.30 *Holders of tee. Sept.15
Debenture stook (guar.)
•15a. Dec. 31 *Holders of rec. Dee. 15
Debenture stook (qua:.)
•50o. June 1 *Holders of rec. May 15
Bastian-Blessing Co. (guar-)
•25o. June 1 *Holders of rec. May 30
Beaton dr Caldwell Mfg.(monthly)
*250. July 1 *Holders of rec. June 30
Monthly
750. July 1 Holders of tee. June 120
Beech-Nut Packing, corn.(guar.)
15( June 15 Holders of rec. May 30
Belding Corticelll, Ltd., pref.(qua?.)
$1 Aug. 15 Holders of rec. July 180
Bethlehem Steel, corn.(quar.)
IN July 1 Holders of rec. June 5a
Preferred (quar.)
Bliss (E. W.) Co.
July 1 Holders of tee. June 20
12
Common(Payable In common stook)
Oat. 1 Holders of roe. Sept. 20
Common(payable In common stock)... f2
15 *Holders of reo. Aug. 10
Aug.
*3714c
Bloch Bros. Tobacco, corn.(qua:.)
'3734e Nov. 16 *Holders of roe. Nov. 10
Common (quar.)
•1}.i
*Holders of tee. June 24
30
June
Preferred (qua?.)
'134 Sept.30 *Holders of tee. Sept. 24
Preferred (guar.)
*114 Dec. 3 *Holders of roe. Dec. 24
Preferred (guar.)
Blue Ridge Corp.Holders of ree. May 5
Convertible pref. (set. 1929) (gum.). k75c. June
Holders of rec. May 150
750 June
Borden Company.corn.(quar.)
*Holders of rec. May 15
Boston Ground Rent Trust (quar.).... •50e. June
*Holders of rec. May 15
•25o. June
Bower Roller Bearing (guar.)
*Holders of ref. May 15
Brach (E. J.) & Sons. common (guar.).- 1.50e. June
*Holders of roe. May 20
91 June
Brennan Packing elan A (gum)
n1 Sept. *Holders of reo. Aug. 20
Class A (guar.)
*Holders of roe. Nov.20
Dec.
•21
Clam A (guar.)
*Holders of recs. May 20
•250. June
Class B (guar.)
*Holders of tee. Aug. 20
Sept.
*250
Class B (quar.)
*Holders of reo. Nov. 20
•250 Deo.
Class B (Oiler.)
*Holders of roe. May 19
'134 June
Brill Corporation, pref. (qua:.)
British Match Corp.May 2 *Holders of rec. May 5
Amer. dep. rcts, for ord. reg. share - ozo4
Holders of tee. May 1
90. June
British Type Investors. Inc. A (bl-mthly)
Holders of ree.May I5a
June
150.
Brown Fence & Wire,class B (quar.)-Holders of rec. May 150
600. June
Preferred A (qua?.)
Holders of rec. May 20a
June
750.
Shoe,
Brown
common (guar.)
June 1 Holders of tea. Apr. 27
$1
Buckeye Pipe Line (guar.)
Holders of rec. May 15a
8714c June
Bulova Watch, pref.(qua:.)
*Holders of tee. June lb
•81 July
Burger Bros., 8% pref. (qua:.)
*Holders of tee. June 15
July
8% preferred (guar.)
'Holders of rec. Sept. 15
Oct.
*SI
8% preferred (quar.)
5 Holders of tee. May Ila
Burroughs Adding Machine (guar.).- 25e. June
*V 34e July 1 *Holders of roe. June 15
Cal. Ital Corp..7% pref.(No. 1)
500. June 15 Holders of tee. May 29s
California Packing (guar.)
250. June 1 Holders of rea. May 16a
Campbell, Wyant & Cannon Fdy.(go.).
40e. June 1 Holders of rec. May 15
Canada Vinegars (qua:,)
June 15 Holders of rec. May 31
$1
Canada Wire & Cable, class A (qua:.)
Sept. 15 Holders of reo. Aug. 31
$1
Class A (guar.)
Dec. 15 Holders of tee. Nov.80
$1
Class A (guar.)
433ic June 15 Holders of rec. May 31
Clam B (guar.)
440. May 30 Holders of rec. May 15
Canadian Car & Fdy.. ord.(gust.)
of roe. May 15
Canadian Int. Invest. Tr.5% Pt (qu.).. 134 June 1 Holders of
tee. June 20
July 1 Holders
2
Canadian 011, preferred (guar.)
roe. May 16
of
Holders
1
June
500.
Carman & Co., class A (guar.)
June 20
roe.
of
*Holders
1
July
•1 Si
Carnation Co., pref.(quar.)
•154 Oct. 1 *Holders of tee. Sept. 20
Preferred (qua:.)
tee. 1)00. 21
of
*Holders
2'32
Jan
•14(
Preferred (guar.)
75e. May 29 Holders of too. May:15a
Caterpillar Tractor(qua:.)
150 Aug. It Holders of tee. Aug. 8
Centrifugal Pipe (guar.)
150 Nov. If Holders of rec. Nov. 8
Quarterly
Oct. 21
2
Century Co
June 1 Holders of rec. May 200
14f
Century Ribbon Mills, pref. (gear.)--.
May 1
Chartered Investors, Inc.$5 pf.(guar.). 011.25 June 1 *Holders of rec. June
20
•15.4 July 1 "Holders of reo.
Chatham Mfg.7% pref.(quar.)
rec.
of
*Holders
SePt.20
1
Oct.
*1 Si
7% preferred (qua:.)
•134 July 1 *Holders of tee. June 20
6% preferred (qua:.)
*114 Oct. 1 *Holders of tee. Sept.20
6% Preferred (qua:.)
250. June 1 Holders of tee. May 20s
Chicago Yellow Cab (monthly)
60c. June 10 Holders of tee. May 250
Childs Company,common (guar.)
154 June 10 Holders of no. May 250
Preferred (qua?.)
fra
Chile Copper Co.(guar.)
37340 June 29 Holders of reo. June
•35c. Aug. 15 *Holders of tee. Aug. I
Churngold Corp.(guar.)
Quarterly
•35c. Nov. If *Holders of rec. Nov. 1
Cincinnati Advertising Products (guar.) •75o. July 1 *Holders of rec. June 20
•75o. Oct, I *Holders of tee. Sept.19
Quarterly
Quarterly
*750. Jan 1'32 *Holders of rea. Dee. 19
ea
scot. 15 *Holders of reo. Sept. 1
Cincinnati Land Shares
•1(4
June It *Flolders of rec. June 1
Cincinnati Rubber Mfg.. 6% pref.(qu.)
•134 gent.15 'Holders of ree. Sept. 1
6% preferred (guar.)
•134
Dec. 15 *Holders of too. Dee. 1
6% Preferred (guar.)
Cities Service, common(monthly)
2340. June 1 Holders of tee. May 15a
Corn. (payable In corn. stk.)(mthly) 134 June 1 Holders of rec. May 15a
50. June I Holders of rec. May 154
Preference B (monthly)
150
Preferred and pref. BB (monthly)
500. June 1 Holders of ree. May
May 15
Co.
Ice
1 June I *Holders of rec.
,
•13
(Kansas City). pref.(qu.)._
City
150
May
rec.
of
Holders
900. May 30
City Ice & Fuel, common (qua?.)
May 15a
614% preferred (qua:.)
154 June 1 Holders of tee.
tee.
30
June
of
*Holders
15
July
•25e.
City Union Corp., corn.(guar.)
•25c. Oct. 15 *Holders of rec. Sept. 30
Common (guar.)
•250. Jan 151) *Holders of rec. Dec. 31
Common (quar.)
Holders of rec. May 15a
75e. June
Cleveland Quarries (qua:.)
3
25o. July 15 Holders of roe. July 5
Coca Cola Bottling (quarterly)
Holders of roe. Oct
15
Oct
Quarterly
25.3
19a
May
rec.
of
13‘ June 1 Holders
Collins dr Aikman Corp., pref.(quar.).
May 25 Holders of rec. May 11 a
Colorado Fuel de Iron. preferred (qum.)- 2
750. June 2 Holders of rec. May 10a
Columbia Pictures. pref. (quar.)
500. June 1 Holders of rec. May 15a
Columbus Auto Parts, pref.(guar.)
3 Holders of rec. June 10a
250.
Comm ercial Solvents,corn.(quar.)
Commonwealth Utilities, pref. C (qu.)._ $ 1.625 May 29 Holders of rec. May 20
June 1 *Holders of roe. Apr. 30
*4
Conservative Credit System, prig
Consolidated Cigar Corp.. pref.(guar.)- It' June I Holders of rec. May 15a
750. June 1 Holders of rec. May 15
Continental Chicago Corp.. pref.(qu.) _
60c. June 18 Holders of rec. May 290
Crown Cork & Seal, common (quar.)
680. June 15 Holders of rec. May 2I1a
Preferred (gum)
Crown Zellerbach Corp.. M. A & B (qu.) *750. June 1 *Holders of rec. May 13
Crum & Forster Ins. Shares*250. May 29 *Holders of roe. May 19
Common A dr 13 (quar.)
*25e. May 29 *Holders of rec. May 19
Common A & B (extra)
•134
May 29 *Holders of rec. May 19
Preferred (guar.)
June 30 Holders of rec. June 20
2
Crum & Forster, pref. guar.)
Aug 3 orrolders of reo Aug :4
*3
Cru ruien-M art n fa
50c. June 15 Holders of rec. May 29
Cumberland Pipe Line (quar.)
1
'134 June 15 *Holders of rec. June 20a
Cuneo Press, preferred (Qua:.)
33 1-3o June 2 Holders of rec. May
Curtis Publishing common (mthly.)
$1.75 July 1 Holders of rec. June 200
Preferred (guar.)
,Holders of rec. May 15
June I'
Cushman's Sons, Inc., corn. (quar,).... •21
1 June 1 Holders of rec. May 15a
13,
7% preferred (guar.)
June 1 Holders of rec. May 15a
2
$8 preferred (qua?.)
Davidson Co., pref. (quar.)
•1S4 July 1 *Holders of ref). June 20
Preferred (guar.)
•13i Oct. 1 'Holders of tee. Sept.20
4,134 Jan 112'Holders of reo. Dee. 20
Preferred (guar.)
[Vol.. 132.
FINANCIAL CHRONICLE
Manse of Compass.
WW1
Per
Cent. Payabis
Boas Clew.
Days laslostss.
Miscellaneous (Continued).
Decker (Alfred) & Cohn, pref. (gust.)
•134 June 1 *Holders of tee. May 20
•lti Sept. 1 *Holders of roe. Aug. 20
Preferred (guar.)
21.50 July 1 Holders of rec. June 15a
Deere & Co., old common (quar.)
300. July 1 Holders of rec. June 15a
New common (guar.)
Old preferred (guar.)
$1.75 June 1 Holders of rec. May 15a
350. June 1 Holders of rec. May 15a
New preferred (guar.)
20c. June 1 Holders of rec. May 15
De Forest-Crosby Radio (extra)
July I *Holders of rec. June 20
*el
Denver Union Stock Yards (qua?.)
•35e. June 1 *Holders of rec. May 15
Dexter Company (guar.)
Dictaphone Corp., common (gust.).... •50e. June I *Holders of roe. May 15
June 1 *Holders of tee. May 15
Preferred (guar.)
*2
25e. July 1 Holders of roe. June 20
Distributors Group, Inc. (guar.)
30o. June 1 Holders of tea May 16
Dr. Pepper Co.. common (qua:,)
30e Sept. 1 Holders of tee. Aug. 15
Common (guar.)
300. Dee. I Holders of roe. Nov. 15
Common (quar.)
June 1 Holders of rec. May 156
Drug, Incorporated (qua?.)
$1
Eastern Theatres, Ltd., corn,(gust.)... 50c. June 1 Holders of roe. Apr. 30
Eastern Ut11. Invest.. $7 prof.(guar.). $1.75 June 1 Holders of ree. Apr. 30
$1.50 June 1 Holders of tee. Apr. 30
$6 preferred (quar.)
$1.25 July 1 Holders of rec. May 29
$5 Prior pref. (luer.)
June 1 Holders of roe. May 5
41.50
Electric Shareholdings,$6 pref.(quar.) Elliott Adding Mach., 2nd pref. (guar.) '154 June 1 *Holders of rec. May 26
Employers Group Associates (gust.).... *250. June 15 *Holders of rec. June 1
June 1 *Holders of roe. May 20
Faber. Coe de Gregg. common
'Si
'134 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
Nov. 1 *Holders of tee. Oct. 20
•134
Preferred (guar.)
el% Febl'32 *Hold, of rec. Jan. 20'32
Preferred (guar.)
Fairbanks Morse & Co., Prof.(guar.)... 134 June 1 Holders of tee. May 12a
6214e July 1 June 16 to June 17
Faultless Rubber, corn. (quar.)
Finance Service Co.,(Balt.)A & B (guar.) 200. June 1 Holders of rea. May 15
1734o June 1 Holders of rec. May 15
(quar.)
Preferred
114 June 1 Holders of rec. May 15a
Firestone Tire & Rubber. pref.(quar.)
First Security Corp.(Ogden) A & B(qu.) •50e. July 1 *Holders of roe. June 20
Fits Simons & Connell Dredge & Dock*50e. June 1 *Holders of roe. May 21
Common (guar.)
3710 June 1 Holders of rec. May 150
Florshelm Shoe, class A (gust.)
18540 June 1 Holders of rec. May 15
Class B (guar.)
6% preferred (qua:.)
114 July 1 Holders of too. June lea
•$1.50 June 15 *Holders of rec. May 30
Follansbee Bros. Co., pref.(guar.)
*200 June 15 'Holders of rec. June 10
Food Machinery, OA% pref.(mthly.)
"500. July II *Holders of tee. July 10
634% preferred (monthly)
•50e. Aug 15 *Holders of too. Aug. 10
614% preferred (monthly)
*500. Sept. 15 *Holders of rec. Sept. 10
64% Preferred (monthly)
60e. June 20 Holders of tee. May 29
Ford Motor of Canada, class A & B
750. June 1 Holders of reo. May 154
Freeport Texas Co.(guar.)
Garland Mercantile Laundry (guar,)... *8714c June 1 *Holders of tee. May 15
Quarterly
*8754c!Sept. I "Holders of ree. Aug. 15
•8734c Dec. 1 *Holders of rec. Nov.18
Quarterly.
Gates Rubber, pref.(guar.(
•$1.75 June 1 'Holders of rec. May 15
750.1June 15 Holders of rec. June la
General Asphalt. corn. (qua:.)
154 1June 1 Holders of roe. May 22a
General Cigar. Inc.. pref. (guar.)
*75o. June 12 *Holders of roe. May lea
General Motors Corp., corn.(quar.)
Preferred (qua?,)
*$1.2.51Autt. I 'Holders of rec. July ea
May 25 Holders of ree. May lla
General Refractories (guar.)
$1
•650. July 1 *Holders of reo. June 20
Gibson An Co., common qua?.)
•65e. Oct. 1 *Holders of roe. Sept. 19
Common (guar.)
*65o. Janl'32 "Holders of ree. Dec. 19
Common (qua?.)
Globe-Democrat Publishing, Pref.(qu.)- 134 June I Holders of rec. May 20
•250. July 1 *Holders of rec. June 20
Globe Grain & Milling corn.(gnat.)
•4334c July 1 *Holders of tee. June 20
First preferred (guar.)
•50o. July 1 *Holders of roe. June 20
Second preferred (guar.)
•35e. July 25 *Holders of rec. July 7
Globe Knitting Works, prof
•40e. June 10 *Holders of roe. May 31
Golden Cycle Corp. (quar.)
Goodyear Tire & Rubber, 1st pt.(qu.)- 154 July 1 Holders of tee. Juno 1a
Gorham Manufacturing, cont. (go.).... 50e. June I Holders of ree. May 15
*1214o June 30 *Holders of roe. June 20
Grand Rapids Varnish (qua:.)
75e. June 1 Hoidens of roe. May 180
Grand Union Co., pref. (guar.)
25e, July 1 Holders of roe. June 12a
Grant(W. T.) Co.(guar.)
*400. July 31
Grant Lunch Corp.. corn
*20o. June 30 "Holden' of tee. June 29
8% preferred (guar.)
*20o. Sept.30 *Holders of roe. Sept.30
8% preferred (qua:.)
8% preferred (guar.)
•20e. Dec. 3 *Holders of roe. Dec. 15
*$1.50 June 1 *Holders of tee. May 8
Great All. & Par. Tea, corn.(qu.)
First preferred (quar.)
8154 June I 'Holders of rec. May 8
*300. Aug. 1 *Holders of roe. Aug. 1
Greenway Corp.. corn
•300. Aug. 1 *Holders of rec. Aug. 1
B
Common
*51.50 Aug. 1 *Holders of roe. Aug. 1
Participating preferred
•50c. Aug. 1 *Holders of too. Aug. 1
Participating preferred (extra)
*50o. June 1 *Holders of rec. May 20
Gruen Watch,corn.(gust.)
'134 Aug. 1 *Holders of rec. July 29
Preferred (guar.)
•250. June 1 *Holders of tee. May 15
Hale Bros. Stores ((tusk.)
Hamilton Watch,common (monthly)... 150. May 29 Holders of tee. May 9a
134 June 1 Holders of rec. May 9a
Preferred (quar.)
$1.75 June 20 Holders of rec. June 50
Hanna (M. A.) Co.. Pref.(gum)
.June 1 Holders of roe. May 22a
Harbison-Walker Retrao.. corn.(guar.)114 My 20 Holders of rea. July 100
Preferred (guar.)
*250. June 1 *Holders of roe. May 16
Hart-Carter Co.. Prof.(911$1%)
May 29 *Holders of rec. May 14
el
Hart, Schaffner & Marx, oom.(gust.)
Aug. 8 *Holders of rec. Aug. 15
•1
Common (guar.)
Nov.80 *Holders of roe. Nov. 14
*1
Common (guar.)
500. May 3 Holders of tee. May 154
Hawaiian Pineapple (gust.)
*Holders of tea. June 20
July
•2
Hewitt Bros. Soap, pref. (guar.)
*Holders of roe. Sept. 20
Oct.
•2
Preferred (guar.)
*Holders of rec. Dec. 20
Janl
•2
Preferred (guar.)
Mar. 20
Hibbard Spencer Bartlett & Co.(mthly.) 250. May 2 Holders of roe. May
22
250. May 2 Holders of rect.
Monthly
19
June
roe.
of
Holders
2
June
250.
Monthly
May 22 to Juno 1
June
2
Higble Company, 24 prof. igultra
Holders of roc. May 15
500. June
Hires(Chas. E.) Co.corn. (guar.).
*Holders of rec. May 18
•132340 June
Hobart Manufacturing. corn. (guar.)
50. May 20 Holders of tee. May 6
Hollinger Consol. Gold Mines(mthly.).
*Holders of rec. May 11
June
*450.
Holt(Henry) & Co., class A (guar.)
Holders of rec. May 11
Horn & Harden(N.Y.) pref.(guar.).- 134 June
'Holders of rec. June 20
*1*4 July
Howes Bros., 7% preferred (qua?.)
*Holders of rec. Sept. 20
•154 Oct.
7% preferred (guar.)
7% preferred (guar.)
'154 Dee. 3 *Holders of rec. Dec. 20
*Holders of rec. June 20
•114 July
6% preferred (quar.)
*Holders of tee. Sept. 20
•114 Oct.
6% preferred (guar.)
of reo. Dee, 20
"Holders
3
Dec.
'1)4
5% Preferred (quar.)
•30e. July 1 *Holders of roe. July
Illinois Brick (quar.)
•300. Oct. 1 *Holders of tee. Oct. 3
Quarterly
May 16 to May'80
1234c June
Imperial Oil, Ltd. reg.stock (quar.)Holders of coupon No.29
'12340 June
Coupon stock (qua:.)
*Solders of tee. June 20
•$1.75 July
Imperial Sugar. $7 Prof.(gum.)
*Holders of reo. Sept.20
•$1.75 Oct.
$7 Preferred (guar.)
•$1.75 Janl'32 *Holders of too. Dee. 20
$7 preferred (guar.)
*Holden
1
Oct.
of rec. Sept.21
*234
Incorporated Investors (stock dividend)
*Holders of tee. May 1
Industrial & Power Securities (gust,)... •250 June
•25e. Sept. *Holders of roe. Aug. I
Quarterly
*Holders of too. Nov. 1
*25c. Dee.
Quarterly
Holders of rot. May 96
June
Ingersoll-Rand Co., corn. (guar.)
$1
Holders of rec. May 150
June
Inland Steel (guar.)
6214c
Holders of roe. May 70
International Harvester, pref. (quar.).. If( June
Holders of rec. May 20
International Milling,7% let pref.(qu.) 134 June
Holders of rec. May 20
6% first preferred (guar.)
114 June
15c Juno 3 Holders of rec. June la
Internat. Nickel of Can., corn.(qu.)___.
Internal Petroleum, reg. stock (gust.).. 25o June 1 June 1 to June 15
25c June 1 Holders of coup. No. 29
Coupon stock (guar.)
Holders of rec. May 14a
Internat. Safety Bator, class A (qua?.). 600 June
Holders of roc. May 140
500 June
Class B (quar.)
Internat. Securities Corp. of AmericaHolders of rec. May 15
30e. June
Common A (guar.)
Holders of rec. May 15
154 June
614% preferred (quar.)
Holders of tee. May 15
114 Juno
6% preferred (guar.)
of rco. May 15
*Holders
June
050e.
International Shoe, pref. (monthly).....
*Holders of reo. May 15
•400. June
lion Fireman Mfg. (quar,)
*Holders of rec. June 20
Ivanhoe Foods, Inc., $3.50 pref. (qu.) •87540 July
Jantsen Knitting Mills, Prof.(gust.).... •51.75 June ,'Holders of tee. May 25
July 1 Holders of rec. July 1
$1
Jewel Tea, Inc.. corn. (quar.)
*Holders of rec. May 13
Jones & Laughlin Steel. coin. (gust,)... "50e. June
Holders of rec. June 120
1% July
Preferred (guar.)
MAY 16 1931.]
Name of Conaway.
3667
FLNANCIAL CHRONICLE
When
Per
Cera. Parable.
Books Closed.
Dayt Inclusive.
Noose of Company.
Per
When
Cent. Payable.
Books Close.
Days inclusive.
Miscellaneous (Continued).
Miscellaneous (Cosittnuort).
Ohio Oil, com.-Dividend omitted.
Kalamazoo Vegetable Parchment(MO-- *15o. June 30 *Holders of ree. June 20
is134 June 15 *Holders of rec. May 16
Preferred
(guar.)
Sept.30
*Holders
of
rea.
Sept.
19
•15c.
Quarterly
•200. May 20 *Holders of rec. May 9
Onomea Sugar (monthly)
*15o. Dec. 31 *Holders of rec. Dec. 21
Quarterly
July....
Ontario Tobacco Plantations. pref.(all) 1
*750. July 1 *Holders of rec. June 20
Kemper-Thomas Co.. Oom. (quar.)
Oct.
1
Preferred
Oct.
1
*Holders
of
rec.
Sept.20
(quarterly)
•75o.
Common (guar.)
1
Jan.'32
Preferred (quarterly)
*750. J'n 1'32 *Holders of reo. Deo. 20
Common (guar.)
June 1 *Holders of rec. May 22
•50c.
Oshkosh
Overall.
pref.
(quar.)
June
*lee
1
'Holders
of
roe.
May
20
(guar.)
Preferred
1 Holders of rec. June 15
14
July
preferred
(qua:.)....
Owens
Illinois
Glass
Sept. I *Holders of rec. Aug. 20
Preferred (guar.)
100. June 12 Holders of coo. May 154
•1,i Dec. 1 *Holders of rec. Nov.20
Packard Motor Car, corn. (quar.)
Preferred (guar.)
June 27 Holders of rec. June 17
$1
corn.
(guar.)
Paraffhm
Ina.,
Cos..
June
I
Holders
of
rec.
May
100
1%
Kendall Company, pref. A ((Mar.)
•750. May 20 Holders of rec. May 10
Parker Rustproof Co., corn. (quar.)
•25o. July I *Holders of roe. June 20
Klein (D. Emil) Co.. corn. (guar.)
•350. May 20 *Holders of rec. May 10
Preferred (guar.)
Knudsen Creamery, class A & B ((Mara '37)4° May 20 *Holders of rec. Apr. 30
50c. June 1 May 16 to May 31
(guar.).
Co.,
corn.
Patterson-Sargent
June
*Holders
of
coo.
May
15
'134
Bobacker Stores, Inc.. pref.((Mara
250. June
Holders of reo. May 9a Peabody Engineering, pref. (quer.).--- '19' June 30 *Holders of rec. June 30
Kroger Grocery & Baking, corn.(guar.).
*14e Sept.30 *Holders of reo. Sept .20
Preferred
(guar.)
•1%
July
*Holders
of
rec.
June
20
First preferred (quar.)
•154 Dec. 31 *Holders of rec. Dec. 30
Preferred (guar.)
*Holders of rec. July 21
"9' Aug.
Second preferred (guar.)
Ponder(D)Grocery Co.,class A (guar.). '8754c June I *Holders of rec. May 20
June
Holders of ree. May 16
Lake of the Woods Milling. Pref.(guar.)
June 1 *Holders of rec. Apr. 30
•62540
Pennsylvania
Investing
al.
A
((Mara...
June
30
*Holders
of
rec.
June
18
•$1
Land Title Bldg. Corp.. Philo.
25e. June 1 Holders of rec. May 150
750. Aug. 1 Holders of rec. Aug. 6
Petroleum Corp. of America
Landis Machine. common (guar.)
•50o. July 10 *Holders of coo. June 30
Phoenix Finance Corp.. Prof.(qua?.)
750. Nov.15 Holders of rec. Nov. o
Common (guar.)
'500.001. 10 *Holders of rec. Sept.30
Preferred (quar.)
*lei June 15 *Holders of roe. June 5
Preferred (guar.)
•500. Jn10'32 *Holders of rec. Dee. 31
•1ej Sept.15 *Holders of roe. Sept. 6
Preferred (quar.)
Preferred (guar.)
lee June 1 Holders of rec. May 18a
sem
prof.
(qua'.)
Phoenix
Hosiery,
1st
&
Dec.
15
*Holders
2d
of
roe.
Dec.
Preferred (guar.)750. Jene 1 Holders of rec. May 25
pref
Corp.,
Phoenix Securities
19( May 29 Holders of rec. May 19
Lanston Monot7De Machine.
50e. June 1 Holders of rec. May 16
Photo Engravers & Electro ((Plan)
250. May 29 Holders of rec. May 19
(quar.)Ext
250. June 1 Holders of rec. May 90
eg
(qu.)
class
A
July
1
Motor
Car.
*Holders
of
rec.
June
24
Pierce-Arrow
Lams dr Bro. Co., preferred (Mlara...13.4 June 1 Holders of roe. May 90
Oct. 1 *Holders of reo. Sept.23
Preferred (quar.)
*2
Preferred (guar.)
50e. June 1 Holders of ree. May 156
Pillsbury Flour Mills, cons.(guar.)
Legere(P. T.) Co.. Ltd.. Pref.(guar.).- 154 June 1 Holders of rec. May 15
250. June 1 Holders of ree. May 15
Lehigh Coal & Navigation,corn.(guar.). 30o May 29 Holders of rec. Apr. 300 Pines Winterfront Co., corn.(guar.).- *50c.
July 1 *Holders of roe. June 10
Lehigh Portland Cement. pref. (guara - 154 July 1 Holders of rec. June 13a Pittsburgh Plate Glass, corn.(qua?.)
June 1 Holders of roe. May 90
154
June
1
Holders
of
rec.
pref.
(quar.)
75e
May
Pittsburgh
Steel,
15a
Lehn dr Fink Products (guar.)
June 1 *Holders of rec. May 15
•37540
June 1 Holders of rec. May 156 Poor & Co., class A (guar.)
Liggett & Myers Tob.com.&com.B (au.) $1
*lee July 1 *Holders of rec. June 15
Powdrell & Alexander. prof. (guara
250 June 1 Holders of rec. May 15
.
Lindsay (C. W.) & Co., corn.(guar.)15 Holders of rec. June 30
July
(in
/214
stk.)
(guar.)
corn.
Royalty,
June
1
Producers
lee
Holders of rec. May 15
Preferred (guar.)
750. June 1 Holders of rec. May 15a
•150 May 16 *Holders of roe. May 9
Purity Bakeries (guar.)
Lindsay Light, corn.(guar.)
May 2 *Holders of coo. May 2
•134
(guar.)
May
16
pref.
•50
*Holders
Quaker
Oats,
of
reo.
May
9
Common (extra)
600 June 1 May 16 to May 31
Radio Corp.of Amer., pref. A (gust.)... 87540 July 1 Holders of rec. June la
Link Belt Co.. corn.(guar.)
$1.25 July 1 Holders of rec. June la
Preferred (D)(quar.)
Loblaw Groceterias. Ltd., A & B (guar.) 200 June 1 Holders of rec. May 126
May
30
*Holders
of
rec.
*670
May
30
Railway Equip. & Realty. pref.(guar.). *37Mc June 1 *Holders of rec. May 1
Lock Joint Pipe Co.,corn.(mthly.)
*50o. June 1 *Holders of rec. June 1
*660 June 30 *Holders of rec. June 30
Rapid Electrotype (guar.)
Common (monthly)
*Holders of rec. May 15
•$2
Real Silk Hosiery MillsCommon (extra)
July 1 Holders of rec. June 190
234
stook).
corn.
July 1 *Holders of rec. July 1
•2
Corn.(guar.)(payable In
Preferred (guar.)
130
Oct. 1 *Holders of reo. Oct. 1
*2
Corn.(Guar.)(Payable in corn. stook)_ 254 Oct. I Holders of coo. Sept.
Preferred (guar.)
1'32 Holders of roc. Dec. 18a
Jan
234
stria).
cam.
Dee.
31
In
*2
*Holders
of
rec.
(payable
Dec.
31
Corn.
(quar.)
Preferred (guar.)
Oct.
1
Holders
of
rec.
15
750.
Oce.
Republic Supply Co. (guar.)
London Canadian Invest., Pref. (guar.) 19' June 1 Holders of rec. May 15
600. June 1 Holders of rec. May 150
134 June 1 Holders of reo. May 165 Reynolds Metals (qua:.)
Lord Or Taylor, lot pref. (guar.)
June
15
*Holders
of
rec.
June
30
'15.4
(qua:.)
June
1
Holders
$2.50
of
roe.
May 9
Rich's. Inc., 634% Pref.
Ludlow Mfg. Associates(qu.)
of rec. May 15
•19' July 1 *Holders of reo. June 20
Rolland Paper, Ltd.,6% prof. (qua?.)... 15-4 June 1 Holders
Lunkenheimer Co.. pref. (quar.)
25e. June 20 June 10 to June 21
•14 Oct. 1 *Holders 9f rec. Sept..21
St. Joseph Lead Co.(guar-)
Preferred (guar.)
11
to Sept.21
Sept.
25o.
Seed.
21
Jan
1'32
*Holders of rec. Dec. 22
'19'
Quarterly
Preferred (guar.)
250. Dec. 21 Doe. 11 to Dec. 21
Quarterly
Magnin (I.)& Co.,6% prof.(quer.)---- '154 Aug. 15 *Holder, of ree. Aug. 5
*Holders
of
rec. Aug. 15
1
sob
Sept.
dividend
stock
Nov.
15
'154
*Holders
Paper,
of
reo.
Nov.
5
Pulp
&
(guar.)
Saranac
6% preferred
50c. June 1 Holders of rec. May 150
*30e. June 1 *Holders of rec. May 4
Savage Arms, corn. (guar.)
Managed Investments
•134 Aug. 15 *Holders of rec. Aug. 1
250. June 1 Holders of roe. May 15a
Manhattan Shirt, common (guar.).Second preferred (guar.)
May 16
Manischewits(B) Co., coin.(guar.).- *6254e June 1 *Holders of roe. May 20
Second Inv. Corp.of R.I., pr. pref.(MO *750. June 1 *Holders of rec.
4.134 June 1 *Holders of rec. May le
•lee July 1 *Holders of rec. June 20
Preferred (guar.)
Preferred (guar.)
750. June 1 Holders of rec. May 15
Secord (Laura) Candy Shops(quar.)
Marathon Razor Blade. Ina.(monthly). *8540 June 15 *Holders of rec. June 1
Sept. lb 'Holders ol reo Sept I
•$1
is354e July 15 *Holders of rec. July 1
Sheaffer (W A.) Pen Co.. common
Monthly
*2
July 20 *Holders of reo. June 30
*3140 Aug. 15 *Holders of nes. Aug. 1
Monthly
Preferred (guar.)
Oct. 20 *Holders of rec. Sept .30
*
2
Sept
.15
*Holders
of
rec.
Sept.
1
Monthly
*314o
Preferred (guar.)
134 June 1 Holders of rec. May 15
'3340. Oct. 15 *Holders of rec. Oct. 1
Monthly
Sherwin-Willlams Co., prof.
Monthly
*334o Nov.15 *Holders of roe. Nov.
Sherwin Williams Co. of Canada.. 40e. June 90 Holders of rec. June 15
Monthly
stlio Dec. 15 *Holders of roe. Dec. 1
Common (guar.)
lee June 30 Holders of rec. June lb
Marshall Field & Co. (guar.)
62340 June 1 Holders of rec. May 15a
Preferred (guar.)
5)4 May 29 Holders of rec. May 15
May Department Stores, corn.(guar.).- 6234c June 1 Holders of rec. May 15a Shippers' Car Line Corp..pref.(quar.)
134 June 1 Holders of rec. May 180
Common (guar.)
6214c Sept. 1 Holders of rec. Aug. 15a Simon (Franklin)& Co., pref.(gear.)
62540 June 1 Holders of rec. May 20
McColl Frontenac Oil, corn.(guar.).15e. June 15 Holders of rec. May 15
Simon(H.)& Sons, Ltd., corn.(guar.)
1.1.4 June 1 Holders of rec. May 20
McCrory Stores Corp.,com.&com.B(gu.) 500. June 1 Holders of rec. May 206
Preferred (guar.)
of rec. June 15
McIntyre Porcupine Mines (guar.)
25e. June 1 Holders of rec. May in Sorg (Paul A.) Paper Co., pref.(quae.)- .1.34 July 1 *Holders
500. June 1 Holders of rec. May 15
McW1111ams Dredging (guar.)
Southern Pipe Line(guar.)
•8740 June 1 *Holders of rec. May 15
Holders
of rec. June 300
15
July
Mead Corporation, pref. (quar.)
*31.50 June 1 *Holders of rec. May 21
Spalding (A. 0.) & Bros., corn. (guar.) 50o. June 1 Holders of rec. May lea
lee
Mengel Company. pref.(gum.)
lei June 1 Holders of rec. May 150
First preferred (guar.)
roe. May 16
Holders
of
1
June
$2
July 1 Holders of roe. June 17
2
Merck Corp.. preferred (guar.)
Second preferred (quar.)
1 Holders of rec. June 15a
(Mara 154 July I
Merritt, Chapman & Scott. pref. (guar.) •lee June 1 *Holders of rec. May 15
Sparer, Chalfant & Co.. Inc., et(
Holders of rec. May 15a
June
15e
(quar.)
pref.
2nd
814c
June
1
Spear & Co., let &
Metal Textile Corp., partici. pref.(qua Holders of rec. May 20
1 *Holders of rec. June 20
Standard Coosa Thatcher. cool.(quar.)- *50c. July
Metropolitan Paving Brick, corn.(qua:.) 50c. June 1 May le to May 31
'
134 July 15 *Holders of rec. July 15
134 July 1 June 16 to June 30
Preferred (guar-)
Preferred (guar.)
Holders of rec. May 16a
June
16
6214c.
May
1
•15c.
*Holders of rec. May 5
Standard Oil of Calif. (guar.)
Meyer-illanke (quar.)
*5013. June 15 *Holders of rec. May 16
Mickelberry's Food ProductsStandard 011 (Indiana) (guar.)
20 May 29 to June 20
June
50c.
Aug.
15
(guar.)
(Nebraska)
etock)...
el234
*Holders
of
rec.
Aug.
Oil
oom.
1
Standard
Common (payable in
25c. June 15 Holders of rec. May 16
Standard 011(N.J.),$25 Par(guar.)
Common (payable In corn. dock).- */214 Nov. 16 *Holders of reo. Nov, 2
25c. June 15 Holders of rec. May 16
•3
July
*Holders of ree. June 20
Midland Grocery, pref
525 par stock (extra)
June 15 Holders of rec. May 16
1
Aug.
*Holders
of
rec. July 20
Minnesota Valley Can. pref.(guar.).- *131
$100 par stock Mara
June 15 Holders of rec. May 16
1
*134 Nov. 1 *Holders of rec. Oct. 20
$100 par stock (extra)
Preferred (guar.)
40c
June 15 Holders of rec. May 80
(guar.)
Febl
'32
*Holders
of
rec.
York
*lei
Jan.
2032
New
(guar.)
.Standard Oil,
Preferred
75c
July 1 Holders of rec. June 15
(qu.)
A
Standard Steel Construe., pref.
Mississippi Valley CUL Invest.,10.(9u.) $1.75 June 1 Holders of rec. May 15
750. June 1 Holders of rec. May 156
•$1.76 June 1 *Holders of rec. May 21
Sterling Securities Corp., 1st pf. (qu.)
Missouri Utilities Co.. Prof. (quar.)
June
1 Holders of rec. May 150
30c.
May
30
250.
Holden
of
rec.
Apr.
30
Mohawk Mining
Preferred (qua:.)
•43440 June 80 *Holders of res. June 15
Stix Baer dr Fuller. prof.(Var.)
Montgomery Ward & Co., class A (r1n.)- •51.75 July 1 *Holders of reo. June 20
•4354o Sept.30 *Holders of re0. Sent.15
Morrison Brass Corp., Ltd., pref. (qu.) 8755c. June 1 Holders of roe. May 15
Preferred (guar.)
*4.354e Deo. 31 *Holders of reo. Dec. 15
50c. June 1 Holders of rec. May lea
Munsingwear Corp., corn.(qua?.)
Preferred (guar.)
*1.30 June 1 *Holders of rec. May 15
500. Sept. 1 Holders of rec. Aug. 140 Stonega Coke & Coal (guar.)
Common (qua:.)
(qu.)
'154 June 1 *Holders of rec. May 15
A
pref.
Dee.
1
Holders
50c
of
Clothier,
6%
rec.
Nov.
lea
Strawbridge &
Common (guar.)
IM June 1 Holders of rec. May 20
Stromberg-Carlson Tel. Mfg.. com.(1111.) *25c. Juno 1 *Holders of rec. May 15
Muskogee Company, pref. (quar.)
'154 June 1 *Holders of reo. May 15
*lee June 1 *Holders of rec. May 9
Preferred (quar.)
National Baking Corp., pref. (quar.)
300. June 1 Holders of rec. May lia
700. July 15 Holders of reo. June 19a Studebaker Corp., common (guar.)
National Biscuit, cam.(quar.)
ee May 29 Holders of coo. May 15a
lee June 1 Holders of rec. May 90
Preferred (quar.)
Preferred ((Mara .
25o. June 15 Holders of rec. May 25a
July
1
650.
Holders
of
rec.
June
(guar.)
Products,
corn.
(quar.)-3a
Bun Oil, corn.
National Dairy
134 June 1 Holders of rec. May ha
`01,4 July 1 *Holders of reo. June 3
Preferred A & B (guar.)
Preferred (quar.)
of rec. May 20
June 10 *Holders of rec. May 31
Thompson Products. Inc.. pref.(quar.)_ *lee June 1 *Holders
National Industrial Loan Corp.(mtbly.)- *el
134 June 1 Holders of rec. May 20a
*50. July 10 *Holders of reo. June 30
Timken-Detroit Axle. prof.
Monthly
rec. May 200
of
Holders
June
750.
5
134 June 15 Holders of ree. May 29a Timken Roller Bearing (qua:.)
National Lead, pref. A (guar.)
154 June 1 Holders of rec. May 21
50e. June 10 Holders of roe. May 29a Truscon Steel, pref. (guar.)
National Steel Corp.(quar.)
rec.
July la
Holders
of
16
400.
July
June
1
*Holders
of
roe. May 20
Ulen dr Co., corn. (guar.)
Neiman-Marcus Co., Prof. (guar.)
334 July I Holders of rec. June 20
"34 Sept. I *Holders of rec. Aug. 20
Preferred (guar.)
Preferred
rec.
May lea
•1%
Holders
of
1
40o.
June
Dec.
1
*Holders
of
reo.
(qua?.)
Nov.
20
Preferred (guar.)
Union Tank Car Co.
2
Aug. 15 Holders of roe. Aug. to United Amer. Utilities, class A ((Ma-- •3234e June 1 'Holders of roe. May 9
Neptune Meter, pref.(guar.)
2
34 June 1 Holders of rec. May 161
Nov.15 Holders of roe. Nov. Is United Biscuit of Amer.(guar.)
Preferred (guar.)
•75e. June 1 *Holders of rec. May 16
'134 June 1 *Holders of reo. May 15
United Chemicals,$3 prof.(guar.)
Newberry (J. J.) Co., pref. (quar.)
Holders of rec. July 100
New England Grain Prod.United Clear Stores of Amer., pref.(qu.) 134 Aug. I Holders of rec. Oct. 9a
Aug. 1 *Holders of rea. July 14
154 Nov. 2
Corn.(1-100 share in pref. A stook)
Preferred (qua:.)
of reo. July 15a
Holders
1
Feb112
*Hold,
Aug.
of rec. Jan. 14'32
600.
Com.(1-100 share in pref. A stook)
United Piece Dye Works,corn.(quar.)-411.75 July 1 *Holders of reo. June 20
500. Nov. 1 Holders of reo. Oct. 15a
$7 Preferred (guar.)
Common (quest.)
of reo. June 20a
1
Holders
134
July
*51.75
Oot.
1
*Holders
of
roe.
Sept.
20
$7 Preferred (guar.)
Preferred (guar.)
111.75 Jan212 *Holders of reo. Dec. 20
Oct. 1 Holders of rec. Sept. 19a
$7 preferred (quar.)
Preferred (guar.)
*11.50 July 1 *Holders of rec. July 1
154 Jan1'32 Holders or rec. Dee. 19a
Preferred A (guar.)
Preferred (guar.)
41.50 Oct. 1 *Holders of reo. Oct. 1
June 15 Holders of roe. May 290
Preferred A (quar.)
$1
United Stores Corp.. pref.(guar.)
411.50 Ja 15'3 *Hold. of roe. Jan. 2'32
•250. July 1 *Holders of rec. June 1
Preferred A (qua?.)
U. S. Capital, class A (quar.)
25c. June
Holders of rec. May 23a U. S. Playing Card (quar.)
Newport Company, corn (quar.)
•62540 July 1 *Holders of rec. June 20
The. June 1 Holders of rec. May 23a U. B. Realty & Impt.(guar.)
50o. June 15 Holders of roe. May lea
Class A convertible stock (quar.)
60o. July 20 Holders of rec. June 30a
Nineteen Hundred Corp., al. A (qua?.).. *50e. Aug. 15 *Holders of roe. Aug. 1
United States Pipe & Fdy.. corn.((NJ
*50o. Nov.15 *Holders of rec. Nov. 1
Oct. 20 Holders of rec. Sept. 30a
50a.
Class A (guar.)
Common (guar.)
50o. J1120'82 Holders of rec. Doe. 31a
North Amer. Invest. Corp.,corn.(qua?.) *50o. May 20 *Holders of rec. Apr. 30
Common (quar.)
30e. July 20 Holders of rec. June 30a
North Amer Security, el. A (in stock).-- f5,4 June 1 Holders of reo. May 1
First preferred (guar.)
800. Oct. 20 Holders of roe. Sept.30a
Northam Warren Corp., pref.(quar.)-- •75c. June 1 *Holders of rec. May 15
First preferred (quar.)
80e. Jn20'32 Holders of roe. Dee. 31a
Northern Discount, pref. A (mthly.)_'682-30 June 1 *Holders of reo. May 15
First preferred Mara
•66 2-3c July 1 *Holders of rec. June 15
June 29 Holders of rec. June la
194
Preferred A (monthly)
(0111.)--.
Corp.,
corn.
United States Steel
•68 2-3c Aug. 1 *Holders of tee. July 15
lee May 29 Holders of rec. May 2a
Preferred A (monthly)
Preferred (guar.)
$2.75 June 1 Holders of rec. May 15
•682-Sc Sept. 1 *Holders of rec. Aug. 15
Preferred A (monthly)
priority stook
Corp.,
Equities
Utility
•662-3c Oct. 1 *Holders of roe. Sept.15
Holders of rec. Apr. 30
Preferred A (monthly)
Utility & Industrial Corp.. pref.(quar.) 37340 May 20 Holders
• 662-3c Nov. 1 *Holders of rec. Oct. 15
of rec. May 29
50c. June 20
Preferred A (monthly)
Vacuum Oil (guar.)
•66 2-3c Dec. 1 *Holders of roe. Nov.15
*Holders
of roe. June 1
June
1
•
114
Preferred A (monthly)
Vapor Car Heating. Pref. (War-)
*Holders
of
rec. Sept, 1
silye
682-3c
Jain
•
'82
Sept. 10
*Holders of ree. Dec. 15
Preferred A (monthly)
Preferred (guar.)
slee Dec. 1 *Holders of coo. Dee. 1
June 1 *Holders of rec. May 15
Preferred 0(monthly)
Preferred (guar.)
*Holders
of
July
1
rec. June 15
•
250.
*1
July 1 *Holders of ree. June 15
Preferred 0(monthly)
Vogt Mfg. (guar.)
•1
1
July 20 Holders of ree. July 70
Aug. 1 *Holders of ree. July 15
Preferred 0(monthly)
Vulcan Detinning, common (guar.)
•1
Holders
of
rec. July Ta
lee
July
20
Sept. 1 *Holden of nee Aug. 15
Preferred C (monthly)
Preferred (guar.)
•1
*6043. May 2 *Holders of rec. May 20
Oot. 1 *Holders of ree. Sept.15
Preferred C (monthly)
Walalua Agricultural (guar.)
•500. June 1 *Holders of rec. May 15
Nov. 1 *Holders of roe. Oct. 15
Preferred 0(monthly)
Want & Bond,Inc.. class A (guar.)
*50o. July 1 *Holders of tee. June 22
Dec. 1 *Holders of rec. Nov. 15
Preferred 0 (monthly)
Waltham Watch.6% prof. (guar.)
•500. Oct. 1 *Holders of rec. Sept.21
*1
J'n 112 *Holders of reo. Dec. 16
5% preferred (quar.)
Preferred 0(monthly)
154
3668
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Warner Brae. Pictures, Inc., pref. (gu.)- 96Sic June 1 Holders of rec. May its
Wayne Pump, pref.(guar.)
'8714 C June 1 *Holders of rec. May 20
Weber Showcase & Fixture, 1st pt.(gu.). •50e. June 1 *Holders of rec. May 15
Welch Grape Juice, corn.(guar.)
25e. May 29 Holders of rec. Slay 15
Common (extra)
25e. May 29 Holders ot rec. May 15
Preferred (guar.)
1 ;,‘ May 29 Holders of rec. May 15
Wesson Oil &Snowdrift Co.,Inc.,pf.(gu.) $1
June 1 Holders of rec. May 15a
West Va.Pulp & Paper,6% pref.(au)
135 Aug. 15 Holders of rec. Aug. 1
6% Preferred (guar.)
135 Nov. 16 Holders of rec. Nov. 2
Westvaco Chlorine Prod., corn.(guar.)
500. June 1 Holders of rec. May 15a
Western Dairy Products, pref. A (gu.) •51.50 June 1 *Holders of rec. May 11
Western Exploration (guar.)
.2)4e June 20
White (J. G.) & Co., Inc., pref. (guar.) 114 June 1 Holders of rec. May 15
White Motor Co., common (guar.)____
25e. June 30 Holders of rec. June 12a
White Motor Secur. Corp., pref.
191 June 30 Holders of rec. June 12
Will & Hamner Candle. pref. (guar.) _
July 1 Holders of rec. June 15
2
\Vitiated 'foolery, coin. (guar.)
•2 Si Aug. 1 *Fielders of reo. July 15
Common (guar.)
*2 Si Nov. 1 *Holders of rec. Oct. 15
Woolf Bros., Inc., 7% pref. (quar.)
Cl 91 June 1 *Holders of rec. May 20
Woolworth (F. W.) Co., corn.(quar.)
60c. June 1 Holders of rec. Apr. 205
Wrigley (Wm.)J.Co.(monthly)
50e. June 1 Holders of roe. May 20a
Monthly
25c July I Holders of rec. June 200
Wurlitzer (Rudolph). Prof. (guar.)
_ *I li July 1 'Holders of roe. June 20
Zinke Renewing 8 hoe Corp., com.'(qu.)_ •1 140. July 2'Holders of rec. June 15
Common (guar.)
•1 140. Oct. 2'Holders of rec. Sept. 5
Preferred (guar.)
.30. July 2 *Holders of rec. Jima 15
Preferred (guar.)
•30. Oct. 2 *Holders of rect. Sept. 15
•From unofficial sources. t The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
1 The New York Curb Exchange Association has ruled that stock will not be Quoted
ex-dlvidend on this date and not until further notice.
a Transfer books not closed for this dividend.
b Western Continental Utilities corn. A dividend is payable in cash unless stockholder notifies company within ten days of stock of record date of his desire to
take stock-1-40th share class A stook.
d Correction. a Payable in stock.
1 Payable in common stock. g Payable in scrip. h On account of accumulated
eividends. J Payable In preferred stock.
f Electric Shareholdings preferred dividend is optional-51.50 cash or 44-1,000th
share common stock.
jPayable In Class A stock at rate of one-fortieth share.
I Blue Ridge Corp., pref. dividend Is payable In common stock at rate of 1-32nd
share unless holder notifies company on or before May 15 of his desire to take
cash, 75c. per share.
1 Dividends on common A & 13 stocks will be applied to the purchase of corn. A
stock at the rate of $5 per share unless written notice is given prior to June 10 of
the stockholders' desire to take cash.
m Dividend is 37.651 francs less deduction for expenses of depositary.
o Central States Electric Corp. convertible pref. dividends are as follows: Optional
series, 1928, $1.50 cash or three-thirty-seconds share common stock; optional
series 1929,$1.50 cash or three sixty-fourths share common stock.
1:1 American Cities Power & Light CI3439 A dividend will be paid in class B stock
at rate of 1-328 share, unless holder notifies company by April 14 of his desire to
take cash. 75c.: class B dividend is payable in class B stock.
r Payable to holders of coupon No. 10 of series IV or coupon No. 6 of series V.
I Central Public Service Corp. class A dividend is payable in class A stock at
ate of 1-40th share for each share held.
to Lees deduction for expenses of depositary.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. aro now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $181,951,000
to the net demand deposits and $106,920,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MAY 9 1931
Clearing house
Members.
Bank of N. Y.& Tr. Co.
Bk.of Manhattan Tr.Co
Bank of Amer.Nat.Ass'is
National City Bank___Chem. Ilk. & Trust Co__
Guaranty Trust Co
Chat.Ph. N. BIL&Tr.Co
Cent. Ilan. Ilk.& Tr. Co
Corn Each. Bk. Tr. Co
First National Bank
Irving Trust Co
Continental Ilk.&Tr.Co_
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust Co.._
Marine Midland Tr. Co.
Lawyers' Trust Co
New York Trust Co
.-.lomil Nat. Bk. de Tr. Co
lard/non Nat. Bk.& Tr.
?ublie N.B.de Tr. Co_ _ _
danufacturers Trust Co.
• Capital.
*Surplus and
Undivided
Profits.
Na Demand
Deposits,
Arerage.
Time
Deposits.
Arerage.
5
6,000,000
22,250,000
36,775,300
110.000,000
21,000,000
90,000,000
16,200,000
21,000,000
15,000.000
10,000.000
50,000,000
6,000,000
148.000,000
500,000
25,000,000
10,000.000
10,000,000
3,000.000
12.500,000
7,000,000
2,000,000
8.250,000
27,500,000
5
$
65,606,000
14,368,800
268,442,000
54,517,900
136.246,000
33,423,200
114,744,200 a1,003,840,000
237,524,000
43.709,800
208,063,600 6951,830,000
155,604,000
16,528.000
409,710,000
88,207,800
32,579,200
185.190,000
264,415,000
115,830,900
392,656,000
85,285,400
12,879,000
11,341,90(1
210,812,700 1,359,042,000
27.167,000
3.897,100
87,395.200 d430,670,000
36,868,000
24,988,800
44,682,000
9,551,400
16,770,000
4,526,500
173.168,000
36,051,800
46.097,000
10.013,800
27,388,000
2,042,200
41,441,000
13,805,400
140,513,000
23,947,700
$
14,945,000
55,868,000
47,091,000
213,409,000
29,155,000
154.386,000
33.943.000
89.440,000
37,733,000
31,158,000
51,956.000
1,019.000
202,263,000
3,099,000
81.945,000
2,036,000
8,212.000
3,100,000
53,862.000
5,859,000
6,277,000
35,882,01)0
71,038,000
600,000
2,743,000
5,292,000
nearing Non-Member.
deals. Tr. Co., Bayonne
TAfAlia
(Vox. 182.
FINANCIAL CHRONICLE
909,700
etS,2 575•/nn 1 ,17 1150110 A 4111 491 1100 1 23S 973 000
• As per official reports: National. March 25 1931 State, March 25 1931; trust
companies. March 25 1931.
des deposits in foreign branches as follows: (a) $282,538,000: (b) $121,0.000;(c) $123,627,000;(d) 556,683,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending May 8:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, MAY 8 1031
NATIONAL AND STATE BANKS—Average Figures.
. Dep. Other
OtherCash Iles.
G7088
Including N. Y. and Banks arid
Poll. Bk.Notes. Elsewhere. Trust Cos. Deposit,.
--Manhattan—
$
$
$
$
1,195,800
446,600
Bryant Park ilk. 1,590,300 37,300
80,400
Grace National_ _ 19,744,629 1,400
74,173 1,898,934 1,938,579 18,910,683
Brooklyn—
575,000 7,111,700
Brooklyn Nat'l__
590,900
9.597,900 19,100 155,500
97,000 6,990,000
491,000
Peoples Nat'l___
6,920,000 5,000 114,000
Loans,
Disc. and
Invest.
TRUST COMPANIES—Average Figures.
Loans,
Disc. and
108t8i.
Cash.
Re.s. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Manhattan—
230,700
Bank of Europe & Tr 13,630,400
692,900
Empire
83,472,000 *4,464.200 6,843,900
Federation
101,504 1,022,244
15,827,923
Fulton
316,000
20,637.400 *2,422,600
United States
71,208,072 4,183,333 14.580,729
Brooklyn—
Brooklyn
116,599,000 2,443,000 34,342,000
Kings County
29,800.008 2,295,023 4,442,183
Bayonne, N.
935.586
Mechanics
233,032
8,335,539
Gross
Deposits.
12,699,900
2,958,200 81,975,900
255,324 15,419,671
114,400 18,970,290
60,405,990
2,241,000 134,250,000
29,874,742
307,872
8.410,860
• Includes amount with Federal Reserve Bank as followa: Empire, 53,002.400:
Fulton, $2,232,600.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS,
Week Ended
May 13
1031.
Changes from
Previous
Week.
Week Ended
May 6
1931.
Week Ended
April 29
1931.
94,075,000
94,075,000
Capital
94,075,000 Unchanged
97,216,000
97,216,000
Surplus and profits
17,216,000 Unchanged
Loans, dtse'ts dt invest'ts_ 1,01.4,784,000 —13,879,000 1,028,663.000 1,033,429.000
617.033020
621,740,000
—8,511.000
Individual deposits
613,229.000
Due to banks
151,656.000 —7,824,000 139,480,000 158,418.000
Time deposits
276,499,000 —1.402,000 277,901,000 280,460,000
23,532,000
16,248,000
United States deposits_
11,700,000 —4,546,000
19,452.000
24,079,000
16,074,000 —8,005,000
Exchanges for Chi. House
Due from other banks
109,737,000 —5,114,000 114,851,000 113,283,000
82,360,000
81,866,000
81,226,000 —1,134,000
Ree've in legal deposit'lee
6,820,000
5,714,000
+381,000
6,095,000
Cash in bank
2,806,000
3.436,000
—519,000
Reeve in excess inF.R.11k
2,917,000
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not mombors of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
May 9
1031.
Changesfrom
Precious
Week,
Week Ended
Mai, 2
1931.
IVeek Ended
Apr. 25
1931.
5
Capital
83,202.000
83,202,000
83,202,000 Unchanged
Surplus and profits
258,551.000
258,561,000 258,561,000 Unchanged
Loans, discte, and invest_ 1,532,237,000 1,644,269,000 —12,032,000 1,558,247,000
Exch for Clearing House
29,168,000
33,116.000 —2,782,000
30,334,000
Due from banks
141,615,000 130,345.000 +11,270,000 134,161.000
+4,595,000 250,414,000
Bank deposits
241,479,000 236.884.000
Individual
775,117,000 783.608,000 —8,491,000 793.813,000
+2,835,000 429 699 000
depositTm
depoelt
439.080,000 436,245.000
Total deposits
1,455,676,000 1,456.737,000 —1,061,000t1,473,926.000
—618,000 122,975,000
Reserve with F. R. Bank
121,924,000 122,542,000
3669
FINANCIAL CHRONICLE
MAY 1'6 19311
Weekly Return of the Federal Reserve Board.
afternoon, May 14, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday
first table we present the results for the System
the
In
Wednesday.
on
of
close
business
the
at
banks
Reserve
of the twelve
for the seven preceding weeks and with those of the corresponding week last year.
as a whole in comparison with the figures
of the twelve banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each
Reserve notes between the Comptroller and
Federal
in
gives
details
transactions
regarding
following)
table
Accounts (third
The Reserve Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks.
latest week appears on page 3631, being the first item in
our
department of "Current Events and Discussions."
CLOSE OF BUSINESS MAY 13 1931.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT TIIE
May 14 1930.
May 13 1931. May 6 1931. Apr. 29 1931. Ayr. 22 1931. Apr. 15 1931. Apr. 81931. Apr. 1 1931. Mar.25 1931.
$
.s
:
$
$
$
s
3
$
RESOURCES.
1.725,124,000 1.729,624,000 1,640.814,000
1,757,864,000 1,774,714.000 1,782,314,000 1.782,614,000 1,760,114,000 1,733,114,000
DolCwith Federal Reserve agents
40,722,000
32,672,000
32.648,000
32,849,000
32.529.000 ,32,529.000
32,529.000
32.624,000
32,623,000
Sold redemption fund with U. S. Tress_
1,765.962.000 1,757.772.000 1.762,296,000 1,681.536,000
1,792.643,000
1,815,143,000
1,814.843,000
1,807.338,000
000
1,790.487,
notes
R.
F.
Gold held exclusively east.
597,981,000
604,223,000 578,498,000 553,543,000 537.493,000 523,304.000 540.763,000 508.973,000 504,271,000
Dold settlement fund with F. R.13oard
815,899,000 786,441,000 806,323,000 790.187,000 825,911.000 824,296.000 848.452.000 859.801.000 794,565,000
Bold and gold certificates held by banks_
3.074,082,000
3,210,609,000 3,172.277,000 3,174,709,000 3,162,823,000 3,141,858.000 3.131,021,000 3.115,202,000 3,126.368.000 174,177.000
Total gold reserves
178,275,000 172,704,000 177,359,000 183.527,000 176,015,000 177,992.000 180,003,000 183.894,000
Reserves other than gold
00 3,310,262.000 3,284,259,000
3,388.884,000 3.344.981.000 3,352.068,000 3,346,350,000 3,317,873,000 3,309,013.000 3.295.210,0
Total reserves
66,349,090
74,333,000
73,954,000
78,100,000
76,178.000
71,461,000
68.033.000
72,118,000
70,673,000
Non-reserve cash
83,543,000
Me discounted:
61,950.000
57,747.000
45,700,000
10,336.000
48,832,000
44,415,000
58.297,000
61.468.000
Secured by U. S. Govt. obligations_
96,880,000 105,883,000 103,475,000 126,943,000
91,668,000
00,835,000
96,072,000
93,683,000
91.905,000
Other bills diseounted
165,425,000 210,486,000
144,904.000 150.202,000 155,151,000 135,250,000 132,004,000 142,585,000 163.630.000
Total bills discounted
83,272,000 171,035,000
153,108,000 193.869,000 169,765,000 151,611.000 131,479,000 171,729.000 166,622,000
Bills bought In open market
U. B. Government securities:
52,431,000
66.633,000
06,600,000
66.719,000
65.722,000
65,711,000
59,015,000
60,457,000
59,080.000
Bonds
63,227,000 193,816,000
63.226,000
59.225,000
52,229.000
52,228,000
52,232.000
52,229,000
52,227,000
Treasury notes
480,684,000 472.711,000 468,537,000 468.698,000 281.655,000
480.586,000
487.171,000
487,044,000
485,620,000
bills
CertLfleates and
—
527,902.000
598.414.000 598,351,000 598,306,000 598,529,000 598,635,000 598,655,000 599,363.000 598.558,000
Total U. S. Government securities
10,600,000
1,118,000
1.100,000
350,000
Other securittes (see note)
920,023,000
847.255,000
928,618.000
912,969.000
897,544,000 943,522,000 923,572.000 885,390.000 862.118.000
Total bills and seturities (5ee note)
712,000
710,000
707,000
097,000
697.000
697,000
698,000
697,000
697,000
Due from foreign banks (see 001e)
18,654,000
14.959,000
13,609,000
14,383,000
15.981.000
15,478,000
16.159,000
15,202,000
15,302.000
Federal Reserve notes of other hanks
475,629,000 501,567,000 464,466,000 705,492,000
698,488,000
542,396,000
523,411,000
191,987,000
469,010,000
items
Uncollected
58,580,000
68,323,000
58,338,000
58,364,000
68,417,000
58,424,000
58,482.000
58,420.000
58.420,000
Bank premise,
12,369,000
16,546,000
17.617.000
17.287,000
16.963,000
18,760,000
16.741,000
18.351,000
17,102.000
All other resourcee
4,993,703,000 4,941,197,000 4,006,844,000 4.919,280.000 4.946.715.000 4,866.442,000 4,889,616,000 4,786.854.000 5,030,438,000
1,141.715,000 1,464,897,000
1,528,310,000 1.510,783,000 1.527,740,000 1.520,511,000 1.515.716,000 1,505,143.000 1.407,811.000
2.357,011,000 2,379,360,000
2,420,793,000 2,417,734,000 2,407.529,000 2.379.785,000 2,356,415.000 2.388.700,000 2,391.814,000
12,837,000
51,404,000
29.140.000
29.884,000
18,859,000
36,200.000
24,716,000
29,638,000
31,037,000
5,086,000
5,526,000
5.151.000
6,243,000
5,183,000
5,819.000
5.683.000
5,575.000
5,495,000
23,107,000
10.266.000
20,113,000
18,630,000
25,733,000
20,369,000
20,874,000
18,591,000
23,515,000
2.432,767,0002,420.830,000
2.483,181,000 2,471,540,000 2,402,840,000 2,435.792.000 2,406.190,000 2,442,507,000 2,440.218,000 454.585.000 674,399.000
Total deposits
522,909.000 469,628,000 457,272,000 498,113,000 500,027,000 400,439.000487,611,000
Deferred availability Items
168,894.000 174,154,000
168,825,000
168,713.000
168,453,000 168.590,000 168,612,000 168,690,000 168,738.000
Capital paid In
274.036.000 274.636,000 276,936.000
274,636,000 274,636.000 274,636,000 274.636.000 274,636,000 274.636.000
Surplus
14,257,000
19,222,000
14,515,000
15,004,000
15,408.000
15,744,000
15,544,000
16,020,000
16,214,000
All other liabilities
4,889.616.000 4.786.851,000 5,030,438,000
4,866.442,000
4.946,715,000
4
4,993,703,000
Total liabilities
4.041.197.0004.000,844,000 .919,286,000
Ratio of gold reserves to depositi and
79.1%
80.8%
79.1%
80.2%
80.1%
79.8%
79.0%
79.5%
80.0%
F, R. note liabilities combined
Betio of total reserves to deposits and
83.6%
85.4%
83.5%
83.8%
84.6%
84.5%
83.4%
84.0%
84.5%
F. R. note liabilities combined
Contingent liability on bills purchased
429,536.000 430,784.000 437,233,000 471,648.000
394,907,000 403.752.000 410.076,000 422.880,000 424,148,000
for foreign correspondents
Total resources
LIABILITIES.
F. It. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
Maturtly Distribution of 11111, and
Short-Term Securities—
1-15 days bills bought in open market.
1-15 days bills discounted
1-15 days U. S. certlf of indebtedness1-15 days municipal warrants
16-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. S. certlf.. of indebtedness16-30 days municipal warrants
31-60 days bills bought In open market._
31-60 days bills cliseounted
31-80 days U. 8. certif. of indebtedness
31-60 days municipal warrants
01-90 days bills bought in open market
61-90 days bills dbicounted
61-90 days U.S. certif. of indebtedness—
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
$
$
$
$
8
$
$
101.395,000
98,316,000
5,000,000
69,331.000
73,825.000
05.149,000
82,837.000
120,934,000
100,857,000
54,399.000
102,694.000
S
86,374,000
124,065,000
26,000,000
34,172,000
12,240,000
27,321.000
12,06.5.000
19,200.000
29,167,000
12,564,000
19,200,000
35,918,000
14,367,000
6,000.000
53,580.000
13,049,000
0,000.000
31,828.000
14,452.000
17,835,000
14,152.000
38,448.000
19,154,000
1,000
32,877,000
21,722,000
133,207,000
38,183,000
20.613.000
129.166.000
22,301,000
19,123,000
89.718,000
13.097,000
19,451,000
91,716,000
14,432,000
19,640.000
29,422,000
19,539,000
21,035,000
24,500,000
10,779,000
21,857.000
36,000.000
9,666,000
22.426,000
36,000.000
36,375,000
30,082,000
49,642,000
8,584,000
11,929,000
30,850,000
15,680,000
11,655.000
30,850,000
18,440,000
13,143,000
45,300,000
13,800.000
12.333,000
40,300,000
11,661.000
12,291,000
122,794,000
3,223,000
13,665,000
134,726,000
2,891,000
14,744,000
120,216,000
1.245,000
14.236,000
113,718,000
9,417,000
16,254,000
48,355,000
237,000
13.956,000
303.914,000
18,000
338,000
13.095.000
307,828,000
308,000
12,504.000
326,404.000
108,000
12.069,000
324,370,000
139,000
11,881,000
23,468,000
238,000
11,699.000
307,485,000
190,000
11,720,000
312,321,000
127.000
11,917,000
318,980,000
421,000
20,931,000
157,4,57,000
105,496,000
92,593,000
19.200,000
38,598,000
13,926,000
FED. RESERVE NOTE STATEMENT.
F. It. notes received from Comptroller__
F.R. notes held by jr R. Agent
Issued to Federal Reserve Banks
3
95.439,000
78.833,000
5.000,000
74,812,000
83,371.000
19,200.000
3.071,992.000
1,271.117,000
1,800,875,000
1.931,945,000 1,910,192.000 1,932,278,000 1,939,247,000 1.929,937,000 1,911,513,000 1,895,399,000 1,874,535,000
Collateral Held by .4 peril as Security for
Notes Issued to Rank—
616,884,000 610.434,000 612,034,000 620,134,000 620,134,000 623.134.000 623,144,000 618,144,000 402,108,000
BY gold and gold certificates
Gold redemption fund
1.111.480,000 1,238,706,000
1,140,980,000
1.164.280.000 1,170,280.000 1,162.480.000 1,139,980,000 1,109.980,000 1,101,080,000
Board
Reserve
Gold fund—Federal
276.238,000 311,017,000 300,969.000 261.546,000 254,107,000 299,262,000 301,556.000 239.742,000 367,661,000
By eligible paper
2,034,152.000 2,085,731,000 2.083.283.000 2.044 1000411 2 014 221.000 2.032.376,000 2,026,680.000 1.969,366.000 2,003,475,000
Total
held abroad and amounts cum to
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount o balances
Bank debentures, was changed to "Other
foreign correspondents. In addition, the caption,"All other earning assets." previously made up of Foreign intermediate Credit
of the total of the deldess-iption
accurate
to
earning
more
assets"
a
"Total
"Total
bills
as
and seOuritles." The latter item was adopted
securities... and the caption,
are the only items Included therein
eounte, acceptances and securities aequired under the provision of Sections 13 and 1401 the Federal Reserve Act which, it was stated,
BUSINESS MAY 13 1931
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACII OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Two Ciphers (00) ittntited.
Federal Reserve Bent of—
Total.
Boston.
$
$
RESOURCES.
Dolt! with Federal Reserve Agents 1,757,864,0 146,917,0
32,623,0 1,165.0
Bold redo fund with U.S. Treas.
Gold held excl. agst. F.it, notes 1,790,487,0 148,082,0
Gioldsettle't fund with FA.Board 604,223,0 33.608,0
Gold and gold Mts. held by banks.. 815,899,0 31,147.0
Total gold reserves
Reserve other than gold
3,210,609,0 212.837,0
178,275,0 15,807,0
New York.
Phila,
Kan.City. Dallas. SariNde.
Cleveland Richmond Atlanta. Chicago. S. Louis. Altnneap.
$
$
i
S
44.815,0 62,000,0 23,100,0 210,763,0
666,0 1,342,0 1,001,0 4,430,0
$
$
i
S
$
I
$
361.919,0 160,000,0 192 550 0 75 070 0 130 100 0 276 900,0 73,730,0
13,158,0 1,050,0 2,494:0
9
,0 '88:0 3 970,0 1,512,0
'78 :
7
375,077,0 161.050,0 195 044 0 75 857 0 131 088 0 280 870.0 75,242,0
224,253,0 64,0540 52
'
161'0 11.186'0 8'901.0 102,058,0 18,880,0
:96 ,0 79,604,0 11,030.0
635,368,0 25,955.0 651279,0
9
7
5,565,0
1,134,698,0 251,059,0 312 484 0 92 608 0 147 958 0 462,532,0 105,152,0
,14 :0 20,114,0 8,908.0
62,699,0 7,846,0 15,720,0
2
7 1,0
0:7
8
1
45,481,0 63,342,0 24,161,0 215.193,0
11,188,0 13,716.0 13,965,0 45.253,0
5.935,0 11,098,0 4,971,0 31,978,0
62,604,0 93,156,0 43.097,0 292,424,0
3,866,0 7,253,0 8,452,0 9.687,0
3.388.884,0 228.644,0 1,197,397,0 258,905,0 328,204,0 103 389 0 155.100,0 482,646.0 114,060.0 66,470,0 100,409,0 51,549.0 302,111,0
Total reserves
71,461.0 8,544,0
7,0 9,394,0 5.094,0 1,827,0 2,054,0 3.533.01 5,208,0
7
Non-reserve cash
3,919,03,9320 4,342,050
•
•
13111s discounted:
204.0 1,167.0
878.0
714,0
4,971,0 1,783,0
48.832,0
5,858,0
343.0
obligations
18,079,0
6,602.0 6 830 0 1 403 0
Sec. by U. B. Govt.
7,258,0 4,905,0 3,306,0 7.834.0 8,056.01 4,921,0
96,072.0 6,437,0
13,818,0 11.127,0 7;732,0
00 9, 98
6
; 11,980
Other bills discounted
8,712.0 8,260,0, 6.088,0
144,904,0 11,205,0
31,897,0 17.729,0
562 0 13 383 0 10,041,0 12,229,0 6,688,0 4,020,0
Total bills disoounted
8.989.0 19.441.0 9,232.0 6,002,0 9,453,0 5,570.0! 16,450.6
153,108,0 14,294.0
,
'430
14, .
45.512.0
106.0 130100
Bills bought in open market
[Vol.,. 132.
FINANCIAL CHRONICLE
3670
Two Ciphers (00) omitted.
RESOURCES (Concluded)U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. 8. Govt. seouritiesOther securities
Total bills and securities
Due from foreign banks
F. R.notes of other banks
Uncollected items
Bank premises
All other resources
Total.
Boston.
New York.
Phila.
S
$
s
s
Cleveland. Richmond Allergia. ChWyo. St. Louis. Mtnnsay. Kats.City. Dallas. SanFran.
$
:
$
s
s
$
s
$
$
59,015,0 1,202,0
52,228,0 1,502,0
487,171,0 43,478,0
319,0
379,0 10,192,0
520,0 1,325,0
308,0 20,590,0
666,0 7,502,0
989,0
15.023,0
623,0 10,545,0
490,0 3,875,0 1,972,0 3,976,0
600,0 1,110,0
11,380,0 4,606,0 11.549,0
118,767,0 43,757,0 50,623.0 28,168,0 16,733,0 58,566,0 20,800,0 17,451,0 32,291,0 18,409,0 38,128,0
598,414,0 46,182,0
1,118,0
145.170,0 49.352,0 62,692.0 29,983,0 20,916,0 81,128,0 25,442,0 25,553,0 33,780,0 29,224,0 48,992,0
1,100,0
18,0
897,544,0 71,771.0
52,0
698,0
215,0
15,478,0
542,396,0 62.626,0
58,482.0 3,458,0
463,0
18,760,0
223,679,0 67,187,0 95,270,0 43,409,0 39.946,0 112,798,0 41,362,0 35,593,0 51,945,0 43,054,0 71,530,0
47,0
21.0
20,0
28,0
71,0
16,0
69,0
231,0
24,0
94,0
25,0
341,0 1,343,0
773,0 1210,0 1,245.0
143.0
5,287,0
919,0 1,222,0
667,0
2,113,0
153,015,0 48,050,0 52,282,0 41.074,0 14,971,0 64,801,0 22,973,0 9,890,0 26,378,0 18,283,0 28.053,0
15,240,0 2,614,0 7,216,0 3,504,0 2,573,0 8,061,0 3,635.0 1,926,0 3,803,0 1,831,0 4,621,0
802,0
746,0
469,0
757,0
5,669,0 1,030,0 1.945,0 1,227,0 3,661,0
795,0 1,196,0
4,993,703,0 375,773,0 1,619,045,0 381,917,0 489,693,0 198,183,0 222,598,0 680,702,0 189,011,0 117,398,0 186,310,0 119,358,0 413,715,0
Total resources
LIABILITIES.
F. R. notes in actual circulation 1,528,310,0 137,226,0 258,383,0 140,179,0 187,510,0 75,047.0 129,659,0 222,032,0 73,366,0 48,066,0 63,745,0 27,682,0 165,415,0
Depoeits:
Member bank-reserve amount 2,420,793,0 140,488,0 1,034,815,0 151,072,0 201,367,0 63,241,0 68,421,0 330,669,0 72.744,0 48,138,0 82,255.0 57,149,0 180,434,0
18,883,0 * 1,142,0 1,867,0 1,606,0 1,264,0 2,209,0 1,379,0
797,0 1,654.0 1,822,0 2,174,0
36,200,0 1,403,0
Government
381,0
168,0
555,0
163.0
566,0
2,057,0
224,0
129,0
2020
421,0
1960
7570
5,819,0
Foreign bank
64,0 6,033.0
65,0
120,0 1.674,0
11,144,0
139,0
200,0
243,0
518,0
139,0
30,0
20,369,0
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,483,181,0
522,909,0
168,453,0
274,636,0
16,214,0
142,342,0 1,061899,0
62,533,0 143,196,0
65,408,0
11,838,0
80,575,0
21,299,0
4,584,0
535,0
152,889,0 205,474,0 65,210,0 60,026,0 334,153,0 74,562,0 49,264,0 84,137,0 59,203,0 189,022,0
44,573,0 50,727,0 39,245,0 14,664,0 62,4660 24.340M 9,077,0 25,005,0 18,524,0 28,559,0
16,776.0 15,748,0 5,720,0 5,227M 19,9180 4,829,0 3.016,0 4,239,0 4,297.0 11,437,0
27.065,0 28,971,0 12,114,0 10,857,0 39,936,0 10,562,0 7,144.0 8,702,0 8,936,0 18,475,0
807,0
716,0
482,0
435,0 1,362,0
847,0 2,165,0 2,197,0 1,352,0
831.0
4,993,703,0 375,773,0 1,619,045,0 381,917,0 489.693,0 198,183,0 222,598,0 680,702,0 189,011,0 117,398,0 186,310,0 119,358,0 413,715,0
Total liabilities
Memoranda.
85.2
59.3
88.3
67.9
83.5
90.4
73.7
68.3
81.8
86.8
77.1
81.8
84.5
Reserve ratio (per cent)
Contingent liability on bills purchased for foreign oorreepond'ts 394.907.0 29.679,0 129,383,0 39,176,0 39,967,0 15,829,0 14,246,0 53.421.0 13.850,0 9,101,0 11,476,0 11,871,0 26,908,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston.
New York,
Phila.
E
$
-
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R. bk. by F.R. Act. 1,934,945,0 164,006,0
Held by Federal Reserve hank_ 406.635,0 26,780,0
-
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay. ICan.City. Dallas.
$
$
$
$
$
$
$
$
salines'.
$
395,603,0 165,395,0 216,933,0 86,068,0 148.592,0 289,530,0 84.771,0 53.061,0 69,738,0 34,556,0 226,872,0
137,220,0 25,216,0 29,423,0 11,021,0 18,933,0 67,318,0 11,405,0 4,995,0 5,993,0 6,874,0 61,457,0
258,383,0 140,179,0 187,510,0 75,047,0 129,659,0 222,032,0 73,366,0 48,066,0 63,745.0 27,682,01165,415,0
1,528,310,0 137,226,0
In actual circulation
Collateral held by Agt.as security
for notes issued to bank:
616,884,0 32,300,0
Gold and gold certificates
1,140,980,0 114,617,0
Gold fund-F.R. Board
276,288,0 25,528,0
Eligible paper
351,919,0 38.700,0 12,550.0 10,070,0 9,400,0 73,900.0 13,930,0 6,815,0
7,300.01 60,000,0
10,000,0 121,300,0 180,000,0 65,000,0 120.700,0 203,000,0 59,800,0 38,000,0 62,000,0 15,800,1150,763,0
61,501,0 16,379,01 31,582,0 12,520,0 18,793,0 31.386,0 15,102,0 9,845,0 17,178,0 13,528,1 22,346,0
423 A20.0 176.379.0 224.132.0 87 500 0 140 Rol n wet
0 A/4 150 A179.14n
ORR
A
1181 2/9
A
54 000
n
70 77R
n
58628.0 233.109.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3632, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptanees of other banks and bills of exchange or drafts sold with endorsement, and Inelude all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans.
end some of the banks included mortgages in Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on
Reserve Is not any more subdivided to show the amount secured
U. S. obligations and those secured
securities being given. Furthermore, borrowing at the Federal
by commercial paper, only a lump total being given. The number of reporting banks 18 now omitted; In Its Place the number of cities included (then 101) was for a thus
given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank In the San Francisco district with loans and investments of $135,000,000 on Jan. 2 1929 which had then recently merged with a non-member bank. The figures are now given in round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 13 1931 (In millions of dollars).
_
Federal &MOM Magnet-
Total.
New York
Boston.'
Phila.
5
2,255
6,016
820
3,414
2,602
419
401
L0a08 and investments-total
$
1,476
Loans-total
14,922
1,009
7,036
7,886
405
604
7,846
467
3,008
3,970
3,876
209
258
1,565
1,443
96
14
868
520
13
100
148
1
877
68
6,327
1,788
37
169
1,303
7
94
12
815
399
16
112
256
2
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R.Bank
1,829
Cash in vault
229
Net demand deposits
13,608
Time depoeits
7,422
144
Government deposits
Due from banks
1,649
Due to banks
3,712
Borrowings from F. R. Bank
36
•Exclusive of figures for one bank in New York
Cleveland Richmond Atlanta, Chicago. St. Louis. Minneao. Kan.City. Dallas. SanFran,
5
1,380
$
9,024
$
22,768
5
$
663
365
636
447
$
1,986
2,284
441
232
371
302
1,231
1,112
1,172
176
265
58
174
103
268
88
214
333
898
183
1,035
222
133
265
145
755
98
87
574
461
70
152
62
71
115
150
90
55
384
371
40
9
309
229
15
82
118
1
264
36
1,789
1.377
12
285
533
4
49
8
386
252
3
93
143
27
5
206
152
2
83
92
53
11
449
206
3
191
223
1
34
7
284
148
8
106
122
1
109
18
731
1,074
10
188
250
12
641
$
576
$
3,319
1,399
424
393
652
747
160
264
116
277
560
856
217
240
320
465
391
100
117
144
25
1,109
1,015
11
142
392
3
42
16
335
262
14
98
122
4
$
3
3
City, closed Dee. 1.1. Last report Of bank showed loans and investments of about $190,000,000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 13 1931,
In comparison with the previous week and the corresponding date last year:
May 13 1931. May 6 1931. May 14 1930.
May 13 1931. May 6 1931. May 14 1930.
s
$
$
8
Resources (Concluded)$
Resources$
lold with Federal Reserve Agent
Gold redemp. fund with P.5,Treasury_
361,919.000
13,158,000
361,919.000
13,158.000
258,594,000
15,174,000
Gold held exclusively agst. F.R. notes
Gold settlement fund with F. R.Board.
Goldand gold certificates held by bank.
375,077.000
224,253.000
535,368,000
375,077.000
208,910,000
503.360,000
273,768,000
192,722,000
477,105,000
1,134.698.000 1.087.347,000
59,343.000
62,699.000
943,595,000
57,769,000
Total gold reserve
Reserves other than gold
Total resources
1,197,397,000 1,146,690,000 1,001,364,000
Total reserves
11,380,000
17,432,000
18,527,000
Non-reserve cash
Bills discounted16,494,000
15,520,000
18.079,000
Secured by U.S. Govt. obligations13,810,000
12.952,000
13,818,000
Other bills dismounted
Total bills discounted
Bills bought in open market
U.S. Government securitiesBonds
Treasury notes
Certificates and bills
Due from foreign banks (see note)
Federal Reserve notes of other banks_
Uncollected items
Bank premises
All other resources
31,897,000
45,512,000
28,472,000
72,871,000
15,023.000
11,380,000
118.767,000
15,023,000
11,380,000
133,767,000
229.000
4,046,000
127,497,000
15,240,000
5.336,000
234,000
5,727,000
200,448,000
15,664,000
4,312,000
1,619,045,000 1,579.083,000 1,491,203,000
LietriliffesFeell Reserve noted In actual circulation 258,383,000 269,307,000
Deposits-Member bank, reserve acct._ 1,034,815.000 1,018,009,000
18,883,000
7,592,000
Government
2,057.000
1,813,000
Foreign bank (see note)
11,144,000
13,542,000
Other deposits
165,213,000
972,566.000
2,469,000
1,927,000
11,307,000
1,066,899,000 1,040,956,000
143,196.000 118,246,000
65,408.000
65.498,000
80,575,000
80,575,000
4,501,000
4,584,000
988,269,000
181,661,000
69,766,000
80,001,000
6,293,000
Total deposits
30,304,000 Deferred availability items
35,307,000 Capital paid In
Surplus
12,807,000 All other liabilities
65,182,000
99,874,000
Total liabilities
177,863.000
8,600,000
231,000
5,287,000
153,015,000
15.240,000
5,669.000
1,619,045,000 1,579.083,000 1,491,203,000
Ratio Cl total reserve to deposit and
87.5%
90.4%
86.8%
Fed'I Reserve note liabilities combined
Contingent liability on bills purchased
131,874,000
129,383,000
252,074,000
154,557,000
for
foreign
correspondents
262.613,000
Total bills and securities (see note)....... 223,679,000
NOTE.-Beginning with the statement of Oct.7 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Cnsdlt Bank debentures was changed to "Other
The latter term was adopted as a more accurate description of the total of the discount,
securities," and the caption, "Total earning assets" to "Total bills and seouritles."
acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items included therein.
Total U.S. Government securities_
Other securities (see note)
145.170,000
1,100,000
160,170.000
1,100,000
MAY 16 1931.]
FINANCIAL CHRONICLE
3671
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty
Loan and Treasury certificates on the New York Stock Exchange. The transactions in registered bonds are given
Wall Street, Friday Night, May 15 1931.
Railroad and Miscellaneous Stocks.—The review of the in a footnote at the end of the tabulation.
Stock Market is given this week on page 3659.
Daily Record of U.S. Bond Prices. May 9 May 11 May 12 May 13 May 14 May 15
The following are sales made at the Stock Exchange this First Liberty LoanHigh 1024n 1021lir 102ust 10214ts 102"st 102"ss
334% bonds ot 1923-47—{Low- 1024st 102%, 102,on 102"st 102"st 102ust
week of shares not represented in our detailed list on the
(First 351)
Close 1024st 102uss 102"., 10244n 10244n 102",,
Total sales in $1,000 units- —
2
38
pages which follow:
8
11
40
83
Vaulters'
STOCKS.
Week Ended May 15.
Sales
for
Week.
azette.
Range for Week.
Lowest.
Range Since Jan. 1.
Highest.
Lowest. I Highest.
Railroads—
Par Shares. $ per share. $ per share. $ per share.$ pet share.
Canada Southern_ __1
40 60 May 11 60 May 11 60
Jan, 61
Feb
100 91 May 11 91 May 11 85
Caro Clinch & Ohio 10
Jan' 92
Feb
60 10051May 13 101%May 15; 98
Ctts stamped.- _ _10
Feb 102
Apr
Cuba RR pret
100
20 3551May 15 35%May 15' 35
Jan 44
Feb
IU Cent leased line_100
30 61%May 13 65 May 12, 6131 May; 78
Jan
1
200 95 May 15 955jMaY 13 95
Preferred
May 114
Feb
lot Rys of Cent Am..
Janl 1354 Mar
60 10 May 12 10 May 12 10
Manhat Elev guar_ _10
Market St Ry 2d p1-10
New On Tex & Mex.10
Northern Central.- -5
Rutland RR prat_ _ _10
South Ry M &0 Ws)
Wheel &Lake Erie P11
40 59 May
30 254May
13029434May
10 89%May
200 2551May
300 64 May
60 70 May
14 59 May
15 251May
14 100 May
12 8934MaY
15 26 May
13 65 May
11 70 May
14
15
111
12
14
13,
111
50%
251
9451
8551
2554
64
70
Apr, 61
May: 651
Stay 145
Feb' 89%
May 3151
May 78
Apr 94
13;
14:
9;
111
11
11
14.
11
30
55
1
14
8
76
68
49%
May
May
Jan
May
Jan
May
May
May
Feb
Feb
Feb
May
Feb
Jan
Jan
Indus. & Miscall.
Alleghany Steel
Alliance Realty
•
Amalgamated Leather *
Am Agile Chem (Del) *
Am Beet Sugar pf10
Amer Chain pret-100
American ice Drer--1
American News
Amer Water Works &
Electric ctts
•
Anchor Cap Corp pf—•
Arch Daniels Mid pf10
Austin Nichols prior A*
Austrian Cred Anstalt-
100, 30 May
101 55 May
100, 2 May
900; 14 May
101 951May
300, 76 May
2001 68 May
220, 49%May
11
14
9
15
11
1
15
11
1001 5551May
100,1 96 May
40 100 May
10 22 May
2001 27 May
9 55%May
14 90 May
12 100 May
12 22 May
15 4854May
9, 54
14 8951
12 100
12 20
11' 27
Apr 80%
Feb 99%
Stay 102
May 24%
May 51%
Feb
Star
Jan
Mar
Jan
Certain-Teed Products
100
let preferred
2'
Chile Copper
City Stores class A— -•
Colo Fuel & iron p1..10
Comm Inv Tr p1(7)10
Consol Cigar pi (7)-100
*
Consol Laundries
Crown Cork & Seal pt_*
Cuban Mullin Sugar_ _*
Cushm Sons pt(7%)100
Preferred($8)
•
1001 20 May
10 25 May
50, 15 May
10, 90 May
10 109 May
50 79 May
600 13%May
300 31 May
300
%May
120 108 May
20105 May
14 20 May
9 25 May
12 15 May
14 90 May
11 109 May
13 793jMay
14 13%May
15 3134May
13
%May
9 110 May
1 106 May
14 11
9 25
12 15
14 90
11 10851
14 6451
I/ 13
9' 31
34
13
12 100
14 95
Jan 25%
Apr 38
May 25
Ap 115
M 109
Ja 80
Ap 15%
May 34%
Ja
1.34
Ja 112
J 107
Mar
Feb
Feb
Feb
Apr
Apr
Mar
Feb
Jan
Mar
Mar
Devoe dr Rayn let p1100
Duplan Silk pret___100
Durham Hos M pt_ _100
Elk Horn Coal prat -50
Eng Pub Serv pre!(6)_.
FederalMln&Srn..1II
Food Mach'y Corp_•
Franklin Simon pret.10
Fuller Co 2d pret
*
140 101 May
100 105 May
20 21 May
20 2%May
300 92%May
100 45 May
400 27 May
180 7034May
40 55 May
12 102 May
12 105 May
11 21 May
12 234May
11 93 May
14 45 May
13 29 May
15 75 May
12 58 May
12 101
12 103
11 21
12 1%
14 9251
14 45
13 27
14 67
15 55
May 109
Feb 105
Ma 23
Apr 6
May 98
May 80
May 3151
M
75
May 65
Mar
Apr
Jan
Feb
Mar
Feb
Apr
Jan
Feb
General Flaking
5
General Print Ink.__.•
Preferred
Gen Ry Signal pref.1
Gold Dust pm!
Gotham Silk Hosiery p
ex-warrants
100
Grand Silver Sts pf _100
5.500 203-(May
55 173jMay
4 69 May
60 109 May
100 115 May
15 2151May
1 20 May
13 70 May
13 109 May
13 115 May
15 1751
13 1751
13 67
1310451
13 104
AP 2551
May 31
Fe 76
Jan 114
Jan 115
Apr
Mar
Jan
Mar
Mar
3451May
45 May
2 May
16 May
951May
78 May
70 May
50 May
70 71%May 14 71%May 14
200 70 May 14 70 May 14
1
Hackensack Wet pf A2
40 29 May 9 29 May 9
Hamilton Watch
170 353INlay 11 36 Stay 9,
•
HawallanPineapple__2
150 27 May 9 2934May 13
Houston 011 new..--25 7,900 851MaY 15 931MaF 9
Indian Mot'cycie p1_100
Internat Silver pret_100,
Kresge (5 8) Co 01-1001
1 15 May 13 .15
13 83%MaY 11 66
2 111 May 14 111
L-Wiles Bis let pt-100
1 120 May
Lorillard Co pref___100
9
9934May
McLellan Stores pret100
60 45 May
Norenda Mines
• 32,300 2251May
Outlet Co prat
100
Pac Tel & Tel pret_ _100
Panhandle Prod & Ref
Preferred
100
Peoples Drug Stor pfd.*
Phila Co 8% pfd new-*
Pierce-Arrow Co p1-100
Pitts Term Coal pfd 100
Proctor & Gamble 131100
Reo Motor Car ctts_10
52
70
46% Feb
60
May
Mar
2951 Feb
17% Jan
88
Jan
77% Jan
57% Feb
Jan 71% May
May 8534 Mar
26%
35
Ap
27
Ap
83*. Ja
30
Apr
41
Feb
42% Jan
14% Feb
May 13. 9 May 26
Feb
May 12, 6351 May 9034 Mar
May 14 107
Jan 111
Feb
14 121 May 14 118
Jan 12634 Jan
1 100%May WI 9051 Ja 101
Mar
15 50 May 12 45
May 6851 Mar
1 2451May 13 2151 Ap 29% May
ii 106%May 1 10651May 14 106
2'131 May 14 131 May 14 124
Fe 110
Mar
Ja 13134 Apr
30 15 May
50 9934May
411 10114May
6934Nfay
2
237 21 May
4 110 May
4%May
40
15 15 May
14 101 May
14 101%May
12 70 May
11 22 May
15 110%May
1
554MaY
15 10
9 96%
14 95%
12 63
9 21
1 107
13 451
M
20
Fe 103
Ja 10134
J
72%
May 28
Fe 112
May 8%
Apr
Apr
Mar
Feb
Feb
Mar
Feb
St Joseph Lead rights__ 29,700 1-512 May
Scott Paper
30 47 May
Spear & Co
•,
3 May
11
United Dyewood-- _1013
251May
25
Preferred
100
2 45 May
Unit Piece Dye ptd_1001
1 104 May
Univ Lest Tob pret-100
5 1.0751May
9 1-512 MaY
15 4851May
12 3 May
9 331MaY
15 48 May
9104 May
13 108 May
9 1-512
11 40
12 2%
15
15 4051
9 102
1 102
May 1-64
Ja 50
J
4
J • 3%
Fe 46
J• 10834
Fe 110
Apr
Apr
Feb
Apr
May
Mar
Mar
Van Raalte
let preferred
100
Va Iron Coal & Coke100
100
Walgreen Co pret_.-10
100
Webster-Eiseni pfd_1081
20
Wilcox-Rich class A._II,
600
Zonite Products
7,700
*No par value.
14
13
9
15
11
15
15
14
13
14
15
11
11
1
Feb
Feb
Jan
Feb
May
Jan
May
Jan
Apr
Apr
Mar
Jan
Mar
May
10 May
36 May
31 May
94 May
50 May
20 May
1254MaY
10 May
36 May
32 May
94 May
56 May
2734M ay
1351Mar
10
2251
22
90
56
20
12%
14
40
34
94
60
30
1351
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c
(AU press dollars per sbare)
Minorite.
Juno 15
June 15
Sept.15
Sept.15
1931-1931-1931-1931--
int.
Rats.
1134%
151%
251%
134%
Bid.
Asked.
Maturity.
Dee. 15
1004ss
Mar. 15
10041
100na 1001(10 Dec. 16
100dst 1004st _
_
(M.
Rate.
Ma.
Asked.
1931-- 134% 10011,, 10017,,
1932._ 2%
1004,st 100nss
1931-32 334% 1010n 10113,,
_
—
Converted 4% bonds of(High
1932-47 (First 4s)
iLowClose
Total sales in 81,000 units-Converted 434% bonclarigh
01 1932-47 (First 43is) LowClose
Total sales it $1.000 units— Second converted 4%%{High
bonds of 1932-67(Finn LowSecond 4)(s)
Close
Total sales in $1,000 units...
FourthLiberty Loan
{High
431% bonds at 1933-38— Low(Fourth 431e)
Close
Total sales in 31,000 units...
Treasury
High
4345. 1947-52
{Low_
Close
Total sales in $1,000 units..
{High
as. 1944-1954
Low_
Close
Total sales in $1,000 units_ -High
Ellie, 1948-1956
{Low..
Close
Total sales In $1,000 units _ _ High
1141s, 1943-1947
{Low_
Close
Total sales in $1,000 units.
{High
..High
3510. 1940-1943
Low_
Close
Total sales in 51.000 wits{High
3401, 1941-43
Low_
Clow
Total sales in $1,000 units_
10-3;;; 10-3-41- 101-41; 10;f
103,st 1034st 103,st 103'n 1034st 103uss
10341 1034,1 1034n 10314n 10315r, 1031In
51
3
1
2
24
62
------110411,,
04",,
104nsi
104"ss
25
113112
11214,
113
188
_
___
_
102.33
102,,33
102,33
102,33
102an
1
10210n
102412
102"st
24
104",,
104"st
104"st
307
1134n
113,33
113,33
13
1082,32
103un
108,131
52
100,33
106,431
100,33
SO
102"31
102,1 32
1022133
2
1027.33
1021,33
102"33
53
10217n
102"st
102"st
5
1041TH
104ust
164
113hi
113.,1
113,33
15
108nst
109nst
108"st
S
1130,33
1061731
106"32
35
102"32
102,733
102,731
105
1022,33
10224n
10244n
1
102nn
102"ss
102nn
24
1674i';
10444n
104nst
62
113ust
113"st
1131an
157
109
108Test
10324st
117
107
106"33
106553s
121
1034st
103
103
305
102,,33
102"s:
10244n
27
102"st
10242n
102nst
126
104nas
104"ss
59
113"ss
113"ss
1131,ss
25
109
108nn
109
26
113"st
1124,33
102"3:
12
102,031
102"33
10247n
17
102nn
102nrs
102,on
9
10-4-tis;
10434n
104"ss
555
113wn
113nn
113%
100
109tn
108wis
1092ss
10-3-4;;
103,31
103,32
4
102"3,
102'an
10244n
1
103Tst
102nso
1032ts
22
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 let 434s
13 4th 434s
103,st to 103nts
104,on to 10414n
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.86@
4.86 9-32 for checks and 4.86)(@4.86 746 for cables. Commercial on
banks, sight, 4.855,4@4.86 3-16; sixty days. 4.83% @4.84 H; ninety days.
4.82 X 04.83 3-16. and documents for payment, 4.83@4.8434. Cotton
for payment. 4.85%, and grain for payment, 4.8551.
To-day's (Friday'fi) actual rates for Paris bankers' francs were 3.91 %el)
3.91 7-16 for short. Amsterdam bankers' guilders were 40.15@)40.16.
Exchange for Paris on London. 124.28; week's range. 124.41 francs high
and 124.23 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Checks.
Cables.
High for the week
4.86 9-32
4.86 7-16
Low for the week
4.86
4.86 3-16
Paris Bankers' Francs—
High for the week
3.91 7-16
3.9134
Low for the week
3.9034
3.91
Germany Bankers' Marks—
High for the week
23.82 Si
23.8251
Low for the week
23.80
23.8134
Amsterdam Bankers' Guilders—
High for the week
40.18
40.19
Low for the week
40.15
40.16
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3661.
A complete record of Curb Exchange transactions for the
week will be found on page 3690.
CURRENT
NOTICES.
—Announcement has been made that the firm of Kimball, Riley &
Salterbach, Ltd., San Francisco, recently formed through the merger of
Bradford, Kimball & Co., of that city, and Drake, Riley & Thomas. of
Los Angeles, will continue the business formerly carried on by both firms.
In addition to its San Francisco office, they also maintain branches in Los
Angeles, Oakland, Pasadena, Santa Barbara, Los Gatos and San Diego.
—11.0. Harvey, John G. Crego, E.E. Stewart, Van Louis Parmalee and
Newell(3. Welty,formerly identified with the customer ownership division
of P. H. Whiting & Co., Inc.. have resigned and formed R. C. Harvey &
Co.. Inc., with offices at 25 Broad Street, New York. The new company
will sUpply highly specialized customer ownership services, including
Personal field supervision, sales plans and advertising.
—E. T. Cunningham of Halsey, Stuart & Co., was recently elected
President of Chicago Financial Advertisers. Vice-Presidents elected are:
J. J. Levine of A. G. Becker & Co.; 0. M. Redmon, Boulevard Bridge
Bank; Samuel Witting of Continental Illinois Bank & Trust Co. Preston
Reed was elected Secretary and Dorothy Trevino, Treasurer.
—A. 0. Gates, formerly Vice-President in charge of the trading department of Winslow, Day & Stoddard, Inc., will head the new investment
firm of A.0. Oates & Co.,opening offices next week in the Second National
Bank Building, New Haven, Conn.
—Clarence "Nibs" Price, basketball coach and former football coach
of the University of California. has become associated with the brokerage
department of the San Francisco office of Schwabaclaer & Co., members
of the New York Stock Exchange.
—Emanuel & Co., New York, have prepared a map showing the geographical location, capital structure and gross earnings of the principal
electric light and power companies in the United States.
—Janney & Co. announce the appointment of George J. Muller as
Manager of their equipment trust certificates and short-term note depart• ment.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Friday
Wednesday 1 Thursday
Monday 1 Tuesday
Saturday
May 15.
May 14.
May 13.
May 12.
May 11.
May 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCIIANGE.
PER 4VIAKE
Range Since Jan.1
On basis of 100-8507e iota.
Lowest.
Highest.
("AIL ZLIZAITLI
Range for Preotosi
Year 1930.
Lowest.
Highest.
Par 3 per mare $ per more $ per afire 8 per saars
Railroads
$ per share $ per share! S per share $ per share $ per share 3 per share Shares
188 Dec 24213 Mal
159 16314 13,700 Atch Topeka & Santa Fe-100 159 Slay 15 2034 Feb 24
172 17312 172 17312 167 17112 16412 1674 16312 166
100 1024 Jan 2 10814 Apr 13 100 Dec 10814 Sept
Preferred
2,000
10734 108 .108 1084 107 108
10712 10712 10734 10734 *10734 108
9514 Dec 17512 Mar
86 Apr 27 120 Jan 23
Atlautio
100
200
Coast
Line
RR
99
.9014
99
*9014
90
90
99
.8958
99
*894
*9018 9512
554 Dec 1224 Mar
100 57345lay 15 874 Feb 24
6210 5914 6114 5734 5931 15.600 Baltimore & Ohio
6114 6378 61
6412 6312 64
64
7014 Dec 8458 July
27
Feb
8012
2
Jan
400
100 7214
Preferred
7412
*72
7514 7214 74
*74
75
*74
75
*74
76
.74
504 Dec 8412 Mar
Bangor & Arooatook
50 52 May 14 8634 Feb 26
100
54
52 .52
52
59
*52
59
5412 *52
56 .52
.52
Dee 11614 June
10612
9
11312Mar
13
30
Jan
108
100
Preferred
112 112
11134 11134 .11154 112
.11134 112 .11134 112 .11134 112
44 Dec 112 Feb
Bostou & Maine
100 52 Apr 1 66 Feb 20
55
*45
53
55
*45
55
*45
55
55 .45
.50
64 Dec 157s May
4 Mar 3
103
14
Jan
8
Brooklyn
par
&
Quoene
300
Tr_No
9
.812
9
"812
9
*812
838 838 *812 9
830 838
53 May 8813 May
No par 513451ay 4 58 Mar 3
Preferred
100
5413 5413 "534 55 .534 55 .5378 55 .5378 55 .5378 55
554 Dec 7830 Mar
29 eva Mar 2
5634 5734 5612 5812 5534 564 5,200 Bklyn-Manh Tran v It No par 534 Apr
5734 58
5912 59,8 5712 58
Dec 984 Sept
83
11
Feb
9414
21
Jan
854
par
No
Preferred
e
t
v
1,100
92
9310 9314 9318 924 924 92
9210 9210 93
94
•92
514 Nov 3352 Apr
10
Feb
912
5
44May
500 Brunswick Ter& Ry See No par
412 413
413 412
458 450
*473 518 .412 478 .413 5
35'i Dec 524 May
453, Feb 24
7
8May
277
25
Canadian
Pacifie
27,000
294
284
4
294
293
2918
29
2918 2912 2918 2934 2918 2970
3238 Dec 514 Sept
25 3634May 15 4812 Feb 10
3714 384 3634 :3738 20.600 Chespeake & Ohio
4018 4038 3912 4018 3914 3934 3812 39
is Dec 10 Apr
234 Jan 12
4 Jan 2
100
400 Chicago & Alton
134 *114 134
113 14 .114
.114 2
133 112 *Ps 2
14 Dee 1058 Apr
14 Jan 12
2
Jan
114
100
2000,
78
Preferred
78
78 1
114
78
1
118 •1
1,8 "
1
4 Dec 174 Mar
63
10
Feb
2
77
28
Apr
44
1,100 Chicago Great Western...100
5
5
5
5
54 518
*610 534 *514 534 .510 512
12 Dec 5238May
Jan 14 2650 Feb 25
1914
IGO
2,800
Preferred
2012
4
193
2112
4
3
20
2112
2112
2212 2312 *2212 2312 2214 2212
1114 Dee 263, Feb
23
Jan
84
27
Apr
8
43
Pao._
Chicago
Mllw
&
4,400
St
Paul
412 453
458 44
434 4347
514
5
514
5
5
5
794 Dec 4614 Feb
778 Apt 28 154 Feb 10
Preferred
830 834 1,600
812 812
*838 9 I
812 9
850 858
873 878
2812 Dec 897a Feb
6,400 Chicago & North Weatern.100 29 Apr 28 4512 Feb 24
32
33
324 331s 3212 33
3214 34
3210 3213 3214 33
Dec 14034 Juna
101
18
Mar
116
8
Jan
103
100
Preferred
*9514 103
*954 103 I .9514 103
•10114 106 .10114 105 •90 105
4514 Dec 12518 Feb
3812 10,800 Chicago Rook lel & n101°0_100 38 May 15 0512 Jan 27
4658 4312 444 383, 4312 38
44
47
47
48
•47
Dec 11038 Mar
92.
24
Mar
101
11
4May
863
100
400
preferred
7%
84
8712 00 1 8634 804'____
93
92 .90
*90
92
*90
81 Dec 10418 Mat
100 82 May 12 90 Jan 28
8% preferred
50
79
*65
82 I *7012 80
83 .78
82
88
88 .85
.85
Dec 95 Feb
404
9
Jan
100 3450 Apr 13 48
Colorado & Southern
*244 39
*2014 39 .2458 39 .2438 39 .2458 39 i .2450 39
30 Dec 62 Apr
100 3212May 2 4212 Feb 24
3412 3334 3334 33
331, 1,200 Consol RR of Cuba pref
*3412 3534 3512 3512 34
3534 37
Dec 181 Feb
1304
25
Feb
1574
15
100 12712May
12712 12914 2,900 Delaware & Eludeon
13212 13312 13234 13234 13112 13134 13012 13114' 129 13038
8913 Dec 158 Feb
8,800 Delaware Lack & Weetern..100 5234May 15 102 Jan 8
5234 55
57
60 I 55
6118 58
60
62
62
63
63
254 Dec 80 Mar
10
Feb
4
453
15
May
25
pref_100
.5c
Deny
Rio
Or
800
1
Wart
2512
*2512 2612 2512 25 2 25
*2512 2812 .2512 27 "2512 27
2218 Dec 8354 Feb
100 1618May 13 8934 Feb 24
1934' 1614 1834 1618 1634 9.000 Erie
1934 2118 19
2238 22341 2114 22
27 Deo 674 Feb
First preferred
100 30 Apr 20 4512 Fob 27
1,300
30
30
30
31 I 30
31
33
31
35
35 I *33
*33
28 Dee 6212 Feb
5
Jan
404
27
Apr
29
100
Second preferred
35
*25
40
•2714 40 .25
"2712 41
.2812 41
*2712 41
51 Dec 102 Mar
May 13 eA Feb 24
50
Great
Northern
13,303
preferred_100
5114
50
5414
5212
544
544
8
557
55
57
574 55
57
1018 Nov 6612 Feb
17
Feb
2714
14
Slay
15
Gulf
100
&
100
Mobile
Northern
18
*1318
15
15
18
18 .15
*15
*1512 20
20
•16
0 Nov 9814 Mar
1553
9
Jan
78
100 514 Feb 10
Preferred
63
55 .40
*40
58
58 .42
58 .45
.40
58
*45
344 Dec 534 Mar
100 3813 Apr 28 4412 Feb 17
38 .3614 3712 1,400 Hudion & Manhattan
38
374 38
3712 373s 3712 *3712 38
37
Dee 1364 ADC
6534
24
Feb
89
2.8
Apr
534
Illinola
100
Central
3,000
5534 541s 55
55
57
56
5514 56
59
5934 5934 59
58 Dec 77 May
40 Apr 22 61 Jan 23
RR Sea stock certificates__
200
4478
444 *42
4434 *43
4434 4434 4434 4434 4314 4314 43
Jan 3912 Mar
204
2
Mar
34
27
21
4
Apr
205
2,600
204
8
197
2012
Intorboro
0_100
vi
Trail
Rapid
21
2214 2214 200 2114 2018
*2013 22
34 Dec 8533 Mar
100 29 May 14 45 Feb 26
500 Ransae City Southern
29
29
*27
29
30
314 3178 30
33
34 .30
*32
53 Dec 70 Apr
May 14 64 Feb 9
48
100
Preferred
200
48
*44
48
48
50
.48
49
0
49
51
48
50
*48
40 Nov Ws Mar
50 45185lay II 61 Jan 9
900 Lehigh Valley
4 451s 4712 444 4412
/
*4712 483s *4712 481
50
50 .48
•47
84 Dec 13812 Apr
100 7514May 14 111 Feb 9
200 Louisville dr Naahville
7514 7514 .734 75
77
77
80
80 .75
*75
83
•77
24 June 4212 Sept
2 39 Feb 28
May
30
guar100
Elev
Manhat
modified
304
2,000
32
3114
3112
32
4
313
3112
31
34
3212 33 .32
13 Dec 2513 Feb
100 Market St Ry prior pref 100 14 May 5 22 Feb 18
*1350 17
*1350 17 .134 17
14
14
15
.14
•1312 16
218 Ape
14 Oct
54 Jan 12
14 Apr 18
Minneapolis & St Louis...100
12
*14
12
074
12
*14
12
*13
12
"1
12
.14
84 Dec 15 Feb
10
Apr 23 114 Feb
8
Marle_100
St
Mina
&
Paul
8
8
200
8
.612
8
*612
8
*812
8
*612
41 Nov 594 Feb
612 612 .612 8
100 40 May 13 45 Mar 11
Lewd lines
10
43
*35
43
40 .35
40
43
*35
43
43 .33
1472 Dec 8658 ADC
*35
13305lay 15 2834 Jan 20
134 1414 1314 1312 2,600 Me-Kan-Texas RR____No par
15
15
15
•1518 16
1518 1512 15
60 Dee 1084 Mar
May 14 85 Jan 16
43
100
Preferred
2.600
46
46
46
43
474
4612
51
5213 5212 50
18
*52,2 55
Feb
4
204
423
Dec 9812 Mar
15
4May
161
100
Missouri
Pacific
11,700
1914 164 17
1912 204 17
22
20
23
79 Dee 14513 Mar
2312 2312 23
100 53 May 14 107 Fob 11
Preferred
5,100
5912 554 57
53
6312 6414 5912 61
69
70 Dec 132 Mar
.64
Feb 25
8f1
27
*6812 71
Apr
70
Nash
&
Chain
Louls____100
St
70
*--_70 .-- 70
70 .65
Is Dee
112 July
12 Jan 5
•--- 70 •__ 70 .65
4 Jan 3
Nat Rys of Mexico 3d pref_100
12
"4
12
.14
*14
4
12
.4
1
433
•33
13
100 8814may 15 13214 Feb 24 1054 Dec 19214 Feb
68,100 New York Central
8938 924 8814 90
914 94
73 Dec 144 Feb
9912 9234 95
11
97
Feb
88
9
98 100
May
53
_100
at
&
Co__
Chic
Y
Louie
N
100
50
54 .40
56 .40
56 .53
"53
75 Dec 11034 May
*53 .56
53
53
100 60 A pr 29 94 Mar 9
Preferred
69
100
70 .65
70
73
73 .68
*70
73
*70
73
.68
50 165 Jan 2 227 Feb 24 152 Dec 324 Feb
80 N.Y. dr Harlem
16714 170
170 175
172 172
8 Dec 1281e Mar
675
24
175 175 .17212 174
Feb
9474
*17210 180
May23
88!
N.Y.
dr
H.
N.
Ilartford---100
684 714 8,800
76
71
7512 774 7412 75
79
7612 7611 77
110 Jan 3 1194 Feb 24 10612 Dec 13512 Mar
Preferred
800
113 1134 11270 11278
384 Dec 1714 Mar
1
8105tay
113 113 .112 11412 1124 1124 .11214 115
2
Jan
0
53
Western_100
&
Ontario
Y.
N.
900
612 634
7
7
74 74
Oct
1
418 Jan
74 712
.712 8 I
*634 8
2 Feb 27
1 Jan 2
300 N. Y. Railways prof___No par
138
134 *1
.1
1
1
14
138' .1
.1
44 Deo 8313 Feb
I
1
814 Jan 9
4 May 15
100
300 Norfolk Southern
4
4
412 412
.412 5
.412 5 I *413 5
Feb 26 1814 Dee 285 Feb
*413 5
217
28
Apr
17518
100
Western
&
Norfolk
400
18314 18314 181 183
18412 18412 180 184
83 Feb 9212 Oct
*18412 185 *18412 186
100 89 Jan II 93 Mar 31
Preferred
230
01
9134 91
*91
91
01
91
9134 91
424 Dec 97 Feb
9134 .91
*91
100 3714May 15 8072 Jan 27
17,600 Northern Pacific
34 Dec 194 Apr
4238 434 4034 4214 4038 4114 4010 404 384 4014 374 3812
23
Mar
7
23
Apr
3
100
Petrillo Coast
5
.2
5
.2
5
.2
5
64 02
610 *2
53 Dee 864 Mar
.2
50 4830May 15 64 Feb 10
Pennsylvania
64.600
48
8
463
5010
4712
5012
5312 5114 5214 5013 5154 4934
Dec 2412 Mar
Jan 9
es
53
912
1
May
4
100
Eastern
&
Peoria
7
.4
10
1114 04
1114 .4
10 , *4
1114 .4
.4
7612 Dec 16412 Apr
100 40 May 11 85 Feb 10
200 Pere Marquette
40
40 .35
40
42
52
*4214 52 I *42
42
90
25
Dec 101 May
Feb
52
924
30
*40
Apr
100 CO
Prior preferred
20
75
.66
75
*7012 75
7012 7012 7013 7012 .66
0112 Oct 99 Apr
*7012 75
100 55 May 14 80 Jan 8
Preferred
70
55
.53
65
6514 654 55
4813
7338 .65
70
Dec 12114 Feb
734 .65
9
Jan
86
29
Apr
•65
51
100
Virginia
Pittsburgh & Weal
59
60 .50
*50
714 Dec 14113 Feb
59 .503s 59 I *504 59 "5014 59
1151
50 604 Apr 27 974 Feb 11
900 Reading
62
62
62
62
65 .62
6258 .62
64
4418 Mar 53 Feb
5
Jan
48
20
6312 6312 *62
Mar
65
50
preferred
FRO
100
454
454 *40
4510 .40
454 *40
4518 .40
45 .40
40 Dec 57 Feb
45
50 4114 Apr 27 67 Jan 16
Second Preferred
800
4434
42 .42
42
43 I 42
42
42
42
3934 Dec 11378 Mar
4212 4212 43
4,100 St Louts-San Franelsoo____100 15 Slay 15 6234 Jan 27
18
1714 15
1712 174 1670 1714 16
Dec 101 Ann
8212
18
1712 1734 17
27
Jan
76
13
May
25
100
First preferred
1,800
25
25
29
29
29
2912 3114 3012 3012 29
1712 Dee 7684 May
2912 30
104May 14 334 Jan 9
100
Southwtntern
Louie
St.
4,300
1112
104
1334 144 104 14
.1412 1512 1414 14141 1334 14
85 Dec 9434 July
Feb 24
60
13
Slay
20
100
Preferred
400
22
20 .20
20
25
22
20
3538 .3112 334 *22
IS Dee 1212 Feb
•21
14 Jan 12
4 Jan 2
Na par
58 1,200 Seaboard Air Lino
58
58
"2
12
12
58
*2
It Dec 28 Feb
68
12
38
"8
24 Jan 12
1 Jan 2
100
Preferred
1,000
1
78
.
1
1
1
-1
11
114' •1
Dec 127 Feb
114 .1
•1
88
11
Feb
10912
15
0May
775
100
8612 8312 8812 82
84
8034 8212 7753 8014 30.000 Southern Pacific Co
464 Dec 13634 Jon
8412 8512 84
30145lay 15 6578 Feb 10
100
Southern
35
Railway
14,100
3214
3014
1
374 38
36
374 32
101 Mar
Dec
76
3912 404 3812 39
10
Feb
83
22
Apr
55
100
Preferred
6818 1,500
53
65
64
6312 6412 6234 63
65
65
68
.63
85 Dec 145 Ape
100 90 Mar 10 100 Jan 14
Texas & Pacific
95
*51
95 .51
95
95 •____ 95
*51
*51
95
*51
4 Dec WI Mee
6
Mar
10
29
Apr
512
100
Avenue
Third
74 734 3,000
714 8
64 630
64 612
64
*6
6
6
Da oat 8111 Jan
834May 1 1772 Feb 17
100 Twin City Rapid Transit-100
•94 10
.94 10
834 834 *8
10
.834 10
'8i 10
4454 Dec 79 Feb
100 36 May 14 62 Feb 9
Preferred
30
45
*38
38 • 38
38
36
38
36
45
*36
*3518 45
Dee 2424 Mar
16612
26
Feb
3054
15
May
160
100
16212 1674 162 164Is 160 10114 8.500 Union Pacific
16712 170
173 17312 172 173
824 Jan 8838 Sept
100 832* Jan 5 eA Feb 24
Preferred
8612 8612, 8612 8612 8612 8012 8634 8654 8634 8634 8654 8634 1,100
Dec 674 Atle
Jan
9
1114
26
15
1014May
100
Wabash
1112
2,200
1412
12
1078 11 I 1014 1014
1214 12
13 I *12
1312
39 Dec 8914 Ape
100 24 May 12 51 Jan 9
Preferred A
300
27
24 .22
24
24 .22
28
28 I 24
•24
26
Dec 38 Mar
10
24
•24
Feb
194
30
Apr
8
103
100
1038 1070 8,400 Western Maryland
1158 1058 1178 1058 11
124 114 114, 11
1114 Deo 88 Mar
12
100 1110May 15 20 Feb 24
Second preferred
200
1830, •1134 183s •1112 1838 •11111 1838 1118 1114
Doc 3012 Mar
7la
9
Feb
2
147
6
*1134 184 •12
712May
100
Pacific
Western
100
74
.7
.718 8
*74 8
8
818' 8
23 Dec 534 Mar
*714 84 .8
100 1441May 13 3158 Fob 24
Preferred
100
16
1534 144 144 *1418 16 .14
*14
4,1512 16
*1510 16
Industrial & Miscellaneous
8 Dee 424 Apr
5 May 11 1414 Feb 26
Vs 2,800 Abitibi Power & Paper_No par
54
54 54
513 54
38 Nov 884 Apr
512 *514 512
5
100 1934 Apr 28 52 Feb 26
558 554
Preferred
20
20 .1612
20 .18
.1613
20
*16
21
20
13
Dee 66 Apr
3812May
*16
22
Jan
26
25
par
•16
1,100 Abraham & Straue_-_No
36
37 .31
3813 .35
3612 364 3712 38
35
35
.30
100 100 Jan 8 10612May 4 102 Nuv 11012 A113
Preferred
*10334 107 *10314 107 *10334 107
1414 Dec 374 Mar
24
Feb
2312
15
4May
143
par
*10334 107 .10334 106 .10334 107
No
Express
Adams
1514 1514 1558 144 1514 1434 1518 21,500
8018 Dec 94 Sept
144 154 15
1538 i57
100 8.312 Jan 5 92 Apr 0
Preferred
230
854 8534
8534 86
.854 88
Oct 82 Mar
21
.8534 8712 *8534 8712 8534 8534 27
No per 2218 Jan 14 3330 Apr 1
900 Adams Millis
28
26
30
27 .26
254
4
253
24 Doc 8434 June
2
Feb
334
26
26
28
Apr
28
18
3,26
500 Addresilograph lot CorpNo par
20
20
20
20Is 20
•20
20
20
20
*19
Mar 13 114 Mar 17
20
518
par
*19
No
new.
Advance
Remaly
1,600
4
83
814
834 84
812 834
10 Dec 414 Jan
878
812 812 *8
810
8
100 114 Jan 29 2012 Feb 16
Preferred
14 Dec
158 Mar
____ ___- ---- ---- ---- ---- ---- ---- -----74 Feb 27
4 Jan 6
1
12 1 400 Ahumada Lead
"8
38
38
38
38
8712 Dee 15638 June
12
Feb 24
"8
1094
30
Apr
774
2 ---i8 --I8
par
Inc____No
Air
--;is --7
14,300
Reduction
8214
8434 8012
8214
854
mar
8312
an
64
29
Dec
Feb
8514
834
104
854
30
Apr
313
84
884
86
1,200 Air-way Elea Appeal:m.2Na par
53,
14 Deo
512 553 .54 512 *514 54
213 Jan
If Jan 5
5:1/4
14 Jan 2
54 53,
No par
Max Rubber Inc
*535 578
412
11
June
loismay
Jan
94
2
Jan
7
M10_10
295,900 Alaska Juneau Gold
1312 131s 1618 154 164 1.02 1614
134 1334 13
1314 14
C 80% stock dividend paid. a Ex-dividend. y
• Rid and asked prices; no Bates on this day. a Ex-dividend and ex-rights.
x-r g ts.
New York Stock Record-Continued-Page 2
3673
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
May 9.
Monday
May 11.
Tuesday 'Wednesday
May 12.
May 13.
Thursday
May 14.
Friday
May 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On baste of 100-share (Ott.
Lowest.
$ Per share I $ per share $ per share 1$ per share 1$ per share $ per share Shares
.614 1334 .614 634 *614 7
*614 7
*614 7
*614 64
7
718 758
758
712 74' 738 712
638 74
638 612 19,800
.37
4378' 37
44 1 *35
*35
44
35
37
3514 33
3412 1,500
*34
*2712
1012' 34
34
40
40
*30
*3178 3412
100
•-_-_ 4058*,,,,_ 40 * _
40
40 *____ 40 •____ 36
12234 12714 12112 1244 11814 12312 119 123
11818 12234 1154 11912 51,900
*123 1244 •123 12412 •123 12412 *12334 12412 *12314 12412 *12334 12412
27
2614 2614 2534 2634 257g 27
2734 2614 27
2513. 26
5,300
•12
1214 1214' •12
14 I *12
14
1212 1214 1214 *12
1214
200
•17
1738 17
1714 1758 1758 1718 1712 *17
178 17
174 5,000
3913 3934 3718 3818 *37
*38
39
40
39
39
3714 3758
1,000
•6213 63 I *6212 63 .6212 63
2
6212 62 2 6212 6212 *6212 63
70
*234 3
*258 3
*258 3
3
3
*258 234 *258 3
100
2912 2912. 2914 2912 2934 30
2914 294 2814 29
28
2812 3,600
115 I 11934 1194 *115 120
120 120 *120 12112 *120 12112
110
714 714
714 712
734 924
838 978
818 812 13,200
74 712
*3234 40 I *3234 40
40
4434 4434 54
5212 5612 55
5538 1,220
10714 111
10558 10914 10514 10724 10414 10358 10112 10712 10052 1057 126,600
•15072 15232, 1507 1507 *15078 15212 .1507 15222 1507 1508 *15034 1521
200
21
21121 21
2112 2034 21 I 21
21
21
1913 2012 3.400
21
*60
6912' *67
6912 6912 6912 *6158 75 I *6138 74
*60
72
100
2212 2234' .2112 23
2158 2152 2112 2112 215 218 2112 2132
800
45
45 I 44
44
45
45
45
4178 447
4412 447
44
1,400
14
14 .13
1213 13 I 1214 1234 1213 13
*1234 14
14
1,100
818 83
8
8
8
8
8
8
8
8
8
8% 3.800
*10
13 I *10
*10
12 .10
12
1112 10
10
10
10
200
2434 2434' *2312 244 *2314 24
23
2318 *23
24
22
22
1,300
3313 3514! 3234 347
3258 34
3318 34
3134 339 31
3218 100,300
*94
9534' *92
9512 9512 951 *92
9534' *9212 954 *93
95
100
6058 60581 25914 5914 *5314 5312 564 53
5614 5614 53
55
900
*82
83341 *8134 834' *8134 8234 *8134 831 *8134 8334 81
8112
500
*64 6721
68 678' *638 7 I *64 7 I *64 679
612 634
100
558 5321 *5
512' *5
51 3 *5
5,2 *438 513
5
5
300
21
21 I 2012 2012. •18
19 I *18
20 I *19
2
*16
20
300
5912 59581 594 6() I 594 5958 5934 60 I 2594 5958 53
59
2,900
25
25 I .25
2412
25
24% 25 I *2412 25
26
*2434 25
600
154 1612, 1158 1514 1434 1518 1434 1512 1412 15
1418 1412 5,900
*52
34' *58
"8
34
58
*59
321
*58
200
7
*212 4781 *212 412 *212 47s *212 4781 *212 4
*212 17
1912 194' 194 1912 1912 2012 20
2012 1812 19
1712 18
2,700
•7018 71 I .7018 7058 *7018 7218 7014 70141 *7013 7058 7012 704
200
3614 37%1 36
3614 3512 363 3434 35 I 3434 35 I 34
3152 5,900
*312 4181
4
4
312 312 *332 3341 *312 334 *312 334
200
14
14 .14
15I 1334 1334 1313 13121 13
13
12
1212 1,300
78
78
*70
78
75 I *52
*70
.50
81
78
*52
75
100
1012 1114 *1054 1112 *1018 1112 *1018 1112 *1058 1012 1014 1014
80
4478 4513 44
4512 4358 448 43
14141 2124 4334 42
43
8,80
7
*9838 101*9S3
1
99 100
9934 9934' 9854 9834 98
4 101
80
9914
*78
80 .78
80
7814 7858 *784 7912' 7912 794 78,2 7812
401
80
80
80
80
797 80
798 7978' 7934 804 80
8024 3,60
1313 1438 1313 14
1358 13% 1352 14 I 1312 14
1314 1312 23,20
*6
*6
8
*614 734' *614 812 *614 8
*6
8
8
2558 2634 25
249 254 2434 2514 2358 25
257
2218 2338 12.900
51,
5412 55
54
4 5134 52
54
5178' 5312 5418 51
5134 4,000
5
*5
6
*5
5
534
5
*5
6 I *5
6
6
100
1
*3
a
a
34
%
*34 1
*34 I
%
58 1,200
*34
35
35 I *34
35
*34
*34
35 I 34
34
*33
34
60
3658 38
3614 37
3538 3612 3434 358 33,4 35
3258 3338 20,900
*124 125
12314 12314 12312 12312 120 12234' 11713 11814 11712 1171
1,600
93
*90
03
93
93 I 8978 90 1 90
*90
30
90
90
600
*38
40 .388 40 .33
40
38
38
*3714 40 •33
391
200
*10312 108 *10312 108
103 108 1.10812 110
10812 109 *10812 110
70
*214 258 *214 212 *214 238 .214 23
214 23.3
4,214 258
200
*424 5
*414 5 I *14 5 I *414 434' *414 134
4
4,4
300
17
1734 164 1714 1634 164 17
17 I 1614 1612 16
1612 4,300
110 11018 109 110 1 10812 10812 108 109 I*107 109
10634 10678
838
*4213 43
4212 4212 4114 4114 *411g 43
4118 411
41
41
500
50
50
*50
*5012 5214' 5212 5212 524 53'2 5212 5212
51
900
098 101
*98 101
*99 101 I 101 101 1 10034 1015s 10012 100% 2,600
834 834
834 8 4
8 4 831. *824 9
*838 8o
812 878 1,200
Indus. & Miscall.(Cos.) Per $ Per ahare
64 Mar 7
A P W Paper Co
No par
63215lay 14
Alleg hany Corp
Na par
Prof A with $30 warr___100 33 Apr 30
Prof A with $40 warr____100 33 May 1
Pref A without warr_ __ _100 34 May 23
Allied Chemical & Dye_No par 11518May 15
Preferred
100 122 Jan 8
Allis-Chalmers Mfg _ _ _No par 251251ay 15
Alpha Portland Cement No par 1214N1ay 12
Amerada Corp
No par 1612 Apr 28
American Bank Note
10 36 Apr 27
Preferred
10 62 Jan 7
American Beet Sugar__No par
24 Jan 26
Am Brake Shoe & Fdy _No par 28 May 15
Preferred
100 119 Jan 13
Amer Brown Boverl El_No Par
6 Apr 29
Preferred
100 31 Apr 29
American Can
25 1004May 15
Preferred
100 145 Feb 4
American Car & Fdy __No par 1918 Apr 29
Preferred
100 68 May 8
American Chain
No par 214 Apr 27
American Chicle
No par 3814 Jan 2
Amer Colortype Co_
No Par 1214May 14
Am Comm'l AleoholNo par
54 Apr 29
Amer Encaustic Tiling_No par
9 Jan 9
Amer European Sea's No par 19 Jan 2
Amer & Porn Power
No par 2534 Jan 19
Preferred
No par 8514 Jan 3
2d preferred
No par 53 May 15
$6 preferred
No Par 74 Jan 3
614 Apr 27
Am Hawaiian S S Co
10
Amer Hide & Leather_ No par
Ps Jan 7
Preferred
100 104 Jan 8
Amer Home Produets__No par 4772 Jan 2
American Ice
No par 2334 Jan 19
Amer Internat Corp_--No Par 124 Apr 28
Ara L Franee&Foaralte_No par
12 Jan 5
412May 1
Preferred
100
American L000motive_No Dar 1712Ntay 15
Preferred
100 70 May 7
Amer Mach & Fdy new_No par 31 Jan 2
314/ifay 8
Amer Mach & Metala__No pa
Amor Metal Co Ltd__ -No Da
12 May 15
Preferred (6%)
100 78 May 9
Amer Nat Gas pref____No Pa
1012 Apr 23
Am Power & Llght___-No Par 3912 Apr 30
9478 Jan 2
Preferred
No Pa
Preferred A
78 Jan 5
No pa
Prof A stamped
78,
8MaY 6
No 1711
Am Rad & Stand San'y_No par 131851aY 5
American Republics...No Dar
5 Apr 27
American Rolling Mill
25 2218Nlay 15
American Safety Rasor_No Par 48 Apr 29
Amer Seating v I o____Ne par
5 May 12
58N1aY 15
Amer Ship & Comm_ _ _No per
Amer Shipbuilding new_No Par 34 Slay 1
Amer Smelting & Refg_No Par 3259Nlay 15
Preferred
100 117127.Iay 14
6% cum 2d pref
100 8978Nfay 13
American Snuff
25 87 Jan 2
Preferred
100 105 Jan 20
Amer Solvent,& Chem_No Par
172 Apr 16
Preferred
4 May 15
No par
Amer Steel Foundried No Per 16 May 15
Preferred
100 10634May 15
American Storm
87 Jan 7
No Pa
Amer Sugar Refining
4214 Jan 5
10
Preferred
100 90 Jan 2
Am Sumatra Tobacco._No Pa
712 Apr 7
1514 Jan 12
Amer Teleg to Cable Co_ _ _10
iill 1.2 l8478 liEfrz Ili- if-3534 18212 180 18213 1794 181
17612 11.187.
8 '7-6:400 Amer Telep to Tele,
100 17618 Apr 30
12112 12112 12034 121 •118 12112' 12012 12012. 119 119
118 118
1,700 American Tobacco new WI 2 104 Jan 2
12414 12714 124 12512 123 12522 122 12512 122 124
12112 123
15,200
Common class B new w 1_2 10434 Jan 2
13113 13112 131 13112 132 132 1.13014 13112 *13014 13113 *13014 13138
400
Preferred
10 12414 Jan
.6512 80
*65
75 1 *65
75
*65
*65
*65
75
75
75
American Type Founders_ _10
65 May 6
*10534 108
10779 1078 .10534 10712 *10534 1074 •10534 10712 *10534 10712
10
Preferred
100 105 Jan 21
5738 5912 575 5912 5714 5812' 568 5812 55
57
524 5412 11,600 Am Water Wk,to Elea-No Pa
524May 15
•10418 10534' 10.818 10418 *104 1054 *104 10534 10414 10414 *10414 106
200
1st preferred
10114 Jan 29
•712 7521
712 712' .714 8 I *712 8 I
712 712
718 7%
700 American Woolen
672 Jan 2
100
31
32141 3058 3178 3112 3214 32
3258 3158 3258 3058 3138 4,900
Preferred
100 21 Jan 2
•112 2 I
112 112 *112 2 I .112 2
*112 2
*112 2
700 Am Writing Paper otfs_No par
112 Apr 29
•I1
20
*II
*10
*1018 20
*1018 20
20
20
*101, 20
Preferred certificates_ __ _100 11 May 8
47
47
*478 514 *47
5
*412 47
*434 47
434 454
400 Am Zino Lead to Smelt-No Far
Jan 2
412
*29
32 I 31
3118 .29
31
*2912 31
32 I *29
291s 2918
300
Preferred
25 26 Jan 10
2738 287e 2718 28
261 274 2612 2758 2612 274 2614 2679 48,700 Anaconda Copper Mining 60 2a58alay .5
2234 2234' 2234 227
228 2213 2258 223s *2258 23
*2258 23
1,100, Anaconcla Wire & Cable No par 22 Feb 4
25
25141 25
25 I *248 25 I 2178 2478 24
2418 22
23
8001 Anchor2Can
No par 22 May 15
*1234 13121 •12
14I *12
1314 .12
1312 *12
14
*12
1312
Andes Copper Mining_ _No par 1214 Apr 29
*1012 11 I 1014 1014 *1014 1112 1014 1014 1014 1014 1018 1018
800 Archer Daniels MIcll'd_No par
10 Apr 2
464 1713 *47
48121 48
48I *47
49
47
47
4812 4312
000 Armour & Co.(Del) pref__100 3812 Apr 14
218 2141
218 218
218 212
218 218,
2
2
2
2,8 2,800 Armour of 1111nota class A__25
2 Apr 14
•138
1121
133 14
138
138 132' •138 112
Ps
130 112
900
Class B
114 Apr 23
25
•16
17 I 16
*1512 17
16
1634 161' *1512 17
1534 1534
300
Preferred
100 144 Apr 29
614 614 *6
614 *618 (311 6
6
61s 618
534 514
700 Arnold Constable CorP-No Par
Jan 2
3%
*714 8 I *714 9
*714 9
*712 9
*714 9
*714 9
Artloom Coro
5 Jan 13
No par
94 10181
734 8
919.
811
934 934
8
9
714 712 3,200 Associated Apparel 1nd_No par
24
Apr
4
53
23
23
228 2272 *2033 21 I *2112 2278 *2112 23
2018 2018
500 Amor Dry Goods
1914 Apr 30
No par
• __ 44 •____ 44 I 2938 29%•_ 30 .____ 30
30
10 Amoclated Oil
264 Jan 2
25
•18
21
*18
21 I *18
1823
1812
1812
20
1822
21 I *1812
200 Atl 0 & W 1 S 13 Line-No Vat 18i2MaY 5
431 4312 *4314 44
*4314 4312 1212 4314 4013 41
40
40
800
Preferred
100 40 May 15
15
1534 15
1412 1434 6,400 Atlantic Refining
1558 1478 151 1478 1514 1434 147p
28 1212 Apr 27
*3314 41 1 •38
41
*38
36
41
33
*3414 37
*3434 38
300
Atlas
Powder
No
Dar 31 Apr 29
*93
95
*93
95
92
93
92
02
01
92
*9112 93
120
Preferred
100 91 May 14
8% 9
834 834 *858 958 *858 958
85
858
858 88
500 Atlas Storm Corp
858May 14
No Pa
*3
012
3
3
*2
31
31 ' *2
*2
31
2
2
200 Atlas Tack
2 May 15
No par
237 252 I 235 2563 240 25112 23812 25312 212 24734 194 213
133,600 Auburn Automoblle
No
Jan 14
par
10112
*112 134 *112 184'
114
112 *114 134
114
114
114
400
114
•12, 112' •lis
11
/
4 Apr 29
Austin
Nichols
par
No
114' •118
112 *Da
112, *Ds
114 *11
114
Automates Corp
1 Jan 2
No pa
.3
3141
212 3 1 *212 358 .212 352' *212 352 •212
352
298
Preferred
2 Apr 28
37
50
*378 4 I
4 I
378 37' 37
37
378'
4
334 38 6,500 Aviation Corp
3 Jan 2
Ns Pa
17
17 1 .1652 16781 1618 1634.I 1578 1618.I
1513 1513 4,100 Baldwin L000 Works-No 1
155
8
18
5
lapyr 3
10
3
195114215A
a
p0
*9014 100
9012 90,21 .904 100 1 9038 9032 *9014
8712 9014
130
Preferred
100 884 Jan 2
.
104 105 *104 105 1.104 105 1•10314 10412' 10314 100
•10314
103
10412
,
4
50
Apr
30
pref__100
Bamberger
10114
(L)
&
Co
*4
518 *334 112' 334 334 *354 4,8 *334 41
40 Bap
rk
reefrerr
iiel
rothers
3 May 1
No Pa
•-_
I --_- 50 I ____ 50
•.3518 50
814 8,4
758 814
734 8
758 8
734 8
712May 6
74 11,100 Barnadall Corp class A
7
2
*2212 2234 *2212 2334 .23
2334 23
23
*2212
2334 *23
2334
100 Bayuk Cigars Ina
22 Apr 27
No pa
*54
8612 *84
8612 *81
8612' 84
84
84
84
*84
8612
50
May 8
First
100
84
preferred
7212
72
7334' .71
*70
7312 7124 73,2 7012 71
*70
7212 2,000. Beatrice Creamery
•11038 111 *110% Ill 1'11032 11084 *11038 111 r1103
2 111
1104 11032
100
jan lg
Preferred
18
55 .52
55
*52
*53
55 I .
5312 55
52
5314 52
52
300 Beech-Nut Packing Co
20 50 Jan 15
*212 218 *212 258 *212 258
258 2%
232 252
22
12 1,900 Belding Hem'way Co No Da
213
*7958 8058 07932 8038' 79% 793g *7918 8018,1 7918 7918
Jan 15
5
78 jan
187 198 1834 194 1832 1914' 1858 19181 1818 1384 *79
1
31511
2 7
192418
812 10,6
30
00 I
lle
eIngdia
lin A
Nvata
ttR
ioi
ns pars W61-/f/N000
4018 4012 39
40 I 3934 1038' 3934 4034' 3912 40
3812 3912 4,800 Beet & Co
par
454 4714 4414 464444 46 I 44
4534' 43
441
42% 43%
113 115 .110 113 1 111 111
110 11014; 110 1103s 109 110 175,300 Bethlehem Steel CorD
,400
1,7y
r3
10
1
106 .14:
Preferred
1914 19141 1914 1914 1914 1914 19
19
19
1913 1814 1834 1,400 13Iaw-Knoi (7%)
Co
*20
20
25I *2012 2112 *20
20
22
*20
22
*20
6
Jan
22
8
12
1
2
1
0
0
Blpoor
pp10aa
o
Brothers_N
ale
No
n
efe
i
in nged
•85
94
*85
94
*8514 04 I *86
90
*86
90
85
85
85 May 15
10
*8212 85
8212 8212 *8212 85 .8212 85
*824 95
*8212 85
30 Blumenthal to Co pref____100 754 Jan 15
3512 37 I 364 36% 3512 364 35
36
36
36,2 334 3458 11.600 Bohn Aluminum & Br....Ne par! 20/
1
4 Jan 2
I
1gg
Highest.
Per share
832 Feb 10
1234 Feb 24
594 Feb 25
59 Feb 11
5512 Feb 25
18234 Feb 24
126 Apr 7
424 Feb 26
Dos Feb 9
23 Mar 21
6214 Feb 13
664 Feb 26
424 Jan 9
38 Feb 24
12418Mar 10
1212 Feb 24
63 Feb 20
12934 Mar 26
15212 Apr 30
3834 Feb 24
89 Mar 18
4334 Feb 24
484 Mar 20
2114 Feb 27
1412 Feb 16
16 Mar 2
334 Feb 24
51/
1
4 Feb 24
100 Mar 20
7912 Feb 25
90 Feb 26
1032 Jan 9
8 Mar 31
30 Apr 6
64 Mar 20
314 Feb 9
26 Feb 26
112 Jan 9
12 Jan 9
3034 Feb 26
8434 Mar 6
4334 Mar 19
7 Mar 2
2334 Feb 24
894 Feb 5
394 Jan 20
6472 Feb 26
102 filar 27
81 Apr
85 Apr 4
2112 Mar 20
124 Feb 27
874 Feb 20
60 Feb 26
9 Feb 13
112 Feb 27
42 Jan 6
8813 Feb 24
13812 Mar 27
1024 Mar 12
4214 Mar 10
10934 Mar 13
412 Feb 16
114 Feb 24
8114 Feb 20
113 Feb 20
4814 Mar 10
60 Mar 25
10812klar 16
111,Feb 13
2312 Feb 18
20114 Feb 26
12834 Apr 14
132 Apr 14
132 May 5
105 Jan 16
11012 Feb 28
8014 Feb 26
107 Mar 19
114 Jan 12
394 Mar 23
4 Jan 23
18 Feb 20
814 Feb 26
4034'Mar 11
4314 Feb 27
2614 Mar 10
86 Feb 21
1gi2 Feb 27
18 Feb 4
72 Jan 7
44 Jan 6
272 Jan 7
47 Jan 6
712 Apr 4
1012 Feb 26
284 Feb 10
2938 Mar 20
81 Feb 18
39 Jan 7
5332 Jan 21
234 Feb 24
64 Feb 11
9972 Jan 16
134 Feb 10
84 Jan 5
29512 April
214 Star 30
2,
3 Feb 16
5 Feb 17
64 Mar 2
1;
10412 Mar 19
107 Feb 11
10 Jan 2
a
72:1:
7 „ilMea;
83 Jan 19
90 Mar 5
81 Mar 19
Mar
16121
19
6
)
ann L
14 la
1254a„
,4 Marr.F blo
.
3t5,,,1, lappnili 80
• Bld and asked prices; no sales On this day. z Ex-dividend. y Ea-lights.
12372 Mar 6
29 Feb 21
2052 Mar 25
95 Jan 9
8212May 11
4013 Apt 9
PER atALZ.1;
Range for Presto,*
Year 1930.
Lowest.
Higher!.
;per share $ Per share
6 Dec 1513 Feb
5/
1
4 Dec 3518 Mar
86/
1
4 Dec 10712 Feb
3712 Dee 69% Ape
844 Oct 9614 Feb
17014 Dec 343 Apr
12014 Dec 12614 Apr
3114 Dec 68 Mar
1112 Dec 4214 Mar
1612 Dec 3112 June
4512 Nov 97% Mar
6014 Nov 66% Jan
212 Dec 12
Jan
80 Dec 6458 Mar
118 July 128 Feb
/
4 Apr
614 Oct 211
88
Oct 84 Sept
10422 Dec 1564 Apr
1404 Jan 15072 Oct
2418 Dec 8212 Feb
70 Dec 116
Jan
27 Dec 6973 Apr
85 Dec 511
/
4 Apr
154 Dec 22
Oct
9 Nov 83 Jan
8 Nov 304 Mar
17 Dec 594 Mar
25 Deo 1011
/
4 Apr
84 Dec 11113 Apr
6312 Dee 100/
1
4 June
73 Dec 101 May
512 Dec 33% Mar
Vs Dec
7 Apr
812 Dec 344 Apr
4612 Dec 69/
1
4 Mar
2412 Dec 4172 Mar
16 Dec 5532 Apr
Dee
4 Apr
7 Dec 35 Feb
18/
1
4 Dec 105
Jan
681
/
4 Dec 11811 Mar
29% Dec 45 Sept
3 Dec 1411 July
1313 Dec 5111 Feb
30 Dec 116 Feb
20 Dee 95 Mar
3618 Dec 11912 Apr
90 De 107 Mar
744 De
874 Sept
1
4 Dec 894 Sept
74/
15 Dec 3934 Apr
54 Dec 37 Mar
28 Dec 1004 Feb
5212 June 6713 Apr
5 Dec 2612 Feb
4 Dec
3/
1
4 May
35 Dec 5412 June
374 Dec 7912 Apr
131 Dec 141
Apr
93/
1
4 Dec 103% Aug
854 Dec 434 Jan
10012 Jan 112 Sept
2 Dee 2212 Mar
54 Oct 33/
1
4 Mar
334 Dec 52/
1
4 Mar
110 Dec 116 Feb
3613 Dec 5512 Apr
39/
1
4 Dee 69/
1
4 Mar
95 Nov 110 Apr
5 Nov 26% Feb
15 Dee 274 Feb
170% Dec 27414 Apr
9812 Dec 127 Sept
9914 Dec 13072 Sent
120 Fe 129 Sept
95 Nov 141% Apt
10312 No 11414 July
4722 De 1244 Apr
98 No 10812 Oct
532 No
2014 Feb
1512 No
1
4 Feb
44/
132 Dec
9 May
1012 Dec 44/
1
4 Feb
34 Dec 17s Feb
2634 Doe 794 Jan
25 Dee 814 Apr
19 Dec 53/
1
4 Feb
24 Dec 5114 Apr
1052 Dec 8724 AD
1312 Dec 294 AD
60 Dec 8272 June
234 Nov
84 Mar
112 Nov
432 Mar
2514 Nov 65 June
34 Dee 1314 Apr
4% Dec 2012 Apr
20 Nov 4612 Mar
19 Dec 5012 Apr
80 Dec 51 June
33 Dee 8028 Jan
48 Dee 6514 Feb
164 Dec 51% Apr
42 Dec 106 Mar
97 Nov 100 Mar
734 Dec 37 May
84 Mar
34 Oct
6013 Nov 26334 Apr
1% Dee
7 May
78 Dec 102s Mar
12 Dec 25 Mar
2% Dec
94 &Pr
19% June 38 Feb
Jan
84 Dee 116
103 Dec 11012 Feb
8 Nov 20/
1
4 Mar
58 Dec 01 Mar
858 Dec 84 Mar
23 Nov 68 Feb
89 Dee 101 July
62 Dec 92 Apr
10114 Mar 10914 Sept
4634 Nov 704 Jan
218 Dec
6% Jan
764 Dec 8512 Mar
1424 Nov 6712 Apr
3012 Dee 6614 Apt
4712 Dec 1104 Apr
11214 Dec 134 Mar
23 Oct 4113 Apr
1612 Dec 294 Ain
95 Dec 104
Oct
74 Feb 90 AN
1524 Nov 69 &DI
New York Stock Record-Continued--Page 3
3674
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday I
May 9.
Monday I
May11.
Tuesday IWednesday Thursday
May 13. I May 14.
May 12.
Friday
May15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share loft.
Highest.
Lowest.
PER SHARE
Range for Precious
Year 1930.
L,owest,
Highest.
per share 8 per /Aare
per share $ per share
Per share 1$ per share l$ per share $ Per share l $ per share $ per share Shares Indus. & Miacell.(Con.) Par
594 Oct 78 Apt
Bon ALM class A
No par 60 Jan 6 2.6614 Apr 15
5414
5414 *61
64 I .61
6414 *61
61
.
6414 *62
6414 *61
5 Ma,
Oct
20
Feb
1
2
3
14 Jan
No par
Booth Fisheries
*112 134 *112 2
•112 134, •112 124' •112 2
*112 2
54 Dee 3314 Jan
let preferred
7 Jan 9 1714 Feb 20
100
*514 15
*514 12
*514 15 I *512 12 I *514 12
*514 12
904
Jan
May
20
6018
Mar
7618
29
Apr
8
615
Co
2$
Borden
6712 6838 6634 6778 6714 6778 6658 6753 6614 6718 26533 6634 15,600
15 Nov 5012 Mar
10 1758 Apr 29 3034 Feb 27
2034 21121 2013 2034 1018 1034 8.900 Borg-Warner Corp
21781 2053 2112 21
21
21
34 Dec
Mar
5
18
Mar
s
23
112
28
Jan
Botany
Mills
Cons
_50
A_
elms
100
153 *158 134
153
•158 2 I *158 2
134 *158 134
*15g
124 Oct 254 July
12'2 65,000 Briggs Manufaeturing_No par 12 May 15 2234 Mar 25
1518 16141 1513 16
1412 1514 1312 14141 1218 1312 12
1514 Nov 354 Apr
No par 1612 Jan 14 2412 Mar 24
200 Briggs dc Stratton
1778 1778 *1658 20
*1778 20
*1734 20 I *1778 20
*1774 20
158 Dec 2214 May
2 Jan 2
54 Mar 2
200 Brockway Mot Truck No par
*213 258 *238 258
234 234 *213 24
234 234 *213 3
13 Dec 85 Apr
100 1012 Apr 22 28 Feb 17
Preferred 7%
20
*11
20
*11
*1034 20
*1034 20
*1012 20
*1034 20
984 Dec 1784 Mar
1294 Mar 19
2
Jan
103
par
No
Brooklyn
Gas__
Union
4,800
10912
109
10512
10912
110
10912
112 112
111 11212 110 111
3334 Nov 42 Feb
No par 8234 Jan 22 90'3May 13
900 Brown Shoe Co
4014 3912 40
4018 40
3934 3934 40
40
*39
*3834 40
10 Dec 8058 Mar
8 May 4 15 Feu 13
100 Bruns-Balke-Collender_No par
*918 1038 *918 1074 *813 1078
11
11
•958 11
*94 10
1118 Dec 8178 Mar
19
Feb
204
29
Apr
12
1312
Bucyrus-Erie
Co
10
3,500
1312
4
133
1334
1512 1378 14
*14
14
14
16
16
Dec 43 Mar
21
10
Feb
344
28
Apr
Preferred
10 217g
2734 *2512 2634 1.500
2614 26
•26
2734 *2614 2712 *2614 2712 26
2 114 Apr 21 1074 Jan 117 Sept
Apr
1114
100
Preferred
120
112
8
*1115
(7)
112
8
.1115
113
8
.1115
113
11218
*11318 114
113 113
Dec 1638 Apr
3
25
Feb
8
55
15
34May
par
No
Budd
1
1,200
4
(K
353
413
0) Mfg
4 3 413 *4
*414 412'
44 418 *44 412
634 Oct 1458 Feb
714 Apr 29 13 Feb 27
No par
9
9
812 Vs 3,503 Budd Wheel
938 912
878 938
812 812
813 812
84 Dee 43 Mar
30
Jan
4
153
20
Apr
918
par
No
Bulova
Watch
500
8
10,
T94
104
8
*105
104
1012 1012 .10
1014 *1038 11 I 1058
978 Doe 74 ADE
1014 Apr 29 23 Fob 26
No pa
13 I 1014 1112 1038 1112 1034 1034 1012 1012 *1012 1112 2,500 13ullard Co
13
2518 Dec 11014 Apr
9 Apr 27 51 Jan 7
Burns Bros new olAcomNo par
*1013 27
*1018 27
*934 27
27
*8
27
*8
27
*8
3 Dee 35 Apr
11 10 Jan 7
212May
par
No
Now
com
B
class
100
5
*212
5
-,
*29
5
*213
5
*214
212
212
•212 312
7134 Dec 100 Feb
100 22 Mar 17 85 Jan 20
Preferred
80
55
"27
55
*27
49
49
40
37
37
027
37
*27
8 Deo 5174 Mar
183
9
Feb
3314
211,3 Apr 30
4,100 Burroughs Add Ivlach__No pa
2458 25
22418 2413 2373 2414 2318 2338 *2318 2334 2138 23
2112 DOo 4812 Mar
2012
17 Apr 23 31 Feb 24
800 Bush Terminal
No Par
20
21
'20
21
2112 *20
23
*21
*21
*21
22
Nov 110 Mar
97
23
Jan
104
23
Apr
70
100
Debenture
110
7334 *7134 7934
72
80
80 .72
•72
82 '72
80
80
Oct 118
Apr
50 Bush Term Ridge Pref
100 9518 Apr 29 113 Mar 17 108
10712 10734
4 *108 10938 *108 1004 108 108
10958 10934 *108 109
,
Dec
514 Jan
14 Feb 20
7
34May
&
Butte
Superior
Mining__-10
"4 1
73
"4
*34 1 I
*34 1
"4 1
"4 1
Dee
114
Feb
414
29
Jan
2
7
114May
112
400 Butte Copper & Zino
5
112 112 *114
112 112 *1's 178
*114 112
11
*114
294 Feb
10 Nov
No par 12 May 15 2058 Feb 26
12,2 1,000 Butteriok Co
1352 1332, •1314 1312 1314 1338 1253 1258' 1212 1258 12
8318 Dec 1124 Ayr
30,300 Byers At Co (A M)No par 3312 Apr 29 6934 Feb 20
3512 37
39
3778 3958 37
40
3938 4138' 38
4078 39
Dec 114
Jan
106
24
Feb
Preferred
100 9414 Apr 20 1064
94
*82
94 I *8014 94
*80
94
94 I *80
94 I *80
*80
414 Deo 7718 Mar
2412 2512 5,300 California Packing __ __No par 20125lay 1 53 Feb 16
254. 2253 25
25
26
2558 2538 27,4 2714' 26
Dec
Feb
218
2
Mar
s
13
8
Jan
38
10
100 Callahan Zino-Load
1
•58
*58 1
781
"3*
58
78
58
*58
4
*4
2858 Dec 894 JAR
3014 2812 2934 1,700 Calumet & Arizona Mining_20 2812May 15 4338 Mar 17
3114 32 , 3114 3114 3012 3078 3014 3014 30
714 Deo 334 Jan
1ay 15 1188 Feb 24
,
6781
25
3,709 Calumet & Ileela
673 7
7
7
7141
7
738
714' 718 738'
7
7
10 Nov 80 Mar
25
Mar
1658
200 Campbell W dr C Fdry _No par 11,8 Apr28
12
137 *12
•12
1373 •1218 1378 *1214 13781 *1218 1378 212
3012 Dec 7518 Mar
43 May 5
19
Jan
294
1
par
No
Canada
Dry
Al,
9,700
Ginger
4
40
40
4112
4
403
4
423
4138 4034
4158 42 I 4118 42 I 41
1618 Dec 3414 Mar
300 Cannon Mills
No par 1734 Jan 2 25 Mar 24
2212
2112 2112 *2114 2212 *2114 2212 .2112 2212 2114 2114 *21
718 Dec 284 Apr
912 Jan 8 16 Feb 26
800 Capital Adminis el A No Par
1312 *1312 14181 *1312 1414 1312 1312
•1378 1414' 1352 1358 13
2918 Dec 42 Mar
25
Feb
8
363
10
Jan
30
50
Preferred
A
32
*31
32
*31
*2934 3712 .2934 3412 .2934 3412 *3014 3412.
Dec 36234 ADO
834
24
Feb
1314
100 664MaY 11
7478 6712 73 372,900 Case(J1 Co)
8 66,4 7034 6912 7458 7154 7534' 71
6834 79,
Preferred certificated_ 100 95 May 14 116 Mar 21 113 Deo 132 May
490
103 104
100 100 I 05 101
105 10512. *95 10812 *95 100
22 Dec 7034 Apr
22458 2538 20,600 Caterpillar Tractor_,,_ No par 22458May 15 5218 Feb 17
2674 2714 2618 27141 2533 26
28
27
2712 29
14 Dec 137s Jan
4 Feb 27
218 Jan 5
240 Cavanagh-Dobbs Ino__No par
214 212
*212 3
*214 3
"214 3
*24 3 I *214 3
Jan
24 Dec 73
Preferred
100 2018 Apr 29 26 Mar 7
2212 *1013 2234
•1012 2234 *1012 2234 *1012 2234 *1012 2234 *15
94 Dec 204 Oct
25
Feb
16
15
912Nlay
Corp
Celanese
am__No
of
10
pa
912
1,700
8781
10
10
973
*934 1014
11
12 I *4
*11
Mar
Dec
60
8
2
Mar
8
143
24
Apr
518
No pa
Celoter Corp
*718 10
10
*7
10
*7
*818 10
10
•712 10 ' '7
3 Dec 12 Sept
412 Jan 2 134 Mar 21
No par
Certificates
400
10
"6
7
7
10
*7
7
7
10
*6
10
*6
1714 Dec 8473 Apr
2214 Jan 5 3734 Mar 21
No par
Preferred
*2018 30
*2018 30
*2018 30
*2018 30
*204 30
*2018 30
18 Dee 804 May
19 Apr 27 2478 Jan 9
900 Central Aguirre Asso No pa
20
20
1978 1978 1912 20
.1912 20
20
*1912 21
20
814 Mar
214 Dec
614 Feb 21
212 Jan 6
200 Century Ribbon MIlls_No pa
5
5
*414 412 *334 412 *334 412 *334 412 *334 5
51 Feb 6978 July
574 Apr 28 70 Feb 2f)
10
Preferred
10
6112 *5914 6112 *5914 6112 6112 611
6112 *5914 6112 *60
*56
21 Dee 6538 Jan
21 8018 Feb 24
Apr
1512
pa
Copper_No
Pasco
de
Cerro
17
16
1712
3,200
4
163
18
•1713
18
1714
17
17
17
17
2 Deo 1571 Feb
714 Mar 23
412 41
214 Jan 2
4
900 Certain-Teed Produote_No DO
4
414
4
414
414 414 *4
414 414
324 Dec 49 Fen
3018 Apr 29 874 Feb 25
No Pa
3212 *3013 323
1,000 City lee & Fuel
32
32
32
3234 3134 3234 3134 32
*32
Oct 9814 Feb
79
21
Apr
Jan
90
14
774
100
8
Preferred
*845
87
88
350
8614
86
8614 86,4 86
*8614 8878 .8614 88
1414 Deo 6773 Mar
No pa
878 Apr 22 234 Feb 7
1134 1012 11
4,100 Checker Cab
1112 11
1134 1134 11
1158 1214 1174 12
3214 Dec 8211 Mar
34 381 11,500 Chesapeake Corp
3734May 15 544 Feb 24
No pa
37
41
3814
4112
4
403
4
413
4112
4112
4114
4134 42
73s Nov 87 Mar
612 Apr 29 1518 Feb 26
900 Chicago Pneumat Tool_No pa
814 81
912
938 912 *9
912
878 912 *9
878 878
221e Nov 554 Mar
1714May 1 35 Feb 26
No pa
Preferred
*1612 18
*1612 19
19
1934 *17
•18
1973 *19
1978 *19
204 Dec 82 Mar
20 Mar 2 23 Jan 9
_No pa
Cab__
Yellow
Chleago
10
2014
*---2014
20
20
2014
2014 *20
*20
21
20
.
1012 Dec 3212 Apr
1012Mar 6 In star 30
1
300 Chickasha Cotton Oil
1013 101
4 *1012 1112 *1012 11
*1012 1034 *1034 1134 1038 10,
224 Dec 6758 June
1812 Apr 24 3314 Feb 10
No pa
2034 2114 1,800 Childs Co
21
2034 2034 205* 2034 21
21
21
2012 21
144 Dec 43 Ayr
Jan 2 2534 Mar 9
pa
No
2
157
Corp
Chrysler
108.700
193
19
2012
1912
2113
1953
41
20
2114 1934 203
2034 20
438 Feb 11
213 Dec 1314 Apr
212 Apr 17
No par
1,000 City Stores new
273 3
*273 3
"274 3
3
3
3
3
3
154 Dee 444 Apr
3
Clark Equipment
No Par 15 May 8 2274 Mar 25
16
*15
16
*15
16
*15
16
*15
16
.15
16
*15
21 Dec 60 Apr
Cluett Peabody & Co No par 2434 J31112 8414 Feb 17
200
2712
271
*24
*24
2712
*24
2712
2712 *24
2512 26
*24
0114 Jan 105 Apr
Preferred
100 95 Jan 28 102 Mar 4
____ .101
•101
•101
•101
____ *Ha
*101
No par 1424 Jan 2 170 Feb 24 1334 Jan 19188 June
1,500 Coca Cola Co
14918 150
15018 151
150 152
*15118 152
151 151 .150 152
484 Jan 53 Mar
Jan 2 5212 Mar 16
5012
par
No
A
Clam
200
8
523
8
523
5212
5212
5212
*5214 5212 *5214 5212 .5214 5212 *5214
44 Dec 6478 May
800 Colgate-Palmolive-Peet No par 4112May 2 8012 Mar 18
44
45
44
*44
44
44
44
44
44
44
44
44
97 Mar 104 Deo
100 10134 Apr 21 104 Feb 16
10212 1024 1,300
6% Preferred
Oct 354 Feb
*10214 10212 *10214 10212 10214 10212 10212 10234 1023g 10212
Feb 26
12
1788
30
Jan
9
&
par
No
Collins
Alkman
1
3,600
4
13
4
123
*1314 1334
14
14
1414 1312 14
1314 1453 14
15
May
73 Jan 112 May
76
30
Apr
71
Preferred non-voting ___ _100
200
76
76
76
*73
76
*73
76
*71
834 Dec 2038 Ayr
76 1•____ 76
.73
838 Apr 27 1014 Jan 8
Colonial
Oil
Beacon
Co_No
500
Par
2
,
8
85*
2
,
8
3
*83
838
1834 Dec 77
Apr
*838 853 *838 858 *838 858 *833
1
100 1518May 15 3214 Feb 19
1
1,000 Colorado Fuel & Iron
*1514 1614 *1533 1678 1534 1534 15 8 15 4 14,200
6518 Dee 198 Mar
1573 16 I 157 16
Columbian Carbon v t o No par 654May 15 1114 Feb 25
7314 6518 6914
70
7238 74
74
8058 Dec 87 Apr
7214 7512 73
76
74
15 4558 Mar 19
284May
GM
Columbia
A
50.200
2912
8
Elee__No
Par
285
30
2912
3014 318 2958 3012 2914 3012 2934 3054
99 Nov 110 Apr
Preferred
2,400
100 1004 Jan 2 1012 Mar 18
103 104
106 106
106 106
108 106
718 Dee 37,
•106 10612' 106 106
4 Apr
754 Jan 16 1614 Mar 13
818 834 32,300 Columbia Graphophoue
8,4 853
834 913
874 913
154 Dec 4034 Ayr
878 938
2314 Feb 26
913 934
20
Apr
15
Comraercle,
Credit_
__No
_
2,200
17
Par
4
163
1714
1714 1612 1612 17
17
17
Apr
17 I 1612 17
Dec
3012
26
8
443
Feb
354
29
Apr
3134
50
Clads A
3312 1,100
33
34
33
34
34
34
34121 *34
1134
3412 34
204 Dee 28 AP
25 2112 Jan 20 2411 Mar 18
Preferred B
150
2234
*2212 2234' 22
2212 *2212 2234 *2212 2234 *2212 2234 *2212
Jan
5
954
7614
Sept'
Mar
4
853
Jan
7611
29
1
6
(
Sat
60
preferred
84 4 81'4
f4%)___ 100
*8414 85
85
*83
85
85
85
*84
85
85
2134 Dec 55 Mat
2412 1,900 Corn Invest Trust_ __ _No par 23 Apr 29 34 Mar 19
24
25
24
26
26
26
.2612 2634 26
2614 25
80 June 87 Ma.
No Par 82 Jan 20 90 Jan 28
Cony preferred
8514 *8412 8514 *9412 8514
*84
*8412 86
*8412 86
*8412 86
Oar
212 Dec
27
Feb
S
7
Jan
24
Warrants stamped
.212 5
*212 5
*212 5
*212 5
*212 5
*21s 6
14 Dec 38 Apr
No par 1214 Ayr 29 2118 Feb 24
Comm Solvents
1314
4
123
10,800
8
135
1318
1353
1314
1312
24
1353
1354 1438 1353 1413
74 Dee 2014 Apr
8 Jan 2 12 Feb
813 833 46,500 Commonwlth & Sou-rn No par
812 834
853 873
853 873
858 834
853 878
8618 Dec 1044 June
$6 preferred series__ -No par 9112 Jan 2 1004 Mar 16
9712 9712 9738 9753 9714 9712 3,400
9634 9534 97
9638 "96
3113 Doe 57 Mar
96
31 Apr 30 3414 Feb 16
Nast
No
Conde
Publica
33
Par
*31
33
*31
8
32,
33
*31
32,3 .31
33 .31
*31
558 Dec 194 Mar
678 Jan 2 1244 Mar 27
914 3.200 Congoleum-Nairn Ino_No par
9
918 914
912 912
958 10
934 958
1814 Sept 5678 Mar
934 934
No par 21 May 5 3084 Mat 10
*21
Congress Cigar
26
27
*215* 27
*21
*21
23
27
*21
27
•21
2458 Dec 5938 Mar
2511 Jan 8 374 Mar 12
par
-No
3212
Consolidated
3212
1,000
Clgar___
33
3212
*3212 3312
33
*3212 331 *3212 3312 33
53 Dee 80 Mar
100 55 Jan 2 73 14far 19
69
Prior preferred
*67
220
68
68
67
67
718 Dec 2738 Alai
•6672 6712 6678 6714 6673 67
5 Apr 28 15 Feb 17
612
*6
700 Consol Film Indus__ __No par
5
6
614 614
1212 Dec 2814 Jan
638 638
6,4 6,4
638 612
Feb 17
184
27
Apr
1314
Preferred
4
143
Par
4
No
143
1,500
4 14341 1434 1434
1434 1434 1473 1478 14,
Dec 1364 454
1478 15
19
7814
Mar
8
1095
NO par
821s Jan 2
9334 103.400 Consol Gas(N Y)
9634. 9333 9534 92
94
97
9614 9812 9578 9838 295
9914 Jan 10512 Sept
No par 10118 Feb 27 1054MaY 9
Preferred
10512 10514 1,000
Jan
2
Dec
10533 10538 105,4 10514 10514 10533 •105 10533 10513 10538
14
18
afar
14
.89
2
Jan
34
4
par
1,100
No
Textile
Consolidated
34
58
34
34
34
34
54 Dec 2211 Feb
78
78
34
34
9
41; 656 Container Cory A vot No par 4 Apr 29 3gis Jan
4
414 414
433 438
412 412 *433 4,2 .438 41s
811 Feb
2 Dec
Jan 12
28
Apr
114
par
B
Class
300
voting
112
No
112
4
13
ills
112 112
4 134
1,
*134 2
*158 2
1634 Dec 5211 Feb
Apr 30 30 Feb 26
1214 1234 1214 1238 1134 1213 2,700 Continental Bak' el A_No par 10
13
13
1218 13
1213 13
7 Feb
2 Dec
318 Feb 2
44 Apr 29
No par
Class 13
134 2,300
*114
*178 2
2
2
2
2
174 2
7712 Feb 27
*134 2
62 Dee 944 Feb
30
Apr
4478
52
100
Preferred
51
900
5234
52
52
52
*5173 53
Mar
5212 5212 *5112 54
7151
Dec
434
26
Mar
4
623
2
5212 53,3 5012 5234 22,900 Continental Can Ine__No par 47 Jan
535.3 5234 54
5414 5538 5312 5438 53
934 Dee 3738 Apr
812MaY 8 1678 Feb 27
2.000 Cont'l Diamond Ir1bre_No Par
10
1018 *to
1013 10
.1012 1138 1014 10,4 10
•1012 11
Mar
774
Dec
8714
24
Fob
8
517
14
3912May
10
3912 4018 3912 4012 5,400 Continental Ins
4012 4012 3953 4114 40,3 41
*4012 42
84 Feb
24 Nov
412 Feb 27
234May 4
253 278 4,200 Continental Motors___No par
234 234
234 278
278 274
3
3
234 273
8018 Apr
Dec
13
4
3
7
Feb
12
23
Apr
618
par
N
8,600
7
4
63
Continental
011
7,4
7
733
7
714
7
714 714
733 712
81s Dec 404 Ape
358 Apr 25 12 Feb 24
No par
414 15,400 Continental Shares
4
413 414
413 414
414 473
458 478
518
5
65 Dec 1114 Apr
6338 6478 14,500 Corn Prod eta Refining____25 6212 Apr 30 8658 Feb 17
6812
4
65,
69
4
673
3
687
6814
6912
4
673
6878
68
Feb 15114 ocs
2
Apr
140
1524
380
1464
Preferred
15012
Jar
100
6,
15012
15212'
•15012
8
b
Fear
328 m
15038 15033 *15012 15212 15238 15214 15054 1505
74 Dec 86
814 Jai 10 18 Feb 27
9l8 4,700 Coty Inc
9
No par
918 914
918 812
912 978
978 973
912 973
14 3412 Mar 11
Jan
27
30
.2812
Cream
700
of
2812
Wheat
Par
3
No
2812
4
28
4
283
29
29
2912
291e mar
Jan
a
2912 2912 *29
0
281a
11
Apr
29
Apr
194
4
123
16
*1412
Graz
500
100
Carpet
16 I *1234 16
Jan
1412 1434 *1234 1512 15,2 1512 *15
514 Dee 22
834 Feb 25
412 Jan 2
400 Crosley Radio Corp__ N8 par
*41t 434
412 44 *412 434 *412 5
594 Apr
434 434
*412 5
30
500 Crown Cork & Beal____No par 30 Slay 14 884 Feb 24
30
30
31 I 30
*30
31
.30
31
*30
1811 Feb
Dec
p"
31
14
4
8
31
s
O7
12
Jan
30
Apr
314
4
60, Crown Zellerbach
No far
312 354 *3
4 I
4
*312 4
*312 4
504 Dec 935s Mar
*312 4
4614' 4434 4634 4334 4434 2,700 Crucible Steel of Amerion_100 434 Apr 29 63 Feb 11 10118 Deo 117 Mar
4512 4634 46
47
46
48
46
.
93
Preferred
92
280
100 9038 Apr 30 106 Jan 3
9412 9212 93
9312 94 .93
218 Dec
8
Jan
*9318 9414 9412 95
54
34 Apr 27
No par
200 Cuba Co
438 4,2 *313 438 *312 418
4
4
maayr
74 M
Oct 18
1
*312 4
24 Jan 8
*338 4
78 Apr 29
112 4,600 Cuba Cane Precincts_ _ _No yar
114
114 114'
114 *118
112 112
9 Feb
2 Dec
24
Mar
112 112
112 112
534
30
Apr
218
3
3
318
1,000 Cuban-American Sugar____10
3
334'
*318
4
33
Feb
8
655
312
Dee
20
353
9
312
Jan
2 312
100 22 Mar 9 35
Preferred
*2018 25
20
*204 25 I •2018 25
Jan
*2413 25
384 June 48
*2418 25
25
25
50 41 Jan 2 4874 Mar 19
4112 4134 1,100 Cudahy Packing
4112 4112 *4112 42
41
May
12618
Dec
85
4112 41
7
41
Feb
42
100
42
77
Curtis Publishing Co __Na per 71 May 14
75
4
781
12,400
74
I
79
78
4
Mar
,
79
12118
Dee
79
112
5
79
7912 79
79
No par 11314 Jan 15 11813 Mar
Preferred
200
116 116 *1154 1164 *11514 11634 *11514 11578
134 Dec 144 Apr
54 Feb 27
*11514 11634 117 117
253 Jan 2
No Par
312 312
3,4 3,2 11.600 Curtiss-Wright
312 312
312 312
3l2 352
3 Dee 1934 Apr
312 358
84 Mar '3
34 Jan 2
100
A
Clam
2,600
412
5
4
43
8
*47
478'
1
4
43
54
35 Dee 904 Mar
Jan 7
514 514 .5
514
41
5
29
Apr
21
22
par
No
_
Mfg_
22
Cutler-Hammer
400
26
26 I •22
*22
26
*22
10 Dec 4333 Mat
26
2312 2312 *22
1112 Apr 30 23 Feb 24
No par
2,600 Davison Chemical
1214 1112 12
12
12
12
12
.12
1173 1234 1158 12
Ex-dIvldend. y Ex-dividend and ex-rights.
•Bid and asked prices; no sales on tid.3 day. z
3675
New York Stock Record-Continued--Page 4
For sales during the week of stocks not recorded here, soe fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday i
May 9. I
Monday I
211ay 11.
Tuesday 'Wednesday Thursday 1
May 13. I May 14.
May 12.
Friday
May 15.
Sales
for
the
IVeck.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since fan. 1.
On Oasis of 100-share lots
Highest.
Lowest.
PER SHARE
Range for Previews
Year 1930.
Lowest.
Higbee'.
Per share $ per share $ per slate
$ Per share , $ per share $ per share 15 per share . $ per share 1 3 per share Shares ndus. & Mlscell. (Con.) Par $ per share
8% Apr 29 1212 Jan 28
Debenham Securities____5 Soh
912 Dee 80 Apr
•74 11 I *618 11
*512 11
*734 11 I *Ps 11 , *6% 10
20 June 2412 May
20 z20 May 13 22 Jan 5
2018 2018 *2038 2034 *2038 2034 *2014 2034 2018 20,4 320
20
500 Deere & Co prof
11
Feb
Dee 255% Ars
161
195
162
May
8
Edison
100
300 Detrolt
1674 16712 *16014 167•16014 167 1 163 163 i 16413 16412 *163 166
1112 Dec 42% Mai
*1212 13341 *13
1334
100 Devoe & Reynolds A.-No Par 13 Jan 3 191s Feb 18
134 *1212 14
*1414 15
*1414 15 I 13
No par 14% Jan 15 23 Mar 6
175 178 6,609 Diamond Match
4 184 1758 18
1712 18% 1713 18% 1758 1813 17,
2438 Jan 7 20 Feb 24
25
600 Preferred
26
26 1 254 26 I *2534 26 I 2534 253
255* 255* *2513 26
6% Jan 1008 Sept
8% Jan •2 31312 Mar 31
No par
11 I 114 1114 1114 1138 11
118 3,300 Dome Min(*) Ltd
11
11
11
11 I 11
12 Nov 3053 Apr
1418
Inn 2 24 Apr 13
par
*215*
No
Dominion
Stores
2212
*215
8
2212
213
8
214
300
*2113 224 *2112 2212 *2112 2212
57os Dec 8738 Mar
No par 614 Jan 2 78% Mar 20
376
7312 13,500 Drug Inc
76
7513 7612 74
7534 7514 78 I 754 763*' 75
84 Mar 19
5 Dec 4312 Apr
618 618 *618 612 *618 61a
514 Jan 22
100 Dunhill International _No Par
•818 612 *618 612 *818 8tst
13 Oct 19 Sept
No Par 1213 Apr 14 14% Feb 9
134 *10
1314 *1212 1314
*12
1234 *10
200 Duplan Silk
1212 12
1212 *10
Jan 10633 Oat
100 Duquesne Light lst pref___100 102 Jan 5 10618May 13 100
•10513 10612 *10512 10612 *10538 10612 1064 1081s *10614 107 *10514 10713
64 Dec 254 Jan
7 Apr 27 1314 Mar 2
No par
814 814
812 *814 812 *814 812
203 Eastern Rolling Mill
*8
812
8
8 I *8
15912 163
15514 15812 154 15712 153 159 I 154 15614 1498 15414 32,400 Eastman Kodak Co_.. _No Par 143% Jan 19 185% Feb 24 14218 Dee 25514 Apt
*. I
6% cum pre
100 128% Jan 8 1844:Mar 23 12078 Feb 134 Nov
_
*13314
11% Dec 3714 Feb
1318 131; *133)4-13
13-14
- 1212 13 --5;565 Eaton Axle & Spring__ _No par 1014May 7 2178 Mar 19
134 Ti34 13 -1-31-2 1314 Iiii 84
8012 Dec 14514 Apr
8 Apr 29 107 afar 19
20 77,
86 I 8312 8512 al
8412 74,700 Es du Pont do Nem
8612
8414 8712' 85
855* 88
100 118% Jan 9 121 Apr 9 1144 Feb 123 Sept
121 121
121 121 *12034 12214 *120 1224 *1205* 12214' 121 121
300 8% non-vol deb
218 Oct 10% Feb
314 Jan 2 1118 Feb 17
*713 8
No par
200 Eitingon Sebild
711 712
*712 734
754 734 *713 8 I *713 8
35 Nov 62 Feb
100 35% Jan 5 69 Feb 18
500 Preferred 614%
'05612 61
5612 5612 *5658 64 I *5678 64 1 5678 5678 5714 57141
1 Mar
Oct 114,
33
No par 4558 Apr 29 7432 Mar 10
4978 47% 4812 21,400 Electric Autolite
514 5014 5118 4834 5078 49
50
5134 523
100 10712Nlay 4 110 Jan 7 10312 Get 110% Jan
Preferred
*10734 100 *10734 108 *107% ____,*10734 109 1'1'10734 109 •10734 109
934 Mat
218 Dec
31
3% J .n
23
23
21
2 May 7
No par
234 3 1 5,600 Electric Boat
218 212
212 212 *21415
3438 Do 10312 Apt
No par 3814 Jan 2 6034 Feb 26
4318 4478 415* 4338 84.300 Electric Power & la
45
4638 4438 4678 443 4515 4334 453
Ara
90 De 112
10314 10312 1,603 Preferred
No Par 190 Jan 6 10818 M ar 20
103 103
103 10314 10378 10378 *10312 104 I 10312 104
8434 Dee 102 Sept
No par 86 Jan 3 9814 Mar 17
94
9412 9412 014 941
94 I
700 Preferred (6)
9478 9478 *94
95
948 947
Fr),
7914
4712
Nov
Mar
19
66
28
Apr
1504
Elea
59
55
58
I
*54
55
Storage Battery
1,200
NO Par
*5812 5912 5712
5914 5914 588 59
54 Mar
% Dec
114 Feb 20
34May 15
434
*5
1141
*34 114
*34 114'
*34 14
34
80 Elk Horn Coal Corp_ No par
114
54
7% Jan
18 Dee
2% Mar 25
*7
178
34 Apr 24
1(19 Emerson-Brant al A__.No par
*78 14
*78
1781
•78 2
*78 2
781
78
593
3 Jae
35%
Dec
41
Jan
7
10
3312
Feb
33
80
*32
3512
40 Endicott-Johnson Corp__ __150
3218 3312
*3134 32141 *32
33
3214 *32
105 105 I
100 Preferred
100 10212 Apr 15 113 Feb 10 10712 Jan 116 Nov
•10414 115 1'110412 115 *105 115 *105 110 1 *105 110
Apt
6712
8
Nov
12
3157
49
Mar
27
Apr
35%
*37
37
40
37
500
Engineers
37
Publle
*37
40
40
37
Sera...No Par
4212' *40
4212
80% Dec 1074 May
8212 8212
*8114 813
200 Preferred $5
No par 81 Jan 2 87 Jan 27
*8114 8658 "8114 86
*8114 865* *8114 86
8018 Deo 104% Apt
85 Jan 19 91 Mar 12
Preferred (515)
Nova
*8512 8812' *8412 3812 *85
8812 *8514 8618 *8512 8618 *8512 8618
85% Dec 5034 June
2712May 8 35% Jan 12
2734 28
30
1.100 Equitable Office Bldg.-No Pa
28
28 I *28
28
30
28
*28
*28
30
658 Oct 43% Mar
71
713 *7t8 713 *7
*712 8
734 754 *712 8
612 Apr 30 1234 M ar 17
712
200 Eitireka Vacuum Clean_No Pa
853 Feb 24
4
Oct 8014 Feb
418 Jan 2
5
5
5
200 Evans Auto Loading
*5
6
6
*5
512 *5
512
*5
512 *5
215s
Dec 374 Sept
26
Jan
7
Apr
28
8
177
*20
21 1 1934 1934 *184 20
10 Exchange Buffet Corp_No pa
•20
21
21
20
*20
21
975 Jan
1% July
3 Mar 20
1 Jan 3
*13
7
____ ._ Fairbanka Co
2
*134 3
*134 3
*134 3
*134 3
*134 3
34 Dec 3924 jar
412 Feb 25 1114 Mar 20
5% 558
*53*7
9-4 7
10 Preferred
10
*558 7
*558 7
*578 7
1912 Dec 5013 May
*16
16 May 8 2038 Mar 6
183
18
200 Fairbanks Morse
17
1834 1712 1713 *16
No pa
17 "1512 1734 "16
Jan 11112May
964 9614
OS
40 Preferred
100 9614May 15 10978 Feb 2 102
•98
9812 *93
9812 39812 9812 *9614 98 I 93
213 Dee 2714 Pet
612 Feb 24
*4
334 4
35* Jan 21
512
512
200 Fashion Park Assoc____No pa
5121 *4
512 *4
*4
512 *4
Dec
26
9014 Mat
43%
Feb
49%
20
Apr
3412
*34
45
*34
45
*31
45
1
*34
45
Federal Light & Tree
*34
45
*34
45
85 Dec 98% API
91
87 Jan 6 92 Mar 25
*86
91
87
*87
60 Preferred
87 1 87
88
87
No Pa
.87
88
*87
1214 Feb
54 Nov
758 Feb 24
5 Apr 28
*51
6
*512 6
100 Federal Motor Truck_No par
*514 6
*518 6
512 5,2 *512 6
10 Dec 2512 Sept
7 May 4 1513 Feb 24
818
Federal Screw Worke_No par
8
*7
84 *7
*713 84 *713 818 *712 84 •7
174 her 13 Mat
3
24
1
22
1,500 Federal Water Serv A_ _No par 20 Apr 29 80
2118 2178 2078 21
22
22% 2114 2258 2134 2134 *21
Apr
124 Dec 38
26
54May 12
5 5
81\la
an
y 15
15
1,12
*25
24
26
26
26
26
25
800 Federated Dept Stores_No par 4
24 I 26
*23
2712 24
4214 Dec 89% Mid.
Feb
4558 4558 45
45
4278 44
4258 43
4218 42:18 4118 42
5,000 Fidel Phen Fire Ins N Y____10
Dec
*728 9
Ws
67
2
21
*728 9
API
9
Feb
16
Jan
*738 9
*738 9
57
3
100 Fifth Ave Bus
8
8 1 *738 9
No Par
16 Dec 404 Jar.,
*174 26
*18
26
*1718 26
*17% 26
*1812 26 I *1718 26
Filene's Sons
No par 16 Jan 27 22 Feb 25
89 Dec 10014 Sept
____ 101 101 *10212 104 *10212 104
10215 10212
•1024 10312 *104
8r Preferred
100 8514 Feb 10 104 May 12
15% Oet 3318 Jae
25
Feb
Apr
27
193
4
1614
1578 158 *154 1578 •1558 16
158 16
161 4 *16
600 Firestone Tire & Rubber_ 10 13
*16
53% Oct 87% Mar
56,8 5712 57
5718 57
4,400 Preferred
5718 d
100 564 Apr 29 63 Jan 8
5818 5934 5712 59
3858 Dec 61% Jan
3
ar 2
513 a
m
ta
an 12
5 53
53 I 524 52% 523 533
2,000 First National Storea_No par 41
5212 5278! 53
51
52
53% 54
512 Apr
12 Deo
12
13'
13
13
12
12
78 Feb 24
812
28
12 Jan 5
12
12
% 3,700 Flak Rubber
4
No par
114 Dee 21
AP,
3 Feb 7
134a.lay 1
•134 2 i *134 2 I
134 134 *1
*1
2
50 1st preferred
100
2
*1
2
21%
114
Dee
APT
*138 313 *138 312 *138 3,2 *18 31
15
1st
138
40
prof convertible
100
*131
112
30 Dee 5278 Mar
2758 *2412 2612 *2412 261 *2412 26
*25
275 •25
x24
700 Florshelm Shoe class A-NO Par z24 May 15 3512 Jan 3
2112
94 Dec 10012 Oct
*98
____' *98 ----! *98
90 Preferred 6%
100 97 Jan 6 10212 Mar 18
_, 93
98
*9712 -12 Dee 5078 Mar
8'2 Apr 25 1934 Feb 25
4'10
1112 *10
127 *10
103 Follansbee Bros
128 *1014 123 *1012 1234 1012 1012
No Par
3712 Dee 10412 June
4
eb 29
6,
12 1,
Fiar
14
ay 5
2 6
14
sM
jan
57
39
41 I 3858 4012 38
No par 34
39 I 38
391
3612 3812 3634 3634 9,000 Foster-Wheeler
34 Dec 2834 Apr
par
200
No
812 812 *7
8
Foundation Co
9 I *7
9141 *8
83
814 814 •7
Apr
1814 Dec 60
2214 Jan 2 324 Feb 24
1
*2612 27
*2612 27 I 27
2718 265* 271
2612 2612 2614 2658 2,100 Fourth Nat Invest w w
Jan 575* Ara
1018
17
Feb
383*
1134May 1
177 1834T 143 1734 144 16581 154 161
1578 17% 1614 1738 105,800 Fax Film class A
vo
o pa
,
N
2413 Dec 5513 Apr
2414 2812 32712 28
6,400 Freeport Texas Co_ __No pa 32712May lo 4314 Mar 23
29
2913 2814 294 2838 288 288 29
85 Apr 6- 75 Dee 954 Mar
75 Jan
Fuller Co prior pre!__No Pa
•
*65
75 *__ __ 75 *____ 75
75 t*__
75 *____ 75
1154 Apr
24 Nov
38 Feb 25
35
312 312
34 312 2.000 Gabriel Co (The) ol A__No pa
313 333
312 312
*358 412 •334 414
BO
Oct 80 Mat
80 Feb 20
4751:15.: ay:
4912 4934' *47,
49
120 Gamewell Co
*4812 484 *4814 4812 49
8 49 1 •4758 49
7a4 Feb
1 Nov
232 Mar 23
%
58
52
r%
700 Gardner Motor
34
58
53
34'
*58
34
*58
*58
164 Feb
318 Dee
77s Mar 19
44 Jan 1
54 512 •513 53
1,800 Gen Amer Investors___No Pa
538 512
512 558
*578 6 I *5's 534
74
Dee
105
Apr
Mar
12
83
Jan
21
80
*8212 84
8212 8212
*8212 84
*8212 84
200 Preferred
*8212 84
*8212 84
5318 Dee 11172 API
5612 Apr 28 734 Feb 28
593 11.600 Gen Amer Tank Car___N
5934 6034! 59
5934 59
6012 5914 59% 58
No
o par
a
60
59
7112 Apt
8
Dee
223
26
Mar
47
27
Apr
207
8
21
12
223
4
4
235
8
21)
8
213
8
223
20,400 General Asphalt
No Pa
2258 2358! 2178 223* 2134 235*
3512 Feb
54 Dee
94 Feb 16
6 Apr 27
6
6
*6
6%
600 General Bronze
63s *6
Ws
638 638 *6
618 638
813 Dec 3412 Mat
.534
5,14alay 15 13 Feb 24
534 534
400 General Cable
Vo Da
*53
6 1 *5% 6
6
6
1314
Dee
7434 Feb
24
Feb
2512
2
May
12
3
011,12
2 3
154
2
12
*1018 12
200 Class A
No Pa
1234 *10
*934 12
12
38 Dee 10934 Apr
*1.Ft, 18
190 7% cum prof
100 3112May 15 65 Jan 12
.37
37
3512 36,2 *3
40
37
37
37
61 Mat
13
30
Deo
Feb
4812
3
Jan
34
5
*37%
387
8
3714
387
8
3714
*3612
200
General
No
Par
*37
Cigar
393 *37
39
Inc
39
*374
5
41 15 Dec 9533 Apr
4212 4334 4078 424 234,700 General Electric
442 4612 423* 4534 428 4334 4212 44
No Par 4038 AN 27 54 Feb 26
1114 Oct 12 Aull
Ja
epn
br 2
213
7
1
10 114 Apr 29 1218 F4
1118 1118 1112 11151 1112 1112 1112 1112 1112 11 12 1116 1118 2,600 Special
445 Dee 6114 Map
3
5014
52
49
5012
17,300
General Foods
No Par
5114 5214 5112 52141 5114 5218 52
5214
Dek, 1838 All
Ja
an 2 56
812
518 538
7%18 j
518
514 5,901) Gen'l Goa dr Eire A__ No par 44
53* 512
5,8 514
518 5%
54 538
38 De 10613 Ain
*60
65
•60
65
647 *61
68
Cony pref ser A
*63
No Par 54 Jan 2 78% Mar 20
6814 *63
89 I *62
Dec
44% Feb
2884
2Nlay
12
353,
4
Mar
6
281
*28
100 Gen Rai Edison Elea Coro-*29
295*
3018 *29
30,4 284, 281 *2814 295* •273 30
4015 June 5933 Apr
4'
, 42
42
42
42
700 General Mille
aor 41 Apr 29 50 Mar 21
42
No 1p0
•4118 4214 42
42
42 I 42
9834 Dee
June
Apr
15
89
100
Jan
19
96
*98
99
"98
99
99
100
*98
*9812 09
99
Preferred
9812 9812 .98
48 Mar 21
3112 Nov 544 Apt
1U
4234 4418 4234 4334 33934 4214 419,200 General Motors Corp
4338 441
4358 4412 434 447
9178
Doe 10078 Beni
10314 Mar 21
10112 10218 10112 10118 5,300 $5 preferred
No Par
925514 Jan
10158 10112 10112 10112 10112 1011 1015* 102
21138 Dec 41 18 API
18 Apr 27 28 Jan 28
18
1812 1812
No pa,
400 Gen Outdoor Adv A
185* 1858 18
.
14
1812 1812 181
1812 *18
5 Sept 213* Apt
718 Jan 5 1014 Feb 25
"73* 8
*73
8
734 734
.734 8
200 Common
No par
758 75
*7% 8
12% Dec 5278 APT
1418 Apr 27 23 Feb 28
15
1558 1458 145g 3,300 Gen Public Service
No pa
1512 16
163
17
•16
17
1714 17
50
Oct 10678 Mat
49% Apr 29 8418 Mar 2
56
54
56
*53
54
parya
*55
000 Gen Ry Signal
57
*55
57
55
57
55
45
912 Mar 6
312 Dee 19% API
434 434
458May 15
5
44 1,80' Gen Realty & Utilitlea_N
518 54
47
Nog
478 5
518 514
49 Dec 100 Apt
*50
53
54
*50
54
5312)
200 $6 preferred
54 Jan 2 7414 Mar 10
55
55
P
p
pao
a
*55
57
*55
57
39 Dee 90 Mar
37 Apr 29 5735 Feb 26
33
3813 37
39
39
38
1,200 General Refractories_ _N
o
N°
39
39
*3912 4014 339
10
1 Mar
80
54 Dee 10
45 May 15 65 Apr 9
601 *45
494 45
4
45
76.300
604 *50
100 Gen Steel Cast $6 prof _No
6018 *50
•50
6015 *55
398
Feb
18
7
Apr
27
1512
33
4
3
4,4
312
33
4
GenTheatreeEquip
v
t
a
4%
No Pa
414
378 418
334 414
Jan
1064
18
Dec
3414 3678 3314 3458 179,400 Gillette Safety Razor_NO "0
3834 36% 3812 3638 371
35
36%
564 Dec 7034 Nov
ajdi
48
3
:
1
1 s
7538 7538 7414 74141 3.000 Cony preferred
n
yn 22
.
4 7
:3
145zi?
lija
a
aan
3,2;
pari
7512 7612 7612 761
7412 741
74
75
207
3
Apt
414
Dee
7
5t8
518
*43
4
538
*43
4
5
*4
5
434
4341
2,200
Gimbel Bros
No
*54 53
39 Dec 8212 Apr
*3658 38
38
*365 38 I
100 Preferred
•3658 39
39 1 38
*35
*3634 39
7 Dec 38 Mar
97
97
10
5 Jan 2 1618 Feb 20
101s
1,600 Glidden Co
8
,
*934 10
934 97
10
10
*934 10
No Dar
634
Dec 10518 Mar
15
Jan
78
64
65
63
637
64
850 Prior preferred
60
843
62
61
60
62
62
100 48 May 4
17
9,s F
A?
:
23
0 Dee 4
978 Mar 9
57
6
614
57
618 3,500 Gebel (Adolf)
6
6
5% 6
6
6
618
Mar
20
4218
3058 3113 3038 3078i 61,200 Gold Dust Corp v t c...N
n
y
1
j
fa
a
30
4
141‘.
3014 3214 3112 3214 303 321
a
l
r
3114 317
op
pa
No
1514 Oc
684 Mar
1058 107 1012
1034' 6,800 Goodrich Co (B F)__ No par
1012 1238 107 1114 107 1112 1078 Ill
9 Apr 2-1 2072 Feb 21
:
,
8
2 Slat
(1 s Dee :041
*3614 50
"36
*3612 50
50 I
35 Apr 27 68 Feb 10
*3614 50 I *364 40
*3614 50
Preferred
3914 397
3634 3912 22.900 Goodyear Tire & Ilub_No 1p0a0r
3918 4012 397 40 1 3914 40
4018 411
10214
'
o ?r
1;2
:
14 4
1;
Ac
e:: F5
1 1 7814
363:4 Oct
DecI
'16
APT
8012 7912 80 I
*80
84 I 80
80 I 79% 793* *80
400 bit preferred
*7914 82
No oar) El' 1Fjr 2r
' 11
2872 Mat
1112 10% 10341 *1014 12
1214 13
4t7 Jan 5
131
1134 1114
2,600 Gotham Bilk lloe
No par
13
7112 7014 7112 7014 7014
72 I *70
*70
7212 *70
30 Preferred
73
*70
6•Cil
kapq9 74,tg 2,1.
pVr 5?14 '41
No"
*212 312 *212 3,2
219 212 *212 31., *21. 312
100 Gould Couplet A
*212 4
1338 Apr
3 Dec
6,2May 5
34 Jan 2
532 534
5
512 7,700 Graham-Paige Motere_No par
5% 6 I
534 6
61
57
614
6
40 Feb 9
/034 Alg
313 Nov
312 Feb 23
ar
loo
_O_P
Certifloates
8 & PA;
12 Nov 594 Apr
1314 Apr 28 22% Feb 24
Tit; ;ii 14 "iii.4 1314
800 Granby Cons 54.
1J2 is Tiis 1412;i5T4 Tit; ;13r2
16 Dee 52 Apt
18% 1914 1814 1812 11.303 Grand Silver Stores_ _No par 10 Apr 211 2012 Mai 24
1978 2012 1914 20
2018 21
191s 20
10 June 2034 Feb
17% 17% 1838 1634 18% 17
,
8 1818 1612 17
No par 1032 Jan 10 18% Mar 24
15
21,800 Grand Union Co
1518 157
31 Doe 44 Aug
*41
43
4458 46
4412 45
43
4378 1,900 Preferred
No par 35 Jan 15 46 May 13
4434 *4212 44
*41
n2
,
5
ey
13
5
2
18
5sb Dec 5032 Apr
9,
342 11
20
2312 23
2314 *2214 2318 22
2312 *23
*23
No par 20 Jan 2 3
224
400 Granite City Steel
*234 25
Den 43 Jan
,
3912 37% 39
a (
381s 3812 3818 3918 3878 39181 3378 3912 39
1712 Deo 253* Mar
21
203 21
21
21
ar 2
161
91 j
ja
411" 32 2312 Apr 9
4.90008 Nor Iron Ore Prop_N
ya
Noo p
2112 2112 2114 2112 2034 21 I 21
*812 10
*818 10
84 812 *912 9
812 8%
1,300 Great Western Sugar-No Par
Ps 'n • 2
812 84
8312 85 I 8314 834 *8314 85
100, 8314MaF 2 n
87
*8314 85
290 Preferred
il:.
87
;a
:1a n 8
.8
7
t'.
88
1'4* 34)5 Mar
87
82:
,
1 iDE
r:)
IN
, Jjen
8i8 mu 12
No purl
ia
n11
1 Mar 10
33g4 378 6,600 Grigsby-Grunow
378 37
8 378' 378 378
33
.8
33* 4
Feb
Jan
*58 1
*58 1 I
*58
1
*38
78
400 Guantanamo Sugar__ _No Par
*58 1
Ni
0.3
n
lb
DOC 80 Feb
315* Feb 24
1814 *15
1814 *15
1514 1514
18
1834 .15
"16
100 Gulf Statee Steel
*1578 19
8314 Dec 109
Apr
80 Mar 4
11
0 A1r3
Apr
No Io%
v
US I *55
68
*55
58
*55
68
68
10 Preferred
88
*58
68
*58
21
Jan
38 July
25 3718 Jan 21 3012 Mar 20
100 Hackenaaak Water
*n34 281.1 2812 2812 *28 29 *29 2912 *28 29
*2812 29
461% rz
,
e
N,
14
1 tr:r
934 Mar 211
534May 6
7
7
658 67
*938 678
618 618' 612 612
612 68
800 Hahn Dept Stores____No par
5
100 A0 Ian 3 2372 M ar 30
55 I *55
5678
200 Preferred
55 I 55
568 *554 588 *55
5978 55
*55
10
Dee 3134 Mar
_1,i 12 May 6 1533 Mar 21
14 I *1334 1414 *1334 1414 "134 1414
300 flan PrIntIne
14 I 14
14
16
•13
Novee 'Ig'4 2L)f
-
• Bid and asked prices; no sales on thls day. z Es-dividend. y Es-rights. b Ex-dividends.
3676
New York Stock Record-Continued-Page
Per came during the week of stocks not recorded here. wig fifth Page Preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
May 9.
Monday
May 11.
Tuesday 'Wednesday
May 12.
May 13.
Thursday
May 14.
Friday
Ma
Mat., 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-char riots.
Highest.
Lowest.
$ per share $ per share 2 per share l $ per share IS per share $ per share Shares Indus. & Miscall.(Con.) Par
per shcrre
per share
*10012 103 •10012 103 1'10012 103 i•10012 101
10 Hamilton Watch pref__100 100 Apr 8 103 Jan 6
101 101 *101 103
9134 914 *904 92
100 Hanna prof new
*9012 91
92
0038 9032 92
*9012 92
1
4 Jan 8 94 Feb 19
No Par 89/
29/
1
4 3014 2934 2934 27
28
28
3,300 Harbison-Walk Refrae_No par 27 May 12 4414 Feb 16
28
28
2912 2718 28
*314 4
3% 3% 1,400 Hartman Corp elms li_No Par
/
4 4 I
3
*318 4 I *31
3
31
/
4 3/
1
4
3 May 14
11
/
4 Feb 24
Class A
*5/
1
4 7
6
700
6
6
512 512 *5
6
512May 13 10/
512 578
No par
1
4 Feb ?
6
414
438 438
4
414 414
800 Hayes Body Corp
438 438 *414 432
No par
8 Mar 6
3/
438 438
1
4 Jan 2
92
92 I *9034 95 I 09078 95 *9078 05
*9034 95
100 Reline(0 W)
25 824 Jan 17 100 Feb 18
*904 92
*1012 111
/
4 •10
Hercules Motors
1178 "10
1173 *1014 1178
1178 .10
118 *10
No par 1138May 8 18 Mar 24
42
4518
42 *4218 50 I *4018 4512 *43 45% '44
4518 '44
200 Remits/ Powder
No par 40 May 7 :58 Mar 13
116 116 *____ 11634 *116 11634 116 116
11634 116 116
70 Hercules Powder $7 Gum p8100 116 May 9 11912Mar 10
9738 9812 0812 101
921 9312 9,000 Hershey Ch000late
98
No par 87 Jan 19 10334 Mar 27
9814 100 1 98 9812 95
*10112 103 10112 103
1,800
101 101
Preferred
103 10314 103 103 10138 103
No Par 93 Jan 2 104 Mar 27
Hoe (R) & Co
514 612 *514 7
'514 6
*514 7 I *514 62, *514 7
812Mar 3
No par
5/
1
4 Jan 7
*2812 30 *2814 30 *2818 2012 *2812 2912; 2012 2012 *28% 2934
100 Holland Furnace
No Par 26 Jan 8 37 Feb 27
1513
1512 1512 3,400 Hollander & Sons(A) -No Par
•14
1512 1412 1412' 15% 1614' 15% 16
522 Jan 2 19% Apr 8
*92
98
100 Homestake Mining
98 98 .95 100 I '95 100 *95 100 '96 100
100 81 Jan 6 104 Mar 31
812 614 5.000 HoUdallie-Hershey el B No par
68, 718
712
7
614 64
6/
1
4 7
612 6/
1
41
934 Mar 10
414 Jan 2
*61
6418 .62 645 6214 63 1 6134 6134 6114 62
61
900 Household Finance part pf _50 69 Jan 19
61
65 Mar 17
40/
1
4 4234 40 42 I 4058 4034 40
41 I 3812 3012 3614 3712 5,000 Houston 011of Tex tern otfs 100 3,514 Jan 2 6812 Feb 24
700 Howe Sound
1878 1878 1918 1918 "19 20121 19
1812 1872 •1834 20
19
No yar 1812May 14 291s Feb 24
17/
1
4 1758 1718 1738 1714 17381 1712 1738 1634 1712 1814 16% 5,600 Hudson Motor Car
No par 1518 Apr 28 26 Jan 3
812 834
5,700 Hupp Motor Car Corp_-__10
81?
7% 8
8
812 812
83 8121 818 84
7 Apr 28 131s Feb 24
*213 234
2% 238
212 212
600 Indian Motoeyele
212 2121 *214 258 .214 212
434 Feb 27
2/
1
4 Apr 30
No Par
212 212
2/
1
4
212 212
212 212' 212 212
2
212 2,500 Indian Refining
2 May 15
4/
1
4 Feb 11
10
3112 338 3038 312 3138 3112' *3012 31381 311 3114 29
3118 7,000 Industrial Rayon
No par 26 May 6 80 Feb 24
131 135 125 125 120 12034' 113 12014 111 114
103 11014 4.200 Ingersoll Rand
No par 103 May 15 182 Jan 3
46/
1
4 461
45 •40 4412
45
300 Inland Steel
50
4512 4512: "45
/
4 *4512 59
No par 4414May 5 71 Feb 27
.7
714 .7
718! 7% 714
7
7
678 678
634 6% 1,400 Inspiration Cons Copper___20
614 Apr 27 113s Feb 24
714 714 *714 7 2 •614 652 •71.2 712
*714 712
200 Insuranshares Cif, Ine-Ne par
714 714
94 Feb 24
6/
1
4 Jan 13
614 614
914 Feb 25
64 614
*612 958
6
614 1,200 Inmuranshares Corp
612 612
61
No par
/
4 8/
1
41
572 Jan 2
*2,8 312 *2I4 312 *2
412 Feb 21
21. *2
212
212 *2
InteroonVI Rubber
212 "2
No par
1/
1
4 Apr 24
*712 734 *7
8
*CI% 712
900 Interlake Iron
712 *612 8
7
734j 7
634May 8 15 Jan 28
No par
54 Feb 24
1
4 *2/
2/
1
4 2/
1
4 2/
1
4 •214 212, *238 212 "232 212
214 2%
900 Internatl Agrioul
214May 7
No par
*23
27 *23 26 *23
Prior preferred
254. *23 25 '231s 2418 "2314 26
100 21 May 7 5114 Feb 24
162 162 15034 162 15834 16134 15512 157
143 14934 5.500 Int Business Machinee_N• Per 143 May 15 17934 Feb 24
15214 155
814 814
8
778 8
814 84 *77
900 Internat Carriers Ltd__No par
8141 8
734 734
1
4 Feb 24
734 Apr 29 12/
*37
37% 3512 3614 "3512 37341 3534 3534 3438 3514 33% 3412 2,000 International Cement_ _No Par 3312May 15 62/
1
4 Feb 10
21.1 214
2
1% 2
2
21
2,400 Inter Comb Eng Corp-Ne Par
2% '2
6 Feb 2
24'
14 Jan 2
016
17
1734 18 •17
1612 1612 16
18
18
400
16 .16
Preferred
100 16 Apr 29 3934 Feb 16
47 51
4638 48
46
47 4814 46% 47% 4534 4634 13,900 Internal Harvester___-No Dar 4534May 15 6012 Mar 2
487
*140 14112 14012 14012 *140 140121 14014 14014 14014 14014 14038 14038 1,900
Preferred
100 131 Jan 2 14312518321
2514 2514 2434 25
2418 24381 2312 2338 22% 2314 23
23
2,300 Int Hydro-El Sys ol A_No par 21/
1
4 Jan 2 31 Feb 26
59
6034 6034 60% 6012 6912 60
58
5834 1.900 International Mateb prel___25 55 Jan 7 734 Mar 20
5914 5918 59
93
*93 12
914 10
98
914 94 1,800 Int Mercantile Marine 201_100
918 94 *912 10
9 Ap? 17 1612 Jan 5
143 143* 1418 1412 1358 14
1438 1518 1412 147
1212 13% 88,700 Int Nickel of Canada__No pa? 1212May 15 201s Feb 24
*11818 1204 11814 11814 11818 11812 "11818 120% 1181a 1184 11714 11712
800
Preferred
100 114 Jan 9 123 Ma/ 31
•29
30 •27
30
288 27
2912
2734 274 .
70 Intermit Paper prat (7%)_100 25 Apr 25 42 Mar 26
2612 30 I *27
5% 512
512 512
51
5
5
512 *53
500 Inter Pap & Pow el A__No par
S'z
514 514
5 May 15 1014 Feb 26
7
*212 3
*2
312 *258 3
'
5252 3
100
Claw B
258 2581 *24 3
6 Jan 26
2/
1
4 Apr 30
No par
214 214
24 218
214 24
2% 218
214 214
218 21/e
800
Clams 0
412 Feb 26
2 May 5
No NU
2878 2878 .2814 29 '
27%
27%
275
8
2734 2734
275*
400
2714 29 I
Preferred
Apr 27 43'z Mar 27
24%
100
812 812 *612 812 "712 8
*812 97
712 812
*9
500 Int Printing Ink Corp- _No Par
98
71251ay 12 1614 Feb 26
60 60
*58 60
*60 85 *60 65
60 6212 60 60
460
Preferred
100 54 Fen 11 6912May 6
32 32 *3112 3218 32
32/
1
41 321 3212 325* 325* 3112 3234 1,400 International Salt
100
29
3/ Apr 27 42 Feb 9
4714 474 4712 4712 48
4712' •47
•47% 4714 4714 4714 *47
600 International Shoe_ _ __No par 47 Jan 10 4834 Jan 23
32
30
*3112 35
35 1 3112 3112 32
3114
*3112 35 *31
500 International Silver
100 30 Apr 15 51 Mar 10
2814 2612 2714 133,800 Inter Telep & Teleg____Ne par 18/
2812 3014 2758 2934 278 28341 2712 2834 27
1
4 Jan 2 3834 Feb 24
13 •13
14
13781 *1312 1378 13
14
1312
*1312 14 •13
200 Interstate Dept Btoree_No par 1212 Apr 27 211
/
4 Feb 20
62
61
62 62 .593 62 *5932 62 *5938 62 *61
61
20
Preferred ex-warrants
Jan 26 6712 Mal 24
100
58
•12l2 14 *1212 1312 •1212 1312 *1212 1318 "1712 1312 •1212 1312
Feb 24
IntertyPe Corp
par
No
1812
1212
Air
16
*57
7
"578 7
*57
7
*578 7
*57
7
512 5%
700 Inventors Equity
94 Feb 24
5 Jan 2
No par
26
26
26
*26
28
27
•26
30 *26
2612
28 "28
300 Island Creek Coal
1 25 Apr 28 81 Jan 14
41
43
43% 43%
43 *4314 44
43
*44
4512 44
44
600 Jewel Tea Ino
No par 3914 Jan 3 5712 Feb 11
445 47
43 4634 421 447
4334 4612 100,500 Johna-Manville
4314 4514 44 473
No par 4212May 11 8014 Mar 19
118 118
*11814 120 .118 121 •118 121 *118 121 '118 121
20
Preferred
100 118 Jan 3 126 Apr 10
120% 12012 12012 120%
120 12078 120$g 1208* 12012 12012 *11934 121
ISO Jones & Laugh Steel prel 100 11814May 2 12312 Mar 21
14
22
14
32
14 Feb 21
9,800 Jordan Motor Car
14May 8
No par
115 115
*115'115
*115 118
100 IC C P dr Lt lst pf ser B No par 11318 Mar 17 11512 Ape 9
*352 412 '312 4
*414 -158 *41
438
7 Jan 5
334May 12
100 Karstadt(Rudolph)
334 334 *358 4
*1212 13
•1212 13 *1212 13 •1212 13 *1212 13 *1212 13
Kaufmann Dept Stores_$12.50 13 May 6 18 Feb 16
14
1334 14 "13
1212 13
1334 *1318 14
1338 1338 13
1,500 Kayser (J) Co v 1 a_ ___No par 1213 Apr 29 Ms Mar 19
39 *____ 39 *____ 39 •---- 39
39
39
Keith-Albee-Orpheum ____100
8518 100 '8518 95
17
85 '85 100 *8518 100 .
80 80
85
200
Preferred 7%
100 SO May 9 10112 Feb .1% 2
'
5178 2
2
178 2
2
34 Mar 20
"178 212
•17,2 2
1,000 Kelly-Springfield TIre__No par
14 Jan 2
14% 12
148 '12
14% *12
12
147 •12
13% 1318 •12
gIp Jan 5 26 Ma/ 21
60 8% Preferred
100
*3234 40 *3234 40 *3234 40 *3234 40 *3234 40 *32% 10
6% preferred
100 3212May 6 45 Mar 24
1318 1312 13
13
13
141 *1312 14
1412 1434 14
1318 3,400 Kelsey Hayes WheelNo Par 10 Apr 27 2084 Feb 25
1112 115* 1112 1214 1114 1134 1038 1114 15,600 Kelvinator Corp
1138 124 1138 117
8% Jan 2 15% Mar 19
No par
50
*51
60 '51
5018
60 '50 60 *50 60 '50 60
20 Kendall Co prof
No Par 20 Jan 6 60 Apr 6
2118 2214 2078 2114 203 2138 205* 213* 2012 2034 20
2012 22,500 Kennecott Copper
No par 195sMal 4 8112 Feb 24
, *3238 3718 '3238 37%
*3218 37% '3214 37% *3214 3718 "32
327
Kimberley-Clark
No par 3034 Apr 29 41 Jan 9
19 "13
14
19 *13
14 *1212 19 *13
19 •13
19
100 Kinney Co
• No Par 11 May 5 2012 Jan 9
28
31 '2814 31
*29
38 *2814 36 '2814 30 "29
2814
20
Preferred
100 2334May 2 70 Jan 21
24 Feb 25
Kolster Radio Corp__ No par
12 Mar 31
138 Feb 26
13 Apr 16
Certificates
267 274
-21/3-8 265* -213; 14,600 Kresge(8 5) Co
-2718 284 -2634 28
10 25 Jan 29 29 May 8
45
Feb 24
4878 *45 4938 •45
*45
55
52 "45 49 .
45
4834 45
28
100
Jan
Kress Co
45
No Par
233 2333 2278 234 2278 234 2234 2318 228 2318 2134 2214 47,500 Kreuger & Toll
20/
1
4 Jan 13 2734 Mar 25
331
3312 35
3412 3211 3314 67,200 Kroger Gros & Bak--No Par 18 Jan 2 2351.2May 8
33% 3514 3373 3434 3312 3514
7614 5,800 Lamberli Co
7878 7712 7814 7614 78% 75
78
579
7912 7714 797
No par 75 Mal'15 37% Mar 19
1212 '10
121.
1212 *10
*10
1212 '10
1212 •10
1212 .10
Lane Bryant
No par 10 Apr 27 1718 Jan 6
.
3% 312
312 314 *3
312 *31
434 Mar 26
312 '3
313 *318 312
200 Lee Rubber & Ture___ _No par
214 Apr 28
13 •12
12
13
13
13
12
12 "12
*1214 1312 12
400 Lehigh Portland Cement___50 12 Apr 27 1834 Feb 26
9612 *95
96%
*9714 9734 *9714 9734 *974 9734 0714 9714 *95
90
Preferred 7%
100 9714May 4 10112 Feb 3
*45
84 Jan 14
412 43* *4% 5
*458 51
412May 14
512 *473 512 '458 514
200 Lehigh Valley Coal___-Ne Par
2138 2133 2138 2118 2118 1 300
*22
2112 2134 21
23 *22
23
Preferred
50 18 Mar 31 2212May 1
5614 54
5514 *55
5414 2,200 Lehman Corp (Tbe)___No par 54 Jan 2 694 Feb 24
5518 5514 55
55
55
*5634 57
2858 •27% 28
28
28
2912 28
30 *28
29
29 •28
800 Lehn & Fink
No Par 24 Jan 2 3414 Feb 27
18% 6,800 Libby Owens Glass_No par 1114 Jan 28 207s Apr 16
16% 19
19
1778 184 1834 1912 18% 188 18
19
7812 7812 *7812 80 278
78
82
•79
8212 *79 8112 *79
1,400 Liggett & Myers Tobaceo25 7713 Apr 30 91 Feb 7
8014 8034 x7878 7934 5,300
8014 81
8133 8212 8112 8112 8014 81
Series B
25 27818MaY 13 91.34 Feb 24
146 146 •142 14534
200
*14234 14534 .14234 14534 *14212 14534 148 146
Preferred
100 13712 Jan 7 146 May 13
200 Lima L000mot Worka....No par 2114 Apr 29 344 Feb 26
*2314 25
237 2378 "234 2438 *234 23% *2314 243* 2314 2312
Feb 11
*2614 2712 *2614 2712
Link Belt Co
"2614 29 '2614 29 *2814 29 '2614 29
No par 2612May 5 83
5513 Feb 24
28
2734 2734 28
28
29
29
28
3,600 Liquid Carbonic
2814 28
28
31
No par 26 May 1
4214 4414 4234 4412 4214 4312 22,100 Loew1
433 4514 4134 4414 4212 435
/
4 Incorporated_ No Par 4112 Apr 27 63% Feb 18
864 8634 83 8638
*8612 87 *8638 88
300
*87
91 •8634 91
Preferred
No par 83 May 15 99 Mar 19
_
Prof ex-warrants
No par 83 Jan 2 98 Feb 7
5
812 Apr 24
55
61
6
32 Jan 2
31314
57
;
558
27,200
Loft Incorporated
5% 534 6
57
;
No par
-57;
4 Jan 6
234May 12
234 234 *212 312 *212 3'2
200 Long Bell Lumber A No Par
*234 312 *334 5
234 234
Mar 25
454 4812 4.303 Loose-Wile,Biscuit
54%
Jan
2
/
1
4
43
5012 5138 497g 50 *4812 4912' *4812 50 '4812 49
25
1834 1934 185s 1912 18% 191g 1838 1912 1838 1918 1778 1834 83,900 Lorillard
25 113s Jan 2 204 Mar 19
Feb 10
4
/
1
4
2% 278 1,200 Louisiana 011
*278 4
3
3
212 Apr 29
3
3
*234 33* '234 35,
No Par
*3838 41.1
Preferred
100 40 Apr 14 55 Jan 15
*3832 40 *3834 40 *3838 40 *383 40 '3838 40
3638
Fob
28
29
29
2912
30
2
30
2,500
Jan
2978
Louisville 0 & El A...No Par 27
29% 3014
30
3014 3012 30
1012 1012 3,600 Ludlum Steel
1114 1212 104 115* 1012 11
94 Apr 29 19 Mar 19
1114 118 114 12
No Par
17
Feb
5214
'30
39
39
*30
3
39
*30
Jan
35
Preferred
No
39
*30
par
39
39 '30
•30
1773 17%
19 *1778 19
100 MaoAndrews & Forbes_No par 17 Apr 28 25 Feb 24
19 "17
1
4 19 '17
17 *16/
*16
29% 30
3012 31
4,100 Mack Trucks Inc
/
4 Apr 30 437g Feb 24
No par 271
3118 3118 3012 31% 3114 3114 3114 32
8412 86
4,500 Macy Co
8914 8514 87
87
No par 5112 Apr 28 looli Feb 27
8834 89
8812 90
88
91
712 Mar 24
*578 6
6
6
700 Madison Sei Garden
6
6
5 Jan 3
No par
*6
612
"6
7
6
1732
177
2
.18
18%
1
4 Feb 24
18
18
1,400
Magma
Copper
/
4 Apr 30 27/
173
4
No par 151
•1714
18
18
18
18
4/
1
4 Mar 2
'134 2
300 Mallison(H R)& Co No par
•134 212 '134 2
1% Apr 25
134 2
212 '2
212
*2
5 Mar 25
278
Manati Sugar
•17
Is Jan 2
100
27
*173 2781 •178 2% *178 278 .178 27s *2
Preferred
*45
314 Jan 2 12% Jan 8
100
834 *452 834 *4% 834 *44 84 *458 84 *458 834
6 Feb 14
*5
6
6
"3
Mengel Brae
5/
1
4 Jan 22
*212 6
No par
"4
6
•4
6
*4
6
1012
1012
*912
713 Jan 2 12 Feb 25
Manhattan
11
Shirt
*912
25
11
11
*912 11
"13
*9%
•912
.112
13
4
34 Feb 14
303
134
112May 13
112 112 '112
Maracaibo 011 ExplorNo par
•158 2
1% 158 •112 158
1934 1934 1912 1934 1,400 Marine Midland Corp
197 20
10 1832 Apr 29 2414 Feb 24
2014 2012 *1934 20141 •10% 20
Feb 24
20
•1912
32%
Marlin-Rockwell
20
*19
1912May
8
20
No
par
*19
•19
19
20 '19
20
20 1 .
4
514 3,400 Marmon Motor Car
4 May 15 10 Feb 25
Ne par
612
*6
514 6
634 634
614 612
534 614
7,200 Marshall Field & Co__ _No par 2318 Jan 21 32% Feb 24
27% 27% P2618 27
2938 3018 2812 29 1 2714 29
2712 28
Martin-Parry CorP
3% Jan 30
*212 233 *212 234 *212 234 "212 234 "212 24 •212 2%
214 Jan 15
No Par
1
•Bid and asked prices; no sales on this day. 2 Ex-dividend. y Ex-rights,
PER SHARE
Range for P1604011111
Year 1930.
Lowest.
Highest,
$ per share
99 Jan
85 Jan
38 Dee
238 Dec
7/
1
4 Dec
2/
1
4 Nov
77/
1
4 Dec
13/
1
4 Dee
50 Dec
tuna Nov
70 Jan
8313 Jan
4 Dec
261
/
4 Jan
5 June
72 July
4 Dec
49 Mar
2914 Dec
20 Nov
18 Nov
7% Dec
2 Nov
3 Dec
81 Oct
14714 Nov
58 Nov
Ps Dec
5 Dec
6 Dec
111 Dee
1114 Dec
3% Doe
42/
1
4 Oct
131 Oct
8/
1
4 Dec
49/
1
4 Dec
114 Dec
13 Dec
45/
1
4 Dec
183 Dec
1812 Dec
5314 Dec
IS Nov
12/
1
4 Dec
114 Dec
26 Dec
54 Dee
8/
1
4 Dec
2 Dec
21 Dec
10 Dec
55 Dec
21 Oet
47/
1
4 Dec
20 Dec
1711 Dec
144 Dec
5854 Dec
12 Dec
14 Dec
25 Oct
87 Dec
4834 Dec
117 Dec
118 Dee
/
1
4 Oct
108 Jan
144 Dec
14 Dec
24% Dec
81 Jan
5 Jan
1 Dee
29 Dec
17 Deo
914 Oct
273s Nov
25 Dec
20/
1
4 Dec
88 Dee
17/
1
4 Dec
51 Dec
/
1
4 Dec
14 Dec
261
/
4 Oct
39 Nov
2011
/
4 Dec
1718 Deo
70/
1
4 Nov
17 Dec
814 Nov
11 Dee
9838 Dee
414 Dec
14/
1
4 Dec
511
/
4 Dec
21
Oct
10/
1
4 Nov
7612 Dec
78/
1
4 Dec
12718 Dee
1812 Oct
28 Dec
39 Doc
411
/
4 Dec
85/
1
4 Jan
78/
1
4 May
2/
1
4 Deo
8 Dec
4014 Dec
834 Deo
34 Dec
60 Dec
25 Dec
914 Doe
24/
1
4 Dec
20 Dec
33% Dec
81% Dec
4/
1
4 Dec
1914 Dec
11
/
4 Dee
h Dec
5/
1
4 Dec
5 Dec
Oh Dec
11
/
4 Deo
17/
1
4 Dec
2114 Dec
414 Dec
24 Dec
214 Dec
Per tame
1054 Oct
98 Am
7214 Arm
20 Feb
2314 May
17/
1
4 Apr
92/
1
4 Feb
81 App
85 Jan
12334 June
109 Map
10834 June
25/
1
4 Feb
4114 Mar
12/
1
4 Jan
83 Sept
29 Feb
68% Oct
115/
1
4 Apr
41/
1
4 Feb
62/
1
4 Jan
26/
1
4 Apr
17 Mar
2832 Mat
124 Jan
239 Apr
98 Mar
80/
1
4 Feb
1312 July
17% Mar
n Apr
2872 Apr
8/
1
4 Apr
5714 Apr
197/
1
4 May
1934 Mar
75/
1
4 Apr
1412 Mar
78 Apr
115/
1
4 Apr
14612 Sept
54 Apr
92 AP,
88 Apt
44/
1
4 Apr
123 Apr
86 Aart
8118 Mat
2284 Apt
18 API1
86 Mar
58/
1
4 AIR
101 Apr
4534 June
62 Jan
119 Feb
7782 Apr
40 Feb
80 Aug
82 Apr
29 Feb
43 Mar
66s Aps
148/
1
4 Feb
123/
1
4 Nov
1
4 A17/
123/
5% Apr
116 Nov
1312 Jan
2012 Mar
4112 Jan
45 Apr
150 Apr
6/
1
4 Apr
42 Jan
55 Jan
3912 Apr
25/
1
4 Apr
89 Max
62/
1
4 Feb
59 Mar
4012 June
97 Apr
812 Apr
3 July
85/
1
4 Jan
70 Jan
8532 Apr
48/
1
4 Jan
118 AD/
2312 Oct
11 Mar
42 Apr
10812 May
1713 Mar
3712 Mar
9714 Arm
36 Apr
8112 Mar
113/
1
4 API
11438 Apr
146 Sept
4914 Feb
45/
1
4 Feb
811
/
4 Mar
95,
4 May
112/
1
4 JUDO
9914 Oct
6/
1
4 Feb
15114 Mar
70/
1
4 Apr
38/
1
4 Mar
12 Apr
90 Sept
5114 ADP
44/
1
4 Mar
9934 Mar
3934 Apr
88/
1
4 Mar
15914 Feb
15/
1
4June
5234 Jan
13 July
8 Jan
50 Jan
15 Jan
24/
1
4 Jan
10/
1
4 Mar
32/
1
4 Aug
55 Feb
MA AP
681
/
4 App
8 Oct
367'i
New York Stock Record-Continued-Page 6
Fos sales during the week of stocks not recorded here, see .ittb pegs preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday 1
May 9.
Monday
May 11.
Tuesday 'Wednesday I Thursday
May 13.
May 14.
May 12.
Friday
May 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On Paris of 100-share lets.
Lowest.
Highest.
$ per share I $ per share 5 per share I $ per share I 5 Per share 5 Per share Shares Indus. & Miscall.(Cog.) Par $ per share $ per share
191z 197*' 197 19781 1914 1924
1878 1918 1,200 Mathleson Alkali WorkiNo Dar 188 Apr 27 8112 Jan 8
20
*1934 2034' 20
100 112 Apr 29 12538Mar 24
Preferred
*11012 123 *11012 123 *11034 123 ,•112 123 !".112 123 *112 123
33% 3312 3313 3512' 3312 3412 x3213 3212 3,500 May Dept Stores
25 2838 Jan 2 39 Mar 2
34
33
3312 335
53 Jan 2
8% Feb 13
No
yar
Maytag
Co
*53
4
7%
*53
4
4
7%
7%
*53
53
4
53
4
300
534 6
*5/
1
4 614
*15
16
*1534 16
Preferred
No par 144 Apr 29 24% Mar 21
*1534 16
*1514 16
*1534 16
*1534 16
No par 85 May 2 7112Mar 24
*6514 75
*6514 75
Prior preferred
*6514 75
*6514 75
*65
*6514 75
75
Nova? 30 Apr 30 88 Jan 7
*30
33 *30
33
100 McCall Corp
33
*30
30
33
*30
33 *30
30
43
*41
44
43
44
*4234 47
44
*41
4318 44
44
800 McCrory Stores class A No par 34 Jan 24 5114 Feb 17
4112 4113 4112 4112 4112 4113 41
Class B
No par 85 Jan 19 51% Feb 18
42% 42% 42
390
4112
42
*86
*86
89
89
100 78 Jan 22 9312Mar 30
89
*86
Preferred
86
89
086
86
89 .86
30
*25
27
*25
27
*25
25
25
26% *25
700 McGraw-Hill PublIca's No par 25 May 9 29 Feb 26
27
2534 25
2034 Jan 2 2612Mar 31
Mines_5
2314 2378 *23
McIntyre
Porcupine
2338 23% 2318 2314 2318 2318 2314 24
2318 2,500
8134 83
84
7038 8112 25.900 McKeesport Tin Plate_No par 71% Jan 2 10312 Apr 2
82
8314 85
84
8312 86
87
1134 1178 1134 117* 1138 12
117o 12
12
12
1178 12
6,000 McKesson & Robbins-No par 111 Apr 29 17 Jan 80
50 2918 Apr 24 87% Feb 26
Preferred
324 3234 3134 3214 *3114 3231 3212 3213 *3112 3234 *3214 3234
600
818 Apr 29 1013 Mar 6
No par
634 634 *614 634
*612 7
68 638 2.000 MoLellan Stores
614 68
7
7
*28
2978 *28
No par 28 Apr 16 34 Mar 5
29
29
29% *28
2812 2812 29
2978
29
400 Melville Shoe
812 Feb 24
*412 5
4 Apr 29
5
5
No par
5
5
*438 514 *434 5
600 Mengel Co(The)
412 412
26
*26
26
268 *2618 2812 2614 2614 2634 2634 *263* 2634
300 Metro-Goldwyn Pte pref. 27 25 Feb 27 27 Apr 10
1578 164 151 1612 1534 1618, 1512 1612 1518 1534 1434 1513 24,800 MerJoan Seaboard 011 No par 10% Jan 2 2034 April
634Nlay 13 1038 Feb 24
a
64 6%
400 Miami Copper
634 634
634 634
*638 6% *638 678 *634 6%
8 Apr 29 16% Jan 8
No par
8% 8%
878 958
914
812 858 3,900 Mid-Cont Petrol
9
9
9
9
938
No par 17 Apr 18 3112 Feb 24
2434 1814 19
2018 2018 2058 20% *1978 2034 19% 19% *19
600 Midland Steel Prod
7312 7313 7212 7212
80
100 68 May:2 94 Feb 26
7412 7412 *74
8% oum 12t pref
300
*73
80
*74
80
*4038 45
Minn-Honeywell Regu_No par 38 Apr 22 5812 Feb 9
*401 4412
*4014 44% *4014 45
*4014 45
*4014 45
71 Feb 10
4
*3%
312MaY 15
4
4
38 378
4
312 334 1,700 Minn-Moline Pow Imp'No par
4
414 414
2812 2812 *.-__ 35
Preferred
No par 2812May 14 48 Mar 2
100
*2812 35 *2812 35
*2812 35
*2812 35
*1339 1412 *1338 1412. 500 Mohawk Carpet Mllbi_No par 1078 Jan 8 21113Mar 10
*1312 17
1312 1312 *1312 17
14
15
2112 22
*2112 22
2114 2114
2112 2112 *2112 22
22
22
509 Monsanto Chem Virks_No par 1812 Apr 28 2612 Mar 21
1934 20% 1914 204 198 2012 1914 2158 1938 21% 1914 2014 182,800 Mont Ward Co Ill Corp No par 1534 Jan 2 2914 Feb 28
7
7
47
47
*477
8
50
No par 46 May 8 58 Feb 16
*463
50
8 48
*46
*46
100 Morrell(J) & Co
I
50
5014 *46
12
12
12
•12
58
34 Feb 20
I.
*12
58
% Jan 6
.92
28,
es
*%
200 Mother Lode Coalltion_No par
41sMar 26
218 218
218 218
2 Apr 30
2% 218 1,300 MotoMeter Gauge& Eq NcKpar
212 212
218 238 *218 2141
*3514 37
36% 3618' *3513 36
38
*35
300 Motor Products Corp Ne par 80 Jan 16 475 Apr 6
353* 3558
38
38
No par 1178May 11 1978 Feb 18
1178 1278 1214 125*! 1234 1234 *1178 1214 1213 13
13
13
2,900 Motor Wheel
8% Jan 2 3678 Mar 28
2218 2113 22
2212 24%1 21% 23% 22
No par
6,500 Mullins Mfg Co
23/
1
4 24% 2238 24
51
53
No par 86 Feb 10 7212Mar 5
51
541 *5212 5334 52
Preferred
54
190
*5212 54
54
54
/
4 Jan 20
*22
25
25
*2112 24
*22
24
*21
*21
24
*21
24
No par 2012 Apr 29 811
Muniiingweal Ine
1118 1012 1012 3,000 Murray Body
912 Apr 29 18% Mar 10
1138 12
No par
1112 1112 1114 1112 1078 1118 11
•37
39 .37
*3714 39
38
3814 3758 3734 38
39
3912 1,000 Myers F & E Bros
NO Par 3614 Apr 30 4513 Mar 26
/
4 32 1 3112 3112 2912 3118 2812 298 11,500 Nash Motors Co
No par 2714 Jan 2 407& Mar 20
3118 32% 30% 3238 311
57
478May 8 1034 Mar 8
5% 678
678 5% 1,200 National Acme stamped---10
5% *534 6
678 6
678 63
/
4
*10
1.2
12
812 Jan 5 13 Mar 20
*10
*10
12
12
Nat Air Transport
No pas
*10
*10
12
•10
12
3/
1
4 Jan 2 10 Feb 26
No par
6
6
6
6
614
534 534
600 Nat Hellas Hess
818 618 *6
*534 614
203
4
Jan 3 32 Feb 27
*25
*1412
30
17
*25
29
30
100
*14
29
Preferred
*14
•14
30
73
74% 7114 7412 69
74
10 8712 Apr 30 8334 Feb 24
71
15,400 National Biscuit new
74
7514 7314 7434 73
7% cum prof
100 148 Jan 8 15314May 8
*15114 154 *15134 154 *15114 154 *151% 154 *15134 154 •150 154
26
27
2578 2714 11,700 Nat Cash Register A w iNO Par 2578M55 15 3984 Feb 26
28
2858 2734 28
29
2834 2934 28
4134 51,700 Nat Dairy Prod
4212 4334 4212 4318 42% 4318 41% 42% 41
N,par 8814 Jan 2 5034 Mar 25
4234 435
334
71 Feb 26
4
334
3 May 11
4
*318
4
4
3
3
7
8
4
4
4
3,000 Nat Department Stores No par
*3114 39
*3114 39
*30
*3114 39
39
*30
100 29 Apr 30 60 Jan 9
39
*30
39
Preferred
263, 2678 2534 2658 3.300 Nat Distil Prod etfs____No Dar 19% Jan 6 3638 Feb 24
2712 2634 26% *2614 27
2714 2778 27
23 •195 2534 1912 1934
2534 *1934 2534 *21
500 Nat Enam & Stamping
•1934 2534 *21
100 1912May 15 27% Feb 20
107 107% 103 10513 103 104
10534 112
•112 120 *11212 120
100 103 May 14 132 Jan 9
4,200 National Lead
14012 14012
190
•140 14012 *140 14012 14058 14012 *140 14013 140 140
100 136 Jan 2 141 Mar 16
Preferred A
1 '118
1
118 118 *118 121 '
120
118 118
170
*118 118% 118 118
Preferred B
100 118 Jan 8 120 Jan 14
2918 2934 2812 2958 2634 2812 36,200 National Pr & Lt
1
4 30% 2938 30
2918 3118 29/
par 21334May 15 4414 Feb 24
No
.33
1
*%
12
*38
12
*38
12
*38
12
158 Feb 3
100 National Radiator
38
38
No Pelf
%NW' 7
214
214 *___
214 * ___
.0_ _
214 *____
2/
1
4 *____
214 •____
2/
1
4 Jan 7
1/
1
4 Mar 3
Preferred
No par
/
4 4112 41
41
4112 4134 411
42
40i2 41
42
42
2.200 Nat Steel Corp
a
No par 4012May 15 581s Feb 27
3112 3312 30
32
33
34
33
35
31
2,300 National Supply
3634 34
•35
50 30 May 15 7014 Feb 27
95
95
96
95
98
91
98
95
250
100/
1
4 10014 *98 100
100 91 May 15 111 Feb 27
Preferred
5578 5612 521
*57
59
57
/
4 55
1
4 5814 57
5934 5934 58/
2,100 National Surety50 4134 Jan 2 7612 Mar 28
*16
17
1
4 17
*1614 1534
1712 *1612 1714 *16/
400 National Tea Co
1714 1712 *16
NO par 1514May 7 2478 Mar 24
*16
1712 *1512 171 *15
9
1713
100 Nelsner BrosFeb
•18
1712 1658 1618 *1514 17
No par 14 Mar 8 '2514
8% 9
8% 9
81
914
878 6,400 Nevada Consol Copper_Ne par
9
918 912
912 10
812 Apt 30 1434 Feb 24
*1513 17
*15
17
*15
16
17
•15
Newport Co
17
No par 147g Mar 2 2071 Mar 24
*16
17
•16
.44
51
*44
51
*45
51
51
100
*44
Class A
*44
51
50 42 Feb 28 53 Mar 24
48
48
*12
13
13
12
*12
12
300 Newton Steel
*1534 16
12
No par 12 Apr 27 24 Feb 20
12
16
•12
15
*14
15
15
*14
15
/
4 Apr 27 25 Jan 23
200 N Y Air Brake
15
14% 14% *14
No par 121
•14
15
*10
20
20
*10
20
*10
New York Dock
20
100 21 Apr 28 3758 Jan 29
20 .10
*10
•10
20
*25
pr
*25
36
38
36
•25
36
*25
100 32 Apr 27 80 Jan 26
36
*25
36
*25
634 634
634 678 4,300 NY Investors IncNo par
658 7
638 534
5 May 8 1212 Jan 27
512 512
5% 512
106 106 *106 107
6t) N Y Steam pref 05)-__No par 100 Jan 7 107% Mar 12
105 105 *105 106
•105 106 *105 106
116 116
- 115 116
No par 111/
90
. *115
1
4 Jan 3 118 Apr 20
lat preferred (7)
___ *115
___ •115
•115
71
68
69
7112 69
50,300 North American Oo
-8 70 --No par 62 Jan 2 9014 Feb 26
6912 -7212 7014 -717
70 -72
5538 5538
*5512 57
500
56% 57
57
50 53 Jan 5 57 Mar 27
Preferred
5634 5634 *5512 5734 57
834 9
8'2 834 18,500 North Amer Aviation_No par
4% Jan 2 11 Apr 13
8% 914
9%
9
9
934
9
9%
- 10618 10618 *10518 106
300 No Amer Edison pref_No par 102 Jan 2 10614May 6
-_ •10618
106 106
106 106
26-14 *2534 2714 *24% 2512
24% Jan 15 3538 Apr 7
*2534 -North German Lloyd
*2518 26
*2612 2734 *2418 2714 *106-4712 *45
4712 *45
4712 *45
4712
4712 *45
*45
Northwestern Telegraph_50 43 Jai:till 4712May 5
4712 *45
1
112Mar 12
1
11
/
4
78
1
*1
700 Norwalk Tire & Rubber____10
1
12 Jan 9
1
118
•1
118 *1
83s 8% 18,800 Ohio Oil Co
812 878
814May 7 1913 Jan 8
812 87*
812 831
Na par
812 8%
858 878
318 318
338
314
Eh Feb 3
3
800 Oliver Farm Equip New No pea
3
258 Apr 30
3
3
312 312 *318 312
200
•1512 1712 1534 1534 01512 1712 *1534 1712 1515 1512 *1112 1518
Preferred A
No par 14 Apr 29 28 Jan 12
4% 5
812Mar 27
338 Jan 8
No par
434 5
*438 5
1,100 Omnibus Corp
5
518
*5
5/
1
4
5
5
*2112 26
*2112 26
*2214 26
*2214 26
*2214 26
*2214 26
Oppeuhelm Coll & Co_ _No par 22 Jan 16 2812 Feb 28
*5518 61
*55
61
61
*55
61
*55
Orpheum Circuit Inc Ind-1M 81314 Jan 80 72 Mar 11
*55
85
*5218 65
4,000 Otis Elevator
3878 3712 381
/
4 38
No par 3714 Apr 30 58% Jan 12
3814 383* 3812 391
3812 3934 3834 39
100 12458 Feb 18 12912Mar 30
_ _
__ *127 ____ *127 --- •127 ____ *127
•127
__ *127
Preferred
812 812 *812 9
*812 -0612May 7 1638 Feb 28
iba mu'steel
No par
9 .-918' 812 _-9
*811
*361 39
*3618 38%
10
*3618 39
40
100 3518May 1 6912 Feb 2
40
40
Prior preferred
*36
•36
40
3012 3012 1,300 Owens-1111nois Glass Co--25 2813 Apr 10 3934 Jan 20
3038 31
31
31
31
3134 3134 3118 3118 31
47
4712 461 4612 4,300 Pacific Gas de Electric
25 45 Apr 30 547e Mar 10
48
48% 4712 4812 4734 4734 4753 48
55
5534 5534 *54% 565* 55
700 Pacifle Ltg Corp
5534 56
5612 57
•57
59
No Par 5014 Jan 2 6912 Mar 20
100 1678 Jan 7 2614 Mar 23
*1718 1914
*1712 20
*1718 20
40 Pacific Mills
*18/
1
4 20
1814 1814 *1814 20
122 122
31 Pacific
*12212 124 •121 12434 *124 12412 12318 1234 *122 124
100 116 Apr 29 18134 Mar 19
7% 7 8 2.723 758 17,400 PackardTelep & Teta__No par
714 Apr 29 1178 Feb 24
7% 77
734 78
734 8
Motor Car__
7% 8
*29
*29
40
40
40
*29
100 Pan-Amer Petr & Trani--50 30 Apr 28 351 Jan 29
40
•27
3012 3012 3012 *29
30
30
29% 2978
30
*29
30
300
*27
3312 2912 2913 •29
Class B
50 29 Apr 30 361 Jan 9
*3
..
8/
3
4 *8
3
.
812
8
100 Park & Tllford Ina
812
*8
812 *8
812 *8
538 Jan 2 11 Mar 19
No pa
314
478 Jan 21
3
•234 3
2/
1
4 Apr 25
500 Parmelee Tratisporta'n_No per
a's "
314 *3
318 *3
3
3
218
218 *2
2
2
2
218
4/
1
4 Feb 13
400 Panhandle Prod & Ref-No par
214 *2
2/
1
4 21
/
4 *2
14 Apr 27
2912 2734 2878 82,400 Paramount Publix
285 3018 28
2918 303
27% 28% 2714 29
1
4 Feb 24
No par 2612May 7 50/
112 *138 112
112 112
112 *138
*128 112 *13
2/
1
4 Mar 12
15* 1%
1% Feb 7
609 Park Utah CM
1
112 112
112 112
138 138 2.100 Paths Exchange
112 1%
112 18
2/
1
4 Feb 20
•112 17*
111 Jan 17
por
No
4% 41
414
4
412 *4
414 414 *4
*4/
1
4 412!
418
612 Apr 1
900
3 Jan 16
Clam A
No par
812 812
1014! *9 , 1012 *812 912 *812 912 *912 9
*9
100 Patine Mines & Entrepr____20
812 Apr 29 151k Feb 24
4% Feb 24
*3
334
3
3
3
3
3
3
3/
1
4
318 3181 *3
234 Apr 27
700 Peerless Motor Car
50
3538 3418 3178 2.800 Penick & Ford
3512 3512 35
36
36
3618 3614 3514 36
No par 33 Apr 29 4612 Feb 19
36
' 3512 3534 9,300 Penney (J C)
313
361
/
4 3534 3612 36
361
/
4 37 I 3618 37
1
4 Feb 17
No par 281s Jan 2 89/
9712 9758 973* *96
6712
07/
3
4 *98
100 90 Jan 8 995 Mar 27
200
*96
971
/
4 9712 9712 *96
Preferred
33
37
318 318 *324 312
*314 313
512 Feb 10
3 Apr 28
3
311
*278 338
900 Penn-Dixte Cement____No par
100 17 Jan 2 29 Jan 30
•1418 1612 *1418 1612 *1418 1612 *1418 1612 *1418 1612 *1418 1613
Preferred
*32
35
*3034 35
*304 37
*3034 37
32
32
100 People's Drug Stores_ No par 23 Jan 2 3512 Mar 31
•3034 37
/
4 227 22512 22713 221 22512 1,800 People's 0 L &0(Chic)
227 22712 *2241
100 20012 Jan 2 250 Feb 113
•223 22512 223 227
17
*938 17
17
*938 17
*95 17
*938 17
*938 17
100 Pet MIA
No par 1632 Feb 6 1712 Jan 30
71
7
7
718
2038 67
7
7
678 7
7
7
8,700 Petroleum Corp of Am_No par ririMay 15 10% Feb 26
1712 Ms 1718 2,000 Phelps-Dodge Corti
.1818 18% 1814 1814 1818 1878 1712 1812 *17
25 1613May 15 2533 Feb 24
•140 200 *140 200 *140 200 *140 200 *100 200 *100 200 - _ ._ Philadelphia Co (Pittsb)
50
54
*5312
56
54
5412
*5312
5312
5312
5412
5258 Jan 5 5612 Mar 12
*5312
50
400
5412
6% preferred
*5312
0
911
8% 9
83
/
4 812 3,600 Phila & Read 0& 5-No par
812 81
7 May 1 1214 Mar 23
812 834
912
9
1012 1012 1012 1012 10
*1012 11
9 Jan 6 12 Mar 26
*1012 11
10
900 Phillip Morris & CO Ltd--10
•1012 11
.11
14
1318
Jan 5 1218Mar 18
*11
*11
11
1318
*11
14
*11
14
14
Phillips Jones Corp-_No par
*11
4814 4814 *4811 497
100 4814 Apr 1 52 Jan 8
40 Phillips Jones prof
*4814 4978 4814 4814 *4114 4978 *4814 497
7
714 16,000
7/
1
4 712
718
714
712 7 8
23 16% Jan 5
712 798
Apr
712 734
7
par
No
Phtlltp2 Petroleum
g Feb 14 1014 Apr 6
a
16
7
4,812 15
*7
16
16
*7
*7
16
*7
16
Phoenix Hosiery
*1512 17
1512 1512 1514 1512
*1512 22
•1514 17
400 Pierce-Arrow class A___No par 14% Apr 30 2714 Feb 11
•1414 17
111 Feb 28
/
1
4 Jan 7
34
26
*sii
88
52
%
53
%
31 1.200 Pierce 011 Corp
•%
34
%
*53
9 Jan 2 2334 Feb 27
100
*078 1238 *934 1238 *10
1218 *10
*934 14
11
1212
11
10(
Preferred
358 Feb 27
138May 8
134
178
17
138
15
134
15
17
No par
134
1%
1.58 4.00(2 Pierce Petroleum
112
31
*304 3112 23034 304
304 304 31
311
/
4 3134 3014 31
700 Pillsbury Flour M1112-No Par 26 Jan 2 37 Mar 9
31% Jan 2 81)34 Mar 5
*3134 33
*3138 33
*31
33
*3118 3212
03218 3212 *3213 33
Pirelli Co of 'tidy
-- - - -- ---*-Bld and asked prices; no sales on this day. S Ex-dividend and ex-rights, x Ex-dividend. y
PER Sli A RR
Janos for Previa,:
Year 1930.
Lowest.
Highest.
5 per share $ per share
3018 Dee 5138 Ma/
Oct
115 Jan 136
2714 Dec 61% Jan
5 Nov 23 Mar
1418 Nov 4012 API
68 Dec 841, Mar
83 Dec 50 Apr
87 Dec 74 Jan
8814 Dec 70 Jan
78 Oct 97 Mar
27 Dec 64 ADP
1434 Jan 2014 Dee
Jan 89% June
61
1012 Nov 37% APR
25% Oct 4914 Apr
6 Dec 2014 Jan
25 Nov 42 Apr
5 Dec 2314 Mar
23 Dec 2834 Map
914 Nov 87 Ayr
7 Dec 3378 Feb
11 Dec 33 Apr
151k Nov 53 Feb
74 Nov 110 Feb
87 Dec 7614 Mar
3/
3
4 Dec 287s Mar
44 Dec 92/
1
4 Ma7
9% Dec 40 Jan
18/
1
4 Dec 6334 Apr
1518 Dec 4978 Jan
48% Oct 72 Feb
2 Jan
13 Dec
113 Oct 1113 Apr
Apr
25 Dec 81
1414 Dec 84 Mar
614 Nov 2034 Feb
8512 Dec 4478 Jan
25% Dec 5813 Feb
9 Nov 2514 Apr
34 Oct 4912 Mar
2114 Dec 5812 Jan
1
4 Feb
5114 Dec 26/
6 Dec 89% Apt
214 Dec 20 Apr
1312 Dec 82 Jan
6833 Nov 93 Map
14212 Jan 152 Oct
27% Dec 8312 Feb
85 Dec 62 June
31 Dec 2412 Feb
60 Dec 00 Jan
1814 Dec 39% Feb
1714 June 33/
1
4 Ma
114 Dec 18912 Feb
185 Dec 144 Sept
Nov
120
Jan
116
80 Nov 5814 Apr
412 Jan
% Dec
Jan
158 Dec 11
41 Nov 62 J1117
60 Dec 12458 Apr
10613 Aug 118 July
85 Dec 9814 Mai
18 Dee 4178 Feb
20 Dec 54 Apt
9 Dec 82% Jab
1512 Dec 1714 Dec
30 Des 85 Mat
1114 Dee 68 Ape
2112 Dec 47 Feb
22 Dee 48 Ape
7718 Dec 8812 Apr
9% Dec 32 Apr
93 Dec 10612 Sept
10814 Dec 117 Aug
5714 Dec 13278 Ape
Jan 57 June
51
414 Dec 1472 API
9958 Dec 10518 001
2378 Dec 551* AIM
4112 Dec 50% Mal
/
1
4 Dec 4 Mai
18 Dec 32 Aul
1213 Dec 90% Mai
2% Oct
8% Mal
22 Dec 58 Ain
60 Dec 997s Ain
48/
1
4 Nov 803e Mal
113/
1
4 Jan 12814 Sept
91 Dec 3873 Mai
75 Dec 99 Apt
82 Dec 80% Fet
4012 Dec 747 Mai
1
4 Mai
46 Dec 107/
15 Dec 80 Yet
114% Dec 178 Pet
7/
1
4 Nov 2338 Mat
1
4 Ma)
42 Nov 64/
30 Dec 6711 May
5 Dec 3558 Am
/
4 Mat
2% Dec 261
/
4 Dec 1234May
11
3414 Dee 7714 Mal
Os Api
/
4 Dec
11
9 API
112 Dec
2% Dec 19% Api
818 Dec 32% Eel
8 Nov 14 Fel
2618 Jan 55 Api
27% Des 8014 Jai
90 Dec 1010* SeD1
2/
1
4 Dew 12 Mal
16 Dec 5.5% Mai
/
4 Dec 6018 API
211
18514 Dec 825 Ma,
17 Dec 2212 Alil
57 Dec 2714 June
195 Dec 443 Apt
170 Oct 248% Api
5018 Jan 577 Sept
612 Dee 2518 May
814 Jan 151k Mai
1014 Dec 2778 Fet
52 Dee 75 Fet
11% Des 445 Apt
7 Dec 2018 Ain
16 Dec 33 Ars
212 Mai
12 Dec
712 Dec 52 Mat
1% Dec
7/
1
4 Api
25/
1
4 Dec 27114 An
3012 Dec50% Fel
3678
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here. see seventh Page Preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
May 9.
Monday
May 11.
Tuesday 1Wednesday
May 12.
May 13.
Thursday
May 14.
Friday
May 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCEIANGE.
$ per share $ Per share $ Per share $ per share! $ per share 5 per share Shares Indus.& MIscell.(Co*.) Par
*16
3018 *16
Pittsburgh Coal of Pa
25
*16
3018 *16
25
*16
25
100
3013 *16
65
65
65
Preferred
90
65
65
*65
6514' 65
65
65
65
65
100
1213 1214 1214 1214 12
700 Pittab Screw & Bolt__No par
12
*12
1214 *12
1214 12
12
*68
69
150 Pitts Steel 7% cum pref
67
*6614 67
66
67
6612 6612 6614 6614 67
100
8
*44
7
*8
1012 *8
100 Pittsburgh United
94 *8
918! 8
912 *8
25
•95
30
95
95 1 *95
9712' *94
9712 *94
9514
9712 *95
Preferred
100
96
•1658 18
300 Plttaton Co
*1658 18
*1658 1712 1658 1658 *164 1713
*1658 18
No par
7
600 Poor dc Co class B
612 6
,
4 *7
No par
714 714: *7
778
7
778
78
78 *7
*1513 1614
1812 1812 1712 1712 •1712 1812 1612
1,800 PortoRlean-AmTob clA_ -100
1512 16
37
37
Class It
4
4
4
700
•4
4,
8
4
4
No par
*334 378
38 17I
2312
*26
200 Postal Tel & Cable 7% pref 100
*24
2412 *24
2512 *24
2512 *22
29
25
25
7,600 Prairie Oil & Om
1053
1014 1012 1012 1053 1013 1058 1012 11 I 10
912 10
25
2013 2018, 1934 20,8 1912 197
1912 1913 2,500 Prairie Pipe Line
*1934 2014 1958 20
25
313 358 1,200 Pressed Steel Car
334 334
354 334
No par
334 378,
*334 4
38 378
35 I *29
35 I *29
35
*29
35
*30
37
Preferred
*29
*2934 35
100
6712 6614 6714 6614 6713 6534 6612 4,200 Procter Gamble
67
6712 68
67
68
No par
500 Producers & Refiners Corp .50
*3
334, *3
312 *3
*2,
4 3
3
3
312
314 314
30
7
Preferred
758 *612 712 *613 713 *612 713 *612 713 *612 712
50
27,300 Pub Ser Coro of N J_ _ _No par
8112 84
8014 82
83% 8553 84
8512 8318 8513 824 85
55 preferred
1018 10158 10112 10134 10178 1018 102 102
No par
10214 10214 *10173 1024 1,000
700
11714 11714 *11634 11718 116% 11673 1168 117
11714 11714 11714 11714
8% Preferred
100
300
13614 13614 *1358 137 *13578 137
13614 13614 136 136 *136 1374
7% Preferred
100
100
*15518 159 *15558 157 *15514 15658 15612 15612 *15658 1574 *15634 15712
100
8% Preferred
Pub
Sett,Elee & Gaa pref 100
*111% 11214 *11158 11214 *11158 11214 *11158 11214 *1115 11214 *11112 11214
3614 3653 7,000 Pullman Inc
3612 37
38,
4 3834 3712 3812 368 378 3612 37
No par
38
%
3
5,
300 Punta Alegre Sugar
50
34
53
53
*58
54
*53
53
*53
618 612 7,809 Pure 011 (The)
618 614
6
614 612
613 612
618,
6
612
25
76
8% preferred
299
76
76
73
7858 77
7753 7612 7634 7212 7678 73
100
3313 3358 *3234 33 I 3212 33
3112 3258 3113 324 x2953 30% 5,400 Purity Bakeriee
Na par
17% 1853 588,000 Radio Corp of Amer
20
1912 204 1834 2012 1314 197
No Par
2158 1912 213
*50
54
200
*50
53
54
Preferred
*51
5214 51
51 1 *50
53 .50
60
47
52
*4912 .50
50
Preferred B
48
51
*50
52
4914 494 *47
No par
,
4 1,100
1758 1812 17,4 18
1712 178 1714 1734 17
1713 1613 1718 61,400 Radio-Kelth-Orp el A No par
21,
8 2158
234 2358 2234 2234 2158 2218 2212 2212 23
23
900 Raybietos Manhattan_No Par
15
1512 1512 16
1,000 Real Silk Boater,
16 1 1512 1513 *1513 16
1512 1512 15
10
6912
6912 *____ 6912 •____ 69 *
Preferred
6912 *---- 6913
100
*7, 114
*78 1
*78 141
4,78
114
•78 114
*78
1
Reis(Robt)& Co
No par
2412
*8
2112 *8
2412
First preferred
2412 *8
2412 *8
*812 2412 *10
100
858 9
812 87
813 812 2,700 Remington-Rand
812 812
812 812
812 834
No par
55
•40
45'., *50
First preferred
100
58 1 *40
58
*55
5734 *55
100
5758 55
*71
*73
96
*71
95
Second preferred
20
96
*73
96 I *73
96
72
73
100
612 612
6% 612 4,300 Reo Motor Car
612 6,
4
612 613
633 612
658 6,2
10
14
1412 1334 14
1313 13341 133 1378 1314 1334 1273 1318 12,200 Republic Steel Corp_..No par
Preferred cony 6%
100
*3114 33
3012 31
3018 3012' 3012 3212 3112 3113 3012 3114 1,900
614 6,
4 *6
10
*6
10 I *6
10
*6
10
*6% 10
200 Revere Copper & Brass No par
Class A
*54 25
*613 25
*5
30
*5
30
*5
30 I *5
25
No par
1578 16
1512 1512 1513 1512' 1513 1512 1512 16
315
1518 1,400 Reynolds Metal Co_ _ _ _No par
Reynolds Spring new_ _No par
*918 1018 *918 1013 *84 1018; *94 934 *918 10
*918 10
512 5234 518 5218 51
5153' 5012 5158 493 50% 4918 493 45,100 Reynolds (11.1)'rob clam B.10
Class A
72
72 .70
73
*70
72
*70
72
10
10
73
370
73 I *70
114 10
112 113
114 112
158
114
112 112
114
158 3,000 Richfield 011 of Calif___No par
413 41
434 434
412 412
438 412
No par
412 4581
412 412 3,600 Rio Grande 011
No par
*24
26
*24
22
2234 *213 221z 1,009 Ritter Dental Mfg
2512 24
24 ' 2334 24
2012 211 *2034 2138 198 2012 1958 1912 194 1914 19
19
1,700 Ross% Inaurance Co
10
30% 3118 3058 3114 2973 31181 2878 32
2813 29
2858 2918 23,600 Royal Dutch Co IN Y share,)
10
16,
8 1658 167 17
1612 1684 3,500 131Joeeph Lead
1638 164' 1614 1714 1658 17
No par
513 527
514 52
5212 51
511* 4954 504 6,800 Safeway Stores
515 52
51
100
Preferred (6)
*9012 95
*9013 95
*9013 95
*9012 95
*9058 95
*9058 95
100
Preferred (7)
•10514 108 *10514 108 *10514 108 1*10514 108 *10514 108 *10514 108
No par
*15
1512' *15
1512 *143 15
147 148 15
1513 *147 16
300 Savage Arms Corp
8
8
8
8
*74 8
74 712
GOO Schulte Retail Storee No par
Preferred
100
.
52
60
*50
60
50
5212 50
50
*50
55
*50
55
270
No par
64 614 *6
200 Stag rave Corp
658 6%
614 *534 6
*614 638 *614 612
50
5212 46,700 Sears, Roebuck & CoNo par
5414 5658 5312 5558 5334 553
5334 5534 5212 55
37
37
1
*324 44 *334 44 *33
100 Second Nat Investors
*37
4
4,8 *334 418
Preferred
1
*43
48
*43
48
*43
48 1 *43
43
*43
48
*43
48
*1
14
1
No par
113
1
1
1 I
300 Seneca Copper
*I
118 *I
118 *1
No par
9
914
8% 9,8
83, 9 I
858 834 11,700 Servel Inc
9,8 933
914 934
No oar
2413 2312 2413 2312 2312, 22
23121 3,500 Shattuck CF 0)
24
24
24
25
25
No par
200 Sharon Steel Stoop
*858 12141
858 8581
*853 10 1 *853 10
*858 10
*858 10
No par
1354 14
1212 1312 12
12181 2.500 Sharp & Donnie
•1313 1414 *1312 141 .1313 14
Preferred
No par
*5658 5712 *57
*5658 60
5712
*5658 60
*5658 60
*5678 GO
No par
473 513
413 5
20,500 Shell Union Oil.
5
5
458 47
434 54
513 514
Preferred
100
31
32
30
30
1,800
28 I 28
29
2914 29'2 27
30
30
par
Shubert
Theatre
Corp_No
3
5
5
5
400
5
*518
514
51z
5
*514
*514
*518 6
No par
14,
8 13% 1458, 1313 1358 13
14
1358 15,400 Simmons Co
1334 1318 15
13
10
614' 6
6
578 573
500 Simms Petroleum
614 *6
*6
6
6
6
6
812 854 22,600 Sinclair Cons 011 Corp_No par
858 8%
8% 8%
853 88
88 911
85
958
100
1,200 Preferred
84
85
90
86
86
92 1 87
95
91
.
92
95
*92
25
55, 53
3,100 Skelly 011 Co
412 412 *412 5
5
5 i
412 5
*54 6
100
Preferred
15
25
25
*15
25
*15
25 1 *11
28
*15
25
.23
No par
178
134 134
500 Snider Packing
*134
*134 2 I *134 2
178 178
154 17
No par
Preferred
712 *6
712 *6
712 *612 712 *6
712
*6
712 *6
8513 86
800 Solvay Am Inv Trust pref _100
*82
86
86
89
8913 *8658 88
8658 84% 85
No par
11
11% 107 11 i 104 107
1012 104 1014 1014 2,100 So Porto Rico Sugar
11
11
Preferred
100
*98 103
30
*98 103
*98 103 I *98 103
103 103
103 103
25
417 4512 4434 4512 4418 444 4373 4414 4.600 Southern Calif Edison
453 4553 4478 45
Southern
Dairlea
el
B__No
par
*34
5
*4
5
*4
5
*418
5
'
*418 5
*44 5
Spalding(
Bros
No
1
p
w
ar
*3013
34
31
100
31
31
*3018
*3018 33
*3018 3312 *3018 31
10
let preferred
___ *115
___ *115
*115
Spang
Chalfant&CoInc
NO
Par
llg
*15
2
.
E25
i
*15
25
*15 100
Preferred
90
•__ _ 90 *____ 90 *__ _ _ 90 1._ _ _ _ 90 •____ 90
734 784
500 Sparks Withington__ -NO Par
814 814'
814 814 *734 84
8
813 *713 8
1
par
Spencer
No
200
Kellogg
&
Sons
1314
*1214
134
*12
4
1314
*1214
•1314 1312 12
1314 *1214 14
300 Spicer Mfg Co
No par
912 912
912 912
*913 1012
*913 1012 *912 1012 *913 101
Preferred A
100
No par
2812 *25
2812 *2518 2812 2518 2518 *2514 26
*25
2938 *25
*734 814 *714 814 3,800 Splegel-May-Stern Co_No par
7
9
74
73s 814
7
734
7
Na par
18
1834 1724 1838 48,000 Standard Brandi
1834 1914 18% 1918 1853 1878 18% 19
123 *12134 123
Preferred
123
123
200
No par
4
*1213
122 122 ,*12134 123 *12114 123
253 314 *25
*212 31 j
314
300 Stand Comm Tobacoo_No par
212 3
314
*3
34' *3
5712 6953 27,600 Standard Gm & Elm CoNo par
4 694 72
7058 7178 70% 72,
7213 7414 6913 733
1,200
Preferred
614 624 624 6214 6234 6234 6212 53
62
62
62 1 62
4 9812 *9354 9813
55 min prior pref
No par
98,
4 *9813 9812 *93,
*93
99
9834 9834 *98
106
10534
*10512
1053
4
300
87 corn prior pref_ _ No Pa
10512
10612
10512
10612
*10612 107 ,•10612 107
23
23
213 212 1,100 Stand Inyeeting Corp_No pa
*258 3
*234 3
*234 3 I *234 3
104 104
100 Standard 011 Export pref _100
8 *104 105 *104 105 *104 105
*10334 1055, •104 105,
36
21,600 Standard Oil of Calif __No pa
36% 3734 3653 3712 335
3712 39 , 3612 3734 3612 377
100 Stand 011 of Kansas
25
1278 1112 1112' 4,1138 1112 *1118 1112
•1212 1234 *1214 13 .12
363 368 3518 364 33458 3512 59,400 Standard 011 of New Jersey_25
3634 38 I 3653 3714 3614 37
1813 23,400 Standard 011 of New York 25
18% 1878 1812 1878 18
1834 19
184 19
1834 19
20
20
1,300 Starrett Co (The) L S_No pa
20
2013 213
4 20
20
,
2112 2112 2014 2112 *20
313 314 1,000 Sterling Securities el li..No pal
312 312
312 312
358 358 *313 33
34 312'
401)
Preferred
7
74 714 *63, 714
Na pat
7
*7
712 *658 712
7
7
700
Convertible preferred__ ho
36
*36
38 I *3618 36% 3613 36,8 3714 3714 X3538 3558
36
2,500 Stewart-Warner Sp Corp__ -10
134, 12,4 1258 1258 1258 12,8 1212 *1213 1258 1112 12
13
3618 3718 3618 3613 11.200 Stone dr Webeter
No par
38
384 37
3934' 3813 383 38
38
19'2 1834 195s 12,400 Eitudeb'r Corp (The). No pa?
4 2012 1914 2014 19
2058 21 I 2018 2114' 18,
50
Preferred
100
11512 11512 11512 11512 *11214 11512
•1121.1 11512 *11214 11512 *11214 115
______ Submarine Boat
No par
600 Sun 011
3612 35
3612 *35
No par
3412 3438 34% 3438 3412 *34
*34
95
250
Preferred
9534 95
100
96
9614 *9534 9634 95
98
98
z98
98
1,000 Superheater Co (The)..-Na par
*3134 321s 324 3213 315g 3134 3113 31 12 3114 3113
*3131 32
1
78
.78
78
700 Superior 011
1
No par
1
1
1 I
*78 1
*78
1 I
812 9
300 Superior Steel
912 913
100
1012
104 *10
1012 *10
1012 *10
*10
1314
500 Sweets Co of America
50
,
4 *1314 133 *1314 1312 13
*13
1312 1313 133 *1314 13
113
Symlugton
113 *114
No pal
*114
*114 2
*1
2 1 9.14
134 *14 2
*313 4
Clam A
*312 4
No par
*312 4
*312 4
*314 4
*313 4
400 Telautograph Corp__ _No par
8 1714 1714
18,
8 178 18,
•18
1834 *1713 184 *1734 1814 *18
No pa
6,8 014 1.100 Tennessee Corp
6,2 6,2
673 678 *612 63
64 64, *612 64
1912 1878 194 83,700 Texas Corporation
25
20,
8 2112' 2014 207
1938 204 194 2018 19
405/3 434 4114 4218 403 4114 25,200 Texas Gulf Sulphur____No par
4118 43 I 4013 425, 4118 417
Texas
Pactflo
Coal
h
011_
_10
4
4
1.100
413
4
*4
44
*4
412'
4
414
'Co *4
1
1014 1058 5.800 Texas Pao Land 'Frani.
11
11141 11
11
11
11.
1078 1114 1012 11
-ii- 41 1 12. '12 12
Bid and asked prices: no sales on this day. 3 Ex-dividend. y Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100 share lots.
PER SHARE
Range for Prestous
Year 1930.
Lowest.
Highest.
Lowest.
Highest.
$ Per share
19 Apr 23
65 Apr 28
1014May 2
66 May 15
8 May 5
9312 Jan 2
16,
8May 14
6 Apr 28
1512Niay 14
318May 7
18 Apr 29
912 Apr 21
174 Jan 28
313 Apr 23
31 Apr 30
03 Jan 2
218 Apr 28
612May 7
72 Jan 15
95 Jan 2
10934 Jan 3
12814 Jan a
148 Jan 6
10914 Jan 6
5
ay 18
3614M
82 Jan
$ Per share
284 Jan 12
80 Jan 27
1514 Feb 24
87 Jan 15
15 Feb 27
100 Apr 24
1814 Jan 5
134 Jan 10
27 Feb 28
8 Feb 27
3912 Jan 9
20% Feb 26
2612 Feb 26
718 Feb 19
47573 Feb 19
711 t Mar 10
6 Feb 27
10 Feb 27
9613 Mar 19
1024May 11
118 Apr 10
13734 Apr 9
15734 Mar 26
11212 Apr 22
,28
7
j
1,a
erb
52
812'
512 Apr 28
67 Apr 29
2913 Apt 27
12 Jan 2
48 Jan 7
344 Jan 2
1512 Apr 29
1833 Jan 2
13 Apr 29
7412 Apr 23
78 Jan 5
11 Jan 6
73 Apr 25,
53 May 151
72 May 13,
638May 8i
12 Jan 2
2778 Apr 25
614klay 8
27 Jan 6
1112 Jan 2
512 Feb 18
4034 Jan 2
70 Jan 13
DiMay 9
4 Apr 27
22 May 4
1518 Jun 2
2712 Am 30
1518 Apr 29
3833 Jan 15
86 Jan 19
98 Jan 21
1214 Apr 24
4 Jan 13
40% Jan 22
61411,1ay 13
4478 Jan 2
318 Jan 3
40 Jan 2
1 Apr 28
44 Jan 2
2118 Apr 29
813 Apr 28
12 Jan 16
5314 Jan 23
412May 15
2512May 8
4 Apr 28
11% Apr 29
534 Apr 28
812 Apr 29
84 May 15
412May 15
28 May 1
134 Apr 16
7 Apr 25
81 May 1
104 Mar 6
Ms Mar 9
42% Apr 28
3 Apr 18
30 Apr 27
111 Jan 13
2218 Apr IC
90 Apr 27
7 Apr 27
10 Jan 3
858 Apr 22
25 Apr 29
514 Jan 13
1618 Apr 28
118 Jan 5
212May 12
58 Jan 2
504 Jan 3
924 Jan 15
10114 Jan 10
2 Jan 2
10234 Jan 6
33 Apr 28
11 Apr 25
3313 Apr 27
1758 Apr 2R
1734 Apr 16
114 Jan 5
101% Jan 8
5514 Mar 17
2713 Feb 25
5513 Mar 26
60 Mar 21
2412 Mar 21
2912 Mar 21
F
Feebb130
950075
14 Jan 8
13 Apr 22
1934 Feb 27
88 Jan 7
98 Jan 6
104 Feb 11
25% Feb 24
54 Feb 19
13 Jan 2
30 Jan (I
9
Ffeab
r 10
25
23
12
8 l‘
1314 Mar 12
.53 Mar 19
per share
18 Dec
66 Deo
13% Dec
8412 Dec
11 Dec
914 Dec
1814 Dec
1018 Dee
1434 Dee
Oct
4
20 Dec
1114 Dec
1658 Dec
34 Nov
26 Dec
52% Jan
1 Dec
1112 Dec
65 Dec
914 June
10434 Dec
Jan
121
142 Dec
1074 Feb
4,7 D00
II Oct
7,
8 Des
9013 Dee
35 Dec
11% Dec
47 Dee
3118 Dee
1438 Dec
1678 Dee
2213 Dee
83 Dec
58 Deo
8 Nov
1413 Nov
84 Nov
Jan
95
734 Dee
104 Dec
28 Doc
54 Deo
34 Dec
10 Dee
$ per Mars
7812 Jan
110 Jan
224 Fab
103 Jan
1914 Oct
103 Oct
2278 Apr
34% Mar
304 July
274 Mar
103
Jan
54 Apr
6012 Feb
154 Feb
7612 Feb
78% June
114 Mar
40 Mar
12334 Arr
100 OM
117 Sept
1354 Oot
158 June
112 May
8938 Jan
84 Jan
274 Apr
11414 Apr
8878 Feb
6938 Apr
57 Apr
85 Apr
50 Apr
584 Apr
54% Mar
100 Mar
572 Feb
37
Jan
464 Apr
1004 Mar
104 July
144 Mar
794 Ape
9518 Ma,
30
Jan
Jan
72
344 Apr
40 Dec
70 Juno
418 Dee
633 Jan 6
5 Dee
1014 Feb 21
2558 Dec
4184 Mar 2
1434 Dec
26 Feb 21
3834 Dee
4252 Feb to
1914 Dee
30112 Feb 20
3834 Deo
6514 Mar 24
84 Deo
98 Mar 20
Oct
95
107 Apr 15
1214 Dec
2014 Feb 27
4 Dec
11 18 Mar 30
Jan
35
66
5.125
F
1e
ab
r 27
533 Dec
11 Feb 27
4313 Dec
6314 Feb 26
24 Dee
35 Dec
984 Feb 27
1 Dec
213
74 Feb 11
313 Nov
1134 Ape 9
2018 Nov
2913 Feb 20
3 Feb 18
9 Dec
1113 Deo
21 Mal 25
Jan
54
6112 Mar 25
34 Dee
J:
cab1
er 10
2
7
7
1:
0 1
1,
55 Dec
418 Nov
958
11 Nov
234 Feb 25
558 Dec
11 Feb 23
Pat Dee
154 Feb 26
103 Mar 14
86 Dec
1018 Dee
1278 Jan 7
42 Dec
62 Jan 8
44 Feb 16
111 Nov
1538 Feb 18
8 Dee
95 Mar 19
9033 Dee
104 Dec
Jan
184112::
7 Feb,13
n 28
5 103 Aug
4018 De0
312 Jan
5 Mar 12
32 Dee
13
16
5 1211j
ia
an
y 6
7 108 Jan
1972 Jan
2712 Feb 17
Jan
92
924 Jan 21
8 Deo
834 Dec
a;2
15
6
1
11174
311';"1
Feb
758 Dec
25 Dec
331
1712
1 NF
Ie
3br 20
4
44 Dee
144 Nov
204 Feb 25
12312 Apr 9 114 Nov
24 Dec
4 Feb 10
5318 Dec
8858 Mar 10
55 Dec
6478 Mar 23
101 Ma 23
92% De
934 DeC
10934 Mar 6
44 Feb 13
112 Nov
98 Feb
10514 Apr 13
4214 I)ec
5114 Feb 13
14% Dec
111 Jan 5
4313 1)e
5212 Feb 24
'26 Feb 10
19% De
10
19 Dec
6 Feb
FebFe 24
6833 Mar
Jan
80
988 Dec
25% Apr
8034 Feb
484 Mar
5613 Apr
5714 Pet
122% Jan
99_4 Feb
1097/ Mar
314 Apr
134 Jan
Jan
75
1414 Mar
100% Jan
23 Feb
824 Mar
34 Jan
134 Apr
52 Apr
3234 Feb
274 Mar
6334 Mar
2512 Apr
10614 Apr
35 Apr
944 Jan
37 Mar
3
Apr
11214 Apr
42 Apr
9934 June
8 Jan
3534 Feb
1214 Apr
3034 Jan
121
Jan
72 Apr
Mar
41 Mar
115 Aug
3784 June
90 .so
304 Apr
25 Apr
3613 Feb
4518 Mar
52 Feb
2914 Feb
12112 Sept
74 Feb
12914 Apr
67 May
104 Sept
11414 Sept
154 Mar
1054 Oct
76 Ain'
49 Apr
84% Apr
4038 Apr
474 AIR
3471:
234 Apr 29
613 Jan 2
9% Feb 16
33 Jan 2 40 Mar 26
1038 Apr 29 214 Mar 10
3513 Apr 29 5412 Mar 21
1834 Apr 28 26 Mar 26
r 2
112 Apr 28 110184:: Apr
12 Jan 2
:F Li 25
6j
3418May 1 4511
Feb
95 May 14
30 Apr 16 4033 Feb 9
134 Feb 17
Jan 2
64 Jail 2
282
0
5
2 Fe b20
187,16
3
2:
34
1178 Jan 7
1 Feb 4
3 Apr 28
17 .lan 2 2112 Mar 6
912 Jan 5
6 Apr 29
1878May 15 35% Jan 7
4 Feb 24
3678hlay 2 55,
51j
312 Apr 27
9
..1-eubl 13
1014 Apr 28 175 F
204 Mar
238 De
1484 Mar
5 De
3818 No
48 Mar
144 Dec 47 Apr
374 De 11333 Apr
4714 Feb
1818 No
Jan 125 Mar
110
4 De
1% Mar
39 Dec 70 Apt
9734 De 10818 Sept
4914 July
30 No
9% May
84 De
29% Mar
5% De
Jan
1578 Mat
7 Apr
1,
8 De
4 Dec 17a8 Apr
2614 Apr
1558 Jar
17
ADO
7,
4 De
2814 Dec awl May
mat, Mar
4014 De
4 Dec 1412 Mar
10 Dec 32% IdItt
New York Stock Record-Concluded--Page
3679
Fur sales during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 9.
Monday
May 11.
Tuesday 'Wednesday
May 12.
May 13.
Thursday
May 14.
Friday
May 16.
Sales
for
She
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On basis of 100-share lots.
Lowest.
Highest.
34 3438 3458' 3478 347
34
3478 2,500
6
6
*8
600
612 *6
612 *6
612 *6
612
6
6
*---- 1834 18
18 1 '
51712 18
177 1778 *171
/
4 18
1712 17/
1
4
300
.
14
15 *14
1434 *14
15 I 1412 1412 •14
1434 *14
1434
100
52% 5218 *51
5112 5012 5012 49
50 I 48
5112 494 50
5.700
11
11181 *1012 1178' •1012 1134 *11
12 1 *1012 12 *1012 12
200
5114 54321 cg
4134 48% 5038 481
/
4 5012 4814 493
4712 4918 191.900
17/
1
4 1738'
, 1634 17% 1634 1678 17
17 1 *1612 17
1578 1612 4,000
*21
211
2034 21 1 2034 2078 *2034 2078 2012 2034 20
2014 2,200
3214 301
3034 3232, 304 3258 31
/
4 3114 2834 3014 2818 29.34243,500
50 57 I 574•58 1 *57 5734 *55
57 1 5412 5434 5412 54/
1
4 1,400
*19
22 *19
22 *17
19 *17
19 *15
19 I *15
19
.
38
39 .38
39
3814 39 *3814 40
3814 3814 *371
/
4 40
700
•114/
1
4 11912 *11412 11912 *11412 11912 *11412 11912 •11512 11912 *11412 11912 ____ _
*1612 17/
1
4 •16
17 I *1558 1614 155 1534 *1518 15121 151
300
/
4 1514
63
7 1 612 7 1 612 7
612 7 1
534 614 11,700
63; 6111
*6512 7312 *641
/
4 7278 *6612 72•78 *6612 72% 6612 6612 64
200
64
2312 2452 234 2434 2314 233
227* 233
2212 2312 2134 22% 265.300
51% 5112 51
518 51
5118 507s 5114 5034 5118 5014 51
5,400
•714 8 i *74 73; *714 7/
7148
712 7/
1
4
y
y
7
1
4
900
.1858 p
ja
en
bg
2
Trioo Products Corp___No par 174 Jan :
Truax-Traer Coal
No par
Trusson Steel
10 1712May 15 24 Feb 24
Ulen & Co
No par 14 Apr 28 2114 Mar 10
Under Elliott Fisher Co No par 4 May 6 7534 F 27
ils4 Feb 4 13125417 27
Union Bag&Paper Corp No par
Union Carbide & Carb_No par 473 Apr 29 72 Feb 24
Union Oil California
25 14 Apr 28 2634 Feb 13
No par 20 Apr 1 2518 Jan 8
Union Tank Car
United Aircraft & Tran_No par 2212 Jan 2 3872Ma326
50 46 Jan 2 59 Mar 26
Preferred
United Am Bosch Corp No par 16 Jan 16 2712 Mar 2
; Jan 2 413 Mar 26
United Biscuit
No par 337
100 11314 Feb 2 122 Mar 23
Preferred
No par 133 Apr 28 281* Feb 11
United Carbon
712 Apr 9
4 Jan 2
United Cigar Stores__No par
Preferred
100 6014 Feb 2 x76 Apr 10
United Corn
No par 1618 Jan 2 3184 Mar 19
/
4 Mar 26
Preferred
No par 443.4 Jan 2 521
United Electric Coal_ __No par
3 Jan 2 12 Feb 27
673
*58
Jan
2
59 1 573 58 1 58
United
514
Feb 27
Fruit
par
58
59
5714
58
563
4
3,200
No
5714
5912
3014 3158 30/
3018 3161 3018 3078 2958 3038 39,500 United Gas & Improve_No par 271, Jan 2 3712Mar 17
1
4 3178 3012 31
10378 10378 *10378 10412 104 10414 104% 104% .10518 106 *105 10534
Preferred
700
No par 9813 Jan 30 10434May 13
*2% 3 I •24 3
*218 3
•218 3
*21
/
4 3
814 Jan 7
*218 3
United Paperboard
100
212 Apr 27
26
2612' *25
2412 2634 *2514 2614 *25
25% 2,000 United Piece Dye Wki_No par 2318 Jan 2 814 Feb 19
26 *25 20
715
1
4 '
5658 718 *658 7
512 Jan 26
958 Apr 9
714 7141 7
658 7/
6/
1
4 658 1,600 United Stores ol A____No par
471;
*471
/
4 484
4714 *4718 47% 4778 4778 47 4718 4612 48
Preferred class A_ ___No par 8778 Jan 5 52 Apr 9
1,700
358± 3' 35
3534 3558 •35
3412 3412
400 Universal Leaf Tobacco No par 28 Jan 2 4112 Apr 11
358 3578' •35
36
*27
32 I *2814 30
2814 32 •33 35 *33
35 *33 35
90 Universal Pictures let pfd_100 24 May 8 42 Mar 21
*2
218 '2
218
218 2% *2
218 *2
214
2
2
4 Feb 9
900 Universal Pipe & Rad--No par
2 Apr 10
2512 2614 2512 2578 2518 257
258 27
25
2534 2412 25
8,100 U. S. Pipe & Fdy
20 2218 Apr 27 3718 Mar 26
18
18 •18
19 •18
19 *18
19 •1818 19
1st preferred
1814 1814
800
No par 1714 Apr 29 2014 Mar 26
*8
12
*8
12
*8
12
*8
12
8/
1
4 812
9
9
300 US Distill) Corp
No par
714 Feb 2 10 Mar 20
*78 1
*78 1
*72 1
*75 1
4,78 1
US Express
*78 1
100
1 Jan 7
114 Jan 7
*1812 20 *18
20
1934 17
1712 1614 1678 1.100 US Freight
175* 1734 *18
No par 1614May 15 3012 Mar 24
*814 914 *812 9
*812 911 .812 9 I *812 9
78 Jan 2 1212 Feb 24
814 812
300 U S & Foreign Seour___No par
*80 83 *80 82
8112 8112 84 84 *83
85 *82
84
400
Preferred
No par 80 Jan 8 90 Feb 17
*40 43% 407 4118 404 403
40% 4034 41
41
40
4014
900 Us Gypsum
20 39 Apr 29 50 Mar 27
912 95' 914 98
*912 10
578 Jan 2 123g Apr 1
98 958 *912 10
914 914 1.500 U S Hoff Mach Corp___No par
32
32
31
3138 31
32
3212 3114 32
311
/
4 3058 31
2,400 US Industrial Alcohol_ No par 3012 Apr 28 7734 Feb 25
31 Jan 2 1034 Mar 19
71
/
4 714
718 714
7/
1
4 714
71
/
4 714
800 U S
ClI.eat
asa Aher
No par
714 714 •57
68
*9
12 I *9
.
834 10
*9
1058 .834 12
No par
7 Jan 2 15% Mar 19
98 *834 938
84
84 , *82
82 82 I '582 84
82 82 '582
82 8212
-Wig
Prior preferred
.100 694 Jan 7 8538May 5
20
1918 19
1918' 1834 19 .1814 1834 2,300 1:1 8 Realty & Impt----No par 1818 Apr 27 3614 Feb 26
2034 1918 19781 19
1434 1558 1458 15
147 1558 15
15/
1
4 1458 1534 14
1458 6,000 United States Rubber__No par 1134 Jan 6 2038 Mar 20
2514 2514 25 25 *24
2218 2212
1st preferred
25 I 2512 2512 2312 24
900
100 2034 Jan 2 361 Mar 21
1814 1814 *1718 19 *17/
1
4 19
1712 1712 1718 1712 1612 1634
700 U S Smelting Ref & Min---50 1572 Apr 29 2552 Mar 10
*44
45 *44 448 *44 44/
1
4 44
44 I *4338 45 *4312 45
100
Preferred
50 4238 Jan 5 47 Apr 1
11112 11518 11018 11312 1105; 11212 10912 11212 10618 11012 10134 10658 492,290 United States Steel Corp-100 10132May 15 15234 Feb 26
14454 145
144/
1
4 14518 14514 145/
1
4 145 14534 14412 145
142% 144
4,600
Preferred
100 140 May 6 150 Mar 20
711
/
4 69% 693 *6912 70
6912 6912
200 U 8Tobacco
Napes' 6018 Jan 6 7178 Mar 11
*6978 71 12
s 7012 *70
2314 2412 2334 24
:
seales
& LS A_-__No par 19/
2312 24 1 2358 237s 23 23% 2214 23 25,800 Utilles Po
1
4 Apr 27 31 Feb 28
1
1
1
1
1
1 1
1
1 I
2 Feb 26
34 Jan 2
No par
'500 VadaFromferr
*1712 2972 *1712 2978 *1712 2978 3'1712 2978 '5177
1
2
4 29% *192 25
100 1712 Jan 7 28 Feb 16
4312 4612 43 4538 os4 o 1 4052 43% 4118 4278 3912 4134 152,000 Vanadium Corp
No par 375* Apr 29 7614Mar 25
*13
*134 17
34 Feb 20
17
Virginla-Caro Cliem__No par
*134 173 •134 178' *134 178 .134 I%
134 Apr 9
*10
*93 1234
1234 *10
1234 *10
1234 *934 1234 10
10
978May 7 17 Feb 19
100 6% preferred
100
*63 65 *63/
1
4 66
*6314 67 1 '563 66 I '63 65
63 63
300
7% preferred
100 63 Apr 29 7184 Jan 7
1084 10834 108 108
190 Virginia El& Pow pf(6)No par 984 Jan 2 109 May 12
10812 109 1'10812 10878 *10838 10812 10812 1081/
5434 5534 5218 533
52% 53
5218 523
52
5218 52% 54
300 Vulcan Detinning
100 4112 Jan 2 71% Feb 24
2418 243
244 2412 23% 24
24
24 *231 24
2318 2338 1,300 Waldorf System
No par . 21 Apr 29 2778 Feb 17
8% 818
8
834
714May 15 15 Feb 18
8
838
714 712 2,000 Walwortb Co
No per
77; 8
734 714
*11
18
1112 1112 *1112 15 1 *1112 18
200 Ward Bakeries class A-No par614 Apr 29 2712Mar 12
*1112 16
1138 11112
*414 412
414 414 *414 434
34 Jan 2
414 414
41
412
4
414
900
ClassB
834 Jan 80
No par
4.281, 314 30
30 I 30
30 1 •29
3212 *29
10a 24 Apr 29 6712 Jan 80
31
500
2812 29
Preferred
8
834
77
713 8 I
7% Apr 29 208$ Feb 17
734 8 I
734 8 I
734 8
73 29.900 Warner Bros Fictures_No ear
20
21
*1712 21 I *18
198
21
*19
No par 19 May 2 4012 Jan 9
21 I *19
21
•19
200
Preferred
*312 372
312 312
382 312 *312 3*I
312 312
312 312
No par
312May 11
734 Feb 4
800 Warner Quinlan
31
314 30% 31 I *31
3112 30% 31138 3012 31% 2878 31)
1
4 Jan 2 463 Feb 27
No par 27/
4,200 Warren Bros new
4134 41% 43 43
43 43/8 *42 43 1 •42 44 I •42
o par 4018May 6 /1978 Feb 27
fcrieyfa, pipe___Ilo
44
140
•28
29
2734 2734 2712 29
27
2312May 5 32 Feb 20
27 1 *26
28
2514 251i 1,000 Warren
*312 4
31 Jan 2
*312 4 1 *312 4
312 312 *312 418
6 Feb 24
418 4%
No par
400 Webster Eisenlohr
.
21
22
.1
21
21
21
2078 21
2138 2158 213 2134 1,500 Wesson Oil & SnowdrUt No par 2078May 13 2614 Mar 20
3
*55 5513 *55
5512 55
551
/
4 *5434 56
par
x54
*55
No
55 :54
54
Preferred
500
May 15 571; Feb 11
103 107 10112 1061/ 106/
1
4 11014 10814 112
10834 112
10758 110
14,300 Weetern Union Telegraph_100 10112May 11 15034 Feb 24
2812 2812 28
28 1 28
28
28
28
28
28
Apr 29 8618 Feb 21
2712 273
1,200 Weatingh'ae Air Brake-NO par 26 Ally
611
/
4 6434 595 6212 61
6238 6034 63% 6158 64
10754 Feb 26
5914 63 253,60 Westinghouse El & Mfg___50 57
9114 9214 91
92 1 9212 92% 93 93
9412 9412 .9114 98
90
50 871s Apr 30 1191z Feb 27
1st preferred
*21
22% *2112 2238' *202 2232 *2112 2232 *2112 2211 20
2014
400 Weston Elea Instruml_No par 193 Apr30 28 Feb 21
*35
3614 35
35 1 *34
3614 *33
35 *34
35
*34
35
100
Class A
No pa
33 Jan 5 8614 Jan 5
*10318 104 *10318 104 ,•10318 1033; 10328 1031
/
4 *100/
1
4 10318 *10012 10318
10 West Penn Eleclam
a
A_ No par 99 Jan 14 10514 All 22
•10512 109 •10512 107
10614 10614 10512 10512 106 10634 107 107
220
Preferred
100 103 Jan 30 112 Mar 27
3
3
•98 100
98 98
97
9734 •90 97
9714 9812 •961s 9734
90
103 Mar 19
Preferred (6)
100 95 Jan
•11634 117 11634 11634 *11634 118
11634 118 1 11634 1163 11634 117
8 West Penn Power pret____100 114 Jan
120 Feb 17
•110 _--- 110 110 ,*11038 ____ 10038 1003 *11038 III *11038 111
60 6% preferred
Jan
2412
*2314 25
2412
23 23
02012 2234 '
52012 2234 2012 21
600 West Dairy Prod el A__No 1pa 1IS,1122
2 112
igep
hi
64 658
6% 678
6
834
6
654
6
6
6
6
2,100
Class B
No pa
•26
2712 27
27 f *245g 2714 *2538 2712 *2512 27
x241
/
4 2512
400 Westvaeo Chlorine ProdNo par 19% Jan 3 40 Mar 16
*78 1
53
74 1 I
%
78
% 1 I '
1
34
34 1,500 Weztark Radio Stores-No Par 163
a
:13
2
26
2
1
1
4
8
j
Ja
2
A
;
,4
2A
17341 1714
1714 1714 *17
1714 17
17 I *1718 1714 168 171
/
4 1,000 White Motor
No par
*40
41 •40
41 1 •40
41 I 405* 41
*41
43
4018 41
500 White Rook Min Spring ctf_50 89 Jan 7 4734 Mar 20
312 312 *3% 312 *3% 312 *314 3/
1
4 •3/
1
4 3% *314 312
100 White Sewing Machine_No par
5 Apr 6
212 Jan 8
.7
858 *7
818 *7
818 *7
818 *7
8% •7
8
6 Jan 5 1054 Apr 13
Preferred
No par
*Ws 7
7
7 I
618 7 1 '
56
678
6
6
6
6
900 Wilcox Oil & Gas
Mar14
9% Mar 2(1
No
par
6
57
6
55* 512
518 514' 518 514 *51
/
4 514
5
47; Jan 15
5% 12,800 Willys-Overland (The)
8 Mar 19
5
55 *52
5614 5614 *51
55 1 *52
55 1 52
52 *52
54
0
Pr
30eferred
100 44% Jan 30 5614May 9
218
218 218
*2
2% *2
218 214
2
2
2
2
4 Feb 10
500 Wilson & Co Ina
2 Apr 13
No par
518 518 .5
6 I *518 534
5
5
*434 6
900
4% Apr 28 10% Feb 17
Class A
No par
.28
2978 *2712 2934 29
29 *28
30 1 .28
29/
1
4 •28
2912
200
100 26 Apr 27 5134 Jan 12
Preferred
7134 6912 718 6914 7258' 69% 7132 6734 69 255,300 Woolworth
7018r 7214 69
Jan 2 7258May 13
5438
10
(F
W)
Co
5182 5512 6114 6332 5812 6232 5714 6034' 5714 60
58 96,100 Worthing P & M
100 55 May 15 10678 Feb 24
*7212 90 1 *7212 90 *721
*6978 90 *7212 90
/
4 90 *721
/
4 90 ____ . Preferred A
Apr 29 95 Mar 7
70
100
/
4 70
156014 65 *6014 60 *6014 70 *6014 70
05 65 *611
100 65 May 8 88118Mar 9
100
Preferred B
21
*15
515
21 •15
21 '
21
*15
15
15
*15
18
10 Wrlgb;Aeronauticai__Nopari 1112 Feb 4 27 Feb 25
74/
1
4 7534 7312 7514 73
7312 75
7412 7114 73
73 743
16.100 Wrigley(Wm)Jr(Del)-No Par 66% Jan 2 80% Mar 4
24 •23 24
23
23 1 •23 24
*23
23
2378 *22
23
500 Yale & Towne
25 23 Apr 30 30 Jan 23
958 10
052 cps *912 934
911 934
918 911
878 9% 9,32 Yellow Truck
812 Apr 29 151a Mar 20
k & Coach el B.10
70 •55 64% •60 6478 60 60 *55
3..55
647 *55
6472
60 May 13 76 Mar 19
100
19% 198 *1934 20
1912 198 *1914 1012 1914 1914 19
19
600 Young Spring & Wire_ _No par 1814 .1
Aigrr
•59
60
*59
60
60
I
*59
60
•59
*59
60 •59
60
Youngstown Sheet & T_No Par 55
3
3
*3
3
3
•3
314
3%
3
3
278 278
514 Feb 27
400 Zenith Radio Corp___No par
238 Jan 2
N rs. D•eet N
•Bid and asked prices: no sales on this day. x Ex-dividend. y Ex-rights.
PER SHARE
Range for Preelees
Year 1930.
Lowest.
Highest.
per
per shard
124shla
3rec
e 36% Apr
35 Dec 48 Mar
2114 Dec 32 Jan
Jgeenoo 110 Feb
021524
58 DD
11
2678 May
664 Apr
23 Deo 4712 Mar
10 Nov 8938 Apr
34 Dec 18% Mar
2338 Dec 4938 Mar
572 Dee 17% Apr
58 Dec 8934 Mar
12 Dec 81 Apr
68 Dec 9472 Apr
2114 Apr
604
8 Dec
t 894 Arc
2 Dec
612 Jan
1314 July
10
7%
18 D
jaco
n 25% Sees
28118 Jan
2014 Apr
96% Sept
4114 Mar
22 Mar
2
20
80
965694
14 3:8
4323:
N
D
DDA°o
t
e
ctr 87% Mar
1414 Deo 24 Sept
938 De: 138 Mar
48
1914 Sept
52/
1
4 Dec 106% Mar
50 Apr
/
4 Apr
23 Dec 881
1838 Dec 99 Apr
41% Dec 77% Apr
15/
1
4 Dec 8478 Feb
82/
1
4 Dec 58% May
115 Oct 142 May
14% Dec 84 Apr
812 June
314 Dec
26 Jan 68 June
13% Dec 52 Apr
434 Dec 5312 Apr
214 Dec 1972 Feb
4612 Dec 105 Jan
24
212
4 Dec
ee 4928 May
97 Jan 10412 001
14 Mar
2018 Dec 8278 Apr
.118 Jan 1478 June
1512 Jan 50% July
1978 Aug 89 Mar
27 Dec 76 May
9 Apr
2 Dec
18/
1
4 Jan 8814 APIf
15% Jan 21 May
7 Dec 2038 Jan
54 Dec
4% Apr
1612 Dec 103 Apr
47 Dec 32% Mar
78 Dee 101 Mar
8 Dec
504 Dec
314 Dec
514 Dec
644 Dec
25 Dec
11 Oct
194 Dec
1712 July
40 Dee
13418 Dec
140 Jan
5918 Dec
194 Dee
12 Oct
1212 Dec
4418 Nov
1% Dec
9 Dec
6712 Dec
100 Dec
8618 Dec
2172 Dec
1012 Dec
1218 Dec
8 Dec
65 Dec
9% Dec
31 Dee
414 Deo
2638 Dee
40/
1
4 No
2212 Dec
2/
1
4 Dec
1958 Dec
50/
1
4 Jan
12218 Dec
3114 De
8818 Dec
107% No
17/
1
4 Dec
83 Jun
95 Dec
102 Nov
9014 Dec
11312 Jan
10314 Dec
20 Oct
44 Nov
18 Dec
78 Dee
2118 Dec
32 Dec
24 Dec
II Doc
Ma Dec
834 Oe
4512 Nov
178 Dec
4% Nov
85 Dec
514 Dec
47 Deo
88 Jan
63 Dec
1012 Dee
65 Dee
25 Dec
84 Nov
80 Dec
19 Oct
694 Dec
2 Dee
30% Mar
18938 Jan
1512 Apr
26 Apr
94 June
754 Mar
88 Apr
5378 Apr
854 Jan
5312 Jan
19814 Apr
15114 Sept
68 Feb
4514 Apr
74 Mar
6978 Apr
14314 Apr
8% Apr
8414 Apr
8218 Apr
1074 Oct
156 Mar
3114 Apr
4232 Ap,,
U Ma:
15% AV
774 AD'
804 Mal
7014 Mat
27 AIM
6312 Apr
56 Sept
43/
1
4 Mar
912 Mar
29% Mar
5913 Apr
21938 Feb
52 Feb
20112 Apr
19714 Ala
48% Mar
86 Jan
110 Apr
1124 Sept
104 Jul;
11812 June
1114 Sept
50 Mar
2418 Apr
5912 Feb
21 Jan
43 AD
5471 Mar
1878 Mar
3972 Apr
21 Apr
11 AM'
85 Ayr
714 Mar
18 Mar
5412 Mar
72% Jan
159 APT
107 Apr
93 Mar
5912 Mar
80 Jury
77 Mar
32% Apr
105 Apr
47 Mar
182 Apr
16% June
3680
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 Mil Exchange method of Maing bonds was changed and prices are now -and intres1"-escopt for lawn and defaulted bonds.
Y.N
I: •
BONDS
STOCK EXCHANGE.
Week Ended May 15.
.424
Price
Friday
May 15.
Week's
Range or
Last Sale.
(.35
(4,
o
U. S. Government.
High No.
Bid
Ask Low
First Liberty Loan834% of 1932-47
in 102114, Sale 102,31 10211,2 138
10016(gNov'30
Cony 4% of 1932-47
J D
Cony 434% of 1932-47
J D 1031144 Sale 103444 1031144 142
2(1 cony 434% of 1932-47
102 Jan'31
in
Fourth Liberty LoanAO 1041%4 Sale 1041040104,344 1361
494% of 1933-38
100 Sept'30
Conversion 3s coupon
J J
Treasury 434s
1947-1952 AO 11311,, Sale 1123%4113,1u 473
Treasury 48
1944-1954 JD 109344 Sale 1083544 109144 212
206
Treasury 3345
1946-1956 MS 10630341072n 1063344 107
Treasury 334s
1943-1947 in 103344 Sale 1021232103"U 429
a, 102"If 90
Treasury 3348 June 15 1940.1943 J D 1023544 Sale 102,
Treasury 334s
1941-1943 MS 1023044 Sale 102344 103144 247
984 Sept'30
Panama Canal Os
19131 Q M 100
State and City Securities.
92 Nov'30
NY C 34% Corp st_Nov 1954 MN
9234 Apr'31
1955 MN
10012 Apr'31 __•
de registered
1936 MN
9912 Jan'31
ds registered
1955 MN
9758 June'30
d% corporate stock
102
1957 MN
107 Apr'31
44 corporate stock
1957 MN
10712 Jan'31 __ -434% corporate stock ___-1957 MN
10012 Apr'31 ---4% corporate stock
N 954
1958
d% corporate stock
10012 Apr'31 - _1959 MN
100 July'30 _-_% corporate stock
AO
1931
1004 Mar'31 __ 494% corporate stock _ -1960 MS 9814
10234 Nov'30
{Ma
1964 MS
10814 Nov'30
414% corporate stock
1971 JD
10614 Dec'30
64% corporate stock _ __ _1963 MS A% corporate stock_ -1965 J D
1104 1054 Deo'30
1074 Nov'30 _
J
434% corporate stock July 1967
101 June'30
New York State canal Imp de 1961 J
102 Jan'31
434e
MS
1963
109 July'30
634s
1964 J
Foreign Govt. & Municipals.
5712
2
5514 5712
Agri(' Mtge Bank Sf es
1947 PA 52
60 May'31
Staking fund es A_ _Apr 15 1948 AG 5312 59
96,
4 46
Akershus (Dept) ext 5s__-.1963 MN 9612 Sale 9618
5
544
Antioquia (Dept) col 75 A 1945 J J 5058 Sale 504
53
External s f 7e ger B
1945 J J 51 Sale 51
13
54
5114
50
51
External 81 78 ser C
,
4
J
J
1945
13
54
External s f is ser D
1945 Ji 5012 Sale 5012
50
External e f 7s let ger_
1957 AO 4512 Sale 4512
7
48
,
4
50
External see s f 7s
ser_1957 AO 4512 48
6
48
49
53
External sec e f is 3d ser_1957 AO
18
10118 102
Antwerp (City) external 54_1958 JD joira
85% 135
Argentine Govt Pub Wks68_1960 AO 8118 sale 80
Argentine Nation (Govt of)179
86
Sink fund 6s of June 1925_1959 in 81 Sale 77%
85,
4 117
Esti s f 138 of Oct 1925 1959 AO 81 Sale 7718
140
79
8618
Sale
Sink fund Os series A
80
M
S
1957
854 87
External ee series B_ _Dec 1958 JD 8038 Sale 7714
102
86
Ertl s f Os of May 192&_1961) MN 79% Sale 7713
84% 160
Externals f Os (State Ry)-1960 M S 80 Sale 787e
39
85
Eat! its Sanitary Works_ _ _1961 PA 7912 Sale 7912
854 46
Esti Os pub wks(May'27)_1961 MN 8118 Sale 7812
7
81
Public Works ext1 534s
1962 FA 76 Sale 76
49
84
4
Argentine Treasury 58
_ _1945 M S 8158 Sale 79,
102
59
5612 Sale 5512
Australia 30-yr 5s_ _July 16 1955 J
55
59
External Is of 1927Sept 1957 MS 5612 Sale 5612
4
5414 30
External g 434e of 1928_1956 MN 53 Sale 51,
4 Sale 106,
4 10712 68
D 106,
Austrian (Govt)5 f is
1943
9312
95,
4 226
International s 7e
1957 ii 9312 Sale
Bavaria (Free State)834e_._1945 FA
Belgium 25-yr esti 6345
1949 M
Externals f es
1955 J J
External 30-years f 7s
1955 in
Stabilisation loan 78
1956 MN
Bergen Norway)Esti sink fund So. Oct 15 1949 AO
External sink fund 5s_ _ _ _1960 M S
Berlin (Germany) e I 630-1950 AO
External sink fund Os _1958 JD
Bogota (City) calls f 8s_ __ _1945 AO
Bolivia (Republic of) exit 88_1947 MN
External securities is(flat)'58'Ti
B
External s I 78 (flat)
1969
Bordeaux (City of) 15-yr 65_1934 MN
Brasil (II S of) external 81941 in
External s f 6 34e of 1936 1957 AO
Esti s f 634s of 1927
1957 AO
7s (Central RallwaY)
1952 J D
745 (coffee secur) (flat)_1952 AO
Bremen (State of) exti 78-.1935 MS
Brisbane (City) sI 55
1957 MS
Sinking fund gold 58
1958 F A
20-year s I 61(
1950 JD
Budapest (City) eat' a f (3e_ _1982 in
Buenos Aires(City)63482 B 1955'Ti
Externals f (is ear C-2
1960 AO
External s f 6s ser C-3_ _1960 AO
Buenos Aires (Prov) esti 13e_1961 MS
Esti 5 f 634e
1961 PA
J
Bulgaria (Kingdom) e1 is 1967
Stabil'n s f 734e Nov 15 '68
8258 Sale
111 Sale
1044 Sale
115,
4 Sale
11012 Sale
8212
1104
10458
11512
110
97
,
4 9914 98,
4
98 Sale 98
8518 Sale 854
7312 Sale 7312
4
69% Sale 69,
2814 Sale 2814
20
73,
4 76
17 Sale 17
106 Sale 10512
6214 Sale 62
4812 Sale 48
4814 Sale 474
4814 Sale 4314
100 10014 100
08 Sale 97,
4
44 Sale 44
43
4218 48
45
4934 75
73 Sale 73
8018 Sale 8018
76
85 94
87
76
91
63[8 Sale 63
63
6314 66
70 Sale 70
80 Salo 80
86
111
105
1161s
110,
4
9914 18
98% 23
8512 15
76% 36
8
774
3012 12
12
20
27
19
106
12
89
68
353
53
217
52
5312 40
_
Apr'31
9814 55
5
4514
10
43
Apr'31
7518 57
83
,
4 34
Apr'31
Apr'31 ____
215
66
6414 29
3
70
28
81
62
Caldaa Dept of(Colombia)734s'46 ii 60 Sale 60
95
,
8
,
8 Sale 95
Canada(Domln of) 30-yr 46_1960 AG 95
1952 MN 10678 Sale 10614 106%
ils
10258
1936 FA 10212 Sale 10218
434e
Carlsbad (City) 5 f 8e
1954 J J 10612 10758 10612 10712
6012
Cauca Val (Dept) Colom 734s'46 AO 60 Sale 60
Central Adds Bank (Germany)8912
Farm Loans f 7e_Sept 15 1950 MS 89 Sale 8878
7934
Farm Loans f 6s_July 15 1960 J J 78 Sale 77
7812
Farm Loan s t 6e_Oct 15 1960 AO 7578 Sale 7512
85%
Farm Loan 8s ser A Apr 15 1938 AG 844 Sale 8412
8312
1942 MN 80 Sale 80
Chile (Rep)-ext e 1 7s
7112
External sinking fund 68_1960 AO 65 Sale 65
71
1961 FA 654 Sale 6518
External s f ea
71
1961 J J 65 Sale 66
Ry ref esti S f es
71
1961 MS 66 Sale 65
Eatl sinking fund as
71
1962 MS 66 Sale 66
Esti sinking fund es
71
1963 MN 66 Sale 66
Esti sinking fund (3s
6812
74
6812
Sale
in
30
1957
Chile Mtge Bk O34s June
75
f 1334e of 1928__June 30 1961 in 6812 Sale 6812
6712
Guar s f es
Apr 30 1961 AO 6218 Sale 62
6712
1962 M N 62 Sale 61
Guar s I (is
6914
1960 M S 6614 Sale 6614
Chilean Cons Muslin is
Chinese (Ilukuang Ry) 5s_ _1951 J D 2114 24% 21 May'31
103
Christiania (Oslo) 30-yr s f 68 '51 M S 10212-- -- 103
83 85 Apr'31
Cologne(CityGermany 634e 1950 M S 78
60
Colombia (Republic) 6s_-1961 J J 58 Sale 58
60
External s 1 es of 1928_1961 AO 57 Salo 57
5513
5018
Sale
61
AO
Colombia Mtg Bank 630 of 1947
6112
Sinking fund 78 of 1926_1946 MN 6112 Sale 60%
64
6012
Sinking fund is of 1927_1947 PA 6014 75
4 10078
D 100 Sale 100,
1952
Copenhagen (City) 58
4 9612 954
25-yr g 434e
1953 MN 95,
55
54
Sale
54
Cordoba (City) extl 121 I 713-1957 F
62
54
External s f 7s_ __Nov 15 1937 MN 5434 77
72
70
72
Cordoba (Prov) Argentina 78 '42 J J 64
66
Costa Rica (Repub) extl 7'3_1951 MN 65 Sale 6412
9714
Cuba (Republic) 5s of 1904_1944 M S 9714 Sale 9714
97
External Is 01 1914 ser A_1949 PA 97 Sale 97
82
External loan 4 4s sec C _ _1949
A 82 Sale 82
C Cash sale. e On the basis of 55 to £ sterling. 8 Option sale.
9
33
30
79
72
17
192
68
68
6
16
13
115
153
111
22
63
64
33
76
24
40
44
25
36
56
9
_
2
27
51
9
20
14
35
31
17
5
8
21
4
1
1
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE.
Week Ended May 15.
ss
h
a.
Price
Friday
May 15.
Week's
Range or
Lad Sale,
High No.
Ask Low
Bid
High
Low
Cuba (Republic)(Concluded974 47
Sinking fund 545 Jan 15 1953 J J 97 Sale 9678
1011.33102nm
_
70
,
4 45
Public wits 54s June 30 1945 JO 6711 Sale 6712
lti
6
(De
spt) Colombia_
102-11:1- 10;4 CuE
5612 38
e
uranm
alar
a
102 102
1959 MN
5
:
15
0
5
11014 51
ale 10
10
6 Sa
Czechoslovakia (Rep of) 88_1951 AO 15
1021144104,344
Sinking fund 88 sec B
I952 AC 10978 Sale 10978 109% 17
10614 25
Denmark 20-year call 65_1942 J J 106 Sale
06
178
10158 32
169173-4411313,4
1013
31 78 10
78 S
068
15
External g 534e
1955 FA 10
9714 71
External g 4 34s__Apr 15 1962 AO
105,344109344
(30
10014
0
2
13
10
0
Sale
MS
10018
104,
44 107144 Deutche Bk Am part elf 65_1932
2
9212
10010441031344 Dominican Rep Cust Ad 5444 '42 MS 9212 9412
2
4
90
92 89,
lat ger 548 of 1926_ _ -1940 AO 89
10018441023044
89l
904 17
2d series sinking fund 5540 1940 AO
101
103,44
9212 22
9218 S2
Dresden (City) external 78_1945 MN 83
a1
0e
's 9112
10112 18
Dutch East Indies ext1 6s-1947 J J 10114 Sale 10114
6
10112
10114 Sale 10114
40-yr external Os
1962 M
14
4 Apr'31
9284 92
10
02
14
3 .
103_1_211101,
30-yr external 5
1953 M
11
102
,
MN
4
30-yr external 5346
10012 10012
1953
2
0912 9912 El Salvador (Republlo) 88-1948 J J 10414 106 10514 10514
8
60
5,3
6512
65
112 0
0034 0
Estonia (Republic of) 7s_ -- 1967'Ti 62
7
92%
10612 10753 Finland (Republic) WI 65_i945 MS
10
97
96
97
External sinking fund 714_1950 Ill S 94
10712 1074
31
91
10012 1004
External sinking fund 8345 1986 hi S 8814 Sale 8814
27
82
External sinking fund 530 1988 FA 80 Sale 80
100 10012
3
_
8912
Finnish Mun Loan 64s A 1954 AO 8712 Sale 8712
6
91,
4
117854 1-003External 64e series B
1954 AO 89 Sale 89
4
54
82
Frankfort (City of) a I 634s_1953 MN 80 Sale 80
French Republic eat 748.. 1941 J D 12512 Sale 02558 125% 127
External 711 of 1924 _ _
1042 Jo 11818 Sale liPs 118,4 57
_
German Government Interna7812 351
tional-35-yr 54sof 1930_1965 in 76 Sale 76
Hi' 112 German Republic(MI 7a...1049 AO 10418 Sale 044 105 151
9918 18
Graz (Municipality) 88- -1954 hi N 99 Sale 99
01 Brit dr Irel(UK of) 53.48-1937 FA 10738 Sale 0658 1074 101
Apr'30
04
FA
51
75
Registered
9318
11
e4% fund loan £ opt 1980_1990 MN ;625-8 94-14 92
50
7312
1
9412 97
9912
eb% War Loan £ opt 1929_1947 J D e9912 Sale e9912
5
103
03
4814 69
MN
102 103,
Greater Prague (City) 734s_1952
4
19
48 e6912 Greek Governments leer 75 1964 MN 101 Sale 00% 102
87% 42
4
48
68
Sinking fund see Os__ 1968 PA 86% Sale 85,
5
90
9012
AO 87,
48
68
Haiti (Republic) a t (ia
4 90
1
90
44 (5658 Hamburg (State) es
19
25
46
2 AO 90 Sale 90
9412
Apr'31
97121
91
J
44
67
Ileidelbcrg(Germany)ext1 734860
8714 16
43 65
8718 85
Helalugfors(City) ext 6 Ms_ _1960 AO 84
5
90
Hungarian Muni° Loan 73.4a 1945'Ti 8812 Sale 8812
9614 102
13
82
80
814
98,
8
84
External sf 75
Sept 1 1946 22 81
8
874
8912
Hungarian Land M met 74e '61 MN
1
88
773 9818
Sinking fund 7345 ser B__1961 MN 88 Sale 88
6
7718 9812 Hungary (Kingd of) 1748_1944 FA 101 102 10012 101
5
79
9812 Irish Free State esti 81 5s..1060 MN 10512 106 10512 10558
7714 9314 Italy (Kingdom of) extl 78_1951 Jo 10078 Sale 10012 10078 179
7712 984 Italian Cred Consortium 7s A '37 MS 98 Sale 9734
984 57
6
7878 0824
External sec a f 7seer B _1947 MS 96 Sale 957
964
7912 984 Italian Public Utility esti 7s_1952 J J 9612 Sale 9512
9612 71
784 9858 JapaneseGovt30-year 516 Ms 1954 PA 10618 Sale 10478
10612 82
121
76
92
Esti sinking fund 534L._1965 MN 9618 Sale 957
97
7934 88
Jugoslavia (State Mtge Bank)
39
56
76
84
Secured a f g 7e
1957 AO 82 Sale 81,
4
18
55
75
Leipzig (Germany)s 17e
91
1947 PA 90 Sale 90
514 693 Lower Austria (Prov) 750-1950 JO 10014 Sale 100
7
10014
7
10334c108
Lyons (City of) 15-year (3e-1934 MN 106 Sale 10558 106
90
9712
19
Marseilles(City of) 15-yr 68_1934 MN 106 Sale 10558 106
18
53
78
8712 Medellin (Colombia)648-1954 JO 4814 Sale 4814
1
7
10738 111
7
Mexican Irrlgat Minns 448_1943
7 Sale
26 Apr'30
10158 103
Mexico (US) exti 55 01 1899 '45 4- 5
8
913
9
11012 1164
Assenting 5801 1899
1945
9 Sale
718 812 11 Feb'31
107
,
4 111
Assenting Is large
Assenting 48 011001
934 1012 10 Apr'31
534 578 7 Apr'31 -95 100
Assenting 4s of 1910
14
8
9412 9912
712
Assenting 4e of 1910 large
6 May'31
7018 91
Assenting 48011910 small
1014
1012 11
66 884
Tress 613 of'13 aseent(large)'33 .J J
1014 May'31 -69
,
4 92
Small _
234 6454 Milan (Clty,Italy)(hal 6413 1952 AO 80 Sale 8858
89,4 82
1718 3658 Minaa Geraea (State) Brazil3812 29
16
_1958 M S 3534 Sale 3534
34
External 816 48.3714 51
35 Sale 38
Ext1 sec 64s series A _-_1959 M
10384 106
6612
8
64%
58
4 64
92
Montevideo (City of) 741-1952 J D 60,
5
GO
60
N
61
,
8
5214
M
474 7012
Externals 1 fis scrim A ___1959
9
10312 Sale 10312 (10614
474 70
Netherlands 69 (flat prke2)_1972 M
22
47
41
7612 New So Wales(State) extl 5131957 F A 46 Sale 46
47
47
40 Sale 45
9934 105
Externals 155
Apr MI
10578 Sale 10512 1064 22
90
0978 Norway 20-year extl (3a
29
10614
106
A
Sale
F
41
10614
1944
7212
20-year external 6s
10212 Sale 10212 10278 24
43
69
30-year external 6s
8
67
103 Sale 10258 10314
83
40-year
548
14:1
10112 26
10114 Sale 1014
External s 5s___Mar 15 irg 1
64
78
100.4 28
80
95
Municipal Bank cal a 1 5e 1967 J D 10034 Sale 10014
D 10214 10272 10134 May'31
8458 9612
Municipal Bank esti a f 5s_1970
3
7412
74
77
74
808 9314 Nuremburg (City) exti 68_1952 F A
34
1955 131 N 10358 1034 10358 104
62
8312 Oslo(City) 30-year sf6a
2
10012
100
10058
A
F
10012
1946
62
8514
Sinking fund 5346
6
103
10214 Sale 10214
6512 77
Panama (Rep) ext1 5346-- 1053 J
11
86
69
Esti s I 58 ser A May 15 1963 M N 84 Sale 84
85
3378
6
Pernambuco (State of) extI 78'47 M S 3212 Sale 3212
4518 19
594 76
Peru (Rep of) external 78-A950 hi S 4518 Sale 38
1812
1934 31
Sale
1912
ser
J
let
1960
944 9538
Nat Loan Intl f (Ss
22,
4 43
10312 10814
Nat Loan extl s f 6a 2d ser-1961 A 0 2234 Sale 22
6912 15
10012 103
Poland (Rep of) gold 13s.. -1940 A 0 69 Sale 68
8012 128
103 10912
Stabilization loan s I 78-1947 A 0 8014 Sale 78
25
84
External sink fund g 88-1950 J J 84 Sale 82
59
774
2
43
42 Sale 42
Porto Alegre(City of) 8a- _ -1961 J
3712 10
7813 95
37 Sale 37
Esti guar sink fund 74a-1966
50
86
68
Prussia (Free State) esti 65.4s 51 kl S 8512 Sale 85
84
73
80
1952 AO 79 Sale 774
6812 83
Externals las
,
4
12
74
7814 8934 Queensland (State) esti a f 7a 1941 AO 7414 Sale 72
6458 17
60 Sale 60
1947
25-year external 68
78 100
4412
4
Rio Grande do Sul 0%0618a-1946 A 0 42 Sala 42
65
86
33 Sale 33
36
52
External sinking fund 68_1968 J
654 86
4112
External a f 78 of 1926 _-_ _1966 hi N 4112 Sale 40
66
88
21
36
External a f 7s mut& loan _1967 J D 3812 Sale 35
87
4
65
5014 51
Rio de Janeiro 25-year a 8s-1946 A 0 58 Sale 5712
86
66
1953 F A 35,
4 Salo 34%
Externals 16 As
41
66
86
29
1952 A 0 soh sar
8
e 10
Rome (City) esti 6348
6812 88
Rotterdam (City) ext.' 66_1064 M N 10458
4
95'8
8 10
8818 90
95
013 152
5
7714
75
85 Roumania (Monopolies) 75.1659 F A
76
77
62
5
Saarbruecken (City) 65
1953 J J 85,8 Sale 854
85
61
I
8518
N
M
7912 80 May'31
6614 8612 Sao Paulo(City)8188._Mar 1952
21
Exte:nal 1(345 of 1927 1957 MN 38 Sale 38
28
4112 15
68
100 10318 San Paulo (State) extl e t 83_1936 J J 5978 Sale 597
11
External 89C f 85
4634 32
1951) J J 4014 Sale 404
7214 8914
External el f 7e Water L'n_1956 M S 404 Sale 404
23
46
5612 78
48
Externals f Oe
1968 J J 3014 Sale 3014
56
78
15
Secured aI 75
5018 73
76
4 Sale 7034
1910 A 0 70,
90
Santa Fe (Prov Arg Rep) 7s.1942 M S 7112 Salo 70,
83
4
55
7212 22
56
7614 Saxon State Mtge Inat 78_1945 J D 8912 8934 894
2
894
Sinking fund g 6348._Deo 1946 J D 8234 844 8234
1
8234
9612 101
9314 9613 Seine, Dept of (France)exti 75'42 J J )074 Sale 10678
10712 59
9114 22
Serbs, Croats ,k Slovenes 88_1962 M N 8912 Sale 8912
50
75
External see 75 sec B
92
82
1962 91 N 81 Sale 81
54
42
4
5112
8314 Sydney (City)s 1 550
50 Sale 50
1955 F A
70
1958 J D 6014 Sale 604
64
7914 Silesia (Prov of) ext1 75
17
62
93
Silesian Landowners Asen6s_1947 F A 7212 Sale 7212
98
14
74
Solasons (City 01) esti 68-1936 M N 10612 Sale 10658
96 100
10612
9
80
8758 Styria (Pros() external 75. _ 1948 F A 944 Sale 933
943
10
Range
Since
Jan. 1.
Low
High
94
99
67,
2 81
46% 6911
1094 111
109% 110%
10472 10714
10012 102
ooh si1
/
4
96 10)1
88
96
85
1g
84
94
7912 96
113078 10212
101 102/
1
2
10034 102
100.34 10234
99 107
52
72
84
97
9312 99
88
96
78 8834
87
94
89
933s
69
87
124 127
117 12171
8914 84
995g 1064
964 10115
105 1073e
702 WI;
e9834 10114
103 106
9812 10234
83 881s
8514 97
92
79
9212 9812
8014 9114
8114 9412
72
877g
8258 05
82
9412
9912 102
113112 10558
9270101
013 9913
85 98
78
97
10254 10612
9134 97
7634 8512
77% 95
00 10014
10334 106
103% 10712
40
75
7
834
9
11
634
7
712
6
10
8
7534
521,
1151
10
1134
104
934
13,
5
1314
91
3558 65
35
135
64 92
52
844
10311010614
4412 6012
45
1384
10412 10614
10434 10634
10114 103
10134 103%
1001g 10112
99% 10114
100% 10314
66
83
1004 1044
9912 102
1004 10314
84
93%
32
67
38
8014
18
4014
2178 40
6334 7212
73 83
73
90
43
82
3312 71
7212 871g
6812 83
89
99
504 8752
4412 8812
.33
5514
394 65
35
64
51
8752
3434 68
78
9114
103 106
734 83
8312 89
63
93
35
644
5978 93
4012 8414
38% .7614
3014 5878
68
88
70
90
7812 98
744 e 93%
10612 108
89
93
77
844
49
76
584 69
(31)
80
103 10814
Po
9514
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 15.
b
Price
Friday
May 15.
Week's
Range or
Last Sale.
,
e
Range
Since
Jan. 1.
BONDS
N. Y4 STOCK EXCHANGE.
Week Ended May 15.
3681
Prize
Friday
May 15.
Week's
Range or
Last Sale.
e
az'
Foreign Govt. & Municipals.
Bra
Ask LOW
High No. Low
High
Ask Low
Bid
High No.
Sweden external loan 5,146_ _1954 MN 10512 Sale 105
AO
N
543_1951m
105% 10 104% 106
Chicago & East III
9934 99
't 35_1934
99
5
Switzerland Govt extl 534i.._1946 A0 10518 Salo 10518 10614 28 10438 107
C & E Ill Ry (new cr on
34 Sale 3312
3612 48
Tokyo City 58 loan of 1912A952 M S 8178 Sale 818
Chit)& Erie 1st got
77% 83
3
8178
1982 M N 10518 10612 106 May'31
External ii 53.4a guar----1961 AO 95% Salo 95
951
J 64 Sale 64
M S
Chicago Great War
4e-1959 j
88% 96
83
67
155
Tolima (Dept et) exti 7s.._ _1947 MN
60
50
63
60
46
Chic Ind & Louis,
76
4
10512 10614 10518
1947
e
8
10518
N
Trondhjem (City) let 551s_1957
9938 100
9934 100
9714 100
Refunding gold
19471 1 88 101 101
19
Apr'31
Upper Ausela (Prov) 7e____1945 JD a104 Sale c104 /104
9812c140
4
Apr'31
9314 91
Refunding 4s set -. C
1947 1 i 72
External et 63.48 June 15 1957 ID 9034 9134 9034
87
9134
9
9112
1st & gen Sa aeri .4 A
7712 May'31
77
1966 MN
75
871
Uruguay .Republic) exit 86_194(1 F
85 Sale 84
84 104
let & gen 68 ear B
8658 8634
17
11
87
May 1966 1 1
N 62% Sale 6178
External a f Sc
7258 .56
1960
6178 88% Chic Ind & Sou 50-yr 4a tie-1989j
1
9334
19563 0
1
9334
En'a 6s
May 1 1964 MN 6118 Sale 6138
74
9938
61% 88% Chic L S & East lit 4
10058 10038
2
40
Venetian Proy Mtge Bank 7s '52 AO 100 Sale 9913 10078 23
9338 10078 Ch M & St P gen 46 A-Mag 1989.1 1 8214 Sale 82
8318 23
Vienna (City of) extle f 6s__1952 MN
8734 Sale 8714
88
8358 89
Registered
84
Oct'30
60
Q .1
Weweaw (City) external 78__1958 FA 5912 Sale 5912
621
5512 70
Gen g 314eser B____May 1989 / I 7118 72
72
71
5
51
D 9934 Sale 9912 100
Yokohama (City) ext1 63_1961
95 10038
Gen 43.4i series C __May 1989 1 1 92 Sale 9134
40
9212 29
Gen 4 Asseries E.- _-May 19891
93
jr 9214 Sale 9112
124
I 1
Railroad
Gen 4 egs series F_ _ _ _May 1989
9813 50
96% 9712 9612
Ala Gt Sou let cons A 5a-__1943 J D 10234 Sale 10234 1023
Chic Milw St PA Pao 5s_ _1975 F
A 59 Sale 59
A B
1 10234 105
6312 263
lit cone 4a ser B
1943 J D 9214 98
9414 Oct'30
Cony ad)541
2213 Bale 22%
2434 164
Alb & Susq let guar 33.4i_..1946 A 0 91
93
9118
7812 7812 7818
9118
89% 92
2
Chic & No west gen 3 J314%1-2108°87 MN
7812 20
Alleg & West let g gu 4a
1998 A 0 9014 ____ 9014 Apr'31
88
9014
_
Reglatered
Q F 7312 80 7912 Mar'31
Alieg Val gen guar g 43
1942 M S 9818 99% 99
99
9878 99
1987 M N 88
General 46
88
1
89
8812 16
Ann Arbor let g 4s____July 1995 Q .1 75
74
7212 8014
7212
7318
89
8738 Apr'31
Stpd 4s non-p Fed Inc tax '87 M N 88
9
Atoll Top & S Fe-Gang 441_1995 A 0 10018 Sale 9934 10012 255
9758 10012
Gen 43(a stpd Fed Inc tax_1987 M N 103 Sale 10234
103
7
A 0
Registered
99 May'31
96
N 10614 11014 10612 10658 12
99
GeB
nAg
5tte
atp
M PA
rdFed
ed
Inc tax 1987 ist
9312 97
Adjustment gold 4i July 1995 Nov9634 Sale 9612
9634
10512 July'30
Stamped
Sale
96
9714
M
N
1995
July
1933 M N 1013f4 10112 21;4
9714 11
94
9714
Sinking fund deb 56
3
lynt
2 ma
MN 9318 _ _ 9118 Sept'30
Registered
MN
Registered
Cony gold 46 of 1909
1955 J D 9412 ____ 95
9512
9134 9614
5
10918 12
tAured g 6345_1936 118 81 10518 Sale 10878
ilsec
3
D
Cony 46 01 1905
945
1955 J
8 9618 94
9414 9712
9434
99
1
2
113-etyreaetr
1 D 9534 9834 97
May 2037 /
Cony g 48 issue of 1910-1960 J D 9414 9634 9414 Apr'31
9414 9414
1st & ref 4348
8514 Sale 8514
8812 31
May
Cony deb 410
1948 1 D 11312 Sale 11313 11634 247 11134 122
lst & ref 4)is ser C lea
7 J D 87 Sale 8512
8714 25
2°3
037
l y2
Rocky Mtn Div let 4s.. _1965 J J
9618 Sale 96%
9618
9334 97
4
8214 220
Cony Ogie series A __1949 M N 79 Sale 7834
Trans-Con Short L lit 49_1958 J
9834 ____ 9858
99
95
99
30
Cal-Aris let & ref 43.1a A_1962 M S 106 Bale 10478
106
ChicB
Res
Ig
38 102 106
red
93% 15
Rallway gen 46 1988 / 1 9212 Sale 9278
ABM:my & Nor let g 58 1946 J D 10212 ____ 10312 Feb'31
103% 10312
J 1 8938 90
Jan'31
91
Atl& Charl AL let 4)25 A 1944 J 3 99 10012 0934
9934
9712 9934
Refunding gold 49
97 Sale 9612
3
9734 294
let 30-year Sc series B
1944 J 3 10338 10411 10318 10312
Registered
9814 Apr'31
8 102% 105
Atlantic City let eons 411_1951 J 3 8538 ____ 86 May'31
86
Secured 4 348 series A _1
941s
88
31
34
2M
AA 00
S -04 II- 8638
19
95
AtICoaat Line let cons 4.s July'52 M S 9713 Sale 97
977
95
98
Conyg43.ea
13
85
95
1960 M N 81% Sale 8112
Registered
M S 919213 May'30
Ch SiteA
L18
_
____ 10312 May'31
10 6
:
0 5a-June 15 1951 J D 104
General unified 4345 ---1964 J 13 10012 101-12 10038 10058 21 -65- LH"
1 13
102 Mar'30
L & N coil gold 43 --Oct 1952 M N 88
8734
89
83
87
Gold 3%s
9234
8636 8512 May'31
15
_
June 15
Atl & Dan let g 411
5414
1948 J J 44 Sale 4414
40
52
Memphis Div 1st
4
9111 9112
i___1951
I O
9112
2
_
46
19481 J 39 Sale 38
39
Ch St
30
il4,Irta
40
10178 Mar'31
01 Preld
7
st cone g 55___1932 A 0 jar.'
Ati & Yad let guar 48
1949 A 0 62
77
70 May'31
65
75
101 Feb'31
A 0
Austin & N W 1st gu g 6a
l941 J .1 10338 ____ 10414 10414
0 1,10
7014 May'31
1 10114 10414 C617
1 &do East lat 58_1960 1 0 -aft -74
Balt & Ohio lat g 4e_ _ July 1948 A 0 9734 Sale 9734
96
98,4 119
9878
63
65
65
62
8
Registered
July 1948 0 J 9612 --- 95 May'31
9278 96
ChllectU
u
neSeta
10434 10314
10314
2
ries
'n B
let gu 4348
A.1983
l9
1
1
13ec
4
e
8
/
20-year cony 4348
1933 M S 101 Sale 10078
9934 10134
10114 82
10612 106
10614
7
nos 1 i
M El
Registered
9934 Dec'30
10
11094
63112
4 105 1041,May'31
Guaranteed g 56
Refund & gen 5s series A 1995 J D 101% Sale 10112 10214 71
9734 10434
let guar 83es aeries 0 _1944
20
3 '1
1 13
-1 115% 11612 11512 116
J D
Registered
103 Mar'31
103 103
Chic & West Ind con 41
91
48
1952 1 / 9034 Sale 9014
lit gold Sc
July 1948 A 0 10778 Sale 10712 108
let ref 53-0
55 10518 109
1962 M S 10514 Sale 10434 10512 11
Ref & gen ease:lea C _--1995 .1 D 10812 Sale 108121 10912 40 10712 11012 Choc Okla & series A 5e-1932
10312 Apr'31
MN 10312
Gulf cone
P L E & W Va Sys ref 48...1941 MN
9714 98
9714
95% 0834 CM II & D 2d gold 4 Ma_ _ -19 7 / 1 9918 Sale
9758 20
___- 9914
5
9912
Southw Dly lit 59
1960 1 J 10378 Sale 103 A - 10378 58 10019 10512 C I St L & C let
99 May'31
g 4s_Aug 2 1936 Q F
Tel& Cln Div 1st ref 45A_11159 J .1 8514 Sale 85 ,
9814
83
.1 8514 12
'
99---88%
Registered
9818 Apr'31
Ref & gen 58 aeries D--2000 M S 10112 102 101 :710258 59
99 10434 Cln Lab & Nor let conA
93
93 Sale;l-Sale 93
4°
2Q
MF
2_1
1°
93
gr46
N
Cony 434a
1960 F A 91 Sale 91 ":"1 9212 218
e
B%
l ginellodnATmeramb 2tg4
9014 599
- 10512 10578 19
0)2
6:: :19
204
23
0 / 1 10512
Bangor & Aroostook let 55.19433 J 10314
105 May'31
103 105
_ 9814 Apr'31
J J
lit
Con ref 4s
'.9511 I .1 9178 Sale 9034
8612 9212 Cleve
9178
19
.0i
7- 17 - 94 May'31
BCein gen 46_1993 J I) lA uits L
5
ChtSt
Battle Crk & Stur lot gu 31-1989 I D 6512 ____ 71
71
General
71
Feb'31
116 Feb'31
1993 1 D
Beech Creek lot gu g 4s
1936 J .1 99
997 9334
Ref &impt 66 ser C
9713 99
105 Apr'31
1
045
8
994
2
2d guar g Sc
1936 J .1 10018 ____ 100
I 104
Ret &!met 5a eer D
09
43
14
2 100
9
Jan'30
icy; 19
9,1
5
4
8
434
15
1
_19
9
81
E__
Beech Crk ext lit g 33.4 s
1951 A 0 8512 ____ 88 Mar'31
104
-Wig Ili
t i4e4462 or
L
Belvidere Del cone gu 33.41.1943.2 J 8914 ---- -itele
r tein
10112 Jan'31
m
Big Sandy let 4e guar
947k 9814
1944 J 13 9578 9713 -981-4--------4
Cairo Div let gold 4a
99,2
J 9938 15111-e- 9912
1939 J
---Boston & Maine 1st 53 A 0_1967 M S 10038 Sale 10018
Cmn W & M Div 1st g 48_1991 1 1 9234 95
93
412 May'31
10158
99 10314
let m Si eerie/ 2
1955 M N 10034 Sale 10014
102
99 10314
N
M
78
St LdrDiv lit cell tr g 40..„1990 M
Boston & N Y Air Line lit Is 1955 F A
9534 Feb'31
8314 85
83121
81
Spr
85
S
Col Div 1st g 41
83%
3
1940
Bruns & Wait let gu g 46 1938 1 J
9814iMay'31
W W Val Div lat g 46
98
J 10234 10412 9518 Apr'31
9814
1940 J
Butt Each & Pitts gong 56.-1937 M S 10314 ---- 10314 . 10314
Apr'31
C
C
10418
J
C
&
10112
J
I
10314
gen cons g 6e___ _1934
2
Congo'4)1a
8312 14
1957 lel N ____ 8234 83
B
CIle
av
A 0 10158 ____ 10134 Apr'31
yeLoa
8212 90
Burl C R de Nor 1st & eon 59_1934 A 0 10212 103 10238
Jan'31
10258 18 101 102%
101
____
-101
M
AaW
hon
coV
nallegt5s
28
-8 I98333 J J
CI & Mar lst gu g 4 tes
10012 10112 101 Feb'31
A
Canada Sou eons gu Si A___1962 A 0 10718 10734 10734
105 10812 CISeriesyedo P
O 20114 ____ 98 Dec'30
10734
ag
A
MN
3e4
n2gu 4)es ser B-1
1
3
2
4
3
19
°
Canadian Nat 4tds_Elept 15 1954 M S 102 10238 102
10218
98 10218
7
A O
A 9138 ____ 87 Mar'29
199
11910
48
2F
30-year gold 43-es
1957 1 J 10218 Sale 10114
10218 52
9714 10218
Series A 4)111
1942 .ild Al 10012 ____ 10114 Nov'30
Gold 43-4a
19881 0 102 Sale 101
102
56
971s 102
Series C 3Re
9958 ____ 9258 Jan'31
Guterantoed g 53-__July 1969J J 10712 Sale 10718
10814 32 104 10814
Scrim D 3)2s
_ 8618 May'2
88
Guaranteed g be -Oct 1989 A 0 10814 Sale 10718
10814 30 10358 108%
Gen 432s ger A
-- - 105 May'31
103 105
Guaranteed g 50
1970 F A 10814 Salo 10718
10734 32 104 10734 Cleve Sbor Line le
@FedFRASER